Microsoft 2023 Q1 (Gregorian Calendar) Earnings Call
发布时间 2023-04-27 12:19:13 来源
Greetings and welcome to the Microsoft fiscal year, 2020-33rd 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 wants to require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
欢迎参加微软公司2020财政年度第33个季度收益电报会议。现在，所有参与者都在听模式下。正式演示后将进行问答环节。如果任何人在会议期间需要操作员协助，请按下电话键盘上的星号零。提醒一下，本次会议正在录音。
I would now like to turn the conference over to your host, right? I wish them vice president of investor relations. Please go ahead.
我现在想把会议主持权交给您的主持人，是吗？我希望他是投资者关系的副总裁。请开始。
意思是说，现在将会议主持权交给主持人，他是公司投资者关系的副总裁，希望他继续进行会议。
Good afternoon and thank you for joining us today. On the call with me are Saki Dadella, chairman of Chief Executive Officer, Amy Hood, Chief Financial Officer, Alice Jollett, Chief Accounting Officer, and Keith Oliver, Deputy General Council. On the Microsoft Invest 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 gap and non-gap financial measures.
下午好，感谢您今天加入我们的电话会议。与我一起参加会议的是谷海（Saki Dadella），首席执行官，艾米·胡德（Amy Hood），首席财务官，艾丽丝·乔莱特（Alice Jollett），首席会计官和基思·奥利弗（Keith Oliver），副总法律顾问。在微软投资关系网站上，您可以找到我们的收益新闻发布和财务摘要幻灯片，这是为了补充今天会议期间我们准备的发言，并提供了差距和非差距财务指标之间的和解。
Additionally, new this quarter, more detailed outlook slides will be available on the Microsoft Invest Relations website when we provide outlook commentary on today's call. On this call, we will discuss certain non-gap items. The non-gap financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with gap. They are included as additional clarifying items to aid investors in further understanding the company's third quarter performance in addition to the impact these items and events have on the financial results.
此外，本季度新增了更详细的业务展望幻灯片，当我们在今天的电话会议上提供展望评论时，可在微软投资者关系网站上找到。在本次电话会议上，我们将讨论某些非差异项。所提供的非差异财务指标不应视为或优于按差异制备的财务绩效指标的替代品。它们作为额外的阐明项纳入其中，以帮助投资者更深入地了解公司第三季度的表现，以及这些事项和事件对财务结果的影响。
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 effective foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only. We will post our prepared remarks to our website immediately following the call until the complete transcript is available.
今天通话中所做的所有增长比较都与去年同期对应，除非另有说明。我们还将在有可用的情况下提供以恒定货币计价的增长率，作为评估我们的基础业务表现，排除外汇汇率波动的框架。如果恒定货币下的增长率相同，我们将只提及该增长率。我们将在通话后立即将准备好的讲话张贴到我们的网站上，直到完整的文字稿可用。
Today's call is being broadcast live and reported. If you ask a question, it will be included in our live transmission in the transcript and in any future use of the reporting. You can replay the call and view the transcript on the Microsoft Invest Relations website. During this call, we will be making four looking statements which are predictions, projections, or other statements about future events.
今天的电话会议正在现场直播和报道。如果您提出问题，我们将把它包含在我们的直播传输和报告的任何未来使用中的记录和文本中。您可以在微软投资关系网站上回放电话，并查看文字记录。在这个电话会议中，我们将会发表四个前瞻性声明，即预测、投影或其他关于未来事件的声明。
These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could be different because the factors discussed in today's earnings press release in the comments made during this 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 foreign looking statement.
这些声明基于当前的预期和假设，但存在风险和不确定因素。实际结果可能会有所不同，因为这些因素在今天的收益新闻稿、本次会议所发表的评论以及我们提交给证券交易委员会的10K表格、10Q表格和其他报告和文件的风险因素部分中有所讨论。我们不承担任何更新前瞻性声明的责任。
Elefak, I'll try to look all over Satya. Thank you very much, Brett. The Microsoft Cloud delivered over $28 billion in quarterly revenue, up 22% and 25% in constant currency, demonstrating our continued leadership across the tech stack. We continue to focus on three priorities. First helping customers use the breadth and depth of the Microsoft Cloud to get the most value out of their digital spend. Second investing to lead in the new AI wave across our solution areas and expanding our time. And third driving, operating leverage, aligning our cost structure with our revenue growth.
Elefak，我会尽力搜索所有的Satya。非常感谢您，Brett。微软云平台的季度收入超过了280亿美元，同比增长了22％，不变货币增长率为25％，展示了我们在技术栈领域持续的领导地位。我们仍然专注于三个优先事项。首先，帮助客户充分利用微软云平台的广度和深度，以获得他们数字化投资的最大价值。其次，在各个解决方案领域投资领先的新人工智能浪潮并扩大我们的业务范围。第三个方面是推动操作杠杆作用，将我们的成本结构与收入增长相一致。
Now I'll highlight examples of our progress starting with infrastructure. Azure took share as customers continue to choose how ubiquitous computing fabric from Cloud to Edge, especially as every application becomes AI-powered. We have the most powerful AI infrastructure and is being used by our partner OpenAI as well as in video and leading AI startups like Adapt and Inflation to train large models. Our Azure OpenAI service brings together advanced models including chat GPT and GPT-4 with the enterprise capabilities of Azure. From Corsera and Grammily to Mercedes-Benz and Shell, we now have more than 2500 Azure OpenAI service customers up 10x quarter over quarter.
现在我将突出我们在基础设施方面所取得的进展，从 Azure 开始。由于每个应用程序都变成了 AI 动力，客户继续选择从云到边缘的普及计算基础设施，Azure 就在此领域取得了份额。我们拥有最强大的 AI 基础设施，并被我们的合作伙伴 OpenAI 以及在视频和领先的 AI 初创公司 Adapt 和 Inflation 中使用来训练大型模型。我们的 Azure OpenAI 服务将包括聊天 GPT 和 GPT-4 在内的先进模型与 Azure 的企业能力融合在一起。从 Coursera 和 Grammarly 到奔驰和壳牌，我们现在拥有超过 2500 个 Azure OpenAI 服务客户，每季度增长了 10 倍。
Just last week Epic system shared that it was using Azure OpenAI service to integrate this next generation AI with its industry leading EHR software. Azure also powers OpenAI API and you're pleased to see brands like Shopify and Snap use the API to integrate OpenAI's models. So broadly we continue to see the world's largest enterprises migrate key workloads to our Cloud. UnityLiver for example went all in on Azure this quarter in one of the largest ever Cloud migrations in the consumer goods industry. IKEA Retail, I&G Bank, Robo Bank, Telstra and Wolverine worldwide all use Azure Arc to run Azure services across on-premise, Edge and multi-cloud environments.
就在上周，Epic系统宣布使用Azure OpenAI服务来将这一新一代人工智能与其业内领先的电子病历软件集成。Azure还支持OpenAI API，我们很高兴看到像Shopify和Snap这样的品牌使用API来集成OpenAI的模型。因此，我们广泛地看到世界上最大的企业将关键工作负载迁移到我们的云上。例如，UnityLiver在这个季度全部使用Azure，这是消费品行业有史以来最大的云迁移之一。IKEA Retail、I＆G Bank、Robo Bank、Telstra和Wolverine Worldwide都使用Azure Arc将Azure服务在本地、边缘和多云环境中运行。
We now have more than 15,000 Azure Arc customers up over 150% year over year and we are extending our infrastructure to 5G network edge with Azure for operators. We are the clouded choice for telcos and at MWC last month AT&T Deutsche Telekom, Sintel and Telefonica all shared how they are using our infrastructure to modernize and monetize their networks.
我们现在拥有超过15,000个Azure Arc客户，相较去年增长了150％以上，同时我们正在将我们的基础架构扩展到5G网络边缘，用Azure为运营商提供服务。我们是电信行业的首选云服务商，在上个月的MWC大会上，AT＆T、德国电信、Sintel和Telefonica都分享了如何利用我们的基础架构来现代化和实现网络的盈利。
Now onto data. Our intelligent data platform brings together databases, analytics and governance so organizations can spend more time creating value and less time integrating their data estate. Cosmos DB is the go-to database powering the world's most demanding workloads that any scale. OpenAI relies on Cosmos DB to dynamically scale the chat GPT service, one of the fastest growing consumer apps ever enabling high reliability and low maintenance. The NBA uses Cosmos DB to ingest more than 10 million data points for game helping teams optimize their gameplay. And we are taking share with our analytics solutions companies like VP, Canadian Tire, Mox and Spencer and T-Mobile all rely on our end-to-end analytics to improve speed to insight.
现在，我们来谈谈数据。我们的智能数据平台将数据库、分析和治理集成在一起，让组织能够更多地花时间创造价值，而不是集成他们的数据系统。Cosmos DB是支持世界上最苛刻的工作负载的主要数据库，无论规模大小。OpenAI依赖于Cosmos DB实现聊天GPT服务的动态扩展，这是一种快速增长的消费者应用程序，可提高高可靠性和低维护性。NBA使用Cosmos DB将超过1000万个数据点输入游戏，帮助团队优化他们的游戏玩法。而我们的分析解决方案所涉公司（如VP、Canadian Tire、Mox、Spencer和T-Mobile）都依赖我们的端到端分析技术，以提高信息洞察速度。
Now onto developers. From Visual Studio to GitHub we have the most popular tools to help every developer go from idea to code and code to cloud all while staying in their flow. Today 76% of the Fortune 500 use GitHub to build, ship and maintain software and with GitHub Copilot the first app scale AI developer tool we are fundamentally transforming the productivity of every developer from novices to experts. In three months since we made Copilot for business broadly available, over 10,000 organizations have signed up including the lights of Coca-Cola and GM as well as Duolingo and Mercado Libre all of which credit Copilot with increasing the speed for their developers. We are also bringing next generation AI to power platforms so anyone can automate workflows, create apps or web pages, build virtual agents and analyze data using only natural language. More than 36,000 organizations have already used existing AI power capabilities in power platform and with our new Copilot and Power Apps we are extending these capabilities to end users who can interact with any app through conversation instead of clicks. All of we now have nearly 33 million monthly active users of power platform up nearly 50% year or year.
