微軟 (MSFT) 2007 Q2 法說會逐字稿

Welcome to the Microsoft 2007 fiscal year second-quarter earnings conference call.

歡迎參加 Microsoft 2007 財年第二季度財報電話會議。

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，您的台詞一直處於只聽狀態。

This call is being recorded.

正在錄製此通話。

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, and John Seethoff, Deputy General Counsel.

今天下午，高級副總裁兼首席財務官 Chris Liddell 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 second quarter of fiscal year 2007 and an overview of expectations for the rest of the fiscal year.

今天的電話會議將首先由 Chris 提供 2007 財年第二季度的一些關鍵要點以及對本財年剩餘時間的預期概述。

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

然後，我將提供有關我們第二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 財年第三季度的指導。

After that, we will 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; therefore, you have available the earnings release MD&A, financial statements and footnotes.

我們今天在發布財報的同時提交了 10-Q；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微軟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 January 25, 2008.

到 2008 年 1 月 25 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 treaty.

本電話會議報告受版權法和國際條約保護。

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, in the comments made during this conference call and in the Risk Factors section of our 10-Q or 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 或 2006 年 10-K 表格的風險因素部分以及提交給證券和交易所的其他報告和文件，實際結果可能存在重大差異委員會。

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 are pleased to be with you today to share our second-quarter results and discuss our outlook for the remainder of fiscal 2007.

我們很高興今天與您分享我們的第二季度業績並討論我們對 2007 財年剩餘時間的展望。

Looking back over the second quarter, I would characterize it as a very good close to the first half of the year, and it continues our progress for an excellent year overall.

回顧第二季度，我將其描述為接近上半年的一個非常好的表現，它在整體上延續了我們的進步。

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。

We were happy to see the PC hardware market strength in the quarter, and by launching our flagship products to business customers at the end of November, we passed the last significant milestone towards forward availability.

我們很高興看到本季度 PC 硬件市場的強勁勢頭，通過在 11 月底向商業客戶推出我們的旗艦產品，我們通過了向前可用性的最後一個重要里程碑。

Looking at our second-quarter financial performance, revenue grew 6%.

從我們第二季度的財務業績來看，收入增長了 6%。

If you were to exclude the $1.6 billion revenue deferral associated predominately with our Technology Guarantee Program for Windows and Office, our revenue growth would have been 20%.

如果排除主要與我們的 Windows 和 Office 技術保證計劃相關的 16 億美元收入延期，我們的收入增長將達到 20%。

That is impressive growth for any company, let alone one of our size.

對於任何一家公司來說，這都是令人印象深刻的增長，更不用說像我們這樣規模的公司了。

Business customer demand for our Server and Tools and Microsoft Business Division products was healthy across major geographies in both our large and small customer segments.

在我們的大型和小型客戶群的主要地區，企業客戶對我們的服務器和工具以及 Microsoft 業務部門產品的需求是健康的。

And looking specifically at sales in December, we saw encouraging signs of early demand for the 2007 Microsoft Office system, Exchange Server 2007 and Windows Vista.

具體到 12 月份的銷售情況，我們看到了對 2007 Microsoft Office 系統、Exchange Server 2007 和 Windows Vista 的早期需求的令人鼓舞的跡象。

Retail demand during the holiday quarter was robust for consumer PCs as well as for Xbox 360 consoles and games, helping to push revenue for both Client and Entertainment and Devices to the upper end of our quarterly guidance.

假日季度，消費類 PC 以及 Xbox 360 遊戲機和遊戲的零售需求強勁，有助於將客戶端、娛樂和設備的收入推高至我們季度指引的上限。

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

營業收入受益於強勁的收入和較低的支出，主要用於營銷計劃，其中大部分從第二季度轉移到今年剩餘時間。

The operating income results flowed through the P&L and drove EPS numbers that came in $0.02 to $0.04 above what we told you in October.

營業收入結果通過損益表流動，並推動每股收益數字比我們在 10 月份告訴你的數字高出 0.02 美元至 0.04 美元。

Moving to the full fiscal year, 2007 continues to deliver excellent financial performance.

進入完整的財政年度，2007 年繼續提供出色的財務業績。

Next week, we celebrate the consumer launches of Windows Vista and the 2007 Office system.

下週，我們將慶祝 Windows Vista 和 2007 Office system 的消費者發布。

Our product groups will have put in significant work to deliver what are truly compelling products, and now our customers can benefit from those efforts.

我們的產品組將投入大量工作來提供真正引人注目的產品，現在我們的客戶可以從這些努力中受益。

Let me make two key point about fiscal 2007.

關於 2007 財年，讓我提出兩個關鍵點。

First, I'm very pleased that we continue to expect full-year double-digit revenue growth.

首先，我很高興我們繼續期望全年實現兩位數的收入增長。

Overall, this is in line with what we told you last quarter, although we are making some adjustments to the mix of revenue.

總體而言，這與我們上個季度告訴您的一致，儘管我們正在對收入組合進行一些調整。

Second, excluding legal charges and tax benefits in the prior year, we expect earnings per share will also grow double digits and faster than revenue.

其次，剔除上一年的法律費用和稅收優惠，我們預計每股收益也將增長兩位數，并快於收入。

This growth is even after we launch the major products and continue to invest in future growth opportunities in all our divisions.

即使在我們推出主要產品並繼續投資於我們所有部門的未來增長機會之後，這種增長也是如此。

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

對於本季度和 2007 年全年的這些高級主題，我現在將把電話轉給科琳，以了解有關我們第二季度業績的更多細節。

Thanks, Chris.

謝謝，克里斯。

As Chris mentioned, Q2 was a strong quarter overall, contributing to a good first half of the fiscal year.

正如克里斯所提到的，第二季度整體表現強勁，為本財年上半年的良好表現做出了貢獻。

During the quarter, revenue, operating income and EPS exceeded the high end of our guidance, and we continued executing on our product cycle, with the business launch of Windows Vista, the 2007 Microsoft Office system and Exchange Server 2007.

在本季度，收入、營業收入和每股收益超過了我們指導的高端，我們繼續執行我們的產品週期，推出了 Windows Vista、2007 Microsoft Office 系統和 Exchange Server 2007。

Let me provide you with details on our financial performance, starting with revenue.

讓我為您提供有關我們財務業績的詳細信息，從收入開始。

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

我將討論頂級財務和業務動力點，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 for the quarter was $12.5 billion, up 6%.

本季度收入為 125 億美元，增長 6%。

Growth for the quarter was impacted by $1.6 billion in revenue deferrals out of Q2 that will be recognized in Q3, primarily related to the Windows and Office Technology Guarantee Program.

該季度的增長受到第二季度 16 億美元收入延期的影響，該延期將在第三季度確認，主要與 Windows 和 Office 技術保證計劃有關。

The deferral amount is up slightly from the $1.5 million that we previously guided, driven by strength in the PC market.

在 PC 市場強勁的推動下，延期金額略高於我們之前指導的 150 萬美元。

Adjusting for these revenue deferrals, revenue growth would have been 20%.

調整這些收入延期後，收入增長將達到 20%。

Revenue growth for the quarter was driven by a 76% increase in Entertainment and Devices and robust growth in our core businesses of Client, Server and Tools, and the Microsoft Business Division, which grew a combined 11% after adjusting for the deferrals, primarily from [Detector NTs].

本季度的收入增長是由娛樂和設備增長 76% 以及我們的客戶端、服務器和工具核心業務以及微軟業務部門的強勁增長推動的，在調整延期後合計增長了 11%，主要來自[檢測器 NT]。

Healthy growth in the hardware market was a key contributor to the results for the quarter.

硬件市場的健康增長是本季度業績的關鍵因素。

We estimate the PC market grew faster than we expected at 8% to 10% during the quarter.

我們估計本季度個人電腦市場的增長速度快於我們預期的 8% 至 10%。

This growth is particularly strong considering the upcoming consumer launch of Windows Vista, illustrating the success of our Tech Guarantee Program, as well as the continuing value proposition of Windows XP.

考慮到即將面向消費者推出的 Windows Vista，這一增長尤為強勁，這說明了我們的技術保證計劃的成功，以及 Windows XP 的持續價值主張。

Consumer PC shipment growth once again outpaced business shipments, driven by a strong holiday sales season.

