微軟 (MSFT) 2020 Q1 法說會逐字稿

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

歡迎參加 Microsoft 2020 財年第一季度收益電話會議。

(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.

下午好。

Thank you for joining us today.

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 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。

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

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

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

我們還將在可用的情況下以不變貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。

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

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

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

You can replay the call and view the transcript on the Microsoft investor relations website.

您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

During this call, we will be making forward-looking statements, which are predictions, projections and 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、預測和其他陳述。

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 factor 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、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格和其他向美國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, and thanks to everyone on the phone for joining.

謝謝你，邁克，也感謝電話裡的每一個人的加入。

We're off to a strong start in fiscal 2020, delivering $33 billion in revenue this quarter.

我們在 2020 財年開局強勁，本季度實現了 330 億美元的收入。

Our commercial cloud business continues to grow at scale as we work alongside the world's leading companies to help them build their own digital capability.

隨著我們與世界領先的公司合作，幫助他們建立自己的數字能力，我們的商業雲業務繼續大規模增長。

Microsoft provides a differentiated technology stack spanning application infrastructure, data and AI, developer tools and services, security and compliance, business process, productivity and collaboration.

Microsoft 提供差異化的技術堆棧，涵蓋應用程序基礎架構、數據和 AI、開發人員工具和服務、安全性和合規性、業務流程、生產力和協作。

For each of these areas -- first, each of these areas represents secular long-term growth opportunity.

對於這些領域中的每一個——首先，這些領域中的每一個都代表著長期的長期增長機會。

Second, we are delivering best-in-class innovation and openness in each layer.

其次，我們在每一層都提供一流的創新和開放性。

And third, we offer unparalleled integration and architectural coherence across the entire stack to meet the real-world needs of our customers.

第三，我們在整個堆棧中提供無與倫比的集成和架構一致性，以滿足客戶的實際需求。

Now I'll briefly highlight how we are accelerating our progress and innovation starting with Azure.

現在，我將簡要介紹我們如何從 Azure 開始加速我們的進步和創新。

Organizations today need a distributed computing fabric to meet their real-world operational sovereignty and regulatory needs.

當今的組織需要分佈式計算結構來滿足其現實世界的運營主權和監管需求。

This quarter, we opened a new -- new data center regions in Germany and Switzerland.

本季度，我們在德國和瑞士開設了一個新的——新的數據中心區域。

And in India, we are bringing the power of Microsoft Cloud to millions of small businesses through our partnership with Jio, one of the largest mobile carriers in the country.

在印度，我們通過與印度最大的移動運營商之一 Jio 的合作，將 Microsoft Cloud 的強大功能帶給數以百萬計的小型企業。

Every Fortune 500 customer today is on a cloud migration journey, and we are making it faster and easier.

如今，每位財富 500 強客戶都在進行雲遷移之旅，而我們正在讓遷移變得更快、更輕鬆。

Just this week, we announced an extensive go-to-market partnership with SAP, making Azure the preferred destination for every SAP customer.

就在本週，我們宣布與 SAP 建立廣泛的市場合作夥伴關係，使 Azure 成為每個 SAP 客戶的首選目的地。

And our partnerships with VMware and Oracle also bring these ecosystems to our cloud.

我們與 VMware 和 Oracle 的合作夥伴關係也將這些生態系統帶到了我們的雲中。

We're extending beyond the cloud to the edge, enabling customers to get real-time insights where data is generated while ensuring security and privacy.

我們正在從雲擴展到邊緣，使客戶能夠獲得生成數據的實時洞察力，同時確保安全和隱私。

And we are seeing traction in every industry, from Azure Sphere securely connecting Starbucks coffee machines to Azure Stack enabling scenarios from smart factories and modern compliant banking to mobile health care in remote areas.

我們在每個行業都看到了牽引力，從 Azure Sphere 安全地連接星巴克咖啡機到 Azure Stack，支持從智能工廠和現代合規銀行到偏遠地區的移動醫療保健的場景。

We're reimagining customers' data estates for the cloud era with new limitless capabilities.

我們正在通過新的無限功能為雲時代重新構想客戶的數據資產。

Azure SQL Database brings hyperscale capabilities to relational databases and Azure Cosmos DB, the low-latency, high-availability database for globally distributed applications of any data type.

Azure SQL 數據庫為關係數據庫和 Azure Cosmos DB（適用於任何數據類型的全球分佈式應用程序的低延遲、高可用性數據庫）帶來了超大規模功能。

The quintessential characteristic of every application going forward will be AI, and we have the most comprehensive portfolio of AI tools, infrastructure and services.

未來每個應用程序的典型特徵將是人工智能，我們擁有最全面的人工智能工具、基礎設施和服務組合。

Azure AI now has more than 20,000 customers, and more than 85% of the Fortune 100 companies are using Azure AI in the last 12 months.

Azure AI 現在擁有超過 20,000 名客戶，在過去 12 個月中，超過 85% 的財富 100 強公司都在使用 Azure AI。

In health care, Novartis chose Azure AI to transform how medicines are discovered, developed and commercialized.

在醫療保健領域，諾華選擇 Azure AI 來改變藥物的發現、開發和商業化方式。

Nuance will rely on our cloud to power the patient exam room of the future where clinical documentation writes itself, and Humana is using Azure AI to build personalized health care solutions for its more than 10 million members.

Nuance 將依靠我們的雲來為未來的患者檢查室提供動力，在該室中臨床文檔自行編寫，Humana 正在使用 Azure AI 為其超過 1000 萬會員構建個性化的醫療保健解決方案。

We're also pushing the bounds of how computers and AI can generalize learning beyond narrow domains, collaborating with open AI on a supercomputing platform to train and run AI models.

我們還在推動計算機和人工智能如何將學習推廣到狹隘領域之外，在超級計算平台上與開放人工智能合作以訓練和運行人工智能模型。

I'm excited about our partnership and our collective pursuit to democratize AI and its benefits for everyone.

我對我們的合作夥伴關係和我們共同追求人工智能民主化及其對每個人的好處感到興奮。

Now to developer tools.

現在到開發者工具。

The rise of digital IP creation in every organization means developers will increasingly drive and influence every business process and function, and GitHub is where they go to learn, share and collaborate.

每個組織中數字 IP 創建的興起意味著開發人員將越來越多地推動和影響每個業務流程和功能，而 GitHub 是他們學習、分享和協作的地方。

GitHub has grown to more than 40 million developers, up more than 30% since our acquisition a year ago, and more than 2 million organizations use GitHub, including the majority of the Fortune 50.

GitHub 的開發人員已超過 4000 萬，自一年前我們收購以來增長了 30% 以上，超過 200 萬個組織使用 GitHub，其中包括財富 50 強中的大多數。

At Ford Motor Company alone, 8,000 employees use GitHub to innovate and collaborate with the vast ecosystem of third-party software developers.

僅在福特汽車公司，就有 8,000 名員工使用 GitHub 進行創新，並與龐大的第三方軟件開發者生態系統合作。

Our acquisition of Symantec code analysis engine family this quarter strengthens our security capabilities, enabling developers to more easily find vulnerabilities in large open source code bases.

我們本季度收購賽門鐵克代碼分析引擎系列增強了我們的安全能力，使開發人員能夠更輕鬆地發現大型開源代碼庫中的漏洞。

Now let's turn to our workflow cloud, Power Platform.

現在讓我們轉向我們的工作流雲 Power Platform。

Automating workflows across every function will be key to productivity gains for every organization.

每個職能部門的工作流程自動化將是每個組織提高生產力的關鍵。

We are building Power Platform as the extensibility framework for both Microsoft 365 inclusive of Microsoft Teams as well as Dynamics 365.

我們正在將 Power Platform 構建為 Microsoft 365（包括 Microsoft Teams）和 Dynamics 365 的可擴展性框架。

It brings together low code, no code app development; robotic process automation; and self-service analytics, enabling everyone in an organization to build an intelligent app or workflow where none exist.

它匯集了低代碼、無代碼應用程序開發；機器人過程自動化；和自助分析，使組織中的每個人都能夠在不存在的情況下構建智能應用程序或工作流。

Power Platform already has more than 2.5 million monthly active seasoned developers.

Power Platform 每月擁有超過 250 萬活躍的經驗豐富的開發人員。

Power Apps helps domain experts, those closest to the business problem, to design, build and publish custom apps fast, and 84% of the Fortune 500 have already created Power applications.

Power Apps 幫助最接近業務問題的領域專家快速設計、構建和發布自定義應用程序，84% 的財富 500 強企業已經創建了 Power 應用程序。

Now let's talk about security.

現在讓我們談談安全性。

Rising cyber threats and increasing regulation means security and compliance on a strategic priority for every organization.

不斷增加的網絡威脅和不斷增加的監管意味著每個組織都將安全和合規作為戰略重點。

We have a comprehensive offering across identity, security and compliance spanning people, devices, apps, developer tools, data and infrastructure to protect customers in today's zero-trust environment.