现在我们来谈论开发者。无论是使用 Visual Studio 还是 GitHub，我们都提供了最受欢迎的工具，帮助每个开发者从想法到代码，从代码到云端，让他们在工作中保持流畅。如今，有 76% 的财富 500 强公司使用 GitHub 来构建、发布和维护软件。而有了 GitHub Copilot 这一全新的应用规模 AI 开发工具，从初学者到专家，我们都在根本性地提升了每个开发者的生产率。自我们将 Copilot 作为商业工具广泛放开以来，短短三个月内，就有超过 10,000 家机构进行了注册，其中包括可口可乐、通用汽车等著名公司，还有 Duolingo 和 Mercado Libre 等公司，全部都赞赏Copilot 帮助他们提速。我们正在将下一代 AI 引入平台，使任何人都可以使用自然语言来自动化工作流程、创建应用或网页、构建虚拟代理和分析数据。如今已经有超过 36,000 家公司使用了 Power Platform 的现有 AI 能力。而现在，我们通过 Copilot 和 Power Apps 将这些能力扩展到最终用户，他们可以通过对话而不是点击与任何应用程序进行交互。我们现在拥有将近 3300 万月活跃用户，同比增长了近 50%。
Now onto business applications. Our customer experience and service to finance and supply chain we continue to take share across all categories we serve as organizations like Asahi, C.H. Robinson, Eon, Franklin Templeton, choose our AI power business applications to automate, simulate and predict every business process and function. And we are going further with Dynamics 365 Copilot which works across CRM and ERP systems to bring the next generation AI to employees in every job function. You are using burdensome tasks like manual data entry, content generation and note taking.
现在让我们来谈谈商业应用。我们的客户体验和服务领域一直在各个类别中取得份额，为像Asahi、C.H. Robinson、Eon、Franklin Templeton这样的组织选择我们的AI动力商业应用程序来自动化、模拟和预测每一个业务流程和功能。而我们正在推出Dynamics 365 Copilot，它可以跨CRM和ERP系统，在每个工作职能中为员工带来下一代AI。如果您正在使用繁重的任务，例如手动数据输入、内容生成和记笔记等等，那么就请尝试使用我们的应用程序吧。
Now onto our industry and cross-industry solutions. Our cloud for sustainability seems strong adoption from companies in every industry including BDC, Nissan and TCL as they deliver on their respective environmental commitment. Our cloud for healthcare was front and center at HIMS last week as we expanded our offerings for bears and added new AI powered capabilities for providers. We showcase the first fully AI-automated clinical documentation application, Neon's DAX Express which will bring GPT-4 to more than 550,000 existing users of Dragon Medical. And at Hanover Massay, manufacturing, trade show, Siemens shared how it will use a team's app integrated with Azure Open AI service to optimize factory workflows.
现在，让我们来谈谈我们的行业和跨行业解决方案。我们的可持续云平台获得了包括BDC、日产和TCL在内的各行各业的公司的强烈认可，因为它们身体力行地履行了各自的环保承诺。我们的医疗云平台在上周的HIMS展上受到了瞩目，因为我们为医生和提供者增加了新的人工智能功能。我们展示了第一个完全由人工智能自动化的临床文献应用程序——Neon's DAX Express，该应用程序将让超过550,000名现有的Dragon Medical用户体验到GPT-4。在汉诺威马塞制造贸易展上，西门子公司分享了如何使用一个团队的应用程序与Azure Open AI服务集成，以优化工厂的工作流程。
Now onto future work. Microsoft 365 Copilot combines next generation AI with business data in the Microsoft Graph and Microsoft 365 applications, removing the drudgery and unleashing the creativity of work. Copilot works alongside users embedded in the Microsoft 365 applications millions use every day and it also powers business chat which uses natural language to surface information and insights based on business content and context. We've been encouraged by early feedback and looked forward to bringing these experiences to more users in the coming months.
现在我们来谈谈未来的工作。Microsoft 365 Copilot 将下一代人工智能与 Microsoft Graph 和 Microsoft 365 应用程序中的业务数据相结合，消除了工作的枯燥乏味，释放了创造力。Copilot 与每天数百万人使用的 Microsoft 365 应用程序一起工作，并且还可以为企业聊天提供动力，该聊天使用自然语言根据业务内容和上下文呈现信息和见解。我们已经得到了早期反馈的鼓励，并期待在未来几个月将这些体验带给更多用户。
Team usage is at an all time high and surpassed 300 million monthly active users this quarter and we once again took share across every category from collaboration to chat to meetings to calling as we add value for existing customers and win new ones like ADN Amro or Jaguar Landro or Matros firm Unises and Votiform.
团队使用量达到了历史最高水平，本季度月活跃用户已超过3亿，我们再次在协作、聊天、会议、通话等各个类别中占据了份额，为现有客户增加价值并赢得了新客户，如ADN Amro、Jaguar Landro、Matros公司Unises和Votiform。
We announced a new version of Teams the delivers after two times faster performance while using 50% less memory so customers can collaborate more efficiently and prepare for experiences like Copilot. Teams is also expanding our time nearly 60% about enterprise teams customers by Teams phone rooms or premium. Teams phone is the undisputed market leader in cloud calling helping our customers reduce cost with a 3 year ROI of over 140%.
我们宣布推出新版本的Teams，其表现两倍更快，且使用的内存减少了50%，以便客户能够更有效地协作，为像Copilot这样的体验做好准备。同时，通过Teams电话室或高级版，Teams还将扩展我们近60%的企业团队客户的时间。Teams电话是云通话的无可争议的市场领导者，帮助我们的客户降低成本，3年投资回报率超过140%。
Teams rooms revenue more than double year over year and Teams premium meets enterprise demand for AI powered features like intelligent recap. Now generally available it's one of our fastest growing modern work products ever with thousands of paid customers just two months in.
Teams房间收入年年翻了一番，而Teams高级版满足了企业对人工智能功能（如智能摘要）的需求。现在它已经普及，是我们最快增长的现代工作产品之一，仅在两个月内就有数千付费客户。
With Microsoft Viva we have created a completely new suite for employee experience. Viva brings together goals, communication, learning, workplace analytics and employee feedback across industries companies like Dell, Mastercard and SDS are using Viva to help their employees thrive.
微软Viva是一个全新的员工体验套件。Viva将目标、通信、学习、工作场所分析和员工反馈等功能集成到一起。像戴尔、万事达卡和SDS等公司正在使用Viva来帮助员工茁壮成长。
Last week we announced Copilot for Viva offering leaders a new way to build high performance teams by prioritizing both productivity and employee engagement. With Viva sales we've extended the platform to specific job functions helping sellers apply large language models to their CRM and Microsoft 365 data so that they can automatically generate content like customer mail.
上周我们宣布推出 Viva 的 Copilot，为领导者提供了一种新的方式，通过优先考虑生产力和员工参与度来建立高绩效团队。通过 Viva 销售，我们将平台扩展到特定的工作职能，帮助销售员将大型语言模型应用于他们的 CRM 和 Microsoft 365 数据，以便自动生成客户邮件等内容。
Global innovation is driving growth across Microsoft 365, for the rodeo, Goldman Sachs, Nougat Nordes, and Rogers all chose e5 to empower their employees with our best in class productivity apps along with advanced security, compliance, voice and analytics.
全球创新正在推动 Microsoft 365 的增长，Rodeo、高盛、Nougat Nordes 和 Rogers 等公司选择使用 e5，为员工提供我们的最佳生产力应用程序以及先进的安全、合规性、语音和分析功能。
Now want to windows. While the PC market continues to face headwinds we again saw record monthly active windows devices and higher usage compared to pre-pandemic. It also seeing accelerated growth in windows 11 commercial deployments over 90% of the Fortune 500 out of current retryling or have deployed windows 11.
现在想要的是Windows系统。尽管PC市场仍面临困难，但我们再次看到了月活跃Windows设备创下新纪录，与疫情前相比使用量也有所增加。同时，Windows 11商业部署也在加速增长，现有的“财富500强”中有超过90%正在考虑或已经部署了Windows 11。
And with windows 365 and Azure Virtual Desktop we continue to transform how employees at companies like Mazda and nationwide access windows. All of our over one third of our enterprise customers base has purchased cloud delivered windows to date and new windows 365 frontline extends the power and security of cloud PCs to shift workers for the first time.
通过 Windows 365 和 Azure 虚拟桌面，我们持续改变马自达等公司和全国员工访问 Windows 的方式。我们超过三分之一的企业客户已经购买了云交付的 Windows，而新的 Windows 365 前线可首次将云计算机的强大和安全性扩展到轮班工人。
Now want to security. Our comprehensive AI power solution spanning all clowns and all platforms give the agility advantage back to defenders. Among analysts we are the leader in more categories than any other provider and we once again took shared across all major categories we served and we continue to introduce new products and functionality to further protect customers with security co pilot.
现在安全是必要的。我们全面的人工智能解决方案覆盖了所有领域和平台，为防御者带来了灵活性优势。在分析师中，我们在各类别中的领导者比其他提供商都多，我们再次在我们服务的所有主要类别中获得了共享，并继续推出新产品和功能，以进一步保护客户的安全，作为安全合作伙伴。
We are combining large language models with a domain specific model informed by our threat intelligence and 65 trillion daily security signals to transform every aspect of the SOC productivity. And we also added new governance controls and policy protections to better secure identities along with resources to access nearly 720,000 organizations now use Azure Active Directory up 32% year over year.
我们正在将大型语言模型与领域专用模型相结合，通过威胁情报和每天 65 万亿个安全信号得到的信息，来改变 SOC 生产力的各个方面。而我们还新增了新的治理控制和策略保护，以更好地保护身份和访问资源，目前已有近 72 万家组织使用 Azure Active Directory，同比增长了 32%。
And all up nearly 600,000 customers now have four or more security workloads up 35% year over year underscoring our end to end differentiation. EY and Qualcomm for example both shows a full security stack to ensure the highest levels of protection visibility across their organizations.
现在约有近60万客户拥有四个或更多安全负载，同比增长了35%，这突显了我们的端到端差异化。例如，EY和高通都展示了完整的安全堆栈，以确保其组织拥有最高级别的保护和可见性。
Now want to link them. We once again saw record engagement as more than 930 million members turn to the professional social network to connect, learn, sell and get hired.
现在希望将他们联系起来。超过9.3亿名成员再次创下纪录的参与度，利用这个专业社交网络来联系、学习、销售和求职。
Member group accelerated for the seventh consecutive quarter as we expanded to new audiences. We now have a hundred million members in India up 19%. And as Gen Z entered the workforce, we saw 73% year over year increase in the number of student signups.
在我们扩展到新受众的同时，会员团体连续第七个季度加速增长。我们在印度拥有1亿名会员，增长了19％。随着Z世代进入职场，我们看到学生注册人数同比增长了73％。
In this persistently tight labor market, LinkedIn Townsolution continues to help hire connected job seekers and professionals to build a skill they need to access opportunity. Our hiring business took share for the third consecutive quarter.
