微軟 (MSFT) 2020 Q1 法說會逐字稿

Welcome to the Microsoft Fiscal Year 2020 First 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財年第一季財報電話會議。（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. 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.

午安.感謝您今天蒞臨。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。

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. All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted. 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. Where growth rates are the same in constant currency, we will refer to growth rate only.

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。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。我們也將提供以固定匯率計算的成長率（如有），以此作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只提及成長率。

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

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 and 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 factor 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.

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、展望和其他聲明。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。

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

說完這些，我將把電話轉給 Satya。

Thank you, Mike, and thanks to everyone on the phone for joining. We're off to a strong start in fiscal 2020, delivering $33 billion in revenue this quarter. 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. Microsoft provides a differentiated technology stack spanning application infrastructure, data and AI, developer tools and services, security and compliance, business process, productivity and collaboration. For each of these areas -- first, each of these areas represents secular long-term growth opportunity. Second, we are delivering best-in-class innovation and openness in each layer. And third, we offer unparalleled integration and architectural coherence across the entire stack to meet the real-world needs of our customers.

謝謝你，麥克，也謝謝所有電話參與的朋友。我們在 2020 財年開局強勁，本季營收達 330 億美元。隨著我們與世界領導者攜手合作，幫助他們建立自身的數位化能力，我們的商業雲端業務持續大規模成長。微軟提供差異化的技術堆疊，涵蓋應用程式基礎架構、資料和人工智慧、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。對這些領域而言——首先，這些領域都代表著長期的、具有發展潛力的成長機會。其次，我們在每個層面都實現了業界一流的創新和開放性。第三，我們提供無與倫比的整合和架構一致性，貫穿整個技術棧，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. Organizations today need a distributed computing fabric to meet their real-world operational sovereignty and regulatory needs. This quarter, we opened a new -- new data center regions in Germany and Switzerland. 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.

現在我將簡要介紹我們如何從 Azure 開始加速發展和創新。如今，各組織需要分散式運算架構來滿足其在現實世界中的營運自主權和監管需求。本季度，我們在德國和瑞士開設了新的資料中心區域。在印度，我們透過與全國最大的行動電信商之一 Jio 的合作，將微軟雲端的強大功能帶給數百萬家小型企業。

Every Fortune 500 customer today is on a cloud migration journey, and we are making it faster and easier. Just this week, we announced an extensive go-to-market partnership with SAP, making Azure the preferred destination for every SAP customer. And our partnerships with VMware and Oracle also bring these ecosystems to our cloud.

如今，每位財富 500 強客戶都在進行雲端遷移，而我們正在讓這個過程更快、更輕鬆。就在本週，我們宣布與 SAP 建立廣泛的市場推廣合作夥伴關係，使 Azure 成為每個 SAP 客戶的首選目的地。我們與 VMware 和 Oracle 的合作也將這些生態系統引入我們的雲端。

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. 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.

我們正在將業務從雲端擴展到邊緣，使客戶能夠在資料生成的地方獲得即時洞察，同時確保安全性和隱私性。我們看到，Azure Sphere 在各個行業都取得了進展，它能夠安全地連接星巴克咖啡機，而 Azure Stack 則能夠實現從智慧工廠和現代合規銀行到偏遠地區行動醫療保健等各種場景。

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

我們正在為雲端時代重新構想客戶的數據資產，賦予其無限的新功能。Azure SQL 資料庫為關聯式資料庫帶來超大規模功能，而 Azure Cosmos DB 則是一款低延遲、高可用性的資料庫，適用於任何資料類型的全球分散式應用程式。

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

未來所有應用程式的本質特徵都將是人工智慧，而我們擁有最全面的人工智慧工具、基礎設施和服務組合。Azure AI 目前擁有超過 20,000 名客戶，過去 12 個月中，超過 85% 的財富 100 強企業都在使用 Azure AI。

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

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 將依靠我們的雲端技術為未來的病人檢查室提供支持，實現臨床文件的自動生成；而 Humana 正在使用 Azure AI 為其超過 1000 萬會員建立個人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. I'm excited about our partnership and our collective pursuit to democratize AI and its benefits for everyone.

我們也不斷拓展電腦和人工智慧如何將學習泛化到狹窄領域之外的邊界，與 Open AI 合作，在超級運算平台上訓練和運行人工智慧模型。我對我們的合作關係以及我們共同致力於普及人工智慧並使其惠及所有人的努力感到興奮。

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

接下來是開發者工具。隨著各組織中數位智慧財產權創作的興起，開發者將日益推動和影響每個業務流程和功能，而 GitHub 正是他們學習、分享和協作的地方。GitHub 的開發者數量已成長至 4,000 多萬，自一年前被收購以來成長了 30% 以上；超過 200 萬個組織使用 GitHub，其中包括大多數財富 50 強企業。光是在福特汽車公司，就有 8,000 名員工使用 GitHub 與龐大的第三方軟體開發人員生態系統進行創新和協作。本季我們收購了賽門鐵克程式碼分析引擎系列，增強了我們的安全能力，使開發人員能夠更輕鬆地在大型開源程式碼庫中發現漏洞。

Now let's turn to our workflow cloud, Power Platform. Automating workflows across every function will be key to productivity gains for every organization. We are building Power Platform as the extensibility framework for both Microsoft 365 inclusive of Microsoft Teams as well as Dynamics 365. 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. Power Platform already has more than 2.5 million monthly active seasoned developers. 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.

現在讓我們來看看我們的工作流程雲平台 Power Platform。實現各個職能部門的工作流程自動化，將是提高每個組織生產力的關鍵。我們正在建立 Power Platform，作為 Microsoft 365（包括 Microsoft Teams）和 Dynamics 365 的可擴充框架。它將低程式碼、無程式碼應用程式開發；機器人流程自動化；以及自助式分析結合在一起，使組織中的每個人都能建立智慧應用程式或工作流程，即使以前沒有這樣的應用程式或工作流程。Power Platform 目前擁有超過 250 萬月活躍的資深開發者。Power Apps 幫助領域專家（最了解業務問題的人員）快速設計、建立和發布自訂應用程序，財富 500 強企業中有 84% 已經創建了 Power 應用程式。

Now let's talk about security. Rising cyber threats and increasing regulation means security and compliance on a strategic priority for every organization. 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. 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. It builds with information protection and cloud security with Microsoft Defender Advanced Threat Protection and now with risk-based vulnerability management. And it extends to Azure Sentinel, now broadly available. 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. We'll share more about our expanding opportunity in security at our Ignite conference in the next few weeks.