我們提供涵蓋人員、設備、應用程序、開發人員工具、數據和基礎設施的身份、安全和合規性全面的產品，以在當今的零信任環境中保護客戶。

It starts with Azure active directory premium used by more than 100,000 organizations for identity, access management and SaaS application security across heterogeneous environments.

它從被 100,000 多個組織用於跨異構環境的身份、訪問管理和 SaaS 應用程序安全性的 Azure Active Directory Premium 開始。

It builds with information protection and cloud security with Microsoft Defender Advanced Threat Protection and now with risk-based vulnerability management.

它通過 Microsoft Defender 高級威脅防護構建信息保護和雲安全，現在還具有基於風險的漏洞管理。

And it extends to Azure Sentinel, now broadly available.

它還擴展到 Azure Sentinel，現已廣泛使用。

Sentinel is a cloud-first service that analyzes security signal at massive scale across the entire organization using AI to detect, investigate and automatically remediate threats.

Sentinel 是一項云優先服務，它使用人工智能來檢測、調查和自動修復威脅，從而在整個組織中大規模分析安全信號。

We'll share more about our expanding opportunity in security at our Ignite conference in the next few weeks.

在接下來的幾週內，我們將在 Ignite 會議上分享更多關於我們在安全領域不斷擴大的機會的信息。

Now onto business applications.

現在進入業務應用程序。

Dynamics 365 is the only AI-powered business cloud that gives customers a 360-degree view of their business from marketing and sales to finance and operations to unify data and unlock insights.

Dynamics 365 是唯一一款由人工智能驅動的業務雲，可為客戶提供從營銷和銷售到財務和運營的 360 度全方位業務視圖，以統一數據並獲得洞察力。

It enables every level of organization to move from reactive silo transactional processes to proactive, repeatable and predictable business outcomes.

它使每個級別的組織都能夠從被動的孤島事務流程轉變為主動、可重複和可預測的業務成果。

This quarter, we introduced Dynamics 365 Commerce, a new omni-channel solution to unify back-office, in-store and digital experiences and deliver personalized content wherever shoppers are.

本季度，我們推出了 Dynamics 365 Commerce，這是一種新的全渠道解決方案，可統一後台、店內和數字體驗，並在購物者所在的任何地方提供個性化內容。

Dynamics 365 AI insights app ingest data from any first-party or third-party source, freeing data from systems of record to power modern systems of engagement and intelligence.

Dynamics 365 AI 洞察應用程序從任何第一方或第三方來源攝取數據，將數據從記錄系統中解放出來，為現代參與和智能係統提供動力。

New Dynamics 365 Product Insights provides organizations like Ecolab real-time view of how customers are using their products to maximize customer lifetime value.

新的 Dynamics 365 Product Insights 讓 Ecolab 等組織能夠實時了解客戶如何使用他們的產品來最大化客戶生命週期價值。

And Dynamics 365 Connected Store helps retailers select Marks & Spencer analyze observational data to optimize in-store shopping experience.

Dynamics 365 Connected Store 幫助零售商選擇 Marks & Spencer 分析觀察數據以優化店內購物體驗。

We're enabling our customers to bridge the physical and digital business processes with our mixed reality cloud, spanning HoloLens 2, Azure mixed reality services and Dynamics 365 applications.

我們正在使我們的客戶能夠使用我們的混合現實雲連接物理和數字業務流程，涵蓋 HoloLens 2、Azure 混合現實服務和 Dynamics 365 應用程序。

Pharmaceutical company, Patheon, for example, is using Dynamics 365 Guides along with HoloLens 2 to reimagine training for its employees.

例如，製藥公司 Patheon 正在使用 Dynamics 365 Guides 和 HoloLens 2 重新構想其員工的培訓。

Now to LinkedIn.

現在到LinkedIn。

We saw record levels of engagement again this quarter across the platform.

本季度，我們在整個平台上再次看到了創紀錄的參與度。

Marketing solutions remains our fastest-growing segment, up 44% year-over-year as marketeers leverage our community-based tools to connect with LinkedIn's nearly 660 million members.

營銷解決方案仍然是我們增長最快的部分，同比增長 44%，因為營銷人員利用我們基於社區的工具與 LinkedIn 的近 6.6 億會員建立聯繫。

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

我們繼續在我們的人才組合中進行創新，包括 Talent Solutions、Talent Insights、Glint、LinkedIn Learning，以幫助每個組織吸引、留住和培養最優秀的人才。

LinkedIn skills assessment is a new way for members to showcase their proficiencies and become more discoverable to recruiters.

LinkedIn 技能評估是一種新的方式，讓會員可以展示他們的能力，並讓招聘人員更容易發現。

Now turning to Microsoft 365 and Surface.

現在轉向 Microsoft 365 和 Surface。

Earlier this month, we unveiled our broadest Surface line up to date, including 2 new dual-screen devices coming next year.

本月早些時候，我們發布了迄今為止最廣泛的 Surface 系列，包括明年推出的 2 款新的雙屏設備。

We are reimagining every layer with how we infuse AI from silicon up to device form factors and the role of operating systems to help people be more productive and creative in a multi-sense, multi-device world.

我們正在重新構想每一層，我們如何將人工智能從芯片注入到設備外形因素以及操作系統的作用，以幫助人們在多感官、多設備的世界中提高生產力和創造力。

We will continue to invest across form and function to new create categories that benefit our entire OEM ecosystem.

我們將繼續在形式和功能方面進行投資，以創造有利於我們整個 OEM 生態系統的新類別。

And our expanded partnership with Samsung builds on our promise to help people be more productive on any device anywhere, bringing OneDrive, Outlook and Your Phone and more to new Samsung devices.

我們與三星擴大的合作夥伴關係建立在我們的承諾之上，即幫助人們在任何地方的任何設備上提高工作效率，將 OneDrive、Outlook 和您的手機等帶到新的三星設備上。

Microsoft 365 is the world's productivity cloud and the only comprehensive solution that empowers everyone from the C suite to first-line workers with an integrated secure work -- secure experience on any device.

Microsoft 365 是世界上的生產力雲和唯一的綜合解決方案，它為從 C 套件到一線工作人員的每個人提供集成的安全工作 - 在任何設備上的安全體驗。

We're infusing AI across Microsoft 365 to help make work more intuitive and natural.

我們正在將 AI 融入 Microsoft 365 中，以幫助使工作更加直觀和自然。

New Presenter Coach in PowerPoint makes anyone a better public speaker.

PowerPoint 中的新演示者教練使任何人都成為更好的公共演講者。

New capabilities in Word enable professionals to transcribe or record audio files while staying in the flow.

Word 中的新功能使專業人員能夠在保持流暢的同時轉錄或錄製音頻文件。

Video is more searchable, shareable and first class within Microsoft 365 with Stream.

視頻在帶有 Stream 的 Microsoft 365 中更易於搜索、共享和一流。

And new inking capabilities let users create and reply to comments from anywhere using pen or voice.

新的墨跡書寫功能讓用戶可以在任何地方使用筆或語音創建和回複評論。

Microsoft Teams continues to gain traction, bringing together everything a team needs: chat, voice, meetings, collaboration with the power of Office and business process workflow into a single integrated user experience, all with the highest security and compliance.

Microsoft Teams 繼續受到關注，它將團隊所需的一切：聊天、語音、會議、利用 Office 的強大功能進行協作和業務流程工作流整合到單一集成的用戶體驗中，所有這些都具有最高的安全性和合規性。

Teams keeps all of your work, conversations and meetings in context, eliminating the need to bounce back and forth between different apps with features like integrated calendaring, one touch to join meetings from your phone.

Teams 將您的所有工作、對話和會議保持在上下文中，無需在不同的應用程序之間來回切換，並具有集成日曆、通過手機一鍵加入會議等功能。

And we are broadening our opportunity with 2 billion first-line workers worldwide, adding priority notifications, role-specific targeted messages and the ability to clock in and cloud out of a shift.

我們正在擴大與全球 20 億一線員工合作的機會，增加優先通知、針對特定角色的目標消息以及上班和下班的能力。

Our differentiated offering is driving usage making Teams the category leader.

我們的差異化產品正在推動使用，使 Teams 成為類別領導者。

More than 350 organizations now have more than 10,000 users of Teams.

超過 350 個組織現在擁有超過 10,000 名 Teams 用戶。

More broadly, all this innovation is fueling growth.

更廣泛地說，所有這些創新都在推動增長。

Office 365 Commercial monthly active users surpassed 200 million this quarter.

本季度 Office 365 Commercial 月度活躍用戶超過 2 億。

The leading organizations like Cerner, Chevron and the LEGO group are choosing our premium Microsoft 365 E5 offerings for their advanced security and productivity experiences.

