微軟 (MSFT) 2020 Q2 法說會逐字稿

Welcome to the Microsoft Fiscal Year 2020 Second Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the call over to Mike Spencer, General Manager of Investor Relations. Thank you. Please proceed.

歡迎參加微軟2020財年第二季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。我謹將電話轉交給投資人關係總經理麥克‧史賓塞。謝謝。請繼續。

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. 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.

下午好，感謝各位今天蒞臨。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問基思·多利弗。在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。

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 second quarter performance in addition to the impact these items and events have on the financial results.

除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列出這些項目是為了幫助投資人進一步了解公司第二季的業績，以及這些項目和事件對財務表現的影響。

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

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

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

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

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

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他報告和文件中風險因素部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

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

謝謝你，麥克。又是一個強勁的季度，營收和利潤均實現了兩位數成長，這主要得益於我們商業雲端業務的強勁表現。跳脫本季的局限，更廣泛地展望未來十年，決定性的長期趨勢將是人、地點和事物數位化進程的不斷加速。軟體的這種可塑性力量將推動各行各業的生產力成長，從而帶來更具包容性的經濟成長，遠遠超出當今消費科技的範疇。

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

預計未來十年科技支出佔GDP的比例將翻倍。在微軟，我們專注於建立最具差異化的技術堆疊，使每個行業的每個組織都能建立自己的數位化能力和技術實力，並採用值得信賴且與他們在這個新時代的成功相一致的商業模式。

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

現在我將簡要介紹我們的創新勢頭，首先從 Azure 開始。每個客戶都需要一個跨雲端和邊緣的分散式運算架構，以支援其關鍵業務工作負載，並滿足監管和營運自主權需求。我們擁有的資料中心區域比任何其他雲端供應商都多，並將率先在以色列和卡達開設資料中心，使我們的業務範圍擴大到總共 56 個。Azure 是唯一能夠在營運模式、開發環境和基礎架構堆疊之間保持一致性的雲端平台，使客戶能夠將雲端運算和智慧引入任何聯網或斷開連接的環境。

This quarter, we expanded our portfolio of edge appliances. Azure Stack Edge brings rapid machine learning inferencing closer to where data is generated. And the new ruggedized Azure Stack form factors provide cloud capabilities in even the harshest of conditions like disaster response. With Azure Arc, we are defining the next generation of hybrid computing. 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.

本季度，我們擴大了邊緣設備的產品組合。Azure Stack Edge 將快速機器學習推理帶到更靠近資料產生位置的地方。而全新的加固型 Azure Stack 外形尺寸即使在災難應變等最惡劣的條件下也能提供雲端功能。借助 Azure Arc，我們正在定義下一代混合運算。Arc 是業界首個專為多雲、多邊緣環境而建構的控制平面，可協助 HPE 等合作夥伴滿足客戶複雜的混合需求。

Our differentiated approach across the cloud and edge is winning customers. The U.S. Department of Defense chose Azure to support our men and women in uniform at home, abroad and at the tactical edge. 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.

我們在雲端和邊緣端採取的差異化方法正在贏得客戶。美國國防部選擇 Azure 來支持我們在國內、國外和前線作戰的軍人。我們與 SAP 的獨家合作關係使 Azure 成為每個 SAP 客戶（從埃森哲到可口可樂，從力拓到沃博聯，涵蓋各個行業）進行大規模遷移的首選目的地。

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. There will be 175 zettabytes of data by 2025, up from 40 zettabytes today. Processing this data in real time will be an operational imperative for every organization. Azure Synapse is our limitless analytics service. It brings together big data analytics and data warehousing with unmatched performance, scale and security. In concert with Power BI, it enables data scientists to generate immediate insights from structured and unstructured data and build custom AI models. 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.

我們也正在超越傳統的運算架構，透過 Azure Quantum 開啟一個新時代。 Azure Quantum 是一個全端開放生態系統，使像福特汽車公司這樣的客戶能夠立即應用量子運算的強大功能。到 2025 年，資料量將達到 175 澤字節，而目前只有 40 澤字節。即時處理這些數據將成為每個組織運作的當務之急。Azure Synapse 是我們提供的無限量分析服務。它將大數據分析和資料倉儲結合在一起，具有無與倫比的效能、規模和安全性。與 Power BI 配合使用，它能夠幫助資料科學家從結構化和非結構化資料中立即產生見解，並建立自訂 AI 模型。沃爾格林博姿聯盟正在使用 Synapse 分析超過 2 億個商品-商店組合，以便數百萬個顧客可以信賴商品始終有庫存。

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

在人工智慧領域，我們看到人工智慧技術在我們全面的人工智慧工具、基礎設施和服務組合中得到了快速應用。Azure 認知服務每月處理 60 億筆交易，Azure 認知搜尋每天處理 70 億份文檔，Azure 機器學習每月進行 20 億次預測，Azure Bot 服務每週創建 3500 個新的對話代理機器人。

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

Nationwide正在使用Azure Bot Service來簡化數百萬客戶提交理賠申請的方式。KPMG 使用 Azure 認知服務來轉錄和編目數千小時的通話，從而為客戶降低高達 80% 的合規成本。

Now to security. Cybercrime will cost businesses, governments and individuals $1 trillion this year. 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. 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. 4 months since launch, more than 3,500 customers already rely on Azure Sentinel to detect and mitigate threats. It's early days, and we are accelerating our investments.

接下來談談安全問題。網路犯罪今年將對企業、政府和個人造成 1 兆美元的損失。我們是唯一一家提供整合式端到端身分、安全性和合規性解決方案的公司，旨在保護個人和組織，涵蓋身分管理、設備、雲端應用、資料和基礎設施。最近的 CIO 調查證實了我們的領導地位和強大的結構地位，從馬士基到沃達豐的客戶越來越多地轉向我們，以簡化安全整合並加快對問題的反應。自推出以來 4 個月，已有超過 3500 家客戶依賴 Azure Sentinel 來偵測和緩解威脅。現在還處於早期階段，我們正在加快投資步伐。

Now on to developer tools. From Azure DevOps to Visual Studio to GitHub, we offer the most complete developer tool chain, independent of language, framework or cloud. New capabilities make it easier for any developer to go from idea to code, and from code to cloud. Developers can collaborate on the go with new GitHub mobile app. And GitHub Security Lab addresses the important need to keep open source software secure. More than 10,000 developers at Adobe are using GitHub to collaborate and create software. 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.

