Microsoft 2024 Q1 (Calendar Year 2023 Q3) Earnings Call
发布时间 2023-10-25 02:55:55 来源
Greetings, and welcome to the Microsoft Fiscal Year 2024 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
大家好，欢迎参加微软2024财年第一季度收益电话会议。目前，所有参与者处于仅听模式。正式演示结束后，将进行问答环节。如果在会议期间需要操作员协助，请按下电话键盘上的星号和零键。提醒大家，本次会议正在录音。
I would now like to turn the call over to your host, Brett Iverson, Vice President of Investor Relations. Mr. Iverson, please go ahead. 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 Jallen, Chief Accounting Officer, and Keith Dauliver, Corporate Secretary and Deputy General Counsel.
现在我想把电话转给您的主持人Brett Iverson，投资者关系副总裁。Iverson先生，请开始。下午好，感谢您今天的加入。与我一同参加电话会议的有Satya Nadella，董事长兼首席执行官，Amy Hood，首席财务官，Alice Jallen，首席会计官以及Keith Dauliver，公司秘书和副总法律顾问。
On the Microsoft and Best Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft and Best Relations website when we provide ALVA commentary on today's call.
在微软和最佳关系网站上，您可以找到我们的收益新闻发布和财务摘要幻灯片，旨在补充我们在今天电话会议中的准备好的发言，并提供GAAP和非GAAP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ALVA评论时，将在微软和最佳关系网站上提供更详细的展望幻灯片。
Microsoft completed the acquisition of Activision Blizzard on October 13, 2023. You will share more on the expected impact of the Activision acquisition during the ALVA commentary portion of today's call.
微软于2023年10月13日完成了对动视暴雪的收购。在今天的通话中，您将在ALVA评论环节中更多地分享有关动视收购预期影响的信息。
On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's first-quarter performance in addition to the impact these items and events have on the financial results.
在本次通话中，我们将讨论特定的非依照公认会计原则（GAAP）编制的项目。提供的非GAAP财务指标不应视为替代或优于按照GAAP编制的财务业绩指标。它们作为补充澄清项目被包含进来，以帮助投资者更好地理解公司第一季度的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.
除非另有说明，我们今天通话中所进行的所有增长比较都是与去年同期相对应的。当有可用的固定货币增长率时，我们也会提供以此作为评估我们基础业务表现的框架，排除外汇汇率波动的影响。当固定货币增长率相同时，我们将仅提及增长率。
We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call 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 Investors Relations website.
我们会在电话会议结束后立即将我们准备好的发言发布到我们的网站上，直到完整的文字记录可以使用为止。今天的电话会议正在进行现场网络直播并进行录制。如果您提出了问题，您的问题将与我们的现场直播、文字记录以及日后任何使用录音的环节一同包括进去。您可以在微软投资者关系网站上重播电话会议并查看文字记录。
During this call, we will be making 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 the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement, and with that, I'll turn the call over to Sadja.
在本次通话中，我们将会做出前瞻性声明，即关于未来事件的预测、预计或其他陈述。这些声明基于目前的期望和假设，但受到风险和不确定性的影响。实际结果可能会因今天的盈利新闻发布、本次电话会议中的发言以及我们在Form 10K、Form 10Q和其他与证券交易委员会的报告和备案中的风险因素部分讨论的因素而有实质性差异。我们不承担更新任何前瞻性声明的责任，现在我将电话交给Sadja。
Thank you, Brett. We are off to a strong start to the Siska Lea, driven by the continued strength of Microsoft Cloud, which surpassed $31.8 billion in quarterly revenue up 24%. With co-pilots, we are making the age of AI real for people and businesses everywhere. We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.
谢谢，布雷特。我们在Siska Lea项目上有了一个强劲的开局，这要归功于微软云服务的持续增长，季度收入已经超过318亿美元，同比增长24%。通过与合作伙伴们的携手合作，我们将人工智能时代带给了人们和企业。我们正在迅速将人工智能渗透到技术架构的每一层、每一个角色和业务流程中，以提升我们客户的生产力。
Meanwhile, I'll highlight examples of our progress starting with infrastructure. Azure, again, took share as organizations bring their workloads to our cloud. We have the most comprehensive cloud footprint with more than 60 data center regions worldwide, as well as the best AI infrastructure for both training and inference. And we also have our AI services deployed in more regions than any other cloud provider.
与此同时，我将突出我们在基础设施方面的进展，以下是一些例子。Azure在企业将其工作负载引入我们的云平台时获得了份额。我们拥有全球最全面的云覆盖，超过60个数据中心区域，同时还拥有最好的用于训练和推理的人工智能基础设施。此外，我们的人工智能服务在全球各地部署的区域比其他任何云服务提供商都更多。
This quarter, we announced the general availability of our next generation H100 virtual machines. Azure AI provides access to best-in-class frontier models from OpenAI and open-source models, including our own, as well as from meta and hugging face, which customers can use to build their own AI apps while meeting specific cost, latency, and performance needs.
在本季度，我们宣布我们的下一代H100虚拟机已经正式推出。Azure AI提供了访问来自OpenAI的一流前沿模型以及开源模型（包括我们自己的模型）的机会，还有来自meta和hugging face的模型。客户可以利用这些模型构建自己的人工智能应用程序，同时满足特定的成本、延迟和性能需求。
Because of our overall differentiation, more than 18,000 organizations now use Azure Open AI service, including new to Azure customers. And we are expanding our reach with digital-first companies with OpenAI APIs as leading AI startups use OpenAI to power the AI solutions, therefore making them Azure customers as well.
由于我们在整体差异化方面的优势，目前已有超过18,000个组织使用Azure Open AI服务，包括刚开始使用Azure的新客户。而且，随着领先的人工智能初创公司使用OpenAI来推动人工智能解决方案，我们正在扩大与数字优先公司的合作，借助OpenAI API拓展我们的影响力，也将这些初创公司转变为Azure的客户。
We continue to see more cloud migrations with Azure Arc. We are meeting customers where they are, helping them run apps across on-prem, edge, and multi-cloud environments. We now have 21,000 Arc customers up or 140% year over year.
我们继续看到越来越多的客户选择使用Azure Arc进行云迁移。我们在客户所在的地方提供帮助，帮助他们在本地、边缘和多云环境中运行应用程序。我们现在拥有21,000个Arc客户，同比增长了140%。
We are the only other cloud provider to run Oracle's database services, making it simpler for customers to migrate their on-prem Oracle databases to our cloud. Customers like PepsiCo and Vodafone will have access to a seamless, fully integrated experience for deploying, managing, and using Oracle database instances on Azure. And we are the cloud of choice for customers SAP workloads to companies like Brother Industries, Haynes, Zeyes, and ZF Group all run SAP on Azure.
我们是唯一其他能提供Oracle数据库服务的云提供商，这让客户更容易将他们的本地Oracle数据库迁移到我们的云上。百事可乐和沃达丰等客户将能够获得无缝、完全集成的体验，用于在Azure上部署、管理和使用Oracle数据库实例。而且，我们也是Brother Industries、Haynes、Zeyes和ZF Group等公司将SAP工作负载部署在Azure上的首选云平台。
Now on to data. In the age of co-pilots, organizations are looking to consolidate their data estates. That's why with our Microsoft Intelligent Data Platform, we are bringing together operational data stores, analytics, and governance. More than 73% of the Fortune 1000 use three or more of our data solutions today. And with Microsoft Fabric, we are unifying compute, storage, and governance into one end-to-end analytics solution with an all-inclusive business model. More than 16,000 customers are actively using fabric, including over 50% of the Fortune 500.
现在让我们来讨论数据。在合作飞行员时代，企业寻求整合他们的数据资源。这就是为什么我们通过我们的微软智能数据平台，将操作数据存储、分析和治理集合在一起。如今，超过73%的财富1000强企业正在使用我们的三个或更多数据解决方案。借助微软Fabric，我们将计算、存储和治理统一为一个端到端的分析解决方案，并采用全包式商业模式。超过16,000个客户正在积极使用Fabric，其中包括超过50%的财富500强企业。
Now on to developers. With GitHub co-pilot, we are increasing developer productivity by up to 55% while helping them stay in the flow and bringing the joy back to CORE. We have over 1 million paid co-pilot users and more than 37,000 organizations have subscribed to co-pilot for business up 40% quarter over quarter with significant traction outside the United States. This quarter we added new capabilities with GitHub co-pilot chat, which are already being used by both digital natives like Shopify as well as leading enterprises like Merck and PWC to supercharge the productivity of their software developers. All up the number of developers using GitHub has increased 4X since our acquisition five years ago. We have also brought co-pilot to Power Platform enabling anyone to use natural language to create apps, build virtual agents, and analyze data. More than 126,000 organizations including 3M, Equinor, Lumen Technologies, Nationwide, PG&E, and Toyota have all used co-pilot and Power Platform to date. EY, for example, has enabled co-pilot for all 170,000 plus Power Platform users at the company. At this quarter we added new co-pilot capabilities to Power Pages, making it possible to build data-driven websites using just a few sentences or clicks. Finally, Power Apps remains the market leader in low-code, no-code development, now with 20 million monthly active users up 40% year over year.
现在让我们来谈谈开发人员。通过GitHub合作伙伴，我们将开发人员的生产力提高了多达55%，同时帮助他们保持在工作中，并让核心工作再次充满乐趣。我们拥有超过100万个付费的合作伙伴用户，还有超过37,000个组织已经订阅了合作伙伴企业版，同比增长了40%，在美国以外的地区表现出了明显的潜力。在本季度，我们为GitHub合作伙伴聊天功能增加了新的能力，目前已经被Shopify等数字原住民和默克(Merck)、普华永道(PWC)等领先企业使用，以提高其软件开发人员的生产力。自从五年前收购以来，使用GitHub的开发人员数量已经增长了4倍。我们还将合作伙伴引入力量平台，使任何人都可以使用自然语言来创建应用程序、构建虚拟代理并分析数据。至今已有超过126,000个组织，包括3M、Equinor、Lumen Technologies、Nationwide、PG&E和丰田等都使用了合作伙伴和Power平台。例如，安永(EY)已为公司的17万名Power平台用户启用了合作伙伴。在本季度，我们将新的合作伙伴能力引入到Power Pages中，只需几句话或几次点击就可以构建数据驱动的网站。最后，Power Apps仍然是低代码、无代码开发的市场领导者，每月活跃用户达到2000万，同比增长了40%。
Now on to business applications. All up Dynamics 365 took share for the 10th consecutive quarter. We are using this AI inflection point to redefine our role in business applications. We are becoming the co-pilot-led business process transformation layer on top of existing CRM applications like Salesforce. For example, our sales co-pilot helps sellers at more than 15,000 organizations including Rockwell Automation, Sandwick, Coromant, Securitas, and Teleperformance personalized customer interactions based on data from third-party CRMs. We are also bringing co-pilot to Dynamics 365 to help with everything from suggestive actions and content ideas to faster access to valuable business data. In this quarter, we introduced co-pilot in Dynamics 365 Field Service to help streamline frontline tasks.