Cerner、Chevron 和 LEGO 集團等領先組織正在選擇我們的優質 Microsoft 365 E5 產品，以獲得先進的安全性和生產力體驗。

Finally, gaming.

最後，遊戲。

In gaming, we are investing in content, community and cloud services to expand our opportunity with 2 billion gamers worldwide.

在遊戲方面，我們正在投資內容、社區和雲服務，以擴大我們在全球 20 億遊戲玩家中的機會。

We saw record Xbox Live monthly active users with strength both on and off console in mobile and PC and continued growth for Game Pass subscriptions.

我們看到了創紀錄的 Xbox Live 月度活躍用戶，在移動設備和 PC 的控制台內外都表現出色，並且 Game Pass 訂閱量持續增長。

Gears 5 saw more than 3 million players in its first weekend alone.

《戰爭機器 5》僅在第一個週末就吸引了超過 300 萬玩家。

10 years in, Minecraft is stronger than ever with record revenue and usage, and we are bringing the franchise to new audiences with Minecraft Earth.

10 年過去了，Minecraft 比以往任何時候都更強大，創紀錄的收入和使用量，我們正在通過 Minecraft Earth 將特許經營權帶給新的觀眾。

Finally, just last week, we started trials of Project xCloud, so gamers can play games wherever and whenever they want on any device.

最後，就在上週，我們開始試用 Project xCloud，因此遊戲玩家可以隨時隨地在任何設備上玩遊戲。

In closing, we are accelerating our innovation across the entire technology stack to deliver new value for customers.

最後，我們正在加速整個技術堆棧的創新，為客戶創造新價值。

We're investing aggressively in large markets with significant growth potential, and it's still early days.

我們正在積極投資於具有巨大增長潛力的大型市場，而且還處於初期階段。

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

有了這個，我將交給艾米，他將詳細介紹我們的財務業績並分享我們的前景。

And I look forward to rejoining for your questions.

我期待重新加入您的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $33.1 billion, up 14% and 15% in constant currency.

本季度收入為 331 億美元，按固定匯率計算分別增長 14% 和 15%。

Gross margin dollars increased 18% and 20% in constant currency.

按固定匯率計算，美元毛利率分別增長了 18% 和 20%。

Operating income increased 27% and 32% in constant currency.

按固定匯率計算，營業收入分別增長 27% 和 32%。

And earnings per share was $1.38, increasing 21% and 25% in constant currency.

每股收益為 1.38 美元，按固定匯率計算分別增長 21% 和 25%。

Consistent execution and strong demand for our hybrid and cloud offerings drove a solid start to the fiscal year with another quarter of double-digit top and bottom line growth.

對我們的混合和雲產品的一致執行和強勁需求推動了本財年的穩健開局，又一個季度實現了兩位數的頂線和底線增長。

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

從地理角度來看，我們看到了所有市場的廣泛優勢。

In our commercial business, we again saw increased customer commitment across our cloud platform.

在我們的商業業務中，我們再次看到通過我們的雲平台增加的客戶承諾。

In Azure, we had material growth in the number of $10 million-plus contracts.

在 Azure 中，超過 1000 萬美元的合同數量大幅增長。

Additionally, Microsoft 365 drove new customer adoption as well as expansion in our existing customer base given the strong value Office 365, Windows 10 and Enterprise Mobility and Security provide as a secure intelligent solution.

此外，鑑於 Office 365、Windows 10 和企業移動性和安全性作為安全智能解決方案提供的強大價值，Microsoft 365 推動了新客戶的採用以及我們現有客戶群的擴展。

As a result, commercial bookings growth was ahead of expectations, increasing 30% and 35% in constant currency with a higher volume of new business and strong renewal execution.

因此，商業預訂增長超出預期，以固定匯率計算分別增長 30% 和 35%，新業務量增加和續訂執行強勁。

Commercial annuity mix increased to 91%, and commercial unearned revenue was ahead of expectations at $31.1 billion, up 14% and 16% in constant currency.

商業年金組合增加到 91%，商業未實現收入為 311 億美元，超出預期，按固定匯率計算分別增長 14% 和 16%。

Our commercial remaining performance obligation was $86 billion, up 26% and 27% in constant currency driven by these long-term customer commitments.

在這些長期客戶承諾的推動下，我們的商業剩餘履約義務為 860 億美元，按固定匯率計算分別增長了 26% 和 27%。

As a reminder, going forward, we will disclose the commercial remaining performance obligation as a KPI, which better reflects commitments our customers are making across all contract types.

提醒一下，今後，我們會將商業剩餘履約義務披露為 KPI，以更好地反映我們的客戶在所有合同類型中做出的承諾。

Commercial cloud revenue was $11.6 billion, growing 36% and 39% in constant currency.

商業雲收入為 116 億美元，按固定匯率計算分別增長 36% 和 39%。

Commercial cloud gross margin percentage increased 4 points year-over-year to 66%, a significant improvement in Azure gross margin, offset a sales mix shift to Azure.

商業雲毛利率同比增長 4 個百分點至 66%，Azure 毛利率顯著提高，抵消了銷售組合向 Azure 的轉變。

Company gross margin percentage was 69%, up 3 points year-over-year and ahead of our expectations driven by sales mix to higher-margin businesses.

公司毛利率為 69%，同比增長 3 個百分點，在高利潤率業務的銷售組合推動下超出了我們的預期。

The U.S. dollar was a bit weaker than anticipated, which resulted in slightly less impact to our results.

美元略弱於預期，這對我們的業績影響略小。

FX reduced revenue growth by less than 2 points and COGS and operating expenses growth by approximately 1 point.

FX 將收入增長降低了不到 2 個百分點，將 COGS 和運營費用增長降低了約 1 個百分點。

Operating expenses grew 8% and 9% in constant currency, slightly lower than expectations, mainly driven by the timing of marketing and project spend.

營業費用按固定匯率計算分別增長 8% 和 9%，略低於預期，主要受營銷時機和項目支出的推動。

And operating margins expanded this quarter driven by the combination of higher gross margins and operating leverage through effective resource allocation.

由於較高的毛利率和通過有效資源分配的經營槓桿相結合，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 $11.1 billion, increasing 13% and 15% in constant currency, ahead of expectations, primarily driven by our on-premises Office Commercial business.

生產力和業務流程的收入為 111 億美元，按固定匯率計算分別增長 13% 和 15%，超出預期，主要受我們本地辦公商業業務的推動。

Office Commercial revenue grew 13% and 15% in constant currency and benefited approximately 2 points from the transactional strength in Japan.

按固定匯率計算，Office Commercial 收入增長了 13% 和 15%，並從日本的交易實力中受益約 2 個百分點。

Office 365 Commercial revenue growth of 25% and 28% in constant currency was again driven by installed base growth across all workloads and customer segments as well as higher ARPU.

Office 365 商業版收入增長 25% 和 28%（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 increased 21% with a growing mix from our Microsoft 365 suite.

隨著我們的 Microsoft 365 套件組合的不斷增加，Office 365 商業版的席位增加了 21%。

Office Consumer revenue grew 5% and 6% in constant currency with roughly 7 points of benefit from transactional strength in Japan, more than offsetting the strong prior year comparable related to the launch of Office 2019.

Office Consumer 收入按固定匯率計算分別增長 5% 和 6%，其中約 7 個百分點受益於日本的交易實力，超過了與 Office 2019 推出相關的上一年的強勁表現。

Office 365 Consumer subscribers grew to 35.6 million.

Office 365 消費者版訂閱者增長至 3560 萬。

Dynamics revenue grew 14% and 16% in constant currency driven by Dynamics 365 revenue growth of 41% and 44% in constant currency.

在 Dynamics 365 收入增長 41% 和 44% 的推動下，Dynamics 收入增長了 14% 和 16%。

LinkedIn revenue increased 25% and 26% in constant currency with continued strength across all businesses.

LinkedIn 收入按固定匯率計算分別增長 25% 和 26%，所有業務均持續強勁。

LinkedIn sessions increased 22% as engagement again reached record levels.

隨著參與度再次達到創紀錄水平，LinkedIn 會話增加了 22%。

Segment gross margin dollars increased 16% and 19% in constant currency, and gross margin percentage increased 2 points year-over-year as improvements in LinkedIn and Office 365 margins more than offset an increase in cloud revenue mix.

以固定匯率計算，部門毛利率分別增長 16% 和 19%，毛利率同比增長 2 個百分點，因為 LinkedIn 和 Office 365 利潤率的提高抵消了雲收入組合的增長。

Operating expenses increased 8% and 9% in constant currency driven by continued investment in LinkedIn and cloud engineering.

由於對 LinkedIn 和雲工程的持續投資，運營費用按固定匯率計算分別增長了 8% 和 9%。

Operating income increased 23% and 27% in constant currency.

