微軟 (MSFT) 2020 Q2 法說會逐字稿

Welcome to the Microsoft Fiscal Year 2020 Second Quarter Earnings Conference Call.

歡迎參加 Microsoft 2020 財年第二季度收益電話會議。

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

（操作員說明）作為提醒，本次會議正在錄製中。

I would like to turn the call over to Mike Spencer, General Manager of Investor Relations.

我想把電話轉給投資者關係總經理 Mike Spencer。

Thank you.

謝謝你。

Please proceed.

請繼續。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

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

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

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

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

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

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

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

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

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

除了這些項目和事件對財務業績的影響之外，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二季度的業績。

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

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

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

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

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

如果以固定貨幣計算的增長率相同，我們僅指增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

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

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

您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

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

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

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

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

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

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thank you, Mike.

謝謝你，邁克。

It was another strong quarter with double-digit top and bottom line growth driven by the strength of our commercial cloud.

這是另一個強勁的季度，在我們的商業雲實力的推動下實現了兩位數的收入和利潤增長。

Stepping back from the quarter and reflecting more broadly on the next decade, the defining secular trend will be the increasing rate of digitization of people, places and things.

從本季度開始，更廣泛地反思下一個十年，決定性的長期趨勢將是人、地方和事物的數字化率不斷提高。

This malleable power of software will drive productivity growth across all industries, leading to more inclusive economic growth, far beyond the domains of consumer tech today.

軟件的這種可塑性力量將推動所有行業的生產力增長，帶來更具包容性的經濟增長，遠遠超出當今的消費技術領域。

Tech spend as a percentage of GDP is projected to double over the next decade.

未來十年，科技支出佔 GDP 的比例預計將翻一番。

At Microsoft, we are focused on building the most differentiated tech stack to enable every organization in every industry to build their own digital capability and tech intensity, with a business model that is trusted and aligned with their success in this new era.

在 Microsoft，我們專注於構建最具差異化的技術堆棧，以使每個行業的每個組織都能夠建立自己的數字能力和技術強度，並採用值得信賴的商業模式，並與他們在這個新時代的成功保持一致。

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

現在我將簡要介紹我們的創新動力，從 Azure 開始。

Every customer will need a distributed computing fabric across the cloud and the edge to power their mission-critical workloads and meet regulatory as well as operational sovereignty needs.

每個客戶都需要一個跨雲和邊緣的分佈式計算結構來支持他們的關鍵任務工作負載，並滿足監管和運營主權需求。

We have more data center regions than any other cloud provider and will be the first to open in Israel and Qatar, expanding our footprint to 56 in total.

我們擁有比任何其他雲提供商更多的數據中心區域，並將率先在以色列和卡塔爾開設，將我們的足跡總數擴大到 56 個。

Azure is the only cloud that offers consistency across operating models, development environments and infrastructure stack, enabling customers to bring cloud compute and intelligence to any connected or disconnected environment.

Azure 是唯一在操作模型、開發環境和基礎架構堆棧之間提供一致性的雲，使客戶能夠將雲計算和智能帶到任何連接或斷開連接的環境中。

This quarter, we expanded our portfolio of edge appliances.

本季度，我們擴大了邊緣設備產品組合。

Azure Stack Edge brings rapid machine learning inferencing closer to where data is generated.

Azure Stack Edge 使快速機器學習推理更接近生成數據的位置。

And the new ruggedized Azure Stack form factors provide cloud capabilities in even the harshest of conditions like disaster response.

新的加固型 Azure Stack 外形尺寸即使在災難響應等最惡劣的條件下也能提供雲功能。

With Azure Arc, we are defining the next generation of hybrid computing.

借助 Azure Arc，我們正在定義下一代混合計算。

Arc is an industry-first control plane built for a multi-cloud, multi-edge world, helping partners like HPE meet their customers' complex hybrid needs.

Arc 是為多雲、多邊緣世界構建的業界首個控制平面，可幫助慧與等合作夥伴滿足其客戶複雜的混合需求。

Our differentiated approach across the cloud and edge is winning customers.

我們跨雲和邊緣的差異化方法正在贏得客戶。

The U.S. Department of Defense chose Azure to support our men and women in uniform at home, abroad and at the tactical edge.

美國國防部選擇 Azure 來支持我們在國內、國外和戰術前沿的男女軍人。

And our exclusive partnership with SAP makes Azure the preferred destination for every SAP customer with large migrations in every industry from Accenture to Coca-Cola to Rio Tinto to Walgreens Boots Alliance.

我們與 SAP 的獨家合作夥伴關係使 Azure 成為每個 SAP 客戶的首選目的地，從 Accenture 到 Coca-Cola 到 Rio Tinto 再到 Walgreens Boots Alliance 的各個行業都有大量遷移。

We're also going beyond conventional computing architecture, ushering in a new era with Azure Quantum, a full stack open ecosystem that enables customers like Ford Motor Company to apply the power of quantum computing today.

我們還超越了傳統的計算架構，通過 Azure Quantum 開創了一個新時代，這是一個全棧開放生態系統，使福特汽車公司等客戶能夠在今天應用量子計算的力量。

There will be 175 zettabytes of data by 2025, up from 40 zettabytes today.

到 2025 年，數據量將從今天的 40 澤字節增加到 175 澤字節。

Processing this data in real time will be an operational imperative for every organization.

實時處理這些數據將是每個組織的運營必要性。

Azure Synapse is our limitless analytics service.

Azure Synapse 是我們無限的分析服務。

It brings together big data analytics and data warehousing with unmatched performance, scale and security.

它將大數據分析和數據倉庫與無與倫比的性能、規模和安全性結合在一起。

In concert with Power BI, it enables data scientists to generate immediate insights from structured and unstructured data and build custom AI models.

與 Power BI 相結合，它使數據科學家能夠從結構化和非結構化數據中生成即時見解並構建自定義 AI 模型。

Walgreens Boots Alliance is using Synapse to analyze more than 200 million item-store combination, so millions of customers can rely on items always being in stock.

Walgreens Boots Alliance 正在使用 Synapse 分析超過 2 億個商品-商店組合，因此數百萬客戶可以依賴始終有庫存的商品。

In AI, we are seeing rapid adoption across our comprehensive portfolio of AI tools, infrastructure and services.

在人工智能領域，我們看到我們全面的人工智能工具、基礎設施和服務組合迅速採用。

6 billion transactions on Azure Cognitive services each month, 7 billion documents processed daily with Azure cognitive search, 2 billion predictions a month using Azure machine learning and 3,500 new conversational agents bots created each week with Azure Bot Service.

每月在 Azure 認知服務上進行 60 億次交易，每天使用 Azure 認知搜索處理 70 億份文檔，每月使用 Azure 機器學習進行 20 億次預測，每週使用 Azure 機器人服務創建 3,500 個新的會話代理機器人。

Nationwide is using Azure Bot Service to simplify how millions of customers submit claims.

Nationwide 正在使用 Azure 機器人服務來簡化數百萬客戶提交索賠的方式。

And KPMG is using Azure Cognitive Services to transcribe and catalog thousands of hours of calls, reducing compliance costs for its clients by as much as 80%.

畢馬威正在使用 Azure 認知服務對數千小時的通話進行轉錄和編目，從而將其客戶的合規成本降低多達 80%。

Now to security.

現在到安全。

Cybercrime will cost businesses, governments and individuals $1 trillion this year.

今年，網絡犯罪將使企業、政府和個人損失 1 萬億美元。

We are the only company that offers integrated end-to-end identity, security and compliance solutions to protect people and organizations, spanning identity management, devices, cloud apps, data and infrastructure.

我們是唯一一家提供集成的端到端身份、安全性和合規性解決方案來保護人員和組織的公司，涵蓋身份管理、設備、雲應用程序、數據和基礎設施。

Recent CIO surveys affirm our leadership and strong structural position, and customers from Maersk to Vodafone are increasingly turning to us to simplify security integration and speed their responses to issues.

最近的 CIO 調查肯定了我們的領導地位和強大的結構地位，從馬士基到沃達丰的客戶越來越多地轉向我們，以簡化安全集成並加快他們對問題的響應。

4 months since launch, more than 3,500 customers already rely on Azure Sentinel to detect and mitigate threats.

自推出 4 個月以來，已有超過 3,500 名客戶依賴 Azure Sentinel 來檢測和緩解威脅。

It's early days, and we are accelerating our investments.

現在還為時尚早，我們正在加速投資。

Now on to developer tools.

現在轉到開發人員工具。

From Azure DevOps to Visual Studio to GitHub, we offer the most complete developer tool chain, independent of language, framework or cloud.

從 Azure DevOps 到 Visual Studio 再到 GitHub，我們提供最完整的開發人員工具鏈，獨立於語言、框架或云。

New capabilities make it easier for any developer to go from idea to code, and from code to cloud.

新功能使任何開發人員都可以更輕鬆地從想法到代碼，從代碼到雲。

Developers can collaborate on the go with new GitHub mobile app.

開發人員可以使用新的 GitHub 移動應用隨時隨地進行協作。

And GitHub Security Lab addresses the important need to keep open source software secure.