接下來我們來看看開發者工具。從 Azure DevOps 到 Visual Studio 再到 GitHub，我們提供最完整的開發者工具鏈，不受語言、框架或雲端平台的限制。新功能使任何開發人員都能更輕鬆地將想法轉化為程式碼，並將程式碼部署到雲端。開發者可以使用全新的 GitHub 行動應用程式隨時隨地進行協作。GitHub 安全實驗室致力於滿足保護開源軟體安全的重要需求。Adobe 有超過 10,000 名開發人員正在使用 GitHub 進行協作和創建軟體。Stripe 使用 GitHub 建立了數百萬客戶首選的線上支付平台，而 Chipotle 則使用我們的開發工具為其線上訂餐系統提供支援。

Now on to Power platform. 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. 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.

接下來是 Power 平台。我們不僅賦能專業開發人員，還賦能最接近業務問題的人員，從公民開發人員到企業——為業務決策者提供無程式碼、低程式碼工具，以便他們能夠創建應用程式和智慧工作流程，從而解決獨特的需求。如今，260 萬公民開發者使用 Power Platform 透過自助式分析做出更好的決策、建立行動應用程式、自動化業務流程，甚至創建虛擬代理，所有這些都無需任何編碼經驗。

We're innovating in robotic process automation. 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. TruGreen, the largest lawn care company in the United States is using both these solutions to handle customer inquiries and take action.

我們在機器人流程自動化領域進行創新。Power Automate 使客戶能夠將手動任務轉換為自動化工作流程，而 Power Virtual Agents 使任何人只需點擊幾下即可建立智慧機器人。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諮詢並採取行動。

Now on to Dynamics 365. The competitiveness of every business going forward will be defined by their ability to harness the full value of their data. Dynamics 365 enables organizations to move from reactive, siloed transactional processes to proactive, repeatable and predictable business outcomes. Dynamics 365 Customer Insights, that's layered and built on Azure Synapse, is the only customer data platform operating at scale today. AEP Energy is using it to unify first- and third-party customer data to increase, upsell and reduce churn.

接下來是 Dynamics 365。未來，每個企業的競爭力都將取決於它們能否充分利用自身的數據價值。Dynamics 365 使組織能夠從被動的、孤立的交易流程轉變為主動的、可重複的和可預測的業務成果。Dynamics 365 Customer Insights 是基於 Azure Synapse 構建，採用分層式設計，是目前唯一能夠大規模運作的客戶資料平台。AEP Energy 正在利用它統一第一方和第三方客戶數據，以提高銷售額、追加銷售並降低客戶流失率。

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. And in training, ABB is using Dynamics 365 Guides and Remote Assist to bridge the physical and digital worlds. And Qantas is using HoloLens 2 for immersive new training experiences.

在零售領域，加拿大鵝正在使用 Dynamics 365 Commerce 來統一後台、門市和呼叫中心的數據，從而提供更個人化的購物體驗。在培訓方面，ABB 正在使用 Dynamics 365 Guides 和 Remote Assist 來連接物理世界和數位世界。澳洲航空正在使用 HoloLens 2 打造沉浸式全新訓練體驗。

Now on to LinkedIn. LinkedIn continues to create economic opportunity for every member of the global workforce. Every 7 seconds, someone is hired on LinkedIn. We saw record levels of member engagement again this quarter. Marketing solutions remains our fastest-growing business as marketeers leverage the enhanced tools and LinkedIn pages to connect with our nearly 675 million members. New data validation features in LinkedIn Sales Navigator helps sellers use the power of their LinkedIn network to drive more meaningful customer engagement.

接下來轉到領英。LinkedIn持續為全球每位勞工創造經濟機會。每7秒鐘就有一人在LinkedIn上找到工作。本季會員參與度再次創下歷史新高。行銷解決方案仍然是我們成長最快的業務，因為行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。LinkedIn Sales Navigator 中的新資料驗證功能可協助銷售人員利用其 LinkedIn 人脈網路的力量，推動更有意義的客戶互動。

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

我們持續在人才產品組合（包括人才解決方案、人才洞察、Glint 和 LinkedIn Learning）中進行創新，以幫助企業吸引、留住和培養最優秀的人才。自上個季度推出以來，已有超過 500 萬名會員完成了 LinkedIn 技能評估。

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

現在轉向 Microsoft 365。Microsoft 365 是唯一能夠讓每個人都能在任何裝置上獲得整合、安全體驗的解決方案。在運算資源豐富但注意力稀缺的世界裡，人工智慧和 Microsoft 365 正在幫助人們創造、協作並將內容轉化為知識。PowerPoint 讓簡報更具說服力，Excel 讓資料更具洞察力，資訊流讓影片更易於搜索，Cortana 讓電子郵件更具實用性。

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

新的「科特克斯計畫」分析海量訊息，為人們提供工作中所需的精準知識。全新 Microsoft Edge 瀏覽器具備企業級安全功能，可保護您的線上隱私，並透過 Microsoft 搜尋讓您在工作中更輕鬆地找到資訊。

Microsoft Teams is the leading hub for teamwork, now with more than 20 million daily active users. People are increasingly engaged across the platform in richer forms of communication and collaboration, participating in more than 27 million meetings a month. 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. We are reimagining the meeting rooms of the future with Teams integration with Cisco's Webex and new devices from Lenovo. 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.

Microsoft Teams 是領先的團隊協作平台，目前擁有超過 2,000 萬名每日活躍用戶。人們越來越多地透過該平台進行更豐富的溝通和協作，每月參與的會議超過 2700 萬次。整合日曆、彈出式聊天和一鍵加入手機會議的功能，讓工作、對話和會議保持在同一情境中，無需在應用程式之間來回切換。我們正在透過將 Teams 與 Cisco 的 Webex 整合以及聯想的新設備，重新構想未來的會議室。我們與三星的合作，以及 Teams 中新增的對講機功能，為第一線員工提供了隨時隨地進行更協作、更有效率、更安全所需的技術。

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

所有這些創新都在推動使用。歐萊雅有 64,000 名員工正在使用 Teams，宜家有超過 70,000 名第一線員工正在使用 Teams 進行輪班管理，從雀巢到 Tesco，全球最大的公司都在選擇 Microsoft 365。我們持續看到來自 AXA、羅克韋爾自動化、波克夏海瑟威特種保險和金霸王等客戶對我們高端產品的需求不斷增長。

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

今年假期，我們擴展了 Surface 設備系列，創造了新的產品類別，這將惠及整個 OEM 生態系統。在 CES 展會上，我們的合作夥伴展示了創新的 Windows 10 設備，從超薄輕巧的筆記型電腦到強大的遊戲主機，再到全新的雙螢幕設計。

Finally, gaming. We continue to invest to reach gamers across every end point, mobile, PC and console. 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. We set a new record for Xbox Live monthly active users again this quarter, led by the strength of console. Xbox Game Pass subscribers more than doubled this quarter, and Xbox Series X announced last month will be our most powerful console ever.

