Microsoft Earnings 2024 Q2 (Financial 2024 Q4)

Greetings and welcome to the Microsoft Fiscal Year 2024 Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

大家好，欢迎参加微软2024财年第四季度收益电话会议。现在，所有参与者都处于只听模式。在正式演讲之后，会有一个问答环节。如果在会议期间需要接线员的帮助，请按电话键盘上的星号和零号。请注意，本次会议正在录音。

I would now like to turn the conference over to your host, Brett Iverson, Vice President of Investor Relations. Good afternoon and thank you for joining us today. On the call with me are Sati Nadella, Chairman and Chief Executive Officer, Amy Hood, Chief Financial Officer, Alice Jala, Chief Accounting Officer, and Keith Thalvar, Corporate Secretary and Deputy General Counsel. On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures.

现在我想把会议交给你们的主持人，投资者关系副总裁布雷特·艾弗森。下午好，感谢大家今天的参与。在我这边的有董事长兼首席执行官萨提亚·纳德拉、首席财务官艾米·胡德、首席会计官艾莉斯·贾拉、公司秘书兼副总法律顾问基斯·萨尔瓦尔。您可以在微软投资者关系网站上找到我们的收益新闻稿和财务总结幻灯片，这些内容旨在补充我们今天电话会议中的准备发言，并提供GAAP和非GAAP财务指标之间差异的对账表。

More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide Outlook commentary on today's call. On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in the courts GAAP. They are included as additional clarifying items to aid investors in further understanding the company's fourth-order performance.

更详细的展望幻灯片将在我们今天的电话会议上提供展望评论时，于微软投资者关系网站上提供。在这次电话会议中，我们将讨论某些非GAAP项目。提供的非GAAP财务指标不应被视为对法院GAAP规定的财务绩效指标的替代或优于它们。这些指标被包含在内，作为额外的说明项，帮助投资者更好地理解公司的第四季度表现。

In addition to the impact these items and events have on the financial results, 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 and constant currency when available as a framework for assessing how our underlying business is performed excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only.

除了这些项目和事件对财务结果的影响外，我们在今天的电话会议上所做的所有增长比较，除非另有说明，都是针对去年的相应时期。此外，我们还会在条件允许的情况下提供增长率和固定汇率作为评估我们基础业务表现的框架，以排除外汇汇率波动的影响。如果在固定汇率下增长率相同，我们将只提及增长率。

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

我们将在电话会议结束后立即将准备好的发言内容发布到我们的网站上，直到完整的文字记录可用为止。今天的电话会议进行了现场直播并被录音。如果您提问，您的问题将在我们的直播中、在文字记录中以及将来的录音使用中包含。您可以在微软投资者关系网站上重播电话会议并查看文字记录。

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

在此次电话会议中，我们将作出四项前瞻性声明，这些声明包括预测、推测或关于未来事件的其他言论。上述声明基于当前的预期和假设，但这些预期和假设存在风险和不确定性。因此，实际结果可能会因今天的收益新闻稿、在本次电话会议中的评论以及我们在Form 10K、Form 10Q和提交给证券交易委员会的其他报告和文件中的风险因素部分所讨论的原因而产生重大差异。我们不承担任何更新前瞻性声明的义务。

And with that, I will turn the call over to Satya. Thank you, Brett. We had a solid close to our fiscal year. All up annual revenue was more than $245 billion up 15% year over year, and Microsoft Cloud revenue surpassed $135 billion up 23%. Before I dive in, I want to offer some broader perspective on the AI platform shift. Similar to the cloud, this transition involves both knowledge and capital-intensive investments.

好的，我把电话转交给Satya。谢谢你，Brett。我们这一财年的收官非常不错。总体年度收入超过了2450亿美元，同比增长15%，而微软云的收入突破了1350亿美元，增长了23%。在详细介绍之前，我想先提供一些关于AI平台转型的更广泛视角。与云计算类似，这一转型需要大量的知识和资本投资。

And as we go through this shift, we are focused on two fundamental things. First, driving innovation across a product portfolio that spans infrastructure and applications so as to ensure that we are maximizing our opportunity, while in parallel continuing to scale our cloud business and prioritizing fundamentals starting with security. Second, using customer demand signal and time to value to manage our cost structure dynamically and generate durable long-term operating leverage.

当我们经历这一转变时，我们专注于两件根本性的事情。首先是推动涵盖基础设施和应用程序的产品组合创新，以确保我们最大化机会，同时继续扩大我们的云业务，并优先关注以安全为首的基本要素。其次是利用客户需求信号和价值实现的时间来动态管理我们的成本结构，并产生持久的长期运营杠杆。

With that, let me highlight examples starting with Azure. Our share gains accelerated this year driven by AI. We expanded our data center footprint announcing investments across four continents. These are long-term assets around the world to drive growth for the next decade and beyond. We added new AI accelerators from AMD and Nvidia, as well as our own first-party Silicon Azure Maya.

接下来，我先介绍一下 Azure 的例子。今年由于 AI 的推动，我们的市场份额加速增长。我们扩展了数据中心的规模，宣布了在四大洲的投资。这些都是为了推动未来十年乃至更长时间增长的长期资产。我们还增加了来自 AMD 和 Nvidia 的新的 AI 加速器，以及我们自己研制的首款自有芯片 Azure Maya。

And we introduced new Cobalt 100, which provides best-in-class performance for customers like Elastic, MongoDB, Siemens, Snowflake and Teradata. We continued to see sustained revenue growth from migrations. Azure Arc is helping customers in every industry from ABB and Cathay Pacific to La Liga to streamline their cloud migrations. We now have 36,000 Arc customers up 90% year over year.

我们推出了全新的Cobalt 100，为Elastic、MongoDB、西门子、Snowflake和Teradata等客户提供业界领先的性能。由于迁移服务的需求不断增加，我们的收入持续增长。Azure Arc正帮助各个行业的客户进行云迁移，从ABB和国泰航空到西甲联赛都受益匪浅。目前，我们的Arc客户已达到36,000家，同比增长了90%。

We remain the hyperscale cloud of choice for SAP and Oracle workloads, ATOS, Coles, Daimler, Truck AG, Domino's, Helion, for example, all migrated their mission-critical SAP workloads to our cloud. And with our Azure VMware solution, we offer the fastest and most cost-effective way for customers to migrate their VMware workloads to. With Azure AI, we are building out the app server for the AI wave, providing access to the most diverse selection of models to meet customers' unique cost, latency and design considerations. All up, we now have over 60,000 Azure AI customers up nearly 60% year over year, and average spend per customer continues to grow. Azure OpenAI Service provides access to best-in-class frontier models, including as of this quarter GPT-40 and GPT-40 Mini. It's being used by leading companies in every industry, including H&R Block, Suzuki, Swiss Street, Telstra, as well as digital natives like Freshworks, Misha and Zomato. With 5.3, we offer a family of powerful small-language models which are being used by companies like BlackRock, Emirates, Epic, ITC, Navy Federal Credit Union and others.

我们依然是SAP和Oracle工作负载的首选超大规模云平台。例如，ATOS、Coles、Daimler、Truck AG、Domino's和Helion等公司都将其关键任务的SAP工作负载迁移到了我们的云端。而通过我们的Azure VMware解决方案，我们为客户提供了最快且最具成本效益的方式来迁移他们的VMware工作负载。 借助Azure AI，我们正在构建AI时代的应用服务器，提供最丰富的模型选择，以满足客户独特的成本、延迟和设计需求。目前，我们拥有超过6万名Azure AI客户，同比增加了近60%，每位客户的平均支出也在继续增长。Azure OpenAI服务提供了顶级前沿模型的访问权限，截至本季度，包括GPT-40和GPT-40 Mini。它被各行各业的领先公司使用，包括H&R Block、Suzuki、Swiss Street、Telstra，以及像Freshworks、Misha和Zomato这样的数字原生公司。 借助5.3，我们提供了一系列强大的小型语言模型，这些模型正被BlackRock、Emirates、Epic、ITC、海军联邦信用社等公司使用。

With models as a service, we provide API access to third-party models, including as of last week, the latest from Cohere, Meta and Mistral. The number of paid models as a service customers, more than double quarter over quarter, and we are seeing increased usage by leaders in every industry from Adobe and Bridgestone to Novonotisk and Palantir. Now on to data. Our Microsoft Intelligent Data Platform provides customers with the broadest capability spanning databases, analytics, business intelligence and governance, along with seamless integration with all of our AI services. The number of Azure AI customers also using our data and analytics tools grew nearly 50% year over year. Microsoft Fabric, our AI-powered next-generation data platform, now has over 14,000 paid customers, including leaders in every industry, from Accenture and Kroger to Rockwell Automation and Zeiss, up 20% quarter over quarter.

通过模型即服务，我们提供对第三方模型的API访问，包括上周新增的Cohere、Meta和Mistral的最新模型。付费模型即服务的客户数量同比增长超过一倍，各行业的领导企业——从Adobe和普利司通到诺和诺德和Palantir——都在增加使用。接下来是数据方面。我们的Microsoft智能数据平台为客户提供最广泛的功能，涵盖数据库、分析、商业智能和治理，并与我们所有的AI服务无缝集成。使用我们数据和分析工具的Azure AI客户数量同比增长近50%。Microsoft Fabric是我们基于AI的下一代数据平台，现在有超过14,000个付费客户，其中包括各行业的领导企业，从埃森哲和克罗格到罗克韦尔自动化和蔡司，季度增长20%。

And this quarter, we introduced new first of their kind, real-time intelligence capabilities in fabrics or customers can unlock insights on high-volume, time-sensitive data. Now on to developer tools. Get-Up Co-Pilot is by far the most widely adopted AI-powered developer tool. Almost over two years since its general availability, more than 77,000 organizations from BBVA, FedEx and H&M to Infosys and PATM have adopted Co-Pilot up 180% year over year. And we're going further. With Co-Pilot workspace, we offer Co-Pilot native end-to-end developer productivity across planned, built, test, debug and deploy cycle. Co-Pilot is driving Get-Up growth all up. Get-Up annual revenue run rate is now $2 billion. Co-Pilot accounted for over 40% of Get-Up revenue growth this year and is already a larger business than all the Get-Up was when we acquired it.

