微軟 (MSFT) 2007 Q1 法說會逐字稿

Good afternoon, and welcome to the Microsoft 2007 fiscal year first quarter conference call.

下午好，歡迎參加 Microsoft 2007 財年第一季度電話會議。

Your lines have been placed on listen only until the question-and-answer session of today's conference.

在今天會議的問答環節之前，您的台詞已被設置為只聽。

Please be advised that this conference is being recorded.

請注意，本次會議正在錄製中。

If you have any objections, please disconnect at this time.

如果您有任何異議，請在此時斷開連接。

I would now like to turn the call over to Ms. Colleen Healy, General Manager, Investor Relations.

我現在想將電話轉給投資者關係部總經理 Colleen Healy 女士。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

This afternoon I am joined by Chris Liddell, Senior Vice President and Chief Financial Officer, Frank Brod, Corporate Vice President of Finance and Administration and Chief Accounting Officer, and John Seethoff, Deputy General Counsel.

今天下午，高級副總裁兼首席財務官 Chris Liddell、公司財務和行政副總裁兼首席會計官 Frank Brod 和副總法律顧問 John Seethoff 加入了我的行列。

Today's call will start with Chris providing some key takeaways for the first quarter of fiscal year 2007 and an overview of expectations for the rest of the fiscal year.

今天的電話會議將從克里斯開始，他將介紹 2007 財年第一季度的一些關鍵要點，並概述本財年剩餘時間的預期。

I will then provide detail around our first-quarter results, and then turn it back to Chris for a more detailed discussion of our guidance for the full year and the second quarter of fiscal 2007.

然後，我將提供有關我們第一季度業績的詳細信息，然後將其轉回給克里斯，以更詳細地討論我們對全年和 2007 財年第二季度的指導。

After that, we'll take your questions.

之後，我們將回答您的問題。

We filed our 10-Q today in conjunction with our earnings release.

我們今天在發布財報的同時提交了 10-Q。

Therefore, you have available the earnings release, MD&A, financial statements and footnotes.

因此，您可以獲得收益發布、MD&A、財務報表和腳註。

We have also posted our quarterly financial summary slide deck, which is intended to follow the flow of our prepared remarks in order to assist you.

我們還發布了我們的季度財務摘要幻燈片，旨在按照我們準備好的評論流程為您提供幫助。

The slide deck offers highlights from the quarter, outlines our guidance, and provides a reconciliation of differences between GAAP and non-GAAP financial measures that we will talk about today.

幻燈片提供了本季度的亮點，概述了我們的指導，並提供了我們今天將要討論的 GAAP 和非 GAAP 財務指標之間差異的協調。

You can find the earnings release, the 10-Q, and the quarterly financial summary slide deck on the investor relations Website, at www.Microsoft.com/MSFT.

您可以在投資者關係網站 www.Microsoft.com/MSFT 上找到收益發布、10-Q 和季度財務摘要幻燈片。

Today's call will be recorded.

今天的通話將被錄音。

Please be aware that if you decide to ask a question, it will be included in both our live transmission as well as any future use of the recording.

請注意，如果您決定提出問題，它將包含在我們的實時傳輸以及將來對錄音的任何使用中。

As always, shareholders and analysts can listen to a live Webcast of today's call at the Microsoft investor relations Website.

與往常一樣，股東和分析師可以在 Microsoft 投資者關係網站上收聽今天電話會議的網絡直播。

A replay of the call will be available at this same site through the close of business on October 26, 2007.

到 2007 年 10 月 26 日營業結束時，將在同一地點重播電話會議。

This conference call report is protected by copyright law and international treaties.

本電話會議報告受版權法和國際條約的保護。

Unauthorized reproduction or distribution of this report, or any portion of it, may result in civil and criminal penalties.

未經授權複製或分發本報告或其任何部分可能會導致民事和刑事處罰。

Any recording or other use or transmission of the text or audio of today's call is not allowed without the express permission of Microsoft.

未經 Microsoft 明確許可，不得對今天通話的文本或音頻進行任何錄音或其他使用或傳輸。

We will be making statements during this call that are forward-looking.

我們將在本次電話會議期間發表前瞻性聲明。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could differ materially because of factors discussed in today's earnings press release, and the comments made during this conference call, and in the risk factors section of our 10-Q, our 2006 Form 10-K, and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們的 10-Q、2006 年 10-K 表格的風險因素部分以及其他報告和提交給證券交易委員會。

We do not undertake any duty to update any forward-looking statement.

我們不承擔更新任何前瞻性陳述的義務。

With that, let me now turn it over to Chris.

有了這個，現在讓我把它交給克里斯。

Thanks, Colleen, and good afternoon, everyone.

謝謝，科琳，大家下午好。

We're pleased to be with you today to share our first-quarter results and talk with you about how we see the rest of fiscal 2007 shaping up.

我們很高興今天與您分享我們的第一季度業績，並與您討論我們如何看待 2007 財年剩餘時間的發展。

Looking back over the first quarter, I would characterize it as a very good start to what we are expecting to be an excellent year.

回顧第一季度，我認為這是一個非常好的開始，我們預計將是一個出色的一年。

All aspects of our financial performance came in at or above the high-end of our guidance.

我們財務業績的所有方面都達到或高於我們指導的高端。

Our product groups made considerable progress executing on major product milestones towards their launches in quarter two and beyond, and we continued our progress on returning cash to shareholders, including through our tender offer.

我們的產品組在第二季度及以後推出的主要產品里程碑上取得了相當大的進展，我們繼續在向股東返還現金方面取得進展，包括通過我們的要約收購。

Looking back to our first-quarter financial performance, revenue came in at the high-end of our guidance, growing 11%, which represents over $1 billion in absolute revenue growth.

回顧我們第一季度的財務業績，收入達到了我們指引的高端，增長了 11%，這意味著絕對收入增長超過 10 億美元。

Server and Tools and our Entertainment and Devices division were particularly strong in the quarter, benefiting from continued customer demand for SQL Server and the Xbox 360.

服務器和工具以及我們的娛樂和設備部門在本季度表現尤為強勁，這得益於客戶對 SQL Server 和 Xbox 360 的持續需求。

Operating income benefited from both the strong revenue growth, as well as lower spending, primarily on marketing programs, which we shifted out of quarter one and into the rest of the year.

營業收入受益於強勁的收入增長以及較低的支出，主要是在營銷計劃上，我們將其從第一季度轉移到今年剩餘時間。

Combining that with increased investment income, as we increased liquidity in preparation for the tender offer, our earnings per share results were excellent.

再加上投資收入的增加，以及我們為準備要約收購而增加的流動性，我們的每股收益結果非常好。

This was an important quarter for our business groups, as we made significant progress towards a number of milestones leading up to our product launches in coming months.

對於我們的業務部門來說，這是一個重要的季度，因為我們在未來幾個月推出產品之前的多個里程碑方面取得了重大進展。

During the quarter we rolled out Release Candidate 1 of Windows Vista, a Beta 2 technical refresh of the 2007 Office system, a Beta of Exchange Server 2007, and announced the upcoming launch of Zune.

在本季度，我們推出了 Windows Vista 的候選版本 1、2007 Office system 的 Beta 2 技術更新、Exchange Server 2007 的 Beta，並宣布即將推出 Zune。

To date, these trial versions have been made available to about 5 million Windows Vista users and over 3 million 2007 Office System users.

迄今為止，這些試用版已提供給大約 500 萬 Windows Vista 用戶和超過 300 萬 2007 Office System 用戶。

We've been receiving encouraging feedback from partners and customers who are using the betas, which are the most widely-tested releases in the history of these products.

我們從使用測試版的合作夥伴和客戶那裡收到了令人鼓舞的反饋，這些測試版是這些產品歷史上測試最廣泛的版本。

We also continue to be active on the acquisition front, averaging more than one a month.

我們還在收購方面繼續活躍，平均每月超過一次。

This quarter the bulk of our acquisitions were companies that augment the offerings of our Server and Tools business.

本季度我們收購的大部分公司是增加我們的服務器和工具業務產品的公司。

Our acquisitions focused on the areas of systems recovery and data protection, virtualization, and security.

我們的收購集中在系統恢復和數據保護、虛擬化和安全領域。

Finally, on the capital structure front, we continue to make steady progress.

最後，在資本結構方面，我們繼續穩步推進。

We finished our prior $30 billion repurchase plan, as we shared with you on the last earnings call, announced a new authorization that runs through July 2011, completed our tender offer, made additional share repurchases outside of the tender offer in the quarter, and increased our quarterly dividend.

正如我們在上次財報電話會議上與您分享的那樣，我們完成了之前的 300 億美元回購計劃，宣布了一項持續到 2011 年 7 月的新授權，完成了我們的要約收購，在本季度的要約收購之外進行了額外的股票回購，並增加了我們的季度股息。

Moving now to the full fiscal year, 2007 is shaping up well.

現在進入完整的財政年度，2007 年進展順利。

We will be delivering the second major installment on our multiyear product cycle, helping to fuel revenue growth for the Company.

我們將交付多年產品週期的第二個主要分期付款，幫助推動公司的收入增長。

So, let me make a couple of key points about fiscal 2007.

所以，讓我提出一些關於 2007 財年的關鍵點。

First, we continue to expect full-year double-digit revenue growth.

首先，我們繼續預計全年收入將實現兩位數增長。

In terms of quarterly trends, revenue growth will be impacted by the deferral of approximately $1.5 billion of Client and MBD revenue out of the second quarter and into our third quarter, as a result of the recently-announced technology guarantee programs.

就季度趨勢而言，由於最近宣布的技術保證計劃，大約 15 億美元的客戶和 MBD 收入從第二季度推遲到第三季度，將影響收入增長。

As we discussed on the call hosted by Frank and Scott earlier in the week, this movement has no impact on our full-year numbers.