最後，說說遊戲。我們將繼續加大投入，以覆蓋所有終端平台的遊戲玩家，包括行動裝置、PC 和遊戲主機。xCloud 開局非常強勁，改變了遊戲的分發、遊玩和觀看方式，數十萬人參與了最初的試用。本季度，在主機遊戲的強勁推動下，Xbox Live 月活躍用戶數再次創下新紀錄。本季 Xbox Game Pass 訂閱用戶數量翻了一番還多，而上個月發布的 Xbox Series X 將是我們有史以來最強大的遊戲主機。

In closing, we are expanding our opportunity across all our businesses. 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. Our customers see this urgent need and are looking to us in partnership with them to take action. That's why we announced an ambitious new sustainability commitment. Microsoft will be carbon negative by 2030. And by 2050, we will remove all the carbon we have emitted since the company was founded in 1975. And our $1 billion Climate Innovation Fund will accelerate the development of carbon reduction and removal technologies. We will continue to innovate alongside customers with profitable, sustainable solutions that expand our opportunity.

最後，我們將擴大我們在所有業務領域的機會。伴隨這一機遇，我們也認識到我們肩負的責任，確保我們開發的技術始終具有包容性、值得信賴，並能創造一個更永續的世界。我們的客戶看到了這項迫切需求，並希望我們與他們合作採取行動。正因如此，我們宣布了一項雄心勃勃的全新永續發展承諾。微軟將在2030年實現碳負排放。到 2050 年，我們將清除自公司 1975 年成立以來排放的所有碳。我們設立的 10 億美元氣候創新基金將加速減碳和去除技術的發展。我們將繼續與客戶攜手創新，提供獲利且永續的解決方案，從而擴大我們的機會。

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

接下來，我將把發言權交給艾米，她將詳細介紹我們的財務表現並分享我們的展望。之後我期待與您再次交流，回答您的問題。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $36.9 billion, up 14% and 15% in constant currency. Gross margin dollars increased 22% and 25% in constant currency. 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.

謝謝你，薩蒂亞，大家下午好。本季營收為 369 億美元，年增 14%，以固定匯率計算成長 15%。以固定匯率計算，毛利成長了 22% 和 25%。營業收入以固定匯率計算增長了 35% 和 39%，每股收益為 1.51 美元，以固定匯率計算，扣除上年與 TCJA 相關的淨費用後，分別增長了 37% 和 41%。

Our sales teams and partners again delivered strong commercial results, and we continue to benefit from favorable secular trends. From a geographic perspective, we saw broad-based strength across all markets. 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. 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. 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.

我們的銷售團隊和合作夥伴再次取得了強勁的商業業績，我們將繼續受益於有利的長期趨勢。從地域角度來看，我們看到所有市場都呈現全面且強勁的態勢。在我們的商業業務中，我們持續看到對我們差異化的混合雲和雲端產品的強勁需求，客戶對 Azure 平台的忠誠度也不斷提高。Microsoft 365 的獨特價值在於，它將 Office 365、Windows 10 和企業行動與安全性整合到一個安全智慧的解決方案中，這再次推動了新舊客戶的採用。因此，商業預訂成長超出預期，以固定匯率計算成長了 31% 和 30%，新業務量大，續約執行力強。

Our commercial remaining performance obligation was $90 billion, up 30% year-over-year, driven by long-term customer commitments. Commercial cloud revenue was $12.5 billion, growing 39% and 41% in constant currency. 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.

我們剩餘的商業履約義務為 900 億美元，年增 30%，主要得益於客戶的長期承諾。商業雲端收入為 125 億美元，以固定匯率計算成長了 39% 和 41%。商業雲毛利率年增 5 個百分點至 67%，這再次得益於 Azure 毛利率的大幅提高，足以抵銷銷售組合向 Azure 的轉變。

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. 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. In line with expectations, FX reduced revenue growth by 1 point and had no impact on operating expense growth. FX impact on COGS growth was slightly more favorable than expected and reduced growth by 1 point.

公司毛利率為 67%，年成長 5 個百分點，這得益於有利的銷售組合以及我們所有 3 個業務部門的改善。本季度，毛利率受惠於主機銷售下降、軟體授權業績優於預期、商業雲毛利率的提高。如預期，外匯波動使收入成長減少了 1 個百分點，但對營運支出成長沒有影響。外匯波動對銷售成本成長的影響略好於預期，使成長減少了 1 個百分點。

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

營運費用成長 9%，略低於預期，主要原因是項目支出減少。由於對策略性和高成長領域的投資採取了審慎的決策，提高了毛利率和營運槓桿，本季營業利潤率有所提高。

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

現在來看我們各部分的業績結果。生產力和業務流程收入為 118 億美元，以固定匯率計算成長 17% 和 19%，超出預期，這主要得益於我們的商業和消費者業務的成長。以固定匯率計算，辦公室商業收入成長了 16% 和 18%，其中約 3 個百分點來自本地辦公業務的成長，主要得益於日本市場的強勁交易。以固定匯率計算，Office 365 商業收入成長了 27% 至 30%，這再次得益於所有工作負載和客戶群體的安裝基礎成長以及更高的 ARPU（每用戶平均收入）。

Office 365 commercial seats grew 21% with an increasing mix from our Microsoft 365 suite. Office consumer revenue grew 19% and 20% in constant currency, driven by growth in Office 365 subscription revenue. 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.

Office 365 商業席位成長了 21%，其中來自 Microsoft 365 套件的席位佔比不斷提高。受 Office 365 訂閱營收成長的推動，Office 消費者營收以固定匯率計算成長了 19% 和 20%。本季度，日本交易強勁帶來的約 7 個百分點的成長，以及與 Office 2019 購買時間相關的上年同期低迷帶來的 5 個百分點的成長，也對成長產生了影響。

Office 365 consumer subscriptions grew to 37.2 million. Dynamics revenue grew 12% and 15% in constant currency. Dynamics 365 revenue increased 42% and 45% in constant currency, with continued momentum in the number of customers adopting multiple Dynamics 365 workloads.

Office 365 消費者訂閱用戶成長至 3,720 萬。Dynamics的營收以固定匯率計算成長了12%和15%。Dynamics 365 的營收以固定匯率計算成長了 42% 和 45%，採用多個 Dynamics 365 工作負載的客戶數量持續成長。

LinkedIn revenue increased 24% and 26% in constant currency, with continued strength across all businesses, highlighted by marketing solutions growth of 42%. LinkedIn sessions grew 25% with record levels of engagement again this quarter. 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. Operating expense increased 12%, driven by continued investment in LinkedIn and cloud engineering. And operating income increased 29% and 33% in constant currency.