現在我們來談談安全問題。網路威脅日益加劇，監管日益嚴格，這意味著安全和合規性已成為每個組織的策略重點。我們提供涵蓋人員、設備、應用程式、開發者工具、資料和基礎架構的全面身分、安全和合規解決方案，以在當今的零信任環境中保護客戶。它始於 Azure Active Directory Premium，超過 100,000 個組織使用它來跨異質環境進行身分、存取管理和 SaaS 應用程式安全。它以資訊保護和雲端安全為基礎，配備了 Microsoft Defender 進階威脅防護，現在還增加了基於風險的漏洞管理。而且它也適用於目前已廣泛推出的 Azure Sentinel。Sentinel 是一項雲端優先服務，它利用人工智慧技術大規模分析整個組織的安全訊號，以偵測、調查和自動修復威脅。我們將在接下來的幾週內舉行的 Ignite 大會上分享更多關於我們在安全領域不斷拓展的機會。

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

接下來是商業應用方面的內容。Dynamics 365 是唯一由人工智慧驅動的商業雲端平台，它為客戶提供從行銷和銷售到財務和營運的 360 度業務視圖，以統一數據並釋放洞察力。它使組織的各個層級都能從被動的、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。

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. 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. New Dynamics 365 Product Insights provides organizations like Ecolab real-time view of how customers are using their products to maximize customer lifetime value. And Dynamics 365 Connected Store helps retailers select Marks & Spencer analyze observational data to optimize in-store shopping experience.

本季度，我們推出了 Dynamics 365 Commerce，這是一個全新的全通路解決方案，旨在統一後台、店內和數位體驗，並隨時隨地為購物者提供個人化內容。Dynamics 365 AI 洞察應用程式可從任何第一方或第三方來源提取數據，將數據從記錄系統中解放出來，從而為現代互動和智慧系統提供支援。全新的 Dynamics 365 產品洞察功能為 Ecolab 等組織提供即時視圖，了解客戶如何使用其產品，以最大限度地提高客戶終身價值。Dynamics 365 Connected Store 協助零售商（例如 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. Pharmaceutical company, Patheon, for example, is using Dynamics 365 Guides along with HoloLens 2 to reimagine training for its employees.

我們正在透過我們的混合實境雲端平台（涵蓋 HoloLens 2、Azure 混合實境服務和 Dynamics 365 應用程式）幫助客戶連接實體和數位業務流程。例如，製藥公司 Patheon 正在使用 Dynamics 365 Guides 和 HoloLens 2 來重新構想員工的培訓方式。

Now to LinkedIn. We saw record levels of engagement again this quarter across the platform. 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. 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. LinkedIn skills assessment is a new way for members to showcase their proficiencies and become more discoverable to recruiters.

現在轉到領英。本季度，我們再次看到平台上的用戶參與度創下歷史新高。行銷解決方案仍然是我們成長最快的領域，年增 44%，行銷人員利用我們基於社群的工具與 LinkedIn 的近 6.6 億會員建立聯繫。我們不斷創新人才組合，包括人才解決方案、人才洞察、Glint、LinkedIn Learning 等，以幫助每個組織吸引、留住和培養最優秀的人才。LinkedIn技能評估是會員展現自身技能並更容易被招募人員發現的新方式。

Now turning to Microsoft 365 and Surface. Earlier this month, we unveiled our broadest Surface line up to date, including 2 new dual-screen devices coming next year. 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. We will continue to invest across form and function to new create categories that benefit our entire OEM ecosystem. 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.

接下來我們來看看微軟 365 和 Surface。本月初，我們發布了迄今為止最廣泛的 Surface 產品線，其中包括明年即將推出的兩款全新雙螢幕裝置。我們正在重新構想人工智慧融入的每個層面，從晶片到設備外形，再到作業系統的作用，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。我們將繼續在產品形態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。我們與三星擴大的合作關係，進一步鞏固了我們幫助人們隨時隨地在任何設備上提高工作效率的承諾，將 OneDrive、Outlook 和 Your Phone 等功能引入新的三星設備中。

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. We're infusing AI across Microsoft 365 to help make work more intuitive and natural. New Presenter Coach in PowerPoint makes anyone a better public speaker. New capabilities in Word enable professionals to transcribe or record audio files while staying in the flow. Video is more searchable, shareable and first class within Microsoft 365 with Stream. And new inking capabilities let users create and reply to comments from anywhere using pen or voice.

Microsoft 365 是全球領先的生產力雲端平台，也是唯一一款能夠為從高階主管到第一線員工的每個人提供整合式安全工作體驗的綜合解決方案，支援在任何裝置上使用。我們正在將人工智慧融入 Microsoft 365 的各個方面，以幫助使工作更加直觀和自然。PowerPoint 中的全新演講者教練功能可讓任何人成為更優秀的公眾演說家。Word 的新功能使專業人士能夠在保持工作流暢性的同時轉錄或錄製音訊檔案。透過 Stream，Microsoft 365 中的影片更易於搜尋、分享，並擁有更優質的體驗。新增的墨跡功能使用戶能夠隨時隨地使用筆或語音建立和回覆評論。

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. 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. 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. Our differentiated offering is driving usage making Teams the category leader. More than 350 organizations now have more than 10,000 users of Teams.

Microsoft Teams 持續獲得廣泛認可，它將團隊所需的一切功能——聊天、語音、會議、協作以及 Office 的強大功能和業務流程工作流程——整合到一個統一的用戶體驗中，所有這些都具有最高的安全性和合規性。Teams 可將您的所有工作、對話和會議保持關聯性，無需在不同的應用程式之間來回切換，並具有整合日曆、一鍵透過手機加入會議等功能。我們正在擴大全球 20 億第一線員工的機會，增加優先通知、特定角色定向訊息以及上下班打卡功能。我們差異化的產品和服務正在推動用戶使用，使 Teams 成為該領域的領導者。目前已有超過 350 個組織擁有超過 10,000 名 Teams 用戶。

More broadly, all this innovation is fueling growth. Office 365 Commercial monthly active users surpassed 200 million this quarter. 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.

