Microsoft 2023 Q4 (Calendar Year 2023 Q2) Earnings Call
发布时间 2023-07-26 02:38:08 来源
I'd like to turn the conference over to your host, Brett Iverson, Vice President of Investor Relations. Mr. Iverson, please go ahead.
我想把会议交给您的主持人布雷特·艾弗森，即投资者关系副总裁。艾弗森先生，请您继续。
Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer, Amy Hood, Chief Financial Officer, Alice Jala, Chief Accounting Officer, and Keith Dauliver, Deputy General Counsel.
下午好，感谢您今天能加入我们。与我一同参加电话会议的是首席执行官兼董事长Satya Nadella、首席财务官Amy Hood、首席会计官Alice Jala以及副总法律顾问Keith Dauliver。
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 gap and non-gapped financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide Outlook commentary on today's call.
在微软投资者关系网站上，您可以找到我们的收益新闻发布和财务摘要幻灯片，这些幻灯片的目的是补充我们在今天电话会议中准备好的发言，并提供缺口和非缺口财务指标之间的差异对比。当我们在今天的电话会议上提供展望评论时，详细的展望幻灯片将在微软投资者关系网站上提供。
On this call, we will discuss certain non-gapped items. The non-gapped 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 fourth quarter performance in addition to the impact these items and events have on the financial results.
在这次电话会议上，我们将讨论一些非间隙项目。所提供的非间隙财务指标不应被视为或优于按照间隙准则准备的财务绩效指标的替代。它们被包括作为额外的澄清项目，以帮助投资者进一步了解公司第四季度业绩以及这些项目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 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.
今天通话中所有的增长比较都与去年同期相关，除非另有说明。我们还将提供以恒定货币为基准的增长率，以评估我们的核心业务在排除外汇汇率波动影响下的表现。如果恒定货币下的增长率相同，我们将只提到增长率。
We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript, and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.
我们将在通话结束后立即将我们准备好的发言材料发布到我们的网站，直到完整的记录可用为止。今天的通话正进行现场网络直播并且有录音。如果您提了问题，它将包含在我们的直播传输、记录的备份以及将来任何使用录音的情况中。您可以在微软投资者关系网站上回放通话并查看记录。
During this call, we will be making forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the risk factor section of our Form 10K, Form 10Q, and other reports and filings with Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
在本次通话中，我们将会提出前瞻性声明，即关于未来事件的预测、预期或其他陈述。这些声明是基于目前的预期和假设，可能受到风险和不确定因素的影响。实际结果可能会有实质性差异，这些差异可能在今天的盈利新闻发布、本次电话会议中的讨论以及我们的10K表格、10Q表格以及证券交易委员会的其他报告和文件的风险因素部分中有所提及。我们不承担更新任何前瞻性声明的责任。
And with that, I'll turn the call over to Satya. Thank you very much, Brad.
随着这样，我将把电话转给萨提亚。非常感谢，布拉德。
We had a solid close to our fiscal year. The Microsoft Cloud surpassed $110 billion in annual revenue, up 27% in constant currency, with Azure all-up accounting for more than 50% of the total for the first time.
我们度过了一个稳健的财年收官。微软云服务年收入超过了1,100亿美元，按不变汇率计算增长了27%，其中Azure服务首次占据了总收入的50%以上。
Every customer I speak with is asking not only how, but how fast they can apply next-generation AI to address the biggest opportunities and challenges they face, and to do so safely and responsibly. To that end, we remain focused on three key priorities.
我与每位客户交谈时，他们不仅仅询问如何使用下一代人工智能来应对他们面临的最大机遇和挑战，还关心如何快速应用，并确保安全和负责任。为了达到这个目标，我们始终专注于三个关键优先事项。
First, helping customers use the breadth and depth of Microsoft Cloud to get the most value onto their spend.
首先，帮助客户充分利用微软云的广度和深度，以获得最大的投资价值。
Second, investing to lead in the new AI platform shift by infusing AI across every layer of the tech stack.
其次，通过在技术堆栈的每一层面渗透人工智能，进行投资以引领新的人工智能平台转变。
And third, driving operating leverage. Now, I'll highlight examples of our progress starting with infrastructure.
第三点是推动操作杠杆。现在，我将重点介绍我们在基础设施方面取得的进展示例。
Azure continues to take share as customers migrate their existing workloads and invest in new ones. We continue to see more cloud migrations as it remains early when it comes to long-term cloud opportunity. We're also seeing increasing momentum with Azure Arc, which now has 18,000 customers, up 150% year-over-year, including Carnival Corp, Dominos, Thermo Fisher.
Azure在客户迁移其现有工作负载并投资于新工作负载方面持续占据份额。随着云端机会的长期前景尚未成熟，我们继续看到更多的云端迁移。此外，Azure Arc也展现出越来越强劲的势头，目前已有18,000个客户，同比增长150％，其中包括嘉年华公司、Domino's、Thermo Fisher等。
And Azure AI is ushering in new, born-in-the-cloud AI first workloads with the best selection of frontier and open models, including meta's recent announcement, supporting llama on Azure and Windows, as well as OpenAI.
Azure AI正在引领全新的云原生AI优先工作负载，提供最佳的前沿和开源模型选择，包括meta最近的宣布，支持在Azure和Windows上使用llama，以及OpenAI。
We have great momentum across Azure OpenAI service. More than 11,000 organizations across industries, including IKEA, Volvo Group, Zurich Insurance, as well as digital natives like Flipkart, Humane, Kahoot, Mirror, Typeface, use the service. That's nearly 100 new customers added every day this quarter.
在Azure OpenAI服务中，我们有良好的发展势头。包括宜家、沃尔沃集团、苏黎世保险以及Flipkart、Humane、Kahoot、镜像、Typeface等数字原住民在内，超过11000家不同行业的组织都在使用这项服务。这个季度几乎每天都有近100个新客户加入。
Mercedes-Benz, for example, is bringing chat GPT via Azure OpenAI to more than 900,000 vehicles in the United States, making its in-car voice assistant more intuitive and Moody's built its own internal co-pilot to improve productivity of its 14,000 employees.
例如，梅赛德斯-奔驰正在将Azure OpenAI的聊天GPT引入美国超过90万辆汽车中，使其车载语音助手更加直观。而穆迪则建立了自己的内部副驾驶系统，以提高其1.4万名员工的工作效率。
We're also partnering broadly to scale this next generation of AI and more customers. Snowflake, for example, will increase its Azure spend as it builds new integrations with Azure OpenAI, and KPMG is announced a multi-billion dollar commitment to our cloud and AI services to transform professional services.
我们还在广泛合作，以推广下一代人工智能技术，并吸引更多的客户。例如，Snowflake将增加其在Azure上的开支，以便与Azure OpenAI进行新的集成，并且KPMG宣布了对我们的云和人工智能服务的数十亿美元的承诺，以改变专业服务行业。
Now, I want to data. Every AI app starts with data and having a comprehensive data and analytics platform is more important than ever. Our intelligent data platform brings together operational databases, analytics and governance so organizations can spend more time creating value and less time integrating their data estate.
现在，我想要数据。每个 AI 应用程序都以数据为基础，拥有一个全面的数据和分析平台比以往任何时候都更加重要。我们的智能数据平台将操作数据库、分析和治理功能整合在一起，使组织能够花更多时间创造价值，而不是将他们的数据整合起来。
We introduced Microsoft Fabric the Squatter, which unifies compute storage and governance with a disruptive business model. One month in, we are encouraged by early interest and usage. Over 8,000 customers are signed up to trial the service and are actively using it and over 50% are using four or more workloads. All up, we once again took share with our analytic solutions with customers like Bridgestone, Chevron and Equinor turning to our stack.
我们推出了名为"Microsoft Fabric the Squatter"的产品，它采用了一种颠覆性的商业模式，将计算、存储和治理统一起来。一个月过去了，我们对早期的兴趣和使用情况感到鼓舞。已有超过8,000个客户注册试用此服务，并积极地使用它，其中超过50%的客户使用了四种或更多的工作负载。总体而言，我们再次凭借我们的分析解决方案赢得了市场份额，像Bridgestone、Chevron和Equinor这样的客户都开始使用我们的技术堆栈。
Now, I want to developers. New Azure AI studio is becoming the tool of choice for AI development in this new era, helping organizations ground, fine tune, evaluate and deploy models and do so responsibly. VS Code and GitHub co-pilot are category leading products when it comes to how developers code every day. Nearly 90% of GitHub co-pilot signups are self-service indicating strong organic interest and pull through. More than 27,000 organizations up to two x quarter over quarter have chosen GitHub co-pilot for business to increase the productivity of their developers, including Airbnb, Dell and Scandinavian airlines. They're also applying AI across low-code, no-code tool chain to help domain experts automate workflows, create apps and web pages, build virtual agents or analyze data using just natural language.
现在，我想要开发者们。新的Azure AI工作室正在成为这个新时代中AI开发的首选工具，帮助组织进行模型的基础构建、优化、评估和部署，同时负责任地进行这些工作。VS Code和GitHub合作伙伴是领先的产品，涉及到开发者每天的编码工作。近90%的GitHub合作伙伴注册是自助服务，表明有强烈的自然兴趣和吸引力。超过27,000个组织每个季度增长两倍，选择了GitHub合作伙伴来提高他们开发者的生产力，包括Airbnb、戴尔和斯堪的纳维亚航空公司。他们还在低代码、无代码工具链中应用人工智能，以帮助领域专家自动化工作流、创建应用和网页、构建虚拟代理人或仅使用自然语言来分析数据。
Co-pilot in Power BI combines the power of large language models with an organization's data to generate insights faster and co-pilot in Power Pages makes it easier to create secure low-code business websites. One of our tools that's really taken off is co-pilot in Power Virtual Agents, which is delivering one of the biggest benefits of this new era of AI, helping customer service agents be significantly more productive. HP and Virgin Money, for example, have both built custom chatbots with co-pilot in Power Virtual Agents that would train to answer complex customer inquiries. All up more than 63,000 organizations have used AI-powered capabilities in Power Platform up 75% quarter over quarter. Every Power Automate now has 10 million monthly active users at companies like Jaguar, Land Rover, Rep. Saul, Rolls-Royce, up 55% year over year. We're going further with new process mining capabilities in Power Automate, which are helping organizations optimize business processes and in turn build their AI advantage.
在Power BI中，联合大型语言模型和组织数据，使洞察力生成更快，而在Power Pages中，联合驾驶员则更容易创建安全的低代码商业网站。我们的一个工具真的非常受欢迎，那就是在Power Virtual Agents中的联合驾驶员，它提供了人工智能这个新时代的最大好处之一，帮助客户服务代理商大大提高了生产力。例如，HP和Virgin Money都使用Power Virtual Agents中的联合驾驶员构建了定制的聊天机器人，它们会被训练来回答复杂的客户查询。总共有超过63,000家组织在Power Platform中使用了AI的功能，同比增长了75%。每个Power Automate都拥有1000万活跃用户，这些用户来自像捷豹、路虎、国会议员Saul和劳斯莱斯等公司，同比增长了55%。我们正在进一步推进Power Automate中的新流程挖掘能力，这有助于组织优化业务流程，并进而建立他们的人工智能优势。
Now on to business applications. We are taking share in every category as we help organizations across the private and public sector from Avis to Albertsons to Breville to Equinox and the US Department of Veterans Affairs transform their mission critical business processes. All up dynamics surpassed $5 billion in revenue over the past fiscal year with our customer experience, service and finance and supply chain businesses all surpassing $1 billion in annual sales. This quarter we brought dynamic 365 copilot to our ERP portfolio including finance, project operations and supply management. And with our new Microsoft sales copilot sellers can ground their customer interactions with data from CRM systems including both sales force and dynamics to personalize customer interactions and close more deals.