LinkedIn 的營收以固定匯率計算成長了 24% 和 26%，所有業務均保持強勁成長，其中行銷解決方案的成長尤為突出，達到 42%。本季LinkedIn會話數成長了25%，互動量再次創下歷史新高。以固定匯率計算，各業務部門毛利分別成長了 21% 和 23%，毛利率年增 2 個百分點，原因是 Office 365 和 LinkedIn 利潤率的提高抵消了雲端收入佔比的增加。營運費用增加了 12%，主要原因是持續投資 LinkedIn 和雲端工程。以固定匯率計算，營業收入成長了 29% 和 33%。

Next, the Intelligent Cloud segment. Revenue was $11.9 billion, increasing 27% and 28% 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 62% and 64% in constant currency, driven by another quarter of strong growth in our consumption-based business across all customer segments.

接下來是智慧雲部分。營收達 119 億美元，以固定匯率計算成長 27% 和 28%，超出預期，這主要得益於客戶對我們混合產品的持續需求。在較大的基數下，伺服器產品和雲端服務收入以固定匯率計算分別成長了 30% 和 32%。Azure 營收以固定匯率計算成長了 62% 和 64%，這主要得益於我們所有客戶群的消費性業務連續第二季強勁成長。

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. 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. 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.

在我們的按用戶計費業務中，企業行動應用安裝基礎成長了 35%，達到超過 1.27 億個席位，並持續受益於 Microsoft 365 套件的發展勢頭。我們的本地伺服器業務以固定匯率計算增長了 10% 和 12%，其中 Windows Server 2008 停止支援帶來了約 4 個百分點的收益，此外，我們的混合和高級解決方案也保持了強勁的成長勢頭。近三分之一的 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. 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. Operating expense increased 18%, primarily driven by continued investments in Azure. Operating income grew 38% and 42% in constant currency.

企業服務收入以固定匯率計算成長了 6% 和 7%，主要得益於高階支援服務的成長。以固定匯率計算，分部毛利分別成長了 28% 和 31%，毛利率年增 1 個百分點，Azure 毛利率連續第二季大幅改善，足以抵銷 Azure IaaS 和 PaaS 營收佔比不斷增長的影響。營運費用增加了 18%，主要原因是持續投資 Azure。營業收入成長了38%，以固定匯率計算成長了42%。

Now to More Personal Computing. 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. 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.

現在進入個人電腦領域。營收達 132 億美元，以固定匯率計算成長 2% 和 3%，超出預期，原因是 Windows 業務表現優於預期，足以抵消搜尋和 Surface 業務營收低於預期的影響。在 Windows 領域，整體 PC 市場成長強於預期，這得益於上一年與晶片供應給 OEM 合作夥伴的時間相關的可比性較低。

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. The benefit from the low prior year comparable drove roughly 11 points of that growth. OEM non-Pro revenue, which makes up roughly 20% of total Windows revenue, increased 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. Inventory levels ended the quarter in the normal range.

OEM 專業版營收約佔 Windows 總營收的 40%，成長了 26%，這得益於 Windows 7 停止支援前的持續成長動能以及對 Windows 10 的強勁需求。上年同期較低的基數效應推動了約 11 個百分點的成長。OEM 非專業版營收約佔 Windows 總營收的 20%，成長了 4%。本季度，入門級產品類別的持續壓力被上年同期較低的可比較銷售額以及從 OEM 合作夥伴處購買許可證的時機所帶來的約 7 個百分點的收益所抵消。本季末庫存水準處於正常範圍內。

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

Windows 商業產品和雲端服務收入約佔 Windows 總營收的 30%，以固定匯率運算分別成長了 25% 和 27%，這再次得益於對 Microsoft 365 的強勁需求，而 Microsoft 365 的季度營收確認額較高。Windows 業務的其餘部分由我們的其他授權和服務部門組成。

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

以固定匯率計算，地面收入成長了 6% 和 8%，低於預期，原因是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。扣除TAC後的搜尋收入以固定匯率計算成長了6%和7%，低於預期，主要原因是Bing搜尋量下降。

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. 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. 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. Operating expense declined 5% as redeployment of engineering resources to higher-growth opportunities was partially offset by gaming investments, primarily in first-party content. As a result, operating income grew 41% and 45% in constant currency.

遊戲業務收入以固定匯率計算下降了 21% 和 20%，與預期相符，主要原因是隨著下一代 Xbox 主機發布臨近，主機銷量下降。由於去年強勁的第三方遊戲帶來的收益超過了 Game Pass 訂閱用戶和 Minecraft 的持續成長，Xbox 內容和服務收入按固定匯率分別下降了 11% 和 9%。以固定匯率計算，分部毛利分別成長了 18% 和 20%，毛利率年增 7 個百分點，主要得益於毛利率較高的銷售組合。由於工程資源重新部署到成長潛力更大的領域，營運費用下降了 5%，但部分被遊戲投資（主要是第一方內容）所抵消。因此，營業收入成長了 41%，以固定匯率計算成長了 45%。

Now back to total company results. 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. Cash paid for PP&E was $3.5 billion.

現在回到公司整體業績。與預期一致，包括融資租賃在內的資本支出為 45 億美元，年增 17%，這主要得益於為滿足不斷增長的雲端服務需求而進行的持續投資。為固定資產支付的現金為 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. Free cash flow was $7.1 billion and increased 37%, reflecting the timing of cash payments for PP&E.

經營活動產生的現金流為 107 億美元，年增 20%，主要得益於健康的雲端帳單和收款情況。自由現金流為 71 億美元，成長了 37%，反映了固定資產現金支付的時間表。

Other income was $194 million, higher than anticipated, due to the recording of mark-to-market gains in our equity portfolio. Our effective tax rate was slightly above 17%, in line with expectations. And finally, we returned $8.5 billion to shareholders through share repurchases and dividends.

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。我們的實際稅率略高於 17%，符合預期。最後，我們透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. 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. In our commercial business, we expect consistent execution and continued demand for our hybrid solutions to drive another strong quarter. Commercial bookings growth should again be healthy, but will be impacted by a materially lower growth in our Q3 expiry base.

現在讓我們來看看我們的展望。假設當前匯率保持穩定，我們預期匯率波動將使公司和各個業務部門的收入減少約 1 個百分點，並且不會對公司總銷售成本和營運費用成長產生影響。在商業業務方面，我們預計持續穩定的執行力和對我們混合解決方案的持續需求將推動我們再創一個強勁的季度。商業預訂量的成長應該會再次保持健康，但會受到第三季到期資產成長大幅放緩的影響。

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

鑑於 Azure 按消費付費服務佔比不斷提高，商業雲端毛利率將持續較去年同期提高，但成長速度將低於上一季。我們預計，隨著我們繼續投資以滿足不斷增長的需求，我們的資本支出將逐週增加。

Now to segment guidance. 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. For Intelligent Cloud, we expect revenue between $11.85 billion and $12.05 billion. 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.