更廣泛地說，所有這些創新都在推動經濟成長。本季 Office 365 商業版月活躍用戶超過 2 億。像 Cerner、Chevron 和 LEGO 集團這樣的領導企業都選擇我們優質的 Microsoft 365 E5 產品，以獲得先進的安全性和生產力體驗。

Finally, gaming. In gaming, we are investing in content, community and cloud services to expand our opportunity with 2 billion gamers worldwide. 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. Gears 5 saw more than 3 million players in its first weekend alone. 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. 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，說說遊戲。在遊戲領域，我們正在投資內容、社群和雲端服務，以擴大我們在全球20億遊戲玩家中的機會。我們看到 Xb​​ox Live 月活躍用戶數創下歷史新高，無論是在主機端還是行動端和 PC 端，用戶數量都保持強勁增長，Game Pass 訂閱用戶數也持續增長。《戰爭機器5》僅在首個週末就吸引了超過300萬名玩家。十年過去了，《我的世界》比以往任何時候都更加強大，收入和用戶數量都創下了紀錄，我們將透過《我的世界：地球》將這個系列帶給新的受眾。最後，就在上週，我們啟動了 Project xCloud 的試驗，讓玩家可以隨時隨地在任何裝置上玩遊戲了。

In closing, we are accelerating our innovation across the entire technology stack to deliver new value for customers. We're investing aggressively in large markets with significant growth potential, and it's still early days.

最後，我們正在加速整個技術棧的創新，以為客戶帶來新的價值。我們正在大力投資具有巨大成長潛力的大型市場，現在還處於早期階段。

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

接下來，我將把發言權交給艾米，她將詳細介紹我們的財務表現並分享我們的展望。我期待著再次回答您的問題。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $33.1 billion, up 14% and 15% in constant currency. Gross margin dollars increased 18% and 20% in constant currency. Operating income increased 27% and 32% in constant currency. And earnings per share was $1.38, increasing 21% and 25% in constant currency. 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.

謝謝你，薩蒂亞，大家下午好。本季營收為 331 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 18% 和 20%。以固定匯率計算，營業收入成長了27%和32%。每股收益為 1.38 美元，以固定匯率計算成長了 21% 和 25%。持續穩定的執行力以及市場對我們混合雲和雲端產品的強勁需求，推動本財年開局穩健，連續第二季實現了兩位數的營收和利潤成長。

From a geographic perspective, we saw broad-based strengths across all markets. In our commercial business, we again saw increased customer commitment across our cloud platform. In Azure, we had material growth in the number of $10 million-plus contracts. 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. 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.

從地理角度來看，我們看到所有市場都展現出廣泛的優勢。在我們的商業業務中，我們再次看到客戶對我們雲端平台的忠誠度不斷提高。在 Azure 平台上，超過 1000 萬美元的合約數量實現了顯著增長。此外，鑑於 Office 365、Windows 10 和企業行動與安全性作為安全智慧解決方案所提供的強大價值，Microsoft 365 推動了新客戶的採用以及現有客戶群的擴張。因此，商業預訂成長超出預期，以固定匯率計算成長了 30% 至 35%，新業務量更大，續約執行力強勁。

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

商業年金佔比增至 91%，商業未實現營收超出預期，達 311 億美元，以固定匯率計算成長 14% 及 16%。由於這些長期客戶承諾，我們的商業剩餘履約義務為 860 億美元，以固定匯率計算增加了 26% 和 27%。再次提醒大家，今後我們將把剩餘商業履約義務作為一項關鍵績效指標進行揭露，這樣可以更好地反映客戶在所有合約類型中所作出的承諾。

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

商業雲端收入為 116 億美元，以固定匯率計算成長了 36% 和 39%。商業雲毛利率年增 4 個百分點至 66%，Azure 毛利率顯著提高，抵銷了銷售組合向 Azure 的轉變。公司毛利率為 69%，較去年成長 3 個百分點，高於我們的預期，這主要得益於銷售組合向高利潤業務的轉變。

The U.S. dollar was a bit weaker than anticipated, which resulted in slightly less impact to our results. FX reduced revenue growth by less than 2 points and COGS and operating expenses growth by approximately 1 point. Operating expenses grew 8% and 9% in constant currency, slightly lower than expectations, mainly driven by the timing of marketing and project spend. And operating margins expanded this quarter driven by the combination of higher gross margins and operating leverage through effective resource allocation.

美元走弱程度略低於預期，因此對我們的業績影響較小。外匯波動使收入成長減少了不到 2 個百分點，使銷售成本和營運費用成長減少了約 1 個百分點。以固定匯率計算，營運費用增加了 8% 和 9%，略低於預期，主要原因是行銷和專案支出的時間表。本季營業利潤率擴大，主要得益於毛利率提高以及透過有效資源配置實現的營運槓桿效應。

Now to our segment results. 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. Office Commercial revenue grew 13% and 15% in constant currency and benefited approximately 2 points from the transactional strength in Japan. 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 Commercial seats increased 21% with a growing mix from our Microsoft 365 suite.

現在來看我們各部分的業績結果。來自生產力和業務流程的收入為 111 億美元，以固定匯率計算增長了 13% 和 15%，超出預期，主要得益於我們的本地辦公商業業務。辦公室商業收入按固定匯率計算增長了 13% 和 15%，並受益於日本交易的強勁勢頭，增長了約 2 個百分點。Office 365 商業收入以固定匯率計算增長了 25% 和 28%，這再次得益於所有工作負載和客戶群的安裝基礎增長以及更高的 ARPU（每用戶平均收入）。Office 365 商業席位增加了 21%，其中來自 Microsoft 365 套件的席位佔比不斷提高。

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 365 Consumer subscribers grew to 35.6 million.

以固定匯率計算，Office 消費者收入成長了 5% 和 6%，其中日本市場的交易強勁增長了約 7 個百分點，足以抵消去年同期因 Office 2019 發布而帶來的強勁增長。Office 365 消費者用戶成長至 3,560 萬。

Dynamics revenue grew 14% and 16% in constant currency driven by Dynamics 365 revenue growth of 41% and 44% in constant currency. LinkedIn revenue increased 25% and 26% in constant currency with continued strength across all businesses. LinkedIn sessions increased 22% as engagement again reached record levels. 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.