现在转向商业应用。我们在各个类别中都在获得份额，并帮助从Avis到Albertsons再到Breville、Equinox和美国退伍军人事务部等各种私营和公共部门的组织转变其关键业务流程。总的来说，Dynamics在过去的财政年度中的收入超过了50亿美元，我们的客户体验、服务、财务和供应链业务的年销售额都超过了10亿美元。本季度，我们将Dynamic 365 Copilot纳入我们的企业资源规划（ERP）产品组合中，包括财务、项目运营和供应管理等方面。通过我们的新的微软销售Copilot，销售人员可以利用来自CRM系统（包括Salesforce和Dynamics）的数据来个性化客户互动并完成更多的交易。
Now on to our industry and cross-industry clouds. Our Microsoft Cloud for sustainability is helping customers like Costco, Lander Lakes and REI take action to meet their environmental goals and in healthcare hundreds of organizations are using our nuanced DAX Ambient Intelligence solution to automatically document patient encounters at the point of care. This quarter we expanded our collaboration with EPIC to integrate nuanced DAX express directly into their industry leading EHR system.
现在让我们来谈谈我们的行业和跨行业云。我们的Microsoft可持续云正在帮助像Costco、Lander Lakes和REI等客户采取行动来实现他们的环境目标，并且在医疗保健领域，数百家组织正在使用我们细致DAX环境智能解决方案来自动记录患者就诊情况。在本季度，我们扩大了与EPIC的合作，将细致DAX Express直接整合到他们领先的电子病历系统中。
No one to future a work. Across industries customers like A-Hole Del Hays, Deutsche Bank, Novartis, Siemens, Wells Fargo are choosing Microsoft 365 premium offerings for differentiated security, compliance, voice and analytics value. And four months ago we introduced a new pillar of customer value with Microsoft 365 copilot. We are now rolling out Microsoft 365 copilot to 600 big customers through our early access program and feedback from organizations like Emirates, NBD, General Motors, Goodyear and Lumen is that it's a game changer for employee productivity.
越来越多的企业正在选择微软的365高级套餐，包括像A-Hole Del Hays、德意志银行、诺华制药、西门子和富国银行这样的企业。这些企业都看中了微软365套餐在安全性、合规性、语音和分析方面的差异化价值。而在四个月前，我们推出了微软365的新客户价值支柱：协同助手。我们现在正在通过先期访问计划向600个大客户推出微软365的协同助手，并且来自阿联酋航空、NBD银行、通用汽车、固特异轮胎和Lumen等组织的反馈表明，协同助手对员工的生产力是一个改变游戏规则的工具。
We continue to build momentum in Microsoft teams across collaboration, chat, meetings and calling. We now have more than 1,900 apps and teams app store and companies in every industry from British Airways to Densu to Eli Lilly and Manulife have built over 145,000 customer line of business apps bringing business process directly into the flow of work.
我们在Microsoft Teams的协作、聊天、会议和通话方面持续不断地发展势头。目前在我们的团队应用商店中已经有超过1,900款应用程序，各行各业的公司都在使用Teams，包括英国航空、大庆和礼来以及宏利等公司。已经有超过145,000款适用于各种业务流程的客户端应用程序被开发出来，直接融入到工作流中。
Five months in teams premium has already surpassed 600,000 seats as companies like BNY Mellon, Clifford Chance, PepsiCo and Starbucks shows the add on for advanced features like end-to-end encryption and real-time translation. Teams Phone is the market leader in cloud calling with more than 17 million PSTN users up 45% year over year. Teams room is used by more than 70% of the Fortune 500 including L'Oreal United Airlines and US Bank and revenue more than doubled year over year at this quarter. And with Microsoft Viva we are creating a new market category for employee experience. Viva now has 35 million monthly active users as companies like CBRE, Fujitsu and UNICE's turn to the platform to build data-driven high-performance organizations.
在高级版的团队中，五个月的时间里已经超过了60万个座位，因为像BNY Mellon、Clifford Chance、百事可乐和星巴克这样的公司显示出了对高级功能的添加，比如端到端加密和实时翻译。Teams Phone是云通话的市场领导者，拥有超过1700万个PSTN用户，同比增长45%。Teams room被超过70%的财富500强公司使用，包括欧莱雅、美国联合航空和美国银行，本季度的收入同比翻了一番。而且，通过Microsoft Viva，我们正在为员工体验创建一个新的市场类别。Viva现在拥有3500万个月活跃用户，因为像CBRE、富士通和联合国儿童基金会这样的公司转向这个平台来建立数据驱动的高绩效组织。
Now onto Windows. The number of devices running Windows 11 is more than doubled in the last year and we are seeing continued growth in Windows 11 commercial deployments worldwide by companies like AT&T, Chronos and Westpac. We are also transforming how Windows is experienced and managed for enterprise customers with Azure Virtual Desktop in Windows 365 which together surpassed $1 billion in revenue for the first time over the past 12 months. Enbridge, Eurowings, Marriott International and TD Bank Group for example all chose cloud-delivered Windows this quarter. Windows 11 is also rapidly becoming a powerful new canvas in this new era of AI. We introduce Windows core pilot this quarter helping every Windows 11 user become a power user with just natural language and are excited to put it in the hands of more people in the coming months.
现在谈谈Windows。过去一年中，运行Windows 11的设备数量翻了一番以上，我们看到了像AT&T、Chronos和Westpac这样的公司在全球范围内进行Windows 11商业部署的持续增长。我们还通过Windows 365中的Azure虚拟桌面来对企业客户的Windows体验和管理进行改进，在过去12个月内，收入首次突破10亿美元。例如，Enbridge、Eurowings、万豪国际和TD银行集团都选择了基于云的Windows在本季度中使用。Windows 11在这个新的人工智能时代也迅速成为一个强大的新画布。我们在本季度引入了Windows核心试点项目，帮助每个Windows 11用户仅仅通过自然语言成为一个高级用户，并且我们很期待在未来几个月中将其推向更多的人手中。
Now onto security more than 1 million organizations now count on our comprehensive AI power solutions to protect their digital estate across clouds and endpoint platforms up 26% year over year. More than 60% including leading enterprises like AB&AMRO, DAO and Heineken use four or more of our security products up 33% year over year underscoring our end-to-end differentiation. And we once again took share across all major categories we serve as we innovate to protect customers. In identity Microsoft Entriety has more than 610 million monthly active users and we are adding SSE to our Entriety product family to complement our leading identity solution and secure access to any app or resource from anywhere. Finally our security co-pilot the first product to apply this next generation of AI to SecOps will be available to customers via paid early access program this fall.
现在转向安全方面，超过100万组织依靠我们全面的人工智能解决方案来保护他们在云和终端平台上的数字资产，年增长率达26%。其中超过60%的组织，包括像AB&AMRO、DAO和Heineken这样的领先企业，在全年增长率达到33%的情况下，使用了我们四种或更多的安全产品，突显了我们的端到端差异化。我们再次在我们服务的所有主要类别中占据份额，同时创新保护客户。在身份识别方面，Microsoft Entriety拥有超过6.1亿月活跃用户，我们正在为Entriety产品系列增加SSE，以补充我们领先的身份解决方案，并确保从任何地方安全访问任何应用程序或资源。最后，我们的安全副驾驶员是第一个将下一代人工智能应用于SecOps的产品，将通过付费早期访问计划于今年秋季提供给客户。
Now onto LinkedIn. LinkedIn's revenue surpassed 15 billion dollars for the first time this fiscal year and membership growth has now accelerated for eight quarters in a row. A testament to how mission critical the platform has become to help more than 950 million members connect, learn, sell and get hired. Our talent solutions business surpassed 7 billion dollars in revenue for the first time over the past 12 months and our hiring business took share for the fourth consecutive quarter. We continue to use AI to help our members and customers connect to opportunities and tap into experiences of experts on the platform. Our AI-powered collaborative articles are now the fastest growing traffic driver in LinkedIn. And finally we are helping LinkedIn stay trusted and authentic more than 7 million members have verified who they are or where they work many using new integrations with Microsoft Entriety as well as clear and hyper-wedge.
现在转到领英。本财年，领英的营收首次超过了150亿美元，并且会员增长持续加速了八个季度。这证明了该平台已经成为超过9.5亿会员连接、学习、销售和找工作的使命关键性工具。我们的人才解决方案业务在过去12个月首次超过70亿美元的营收，我们的招聘业务连续四个季度占据份额。我们继续利用人工智能帮助我们的会员和客户连接机会，并利用平台上专家的经验。我们基于人工智能的合作文章现在是领英发展最快的流量推动因素。最后，我们正在帮助领英保持可信和真实，超过700万会员已经验证了他们的身份或工作地点，其中很多人使用了与微软输入和明确和超氏楔的新整合。
Now on to search advertising and news. While it's early in our journey we are reshaping daily search and web habits with our core pilot for the web. This quarter we introduced new AI-powered features including multimodal capabilities with visual search and Bing chat. We're expanding to businesses with Bing chat enterprise which offers commercial data protection providing an easy on ramp for any organization looking to get the benefit of this next generation of AI today. Bing is also the default search experience for OpenAI's chat GPT bringing timely answers with links to our reputable sources to chat GPT users. To date Bing users have engaged in more than 1 billion chats and created more than 750 million images with Bing image creator and Microsoft Edge took share for the ninth consecutive quarter. More broadly we are growing our ad network which is now available in a 187 market spanning search display native retail media video and connected TV.
现在我们来谈谈搜索广告和新闻。虽然我们的路程还很早，但我们正在通过我们的核心试点项目来改变每天的搜索和上网习惯。在本季度，我们推出了新的人工智能功能，包括视觉搜索和Bing聊天的多模态能力。我们正在向企业提供商用数据保护的Bing企业聊天服务，为任何希望享受到这一新一代人工智能好处的组织提供便捷的入口。对于OpenAI的聊天GPT用户来说，Bing也是默认的搜索体验，为他们提供及时的答案，并附上指向我们可靠来源的链接。截至目前，Bing用户已经进行了超过10亿次的聊天，并创建了超过7.5亿个Bing图像。而微软Edge连续第九个季度的份额增长。更广泛地说，我们的广告网络正在扩大范围，目前在187个市场提供搜索、展示、原生、零售、媒体、视频和智能电视等服务。
Now on to gaming.
现在让我们谈谈游戏吧。
Last week we extended our Activision Blizzard merger agreement deadline to October. We continue to work through the regulatory approval process and remain confident about getting the deal done.