現在開始細分指導。在生產力和業務流程領域，我們預計營收將在 115 億美元至 117 億美元之間，這主要得益於 Office 商業版、Dynamics 和 LinkedIn 的持續兩位數成長。對於智慧雲端業務，我們預計營收將在 118.5 億美元至 120.5 億美元之間。在 Azure，鑑於已安裝用戶群的規模，營收成長將繼續反映我們基於消費的業務的強勁成長與按用戶業務的溫和成長之間的平衡。

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. In Enterprise Services, we expect revenue growth to be slightly higher than last quarter. In More Personal Computing, we expect revenue between $10.75 billion and $11.15 billion.

我們的本地伺服器業務成長應為個位數高位，這同樣得益於強勁的混合需求以及 Windows Server 2008 停止支援帶來的持續效益。企業服務方面，我們預期營收成長將略高於上一季。在「更多個人計算」領域，我們預計收入將在 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. The wider-than-usual range in More Personal Computing segment reflects uncertainty related to the public health situation in China.

總體而言，Windows 的 OEM 收入成長應保持在個位數低到中等水平，並將繼續反映出 Windows 10 的良好需求、Windows 7 支援的終止以及供應鏈滿足需求的能力。更多個人計算設備細分市場的價格波動幅度比往常更大，反映了中國公共衛生情勢的不確定性。

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. In Surface, we expect revenue growth in the low single digits as we work through the execution challenges in the consumer segment. In search ex TAC, we expect revenue growth similar to Q2.

在 Windows 商業產品和雲端服務方面，我們預計在 Microsoft 365 套件持續成長動能和 Windows 7 擴充支援協定帶來的一些好處的推動下，將再次實現兩位數的健康收入成長。在 Surface 業務方面，我們預期營收成長將保持在個位數低位，因為我們正在努力克服消費者領域的執行挑戰。在搜尋業務（不含TAC）方面，我們預期營收成長與第二季類似。

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.

在遊戲領域，我們預計收入將出現兩位數的低幅下降，這主要是由於隨著 Xbox Series X 的發布臨近，主機遊戲趨勢的延續，以及第三方遊戲交易量的下降。

Now back to the overall company guidance. We expect COGS of $11.05 billion to $11.25 billion and operating expense of $11.2 billion to $11.3 billion. In other income and expense, interest income and expense should offset each other. 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.

現在回到公司整體指引。我們預計銷售成本為 110.5 億美元至 112.5 億美元，營運費用為 112 億美元至 113 億美元。在其他收入和支出中，利息收入和支出應該相互抵消。最後，由於股權歸屬的時間安排，我們預計第三季的實際稅率將略低於全年 17% 的稅率。

Now let me share some additional comments on the full year. At the company level, we continue to expect double-digit revenue and operating income growth, driven by the continued strength of our commercial business. For operating expense, as a result of lower spend in H1, we now expect full year growth between 10% and 11%. 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. With that, Mike, let's go to Q&A.

現在讓我再補充一些關於全年情況的看法。公司層面，我們預期在商業業務持續強勁的推動下，營收和營業收入將持續保持兩位數成長。由於上半年支出減少，營運費用方面，我們現在預計全年成長將在 10% 到 11% 之間。最後，鑑於我們上半年強勁的業績，尤其是在高利潤業務方面，以及對今年剩餘時間銷售組合的預期，我們現在預計營業利潤率將同比增長約 2 個百分點，即使我們在今年下半年對戰略和高增長領域進行了雄心勃勃的投資。那麼，麥克，我們進入問答環節吧。

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

謝謝你，艾米。接下來進入問答環節。（操作說明）操作員，請您再重複一次您的指示好嗎？

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

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

Congratulations on a really strong quarter. I'd like to look at Azure. Can you give a little bit of more details on what's driving the Q-over-Q acceleration in the revenue growth? Are we seeing large contracts starting to ramp? Are there other factors that are kicking in that are helping that? And Satya, can you also give us some sense of what you think about the impact, if xCloud is successful on Azure?

恭喜你們本季業績非常出色。我想了解一下Azure。能否詳細說明一下是什麼因素推動了營收季成長加速？我們是否看到大額合約開始增多？還有其他因素在起作用嗎？Satya，如果 xCloud 在 Azure 上取得成功，你認為會產生什麼影響？

Sure. Thanks, Mark, for the question. 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. I mean I went through some of the things that we even announced at our Ignite Conference. Take something like Azure Arc. 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.

當然。謝謝馬克提出的這個問題。我認為總體而言，就 Azure 的發展勢頭而言，這與我們前幾季所看到的趨勢基本一致，那就是我們擁有一個從基礎設施到 PaaS 服務都相當差異化的堆疊。我的意思是，我回顧了我們在 Ignite 大會上宣布的一些內容。以 Azure Arc 為例。我們擁有一個用於混合運算的控制平面，該控制平面支援多雲、多邊緣，這是它的一個非常獨特的方面。

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. And Azure Synapse, I think, is a very competitive product. So that's what you see play out in terms of a customer adoption and the growth there. xCloud, I think, is a great workload. 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. And you can see that even in terms of how Sony will use some of the same infrastructure capabilities. 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.

在資料方面，無論是 OLTP 端的事務處理或分析端，我們現在都擁有了雲端原生資料庫。我認為 Azure Synapse 是一款非常有競爭力的產品。所以，這就是你在客戶採納和成長方面所看到的現象。我認為 xCloud 是一個很棒的工作負載。我的意思是，我們一直秉持著「第一方等於第三方」的理念，無論是內部的任何工作負載，都能真正幫助我們理解新的模式，而這些模式當然也可以被第三方利用。甚至從索尼如何使用一些相同的基礎設施能力來看，也可以看出這一點。因此，我們對 xCloud 帶給我們的啟示感到興奮，但更重要的是，我們對生態系統中的其他參與者如何利用相同的功能來滿足他們的串流需求感到興奮。

And Mark, to your question on -- a little bit about the reacceleration in the Azure growth rate, let me divide that into its components. We did have a very good and healthy, broad-based consumption growth, especially in IaaS and PaaS. 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.