正如我們在本週早些時候由弗蘭克和斯科特主持的電話會議上所討論的那樣，這一運動對我們的全年數據沒有影響。

Second, growth in operating income in the first half of the year will be impacted by the increasing mix of Xbox 360 console revenue and related costs, coupled with significant investments to support the launches of our flagship products, and the accounting impact of the technology guarantee programs.

其次，上半年營業收入的增長將受到Xbox 360主機收入和相關成本不斷增加的影響，以及支持我們旗艦產品推出的重大投資，以及技術保證的會計影響程式。

This trend should reverse in the second half of the year, when we expect operating income will grow considerably faster than revenue.

這一趨勢將在下半年逆轉，屆時我們預計營業收入的增長速度將大大快於收入。

Finally, excluding legal charges in the prior year, we will grow earnings per share 13 to 15% while launching major products and continuing to invest in the future growth opportunities in all our business divisions.

最後，不包括上一年的法律費用，我們將在推出主要產品並繼續投資於我們所有業務部門的未來增長機會的同時，將每股收益增長 13% 至 15%。

I'm particularly happy that we've been able to broadly maintain our full-year earnings per share guidance.

我特別高興我們能夠大致維持全年每股收益指引。

Better business performance and higher investment income have helped offset the impact of lower share repurchases in our tender offer and the higher effective tax rate.

更好的業務表現和更高的投資收益有助於抵消我們要約收購中較低的股票回購和較高的有效稅率的影響。

With those high-level things for the quarter and the full year 2007, I'm going to turn the call over to Colleen now for more details on our first-quarter performance.

有了這些關於本季度和 2007 年全年的重要信息，我現在將把電話轉給科琳，以了解有關我們第一季度業績的更多詳細信息。

Thanks, Chris.

謝謝，克里斯。

In the interest of providing more time for your questions, I'm going to keep my remarks regarding the fiscal first quarter brief.

為了給您的問題提供更多時間，我將保留我對第一財季簡報的評論。

Overall, we are off to a good start in what is a significant year for the Company.

總體而言，我們在對公司來說意義重大的一年有一個良好的開端。

Specifically during the quarter, we delivered revenue, operating income and EPS growth at or above the high-end of our guidance.

特別是在本季度，我們的收入、營業收入和每股收益增長達到或高於我們指引的高端。

We made significant progress on development and launch readiness for key products in the pipeline, including Windows Vista, Office 2007, Exchange Server 2007, and Zune.

我們在關鍵產品的開發和發布準備方面取得了重大進展，包括 Windows Vista、Office 2007、Exchange Server 2007 和 Zune。

And we returned $7.9 million in capital to shareholders in the form of dividends and share repurchases.

我們以股息和股票回購的形式向股東返還了 790 萬美元的資本。

I will now provide more detail on our financial performance, starting with revenue.

我現在將提供有關我們財務業績的更多細節，從收入開始。

I will discuss topline financial and business momentum points, and then follow-up with revenue performance for each of the business units.

我將討論主要財務和業務動力點，然後跟進每個業務部門的收入表現。

All growth comparisons I mention relate to the comparable quarter of last year unless otherwise specified.

除非另有說明，否則我提到的所有增長比較都與去年的可比季度有關。

Revenue growth for the quarter was 11%, driven primarily by the Business group's significant product launches over the past 12 months, as our new product cycles have been well received by customers.

本季度收入增長 11%，主要受過去 12 個月業務集團重大產品發布的推動，因為我們的新產品週期受到客戶的好評。

Specifically, Entertainment and Devices and Server and Tools accounted for over 70% of the absolute revenue growth in the quarter.

具體而言，娛樂和設備以及服務器和工具佔該季度絕對收入增長的 70% 以上。

Healthy PC and server hardware market growth were also key contributors to our results.

健康的 PC 和服務器硬件市場增長也是我們業績的主要貢獻者。

The PC market grew 8 to 10% in the quarter, driven by a good back-to-school sales season.

在開學銷售旺季的推動下，PC 市場在本季度增長了 8% 到 10%。

Consumer growth outpaced that of business, consistent with the trend of the past several quarters.

消費者增長超過商業增長，與過去幾個季度的趨勢一致。

Geographically, we saw double-digit growth in Asia and Latin America, with the remaining regions growing at single digits.

從地域上看，我們看到亞洲和拉丁美洲實現了兩位數的增長，其餘地區則以個位數增長。

Server hardware shipment growth was consistent with our full-year estimate of 10 to 12%.

服務器硬件出貨量增長與我們 10% 至 12% 的全年預期一致。

Our mix of product billings was approximately 40% from OEMs, 25% from multiyear licensing agreements, 20% from license-only sales, and the balance from our other businesses.

我們的產品賬單組合約為 40% 來自 OEM，25% 來自多年許可協議，20% 來自僅許可銷售，其餘來自我們的其他業務。

These results were generally consistent with the prior year.

這些結果與上一年基本一致。

We had a good quarter from a volume licensing perspective and saw strong performance in our small and medium business channel in particular.

從批量許可的角度來看，我們的季度表現不錯，尤其是在我們的中小型業務渠道中表現強勁。

In terms of enterprise agreements, we highlighted in July that there was a relatively small amount of EA contract renewal -- contract value up for renewal in the first quarter, which would impact EA [going through].

在企業協議方面，我們在 7 月份強調，EA 合同續簽量相對較小——第一季度續簽合同價值上升，這將影響 EA [通過]。

Of the business that was up for renewal, we continued to see EA renewal rates within our historical range of 66 to 75%.

在需要更新的業務中，我們繼續看到 EA 更新率在 66% 到 75% 的歷史範圍內。

Non-annuity growth was relatively weak, as expected, in front of major product launches later this year.

正如預期的那樣，在今年晚些時候推出主要產品之前，非年金增長相對疲軟。

Our unearned revenue balance ended the quarter at $10.1 billion, up 15% over the prior year and slightly stronger than we expected.

本季度末我們的未實現收入餘額為 101 億美元，比去年同期增長 15%，略強於我們的預期。

The sequential decline in the unearned balance in the first quarter was driven by the absolute size of our fiscal Q4 annuity billings relative to Q1, as well as the small amount of EA contract value up for renewal, as previously discussed.

如前所述，第一季度未實現餘額的連續下降是由於我們的第四財季年金賬單相對於第一季度的絕對規模，以及少量的 EA 合同價值需要續約。

Our contracted not-billed balance at the end of September was sequentially lower, but continues to exceed $9 billion.

我們在 9 月底的合同未開票餘額環比下降，但繼續超過 90 億美元。

Now I'd like to provide revenue highlights by business segment.

現在我想按業務部門提供收入亮點。

Starting with Client, revenue for the quarter grew 4% to $3.3 billion.

從客戶開始，本季度收入增長 4% 至 33 億美元。

OEM revenue growth of 4% resulted from 11% growth in license units.

OEM 收入增長 4% 是由於許可單位增長 11%。

The 7 percentage point difference between OEM license unit growth and revenue growth was caused primarily by increasing volumes in emerging markets, the relative strength of the consumer segment of the market, and a $45 million revenue deferral related to the Express upgrade to Windows Vista program.

OEM 許可單位增長與收入增長之間 7 個百分點的差異主要是由於新興市場的銷量增加、市場消費細分市場的相對實力以及與快速升級到 Windows Vista 計劃相關的 4500 萬美元收入延遲。

We were particularly pleased with the continued adoption of Windows Media Center Edition, which represented over 15% of OEM license mix in the quarter, and has now sold over 20 million units [live to date].

我們對 Windows Media Center Edition 的持續採用感到特別高興，它在本季度佔 OEM 許可證組合的 15% 以上，目前已售出超過 2000 萬台 [live to date]。

Client, commercial and retail licensing product growth of 5% was primarily driven by growth in multiyear contract agreements in front of the Windows Vista launch.

客戶、商業和零售許可產品增長 5% 的主要原因是 Windows Vista 發布前多年合同協議的增長。

We made significant progress on Windows Vista development during the quarter, as evidenced by the recent availability of the second release candidate.

我們在本季度在 Windows Vista 開發方面取得了重大進展，最近發布的第二個候選版本就證明了這一點。

We made pre-release versions of Windows Vista available to over 5 million customers worldwide.

我們向全球超過 500 萬客戶提供了 Windows Vista 的預發布版本。

Server and Tools revenue growth of 17% represents the 17th consecutive quarter of double-digit revenue growth for the segment.

服務器和工具收入增長 17%，代表該部門連續第 17 個季度實現兩位數收入增長。

Results for the quarter were driven by broad adoption of our Server and Tools product line, particularly SQL Server, which grew over 30%, Windows Server and Digital Studio.

本季度的業績得益於我們的服務器和工具產品線的廣泛採用，特別是增長超過 30% 的 SQL Server、Windows Server 和 Digital Studio。

During the quarter we completed the acquisition of Softricity, Whale Communications, Winternals Software and DesktopStandard, which will strengthen our growing Server business around virtualization, enterprise security and management.

在本季度，我們完成了對 Softricity、Whale Communications、Winternals Software 和 DesktopStandard 的收購，這將加強我們圍繞虛擬化、企業安全和管理不斷增長的服務器業務。

Revenue for our Online Service business was down 4% to $539 million, with 5% advertising growth and a 30% decline in access revenue.

我們的在線服務業務收入下降 4% 至 5.39 億美元，其中廣告增長 5%，訪問收入下降 30%。

Increased advertising revenue was driven by growth in display advertising, offset by lower search revenues.