上周，我们将Activision Blizzard的并购协议截止日期延长至十月。我们继续进行监管批准流程并对完成这项交易保持信心。
We are committed to bringing more games to more players everywhere. Great content is key to our approach and our pipeline has never been stronger. We announced our most ambitious lineup of games ever at our showcase last month including 21 titles that will be available via Xbox Game Pass and we're looking forward to the release of Starfield this fall Bethesda's first new universe in 25 years.
我们致力于将更多的游戏带给全球各地的玩家。精彩的内容是我们的关键策略，我们的游戏项目规模前所未有地强大。上个月的展示活动中，我们宣布了迄今为止最雄心勃勃的游戏阵容，其中包括21款将通过Xbox Game Pass提供的游戏。我们非常期待今年秋季发布的《星界》（Starfield），这是Bethesda时隔25年推出的全新宇宙。
All up we set new fourth quarter highs for monthly active users driven by strength off console as well as monthly active devices and we saw record fourth quarter engagement across Game Pass with hours played up 22% year over year.
总体上，我们在每月活跃用户方面取得了新的第四季度高点，这得益于游戏主机的强劲表现以及每月活跃设备的增长。同时，我们还在Game Pass中见证了创纪录的第四季度参与度，游戏时长同比增长了22%。
And just last week we announced Game Pass call bringing together online play from Xbox Live and content from Game Pass into single offering.
就在上周，我们宣布了Game Pass的通话，将Xbox Live的在线游戏和Game Pass的内容整合为一个单一的服务。
In closing I'm energized about the opportunities ahead. We continue to innovate across the tech stack to help our customers thrive in the new era of AI and with that let me turn it over to Amy.
在总结时，我对未来的机遇感到充满活力。我们将继续创新技术架构，帮助我们的客户在人工智能的新时代中取得成功。现在，请让我把话题交给艾米。
Thank you Satya and good afternoon everyone.
谢谢 Satya，大家下午好。
This quarter revenue was $56.2 billion up 8% and 10% in constant currency earnings per share was $2.69 and increased 21% and 23% in constant currency.
本季度的收入为562亿美元，同比增长8%，按照恒定货币计算，每股收益为2.69美元，同比增长21%和23%。
In our largest quarter of the year results exceeded expectations with focused execution by our sales and partner teams. These execution efforts led to share games again this quarter in Azure, Dynamics, Security and Edge.
在我们全年最大的一个季度中，我们的业绩超出了预期，这要归功于我们销售和合作伙伴团队的有针对性执行。这些执行努力再次使得Azure、Dynamics、安全和边缘领域在本季度取得了市场份额的增长。
In our commercial business we continued to see healthy renewal strength which includes our upsell and attached motions particularly with Microsoft 365 E5. Growth of new business continued to be moderated for products sold outside the Microsoft 365 suite including standalone Office 365, EMS and Windows commercial products.
在我们的商业业务中，我们继续看到健康的续签增长，其中包括我们与Microsoft 365 E5的升级销售和附加销售。除了Microsoft 365套件以外的产品，包括独立的Office 365、EMS和Windows商业产品，新增业务的增长继续受到调节。
As expected in Azure we saw a continuation of the optimization and new workload trends from the prior quarter.
正如我们预料的那样，在Azure上我们看到了上个季度的优化和新的工作负载趋势的延续。
In our consumer business the PC market overall was in line with expectations although the early timing of back to school inventory bills benefited Windows OEM. Advertising spend was slightly lower than anticipated which impacted search and news advertising and leaked in marketing solutions.
在我们的消费业务中，整体PC市场符合预期，尽管返校季库存账单提前有利于Windows原始设备制造商。广告支出略低于预期，影响了搜索和新闻广告，同时也泄露了营销解决方案。
Commercial bookings decreased 2% and 1% in constant currency in line with expectations against a prior year comparable that was our largest commercial bookings quarter ever.
商业预订以与预期一致的2%和1%的负增长，与去年同期相比（去年同期是我们有史以来最大的商业预订季度），在不变汇率下有所下降。
In addition to the healthy execution across our renewal sales motions mentioned earlier we saw a record number of $10 million plus contracts for both Azure and Microsoft 365. And the average annualized value for our large long-term Azure contracts was the highest it's ever been driven by customer demand for our innovative cloud solutions today as well as interest in AI opportunities ahead.
除了我们之前提到的续约销售情况良好之外，我们还发现Azure和Microsoft 365都签订了创纪录的价值超过1000万美元的合同。而且，我们的大型长期Azure合同的年化价值也创下了历史最高纪录，这是由于客户对我们创新的云解决方案的需求以及对人工智能机遇的兴趣推动的。
Commercial remaining performance obligation increased 19% and 18 percent in constant currency to $224 billion. Roughly 45% will be recognized in revenue in the next 12 months up 13% year over year the remaining portion which will be recognized beyond the next 12 months increased 22% and this quarter our annuity mix increased to 97%.
商业剩余履行义务（Commercial remaining performance obligation）以恒定货币计增长了19%和18%，达到2240亿美元。大约45%的金额将在接下来的12个月内确认为收入，同比增长13%；超过12个月的其余部分增加了22%，本季度我们的年金比例增至97%。
FX impact on total company revenue segment level revenue and operating expense growth was as expected. FX decreased cogs growth by one point one point favorable to expectations.
外汇对全公司收入部门层面的收入和营业费用增长的影响如预期一样。外汇对成本增长产生了有利于预期的1.1个百分点的减少。
Microsoft cloud revenue was 30.3 billion dollars and grew 21% and 23% in constant currency slightly ahead of expectations. Microsoft cloud gross margin percentage increased roughly 3.0 over year to 72% also slightly ahead of expectations.
微软云端业务的收入为303亿美元，增长了21%和23%（调整为不变货币），略高于预期。微软云端业务的毛利率大致增长了3.0个百分点至72%，同样略高于预期。
Excluding the impact of the change in account estimate for useful lives Microsoft cloud gross margin percentage increased slightly driven by improvements in office 365 partially offset by lower Azure margin and the impact of scaling our AI infrastructure to meet growing demand. Company gross margin dollars increased 11% and 13% in constant currency including two points due to the change in accounting estimate gross margin percentage increased over year to 70%.
除了会计估计对使用寿命的变更的影响外，微软云的毛利率略有增长，这一增长主要受到办公365的改进部分抵消了Azure边际和扩大人工智能基础设施以满足不断增长的需求的影响。公司毛利额以固定汇率计算增长11%和13%，其中包括两个百分点来自会计估计的变化。毛利率同比增长至70%。
Excluding the impact of the change in accounting estimate gross margin percentage increased slightly driven by improvements in office 365.
除了会计估计变更的影响，毛利率百分比由于办公365的改进而略有增长。
Operating expense increased 2% in line with expectations as savings across the company from our focus on prioritization and efficiency were offset by the charge related to the Irish data protection commission matter. At a total company level headcount at the end of June was flat compared to a year ago.
根据预期，运营费用增加了2%，这与我们在优先事项和效率方面的专注所带来的公司各个部门的节省相抵消，这与爱尔兰数据保护委员会相关事务的费用有关。截至6月底，公司整体的员工人数与一年前持平。
Operating income increased 18% and 21% in constant currency including four points due to the change in accounting estimate. Operating margins increased roughly 4.0 over year to 43%.
经营收入增长了18%和21%，在恒定货币条件下，其中四个百分点是因为会计估计的变化。经营利润率相比去年提升了约4.0个百分点，达到了43%。
Excluding the impact of the change in accounting estimate operating margins increased roughly two points driven by improved operating leverage through disciplined cost management.
除去会计估计变更的影响外，由于通过严格的成本管理提高了运营杠杆效益，经营利润率大致增加了两个百分点。
Now for our segment results. Revenue from productivity and business processes was $18.3 billion in grew 10% and 12% in constant currency ahead of expectations with better than expected results in office commercial partially offset by LinkedIn. Office commercial revenue grew 12% and 14% in constant currency. Office 365 commercial revenue increased 15% and 17% in constant currency a bit better than expected with particular strength in E5 upsell at renewal noted earlier. Paid office 365 commercial seats grew 11% year over year with installed base expansion across all workloads and customer segments. Seat growth was again driven by our small and medium business and frontline worker offerings. Office commercial licensing declined 20% and 18% in constant currency with better than expected transactional purchasing.
现在让我们来看看我们的业绩报告。生产力和业务流程部门的营收为183亿美元，同比增长10%。在恒定汇率下增长了12%，超出预期，并且办公商业部门的业绩超出预期，部分抵消了领英带来的影响。办公商业部门的营收同比增长了12%，在恒定汇率下增长了14%。Office 365商业营收同比增长了15%，在恒定汇率下增长了17%，超出预期，特别是在续订期间，E5增值销售表现强劲。付费的Office 365商业版用户数同比增长了11%，跨所有工作负载和客户群体实现了安装基数的扩大。用户数的增长主要来自我们的中小企业和一线工作人员服务。办公商业版许可证的销售同比下降了20%，在恒定汇率下下降了18%，但交易购买表现优于预期。
Office consumer revenue increased 3% and 6% in constant currency with continued momentum in Microsoft 365 subscriptions with grew 12% to 67 million. LinkedIn revenue increased 5% and 7% in constant currency driven by growth and talent solutions with some continued bookings impact from the weaker hiring environment and key verticals. Growth was partially offset by a decline in marketing solutions due to the lower ad spend noted earlier. Dynamics revenue grew 19% and 21% in constant currency driven by Dynamics 365 was grew 26% and 28% in constant currency with continued healthy growth across all workloads. Segment rose margin dollars increased 14% and 16% in constant currency and gross margin percentage increased roughly three points year over year. Excluding the impact of the change in accounting estimate gross margin percentage increased roughly one point driven by improvements in Office 365. Operating expenses decreased slightly and operating income increased 25% and 29% in constant currency including three points due to change in accounting estimate.
办公室消费者收入以稳定的货币增长3％和6％，持续保持办公365订阅的势头，增长了12％，达到6700万。领英的收入以稳定的货币增长了5％和7％，增长主要来自人才解决方案，一些弱势招聘环境和关键垂直领域的预订继续影响。增长部分抵消了营销解决方案的下降，这是由于之前广告支出的减少。动力学收入以稳定的货币增长了19％和21％，其中Dynamics 365在稳定的货币中增长了26％和28％，且各个工作负载都保持健康增长。细分提升了14％和16％的利润，并且毛利率增加了大约三个百分点。在不考虑会计估计变化的影响下，毛利率增加了大约一个百分点，这是由于Office 365的改进。运营费用略有减少，经营利润以稳定的货币增长了25％和29％，其中有三个百分点由于会计估计变化的影响。
Next the intelligent cloud segment. Revenue was 24 billion dollars increasing 15% and 17% in constant currency slightly ahead of expectations. Overall server products and cloud services revenue increased 17% and 18% in constant currency. Azure and other cloud services revenue grew 26% and 27% in constant currency including roughly one point from as services as expected. In our per user business the enterprise mobility and security install base grew 11% to over 256 million seats with impact from the continued growth trends in new business noted earlier. In our on-premises server business revenue decreased 1% and was relatively unchanged in constant currency driven by a slight decrease in new annuity contracts which carry higher in period revenue recognition. Enterprise services revenue grew 4% and 5% in constant currency with better than expected performance across enterprise support services and industry solutions. Segment gross margin dollars increased 16% and 17% in constant currency and gross margin percentage increased slightly. Excluding the impact of the change in accounting estimate gross margin percentage declined roughly two points driven by sales mix shift to Azure and the lower our Azure margin noted earlier. Operating expenses increased 10% operating income grew 20% and 22% in constant currency with roughly 6 points from the change in accounting estimate.