馬克，關於你提出的 Azure 成長率再次加速的問題，讓我把它分解成幾個組成部分。我們的消費成長非常良好且健康，基礎廣泛，尤其是在 IaaS 和 PaaS 領域。我認為，薩蒂亞確實提到了我們本季開始看到的一個重要方面，那就是不僅良好的工作負載遷移工作、強勁的增長以及對現有工作負載的優化，而且像 Synapse、Cosmos DB 和 Arc 這樣的一些新的 PaaS 工作負載也開始在這個技術棧的這一部分中產生一些動力，這非常重要。

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

SaaS 組件或按使用者計費組件也往往是出現一些差異的地方。除了良好的基礎之外，我們的 SaaS 業務季度表現也不錯，這確實導致該數字在季度之間有所波動。尤其我認為，Microsoft 365 套件，以及我們在安全性、管理和移動性方面的進展，對此做出了巨大貢獻。

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

當然，簽訂的合約類型，特別是消費層面的合同，可能會在幾個方面對季度業績產生一定影響。因此，這個數字會有一些波動，但無論是消費量還是每個用戶的基本面都相當不錯。

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基斯‧韋斯。

Sorry, guys, I was on mute. A very, very nice quarter. Coming out of the Ignite conference, I wanted to sort of get your views on progress with developers broadly, particularly after the GitHub acquisition. 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? And also, how that's kind of changed the dynamic around Azure? 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?

抱歉各位，我剛才靜音了。非常非常好的一個季度。從 Ignite 大會出來後，我想了解您對開發者整體發展的看法，尤其是在 GitHub 被收購之後。您能否跟我們談談這如何影響了您在 DevOps Studio 和開發者工具等方面的應用？此外，這又如何改變了 Azure 的格局？這是否已成為真正的競爭差異化因素，並徹底改變了市場上與 AWS 和 GCP 等公司的競爭格局？

Yes. First of all, thanks, Keith, for the question. We are very excited about what's happening with the developer offering. 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. This is software engineers and that's going to only increase in the world going forward. So we want to build the best tool chain. After all, that's who we are as a company. We love building tools for developers.

是的。首先，謝謝基斯的提問。我們對開發者產品的進展感到非常興奮。我的意思是，在某種程度上，我認為 Visual Studio、Azure DevOps 和 GitHub 之間的合作，實際上正在形成一個引人注目的開發者 SaaS 解決方案，與微軟其他任何圍繞生產力或溝通的 SaaS 解決方案處於同一水平，因為我喜歡使用的一個數據點是，非技術領域的開發者數量現在比技術領域的開發者數量更多。這是軟體工程師，而且未來全球這個群體只會越來越大。所以我們希望建立最好的工具鏈。畢竟，這就是我們公司的本質。我們熱愛為開發者打造工具。

And so -- and by the way, we're not focused only on 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. We've always been clear about it. It's an end to itself. 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. But we want to stay true to that ethos of open source, GitHub and do the best tools. 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.

所以——順便說一句，我們並沒有隻關注 Azure。對於使用我們工具鏈的開發者來說，他們可以面向任何雲端平台、任何邊緣設備，因此這並不是達到某種目的的手段。我們一直都明確地表明了這一點。它本身就是一個目的。但話雖如此，擁有這條工具鏈當然會對我們整體有所幫助，無論是對於本身就利潤豐厚的 SaaS 業務工具，還是對於我們生態系統中的開發人員來說，都是如此。但我們希望秉承開源精神，堅持使用 GitHub，並打造最好的工具。事實上，就在上個季度，你甚至可以看到 Facebook 工程團隊採用了其中的一些工具，我認為這證明了微軟的進步。

And I would just add to that, Keith, this is an important area for us to continue to invest in. The opportunity Satya talked about is at the developer SaaS level. 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.

我還要補充一點，基思，這是我們需要繼續投資的重要領域。Satya 所談到的機會是在開發者 SaaS 層面。因此，無論你看到我們投資 GitHub 還是 Azure 工具鏈，我們都將繼續把這裡視為成長的機會。

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卡爾‧基爾斯蒂德。

Amy, I'd love to ask you a gross margin question. 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. 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. So I just wanted to understand what's going on. Is it that the higher gross margin businesses are decelerating at a slower-than-expected pace in your second half? Or perhaps the pace of Azure gross margin improvement is greater than you thought? A little color there might be helpful.

艾米，我想問你一個關於毛利率的問題。從你們的第三季（即目前的3月季）開始，鑑於你和你的投資人關係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同比持平甚至下降做好準備。然而，當我採用你們的營收指引和銷貨成本指引時，得出的第三季毛利率為 68%，實際上比去年同期成長了約 150 個基點。所以我只是想弄清楚到底發生了什麼事。是高毛利率業務在下半年成長放緩的速度低於預期？或者，Azure毛利率的成長速度可能比您想像的還要快？加點顏色或許會有幫助。

Thanks, Karl. Really, when you see the gross margin changes, it all comes down to sales mix. So at a fundamental level, I feel very good about the execution of each service to their own gross margin goals. 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.

謝謝你，卡爾。實際上，當你看到毛利率的變化時，你會發現這一切都歸結於銷售組合。因此，從根本上來說，我對各項服務實現各自毛利率目標的情況都非常滿意。我們看到所有雲端服務都有所改進，不僅僅是 Azure，它們在實現不斷增長的毛利率方面也取得了進步，因為它們不僅關注成本，還關注 ARPU 和附加收入的持續成長。

So -- and I could say that about many of the product lines, right? I focus on them at the -- what can each products line do to be its best and most competitive? What you saw in H1 and what you'll see in H2 is simply mix in Q2. There was a lot of mix into Windows away from, for example, the console, right, since we're heading into the next console cycle. 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.

所以——我對很多產品線都可以這麼說，對吧？我關注的是──每條產品線可以做些什麼才能做到最好、最具競爭力？你在上半年看到的內容，以及你將在下半年看到的內容，只是在第二季度中的混合。例如，由於我們即將進入下一個遊戲主機週期，Windows 系統已經整合了許多來自遊戲主機以外的技術，對吧？從公司層級來看，如果你思考一下如果沒有遊戲業務，毛利率會是什麼樣子，就會發現有幾個面向都受到了影響。

And as we head to H2, what you'll see is that the mix will shift a little bit. The sort of end of support impacts tail off, whether that's in OEM or on the server side. And the contribution from gaming as well as other components in our hardware portfolio go up a little bit. 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.

當我們進入 H2 階段時，你會發現成分會稍微改變。無論是在 OEM 端還是伺服器端，停止支援的影響都會逐漸減弱。遊戲以及我們硬體產品組合中的其他組件的貢獻也略有上升。所以正如你所說，這仍然會導致第三季度毛利率上升，而且你會發現，隨著我們進入第四季度，這種影響會略有不同，希望這能讓你對此有所了解。

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

我們的下一個問題來自高盛的 Heather Bellini。

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

我只是想稍微補充一下卡爾剛才問的關於毛利率的問題。我想請您幫我們思考 PaaS 和 IaaS 之間的融合，以及—您能否給我們一些關於這種融合轉變或發展趨勢的見解？另外，我還想問一下——你一直以來——這真是令人難以置信，每個季度你都能指出 Azure 的毛利率有了實質的提高。我想最終想問的是，鑑於你們已經取得的成功，你們對未來兩到三年有何看法？你們認為 Azure 的毛利率會比三年前你們預想的更高嗎？

Specifically on Azure, I think the Azure gross margins are trending where we thought they would trend actually on the IaaS and PaaS layer. And they're trending where we thought they would trend on the per-user-like assets. And what you're seeing is continued improvement on that trend line that we expected. But you'll also see as we go forward in time, those improvements will flow at the IaaS and PaaS layer. It will get better but the nature and the sort of rate of improvement will flow. 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.