廣告收入的增長是由展示廣告的增長推動的，但被搜索收入的下降所抵消。

With respect to search, although our search queries grew, our search pricing was below the prior-year level as a result of the transition to our new adCenter platform, which began in earnest during the December quarter.

在搜索方面，儘管我們的搜索查詢量有所增長，但由於我們在 12 月季度正式開始過渡到新的 adCenter 平台，我們的搜索定價低於去年水平。

We experienced sequential growth in revenue per search as we increased the number of advertisers on our platform.

隨著我們平台上廣告客戶數量的增加，我們的每次搜索收入連續增長。

During the quarter we also released a number of new or updated Internet services, including live.com, Live Search, Live Local Search and Live Spaces.

在本季度，我們還發布了許多新的或更新的 Internet 服務，包括 live.com、Live Search、Live Local Search 和 Live Spaces。

Microsoft Business division revenue grew 4% to $3.4 billion, a good result in front of the upcoming product launches of Office 2007 and Exchange Server 2007, and in line with our expectations entering the quarter.

微軟業務部門收入增長 4% 至 34 億美元，在即將推出的 Office 2007 和 Exchange Server 2007 產品之前取得了不錯的成績，並且符合我們進入本季度的預期。

As with Windows Vista, we also made considerable progress on the development of the 2007 Office system.

與 Windows Vista 一樣，我們在 2007 Office 系統的開發上也取得了長足的進步。

We released the Beta 2 technical refresh of the product during the quarter and over 3 million customers have pre-release versions of Office 2007.

我們在本季度發布了產品的 Beta 2 技術更新，超過 300 萬客戶擁有 Office 2007 的預發布版本。

Business momentum and customer interest for both Office 2007 and Exchange Server 2007 remains strong, leading us to the launches later this year.

Office 2007 和 Exchange Server 2007 的業務發展勢頭和客戶興趣依然強勁，導致我們在今年晚些時候推出。

We also delivered strong performance in our Dynamic business in the first quarter, with customer billings growth of 19%.

我們還在第一季度的動態業務中取得了強勁的表現，客戶賬單增長了 19%。

Lastly, Entertainment and Devices growth of 70% for the quarter was driven by strong performance across all of its businesses.

最後，本季度娛樂和設備業務增長了 70%，這得益於其所有業務的強勁表現。

Interactive gaming revenue in particular more than doubled as a result of Xbox 360 platform momentum.

由於 Xbox 360 平台的發展勢頭，互動遊戲收入尤其翻了一番多。

We have sold 6 million consoles live to date, and Xbox 360 software and accessories have remained at record levels in the U.S. relative to any previous console launches from competitors.

迄今為止，我們已經售出了 600 萬台主機，Xbox 360 軟件和配件在美國的銷售量一直保持在與競爭對手之前發布的任何主機相比的創紀錄水平。

Momentum for Xbox Live continued to build as well, passing the 4 million-member mark during the quarter.

Xbox Live 的勢頭也在繼續增強，在本季度超過了 400 萬會員。

In addition to strength in gaming, our mobile and embedded device business recorded its sixth consecutive quarter of revenue growth in excess of 40%, as licenses for Windows mobile-based phones more than tripled.

除了在遊戲方面的實力之外，我們的移動和嵌入式設備業務連續第六個季度實現了超過 40% 的收入增長，因為基於 Windows 移動的手機的許可增加了兩倍多。

And finally, we announced the next step in our Connected Entertainment division with the coming availability of the Zune digital media player and online service for U.S. consumers starting on November 14.

最後，我們宣布了 Connected Entertainment 部門的下一步計劃，即將於 11 月 14 日開始為美國消費者提供 Zune 數字媒體播放器和在線服務。

Now for the rest of the income statement.

現在是損益表的其餘部分。

While revenue increased 11% for the quarter, the cost of revenue increased 35%, due primarily to Xbox 360.

雖然本季度收入增長了 11%，但收入成本增長了 35%，這主要歸功於 Xbox 360。

As a result, gross margin relative to the prior year was down 3 percentage points for the quarter, consistent with the guidance we provided in July.

因此，本季度毛利率較上年下降 3 個百分點，與我們在 7 月份提供的指導一致。

First-quarter operating expenses, other than cost of revenue, increased $560 million, or 14%, excluding certain legal charges in the prior-year quarter.

除收入成本外，第一季度的運營費用增加了 5.6 億美元，即 14%，不包括上一季度的某些法律費用。

While we continue to invest aggressively in both R&D and sales and marketing to drive future growth, expenses this quarter were lighter than we expected, primarily due to the timing of marketing program spend.

雖然我們繼續在研發、銷售和營銷方面大力投資以推動未來增長，但本季度的支出比我們預期的要少，這主要是由於營銷計劃支出的時機。

Operating income for the quarter was $4.5 billion, up modestly from the prior year excluding certain legal charges in that year-ago quarter.

該季度的營業收入為 45 億美元，略高於去年同期，不包括去年同期的某些法律費用。

Investment income and other totaled $567 million, driven by larger-than-expected gains on investment sales to fund our tender offer during the quarter.

投資收入和其他總額為 5.67 億美元，這是由於投資銷售收益高於預期，為我們在本季度的要約收購提供資金。

Our effective tax rate came in at 31%, slightly higher than the estimate provided to you in our guidance last call, due to the change in the mix of earnings in various tax jurisdictions.

由於不同稅收管轄區的收入組合發生變化，我們的有效稅率為 31%，略高於我們在上次電話會議指導中提供給您的估計。

During the quarter we continued to execute against our strategy of returning capital to shareholders.

在本季度，我們繼續執行我們向股東返還資本的戰略。

We repurchased $7 million of company stock, including nearly $4 billion through our tender offer, and paid out $9 million in dividends during the quarter.

我們回購了 700 萬美元的公司股票，其中包括通過要約收購的近 40 億美元，並在本季度支付了 900 萬美元的股息。

Diluted shares outstanding were 10 billion, down 7% from the prior year as a result of execution against our share repurchase program.

由於執行了我們的股票回購計劃，稀釋後的流通股為 100 億股，比上年下降 7%。

Earnings per share for the quarter were $0.35, $0.03 above the high-end of the range we provided in July.

本季度每股收益為 0.35 美元，比我們在 7 月份提供的範圍的高端高出 0.03 美元。

So, in summary, Q1 was a good start to fiscal 2007.

因此，總而言之，第一季度是 2007 財年的良好開端。

The solid revenue results for the quarter were at the top-end of our expectations, and EPS exceeded our expectations with an exciting and important fiscal year now underway.

本季度穩健的收入結果超出了我們的預期，每股收益超出了我們的預期，令人興奮且重要的財政年度正在進行中。

Chris will now provide you with our expectations for the second quarter and fiscal year 2007.

克里斯現在將為您提供我們對 2007 年第二季度和財政年度的預期。

Thanks, Colleen.

謝謝，科琳。

I'm going to spend my remaining time on the call talking about what we see coming for the full year and the second quarter.

我將把剩下的時間花在電話會議上，討論我們對全年和第二季度的看法。

Before we get into the specific guidance, let me outline some of our key assumptions.

在我們進入具體指導之前，讓我概述一下我們的一些關鍵假設。

Our fiscal 2007 forecast assumes no major changes in the economic conditions and demand from where we exited the first quarter, and we are not forecasting any significant impacts from foreign exchange rate movements.

我們對 2007 財年的預測假設經濟狀況和需求與第一季度相比沒有發生重大變化，並且我們預測匯率變動不會產生任何重大影響。

We expect PC unit growth for fiscal 2007 to be 8 to 10% for the year, in line with the guidance we gave you last quarter, and between 6 and 8% for the second quarter.

我們預計 2007 財年的 PC 單位增長率將在 8% 到 10% 之間，這與我們上一季度給您的指導一致，第二季度的增長率在 6% 到 8% 之間。

We continue to estimate that PC unit growth rates will be higher in the Consumer segment than in the Business segment, and higher in emerging markets than in mature markets.

我們繼續估計，個人電腦在消費領域的增長率將高於商業領域，而新興市場的增長率將高於成熟市場。

On the server hardware front, we remain comfortable with our estimates for total market growth of 10 to 12% for the year.

在服務器硬件方面，我們仍然對今年總市場增長 10% 至 12% 的估計感到滿意。

Now let me go through our detailed guidance.

現在讓我來看看我們的詳細指導。

For the full year we expect our revenue to come in between 50 and $50.9 billion, growing 13 to 15%.

我們預計全年收入將在 50 至 509 億美元之間，增長 13% 至 15%。

We are bringing up our revenue range to reflect how we finished quarter one, as well as also raising the top slightly.

我們正在提高我們的收入範圍以反映我們如何完成第一季度，同時也略微提高了最高收入。

Our growth is driven by forward-based revenue growth across our five segments.

我們的增長是由我們五個部門的前瞻性收入增長推動的。

For the second quarter we expect revenue of 11.8 to $12.4 billion, which represents quarterly growth of flat to up 5%.

對於第二季度，我們預計收入為 11.8 至 124 億美元，這意味著季度增長持平至 5%。

There are a couple of items to note when you consider our second-quarter revenue.

當您考慮我們的第二季度收入時，有幾項需要注意。

First, the revenue figures for the second quarter include the impact of us deferring approximately $1.5 billion, primarily from our technology guarantee programs.

首先，第二季度的收入數據包括我們推遲約 15 億美元的影響，主要來自我們的技術保證計劃。

Again, this simply defers the recognition of revenue from the second quarter until the third quarter.

同樣，這只是將第二季度的收入確認推遲到第三季度。

There is no full-year impact of these programs on revenue.

這些計劃對收入沒有全年影響。

Before these impacts, revenue guidance would have been 13.3 to $13.9 billion, which represents growth of 12 to 17%.