在強勁的假日銷售旺季的推動下，消費 PC 出貨量的增長再次超過了商業出貨量。

From a form factor perspective, growth in notebook PC shipments continues to outpace that of desktops.

從外形尺寸來看，筆記本電腦出貨量的增長繼續超過台式機。

PC unit growth continues to be led by the emerging markets.

新興市場繼續引領個人電腦銷量增長。

Asia, excluding Japan, and Latin America maintained double-digit growth rates, while the remaining regions grew at single digits.

亞洲（不包括日本）和拉丁美洲保持兩位數的增長率，而其餘地區則以個位數增長。

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

服務器硬件出貨量增長與我們全年預計的 10% 至 12% 保持一致。

Our mix of products billings was approximately 30% from OEM, 25% from multi-year licensing agreements, 20% from license-only sales, and the balance from our other businesses.

我們的產品組合大約 30% 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。

Relative to prior year, our billing mix continues to shift to our other businesses, driven by the increasing revenue from our Entertainment and Devices divisions.

與上一年相比，在娛樂和設備部門收入增加的推動下，我們的計費組合繼續轉向我們的其他業務。

We had a very strong quarter overall from a volume licensing perspective, with broad-based strength across our customer segments and regions, which drove growth in enterprise agreements, as well as select and open annuity licenses.

從批量許可的角度來看，我們整個季度的表現非常強勁，在我們的客戶群和地區擁有廣泛的實力，這推動了企業協議以及選擇和開放年金許可的增長。

We estimate that EA renewal rates were at the high end of our historical range of 56% to 75%.

我們估計 EA 續訂率處於我們歷史範圍 56% 至 75% 的高端。

In addition, select and open license-only growth accelerated in December after the business launches of Windows Vista, the 2007 Office system and Exchange Server 2007.

此外，在 Windows Vista、2007 Office system 和 Exchange Server 2007 的業務推出後，12 月僅選擇和開放許可證的增長加速。

Our unearned revenue balance ended the quarter a bit higher than we expected at $11.9 billion, including the $1.7 billion of deferrals primarily related to the technology guarantee.

本季度末我們的未實現收入餘額略高於我們的預期，為 119 億美元，其中包括主要與技術保證相關的 17 億美元延期付款。

Excluding this impact, the unearned balance would have grown 15% over the prior year and still have been up sequentially.

排除這種影響，未實現餘額將比上一年增長 15%，並且仍連續增長。

Our contracted, not-billed balance at the end of December was also sequentially higher and now exceeds $9.5 billion.

我們在 12 月底的合同未開票餘額也環比增加，現在超過 95 億美元。

If you consider our reported revenue and changes in the unearned and contracted, not-billed balances, our bookings growth exceeded 20% for the quarter.

如果您考慮我們報告的收入以及未賺取和合同未開票餘額的變化，我們本季度的預訂增長超過 20%。

Before I get into the revenue details for each business group, let me point out that changes in foreign exchange rates added about 1 point to our overall revenue growth rate.

在我進入每個業務組的收入細節之前，讓我指出外匯匯率的變化為我們的整體收入增長率增加了大約 1 個百分點。

Client revenue of $2.6 billion, a decline of 25%, includes the impact of $1.1 billion of revenue deferrals, primarily related to the tech guarantee.

客戶收入為 26 億美元，下降 25%，其中包括 11 億美元收入延期的影響，主要與技術擔保有關。

Adjusting for this impact, Client revenue would have been $3.7 billion, up 9%, driven by growth in the OEM business.

調整這一影響後，在 OEM 業務增長的推動下，客戶收入將達到 37 億美元，增長 9%。

OEM revenue increased 8%, excluding the tech guarantee, due to 10% growth in OEM license units.

由於 OEM 許可單位增長 10%，OEM 收入增長 8%，不包括技術保證。

OEM revenue grew at a slightly slower pace than license units, due to the continued increased volume in emerging markets and the shift in channel mix towards larger OEMs, partially offset by the impact from the increase in premium mix.

由於新興市場的銷量持續增長以及渠道組合向更大的 OEM 轉移，OEM 收入的增長速度略低於許可單位，但部分被高端組合增加的影響所抵消。

OEM premium mix increased 18 percentage points from the prior year to 67%.

OEM 高端產品組合比上年增長 18 個百分點至 67%。

Consistent with the relative strength in the consumer segment, especially during holiday, and deferred by the Technology Guarantee Program, we saw a shift within the premium mix itself.

與消費者細分市場的相對強勢一致，尤其是在假期期間，並被技術保障計劃推遲，我們看到了高端組合本身的轉變。

Specifically, the growth in the premium mix was a results of consumers purchasing Windows XP Media Center, driven by the upgrade pricing structure offered under the Technology Guarantee Program.

具體而言，高級組合的增長是消費者購買 Windows XP Media Center 的結果，這是由技術保證計劃提供的升級定價結構推動的。

So while Windows XP Professional grew year on year, its portion of the premium mix declined a couple of percentage points.

因此，儘管 Windows XP Professional 同比增長，但其在高級組合中的份額下降了幾個百分點。

While we are delighted to see the increasing trend of consumers recognizing the value offered in premium Windows, we want to point out to you that in the U.S., Windows XP Professional generates over five times the pricing uplift over Windows XP Home than does Windows XP Media Center.

雖然我們很高興看到消費者越來越認識到高級 Windows 所提供的價值，但我們想向您指出，在美國，Windows XP Professional 比 Windows XP Home 產生的價格提升是 Windows XP Media 的五倍以上中心。

Client commercial and retail licensing grew 13%, primarily from sales of Windows Vista into the retail channel, and our partners began readying for Windows Vista general availability.

客戶商業和零售許可增長了 13%，主要是由於 Windows Vista 進入零售渠道的銷售，我們的合作夥伴開始為 Windows Vista 全面上市做準備。

Our commercial business remained healthy, fueled by growth in multi-year contract agreements.

在多年合同協議增長的推動下，我們的商業業務保持健康。

The Client business made significant progress on the product front this quarter with the business launch of Windows Vista, the most significant operating system releases since Windows 95.

本季度，隨著 Windows Vista 的推出，客戶端業務在產品方面取得了重大進展，這是自 Windows 95 以來最重要的操作系統版本。

Server and Tools delivered double-digit revenue growth for the 18th consecutive quarter.

服務器和工具連續第 18 個季度實現兩位數的收入增長。

Its 17% revenue growth was driven by broad adoption of our Server and Tools product line, particularly SQL Server, which had another quarter of over 30% revenue growth.

其 17% 的收入增長是由我們的服務器和工具產品線的廣泛採用推動的，特別是 SQL Server，其另外四分之一的收入增長超過 30%。

Revenue for our Online Services Business grew 5% to $624 million, driven by an increase in advertising revenue of 20%, partially offset by an expected decline in access revenue.

在廣告收入增長 20% 的推動下，我們的在線服務業務收入增長 5% 至 6.24 億美元，部分被訪問收入的預期下降所抵消。

Healthy growth in display, coupled with a modest increase in search, drove the rise in the total advertising revenue.

展示廣告的健康增長，加上搜索量的適度增長，推動了廣告總收入的增長。

Increasing search queries contributed to search revenue growth on a year-over-year basis for the first time since we began our transition to adCenter in the U.S. last year.

自去年我們開始在美國過渡到 adCenter 以來，不斷增加的搜索查詢量首次促進了搜索收入的同比增長。

Microsoft Business Division revenue was $3.5 billion or $4 billion after adjusting for the $500 million tech guarantee and preshipment deferral.

在對 5 億美元的技術保證和發貨前延期進行調整後，微軟業務部門的收入為 35 億美元或 40 億美元。

Growth was driven by the strength of our annuity business and earlier than expected uptake in our license-only business following the business launches of the 2007 Office system and Exchange Server 2007.

增長是由我們的年金業務的實力推動的，並且隨著 2007 Office system 和 Exchange Server 2007 的業務推出，我們的僅許可業務比預期的早於預期。

The Dynamics business continued its strong performance in Q2, as demonstrated by a 19% increase in customer billings.