在这个竞争激烈的劳动力市场中，LinkedIn Townsolution继续帮助雇主找到人才，并帮助职业人士掌握他们需要的技能以获得更多机会。我们的招聘业务在连续三个季度中稳步增长。
The excitement around AI is creating new opportunities across every function for marketing sales and fans to software development and security. LinkedIn is increasingly where people are going to learn, discuss and up level their skills with more than a hundred AI courses.
人工智能所带来的热度正在为销售、市场推广和粉丝到软件开发和安全等各个职能带来新的机遇。越来越多的人们选择到LinkedIn学习、探讨，提高自己的技能水平，这里提供超过一百门人工智能课程。
And they've introduced new AI power features including writing suggestions for member profiles and job descriptions and collaborative articles. Finally, 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.
他们引入了新的人工智能功能，包括为会员档案、工作描述和合作文章提供写作建议。最后，LinkedIn营销解决方案仍然是B2B数字广告领域的领导者，帮助企业在安全可信的平台上向正确的受众传递正确的信息。
More broadly, we continue to expand our opportunity in advertising. Our exclusive partnership with Netflix brings differentiated premium video content to our ad network and our new co-pilot for the web is reshaping daily search and web habits.
更广泛地说，我们继续扩展我们在广告方面的机会。我们与 Netflix 的独家合作为我们的广告网络带来了不同的高端视频内容，而我们的新联合导航旨在重塑日常搜索和浏览习惯。
Two months since the launch of new Bing and Edge, we are very encouraged by user feedback and usage patterns. All up, Bing is more than a hundred million daily active users. They're winning new customers on Windows and mobile, daily installs of the Bing mobile app have grown 4x since launch. We are making progress in share games. Edge took share for the eighth consecutive quarter and Bing once again grew share in the United States. We continue to innovate with first of their kind AI powered features including the ability to set the tone of chat and create images from text prompts powered by Dolly. For 200 million images have been created date and we see that when people use these new AI features, their engagement with Bing and Edge goes up.
自新版Bing和Edge推出两个月以来，我们非常欣喜看到用户反应和使用情况。目前，Bing已拥有超过一亿的每日活跃用户，并在Windows和移动平台上赢得了新客户。自推出以来，Bing移动应用程序的每日安装量增长了4倍。我们在份额游戏方面也有所进展，Edge在第八个连续季度中获得了份额，而Bing在美国再次增长了份额。我们继续创新，推出了开创先河的人工智能功能，包括聊天方式调节和基于Dolly的文本提示创造图片的能力等。到目前为止，已经创建了超过2亿张图片，并且我们发现当人们使用这些新的人工智能功能时，他们对Bing和Edge的参与度也提高了。
As we look towards a future where chat becomes a new way for people to seek information, consumers have real choice in business model and modalities with Azure powered chat entry points across Bing, Edge, Windows and Open AI's chat GPT. We look forward to continuing this journey in what is a generational shift in the largest software category search.
随着我们展望未来，聊天即将成为人们寻求信息的全新方式。有了Azure支持的聊天入口，包括Bing、Edge、Windows和Open AI的聊天GPT，消费者在商业模式和方式上真正有了选择。在最大的软件类别搜索中，这标志着一个世代性的转变。我们期待继续这一旅程。
Now on to gaming. We're rapidly executing on our ambition to be the first choice for people to play great games whenever, however, and wherever they want. We set third quarter records for monthly active users and monthly active devices. Across our content and services business, we're delivering on our commitment to offer gamers more ways to experience the game they love. Our revenue from subscriptions reached nearly $1 billion this quarter. This quarter we also brought PC game tasks to 14 new countries nearly doubling the number of markets we are available. Great content remains the flywheel behind our growth. We have now surpassed 500 million lifetime unique users across our first party titles and have never been more excited about our pipeline of games including the fourth quarter launches of Minecraft Legends and Red Falls.
现在来说说游戏。我们正在积极实现成为人们玩伟大游戏的首选，无论何时、何地、以何种方式。我们在第三季度创造了月活跃用户和月活跃设备的记录。在我们的内容和服务业务方面，我们致力于为玩家提供更多体验他们所喜爱的游戏的方式，并且在订阅收入方面，本季度已经接近10亿美元。在PC游戏方面，我们也将游戏作品任务推向了14个新的国家，将我们的市场几乎翻了一番。伟大的内容始终是我们增长的推动器。我们现在已经超过了500亿生命周期独特用户在我们的第一方作品上，对于我们包括第四季度发行的“我的世界传奇”和“红沟”等游戏产品线，我们从未如此兴奋。
In closing, we are focused on continuing to raise the bond on our operational excellence and performance as we innovate to help our customers maximize the value of their existing technology investments and thrive in the new era of AI. In a few weeks time, we will hold our build conference where we will share how we are building the most powerful AI platform for developers and I encourage you to tune in. I could not be more energized about the opportunities ahead and let me turn it over to Amy.
在结束时，我们专注于继续提高我们的运营卓越和绩效，同时创新以帮助我们的客户在人工智能的新时代中实现其现有技术投资的最大价值并取得成功。在几周后，我们将举行我们的Build大会，届时我们将分享我们如何为开发人员构建最强大的人工智能平台，我鼓励您关注。我对未来的机会充满了活力，现在就让我交给艾米。
Thank you, Sakya. Good afternoon everyone. Our third quarter revenue was $52.9 billion at 7% and 10% in constant currency. Earnings for share was $2.45 and increased 10% and 14% in constant currency. Our results exceeded expectations driven by focused execution from our sales teams and partners.
感谢Sakya。大家下午好。我们的第三季度营业收入为529亿美元，按不变汇率计算增长了7%和10%。每股收益为2.45美元，按不变汇率计算增长了10%和14%。我们的成绩超出了预期，这要归功于我们的销售团队和合作伙伴的专注执行。
In our commercial business, revenue was up 19% in constant currency. We felt better than expected for a new strength including across Microsoft 365 which also benefited Windows commercial given the higher end period revenue recognition. In Office 365 standalone products, we saw improvement in new business growth while growth trends in EMS and Windows commercial standalone products were main consistent with Q2. In Azure customers continued to exercise some caution as optimization and new workload trends from the prior quarter continued as expected.
在我们的商业业务中，按恒定货币计算，收入增长了19%。我们感到比预期更好，因为我们获得了新的力量，涵盖了Microsoft 365，这也有助于Windows商业供应，因为高端期间的收入确认。在Office 365独立产品中，我们看到了新业务增长的改善，而EMS和Windows商业独立产品的增长趋势与第二季度保持一致。在Azure中，客户继续保持谨慎态度，因为前一个季度的优化和新负载趋势如预期一样继续存在。
In our consumer business, PT demand was a bit better than we expected, particularly in the commercial segment which benefited Windows OEM and Surface even as channel inventory levels remain elevated which negatively impacted results. We have seen shared gains in Azure, Dynamics, Teams, Security, Edge and Bing as we continue to focus on delivering high value as well as new innovative solutions to our customers, including next generation AI capabilities.
在我们的消费业务方面，PT需求表现比我们预期的要好一些，特别是在商业领域，这使得Windows OEM和Surface受益，尽管渠道库存水平仍然居高不下，这对结果产生了负面影响。我们已经看到Azure、Dynamics、Teams、安全、Edge和Bing方面的共享收益，同时继续专注于为我们的客户提供高价值以及新的创新解决方案，包括下一代AI功能。
Commercial bookings increased 11% and 12% in constant currency on a strong prior year comparable with the declining X-Pri base and three points of unfavorable impact from the inclusion of nuance in the prior year. The better than expected result was driven by strong execution across our renewal sales motions mentioned earlier. Commercial remaining performance obligation increased 26% to 196 billion dollars. Roughly 45% will be recognized in revenue in the next 12 months of 18% year over year. The remaining portion was recognized beyond the next 12 months increased 34%. And this quarter are a new remix, or again 96%.
商业预订量在相对于上一年X-Pri base下滑和nuance包含的3个不利因素的背景下，按恒定货币计算增长了11%和12%。出乎意料的好成绩得益于我们在之前提到的续签销售推动下的出色执行。商业剩余履约义务增长了26%，达到了1960亿美元。大约45%将在未来12个月内以18%的同比增长率被认定为收入。剩余部分将在未来12个月以外被认定的比例增长了34%。而本季度新的重新混音又占据了96%。
FX impact on total company revenue, segment level revenue, and operating expense growth was as expected. FX decreased COD's growth by 2.1 point favorable expectations.
FX对整个公司营收、部门营收以及运营费用的影响符合预期。外汇影响使COD的增长降低了2.1个百分点，符合预期。
Microsoft Cloud revenue was 28.5 billion dollars and grew 22% in 25% in constant currency, slightly ahead of expectations. Microsoft Cloud gross margin percentage increased roughly 2.0 over year to 72%. Point ahead of expectations, driven by cloud engineering efficiencies.
微软云服务收入达到285亿美元，以恒定货币计算增长了22%，略高于预期。微软云服务的毛利润率大约增加了2.0，达到了72%。这一结果超出了预期，是由云平台工程效率的提高驱动的。
Excluding the impact of the change in accounting estimate from this July's Microsoft Cloud gross margin percentage decreased slightly, driven by lower azure margin. Co-cne gross margin dollars increased 9% and 13% in constant currency, including 2 points due to the change in accounting estimate.
今年7月微软云服务的毛利率百分比降低了一些，主要是受到Azure较低的利润率的影响，但排除会计估计变更对此的影响，实际上微软云服务的毛利率略有下降。同时，在不考虑货币汇率变化的情况下，Co-cne毛利额增长了9%和13%，其中2个百分点由于会计估计变更所致。
Gross margin percentage increased year over year to 69%. Excluding the impact of the change in accounting estimate, gross margin percentage decreased slightly, driven by a lower mix of OEM revenue.
毛利率百分比同比增长至69%。除会计估计变更的影响外，由于原始设备制造商收入比重降低，毛利率百分比略有下降。
Operating expense increased 7% and 9% in constant currency, about 300 million dollars lower than expected. Operating expense growth was driven by roughly 2 points from the nuanced and zander positions, as well as investments in cloud engineering and lengthen.
在实际货币价值不变的情况下，运营费用增长了7%和9%，比预期低了大约3亿美元。运营费用的增长主要是由于不同岗位以及云工程和延长方面的投资所推动的，约占2个百分点。
At a total company level, head count at the end of March was 9% higher than a year ago. Operating income increased 10% and 15% in constant currency, including 4 points due to the change in accounting estimate. Operating margins increased roughly 1.0 over year to 42%.