现在让我们谈谈商业应用。Dynamics 365连续十个季度获得份额。我们正在利用这个人工智能的转折点重新定义我们在商业应用中的角色。我们正在成为基于现有CRM应用程序（如Salesforce）之上的副驾驶员引导的业务流程转型层。例如，我们的销售副驾驶员帮助超过15,000家组织，包括Rockwell Automation、Sandwick、Coromant、Securitas和Teleperformance，根据第三方CRM的数据进行个性化客户互动。我们还将副驾驶员引入Dynamics 365，帮助提供建议性措施和内容创意，更快地访问有价值的业务数据。在本季度，我们在Dynamics 365 Field Service中引入了副驾驶员，以帮助简化一线任务。
Now on to industry and cross-industry clouds. In healthcare, our Dragonabian Experience solution helps clinicians automatically document patient interactions at the point of care. It's been used across more than 10 million interactions to date. And with DAX co-pilot, we are applying generative AI models to draft high-quality clinical notes and seconds increasing physician productivity and reducing burnout. For example, atrium health, a leading provider in southeastern United States credits DAX co-pilot with helping its physicians each save up to 40 minutes per day in documentation time. We are also introducing healthcare data solutions in Microsoft fabric enabling providers like Northwestern Medicine and SingHealth to unify health data in a secure, compliant way. And with our Microsoft clouds of sovereignty, which will become generally available by the end of the calendar year, we offer industry-leading data sovereignty and encryption controls, meeting the specific needs of public sector customers around the world.
现在我们来谈谈行业和跨行业的云服务。在医疗保健领域，我们的Dragonabian Experience解决方案帮助临床医生在病人就诊时自动记录交流情况。迄今已在超过1000万次互动中使用。通过DAX合作系统，我们采用生成式AI模型起草高质量的临床笔记，以提高医生的工作效率，减少疲劳。例如，位于美国东南部的主要提供商atrium health称赞DAX合作系统每天帮助医生节省高达40分钟的文档时间。我们还在微软科技中引入了医疗数据解决方案，使诸如西北医疗和新加坡卫生部等提供者能够以安全、合规的方式统一健康数据。通过我们的微软云主权，在日历年底前将推出的通用版本，我们提供行业领先的数据主权和加密控制，满足世界各地公共部门客户的特定需求。
No one to future a work. Co-pilot is your everyday AI assistant, helping you be more creative in word, more analytical in Excel, more expressive in PowerPoint, more productive in outlook and more collaborative in teams. Tens of thousands of employees at customers like Bayer, KPMG, Mayo Clinic, Suncorp and Visa, including 40% of the Fortune 100 are using co-pilot as part of our early access program. Customers tell us that once they use co-pilot, they can't imagine work without it. And we are excited to make it generally available for enterprise customers next week.
没有人能预知工作的未来。副驾驶是您日常的AI助手，帮助您在Word中更具创造力，在Excel中更具分析能力，在PowerPoint中更具表达力，在Outlook中更具生产力，并在团队合作中更具协作性。像拜耳、毕马威、梅奥诊所、桑科保险和维萨等客户的数万名员工，包括财富100强公司中的40%都在使用副驾驶作为我们早期访问计划的一部分。客户告诉我们，一旦他们使用了副驾驶，就无法想象没有它的工作。我们很高兴将其在下周正式提供给企业客户使用。
This quarter, we also introduced a new hero experience in co-pilot, helping employees tap into their entire universe of work, data and knowledge using chat. And the new co-pilot lab helps employees build their own work habits for this era of AI by helping them turn good prompts into great ones.
这一季度，我们还在合作驾驶中引入了全新的英雄体验，通过聊天帮助员工探索他们的全部工作、数据和知识资源。而新的合作驾驶实验室则帮助员工培养适应人工智能时代的工作习惯，将良好的提示变成卓越的提示。
When it comes to teams, usage continues to grow with more than 320 million monthly active users making teams the place to work across chat, collaboration, meetings and calling. This quarter, we introduced a new version of teams that is up to two times faster while using 50% less memory and includes seamless cross-tenant communications and collaboration. We have seen nine consecutive quarters of triple-digit revenue growth for teams' rooms and more than 10,000 paid customers now use teams' premium. Teams has also become a multiplayer canvas for business process. There are more than 2,000 apps in teams' store and collaborative apps from Adobe, Atlassian and Workday each exceeded 1 million monthly active users on teams. And with Viva, we have created a new market category for employee experience, helping companies like Dell, Lloyd's Banking Group and PayPal build high-performance organizations. With skills in Viva, we are bringing together information from Microsoft 365 and LinkedIn to help employers understand workforce gaps and suggest personalized learning content to address it, all in the flow of work.
团队方面，使用情况不断增长，每月活跃用户超过3.2亿人，使得Teams成为了聊天、协作、会议和通话的首选工作平台。在本季度，我们推出了新版本的Teams，速度提升了两倍，同时内存占用减少了50%，还包括了无缝跨租户的通信和协作功能。Teams房间的收入已连续九个季度保持三位数的增长，目前有超过1万个付费客户使用Teams的高级版。Teams也已经成为了商业流程的多人协作平台。Teams商店中有超过2000个应用，来自Adobe、Atlassian和Workday的协作应用每月活跃用户都超过了100万人。而且，通过Viva，我们为员工体验创建了一个新的市场类别，帮助像戴尔、劳埃德银行集团和贝宝这样的公司构建高效的组织。在Viva中，我们整合了来自Microsoft 365和LinkedIn的信息，帮助雇主了解劳动力缺口，并在工作流程中提供个性化的学习内容建议。
All up, we continue to see more organizations choose Microsoft 365 and companies across private and public sector, including Cerribris, Chanel, DXC technology all rely on our premium E5 offerings for advanced security, compliance, voice and analytics. No one to Windows. The PC market unit volumes were at roughly pre-pandemic levels. We continue to innovate across Windows adding differentiated AI-powered experiences to the operating system. We rolled out the biggest update to Windows 11 ever with 150 new features including new AI-powered experiences like ClickChamp, Paint and Photos. And we introduced co-pilot in Windows, the everyday AI companion which incorporates the context of the web, your work data and what you are doing on the PC to provide better assistance. We are seeing accelerated Windows 11 deployments worldwide from companies like BP, Eurowings, Cantor and RBC. Finally, with Windows 365 boot and switch, we are making it easier than ever for employees at companies like Crocs, Hamburg Commercial Bank and the ING Bank to get a personalized Windows 365 cloud PC with co-pilot on any device.
总之，我们继续看到越来越多的组织选择微软365，包括私营和公共领域的公司，如Cerribris、香奈儿和DXC科技，都依赖于我们的高级E5产品，提供先进的安全性、合规性、语音和分析功能。没有比Windows更好的选择了。个人电脑市场单元销量大致恢复到疫情前的水平。我们在Windows上持续创新，为操作系统添加了差异化的人工智能体验。我们推出了有史以来最大的Windows 11更新，包括150个新功能，其中包括ClickChamp、Paint和Photos等新的人工智能体验。我们还在Windows中引入了共同驾驶员，这是一个日常的人工智能助手，可以结合网络、工作数据和您在电脑上的操作情况，提供更好的帮助。我们正在全球范围内看到加速部署Windows 11的公司，如BP、欧洲之翼、坎特尔和RBC。最后，通过Windows 365的引导和切换功能，我们让像卡骆驼、汉堡商业银行和荷兰国际集团这样的公司的员工更容易获得个性化的Windows 365云端电脑，并配备了共同驾驶员，可在任何设备上使用。
Now on to security. The speed, scale and sophistication of cyber attacks today is unparalleled and security is the number one priority for CIOs worldwide. We see high demand for security co-pilot the industry's first and most advanced generative AI product which is now seamlessly integrated with Microsoft 365 Defender. Dozens of organizations including Bridgewater, Fidelity, National Financial and Government of Alberta have been using co-pilot in preview and early feedback has been positive. We look forward to bringing co-pilot to hundreds of organizations in the coming months as part of the new Early Access program so they can improve the productivity of their own security operation centers and stop threats at machine speed. More broadly, we continue to take share across all major categories we serve and our 7 Microsoft Sentinel now has more than 25,000 customers and revenues surpassed $1 billion annual run rate. We have customers in every industry like Booz Allen Hamilton, Grant Thornton and MetLife use our end-to-end solutions to protect their environment.
现在让我们来谈谈安全性。当今网络攻击的速度、规模和复杂程度是空前的，安全性是全球首席信息官的头等大事。我们看到对安全合作伙伴的需求很高，它是该行业中第一个也是最先进的生成型人工智能产品，现在已经与Microsoft 365 Defender无缝集成。包括布里奇沃特、富达、国家财务和阿尔伯塔政府在内的许多组织已经在预览中使用了合作伙伴，并且早期反馈是积极的。我们期待在未来几个月中将合作伙伴带给数百个组织，作为新的早期访问计划的一部分，以提高他们自己安全操作中心的生产力，以及以机器速度阻止威胁。更广泛地说，我们继续在我们所服务的所有主要领域中获得份额，我们的7个Microsoft Sentinel现在拥有超过25,000个客户，并且收入超过了10亿美元的年度营业额。像Booz Allen Hamilton、Grant Thornton和MetLife这样的每个行业都有我们的客户，他们使用我们的端到端解决方案来保护他们的环境。
Now on to LinkedIn. We are now applying this new generation of AI to transform how the 985 million members learn, sell and get hired. Membership growth has now accelerated each quarter for over two years in a row. This quarter we introduced new AI driven features across all of our businesses including a learning coach that gives members personalized content guidelines and tools to help employers find qualified candidates and sellers and marketeers attract buyers in a single step. Since introducing AI assisted messages for recruiters five months ago, three-fourths of them say it saves them time and we have seen a nearly 80% increase in members watching AI related learning courses this quarter.