这个季度，我们引入了首创的实时智能功能，客户可以在高容量、时间敏感的数据中解锁洞察力。现在来说说开发者工具。Get-Up Co-Pilot 是目前应用最广泛的 AI 驱动开发者工具。自两年前正式发布以来，从BBVA、FedEx和H&M到Infosys和PATM，有超过77,000个组织采用了Co-Pilot，年同比增长达到180%。我们正在更进一步。通过Co-Pilot 工作区，我们提供原生的端到端开发者生产力工具，覆盖了计划、构建、测试、调试和部署周期。Co-Pilot 正在推动 Get-Up 的整体增长。Get-Up 的年度收入运行率现在达到20亿美元。Co-Pilot 占了今年 Get-Up 收入增长的 40% 以上，其业务规模已超过我们收购时整个 Get-Up 的业务。

We're also integrating generative AI across power platform enabling anyone to use natural language to create apps, automate workflows or build a website. The data over 480,000 organizations have used AI-powered capabilities in power platform up 45% quarter over quarter. In total, we now have 48 million monthly active users of power platform up 40% year over year. Now on to future of work. Co-Pilot for Microsoft 365 is becoming a daily habit for knowledge workers as it transforms work, workflow and work artifacts. The number of people who use Co-Pilot daily at work nearly double quarter over quarter as they use it to complete tasks faster, hold more effective meetings and automate business workflows and processes.

我们还在将生成式人工智能整合到 Power 平台中，使任何人都能使用自然语言来创建应用程序、自动化工作流程或搭建网站。在超过48万家组织中，使用 Power 平台中由人工智能驱动的功能的数量同比增加了45%。我们现在每月有4800万名活跃用户使用 Power 平台，同比增长了40%。 现在谈谈工作的未来。Microsoft 365 的 Co-Pilot 正在成为知识工作者的日常习惯，因为它正在改变工作、工作流程和工作成果。每天在工作中使用 Co-Pilot 的人数同比增长了近一倍，因为他们利用它以更快地完成任务、举行更有效的会议以及自动化业务流程。

Co-Pilot customers increased more than 60% quarter over quarter. Feedback has been positive with majority of enterprise customers coming back to purchase more seats. All up the number of customers with more than 10,000 seats, more than doubled quarter over quarter including capital group, Disney, Dow, Kendro, Novartis and EY alone will deploy Co-Pilot to 150,000 of its employees. And we're going further adding Asian capabilities to Co-Pilot. New team Co-Pilot can facilitate meetings and create and assign tasks. And with Co-Pilot studio, customers can extend Co-Pilot for Microsoft 365 and build custom Co-Pilots that proactively respond to data and events using their own first and third party business data.

Co-Pilot客户环比增长超过60%。反馈大多是正面的，大部分企业客户回头购买更多席位。总体上，拥有超过10,000个席位的客户数量环比翻了一倍，其中包括资本集团（Capital Group）、迪士尼（Disney）、陶氏（Dow）、Kendro、诺华（Novartis）和安永（EY），仅安永就将把Co-Pilot部署给其15万名员工。我们还在进一步扩展，为Co-Pilot添加了亚洲功能。新团队的Co-Pilot可以促进会议并创建和分配任务。借助Co-Pilot Studio，客户可以扩展Microsoft 365的Co-Pilot，并构建自定义的Co-Pilot，这些自定义的Co-Pilot可以使用客户自己的第一方和第三方业务数据主动响应数据和事件。

To date 50,000 organizations from Carnival corporations, Cognizant and Eaton to KPMG, Majesco and McKinsey have used Co-Pilot studio up over 70% quarter over quarter. We're also extending Co-Pilot to specific industries including healthcare with DAX Co-Pilot more than 400 healthcare organizations including Community Health Network, Intermountain, Northwestern Memorial Healthcare and Ohio State University, Wexner Medical Center have purchased DAX Co-Pilot to date up 40% quarter over quarter and the number of AI generated clinical reports more than tripled. Co-Pilot is also transforming ERP and CRM business applications. We again took share this quarter as customers like Thermo Fisher Scientific Switch to Dynamics. Our new Dynamics 365 Contact Center is a Co-Pilot first solution that infuses generated AI throughout the contact center workflow. Companies like 1-800 Flowers, Mediterranean Shipping, Synoptec will rely on it to deliver better customer support.

截至目前，包括嘉年华公司、Cognizant和伊顿在内的50,000家组织已经使用了Co-Pilot Studio，每季度使用量增长超过70%。我们还将Co-Pilot拓展到特定行业，包括医疗保健领域的DAX Co-Pilot。到目前为止，已有超过400家医疗保健机构购买了DAX Co-Pilot，其中包括社区健康网络、内陆、西北纪念医疗保健和俄亥俄州立大学韦克斯纳医疗中心，季度增长率达到40%以上，AI生成的临床报告数量也增加了三倍多。Co-Pilot还在推动ERP和CRM业务应用的变革。本季度我们再次扩大了市场份额，客户如赛默飞世尔科技选择了Dynamics。我们的新Dynamics 365联络中心是一个以Co-Pilot为核心的解决方案，它将生成式AI融入到整个联络中心工作流程中。像1-800 Flowers、地中海航运和Synoptec这样的公司将依靠它提供更好的客户支持。

Dynamics 365 Business Central is now trusted by over 40,000 organizations for core ERP. Microsoft Teams has become essential to how hundreds of millions of people meet, call, chat, collaborate and do business. We once again saw year over year usage growth. Teams Premium has surpassed 3 million seats up nearly 400% year over year as organizations like Dan Su, Eli Lilly and Ford chose it for advanced features like end-to-end encryption and real-time translation. When it comes to devices, we introduced our new category of Co-Pilot plus PCs this quarter. They are the fastest, most intelligent Windows PCs ever. They include a new system architecture designed to deliver best-in-class performance and breakthrough AI experiences. We are delighted by early reviews and we are looking forward to the introduction of more Co-Pilot plus PCs powered by all of our silicon and OEM partners in the coming months.

Dynamics 365 Business Central 目前已经成为超过 40,000 家组织信赖的核心ERP系统。Microsoft Teams 已经成为数亿人开会、打电话、聊天、协作和处理业务的必备工具。今年我们再次看到了使用量的年同比增长。Teams Premium的用户数量已超过300万个座席，同比增长近400%，越来越多的公司，如Dan Su、Eli Lilly 和 Ford，选择它来享受端到端加密和实时翻译等高级功能。 在设备方面，本季度我们推出了一个新的品类——Co-Pilot plus个人电脑。这些是迄今为止速度最快、最智能的Windows电脑。它们采用了新系统架构，旨在提供顶级性能和突破性的人工智能体验。我们对早期的评价感到非常满意，并且期待在未来几个月里，推出更多由我们的芯片和OEM合作伙伴支持的Co-Pilot plus个人电脑。

More broadly, Windows 11 active devices increase 50% year over year and we are seeing accelerated adoption of Windows 11 by companies like Karlsberg, Eon, National Australia Bank. And now on to security. We continue to prioritize security about all else. We are doubling down on our Secure Future Initiative as we implement our principles of secure by design, secure by default and secure operations. Through this initiative, we are also continually applying what we are learning and translating it into innovation for our customers including how we approach AI. Over 1,000 paid customers used Co-Pilot for security including Alaska Airlines, Oregon State University, PetroFac, Whipro, WTW and we are also securing customers AI deployments with updates to Defender and PerView.

更广泛地说，Windows 11 的活跃设备数量同比增长了 50%，我们看到诸如 Karlsberg、Eon 和 National Australia Bank 这样的公司正在加速采用 Windows 11。接下来是关于安全性的问题。我们继续将安全性置于首位，正在加倍推进我们的“安全未来倡议”，并实施“设计安全”、“默认安全”和“安全操作”的原则。通过这一倡议，我们不断将所学知识转化为创新，为客户提供服务，包括我们在 AI 方面的努力。共有超过 1,000 名付费客户使用了 Co-Pilot 安全服务，包括阿拉斯加航空公司、俄勒冈州立大学、PetroFac、Wipro 和 WTW，我们还通过 Defender 和 PerView 的更新来确保客户的 AI 部署的安全。

All up we now have 1.2 million security customers over 800,000 including Dell Technologies, Deutsche Telcom, TomTom use 4 or more workloads up 25% year over year. The Defender for Cloud, our Cloud Security solution surpassed $1 billion in revenue over the past 12 months as we protect customer workloads across multi-cloud and hybrid environments. Now let me turn to our consumer businesses starting with LinkedIn. LinkedIn continues to see accelerated member growth and record engagement. 1.5 million pieces of content are shared every minute on the platform and video is now the fastest growing format on LinkedIn with uploads up 34% year over year. LinkedIn marketing solutions continues to be a leader in B2B digital advertising helping companies deliver the right message to the right audience on a safe, trusted platform.

总的来说，我们现在有120万安全客户，其中有超过80万包括戴尔科技公司、德意志电信公司和TomTom的客户在使用4种或更多的工作负载，年同比增长25%。我们的云安全解决方案Defender for Cloud在过去12个月的收入超过10亿美元，因为我们保护客户在多云和混合环境中的工作负载。现在让我转向我们的消费者业务，首先是LinkedIn。LinkedIn继续看到会员增长加速和创纪录的用户参与度。每分钟有150万条内容在平台上分享，而视频现在是LinkedIn上增长最快的格式，上传量同比增长了34%。LinkedIn营销解决方案继续在B2B数字广告领域中处于领先地位，帮助公司在一个安全、可信的平台上向正确的受众传达正确的信息。

And when it comes to our subscription businesses, premium sign-ups increase 51% this fiscal year and we are adding even more value to our members and customers with new AI tools. Our reimagined AI-powered LinkedIn premium experience is now available for every premium subscriber worldwide helping them more easily and intuitively connect to opportunity, learn and get career coaching. Finally hiring took share for the second consecutive year and now on to search advertising and news. We are ensuring that Bing, Edge and Co-pilot collectively are driving more engagement and value to end users, publishers and advertisers. Our overall revenue, X-TAC increased 19% year over year and we again took share across Bing and Edge. We continue to apply generative AI to pioneer new approaches to how people search and browse. Just last week we announced we are testing a new generative search experience which creates a dynamic response to users query while maintaining click share to publishers.