GitHub 安全實驗室解決了保持開源軟件安全的重要需求。

More than 10,000 developers at Adobe are using GitHub to collaborate and create software.

Adobe 的 10,000 多名開發人員正在使用 GitHub 進行協作和創建軟件。

Stripe is using GitHub to build the online payment platform of choice for millions of customers, and Chipotle is using our dev tools to power their online ordering system.

Stripe 正在使用 GitHub 為數百萬客戶構建首選的在線支付平台，而 Chipotle 正在使用我們的開發工具為其在線訂購系統提供支持。

Now on to Power platform.

現在進入 Power 平台。

We are empowering not only professional developers but those closest to the business problem from citizen developers to businesses -- business decision-makers with no-code, low-code tools so they can create apps and intelligent workflows that solve unique needs.

我們不僅授權專業開發人員，還授權那些最接近業務問題的人員，從公民開發人員到企業——使用無代碼、低代碼工具的業務決策者，這樣他們就可以創建應用程序和智能工作流來解決獨特的需求。

Today, 2.6 million citizen developers use Power platform to make better decisions using self-service analytics, building mobile app, automate a business process or even create a virtual agent, all with no coding experience.

如今，260 萬公民開發人員使用 Power 平台通過自助分析、構建移動應用程序、自動化業務流程甚至創建虛擬代理來做出更好的決策，而所有這些都沒有編碼經驗。

We're innovating in robotic process automation.

我們在機器人過程自動化方面進行創新。

Power Automate enables customers to turn manual tasks into automated workflows and power virtual agents enables anyone to build an intelligent bot with just point and click.

Power Automate 使客戶能夠將手動任務轉變為自動化工作流，而 Power Virtual Agents 使任何人都可以通過點擊來構建智能機器人。

TruGreen, the largest lawn care company in the United States is using both these solutions to handle customer inquiries and take action.

美國最大的草坪護理公司 TruGreen 正在使用這兩種解決方案來處理客戶查詢並採取行動。

Now on to Dynamics 365.

現在轉到 Dynamics 365。

The competitiveness of every business going forward will be defined by their ability to harness the full value of their data.

未來每家企業的競爭力將取決於他們充分利用數據價值的能力。

Dynamics 365 enables organizations to move from reactive, siloed transactional processes to proactive, repeatable and predictable business outcomes.

Dynamics 365 使組織能夠從被動、孤立的事務流程轉變為主動、可重複和可預測的業務成果。

Dynamics 365 Customer Insights, that's layered and built on Azure Synapse, is the only customer data platform operating at scale today.

Dynamics 365 Customer Insights 是基於 Azure Synapse 分層構建的，是當今唯一可大規模運行的客戶數據平台。

AEP Energy is using it to unify first- and third-party customer data to increase, upsell and reduce churn.

AEP Energy 正在使用它來統一第一方和第三方客戶數據，以增加、追加銷售和減少客戶流失。

In retail, Canada Goose is using Dynamics 365 Commerce to unify data across back-office, in-store and call centers to deliver more personalized shopping experiences.

在零售業，Canada Goose 正在使用 Dynamics 365 Commerce 來統一後台、店內和呼叫中心的數據，以提供更加個性化的購物體驗。

And in training, ABB is using Dynamics 365 Guides and Remote Assist to bridge the physical and digital worlds.

在培訓中，ABB 正在使用 Dynamics 365 Guides 和 Remote Assist 連接物理世界和數字世界。

And Qantas is using HoloLens 2 for immersive new training experiences.

Qantas 正在使用 HoloLens 2 提供身臨其境的全新培訓體驗。

Now on to LinkedIn.

現在轉到LinkedIn。

LinkedIn continues to create economic opportunity for every member of the global workforce.

LinkedIn 繼續為全球勞動力的每一位成員創造經濟機會。

Every 7 seconds, someone is hired on LinkedIn.

每 7 秒，就會有人在 LinkedIn 上被聘用。

We saw record levels of member engagement again this quarter.

本季度我們再次看到了創紀錄的會員參與度。

Marketing solutions remains our fastest-growing business as marketeers leverage the enhanced tools and LinkedIn pages to connect with our nearly 675 million members.

營銷解決方案仍然是我們增長最快的業務，因為營銷人員利用增強的工具和 LinkedIn 頁面與我們近 6.75 億會員建立聯繫。

New data validation features in LinkedIn Sales Navigator helps sellers use the power of their LinkedIn network to drive more meaningful customer engagement.

LinkedIn Sales Navigator 中的新數據驗證功能可幫助賣家利用其 LinkedIn 網絡的力量來推動更有意義的客戶參與。

We continue to innovate across our Talent portfolio, including Talent Solutions, Talent Insights, Glint and LinkedIn Learning to help organizations attract, retain and develop the best talent.

我們繼續在人才組合中進行創新，包括人才解決方案、人才洞察、Glint 和 LinkedIn 學習，以幫助組織吸引、留住和培養最優秀的人才。

More than 5 million members have already completed LinkedIn skills assessment since the launch last quarter.

自上個季度推出以來，已有超過 500 萬會員完成了 LinkedIn 技能評估。

Now turning to Microsoft 365.

現在轉向 Microsoft 365。

Microsoft 365 is the only solution that empowers everyone with an integrated, secure experience on any device.

Microsoft 365 是唯一讓每個人都能在任何設備上獲得集成、安全體驗的解決方案。

Everyday AI and Microsoft 365 is helping create, collaborate and convert content into knowledge in a world where computing is abundant, however, attention is scarce.

在一個計算豐富但注意力稀缺的世界中，AI 和 Microsoft 365 每天都在幫助創建、協作並將內容轉化為知識。

Presentations are more persuasive in PowerPoint, data is more insightful in Excel, videos are more searchable in stream and e-mail more actionable with Cortana.

PowerPoint 中的演示文稿更具說服力，Excel 中的數據更具洞察力，視頻更易於在流中搜索，電子郵件更易於使用 Cortana。

The new Project Cortex analyzes massive amounts of information to give people precisely the knowledge they need in the context of their work.

新的 Project Cortex 分析大量信息，以準確地為人們提供他們在工作環境中所需的知識。

And the new Microsoft Edge with enterprise-class security protects your privacy online and makes it easier to find information at your work with Microsoft Search.

具有企業級安全性的全新 Microsoft Edge 可保護您的在線隱私，並讓您在使用 Microsoft Search 時更輕鬆地查找信息。

Microsoft Teams is the leading hub for teamwork, now with more than 20 million daily active users.

Microsoft Teams 是領先的團隊合作中心，現在每天有超過 2000 萬活躍用戶。

People are increasingly engaged across the platform in richer forms of communication and collaboration, participating in more than 27 million meetings a month.

人們越來越多地通過平台以更豐富的形式進行交流和協作，每月參加超過 2700 萬次會議。

Integrated calendaring, pop-out chats and one touch to join meetings from your phone keeps work, conversations and meetings in the context, eliminating the need to bounce back and forth between apps.

集成的日曆、彈出式聊天和通過手機一鍵加入會議的功能可讓工作、對話和會議保持在上下文中，無需在應用程序之間來回切換。

We are reimagining the meeting rooms of the future with Teams integration with Cisco's Webex and new devices from Lenovo.

通過 Teams 與 Cisco 的 Webex 和聯想的新設備的集成，我們正在重新構想未來的會議室。

And our partnership with Samsung, along with a new walkie-talkie feature in Teams gives first-line workers the technology they need to be more collaborative, productive and secure on the go.

我們與三星的合作夥伴關係以及 Teams 中的新對講機功能為一線工作人員提供了他們在旅途中提高協作、生產力和安全所需的技術。

All this innovation is driving usage.

所有這些創新都在推動使用。

64,000 employees at L'Oréal are using Teams, more than 70,000 first-line employees at IKEA are moving to Teams for shift management, from Nestlé to Tesco, the world's largest companies are choosing Microsoft 365.

歐萊雅的 64,000 名員工正在使用 Teams，宜家的 70,000 多名一線員工正在遷移到 Teams 進行輪班管理，從雀巢到樂購，全球最大的公司都在選擇 Microsoft 365。

And we continue to see increased demand for our premium offerings from customers like AXA, Rockwell Automation, Berkshire Hathaway Specialty Insurance and Duracell.

我們繼續看到 AXA、羅克韋爾自動化、伯克希爾哈撒韋專業保險和金霸王等客戶對我們優質產品的需求不斷增加。

This holiday, we expanded our family of Surface devices, creating new categories that benefit the entire OEM ecosystem.

這個假期，我們擴展了 Surface 設備系列，創建了有利於整個 OEM 生態系統的新類別。

And at CES, our partners showcased innovative Windows 10 devices from incredibly thin and light laptops to powerful gaming rigs to new dual-screen designs.

在 CES 上，我們的合作夥伴展示了創新的 Windows 10 設備，從極其輕薄的筆記本電腦到功能強大的遊戲平台，再到全新的雙屏設計。

Finally, gaming.

最後，遊戲。

We continue to invest to reach gamers across every end point, mobile, PC and console.