现在来谈谈领英。我们现在正在应用这一新一代的人工智能技术，来改变985百万会员的学习、销售和招聘方式。会员增长连续两年每个季度都有加速。本季度，我们在所有业务领域推出了新的人工智能驱动功能，包括一个学习导师，为会员提供个性化的内容指南和工具，帮助雇主找到合格的候选人，并帮助销售人员和营销人员一步实现吸引买家。自从五个月前推出面向招聘人员的人工智能辅助消息以来，四分之三的招聘人员表示它节省了他们的时间，而且本季度我们看到了近80%的会员观看了与人工智能相关的学习课程。
More broadly we continue to see record engagement and knowledge sharing on the platform. We now have more than 450 million newsletter subscriptions globally up 3x year over year. Premium subscription sign-ups were up 55% year over year and our hiring business took share for the fifth consecutive quarter.
更广泛地说，我们继续看到平台上记录的参与度和知识共享。我们现在全球拥有超过4.5亿份通讯订阅，年增长率为3倍。高级订阅注册数量同比增长55％，我们的招聘业务连续第五个季度占据了份额。
Now on to search advertising and news. With our co-pilot for the web we are redefining how people use the internet to search and create. Campaign users have engaged in more than 1.9 billion chats and Microsoft Edge has now gained share for 10 consecutive quarters. This quarter we introduced new personalized answers as well as support for Dali 3 helping people get more relevant answers and to create incredibly realistic images. More than 1.8 billion images have been created today. And with our co-pilot and shopping people can find more tailored recommendations and better deals. We are also expanding to new endpoints bringing Bing to meta-AI chat experience in order to provide more up-to-date answers as well as access to real-time search information.
现在让我们谈论搜索广告和新闻。凭借我们的网络副驾驶，我们正在重新定义人们在网络上进行搜索和创作的方式。截至目前，我们的用户已经进行了超过19亿次聊天交流，微软边缘浏览器连续10个季度获得了份额。本季度，我们推出了新的个性化答案，并支持了Dali 3，帮助人们获得更相关的答案，并创建出令人难以置信的逼真图像。到目前为止，已经创建了超过18亿张图片。通过我们的网络副驾驶和购物服务，人们可以找到更符合其需求的推荐和更好的优惠。我们还在不断扩大到新的终端，将必应引入元人工智能聊天体验中，以提供更及时的答案和实时搜索信息的访问。
Finally, we are integrating this new generation of AI directly into our ad platforms to more effectively connect marketeers to customer intent and chat experiences both from us as well as customers like actual Springer and Snap.
最后，我们正在将这一新一代的人工智能直接融入我们的广告平台，以更有效地将市场营销人员与客户意图和聊天体验连接起来，这些客户包括实际的施普林格和Snap。
Now on to gaming. We were delighted to close our acquisition of Activision's Lizette King earlier this month. Together we will advance our goal of bringing great games to players everywhere on any end point. Already with Game Pass we are redefining how games are distributed, played and discovered. We set a record for our role for subscriber this quarter. We really start to feel this quarter to broader claim. More than 11 million people have played the game to date. Nearly half of the hours played have been on PC and on launch day we set a record for the most Game Pass subscriptions added on a single day ever. Minecraft has now surpassed 300 million copies sold and with Activision's Lizette King we now add significant depth to our content portfolio. We will have $13 billion plus franchises from Candy Crush Diablo and Halo to Warcraft, Elder Scrolls and Gears of War. We are looking forward to one of our strongest first party holiday line-ups ever including new titles like Call of Duty, Modern Warfare 3 and Forza Motorsport.
现在来说游戏。本月初，我们很高兴收购了动视暴雪的Lizette King。我们将共同推进我们的目标，为玩家们在任何终端上带来优秀的游戏。通过Game Pass，我们已经重新定义了游戏的分发、游玩和发现方式。本季度，我们为订阅者数量创下了记录。我们真切地感受到了这个季度更广泛的影响。迄今为止，已有超过1100万人参与了游戏。其中近一半的游戏时间是在PC上进行的，并且在游戏发布当天，我们创造了有史以来最多的Game Pass订阅一天增量的记录。《我的世界》的销量已经突破了3亿份，而动视暴雪的Lizette King的加入为我们的内容组合增加了重要的深度。从《糖果传奇》、《暗黑破坏神》和《光环》到《魔兽世界》、《上古卷轴》和《战争机器》，我们将拥有130亿美元以上的畅销游戏系列。我们期待着有史以来最强大的一批自家游戏，其中包括《使命召唤：现代战争3》和《极限竞速》等新游戏。
In closing we are rapidly innovating to expand our opportunity across our consumer and commercial businesses as we help our customers thrive in this new era. In just a few weeks we will be holding our flagship Ignite Conference where we will introduce more than 100 new products and capabilities including exciting new AI innovations. We will be drawing courage, you to tune in.
总之，我们正在快速创新，扩展我们在消费者和商业业务领域的机遇，帮助我们的客户在这个新时代蓬勃发展。在短短几周内，我们将举办我们的旗舰Ignite会议，届时将介绍100多种新产品和功能，包括令人兴奋的新人工智能创新。我们邀请您关注，一同增添勇气。
With that I will turn it over to Amy.
我现在把话题交给艾米来讲。
Thank you Satya and good afternoon everyone. This quarter revenue was $56.5 billion, up 13% and 12% in constant currency. Our inks per share was $2.99 and increased 27% and 26% in constant currency. Consistent execution by our sales teams and partners drove a strong start to the fiscal year. We saw six-year expectations and we saw share games again in this quarter across many businesses. As customers adopt our innovative solutions to transform their businesses.
谢谢Satya和大家下午好。本季度收入为565亿美元，同比增长13%，在恒定汇率下增长12%。我们每股收益为2.99美元，同比增长27%，在恒定汇率下增长26%。销售团队和合作伙伴的一致执行力使得本财年有了强劲开局。在很多业务领域，我们看到了六年来的期望和股份增长。随着客户采用我们的创新解决方案来改变他们的业务，我们也在逐渐提高市场份额。
In our commercial business the trends from the prior quarter continued. We saw healthy renewals particularly in Microsoft 365 E5 and growth of new business continued to be moderated for standalone products sold outside the Microsoft 365 suite. In Azure as expected the optimization trends were similar to Q4. Higher than expected AI consumption contributed to revenue growth in Azure.
在我们的商业业务中，上个季度的趋势继续延续。我们看到了特别是在 Microsoft 365 E5 方面的健康续订，而独立于 Microsoft 365 套件之外销售的产品的新业务增长仍然受到调节。在 Azure 平台上，优化趋势与第四季度相似，正如预期的那样。预料之外的较高的人工智能消费为 Azure 的收入增长做出了贡献。
In our consumer business PC market unit volumes are returning to pre-pandemic levels. Advertising spend landed roughly in line with our expectations and in gaming strong engagement helped by the Starfield launch benefited Xbox content and services. Global bookings increased 14% and 17% in constant currency in line with expectations primarily driven by strong execution across our core annuity sales motions with continued growth in the number of $10 million plus contracts for both Azure and Microsoft 365.
在我们的消费者业务个人电脑市场中，销售量已经恢复到疫情前的水平。广告开支与我们的预期基本一致，而游戏方面，由于《星际战略》的推出，用户的强烈参与度对Xbox的内容和服务产生了积极的影响。全球预订额按照预期以恒定汇率计算增长了14％和17％，这主要得益于我们核心的年度销售策略的强力执行，并继续增加了Azure和Microsoft 365的1000万美元以上合同的数量。
Commercial remaining performance obligation increased 18% to $212 billion. Roughly 45% will be recognized in revenue in the next 12 months up 15% year over year. The remaining portion which will be recognized beyond the next 12 months increased 20%. And this quarter our annuity mix was 96%. FX did not have a significant impact on our results and was roughly in line with our expectations on total company revenue, segment level revenue, COGS and operating expense growth.
商业剩余业绩承诺增加了18%，达到2120亿美元。大约45%的业绩将在未来12个月内确认为收入，同比增长15%。超过下一个12个月将被认可的剩余部分增加了20%。本季度我们的年金组合比例达到96%。外汇对我们的结果影响不大，与我们对总公司收入、部门级别收入、成本和营业费用增长的预期大致相符。
Microsoft Cloud revenue was 31.8 billion dollars in Group 24% and 23% in constant currency ahead of expectations. Microsoft Cloud grows margin percentage increased slightly year over year to 73%. A point better than expected primarily driven by improvement in Azure. Excluding the impact of the change in accounting estimates for useful lives, Microsoft Cloud grows margin percentage increased roughly two points driven by the improvement just mentioned in Azure as well as Office 365 partially offset by the impact of scaling our AI infrastructure to meet growing demand. Security growth margin dollars increased 16% and 15% in constant currency and growth margin percentage increased through over year to 71%. Excluding the impact of the change in accounting estimate growth margin percentage increased roughly three points driven by the improvement in Azure in Office 365 as well as sales mix shift to higher margin businesses.
微软云业务收入为318亿美元，在集团内占比24%，按恒定货币计算为23%，超出预期。微软云业务的增长幅度较去年同比略有增加，达到73%，比预期高出一个百分点，主要得益于Azure的改善。在不考虑有关会计估计有用寿命变更的影响下，微软云业务的增长幅度大约增加了两个百分点，主要得益于Azure和Office 365的改进，部分抵消了扩大人工智能基础设施以满足不断增长的需求所带来的影响。安全增长利润增加了16%和15%的恒定货币，并且增长利润百分比在去年同比有所增长，达到71%。在不考虑会计估计变更的影响下，增长利润百分比大约增加了三个百分点，主要得益于Azure和Office 365的改善，以及销售结构向较高利润的业务转变的影响。
Operating expenses increased 1% lower than expected due to cost efficiency focus as well as investments that shifted to future quarters. Operating expense growth was driven by marketing LinkedIn and Cloud engineering partially offset by devices at a total company level. Head count at the end of September was 7% lower than a year ago. Operating income increased 25% and 24% in constant currency. Operating margins increased roughly 5.0 over year to 48%. Excluding the impact of the change in accounting estimate, operating margins increased roughly 6 points driven by improved operating levers through cost management and the higher gross margin noted earlier.