Dynamics 營收以固定匯率計算成長了 14% 和 16%，這主要得益於 Dynamics 365 營收按固定匯率計算成長了 41% 和 44%。LinkedIn 的營收以固定匯率計算成長了 25% 和 26%，所有業務均保持強勁成長動能。LinkedIn 會話數成長了 22%，用戶參與度再次達到創紀錄水準。以固定匯率計算，各業務部門毛利分別成長了 16% 和 19%，毛利率年增 2 個百分點，其中 LinkedIn 和 Office 365 的利潤率提升超過了雲端收入佔比的成長。

Operating expenses increased 8% and 9% in constant currency driven by continued investment in LinkedIn and cloud engineering. Operating income increased 23% and 27% in constant currency.

由於持續投資於 LinkedIn 和雲端工程，營運費用以固定匯率計算成長了 8% 和 9%。以固定匯率計算，營業收入成長了23%和27%。

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

接下來是智慧雲部分。營收達 108 億美元，以固定匯率計算成長 27% 和 29%，超出預期，這主要得益於我們的本地伺服器業務。在較大的基數下，受混合價值業務持續需求的推動，伺服器產品和雲端服務收入按固定匯率計算分別成長了 30% 和 33%。Azure 營收以固定匯率計算成長了 59% 和 63%，所有客戶群的消費型業務均實現了強勁成長，但部分被按用戶計費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. 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.

由於 Microsoft 365 套件的強勁發展勢頭，我們的企業行動應用安裝基礎成長了 36%，達到 1.2 億多個席位。我們的本地伺服器業務以固定匯率計算增長了 12% 和 14%，這得益於我們的混合和高級產品、GitHub 的持續強勁增長，以及 SQL 和 Windows Server 2008 停止支援帶來的約 4 個百分點的收益。

Enterprise services revenue increased 7% and 8% in constant currency driven by growth in premier support services. Segment gross margin dollars increased 27% and 30% in constant currency. 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.

企業服務收入以固定匯率計算成長了 7% 和 8%，主要得益於高階支援服務的成長。以固定匯率計算，分部毛利率分別成長了 27% 和 30%。毛利率略有上升，Azure 毛利率連續第二季大幅改善，但 Azure、IaaS 和 PaaS 營收的成長部分抵銷了這一改善。

Operating expenses increased 22% driven by ongoing engineering and sales investments in cloud and AI, including GitHub. Operating income grew 33% and 38% in constant currency.

受雲端和人工智慧（包括 GitHub）領域持續的工程和銷售投資推動，營運費用成長了 22%。以固定匯率計算，營業收入成長了33%和38%。

Now to More Personal Computing. 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.

現在進入個人電腦領域。營收達 111 億美元，以固定匯率計算分別成長 4% 及 5%，超出預期。 OEM 專業版和 Windows 商業版業務的業績優於預期，足以抵銷第三方遊戲產品獲利低於預期的影響。

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

在 Windows 系統中，OEM 非專業版營收下降了 7%，低於消費 PC 市場，入門級產品市場持續承壓。受 Windows 10 強勁需求和 Windows 7 停止支援前的發展勢頭推動，OEM 專業版營收成長了 19%，超過了商用 PC 市場。本季末庫存水準處於正常範圍內。

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.

受 Microsoft 365 強勁需求的推動，Windows 商業產品和雲端服務收入以固定匯率計算分別成長了 26% 和 29%，而 Microsoft 365 的季度營收確認額較高。

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

受近期宣布的產品發布之前產品生命週期過渡時間的影響，表面收入按固定匯率計算下降了 4% 和 2%。受 Bing 費率成長的推動，搜尋收入（不含 TAC）以固定匯率計算成長了 11% 和 13%。

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

受主機銷售下降的影響，遊戲業務收入以固定匯率計算下降了 7% 和 6%。Xbox 內容和服務收入基本上保持不變，以固定匯率計算增長了 1%，這主要得益於《我的世界》、《戰爭機器 5》和 Game Pass 訂閱的增長，但被上一年一款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. 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. As a result, operating income grew 28% and 31% in constant currency.

以固定匯率計算，分部毛利美元成長了 12% 和 13%，毛利率因高利潤率銷售組合而提高了 4 個百分點。將工程資源重新部署到更高成長機會，部分被遊戲領域的投資所抵消，因此營運費用以固定匯率計算下降了 7% 和 6%。因此，營業收入成長了 28%，以固定匯率計算成長了 31%。

Now back to total company results. 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. Cash paid for PP&E was $3.4 billion.

現在回到公司整體業績。資本支出（包括融資租賃）為 48 億美元，年增 12%，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，但由於雲端基礎設施建設時間上的正常季度支出波動，略低於預期。為固定資產支付的現金為 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. Free cash flow was $10.4 billion and increased 4%. Excluding the impact of these tax payments, cash flow from operations and free cash flow grew 27% and 39%, respectively.

經營活動產生的現金流為 138 億美元，年增 1%，強勁的雲端帳單和收款部分抵銷了與第四季無形資產轉移相關的稅款支出。自由現金流為 104 億美元，成長 4%。剔除這些稅金的影響，經營活動產生的現金流量和自由現金流分別增加了 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. Our effective tax rate was 16%, in line with expectations. And finally, we returned $7.9 billion to shareholders through share repurchases and dividends, an increase of 28% year-over-year.

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、外幣重估和已確認的投資損失所抵消。我們的實際稅率為16%，符合預期。最後，我們透過股票回購和分紅向股東返還了 79 億美元，年增 28%。

Now let's move to our outlook. 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. We expect another strong quarter in our commercial business. Demand for our hybrid offerings and cloud services remain strong, and capital expenditures will continue to reflect that.

現在讓我們來看看我們的展望。假設當前匯率保持穩定，我們預期外匯波動將使智慧雲端收入成長下降約 2 個百分點；使公司整體、生產力和業務流程以及更多個人運算收入成長下降約 1 個百分點，並且對公司整體銷售成本和營運費用成長沒有影響。我們預計商業業務將迎來另一個強勁的季度。市場對我們的混合產品和雲端服務的需求仍然強勁，資本支出也將持續反映這一點。

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. 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.