我們將繼續投資以覆蓋所有終端、移動設備、PC 和遊戲機的遊戲玩家。

xCloud is off to a very strong start, transforming how games are distributed, played and viewed with hundreds of thousands of people participating in initial trials.

xCloud 的開端非常強勁，改變了遊戲的分發、播放和觀看方式，數十萬人參與了初步試驗。

We set a new record for Xbox Live monthly active users again this quarter, led by the strength of console.

本季度我們再次創下 Xbox Live 月活躍用戶的新紀錄，這在主機實力的帶動下。

Xbox Game Pass subscribers more than doubled this quarter, and Xbox Series X announced last month will be our most powerful console ever.

本季度 Xbox Game Pass 訂閱人數增加了一倍多，上個月宣布的 Xbox Series X 將成為我們有史以來最強大的遊戲機。

In closing, we are expanding our opportunity across all our businesses.

最後，我們正在擴大我們所有業務的機會。

Along with this opportunity, we recognize the responsibility we have to ensure the technology we build is always inclusive, trusted and is creating more sustainable world.

伴隨著這個機會，我們認識到我們有責任確保我們構建的技術始終具有包容性、值得信賴並正在創造更可持續的世界。

Our customers see this urgent need and are looking to us in partnership with them to take action.

我們的客戶看到了這一迫切需求，並希望我們與他們合作採取行動。

That's why we announced an ambitious new sustainability commitment.

這就是為什麼我們宣布了一項雄心勃勃的新的可持續發展承諾。

Microsoft will be carbon negative by 2030.

微軟將在 2030 年實現碳負排放。

And by 2050, we will remove all the carbon we have emitted since the company was founded in 1975.

到 2050 年，我們將清除公司自 1975 年成立以來排放的所有碳。

And our $1 billion Climate Innovation Fund will accelerate the development of carbon reduction and removal technologies.

我們 10 億美元的氣候創新基金將加速碳減排和清除技術的發展。

We will continue to innovate alongside customers with profitable, sustainable solutions that expand our opportunity.

我們將繼續與客戶一起創新，提供有利可圖的可持續解決方案，擴大我們的機會。

With that, I'll hand it over to Amy, who will cover our financial results in detail and share our outlook.

有了這個，我會把它交給艾米，她將詳細介紹我們的財務業績並分享我們的前景。

I look forward to rejoining you after for questions.

我期待著再次加入你的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $36.9 billion, up 14% and 15% in constant currency.

本季度收入為 369 億美元，按固定匯率計算分別增長 14% 和 15%。

Gross margin dollars increased 22% and 25% in constant currency.

按固定匯率計算，美元毛利率分別增長 22% 和 25%。

Operating income increased 35% and 39% in constant currency, and earnings per share was $1.51, increasing 37% and 41% in constant currency when adjusting for the net charges related to TCJA from the prior year.

營業收入按固定匯率計算分別增長 35% 和 39%，每股收益為 1.51 美元，在調整與上一年 TCJA 相關的淨費用後，按固定匯率計算分別增長 37% 和 41%。

Our sales teams and partners again delivered strong commercial results, and we continue to benefit from favorable secular trends.

我們的銷售團隊和合作夥伴再次取得了強勁的商業成果，我們繼續受益於有利的長期趨勢。

From a geographic perspective, we saw broad-based strength across all markets.

從地理角度來看，我們看到了所有市場的廣泛實力。

In our commercial business, we continued to see strong demand for our differentiated hybrid and cloud offerings, with increased customer commitment to the Azure platform.

在我們的商業業務中，我們繼續看到對我們差異化的混合和雲產品的強勁需求，客戶對 Azure 平台的承諾也越來越多。

And the unique value of Microsoft 365, bringing together Office 365, Windows 10 and Enterprise Mobility and Security as a secure intelligent solution, again drove adoption by both new and existing customers.

Microsoft 365 的獨特價值將 Office 365、Windows 10 和企業移動性和安全性結合為一個安全的智能解決方案，再次推動了新客戶和現有客戶的採用。

As a result, commercial bookings growth was ahead of expectations, increasing 31% and 30% in constant currency, with a high volume of new business and strong renewal execution.

因此，商業預訂增長超出預期，按固定匯率計算分別增長 31% 和 30%，新業務量大，續訂執行力強。

Our commercial remaining performance obligation was $90 billion, up 30% year-over-year, driven by long-term customer commitments.

在長期客戶承諾的推動下，我們的商業剩餘履約義務為 900 億美元，同比增長 30%。

Commercial cloud revenue was $12.5 billion, growing 39% and 41% in constant currency.

商業雲收入為 125 億美元，按固定匯率計算分別增長 39% 和 41%。

Commercial cloud gross margin percentage increased 5 points year-over-year to 67%, driven again by material improvement in Azure gross margin percentage, which more than offset sales mix shift to Azure.

商業雲毛利率同比增長 5 個百分點至 67%，這再次受到 Azure 毛利率的實質性改善的推動，這足以抵消銷售組合向 Azure 的轉移。

Company gross margin percentage was 67%, up 5 points year-over-year, driven by favorable sales mix and improvement across all 3 of our segments.

公司毛利率為 67%，同比增長 5 個百分點，這得益於有利的銷售組合和我們所有三個部門的改善。

In the quarter, gross margin percentage benefited from lower console sales, stronger-than-expected software licensing results and improvement in our commercial cloud gross margin percentage.

本季度，毛利率百分比受益於遊戲機銷售額下降、軟件許可結果強於預期以及我們的商業雲毛利率百分比提高。

In line with expectations, FX reduced revenue growth by 1 point and had no impact on operating expense growth.

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。

FX impact on COGS growth was slightly more favorable than expected and reduced growth by 1 point.

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。

Operating expense grew 9%, slightly below expectations, primarily driven by lower program spend.

運營費用增長 9%，略低於預期，主要是由於項目支出減少。

And operating margins expanded this quarter as a result of higher gross margins and operating leverage through disciplined decisions to invest in strategic and high-growth areas.

由於毛利率和運營槓桿的提高，通過對戰略和高增長領域進行投資的嚴格決策，本季度的營業利潤率有所擴大。

Now to our segment results.

現在來看我們的細分結果。

Revenue from Productivity and Business Processes was $11.8 billion, increasing 17% and 19% in constant currency, ahead of expectations, driven by both our commercial and consumer businesses.

在我們的商業和消費者業務的推動下，生產力和業務流程的收入為 118 億美元，按固定匯率計算分別增長 17% 和 19%，超出預期。

Office commercial revenue grew 16% and 18% in constant currency with roughly 3 points of on-premises benefit, primarily from transactional strength in Japan.

辦公室商業收入按固定匯率計算分別增長了 16% 和 18%，其中大約 3 個點的本地收益，主要來自日本的交易實力。

Office 365 commercial revenue growth of 27% and 30% in constant currency was again driven by installed base growth across all workloads and customer segments as well as higher ARPU.

Office 365 商業收入增長 27% 和 30%（按固定匯率計算）再次受到所有工作負載和客戶群的安裝基數增長以及更高的 ARPU 的推動。

Office 365 commercial seats grew 21% with an increasing mix from our Microsoft 365 suite.

隨著我們的 Microsoft 365 套件組合的增加，Office 365 商業席位增長了 21%。

Office consumer revenue grew 19% and 20% in constant currency, driven by growth in Office 365 subscription revenue.

受 Office 365 訂閱收入增長的推動，Office 消費者收入按固定匯率計算分別增長 19% 和 20%。

This quarter, growth was also impacted by roughly 7 points of benefit from transactional strength in Japan and 5 points of benefit from the low prior year comparable related to the timing of the Office 2019 purchases.

本季度，增長還受到日本交易實力帶來的大約 7 個點的影響，以及與 Office 2019 購買時間相關的去年同期低點帶來的 5 個點的影響。

Office 365 consumer subscriptions grew to 37.2 million.

Office 365 消費者訂閱增長到 3720 萬。

Dynamics revenue grew 12% and 15% in constant currency.

按固定匯率計算，Dynamics 收入增長了 12% 和 15%。

Dynamics 365 revenue increased 42% and 45% in constant currency, with continued momentum in the number of customers adopting multiple Dynamics 365 workloads.

Dynamics 365 收入按固定匯率計算分別增長了 42% 和 45%，採用多個 Dynamics 365 工作負載的客戶數量持續增長。

LinkedIn revenue increased 24% and 26% in constant currency, with continued strength across all businesses, highlighted by marketing solutions growth of 42%.

LinkedIn 收入按固定匯率計算分別增長 24% 和 26%，所有業務持續強勁，營銷解決方案增長 42% 突顯了這一點。

LinkedIn sessions grew 25% with record levels of engagement again this quarter.

LinkedIn 會話增長了 25%，本季度的參與度再次創紀錄。

Segment gross margin dollars increased 21% and 23% in constant currency, and gross margin percentage increased 2 points year-over-year as improvements in Office 365 and LinkedIn margins more than offset an increase in cloud revenue mix.

以固定匯率計算，分部毛利率分別增長 21% 和 23%，毛利率同比增長 2 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。

Operating expense increased 12%, driven by continued investment in LinkedIn and cloud engineering.

由於對 LinkedIn 和雲工程的持續投資，運營費用增長了 12%。

And operating income increased 29% and 33% in constant currency.