在這些影響之前，收入指導為 13.3 至 139 億美元，增長 12% 至 17%。

Second, we expect PC unit growth in the second quarter to remain healthy, but moderate from the growth rate we saw in our fiscal first quarter, as well as from the growth rates we saw last year in second quarter.

其次，我們預計第二季度的個人電腦單位增長將保持健康，但與我們在第一財季看到的增長率以及我們在去年第二季度看到的增長率相比是溫和的。

With that, revenue guidance in our five business units is as follows.

因此，我們五個業務部門的收入指導如下。

For Client, we expect full-year growth to be 9 to 10% and second-quarter growth to be down 25 to 27%.

對於客戶，我們預計全年增長率為 9% 至 10%，第二季度增長率將下降 25% 至 27%。

This full-year guidance includes the impact of revenue recognition changes for Windows Vista, [which was] discussed on our call on Tuesday.

這一全年指導包括 Windows Vista 收入確認變化的影響，[這是] 我們在周二的電話會議上討論的。

Our second-quarter guidance includes the deferral of approximately $1 billion in revenue out of the quarter and into the third quarter. $1 billion covers revenue associated with both our technology guarantee program, as well as amounts for Windows Vista pre-shipments into the channel ahead of launch.

我們的第二季度指導包括將大約 10 億美元的收入從本季度推遲到第三季度。 10 億美元涵蓋了與我們的技術保證計劃相關的收入，以及在發布前向渠道預裝 Windows Vista 的金額。

If you were to normalize for the $1 billion of deferrals, second-quarter revenue would be growing 4 to 6%.

如果將 10 億美元的延期正常化，第二季度的收入將增長 4% 到 6%。

Looking at the full-year growth, the commercial and retail portion of the Client segment should pick up in the second half due to our launch of Windows Vista targeted for volume licensing customers in November, and with broad availability in January.

從全年增長來看，由於我們在 11 月推出了面向批量許可客戶的 Windows Vista，並在 1 月廣泛上市，因此客戶端的商業和零售部分應該會在下半年回升。

We expect Client OEM revenue to grow slightly below the PC hardware market for the year, due to increased concentration among larger OEMs, consumer hardware shipments growing faster than business shipments, and relatively faster growth in emerging markets.

我們預計今年客戶 OEM 收入的增長將略低於 PC 硬件市場，原因是大型 OEM 的集中度提高、消費類硬件出貨量增長快於商業出貨量，以及新興市場的增長相對較快。

Server and Tools revenue should grow 15 to 16% for the year and 14 to 15% for the second quarter.

服務器和工具收入今年應該增長 15% 到 16%，第二季度增長 14% 到 15%。

We continue to expect double-digit growth throughout the year from the sustained momentum of SQL Server and from growth in Windows Server developer tools, our application business, and enterprise services.

由於 SQL Server 的持續發展勢頭以及 Windows Server 開發人員工具、我們的應用程序業務和企業服務的增長，我們繼續預計全年實現兩位數的增長。

As we approach the anniversary of the SQL Server and Visual Studio launches, quarterly performance in the second half of the year will face tougher year-over-year comparables.

隨著我們接近 SQL Server 和 Visual Studio 發布週年紀念日，下半年的季度業績將面臨更嚴峻的同比可比性。

We forecast revenue in the online services business to grow between 7 and 11% for the year and to be up 3 to 5% in quarter two.

我們預計今年在線服務業務的收入將增長 7% 至 11%，第二季度將增長 3% 至 5%。

The full-year growth number implies significant year-over-year growth in the second half, based upon growth in both search and display advertising revenues.

基於搜索和展示廣告收入的增長，全年增長數字意味著下半年的同比顯著增長。

While we continue to make investments in various aspects of the business, we did make progress on a number of fronts in the quarter.

雖然我們繼續在業務的各個方面進行投資，但我們確實在本季度的許多方面取得了進展。

For example, we rolled out the Live Search, which now powers searches on both MSN.com and live.com, moved our Live Local Search out of beta and into final availability in both the U.S. and the UK, continued to grow and broaden our social networking presence with spaces and the recent beta rollout of Soapbox, and we're making good progress getting advertisers on adCenter, as well as looking at opportunities to extend our reach through partnerships.

例如，我們推出了 Live Search，它現在為 MSN.com 和 live.com 上的搜索提供支持，將我們的 Live Local Search 移出測試版並最終在美國和英國推出，繼續發展並擴大我們的社交網絡存在空間和最近推出的 Soapbox 測試版，我們在 adCenter 上吸引廣告商方面取得了良好進展，並尋找機會通過合作擴大我們的影響力。

Microsoft Business division revenues should grow 8 to 9% for the year and be down 8 to 10% in the second quarter.

微軟業務部門的收入今年應該增長 8% 到 9%，第二季度下降 8% 到 10%。

The full-year guidance now includes the impact of Dynamics revenue recognition we talked about earlier in the week, and that's close to what we gave you in July.

全年指導現在包括我們在本週早些時候談到的 Dynamics 收入確認的影響，這與我們在 7 月份給你的很接近。

Our second quarter revenue guidance includes approximately $500 million being deferred out of the second quarter and into the third quarter, due to both our technology guarantee program as well as a small amount of revenue associated with Office 2007 pre-shipments into the channel.

由於我們的技術保證計劃以及與 Office 2007 預裝運到渠道相關的少量收入，我們第二季度的收入指導包括大約 5 億美元被推遲到第二季度和第三季度。

If you were to normalize for the impact of the technology guarantee program, revenue growth for quarter two would be 3 to 5%.

如果將技術保障計劃的影響標準化，第二季度的收入增長將是 3% 到 5%。

Fiscal 2007 is MBD's biggest year ever for product launches, with major releases in all areas of the business -- Office, Exchange, Dynamics, and Office Live.

2007 財年是 MBD 有史以來最大的產品發布年，在所有業務領域都發布了主要版本——Office、Exchange、Dynamics 和 Office Live。

For the Entertainment and Devices division, we're forecasting full-year revenue growth of 33 to 46% and second-quarter growth of 50 to 75%.

對於娛樂和設備部門，我們預計全年收入增長 33% 至 46%，第二季度增長 50% 至 75%。

With 6 million Xbox 360 consoles sold live to date and a portfolio of 160 high-definition games by the end of the year, we remain optimistic that we will exit the holiday having sold over 10 million units since launch and end our fiscal year having sold 13 to 15 million units since launch.

迄今為止，Xbox 360 遊戲機已現場售出 600 萬台，到年底將推出 160 款高清遊戲，我們仍然樂觀地認為，自推出以來已售出超過 1000 萬台，我們將結束假期，並在本財年結束時售出自推出以來已售出 13 至 1500 萬台。

Operating income for the year is expected to be between 19.1 and $19.5 billion, growing 9 to 11%, excluding legal charges taken in fiscal 2006.

不包括 2006 財年的法律費用，全年營業收入預計在 19.1 至 195 億美元之間，增長 9% 至 11%。

In the second quarter we expect operating income to be between 2.9 and $3.1 billion, including approximately 1.5 billion of impact from revenue deferred from our technology guarantee and preshipment.

在第二季度，我們預計營業收入將在 2.9 至 31 億美元之間，其中包括約 15 億美元的影響來自我們的技術保證和出貨前延遲的收入。

$1.5 billion results from revenue recognition that is deferred from the second quarter into the third quarter and there's no full-year impact to this program to operating income, as we've mentioned.

正如我們所提到的，從第二季度推遲到第三季度的收入確認產生了 15 億美元，並且該計劃對營業收入沒有全年影響。

Excluding the impact of the technology guarantee, operating income for the second quarter would be between 4.4 and $4.7 billion.

排除技術保障的影響，第二季度的營業收入將在 4.4 至 47 億美元之間。

Second-quarter operating income includes the impact of higher overall mix of lower-margin hardware revenue from Xbox 360 and Zune, increased costs associated with the online services group, as well as operating costs in preparation for the launches of Windows Vista and the 2007 Office system.

第二季度營業收入包括來自 Xbox 360 和 Zune 的低利潤率硬件收入的整體組合增加、與在線服務集團相關的成本增加以及為推出 Windows Vista 和 2007 Office 做準備的運營成本的影響系統。

On our last earnings call we gave you additional color and guidance on cost of goods sold, given the evolving mix of our businesses.

鑑於我們業務組合的不斷變化，在我們上次的財報電話會議上，我們為您提供了關於銷售成本的額外顏色和指導。

Even though we may not always do so each quarter, let me give you an update on COGS today.

儘管我們可能並不總是每個季度都這樣做，但今天讓我為您提供有關 COGS 的最新信息。

Cost of goods sold as a percentage of revenue for the second quarter should increase by $0.08 to $0.09 over quarter two of last year.

第二季度銷售成本佔收入的百分比應比去年第二季度增加 0.08 美元至 0.09 美元。

The increase results from a larger number of Xbox 360 consoles, plus the inclusion of Zune units.

增加的原因是更多的 Xbox 360 控制台，以及 Zune 單元的加入。

We're remaining with our previous guidance on the full year being up one to two points.

我們仍然保持我們之前對全年的指導，提高一到兩點。

We're also updating our guidance on our effective tax rate for the year.

我們還將更新我們對本年度有效稅率的指導。

In July we estimated the full-year effective tax rate of 30.5%, but due to a change in the mix of earnings in various tax jurisdictions, we are now estimating a full-year tax rate of 31%, consistent with what we saw in the first quarter.

7 月，我們估計全年有效稅率為 30.5%，但由於不同稅收管轄區的收入組合發生變化，我們現在估計全年稅率為 31%，與我們在第一季度。

(indiscernible) earnings per share for the year are expected to come in at $1.43 to $1.46, and $0.22 to $0.24 for the second quarter.