总公司层面上，截至三月底的员工总数比去年同期增长了9%。营业收入以不变货币计算增长了10%和15%，其中包括由于会计估计变化导致的4个百分点。营业利润率从去年增长了约1.0个百分点，达到42%。
意思：这家公司在去年同期相比，员工总数增长了9%，营业收入和利润也都有所增长。同时，营业利润率也略有提高。
Excluding the impact of the change in accounting estimate, operating margins decreased slightly, and increased slightly in constant currency.
除了会计估计变更的影响外，经营利润率略有下降，并在恒定货币的情况下略有增加。
简单说，排除会计估计变更的影响后，经营利润率略微下降，但在恒定货币的情况下略有增加。
Now, to our segment results. Revenue from productivity and business processes was 17.5 billion dollars and grew 11% and 15% in constant currency, ahead of expectations, primarily driven by better than expected results in office commercial.
现在，让我们来看看我们的业绩表现。生产力和业务流程部门的收入为175亿美元，按恒定汇率计算增长了11％和15％，超出预期，主要是由于商业办公的结果优于预期所推动的。
Office commercial revenue grew 13% and 17% in constant currency. Office 365 commercial revenue increased 14% and 18% in constant currency. It's slightly better than expected with the strong renewal execution mentioned earlier and E5 momentum.
Office商业收入以恒定货币增长了13%和17%。Office 365商业收入以恒定货币增长了14%和18%。由于早期提到的强大的续订执行和E5势头，这略好于预期。
Paid Office 365 commercial seat school 11% year over year to over 382 million, with installed this expansion across all workloads and customer segments. Seat growth was again driven by our small and medium business and front line worker offering.
Office 365 商业套件的付费用户数量逐年增长11％，已达到超过3.82亿人。这种增长遍及所有工作载荷和客户群体。用户数量的增长主要来自于我们的中小企业和一线员工服务。
Office commercial licensing declined 1% and increased 5% in constant currency, better than expected with 11 points of benefits from transactional strength in Japan.
商用Office许可证下降了1％，在恒定货币中增长了5％，超出预期，并从日本交易强度中获得11个优点。
Office consumer revenue increased 1% and 4% in constant currency, with continued momentum and Microsoft 365 subscriptions, was 12% to 65.4 million.
Office消费者收入在等值货币下增长了1%和4%，并且随着Microsoft 365订阅的持续动力，订阅数量增长了12%至65.4万。
LinkedIn revenue increased 8% and 10% in constant currency, driven by growth and talent solutions. Dynamics revenue grew 17% and 21% in constant currency, driven by Dynamics 365, which grew 25% and 29% in constant currency, with healthy growth across all workloads.
领英（LinkedIn）收入以恒定货币计算增长了8%和10%，主要得益于增长和人才解决方案。动态收入以恒定货币计算增长了17%和21%，主要得益于Dynamics 365的增长，以恒定货币计算增长了25%和29%，所有工作负载均实现了健康增长。
Segment growth margin dollars increased 14% and 18% in constant currency, and growth margin percentage increased roughly 2.0 over year, including the impact of the change in accounting estimates, growth margin percentage increased slightly, driven by improvements and Office 365 partially offset by sales mix ships to cloud offerings.
分割增长边际美元在恒定货币下增长了14％和18％，增长边际百分比约增加了2.0个百分点，包括会计估计变化的影响。在Office 365的改进部分抵消云服务的销售混合的推动下，增长边际百分比略微增加。意思是，在相对稳定的货币环境下，该公司的分割增长边际表现的非常出色，并且通过一定措施进一步提高了产品的整体利润率，尽管因为云服务的销售混合而受到了一定的限制。
Increasing expenses increased 4% and 5% in constant currency, and operating income increased 20% and 27% in constant currency, including 4 points to do the change in accounting estimates.
在相同的货币条件下，费用增加了4%和5%，营业收入增加了20%和27%，其中4个百分点是由于会计估计的变化所引起的。
Next, the intelligent cloud segment. Revenue was 22.1 billion dollars, increasing 16% and 19% in constant currency, slightly ahead of expectations. Overall, server products and cloud services revenue increased 17% and 21% in constant currency, Azure and other cloud services revenue grew 27% and 31% in constant currency.
接下来是智能云业务板块。收入为221亿美元，增长16%，在恒定汇率下增长19%，略高于预期。总的来说，服务器产品和云服务的收入增长了17%，在恒定汇率下增长21%，Azure和其他云服务的收入增长了27%，在恒定汇率下增长了31%。
In our per user business, enterprise mobility and security install base grew 15% to nearly 250 million seats. In our on-premises server business revenue decreased 2%, and was relatively unchanged in constant currency.
在我们的每用户业务中，企业移动性和安全安装基数增长了15%，接近2.5亿个席位。在我们的本地服务器业务中，收入下降了2%，在不变的货币情况下相对不变。
意思是，我们的每用户业务中，与企业移动性和安全相关的安装基数增长了15%，已接近2.5亿个席位。而我们的本地服务器业务中，收入下降了2%，但在不变的货币情况下相对稳定。
It continued demand for our hybrid offerings, including Windows Server and people server running in multi cloud environments, offset by transactional licensing. Enterprise services revenue reached 6% and 9% in constant currency with better than expected performance across enterprise support services and Microsoft consulting services.
我们的混合解决方案，包括在多云环境中运行的Windows Server和People Server，受到持续需求的支持，但事务性许可权的抵消。企业服务收入在恒定货币的条件下达到了6%和9%，企业支持服务和Microsoft咨询服务的表现超出预期。
Segment grows margin dollars increased 15%, and 18% in constant currency, and growth margin percentage decreased slightly. Excluding the impact of the change in accounting estimates, growth margin percentage declined roughly 3 points driven by sales mix shift to Azure and the lower Azure margin, the earlier operating expenses increased 19% and 20% in constant currency, including roughly 3 points of impact from the new on-fac position.
该业务板块利润增长了15%，不考虑货币汇率的影响则为18%。毛利率百分比略有下降。除了会计估计变动的影响，由于销售结构转向Azure和较低的Azure利润率，毛利率百分比下降了约3个百分点。此外，经营费用在不考虑货币汇率的影响下增加了19%，并包括大约3个百分点来自新的场内位置所产生的影响。
Operating income with 13% and 17% in constant currency with roughly 6 points from the change in accounting estimates.
在恒定货币的情况下，经营收入分别为13%和17%，大约有6个百分点来自会计估计变更的影响。
Now, to more personal computing, revenue was 13.3 billion dollars, decreasing 9% and 7% in constant currency with better than expected results across all businesses.
现在谈论个人计算机，收入为133亿美元，与恒定货币相比下降了9%和7%，但在所有业务中实现了超出预期的成果。
Windows OEM revenue decreased 28% year over year, and devices revenue decreased 30% and 26% in constant currency, both ahead of expectations.
Windows OEM收入同比下降28％，设备收入同比下降30％和26％（以恒定货币计算），两者均超出预期。
We saw better than expected PC demand as noted earlier, particularly in the commercial segment, which has higher revenue per license.
我们看到PC需求超出预期，特别是在商业领域内，因为每个授权收入更高。
Although, results continue to be negatively impacted by elevated channel inventory levels.
然而，由于渠道库存水平持续升高，结果仍然受到负面影响。
意思是，尽管有一些成果，但由于渠道库存水平很高，对业绩造成了负面影响。
Windows commercial products and cloud services revenue increased 14%, and 18% in constant currency, significantly ahead of expectations, primarily due to the strong renewal execution with higher in-programmed revenue recognition noted earlier.
Windows商业产品和云服务的收入增长了14%，在恒定货币下增长了18%，比预期显著提高，主要是因为早期高的内部收入认定和强大的续订实施所致。
Search and news advertising revenue XTAC increased 10% in 13% in constant currency, including two points from the Xander acquisition, results were driven by higher search volume with share gains again in this quarter for edge browser globally, and being in the US.
搜索和新闻广告收入 XTAC 在恒定货币中增长了 13%，其中包括 Xander 收购的两个点，这一结果受到搜索量的增加和 Edge 浏览器全球份额的再次增长以及在美国的影响。
And in gaming, revenue declined 4% and 1% in constant currency ahead of expectations, Xbox hardware revenue declined 30% and 28% in constant currency, on a high prior year comfortable, that benefited from increased console supply, Xbox content and services revenue increased 3% and 5% in constant currency, driven by better than expected monetization in third-party and first-party content, and growth in Xbox game paths.
在游戏方面，收入按恒定汇率下降了4％和1％，略低于预期。Xbox硬件收入按恒定汇率下降了30％和28％，这是由于去年有更多的游戏机供应，利润较高。Xbox内容和服务收入按恒定汇率上涨了3％和5％，这是由于第三方和第一方内容的预期收益增长，以及Xbox游戏通道的增长所驱动。
Semiconductorous margin dollars declined 9% and 5% in constant currency, and growth margin percentage increased slightly year over year, operating expenses declined 5% and 3% in constant currency, even with three points of growth from the Xander acquisition.
半导体利润在恒定货币下下降了9％和5％，毛利率百分比同比略微增加，经营费用在恒定货币下下降了5％和3％，即使从Xander收购中增长了三个百分点。
And income decreased 12% and 7% in constant currency.
收入以恒定货币计算下降了12%和7%。
意思是，收入在考虑通货膨胀的情况下减少了12%和7%。
Now, back to total company results.
现在回到整个公司的结果。
Capital expenditures including finance leases were $7.8 billion to support to cloud demand, cash paid for Ppne with $6.6 billion.
资本支出（包括融资租赁）为78亿美元，以支持云需求，支付Ppne的现金为66亿美元。
这句话的意思是，公司的资本支出为78亿美元，其中包括融资租赁，是为了应对云计算需求而做出的投资，而支付给Ppne的现金总额为66亿美元。
Cash flow of operations was $24.4 billion, down 4% year over year, as strong cloud billings and collections, as well as lower supplier payments, were more than offset by a tax payment related to the R&D capitalization provision and employee payments primarily related to head count growth and an increase in employee compensation.
运营现金流为244亿美元，同比下降4%，由于强劲的云计费和收款以及较低的供应商付款，而受到与研发资本化准则相关的税款支付和主要与人员增长和员工薪酬增加有关的员工支付的抵消。
Free cash flow was $17.8 billion on 11% year over year, excluding the impacts of this tax payment, cash flow of operations increased 1% and free cash flow declined 5%.