Dynamics 業務在第二季度繼續保持強勁表現，客戶賬單增長 19% 就是證明。

Lastly, Entertainment and Devices growth of 76% for the quarter was driven by Xbox 360 sales.

最後，本季度娛樂和設備增長 76% 是由 Xbox 360 銷售推動的。

We have now sold 10.4 million consoles life to date.

迄今為止，我們已經售出了 1040 萬台遊戲機。

And according to [NTB], consumers in the U.S. purchased more Xbox 360s than both the Wii and PlayStation 3 combined during the month of December.

根據 [NTB]，美國消費者在 12 月份購買的 Xbox 360 比 Wii 和 PlayStation 3 的總和還要多。

Software attach rates remain at record levels in the U.S., bolstered by the broad success of Gears of War, which sold over 2.7 million copies in its first eight weeks in market.

美國的軟件附加率保持在創紀錄的水平，這得益於《戰爭機器》的廣泛成功，該遊戲在上市的前八週內售出了超過 270 萬份。

Our mobile and embedded device business also performed well, selling over 3 million licenses for Windows mobile phone-enabled devices, up over 90% year over year.

我們的移動和嵌入式設備業務也表現良好，銷售了超過 300 萬份支持 Windows 手機的設備，同比增長超過 90%。

During the quarter, we launched the Zune digital media player in the United States, which furthers our strategy of connected entertainment.

本季度，我們在美國推出了 Zune 數字媒體播放器，進一步推進了我們的互聯娛樂戰略。

Now for the rest of the income statement.

現在是損益表的其餘部分。

Positive revenue increase 62%, due primarily to an increase in Xbox 360 sales.

收入正增長 62%，主要是由於 Xbox 360 銷售額的增長。

As a result, gross margin relative to the prior year was down about 10 percentage points, a slightly larger drop than the guidance we provided in October.

因此，毛利率較上年下降約 10 個百分點，降幅略大於我們在 10 月份提供的指導。

This was primarily driven by stronger than expected sales of Xbox 360, as well as an extension of the Xbox 360 warranty from 90 days to one year in the U.S. and Canada.

這主要是由於 Xbox 360 的銷售好於預期，以及 Xbox 360 在美國和加拿大的保修期從 90 天延長至一年。

Q2 operating expenses other than cost of revenue increased $509 million or 10%.

第二季度除收入成本外的運營費用增加了 5.09 億美元或 10%。

This was a little higher than expected, due to the timing of certain spending, particularly for sales and marketing programs.

由於某些支出的時間安排，特別是在銷售和營銷計劃方面，這比預期的要高一些。

Operating income was $3.5 billion.

營業收入為 35 億美元。

Adjusting for the tech guarantee deferrals, operating income would have been $5.1 billion, up 10% from the prior year, driven by strength in our core businesses.

調整技術擔保延期後，在我們核心業務實力的推動下，營業收入將達到 51 億美元，比上年增長 10%。

Investment income and other totaled $333 million.

投資收入和其他收入總計 3.33 億美元。

Our effective tax rate for the quarter was 31%, up from 29% last year.

我們本季度的有效稅率為 31%，高於去年的 29%。

This year-over-year rate increase was impacted by a $108 million tax benefit in the prior year.

這一同比增長受到上一年1.08億美元稅收優惠的影響。

During the quarter, we repurchased 205 million shares or $6 billion worth of our stock and paid $980 million in dividends to shareholders.

本季度，我們回購了 2.05 億股股票或價值 60 億美元的股票，並向股東支付了 9.8 億美元的股息。

Diluted shares outstanding were 9.9 billion, down 7% from the prior year, as a result of execution on our share repurchase program.

由於我們的股票回購計劃的執行，已發行的稀釋股為 99 億股，比上年下降 7%。

Our diluted shares outstanding for the quarter were impacted by the issuance of 113 million shares in December related to options exercised by JPMorgan for the employee stock option transfer program completed in December 2003.

我們本季度的稀釋流通股受到 12 月發行的 1.13 億股股票的影響，這些股票與摩根大通在 2003 年 12 月完成的員工股票期權轉讓計劃中行使的期權有關。

This settlement marks the final expiration of all remaining options under its program.

該和解標誌著其計劃下所有剩餘期權的最終到期。

Earnings per share for the quarter were $0.26, which includes approximately an $0.11 per share deferral, primarily from tech guarantees.

本季度每股收益為 0.26 美元，其中包括約 0.11 美元的每股遞延，主要來自技術擔保。

So in summary, Q2 delivered strong results across the board.

因此，總而言之，第二季度全面交付了強勁的業績。

Revenue results for all of the segments met or exceeded the top end of our guidance and translated to outperformance for both operating income and EPS.

所有部門的收入結果都達到或超過了我們指導的上限，並轉化為營業收入和每股收益的優異表現。

Additionally, the quarter marked the business launch of our flagship products.

此外，本季度標誌著我們旗艦產品的業務推出。

With that, let me turn it back to Chris, who will provide you with our expectations for Q3 and the remainder of fiscal 2007.

有了這個，讓我把它轉回到克里斯，他將為您提供我們對第三季度和 2007 財年剩餘時間的預期。

Thanks, Colleen.

謝謝，科琳。

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 from where we exited the first half, and we're not forecasting any significant impacts from foreign exchange rate movements.

我們對 2007 財年的預測假設與上半年相比，經濟狀況沒有發生重大變化，我們也沒有預測匯率變動會產生任何重大影響。

We expect PC unit growth to be 8% to 10% for the fiscal year, in line with the guidance we gave you last quarter, and between 9% to 11% for the third quarter.

我們預計本財年 PC 單位增長率將達到 8% 至 10%，這與我們上個季度給您的指導一致，第三季度將在 9% 至 11% 之間。

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

我們繼續估計個人電腦單位增長率在消費領域將高於商業領域，在新興市場高於成熟市場。

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

在服務器硬件方面，我們對今年總市場價格 10% 至 12% 的估計仍然感到滿意。

Now let me get into our detailed guidance.

現在讓我進入我們的詳細指導。

For the full year, we expect our revenues to come in at $50.2 to $50.7 billion, growing 13% to 14%.

全年，我們預計我們的收入將達到 50.2 至 507 億美元，增長 13% 至 14%。

We are narrowing our revenue range to reflect how we finished the second quarter, as well as to incorporate changes to the mix of revenue.

我們正在縮小收入範圍，以反映我們如何完成第二季度，以及將收入組合的變化納入其中。

Our growth is driven by broad-based revenue growth across our five segments, with each of our core businesses growing double digits.

我們的增長是由我們五個部門的廣泛收入增長推動的，我們的每個核心業務都增長了兩位數。

For the third quarter, we expect revenue of $13.7 to $14.0 billion, which represents growth of 26% to 28% year over year.

對於第三季度，我們預計收入為 13.7 至 140 億美元，同比增長 26% 至 28%。

Our third quarter will benefit from recognition of the $1.7 billion of revenue that we deferred out of the first half, $45 million from Q1 and $1.64 billion from Q2, primarily associated with our Technology Guarantee Program.

我們第三季度將受益於確認我們從上半年推遲的 17 億美元收入、第一季度的 4500 萬美元和第二季度的 16.4 億美元，主要與我們的技術保證計劃相關。

Before these impacts, third-quarter revenue guidance would have been $12 to $12.3 billion, which would have represented growth of 10% to 13%.

在這些影響之前，第三季度的收入指導為 12 至 123 億美元，這將代表 10% 至 13% 的增長。

There's clearly no impact to the full year, as we have discussed.

正如我們所討論的，顯然對全年沒有影響。

With that, revenue guidance in our five business units is as follows -- for Client, we have increased our full-year growth forecast to 11% to 12%, up from the 9% to 10% we gave you in October, and this has been driven by a higher premium mix in our OEMs revenue and a faster transition to Windows Vista.

因此，我們五個業務部門的收入指導如下——對於客戶，我們將全年增長預測從 10 月份的 9% 提高到 12%，而這受到我們 OEM 收入中更高的溢價組合和更快地過渡到 Windows Vista 的推動。

We expect third-quarter growth to be 54% to 56%, although our third-quarter guidance includes the recognition of approximately $1.2 billion in revenue primarily associated with our Tech Guarantee Program.