由于成本效率的关注以及投资转移到未来季度，运营费用增长1％低于预期。运营费用的增长主要是由于在市场营销LinkedIn和云工程方面的投资，但又部分被总公司的设备抵消。截至9月底的员工人数比一年前降低了7％。运营收入在不变汇率下增长了25％和24％。运营利润率从去年的43％上升到48％，提高了约5.0个百分点。除去会计估计变更的影响，运营利润率增加了约6个百分点，主要得益于通过成本管理和之前提到的更高毛利率来改善运营杠杆。
Now to our segment results. Revenue from productivity and business processes was $18.6 billion in Group 13% and 12% in constant currency, ahead of expectations, driven by better than expected results in Office 365 commercial and LinkedIn. Office commercial revenue Group 15% and 14% in constant currency. With a bit more in period revenue recognition while buildings remained relatively in line with expectations. Growth continues to be driven by healthy renewal execution and our food growth as E5 momentum remains strong. Paid office 365 commercial seats grew 10% year over year with installed base expansion across all customer segments. Seat growth was again driven by our small and medium business and the cost of the cost was again driven by our small and medium business and frontline worker offerings with continued impact from the growth trends and new standalone business noted earlier. Office commercial licensing declined 17% in line with a continued customer shift to cloud offerings. Office consumer revenue increased 3% and 4% in constant currency with continued momentum in Microsoft 365 subscriptions which grew 18% to 76.7 million. Fixed in revenue increased 8% ahead of expectations driven by slightly better than expected performance across all businesses. Growth was driven by talent solutions though we continued to see negative year over year bookings there from the weaker hiring environment and key verticals.
现在我们来看一下分部的业绩。生产力和业务流程的收入为186亿美元，集团增长13%，在固定货币中为12%，超出了预期，这是由于Office 365商业版和领英的业绩好于预期所推动的。Office商业收入集团增长15%，在固定货币中为14%。在一段时间的收入确认方面有稍微多一些，而建筑方面与预期基本保持一致。增长仍然由健康的续约执行和我们的食品增长推动，而E5的势头仍然强劲。付费的Office 365商业版用户数量同比增长了10%，安装基础扩大涵盖了所有客户群体。用户增长再次由我们的中小企业和一线工作人员的产品推动，同时我们的中小企业和一线工作人员产品的成本再次上升，这是之前提到的增长趋势和新的独立业务的持续影响。Office商业版许可证收入下降了17%，与客户持续向云服务转移的趋势一致。Office消费者收入在固定货币中增长了3%，Microsoft 365订阅继续保持强劲势头，增长了18%，达到了7670万用户。固定的收入增长了8%，超出了预期，在所有业务领域的表现略好一些。增长主要来自于人才解决方案，尽管我们继续看到来自招聘环境和关键垂直领域的负面同比预订情况。
Dynamics revenue grew 22% and 21% in constant currency driven by Dynamics 365 which grew 28% and 26% in constant currency with continued growth across all workloads. Growth margin dollars increased 13% and growth margin percentage increased slightly year over year. Excluding the impact of the change in accounting estimate, growth margin percentage increased roughly one point driven by improvement in Office 365. Operating expenses increased 2% and operating income increased 20% and 19% in constant currency.
动态收入以不变的货币增长了22%和21%，其中由于Dynamics 365的增长使得动态收入增长了28%和26%，各种工作负载持续增长。增长利润增加了13%，增长利润百分比略有增加。除去会计估计变动的影响，增长利润百分比大致增加了一个百分点，这是由于Office 365的改善所推动的。运营费用增加了2%，运营收入以不变的货币增长了20%和19%。
Next, the intelligent cloud segment. Revenue was 24.3 billion dollars, increasing 19% and ahead of expectations with better than expected results across all businesses. Overall, server products and cloud services revenue grew 21%.
接下来是智能云业务板块。其收入达到了243亿美元，增长了19%，超出预期，并在所有业务领域获得了超出预期的良好业绩。总体而言，服务器产品和云服务收入增长了21%。
Azure and other cloud services revenue grew 29% and 28% in constant currency including roughly three points from AI services. While the trends from prior quarter continued, growth was ahead of expectations primarily driven by increased GPU capacity and better than expected GPU utilization of our AI services as well as slightly higher than expected growth in our per user business.
Azure和其他云服务的收入按固定汇率计算增长了29%和28%，其中大约有三个百分点来自于人工智能服务。虽然上一季度的趋势继续保持不变，但增长超出了预期，主要原因是增加了GPU容量，并且我们的人工智能服务的GPU利用率好于预期，加上每个用户业务的增长略高于预期。
In our per user business, the enterprise mobility and security install base grew 11% to over 259 million seats with continued impact from the growth trends in new standalone business noted earlier. In our on-premises server business, revenue increased 2% ahead of expectations driven primarily by demand in advance of Windows Server 2012 and of support.
在我们的每个用户业务中，企业移动性和安全的安装基数增长了11%，超过了2.59亿个席位，并持续受到先前独立业务增长趋势的影响。在我们的本地服务器业务中，营收增长了2%，超出预期，主要受到对Windows Server 2012和支持需求的推动。
Segment partner services revenue increased 1% and was relatively unchanged in constant currency ahead of expectations driven by better than expected performance and enterprise support services. Segment gross margin dollars increased 20% and 19% in constant currency and gross margin percentage increased slightly.
分销合作伙伴服务收入增长了1%，在恒定的货币环境下基本保持稳定，超过了预期，这是由于表现优于预期的企业支持服务所推动。分销毛利润增加了20%和19%，在恒定的货币环境下，毛利润百分比略有增加。
Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points driven by the improvement in Azure noted earlier, even as we scale our AI infrastructure to meet growing demand. Increasing expenses increased 2% and 1% in constant currency, operating income grew 31% and 30% in constant currency.
除去会计估计变化的影响，毛利率增加了约2个百分点，这主要得益于前面所提到的Azure改进，尽管我们不断扩大人工智能基础设施以满足日益增长的需求。费用增加了2%和1%，在恒定汇率下，运营收入增长了31%和30%。
Now to more personal computing. Revenue was 13.7 billion dollars, increasing 3% and 2% in constant currency above expectations with better than expected results across all businesses. Windows OEM revenue increased 4% year over year, significantly ahead of expectations, driven by stronger than expected consumer channel inventory builds and the stabilizing PC market demand noted earlier, particularly in commercial.
现在转向更个人化的计算。收入为137亿美元，比预期增长了3%和2%。在所有业务中，结果超出预期，并取得了优于预期的效果。Windows OEM收入同比增长了4%，显著超出预期，主要受到意料之外的消费者渠道库存建设和之前提到的商业领域的稳定PC市场需求的推动。
Windows commercial products and cloud services revenue increased 8%, driven by demand for Microsoft 365 E5. Devices revenue decreased 22%, ahead of expectations due to stronger execution in the commercial segment. Searching news advertising revenue ex-tech increased 10% and 9% in constant currency, really ahead of expectations. We saw increased engagement on Bing and Edge share games again this quarter. Although search revenue growth continues to be impacted by a third-party partnership.
Windows商业产品和云服务收入增加了8%，受到对Microsoft 365 E5的需求推动。设备收入减少了22%，超出预期，这是因为在商业领域的执行更为强劲。搜索新闻广告收入在不变货币中增加了10%和9%，真正超出了预期。本季度我们看到了Bing和Edge分享游戏的参与度增加。尽管搜索收入增长继续受到第三方合作伙伴关系的影响。
Ending gaming revenue increased 9% and 8% in constant currency, ahead of expectations, driven by better than expected subscriber growth in Xbox Game Pass, as well as first-party content, primarily due to the Starfield launch. Xbox content and services revenue increased 13% and 12% in constant currency and Xbox hardware revenue declined 7% and 8% in constant currency. Segment gross margin dollars increased 13% and 12% in constant currency and gross margin percentage increased roughly 5% year over year, driven primarily by sales mix shift to higher margin businesses.
游戏收入以实际货币计算增长9%和8%，超出预期，这主要得益于Xbox Game Pass订阅者增长超出预期，以及一手内容，主要来源于Starfield的发布。Xbox内容和服务收入以实际货币计算增长13%和12%，而Xbox硬件收入以实际货币计算下降了7%和8%。在以实际货币计算方式下，该业务部门的毛利增加了13%和12%，毛利率相比去年大致提高了5%，主要原因是销售结构向利润率更高的业务转变。
Operating expenses declined 1% and operating income increased 23% and 22% in constant currency. Now back to total company results. Capital expenditures, including finance leases, were $11.2 billion to support cloud demand, including investments to scale our AI infrastructure. Cash paid for PP&E was $9.9 billion. Cash flow from operations was $30.6 billion of 32% year over year, driven by strong cloud billings and collections.
运营费用下降了1％，运营收入以相同货币计增长了23％和22％。现在回到整个公司的结果。资本支出，包括融资租赁，为支持云需求而达到112亿美元，包括扩大AI基础设施的投资。购买固定资产和无形资产的现金支付为99亿美元。经营活动现金流为306亿美元，同比增长32％，主要受到强劲的云计费和收款的推动。
Free cash flow was $20.7 billion of 22% year over year. This quarter, other income and expense was $389 million higher than anticipated, driven by interest income, partially offset by net losses on investments and foreign currency remesherment. Our effective tax rate was approximately 18%. And finally, we returned $9.1 billion to shareholders through share repurchases and dividends.