当谈到我们的订阅业务时，本财年高级注册用户增加了51%，我们通过新的人工智能工具为会员和客户提供了更多价值。我们重新设计的人工智能驱动的LinkedIn高级体验现在在全球范围内对每个高级订阅用户开放，帮助他们更容易和直观地连接机会、学习和获得职业指导。最后，招聘业务连续第二年获得市场份额。现在转到搜索广告和新闻方面。我们正在确保Bing、Edge和Co-pilot共同为最终用户、出版商和广告商带来更多的参与度和价值。我们的整体收入（不含流量获取成本）同比增长了19%，并且我们在Bing和Edge上再次获得了市场份额。我们继续应用生成式人工智能，开创人们搜索和浏览的新方法。就在上周，我们宣布正在测试一种新的生成式搜索体验，该体验在保持出版商点击量的同时，为用户查询创建动态响应。

And we continue to drive record engagement with Co-pilot for the web. Consumers have used Co-pilot to create over 12 billion images and conduct 13 billion chats to date up 150% since the start of the calendar year. Thousands of news and entertainment publishers trust us to reach new audiences with Microsoft's start and in fact we have paid them $1 billion over the last five years. We are helping advertisers increase their ROI2. We have seen positive response to performance max which users AI to dynamically create and optimize ads and Co-pilot in Microsoft ad platform helps marketers create campaigns and troubleshoot using natural language.

我们继续推动用户在网页上使用 Co-pilot 创造新的记录。到目前为止，用户已经利用 Co-pilot 创建了超过 120 亿张图像，进行了 130 亿次聊天，自年初以来增长了 150%。数千家新闻和娱乐出版商相信我们，通过微软的起点来吸引新的受众，事实上，在过去五年中，我们已经向他们支付了 10 亿美元。我们正在帮助广告商提高他们的投资回报率（ROI2）。我们看到用户对 "Performance Max"（一款利用 AI 动态创建和优化广告的工具）反应积极，微软广告平台中的 Co-pilot 也帮助营销人员使用自然语言创建广告活动并解决问题。

Now on to gaming. We now have over 500 million monthly active users across platforms and devices and our content pipeline has never been stronger. We previewed a record 30 new titles at our showcase this quarter. 18 of them such as Call of Duty, Black Ops 6 will be available on Game Pass. Game Pass Ultimate subscribers can now stream games directly on devices they already have including as of last month Amazon Fire TVs. Finally we are bringing our IP to new audiences. Fallout for example made its debut as a TV show on Amazon Prime this quarter. It was the second most watched title on the platform ever and hours played on Game Pass for the Fallout franchise increased nearly 5x quarter over quarter. In closing I'm energized about the opportunities ahead. We are investing for the long term in our fundamentals, in our innovation and in our people with that let me turn it over to Amy.

现在谈谈游戏方面。目前，我们每月有超过5亿的活跃用户，遍布各个平台和设备，而且我们的内容储备前所未有的强大。本季度的展示会上我们预览了创纪录的30款新游戏，其中包括《使命召唤：黑色行动6》在内的18款游戏将会在Game Pass上提供。Game Pass Ultimate的订阅者现在可以在他们已经拥有的设备上直接串流游戏，包括上个月新增支持的Amazon Fire TV。最后，我们正在将我们的IP带给新的观众。比如，本季度《辐射》作为电视剧在Amazon Prime上首次亮相，成为该平台上收视率第二高的节目，Game Pass上《辐射》系列游戏的游戏时长环比增加了近5倍。总的来说，我对未来的机会充满了激情。我们正在为长期投资我们的基础设施、创新和团队。接下来我把时间交给Amy。

Thank you Satya and good afternoon everyone. This quarter revenue was 64.7 billion dollars up 15% and 16% in constant currency. Earnings for share was $2.95 and increased 10% and 11% in constant currency. In our largest quarter of the year we again delivered double digit top and bottom line growth with continued share gains across many of our businesses and record commitments to our Microsoft Cloud platform. Commercial bookings were significantly ahead of expectations and increased 17% and 19% in constant currency. This record commitment quarter was driven by growth in the number of $10 million plus and 100 million plus contracts for both Azure and Microsoft 365 and consistent execution across our core annuity sales motions. Commercial remaining performance obligation increased 20% and 21% in constant currency to $269 billion. Roughly 40% will be recognized in revenue in the next 12 months, up 18% year over year. The remaining portion recognized beyond the next 12 months increased 21%. And this quarter our annuity mix was 97%.

谢谢你，Satya。下午好，各位。这一季度的收入达到了647亿美元，同比增长15%，按固定汇率计算增长了16%。每股收益为2.95美元，同比增长10%，按固定汇率计算增长了11%。在我们这一年中最大的一季度里，我们再次实现了两位数的收入和利润增长，许多业务的市场份额持续扩大，同时我们对微软云平台的承诺也达到了创纪录水平。商业订单远超预期，同比增长17%，按固定汇率计算增长了19%。这一创纪录的季度是由于Azure和Microsoft 365的1000万美元以上合同和1亿美元以上合同数量的增长，以及我们核心年金销售业务的一贯执行所推动的。商业剩余履约义务增加了20%，按固定汇率计算增加了21%，达到2690亿美元。大约40%的收入将在未来12个月内确认，同比增长18%。剩余部分将在下一个12个月之后确认，增长了21%。这一季度我们的年金占比为97%。

At a company level, Activision contributed a net impact of approximately three points to revenue growth was a two point drag on operating income growth and had a negative 6 cent impact to earnings per share. A reminder that this net impact includes adjusting for the movement of Activision content from our prior relationship as a third party partner to first party and includes $938 million from purchase accounting adjustments, integration and transaction related cost. Effects did not have a significant impact on our results and was roughly in line with our expectations on total company revenue, segment level revenue, COGS and operating expense growth. Microsoft Cloud revenue was $36.8 billion in Group 21% and 22% in constant currency roughly in line with expectations. Microsoft Cloud grows margin percentage decreased roughly 2.0 over year to 69% in line with expectations.

在公司层面，动视对收入增长净贡献了大约3个百分点，但对营收增长却拖累了2个百分点，并且对每股收益产生了负6美分的影响。需要提醒的是，这个净影响包括将动视内容从我们之前作为第三方合作伙伴的关系转移到第一方，并包括9.38亿美元的购买记账调整、整合和交易相关成本。这些影响对我们的整体业绩没有显著冲击，并且在公司总收入、分部门收入、销售成本和运营费用增长方面大致符合我们的预期。微软云收入为368亿美元，按固定汇率计算增长了21%和22%，基本符合预期。微软云的毛利率百分比同比下降了大约2个百分点至69%，也在预期之内。

Including the impact of the change in accounting estimate for useful lives, growth margin percentage decreased slightly, driven by sales mix shift to Azure, partially offset by improvement in Azure even with the impact of scaling our AI infrastructure. Company growth margin dollars increased 14% and 15% in constant currency and growth margin percentage decreased slightly year over year to 70%. Excluding the impact of the change in accounting estimate, growth margin percentage increased slightly even with the impact from purchase accounting adjustments, integration and transaction related cost from the Activision acquisition. Operating expenses increased 13% with 9 points from the Activision acquisition.

包括有用年限会计估计变更的影响，毛利率百分比略有下降，主要是由于销售组合转向Azure，但部分被Azure上的改进所抵消，即使在我们扩大AI基础设施的情况下也是如此。公司毛利从美元增长14%，在恒定汇率下增长15%，毛利率百分比同比略有下降至70%。如果不考虑会计估计变更的影响，即使在受购买会计调整、整合和动视收购相关费用影响的情况下，毛利率百分比还是略有增加。运营费用增长了13%，其中9个百分点来自动视收购。

At a total company level, headcount at the end of June was 3% higher than a year ago. Operating income increased 15% and 16% in constant currency and operating margins were 43% relatively unchanged year over year. Excluding the impact of the change in accounting estimate, operating margins increased slightly, driven by the higher gross margin noted earlier and improved operating leverage through continued cost discipline.

在整个公司层面，截至六月底的员工总数比去年同期增加了3%。营业收入增长了15%，按不变汇率计算增长了16%，营业利润率为43%，与去年相比基本持平。如果排除会计估算变更的影响，营业利润率略有上升，这主要是由于此前提到的较高毛利率和通过持续成本控制实现的改进运营杠杆。

Now to our segment results. Revenue from productivity and business processes was $20.3 billion in grew 11% and 12% in constant currency, slightly ahead of expectations, driven by better than expected results across all business units. Most commercial revenue grew 12% and 13% in constant currency. Office 365 commercial revenue increased 13% and 14% in constant currency with our food growth primarily from E5 momentum as well as co-pilot for Microsoft 365. Paid Office 365 commercial seats grew 7% year over year was installed base expansion across all customer segments. Seat growth was again, driven by our small and medium business and frontline worker offerings, although both segments continued to moderate.

现在来看看我们的业绩分部。生产力和业务流程的收入为203亿美元，同比增长11%，按固定货币计算增长12%，略高于预期，所有业务部门的表现都超出预期。大部分商业收入增长了12%，按固定货币计算增长13%。Office 365商业收入增加了13%，按固定货币计算增长14%，主要由于E5计划的势头以及Microsoft 365的协同办公功能的推动。付费的Office 365商业用户数同比增长了7%，所有客户细分市场的用户基数都在扩展。用户数增长再次由我们的中小企业和一线员工产品推动，尽管这两个市场的增速都有所放缓。

Office commercial licensing declined 9% and 7% in constant currency with continued customer shift to cloud offerings. Office consumer revenue increased 3% and 4% in constant currency with continued momentum in Microsoft 365 subscriptions was grew 10% to 82.5 million. Linked in revenue increased 10% and 9% in constant currency, driven by better than expected performance across all businesses. Dynamics revenue grew 16% driven by Dynamics 365 which grew 19% and 20% in constant currency. We saw continued growth across all workloads and better than expected new business. Dynamics 365 now represents roughly 90% of total dynamics revenue. Segment growth margin dollars increased 9% and 10% in constant currency and gross margin percentage decreased roughly 1.0 over year. Excluding the impact of the change in accounting estimate, gross margin percentage decreased slightly driven by Office 365 as we scale our AI infrastructure. Operating expenses increased 5% and operating income increased 12% and 13% in constant currency.