營業收入按固定匯率計算分別增長 29% 和 33%。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

Revenue was $11.9 billion, increasing 27% and 28% in constant currency, ahead of expectations, driven by continued customer demand for our hybrid offerings.

在客戶對我們混合產品的持續需求的推動下，收入為 119 億美元，按固定匯率計算分別增長 27% 和 28%，超出預期。

On a significant base, server products and cloud services revenue increased 30% and 32% in constant currency.

在顯著基礎上，服務器產品和雲服務收入按固定匯率計算分別增長了 30% 和 32%。

Azure revenue grew 62% and 64% in constant currency, driven by another quarter of strong growth in our consumption-based business across all customer segments.

Azure 收入按固定匯率計算分別增長 62% 和 64%，這得益於我們在所有客戶群中基於消費的業務又一個季度的強勁增長。

In our per-user business, our enterprise mobility installed base grew 35% to over 127 million seats, with continued benefit from Microsoft 365 suite momentum.

在我們的每用戶業務中，我們的企業移動安裝基數增長了 35%，達到超過 1.27 億個座位，並繼續受益於 Microsoft 365 套件的發展勢頭。

And our on-premises server business grew 10% and 12% in constant currency, with roughly 4 points of benefit from the end of support for Windows Server 2008, in, addition to the continued strength of our hybrid and premium solutions.

我們的本地服務器業務按固定匯率計算分別增長了 10% 和 12%，除了我們的混合和高級解決方案的持續優勢之外，終止對 Windows Server 2008 的支持帶來了大約 4 個點的收益。

Nearly 1/3 of our Windows Server and SQL Server enterprise customers are already using our hybrid use benefits to deploy Azure, reflecting the value and flexibility of these offerings.

我們近 1/3 的 Windows Server 和 SQL Server 企業客戶已經在使用我們的混合使用優勢來部署 Azure，這反映了這些產品的價值和靈活性。

Enterprise Services revenue increased 6% and 7% in constant currency, driven by growth in Premier Support Services.

受首要支持服務增長的推動，企業服務收入按固定匯率計算分別增長了 6% 和 7%。

Segment gross margin dollars increased 28% and 31% in constant currency, and gross margin percentage increased 1 point year-over-year as another quarter of material improvement in Azure gross margin more than offset the growing mix of Azure IaaS and PaaS revenue.

按固定匯率計算，部門毛利率分別增長 28% 和 31%，毛利率同比增長 1 個百分點，因為 Azure 毛利率的另一個季度實質性改善足以抵消 Azure IaaS 和 PaaS 收入組合的增長。

Operating expense increased 18%, primarily driven by continued investments in Azure.

運營費用增長了 18%，主要是由於對 Azure 的持續投資。

Operating income grew 38% and 42% in constant currency.

按固定匯率計算，營業收入增長了 38% 和 42%。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $13.2 billion, increasing 2% and 3% in constant currency, ahead of expectations as better-than-expected performance across our Windows businesses more than offset lower-than-expected Search and Surface revenue.

收入為 132 億美元，按固定匯率計算分別增長 2% 和 3%，超出預期，因為我們 Windows 業務的業績好於預期，抵消了低於預期的搜索和 Surface 收入。

In Windows, overall PC market growth was stronger than we expected and benefited from the low prior year comparable related to the timing of chip supply to our OEM partners.

在 Windows 方面，整體 PC 市場增長強於我們的預期，並受益於與我們的 OEM 合作夥伴的芯片供應時間相關的上一年的低水平。

OEM Pro revenue, which makes up roughly 40% of total Windows revenue, grew 26%, driven by continued momentum in advance of Windows 7 end of support and strong Windows 10 demand.

佔 Windows 總收入約 40% 的 OEM Pro 收入增長了 26%，這得益於在 Windows 7 支持終止之前的持續勢頭和強勁的 Windows 10 需求。

The benefit from the low prior year comparable drove roughly 11 points of that growth.

去年可比的低水平帶來的收益推動了大約 11 個百分點的增長。

OEM non-Pro revenue, which makes up roughly 20% of total Windows revenue, increased 4%.

佔 Windows 總收入約 20% 的 OEM 非專業版收入增長了 4%。

This quarter, continued pressure in the entry-level category was more than offset by roughly 7 points of benefit from the low prior year comparable and the timing of license purchases from an OEM partner.

本季度，入門級類別的持續壓力被去年同期的低水平和從 OEM 合作夥伴處購買許可證的時間帶來的大約 7 個點所抵消。

Inventory levels ended the quarter in the normal range.

本季度末庫存水平在正常範圍內。

Windows commercial products and cloud services revenue, which makes up roughly 30% of total Windows revenue, grew 25% and 27% in constant currency, again driven by strong demand for Microsoft 365, which carries higher in-quarter revenue recognition.

Windows 商業產品和雲服務收入約佔 Windows 總收入的 30%，按固定匯率計算分別增長了 25% 和 27%，這再次受到對 Microsoft 365 的強勁需求的推動，後者帶來了更高的季度收入確認。

The remainder of the Windows business is made up of our other licensing and services components.

Windows 業務的其餘部分由我們的其他許可和服務組件組成。

Surface revenue increased 6% and 8% in constant currency, lower than expected, as continued strong momentum in the commercial segment was partially offset by execution challenges in the consumer segment.

按固定匯率計算，Surface 收入增長 6% 和 8%，低於預期，因為商業領域的持續強勁勢頭被消費者領域的執行挑戰部分抵消。

Search revenue ex TAC increased 6% and 7% in constant currency, below expectations, primarily driven by lower Bing volume.

按固定匯率計算，不含 TAC 的搜索收入分別增長 6% 和 7%，低於預期，主要是由於 Bing 數量減少。

And in gaming, revenue declined 21% and 20% in constant currency, in line with expectations, driven by lower console sales as we approach the next Xbox launch.

而在遊戲方面，收入下降了 21% 和 20%（按固定匯率計算），符合預期，這是由於我們接近下一次 Xbox 發佈時主機銷量下降所致。

Xbox content and services revenue declined 11% and 9% in constant currency as the impact from a strong third-party title in the prior year more than offset continued growth in Game Pass subscribers and Minecraft.

Xbox 內容和服務收入按固定匯率計算分別下降 11% 和 9%，原因是去年強勁的第三方遊戲的影響抵消了 Game Pass 用戶和 Minecraft 的持續增長。

Segment gross margin dollars increased 18% and 20% in constant currency, and gross margin percentage increased 7 points year-over-year due to higher margin sales mix.

分部毛利率按固定匯率計算分別增長 18% 和 20%，由於更高的利潤率銷售組合，毛利率同比增長 7 個百分點。

Operating expense declined 5% as redeployment of engineering resources to higher-growth opportunities was partially offset by gaming investments, primarily in first-party content.

運營費用下降 5%，因為將工程資源重新部署到更高增長的機會被遊戲投資（主要是第一方內容）部分抵消。

As a result, operating income grew 41% and 45% in constant currency.

因此，按固定匯率計算，營業收入增長了 41% 和 45%。

Now back to total company results.

現在回到公司的總業績。

In line with expectations, capital expenditures including finance leases were $4.5 billion, up 17% year-over-year, driven by an ongoing investment to meet growing demand for our cloud services.

與預期一致，包括融資租賃在內的資本支出為 45 億美元，同比增長 17%，這得益於為滿足對我們的雲服務不斷增長的需求而進行的持續投資。

Cash paid for PP&E was $3.5 billion.

為 PP&E 支付的現金為 35 億美元。

Cash flow from operations was $10.7 billion and increased 20% year-over-year, driven by healthy cloud billings and collections.

運營現金流為 107 億美元，同比增長 20%，這得益於健康的雲計費和收款。

Free cash flow was $7.1 billion and increased 37%, reflecting the timing of cash payments for PP&E.

自由現金流為 71 億美元，增長 37%，反映了 PP&E 現金支付的時間。

Other income was $194 million, higher than anticipated, due to the recording of mark-to-market gains in our equity portfolio.

其他收入為 1.94 億美元，高於預期，原因是我們的股票投資組合中記錄了按市值計價的收益。

Our effective tax rate was slightly above 17%, in line with expectations.

我們的有效稅率略高於 17%，符合預期。

And finally, we returned $8.5 billion to shareholders through share repurchases and dividends.

最後，我們通過股票回購和分紅向股東返還了 85 億美元。

Now let's move to our outlook.

現在讓我們轉向我們的展望。

Assuming current rates remain stable, we expect FX to decrease revenue at both the company and individual segment level by approximately 1 point and have no impact on total company COGS and operating expense growth.

假設當前利率保持穩定，我們預計外匯將使公司和個別部門的收入減少約 1 個百分點，並且對公司總銷貨成本和運營費用增長沒有影響。

In our commercial business, we expect consistent execution and continued demand for our hybrid solutions to drive another strong quarter.

在我們的商業業務中，我們預計對我們的混合解決方案的持續執行和持續需求將推動另一個強勁的季度。

Commercial bookings growth should again be healthy, but will be impacted by a materially lower growth in our Q3 expiry base.

商業預訂增長應該再次健康，但將受到我們第三季度到期基數大幅下降的影響。

Commercial cloud gross margin percentage will continue to improve year-over-year, although at a lower rate than last quarter, given the growing mix of Azure consumption-based services.