自由现金流年同比增长了22%，达到207亿美元。本季度，其他收入和费用比预期高出3.89亿美元，主要受利息收入的推动，部分抵消了投资净亏损和外币兑换。我们的有效税率约为18%。最后，我们通过股票回购和股息向股东返还了91亿美元。
Now moving to our Q2 outlook, which in less specifically noted otherwise, is on a US dollar basis. The activation acquisition closed on October 13th. So my commentary includes the net impact of the deal from the date of acquisition. Our outlook includes purchase accounting impact, integration and transaction related expenses, based on our current understanding of the purchase price allocation and related deal accounting.
现在转向我们的第二季度展望，除非另有明确注明，我们的展望是以美元为基础。激活收购于10月13日完成。因此，我的评论包括从收购日期起的交易净影响。我们的展望包括购买会计影响、整合和交易相关费用，基于我们对购买价格分配和相关交易会计的当前理解。
The net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first-party. Now to FX, based on current rates, we expect FX to increase total revenue and segment level revenue growth by approximately one point. We expect FX to have no impact to CODS and operating expense growth in commercial bookings.
净影响包括调整由于将Activision内容从我们之前的第三方合作伙伴转变为一方的动态。根据当前汇率，我们预计外汇对总收入和细分领域的收入增长将有大约1个百分点的提升。我们预计外汇对商业预订中的CODS和运营支出增长不会产生任何影响。
We expect consistent execution across our core annuity sales motion, including healthy renewals, but growth will be impacted by a low growth expiry base. Therefore, we expect bookings growth to be relatively flat. Microsoft Cloud growth margin percentage should be relatively flat year over year. Excluding the impact from the accounting estimate change, Q2 Cloud growth margin percentage will be up roughly one point, primarily driven by improvement in Azure and Office 365, partially offset by the impact of scaling our AI infrastructure to meet growing demand. We expect capital expenditures to increase sequentially on a dollar basis, driven by investments in our cloud and AI infrastructure. As a reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure buildup.
我们期望在核心年金销售过程中保持一致的执行，包括健康的续约率，但增长受到增长率低的到期基数的影响。因此，我们预计预订增长将相对平稳。微软云的增长利润率百分比预计将与去年相比较平稳。除了会计估计变动的影响之外，第二季度云增长利润率将提高大约一个百分点，主要由于Azure和Office 365的改善，部分抵消了扩大我们的人工智能基础设施以满足不断增长的需求的影响。我们预计资本支出将按美元计增加，受云端和人工智能基础设施投资推动。请记住，我们的云基础设施建设的时间可能会有正常的季度性支出变动。
Next to segment guidance. In productivity and business processes, we expect revenue to grow between 11 and 12% or 18.8 to 19.1 billion US dollars. Growth and constant currency will be approximately one point lower. 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 a roughly 16% in constant currency. We're excited for Microsoft 365 co-pilot general availability on November 1st and expect the related revenue to graduate over time.
在收入和业务流程方面，我们预计收入将在11%至12%或188到191亿美元之间增长。按照固定汇率计算，增长率将略低一点。办公商业收入的增长将再次由Office 365推动，客户群体的座位增长以及我们在E5领域的增长。我们预计Office 365收入将以大约16%的固定汇率增长。我们期待于11月1日发布Microsoft 365共同驾驶功能，预计相关收入将逐渐增加。
In our on-premise business, we expect revenue to decline in the mid to high teams. In office consumer, we expect revenue growth in the mid single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the mid single digits, driven by talent solutions and marketing solutions. It continues to be impacted by the overall market environments for recruiting and advertising, especially in the technology industry where we have significant exposure and in dynamics. We expect revenue growth in the high teams, driven by Dynamics 365.
在我们的现场业务中，我们预计收入会下降到中高位数。在办公室消费者方面，我们预计收入将以中个位数的增长率增长，这是由Microsoft 365订阅推动的。对于LinkedIn而言，我们预计收入将以中个位数的增长率增长，这是由人才解决方案和营销解决方案推动的。它仍然受到招聘和广告的整体市场环境的影响，尤其是在我们有重大业务关系的技术行业和动力学行业。我们预计收入将以高的增长率增长，这是由Dynamics 365推动的。
For intelligent cloud, we expect revenue to grow between 17 and 18% or 25.1 to 25.4 billion US dollars. Revenue growth in constant currency will be approximately one point lower. revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per user business and from end period revenue recognition depending on the mix of contracts. In Azure, we expect revenue growth to be 26 to 27% in constant currency with an increasing contribution from AI. Growth continues to be driven by Azure consumption business and we expect the trends from Q1 to continue into Q2. Our per user business should continue to benefit from Microsoft 365 sweet momentum, though we expect continued moderation in seat growth rates given the size of the installed base. For H2, assuming the optimization and new workload trends continue and with the growing contribution from AI, we expect Azure revenue growth in constant currency to remain roughly stable compared to Q2. In our on-premises server business, we expect revenue growth to be roughly flat with continued hybrid demand, particularly from licenses running in multi cloud environments. And in enterprise and partner services, revenue should decline low to mid single digits.
对于智能云，我们预计收入将增长17%到18%，即251亿到254亿美元。在不变货币的情况下，收入增长将略低一点。收入增长仍将由Azure驱动，需要提醒的是，Azure的季度变动性主要来自于我们的按用户业务及合同组合的最终期间收入确认。在Azure方面，我们预计在不变货币的情况下，收入增长将达到26%到27%，并会有越来越多的AI贡献。增长仍将由Azure的使用业务推动，并且我们预计Q1的趋势将延续到Q2。尽管我们预计已安装基数较大，但我们的按用户业务应继续从Microsoft 365的强劲势头中受益，尽管座位增长率可能会继续适度放缓。对于下半年，假设优化和新工作负载趋势持续，并且AI的贡献度越来越大，我们预计Azure在不变货币的情况下的收入增长将与Q2相比大致保持稳定。在我们的本地服务器业务中，我们预计收入增长将大致持平，由于混合云环境中运行的许可证的持续需求。在企业和合作伙伴服务方面，收入预计将以低至中个位数的降幅。
Now to more personal computing, which includes the net impact from the Activision acquisition. We expect revenue of 16.5 to 16.9 billion US dollars. Windows OEM revenue growth should be mid to high single digits with PC market unit volumes expected to look roughly similar to Q1. In devices, revenue should decline in the mid teens as we continue to focus on our higher margin premium products. In Windows commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the low to mid teens. Search and news advertising ex-tech revenue growth should be mid single digits with roughly four points of negative impact from a third party partnership. This should be driven by volume strength supported by edge browser share gains and increasing being engagement as we expect the advertising spend environment to be similar to Q1. Reminder that this ex-tech growth will be roughly four points higher than overall search and news advertising revenue. And in gaming, we expect revenue growth in the mid to high 40s. This includes roughly 35 points of net impact from the Activision acquisition, which as a reminder includes adjusting for the third party to first party content change noted earlier. We expect Xbox content and services revenue growth in the mid to high 50s driven by roughly 50 points of net impact from the Activision acquisition.
现在谈论更加个人化的计算机，这其中包括了Activision收购的净影响。我们预计收入为165至169亿美元。Windows原始设备制造商（OEM）的收入增长应该是中高个位数，PC市场的销售数量预计与第一季度大致相似。在设备方面，由于继续专注于高利润率的高端产品，收入将下降约15%。在Windows商业产品和云服务方面，用户对于Microsoft 365和我们先进的安全解决方案的需求预计将推动收入增长保持在低至中等个位数。搜索和新闻广告（不包括技术行业）的收入增长应该是中单个位数，其中大约有四个百分点的负面影响来自第三方合作伙伴。这将受支持于Edge浏览器份额的增长和不断增加的用户参与度，且我们预计广告支出环境与第一季度相似。需要提醒的是，这种不包括技术行业的收入增长将比整体搜索和新闻广告收入大约高四个百分点。至于游戏方面，我们预计收入将增长在中至高40个百分点之间。这包括大约35个百分点的Activision收购的净影响，需要提醒的是这其中已经包含了早前提到的从第三方到第一方内容的调整。我们预计Xbox内容和服务的收入增长将在中至高50个百分点之间，其中大约有50个百分点的Activision收购的净影响。
Now back to company guidance. We expect CODs between 19.4 to 19.6 billion US dollars, including approximately $500 million of amortization of acquired intangible assets from the Activision acquisition. We expect operating expense of 15.5 to 15.6 billion US dollars, including approximately $400 million from purchase accounting adjustments, integration and transaction related costs from the Activision acquisition. Other income and expense should be roughly negative $500 million as interest income will be more than offset by interest expense, primarily due to a reduction in our investment portfolio balance and the issuance of short term debt both for the Activision acquisition. As a reminder, we are required to recognize gains or losses on our equity investments, which can increase quarterly volatility.
现在回到公司的指引。我们预计CODs介于194到196亿美元之间，其中包括来自Activision收购的约5亿美元的无形资产摊销费用。我们预计运营费用为155到156亿美元，其中包括来自Activision收购的购买会计调整、整合和交易相关成本约4亿美元。其他收入和费用应大约为负5亿美元，由于利息收入将被利息费用抵消，主要是因为投资组合余额减少以及为Activision收购而发行短期债务。提醒一下，根据要求，我们必须承认股权投资的收益或损失，这可能会增加季度波动性。
We expect our Q2 effective tax rate to be between 19 and 20%. Now some additional thoughts on H2 as well as the full fiscal year. First FX. Assuming current rates remain stable, we expect FX to have no meaningful impact to full year revenue, CODs or operating expense growth. Therefore in H2, we expect FX to decrease revenue CODs and operating expense growth by one point. Second, Activision. We expect approximately $900 million for purchase accounting adjustments as well as integration and transaction related costs in each quarter in H2.
我们预计第二季度的有效税率将在19%至20%之间。现在，对下半年以及整个财年给出一些额外的思考。首先是外汇。假设当前汇率保持稳定，我们预计外汇对全年收入、现金支付款以及营业费用增长没有重大影响。因此在下半年，我们预计外汇将使收入、现金支付款和营业费用增长减少一个百分点。其次是Activision。我们预计下半年每个季度的购买会计调整以及整合和交易相关成本约为9亿美元。
For our full FY24, we remain committed to investing for the cloud and AI opportunity, while also maintaining our discipline focus on operating leverage. Therefore, as we add the net impact of Activision, inclusive of purchase accounting adjustments as well as integration and transaction related expenses, we continue to expect full year operating margins to remain flat year over year. In closing, with our strong start to FY24, I am confident that as a team, we will continue to deliver healthy growth in the year ahead, driven by our leadership in commercial cloud and our commitment to lead the AI platform wave.