接下来是智能云业务板块。收入为240亿美元，按恒定汇率计算增长了15%和17%，略超预期。整体而言，服务器产品和云服务收入按恒定汇率计算增长了17%和18%。Azure和其他云服务收入按恒定汇率计算增长了26%和27%，其中大约有一个百分点来自预期的服务。在我们的每个用户业务中，企业移动性和安全性的安装基数增长了11%，超过了2.56亿个席位，受到了之前提到的新业务增长趋势的影响。在我们的本地服务器业务中，收入下降了1%，按恒定汇率计算相对稳定，主要是由于新的年度契约稍微减少，而这些契约带来的收入认定期较长。企业服务收入按恒定汇率计算增长了4%和5%，企业支持服务和行业解决方案的表现超出预期。板块毛利润增长了16%和17%，按恒定汇率计算，毛利率略微增加。不计算会计估计变化的影响，毛利率下降了大约2个百分点，主要是由于销售组合向Azure转变和我们之前提到的Azure毛利率较低。经营费用增加了10%，经营收入按恒定汇率计算增长了20%和22%，其中大约有6个百分点来自会计估计变化。
Now to more personal computing revenue was 13.9 billion dollars decreasing 4% and 3% in constant currency above expectations driven by better than expected performance in Windows partially offset by gaming. Windows OEM revenue decreased 12% year over year ahead of expectations due to 7 points of benefit from early back to school inventory builds while the overall PC market was as expected. Devices revenue decreased 20% and 18% in constant currency roughly in line with expectations. Windows commercial products and cloud services revenue increased 2% and 3% in constant currency ahead of expectations due to the renewal strength noted earlier even with the moderated growth of new business and standalone offerings. Search and news advertising revenue Xtack increased 8% a bit behind expectations due to lower ad spend noted earlier. Higher search volumes share games again this quarter for our edge browser and the benefit from the Zander acquisition were partially offset by the impact from third party partnerships. Ending gaming revenue increased 1% and 2% in constant currency lower than expected due to weakness in first party and third party content performance. Xbox content and services revenue increased 5% and 6% in constant currency and Xbox hardware revenue declined 13%. Segment gross margin dollars declined 2% and were relatively unchanged in constant currency and gross margin percentage increased roughly 1.0 over year driven by sales mix shift to higher margin businesses. Operating expenses declined 9% and 8% in constant currency. Operating income increased 4% and 6% in constant currency.
现在，个人计算业务收入为139亿美元，同比下降4％和3％（按固定汇率计算），超出预期，这主要是由于Windows表现超出预期，部分抵消了游戏的影响。Windows OEM收入同比下降12％，这超出了预期，原因是学校备货提前进行，增加了7个百分点，而整体PC市场符合预期。设备收入同比下降20％和18％（按固定汇率计算），与预期基本一致。Windows商业产品和云服务收入同比增长2％和3％（按固定汇率计算），超出预期，这主要是由于之前提到的续约动力，尽管新业务和独立产品的增长有所减缓。搜索和新闻广告收入Xtack同比增长8％，略低于预期，原因是之前提到的广告支出减少。搜索量的增加、浏览器的市场份额增长以及Zander收购带来的好处，部分抵消了来自第三方合作伙伴的影响。游戏收入增长1％和2％（按固定汇率计算），低于预期，这是由于第一方和第三方内容表现疲软造成的。Xbox内容和服务收入同比增长5％和6％（按固定汇率计算），而Xbox硬件收入下降13％。业务部门毛利额同比下降2％，按固定汇率计算基本保持不变，毛利率同比增长约1.0，这是由于销售结构转向更高利润业务所致。运营费用同比下降9％和8％（按固定汇率计算）。运营利润同比增长4％和6％（按固定汇率计算）。
Now back to total company results. Capital expenditures including finance leases were $10.7 billion to support cloud demand including investments in AI infrastructure. Cash pay for PPE was $8.9 billion. Cash flow from operations was $28.8 billion up 17% year over year as strong cloud billings and collections were partially offset by a tax payment related to the R&D capitalization provision. Free cash flow was $19.8 billion of 12% year over year. Excluding the impact of this tax payment, cash flow from operations increased 22% and free cash flow increased 19%. This quarter other income expense was $473 million higher than anticipated driven by net gains on foreign currency remesurment. Our effective tax rate was approximately 19%. And finally, we returned $9.7 billion to shareholders through share repurchases and dividends bringing our total cash return to our shareholders to over $38 billion for the full fiscal year.
现在回到整个公司的业绩。资本支出，包括融资租赁，为107亿美元，用于支持云需求，包括在人工智能基础设施上的投资。物业、厂房和设备的现金支付为89亿美元。经营活动的现金流量为288亿美元，同比增长17％，强劲的云计费和收款部分抵消了与研发资本化规定相关的税款支付。自由现金流量为198亿美元，同比增长12％。在不考虑税款支付的影响下，经营活动的现金流量增长了22％，自由现金流量增长了19％。本季度其他收入支出比预期高473亿美元，主要是由于外汇再计量的净收益。我们的实际税率约为19％。最后，我们通过股份回购和股息向股东返还了97亿美元，使我们全财年对股东的总现金回报超过380亿美元。
Now let's turn to next fiscal year and start with a few reminders. First, the change in accounting estimate for the useful life of server and network equipment resulted in $3.7 billion of depreciation expense shifting from FY23 to future periods. Our FY23 operating income and margins benefited from this change in accounting estimate and that will be a headwind to growth in FY24 as the benefit reduces to $2.1 billion. Next, my outlook commentary for both the full year and next quarter is on a US dollar basis unless specifically noted otherwise. And my outlook does not include any impact from the Activision acquisition, which we continue to work towards closing, subject to obtaining required regulatory approvals.
现在让我们转向下一个财年，并从几个提醒开始。首先，关于服务器和网络设备有用寿命的会计估计变更导致了37亿美元的折旧费用从FY23转移到未来时期。我们的FY23营业收入和利润率因此会计估计的改变而受益，而在FY24，这一受益将减少到21亿美元，对增长构成阻力。接下来，我对全年和下一季度的展望将基于美元汇率，除非另有特别说明。而且，我的展望不包括Activision收购所带来的任何影响，我们将继续努力完成该收购，前提是获得所需的监管批准。
Now, for some thoughts on the full year of FY24. With the weaker US dollar and assuming current rates remain stable, we expect FX to increase full year revenue growth by approximately one point with no impact to CODS or operating expense growth. The impact in H1 is expected to be greater in H2. At a total company level, revenue growth from our commercial business will continue to be driven by the Microsoft Cloud and will again outpace the growth from our consumer business. Even with strong demand and a leadership position, growth from our AI services will be gradual. As Azure AI scales and our co-pilots reach general availability dates. So for FY24, the impact will be weighted towards H2. To support our Microsoft Cloud growth and demand for our AI platform, we will accelerate investment in our cloud infrastructure. We expect capital expenditures to increase sequentially each quarter through the year as we scale to meet demand signals. We are committed to driving operating leverage and therefore we will manage our total cost growth across CODS and operating expense in line with the demand signals we see as well as revenue growth. Increased capital spend will drive higher CODS growth than in FY23 and FY24 operating expense growth will remain low as we prioritize our spend. Therefore, we expect full year operating margins to remain flat year over year, even with the headwind from the change in accounting estimate. And finally, we expect our FY24 tax rate to be around 19%.
现在，对于FY24整个财年的一些想法。考虑到美元疲软，并假设当前汇率保持稳定，我们预计外汇将使全年收入增长增加约一个百分点，对CODS或运营费用增长没有影响。对上半年的影响预计将比下半年更大。从整个公司的角度来看，我们的商业业务收入增长将继续受到微软云的推动，并再次超过我们的消费者业务增长。即使有强劲的需求和领先地位，我们的人工智能服务增长也会是渐进的。随着Azure AI的扩展和我们的联合驾驶员达到普遍可用日期，对FY24的影响将集中在下半年。为支持我们的微软云增长和对我们的人工智能平台的需求，我们将加快对云基础设施的投资。我们预计资本支出将逐个季度递增，以满足需求信号。我们致力于实现运营杠杆，因此我们将根据我们看到的需求信号和收入增长来管理CODS和运营费用的总成本增长。增加的资本支出将推动CODS增长高于FY23，并且FY24的运营费用增长将保持较低水平，因为我们优先考虑支出。因此，即使会计估计的变化给我们带来了阻力，我们预计全年运营利润率将与去年持平。最后，我们预计FY24的税率约为19%。
Now, to the outlook for the first quarter. First FX. Based on current rates, we expect FX to increase total revenue and operating expense growth by approximately one point with no impact to CODS growth. Within the segments, we expect FX to increase revenue growth in intelligent cloud by one point with no impact to productivity and business processes or more personal computing. In commercial bookings, strong execution across our core annuity sales motions, including our renewal and up-sale motions, along with long-term measure commitments, should drive healthy growth on a growing expiry base. Microsoft Cloud growth margin percentage should decrease roughly one point year over year, driven by the accounting estimate change headwind noted earlier. Excluding that impact, Q1 cloud growth margin percentage will be up roughly one point, primarily driven by improvements in Azure and Office 365, partially offset by sales mix ship to Azure, and the impact of scaling our AI infrastructure to meet growing demand. We expect capital expenditures to increase sequentially on a dollar basis, as noted earlier, driven by investments in our AI infrastructure. Reminder, there can be normal quarterly spend variability in the timing of cloud infrastructure build out.
现在，让我们来看一下第一季度的前景。首先是外汇。根据当前汇率，我们预计外汇将使总收入和营业费用的增长略微提升一个百分点，对CODS增长没有影响。在各个业务板块中，我们预计外汇将使智能云业务的收入增长提高一个百分点，对生产力和业务流程或更多的个人计算没有影响。在商业预订方面，我们强调核心长期销售业绩包括续约和升级的措施，以及长期措施的承诺，将推动不断扩大的基础上的健康增长。由于之前提到的会计估计变更不利因素，微软云服务的增长毛利率将比去年降低大约一个百分点。除去这个影响，第一季度云服务的增长毛利率将增加大约一个百分点，主要由Azure和Office 365的改进推动，部分抵消了向Azure的销售组合发货以及扩展我们的AI基础设施以满足不断增长需求的影响。我们预计资本支出将按照美元计增长，如前所述，这是由于对我们的AI基础设施的投资。需要提醒的是，云基础设施建设的时间会有正常的季度性支出变动。
Next, the segment guidance. In productivity and business processes, we expect revenue to grow between 9 and 11 percent or 18 to 18.3 billion US dollars. In office commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and our food growth through E5. We expect Office 365 revenue growth to be roughly 16 percent in constant currency.