我們預計第三季度的增長率為 54% 至 56%，儘管我們的第三季度指引包括確認主要與我們的技術保證計劃相關的約 12 億美元收入。

Before that deferral, third-quarter revenue would be growing 16% to 18%.

在延期之前，第三季度收入將增長 16% 至 18%。

Growth accelerates in the second half of the year for the commercial and retail portion of the Client segment, beginning in quarter three, driven by broad availability of Windows Vista.

在 Windows Vista 的廣泛可用性的推動下，從第三季度開始，客戶端部分的商業和零售部分在下半年將加速增長。

Client OEM revenue should grow roughly in line with the PC hardware market for the year.

客戶 OEM 收入的增長應該與當年 PC 硬件市場大致一致。

We are increasing our expectation for premium mix in the second half of the year and we now expect our full-year premium mix to be about 60%.

我們正在提高對下半年保費組合的預期，我們現在預計全年保費組合約為 60%。

The increase is driven by mix assumptions for our consumer premium products such as Windows XP Media Center and Windows Vista Home Premium.

這一增長是由我們的消費級高端產品（如 Windows XP Media Center 和 Windows Vista Home Premium）的混合假設推動的。

As Colleen mentioned earlier, we have received modest revenue [uptick] from our consumer premium SKUs versus what we get on Windows XP Pro or Windows Vista Business.

正如 Colleen 之前提到的，與我們在 Windows XP Pro 或 Windows Vista Business 上獲得的相比，我們從消費者高級 SKU 中獲得了適度的收入 [上升]。

Server and Tools revenue should grow 16% to 17% for the year from continued growth of SQL Server, development tools and our enterprise services.

由於 SQL Server、開發工具和我們的企業服務的持續增長，今年服務器和工具的收入應該會增長 16% 到 17%。

Revenue for the third quarter should also be up 16% to 17%.

第三季度的收入也應增長 16% 至 17%。

We forecast revenue in the Online Services Business to grow between 3% and 8% for the year and 4% to 10% in quarter three.

我們預計在線服務業務的收入今年將增長 3% 至 8%，第三季度將增長 4% 至 10%。

Although we're still forecasting growth in search queries and page views, our plans now include a more measured rate of growth for the balance of the year.

儘管我們仍在預測搜索查詢和頁面瀏覽量的增長，但我們的計劃現在包括今年餘下時間的更可衡量的增長率。

Our full-year forecast anticipates total advertising growth in the mid-teens.

我們的全年預測預計總廣告增長將在十幾歲左右。

We expect this to be driven in particular by our display business, which is growing at a healthy rate, as we see good page growth in our key properties.

我們預計這將特別受到我們的顯示業務的推動，該業務正以健康的速度增長，因為我們看到我們的關鍵屬性的頁面增長良好。

We continue to have high aspirations to grow this business and we will continue to invest in the business during the second half.

我們繼續對發展這項業務抱有很高的期望，我們將在下半年繼續投資該業務。

Microsoft Business Division revenue should increased 10% to 11% for the year, an increase of 2 percentage points from the guidance we gave you last quarter on increased business uptake of the 2007 Office system.

微軟業務部門今年的收入應增長 10% 至 11%，比我們上個季度為您提供的關於 2007 Office 系統的業務採用率增加的指導增加了 2 個百分點。

Q3 revenue should grow 27% to 28%.

第三季度收入應增長 27% 至 28%。

Our third-quarter revenue guidance includes the recognition of approximately $0.5 billion of revenue deferred from the second quarter related to our Tech Guarantee Program and 2007 Office system preshipments into the channel.

我們的第三季度收入指導包括確認從第二季度推遲的大約 5 億美元的收入，這些收入與我們的技術保證計劃和 2007 年 Office 系統預裝運到該渠道有關。

If you were to adjust to that impact, revenue growth for quarter three would have been 13% into 14%.

如果要適應這種影響，第三季度的收入增長將是 13% 到 14%。

We are encouraged by the favorable customer response we saw in December surrounding our new products.

我們在 12 月看到圍繞我們的新產品的良好客戶反應令我們感到鼓舞。

In the Entertainment and Devices division, we are pleased with what we have been able to accomplish in the past year, including achieving our goal of having sold over 10 million consoles life to date, outselling competitive next-generation consoles during this holiday season, achieving record software attach rates and reaching 5 million Xbox Live members.

在娛樂和設備部門，我們對過去一年所取得的成就感到滿意，包括實現了迄今為止銷售超過 1000 萬台遊戲機的目標，在這個假期銷售量超過了具有競爭力的下一代遊戲機，實現了記錄軟件附加率並達到 500 萬 Xbox Live 會員。

With that strong momentum, we are making tradeoffs and choices in managing the Xbox business to achieve our targeted profitability in fiscal year '08.

憑藉這種強勁的勢頭，我們在管理 Xbox 業務方面做出權衡和選擇，以實現我們在 08 財年的目標盈利能力。

In the near term, this means we will optimize for profitability.

在短期內，這意味著我們將優化盈利能力。

We believe this puts us in a strong market and financial position as we go into fiscal 2008, a year that will feature a number of catalysts, highlighted by the strongest first- and third-party game lineup we've ever had.

我們相信，隨著我們進入 2008 財年，這將使我們處於強大的市場和財務狀況，這一年將有許多催化劑，突出顯示我們曾經擁有的最強大的第一方和第三方遊戲陣容。

As we look at historical seasonality, pricing and inventory levels, we're taking a more cautious view of the market, and our half two revenue and console guidance reflects that.

當我們查看歷史季節性、定價和庫存水平時，我們對市場的看法更加謹慎，我們的半年二收入和控制台指南反映了這一點。

We are now forecasting full-year revenue growth of 26% to 31% and a decline of 15% to 25% for the third quarter and expect to exit June having sold about 12 million Xbox 360 units since launch, down from our previous guidance of 13 to 15 million.

我們現在預測第三季度全年收入增長 26% 至 31%，下降 15% 至 25%，並預計 6 月退出 Xbox 360 自推出以來已售出約 1200 萬台，低於我們之前的預期13 到 1500 萬。

That reduction in console units also results in a reduction in revenue related to attached software, accessories and Live.

控制台單元的減少也導致與附加軟件、配件和直播相關的收入減少。

Moving on to operating income, for the year we expect to generate between $19.3 and $19.7 billion of operating income, representing growth of 10% to 12%, excluding legal charges taken in fiscal 2006.

轉向營業收入，我們預計今年營業收入將在 19.3 美元到 197 億美元之間，增長 10% 到 12%，不包括 2006 財年的法律費用。

This is an increase of approximately $200 million on both the low end and high end -- this is what we told you in October -- now representing double-digit growth even at the low end.

這在低端和高端都增加了大約 2 億美元——這是我們在 10 月份告訴你的——現在即使在低端也代表著兩位數的增長。

We are flowing through some of the revenue upside and keeping full-year spending in line with what we had in October.

我們正在經歷一些收入增長，並使全年支出與 10 月份保持一致。

For the third quarter, we expect operating income to be between $6.1 and $6.3 billion, including the impact from revenue recognized from our tech guarantee and preshipments.

對於第三季度，我們預計營業收入將在 6.1 美元至 63 億美元之間，包括來自我們的技術保證和出貨前確認的收入的影響。

Excluding this impact, operating income for the third quarter would be between $4.4 and $4.6 billion.

排除這一影響，第三季度的營業收入將在 4.4 至 46 億美元之間。

Third-quarter operating income includes some costs deferred from the second quarter, as well as operating costs in preparation for the launches of Windows Vista and the 2007 Office system.

第三季度營業收入包括從第二季度推遲的一些成本，以及為推出 Windows Vista 和 2007 Office 系統做準備的運營成本。

Cost of goods sold as a percentage of revenue for the full year should increase by 1 percentage point over the last year, in line with what we said in October.

與我們在 10 月份所說的一致，全年銷售成本佔收入的百分比應該比去年增加 1 個百分點。

We continue to estimate a full-year tax rate of 31%, consistent with what we saw in the second quarter and with our October guidance.