对于我们完整的FY24，我们仍致力于为云计算和人工智能的机遇进行投资，同时也保持我们对运营杠杆的纪律性关注。因此，当我们考虑到Activision的净影响，包括购买会计调整以及整合和交易相关费用时，我们预计全年营运利润率与去年持平。总之，由于我们在FY24有了强劲的开局，我对于我们的团队能够在未来一年继续实现健康增长充满信心，这将源于我们在商业云领域的领导地位以及在人工智能平台浪潮中领先的承诺。
With that, let's go to Q&A, Brett. Thanks, Amy. We'll now move over to Q&A. Out of respect for others of the call, we request the participants please ask only one question. Joe, can you please repeat your instructions? Yes. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad and a confirmation tone will indicate 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 hold it full for questions. And our first question comes from the line of Keith Weiss with Morgan Stanley. Please proceed.
那么，让我们开始问答环节，布雷特。谢谢，艾米。我们现在进入问答环节。为了尊重其他参与者，我们请求各位参与者只提一个问题。乔，你能再重复一遍你的说明吗？可以。女士们先生们，如果你想提问，请按下电话键盘上的星号一键，并听到确认音表示你的问题已进入排队。如果你想移除你的问题，请按下星号二键。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，问题将在拥挤时解答。我们的第一个问题来自根斯坦利的基思·韦斯。请提问。
Thanks, Ellen. Thank you for taking the question and very nice quarter. The pace of innovation you guys have been putting out has been pretty amazing and new products like garnering traction probably faster than we've expected on our side of the equation. But we're also working in a overall spending environment that remains volatile at that. And I think investors are getting more concerned on it. So two questions on this.
谢谢，艾伦。感谢您回答问题，这是一个非常不错的季度。您们一直以来推出的创新步伐相当惊人，新产品的吸引力可能比我们预期的要快。但我们也在一个整体消费环境下工作，该环境依然不稳定。我认为投资者对此越来越担忧。因此，关于这个问题，我有两个问题。
One, based on sort of the new products and the innovation, do you think you guys can sustain the type of commercial growth that we saw on Q1 as we go through the year or the environment too tricky for that? And then when it relates to investment, Amy, you've been able to keep overall optics for the very low and the very low disc quarter. At some point, should we be thinking about a return to a more aggressive investment behind all this product innovation?
基于新产品和创新方面，您认为您们能否在今年继续保持第一季度所见的商业增长势头，还是环境对此太棘手了？另外，就投资而言，Amy，您能够保持整体运营成本非常低和利润很低的季度。我们是否应该考虑在所有这些产品创新背后，返回到更具进取性的投资模式？
Yeah, maybe I can start, Keith, and you can add to it. Overall, there are multiple things, Keith, that are all happening obviously simultaneously. If you just take Azure and try to characterize where's the growth for Azure coming from? Or what sort of drivers for Azure numbers? There are three things all happening in parallel. Like for example, take cloud migrations. A good reminder of where we are and even the core cloud migration story is the new Oracle announcement. Once we announced that the Oracle databases are going to be available on Azure, we saw a bunch of unlock from new customers who have a significant Oracle estate that have not yet moved to the cloud because they needed to run the route with the rest of the app estate in one single cloud. And so we're excited about that. So even the financial services sector, for example, is a place where there's a lot of Oracle that still needs to move to the cloud.
是的，也许我可以开始，Keith，你可以补充。总体来说，有许多事情同时发生，Keith。如果你只看Azure，并试图描述Azure的增长从何而来？或者说Azure的增长驱动因素是什么？有三件事同时进行。例如，就云迁移而言。一个很好的提醒是我们现在的Oracle公告。一旦我们宣布Oracle数据库将在Azure上可用，我们看到了一批新客户的解锁，他们拥有大量尚未迁移到云端的Oracle资源，因为他们需要在单个云平台上运行其余应用资源。我们对此感到兴奋。所以，即使在金融服务行业，也是有很多Oracle需要迁移到云端的地方。
The second thing, of course, is the workload start, then workloads get optimized, and then new workloads start. And that cycle continues. We'll lap some of those optimization cycles that were fairly extreme, perhaps in the second half of our fiscal. And the third thing is for us, that's unique and different is new workload starts around AI. Given our leadership position, we are seeing complete new project start, which are AI projects. And as you know, AI projects are not just about AI meters. They have lots of other cloud meters as well. So that sort of gives you one side of what's happening in terms of enterprise.
第二件事，当然，是工作负载开始，然后进行优化，然后开始新的工作负载。然后循环继续。在我们财年的下半年，我们将重复一些相当极端的优化周期。第三件独特和不同的事情是，对我们来说，围绕人工智能的新工作负载开始。鉴于我们的领导地位，我们看到了完全新的项目开始，这些项目都是人工智能项目。正如你所知，人工智能项目不仅仅涉及人工智能度量，还有许多其他云度量。所以这就给出了企业方面正在发生的一面。
The other piece is on the fast side. Obviously, again, this is a new product that's going to go through the enterprise adoption cycle. The results are on productivity, which we demonstrated with GitHub co-pilot, is what's giving us good confidence. And our customers, more importantly, good confidence around what these products represent in terms of value. And so we're in the very, very early innings there. And so we look forward to seeing the traction for these products going forward.
另一件产品是处于快速发展阶段。显然，这是一种将经历企业采用周期的新产品。我们通过GitHub co-pilot展示的生产力结果，给我们带来了良好的信心。更重要的是，我们的客户对这些产品所代表的价值充满了信心。因此，我们目前处于非常早期阶段。我们期待着这些产品未来的发展势头。
I'll keep maybe just a few things to add. And then I'll talk a little bit about the operating leverage, which is the second part of your question. In general, we solve very consistent execution from Q4 to Q1. And that's what we're talking about in DQ2. I think that speaks to our value prop, which is where if it's not Q1, it speaks to making sure that customers are getting a very quick return on value, real productivity improvement, real savings. So that when we're asking at renewal or talking about E5 upgrades or talking about AI services, that those come with real promises of high value scenarios. And so I think that is an important piece, as you think, about stability and commercial demand.
我可能只留下很少的东西要补充。然后我会稍微谈一下杠杆效应，这是你问题的第二部分。总体来说，我们在Q4到Q1期间解决了非常一致的执行问题。这就是我们在DQ2谈到的内容。我认为这反映了我们的价值主张，即如果不是Q1，那就要确保客户能够快速回报价值，真正提高生产力，实现真正的节省。因此，当我们要求续约或谈论E5升级或人工智能服务时，这些都带有高价值场景的真正承诺。因此，我认为稳定性和商业需求是一个重要因素。
And then if you think about the nature of your question, it was partially why I talked about in my full year guidance that now, even with the addition of Activision and purchase accounting impacts, integration impacts, we still feel confident we can deliver consistent operating margins to last year. And it speaks to, I think, some of the improvements we're making in Azure and even Microsoft 365 grows margins, even in the core of the commercial cloud. It speaks to the pace at which we're delivering AI revenue with the increasing cost expense and capital investment ahead with the demand we see. And although you're right, our operating expense comparables in H2 get more challenging than in H1, we're really focused on making sure that every dollar we put and commit is back to the priorities we talked about, which is commercial cloud leadership and leading the AI way. And so I think that focus is really helping on both execution and leverage.
然后，如果你思考一下你的问题的本质，它部分上解释了为什么我在我全年的指导中提到，即使加入了Activision以及采购会计影响和整合影响，我们仍然相信我们能够提供与去年相一致的营运利润率。这说明了我们在Azure和Microsoft 365方面所做的改进，即使在商业云核心领域，Microsoft 365仍然能够增加利润率。这表明了我们在人工智能收入方面的快速增长，以及我们未来面临的成本和资本投资需求。虽然你说得对，在下半年我们的运营费用比较基数会更具挑战性，但我们真正专注于确保我们投入和承诺的每一美元都回到我们谈论过的优先事项上，即商业云领导地位和引领人工智能发展。因此，我认为这种专注在执行和杠杆方面真的很有帮助。
Excellent. Thank you, guys. Thanks, Keith. Jill, next question, please.
太棒了。谢谢你们。谢谢，Keith。Jill，请问下一个问题。
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马克·莫特勒。请继续。
Thank you very much, and congratulations on a really strong quarter. AI has been far stronger than expected. Your guidance for Azure this quarter, and while you discuss higher utilization and more GPUs have helped, has the fact that Microsoft has a full AI DevStack, co-pilot reference architecture and plug-in architecture been a meaningful factor, not just from a revenue perspective, but also even potentially from a margin perspective. In addition, can you give us any color on whether Azure GPUs predominantly model training or are we seeing a lot of inferencing yet from clients? Thanks.
非常感谢你，并祝贺你过去一个非常强劲的季度。人工智能表现比预期要强。您对本季度Azure的指导，以及您对更高利用率和更多GPU的讨论，确实起到了帮助作用。不仅从盈利角度，从利润角度来看，微软拥有完整的AI开发工具堆栈、联合引导参考架构和插件架构，这是否成为一个有意义的因素。此外，您能否告诉我们Azure GPU主要用于模型训练，还是我们已经看到了来自客户的大量推论使用呢？谢谢。
No, thank you for the question, Mark. Yeah, it is true that we have, you know, the approach we have taken is a full stack approach all the way from whether it's chat, JPT, or Bing chat or all our co-pilots, all share the same model. So in some sense, one of the things that we do have is very, very high leverage of the one model that we used, which we trained, and then the one model that we're doing inferencing at scale. And that advantage sort of trickles down all the way to both utilization internally, utilization of third parties, and also over time you can see that sort of stack optimization all the way to the silicon, because the abstraction layer to which the developers and our writing is much higher up than low-level kernels, if you will. So therefore, I think there is a fundamental approach we took, which was a technical approach of saying we'll have co-pilots and co-pilots stack all available. That doesn't mean we don't have, you know, people doing training for open source models or proprietary models. We also have a bunch of open source models. We have a bunch of fine tuning happening, bunch of R and LHF happening. So there's all kinds of ways people use it, but the thing is we have scale leverage of one large model that was trained and one large model that's being used for inference across all our first-party SaaS app, as well as our API in our Azure AI service. And the reason Mark, that's important is that it means even beyond the point that you made is that when it comes to our ability to leverage the infrastructure that we're building out, we don't really have a preference in terms of how people are utilizing that infrastructure, whether it's through all the means that Satya mentioned. It gives us a good opportunity to see quick conversion into revenue.