接下来，让我们来讨论业务方面的指导。在生产力和业务过程方面，我们预计收入增长将在9%至11%之间，即180至183亿美元。在商务办公方面，收入的增长将再次由Office 365推动，包括用户群体的座位增长以及E5方面的食品增长。我们预计Office 365的收入增长在固定货币下大约为16%。
In our on-premises business, we expect revenue to decline in the low 20s. In office consumer, we expect revenue growth to be in the low to mid-single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the low to mid-single digits, even with share gains in our hiring business, growth will continue to be impacted by the overall markets for recruiting and advertising, especially in the technology industry where we have significant exposure.
在我们的本地业务中，我们预计收入将下降20%左右。在办公室消费者方面，由于Microsoft 365订阅的推动，我们预计收入增长将在低至中个位数。对于领英（LinkedIn）来说，即使我们在招聘业务中获得了市场份额，我们预计收入增长也将在低至中个位数，增长仍将受到招聘和广告整体市场的影响，尤其是在我们有重要参与度的技术行业。
And in dynamics, we expect revenue growth in the mid to high teens, driven by continued growth in Dynamics 365. For intelligent cloud, we expect revenue to grow between 15 and 16 percent or 14 and 15 percent in constant currency. Revenue should be 23.3 to 23.6 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 from in-period revenue recognition, depending on the mix of contracts.
在动态方面，我们预计收入将以中高两位数增长，主要由于Dynamics 365的持续增长驱动。对于智能云，我们预计收入将在不变货币情况下增长15%到16%，或者在恒定货币下增长14%到15%。收入应该在233到236亿美元之间。收入的增长仍将由Azure驱动，需要提醒的是，Azure的季度变动主要来自我们的每位用户业务和期间收入确认的合同组合。
In Azure, we expect revenue growth to be 25 to 26 percent in constant currency, including roughly two points from all Azure AI services. Growth continues to be driven by our Azure consumption business, and we expect the trends from Q4 to continue in DICute 1. Our per user business should continue to benefit from Microsoft 365 sweet momentum, though we expect continued moderation and growth rates given the size of the installed base. In our on-premises server business, we expect revenue to decline low to mid-single digits against a prior comparable that benefited from annuity purchasing ahead of the SQL Server 2022 launch. And in enterprise services, revenue should decline low to mid-single digits year over year as growth and enterprise support services will be more than offset by a decline in industry solutions.
在Azure方面，我们预计收入增长在恒定货币中将达到25%至26%，其中包括大约2个百分点来自Azure人工智能服务。增长仍然受到我们的Azure消费业务的推动，并且我们希望DICute 1的趋势将继续保持。我们的每个用户业务应该会继续受益于Microsoft 365的良好势头，虽然考虑到已安装基数的规模，我们预计增长率会继续适度缓和。在我们的本地服务器业务中，我们预计收入将下降低至中个位数，对比之前的业绩，之前的业绩受益于SQL Server 2022发布前的年金购买。而在企业服务方面，收入年度同比预计将下降低至中个位数，因为增长和企业支持服务的增长将被行业解决方案的下降所抵消。
And more personal computing, we expect revenue of 12.5 to 12.9 billion US dollars. Windows OEM revenue should decline low to mid-teens, including five points of negative impact from the earlier back to school inventory builds that were pulled into the fourth quarter. Our guide assumes no significant changes to the PC demand environment. In devices, revenue should decline in the mid-30s due to the overall PC market and adjustments we made in our portfolio with an increased focus on our higher margin premium products. The Windows commercial products and cloud services customer demand for Microsoft 365 in our advanced security solutions should drive revenue growth in the mid- to high single digits.
在个人计算领域，我们预计收入为125到129亿美元。Windows OEM收入预计会下降低-中两位数，其中包括由于早期备季库存建设在第四季度拉高的影响导致的5个负面点。我们的指导假设PC需求环境不会有显著变化。在设备方面，由于整体PC市场以及我们在产品组合中增加对高利润高端产品的关注，收入预计会下降中30%左右。Windows商业产品和云服务以及我们先进安全解决方案的客户需求将推动收入增长，预计增长率在中-高个位数。
Search and news advertising, ex-tact revenue growth, should be mid- to high single digits, roughly five points higher than overall search and news advertising revenue, driven by continued volume strength supported by edge browser share gains. Growth will continue to be impacted by the advertising spend environment and third-party partnerships mentioned earlier. We continue to be excited by being usage signals and a longer term opportunity as we invest in AI. And in gaming, we expect revenue growth in the mid- single digits. We expect Xbox content and services revenue growth in the mid- to high single digits given by first-party and third-party content, as well as Xbox Game Pass.
搜索和新闻广告，预计收入增长率应该保持在中高个位数，大致比整体搜索和新闻广告收入高出五个百分点，主要受到继续增长的流量强劲支持，而流量的增长主要得益于边缘浏览器的份额提升。增长将继续受到广告支出环境和第三方合作伙伴关系的影响。我们对于用户使用信号以及在人工智能方面的长期机遇感到兴奋。在游戏方面，我们预计收入增长率将保持在中个位数。鉴于第一方和第三方内容以及Xbox Game Pass的支持，我们预计Xbox内容和服务的收入增长率将保持在中高个位数。
Now back to company guidance. We expect COGS between 16.6 to 16.8 billion US dollars and operating expense of 13.5 to 13.6 billion US dollars. Together, total cost growth should be around 6%. Other income and expense should be roughly $300 million as interest income is expected to more than offset interest expense. Two reminders. This does not include any impact from Activision on interest income and expense, and we are required to recognize market-to-market games or losses on our equity portfolio, which can increase quarterly volatility. We expect our Q1 effective tax rate to be around 19%.
现在言归正传，关于公司的指引。我们预计销售成本在166到168亿美元之间，营业费用为135到136亿美元。总的来说，总成本增长应该在6%左右。其他收入和费用大约为3亿美元，因为利息收入预计将超过利息支出。请注意两点。这不包括Activision对利息收入和支出的任何影响，并且我们必须确认股票投资组合的市价，这可能会增加季度波动性。我们预计第一季度的有效税率约为19%。
And finally, as a reminder for Q1 cash flow, we expect to make a $2.7 billion cash payment related to the TCGA transition tax. We do not expect a payment related to the R&D capitalization provision in Q1 in closing. As a company, we delivered on the FY23 financial commitments we discussed a year ago on revenue and operating margin. A focus on operational excellence allowed us to achieve these targets while we delivered near-term value to customers and prioritized our investments to continue to lead in the future.
最后，提醒一下，关于Q1的现金流，我们预计需要支付27亿美元的与TCGA过渡税有关的现金。我们不预计在Q1的结尾时支付与研发资本化规定有关的款项。作为一家公司，我们达成了一年前关于收入和运营利润的FY23财务承诺。注重操作的卓越使我们能够实现这些目标，同时为客户提供近期价值，并将我们的投资优先级放在继续引领未来上。
As we started FY24, we are excited for the opportunities ahead and remain focused on delivering the three key priorities thought you mentioned. We'll maintain our lead as the top commercial cloud by helping customers use the breadth and depth of the Microsoft Cloud. We'll continue to invest in our cloud and AI infrastructure while scaling with growing demand so we can lead the AI platform wave. And finally, we'll align our costs with growth as we are committed to driving operating leverage. With that, let's go to Q&A Brett.
随着我们进入FY24，我们对未来的机会感到兴奋，并且专注于实现您提到的三个关键优先事项。通过帮助客户充分利用微软云服务的广度和深度，我们将保持领先地位，成为顶级商业云服务提供商。我们将继续投资于云和人工智能基础设施，并满足不断增长的需求，以引领人工智能平台的浪潮。最后，我们将根据增长来调整成本，致力于推动运营杠杆。有了这些，让我们进入问答环节，布雷特。
Hey, Sammy. We'll now move over to Q&A. Out of respect for others on the call, we request that participants please only ask one question. Joe, can you please repeat your instruction? Yes, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad and a confirmation tool indicates your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. And our first question comes from the line of Keith Weiss with Morgan Stanley. Please proceed. Thanks, Juan. Thank you guys for taking the question and very nice end to a great fiscal year. Sati, you started out your comments talking about how every customer conversation has the customer asking you about utilizing generative AI technology and how fast it could utilize that generative AI technology. What's the answer? What do you tell them in terms of the pace with which that could get into the marketplace and your customers can start using it?
嘿，萨米。我们现在要转向问答环节了。为了尊重其他参与电话的人，我们请求参与者只提出一个问题。乔，你可以再重复一下你的指示吗？是的，女士们先生们，如果你想提问，请按下电话键盘上的星号键一，并且确认工具会显示您的电话位于问题队列中。如果您想将问题从队列中移除，请按下星号键二。对于使用扬声器设备的参与者，在按下星号键之前可能需要拿起听筒。请稍等片刻，我们将收集问题。我们的第一个问题来自根斯坦利摩根公司的基思·韦斯。请继续。谢谢你们，华恩。感谢你们回答问题，并为这个出色的财年画上了美好的句号。萨迪，你在发言中提到，每次客户交流中都有客户询问您关于如何利用生成式人工智能技术以及该技术能多快地进入市场和客户开始使用。你怎么回答？您告诉他们的是什么，关于该技术能在多快的速度进入市场和客户使用？
And then for Amy, how should investors think about just the fundamental gross margins behind these generative AI technologies? We understand there's going to be a lot of CAPX to ramp up underneath these. But what do we expect in terms of what the ultimate gross margin looks like underneath all these new generative AI solutions? Thank you.
那么对于艾米来说，投资者应该如何考虑这些生成性AI技术背后的基本毛利润？我们知道在这些技术之下会有很多资本支出。但就这些新的生成性AI解决方案而言，我们对于最终的毛利润预期是什么样的呢？谢谢。
Thank you, Keith, for the question. The fundamental guidance and conversation that we have with customers is twofold. One is the easiest path to value order generative AI is to adopt certain solutions. For example, get up co-pilot. In some sense, it's sort of the no-brainer to add productivity leverage for all of the software developers in any organization, whether you're a bank, you're a retailer, or you're a software company, it applies to everyone. So that's probably one of the things that we have seen very good, even productivity data and great adoption. And then obviously the excitement that there is already around the M365 co-pilot. So first thing we sort of talked about is how we are felt at deploying all these co-pilots across, whether it's sales co-pilot or M365 co-pilot or data co-pilot, how do you get maximum value out of these horizontal tool chain? And then on top of that, we have taken what we did underneath these products and built it out as a first-class tech stack, which we talked about in our developer conference called the co-pilot stack. And then with Azure AI tooling, made it possible for someone like Moody's to build their own co-pilot for their people.