營業收入按固定匯率計算分別增長 23% 和 27%。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

Revenue was $10.8 billion, increasing 27% and 29% in constant currency, ahead of expectations driven by our on-premises server business.

收入為 108 億美元，按固定匯率計算分別增長 27% 和 29%，超出了我們本地服務器業務推動的預期。

On a significant base, server products and cloud services revenue increased 30% and 33% in constant currency driven by continued demand from our hybrid value.

在我們混合價值的持續需求的推動下，服務器產品和雲服務收入以固定匯率計算分別增長了 30% 和 33%。

Azure revenue increased 59% and 63% in constant currency with strong growth in our consumption-based business across all customer segments partially offset by further moderation in our per user business.

Azure 收入增長 59% 和 63%（按固定匯率計算），我們基於消費的業務在所有客戶群中的強勁增長部分被我們每用戶業務的進一步放緩所抵消。

Our enterprise mobility installed base grew 36% to over 120 million seats, benefiting from the Microsoft 365 suite momentum.

得益於 Microsoft 365 套件的發展勢頭，我們的企業移動安裝基數增長了 36%，達到超過 1.2 億個座位。

And our on-premises server business grew 12% and 14% in constant currency driven by continued strength across our hybrid and premium offerings, GitHub, and roughly 4 points of benefit from the end of support for SQL and Windows Server 2008.

我們的本地服務器業務增長了 12% 和 14%，這主要得益於我們的混合和高級產品 GitHub 的持續優勢，以及結束對 SQL 和 Windows Server 2008 的支持帶來的大約 4 個點的收益。

Enterprise services revenue increased 7% and 8% in constant currency driven by growth in premier support services.

受主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 7% 和 8%。

Segment gross margin dollars increased 27% and 30% in constant currency.

按固定匯率計算，分部毛利率分別增長 27% 和 30%。

Gross margin percentage was up slightly as another quarter of material improvement in Azure gross margin was partially offset by a growing mix if Azure, IaaS and PaaS revenue.

毛利率百分比略有上升，因為 Azure 毛利率的另一季度實質性改善被 Azure、IaaS 和 PaaS 收入的增長組合部分抵消。

Operating expenses increased 22% driven by ongoing engineering and sales investments in cloud and AI, including GitHub.

由於對雲和人工智能（包括 GitHub）的持續工程和銷售投資，運營費用增加了 22%。

Operating income grew 33% and 38% in constant currency.

按固定匯率計算，營業收入增長了 33% 和 38%。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $11.1 billion, increasing 4% and 5% in constant currency, ahead of expectations as better-than-expected performance in our OEM Pro and Windows Commercial businesses more than offset lower-than-expected monetization across third-party titles within gaming.

收入為 111 億美元，按固定匯率計算分別增長 4% 和 5%，超出預期，因為我們的 OEM Pro 和 Windows 商業業務的業績好於預期，抵消了遊戲中第三方遊戲的盈利低於預期。

In Windows, OEM non-Pro revenue declined 7%, below the consumer PC market with continued pressure in the entry-level category.

在 Windows 中，OEM 非 Pro 收入下降了 7%，低於消費 PC 市場，入門級類別的壓力持續存在。

OEM Pro revenue grew 19%, ahead of the commercial PC market driven by strong Windows 10 demand and momentum in advance of the Windows 7 end of support.

OEM Pro 收入增長 19%，領先於 Windows 10 強勁需求和 Windows 7 支持結束前的勢頭推動的商用 PC 市場。

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 grew 26% and 29% in constant currency driven by healthy demand for Microsoft 365, which carries higher in-quarter revenue recognition.

在對 Microsoft 365 的健康需求的推動下，Windows 商業產品和雲服務收入分別增長了 26% 和 29%，該季度的收入認可度更高。

Surface revenue declined 4% and 2% in constant currency driven by the timing of product life cycle transitions ahead of the recently announced product launches.

受最近宣布的產品發布之前的產品生命週期過渡時間的推動，Surface 收入下降了 4% 和 2%（按固定匯率計算）。

Search revenue ex TAC increased 11% and 13% in constant currency driven by Bing rate growth.

在 Bing 率增長的推動下，不包括 TAC 的搜索收入增長了 11% 和 13%。

In gaming, revenue declined 7% and 6% in constant currency driven by lower console sales.

在遊戲領域，由於遊戲機銷量下降，按固定匯率計算的收入分別下降了 7% 和 6%。

Xbox content and services revenue was relatively unchanged and increased 1% in constant currency with growth from Minecraft, Gears of War 5 and Game Pass subscriptions offset by a strong third-party title in the prior year.

Xbox 內容和服務收入相對沒有變化，按固定匯率計算增長了 1%，而 Minecraft、戰爭機器 5 和 Game Pass 訂閱的增長被去年強勁的第三方遊戲所抵消。

Segment gross margin dollars increased 12% and 13% in constant currency, and gross margin percentage increased 4 points due to higher-margin sales mix.

以固定匯率計算，分部毛利率分別增長 12% 和 13%，毛利率百分比上升 4 個百分點，原因是利潤率較高的銷售組合。

Operating expenses declined 7% and 6% in constant currency as redeployment of engineering resources to higher-growth opportunities was partially offset by investments in gaming.

運營費用按固定匯率計算分別下降 7% 和 6%，因為將工程資源重新部署到更高增長的機會被遊戲投資部分抵消。

As a result, operating income grew 28% and 31% in constant currency.

因此，按固定匯率計算，營業收入增長了 28% 和 31%。

Now back to total company results.

現在回到公司的總業績。

Capital expenditures, including finance leases, were $4.8 billion, up 12% year-over-year driven by ongoing investment to meet growing demand for our cloud services and slightly below expectations due to normal quarterly spend variability in the timing of our cloud infrastructure build-out.

包括融資租賃在內的資本支出為 48 億美元，同比增長 12%，這是由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，並且由於我們的雲基礎設施建設時間的正常季度支出變化而略低於預期-出去。

Cash paid for PP&E was $3.4 billion.

為 PP&E 支付的現金為 34 億美元。

Cash flow from operations was $13.8 billion and increased 1% year-over-year as strong cloud billings and collections were partially offset by tax payments related to the Q4 transfer of intangible property.

運營現金流為 138 億美元，同比增長 1%，原因是強勁的雲賬單和收款被與第四季度無形資產轉讓相關的稅款部分抵消。

Free cash flow was $10.4 billion and increased 4%.

自由現金流為 104 億美元，增長 4%。

Excluding the impact of these tax payments, cash flow from operations and free cash flow grew 27% and 39%, respectively.

排除這些稅款的影響，運營現金流和自由現金流分別增長了 27% 和 39%。

As expected, in other income and expense, interest income was offset by interest expense, foreign currency remeasurement and recognized losses on investments.

正如預期的那樣，在其他收入和支出中，利息收入被利息支出、外幣重新計量和已確認的投資損失所抵消。

Our effective tax rate was 16%, in line with expectations.

我們的有效稅率為 16%，符合預期。

And finally, we returned $7.9 billion to shareholders through share repurchases and dividends, an increase of 28% year-over-year.

最後，我們通過股票回購和分紅向股東返還了 79 億美元，同比增長 28%。

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 Intelligent Cloud revenue growth by approximately 2 points; total company, Productivity and Business Processes and More Personal Computing revenue growth by approximately 1 point and have no impact on total company COGS and operating expenses growth.

假設當前利率保持穩定，我們預計外匯將使智能雲收入增長下降約 2 個百分點；公司總收入、生產力和業務流程以及更多個人計算收入增長約 1 個百分點，對公司總銷貨成本和運營費用增長沒有影響。

We expect another strong quarter in our commercial business.

我們預計我們的商業業務將迎來另一個強勁的季度。

Demand for our hybrid offerings and cloud services remain strong, and capital expenditures will continue to reflect that.

對我們的混合產品和雲服務的需求依然強勁，資本支出將繼續反映這一點。

Given the normal variability and infrastructure spend timing, we expect Q2 CapEx spend to be down slightly on a sequential basis but still growing from the prior year.

鑑於正常的可變性和基礎設施支出時間，我們預計第二季度資本支出將環比略有下降，但仍比上一年增長。

And commercial cloud gross margin percentage will continue to improve on a year-over-year basis even with the continued mix of revenue toward Azure consumption-based services.

即使收入繼續向基於 Azure 消費的服務組合，商業雲的毛利率將繼續同比提高。

Now to segment guidance.

現在進行細分指導。

In Productivity and Business Processes, we expect revenue between $11.3 billion and $11.5 billion driven by double-digit growth across Office Commercial, Dynamics and LinkedIn.

在生產力和業務流程方面，我們預計 Office Commercial、Dynamics 和 LinkedIn 的兩位數增長推動收入在 113 億美元至 115 億美元之間。

For Intelligent Cloud, we expect revenue between $11.25 billion and $11.45 billion.