（聽不清）今年的每股收益預計為 1.43 美元至 1.46 美元，第二季度為 0.22 美元至 0.24 美元。

Second-quarter EPS, excluding the impact of the technology guarantee, would have been $0.33 to $0.35.

不計技術保證的影響，第二季度每股收益為 0.33 美元至 0.35 美元。

I'm pleased that, as a result of better business results and investment income, we have been able to keep our guidance largely in line with the full-year guidance we gave you in July.

我很高興，由於更好的業務業績和投資收入，我們能夠使我們的指導在很大程度上與我們在 7 月份給您的全年指導保持一致。

I'd like to take a moment now to drill down a bit on the makeup of our full-year EPS numbers.

我現在想花一點時間來深入了解我們全年每股收益數據的構成。

We told you back in July that we estimated the impact of the full completion of our tender offer would be $0.05 to $0.06 for the full fiscal year.

我們早在 7 月份就告訴過您，我們估計完整完成我們的要約收購對整個財年的影響為 0.05 美元至 0.06 美元。

Since only a portion of the shares were tendered, I wanted to do a quick reconciliation from our full-year guidance in July to what we're giving you today.

由於只有一部分股票被投標，我想快速核對一下從 7 月份的全年指導到我們今天給你的指導。

First, instead of buying the previously (indiscernible) $20 billion worth of shares during the quarter through our tender offer, we repurchased a total of $4.8 billion, which comprised of 3.8 billion worth of stock through our tender offer, plus an additional 1 billion we made in open market purchases during the quarter.

首先，我們沒有在本季度通過我們的要約收購之前（聽不清）價值 200 億美元的股票，而是回購了總額為 48 億美元的股票，其中包括通過我們的要約收購價值 38 億美元的股票，以及我們額外的 10 億美元。本季度在公開市場購買。

The lower repurchases will reduce our estimate by approximately $0.03 to both our low and high ranges.

較低的回購將使我們對我們的低和高範圍的估計降低約 0.03 美元。

Second, offsetting that decrease would be higher operating income associated with better revenue growth, higher investment income for the year, negated somewhat by a higher effective tax rate.

其次，抵消這一下降的將是與更好的收入增長相關的更高的營業收入，更高的年度投資收入，在一定程度上被更高的有效稅率所抵消。

We estimate the net impact to add approximately $0.02 on the low-end and $0.01 on the high-end.

我們估計淨影響將在低端增加約 0.02 美元，在高端增加約 0.01 美元。

Finally, the remaining $0.01 improvement to both our low and high-end EPS guidance comes from our ongoing buyback activity.

最後，我們對低端和高端每股收益指引的剩餘 0.01 美元改進來自我們正在進行的回購活動。

As with past practice, we do not intend to share the expected pace of our prospective buyback execution, and it could differ from our expectations embedded in the guidance.

與過去的做法一樣，我們不打算分享我們預期回購執行的預期速度，它可能與我們在指南中的預期不同。

From (indiscernible) perspective, we expect unearned revenues to finish fiscal 2006 -- 2007, I beg your pardon, up 5 to 7%.

從（音頻聽不清）的角度來看，我們預計非勞動收入將在 2006 財年——2007 財年結束，請原諒，增長 5% 到 7%。

Contracted not-billed should also finish 2007 up from where we exited fiscal 2006.

2007 年的合同未開票也應該從我們退出 2006 財年的地方開始。

In thinking about sequential changes in unearned revenue from quarter one to quarter two, we expect seasonality similar to last year, plus the addition of the 1.5 in revenue associated primarily with our technology guarantee programs.

在考慮從第一季度到第二季度未實現收入的連續變化時，我們預計與去年類似的季節性，加上主要與我們的技術保證計劃相關的 1.5 倍的收入。

For our full-year unearned revenue guidance, we're modeling a moderation in the recent annuity mix of our billings, as both Office 2007 and Windows Vista will be available to customers in the second half of the year.

對於我們的全年未實現收入指導，我們正在模擬我們最近的年金組合的帳單，因為 Office 2007 和 Windows Vista 都將在下半年提供給客戶。

As we think about our guidance for the rest of the year, many of the risks and opportunities I talked about last quarter still exist.

當我們考慮今年剩餘時間的指導時，我上個季度談到的許多風險和機遇仍然存在。

Aside from our normal competitive, legal and general market risks -- in particular, PC and server growth rates -- we have our share of execution risks in the year.

除了我們正常的競爭、法律和一般市場風險——特別是個人電腦和服務器的增長率——我們在這一年也承擔了執行風險。

Our plan relies on execution on a number of important product launches starting in the second quarter and extending through the rest of the fiscal year.

我們的計劃依賴於從第二季度開始並延續到本財年剩餘時間的一系列重要產品的執行。

Customer acceptance of our new products is uncertain and, in particular, customer acceptance of our products, such as Xbox 360 and Zune, are particularly difficult to predict during the holiday sales season.

客戶對我們新產品的接受程度是不確定的，尤其是在假期銷售旺季期間，客戶對我們產品（例如 Xbox 360 和 Zune）的接受程度尤其難以預測。

Also, the cost of acquiring and serving customers in our online business could increase.

此外，我們在線業務中獲取和服務客戶的成本可能會增加。

Potential upside to our guidance in some cases is a mirror image of our risks.

在某些情況下，我們指導的潛在優勢是我們風險的鏡像。

For example, customer acceptance and demand for Windows Vista, the Office 2007 system, Xbox 360 and Zune could exceed our expectations.

例如，客戶對 Windows Vista、Office 2007 系統、Xbox 360 和 Zune 的接受度和需求可能超出我們的預期。

Customer demand for our hardware products like Xbox 360 and Zune units (indiscernible) fiscal revenue growth but not necessarily operating income growth.

客戶對我們的硬件產品的需求，如 Xbox 360 和 Zune 單位（聽不清）財政收入增長但不一定是營業收入增長。

And finally, PC and server hardware shipments could grow faster than we anticipate.

最後，PC 和服務器硬件出貨量的增長速度可能比我們預期的要快。

Before moving to Q&A, then, I'd like to make a couple of quick comments.

那麼，在進行問答之前，我想快速發表一些評論。

We continue to execute well against our strategy for delivering long-term shareholder value.

我們繼續很好地執行我們提供長期股東價值的戰略。

We are committed, and continue to be, to growth through innovation.

我們致力於並將繼續通過創新實現增長。

By investing in innovation across a broad array of high-growth markets, as well as in the development of a services capability to complement our current software offerings, we are positioning the Company to grow operating income faster than our technology peers over the long term.

通過投資於廣泛的高增長市場的創新，以及開發服務能力以補充我們當前的軟件產品，我們將公司定位為在長期內比我們的技術同行更快地增加營業收入。

With profitable growth, we generate significant operating cash flow, which enables two very important outcomes.

隨著盈利的增長，我們產生了可觀的經營現金流，從而實現了兩個非常重要的成果。

First, it unleashes the virtuous cycle of reinvestment back into our business for further growth; and second, it allows us to advance our financial strategy of returning capital to shareholders.

首先，它釋放了再投資的良性循環，重新投資於我們的業務以實現進一步增長；其次，它使我們能夠推進向股東返還資本的財務戰略。

Overall we remain optimistic about our ability to innovate, to generate growth, and as a result of those, to create long-term shareholder value.

總體而言，我們對我們的創新能力、產生增長以及由此創造長期股東價值的能力保持樂觀。

That wraps up my financial comments.

我的財務評論到此結束。

I'd like to hand the call over to Colleen so we can get started with your questions.

我想把電話轉給科琳，這樣我們就可以開始處理你的問題了。

Thanks, Chris.

謝謝，克里斯。

Let's now proceed to questions.

現在讓我們繼續提問。

We want to accommodate questions from as many people as possible, so please avoid multipart questions and limit yourself to just one question.

我們希望容納盡可能多的人提出的問題，因此請避免多部分問題並將自己限制在一個問題上。

Operator, will you please repeat your instructions?

接線員，請您重複一下您的指示好嗎？

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Heather Bellini, UBS.

瑞銀集團的希瑟·貝里尼。

I was wondering if you could give us an idea, what was the premium SKU mix for the first 12 months of the Windows XP launch?

我想知道您能否給我們一個想法，Windows XP 發布的前 12 個月的高級 SKU 組合是什麼？

And what's implicit in your guidance for Vista?

您對 Vista 的指導中隱含了什麼？

And I guess as a follow-up, what do you view as [negating] factors of whether or not Client growth will be faster than PC shipment growth in calendar '07?

我想作為後續行動，您認為哪些因素會影響 07 日曆年客戶增長是否會快於 PC 出貨量增長？

Thanks very much.

非常感謝。

In terms of premium SKU merch mix, we're sticking with what Kevin Johnson told you at [FAM], which is we're looking at 52 to 54% -- I believe, is what he quoted -- for the year.

在優質 SKU 商品組合方面，我們堅持凱文約翰遜在 [FAM] 告訴你的內容，即我們認為今年的 52% 到 54%——我相信，這是他所引用的。

That's this fiscal year, so we still feel good about that.

那是本財政年度，所以我們仍然對此感覺良好。

Obviously it was higher than in the first quarter.

顯然高於第一季度。

But at this stage we're certainly comfortable with that number.

但在這個階段，我們當然對這個數字感到滿意。

In terms of the calendar year and growth, I think, which was the second half of your question, clearly, we are feeling good about growth in revenue in the Client area relative to PC units.

就日曆年和增長而言，我認為，這是您問題的後半部分，顯然，我們對客戶端區域相對於 PC 單位的收入增長感到滿意。

So, in the first quarter and the second quarter, revenue growth will lag PC units.