谢谢Keith的问题。我们与客户的基本指导和交流有两个方面。一方面，获取生成型人工智能的最简单途径是采用一些解决方案。例如，使用co-pilot。从某种意义上说，它是为任何组织的所有软件开发人员增加生产力的明智选择，无论是银行、零售商还是软件公司，都适用。所以，这可能是我们看到的一些非常好的、甚至是大规模采用的东西。当然，已经围绕着M365 co-pilot存在的兴奋感也是其中之一。因此，我们首先讨论的是如何在部署所有这些co-pilot（无论是销售co-pilot、M365 co-pilot还是数据co-pilot）方面的最大价值，以及如何利用这些横向工具链。除此之外，我们还将我们在这些产品之下所做的事情作为一流的技术栈进行了扩展，我们在我们的开发者大会上称之为co-pilot stack。然后，通过Azure AI工具，使得像Moody's这样的公司能够为他们的人员构建自己的co-pilot。
So to us, we want to be able to help customers build their generative AI applications on top of Azure AI and with speed, if you will. And so those are the two things that we asked them to identify where they can get the maximum productivity leverage. And then we even swung with our own resources to help them get those things done.
对我们来说，我们希望能够帮助客户在Azure AI上快速构建他们的生成性人工智能应用程序。我们要求他们确定在哪些方面可以获得最大的生产力优势。我们甚至动用了自己的资源来帮助他们完成这些事情。
And the last kind I'd make is the cloud and data in the cloud enables all this, because I think the diffusion cycle here is in some sense, we have a new set of cloud meters that are getting adopted faster because of everything else that came before it in the cloud. So those will be the observations.
最后一个类别是云和云中的数据。云中的数据使所有这些成为可能，因为在某种程度上，我认为云中的先前一切导致了新一批云计量设备更快地被采用。因此，这将是观察的一部分。
And to your question, Keith, on gross margins and how I think about those going forward, the first thing I would say is I expect gross margins here to transition over time just like they did in the prior cloud transition. I would also say I expect workloads and the gross margins of the workloads to be different, just like they are in the cloud today. I would also add one thing that's different than last time, we talked a bit about this before, is that we start out in a different place with more of a shared platform, which allows us to scale those gross margins a bit faster than last time. And we do expect, as you asked and Satya talked about, the pace of this adoption curve, we do expect to be faster. So you're seeing the CAPX spend accelerate in Q4, and then again in Q1, and we've talked about what it should look like the rest of the year. Now that being said, we're talking about all that and going through that transition while delivering, and FY24 over FY23, effectively a point higher operating margins, because if it's flat, year over year as we guided, with the headwind from the useful life change, when you correct for that, it's about a point higher. So I think the real focus here is being able to be aggressive in meeting the demand curve and focusing on the transition and gross and gross margins and delivering the operating leverage.
对于你的问题，Keith，关于毛利率以及我对未来的看法，我首先要说的是，我预计毛利率会像之前的云转型一样，随着时间的推移逐渐进行转变。我还要说的是，我预计工作负载和工作负载的毛利率会有所不同，就像云计算现在的情况一样。我还要补充的一点是，与上次不同的是，我们从一个更为共享的平台开始，这使得我们能够比上次更快地扩大毛利率。正如你所问，并且Satya也谈到了，我们预计采纳这种转变的速度会更快。所以你可以看到，在第四季度和第一季度，我们的资本支出的速度在加快，而且我们已经谈论了今年剩余部分的情况。话虽如此，我们正谈论着这一切，并在交付的同时完成这一转变，在2024财年相对于2023财年，我们的运营利润率实际上要高一个百分点，因为如果我们平坦地看，用去有用寿命更改带来的逆风调整，实际上要高一个百分点。因此，我认为真正的焦点在于能够积极应对需求曲线，并专注于转型和毛利率，并提供运营杠杆。
All right, so thank you guys. Thanks Keith, operator, next question please.
好的，谢谢大家。谢谢Keith，接下来有问题吗？
Our next question comes from the line of Brent Till with Jeffries, please proceed.
我们的下一个问题来自杰弗里斯公司的布伦特·蒂尔，请提问。
Thank you Satya. I'm the optimization headwinds that you continue to see. When do you think we hit peak optimization? Are we getting close to hitting that peak and getting some relief in the back half of the year, and maybe AI helping provide us a tailwind? Any color from what you're seeing from your perspective would be helpful.
谢谢 Satya。我是指的你所持续看到的优化困境。你认为我们何时达到了优化的顶峰？我们是否接近如期望的顶峰，并在年后半部分得到些许缓解，也许人工智能能够帮助我们提供一些顺风顶？你从你的视角所看到的任何信息都会很有帮助。
Sure Brent, thank you for the question. Yeah, a couple of observations. One is, I think overall in the cloud, you do see new project starts, and then those project starts get optimized, and then you sort of time series all of that, and that's sort of what you see in the normal course. What happened here was during the pandemic, obviously there were lots of new project starts and optimization in some sense was postponed, and that's where you're seeing our call it catch up optimization, and that's something that to your point we will lap going into the next couple of quarters. I think it will come down, and we are seeing new project starts. Both traditional type of project starts, even cloud migrations, data applications, and of course obviously the AI applications. But we'll get back to our call at the normal pace of new project starts and optimizations. Going forward, Brent, we will cycle through, I think, in the next couple of quarters, what is the last catch up optimization? I would just, Deborah, I think to start this point, and maybe to build a bit of a line for you, I think it felt very similar to last quarter where we made the same comments, which is, we're seeing sort of the normal optimization, plus we're seeing new workload starts across these workloads, I think that's what we're saying going forward, and really what the change is just that lapping of, I think, a bit of the catch up from a year ago, and your right will continue to do that through H2. Thanks, Brent. Operator, next question, please.
当然，Brent，谢谢你的问题。是的，我有几个观察结果。首先，在云计算领域，你会看到一些新项目的启动，然后对这些项目进行优化，最后将它们进行时间序列化，这在平常情况下是可以看到的。在疫情期间发生了一些变化，显然有很多新项目的启动，但优化工作在某种程度上被推迟了，这也是我们称之为"追赶优化"的原因，正如你所说的，我们在接下来的几个季度将赶上这一优化进程。我认为这种情况会有所改变，我们也正在看到一些新项目的启动，包括传统项目、云迁移项目、数据应用项目和人工智能项目等。但我们将回到正常的新项目启动和优化速度上来。在未来的几个季度里，Brent，我们将逐渐过渡，就是过去几个季度中落后的优化进程。我认为，Deborah，我想刚才的观点已经很明确了，也许可以对你建立一些参考线。我认为，它和上个季度感觉非常相似，我们做出了相同的评论，即我们正在看到正常的优化工作，同时也看到这些工作负载的新项目启动，我想这就是我们未来要做的事情，只是在回顾过去一年的追赶优化进程时，有一些变化，你是对的，我们将在下半年继续做这个工作。谢谢，Brent。操作员，请转下一个问题。
The next question comes from the line of Mark Mortler with Bernstein Research. Please proceed.
下一个问题来自伯恩斯坦研究的Mark Mortler。请继续。
Thank you very much for taking the question and congrats on the quarter. Amy, capbox moved up significantly Q over Q over Q in year over year, and it's increasing moving forward. Can you give us some color? Is it physical data centers? Is this predominantly servers? Is it predominantly AI driven? How should we think about the useful life of them? Then quickly for Satya, can you give us some, where we status on the general availability of the full co-pilot development stack, and how long it's taking clients and partners to build co-pilots? Thanks.
非常感谢您回答问题，同时恭喜您这一季的成绩。Amy，与去年相比，capbox在季度同比同比中显著提高，并且未来还将继续增长。您能给我们提供一些信息吗？是物理数据中心的原因吗？这主要是由服务器驱动的吗？还是主要以人工智能为驱动？我们应该如何考虑它们的寿命？然后请Satya快速回答一下，关于完整的联合驾驶开发工具包的普遍可用性，目前的进展如何？客户和合作伙伴需要多长时间来构建联合驾驶？谢谢。
Well, I start on the capbox question, Satya, an alternative over to you. You know, Mark, really, first of all, both in Q4 and then talking about Q1, the acceleration is really quite broad. It's both on both the data centers and the physical basis, plus CPUs and GPUs and networking equipment. Think of it in a broad sense as opposed to a narrow sense. So it's overall increases of acceleration of overall capacity. And I think if you look back over really FY23, you wouldn't have seen some of the pace on normal, what I would say, capacity ads, even for the normal Azure workload. So you're seeing both accelerations and normal Azure workloads plus some of the AI workloads is partially the reason. So it's why I do comment quite often that it's both overall commercial cloud demand and building out capacity for AI. It's both.
好的，关于容量问题，首先，我想说的是，在第四季度和第一季度，加速度的范围非常广泛。这不仅涉及数据中心和物理基础设施，还涉及CPU、GPU和网络设备。请将其从广义上理解，而不是狭义上理解。因此，整体容量的增长是多方面的加速。如果你回顾整个2023财年，你会发现在正常情况下，Azure工作负载的容量增加速度也是有所加快的。因此，你既能看到Azure工作负载的加速增长，也能看到一些人工智能工作负载的增长，这是部分原因。所以，我经常强调的是商业云需求整体增长以及为人工智能建设容量的双重原因。
Yeah, I think just for perspective, I think it's sort of always good to think about it, where we have about 111 commercial cloud business growing at 22% year over year. And then you had a capex growth, which is around the same number 23, 24%. So it's some sense sort of replacement capital plus some new capital that is going to drive new growth. So that's, I think, the scale and if you're good about that structure of overall growth rates and how it translates into future TAM opportunity for us. And to your other question on how all this translates into project starts effectively, the co-part of stack is available today on Azure. So we have everything from Azure AI tool chain where you can use obviously Azure OpenAI or even you can use open models from llama and other hunky face models. You have all the fabric and all of our operational data stores for what is one of the most useful patterns around generative AI is what is called retrieval augmented generation, which is you take the data that you have in the data stores, use it in a prompt to generate completions, summaries, what have you. And so that's something that we've seen a lot of in the co-pilot are fundamentally orchestrations of that. And so we have all of these services available. We see what the thing that's fascinating is when you use something like Power Virtual Agent, you have a low code, no code tool to build effectively these AI products or full-fledged co-pilots like we've built. And all the underlying primitives for that are available on Azure. The tool chain is available on Azure and the speed with which customers are able to deploy them, ISVs are able to build them is pretty impressive. Thank you. I appreciate it. Thanks Mark. Operator, next question please.
是的，我认为仅仅从一个角度来看，我认为思考这个问题总是有好处的，我们在商业云业务方面的增长速度约为22%每年，大约有111个商业云企业。然后，我们有一个约为23、24%的固定资本支出增长。所以，从某种意义上说，这是一种旧资本的替代加上一些新资本，它将推动新的增长。所以，我认为这是规模问题，如果你对整体增长率的结构以及它如何转化为未来对我们的总地址空间（TAM）的机会感到满意，那就很好了。至于关于所有这些如何有效地转化为项目启动的问题，共同合作的堆栈已经在Azure上提供。所以我们拥有从Azure AI工具链到Azure OpenAI甚至llama和其他雄犬面部模型的开放模型等的一切。您拥有所有的基础设施以及我们所有的运营数据存储，用于产生AI的其中一种最有用的模式，即所谓的检索增强生成。这意味着您可以使用数据存储中的数据，在提示中生成完成的内容、摘要等等。所以我们在共同创作和协作方面取得了很大的进展。所以我们拥有所有这些服务。我们发现有趣的是，当您使用Power Virtual Agent时，您可以使用低代码、无代码工具来构建这些AI产品或像我们构建的全功能co-pilots。而所有的底层基元都可以在Azure上使用。工具链也可以在Azure上使用，客户能够部署这些产品的速度、ISV能够构建这些产品的速度也令人印象深刻。谢谢。我感激不尽。谢谢Mark。接线员，请提问。
The next question comes from the line of cash rangan with Goldman Sachs. Please proceed.