我們繼續估計全年稅率為 31%，與我們在第二季度看到的情況和 10 月份的指導一致。

The diluted earnings per share, we're bringing up the range for the year by $0.02 at the low end and $0.01 at the high end due to higher revenue in our core businesses of Client, Server and Tools, and MBD.

由於我們的客戶端、服務器和工具以及 MBD 的核心業務收入增加，稀釋後的每股收益，我們將今年的範圍在低端提高了 0.02 美元，在高端提高了 0.01 美元。

This translates into a full-year expected range of $1.45 to $1.47 and $0.45 to $0.46 for the third quarter.

這意味著第三季度的全年預期範圍為 1.45 美元至 1.47 美元和 0.45 美元至 0.46 美元。

The third-quarter earnings per share includes approximately $0.12 per share associated with the impact of the Tech Guarantee Program.

第三季度每股收益包括與技術保證計劃影響相關的每股約 0.12 美元。

From a balance sheet perspective, we expect unearned revenue to finish fiscal 2007 up 6% to 8% due to our better performance in Q2.

從資產負債表的角度來看，由於我們在第二季度的更好表現，我們預計 2007 財年未實現收入將增長 6% 至 8%。

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

2007 年的簽約、未開票也應該比我們退出 2006 財年的水平有所提高。

When thinking about sequential changes in unearned revenue from quarter two to quarter three, we expect a decline of slightly greater than $1.7 billion of revenue we'll recognize associate with our Tech Guarantee Programs and presales.

在考慮從第二季度到第三季度未實現收入的連續變化時，我們預計與我們的技術保證計劃和預售相關的收入下降幅度將略高於 17 億美元。

This decline would be consistent with normal seasonality.

這種下降與正常的季節性是一致的。

For our full-year unearned revenue guidance, we're modeling a moderation in the recent annuity mix of our billings as both the 2007 Office system 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，因為 2007 Office 系統和 Windows Vista 都將在下半年提供給客戶。

I'll remind you, though, as you think about guidance for the rest of the year, we still face the risks and opportunities I have highlighted in our previous two earnings calls -- for example, competitive, legal, execution and general market risks, as well as PC and server hardware growth rates, customer acceptance of our products, and the costs to remain competitive, such as those to acquire and serve customers in our online businesses.

不過，我會提醒您，當您考慮今年剩餘時間的指引時，我們仍然面臨我在前兩次財報電話會議中強調的風險和機遇——例如，競爭、法律、執行和一般市場風險，以及 PC 和服務器硬件增長率、客戶對我們產品的接受程度以及保持競爭力的成本，例如在我們的在線業務中獲取和服務客戶的成本。

Also, Our emerging businesses are harder to forecast when compared to our mature businesses, so as they continue to become a larger part of our overall financial mix, they may contribute to increased volatility in our quarterly performance.

此外，與成熟業務相比，我們的新興業務更難預測，因此隨著它們繼續成為我們整體財務組合的重要組成部分，它們可能會導致我們季度業績的波動性增加。

Before moving to questions and answers, I would like to make a couple of quick comments.

在轉到問題和答案之前，我想快速發表一些評論。

I committed to you at our financial analyst meeting last year to provide you with a more continuous flow of information throughout the year, and that would include a new communication from Steve and me.

我在去年的金融分析師會議上向您承諾，全年為您提供更持續的信息流，其中包括史蒂夫和我的新溝通。

We will do that on February 15 in New York City, and for those of you unable to join us for this, we will make available a live webcast as well as an on-demand replay of the presentation.

我們將於 2 月 15 日在紐約市進行此活動，對於那些無法參加我們的活動的人，我們將提供現場網絡直播以及演示的點播重播。

The intention of this presentation is for Steve and me to meet with investors and provide an update on our strategic direction after completing our internal strategy meetings.

本演示文稿的目的是讓史蒂夫和我在完成內部戰略會議後與投資者會面並提供有關我們戰略方向的最新信息。

Although we may generally discuss revenue and spending trend levels, we will not give any detailed financial information.

雖然我們通常會討論收入和支出趨勢水平，但我們不會提供任何詳細的財務信息。

As in past years, we will provide our first preliminary review of fiscal 2008 guidance on our third-quarter earnings call in April.

與往年一樣，我們將在 4 月份的第三季度財報電話會議上首次對 2008 財年指引進行初步審查。

Since the financial analyst meeting in July, we have also had executives out talking with the financial community in a variety of forums at a pace over once a month outside of our quiet periods.

自 7 月份的金融分析師會議以來，我們還讓高管們在各種論壇上與金融界進行了交談，在我們的靜默期之外，每月一次以上的速度進行了討論。

Looking forward into half two, we will double that frequency.

展望下半場，我們將把這個頻率加倍。

In general, we have been trying to give you more overall exposure to all of our senior executives.

總的來說，我們一直在努力讓您更全面地接觸我們所有的高級管理人員。

We look forward to seeing you.

我們期待您的光臨。

With that, I'll hand the call over to Colleen so we can get started with some of your questions.

有了這個，我會把電話轉給科琳，這樣我們就可以開始回答你的一些問題了。

Thank you.

謝謝你。

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 multi-part questions and please 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 your assumptions for higher price skew mix in the March quarter, because if we adjust for the technology reversal that you are going to have in March, then it appears that you're looking for Client segment growth of roughly 20% versus a PC shipment forecast that is about half that.

我想知道您是否可以向我們提供您對 3 月季度更高價格偏斜組合的假設，因為如果我們根據您將在 3 月遇到的技術逆轉進行調整，那麼您似乎正在尋找客戶群增長大約 20%，而 PC 出貨量預測約為其一半。

And then the second question I would have is that for Service Pack 1, it typically comes out one year after the release of Windows, if we look back historically.

然後我要問的第二個問題是，對於 Service Pack 1，如果我們回顧歷史，它通常會在 Windows 發布一年後發布。

I'm just wondering if we should be thinking less than that now, given your desire to shorten Windows development cycles.

鑑於您希望縮短 Windows 開發週期，我只是想知道我們現在是否應該考慮的更少。

In terms of the quarter three, if I work through the math of taking you from the shipment units that we see down to the revenue, that will probably help you the most.

就第三季度而言，如果我通過計算將您從我們看到的出貨量降至收入，那可能對您的幫助最大。

And then I will talk about service packs.

然後我將討論服務包。

As I mentioned in the formal remarks, we expect shipments in the third quarter to be 9% to 11%.

正如我在正式講話中提到的，我們預計第三季度的出貨量將在 9% 到 11% 之間。

We are assuming that our units that we sell will be at the top end of that range, 11%, so we'll still have a modest improvement in piracy.

我們假設我們銷售的單位將處於該範圍的高端，即 11%，因此我們仍然會在盜版方面有所改善。

The main factor that is going to drive the revenue is going to be on the commercial and retail.

推動收入的主要因素將是商業和零售。

So we will, again, as I mentioned in the prepared remarks, we will certainly get a significant impact from that element of the revenue that is commercial and retail.

因此，正如我在準備好的評論中提到的那樣，我們將再次從商業和零售收入的那部分獲得重大影響。

And as you'll recall, that's only about 20% of the total revenue.

你會記得，這僅佔總收入的 20% 左右。

But we're expecting it to grow significantly relative to the previous year, obviously, with Vista being available for the first time.

但我們預計它會比前一年顯著增長，很明顯，Vista 將首次推出。

So those will be in essence the main drivers. and you are right, that will get us up to revenue growth that is close to 20% for the quarter.

因此，這些本質上將是主要驅動力。你是對的，這將使我們本季度的收入增長接近 20%。

And then on the service pack side?

然後在服務包方面？

On the service pack side, we have seen a lot of the same rumors that you probably have in the press in terms of dates.

在服務包方面，我們已經看到了很多與您可能在媒體上看到的日期相同的謠言。

The Company hasn't put a date out there.

該公司尚未公佈日期。

So it makes sense to see how the product does out of the gate, continue to get feedback.

因此，看看產品如何走出大門，繼續獲得反饋是有意義的。

And we don't have an SP date to share with you today.

而且我們今天沒有與您分享的 SP 日期。

Charlie DiBona, Sanford Bernstein.