鑑於 Azure 基於消費的服務的組合不斷增長，商業雲毛利率將繼續同比提高，儘管增速低於上一季度。

And we expect a sequential dollar increase in our capital expenditure as we continue to invest to support growing demand.

我們預計隨著我們繼續投資以支持不斷增長的需求，我們的資本支出將連續增加美元。

Now to segment guidance.

現在進行細分指導。

In Productivity and Business Processes, we expect revenue between $11.5 billion and $11.7 billion, driven by continued double-digit growth across Office commercial, Dynamics and LinkedIn.

在生產力和業務流程方面，我們預計收入在 115 億美元至 117 億美元之間，這得益於 Office 商業、Dynamics 和 LinkedIn 的持續兩位數增長。

For Intelligent Cloud, we expect revenue between $11.85 billion and $12.05 billion.

對於智能雲，我們預計收入在 118.5 億美元至 120.5 億美元之間。

In Azure, revenue growth will continue to reflect the balance of our strong growth in our consumption-based business and moderating growth in our per-user business, given the size of the installed base.

在 Azure 中，鑑於安裝基數的規模，收入增長將繼續反映我們基於消費的業務的強勁增長和我們每用戶業務的溫和增長之間的平衡。

Growth in our on-premise server business should be high single digits, again driven by strong hybrid demand as well as some continued benefit related to the end of support for Windows Server 2008.

我們的本地服務器業務的增長應該是個位數的高增長，這再次受到強勁的混合需求以及與終止對 Windows Server 2008 的支持相關的一些持續收益的推動。

In Enterprise Services, we expect revenue growth to be slightly higher than last quarter.

在企業服務方面，我們預計收入增長將略高於上一季度。

In More Personal Computing, we expect revenue between $10.75 billion and $11.15 billion.

在更多個人計算方面，我們預計收入在 107.5 億美元至 111.5 億美元之間。

In Windows, overall, OEM revenue growth should be in the low to mid-single digits and continue to reflect healthy Windows 10 demand, end of support for Windows 7 and the supply chain's ability to meet demand.

在 Windows 中，總體而言，OEM 收入增長應該在中低個位數，並繼續反映健康的 Windows 10 需求、對 Windows 7 的支持結束以及供應鏈滿足需求的能力。

The wider-than-usual range in More Personal Computing segment reflects uncertainty related to the public health situation in China.

更多個人計算部分的範圍比平常更寬，反映了與中國公共衛生狀況相關的不確定性。

In Windows commercial products and cloud services, we expect another quarter of healthy double-digit revenue growth, driven by continued Microsoft 365 suite momentum and some benefit from Windows 7 extended support agreements.

在 Windows 商業產品和雲服務方面，我們預計在持續的 Microsoft 365 套件勢頭和一些受益於 Windows 7 擴展支持協議的推動下，收入將再有一個季度實現兩位數的健康增長。

In Surface, we expect revenue growth in the low single digits as we work through the execution challenges in the consumer segment.

在 Surface 方面，我們預計隨著我們解決消費者領域的執行挑戰，收入將以低個位數增長。

In search ex TAC, we expect revenue growth similar to Q2.

在不含 TAC 的搜索中，我們預計收入增長與第二季度相似。

And in gaming, we expect revenue to decline in the low double-digit range, driven by the continuation of the console trend as we near the launch of Xbox Series X as well as lower transaction volume on a third-party title.

在遊戲方面，我們預計收入將在兩位數的低位範圍內下降，這是由於我們即將推出 Xbox Series X 以及第三方遊戲交易量下降導致遊戲機趨勢的延續。

Now back to the overall company guidance.

現在回到整體公司指導。

We expect COGS of $11.05 billion to $11.25 billion and operating expense of $11.2 billion to $11.3 billion.

我們預計銷貨成本為 110.5 億美元至 112.5 億美元，運營費用為 112 億美元至 113 億美元。

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

在其他收入和費用中，利息收入和費用應相互抵消。

And finally, we expect our Q3 effective tax rate to be slightly below our full year rate of 17% due to the timing of equity vests.

最後，由於股權歸屬的時機，我們預計第三季度的有效稅率將略低於全年 17% 的稅率。

Now let me share some additional comments on the full year.

現在讓我分享一些關於全年的補充意見。

At the company level, we continue to expect double-digit revenue and operating income growth, driven by the continued strength of our commercial business.

在公司層面，由於我們的商業業務持續強勁，我們繼續預計收入和營業收入將實現兩位數增長。

For operating expense, as a result of lower spend in H1, we now expect full year growth between 10% and 11%.

對於運營費用，由於上半年支出減少，我們現在預計全年增長在 10% 至 11% 之間。

And finally, given our strong H1 results, particularly in high-margin businesses, as well as the expected sales mix for the remainder of the year, we now expect operating margins to be up roughly 2 points year-over-year, even as we invest with significant ambition in strategic and high-growth areas in the second half of this year.

最後，鑑於我們強勁的上半年業績，特別是在高利潤業務中，以及今年剩餘時間的預期銷售組合，我們現在預計營業利潤率將同比增長約 2 個百分點，即使我們今年下半年，雄心勃勃地投資於戰略和高增長領域。

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

有了這個，邁克，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move over to Q&A.

我們現在將轉到問答環節。

(Operator Instructions).

（操作員說明）。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

(Operator Instructions) Our first question comes from the line of Mark Moerdler with Bernstein.

（操作員說明）我們的第一個問題來自 Mark Moerdler 與 Bernstein 的對話。

Congratulations on a really strong quarter.

祝賀一個非常強勁的季度。

I'd like to look at Azure.

我想看看 Azure。

Can you give a little bit of more details on what's driving the Q-over-Q acceleration in the revenue growth?

您能否詳細說明是什麼推動了收入增長的 Q-over-Q 加速？

Are we seeing large contracts starting to ramp?

我們是否看到大型合同開始增加？

Are there other factors that are kicking in that are helping that?

是否還有其他正在起作用的因素對此有所幫助？

And Satya, can you also give us some sense of what you think about the impact, if xCloud is successful on Azure?

Satya，如果 xCloud 在 Azure 上取得成功，您能否也讓我們了解一下您對影響的看法？

Sure.

當然。

Thanks, Mark, for the question.

謝謝，馬克，這個問題。

I think overall, in terms of the Azure momentum, it's sort of the thing that we have seen even in the previous quarters so, which is we have a stack that is -- from infrastructure to the PaaS services that's fairly differentiated.

我認為總體而言，就 Azure 的發展勢頭而言，我們甚至在前幾個季度也看到了這種情況，也就是說，我們有一個堆棧——從基礎設施到 PaaS 服務，這是相當差異化的。

I mean I went through some of the things that we even announced at our Ignite Conference.

我的意思是我經歷了我們甚至在 Ignite 大會上宣布的一些事情。

Take something like Azure Arc.

以 Azure Arc 之類的為例。

The fact that we have a control plane for hybrid computing that is multi-cloud, multi-edge, that's a pretty differentiated aspect of it.

事實上，我們有一個用於混合計算的控制平面，它是多雲、多邊緣的，這是它的一個非常不同的方面。

And the data side, both on the transactions on the OLTP side as well as on the analytics side, we now have cloud-native databases.

在數據方面，無論是在 OLTP 方面的事務還是在分析方面，我們現在都擁有云原生數據庫。

And Azure Synapse, I think, is a very competitive product.

我認為 Azure Synapse 是一款非常有競爭力的產品。

So that's what you see play out in terms of a customer adoption and the growth there.

這就是您在客戶採用和增長方面看到的結果。

xCloud, I think, is a great workload.

我認為 xCloud 是一項巨大的工作量。

I mean we always have the mantra of first party equals third party, whether it is any of the workloads internally really helping us understand the new patterns, which then, of course, third parties can use.

我的意思是我們總是有第一方等於第三方的口頭禪，無論是內部的任何工作負載真正幫助我們理解新模式，然後第三方當然可以使用。

And you can see that even in terms of how Sony will use some of the same infrastructure capabilities.

即使就索尼將如何使用某些相同的基礎設施功能而言，您也可以看到這一點。

So we are excited about what xCloud teaches us but more importantly, we're excited about how others in the ecosystem can use the same capability for their streaming needs.

因此，我們對 xCloud 教給我們的東西感到興奮，但更重要的是，我們對生態系統中的其他人如何使用相同的功能來滿足他們的流媒體需求感到興奮。

And Mark, to your question on -- a little bit about the reacceleration in the Azure growth rate, let me divide that into its components.

馬克，關於你的問題——關於 Azure 增長率的重新加速，讓我把它分成它的組成部分。

We did have a very good and healthy, broad-based consumption growth, especially in IaaS and PaaS.

我們確實有一個非常好的和健康的、基礎廣泛的消費增長，尤其是在 IaaS 和 PaaS 方面。

I think actually, Satya touched on 1 of the important parts that we started to see this quarter was not only good workload migration work, strong growth and the optimization of the workloads already running but also some of these new PaaS workloads like Synapse and Cosmos DB and Arc are really starting to add some momentum in that part of the stack as well, which is important.