下一个问题来自高盛的现金·拉冈，请继续。
Hi. Thank you very much. Congratulations on the quarter. If I could, I just wanted to get you a touch, shift the discussion away from Cogs and the CapEx to more of the top line outlook. It looks like Azure growth rate is definitely starting to stabilize and generative AI contribution to Azure is the measurably improving quarter recorder and optimization in a broader sense is also starting to settle down. Where does this leave with the company's outlook for Azure growth rate in the future quarters? Are we at a point where we've bottomed out and we could start to see some acceleration due to the trends we discussed? And also we take the super set of Microsoft Cloud. When you throw in the new pricing for Co-Pilot, it certainly looks like the Tams are opening up in a pretty significant way. So when you take that broader length that 21, 22% growth rate that Satya and Amy referred to, what could be the outlook? Could we be too optimistic and entertaining in hopes of some kind of acceleration in the years ahead? Or how do you think about the outlook on the top line? Thank you so much.
嗨，非常感谢你。恭喜公司这个季度的成绩。如果可以的话，我想转移一下话题，从成本和资本支出，转向更多关于公司前景的讨论。Azure的增长速度似乎开始稳定，并且生成式人工智能对Azure的贡献正在逐渐改善，优化方面也开始趋于稳定。在未来几个季度，公司对Azure增长率的展望如何？我们是否已经达到低点，由于我们讨论的趋势，我们可以开始看到一些加速度？另外，我们还考虑了Microsoft Cloud的超集。当考虑到Co-Pilot的新定价时，市场规模似乎正在以非常显著的方式打开。因此，当你加入那21、22%的增长率，正如Satya和Amy所提到的，展望如何？我们是否对未来几年加速度抱有太过乐观的期望？或者你对于营收前景有何看法？非常感谢你。
Sure. Cash, thanks for the question. So maybe I'll start and then Amy you can add. I think we do think about what's the long term dam here? I mean, you heard me talk about this as a percentage of GDP, what's going to be tax spend. If you believe that, let's say, the 5% of GDP is going to go to 10% or GDP, maybe that gets accelerated because of the AI wave. Then the question is how much of that goes to the various parts of our commercial cloud and then how competitive are we in each layer?
当然。现金，谢谢你的问题。我先开始说，然后艾米你可以补充。我认为我们确实要考虑长期的损害是什么？我的意思是，你听我说这个占国内生产总值的百分比，将要支付的税收。如果你相信，比如说国内生产总值的5%将会增加到10%，或许由于人工智能的浪潮，这个增长会加速。那么问题是这其中的多少会流向商用云的各个部分，然后我们在每个层面上有多大的竞争力？
So if you sort of break it down, you talked about how Microsoft 365, we think of this Co-Pilot as a third villain. We had the creation tools, we then had all the communication and collaboration services and we think the AI Co-Pilot is a third pillar. So we're excited about it. Amy talked about how we want to get it out first and part of this preview and then in the second half of the next fiscal year, we'll start getting some of the real revenue signal from it. So we're looking forward to it, but we think of it long term as a third pillar like we thought about something like say, teams or SharePoint back in the day or what have you.
所以，如果你将其分解开来，你谈到了Microsoft 365，我们将这个AI Co-Pilot看作是第三个“敌人”。我们拥有创作工具，然后是所有的沟通和协作服务，我们认为AI Co-Pilot是第三个支柱。所以我们对此感到兴奋。Amy谈到我们想要先推出它，并在预览版中进行一部分，然后在下一个财年的下半年开始从中获得一些真正的收入信号。所以我们对此充满期待，但我们认为从长远来看，它就像我们以前考虑的Teams或SharePoint这样的第三个支柱一样。
Then Azure, the way I think about it is we still are whatever. Inning two or inning three or even the cloud migration, especially if you view it, whether by industry moves to the cloud, segment moves to the cloud, as well as country adoption of the cloud. So there's still early innings of the cloud migration itself, so there's a lot there still and then on top of that, there's this complete new world of AI driving a set of new workloads. So we think of that again being pretty expansive from a tab opportunity and we'll play it out.
对于 Azure，我这样理解，我们还是什么都有。这是第二局或者第三局，甚至是云迁移，特别是如果你将其视为行业转向云端、领域转向云端，以及国家对云端采用的过程。所以云迁移本身仍处于早期阶段，还有很多机会。除此之外，还有一整个由人工智能驱动的新世界，带来一系列新的工作负载。所以我们认为这是一个非常广阔的商机，我们将发挥它的作用。
So but at the same time, as we are a $110 billion commercial cloud that has grown in 20s and so therefore we do hit a lot of large numbers, but that said, we do think that this is a business that can have sustained high growth, which is something that we're excited about.
因此，虽然我们是一个在20多年的时间里增长到1100亿美元的商业云服务提供商，所以我们确实有很多庞大的数字，但是我们认为这是一个可以持续高速增长的业务。对此，我们感到非常兴奋。
And I think the only thing, Cash I would add, is I think in some ways what we're really pointing to is there's a process here. We see the demand signal is quite strong. It remains strong. I'm thrilled with all the product announcements we've made. I'm thrilled with them moving to pre-view and then moving to GA. They absolutely are expansive in terms of addressable market. They reach new budget pools. It's almost the way I talk about it a lot in terms of how CIOs or CFOs that I talk to think about that investment. So a growing opportunity.
我认为唯一需要补充的是，从某种意义上来说，我们真正指的是这里存在一个过程。我们看到需求信号非常强劲，而且一直保持强势。我对我们所做的所有产品发布都感到非常兴奋。对于它们从预览版到GA版的转变，我感到非常高兴。从可寻址市场的角度来看，它们绝对是有扩展性的。它们触及到新的预算池。这几乎是我经常谈论的一种方式，就像我与CIO或CFO谈话时他们对投资的看法一样。所以这是一个不断增长的机会。
And as you know, we're focused on executing against that and then revenue is an outcome. But it certainly does require the demand signal requires the capital expense and then creates the opportunity. And that's why I think in some ways we're spending a little more time talking about some of that investment is because it is the demand signal. Awesome. Thank you so much. Thanks, Cash. Operator, next question please.
正如你所知，我们专注于执行这一目标，而收入只是一个结果。但是，这确实需要需求信号，需要资本支出，然后才能创造机会。这就是为什么在某种程度上，我们要花更多时间谈论一些投资的原因，因为这是需求信号。太棒了。非常感谢。谢谢，Cash。接下来请操作员提问。
One last question comes from the line of Carl Kiersted with UBS. Please proceed. Okay, Greg, Amy, if I could double click a little bit on the exciting news around M365. Co-pilot is everybody on the line looks to layer that opportunity into our model. So I just wanted to get your views. Are there any guardrails you'd offer us to sort of keep us in line? Is there a degree of gross margin pressure in the office segment? In other words, is it a fairly cost-intensive new product that we should keep in mind? And also, could it pull along Azure in the sense that you need Azure AD and perhaps some of the other cyber security products? So a little color there might help everybody with their modeling exercise tonight in the coming weeks. Thanks, Carl.
最后一个问题来自于瑞银UBS的Carl Kiersted。请继续。好的，Greg，Amy，如果我能稍微详细问一下关于M365的令人兴奋的消息。Co-pilot是每个人都希望将这个机会纳入我们的模型中。所以我只是想听听你们的意见。你们是否能给我们一些限制性措施，以便让我们保持在正确轨道上？办公领域是否存在一定程度的毛利压力？换句话说，这是一个相当成本密集型的新产品，我们应该牢记吗？而且，它是否会带动Azure，意味着你需要Azure AD和可能其他一些网络安全产品？对于每个人今晚和未来几周的建模练习来说，这里的一些细节可能会很有帮助。谢谢，Carl。
You know, I think maybe I'll first start with the process we have when we release new products. And I absolutely understand we are excited to buy the demand signal, the customer reaction, really the request we're getting to be in the paid preview. It's all encouraging. As you know, last week we announced pricing. Then we'll continue to work through the paid preview process, get good feedback. Then we'll announce the general availability date. Then we'll get to the GA date. Then we'll, of course, be able to sell it and then recognize revenue. And that is why I continue to say that I am just as excited as everyone else about this. And it should be more H2 weighted. And we've, I think, given you some sizing opportunities. And I think I would use all that. But I do think this is really about pacing. And of course, we've still got to get our security co-pilot and some of the dynamics workloads priced and released and will continue to work toward that.
你知道，我想我可能会先从我们发布新产品时的流程开始说起。我完全理解我们对购买需求信号、客户反应以及我们收到的付费预览请求感到兴奋。这些都是鼓舞人心的。如你所知，上周我们宣布了定价。然后我们将继续完成付费预览过程，获得良好的反馈。然后我们将宣布正式上市日期。然后我们将到达正式上市日期。然后我们当然能够销售产品并认可收入。这就是为什么我一直说我和其他人一样对此感到兴奋。这应该会更侧重于下半年的时间。我们已经给出了一些规模机会。我认为我会利用这一切。但我认为这真的是关于节奏。当然，我们仍然需要完成我们的安全合作伙伴以及一些动力工作负载的定价和发布，并将继续努力。
And of course, I think one of the things that people often, I think, overlook is, and something I mentioned it briefly when you go back to the pool along Azure. I think in many ways, lots of these AI products pull along Azure because it's not just the AI solution services that you need to build an app. And so it's less about Microsoft 365 pulling it along or any one co-pilot. It's that when you're building these, it requires data and it requires the AI services. So you'll see them pull both core Azure and AI Azure along with them. And I think that's an important, important thing that you want to do as well. Yeah.
当然，我认为人们经常忽视的一件事是，当你回顾Azure时，我已经简要提到过。我认为在很多方面，许多这些人工智能产品都是与Azure一同推进的，因为构建应用程序不仅仅需要AI解决方案服务。所以，不仅仅是Microsoft 365推动这个进展，也不是任何一个联合辅助导航。这是因为在构建这些应用程序时，需要数据和AI服务。所以你会看到他们同时推进核心Azure和AI Azure。我认为这是一个非常重要的事情，你也应该这样做。是的。
And if I could just add to what Amy said, the platform effect here is really all about the extensibility of the co-pilots. You saw, you see that today when people build applications in teams that are built on power apps and those power apps happen to use something like SQL DB or Azure. That's like a classic line of business extension. So you'll see the same thing. When I have a co-pilot plugin, that plugin uses Azure AI, Azure Meters, Azure Data Sources, Azure Semantic Search. So you'll see, obviously, a pull through not only on the identity or security layer, but in the core path services of Azure plus the co-pilot extensibility in M365. Terrific. Thank you. Thank you. Thanks, Carl. Operator, next question, please.