對於智能雲，我們預計收入在 112.5 億美元至 114.5 億美元之間。

In Azure, we expect continued 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，我們預計基於消費的業務將繼續強勁增長，而我們的每用戶業務增長將放緩。

Our on-premises server business will be driven by demand for our hybrid and premium solutions as well as the continued benefit from increased demand ahead of the end of support for Windows Server 2008.

我們的本地服務器業務將受到對我們的混合和高級解決方案的需求的推動，以及在對 Windows Server 2008 的支持結束之前不斷增長的需求所帶來的持續收益。

In More Personal Computing, we expect revenue between $12.6 billion and $13 billion.

在更多個人計算方面，我們預計收入在 126 億美元至 130 億美元之間。

In Windows, overall OEM revenue growth should again be ahead of the PC market as we balance healthy Windows 10 demand and the benefit from the upcoming end of support for Windows 7 with the supply chain's ability to meet this demand in Q2.

在 Windows 中，整體 OEM 收入增長應該再次領先於 PC 市場，因為我們平衡了健康的 Windows 10 需求以及即將結束對 Windows 7 的支持所帶來的好處以及供應鏈在第二季度滿足這一需求的能力。

Based on our customer demand signal and prior end-of-support cycles, we expect some continued momentum past January, end-of-support deadline.

根據我們的客戶需求信號和之前的支持終止週期，我們預計在 1 月支持終止期限之後會有一些持續的勢頭。

In Windows Commercial products and cloud services, we expect another strong quarter, benefiting from continued Microsoft 365 momentum.

在 Windows 商業產品和雲服務方面，我們預計將迎來另一個強勁的季度，這得益於 Microsoft 365 的持續發展勢頭。

In Surface, the launch of the latest Surface Pro and Surface laptop devices should drive low double-digit revenue growth on a strong prior year comparable.

在 Surface 方面，最新的 Surface Pro 和 Surface 筆記本電腦設備的推出應該會推動較低的兩位數收入增長，而去年同期則表現強勁。

In Search ex TAC, we expect revenue growth similar to Q1.

在 Search ex TAC 中，我們預計收入增長與第一季度相似。

And in gaming, we expect revenue to decline in the mid-20% range driven by lower console sales as we near the end of this generation as well as the most challenging quarterly comparable and third-party titles from last year.

在遊戲方面，我們預計收入將下降 20% 左右，這是由於我們接近這一代末期的遊戲機銷量下降以及去年最具挑戰性的季度可比遊戲和第三方遊戲。

Now back to overall company guidance.

現在回到整體公司指導。

We expect COGS of $12.45 billion to $12.65 billion and operating expenses of $10.8 billion to $10.9 billion.

我們預計銷貨成本為 124.5 億美元至 126.5 億美元，運營費用為 108 億美元至 109 億美元。

Other income and expense should be approximately $50 million as interest income is partially offset by interest and finance lease expense.

其他收入和費用應約為 5000 萬美元，因為利息收入被利息和融資租賃費用部分抵消。

And finally, we expect our Q2 effective tax rate to be slightly above the full year rate of 17%.

最後，我們預計第二季度的有效稅率將略高於全年 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 continued momentum in our commercial business.

在公司層面，我們繼續預計在我們的商業業務持續增長的推動下實現兩位數的收入和營業收入增長。

Given our strong first quarter results and the expected sales mix for the remainder of the year, we now expect operating margins to be up slightly year-over-year even as we continue to invest with significant ambition in high-growth areas.

鑑於我們強勁的第一季度業績和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略有上升，即使我們繼續在高增長領域進行重大投資。

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

有了這個，邁克，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move over to Q&A.

我們現在將轉到問答環節。

(Operator Instructions) Operator, can you please repeat your instructions?

（操作員說明）操作員，您能重複一下您的說明嗎？

(Operator Instructions) Our first question comes from the line of Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Very nice quarter.

非常好的季度。

I was hoping to dig in a little bit into the Intelligent Cloud business and what you guys are seeing there from a hybrid perspective.

我希望深入了解智能雲業務以及你們從混合角度看到的內容。

So maybe one question for Satya and one for Amy.

所以也許是 Satya 一個問題，Amy 一個問題。

For Satya, can you talk to us a little bit about sort of how these hybrid engagements are kind of rolling out with the largest customers, how they're contracting from it?

對於 Satya，您能否與我們談談這些混合業務是如何與最大的客戶一起推出的，他們是如何從中籤約的？

And any sense you can give us in terms of in what way do they engage both kind of the on-premise assets as well as the cloud assets?

你能告訴我們他們以何種方式參與本地資產和雲資產？

Because I think that's part of the equation that's really positively surprising a lot of investors in how well server and tools is doing.

因為我認為這是等式的一部分，這讓很多投資者對服務器和工具的表現感到非常驚訝。

And maybe for Amy, you could help us understand, sort of when we look at server and tools up 14% in constant currency, which is well ahead of our expectations, how should we think about the durability of that in terms of what comes from sort of the pull forward of demand ahead of some -- like SQL Server and Windows Server expirations and what is going to be more durable over time on the back of those pull forwards.

也許對艾米來說，你可以幫助我們理解，當我們看到服務器和工具以恆定貨幣計算上漲 14% 時，這遠遠超出了我們的預期，我們應該如何考慮它的耐用性。有點像 SQL Server 和 Windows Server 到期之前的需求拉動，以及隨著時間的推移在這些拉動的背後會變得更加持久。

Sure, Keith.

當然，基思。

Thanks for the question.

謝謝你的問題。

Overall, our approach has always been about this distributed computing fabric or thinking about hybrid as not as some transitory phase but as a long-term vision for how computing will meet the real-world needs because if you think about the long term, compute will migrate to wherever data is getting generated.

總體而言，我們的方法一直是關於這種分佈式計算結構或將混合視為不是某個過渡階段，而是作為計算如何滿足現實世界需求的長期願景，因為如果您考慮長期，計算將遷移到生成數據的任何地方。

And increasingly, there'll be data generated in the real world where just -- when you think about the cloud, you have to think about the edge of the cloud as a very first-class construct.

而且，越來越多的數據會在現實世界中生成——當您考慮雲時，您必須將雲的邊緣視為非常一流的構造。

And so in that context, the -- what we see is a couple of things that you see even in the results today.

因此，在這種情況下，我們看到的是一些你甚至可以在今天的結果中看到的東西。

One is the hybrid benefit that is increasingly what is getting customers excited about the Azure choice and the fact that they can renew knowing that they have the flexibility of both the cloud and the edge.

一是混合優勢越來越讓客戶對 Azure 的選擇感到興奮，而且他們知道自己擁有云計算和邊緣計算的靈活性，因此可以續訂。

That's definitely driving growth.

這肯定會推動增長。

Second is we're also gaining share.

其次是我們也在獲得份額。

When you think about what's happening even in the edge, some of the -- our data center edition products are very competitive in the marketplace.

當您考慮即使在邊緣發生的事情時，我們的一些數據中心版本產品在市場上也非常具有競爭力。

And so you see both of those effects.

所以你看到了這兩種效果。

But architecturally, we feel well placed.

但在架構上，我們感覺很好。

In fact, at our Ignite Conference, you'll see us even take the next leap forward even in terms of how we think about the architecture inclusive of the application models, programming models on what distributed computing looks like going forward.

事實上，在我們的 Ignite 大會上，您甚至會看到我們甚至在我們如何看待架構（包括應用程序模型、編程模型以及分佈式計算的未來發展趨勢）方面取得了下一個飛躍。

So we feel well positioned there.

所以我們在那裡感覺很好。

And Keith, to your question on durability, we tried to call out the 4 points that we felt transactionally was due to the end of support, and that's 4 of the 12 in USD.

基思，對於您關於耐用性的問題，我們試圖指出我們認為在交易上是由於支持終止的 4 點，這是 12 美元中的 4 點。

And so -- but for us, if you step back for a second, the durable trends that Satya just talked about, which is making sure we license in a way that respects this long-term reality of where data and compute will be needed is what we call the hybrid value proposition.

所以——但對我們來說，如果你退後一步，Satya 剛剛談到的持久趨勢，即確保我們以尊重數據和計算需要的長期現實的方式進行許可是我們稱之為混合價值主張。

And the rights to that, of course, are inherent in how we report this number.

當然，我們報告這個數字的方式固有的權利。

And so for us, what you'll see is premium strength, which we saw this quarter in both SQL and Windows because of some of the value proposition of hybrid and of course, broad strength as well when people feel that flexibility to not be constrained by licensing in terms of how they view their estate.

因此，對我們而言，您將看到的是超強實力，我們本季度在 SQL 和 Windows 中都看到了這一點，因為混合動力的一些價值主張，當然還有廣泛的實力，當人們覺得這種靈活性不受限制時通過許可他們如何看待自己的財產。

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。

This is a question for Amy.