Office 商业授权收入下降了9%，按固定汇率计算下降了7%，主要原因是客户继续转向云服务。Office 消费者收入增加了3%，按固定汇率计算增加了4%，得益于 Microsoft 365 订阅用户的持续增长，订阅用户数量增长了10%，达到8250万。LinkedIn 收入增加了10%，按固定汇率计算增加了9%，主要是由于所有业务部门表现优于预期。Dynamics 收入增长了16%，其中 Dynamics 365 增长了19%，按固定汇率计算增长了20%。我们在所有工作负载中看到了持续增长，并且新业务的表现优于预期。Dynamics 365 现在大约占据了 Dynamics 总收入的90%。部门收入增长幅度按固定汇率计算增加了9%和10%，但总毛利率下降了大约1个百分点。排除会计估算变更的影响后，毛利率略有下降，主要因为我们在扩展 AI 基础设施的过程中增加了 Office 365 的支出。运营费用增加了5%，而运营收入增加了12%，按固定汇率计算增加了13%。

Next, the intelligent cloud segment. Revenue was $28.5 billion, increasing 19% and 20% in constant currency in line with expectations. Overall, server products in cloud services revenue grew 21% and 22% in constant currency. Azure and other cloud services revenue grew 29% and 30% in constant currency in line with expectations and consistent with Q3 when adjusting for leap year. Azure growth included eight points from AI services where demand remained higher than our available capacity. In June, we saw slightly lower than expected growth in a few European GOs. In our per user business, the enterprise mobility and security installed base grew 10% to over 281 million seats with continued impact from moderated growth and seats sold outside the Microsoft 365 suite. Therefore, our Azure consumption business continues to grow faster than total Azure. In our on-premises server business, revenue increased 2% and 3% in constant currency. Growth was driven by demand for our hybrid solutions, although was slightly lower than expected transactional purchasing. Enterprise and partner services revenue decreased 7% on a strong prior year comparable for enterprise support services. Segment gross margin dollars increased 16% and gross margin percentage decreased roughly two points year over year. Increasing the impact of the change in accounting estimate gross margin percentage decreased slightly driven by sales mix shift to Azure, partially offset by the improvement in Azure noted earlier, even with the impact of scaling our AI infrastructure. Operating expenses increased 5% and operating income grew 22% and 23% in constant currency.

接下来是智能云部分。收入为285亿美元，同比增长19%，按固定汇率计算则增长20%，符合预期。总体而言，服务器产品和云服务收入增长了21%，按固定汇率计算增长22%。Azure及其他云服务收入增长了29%，按固定汇率计算则增长30%，符合预期并与调整了闰年效应的第三季度一致。Azure的增长包括了来自AI服务的8个点的贡献，需求仍然高于我们可用的容量。6月份，我们在一些欧洲市场的增长略低于预期。 在每用户业务方面，企业移动性和安全安装基础增长了10%，超过了2.81亿个许可席位，受限于微软365套件之外销售许可席位的增长放缓。因此，我们的Azure消费业务继续以快于总体Azure的速度增长。在我们的本地服务器业务中，收入增长了2%，按固定汇率计算则增长3%。增长主要由对我们混合解决方案的需求驱动，尽管交易性购买量略低于预期。企业和合作伙伴服务收入下降了7%，与去年同一时期的强劲企业支持服务相比。 部门总毛利增加了16%，毛利率则同比下降了约两个百分点。会计估计的变动导致毛利率稍微下降，这主要是由于销售结构转向Azure所致，部分被之前提到的Azure改进抵消，尽管AI基础设施的扩展也有影响。运营费用增加了5%，营业收入增长了22%，按固定汇率计算则增长23%。

Now to more personal computing. Revenue was $15.9 billion, increasing 14% and 15% in constant currency with 12 points of net impact from the Activision acquisition. Results were above expectations driven by Windows commercial and search. The PC market was as expected and Windows OEM revenue increased 4% year over year. Windows commercial products and cloud services revenue increased 11% and 12% in constant currency ahead of expectations due to higher in period revenue recognition from the mix of contracts. Devices revenue decreased 11% and 9% in constant currency, roughly in line with expectations as we remain focused on our higher margin premium products. While early days, we're excited about the recent launch of our co pilot plus PC's. Search and news advertising revenue Xtack increased 19% ahead of expectations primarily due to improved execution. Healthy volume growth was driven by Bing and Edge.

现在说说更贴近个人计算的部分。我们的营收为159亿美元，同比增长14%，按固定汇率计算则增长15%，其中动视暴雪收购带来了12个百分点的净影响。由于Windows商用和搜索表现良好，业绩超出预期。PC市场表现符合预期，Windows OEM营收同比增长4%。Windows商用产品和云服务营收增长11%，按固定汇率计算则增长12%，超出预期，这主要归功于合同组合中更高的当期收入确认。设备营收下降了11%，按固定汇率计算则下降了9%，大致符合预期，因为我们仍然专注于高利润的高端产品。尽管是早期阶段，我们对最近发布的Co-pilot Plus PC感到非常兴奋。搜索和新闻广告的营收增长了19%，超出预期，主要是因为执行力的提升。健康的流量增长则是由必应和Edge推动的。

And in gaming revenue increased 44% with 48 points of net impact from the Activision acquisition. Xbox content and services revenue increased 61% slightly ahead of expectations with 58 points of net impact from the Activision acquisition. Stronger than expected performance in first party content was partially offset by third party content performance. Xbox hardware revenue decreased 42% and 41% in constant currency. Segment gross margin dollars increased 21% with 10 points of net impact from the Activision acquisition.

在游戏业务方面，收入增加了44%，其中动视收购带来了48个百分点的净影响。Xbox内容和服务收入增长了61%，略高于预期，其中动视收购贡献了58个百分点。尽管第一方内容表现强劲，但被部分第三方内容表现稍微抵消。Xbox硬件收入减少了42%，若不考虑汇率因素，减少了41%。此外，由于动视收购带来的10个百分点净影响，这个业务板块的毛利美元增加了21%。

First margin percentage increased roughly 3.0 over a year primarily driven by sales mix shift to higher margin businesses. Operating expenses increased 43% with 41 points from the Activision acquisition. Operating income increased 5% and 6% in constant currency. Now back to total company results. Capital expenditures including finance leases were $19 billion in line with expectations and cash paid for PPE with $13.9 billion. Cloud and AI related spend represents nearly all of our total capital expenditures. Within that roughly half is for infrastructure needs where we continue to build and lease data centers that will support monetization over the next 15 years and beyond.

第一利润率在一年内增加了大约3.0个百分点，主要是由于销售组合向高利润业务的转移。经营费用增加了43%，其中41个百分点是由于收购了动视暴雪。营业收入增长了5%，按不变汇率计算增长了6%。现在回到公司整体的业绩情况。包括融资租赁在内的资本支出为190亿美元，符合预期，用于购置不动产、厂房和设备的现金为139亿美元。云计算和人工智能相关支出几乎占了我们全部资本支出的全部，其中大约一半用于基础设施需求，我们继续建设和租赁数据中心，这些数据中心将在未来15年甚至更长时间内支持我们的盈利能力。

The remaining cloud and AI related spend is primarily for servers, both CPUs and GPUs to serve customers based on demand signals. For the full fiscal year, the mix of our cloud and AI related spend was similar to Q4. Cashflow from operations was $37.2 billion up 29% driven by strong cloud billings and collections. Free cashflow was $23.3 billion up 18% year over year reflecting higher capital expenditures to support our cloud and AI offerings. For the full year, cashflow from operations surpassed $100 billion for the first time.

剩余的云计算和人工智能相关支出主要用于服务器，包括CPU和GPU，以根据需求信号为客户提供服务。在整个会计年度中，我们的云计算和人工智能相关支出比例与第四季度相似。运营现金流达到372亿美元，同比增长29%，这主要得益于强劲的云计算账单和收款。自由现金流为233亿美元，同比增长18%，反映了更高的资本支出以支持我们的云计算和人工智能产品。全年运营现金流首次超过1000亿美元。

This quarter, other income expense was negative $675 million more favorable than anticipated, was lower than expected interest expense and higher than expected interest income. Our losses on investments accounted for under the equity method were as expected. Our effective tax rate was approximately 19%. Higher than anticipated due to a state tax law signed in June that was effective retroactively. Finally, we returned $8.4 billion to shareholders through dividends and share repurchases, bringing our total cash return to shareholders to over $34 billion for the full fiscal year.

这个季度，其他收入支出为负6.75亿美元，比预期更有利，这是由于利息支出低于预期和利息收入高于预期。按权益法核算的投资亏损符合预期。我们的实际税率约为19%，由于六月签署的州税法追溯生效，高于预期。最后，我们通过分红和回购股票向股东返还了84亿美元，使得整个财年的股东现金回报总额超过340亿美元。

Now, moving to our outlook. My commentary for both the full year and next quarter is on a US dollar basis and less specifically noted otherwise. Let me start with some full year commentary for FY25. First, FX. Assuming current rates remain stable, we expect FX to have no meaningful impact to fully at revenue, COGS or operating expense growth. Next, we continue to expect double digit revenue and operating income growth as we focus on delivering differentiated value for our customers. To meet the growing demand signal for our AI and cloud products, we will scale our infrastructure investments with FY25 capital expenditures expected to be higher than FY24.

现在，转到我们的展望部分。关于整年的预期和下季度的评论都是基于美元计算，除非特别说明。让我先说说对2025财年的一些全年评论。首先是外汇。在当前汇率保持稳定的情况下，我们预计外汇不会对全年收入、销售成本或运营费用的增长产生显著影响。接下来，我们仍然预计收入和营业收入将实现两位数增长，因为我们专注于为客户提供差异化的价值。为了满足对我们AI和云产品日益增长的需求，我们将扩大基础设施投资，预计2025财年的资本支出将高于2024财年。

As a reminder, these expenditures are dependent on demand signals and adoption of our services that will be managed through the year. As scaling these investments drives growth in COGS, we will remain disciplined on operating expense management. Therefore, we expect FY25 op-x growth to be in the single digits. And given our focus commitment to managing at the operating margin level, we still expect FY25 operating margins to be down only about 1.0 over a year. And finally, we expect our FY25 effective tax rate to be around 19%.