不，谢谢你的问题，马克。是的，我们采取的方法是全栈方式，无论是在chat、JPT还是Bing chat上，或者我们所有的co-pilots上，都共享同一模型。因此，在某种意义上，我们所拥有的一个优势是我们所使用和训练的那个模型具有非常高的杠杆作用，并且我们正在大规模进行推理。这种优势逐渐渗透到内部的利用、第三方的利用，以及随着时间的推移，你可以看到这种栈的优化一直到硅片，因为开发者和我们编写的抽象层比低级别的内核更高。因此，我认为我们采取了一种基本的技术方法，即我们将co-pilots和co-pilots堆栈都置于可用状态。这并不意味着我们没有人为开源模型或专有模型进行训练。我们也有一些开源模型，我们有一些微调，有一些R和LHF的发生。因此，人们可以以各种方式使用它，但是重要的是，我们可以在我们的第一方SaaS应用程序以及我们的Azure AI服务的API中利用一个大型模型进行推理。马克，这是重要的原因是，这意味着即使超出你所提到的点，当涉及到我们利用正在建设的基础设施时，我们并没有偏好于人们如何利用这个基础设施，无论是通过萨蒂亚提到的所有手段，都为我们提供了将迅速转化为收入的良好机会。
Yeah, I mean, one other thing I would just add to perhaps Mark's question as well as Keith's is in a, this platform transition, I think it's very important for us to be very disciplined on both our tech stack as well as our capital spend all to be concentrated. The lesson learned from the cloud side is this, we're not running a conglomerate of different businesses. It's all one tech stack up and down Microsoft's portfolio. And that I think is going to be very important because that discipline, given what the spend like, it will look like for the AI transition, any business that's not disciplined about their capital spend accruing across all their businesses could run into trouble.
是的，我的意思是，我想要补充一点，也许是马克和基思的问题。在这个平台转型过程中，我认为对我们来说非常重要的是，在技术堆栈和资本支出方面要非常纪律和集中。从云端那边学到的教训是，我们不是在经营各种不同的业务集团，而是所有微软产品组合中的一个技术堆栈。我认为这非常重要，因为在AI转型过程中，任何在资本支出方面不纪律的企业可能会遇到麻烦。
Extremely helpful. Thank you so much. Thanks Mark. Until next question, please.
非常有帮助。非常感谢你。谢谢你，马克。下一个问题，请。
The next question comes from the line of Brent Till with Jeffries. Please proceed.
下一个问题来自Jeffries的Brent Till，请继续。
Thanks, Amy, good to see the 12% growth. Many investors are asking, can you sustain double digit growth, especially with a stronger AI boost coming in the next several quarters? You know, I think looking at our, they said Q1 was a strong start to the year. Q2 certainly implies that we talked about stability for Azure into the second half of the year looking at an in line with what we're seeing for Q2. And so I think we feel good about our ability to execute, but more importantly our ability to continue to take share. Thanks, Brent. Joe, next question, please.
谢谢，艾米，很高兴看到增长了12%。很多投资者都在问，你们是否能够保持两位数的增长，尤其是在接下来的几个季度中有更强的人工智能推动力的情况下？你知道，我认为看我们的，他们说第一季度是一年的强劲开局。第二季度肯定意味着我们对Azure在今年下半年的稳定有了更清楚的了解，与第二季度的情况一致。所以我认为我们对于我们的执行能力感到满意，更重要的是我们继续获得市场份额的能力。谢谢，布伦特。乔，下一个问题，请。
Next question comes from the line of Ramon Lenschel with Barclays. Please proceed.
下一个问题来自巴克莱的Ramon Lenschel，请继续。
Hey, thank you. You sound very optimistic about the opportunity in the office base with the core pilot coming out now very soon. Can you speak a little bit about what you're seeing there in the customer base that tested this already in terms of how excited it were, the special features there? And what does it mean in terms of adoption curve for that going forward once you go OGA and first of November? Thank you.
嘿，谢谢你。你对即将推出的核心试点和办公室基地的机会非常乐观。你能谈谈已经测试过的客户群体对此表示多么兴奋，特别的功能是什么吗？在你们在11月1日正式推出后，这对于采纳曲线意味着什么？谢谢。
Thanks, the question Ramon Lenschel.
The good news is twofold. One is the fact that what is 40% of the Fortune 100 are already in the preview and are using the product and I think you all have also done lots of checks and the feedback is very, very positive. And in fact, the interesting thing is it's not any one tool, right, which is the feedback even sort of is very clear that it's deep all up. You just keep hitting the core pilot button across every surface, right, whether it's in word to create documents in Excel to do analysis or PowerPoint or Outlook or Teams. Like clearly the Teams meeting, which is an intelligent recap, it's not just a dumb transcript. It's like having a knowledge base of all your meetings that you can query and add to essentially the knowledge terms of your enterprise. And so we are seeing broad usage across and the interesting thing is by different functions, whether it's in finance or in sales, like by roles, we're seeing productivity gains like we saw with developers in GitHub Copilot. So that's the data. We are very excited about our Ignite Conference where we will talk a lot more about all of the use cases and where's the value and give more prescriptive guidance on how people can deploy. But it's so far so good as far as the data is and the feedback is. And of course, this is an enterprise product.
感谢您的问题，Ramon Lenschel。好消息有两个方面。首先，弗兰图尚有40%的财富100强企业已经在预览版中使用并且正在使用该产品，而且我认为大家也做了很多检查，反馈非常非常积极。事实上，有趣的是，不仅仅是一种工具而已，反馈明确指出这种改进是全面的。您只需在每个领域中不断触发核心试点按钮，无论是在Word中创建文档、在Excel中进行分析、还是在PowerPoint、Outlook或Teams中进行操作。很明显，Teams会议是一个智能的总结，不仅仅是一个愚蠢的原文记录。它就像是拥有您所有会议的知识库，您可以查询并添加到您企业的知识术语中。因此，我们在各个领域都看到了广泛的使用情况，有趣的是，不同的功能，无论是财务还是销售，都能看到类似GitHub Copilot开发者所见到的生产力提高。这就是数据。我们对我们的Ignite会议感到非常兴奋，届时我们将更多地讨论所有的使用案例和价值，并提供更多关于人们如何部署的指导。但目前为止，数据和反馈都还不错。当然，这是一款企业级产品。
I mean, at the end of the day, we are grounded on enterprise cycle times in terms of adoption and RAM. And it's incrementally priced. So therefore, that all will apply still, but at least for something completely new to have this level of usage already and this level of excitement is something we're very, very pleased with. Thank you. Thanks, Trevor.
我是说，到最后，我们在采用和内存方面是基于企业周期时间的。而且价格也是逐渐递增的。因此，这些仍然都适用，但至少对于一些全新的东西来说，已经有这种程度的使用和激动是令我们非常非常高兴的。谢谢。谢谢，特雷弗。
To your next question, please. The next question comes from the line of Carl Kierstedt with UBS. Please proceed. Okay, great. Thanks, Amy. That's on the 28% concurrency azure growth that's terrific. I wanted to press you a little bit on the outlook for Azure. You're obviously guiding to a one to two point detail in December and then stable thereafter. But why would it be stable? Why wouldn't it accelerate in the second half of your fiscal year if the AI contribution is increasing as you bring on more GPU capacity? Is this a function of perhaps continued core XAI as you spend optimization, continuing or maybe even getting slightly worse? Why couldn't we see some upside in that Azure number? I know you're trying to be conservative, but I just love to understand it. Thanks so much.
请进入下一个问题。下一个问题来自UBS的Carl Kierstedt。请继续。好的，非常感谢。Amy，关于Azure的前景我想再追问一下。你们显然在12月份指引了1到2个百分点的详细数据，之后保持稳定。但为什么会保持稳定呢？如果随着你们增加更多GPU容量，AI的贡献也在增加，为什么不会在财年后半段加速增长呢？这是因为核心的性能优化仍在进行，或者可能会稍微恶化吗？为什么我们不能在Azure的数字中看到一些上行的潜力呢？我知道你们想要保守一些，但我很想理解其中的原因。非常感谢。
Thanks, Carl.
A couple things as I talked about Q2 and then into H2. We've been very consistent that the optimization trends have been consistent for us through a couple of quarters now. Customers are going to continue to do that. It's an important part of running workloads. That is not new. There obviously were some quarters where it was more accelerated. But that is a pattern that has been a fundamental part of having customers both make new room for new workload adoption and continue to build new capabilities. I think that impact remains through the rest of the year. My view has unchanged on that.
谢谢，卡尔。
在讲述Q2和H2之前，有几个事情。我们一直保持着优化趋势的一贯性，这已经持续了几个季度。客户们将继续进行这样的优化。这是运行工作负载的重要部分。这不是新鲜事。显然，在某些季度，这种趋势会更加明显。但这是一个基本的模式，客户们通过它来为新的工作负载采用腾出空间，并继续建立新的能力。我认为这种影响会持续到今年的余下时间。我的观点对此没有改变。
Then of course, I think the key component has always been new workload starts. At the scale we're talking about being able to have stability in our Azure business does mean that we will have a lot of new workload starts. Primarily, we're expecting those to come from AI workloads. But AI workloads don't just use our AI services. They use data services and they use other things. That combination, I think, looking on a competitive basis, we feel good about our execution, we feel good about taking share and we feel good about consistent trends. I feel good about that guide and what it says about where we are on share.