這是艾米的問題。

I was just wondering, you've been saying for a while now that you're seeing material improvements in Azure gross margins and that's obviously hugely benefited commercial cloud gross margin.

我只是想知道，你已經說了一段時間了，你看到 Azure 毛利率有了實質性的改善，這顯然極大地受益於商業雲的毛利率。

I'm just wondering if you could share with us how much of the improvement is related to the need to maybe expand data centers at a lower clip than you have been.

我只是想知道您是否可以與我們分享其中有多少改進與可能以比您以往更低的速度擴展數據中心的需求有關。

Maybe it's less depreciation and amortization that's coming -- that you're starting to recognize.

也許即將到來的折舊和攤銷減少了-您開始意識到這一點。

How much of it is due to just better capacity utilization then?

有多少是由於更好的產能利用率呢？

I'm just trying to get a sense of how much longer you're going to be able to say that for I guess.

我只是想知道你還能說多久，因為我猜。

And just have you guys been ratcheting up your target gross margins for Azure over the years to where you think they could be as you look ahead?

多年來，你們是否一直在將 Azure 的目標毛利率提高到您認為未來可能達到的水平？

Thanks, Heather.

謝謝，希瑟。

Let me start by saying, in general, at the commercial cloud gross margin, what you're seeing is revenue growth that, for the past almost 2 years, has vastly been faster than our capital expenditure growth.

讓我首先說，總的來說，在商業雲的毛利率上，你看到的是收入增長，在過去的近 2 年裡，它遠遠快於我們的資本支出增長。

So if you start at the top of the frame, what we're seeing is overall gross margin improvement across portfolio and improving -- and that comes from a couple of things, which is where you're getting to on Azure.

因此，如果你從框架的頂部開始，我們看到的是整個投資組合的整體毛利率提高和提高——這來自於幾件事，這就是你在 Azure 上的目標。

It comes from structural improvement on sort of cost per unit, but it also comes from mix shift of revenue to premium services, from being able to sell more SaaS-like services and consumption services or even premium data services that really do have both more margin but also are quite consistent in terms of their growth.

它來自於單位成本的結構性改進，但也來自於收入向優質服務的混合轉變，來自能夠銷售更多類似 SaaS 的服務和消費服務，甚至是真正具有更多利潤的優質數據服務但在增長方面也相當一致。

And you see then that represented as improving targets for us.

然後你會看到這對我們來說是改進的目標。

But I would say in general, Heather, what the team has done is actually delivered on what I think we felt was a 5-year road map of improving gross margins on a material basis.

但總的來說，Heather，我認為團隊所做的實際上是根據我認為我們認為在物質基礎上提高毛利率的 5 年路線圖。

Now as you continue to see the mix shift to the consumption-based Azure services, the overall cloud gross margin will improve at the same rate.

現在，隨著您繼續看到混合轉向基於消費的 Azure 服務，整體雲毛利率將以相同的速度提高。

And we've said that, and you'll continue to see that on a go-forward basis as well.

我們已經說過了，您也將繼續在前進的基礎上看到這一點。

But we do continue to expect Azure, especially on the consumption side gross margins, to improve.

但我們確實繼續預計 Azure，尤其是在消費方面的毛利率會有所改善。

And they still have room to improve, especially as we start to see some of these premium services both being made available and being utilized at higher rates.

而且它們仍有改進的空間，尤其是當我們開始看到其中一些優質服務既可用又以更高的價格使用時。

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, question for you.

艾米，問你。

When I look at your next quarter guidance by revenue segment, it seems to equate to an overall revenue growth rate assuming the midpoint of about 9% to 10%.

當我按收入細分查看您的下一季度指導時，它似乎等同於假設中點約為 9% 至 10% 的整體收入增長率。

So when I combine that with the 14% growth you just put up in Q1, it implies that, in the second half, overall Microsoft revenue growth should remain roughly in the 10% zip code to enable you to get to double-digit growth for the full year despite the fact that you're moving past some fairly key end-of-support milestones.

因此，當我將其與您剛剛在第一季度提出的 14% 增長結合起來時，這意味著在下半年，微軟的整體收入增長應該保持在 10% 的郵政編碼範圍內，以使您能夠實現兩位數的增長儘管您正在超越一些相當關鍵的支持終止里程碑，但全年都是如此。

I think some of us were expecting a little bit more of a first half, second half delta.

我想我們中的一些人期望上半場、下半場的增量會多一點。

So I just wanted to ask you what are the maybe 1 or 2 or 3 drivers that enable you to sustain that growth rate in the second half and if it's fair to assume that your guidance doesn't really reflect any deterioration in the overall spending environment.

因此，我只想問您，可能有 1 或 2 或 3 個驅動因素使您能夠在下半年維持這一增長率，並且假設您的指導並未真正反映整體支出環境的任何惡化是否公平.

Yes.

是的。

I think in general, Karl, a couple of things I would point to or many of the things I talked about in the comments that we prepared, overall, Q1 was a very strong start commercially from a bookings perspective with some very strong trends across the board.

總的來說，卡爾，我會在我們準備的評論中指出一些事情或我談到的許多事情，總體而言，從預訂的角度來看，第一季度在商業上是一個非常強勁的開端，整個市場都有一些非常強勁的趨勢木板。

Whether it is in both the absolute size and number of the Azure commitments that we're seeing, the consistency we're seeing in the consumption growth rates of Azure, the commitments we're seeing to Microsoft 365, some of the signs we're seeing across our Dynamics, the Power Platform, the workflow cloud that Satya referred to and LinkedIn, it's a good bookings quarter, a good execution quarter on overall contracting value.

無論是我們看到的 Azure 承諾的絕對規模和數量、我們看到的 Azure 消費增長率的一致性、我們看到的對 Microsoft 365 的承諾，還是我們看到的一些跡象。從我們的 Dynamics、Power Platform、Satya 提到的工作流雲和 LinkedIn 中重新看到，這是一個很好的預訂季度，一個整體合同價值的良好執行季度。

Renewals were good, recapture rates were good, and new business was good.

續訂很好，回收率很好，新業務也很好。

So with that confidence, some of those same trends that we had talked about, of course, show up through the year.

因此，有了這種信心，我們討論過的一些相同趨勢當然會在一年中出現。

And we've tried to be consistent in that while end of support will make for points here and there each quarter, the more sustainable trends are the fact that our commercial cloud overall offers significant value and differentiation to customers and are making longer-term commitments and we continue to grow ARPU.

我們一直在努力保持一致，雖然支持的結束將在每個季度在這里和那裡帶來點，但更可持續的趨勢是，我們的商業云總體上為客戶提供了重要的價值和差異化，並且正在做出長期承諾我們繼續增長 ARPU。

So when I think about sort of some of the seasonality that you're talking about, Q2, I felt we were -- I wanted to be clear that that's really a gaming challenge in Q2, and you see that reflected in the margins in Q2 being significantly better than they were last Q2.

所以當我想到你所說的一些季節性因素時，第二季度，我覺得我們是——我想明確一點，這在第二季度確實是一個遊戲挑戰，你會在第二季度的利潤率中看到這一點比上一季度要好得多。

And if you think about H2, I do expect Surface will have some easier comparables in H2 and a new portfolio to grow from.

如果你考慮 H2，我確實希望 Surface 在 H2 中會有一些更容易比較的產品，並且會有一個新的產品組合可供增長。

So I think that's another change you'll see in trajectory in H2 as well.

所以我認為這也是你將在 H2 中看到的另一個變化。

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

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

Congrats on the quarter.

祝賀本季度。

AI is obviously a large focus.

人工智能顯然是一大焦點。

It was a large driver of Intelligent Cloud OpEx spending growth this quarter.

這是本季度智能雲運營支出增長的主要推動力。

Satya, can you give us some more color on where you see Microsoft on the AI journey?

Satya，你能不能給我們一些關於你在人工智能之旅中看到微軟的顏色？

And Amy, is this investing way ahead of revenue?

艾米，這種投資方式是否領先於收入？

Or is AI already driving big revenue for Azure?

還是人工智能已經為 Azure 帶來了巨大的收入？

How should we think about it?

我們應該如何思考？

Thanks, Mark.

謝謝，馬克。

It's a great question because we look at what's happening with AI having 2 dimensions to it.

這是一個很好的問題，因為我們著眼於具有 2 個維度的 AI 正在發生什麼。

One is I would say just our own use of AI as first-party SaaS applications.

一個是我會說我們自己將人工智能用作第一方 SaaS 應用程序。

There's some phenomenal breakthroughs.

有一些驚人的突破。

When you see new transcription features or new computer vision features that come with HoloLens, all of these are being driven by new AI capabilities.

當您看到 HoloLens 附帶的新轉錄功能或新計算機視覺功能時，所有這些都是由新的 AI 功能驅動的。

They're all, by the way, powered by the same cloud infrastructure.