自由现金流同比增长11%，达到178亿美元，不包括税金支付的影响。运营现金流增长1%，而自由现金流下降了5%。
This quarter, other income and expense was $321 million, higher than anticipated, driven by net gains and foreign currency remeasurement.
本季度其他收支为3.21亿美元，高于预期，主要是因为净收益和外币重新计量的推动。
Our effective tax rate was approximately 19%.
我们的有效税率约为19%。这意味着我们在所有税收方面花费的比例是19%。
And finally, we returned $9.7 billion to shareholders through share repurchases and dividends.
最终，我们通过股份回购和派息向股东返还了97亿美元。这是公司的利润分配方式，让股东分享公司的收益。
Now, moving to our Q4 outlook, which unless specifically noted otherwise, is on a US dollar basis.
现在，我们来看一下第四季度的前景，除非特别注明，这是以美元为基础的。
My commentary, for the next quarter in FY24, does not include any impact from acquisition, which we continue to work toward closing in fiscal year 2023, subject to obtaining required regulatory approvals.
我的评论，针对FY24的下一个季度，不包括任何收购带来的影响。我们仍继续努力完成收购工作，并在2023财年获得必要的监管批准后关闭。
Now, the effects, based on current rates, the expect effects to decrease total revenue growth by approximately two points with no impact to COGs or operating expense growth.
根据目前的利率，预计这将对总收入增长产生约2个百分点的减少影响，但对成本商品销售额（COGs）或运营费用增长没有影响。
Within segments, we anticipate roughly two points of negative effects impact on revenue growth in productivity and business processes and intelligent cloud and roughly one point in more personal computing.
在各领域内，我们预计收入增长和生产力以及业务流程和智能云方面会受到大约两个负面影响的影响，而更个人化的计算方面大约会受到一个负面影响点的影响。
Overall, our outlook has many of the trends we saw in Q3 continue through Q4.
总体来说，我们的展望在第三季度看到的许多趋势在第四季度继续存在。
In our largest quarter of year, we expect customer demand for differentiated solutions, including our AI platform and consistent execution across the Microsoft cloud to drive another quarter of healthy, revivative growth.
在我们全年最大的一个季度中，我们预计客户对差异化解决方案的需求，包括我们的AI平台和在微软云上的一致执行，将推动另一个健康且有创新性增长的季度。
Last year, we had our largest commercial bookings quarter ever, with a material volume of large multi-year commitments.
去年，我们的商业订购季度达到了历史最高水平，具有大量的多年承诺的实质性体量。
On that comparable, we expect growth to be relatively flat.
在相同的基础上，我们预计增长将相对平稳。
We expect consistent execution across our core and new details motions with strong renewals and continued commitments to our platform as we focus on meeting customers changing contract needs, which includes shorter term, quit times of value contracts in this dynamic environment.
我们期望在核心和新的细节动作中实现一致的执行，通过强大的续约和持续承诺我们的平台，着重满足客户不断变化的合同需求，包括在这个充满活力的环境中缩短价值合同的期限。
Our key focus remains on delivering customer value.
我们的关键重点仍然是提供客户价值。
Microsoft cloud growth margin percentage should be up roughly two points zero over year driven by the accounting estimate change noted earlier.
Microsoft云端增长率的百分比应该在年度基础上增加约两个百分点，原因是早期提到的会计估计变化驱动的。表达意思是：由于会计估计变化的驱动，Microsoft云端增长率的百分比应该会在一年内上升大约两个百分点。
Excluding that impact, Q4 cloud growth margin percentage will be relatively flat, as improvements in Office 365 will offset the lower Azure margin and the impact of scaling our AI infrastructure to meet growing demand.
除去这个影响，第四季度云增长利润百分比将相对稳定，因为Office 365的改进将抵消Azure较低的利润和我们扩展AI基础架构以满足不断增长的需求所带来的影响。
We expect capital expenditures to have a material sequential increase on a dollar basis, driven by investments in Azure AI infrastructure.
我们预计资本支出在美元基础上会有显著的顺序增长，这是由于在Azure AI基础设施上的投资推动的。
意思是：我们预测公司在Azure AI基础设施上的投资会导致资本支出的有明显的递增，涉及到显著的美元金额。
Reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure built out.
提醒，我们的云基础设施建设可能会在季度支出方面出现正常的时间变动。
Next, the segment guidance.
接下来，是片段指导。
In productivity and business processes, we expect revenue to grow between 10 and 12% in constant currency or 17.9 to 18.2 billion US dollars.
在生产力和业务流程方面，我们预计收入以恒定货币增长率为10%至12%，达到179亿至182亿美元。
In Office commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and arc the growth through E5. We expect Office 365 revenue growth to be roughly 16% in constant currency. In our on-premises business, we expect revenue to climb in the low 30s.
在商业办公方面，收入增长将再次受到 Office 365 的推动，客户领域和 E5 通过席位的增长将实现增长。我们预计 Office 365 的收入增长约为恒定货币16%左右。在我们的本地业务方面，我们预计收入将创造30%左右的增长。
In Office consumer, we expect revenue growth in the mid single digits driven by Microsoft 365 subscriptions. Organt DEN, we expect mid single digit revenue growth driven by talent solutions with continued strong engagement on the platform. And in dynamics, we expect revenue growth in the mid to high teams driven by continued growth in dynamics 365.
在 Office 消费者部门，我们预计，由于 Microsoft 365 订阅的推动，收入会以中个位数增长。在 Organt DEN 部门，我们预计，由于人才解决方案的推动以及对平台的持续强大参与，收入会以中个位数增长。而在 Dynamics 部门，我们预计，由于 Dynamics 365 的持续增长，收入会以中至高个位数增长。
We're intelligent cloud. We expect revenue to grow between 15 and 16% in constant currency or 23.6 to 23.9 billion US dollars. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily for both for user business and from in period revenue recognition, depending on the mix of contracts. In Azure, we expect growth to be 26 to 27% in constant currency, including roughly one point from AI services. Growth continues to be driven by our Azure consumption business and we expect the trends from Q3 to continue into Q4, as noted earlier.
我们是智能云，预计我们的收入在不同币种之间将增长15%至16%，相当于236亿至239亿美元。收入将继续受到Azure的推动，需要提醒的是，Azure的季度性变化主要取决于用户业务和收入确认期的混合合同。在Azure方面，我们预计其在不同币种之间的增长率将达到26%至27%，其中约有1%来自于人工智能服务。增长仍然由我们的Azure消费业务推动，并且我们预计Q3的趋势会延续到Q4，正如之前所提到的。
Our per user business should continue to benefit from Microsoft 365 sweet momentum, though we expect continued moderation and growth rate given the size of the installed base. In our on-premises server business, we expect revenue to decline, low single digits, as demand for our hybrid solutions, including window server and SQL server running and multi-pronged environments will be more than offset by unfavorable effects impact. And enterprise services. Revenue should be relatively unchanged year over year as growth and enterprise support services will be offset by a decline Microsoft consulting services.
我们的每个用户业务应该会继续受益于Microsoft 365的势头，尽管我们预计随着现有用户基础的增长，增长率将会继续持续下降且趋于稳定。在我们的本地服务器业务方面，我们预计营收将会略有下降，仅仅是低个位数的下降，因为我们的混合解决方案，包括运行Windows和SQL服务器以及跨多个环境的解决方案，将会受到不利影响的影响。而企业服务方面，营收应该会与去年相比差不多，因为企业支持服务的增长将会被Microsoft咨询服务的下降所抵消。
In more personal computing, we expect revenue of 13.35 to 13.75 billion US dollars. PC demand should be similar to Q3 and given channel inventory still remains elevated, our revenue will lag over all market growth as it continues to normalize. Therefore, Windows OEM and Devices revenue should both decline in the low to mid 20s. In Windows commercial products and cloud services, revenue should decline low to mid single digits. While we expect healthy annuity buildings growth, driven by continued customer demand for Microsoft 365 and our dance security solutions, our reminders that our quarterly revenue growth and have variability primarily from in-period revenue recognition, depending on the mix of contracts.
在个人计算机方面，我们预计收入为133.5亿到137.5亿美元。PC需求应与第三季度类似，考虑到渠道库存仍然过高，我们的收入将落后于整个市场增长，随着库存的正常化而改善。因此，Windows OEM和设备收入应在20%到中低20%之间下降。在Windows商业产品和云服务方面，收入应以低单数位下降。虽然我们预计年金建筑增长健康，受持续需求的驱动作用，包括Microsoft 365和我们的舞蹈安全解决方案，但我们提醒您，我们每季度的收入增长和可变性主要取决于合同组合在期间确认的收入。
Search and news advertising X-TAC revenue growth should be approximately 10%, roughly 5.5, then the overall search and news advertising revenue, driven by growth in first party revenue, the similar to Q3 and in gaming. We expect revenue growth in the mid to high single digits. We expect Xbox content services revenue growth in the low to mid teams, driven by third party and first party content, as well as Xbox game paths.
搜索和新闻广告的 X-TAC 收入增长预计将约为 10%，大致为 5.5，然后整体搜索和新闻广告收入会因第一方收入的增长而推动，与第三季度和游戏市场类似。我们预计收入增长将在中到高个位数。我们预计 Xbox 内容服务收入增长将在低到中个位数，受第三方和第一方内容以及 Xbox 游戏路径的推动。
Now back to company guidance. We expect hogs to grow between 3.4% in constant currency or 16.8 to 17 billion US dollars and operating expense to grow approximately 2% in constant currency or 15.1 to 15.2 billion US dollars. Other income and expense to be roughly $300 million of interest income is expected to more than offset interest expense. As a reminder, we are required to recognize market games or losses on our equity portfolio which can increase quarterly volatility. We expect our Q4 effective tax rate to be in line with our full year rate of approximately 15%.
现在回到公司指引。我们预计猪肉增长率为3.4%，在恒定货币价值下，相当于160-170亿美元，运营费用增长率约为2%，在恒定货币价值下，相当于151-152亿美元。其他收入和费用大致为3亿美元的利息收入，预计将超过利息支出。需要提醒的是，我们必须承认我们的权益组合的市场收益或亏损，这可能会增加季度波动性。我们预计我们的第四季度有效税率将与我们全年有效税率大致相同，约为15%。
And finally, as a reminder for Q4 cash flow, we expect to make a $1.3 billion cash tax payment related to the R&D capitalization provision. Now, I'd like to share some closing thoughts as we look to the next fiscal year. With our leadership position, as we begin this AI era, we remain focused on strategically managing the company to deliver differentiated customer value, as well as long-term financial growth and profitability.