考慮到正常的波動性和基礎設施支出時間，我們預計第二季資本支出將較上季略有下降，但仍將比去年同期成長。即使收入繼續向 Azure 按消費量服務傾斜，商業雲毛利率仍將繼續逐年提高。

Now to segment guidance. 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. For Intelligent Cloud, we expect revenue between $11.25 billion and $11.45 billion. 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.

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 113 億美元至 115 億美元之間，這主要得益於 Office Commercial、Dynamics 和 LinkedIn 的兩位數成長。對於智慧雲端業務，我們預計營收將在 112.5 億美元至 114.5 億美元之間。在 Azure 中，鑑於其龐大的用戶基數，我們預期按消費付費的業務將繼續保持強勁成長，而按用戶付費的業務成長將趨於溫和。

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. In More Personal Computing, we expect revenue between $12.6 billion and $13 billion. 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. Based on our customer demand signal and prior end-of-support cycles, we expect some continued momentum past January, end-of-support deadline. In Windows Commercial products and cloud services, we expect another strong quarter, benefiting from continued Microsoft 365 momentum.

我們的本地伺服器業務將受到市場對我們混合和高級解決方案的需求以及在 Windows Server 2008 停止支援之前不斷增長的需求所帶來的持續收益的推動。在「更多個人計算」領域，我們預計收入將在 126 億美元至 130 億美元之間。在 Windows 領域，由於我們平衡了 Windows 10 的強勁需求和即將停止對 Windows 7 的支援所帶來的好處，以及供應鏈在第二季度滿足這一需求的能力，整體 OEM 收入成長應該會再次領先 PC 市場。根據我們的客戶需求訊號和先前的停止支援週期，我們預計在 1 月停止支援期限之後，這種勢頭仍將持續。在 Windows 商業產品和雲端服務方面，我們預計將迎來一個強勁的季度，受益於 Microsoft 365 的持續成長動能。

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

Surface產品方面，最新Surface Pro和Surface筆記型電腦的推出，預計將在去年同期強勁的業績基礎上，推動營收實現兩位數的低成長。在搜尋業務（不含TAC）方面，我們預期營收成長與第一季類似。在遊戲方面，我們預計營收將下降 20% 左右，這主要是由於本世代主機銷量下降，以及去年最具挑戰性的季度可比性和第三方遊戲。

Now back to overall company guidance. We expect COGS of $12.45 billion to $12.65 billion and operating expenses of $10.8 billion to $10.9 billion. Other income and expense should be approximately $50 million as interest income is partially offset by interest and finance lease expense. And finally, we expect our Q2 effective tax rate to be slightly above the full year rate of 17%.

現在回到公司整體業績指引。我們預計銷售成本為 124.5 億美元至 126.5 億美元，營運費用為 108 億美元至 109 億美元。其他收入和支出應約為 5000 萬美元，因為利息收入部分被利息和融資租賃支出抵消。最後，我們預計第二季實際稅率將略高於全年稅率 17%。

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 continued momentum in our commercial business. 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.

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成長的推動下，營收和營業收入將持續保持兩位數成長。鑑於我們第一季強勁的業績以及對今年剩餘時間銷售組合的預期，我們現在預計，即使我們繼續在高成長領域進行雄心勃勃的投資，營業利潤率也將比上年略有上升。

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

那麼，麥克，我們進入問答環節吧。

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

謝謝你，艾米。接下來進入問答環節。（操作員指令）操作員，請您重複您的指示好嗎？

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Very nice quarter. 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. So maybe one question for Satya and one for Amy. 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? 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? 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. 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.

非常好的街區。我希望能深入了解智慧雲業務，以及你們從混合雲的角度看到了什麼。所以也許可以問薩蒂亞一個問題，再問艾米一個問題。Satya，您能否跟我們談談這些混合合作模式是如何在最大的客戶群中推廣的，以及他們是如何從中獲益的？您能否就他們如何利用本地資產和雲端資產提供一些資訊？因為我認為，伺服器和工具業務的良好表現讓許多投資人感到非常驚喜，而這正是其中的一個因素。或許 Amy，你能幫我們理解一下，當我們看到伺服器和工具的價格按固定匯率上漲 14% 時，這遠遠超出了我們的預期，我們應該如何看待這種增長的持久性，以及這種增長是由於某些產品（例如 SQL Server 和 Windows Server）到期前提前釋放的需求，以及在這些提前釋放的需求推動下，哪些產品會隨著時間的推移而更加持久。

Sure, Keith. Thanks for the question. 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. 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. And so in that context, the -- what we see is a couple of things that you see even in the results today. 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. That's definitely driving growth.

當然可以，基斯。謝謝你的提問。總的來說，我們的方法始終圍繞著分散式運算架構，或者說將混合運算視為一種長期願景，而不是某種過渡階段，以此來滿足現實世界的運算需求。因為從長遠來看，計算將會遷移到資料產生的地方。而且，現實世界中會產生越來越多的數據，當你想到雲端運算時，你必須把雲端的邊緣視為一種非常一流的構造。因此，在這種背景下，我們看到了一些即使在今天的結果中也能看到的東西。其一是混合優勢，這越來越讓客戶對 Azure 的選擇感到興奮，因為他們可以續訂，同時擁有雲端和邊緣的靈活性。這無疑是推動成長的主要因素。

Second is we're also gaining share. 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. And so you see both of those effects. But architecturally, we feel well placed. 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. So we feel well positioned there.