提醒一下，这些支出取决于需求信号和我们服务的采用情况，这些都会在全年内进行管理。由于扩大这些投资会推动销售成本（COGS）的增长，我们会保持在运营费用管理方面的纪律性。因此，我们预计2025财年的运营费用增长将保持在个位数。鉴于我们专注于保持运营利润率管理，我们仍预计2025财年的运营利润率只会下降大约1.0个百分点。最后，我们预计2025财年的实际税率将在19%左右。

Now, to the outlook for our first quarter. Based on current rates, we expect FX to decrease total revenue and segment level revenue growth by less than 1. We expect FX to decrease COGS growth by less than 1.0 and to have no meaningful impact to operating expense growth. In commercial bookings, increased long-term commitments to our platform and strong execution across core annuity sales motions should drive healthy growth on a growing, expiry base. As a reminder, larger long-term measure contracts, which are more unpredictable in their timing, can derive increased quarterly volatility in our booking's growth rate.

现在，我们来看看第一季度的展望。基于目前的汇率，我们预计汇率变化会使总收入和各部门收入增长减少不到1个百分点。我们预计汇率变化会使销售成本（COGS）增长减少不到1个百分点，并且对运营费用增长没有明显影响。 在商业预订方面，对我们平台的长期承诺增加以及核心年金销售方面的强劲执行力应该会在一个逐步到期的基础上推动健康增长。提醒一下，规模较大的长期合同，其时间安排更难预测，可能会导致我们预订增长率的季度波动性增加。

Microsoft Cloud grows margin percentage should be roughly 70% down year over year driven by the impact of scaling our AI infrastructure. We expect capital expenditures to increase on a sequential basis given our cloud and AI demand as well as existing AI capacity constraints. As a reminder, there can be quarterly spend variability from cloud infrastructure build out and the timing of delivery of finance leases. Next is segment guidance. In productivity and business processes, we expect revenue to grow between 10 and 11% in constant currency or 20.3 to 20.6 billion US dollars.

微软云的毛利率同比下降约70%，主要原因是我们扩展AI基础设施带来的影响。由于云和AI需求的增加以及当前AI容量的限制，我们预计资本支出将逐季度增加。需要提醒的是，云基础设施建设和融资租赁交付时间可能会导致季度支出波动。接下来是业务部门的指导。在生产力和业务流程部门，我们预计营收在恒定汇率下将增长10%到11%，即达到203亿到206亿美元。

In office commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and are to growth through E5 and co-pilot for Microsoft 365. We expect Office 365 revenue growth to be approximately 14% in constant currency. In our on-premises business, we expect revenue to decline in the mid to high teens. In office consumer, we expect revenue growth in the low to mid-single digits driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the high single digits driven by continued growth across all businesses. And in dynamics, we expect revenue growth in the low to mid-teens driven by dynamics 365. For intelligent cloud, we expect revenue to grow between 18 and 20% in constant currency or 28.6 to 28.9 billion US dollars. Revenue will continue to be driven by Azure, which as a reminder can have quarterly variability primarily from our per user business and in period revenue recognition depending on the mix of contracts. In Azure, we expect Q1 revenue growth to be 28 to 29% in constant currency. Growth will continue to be driven by our consumption business, inclusive of AI, which is growing faster than total Azure. We expect the consumption trends from Q4 to continue through the first half of the year. This includes both AI demand impacted by capacity constraints and non-AI growth trends similar to June.

在办公室商业方面，收入增长将再次由Office 365推动，覆盖各类客户群体的账户增长，以及通过E5和Microsoft 365的合作伙伴计划带来的成长。我们预计Office 365的收入在不变货币的情况下将增长约14%。在本地部署业务方面，我们预计收入将下降至中至高两位数增长率。对于办公室消费市场，我们预计由于Microsoft 365订阅的推动，收入将以低至中个位数增长。对于LinkedIn，我们预计由于所有业务的持续增长，收入将以高个位数增长。对于Dynamics，我们预计由于Dynamics 365的推动，收入将以低至中两位数增长。在智能云方面，我们预计收入在不变货币情况下将增长18%到20%，即286至289亿美元。收入仍将主要由Azure推动，提醒一下，季度收入可能会有波动，主要来自每用户业务和合同组合情况导致的当期收入确认。对于Azure，我们预计第一季度收入将在不变货币情况下增长28%至29%。增长将继续由我们的消费业务（包括增长速度超过整个Azure的人工智能）推动。我们预计第四季度的消费趋势将持续到今年上半年，这包括受容量限制影响的AI需求及与6月份类似的非AI增长趋势。

Growth in our per user business will continue to moderate. And in H2, we expect Azure growth to accelerate. As our capital investments create an increase in available AI capacity to serve more of the growing demand. In our on-premises server business, we expect revenue to decline in low single digits as continued hybrid demand will be more than offset by lower transactional purchasing. And in enterprise and partner services, revenue should decline in the low single digits. In more personal computing, we expect revenue to grow between 9 and 12% in constant currency or 14.9 to 15.3 billion US dollars. Windows OEM revenue growth should be relatively thought, roughly in line with the PC market. In Windows commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the mid-single digits. As a reminder, our quarterly revenue growth can have variability, primarily from in period revenue recognition.

我们的每用户业务增长将继续放缓。在下半年，我们预计Azure的增长会加速，因为我们的资本投资增加了可用的AI容量，以满足不断增长的需求。在我们的本地服务器业务中，由于交易性购买的减少超过了混合需求的持续增长，我们预计收入将下降低个位数。在企业和合作伙伴服务方面，收入应该也会下降低个位数。在更多个人计算领域，我们预计以不变货币计算，收入会增长9%到12%，即149亿到153亿美元。Windows OEM的收入增长应该相对平稳，大致与PC市场保持一致。在Windows商业产品和云服务方面，客户对Microsoft 365和我们高级安全解决方案的需求应该会驱动收入以中个位数增长。需要提醒的是，我们的季度收入增长可能会有变动，主要是由于当期收入确认的原因。

Depending on the mix of contracts. In devices, revenue growth should be in the low to mid-single digits. Search and news advertising ex-tack revenue growth should be in the mid to high teens. This will be higher than overall search and news advertising revenue growth, which we expect to be in the low single digits. In gaming, we expect revenue growth in the mid-30s, including approximately 40 points of net impact from the Activision acquisition. We expect Xbox content and services revenue growth in the low to mid-50s, driven by the net impact from the Activision acquisition. Harder revenue will again decline year over year. Now back to company guidance. We expect cogs between 19.95 to 20.15 billion US dollars, including approximately 700 million dollars from purchase accounting, integration, and transaction-related costs from the Activision acquisition.

根据合同的组合情况，设备业务的收入增长预计将处于低至中个位数百分比范围内。搜索和新闻广告（不含附加广告）的收入增长应在中至高的十几百分比范围内。这将高于我们预期的整体搜索和新闻广告收入增长，即低个位数百分比。在游戏业务方面，我们预计收入增长将在30%左右，其中包含动视收购带来的约40个百分点的净影响。我们预计Xbox内容和服务的收入增长将在低至中50%区间，主要受到动视收购的净影响的推动。硬件收入将再次同比下降。 回到公司的指导意见，我们预计成本将在199.5亿至201.5亿美元之间，其中包括动视收购带来的约7亿美元的采购会计、整合和交易相关成本。

We expect operating expense of 15.2 to 15.3 billion US dollars, including approximately 200 million dollars from purchase accounting, integration, and transaction-related costs from the Activision acquisition. Other income and expense should be roughly negative $650 million, driven by losses on investments accounted for under the equity method. That interest income will be mostly offset by interest expense. As a reminder, we are required to recognize gains or losses on our equity investment, which can increase quarterly volatility. We expect our Q1 effective tax rate to be approximately 19%. In closing, we remain focused on delivering innovations that matter to our global customers of every size. That focus extends to delivering on our financial commitments as well. We delivered operating margin growth of nearly 3.0 over year, even as we accelerate our AI investments, completed the Activision acquisition, and had a headwind from the change in useful lives last year. So as we begin FY25, we will continue to invest in the cloud and AI opportunity ahead, aligned, and if needed adjusted to the demand signals we see. We are committed to growing our leadership across our commercial cloud, and within that, the AI platform. And we feel well positioned as we start FY25. With that, let's go to Q&A Brett.

我们预计经营费用在152至153亿美元之间，其中约2亿美元来自于与收购动视暴雪相关的购买会计、整合和交易费用。其他收入和支出应大致为负6.5亿美元，主要由于按照权益法核算的投资损失。利息收入将大部分被利息支出抵消。请注意，我们需要确认我们的股权投资的收益或损失，这可能会增加季度波动性。我们预计第一季度的有效税率大约为19%。最后，我们仍然专注于为全球各种规模的客户提供重要的创新。这一专注还延伸到实现我们的财务承诺。即使在加速人工智能投资、完成动视暴雪收购以及去年使用寿命改变带来的不利条件下，我们仍实现了近3.0的营业利润率增长。因此，随着FY25财年的开始，我们将继续投资于云计算和人工智能，并根据需求信号进行调整。我们致力于在商业云和人工智能平台上的领导地位，并在FY25开始时，我们认为自己的定位很好。接下来进入问答环节，Brett。

Thanks, Amy. We'll now move over to Q&A. Out of respect for others on the call, we request the participants please only ask one a question. Operator, can you please repeat your instruction? Ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad, and our confirmation telling will indicate your lungs in the question queue. You may press star 2 if you would like to remove your questions from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And our first question comes from the line of Keith Weiss with Morgan Stanley. Please proceed. Excellent.