因此，在第一季度和第二季度，收入增長將落後於 PC 單位。

But then in the second half of the year, it's actually going to be at or above us, and equal to for the full year.

但到了下半年，它實際上會達到或高於我們，並且等於全年。

So, we're looking at fiscal -- for fiscal year '07, PC units growing at 8 to 10%, and Client revenue growing in fact slightly higher than that, 9 to 10%.

因此，我們正在關注 07 財年的財政年度，PC 銷量增長 8% 到 10%，而客戶收入的增長實際上略高於 9% 到 10%。

That's a result of not only good unit shipments, obviously, but also the positive impacts of our commercial and retail part of the Client business.

顯然，這不僅是良好的單位出貨量的結果，也是我們客戶業務的商業和零售部分的積極影響。

In terms of XP and premium mix, I'll get one of my colleagues to grab that number.

在 XP 和高級組合方面，我會讓我的一位同事抓住這個數字。

I don't have that at hand straightaway.

我手頭沒有那個。

Adam Holt, J.P. Morgan.

亞當霍爾特，摩根大通。

Apologies; there's some construction behind me, if there's background noise.

道歉;如果有背景噪音，我身後有一些建築。

Two questions on the cost structure for the second quarter.

關於第二季度成本結構的兩個問題。

You mentioned that you're going to be able to get some improvements in the Xbox margins.

您提到您將能夠在 Xbox 利潤方面獲得一些改進。

I was wondering if that's coming from software attach or component pricing.

我想知道這是來自軟件附加還是組件定價。

Secondly, as we look at the cost that shifted out of the first quarter, it looks like the operating margins, net the impact of the deferrals, were a little bit lower than I was looking for in Q2.

其次，當我們查看從第一季度移出的成本時，看起來營業利潤率（扣除延期的影響）比我在第二季度尋找的要低一點。

Should we assume that higher amount falls in the second quarter, and then that's going to go in the marketing line?

我們是否應該假設第二季度會有更高的金額下降，然後會進入營銷渠道？

Thank you.

謝謝你。

Sure, Adam.

當然，亞當。

In terms of the better margin for Xbox, it's both those impacts.

就 Xbox 更高的利潤率而言，這兩個影響都是如此。

So, we are seeing lower cost per console, we're coming down the manufacturing cost line, and in fact, we're doing better than what we had hoped for.

因此，我們看到每台遊戲機的成本更低，我們正在降低製造成本，事實上，我們做得比我們希望的要好。

So, last year we saw slightly higher costs to console than we were expecting; this year, certainly to date, we're experiencing better costs per console.

因此，去年我們看到控制台成本略高於我們的預期；今年，毫無疑問，到目前為止，我們每台遊戲機的成本都在下降。

We're sticking, clearly, with our view of being cost-neutral over the console life.

顯然，我們堅持在控制台壽命中保持成本中立的觀點。

And this year is shaping up very well.

今年的情況非常好。

On top of that, we did also get good software attach.

最重要的是，我們還獲得了不錯的軟件附件。

So, we saw software attach, I believe, over five for the quarter, which when you spread over the number of units that we sold, meant that our revenue per unit for software was very good in the quarter.

因此，我相信，我們看到本季度的軟件附加值超過了 5 個，當您將我們銷售的單位數量進行分佈時，這意味著我們在本季度的軟件單位收入非常好。

And we continue to be very pleased with that.

我們仍然對此感到非常高興。

And also from some of the other sources of revenue, they're not as significant, but, obviously, with the number of people that we're seeing on Xbox Live, we're starting to see some benefit from that.

此外，從其他一些收入來源來看，它們並不那麼重要，但顯然，隨著我們在 Xbox Live 上看到的人數眾多，我們開始從中看到一些好處。

So, all of those are helping with the Xbox margins.

因此，所有這些都有助於提高 Xbox 的利潤。

In terms of the second half of your question, which was on the operating costs, most of that marketing spend was a shift from quarter one to quarter two.

關於您問題的後半部分，即運營成本，大部分營銷支出是從第一季度到第二季度的轉移。

So, you are correct; to the extent that we saved some revenue on OpEx, to a large extent you'll see that in the second quarter.

所以，你是對的；就我們在運營支出上節省了一些收入而言，在很大程度上你會在第二季度看到這一點。

And as you'll see from our full-year guidance, that's still in tact exactly the same from an overall OpEx point of view.

正如您從我們的全年指導中看到的那樣，從整體運營支出的角度來看，這仍然是完全一樣的。

So, there's some spread, I believe, in the third and fourth quarter, but it's primarily a quarter 1 to quarter 2 shift.

因此，我相信在第三和第四季度會有一些差異，但主要是第一季度到第二季度的轉變。

Charles DiBona, Sanford Bernstein.

查爾斯·迪博納，桑福德·伯恩斯坦。

Chris, you sound pretty upbeat about the online services group, even though the numbers seem to be going pretty much sideways.

克里斯，你聽起來對在線服務集團相當樂觀，儘管數字似乎幾乎是橫向的。

Could you give us some insight, other than the product launches, to some of the metrics that you're looking at that give you confidence that this is really headed in the right direction?

除了產品發布之外，您能否就您正在查看的一些指標向我們提供一些見解，讓您相信這確實朝著正確的方向發展？

Maybe it's conversion rates or share or the size of the advertising community, but something that sort of underlies your confidence in that group.

也許是轉化率或份額或廣告社區的規模，但某些東西是你對那個群體的信心的基礎。

The revenue per search is, clearly, the one that we've got closest on our eye at the moment.

顯然，每次搜索的收入是我們目前最關注的收入。

We look at probably 10 to 12 metrics across that group fairly closely.

我們相當仔細地查看了該組中可能有 10 到 12 個指標。

But in terms of the revenue per search, that is going up sequentially quarter, as we get more advertisers onto the adCenter platform.

但就每次搜索的收入而言，隨著我們在 adCenter 平台上吸引更多的廣告商，這一季度環比增長。

And we're close to now lapping where we were when we came off the Overture platform from last year.

我們現在已經接近去年從 Overture 平台上下來時的位置。

So, with the revenue expectations that we have in the back half of the year, I am expecting us to basically -- certainly in the U.S. anyway -- to equal or go above our revenue per search on a year-over-year basis, not just a quarter-over-quarter basis, and that will help drive revenue in the second half.

因此，根據我們在今年下半年的收入預期，我預計我們基本上——當然是在美國——與去年同期相比，每次搜索的收入等於或高於我們的收入，不僅僅是季度環比，這將有助於推動下半年的收入。

And on the display advertising side, we obviously look at both the volume and the monetization there.

在展示廣告方面，我們顯然會同時關注數量和貨幣化。

And both those figures -- again, we look at the back half of the year and expecting that to be pretty good, but (indiscernible) point of view, those numbers are reasonable as well.

這兩個數字——再一次，我們看看下半年，並期望這會非常好，但（聽不清）觀點，這些數字也是合理的。

Rick Sherlund, Goldman Sachs.

瑞克舍倫德，高盛。

Chris, if I could take you back to the call you did a couple days ago on the change in accounting for the undelivered -- was it undelivered elements for Windows versus the Dynamics, where you're going to move to ratable recognition.

克里斯，如果我能帶你回到幾天前關於未交付會計變化的電話會議 - 它是 Windows 與 Dynamics 的未交付元素，你將在其中獲得可評價的認可。

I wasn't on that call;

我沒有參加那個電話。

I was in the air, but I just wanted a chance to come back to that issue.

我在空中，但我只是想有機會回到那個問題上。

If you could clarify that.

如果你能澄清一下。

So, for Dynamics, starting in the third quarter, we're going to shift to ratable recognition?

那麼，對於 Dynamics，從第三季度開始，我們將轉向可評級的認可嗎？

No, it's in the first quarter for Dynamics.

不，這是在 Dynamics 的第一季度。

First quarter of next year?

明年一季度？

No, the first quarter of this year.

不，今年第一季度。

So, Dynamics is --

所以，動力學是——

There's a full-year impact for this year.

今年有全年的影響。

And then a -- obviously, only a couple quarters of impact on the Vista side.

然後——顯然，對 Vista 方面的影響只有四分之二。

I'm curious about how big that is, because I would think that the Windows change is bigger than the Dynamics change.

我很好奇它有多大，因為我認為 Windows 的變化比 Dynamics 的變化更大。

In absolute terms going forward, in particular as you look forward to fiscal year '08, you'll be absolutely correct.

就未來的絕對而言，特別是當您期待 08 財年時，您將是絕對正確的。

In terms of fiscal year '07, because one is for a full year and the other is only for a part year as the product phases in, then they basically offset each other.

就07財年而言，由於一個是全年，另一個是部分年度，隨著產品的逐步推出，它們基本上是相互抵消的。

As we look to fiscal year '08, you'll see a much more significant impact from the Vista change relative to the Dynamics, obviously, because of the scale of those businesses.

當我們展望 08 財年時，您會看到 Vista 的變化相對於 Dynamics 的影響要大得多，顯然是因為這些業務的規模。

And when we give you guidance for next year, we will absolutely call that out and be transparent about it.

當我們為您提供明年的指導時，我們絕對會大聲疾呼並保持透明。

Because as you know, it's purely an accounting change; it doesn't change the underlying economics.

因為如您所知，這純粹是會計變更；它不會改變潛在的經濟學。

So, we will tell you exactly how much of the guidance for next year we anticipate with both of them.

因此，我們將準確地告訴您明年我們對他們倆的預期有多少指導。

And you are right; it will be much more significant for Windows than it will be for Dynamics in fiscal year '08.