最后，提醒一下第四季度现金流，我们预计会支付13亿美元的现金税款，与研发资本化规定有关。现在，我想分享一些结束的想法，看向下一个财政年度。随着我们成为人工智能时代的领导者，我们继续专注于战略性地管理公司，以提供差异化的客户价值，以及长期的财务增长和盈利能力。
As with any significant platform shift, it starts with innovation. And we are excited about the early feedback and demand signal for the AI capabilities we have announced today. We will continue to invest in our cloud infrastructure, particularly AI-related spend, as we scale with the growing demand driven by customer transformation. And we expect the resulting revenue to grow over time.
就像任何重大的平台转变一样，它始于创新。我们对于今天所宣布的AI能力所收到的早期反馈和需求信号感到兴奋。随着客户转型所带来需求的增长，我们将继续投资于我们的云架构，特别是AI相关的支出。我们预计随着时间的推移，由此带来的收入将会增长。
As always, we remain committed to aligning cost and revenue growth to deliver difficult profitability. Therefore, while the scaled cat-backed investments will impact COD's growth, we expect FY24 operating expense growth to remain low.
一如既往，我们始终致力于将成本和收益增长对齐，实现艰难的盈利能力。因此，尽管规模化的猫背投资将影响COD的增长，但我们预计FY24的运营费用增长将保持较低水平。
As a team, we have continually focused on pivoting our resources aggressively to the future, as we execute at a high level in the moment to deliver value to our customers. That balance has enabled the company to successfully lead across a number of platform shifts over a number of decades. Therefore, we are committed to leading the AI platform wave and making the investments to support it.
作为一个团队，我们不断地将资源向未来聚焦，并在此同时，以高水平的执行力为客户提供价值。这种平衡使得公司在数十年的时间里成功地引领了许多平台转型。因此，我们致力于引领人工智能平台浪潮，并做出支持它的投资。
With that, let's go to Q&A. Brett? Thanks, Amy. Out of respect for others on the call, we request that participants please only ask one question. Joe, can you please repeat your instruction?
那好，让我们进入问答环节。Brett，请你发言。谢谢，Amy。为了尊重其他参与电话会议的人，请参与者仅提出一个问题。Joe，请您能再重复一遍您的指示吗？
Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, and the confirmation tunnel indicate your line is on the question queue. You may press star two if you would like to remove your question from the queue. Your participants using speaker equipment may be necessary to pick up your handset before pressing the star keys. One moment please, while we pull for questions.
女士们先生们，如果您想提问，请在您的电话键盘上按星号一键，并确认隧道指示您的电话正在问题队列中。如果您想将问题从队列中移除，可以按星号二键。如果您使用扬声器设备，可能需要拿起听筒才能按星号键。请稍等片刻，我们正在等待提问。
Our first question comes from the line of Keith Weiss with Morton Stanley. Please proceed. Excellent. Thank you guys for taking the question. Congratulations, I'm really a fantastic senator and we all know to be a still difficult environment out there. I think it really illustrates Microsoft's advantages and also a lot of these technology innovations that you guys have been talking about.
我们的第一个问题来自于Morton Stanley的Keith Weiss，请开始。非常好。谢谢你们回答问题。恭喜你们，我认为你们很棒，而且我们都知道外部环境仍然很困难。我认为这真正证明了微软的优势，以及你们一直在谈论的许多技术创新。
I wanted to ask you a question that I get probably more often than anything else. One that I don't have a good answer to and that's around the OpenAI partnership and particularly the counting for that partnership. I hope you can give us a little bit of color about whether or not Revenue is flowing from it, OpenAI, and Microsoft on the cat-backed side of the equation whether it is any aim fashion. We give us a better understanding of how we are counting around that relationship with working.
我想问你一个问题，这可能比其他任何事情都要频繁。这个问题我没有好的答案，就是关于OpenAI合作伙伴关系，特别是关于计算这方面。我希望你能告诉我们一些细节，比如这个合作伙伴关系是否有收益，以及在数字方面，OpenAI和微软是否有任何合作。这将帮助我们更好地了解在该关系上如何进行计算。
Thanks, Keith. In some ways, let me start by saying it's a great partnership. We're proud to work together for a number of years leading to some of the announcements that you've heard us make more recently. We talked about the foundation of our partnership, that when we both are successful, the other benefits. When we grow, it helps them, and when they grow, it helps us. Specifically to your question on how does it show up? It's easiest in this situation to think about them as a customer of ours, like any other customer who would use the Azure infrastructure and our Azure AI services in service of supporting their customers. When they do that, like any other customer who has a commercial relationship with us, we recognize Revenue on that behalf. That's probably the simplest frame that I hope is helpful.
谢谢，Keith。从某些方面讲，我想说这是一次伟大的合作伙伴关系。我们自豪地一起工作多年，最近做出了一些重要的公告。我们谈论了合作的基础，即当我们双方都成功时，另一方也会受益。当我们成长时，它有益于他们，当他们成长时，它有益于我们。就你的问题而言，它是如何体现出来的？在这种情况下，最简单的方法是将他们视为我们的客户，就像任何其他客户一样，他们使用Azure基础架构和Azure AI服务来支持他们的客户。当他们这样做时，就像与我们建立商业关系的任何其他客户一样，我们会代表他们认可收入。我希望这是最简单的框架，希望它有帮助。
Yeah, that's super helpful. I appreciate that. Thanks, Keith. Joe, next question, please.
是的，非常有帮助。我很感激。谢谢你，基思。乔，接下来的问题，请。
意思是：回答者对另外一个人给出的帮助表示感激，并请求下一个问题。
Our next question comes from the line of Mark Morgler with Bernstein Research. Please proceed. Congratulations on the quarter and the guidance, and thanks for taking my question. I'd like to drill into Azure, and we're specifically Azure, IAS, past consumption. IAS, past consumption, has really stepped down recently, and it's important to understand the macro versus macro optimization that will rebound, whether it's going to rebound quickly, or is there a more fundamental issue? In other words, is this simply purely macro and everyone is stepping back a little bit, and they can hit the pedal as soon as this comes back? Or is there something more fundamental that is driving corporate, maybe, to stack back in that that slowdown to sustain even when the IT spending rebounds?
我们的下一个问题来自伯恩斯坦研究的马克·莫格勒。请发言。祝贺这一季度的表现和预测，感谢回答我的问题。我想深入探讨Azure，具体来说是Azure的基础设施即服务（IAS）过去的使用量。最近IAS的使用量大幅下降，理解宏观和宏观优化的区别以及是否会反弹是非常重要的。换句话说，这是纯粹宏观的问题，每个人都稍微退缩一些，当这一情况回归时，他们就可以快速恢复工作吗？还是说有更根本性的问题，让公司退缩，即使IT支出恢复增长，增速也不快？
Thank you. Thanks, Mark, for the question. Many of our three comments. And it's also important, I think, to distinguish between what I would say, macro, absolute performance, and relative performance, because I think that's perhaps a good way to think about how we manage our business. First, as optimizations, do continue. In fact, we are focused on it. We send out people to help our customers with optimization because we believe in the long run. That's the best way to secure the loyalty and long-term contracts with customers when they know that they can count on a cloud provider like us, or to help them continuously optimize their work.
谢谢。马克，谢谢你的提问。我们有很多关于这个话题的评论。我认为也很重要的一点是，我认为，我们需要区分宏观的绝对表现和相对表现，因为我认为这可能是我们如何管理业务的好方法。首先，优化仍在继续。实际上，我们非常关注它。我们派出人员帮助客户进行优化，因为我们相信从长远来看，这是与客户确保忠诚和长期合同的最佳方式，因为他们知道他们可以依靠像我们这样的云提供商，或帮助他们持续地优化他们的工作。
That's sort of a fundamental benefit of public cloud, and we're taking every opportunity to prove that out of it with customers in real time. The second thing I'd say is we do have new workload started, because if you think about it during the pandemic, it was all about new workloads and scaling workloads. But pre-pandemic, there was a balance between optimizations and new workloads. So what we're seeing now is the new workload start in addition to highly intense optimization and maintenance that we have.
这是公共云的一个基本优点，我们正在与客户实时地证明它。我想说的第二件事是，我们确实有新的工作负载，在疫情期间，一切都是关于新的工作负载和扩大工作负载。但在疫情之前，有一个优化和新工作负载之间的平衡。所以现在我们看到的是新的工作负载的启动，以及我们进行高度强化的优化和维护。
The third is perhaps more of a relative statement, because of some of the work we've done in AI, even in the last couple of courses, we are now seeing conversations we never had, whether it's coming to you and just open AI's API. If you think about the consumer tech companies that are all spinning essentially Azure meters, second, even Azure open AI, API customers are all new, and the workload conversations, whether it's B2C conversations in financial services, or drug discovery on another side. These are all new workloads that we really were not at the game in the past, whereas we now are.
第三个观点或许更相对一些，因为我们在人工智能方面所做的一些工作，甚至是在过去几门课程中所见到的，让我们现在看到了我们以前从未有过的对话方式，无论是向你展示开放AI的API。如果你想想那些消费科技公司，它们本质上都是在不断旋转着 Azure 仪表板，同时 Azure 的开放API客户也都是新的，而这些工作负载对话，无论是在金融服务的B2C对话中，还是在药物发现方面的其他对话中，都是全新的工作负载，而我们过去并没有在这个领域中发挥作用，但现在我们有了。
So those are the three comments that make both in terms of absolute macro, but more importantly, I think what is our relative market position and how it's being changed? More clearly, the one thing I would add to those comments is we've been through almost a year where that pivot that Satya talked about from where starting tons of new workloads will call that the pandemic time to this transition post, and we're coming to really the anniversary of that starting. And so Satya's point, we're continuing to send optimizations, but at some point workloads just can't be optimized much further. And when you start to anniversary that, you do see that it gets a little bit easier in terms of the comps year over year. And so you didn't see that in a little bit of our guidance. Some of that impact from a year over year basis. That was incredibly helpful. I really do appreciate it. Thank you for the color and again, congratulations on what's happening. Thanks, Bart. Joe, next question please.