具體到 Azure，我認為 Azure 的毛利率趨勢與我們預期的 IaaS 和 PaaS 層的發展趨勢一致。它們的趨勢正如我們預期的那樣，在類似按用戶計算的資產方面呈現。而你現在看到的，正是我們預期中這一趨勢線的持續改善。但隨著時間的推移，您也會看到這些改進將體現在 IaaS 和 PaaS 層面。情況會好轉，但好轉的性質和速度會改變。你會發現，從每個用戶的角度來看，IaaS 和 PaaS 的比例正在增加，就像從市場機會和 TAM 的角度來看一樣。

So -- and for the long run, Heather, I think my view is unchanged, frankly, about what that should look like. And of course, over the same time period, how it would impact commercial cloud gross margins all up. 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. 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.

所以——從長遠來看，希瑟，坦白說，我認為我對它應該是什麼樣子的看法沒有改變。當然，在同一時期內，這將對商業雲的整體毛利率產生怎樣的影響。但是——我認為，如果把這一點與毛利率的影響區分開來，那就說明雲端運算領域蘊藏著巨大的營收機會。因此，如果我們能夠繼續保持收入成長，繼續滿足客戶的需求和場景，精心挑選並投資於行業級解決方案以實現這些成長，那麼我不太擔心通用汽車的運作機制（它可以透過服務不斷改進），而更擔心我們增加收入的機會。

Yes. 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. I mean just to put it practically for you, we might do an infrastructure service around IoT. We then have PaaS services around IoT. We have apps around IoT and Dynamics 365. Similarly, we have the xCloud and Game Pass subscriptions and we have the streaming capability in Azure. 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.

是的。我想說，當我們考慮雲端領域的研發和營運槓桿、銷售或資本支出時，我們不會將 IaaS、PaaS 甚至 SaaS 這些類別分開來看。我的意思是，舉個實際的例子，我們可以圍繞物聯網提供基礎設施服務。然後，我們圍繞物聯網提供PaaS服務。我們擁有圍繞物聯網和 Dynamics 365 的應用程式。同樣，我們有 xCloud 和 Game Pass 訂閱服務，我們在 Azure 中也具備串流媒體播放功能。因此，我們從整體上考慮我們的投資，我認為，決定我們公司長期利潤狀況的，是我們如何管理所有層面，並在整個投資中獲得整體槓桿效應。

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

艾米，你指出了本地部署軟體的優勢。我只是好奇，我知道你現在有到期帶來的順風。但或許可以探討一下您在業務中觀察到的其他一些驅動因素，這些因素使得即使在雲端技術持續發展的情況下，本地部署業務也能實現如此巨大的成長？

Thanks, Brent. 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. And they're actually related because ultimately, the really things that we've seen that has value for customers is that flexibility. And so the flexibility to deploy where they need it and when they need it. 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.

謝謝你，布倫特。我們看到的情況相對一致，即本地市場的主要驅動因素絕對是混合動力價值主張和高端產品。實際上它們是相關的，因為歸根結底，我們看到真正對客戶有價值的是靈活性。因此，他們可以靈活地在需要的時間和地點進行部署。如果這種方案在邊緣（有些人可能稱之為本地部署）上可行，或者在雲端（人們可能稱之為 Azure）上可行，則相對無關緊要，只要它能以解決方案要求的方式滿足客戶的解決方案即可。

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. And so those trends I see is relatively durable. And that's why we talked about, I think, now for a number of years. 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. So I feel very good about the underlying trajectory.

因此，這種混合價值主張，正如我提供的資料點所示，可以看到其靈活性，即 1/3 的 Windows 和 SQL Server 客戶已經開始利用這種靈活性來建立其工作負載解決方案。因此，我認為這些趨勢相對來說是持久的。這就是為什麼我們這些年來一直在討論這個問題的原因。我認為，如果我們考慮支撐的結束和尾部，正如我之前提到的，IC本季可能只有2個點。所以我對整體發展趨勢感到非常樂觀。

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

我們的下一個問題來自摩根大通的馬克墨菲。

Satya, a few quarters ago, you had commented that Teams is the fastest-growing app in the company's history. Wondering if you could clarify if that is a reference to daily active user growth or bookings impact? Or is that a comment on user engagement and the time being spent in Teams or some other criteria? 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. And any high-level thoughts on how you think that could trend versus what happened in the prior cycle.

Satya，幾個季度前，你曾評論說 Teams 是公司歷史上成長最快的應用程式。請問您指的是每日活躍用戶成長還是預訂量的影響？或者，這是在評論用戶參與度、在 Teams 中花費的時間或其他一些標準？另外，Amy，我想知道你是否能就 Windows 7 停止支援後以及進入 2021 財年後如何建立 Windows OEM 產品線提供一些方向性的想法。您能否就此趨勢與上一周期的情況進行一些高層次的思考？

Yes, thanks for the question, Mark. My comment was mostly around deployment engagement, the depth of engagement. There are very few types of products which have these platform effects. Teams is a scaffolding that is obviously related to messaging, which has significant usage. It's also driving usage of the rest of office because rest of office gets integrated in the usage patterns around channels. It's obviously used in meetings. It's also the place where business process workflows in context of messaging happen and both for knowledge workers and first-line workers.

是的，謝謝你的提問，馬克。我的評論主要圍繞著部署參與度和參與深度。能產生這種平台效應的產品類型非常少。Teams 是一個與訊息傳遞明顯相關的框架，其使用量很大。這也帶動了辦公室其他部分的使用，因為辦公室其他部分也融入了圍繞管道的使用模式中。它顯然用於會議中。這裡也是業務流程工作流程在訊息傳遞環境中進行的地方，無論是知識工作者或第一線工作者都在這裡工作。

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. So we're excited about it. And we continue to see that, and you saw that in my remarks as well.