然后当然了，我认为关键因素始终是新的工作负载启动。在我们所讨论的规模上，能够在我们的Azure业务中保持稳定意味着我们将有很多新的工作负载启动。主要来说，我们预计这些工作负载将来自于人工智能工作负载。但是人工智能工作负载不仅仅使用我们的人工智能服务，还使用数据服务和其他资源。在竞争基础上，我认为这种组合使我们对我们的执行情况感到满意，我们对获取份额感到满意，我们也对趋势保持一致感到满意。我对这个指南以及它对我们的份额所说的位置感到满意。
Terrific. Thanks. Thanks, Carl. Joe, next question, please.
太棒了，谢谢。谢谢，卡尔。乔，下一个问题，请。
The next question comes from the line of Brad Fills with Bank of America. Please proceed.
下一个问题来自美国银行的Brad Fills。请继续。
Oh, wonderful. Thanks so much. Very impressive to see the Office 365 commercial seat growth hanging in here in that double digit range. It's very impressive just given the scale of that business. We think of Office as having such a dominant market position. Curious how you think about where that seat is coming from and how many more of those seats are out there to go get?
哦，太棒了。非常感谢。看到Office 365商业席位增长一直保持在两位数范围内真是令人印象深刻。鉴于这项业务的规模，这非常令人印象深刻。我们认为Office在市场上拥有如此占主导地位。很好奇您是如何看待这些座位来自哪里，还有多少座位可以获取呢？
Thanks for that question. Maybe I'll take that copy if you want to add. In general, our seat growth does come from all segments, but with a particular strength and small and midsize businesses as well as what we call the frontline worker opportunity. That has been, I would say, looking back a number of quarters where the majority of our seat growth has gone. While obviously it's slowed a bit to your point, I think the fact that we're still able to add seats at this level speaks to the broadening nature of what Microsoft 365 means. It's more applicable to more people.
感谢您的问题。如果您想添加的话，也许我会选择那个副本。总体上，我们的席位增长来自各个领域，但在中小企业以及我们所谓的一线工作机会方面尤为强劲。回顾过去几个季度，大部分的席位增长都来自这些领域。虽然显然增长速度有所放缓，但我认为我们仍能以这个水平增加席位这一事实表明，微软365的适用范围正在扩大，更多人能够从中受益。
I think many people have thought, oh my goodness, you've got a lot of customers already. We look and say, how many people when you expand what Microsoft 365 means, whether it's security or it means analytics or it means teams and lots of things in an expanding definition, it applies to more types of workers and frankly, the value is such, especially on the small business front, where it's to the point where I think people feel like it's a great way to spend even the spend money they have. This remains a pretty compelling offer.
我认为很多人都会想到，天哪，你已经有很多客户了。我们看着说，当你扩大对Microsoft 365的定义时，无论是安全性还是分析还是团队合作等许多事物，它适用于更多类型的工作者，并且其价值是如此之高，尤其是对小企业来说，在这一点上，人们感觉这是一种非常好的方式，甚至可以花掉他们现有的那部分钱。这仍然是一个非常有吸引力的优惠。
Thank you. Thanks Brad. Joe, next question, please.
谢谢。谢谢，布拉德。乔，接下来请问一个问题。
The next question comes from the line of Brent Braceland with Piper Sandler. Please proceed.
下一个问题来自Piper Sandler的Brent Braceland。请继续。
Thank you, good afternoon. One thing that really stood out to me was the intelligent cloud segment operating margins. These came in, I think, at the highest level in six years despite elevated AI investments. Was there a one-time tailwind here that helped or are you at the point where Azure has got a common to scale where Microsoft could sustain high margins even with an ambitious AI investment cycle?
谢谢，下午好。我印象深刻的一点是智能云服务部门的运营利润率。尽管增加了人工智能的投资，但这个利润率似乎达到了六年来的最高水平。是否有一次性因素推动了这一好势头，还是微软的Azure已经达到了一个能够持续保持高利润率的规模，即使在雄心勃勃的人工智能投资周期中也如此？
Thanks for that question. I think there are a couple things going on and I would say in particular, this was a very good leverage quarter in that segment. Number one, the Azure revenue growth and the stability we're seeing in it absolutely is a help to operating leverage. The second component of that is our core Azure business. The team continues to deliver thoughtful growth margin improvement across both technical decision, software implementations, our teams on the infrastructure build side have done really good work to deliver that and so that's been helpful as well. And then of course, on operating expenses, there's been a good focus on continuing even within that segment to make sure we're focusing that work on leaving in the AI transition with Azure. And so you're right, even as we're investing in AI infrastructure, which will and should show up as revenue, it'll also show up in Cogs and still deliver good margin. But this does have a slightly, as I talked about earlier, easier comp in Q1 and Q2, given it was some of our highest growth operating expense quarters in our company's history a year ago.
谢谢你的问题。我认为有几个因素正在发挥作用，特别是这个业务板块在这个季度表现得非常出色。首先，Azure的收入增长和我们所看到的稳定性绝对有助于运营杠杆。其次，我们的核心Azure业务也是其中的一个组成部分。团队在技术决策、软件实施方面持续提供了有思考的增长边际改善，同时基础设施建设方面的团队也做得非常出色。这也是有所帮助的。当然，在运营费用方面，我们一直专注于确保在这个板块里的工作是与Azure的智能化过渡相结合的。所以你是对的，即使我们在AI基础设施上投资，这将体现为收入，它也将在成本费用上显示，并且仍然可以提供良好的利润率。但正如我之前提到的，由于去年这个季度和上一个季度是我们公司历史上收入增长最高的运营费用季度，所以这一点在Q1和Q2比较容易。
Makes sense, thank you. Thanks Brent. Jill, we have time for one last question.
没问题，谢谢。谢谢你，布伦特。吉尔，我们还有时间最后一个问题。
And the last question, we'll come from the line of Greg Moskowitz with Mizzouo. Please proceed.
最后一个问题，我们将由Mizzouo的Greg Moskowitz提出。请进行提问。
Okay, thank you very much for taking the question and maybe just have to follow up to a print which is asking about put on the growth margin line. Any, the Microsoft Cloud growth margins up two points a year of a year, exclude and use for life change. A little more improvement than we've seen in some time and some investors were worried that it might go in the other direction given increased AI investments. And so, as you look forward, do you think that you could drive some continued growth margin improvement over the medium term and even as higher CAPX? We'll filter into the model.
谢谢你回答我的问题，也许我需要追问一下有关增长边际线的问题。微软的云增长边际线每年提高两个百分点，不包括并使用终身变更。这比我们过去一段时间看到的改善要多一些，一些投资者担心由于人工智能投资的增加，可能会朝另一个方向发展。所以，展望未来，你认为在中期内你能推动一些持续的增长边际线改善，即使资本支出更高的情况下？ 它们将会反映在模型中。
Thanks. Yeah, let me break that into two components because they're both important and the really good question, Greg. On our core business, the core Azure business, the core Office 365, M365 business, dynamics business, they continue to deliver growth margin year over year improvements in the core. And so that, like in other quarters, has helped this quarter.
谢谢。是的，让我将其分为两个组成部分，因为它们都很重要，而且是个很好的问题，Greg。关于我们的核心业务，包括核心Azure业务、核心Office 365、M365业务以及动态业务，它们持续实现了核心业务的增长率和年度改善。因此，就像其他季度一样，这对本季度也起到了帮助作用。
In addition, what Tati mentioned earlier in a question, and I just want to take every chance to reiterate it. If you have a consistent infrastructure from the platform all the way up through its layers, that every capital dollar we spend, if we optimize revenue against it, we will have great leverage because wherever demand shows up in the layers, whether it's at the SaaS layer, whether it's at the infrastructure layer, whether it's for training workloads, we're able to quickly put our infrastructure to work generating revenue. Or on our being workloads, I mean, I should have mentioned all the consumer workloads use the same frame. And so when you think about our investment in AI, yes, it will, because we're committed to leading this way, then see demand, you will see that impact in CODS growth. But what we're committed to doing is making sure it's highly leveraged and making sure you see the same growth in revenue. And I think, you know, on occasion, you may see something tick up, you know, one or two points of the other one not quite get there. But the point is it's going to be very well paired because of the choices we've made over the past, frankly, numerous years to get to a point where that infrastructure is consistent. And I just add that it'll be very well paired at the company level.
此外，Tati之前在一个问题中提到的我想再重申一遍。如果我们在整个平台及其层级上建立了一致的基础设施，那么我们每花费一美元的资本，如果我们根据它来优化收入，我们将会有很大的杠杆效应，因为无论需求出现在哪个层级，无论是在SaaS层级、基础设施层级还是在培训工作负载方面，我们都能迅速利用我们的基础设施来产生收入。或者说在我们的工作负载上，我的意思是，我应该提到所有的消费者工作负载使用了相同的框架。所以当你考虑到我们对人工智能的投资时，是的，它会产生影响，因为我们致力于引领这一领域，那么你会看到需求的增长会体现在销售成本的增长上。但我们致力于的是确保它具有高度的杠杆效应，并确保您能看到相同的收入增长。我认为，在某些情况下，你可能会看到某个方面增长了一两个百分点，而另一个方面还没有达到那个水平。但重点是它将会非常匹配，因为我们过去多年所做的选择使得我们的基础设施变得一致。我只是补充说，在公司层面上它会非常匹配。
You know, I realize all of you care a lot about each one of our segments and each one of our KPIs that I do too. But at the end of the day, our stack and the way it works, the way we do our capital allocation, the way we think about even the optimization of the demand to utilization is across the entirety of all of our segments and all of our products.
你知道，我意识到你们每个人都非常关心我们每个领域以及每个关键绩效指标，而我也是如此。但归根结底，在我们的架构和工作方式上，在我们的资金配置方式上，甚至在需求和利用率优化上，涵盖了我们所有领域和产品的全局性。
Very helpful. Thank you.
非常有帮助。谢谢您。
Thanks, Craig. That wraps up the Q&A portion of today's earnings call.
谢谢，克雷格。今天的盈利电话会议的问答环节就到此结束了。
Thank you for joining us today. And we look forward to speaking with all of you soon.
感谢您今天的加入。我们期待与您们不久后再次交流。
Thank you. This concludes today's conference. You may disconnect your lines at this time. And thank you for your participation.
谢谢大家。今天的会议到此结束。您现在可以断开连接。感谢您的参与。
Thank you. You you you you.
谢谢你。你你你你。