以上就是三个关于绝对宏观经济的评论，但更重要的是我们的相对市场地位以及它是如何变化的。更明确地说，我想要补充的是，我们经历了近一年的时间，从Satya所谈到的从开始处理大量新的工作负载，到现在疫情后的转变，我们即将迎来这个转变一周年的纪念日。因此，Satya所指出的一点是，我们仍在继续进行优化工作，但在一定程度上，工作负载只能被进一步优化到一定程度。当你开始考虑这个问题的年度环比之后，你会发现从年度环比角度来看，情况会变得更加轻松。在我们的指导方针中，你没能看到一些年度环比的影响。我非常感谢这些提示。谢谢你所提供的帮助和恭喜你们所取得的成就。谢谢Bart。接下来请提问Joe。
Next question comes from the line of Brent Till with Jeffries. Please proceed. Thanks. On co-pilot monetization, can you just give us a sense of how this shows up where we're going to see it and ultimately, is there a simple price list that you think you can get through co-pilot say 10, 20, 30 percent above where you saw the regular components of a sweeter? Is it too hard to factor in? Thank you. Overall, we do plan to monetize a separate set of meters across all of the tech stack, whether they're convention meters or for user subscriptions.
下一个问题来自Jeffries的 Brent Till。请问你可以继续吗？谢谢。关于副驾驶员货币化，您能否给我们一个了解，在哪里我们会看到它，最终，您是否有一个简单的价格清单，您认为可以通过副驾驶员获得10、20、30％的额外收益，就像你在正常组件中看到的一样？这很难计算吗？谢谢。总体而言，我们计划在技术堆栈的所有组件中货币化独立的计量器，无论它们是传统的计量器还是用于用户订阅的计量器。
The co-pilot that's priced and it is there is GitHub co-pilot. That's a good example of incrementally how we monetize the prices from there and others are to be priced because they're in preview mode. You can expect us to do what we've done to get up co-pilot pretty much across the board.
副驾驶员已经定价了，其中包括GitHub副驾驶员。这是逐步实现我们如何从那里获得收益的好例子，其他产品也会定价，因为它们目前处于预览模式。您可以期望我们几乎在所有方面都像副驾驶员一样做到这一点。
Yeah, Brent, the best way of thinking about this is when we believe we're adding a lot of value and frankly, that's what the co-pilot's are doing and some productivity improvement. You can expect that we will have a list price for those and you'll be able to look at that as they get to release and the fact is point GitHub co-pilot is a great example. Thanks. Thanks, Brent. Next question please.
是的，布伦特，最好的思考方式是当我们相信我们正在增加很大的价值，坦白地说，这就是副驾驶员所做的事情以及一些生产力的改进。您可以期望我们会为这些提供一个价格清单，当它们发布时，您将能够查看这些信息，而事实上，GitHub的共同驾驶员是一个很好的例子。谢谢，布伦特。下一个问题请。
Our next question comes from the line of Ray Mo Longshow with Bartlai's. Please proceed. Thank you. Convert from me as well. Just stay on the AI team and more thinking about the growth margin impact on Azure. Can you just, Patrick, can you maybe talk a little bit about how you see the cost of compute for AI workloads versus the classic workloads and how do you think that will evolve over time? Thank you.
我们的下一个问题来自Bartlai公司的Ray Mo Longshow先生，请问您有什么问题。谢谢。也请允许我提出一个问题。我想请你们集中关注AI团队，思考Azure增长利润的影响。Patrick，你可以谈一下你如何看待AI工作负载与传统工作负载的计算成本，以及它们在未来如何发展吗？谢谢。
Yeah, a couple of minutes. One is clearly the accelerated compute is what gets used to drive AI. And the thing that we are very, very focused on is to make sure that we get it very efficient in the usage of those resources. To think about the hybrid scale and how it's not just rack and stack hardware, they're used software to optimize the performance of a given workload and in fact heterogeneous workloads and give them hardware. And so we have many knobs that will continuously continue to drive optimization across it. And you see it even for a given generation of a large model where we started to be able to do the cost for to where we end in the cost for to even in a period of a quarter changes. So you can expect us to do what we've done over the decade plus of the public cloud to bring the benefits of, I say, continuous optimization of our cogs to a diverse set of workloads.
是的，只需要几分钟。其中一个显然是加速计算被用于驱动人工智能。我们非常注重的是确保在使用这些资源时非常高效。我们考虑的是混合规模，不仅仅是堆叠硬件，还使用软件来优化给定工作负载的性能，实际上是异构的工作负载，并且给它们硬件。因此，我们有许多旋钮，将不断持续地推动优化。即使在给定的大型模型的一代中，我们开始能够做到成本低到哪里，到季度末我们可以看到成本降低了。因此，您可以期望我们将过去十年来公共云的持续优化成本的好处带给多样化的工作负载。
The other thing I've mentioned is that there are a lot of workloads now. Like one of the reasons why we got together with OpenAI primarily was because we were able to get it back to the core. And we came out and said this type of workload, whether it's a training or an entrance workload, is going to be much more generally relevant for us, not just in the context of AI. And so you can see our supply in other contexts as well.
我提到的另一个问题是现在有很多工作负载。我们与OpenAI合作的主要原因之一是因为我们能够将其带回核心。我们明确表示，这种负载类型，无论是培训还是入门负载，对我们来说将会更加普遍地适用，而不仅仅局限于人工智能的环境。因此，您也可以在其他情境中看到我们的供应。
And Rimmel, we talked a bit about this when we talked about the new edge and the new bang with analysts. And I think one of the important things to keep in mind, which Satya is pointing to, is that it's not really just the cost of Azure and the ability to optimize across the Azure workloads. It's that really, even our first party workloads and apps that are built, right, are built on the same platform.
我们在与分析师讨论新的边缘和新的聚焦时，曾与Rimmel略谈了一下这个话题。我认为要牢记的一件重要事情是，Satya所指出的不仅仅是Azure的成本及其在Azure负载中的优化能力，而是我们所构建的第一方负载和应用程序实际上是构建在同一个平台上的。
And we're able, because we are a type of scaler, and because we have a large commercial cloud first party as well as consumer apps like Bing that are first party, we're able to take advantage of that and GPU utilization AI services utilization across the stack. And so it's not just sort of where Satya wanted to even up water, been a fit of being a hyper scaler. Thank you.
我们能够做到这一点，是因为我们是一种类型的缩放器，而且我们有一个大型的商业云第一方以及像必应这样的消费者应用程序是第一方，我们能够利用这一点，以及在整个堆栈中的GPU利用率和AI服务利用率。因此，这不仅仅是萨蒂亚想要均衡水平的问题，也是超大规模计算器的问题。谢谢。
Thanks for that. Well, Joe, next question please. Our next question comes from the line of Keith Bachman with BMO. Please proceed.
谢谢。好的，乔，接下来请发问。下一个问题来自BMO的Keith Bachman。请继续。
Good afternoon. Good evening. Thank you for taking the question. Any other questions you have to set up to you if I could?
下午好。晚上好。非常感谢您回答我的问题。如果您有其他问题，我可以为您设置。希望翻译清晰易懂。
On your prepared remarks, you comment that you thought that operating expense growth would be low. So I think it's just maybe flush that out with some broader comments. Excuse me. Could you talk about how you see any kind of directional color on how you see great margins evolving given mix and particularly supporting generative AI and or any other comments that might help shape our thinking as we begin to look at the operating margin for the next fiscal year? Thank you.
在你之前准备好的发言中，你提到你认为运营费用增长会很低。那么，可以通过一些更广泛的评论来澄清一下这个问题。请问，您能否谈谈您对于利润率的方向性预测，特别是在考虑到产品组合和支持生成式人工智能的情况下，或者能否提供其他的意见来帮助我们开始思考下一个财年的运营利润率呢？谢谢。
Thanks, Keith. It's probably a good opportunity to explain a bit about how I think about where we are, which is you look at all of the businesses we're in and we look about our competitive misses in those businesses. And this is where I thought you started to comment a bit about our relative performance versus absolute.
谢谢，基思。现在可能是一个好机会来解释一下我对我们所处的位置怎样思考的想法，也就是说，如果我们看看我们参与的所有业务，以及在这些业务中我们的竞争差错情况。这就是我认为你开始谈论我们的相对表现与绝对表现之间关系的地方。
And I'll tell you that the energy and focus we put right now is on relative performance and shared ends. Right now we have the largest commercial cloud with increasing commitments by customers, with new workloads, new TAM opportunities that talk about with customers and our focus is going to be and will be on continuing to take a growing share of that while we continue to focus on our customer success and getting a ton of value out of what we are selling, whether that's the E5 product of Microsoft 365, whether that's Windows 365 to help maybe it's on compute costs and PC costs, whether it's working across the Azure stack.
我要告诉你，我们现在所关注的能量和重点是相对业绩和共享目标。现在我们拥有最大的商业云，客户的承诺不断增加，有新的工作负载、新的TAM机会，我们与客户通力协作，我们的重点将继续集中在获取越来越多的市场份额，同时我们还将继续关注客户成功并从我们销售的产品中获取更多价值，无论是微软365的E5产品、Windows 365帮助降低计算成本和PC成本，还是在Azure堆栈上进行开发。
And so with that opportunity plus in our consumer business, the largest number of active devices we've had in Windows, they're still being used more, being able to focus on edge share and being share and gaming, bringing it to the PC as well as across the mobile, these are the opportunities that we focus on as we think about next year. And so if we feel like and I do that we are well positioned to continue to take share in so many key places, then I say great and we want to be able to focus on investing in AI, which I talked about will increase cost growth but we're committed to making sure we have healthy profitability by keeping operating expenses low.
因此，由于我们在消费业务中拥有的机会以及在Windows中活跃设备数量最多，它们仍然被更多地使用，我们能够专注于边缘份额、共享和游戏，将其带到PC上以及跨足移动领域，这些都是我们在思考下一年的机遇。因此，如果我们认为（我也是这样认为）在许多关键领域我们有足够的优势来继续占领份额，那么我会说很好，我们想专注于投资人工智能，这将增加成本，但我们致力于通过保持运营费用水平来确保健康的盈利能力。
And so what really this past year has been about but what really what Q3 starts to show is our willingness to pivot to the future to make sure we can keep all those commitments that's not listed. So while I know that's not giving specificity, it is in fact how we think about long-term success is being well positioned in big markets, taking share in those markets, committing to make sure we're going to lead this wave, staying focused on gross margin improvements where we can, some of them will come in AI over time, giving our commitments to the build out, we will charge for those AI capabilities and then ultimately will deliver operating profit.