其次，我們的市佔率也在不斷成長。當你思考邊緣運算領域正在發生的事情時，你會發現我們的一些資料中心版產品在市場上非常有競爭力。所以你會看到這兩種效應。但從建築角度來看，我們覺得選址很好。事實上，在我們的 Ignite 大會上，您將看到我們甚至在架構的思考方式上向前邁出了一大步，包括應用程式模型、程式設計模型以及分散式運算的未來發展方向。所以，我們覺得自己在那方面處於有利地位。

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

Keith，關於你提出的耐用性問題，我們試圖指出我們認為交易中由於支撐結束而導致的 4 個點，這 4 個點是美元計價的 12 個點中的 4 個。所以——但對我們來說，如果你退後一步，Satya 剛才談到的持久趨勢，即確保我們以尊重數據和計算未來需求的長期現實的方式進行許可，這就是我們所說的混合價值主張。當然，我們對這個數字的報道方式本身就包含了這個數字的權利。因此，對我們來說，您將會看到高端實力，我們本季在 SQL 和 Windows 方面都看到了這一點，因為混合部署具有一定的價值主張，當然，當人們感到這種靈活性不受許可限制，可以自由地看待他們的資產時，整體實力也會增強。

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。

This is a question for Amy. 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. 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. Maybe it's less depreciation and amortization that's coming -- that you're starting to recognize. How much of it is due to just better capacity utilization then? I'm just trying to get a sense of how much longer you're going to be able to say that for I guess. 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?

這是問艾米的問題。我只是想問一下，您之前一直說 Azure 的毛利率有了實質的改善，這顯然極大地促進了商業雲的毛利率。我只是想問一下，您能否和我們分享一下，這種改進有多少是因為資料中心擴建速度比以往慢而導致的？或許你開始意識到，即將到來的折舊和攤提將會減少。那麼，其中有多少是因為產能利用率提高所致呢？我只是想了解你還能這樣說多久。這些年來，你們有沒有逐步提高 Azure 的目標毛利率，以達到你們認為未來能夠達到的水平？

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

謝謝你，希瑟。首先我想說的是，總的來說，在商業雲毛利率方面，您看到的是收入成長，在過去近兩年裡，收入成長速度遠遠超過了資本支出成長速度。所以，如果你從框架的頂部開始，我們看到的是整個產品組合的整體毛利率有所提高，並且還在不斷改善——這源於幾個方面，而這正是你在 Azure 上所看到的。這源自於單位成本的結構性改善，也源自於收入結構向高階服務的轉變，源自於能夠銷售更多類似 SaaS 的服務和消費服務，甚至是高階數據服務，這些服務不僅利潤更高，而且成長也相當穩定。然後你會看到，這體現為我們不斷提高的目標。

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. 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. And we've said that, and you'll continue to see that on a go-forward basis as well. But we do continue to expect Azure, especially on the consumption side gross margins, to improve. 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.

但總的來說，Heather，團隊所做的一切實際上實現了我們之前製定的五年路線圖，即在實質基礎上提高毛利率。隨著業務組合不斷向按需付費的 Azure 服務轉變，整體雲端毛利率也將以相同的速度提高。我們已經說過這​​一點，而且今後你們也會繼續看到這一點。但我們仍然預期 Azure，尤其是在消費端的毛利率，將會提高。而且他們還有改進的空間，尤其是我們開始看到一些高級服務以更高的價格推出和使用。

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

艾米，我有個問題想問你。當我查看你們按收入部門劃分的下一季業績指引時，假設中點值在 9% 到 10% 之間，則整體收入增長率似乎相當於 9% 到 10%。因此，當我把這個與你們在第一季度實現的 14% 的增長結合起來時，這意味著，在下半年，微軟的整體收入增長應該保持在 10% 左右，從而使你們能夠在全年實現兩位數的增長，儘管你們正在跨越一些相當關鍵的停止支持里程碑。我認為我們中的一些人原本期待上半場和下半場之間能有更大的差距。所以我想問一下，是什麼因素（或許是 1、2 或 3 個因素）使你們能夠在下半年維持這樣的成長率？以及，是否可以合理地假設你們的業績指引並沒有真正反映出整體消費環境的任何惡化？

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

是的。卡爾，總的來說，我認為有幾點需要指出，或者說，正如我在我們準備的評論中提到的，總體而言，從預訂的角度來看，第一季在商業上開局非常強勁，各個方面都呈現出非常強勁的趨勢。無論是我們看到的 Azure 承諾的絕對規模和數量，還是 Azure 消費成長率的穩定性，或是我們對 Microsoft 365 的承諾，以及我們在 Dynamics、Power Platform、Satya 提到的工作流程雲和 LinkedIn 等領域看到的一些跡象，都表明這是一個預訂情況良好、整體合約價值執行情況良好的季度。續約狀況良好，客戶回收率良好，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. 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. 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. And if you think about H2, I do expect Surface will have some easier comparables in H2 and a new portfolio to grow from. So I think that's another change you'll see in trajectory in H2 as well.

因此，帶著這種信心，我們之前討論過的一些趨勢，當然會在這一年中逐漸顯現出來。我們一直努力保持一致，雖然停止支援會在每個季度造成一些損失，但更永續的趨勢是，我們的商業雲整體上為客戶提供了顯著的價值和差異化優勢，我們正在做出更長期的承諾，我們也在不斷提高每用戶平均收入 (ARPU)。所以，當我想到你提到的某些季節性因素時，例如第二季度，我覺得我們——我想明確指出，第二季度確實是一個遊戲挑戰，這一點從第二季度的利潤率明顯優於去年第二季度就能看出來。如果展望下半年，我預計 Surface 在下半年會有一些更容易比較的同類產品，並且會有一個全新的產品組合作為成長的基石。所以我認為這也是下半年發展軌跡上的另一個變化。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Congrats on the quarter. AI is obviously a large focus. It was a large driver of Intelligent Cloud OpEx spending growth this quarter. Satya, can you give us some more color on where you see Microsoft on the AI journey? And Amy, is this investing way ahead of revenue? Or is AI already driving big revenue for Azure? How should we think about it?

恭喜你本季取得佳績。人工智慧顯然是重點關注領域之一。這是本季智慧雲端營運支出成長的主要驅動因素。Satya，你能否再詳細談談你認為微軟在人工智慧發展道路上處於什麼階段？艾米，這種投資是不是遠遠超前營收？或者說，人工智慧已經為 Azure 帶來了巨大的收入？我們該如何看待這個問題？

Thanks, Mark. It's a great question because we look at what's happening with AI having 2 dimensions to it. One is I would say just our own use of AI as first-party SaaS applications. There's some phenomenal breakthroughs. 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. They're all, by the way, powered by the same cloud infrastructure. We all build everything at Microsoft with first party equals third party with Azure as the core platform. 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. So for example, like we have innovated even in what does DevOps look like for the machine learning age. That's a unique capability that's there in Azure ML. And those are the types of innovations that are even driving the projects that enterprise customers have on Azure. 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. And that's a place where we are making good progress.