我認為實際上，Satya 談到了我們在本季度開始看到的一個重要部分，不僅是良好的工作負載遷移工作、強勁的增長和已經運行的工作負載的優化，而且還有一些新的 PaaS 工作負載，如 Synapse 和 Cosmos DB並且 Arc 也確實開始在堆棧的那部分添加一些動力，這很重要。

The SaaS component or the per user component also tends to be where you'll get some variability as well.

SaaS 組件或每用戶組件也往往是您將獲得一些可變性的地方。

We did have a good SaaS component quarter in addition to the healthy base, and that does result in some movement in that number from quarter-to-quarter.

除了健康的基礎之外，我們確實有一個良好的 SaaS 組件季度，這確實導致該數字從季度到季度有所變化。

And in particular, I think Microsoft 365 suite actually, and the momentum we've got in security and management and mobility is a big contributor to that.

特別是，我認為實際上是 Microsoft 365 套件，我們在安全性、管理和移動性方面的發展勢頭是其中的一個重要因素。

And of course, just the type of contracts that get signed, whether that's for the consumption layer, in particular, can have some impact quarter-to-quarter in a couple of points.

當然，只是簽署的合同類型，特別是對於消費層，可能會在幾個點上產生一些季度到季度的影響。

So there will be some variability in that number, but the underlying fundamentals across both the consumption and per user were quite good.

所以這個數字會有一些變化，但消費和每用戶的基本面都相當好。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Sorry, guys, I was on mute.

對不起，伙計們，我靜音了。

A very, very nice quarter.

一個非常非常好的季度。

Coming out of the Ignite conference, I wanted to sort of get your views on progress with developers broadly, particularly after the GitHub acquisition.

在 Ignite 會議結束後，我想了解一下您對開發人員的廣泛進展的看法，尤其是在 GitHub 收購之後。

Can you talk to us a little bit about how that kind of impacted your traction with stuff like DevOps Studio and your developer tools?

你能和我們談談這如何影響你對 DevOps Studio 和你的開發者工具等東西的吸引力嗎？

And also, how that's kind of changed the dynamic around Azure?

而且，這如何改變了圍繞 Azure 的動態？

Has that become a real competitive differentiation and change at all the competitive dynamic with guys like AWS and GCP out there in the marketplace?

這是否已成為真正的競爭差異化並改變了市場上 AWS 和 GCP 等公司的所有競爭動態？

Yes.

是的。

First of all, thanks, Keith, for the question.

首先，感謝基思的提問。

We are very excited about what's happening with the developer offering.

我們對開發者產品正在發生的事情感到非常興奮。

I mean at some level, I think of what we're doing between Visual Studio and Azure DevOps and GitHub as effectively coming together as a compelling developer SaaS solution in the same class as any other SaaS solution from Microsoft around productivity or communication because 1 of the data points I love to use is the number of developers in the non-tech sector is now more than in the tech sector.

我的意思是在某種程度上，我認為我們在 Visual Studio 和 Azure DevOps 和 GitHub 之間所做的事情，就像一個引人注目的開發人員 SaaS 解決方案一樣有效地結合在一起，與 Microsoft 圍繞生產力或通信的任何其他 SaaS 解決方案在同一級別，因為 1我喜歡使用的數據點是，非技術部門的開發人員數量現在超過了技術部門。

This is software engineers and that's going to only increase in the world going forward.

這是軟件工程師，並且在未來的世界中只會增加。

So we want to build the best tool chain.

所以我們想建立最好的工具鏈。

After all, that's who we are as a company.

畢竟，這就是我們作為一家公司的身份。

We love building tools for developers.

我們喜歡為開發人員構建工具。

And so -- and by the way, we're not focused only on Azure.

所以——順便說一下，我們不僅僅關注 Azure。

For developers who use our tool chain, they can target any cloud, any edge device, and so this is not sort of means to some end.

對於使用我們工具鏈的開發人員，他們可以針對任何云、任何邊緣設備，因此這不是達到某種目的的手段。

We've always been clear about it.

我們一直都很清楚。

It's an end to itself.

它本身就是一個終結。

But that said, of course, having this tool chain will help us overall, both with essentially what is, by itself, a high-margin tool as a SaaS business as well as, of course, developers who are going to be in our ecosystem.

但這就是說，當然，擁有這個工具鏈將對我們整體有所幫助，無論是本質上本身是作為 SaaS 業務的高利潤工具，還是將在我們的生態系統中的開發人員.

But we want to stay true to that ethos of open source, GitHub and do the best tools.

但我們希望忠於開源、GitHub 的精神，並做最好的工具。

In fact, just this last quarter, you saw even some of the tools being adopted by Facebook engineering, and that's, I think, a testament to the progress that's been made by Microsoft.

事實上，就在上個季度，你甚至看到了 Facebook 工程部門採用的一些工具，我認為，這證明了微軟取得的進步。

And I would just add to that, Keith, this is an important area for us to continue to invest in.

我想補充一點，基思，這是我們繼續投資的一個重要領域。

The opportunity Satya talked about is at the developer SaaS level.

Satya 談到的機會是在開發人員 SaaS 級別。

And so whether you see us investing in GitHub or in the Azure tool chain, this will be a place that we'll continue to see as an opportunity for growth.

因此，無論您看到我們投資 GitHub 還是 Azure 工具鏈，我們都將繼續將其視為增長機會。

Our next question comes from the line of Karl Keirstead with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Karl Keirstead。

Amy, I'd love to ask you a gross margin question.

艾米，我想問你一個毛利率問題。

Beginning in your third quarter or the current March quarter, we've been bracing for gross margins to trend flat or even down year-over-year, given the sales mix shifts that you and your IR team have long warned us about.

從您的第三季度或當前的 3 月季度開始，鑑於您和您的 IR 團隊長期以來一直警告我們的銷售組合變化，我們一直在為毛利率趨於平穩甚至同比下降做準備。

Yet when I take your revs guide and your COGS guide, it equates to 3Q gross margins of 68%, which are actually up about 150 bps year-over-year.

然而，當我採用您的轉速指南和 COGS 指南時，它相當於 68% 的第三季度毛利率，實際上同比增長了約 150 個基點。

So I just wanted to understand what's going on.

所以我只是想了解發生了什麼。

Is it that the higher gross margin businesses are decelerating at a slower-than-expected pace in your second half?

是不是毛利率較高的業務在下半年以低於預期的速度減速？

Or perhaps the pace of Azure gross margin improvement is greater than you thought?

或者 Azure 毛利率提升的速度可能比你想像的要快？

A little color there might be helpful.

有一點顏色可能會有所幫助。

Thanks, Karl.

謝謝，卡爾。

Really, when you see the gross margin changes, it all comes down to sales mix.

真的，當您看到毛利率發生變化時，這一切都歸結為銷售組合。

So at a fundamental level, I feel very good about the execution of each service to their own gross margin goals.

因此，從根本上說，我對每項服務對自己的毛利率目標的執行感覺非常好。

We saw improvement across every cloud service, not just Azure in terms of their ability to deliver growing gross margin as they focus not only on cost but also on continuing to see ARPU growth and attach growth.

我們看到每項云服務都有改進，不僅僅是 Azure 提供不斷增長的毛利率的能力，因為他們不僅關注成本，還關注 ARPU 的持續增長和附加增長。

So -- and I could say that about many of the product lines, right?

所以——我可以說很多產品線，對吧？

I focus on them at the -- what can each products line do to be its best and most competitive?

我專注於它們——每條產品線如何才能成為最好的和最具競爭力的？

What you saw in H1 and what you'll see in H2 is simply mix in Q2.

你在 H1 中看到的和在 H2 中看到的只是在 Q2 中混合。

There was a lot of mix into Windows away from, for example, the console, right, since we're heading into the next console cycle.

Windows 中有很多混合，例如控制台，對，因為我們正進入下一個控制台週期。

At a company level, if you thought about what gross margins would have looked like without gaming, it's a couple of points of impact.

在公司層面，如果您考慮沒有遊戲的毛利率會是什麼樣子，這是幾個影響點。

And as we head to H2, what you'll see is that the mix will shift a little bit.

當我們前往 H2 時，你會看到混合會發生一點變化。

The sort of end of support impacts tail off, whether that's in OEM or on the server side.

支持的結束會影響尾部，無論是在 OEM 還是在服務器端。

And the contribution from gaming as well as other components in our hardware portfolio go up a little bit.

遊戲以及我們硬件組合中的其他組件的貢獻略有上升。

So that still does result, as you said, in a higher gross margin implication in Q3, and you'll see that continue to have a slightly different impact as we head into Q4, if that helps to give you a little sense.

因此，正如您所說，這仍然會導致第三季度的毛利率更高，並且您會看到隨著我們進入第四季度，這將繼續產生略有不同的影響，如果這有助於給您一點感覺的話。

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 just wanted to follow up on a little bit what Karl was just asking relating to gross margins.

我只是想跟進一下 Karl 剛剛詢問的與毛利率有關的問題。

I was wondering if you could maybe help us think about the mix between PaaS and IaaS and kind of what -- if you can give us a sense of the mix shift or just kind of how that's been trending?