查理·迪博納，桑福德·伯恩斯坦。

I was wondering if we could turn to the Online Services Business.

我想知道我們是否可以轉向在線服務業務。

It looks like the display ads are doing fine, but search is slipping share pretty consistently in all the independent numbers.

看起來展示廣告做得很好，但搜索在所有獨立數字中的份額一直在下滑。

You have now lowered guidance -- it looks like while you might be growing search a little bit you are certainly going to continue to slip share if you stick to this guidance.

您現在已經降低了指導 - 看起來雖然您可能會稍微增加搜索量，但如果您堅持此指導，您肯定會繼續下滑份額。

How should we be looking at this business?

我們應該如何看待這項業務？

How can we evaluate progress here?

我們如何評估這裡的進展？

When can we expect a turnaround?

我們什麼時候可以期待轉機？

You are right, Charlie, to break the business down into its different bits.

查理，你是對的，將業務分解成不同的部分。

Clearly, the overall results are impacted by access decline.

顯然，總體結果受到訪問量下降的影響。

But if I take that out and look at the advertising revenue overall, it grew 20% for the quarter, which is -- we're happy with.

但如果我把它拿出來看看整個廣告收入，這個季度它增長了 20%，這是 - 我們很滿意。

If you break that down into display and search, clearly there is a better story on the display side, and we are growing broadly in line market.

如果您將其分解為顯示和搜索，顯然顯示方面有更好的故事，而且我們正在在線市場廣泛增長。

So I'd like to think we can put a tick in that box and we are comfortable with the progress we are making there.

所以我想我們可以在那個方框裡打勾，我們對我們在那裡取得的進展感到滿意。

On the search side, you are correct that we lost market share certainly relative to the independent assessment during the quarter, and clearly not happy with that.

在搜索方面，您說得對，相對於本季度的獨立評估，我們肯定失去了市場份額，而且顯然對此不滿意。

We continue to take a long-term view of this business.

我們繼續以長遠的眼光看待這項業務。

We continue to invest in it, and we are making progress in the short term on some of the factors that we think are important -- getting advertisers onto our adCenter platform, turning the corner in terms of revenue on a quarter-by-quarter basis since we went off Overture.

我們繼續對其進行投資，並且在我們認為重要的一些因素上，我們在短期內取得了進展——讓廣告商進入我們的 adCenter 平台，在收入方面按季度扭轉局面自從我們離開序曲。

The second quarter is the first quarter where we are seeing consecutive growth in revenue.

第二季度是我們看到收入連續增長的第一季度。

And we still expect to get revenue per search equal to where we were a year ago by the end of this year.

而且我們仍然希望在今年年底之前獲得與一年前相同的每次搜索收入。

So we are making progress in some of the underlying factors and we are continuing to invest.

因此，我們在一些潛在因素方面取得了進展，我們將繼續投資。

But you should and we should expect to see more progress in the long term on the search side.

但是你應該而且我們應該期待在搜索方面看到更多的長期進展。

Does there come a time when you can share some of those metrics you say are doing better internally?

您是否可以分享一些您認為在內部做得更好的指標？

Because we don't see them out here.

因為我們在這裡看不到他們。

From a communications standpoint, Charlie, what we've really set up is at our financial analyst, meeting there are some specific metrics that we told you you will hear, really, from Kevin Johnson -- they have been in that sort of breadth of usage, depth of usage and how we're doing on monetization, really sort of similar to our competitors in terms of providing some of those underlying drivers quarter by quarter.

從溝通的角度來看，查理，我們真正設置的是我們的財務分析師，我們告訴你，你會聽到一些具體的指標，真的，凱文約翰遜 - 他們一直在那種廣度使用、使用深度以及我們在貨幣化方面的表現，在逐季度提供一些潛在驅動因素方面，與我們的競爭對手確實有點相似。

It is not something that we are doing -- doesn't necessarily make sense from a competitive standpoint.

這不是我們正在做的事情——從競爭的角度來看不一定有意義。

There tends to also be pretty decent third-party information out there.

那裡往往也有相當不錯的第三方信息。

But you will continue to hear from the business leaders, as well as Chris, directly at FAM on those metrics that we outlined at the financial analyst meeting last year, and we'll update you again on at least a yearly basis.

但是，您將繼續直接在 FAM 聽取商業領袖以及 Chris 的意見，了解我們在去年金融分析師會議上概述的那些指標，我們將至少每年向您更新一次。

Charlie, the other thing I would say is once we lap coming off Overture, you'll be able to do a much better comparison because then we are comparing ourselves to ourselves.

查理，我要說的另一件事是，一旦我們從序曲中跑了出來，你就可以做一個更好的比較，因為那時我們就是在和自己比較。

So in two or three quarters I think the comparables year on year will be much easier for you to make an assessment of progress.

因此，在兩三個季度內，我認為年度可比數據會讓您更容易評估進展情況。

And also, as the impact of the access business decline becomes much less significant, then you are really looking at the underlying business growth.

而且，隨著接入業務下降的影響變得不那麼顯著，那麼您真正關注的是潛在的業務增長。

So it won't necessarily get to the level of granularity that I know you have consistently been looking for.

因此，它不一定會達到我知道您一直在尋找的粒度級別。

But I think it will become, hopefully, more useful to you.

但我認為它會變得，希望，對你更有用。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Just to clarify the Xbox commentary, Chris, is that more of an inventory flush-out that causes you to lower the guidance for the rest of the year?

克里斯，只是為了澄清 Xbox 評論，這是否更多的是庫存沖洗導致您降低今年剩餘時間的指導？

Or maybe I didn't get that high clarity.

或者也許我沒有得到那麼高的清晰度。

And also, if you could comment on the premium mix -- if you experience better mix shift to the higher-end versions of Vista after the launch, will that cause the Company to raise its guidance for the Client business?

此外，如果您可以評論高級組合——如果您在推出後體驗到向更高端版本的 Vista 更好的組合轉移，這是否會導致公司提高其對客戶業務的指導？

Or is that already factored into the guidance?

還是已經將其納入指導？

On the Xbox side, certainly the healthy inventory that we have seen, which is partially a result of the very good sales that we saw into the channel in the second quarter last year, is one of the factors behind what we're looking for in the second half.

在 Xbox 方面，我們所看到的健康庫存當然是我們在去年第二季度看到渠道銷售非常好的部分結果，這是我們正在尋找的因素之一下半場。

Also, to be [on a standing] to think about fiscal year '08 and what's the best approach to take for fiscal year '08 in terms of profitability is.

此外，要[站在立場上] 考慮 08 財年，就盈利能力而言，08 財年採取的最佳方法是什麼。

So we're just making some strategic decisions around what we might do there, too.

所以我們也只是圍繞我們可能在那裡做的事情做出一些戰略決策。

So it is those two things, broadly speaking, which are the reasons why we are giving the guidance we are.

因此，從廣義上講，正是這兩件事是我們提供指導的原因。

On the premium side, we have embedded inside the guidance that we have given you the premium mix that we now have of 60%.

在溢價方面，我們已經嵌入了我們為您提供了我們現在擁有的 60% 的溢價組合的指導。

So that is reflected in the guidance for fiscal year '07.

這反映在 07 財年的指導中。

Clearly, as Colleen mentioned, inside that 60% there is a mix within a mix, so depending on how that came out between the consumer SKUs and the business SKUs, if that changed, the 60% could still be the case, but we could have a different revenue number there.

顯然，正如 Colleen 所提到的，在這 60% 中存在混合中的混合，因此取決於消費者 SKU 和商業 SKU 之間的結果，如果發生變化，60% 可能仍然是這種情況，但我們可以那裡有不同的收入數字。

But at this stage, based on our expectation of the premium mix and how the business and consumer elements of that were made up, that is reflected in the guidance.

但在現階段，基於我們對溢價組合的預期以及其中的業務和消費者元素是如何構成的，這反映在指導中。

So you are not assuming any change in the business versus the consumer within the premium as it relates to '07 guidance just as yet?

因此，您是否還沒有假設與 '07 指導相關的溢價範圍內的業務與消費者的任何變化？

You're basically using the same experience as with the XP to make your forecast, right?

您基本上使用與 XP 相同的體驗來進行預測，對嗎？

It is not the same experience as XP.