你是對的；在 08 財年，它對 Windows 的意義將遠大於 Dynamics。

And the reason for the change in dynamics is -- should I anticipate that you're going to move to an on-demand, sort of software-as-a-service model, where you can charge over time and you'd be relatively indifferent from a revenue recognition standpoint, whether it was on premise or on demand?

動態變化的原因是——我是否應該預料到你會轉向按需的、軟件即服務的模式，你可以隨著時間的推移收費，而且你會相對從收入確認的角度來看，不管是預置的還是按需的？

Let me -- because it's more in the accounting area, let me just hand over to Frank and he'll give you the technical answer.

讓我——因為它更多地是在會計領域，讓我交給弗蘭克，他會給你技術性的答案。

We have actually changed the way we are marketing the licenses there.

我們實際上已經改變了我們在那裡營銷許可證的方式。

In the past we've licensed on a per-module basis.

過去，我們按模塊授予許可。

Our new licensing program actually licenses on a per-seat basis.

我們的新許可計劃實際上是按席位許可的。

So with that, because all future software and upgrades and functionality are available to the new licensees, we will actually move to a ratable recognition rather than an up-front recognition.

因此，由於新的被許可方可以使用所有未來的軟件、升級和功能，我們實際上將轉向可評級的認可，而不是預先的認可。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Just a quick clarification on the EPS guidance.

只是對 EPS 指南的快速說明。

So, the tender offer, the shortfall in the buyback on account of that is balanced by the investment income, right?

那麼，要約收購、回購的不足是由投資收益來平衡的，對吧？

Is that how you get to pretty much the same EPS guidance as before, or am I missing something?

這是您獲得與以前幾乎相同的 EPS 指導的方式，還是我遺漏了什麼？

I just wanted to clarify that.

我只是想澄清一下。

There's three elements that help us get back. (indiscernible) two downward elements and three upward elements.

有三個要素可以幫助我們回歸。 （聽不清）兩個向下元素和三個向上元素。

One is the lower (indiscernible); we also have a slightly higher tax rate that we're anticipating for the year.

一個是較低的（聽不清）；我們預計今年的稅率也會略高。

So those, all other things being equal, would lower our EPS guidance for the year.

因此，在所有其他條件相同的情況下，這些因素將降低我們今年的每股收益預期。

In terms of upward impacts which offset that, we are, obviously, continuing to buy back shares during the course of the year.

就抵消這一影響的上行影響而言，我們顯然在這一年中繼續回購股票。

We have a better investment income, as you mentioned.

正如你所說，我們有更好的投資收益。

But also, we got better operating income.

而且，我們獲得了更好的營業收入。

So, we are guiding to higher revenue, and the benefits of that higher revenues are flowing through to operating income.

因此，我們正在引導更高的收入，而更高收入的好處正在流向營業收入。

So, I primarily call out better business performance, which is helping offset some of the lower earnings per share impacts of buyback.

因此，我主要強調更好的業務表現，這有助於抵消回購帶來的每股收益較低的一些影響。

Brent Thill, Citigroup.

花旗集團的布倫特希爾。

With the new stiff antipiracy features in Vista, are you assuming similar antipiracy -- or piracy as in past cycle, or are you expecting a slight improvement with the Vista launch?

使用 Vista 中新的嚴格的反盜版功能，您是否會假設與過去週期類似的反盜版或盜版，或者您是否期望 Vista 的發布會有輕微的改進？

We're certainly looking at the back half of the fiscal year -- which is the only one at this stage, clearly, that we're guiding to -- to OEM unit sales being higher than PC units as a result of our antipiracy.

由於我們的反盜版，我們肯定會關注本財年的後半段——顯然，這是現階段唯一一個我們正在指導的財年——OEM 單位銷售額高於 PC 單位。

So, we're looking at, I believe, for the full year something like a 1 to 2% benefit as a result of that.

因此，我相信，我們正在考慮全年帶來 1% 到 2% 的收益。

So, we're not looking at significantly different rates relative to XP.

所以，我們沒有看到相對於 XP 的顯著不同的速率。

And clearly, as we go into fiscal year '08 and onwards, we'll give you some guidance at that stage.

顯然，隨著我們進入 08 財年及以後的財政年度，我們將在那個階段為您提供一些指導。

But certainly it is helping, but we're already seeing some positive benefits from what we're doing on the XP side.

但它肯定是有幫助的，但是我們已經從我們在 XP 方面所做的事情中看到了一些積極的好處。

Okay.

好的。

And the blended ASP, is that fair that it is 6 to 8% with Vista?

而混合的 ASP，與 Vista 為 6% 到 8% 公平嗎？

Is that a fair rate, or you think it's a little lower?

這是一個公平的價格，還是你認為它有點低？

I'm not sure where you're getting the 16% from, to be honest.

老實說，我不確定你從哪裡得到 16%。

No, I'm sorry. 6 to 8%; would that be a fair blended ASP increase with Vista versus XP?

不，我很抱歉。 6% 至 8%；與 XP 相比，與 Vista 相比，這會是一個公平的混合 ASP 增長嗎？

Would that be a fair range to assume for an ASP lift?

對於 ASP 提升，這是一個公平的假設範圍嗎？

Look, we're giving -- obviously, we're giving or talking about the individual products.

看，我們正在給予 - 顯然，我們正在給予或談論個別產品。

At this stage we're not talking about blended rates.

在這個階段，我們不是在談論混合費率。

We're talking about the premium mix that we expect.

我們正在談論我們期望的優質組合。

But we'll let the market determine what that's going to be in the second half of the year.

但我們會讓市場決定下半年的情況。

We're not -- we have some anticipation in the guidance we've given, but I don't want to comment on the specific number for ASP.

我們不是——我們對我們給出的指導有一些期待，但我不想評論 ASP 的具體數字。

Jason Maynard, Credit Suisse.

傑森梅納德，瑞士信貸。

Just a question about use of cash.

只是關於現金使用的問題。

There's a lot of acquisitions going on at fairly high prices in the online property space.

在線房地產領域有很多以相當高的價格進行的收購。

I'm just curious sort of what are your parameters around contemplating a transaction like that, and how you think about some of those larger deals?

我只是好奇你在考慮這樣的交易時的參數是什麼，你如何看待這些更大的交易？

And also, just maybe as the flip-side of this is what are your plans for CapEx for this fiscal year, and have they changed at all since last quarter?

而且，也許另一方面，您對本財年的資本支出計劃是什麼，自上個季度以來它們是否發生了變化？

We are very rigorous on the acquisition side.

我們在收購方面非常嚴謹。

We bought 23 companies last year, and as Colleen mentioned in her statement, we bought four in the first quarter.

去年我們買了 23 家公司，正如科琳在她的聲明中提到的，我們在第一季度買了 4 家。

But we have an incredibly disciplined process for acquisitions that go through a number of stages, and clearly they need to be ROI and economic value-positive.

但我們對經歷了多個階段的收購有一個非常嚴格的流程，顯然它們需要投資回報率和經濟價值為正。

So, you are correct that we are seeing some price inflation in some of the acquisitions that we're talking about.

所以，你說得對，我們在談論的一些收購中看到了一些價格上漲。

For every one we do, we probably turn down one or two.

對於我們做的每一件事，我們可能會拒絕一兩個。

So, we don't buy everything that we look at.

所以，我們不會購買我們看到的所有東西。

And we are selective on not only what we buy, but how much we pay for it.

我們不僅對我們購買的東西有選擇性，而且對我們支付的價格也有選擇性。

In terms of our attitude going forward on acquisitions, I think we've said a number of times at financial analyst meetings and outside of that, we do see acquisitions playing a role in our growth.

就我們對收購的態度而言，我認為我們已經在金融分析師會議上多次表示，除此之外，我們確實看到收購在我們的增長中發揮了作用。

So, I would certainly expect us to still buy companies.

所以，我當然希望我們仍然會收購公司。

In the first quarter it tended to be more in the Server and Tools area.

在第一季度，它往往更多地出現在服務器和工具領域。

Going forward it could well be in the online services area, in particular, over the speed of how that market is developing.

展望未來，它很可能會出現在在線服務領域，尤其是該市場的發展速度。

And some of the opportunities we're being shown, obviously that's a possibility.

我們正在展示的一些機會，顯然這是一種可能性。

But we are not going to buy anything that we don't think creates economic value.

但我們不會購買任何我們認為不會創造經濟價值的東西。

In terms of CapEx, it's very much in line with what we guided you to in July.

就資本支出而言，這與我們在 7 月份指導您所做的非常一致。

So, we're looking at just over $2 billion for the year.

因此，我們預計今年將超過 20 億美元。

And I believe we spent $400 million in the first quarter.

我相信我們在第一季度花費了 4 億美元。

In terms of online spend on CapEx, which is one of the areas people are primarily interested in, we're looking at around $700 million for the full year, and we spent about 150 in the first quarter.

就人們主要感興趣的領域之一資本支出的在線支出而言，我們預計全年約為 7 億美元，第一季度我們花費了約 150 美元。

John McPeake, Prudential.

約翰麥克皮克，保誠。

Back on the undelivered elements, you're now going to be recognizing that revenue versus deferring it.

回到未交付的元素，您現在將認識到收入與推遲收入。

Could you talk a little bit about the give and takes there, with the fact that Vista Enterprise in particular is only available to customers with some sort of an SA or an EA that covers Client, and historically they've been able to buy that from the OEMs.

您能否談談那裡的給予和接受，事實上，Vista Enterprise 僅適用於具有某種 SA 或 EA 的客戶，其中涵蓋了客戶端，並且從歷史上看，他們已經能夠從原始設備製造商。

I'm trying to get a sense as to how those two dynamics play out in the unearned (indiscernible) over the course of the year.