謝謝你，馬克。這是一個很好的問題，因為我們從兩個維度來看人工智慧的發展。其中之一就是我們自身對人工智慧作為第一方 SaaS 應用的使用。有一些驚人的突破。當您看到 HoloLens 帶來的全新轉錄功能或全新電腦視覺功能時，所有這些都是由新的 AI 功能所驅動的。順便一提，它們都由同一個雲端基礎設施提供支援。在微軟，我們所有產品都是以 Azure 為核心平台，第一方和第三方產品共同建構的。所以，您看到的是，我們實際上利用我們自己的 SaaS 應用和消費者創新來推動高端 AI 能力，同時為企業客戶提供一流的工具。例如，我們甚至在機器學習時代對 DevOps 進行了創新。這是 Azure ML 獨有的功能。而這些創新正是推動企業客戶在 Azure 上進行專案的動力。因此，你會看到我們充分利用我們在微軟所有業務中的總支出，無論是資本支出還是營運支出，然後將它們體現出來，我認為，這可能是進入企業市場的最佳方式，那就是提供優秀的工具、合規性和安全性。我們在這方面取得了良好進展。

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. 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. 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，馬克，我很難說，哎呀，我們在這裡投資人工智慧，你會在這裡具體看到它。我認為你從薩蒂亞的評論中聽到的是，人工智慧實際上已經滲透到整個技術堆疊的每一層和每一個組件中，並且非常重要，無論你是在 Dynamics 365 層參與洞察工作，還是像我們的一些客戶那樣使用組件進行自然互動工作。因此對我來說，了解成本和投資幾乎是至關重要的，因為你會看到利潤率和使用率的變化，坦白說，也會看到我們與競爭對手相比能夠提供的產品差異化優勢。

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. 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.

艾米，鑑於你們組的一些同行出現了一些疲軟跡象，科技投資者普遍對宏觀經濟形勢感到擔憂。看來你什麼都沒看到，但我很好奇你是否能從需求的角度談談你看到的情況。

Thanks, Brent. 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. 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. 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. And I think we've done a nice job of being invested in the right places. Satya mentioned a few of them on the call, but there are really many. 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. 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. And so that's, I think, how I've approached that.

謝謝你，布倫特。我想說的是，對我們來說，最重要的是始終專注於存在成長和機會的地方，並投資於那些市場規模大、發展前景廣闊且具有持久性的領域。我認為，當你回顧我們把時間花在哪些方面時，無論是產品研發、行銷、銷售能力或技術能力，我們都會在上述許多方面投入時間和精力。所以，當我審視自身，思考我們的執行力在哪裡，或者我如何看待我們在宏觀環境下的執行能力時，對我來說，關鍵在於投資於正確的地方，以卓越的方式執行，並始終專注於幫助客戶順利完成轉型，從而創造屬於他們自己的機會和發展。我認為我們在投資領域做得還不錯，投資方向選對了。薩蒂亞在電話中提到了其中一些，但實際上還有很多。如果你考慮安全、合規、溝通、工作流程、業務流程重塑等等，清單可以一直列下去，我覺得我們已經制定了一個多年的計劃，以便做好充分的準備。我傾向於把每個季度、每年都看作是繼續實現差異化、投資創新和有效執行以搶佔市場份額的機會。所以，我想，這就是我處理這個問題的方式。

And I think that's probably the unifying theme, quite frankly, of all the questions so far, which is what's next. 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. When it comes to security, compliance, we never participated in this. Guess what? We get to participate in a fairly competitive way now. We have built for something that didn't even exist a few years ago, which is the workflow cloud. That's a huge opportunity for us. Biz apps, we are a very competitive and growing footprint. 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. 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.

坦白說，我認為到目前為止所有問題的共同主題可能是：接下來會發生什麼？接下來，我們的應用和基礎設施可能要從第一局進入第二局；而數據和人工智慧方面，則要開始第一局。在安全和合規方面，我們從未參與過。你猜怎麼著？現在我們可以以一種相當有競爭力的方式參與其中了。我們建構的是幾年前還不存在的東西——工作流程雲。這對我們來說是一個巨大的機會。在商業應用領域，我們擁有非常強大的競爭力和不斷增長的市場份額。即使我們想到像 Microsoft 365 這樣的項目，儘管我們過去在所有一線工作中都取得了成功，但我們從未參與其中，而現在我們終於有機會參與其中了。因此，我認為存在長期的、持續成長的機會，我們希望繼續專注於確保我們的創新在我們討論過的所有層面上都具有競爭力。

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. 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. Wondering if you would just walk us through the sort of the strategic thoughts behind these. And then also especially with VMware and Oracle since those have been out there obviously longer, what's the feedback from customers been? 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?

恭喜你們又取得了一個非常出色的季度業績。Satya，我想重點談談你之前在電話會議中提到的策略公告，Oracle、VMware，當然還有最近與 SAP 的合作。想請您為我們詳細介紹一下這些戰略背後的思路。此外，特別是 VMware 和 Oracle，因為它們推出時間更長，客戶的回饋如何？然後我想問艾米，你覺得今年這些大型策略性[辦公室]的實際業績會如何體現在數據中？

Sure, Phil. Thanks. 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. Whereas with the migration to the cloud, customers are looking for us to be a provider of all their infrastructure needs, which is heterogeneous. And that's what has really led us at the infrastructure layer to have partnerships with VMware and Oracle. 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.

當然可以，菲爾。謝謝。所以總的來說，我認為這又是過去我們參與基礎設施業務，但我們的業務範圍相當狹窄的情況之一，即我們擁有自己的基礎設施，主要支援我們的資料庫和作業系統。然而，隨著向雲端遷移，客戶希望我們能夠滿足他們所有異質的基礎設施需求。正是這一點促使我們在基礎架構層面與 VMware 和 Oracle 建立了合作關係。如您所知，我們對 Windows 和 Linux、Java 和 .NET、Postgres 和 SQL、VMware、Red Hat 以及 Windows 虛擬機器管理程式都提供一流的支援。

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. And SAP represents the same because SAP has got both infrastructure. 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. And so we're really looking forward to essentially executing on that strategy and that customer need that we see very clearly.