我想知道您是否可以幫助我們考慮 PaaS 和 IaaS 之間的混合以及類似的問題 - 如果您可以讓我們了解混合轉變或只是趨勢如何？

But also, I wanted to ask about -- you've been -- it's been unbelievable, every quarter, you're able to call out material gross margin improvements in Azure.

而且，我想問一下——你一直在——令人難以置信的是，每個季度，你都能在 Azure 中發現毛利率的實質性提高。

And I guess ultimately, what I'm asking is, given the success you've seen there, has your view for -- if you look 2 to 3 years down the road, do you just think Azure is going to be a higher gross margin business than maybe what you would have thought 3 years ago?

而且我想最終，我要問的是，鑑於你在那裡看到的成功，你的看法是——如果你看 2 到 3 年後，你是否認為 Azure 的總票房會更高保證金業務可能比您 3 年前想像的要好？

Specifically on Azure, I think the Azure gross margins are trending where we thought they would trend actually on the IaaS and PaaS layer.

特別是在 Azure 上，我認為 Azure 毛利率的趨勢是我們認為它們實際上會在 IaaS 和 PaaS 層上出現的趨勢。

And they're trending where we thought they would trend on the per-user-like assets.

而且它們的趨勢是我們認為它們會在類似每個用戶的資產上趨勢的地方。

And what you're seeing is continued improvement on that trend line that we expected.

你所看到的是我們預期的趨勢線的持續改善。

But you'll also see as we go forward in time, those improvements will flow at the IaaS and PaaS layer.

但是隨著時間的推移，您還會看到，這些改進將流向 IaaS 和 PaaS 層。

It will get better but the nature and the sort of rate of improvement will flow.

它會變得更好，但性質和改進的速度將會流動。

And you'll see that increasing mix toward IaaS and PaaS in a way from the per user just as in terms of the opportunity and the TAM.

您會看到，從每個用戶角度來看，IaaS 和 PaaS 的組合越來越多，就像在機會和 TAM 方面一樣。

So -- and for the long run, Heather, I think my view is unchanged, frankly, about what that should look like.

所以 - 從長遠來看，Heather，坦率地說，我認為我的觀點沒有改變，關於它應該是什麼樣子。

And of course, over the same time period, how it would impact commercial cloud gross margins all up.

當然，在同一時期，它將如何影響商業雲的毛利率。

But what -- I think if you separate this from this gross margin implication, it goes to the fact of just how much revenue opportunity exists in cloud.

但是，我認為，如果你將其與毛利率的影響區分開來，就會發現雲計算中存在多少收入機會。

And so if we can continue to capture the revenue growth, continue to meet customer needs and scenarios, pick and thoughtfully invest in industry-level solutions to grow those things, I worry less about the mechanics of the GM, which can continue to improve by service and more really about our opportunity to grow revenue.

因此，如果我們能夠繼續抓住收入增長，繼續滿足客戶需求和場景，挑選並深思熟慮地投資於行業級解決方案來發展這些東西，我就不那麼擔心通用汽車的機制了，它可以通過以下方式繼續改進服務以及更多關於我們增加收入的機會。

Yes.

是的。

And I would say when we think about whether it's our R&D and operating leverage there or sales or CapEx for the cloud, we don't sort of separate out these categories of IaaS, PaaS and even SaaS.

我想說，當我們考慮是我們的研發和運營槓桿，還是雲計算的銷售或資本支出時，我們並沒有將 IaaS、PaaS 甚至 SaaS 的這些類別分開。

I mean just to put it practically for you, we might do an infrastructure service around IoT.

我的意思是，實際上，我們可能會圍繞物聯網開展基礎設施服務。

We then have PaaS services around IoT.

然後，我們圍繞物聯網提供 PaaS 服務。

We have apps around IoT and Dynamics 365.

我們有圍繞 IoT 和 Dynamics 365 的應用程序。

Similarly, we have the xCloud and Game Pass subscriptions and we have the streaming capability in Azure.

同樣，我們擁有 xCloud 和 Game Pass 訂閱，並且在 Azure 中擁有流媒體功能。

So we think about our investments holistically in that sense, and I think that's what's going to define the long-term margin profile of our company is how well we manage all layers and collectively get leverage across the investment.

因此，我們從這個意義上整體考慮我們的投資，我認為這將定義我們公司的長期利潤狀況，即我們如何管理所有層次並集體獲得整個投資的槓桿作用。

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。

Amy, you called out the strength of on-premise software.

艾米，你提到了本地軟件的力量。

I'm just curious, I know you have the tailwind from the expiration.

我只是好奇，我知道你有到期的順風。

But maybe talk through some of the other drivers that you're seeing in the business that's causing such great growth even on the on-premise as the cloud continues to grow?

但是，也許可以談談您在業務中看到的其他一些驅動因素，即使在雲計算繼續增長的情況下，這些驅動因素也會導致如此巨大的增長？

Thanks, Brent.

謝謝，布倫特。

What we've seen has been relatively consistent is the drivers on the on-prem side have absolutely been the hybrid value prop and also premium.

我們所看到的相對一致的是，本地驅動程序絕對是混合價值支柱和溢價。

And they're actually related because ultimately, the really things that we've seen that has value for customers is that flexibility.

它們實際上是相關的，因為最終，我們所看到的對客戶有價值的真正東西是靈活性。

And so the flexibility to deploy where they need it and when they need it.

因此，可以靈活地在需要的地方和需要的時間進行部署。

And if that makes sense on the edge, which some people may call on-prem, and whether that makes sense in the cloud, which people may call Azure, were relatively indifferent as long as it meets the customer solution in the way that the solution demands.

如果這在某些人可能稱之為本地部署的邊緣有意義，以及在人們可能稱之為 Azure 的雲中是否有意義，只要它以解決方案的方式滿足客戶解決方案，就相對無動於衷。需要。

And so that hybrid value prop, you start to see that flexibility in the data point I gave, which is that 1/3 of the Windows and SQL Server customers are already starting to use that right, to be able to take advantage of that flexibility for their workload solutions.

因此，混合價值支柱，您開始看到我給出的數據點的靈活性，即 1/3 的 Windows 和 SQL Server 客戶已經開始使用該權利，以便能夠利用這種靈活性為他們的工作負載解決方案。

And so those trends I see is relatively durable.

所以我看到的那些趨勢是相對持久的。

And that's why we talked about, I think, now for a number of years.

這就是為什麼我們談論了，我想，現在已經很多年了。

And I think if we think about the sort of end of support and the tail on that, it was probably 2 points on IC for the quarter as I called out.

而且我認為，如果我們考慮那種支持的結束和尾部，正如我所說的那樣，本季度的 IC 可能是 2 分。

So I feel very good about the underlying trajectory.

所以我對潛在的軌跡感覺很好。

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。

Satya, a few quarters ago, you had commented that Teams is the fastest-growing app in the company's history.

Satya，幾個季度前，您曾評論說 Teams 是公司歷史上增長最快的應用程序。

Wondering if you could clarify if that is a reference to daily active user growth or bookings impact?

想知道您是否可以澄清這是否是對每日活躍用戶增長或預訂影響的參考？

Or is that a comment on user engagement and the time being spent in Teams or some other criteria?

或者這是對用戶參與度和在 Teams 中花費的時間或其他一些標準的評論？

As well, Amy, wondering if you could offer any kind of directional thoughts on just how to model the Windows OEM line post-Windows 7 end of support and going into fiscal year '21.

此外，Amy 想知道您是否可以就如何在 Windows 7 支持結束後對 Windows OEM 產品線建模並進入 21 財年提出任何方向性的想法。

And any high-level thoughts on how you think that could trend versus what happened in the prior cycle.

以及關於您認為與前一個週期發生的情況相比趨勢如何的任何高級想法。

Yes, thanks for the question, Mark.

是的，謝謝你的問題，馬克。

My comment was mostly around deployment engagement, the depth of engagement.

我的評論主要圍繞部署參與，參與深度。

There are very few types of products which have these platform effects.

具有這些平台效應的產品類型很少。

Teams is a scaffolding that is obviously related to messaging, which has significant usage.

Teams 是一個明顯與消息傳遞相關的腳手架，具有重要用途。

It's also driving usage of the rest of office because rest of office gets integrated in the usage patterns around channels.

這也推動了其他辦公室的使用，因為其他辦公室被整合到渠道周圍的使用模式中。

It's obviously used in meetings.

它顯然用於會議。

It's also the place where business process workflows in context of messaging happen and both for knowledge workers and first-line workers.

它也是發生消息傳遞上下文中的業務流程工作流的地方，對於知識工作者和一線工作者來說都是如此。

So when I look at all of that cumulative effect, it's much broader than any other user experience scaffolding and in terms of its ability to drive that type of platform effect and engagement.

因此，當我查看所有這些累積效應時，它比任何其他用戶體驗腳手架都要廣泛得多，就其推動這種平台效應和參與度的能力而言。

So we're excited about it.

所以我們對此感到興奮。

And we continue to see that, and you saw that in my remarks as well.

我們繼續看到這一點，你在我的發言中也看到了這一點。

And to your question on OEM, I think what's important is if you try to take out, which is challenging, some of the comments we've had on either chip supply constraints or some of the uncertainty related to the public health situation in China, you would say, what we have in terms of what the cycle would look like compared to prior cycle ends, would actually be quite similar.