它與 XP 的體驗不同。

It is the same experience, if you like, as what we forecast at the beginning of the year.

如果您願意，這與我們在年初預測的體驗相同。

Rick Sherlund, Goldman Sachs.

瑞克舍倫德，高盛。

Chris, the launch of Vista, Office 2007 and Exchange Server coming up at the end of this month -- if I want to be a little more optimistic about the revenues in Q3, I guess I'm just curious, you've given a little bit of precise guidance there and I'm just not sure how predictable the demand is going to be.

克里斯，Vista、Office 2007 和 Exchange Server 將於本月底推出——如果我想對第三季度的收入更樂觀一點，我想我只是好奇，你給出了一個那裡有一點精確的指導，我只是不確定需求的可預測性。

So I guess I'd just ask you to talk to that issue in terms of your ability to forecast for Q3, given the launch of some pretty major new products, and whether you might think it reasonable to think that we could see more upside in Q3.

所以我想我只想請你談談你對第三季度的預測能力，考慮到一些相當重要的新產品的推出，以及你是否認為我們可以看到更多上行空間是合理的Q3。

Yes, we've talked about before -- I think this is different from if you go back a decade, obviously, to a Windows 95 impact.

是的，我們之前已經討論過——我認為這與十年前的 Windows 95 影響不同。

We certainly think it would be positive, but more gradual as it rolls out into the marketplace.

我們當然認為這將是積極的，但隨著它進入市場會更加漸進。

In terms of the impact on overall sales, we were heartened by the quarter two results.

就對整體銷售的影響而言，我們對第二季度的業績感到鼓舞。

We are certainly heartened by the fact that the tech guarantee appeared to avoid any stalling of sales in that quarter.

我們當然對技術保證似乎避免了該季度的任何銷售停滯這一事實感到鼓舞。

But we are sticking with the external numbers that you have seen.

但我們堅持使用您所看到的外部數字。

And that is flowing through in turn to our second half.

而這又會流向我們的下半場。

Could there be some upside to that?

這有什麼好處嗎？

Yes, clearly there is, but obviously there could be some downside as well.

是的，顯然有，但顯然也可能有一些缺點。

I talk about that on the risks and opportunities side.

我在風險和機遇方面談論這一點。

If the product was extremely well received and if there was very strong demand at, say, the top end of our expectations for the second half, clearly that would flow through.

如果該產品非常受歡迎，並且如果在我們對下半年預期的高端有非常強勁的需求，那麼這顯然會通過。

At this stage, it is launching next week, and we're taking, I guess, what we consider to be just an appropriately conservative view of the second half.

在這個階段，它將於下週推出，我猜我們正在採取我們認為只是對下半年適當保守的看法。

And SQL Server up 30%-plus again this quarter against a launch last year of the new product, I'm a little surprised that we are continuing to see 30%-plus growth from that product, particularly in a tougher comparison.

與去年推出的新產品相比，本季度 SQL Server 再次增長了 30% 以上，我有點驚訝於我們繼續看到該產品增長 30% 以上，尤其是在更嚴格的比較中。

Any light you can shed on what is happening or why we're seeing such robust growth there?

您可以闡明正在發生的事情或為什麼我們在那裡看到如此強勁的增長？

Yes, we were positively surprised on the upside there, too.

是的，我們也對那裡的上漲感到非常驚訝。

The only thing I would say is that the price increase went in during the quarter.

我唯一想說的是，本季度價格上漲。

So you've got some part of the quarter which is price impacted, if you like.

因此，如果您願意，本季度的某些部分會受到價格影響。

So it will definitely become a much harder comparable in the second half.

所以下半年肯定會變得更難比較。

But in terms of underlying sales, it was a good quarter, you are right.

但就基本銷售額而言，這是一個不錯的季度，你是對的。

And Chris, on the Xbox, just finally, I hear what you're saying, you want to manage inventory levels down, it sounds like, over the next couple of quarters.

克里斯，在 Xbox 上，最後，我聽到你在說什麼，你想在接下來的幾個季度中降低庫存水平。

And certainly if there were a price reduction coming, you would want to minimize your channel inventory levels before you would do something like that.

當然，如果降價即將到來，您會希望在做類似的事情之前盡量減少您的渠道庫存水平。

Am I understanding correctly that what you're trying to do is manage inventory levels down for Xbox in the second fiscal half?

我是否正確理解您正在嘗試做的是在下半財年降低 Xbox 的庫存水平？

I wouldn't put it in those terms.

我不會這麼說。

We are looking at the numbers that we sell into the channel based on where we see the inventory at the start of the year and the patterns of sales that we think will come up.

我們正在根據我們在年初看到庫存的位置以及我們認為會出現的銷售模式來查看我們向渠道銷售的數字。

So the net result of that may well be that we see inventory come down.

因此，最終的結果很可能是我們看到庫存下降。

But if you like, it is an outcome, not a management of that.

但是，如果您願意，這是結果，而不是對此的管理。

You're not seeing any change in the competitive environment; there's no change in your assumptions of market share?

你沒有看到競爭環境有任何變化；你對市場份額的假設沒有變化嗎？

No.

不。

Adam Holt, JPMorgan.

摩根大通的亞當霍爾特。

You made a number of comments about the ASP and premium mix expectation around Windows.

您對圍繞 Windows 的 ASP 和高級組合期望發表了許多評論。

I was hoping maybe you could talk a little bit about what you are expecting within Office.

我希望你能談談你對 Office 的期望。

Obviously, you have got a number of new SKUs with Small Business Pro, Ultimate -- what does the guidance imply in terms of ASP improvement?

顯然，您已經有了一些帶有 Small Business Pro、Ultimate 的新 SKU——該指南在 ASP 改進方面意味著什麼？

And what do you think is reasonable for us to expect?

您認為我們可以期待什麼？

Well, to the extent -- obviously, we're just giving guidance for the balance of this year.

好吧，在某種程度上 - 顯然，我們只是為今年的餘額提供指導。

It is not a huge impact.

這不是一個巨大的影響。

There is clearly revenue coming through from our unearned side from the first half which is not significantly impacted by that.

很明顯，上半年我們的未賺到的收入沒有受到太大影響。

And so there is not a huge impact in the whole of fiscal year '07.

因此，對整個 07 財年的影響並不大。

Having said that, we did see renewal rates, as Colleen mentioned, at the top end of our 66% to 75% historic range.

話雖如此，正如科琳所說，我們確實看到續訂率處於我們 66% 到 75% 歷史範圍的頂端。

One of the reasons for that we feel was people anticipating the Office and therefore being attracted to renew.

我們認為其中一個原因是人們期待辦公室，因此被吸引來更新。

And so that to some extent flows through in the second half.

從而在一定程度上流過下半場。

But in terms of an overall mix shift, it's not a significant component of the fiscal year '07 revenue.

但就整體組合轉變而言，它並不是 07 財年收入的重要組成部分。

And if I could just ask a follow-up on the strength in unearned, what I was particularly taken with was the Client side.

如果我可以問一個關於不勞而獲的力量的後續行動，我特別關注的是客戶端。

If you net out undelivered, it looks like you had better than 30% growth in Client unearned.

如果您未交付的淨額，看起來您的客戶未賺到的增長超過 30%。

Could you talk about what you are seeing in terms of enterprise renewal activity, reattachment to enterprise licensing, and maybe refresh us on your thinking in terms of what you're expecting for enterprise adoption as we get further into the cycle.

您能否談談您在企業更新活動、重新附加到企業許可方面所看到的情況，並可能讓我們重新思考一下您對企業採用的期望，因為我們進一步進入了這個週期。

On the annuity side, as with Office, a bit with Client, as you're talking, we have seen really nice renewal rates.

在年金方面，與 Office 一樣，在客戶方面，正如您所說，我們已經看到了非常好的續訂率。

They have been really trending at the high end.

他們一直在高端趨勢。

In particular, to your point, when you look at the various parts going into unearned, we are seeing a bit of an uptick in terms of customers adding Windows under their enterprise agreements.

特別是，就您而言，當您查看進入不勞而獲的各個部分時，我們看到在客戶根據其企業協議添加 Windows 方面有所上升。

We think the value proposition from the enterprise view is compelling.