因此，我覺得我們現在有能力利用整個基礎設施、整個數據資產，並透過這些合作關係真正創造價值。SAP 也代表了這一點，因為 SAP 同時擁有這兩種基礎架構。我們現在是首選的雲端平台，所以我認為對於任何想要加速向雲端遷移並從 SAP 和我們這裡獲得創新的 SAP 客戶來說，遷移到 Azure 都是一個顯而易見的選擇，而這正是本公告的全部意義所在。因此，我們非常期待能夠實際執行這項策略，並滿足我們非常清楚看到的客戶需求。

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

菲爾，關於你問我們會在哪裡看到它，實際上你會在好幾個地方看到它，不僅僅是在 Azure 上，而 Azure 實際上可能是最合乎邏輯的擴展。但其核心在於，我們要讓客戶更容易、更快速、更可靠地將他們的資產遷移到雲端，並充滿信心地完成遷移。所以，當我們這樣做的時候，就意味著要成為一個忠誠的合作夥伴。實際上，在更廣泛的微軟雲端成果中也能看到這一點，無論是透過這些合作關係，還是透過其他方式，都能幫助企業更接近一級工作負載和業務流程變更。因此，我認為這些對我們來說非常重要，我們要繼續確保以客戶為中心，這也是我們繼續朝著這個方向努力的原因。

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

我們的下一個問題來自瑞銀集團的珍妮佛洛。

I think this is probably an Amy question. 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. 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. But can you just -- and at the same time, you're seeing strong uptake of the premium SKUs as well. 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? 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?

我覺得這可能是個關於艾米的問題。當我仔細研究 Office 365 中的 Dynamics，並討論商業領域兩位數成長的可持續性時，我們發現席位數量已經放緩。此外，本季價格上漲幅度可能不如以往，這讓我相信你們在一線員工方面取得了很大的成功，這或許是未來席位數量增長的更大驅動因素。但是，您能否做到—與此同時，您也看到高端 SKU 的銷售也十分強勁。但展望未來，當我們考慮席位數量時，商業許可證的遷移方面還有多少機會，相較之下，是否應該更多地依靠第一線員工等因素來維持成長？那麼，座位成長和第一線員工等因素是否會進一步削弱您在現有基礎上繼續提高每用戶平均收入的能力呢？

Thanks, Jen. 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. First, to your question on seat growth, we have room even beyond just first-line workers. 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. And so there is significant room for us to continue to make progress on that front.

謝謝你，珍。讓我把這個問題拆解開來，因為你實際上問到了一些重要的動態，而我並不總是把這些動態視為權衡取捨，所以我想在我的回答中更清楚地說明這一點。首先，關於您提出的座位成長問題，我們甚至在第一線員工之外還有成長空間。無論是針對中小企業，還是面向全球行動優先工作者，這都為我們提供了一個非常廣闊的機會，讓我們能夠接觸到那些試圖使用任何尺寸的設備完成任務和工作的人。因此，我們在這領域還有很大的進步空間。

Now could that end up with some ARPU pressure long term? It certainly could, but the important -- for me, I don't think of that as being necessarily a negative. We used to really make no money through these seats that we just talked about. 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. 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. 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. I feel very optimistic about M365 -- I'm sorry, Microsoft 365 and our ability to continue to add value. So hopefully that helps, Jen.

那麼，從長遠來看，這會不會最終對每位用戶平均收入（ARPU）帶來一些壓力呢？當然有可能，但對我來說，我不認為這一定是件壞事。我們以前透過剛才提到的這些座位真的賺不到什麼錢。因此，從這些新座位上賺取的每一美元、幾美元或很多美元，對我們來說都是新的收入、新的機會和新的收入來源。讓我把這一點與下一個動態區分開來，這也是為什麼一個平均數字可能不是最好的指標，那就是我們能否繼續引導人們購買更高價值的 SKU，無論是透過在安全、合規、溝通、協作、知識或學習等方面添加真正引人注目的東西，我們都可以增加價值。無論我們稱之為 E5 還是 E3，我們在轉型過程中都有發展的空間，並且迎來了新的機遇，這種機會是我以前從未見過的。我對 M365——抱歉，是 Microsoft 365——以及我們繼續為其創造價值的能力感到非常樂觀。希望這對你有幫助，珍。

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

最後一個問題來自巴克萊銀行的雷莫·倫肖。

Quick question on Azure. 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?

關於Azure的一個簡短問題。如果我查看 SAP 的公告，但你們也發布了一些其他行業的公告，例如 Humana 等，那麼我應該如何看待你們在進入不同行業以及圍繞 Azure 建立更深層次的關係方面所取得的進展，而不僅僅是進行簡單的基礎設施外包？

Yes. It's a very deliberate strategy that we have. In meeting our customers' needs, we need to have the partners they already work with and want to work with also on our platform. So it starts sometimes with the customers, whether it's Humana or Walgreens or Walmart and others. It also starts with partners like Nuance, which is another one that we announced recently. 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.

是的。這是我們經過深思熟慮後才制定的策略。為了滿足客戶的需求，我們需要讓他們已經合作過並且想要合作的合作夥伴也加入我們的平台。所以有時候，事情是從顧客開始的，無論是 Humana、Walgreens、沃爾瑪或其他商家。它也從像 Nuance 這樣的合作夥伴開始，這是我們最近宣布的另一個合作夥伴。因此，我們的想法是，要真正確保我們在每個行業都擁有合適的知名客戶和合作夥伴，並擁有強大的市場准入能力。

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. 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. 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.

我認為，市場上的每個人都明白，微軟，尤其是從合作夥伴的角度來看，是一個很好的市場管道。我們擁有一個直接面向銷售團隊和管道的平台，這對第三方開發人員來說非常有吸引力，他們也已經意識到了 Azure 帶來的好處。事實上，我們的客戶也把這一點視為優勢，因為它能幫助他們從合作夥伴身上獲得最大的價值。

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

今天的財報電話會議問答環節到此結束。感謝各位今天蒞臨，我們期待很快能與大家再次交流。

Thank you.

謝謝。

Thank you all.

謝謝大家。

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。