谢谢，艾米。接下来我们进入问答环节。为了尊重其他电话会议的参与者，请各位每次只提一个问题。接线员，能否请您再重复一下提示？女士们、先生们，如果您想提问，请按电话键盘上的星号1，并且会有确认提示表示您已进入问题队列。如果您想取消问题，请按星号2。对于使用扬声器设备的参与者，可能需要拿起听筒再按星号键。我们的第一个问题来自摩根士丹利的Keith Weiss。请继续。非常好。

Thank you guys for taking the question, and congratulations on another great quarter, and really solid overall fiscal year. Right now, there's an industry debate raging around the CAPEX requirements around gender AI, and whether the monetization is actually going to match with that. And I think the question for you guys, from a Microsoft perspective, is CAPEX still an appropriate leading indicator for cloud growth? Or do the shifting gross margin profiles change that equation? Or said another way, maybe, can you give us a little bit more help in understanding the timing between the CAPEX investments and the yields on those investments? Thank you. So thank you, Keith. Let me start, and then Amy can add to this. I think I'd say we primarily start right now from the demand side. What I mean by that is what's the shape of the product portfolio? What we learned even from the cloud transition, which as you know, Keith was similar in the sense that it was both a knowledge intensive and a capital intensive transition. We needed to have the product portfolio where there was the right mix of our colored infrastructure meters, as well as SaaS applications.

谢谢各位提出问题，并祝贺你们又一个出色的季度业绩，整个财政年度也非常稳健。目前，行业内对于性别智能（gender AI）相关的资本支出（CAPEX）需求存在激烈的争论，而且大家在讨论这些投入是否能够真正带来相应的收益。从微软的角度来看，你们是否认为资本支出仍然是云增长的一个重要先行指标？还是说毛利率比例的变化会改变这个等式？换句话说，能否请你们帮助我们更好地理解资本支出投资与这些投资收益之间的时间关系？谢谢。 谢谢，Keith。让我先回答，然后Amy可以补充。我认为我们目前主要是从需求侧开始考虑。我的意思是，产品组合的形态是什么？我们甚至从云转型中也学到了，这一转型既是知识密集型也是资本密集型的。我们需要在产品组合中拥有正确的混合搭配，包括我们配置的基础设施计量设备以及SaaS应用。

So that's the first thing that we're looking at, and how is that value landing with customers and what's the growth rate? So when I think about what's happening with M365 core pilot as perhaps the best Office 365 or M365 suite we have had, the fact that we're getting recurring customers or customers coming back, buying more seats or get up core pilot, not being bigger than even get up when we bought it, what's happening in the context center with Dynamics. So I would say, and obviously the Azure AI growth, that's the first place we look at. That then drives bulk of the cap expense. Basically, that's the demand signal because you've got to remember even in the capital spend, there is land and there is data center build, but 60 plus percent is the kit.

所以，这是我们首先关注的事情，以及这种价值在客户那里反响如何，增长率如何。当我想到我们最好的 Office 365 或 M365 套件——M365 Core Pilot 时，我们发现有很多回头客、购买更多席位的客户，甚至比我们收购 GitHub 时还要多的客户。 Dynamics 在客户服务中心的表现也不错。我会说，显然 Azure AI 的增长是我们最先关注的，这推动了大部分资本支出。基本上，这就是需求信号，因为即便在资本支出中，有土地和数据中心建设，但60%以上是用于设备的。

That only will be bought for inferencing and everything else if there is demand signal. So that's I think the key way to think about capital cycle even. The asset, as Amy said, is a long term asset, which is land and the data center, which by the way, we don't even construct things fully. We can even have things which are semi-constructory called cold shells and so on. So we know how to manage our cap expense to build out a long term asset and a lot of the hydration of the kid happens when we have the demand signal. There is definitely spend for training. Even there, of course, we will only be scaling training as we see the demand or crew in any given period in time.

只有在有需求信号的情况下才会购买用于推理和其他用途的设备。所以我认为关键在于如何思考资本周期问题。正如Amy所说，这些资产是长期资产，例如土地和数据中心，顺便说一下，我们甚至不会完全建造这些设施。我们可以建设一些半成品的所谓“冷壳”等。因此，我们知道如何管理我们的资本支出，以建设长期资产，并且在我们看到需求信号时，大部分设备部署会发生。训练方面的开支也是如此。当然，也是会根据需求的增加来逐步扩大训练规模。

So I would say it's more important to manage to capture the opportunity with the right product portfolio that's driving value. And on that front, I feel good about the breadth of Microsoft offering, whether it's in consumer side, whether it's in commercial per seat side or on the consumption meters. That's I think the fundamental driver. And Keith, I do think, and I really do appreciate how you phrase the question as well because I think the timing and some of the questions you all have had really led to how we were talking even about capital expense in our comments and my comments today. Being able to maybe share a little more about that when we talked about roughly half of FY24's total capital expense, as well as half of Q4's expense, it's really on land and builds and finance leases.

因此，我认为更加重要的是能够用正确的产品组合抓住机会，从而创造价值。在这方面，无论是面向消费者的产品，还是面向商业每席用户的产品，抑或是消费计费，微软的产品覆盖面都让我感到满意。这就是我们的基本驱动力。而且，Keith，我非常欣赏你提问的方式，因为我认为你们的提问时机和内容确实影响了我们今天讨论资本支出时的说法。我也许可以多说一点，当我们提到2024财年总资本支出的约一半，以及第四季度支出的约一半，主要用于土地开发、建筑和融资租赁。

And those things really will be monetized over 15 years and beyond. And they're incredibly flexible because we've built a consistent architecture first with a commercial cloud and second with the Azure Stack for AI. Regardless of whether the demand is at the platform layer or at the app layer or through third parties and partners or, frankly, our first party fast, it uses the same infrastructure. So with that long life flexible assets, and if you think about it that way, you can see what we're doing and focused on is building out this network and parallel across the globe because when we did this last transition, the first transition to the cloud, which seems a long time ago sometimes, it rolled out quite differently.

这些内容在未来15年及更长时间里确实会产生收益。它们非常灵活，因为我们首先构建了一个一致的架构——商业云，其次是用于人工智能的Azure Stack。无论需求是在平台层还是应用层，或者通过第三方和合作伙伴，抑或是我们自身的快速响应，它们都使用相同的基础设施。因此，凭借这些长期灵活的资产，如果你从这个角度来看待，就会明白我们正在全球范围内并行构建这个网络的重点所在。因为当我们进行了上一次向云的过渡时，那似乎已经是很久以前的事了，它的展开方式是相当不同的。

We rolled out more geo by geo and this one because we have demand on a global basis, we are doing it on a global basis, which is important. We have large customers in every geo. And so hopefully with that sort of shape of our capital expense, it helps people see how much of that is sort of near term monetization driver as well as a much longer duration. That's your role. Thank you very much. Next key operator, next question, please. And the next question comes from the line of Mark Mortler with Bernstein Research. Please proceed. Thank you very much. Thank you for taking the question and congrats on us from here. Jenny, I has been a bit of rollercoaster for the tech over the last year with creative acceleration, high expectations and the expectations drop is relatively kicked in. With Azure growth, we've seen this quarter and 0365, commercial not yet fully visible in numbers, even though Amy, you gave us a lot of color on it. Two quick parts to the question. So Satya, how do we think about what it's going to take for Jenny and I to become more real across the industry and for it to become more visible within your SaaS off brings. And Amy, with Cloud, it took time for margins to improve. It looks like with AI, it's happening quicker. Can you give us a sense of how you think about the margin impact near term and long term from all the investment on AI? Thank you. Yeah, thanks again Mark for the question. So to me, look, at the end of the day, Jenny is just software. So it is really translating into fundamentally growth on what has been our M365 SaaS offering with a new offering that is the co-pilot SaaS offering which today is on a growth rate that's faster than any other previous generation of software we launched as a suite in M365. That's I think the best way to describe it. I mean, the numbers I think we shared even this quarter are indicative of this, Mark. So if you look at it, we have both the landing of the seats itself quarter over quarter that is growing 60%. Right? That's a pretty good healthy sign. The most healthy sign for me is the fact that customers are coming back there. That is the same customers with whom we landed the seats coming back and buying more seats. And then the number of customers with 10,000 plus seats doubled, right? It's 2X quarter over quarter. That to me is a healthy SaaS Corbins. And on top of that, some of the things that Amy shared are on Dynamics, that's another exciting place for us, which is one, we're gaining share. We are, your Dynamics with Gen AI built in is sort of really, BizApp is probably the category that gets completely transformed with Gen AI. Contact Center is being a great example. We ourselves are, you know, on course to save hundreds of millions of dollars in our own customer support and contact center operations. I think we can drive that value to our customers. And then on the Azure side, you see the numbers very clearly. In fact, we, I think, last quarter is when we started giving you that. You saw an acceleration of that this quarter. One of the other pieces, Mark, is AI doesn't sit on its own, right? So it's just, we have a concept of design wins in Azure. So in fact, 50% of the folks who are using Azure AI are also using a data meter. That's very exciting to us because the most important thing in Azure is to win workloads in the enterprise. And that is starting to happen. And these are generational things once they get going with you. So that's, I think, how we think about it, at least when I look at what's happening on our demand side. And Mark, to answer the second half of your question on margin improvement looking different than it did through the last cloud cycle, that's primarily for a reason I've mentioned a couple of times we have a consistent platform. So because we're building to one Azure AI stack, we don't have to have multiple infrastructure investments. We're making one, we're using that internally, first party, and that's what we're using with customers to build on as well as ISVs. So it does, in fact, make margins start off better and obviously scale consistently. Thank you. Thanks, Mark. Operator, next question, please.