我試圖了解這兩種動態在一年中如何在不勞而獲（聽不清）中發揮作用。

Your question is about the undelivered elements and the enterprise agreements.

您的問題是關於未交付的元素和企業協議。

Is that --?

就是它 - ？

In terms of enterprise agreements, we'll still, obviously, ratably spread enterprise agreement income over the life of the contract.

在企業協議方面，顯然，我們仍會在合同有效期內按比例分配企業協議收入。

So, that won't change.

所以，這不會改變。

It will only be for the undelivered elements of sales through, in particular, OEMs of the Vista software, where we -- it's not delivered under a software assurance program; it's delivered under a sale of a PC.

它只適用於未交付的銷售元素，特別是通過 Vista 軟件的 OEM，我們 - 它不是在軟件保證計劃下交付的；它是在 PC 銷售下交付的。

When we sell under the sale of a PC, those undelivered elements will not be deferred as they were in XP.

當我們在 PC 下銷售時，那些未交付的元素不會像在 XP 中那樣被推遲。

So, it doesn't really influence the enterprise agreement recognition, if I'm understanding your question correctly.

因此，如果我正確理解您的問題，它並不會真正影響企業協議的識別。

That's correct.

這是正確的。

So, you've got about 15% that used to be deferred in the OEM agreements that's now being recognized.

因此，在現在得到認可的 OEM 協議中，您有大約 15% 曾經被推遲。

But you also have new SKUs that can only be purchased for the Client business.

但您也有隻能為客戶業務購買的新 SKU。

So, Vista Enterprise in particular, you need to have that covered by an SA.

因此，尤其是 Vista Enterprise，您需要將其納入 SA。

And that's a new thing for Microsoft, so I'm trying to get a sense as to whether that's going to have an incremental positive impact, potentially, over the course of the year to your unearned.

這對微軟來說是新事物，所以我試圖了解這是否會在一年中對你不勞而獲的過程中產生漸進的積極影響。

So, you have a new SKU that is a Client SKU.

因此，您有一個新的 SKU，它是客戶端 SKU。

If more users find that particular SKU, which you can only get under an SA, very compelling, then yes, you would see more unearned.

如果更多用戶發現您只能在 SA 下獲得的特定 SKU 非常引人注目，那麼是的，您會看到更多不勞而獲。

That's a big assumption to make.

這是一個很大的假設。

But certainly, the accounting there has not changed.

但可以肯定的是，那裡的會計沒有改變。

To the extent that we see more business done through volume licensing, you would continue to expect to see that same impact on unearned and contracted not-billed.

就我們看到通過批量許可完成的更多業務而言，您將繼續期望看到對未付費和未開票的合同產生同樣的影響。

Peter Misek, Canaccord Adams.

彼得·米塞克，卡納科德·亞當斯。

Just one quick question on other product cycles.

只是一個關於其他產品週期的快速問題。

We haven't heard an update recently on how the Longhorn server cycle appears to be progressing.

我們最近沒有聽到關於 Longhorn 服務器週期進展情況的最新消息。

Clearly, we're coming to the end of the Vista launch cycle. [Can you] provide us any update on that product cycle, please?

顯然，我們即將結束 Vista 發布週期。 [您能] 向我們提供有關該產品週期的任何更新嗎？

That's still on track for the second half of next calendar year.

這仍然在下一個日曆年的下半年進行。

So, no change for that.

所以，沒有改變。

Thanks so much.

非常感謝。

We probably have time for just one or two more questions.

我們可能只有時間再回答一兩個問題。

Kevin Buttigieg, A.G. Edwards.

凱文·布蒂吉格，A.G. Edwards。

On the forecast for the Server and Tools unit revenue growth of 10 to 12%, I was wondering if you could talk a little bit about how you see the impact of virtualization on that growth rate.

關於服務器和工具部門收入增長 10% 到 12% 的預測，我想知道您能否談談您如何看待虛擬化對這一增長率的影響。

Obviously, you have Microsoft Virtual Server, but perhaps offsetting that might be some lower unit sales of Windows Server.

顯然，您擁有 Microsoft Virtual Server，但可能會抵消 Windows Server 的一些較低單位銷售額。

Could you just sort of help form the parameters around virtualization's impact on that business?

您能否幫助形成有關虛擬化對該業務影響的參數？

I mean, our thinking around virtualization is that it's good for customers.

我的意思是，我們對虛擬化的看法是它對客戶有好處。

We feel like our offerings address those well.

我們覺得我們的產品很好地解決了這些問題。

The industry is going there, and that's reflected in the hardware server -- server numbers that you see from the Company.

行業正在走向那裡，這反映在硬件服務器上——你從公司看到的服務器數量。

We feel like our pricing is very competitive, especially to other pricing out there -- pretty easy to understand, pretty competitive.

我們覺得我們的定價非常有競爭力，尤其是對於其他定價——很容易理解，很有競爭力。

We think that we're well positioned there, and we welcome ushering it in, and we've got good products there.

我們認為我們在那里處於有利地位，我們歡迎引入它，我們在那裡有很好的產品。

So, 10 to 12% seems like it sustainable, then, in light of virtualization's adoption rate?

那麼，考慮到虛擬化的採用率，10% 到 12% 似乎是可持續的？

Today we're giving you second quarter fiscal year '07 guidance.

今天，我們為您提供 07 財年第二季度的指導。

But virtualization, we think, is a good thing for the industry.

但我們認為，虛擬化對行業來說是一件好事。

And just like with Moore's Law, getting more power out of your hardware is a good thing for the ecosystem.

就像摩爾定律一樣，從硬件中獲得更多的能量對生態系統來說是一件好事。

Time for one last question, please.

是時候問最後一個問題了。

Laura Lederman, William Blair.

勞拉·萊德曼，威廉·布萊爾。

I have two quick questions.

我有兩個快速的問題。

One is, can you give us an update on cash flow, what your expectations are for this year?

一個是，您能否向我們介紹一下現金流的最新情況，您對今年的期望是什麼？

And also, phenomenal result for SQL Server.

此外，SQL Server 也取得了非凡的成果。

Can you talk about where you're particularly seeing strength in that product?

您能談談您在該產品中特別看到優勢的地方嗎？

Thank you.

謝謝你。

On the cash flow side, it will follow traditional patterns.

在現金流方面，它將遵循傳統模式。

Clearly, cash flows for the quarter and the second quarter are impacted to some extent by inventory builds for Xbox, but that will wash itself out through the system.

顯然，該季度和第二季度的現金流在一定程度上受到 Xbox 庫存建設的影響，但這將通過系統沖刷掉。

So, when you look at our cash flow for the year, the only real elements of significance are probably slightly higher CapEx.

因此，當您查看我們今年的現金流時，唯一真正重要的因素可能是資本支出略高。

But in the overall scheme of Microsoft, that's not huge.

但在微軟的整體方案中，這並不大。

But spending just over $2 billion of CapEx will, clearly, be an impact on cash flow.

但顯然，花費超過 20 億美元的資本支出將對現金流產生影響。

Our inventory and working capital should be broadly in line with historic patterns.

我們的庫存和營運資金應大致符合歷史模式。

And then, clearly, the buyback is the last thing, which will depend to some extent on what we buy in the second half of the year.

然後，很明顯，回購是最後一件事，這在一定程度上取決於我們在下半年購買的東西。

But other than that, cash flow trends will be typical from what you've seen in previous years.

但除此之外，現金流趨勢將是您在前幾年看到的典型情況。

I'm sorry; what was the second half of your question?

對不起;你問題的後半部分是什麼？

SQL Server was a great result.

SQL Server 是一個很好的結果。

Where are you particularly seeing strength -- vertical markets, company size, applications?

您在哪些方面特別看到了優勢——垂直市場、公司規模、應用？

Just give us some context on why that growth rate is still so strong.

請給我們一些背景信息，說明為什麼增長率仍然如此強勁。

I'll take out one.

我會拿出一個。

So, SQL strong, really, across the board, as evidenced by 30% growth, really means you do need to have some nice broad strength.

所以，SQL 的強大，真的，全面的，如 30% 的增長所證明的那樣，真的意味著你確實需要有一些不錯的廣泛的實力。

We've been particularly delighted in the larger enterprises really looking to SQL for their critical applications.

我們特別高興大型企業真正希望 SQL 用於他們的關鍵應用程序。

And then we continue to do well in the mid-size space as well.

然後我們在中型領域也繼續表現出色。

So, really it's been nice, broad strength there.

所以，真的很好，那裡有廣泛的力量。

What about U.S. versus international?

美國與國際呢？

Again, with nice 30% growth, you're going to see really good adoption, really, across the board.

同樣，隨著 30% 的良好增長，您將看到非常好的採用率，真的，全面。

Thanks, Laura.

謝謝，勞拉。

And thank you, everyone, for your participation in today's call.

感謝大家參與今天的電話會議。

If you have any further questions, please feel free to call me or my team directly.

如果您有任何其他問題，請隨時直接致電我或我的團隊。

As I mentioned at the beginning of this call, this conference call will be available on replay at our investor relations Website through close of business October 26, 2007.

正如我在本次電話會議開始時提到的，本次電話會議將於 2007 年 10 月 26 日收盤前在我們的投資者關係網站上重播。

In addition, you can hear the replay by dialing 866-505-6378, or for international calls, dial 203-369-1866.

此外，您可以撥打 866-505-6378 收聽重播，或者撥打國際電話 203-369-1866。

The dial-in replay will be available through the close of business November 2, 2006.

撥入重播將在 2006 年 11 月 2 日營業結束前提供。

Thanks again for joining us today.

再次感謝您今天加入我們。

Thank you.

謝謝你。

This does conclude today's conference call.

這確實結束了今天的電話會議。

We thank you for your participation.

我們感謝您的參與。