如果我可以补充一下Amy说的，这里的平台效应主要体现在合作伙伴的可扩展性上。当人们在构建基于Power Apps的团队应用程序时，往往会使用到SQL DB或Azure等技术。这就是一种经典的业务扩展方式。因此，当我使用Co-pilot插件时，该插件会使用到Azure AI、Azure Meters、Azure Data Sources和Azure Semantic Search等技术。因此，显然不仅在身份验证或安全层面上会有收入，还会在Azure核心路径服务以及M365中的Co-pilot扩展性上有收入。非常好。谢谢。谢谢。谢谢，Carl。运营商，请继续下一个问题。
The next question comes from the line of Mark Murphy with JP Morgan. Please proceed. Yes. Thank you very much. Sancha. There's so much evidence now that a GitHub co-pilot is boosting developer productivity by 40 to 50 percent or more. And it's resulting in higher quality code. Do you envision a similar level of productivity boost for the Microsoft 365 co-pilot or the security co-pilot or sales co-pilot? In other words, can every room in the house be remodeled to a similar extent such that that value proposition is pretty elevated across the entire stack? Yeah.
下一个问题来自JP摩根的马克·墨菲。请你继续。是的，非常感谢。桑卡。现在有很多证据表明，GitHub合作者可以将开发人员的生产力提高40%至50%甚至更多，并且能够产生更高质量的代码。你是否预期Microsoft 365合作者、安全合作者或销售合作者也能获得类似的生产力提升？换句话说，是否每个房间都可以进行类似程度的改造，以至于整个系统的价值主张得到显著提升？是的。
I, you know, Judson all talk would love you for having used his metaphor of remodeling every room of the house with AI because you're absolutely right. I mean, that's the opportunity we see. I think what you also referencing is now there's good empirical evidence and data around the GitHub co-pilot and the productivity stats around it. And we're actively working on that for M365 co-pilot. Also for things like the role-based ones like sales co-pilot or service co-pilot, we see these business processes having very high productivity gains. And so, yes, over the course of the year, we will have all about evidence. And I think at the end of the day, as Amy's referenced, every CFO and CIO is also going to take a look at this.
我觉得，你知道的，Judson说我们都喜欢你使用他的用AI重新装修房屋的比喻，因为你是完全正确的。我是说，这就是我们看到的机会。我认为你提到的是现在有很好的实证证据和数据支持GitHub co-pilot以及与之相关的生产力统计数据。我们正积极努力开发适用于M365 co-pilot的功能，还有针对特定角色的功能，比如销售co-pilot或服务co-pilot，我们看到这些业务流程可以大大提高生产力。所以，是的，在今年的过程中，我们将提供充分的证据。我认为归根结底，正如Amy也提到的，每个财务总监和首席信息官也会对此进行审视。
I do think for the first time, or rather, I do think people are going to look at how can they complement their op-ex spend with essentially these co-pilots in order to drive more efficiency and quite frankly, even reduce the burden and drudgery of work on their op-ex and their people and so on. So therefore, I think you're going to see all of that translated into productivity stats and we're looking forward to getting that day out. Thank you very much. Next Mark, operator, next question please.
我认为首次，或者更准确地说，我认为人们将会思考如何借助这些共同飞行员来补充他们的运营支出，以提高效率，减轻运营支出和员工的工作负担，甚至消除枯燥乏味的工作。因此，我认为您将会看到所有这些转化为生产力统计数据，我们期待着那一天的到来。非常感谢。接下来是Mark，操作员，请下一个问题。
The next question comes from the line of Alex Zuchen with Wolf Research. Please proceed. Hey guys, thanks for taking the question. I guess maybe just a multi-part. You mentioned a couple of times that, you know, with the AI workload adoption that you're seeing on Azure, it's starting to look maybe a little bit different from an incremental share gain perspective versus previous generations. Can you maybe expand upon that? How should that drive for Azure consumption, particularly as we get through the year? And do you see a scenario where either, you know, the combination of lapping the optimization at with plus the AI contribution, plus this incremental tailwind that you're seeing around the workloads actually does drive a re-exceleration in Azure, particularly in the second half, when you're going to start to see some of those things kick in? Yeah, I mean, the thing that we are both seeing and excited about is both the new workloads.
下一个问题来自Wolf Research的Alex Zuchen的提问。请继续。嘿，伙计们，谢谢你们接受问题。我想可能是一个多部分的问题。你们多次提到，随着在Azure上看到的人工智能工作负载采用，从增量份额增长的角度来看，情况似乎有些不同于以前的一代。你们能否详细说明一下这一点？这如何推动Azure的使用情况，特别是在今年后半年？你们是否看到一种情景，即通过优化的应用、人工智能的贡献以及你们在工作负载周围看到的这种增量助推，实际上会在Azure上推动重新加速，特别是在下半年，当这些因素开始发挥作用时？是的，我是指我们都看到和激动的是新的工作负载。
I mean, if you think about Azure, we have grown Azure over the years, you know, coming from, you know, from behind. And here we are as a strong number two in the lead when it comes to these new workloads. So for example, we are seeing new no goals. Customers who may have used to not have a cloud for most of what they do are for the first time sort of starting to use Azure for some of the new AI workloads. We also have even customers who've used multiple clouds, who've used dots for a class of sort of workloads, also start new projects when it's transferred in data and AI, which they were using other clouds for. So what I think you will see us is more share gains, more global gains, reducing our tacky then. And so those are the things of points of leverage, but at the same time, we're not a small business anymore in any of these things. These are, you know, we're significantly, we have significant scale. And so yes, we celebrate. That's why we're even giving you the visibility or one point of it showing up this quarter, a couple of points showing up next quarter and there's a material numbers. And so that's kind of what I think we'll track and I think Amy mentioned it because we want, you know, there are two parts to even the AI, right? There's the models themselves with our partnership with OpenAI that that's sort of one type of spend on a compute and the other is much more revenue driven, right? Which is we will track the inference cost to the revenue and demand and you're already seeing both of those crap.
我的意思是，如果你考虑到Azure，我们在这些年来已经使Azure发展起来了，你知道，从后面开始的。现在我们已经成为领先的强势第二名，特别是在这些新的工作负载方面。比如说，我们看到了一些新的目标客户。以前可能大部分工作都没有使用云，但现在第一次开始在Azure上使用一些新的AI工作负载。我们甚至有一些客户曾经使用了多个云，曾经使用了某些云来处理一类工作负载，但现在也在转移数据和AI方面开始了新的项目。因此，我认为你会看到我们获得更多的份额，获得更多的全球收益，降低我们的费用。这些都是我们的杠杆点，但同时，我们在这些方面已经不再是一个小企业了。我们在规模上有重大突破。所以是的，我们值得庆祝。这就是为什么我们甚至让你看到了一些可见性，这一季度会有一个百分点的增长，下个季度会有几个百分点的增长，这些都是实质性的数字。所以我认为这是我们要关注的，而且我认为艾米提到了这一点，因为我们希望，你知道，甚至在AI方面也有两个方面。一方面是模型本身，我们与OpenAI的合作就是计算方面的一种花费，另一方面是更多以收入为驱动的，也就是我们将追踪推断成本与收入和需求之间的关系，而且你已经看到这两方面都在增长。
Thanks, Al.
谢谢，阿尔。
Thank you. Operator, we have a tough one last question. Our last question will come from the line of Kirk Maternity with Evercore ISI. Please proceed. Yeah, thanks for squeezing, man. Satya, I was wondering if you could expand a little bit on your comments on data platforms. I think we've heard a lot over the last quarter or so about if you don't have a data strategy. It's tough to have an AI strategy. Can you just talk about where customers are right now in that journey to have a more, I guess, thoughtful data strategy? And what does that mean in terms of their ability to adopt AI services, meaning do they have to sort of tackle the data issue first before they can really take advantage of all the AI services or how should we think about that sort of juxtaposition? Thanks.
谢谢。接线员，我们有个最后一个问题比较困难。这个问题来自Evercore ISI的Kirk Maternity。请继续。是的，感谢你抽时间回答。Satya，我想知道你能否进一步扩展一下关于数据平台的评论。我觉得在过去的一个季度左右，我们听到了很多关于如果你没有一个数据战略，就很难拥有一个人工智能战略的说法。你能否谈谈客户在这方面的现状，是否有一个更加深思熟虑的数据战略？以及这对于他们采用人工智能服务的能力意味着什么，也就是说他们必须先解决数据问题才能真正利用所有的人工智能服务，或者我们应该如何看待这种对立的关系？谢谢。
Sure. Thank you, Al, for the question. Yes, absolutely. I think having your data in particular in the cloud is sort of key to how you can take advantage of essentially these new AI reasoning engines to complement, I'll call it, your databases because these AI engines are not databases, but they can reason over your data. And to help you then get more insights, more completions, more predictions, more summaries and what have you. So those are the things when we say co-pilot design pattern, that's sort of what that design pattern is all about. The thing that perhaps even in the last quarter, and I have that in my remarks, it's most exciting, is how with Microsoft fabric, especially for the analytics workloads, we brought together compute, storage, governance with a very disruptive business model. I mean, to give you a flavor for it, right, so you have your data in an Azure data lake, you can bring SQL compute to it, you can bring Spark to it, you can bring Azure AI or Azure Open AI to it, right? So the fact is you have storage separated from all these compute meters and they're all interchangeable, right? So you don't have to buy each of these separately. That's the disruptive business model. So I feel that we are well, you know, Microsoft is very well positioned with the way our data architecture lays out our business model around data and how people will plan to use data with AI services. So that's kind of what I mean by getting your data state in order, and it's just not getting data state in order, but you have to have it structured such that you can have the flexibility that allows you to exercise the data and compute in combinations that make sense with this new age.
当然。谢谢你的问题，Al。是的，绝对是这样的。我认为，将数据存储在云中对于如何充分利用这些新的人工智能推理引擎来补充你的数据库非常关键，因为这些人工智能引擎并不是数据库，但它们可以对你的数据进行推理。然后帮助你获得更多的洞察、更多的完成度、更多的预测、更多的摘要等等。所以当我们说共同设计模式时，这就是这种设计模式的关键。也许在最近的一季度里，我在我的发言中提到的最令人兴奋的事情，就是如何通过微软材料特别是在分析工作负载方面，将计算、存储、治理与一种非常颠覆性的商业模式结合起来。比如，你可以在 Azure 数据湖中存储你的数据，可以将 SQL 计算引擎引入其中，可以引入 Spark，可以引入 Azure AI 或 Azure Open AI 进行各种计算。因此，事实上，你可以将存储与所有这些计算部件分开，它们都可以互相替换。所以你不需要单独购买每一项。这就是颠覆性的商业模式。我觉得我们在数据架构、围绕数据的商业模式以及人们计划如何使用带有AI服务的数据方面都处于非常有利的位置。所以这就是我所说的整理好你的数据状态，并不仅仅是整理好数据状态，而是你必须将其组织得如此有结构性，以便在新时代中能够灵活运用数据和计算的组合方式。
Thanks, Kirk. 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 too. Thank you all. Thank you, everyone. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.
谢谢，柯克。今天的盈利电话会议的问答部分就到这里了。感谢你们今天的参与，我们期待与你们每个人的交流。谢谢大家。感谢大家。今天的会议到此结束。您现在可以挂断电话。感谢您的参与。