我们按地区逐步推出项目，但这次由于我们在全球范围内有需求，所以我们在全球范围内推出，这是很重要的。我们在每个地区都有大客户。因此，希望这种资本支出的形式能帮助人们了解其中的短期盈利驱动因素以及长期的发展。这个任务交给你了，非常感谢。下一位关键操作员，请提出下一个问题。 下一个问题来自Bernstein Research的Mark Mortler。请继续。非常感谢你们接受我的问题，并祝贺你们。Jenny，我的问题有点多，过去一年技术行业经历了剧烈的起伏，有过创意加速的高期望，也有期望大幅下降的时候。你提到的本季度Azure增长和0365商业在数据中还没有完全显现，尽管Amy，你之前给我们提供了很多相关的信息。我有两个简短的问题。Satya，您怎么认为Jenny和AI在整个行业中变得更加现实，并且在你们的SaaS产品中更具可见性？还有Amy，对于云计算，利润率的改善需要时间。看起来AI的收益率正在更快地提升。你能否向我们说明一下，对AI的所有投资在短期和长期的利润率影响？谢谢。 好的，谢谢Mark的问题。对我来说，Jenny本质上只是软件。它实际上转化为我们M365 SaaS产品线的基本增长，推出了一个新的叫做Copilot的SaaS产品，目前的增长速度快于我们之前推出的任何一代M365软件套件。我认为这是最好的描述方式。我们本季度分享的数据也证实了这一点。如果你看一看，我们座席数量每季度增长60%。这是一个非常健康的信号。最让我感到欣慰的是，客户不断回购。同一批客户购买了初始座席后，又回过头来购买更多的座席。拥有1万以上座席的客户数量翻了一倍，季度增长2倍。对我来说，这是一种健康的SaaS形态。再加上Amy分享的一些关于Dynamics的信息，这是另一个令人兴奋的领域。我们成功获得市场份额，Dynamics集成了生成性AI，业务应用领域因此彻底变革，呼叫中心是一个很好的例子。我们的客户支持和呼叫中心运营成本将节省数亿美元。我相信我们能为客户带来这些价值。Azure方面的数据也很明确。实际上，我们上个季度开始提供这些数据，你看到了本季度的数据加速。另一个值得注意的是，AI不是独立存在的。我们有一个Azure的设计收益概念，实际上，50%使用Azure AI的人也在使用数据服务。这对我们来说非常令人兴奋，因为Azure最重要的是赢得企业的工作负载。这种趋势一旦开始，将是世代性的。所以，这是我们对需求侧的看法。 Mark，关于你提到的第二个问题，与上一个云计算周期不同，这次利润率改善看起来有所不同，主要原因是我们有一个一致的平台。我们只需构建一个Azure AI堆栈，不需要多重基础设施投资。我们在内部使用同一个平台，并与客户和ISV一起构建。所以这确实使利润率从一开始就更好，并且可以持续扩展。谢谢。Mark，谢谢你的提问。操作员，下一个问题。

The next question comes from the line of cash rangan with Goldman Sachs. Please proceed. Hi. Thank you very much and congrats on a great year fiscal year ending. Looking for you, Amy, when you look at the CapEx, how do you bring efficiencies out of the CapEx? You've disclosed that 50% of the infrastructure of the other 50% tech is very useful. So in other words, do you have to keep going growing CapEx at these elevated rates or could you slow down CapEx and still get that consistent revenue growth rate in your Azure and generative AI? That's the main question on my mind. Thank you so much. Thanks, Cash. That's a very good question. There's really two pieces, I think, as I heard your question that I would reflect on. The first is, could we see sort of consistent revenue growth without maybe what you would say is more of this sort of elevated capital expense number or something that continues to accelerate? And the answer to that is yes, because there's two different pieces, right? You're seeing half of this go toward long-term bills that Sott you mentioned. The pace at which we fill those bills with CPUs or GPUs will be demand-driven. And so if we see differences in demand signal, we can throttle that investment on the CPU side, which we've done for, I guess, a long time at this point as I reflect. And we'll use all that same learning and demand signal understand to do the same thing on the GPU side. And so you're right that you could see relatively consistent revenue patterns. And yet see these inconsistencies in capital spend quarter to quarter. The other thing I would note, Cash, is you'll also notice there's a sort of growing distinction between our CAPTEX number and on occasion, the cash that we pay for PP&E. And you're going to start to see that more often in this period because it happens when we use leases. Leases sort of show up all at once. And so you'll see a little bit more volatility. I've mentioned it back in my comments before, but I mentioned it again just because you're starting to see that distinction in my comments and hopefully that's helpful context.

下一个问题来自高盛的卡什·兰根。请继续发言。 嗨，非常感谢，并祝贺你们度过了一个出色的财政年度。艾米，我想问一下，当你看资本支出（CapEx）时，你是如何在其中提高效率的？你们已经披露了基础设施中50%的技术是非常有用的。那么换句话说，你们是否必须保持这种高增长的资本支出率，或者是否可以放慢资本支出速度，同时仍然保持你们在Azure和生成式AI方面的稳定收入增长？这是我最关心的问题，非常感谢。 谢谢你，卡什。这是个非常好的问题。我认为你的问题可以分成两个部分。首先，在没有这种高增长的资本支出数字（或持续加速的资本支出）情况下，我们能否看到稳定的收入增长？答案是可以的，因为这涉及到两个不同的部分。你看到的有一半资本支出用于长期建设，正如Sott提到的。我们填补这些建设中的CPU或GPU的速度将由需求驱动。因此，如果我们看到需求信号不同，我们可以在CPU方面调整投资，而我们已经做了很久了。我反思一下，我们会利用所有相同的学习和需求信号理解，在GPU方面也采用同样的方法。因此，你是对的，你可以看到相对一致的收入模式，但资本支出季度间可能会有不一致。 另外我要提到，卡什，你还会注意到我们的资本支出数字和偶尔支付的财产、厂房和设备（PP&E）现金之间，存在越来越大的区别。你将在这个时期更频繁地看到这种情况，因为当我们使用租赁时，这种情况会一下子显现出来，因此你会看到更多的波动性。我之前在评论中提到过，但再次提到这一点，希望这能为你提供有用的背景信息。

Just one other thing, Amy, if I want to add, I think as people think about capital spend, I think it's important separate out leases from build. And when it comes to build, I think it's important for us to think about, we think about it in terms of what's the total percentage of cost that goes into each line item, land, which obviously has a very different duration and a very different lead time. So those are the other two considerations. We think about lead time and duration of the asset, land, network, construction, the system or the kit, and then the ongoing cost. And so if you think about it that way, then you know how to even adjust, if you will, the capital spend based on demand signal. Thank you. It was triggered by the jump in capital. And as Amy pointed out, you're guiding to accelerating Azure revenue growth rate, which as follows the capital search. Thank you so much once again. Thanks, Cash. Operator, next question, please.

Amy，还有一件事，如果可以补充一下，我认为在考虑资本支出时，将租赁和建设区分开来是很重要的。在谈论建设时，我们需要考虑每项成本在整体中的百分比占比，包括土地，它显然具有非常不同的持续时间和不同的提前期。所以这两个因素也是需要考量的。我们需要考虑提前期和资产的持续时间，包括土地、网络、建设、系统或设备，然后是持续成本。因此，如果按照这种方式思考，你就知道如何根据需求信号来调整资本支出。谢谢。这是因为资本支出的猛增引发的。正如Amy指出的，你们正引导Azure收入增长率加速，这与资本的猛增相符。再次感谢。谢谢，Cash。接线员，下一位提问。

The next question comes from the line of Brent Till with Jeffries. Please proceed. Thanks. Amy, the magnitude of the beat this quarter was a little lower than we've seen in the past. Was there anything unusual on sales like those at close rates that you saw? Thanks. Thanks, Brent. Actually, no, as I was talking on the corner, I mean, commercial bookings were much better than we expected going into the quarter. Commitments were very good execution across both the core sort of annuity renewal motion was good as expected. The larger long term commitment were better than we expected. So, Brent, I would not say there was anything really unusual in how I thought about what we saw in our commercial execution through the quarter. Great. Thank you. Thanks, Brent. Operator, next question, please.

下一个问题来自Jeffries的Brent Till。请开始提问。谢谢。 Amy，这个季度的成绩略低于以往。销售上是否有任何异常情况，比如那些成交率？谢谢。 谢谢，Brent。实际上，没有。我刚才在总结时提到，商业预订比我们进入本季度时预期的要好。承诺和核心年金续订的执行情况都很好，符合预期。较大规模的长期承诺也超出了我们的预期。所以，Brent，我认为在商业执行方面整个季度都没有什么特别异常的情况。 好的，谢谢。谢谢，Brent。操作员，下一个问题。

The next question comes from the line of Carl Kierstedt with UBS. Please proceed. Okay, great. So, maybe I'll direct this to Amy. Amy, I know when you set your Azure guidance, you're always looking to meet or beat the high end. The 30% you put up in the June quarter, amazing number given the scale of Azure. But it did come in at the low end of your range. And I just love for you to maybe elaborate on the Delta. I guess as I reflect on what you've said in your comments, there's two things that I heard you say. One, it sounded like there's persistent capacity constraints that you think might get alleviated in the second half. And then secondly, you mentioned perhaps some modest softness in Europe. I presume that's a little bit more economic rather than Azure specific. Is that the right way to frame the performance in the quarter? Thank you. Thanks, Carl. Yes, that's exactly right. Maybe I'll just repeat it just so people can hear it in my words as well. To that 30 to 31% guide for Q4 and coming in at the lower end at 30, you're exactly right. The distinguishing between being at the higher end or at the lower end really was some softness we saw in a few European gos on non-AI consumption really made the difference in that number. And we've assumed that going forward into H1 inclusive of my guide in 28 to 29 going forward. And then let me separate which was your larger point, which is one of the other factors you see ongoing. Number one, you're right, capacity constraints, particularly on AI and Azure will remain in Q4 and will remain in H1. So hopefully that's helpful. Yeah, thank you, Andy. Thanks, Carl. Operator, next question, please.

接下来一个问题来自UBS的Carl Kierstedt，请开始提问。 好的，太好了。那么，我可能会把这个问题指向Amy。Amy，我知道你在制定Azure的指导目标时，总是希望达到或超过最高目标。你们在六月季度获得了30%的增幅，考虑到Azure的规模，这已经是一个很惊人的数字了。但它确实落在了你们预期区间的低端。我希望你能详细说明一下原因。在回顾你之前的评论时，我听到两个主要点。首先，似乎你认为持续的容量限制可能会在下半年得到缓解。其次，你提到欧洲可能出现了一些轻微的经济疲软，我认为这更多是由于经济因素而不是Azure本身的原因。这样理解本季度的表现是否正确？谢谢。 谢谢，Carl。是的，完全正确。也许我再重复一遍，让大家听听我的解释。对于四季度30%到31%的指导目标，结果落在了30%的低端，你说得非常对。区分是否达到高端或低端的确是在于我们在欧洲的一些地区发现了非AI消费的一点疲软，这实际上影响了这个数字。我们在制定下半年的指导目标时也考虑到了这一点，包括我的28%到29%的指导目标。 然后让我再说明一下你提到的更大的因素，其中之一是你提到的容量限制，特别是在AI和Azure方面，这种情况将在四季度以及下半年的前半部分持续。因此，希望这对你有所帮助。 谢谢你，Andy。谢谢你，Carl。操作员，可以提下一个问题了。

The next question comes from the line of Brad Zelnick with Deutsche Bank. Please proceed. Great. Thank you very much. Amy, with Azure demand once again, greater than available capacity. I appreciate the capex investments in the build out and acceleration you expect in the back half. But as we think about cloud capacity and AI services specifically, can you talk about both the near-term and long-term strategy around the AI partnerships that you're signing with the likes of Oracle and CoreWeave, for example? Thank you. Thanks, Brad. Maybe separate a couple of things. We are and we've talked about being held for quite a few quarters. We are constrained on AI capacity. And because of that, actually, we've, to your point, have signed up with third parties to help us as we are behind with some leases on AI capacity. We've done that with partners who are happy to help us extend the Azure platform, to be able to serve just a Azure AI demand. And you do see us investing quite a bit, as we've talked about in build, so that we can get back in a more balanced place. Yeah. I mean, to me, it's no different than leases that we would have done in the past. You would even say sometimes buying from Oracle, maybe even more efficient leases because they are even shorter made. Excellent. Thanks for the color. Thanks, Brad. Operator, next question, please.