對於您關於 OEM 的問題，我認為重要的是，如果您嘗試排除我們對芯片供應限製或與中國公共衛生狀況相關的一些不確定性的一些評論，這是具有挑戰性的，你會說，與之前的周期結束相比，我們所擁有的周期看起來會非常相似。

If not, we probably have a little more opportunity in the mid and small business segment to have the tail last a little longer probably than it did the last time.

如果不是這樣，我們可能在中小型企業領域有更多的機會讓尾巴持續的時間可能比上次長一點。

So we feel very good.

所以我們感覺很好。

We'll still need to work through that as we work through both the situations I've talked about, frankly, now for quite a few quarters and then looking forward.

我們仍然需要解決這個問題，因為我們要解決我談到的兩種情況，坦率地說，現在已經持續了好幾個季度，然後展望未來。

So we'll continue to give you guidance on what we see in the market each quarter.

因此，我們將繼續為您提供有關我們每個季度在市場上看到的情況的指導。

Our next question comes from the line of Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 與 Stifel 的系列。

Great.

偉大的。

Amy, you mentioned a couple of times this evening about 1/3 of customers using hybrid rights.

艾米，你今晚多次提到大約 1/3 的客戶使用混合權利。

Within that customer base, any sense of what percent of workloads that represents for those clients?

在該客戶群中，是否知道代表這些客戶的工作負載的百分比是多少？

Brad, there's not really a good way for me to know that.

布拉德，我沒有什麼好辦法知道這一點。

For me, the way I think about this is a top of funnel.

對我來說，我認為這是漏斗頂部的方式。

It means that we've got solutions or workloads where all the corporate developers that Satya mentioned are really starting to make that transition and making decisions for themselves about how to use Azure and how to get to experience it.

這意味著我們已經有了解決方案或工作負載，Satya 提到的所有企業開發人員都真正開始進行這種過渡，並為自己決定如何使用 Azure 以及如何體驗它。

For me, that is a great sign.

對我來說，這是一個很好的跡象。

We've always said a lot of these hybrid use rights were about investing in skilling and learning and teaching the environment and having the adoption happen for the workloads that make the most sense.

我們一直說，這些混合使用權中有很多是關於投資於技能、學習和環境教學，以及對最有意義的工作負載進行採用。

And then we can continue to partner with customers to help them through this process and continue to have more meaningful workload transition.

然後我們可以繼續與客戶合作，幫助他們完成這個過程，並繼續進行更有意義的工作負載過渡。

So for us, I think I tend to start at the top and say, if we've got more going into the funnel, more opportunities to partner with customers, that's a good thing.

所以對我們來說，我認為我傾向於從頂部開始，然後說，如果我們有更多的機會進入渠道，有更多與客戶合作的機會，那是一件好事。

Our last question will come from the line of Phil Winslow with Wells Fargo.

我們的最後一個問題將來自富國銀行的菲爾溫斯洛。

Congrats on a great quarter.

祝賀一個偉大的季度。

I just wanted to focus in on Dynamics.

我只是想專注於動力學。

I guess a question for Amy and Satya.

我想問艾米和薩蒂亞的問題。

I mean, Amy, you called out seat growth but also increasing attach to multiple products with the Dynamics driving that growth rate.

我的意思是，艾米，你提到了座位增長，但也增加了對多種產品的依戀度，而 Dynamics 推動了這種增長速度。

Wondering if you could help us sort of parse that out.

想知道你是否可以幫助我們解析一下。

And then to Satya, when you think about just SaaS in general, how important is sort of Dynamics to the overall Microsoft strategy, particularly with what you're trying to do with the AI platform in Azure because, obviously, over the past 12 months, we've seen rollouts of some of those insights, AI products where you have -- you can use the Dynamics' data, but also data from Salesforce, Zendesk, et cetera, but as a sort of a sidecar there.

然後對於 Satya，當您考慮一般的 SaaS 時，Dynamics 對 Microsoft 的整體戰略有多麼重要，尤其是在您嘗試使用 Azure 中的 AI 平台做的事情時，因為很明顯，在過去的 12 個月裡，我們已經看到了其中一些洞察力、人工智能產品的推出——你可以使用 Dynamics 的數據，也可以使用來自 Salesforce、Zendesk 等的數據，但作為一種邊車。

So wondering if you could just sort of walk us through just sort of the, call it, the application strategy and then that in the context of what you're trying to do in the AI world.

所以想知道你是否可以讓我們了解一下，稱之為應用策略，然後在你試圖在人工智能世界中做的事情的背景下。

Yes.

是的。

No, great.

不，太好了。

Thanks, Phil, for the question.

謝謝，菲爾，這個問題。

Let me start, and then Amy, you can.

讓我開始，然後艾米，你可以。

I mean we are very excited about what's happening with Dynamics 365 in particular because when I look at what the world needs is it needs a business application suite that is more comprehensive.

我的意思是，我們對 Dynamics 365 正在發生的事情感到非常興奮，特別是因為當我看到世界需要什麼時，它需要一個更全面的業務應用程序套件。

That can turn what is the real currency of this next era, which is data into predictions, insights and automation without boundaries.

這可以將下一個時代的真正貨幣轉化為無邊界的預測、洞察和自動化。

I mean they take even the Canada Goose example that I had in my remarks, which is actually a pretty fascinating story of how they've been able to take the end-to-end nature of Dynamics 365 and really bring together the manufacturing, wholesale and retail operations to the next level of efficiency.

我的意思是，他們甚至採用了我在發言中提到的 Canada Goose 示例，這實際上是一個非常引人入勝的故事，說明他們如何能夠利用 Dynamics 365 的端到端特性並將製造、批發和零售業務的效率提升到一個新的水平。

That's, I think, what is needed.

這就是我認為所需要的。

And the way we have architected it on top of Azure, it's cloud native in terms of its use of databases.

我們在 Azure 之上構建它的方式，就其對數據庫的使用而言，它是雲原生的。

It's, for example, all these insights modules I referenced and you referenced are all built on Azure Synapse.

例如，我引用和你引用的所有這些洞察模塊都是基於 Azure Synapse 構建的。

So it's sort of deeply integrated into Azure.

因此，它在某種程度上已深度集成到 Azure 中。

It integrates into LinkedIn.

它集成到 LinkedIn。

It integrates into Microsoft 365, Power platform, the extensibility model for both Microsoft 365 and Dynamics is the same, which is Power platform.

它集成到 Microsoft 365、Power 平台中，Microsoft 365 和 Dynamics 的擴展模型是相同的，都是 Power 平台。

And that's a pretty -- no, there's no such thing as a canonical business and no such thing as a canonical business over time, right?

這很漂亮——不，沒有規範的業務，隨著時間的推移，也沒有規範的業務，對吧？

The business processes change.

業務流程發生變化。

The question is how rapidly can people and domain experts keep up with the change.

問題是人們和領域專家能多快跟上變化。

And that's where Dynamics 365 absolutely shine.

這就是 Dynamics 365 絕對閃耀的地方。

So we're excited about what's happening there.

所以我們對那裡發生的事情感到興奮。

You mentioned a point about sidecar.

你提到了關於邊車的一點。

We think that, that's a very legitimate use case.

我們認為，這是一個非常合理的用例。

There is a new category, in fact, and a new race starting with CDP, and we are leading.

事實上，有一個新的類別，一個從 CDP 開始的新競賽，我們處於領先地位。

And so I feel excited about that as well.

所以我也對此感到興奮。

And to your question on how the Dynamics 365, sort of the excitement we have, when I think about the comment I made around adding workloads, what's so important about what Satya just talked about is how this reaches into new budgets for us, new opportunity for us in terms of being able to tap growth that we had not been able to access before.

對於您關於 Dynamics 365 的問題，當我想到我就添加工作負載發表的評論時，我們感到有些興奮對我們來說，能夠利用我們以前無法獲得的增長。

And the way I tend to think about that is not dissimilar from how I think of most per seat businesses.

我傾向於考慮這一點的方式與我對大多數單座業務的看法沒有什麼不同。

You add a seat and then you add workloads and the more you can do that in terms of tapping into new budgets, that's a great opportunity for us.

您添加一個席位，然後添加工作量，並且在利用新預算方面可以做得更多，這對我們來說是一個很好的機會。

So I think that's a frame that I'll start to talk a little bit more about as we learn more about Dynamics 365 and its momentum.

所以我認為這是一個框架，隨著我們更多地了解 Dynamics 365 及其發展勢頭，我將開始多談一點。

This is another place I would call out, where I do think we can sort of focus and continue to make some investments in H2 based on the momentum we have seen in H1.

這是我要提到的另一個地方，我確實認為我們可以根據我們在上半年看到的勢頭，集中精力並繼續對下半年進行一些投資。

Thanks, Phil.

謝謝，菲爾。

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

今天財報電話會議的問答部分到此結束。

You can find additional details on the Microsoft Investor Relations website.

您可以在 Microsoft 投資者關係網站上找到更多詳細信息。

Thanks for joining us today, and we look forward to speaking with you soon.

感謝您今天加入我們，我們期待很快與您交談。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。