因此，过去一年我们真正关注的是什么，但是第三季度开始展示的是我们愿意转向未来，以确保我们能够保持所有未列出的承诺。因此，虽然我知道这并没有具体说明，但是这实际上是我们考虑长期成功的方式，即在大市场中处于有利位置，占据市场份额，承诺确保我们领导该领域的浪潮，保持关注毛利率的提升，一些将会在人工智能方面，承诺完善建设，我们将为这些人工智能能力收费，最终实现营业利润。
Yeah, I mean just add to it during these periods of transition, the way I think I've shared all of you know what I want to look at is what's the opportunity set ahead that we have a differentiated play to go after that opportunity set which we believe we have both the opportunity set and dump the dam is bigger and our differentiation at the very start of a cycle we feel we have a good lead and we have differentiated offerings up and down the stack. And so therefore that's the sort of approach we're going to take which is how do we maximize the return of that starting position for you all as shareholders long term that's sort of very look at it and we'll manage the P&L carefully driving operating leverage in a disciplined way but not being shy of investing where we need to invest in order to grab the long-term opportunity and so obviously we use the shared use for us then GM then stopping right like that classic P&L flow but we feel good about opposition.
是啊，我的意思是，在这些转型期间加以利用，我认为我已经和大家分享了我想要关注的是前方的机会集，我们有一个差异化的玩法去追求这个机会集，我们相信我们拥有这个机会集和能力。而我们的差异化在周期的最初阶段，我们感觉我们有一个很好的领先地位，并且我们在各个层面提供差异化的服务。因此，这是我们采取的方法，我们要如何最大化您作为股东的长期回报起点，我们会以谨慎的方式管理 P&L，驾驭经营杠杆，但在需要投资以利用长期机会时，我们不会犹豫。显然，我们会像经典的 P&L 流程一样紧密配合，但我们对未来充满信心。
Alright, many thanks for the answer. Next key, so next question please. Our next question comes from the line of Carl Kiersted with UBS please proceed.
好的，非常感谢您的回答。下一个问题，请问下一个关键点是什么。我们下一个问题来自UBS的Carl Kiersted，请开始提问。
Oh thanks we've had a lot of questions on AI and Azure so maybe just around it out just on the Office 365 business Amy 16% Concentre and TGuy for June not really seeing much seat degradation despite obviously a tight labor market so it's proven to be very resilient. Could you just unpack the sensitivity to that headcount reduction given that across your customer base at least lower rate of hiring just given that this is a enormous seat base business it doesn't seem to be showing up maybe you could just help us understand what's driving that continued seat growth and how durable that is.
非常感谢，我们已经收到了很多有关人工智能和Azure的问题，所以也许我们可以聚焦于Office 365业务。尽管劳动力市场非常紧张，Amy 16% Concentre和TGuy在6月份并没有看到很多座位退化的迹象，所以它被证明非常有弹性。考虑到您的客户基础中至少有较低的聘用率，那么这种人数减少对业务的影响如何？由于这是一个庞大的座位基础业务，它似乎并没有表现出来，也许您可以帮助我们理解是什么推动了持续的座位增长以及持久性如何。
Thanks Carl I think I would step back and say we have seen I mean the Office 365 suite but we're oddly the Microsoft 365 suite adds a ton of value for users and so if you think about the users and on the global base we've been able to add users which you continue to see we still have in the front line scenario and an SMB opportunity to continue to grow and in the enterprise where we are a basic productivity tool you know the labor market is still tight in those places and we continue to see customers committed to the value they're getting and so I this is not something that I think our focus has really been on continuing to get healthy renewals continue to add new products that were new where it makes sense to save customers money and increase value and so I think that's the story of the resilience you're seeing and of course we did have a good E5 quarter which we're starting to see and it helps on R2.
谢谢Carl。我想退后一步，说我们已经看到了Office 365套件，但奇怪的是，Microsoft 365套件为用户提供了大量的价值。如果考虑到用户和全球基础，我们已经能够新增用户并持续增长。在一线和中小企业的机会中，我们可以继续增长；在企业市场中，我们是一个基础产品，这些地方的劳动力市场仍然很紧缺，我们继续看到客户致力于实现价值。因此，我认为我们的关注点并不是如何继续增长，而是关注如何让我们的更新健康，继续增加新的产品，在合适的地方为客户节省金钱，并增加价值。我认为这就是你所看到的韧性的故事，当然我们也有一个不错的E5季度，我们开始看到它在R2上的帮助。
Thanks Carl Joe next question please. The next question comes from the one of Rishi Jaluria with RDC please proceed.
下一个问题由RDC的Rishi Jaluria提出，请继续。卡尔乔，谢谢您。
A wonderful hi Seth the hi Amy thanks so much for taking my question and I just continue resilience in the business. I want to get back to the topic of AI but maybe a little bit longer term. How are you thinking about the potential for regulation around AI? Some of the concerns around data and customer privacy and governance and what do you think you can do to maybe well some of those fears that governments and customers and organizations have around that?
您好，塞斯和艾米，非常感谢您们回答我的问题，我想继续谈论商业中的韧性。我想回到AI这个话题，但或许稍微放长远一点。您们如何考虑AI方面的监管潜力？在数据和客户隐私以及治理方面存在一些担忧，您们认为能够做些什么来缓解政府、客户和组织方面有关这些方面的恐惧？
Thanks. Yeah thanks Rishi for the question so overall we've taken the approach that we are not waiting for regulation to show up. We are taking an approach where the unintended consequences of any new technology is something that from day one we think about this first class and build into our engineering process all the safeguards. So for example in 2016 is when we put out the AI principles we translated the AI principles into a set of internal standards that then our further translators into an implementation process that then we hold ourselves to internal audit essentially. So that's the framework we have. We have a chief AI officer who is responsible for both thinking of what the standards are and then the people who even help us internally audit our following of the process. And so we feel very, very good in terms of us being able to create trust in the systems we put out there. And so we will obviously engage with any regulation that comes up in any jurisdiction but quite honestly we think that the more there is any form of trust as a differentiated off you know provision in AI I think we stand to gain from that.
感谢你提出这个问题。我们采取的方法是不等待监管规定的出台。我们从一开始就考虑到任何新技术可能产生的非预期后果，并将其纳入我们的工程流程中，实施各种保障措施。我们在2016年发布了人工智能准则，将它们转化为内部标准，并将其进一步转化为实现过程，我们在内部审计后坚持贯彻这些准则。我们有一位首席人工智能官员负责思考标准，他还会指导我们进行内部审计。我们对于能够创建信任的系统非常有信心。因此，我们将与任何可能出现的管辖区域的监管机构合作，但实话实说，我们认为，如果人们对人工智能具有更多信任，我们就能从中获益，这是一种差异化的提供方式。
All right wonderful thank you so much. Thanks Rishi. So we have time for one last question. And our last question will come from a line of Michael Turing with Wells Fargo. Please proceed.
好的，太棒了，非常感谢。谢谢，Rishi。我们还有时间回答一个最后的问题。这个问题来自于Wells Fargo的Michael Turing。请继续。
Hey great thanks appreciate you speaking to me and I want to ask a question on the consolidation play that Microsoft has positioned for. That's something we hear clearly top of mind for IPP decision makers currently.
嘿，非常感谢你和我交谈，我想就微软的整合战略提出一个问题。这是我们目前清楚知道的IPP决策者最关注的事情之一。感谢你的帮助。
You have clear plays to across security infrastructure apps and other areas so we would just be great to hear you view on the Microsoft consolidation playbook in the current environment. And if there are certain areas you are particularly focused on or seeing the most traction around. Thank you.
您已经清楚地制定了跨安全基础设施应用程序和其他领域的计划，因此我们很想听听您在当前环境中对微软整合计划的看法。如果有特定领域是您特别关注或者最受欢迎的，请告诉我们。谢谢。
Yeah I mean I was talking maybe you can add. I think we can reference the context of Microsoft 365 and Office 365 but fundamentally what is really focused on is making sure that the customers are able to derive the value out of our offerings. Right whether it's the Microsoft 365 suite value which is significant whether it's E3 or E5 and we want to make sure that they are getting deployed, they are getting used and that's obviously going to lead to our share gains in many cases. Same thing in security that's a play to where the sport is. So it's a good deal. It's a lot from us. And same up and down the stack across Azure.
我是说，也许你可以添加一些内容。我认为我们可以参考 Microsoft 365 和 Office 365 的背景，但基本上我们真正关注的是确保客户能从我们的产品中获得价值。无论是 Microsoft 365 套件的价值，还是 E3 或 E5，我们想确保它们得到部署、使用，这显然会在许多情况下带来我们的份额增长。同样的事情也在安全方面发挥作用。所以这是一个很好的交易。我们在这方面做了很多工作。而且在 Azure 各个层面上也是如此。
Right so when you think about AI, the anatomy of an AI application is not just an AI model. In fact, ChatGPT itself is a great example. ChatGPT for example uses Cosmos DB as a core database. And so therefore we want to make sure that services as they are competitive get used together whether it's the IAS layer or the past layer or the past layer.
当你思考AI时，一个AI应用的结构不仅仅是一个AI模型。事实上，ChatGPT是一个很好的例子。例如，ChatGPT使用Cosmos DB作为核心数据库。因此，我们要确保各种服务能够一起使用，无论是IAS层、过去层还是过去层。
And maybe one thing I would add Michael is that I know that question of consolidation but another aspect of that is that something new business process automation work that's going to get done. Whether that's the dynamics workload that we've talked about is also benefit from having the AI services available in Azure, from having the core, Azure capabilities as well. Well actually some front-end stuff that you were buying in Microsoft 365 to pull these loops in a new way. So I think maybe it's not the traditional definition of consolidation but when people look and say what vendor adds a lot of value and has the tools that we need and the importance is already on to be able to do this business process work. I think we have a great, great value and frankly probably leading tools in almost every vertical.
也许有一件事，迈克尔，我会加上，我知道整合的问题，但另一个方面是一些新的业务流程自动化工作将会完成。无论是我们所谈到的动态工作负载，也受益于在Azure中提供AI服务，也从核心Azure功能中受益。事实上，您正在购买Microsoft 365中的一些前端内容，以新的方式拉动这些环。因此，我认为这可能不是传统的整合定义，但当人们看到哪个供应商增加了很多价值并具有我们需要的工具时，重要性已经能够完成这项业务流程工作。我认为我们在几乎每个垂直领域都拥有非常有价值的领先工具。
Great, thank you. Michael, I wrapped up the Q&A portion of today's earnings call. Thank you for joining us today and we look forward to speaking with all these folks. Thank you all. Thank you so much.
太好了，谢谢。Michael，我刚刚结束了今天财报电话会议的问答环节。感谢您今天的参与，我们期待与大家交流。谢谢大家。非常感谢。