下一个问题来自德意志银行的布拉德·泽尔尼克。请继续提问。 布拉德：好的，非常感谢。艾米，关于Azure的需求再次超过了现有的容量。我理解你们在基础设施投资和加速建设方面的努力，并期待下半年会有新的发展。但是，当我们具体讨论云容量和AI服务时，您能否谈谈关于与Oracle和CoreWeave等公司签订AI合作伙伴关系的短期和长期策略？谢谢。 艾米：谢谢布拉德。我们可以把几个事情分开来说。首先，我们多季度以来一直面临AI容量的限制。由于这个原因，正如你提到的，我们已经与第三方合作来帮助我们解决AI容量不足的问题。我们通过与那些愿意帮助我们扩展Azure平台的合作伙伴签约，来满足Azure AI的需求。同时，正如我们所谈到的，我们在基础设施建设方面投入了大量资金，以期在容量方面达到平衡。 艾米：对我来说，这其实与过去我们签订的租赁合同没有什么区别。有时候甚至购买来自Oracle的服务可能更加高效，因为这些租赁合同更短。 布拉德：很好。谢谢你的解释。 艾米：谢谢布拉德。操作员，下一个问题。

The next question comes from the line of Mark Murphy with JP Morgan. Please proceed. Thank you very much. We have a couple quarters of Co-Pilot for M365 availability under your belt now. How are you assessing the capability of Co-Pilot to replicate the productivity gains that they've created for developers, which seem to be very high? And to do something similar for the broader population of knowledge workers, for instance, what you're mentioning, the 10,000 feet deals that repeat purchases, is it possible to eventually see Co-Pilot penetration rates equally high in office as they will be in GitHub? Yeah, that's a great question. In fact, the GitHub design system and the GitHub Co-Pilot workspace design system, which now, for example, you start with an issue, you create a plan from a plan, you create a spec, or you create a spec and from a spec, you create a plan and then you go operate across the full repo. That's effectively the design system that is getting replicated inside of even the M365 Co-Pilot. And you see this even now. For example, you get an email, you're in sales, you want to respond to the customer, the data from the email is essentially context for a prompt, but you expand by bringing in all of your CRM data.

接下来是来自摩根大通的马克·墨菲的问题。请继续。非常感谢。我们已经有几个季度M365的Co-Pilot可用性了。您如何评估Co-Pilot在复制开发人员取得的高生产力方面的能力？这种能力是否能同样适用于更广泛的知识工作者群体，比如您提到的重复采购的大客户？是否有可能最终在办公环境中的Co-Pilot普及率达到GitHub中的水平？ 是的，这是个很好的问题。实际上，GitHub的设计系统和GitHub Co-Pilot的工作空间设计系统——例如，现在您从一个问题开始，创建一个计划，从计划中创建一个规范，或者从规范中创建计划，然后在整个代码库中进行操作——这种设计系统正在被复制到M365的Co-Pilot中。而且您现在就能看到这些。例如，您收到一封电子邮件，您在销售部门，想要回复客户，电子邮件中的数据实际上作为提示的上下文，然后您通过引入所有的CRM数据来扩展响应。

So this customer email is in the context of some order, all of the CRM record gets completed in context and a reply gets generated with the CRM data. That's the type of stuff that's already happening. Then you take something like Co-Pilot Studio, you can start even grounding it in more data and then completing workflows. So you could say, if this email comes from this customer whose order date is got a particular issue with it, you can then go and escalate it to somebody else who gets an notification in Teams. There are kinds of workflows that are getting built within IT or by end users themselves. What used to be line of business applications to us are Co-Pilot extensions going forward. So we think of this as really a new design system for knowledge and frontline work to drive productivity, which would be very akin to what has happened in software engineering. So when you think about marketing or finance or sales or customer service, we will effectively replicate what you just said, which is the type of product you would be seeing in developers will come to all of these functions as they think about their workflow and work artifact all being driven by Co-Pilot.

所以这封客户邮件是关于某个订单的，所有的客户关系管理(CRM)记录都是在这个上下文中完成的，并且会使用CRM数据生成回复。这种事情已经在发生了。然后你采取像Co-Pilot Studio这样的工具，还可以用更多数据来支持它并完成工作流程。比如，如果这封邮件来自某个特定客户，而该客户的订单日期有某些问题，那么你可以将其升级给其他人，并且他们会在Teams中收到通知。这些类型的工作流程正在IT部门或最终用户自身之间构建。从前我们把这些称为业务线应用程序，而现在往前看它们都是Co-Pilot扩展。所以我们认为这实际上是一种新的设计系统，用于提高知识工作和一线工作的生产力，这和软件工程中发生的事情非常相似。所以，当我们考虑市场营销、财务、销售或客户服务时，我们实际上是在复制你所说的，即开发人员所看到的产品类型将用于所有这些功能，因为他们认为他们的工作流程和工作成果都将由Co-Pilot驱动。

Thank you very much. Thanks, Mark. Operator, we have time for one last question. And the last question will come from the line of Keith Bachmann with BMO Capital Markets. Please proceed. Hi, good evening, and thank you for the opportunity to ask the question. I actually wanted to veer toward gaming if I could for a second. Xbox Content Services Revenue Group, 61%, 58 points help from Activision. So Net is about three points of growth. How should investors think about the longer term growth potential in this area? You've made significant investments, including the Activision deal. But how should investors be thinking about the growth potential of the gaming area? What are the puts and takes to help make considerations here? Thank you.

谢谢你，非常感谢。谢谢你，Mark。主持人，我们还有时间回答最后一个问题。最后一个问题是来自BMO资本市场的Keith Bachmann。请开始提问。 你好，晚上好，感谢给我提问的机会。我其实想谈一谈游戏方面的问题，可以吗？Xbox内容服务收入组增长了61%，其中来自动视的帮助占了58个百分点。所以净增增长约为3%。投资者应该如何看待该领域的长期增长潜力呢？你们已经进行了大量投资，包括收购动视。但是投资者应该如何看待游戏领域的增长潜力呢？有哪些因素需要考虑？谢谢。

Yeah, for us, our investment in gaming fundamentally was to have, I'd say, the right portfolio of both what we love about gaming and always have loved about gaming, which is Xbox and the content for the console, and expand from there so that we have content for everywhere people play games, starting with the PC. So when I think about the Activision portfolio, it comes with great assets for us to cover both the PC and the console. And then, of course, assets to cover mobile sockets, which we never had. So we feel that now we have both the content and the ability to access all the traditional high scale platforms where people play games, which is the console, PC and mobile.

对我们来说，我们在游戏领域的投资主要是为了拥有一个平衡的组合，既包含我们一直喜爱的东西——也就是Xbox和其主机游戏内容，同时还要从此基础上扩展，确保我们在更多平台上也有内容，首先是PC平台。所以，当我想到动视暴雪的产品组合时，我觉得它为我们提供了用于覆盖PC和主机这两个领域的宝贵资源。当然，还有用于覆盖移动平台的资源，这是我们以前从未拥有的。所以，我们觉得现在我们既有了丰富的内容，也有了进入所有主流游戏平台的能力，包括主机、PC和移动平台。

But we're also excited about these new sockets. I mean, the fact that even in this last quarter, we expanded XCloud to Amazon TV. I forget the name of what it's called, but that's the type of new access that really helps us a lot get reach new gamers or the same gamer everywhere they want to play. And that ultimately will show up in that software plus services and transaction revenue for us, which is really our long term KPI. And that's what we're building towards. And that was the strategy behind Activision as an asset, Amy, for an ad to it.

但我们也对这些新接口非常兴奋。我的意思是，即便在上个季度，我们也把XCloud扩展到了Amazon TV（我忘了它具体叫什么了）。这类新的访问方式真的帮助我们在任何地方吸引新的玩家或满足现有玩家的需求。最终，这将反映在我们的软件加服务和交易收入上，这也是我们长期的关键绩效指标。这正是我们努力的方向。这就是我们将动视作为资产来纳入的策略，Amy，可以补充一下这一点。

No, I do think the real goal here is to be able to take a broad set of content to more users in more places and really build what looks more like to us, the software, annuity and subscription business with enhanced transactions and the ownership of IP, which is quite valuable long term. As Sucka mentioned, things where with the ownership of IP, it can be monetized in multiple ways. And I think we're really encouraged by some of the progress and how we're making progress with Game Pass as well with some of the new announcements.

不，我确实认为真正的目标是能够将更多内容带给更多地方的更多用户，并真正建立对我们来说更像是软件、年费和订阅业务，并且增强交易和知识产权的所有权，这在长期来看相当有价值。正如Sucka提到的，有了知识产权的所有权，它可以通过多种方式货币化。我认为我们对取得的一些进展以及我们在Game Pass和一些新公告中的进展感到非常鼓舞。

Thank you, Keith. Thanks, Keith. 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. Thank you. Thank you all. This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

谢谢你，Keith。谢谢你，Keith。今天的收益电话会议问答环节到此结束。感谢大家今天的参与，我们期待很快能与大家再次交流。谢谢大家。今天的会议到此结束。现在您可以断开连接了。祝您度过愉快的一天。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。谢谢。