所以，當我審視所有這些累積效應時，它比任何其他使用者體驗框架都更加廣泛，並且在推動這種平台效應和參與度方面也更勝一籌。所以我們對此感到很興奮。我們繼續看到這種情況，你們也從我的演講中看到了這一點。

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

至於你提出的關於 OEM 的問題，我認為重要的是，如果你嘗試排除一些關於晶片供應限製或與中國公共衛生狀況相關的不確定性的評論（這很有挑戰性），你會發現，就週期而言，與之前的周期結束相比，實際上會非常相似。否則，我們或許在中小型企業領域會有更多機會，讓這波成長的尾波持續時間比上次更長。我們感覺非常好。坦白說，我們仍然需要解決這個問題，就像我們處理我剛才提到的兩種情況一樣，這種情況已經持續了好幾個季度，而且展望未來也是如此。因此，我們將繼續每季向您提供我們對市場狀況的觀察和指導。

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

我們的下一個問題來自 Stifel 的 Brad Reback 一線隊。

Great. Amy, you mentioned a couple of times this evening about 1/3 of customers using hybrid rights. Within that customer base, any sense of what percent of workloads that represents for those clients?

偉大的。艾米，你今晚幾次提到大約有三分之一的客戶使用混合權限。在這些客戶群中，這部分工作量佔客戶總工作量的百分比是多少？

Brad, there's not really a good way for me to know that. For me, the way I think about this is a top of funnel. 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. For me, that is a great sign. 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. And then we can continue to partner with customers to help them through this process and continue to have more meaningful workload transition. 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.

布拉德，我真的沒有好辦法知道這一點。對我來說，我是這樣看待這個問題的：它就像一個漏斗的頂部。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開始真正進行這種轉變，並自行決定如何使用 Azure 以及如何體驗它。對我來說，這是個好兆頭。我們一直說，這些混合使用權的許多方面都是為了投資技能培訓、學習和環境建設，並讓這些權利在最合理的工作負載中得到應用。然後我們可以繼續與客戶合作，幫助他們完成這個過程，並繼續實現更有意義的工作負載過渡。所以對我們來說，我認為我傾向於從頂層開始說，如果我們有更多的人進入銷售漏斗，有更多的機會與客戶合作，那是一件好事。

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

最後一個問題來自富國銀行的菲爾溫斯洛。

Congrats on a great quarter. I just wanted to focus in on Dynamics. I guess a question for Amy and Satya. I mean, Amy, you called out seat growth but also increasing attach to multiple products with the Dynamics driving that growth rate. Wondering if you could help us sort of parse that out. 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. 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.

恭喜你本季表現出色。我只想專注於Dynamics。我想問Amy和Satya一個問題。我的意思是，艾米，你指出了座位增長，但也指出了用戶對多種產品的依賴性增強，而這種增長速度是由動態因素推動的。不知道您能否幫我們分析一下這個問題。然後，對於 Satya 來說，當你考慮 SaaS 整體時，Dynamics 對微軟的整體戰略有多重要，尤其是在你試圖在 Azure 中使用 AI 平台的情況下，因為很明顯，在過去的 12 個月裡，我們已經看到一些洞察和 AI 產品的推出，你可以使用 Dynamics 的數據，也可以使用來自 Sales 產品的推出，你可以使用 Dynamics 的數據，也可以使用來自 Salesm、Zendo 等一種輔助工具。所以，我想請您簡單介紹一下您的應用策略，以及您在人工智慧領域想要做的事情。

Yes. No, great. Thanks, Phil, for the question. Let me start, and then Amy, you can. 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. That can turn what is the real currency of this next era, which is data into predictions, insights and automation without boundaries. 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. That's, I think, what is needed. And the way we have architected it on top of Azure, it's cloud native in terms of its use of databases. It's, for example, all these insights modules I referenced and you referenced are all built on Azure Synapse. So it's sort of deeply integrated into Azure. It integrates into LinkedIn. It integrates into Microsoft 365, Power platform, the extensibility model for both Microsoft 365 and Dynamics is the same, which is Power platform. 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? The business processes change. The question is how rapidly can people and domain experts keep up with the change. And that's where Dynamics 365 absolutely shine. So we're excited about what's happening there.

是的。不，太好了。謝謝你的提問，菲爾。我先開始，然後艾米，你來吧。我的意思是，我們對 Dynamics 365 的發展感到非常興奮，因為我認為世界需要的是一個更全面的商業應用套件。這可以將下一個時代的真正貨幣——數據——轉化為無界限的預測、洞察和自動化。我的意思是，他們甚至以我剛才提到的加拿大鵝為例，這實際上是一個非常引人入勝的故事，講述了他們如何利用 Dynamics 365 的端到端特性，真正將製造、批發和零售業務整合到一個新的效率水平。我認為，這正是我們所需要的。而且，由於我們是在 Azure 之上建構的，所以就資料庫的使用而言，它是雲端原生的。例如，我提到的以及你提到的所有這些洞察模組都是基於 Azure Synapse 建構的。所以它與 Azure 的整合非常深入。它與LinkedIn整合。它整合到 Microsoft 365 和 Power Platform 中，Microsoft 365 和 Dynamics 的擴充模型相同，即 Power Platform。而且，這相當——不，根本不存在什麼經典的商業模式，也不存在什麼經得起時間考驗的經典商業模式，對吧？業務流程會改變。問題在於，人們和領域專家能夠以多快的速度跟上這種變化。而這正是 Dynamics 365 的優點。所以我們對那裡正在發生的事情感到興奮。

You mentioned a point about sidecar. We think that, that's a very legitimate use case. There is a new category, in fact, and a new race starting with CDP, and we are leading. And so I feel excited about that as well.

你提到了關於邊車的問題。我們認為，這是一個非常合理的用例。事實上，出現了一個新的類別，一場從 CDP 開始的新競賽也拉開了帷幕，而我們目前處於領先地位。所以我也對此感到很興奮。

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

至於你問到 Dynamics 365 的種種優勢，我們對此感到興奮，就像我之前提到的增加工作負載一樣，Satya 剛才談到的重點在於它如何為我們帶來新的預算，為我們帶來新的機遇，使我們能夠抓住以前無法觸及的增長機會。我思考這個問題的方式與我思考大多數按席位計費業務的方式並無太大區別。增加一個席位，工作量就會增加；而從新的預算中挖掘出更多資源，對我們來說就是一個絕佳的機會。所以，隨著我們對 Dynamics 365 及其發展勢頭了解的加深，我認為我會開始更多地談論這個框架。這是我想重點提及的另一個方面，我認為我們可以集中精力，並根據我們在上半年看到的勢頭，在下半年繼續進行一些投資。

Thanks, Phil. That wraps up the Q&A portion of today's earnings call. You can find additional details on the Microsoft Investor Relations website. Thanks for joining us today, and we look forward to speaking with you soon.

謝謝你，菲爾。今天的財報電話會議問答環節到此結束。您可以在微軟投資者關係網站上找到更多詳細資訊。感謝您今天蒞臨，我們期待盡快與您再次交流。

Thank you very much.

非常感謝。

Thank you.

謝謝。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。