順便說一句，它們都由相同的雲基礎架構提供支持。

We all build everything at Microsoft with first party equals third party with Azure as the core platform.

我們都在微軟構建一切，第一方等於第三方，以 Azure 為核心平台。

So what you see us is, in fact, using our own SaaS applications and consumer innovation even to drive the high-end AI capability but then bring the best-in-class tooling for enterprise customers.

因此，您看到的我們實際上是使用我們自己的 SaaS 應用程序和消費者創新來推動高端 AI 能力，然後為企業客戶帶來一流的工具。

So for example, like we have innovated even in what does DevOps look like for the machine learning age.

例如，就像我們在機器學習時代的 DevOps 外觀上進行了創新一樣。

That's a unique capability that's there in Azure ML.

這是 Azure ML 中的一項獨特功能。

And those are the types of innovations that are even driving the projects that enterprise customers have on Azure.

這些創新類型甚至推動了企業客戶在 Azure 上的項目。

So you'll see us leverage our overall spend, whether it's CapEx or OpEx across all of what Microsoft does and then surface them in, I think, what is perhaps the best way to get traction in the enterprise market, which is great tooling, compliance, security.

所以你會看到我們在微軟所做的所有事情中利用我們的整體支出，無論是資本支出還是運營支出，然後將它們浮出水面，我認為，在企業市場中獲得牽引力的最佳方式可能是什麼，這是一個很好的工具，合規性、安全性。

And that's a place where we are making good progress.

這是我們取得良好進展的地方。

And so for me, Mark, it's a little bit hard for me to say, gosh, we invest in AI here and you'll see it specifically here.

所以對我來說，馬克，我有點難以說，天哪，我們在這裡投資人工智能，你會在這里特別看到它。

What I think you heard through Satya's commentary is actually AI woven through every layer and component of the entire tech stack and how important that is, whether you're participating at the Dynamics 365 layer with insights or whether you're using components like some of our customers are maybe for a natural interaction work.

我認為您從 Satya 的評論中聽到的實際上是 AI 編織在整個技術堆棧的每一層和組件中，以及這有多重要，無論您是在 Dynamics 365 層中獲得洞察力，還是您是否正在使用諸如某些組件之類的組件我們的客戶也許是為了一個自然的交互工作。

And so for me, it is almost fundamental to see that cost and investment because you'll see it in margin and usage and frankly, product differentiation that we can provide versus our competitors.

所以對我來說，看到成本和投資幾乎是基本的，因為你會看到它的利潤率和使用率，坦率地說，我們可以提供與競爭對手相比的產品差異化。

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, there's been a lot of macro concern among tech investors given some of the peers in your group that have seen some weakness.

艾米，鑑於你們團隊中的一些同行已經看到了一些弱點，科技投資者對宏觀問題有很多擔憂。

It doesn't seem that you have seen anything, but I'm curious if you could just comment on what you're seeing from a demand perspective.

您似乎什麼都沒看到，但我很好奇您是否可以從需求的角度評論您所看到的內容。

Thanks, Brent.

謝謝，布倫特。

What I would say is, for us, it has been so important to remain focused on where growth and opportunity exist and to invest in those areas that are large, expansive and durable TAMs.

我想說的是，對我們來說，繼續關注存在增長和機會的地方並投資於那些大型、廣闊和持久的 TAM 領域是非常重要的。

And I think when you think about where we've spent our time, both building products, investing in marketing, investing in sales capability and technical capability, it has been in many, if not all, of those places.

而且我認為，當您考慮我們將時間花在哪裡時，無論是構建產品，投資於營銷，投資於銷售能力和技術能力，它已經在許多（如果不是全部）這些地方。

So when I look and say where is our execution or how do I think about our ability to execute in a macro environment, for me, it is about investing in the right places, executing in a great way, remaining focused on the transition our customers need us to help them through to create their own opportunity and their own growth.

因此，當我查看並說出我們的執行在哪裡，或者我如何看待我們在宏觀環境中的執行能力時，對我來說，這是關於在正確的地方進行投資，以出色的方式執行，繼續專注於客戶的轉型需要我們幫助他們通過創造自己的機會和自己的成長。

And I think we've done a nice job of being invested in the right places.

而且我認為我們在正確的地方投資方面做得很好。

Satya mentioned a few of them on the call, but there are really many.

Satya 在電話會議上提到了其中一些，但確實有很多。

If you think about security, compliance, communication, workflow, business process reinvention, the list can go on and on where I feel like we have set up a multiyear journey to be well positioned.

如果您考慮安全性、合規性、通信、工作流程、業務流程再造，清單可以繼續下去，我覺得我們已經建立了一個多年的旅程，以使其處於有利位置。

And I tend to think of every quarter, every year as an opportunity to continue to differentiate, invest in innovation and execute well to take share.

而且我傾向於將每個季度、每年都視為繼續差異化、投資於創新和執行良好以獲取份額的機會。

And so that's, I think, how I've approached that.

這就是，我想，我是如何處理這個問題的。

And I think that's probably the unifying theme, quite frankly, of all the questions so far, which is what's next.

坦率地說，我認為這可能是迄今為止所有問題的統一主題，這就是下一步。

What's next for us is in the apps and infra go from perhaps first inning to second innings; for data and AI, to start the first innings.

我們接下來要做的是應用程序和基礎設施，從第一局到第二局；對於數據和人工智能，開始第一局。

When it comes to security, compliance, we never participated in this.

在安全性、合規性方面，我們從未參與其中。

Guess what?

你猜怎麼了？

We get to participate in a fairly competitive way now.

我們現在可以以相當有競爭力的方式參與其中。

We have built for something that didn't even exist a few years ago, which is the workflow cloud.

我們為幾年前甚至不存在的東西構建了工作流雲。

That's a huge opportunity for us.

這對我們來說是一個巨大的機會。

Biz apps, we are a very competitive and growing footprint.

Biz 應用程序，我們是一個非常有競爭力和不斷增長的足跡。

Even when we think about something like Microsoft 365, we never participated in spite of our past success with all the first-line work, and now we get to participate in it.

即使我們想到像 Microsoft 365 這樣的東西，儘管我們過去在所有一線工作上都取得了成功，但我們從未參與過，現在我們可以參與其中。

So I see long-term secular growth opportunities, and we want to stay focused on making sure our innovation is competitive in all those layers we talked about.

所以我看到了長期的長期增長機會，我們希望繼續專注於確保我們的創新在我們談到的所有這些層面都具有競爭力。

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

我們的下一個問題來自富國銀行的菲爾溫斯洛。

Congrats on another really impressive quarter.

恭喜又一個令人印象深刻的季度。

Satya, I want to focus on the strategic announcements you talked about earlier in the call, Oracle, VMware and obviously, the most recent one with SAP.

Satya，我想重點關注你在電話會議中早些時候談到的戰略公告，甲骨文、VMware，顯然還有最近與 SAP 的公告。

Wondering if you would just walk us through the sort of the strategic thoughts behind these.

想知道你是否會引導我們了解這些背後的戰略思想。

And then also especially with VMware and Oracle since those have been out there obviously longer, what's the feedback from customers been?

然後尤其是 VMware 和 Oracle，因為它們的存在時間顯然更長，客戶的反饋是什麼？

And then I guess to Amy, how do you think about sort of these big strategic [offices] this year actually showing up in the numbers?

然後我想艾米，你如何看待今年這些大型戰略[辦公室]實際出現的數字？

Sure, Phil.

當然，菲爾。

Thanks.

謝謝。

So overall, I think this is again one of those things where, in the past, we participated in the infrastructure business, but we had a fairly narrow footprint, which is we had our own infrastructure that supported primarily our databases and our operating systems.

所以總的來說，我認為這又是過去我們參與基礎設施業務的事情之一，但我們的足跡相當狹窄，即我們擁有自己的基礎設施，主要支持我們的數據庫和我們的操作系統。

Whereas with the migration to the cloud, customers are looking for us to be a provider of all their infrastructure needs, which is heterogeneous.

而隨著向雲的遷移，客戶希望我們成為他們所有基礎設施需求的提供商，這是異構的。

And that's what has really led us at the infrastructure layer to have partnerships with VMware and Oracle.

這正是我們在基礎架構層與 VMware 和 Oracle 建立合作夥伴關係的真正原因。

We, as you know, have first-class support for Windows and Linux, Java and .NET, Postgres and SQL, VMware, Red Hat as well as obviously Windows hypervisor.

如您所知，我們對 Windows 和 Linux、Java 和 .NET、Postgres 和 SQL、VMware、Red Hat 以及顯然是 Windows 管理程序提供一流的支持。

So we -- I feel that we now have that ability to be able to take the entire infrastructure estate, the entire data estate and really add value with these partnerships.

所以我們——我覺得我們現在有能力利用整個基礎設施資產、整個數據資產，並通過這些合作夥伴關係真正增加價值。

And SAP represents the same because SAP has got both infrastructure.

SAP 代表相同，因為 SAP 擁有這兩種基礎架構。

We now are the preferred cloud, so I think it's a fairly no-brainer for any customer who's an SAP customer who wants to accelerate their migration to the cloud and innovation from SAP and us that they should move to Azure, and that's what this announcement was all about.

我們現在是首選的雲，所以我認為對於任何想要加速從 SAP 和我們遷移到雲和創新的 SAP 客戶來說，他們應該遷移到 Azure，這就是本公告的內容就是這樣。

And so we're really looking forward to essentially executing on that strategy and that customer need that we see very clearly.

因此，我們非常期待基本上執行該戰略以及我們非常清楚地看到的客戶需求。

And Phil, to your question on where would we see this, you'd actually see it in a couple of places, not just in Azure, which may, in fact, be the most logical extension.

Phil，對於您關於我們將在哪裡看到的問題，您實際上會在幾個地方看到它，而不僅僅是在 Azure 中，事實上，這可能是最合乎邏輯的擴展。

But at the heart of this is making it easier, faster and more reliable for us to help customers move their estate to the cloud and to migrate that with confidence.

但其核心是讓我們更容易、更快、更可靠地幫助客戶將他們的資產遷移到雲端並充滿信心地進行遷移。

And so when we do that, it's about becoming a committed partner.

因此，當我們這樣做時，就是要成為一個忠誠的合作夥伴。

And you actually see that in broader Microsoft Cloud results, whether that's helping even through these partnerships to be able and get closer to Tier 1 workloads, business process changes.

而且您實際上在更廣泛的 Microsoft 雲結果中看到了這一點，即使通過這些合作夥伴關係能夠幫助並更接近第 1 層工作負載，業務流程也會發生變化。

And so I actually think these are quite important for us to continue to make sure the first goal is customer centric, which is why we continue to move in this direction.

所以我實際上認為這些對於我們繼續確保第一個目標是以客戶為中心非常重要，這就是我們繼續朝著這個方向前進的原因。

Our next question comes from the line of Jennifer Lowe with UBS.

我們的下一個問題來自瑞銀的 Jennifer Lowe。

I think this is probably an Amy question.

我想這可能是一個艾米的問題。

As I sort of parse through the Dynamics within Office 365 and through the discussion around sustainability of double-digit growth within the commercial segment, we've seen seat count decelerate.

當我通過 Office 365 中的 Dynamics 以及圍繞商業領域中兩位數增長的可持續性的討論進行分析時，我們已經看到座位數量減少了。

Also, the uplift on pricing maybe isn't as much this quarter as we saw in the past, which leads me to believe that you are seeing a lot of success in the front-line worker piece and maybe that's a bigger driver of the seat count from here.

此外，本季度的價格上漲可能沒有我們過去看到的那麼多，這讓我相信你在一線工人身上看到了很多成功，也許這是一個更大的推動力從這裡算起。

But can you just -- and at the same time, you're seeing strong uptake of the premium SKUs as well.

但是你能不能——同時，你也看到了對高級 SKU 的強烈吸收。

But as we think about seat count going forward, how much opportunity is there still left on the migration front of commercial licenses versus leaning a bit more on things like front-line worker to sustain outgrowth?

但是，當我們考慮未來的座位數時，商業許可證的遷移方面還有多少機會，而不是更多地依靠一線工人等東西來維持增長？

And is there a point where potentially the seat growth and things like frontline could start to eat further into your ability to continue to lift ARPU on the base you already have?

是否存在潛在的座位增長和前線之類的事情可能會開始進一步削弱您在已有基礎上繼續提升 ARPU 的能力？

Thanks, Jen.

謝謝，珍。

Let me break this question apart because you're actually asking important dynamics that I don't always think of as trade-off, and so I want to make that more clear in my answer.

讓我把這個問題分開，因為你實際上是在問我並不總是認為是權衡的重要動態，所以我想在我的回答中更清楚地說明這一點。

First, to your question on seat growth, we have room even beyond just first-line workers.

首先，對於您關於座位增長的問題，我們甚至超出了一線工人的空間。

Whether that is our ability in small- and mid-sized businesses, on a global basis with mobile-first workers, this is a very broad opportunity for us to reach people trying to accomplish tasks and do their work on devices of any size.

無論這是我們在中小型企業中的能力，還是在全球範圍內以移動優先的員工為基礎，這對我們來說是一個非常廣泛的機會，可以接觸到試圖完成任務並在任何尺寸的設備上完成工作的人們。

And so there is significant room for us to continue to make progress on that front.

因此，我們有很大的空間繼續在這方面取得進展。

Now could that end up with some ARPU pressure long term?

現在這是否會導致長期的 ARPU 壓力？

It certainly could, but the important -- for me, I don't think of that as being necessarily a negative.

當然可以，但重要的是——對我來說，我認為這不一定是負面的。

We used to really make no money through these seats that we just talked about.

我們過去通過我們剛才談到的這些席位真的不賺錢。

And so every dollar or multiple dollars or many dollars earned on those new seats is all new revenue, new opportunity and new socket for us.

因此，在這些新座位上賺取的每一美元或多美元或多美元對我們來說都是新的收入、新的機會和新的插座。

Let me separate that from the next dynamic, which is why sort of an average number may not be the best indication, which is our ability to continue to move people to higher-value SKUs, whether that's through the addition of really compelling things in security or compliance or communications or collaboration or knowledge or learning, where we can add value.

讓我將其與下一個動態分開，這就是為什麼平均數字可能不是最好的指示，這是我們繼續將人們轉移到更高價值 SKU 的能力，無論是通過在安全性方面添加真正引人注目的東西或合規性或溝通或協作或知識或學習，我們可以增加價值。

Whether we call that E5 or E3, we have room in that transition as well and new opportunity in a way that I'm not sure I've seen us.

無論我們稱其為 E5 還是 E3，我們在過渡中也有空間和新的機會，但我不確定我是否見過我們。

I feel very optimistic about M365 -- I'm sorry, Microsoft 365 and our ability to continue to add value.

我對 M365 感到非常樂觀——對不起，Microsoft 365 和我們繼續增值的能力。

So hopefully that helps, Jen.

所以希望這會有所幫助，珍。

Our last question will come from the line of Raimo Lenschow with Barclays.

我們的最後一個問題將來自巴克萊銀行的 Raimo Lenschow。

Quick question on Azure.

關於 Azure 的快速問題。

If I look at the SAP announcements, but you had some other industry announcements out there as well like Humana, et cetera, like how do I have to think about the progress you guys are making here in terms of getting more into the different industries and to kind of create deeper relationships around Azure rather than just doing kind of simple infrastructure outsourcing?

如果我查看 SAP 公告，但您還有其他一些行業公告，例如 Humana 等，比如我必須如何考慮你們在更多地進入不同行業和圍繞 Azure 建立更深層次的關係，而不僅僅是進行簡單的基礎設施外包？

Yes.

是的。

It's a very deliberate strategy that we have.

這是我們的一個非常深思熟慮的策略。

In meeting our customers' needs, we need to have the partners they already work with and want to work with also on our platform.

為了滿足客戶的需求，我們需要在我們的平台上擁有他們已經合作並希望合作的合作夥伴。

So it starts sometimes with the customers, whether it's Humana or Walgreens or Walmart and others.

因此，它有時從客戶開始，無論是 Humana、Walgreens 還是 Walmart 等等。

It also starts with partners like Nuance, which is another one that we announced recently.

它還從 Nuance 等合作夥伴開始，這是我們最近宣布的另一個合作夥伴。

And so the idea is for us to be really ensuring that by every industry we have the right marquee customers as well as the partners and have strong go to markets.

因此，我們的想法是真正確保每個行業都擁有合適的大客戶和合作夥伴，並擁有強大的市場開拓能力。

One of the things that everyone, I think, in the marketplace understands is Microsoft, especially from a partner perspective, is a great route to market.

我認為，市場上每個人都明白的一件事是，微軟，尤其是從合作夥伴的角度來看，是一條通往市場的好途徑。

We have a platform directly with our sales force as well as our channel that is very attractive to third-party developers to get on Azure and they've realized those benefits.

我們有一個直接與我們的銷售人員以及我們的渠道合作的平台，該平台對第三方開發人員使用 Azure 非常有吸引力，他們已經意識到了這些好處。

And in fact, our customers rely on that also as a benefit because it helps them get the best value from their partners as well.

事實上，我們的客戶也將其視為一項利益，因為這也有助於他們從合作夥伴那裡獲得最大價值。

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

今天財報電話會議的問答部分到此結束。

Thank you for joining us today, and we look forward to speaking with all of you soon.

感謝您今天加入我們，我們期待很快與大家交談。

Thank you.

謝謝你。

Thank you all.

謝謝你們。

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。