我們認為從企業角度來看的價值主張是引人注目的。

And of course, you can only get if you are an annuity customer.

當然，只有當您是年金客戶時，您才能獲得。

So that looks promising.

所以這看起來很有希望。

But really, I would say at this point, a bit too early to get ahead of ourselves.

但實際上，在這一點上，我會說，有點為時過早。

But we have been noticing that a bit as well.

但我們也注意到了一點。

Brent Thill, Citigroup.

花旗集團的布倫特希爾。

Chris, just a follow-up to Adam's question on Office -- the reviews have been very solid, and just wondering if you could help us understand what the rationale is -- why pricing can't go up in the face of that, considering this is a pretty big release.

克里斯，只是對亞當在 Office 上的問題的跟進——評論非常可靠，只是想知道你是否可以幫助我們理解理由是什麼——考慮到為什麼面對這種情況定價不能上漲這是一個相當大的版本。

And if you look at the server business, you have raised pricing and it doesn't feel like there has been any pushback.

而且，如果您查看服務器業務，您已經提高了定價，並且感覺沒有任何阻力。

What we could say on the pricing side, actually, is certainly in terms of the upper-end views, we have put more value into those offerings.

實際上，我們在定價方面可以說的當然是高端觀點，我們已經為這些產品提供了更多價值。

For example, on the Professional Plus offering, which adds the Communicator IM Client and other things.

例如，在 Professional Plus 產品中，它添加了 Communicator IM 客戶端和其他內容。

Pricing went up a bit, call it 5% or so, on the enterprise SKU, which has Pro and Window and [Ingru].

企業 SKU 的價格上漲了一點，大約 5%，有 Pro 和 Window 以及 [Ingru]。

We did take the opportunity to add more value there.

我們確實藉此機會在那裡增加了更多價值。

We expect to see some pricing uplift there.

我們預計那裡的價格會有所上漲。

So really what you're seeing, whether it is SQL or Office or some of the other products you mentioned, it is really more SKU differentiation that you heard from us really at financial analyst meeting a year ago, and we are really continuing to look for opportunities to provide value in higher-end SKUs and price accordingly.

所以你所看到的，無論是 SQL 或 Office 還是你提到的其他一些產品，你在一年前在金融分析師會議上從我們那裡聽到的更多的 SKU 差異化，我們真的在繼續尋找尋找在高端 SKU 中提供價值並相應定價的機會。

But again, we don't want to get too far ahead of ourselves in terms of adoption rates.

但同樣，我們不想在採用率方面走得太遠。

And keep in mind that a lot of these products, in particular on Office, because there's already quite a bit going into annuity, you actually recognize that over a period of time on the P&L.

請記住，很多這些產品，特別是在 Office 上，因為已經有相當多的產品進入年金，你實際上在一段時間內會在損益表上認識到這一點。

And from our perspective, at a particular price point, the concept of increasingly trying to add value at that price point over time through software development is just a good philosophy.

從我們的角度來看，在特定的價位上，隨著時間的推移，通過軟件開發越來越多地嘗試在該價位上增加價值的概念只是一個很好的理念。

So we certainly don't think just because we are adding functionality that we should necessarily increase price.

因此，我們當然不會僅僅因為我們正在添加功能就應該提高價格。

And in terms of our renewals now in the post-Vista and Office era, the ability to actually offer new products and hence look at enterprise agreements that are much broader, much more of an infrastructure-based agreements rather than desktop agreements, is more of the potential.

就我們現在在後 Vista 和 Office 時代的續訂而言，實際提供新產品的能力，因此著眼於更廣泛的企業協議，更多的是基於基礎設施的協議而不是桌面協議，更多的是潛力。

Jason Maynard, Credit Suisse.

傑森梅納德，瑞士信貸。

I have a question on spending.

我有一個關於支出的問題。

You had indicated that Q2 was a little lower than expected in marketing program spend.

您曾表示第二季度的營銷計劃支出略低於預期。

Server and Tools, I think, did $1 billion in op income.

我認為服務器和工具帶來了 10 億美元的運營收入。

How do you think about Q2 in terms of its impact on spending in the back half of the year and even longer term as you look to invest in places like Online Services and then even potentially in Entertainment and Devices?

您如何看待第二季度對下半年甚至更長期支出的影響，因為您希望投資在線服務等領域，甚至可能投資娛樂和設備？

We have kept, again, [all of our] expenses very much in the context of the year.

在這一年的背景下，我們再次保留了[所有]費用。

And we have kept our expense number for the year the same as where it has been, essentially, all year.

我們將全年的支出數字保持在與過去基本相同的水平。

And I am increasingly happy with the discipline we are showing there for the purposes of the year.

我越來越滿意我們為今年的目的而在那裡展示的紀律。

In terms of the quarter-by-quarter movement, we certainly give the people flexibility on a quarterly basis to spend on programs as is necessary.

就按季度的變動而言，我們當然會按季度為人們提供靈活性，讓他們可以根據需要在項目上進行支出。

So we can see swings in particular in some of the marketing spends with some of the launches on a quarter-by-quarter basis.

因此，我們可以看到特別是一些營銷支出的波動，其中一些發布是按季度進行的。

So I wouldn't get too concerned one way or the other.

所以我不會以一種或另一種方式過於擔心。

In this case, it's a positive trend on the expenses year to date.

在這種情況下，這是今年迄今為止費用的積極趨勢。

I tend to focus on what our expectations are for the year.

我傾向於關注我們對這一年的期望。

And at this stage, they haven't changed.

在這個階段，他們沒有改變。

And maybe just help me reconcile -- operating cash flow, I think, came in just a touch above $2 billion, which was a little lower than I think most of us were modeling.

也許只是幫助我調和 - 我認為運營現金流量僅略高於 20 億美元，這比我認為我們大多數人建模的要低一點。

Can you maybe help us understand the puts and takes on the cash flow number?

您能否幫助我們了解看跌期權和現金流量數字？

To some extent, there was obviously inventory builds.

在某種程度上，顯然存在庫存增加。

We had a relatively high number of Xbox sales.

我們的 Xbox 銷量相對較高。

And so that does tend to impact our cash flow for the quarter.

因此，這確實會影響我們本季度的現金流。

There could well be, depending on the line you're looking at, the big billings area.

根據您所查看的線路，很可能會有大的比林斯區域。

So a big unearned can influence the cash flow aspect of it as well.

所以一大筆不勞而獲也會影響它的現金流方面。

But there was no significant issues.

但是沒有什麼重大問題。

Buyback was relatively high, but we also had the JPMorgan options exercised.

回購相對較高，但我們也行使了摩根大通的期權。

So nothing unusual there.

所以那裡沒有什麼不尋常的。

I would describe it as a reasonably predictable cash flow quarter, albeit with some big movements inside it.

我會將其描述為一個可合理預測的現金流季度，儘管其中有一些重大變動。

We have time for a just a few more questions.

我們有時間再問幾個問題。

Robert Breza, RBC Capital Markets.

羅伯特·布雷扎，加拿大皇家銀行資本市場。

Real quickly, Chris, maybe as a follow-up to the last question, when you look at the leverage you showed this quarter and a little bit of lack of spending, in the back half of the year, where do you see additional leverage coming from?

很快，克里斯，也許作為最後一個問題的後續，當你查看本季度顯示的槓桿以及今年下半年的一點點缺乏支出時，你認為額外的槓桿會在哪裡出現從？

What levers do you think that are there that you could see to execute to deliver upside?

您認為可以執行哪些槓桿來實現上漲？

Well it's more likely to be on the revenue side.

那麼它更有可能在收入方面。

Clearly, we have the opportunity to cut expenses.

顯然，我們有機會削減開支。

And that's some of the decisions that we can make.

這就是我們可以做出的一些決定。

We could, for example, decide to cut back on marketing for the second half of the year.

例如，我們可以決定在下半年減少營銷。

I don't think we will, but we could do.

我認為我們不會，但我們可以做到。

The upside potential really comes more on the revenue side.

上行潛力確實更多地體現在收入方面。

And that really comes across the board.

這真的是全面的。

So clearly, in our Client and Office division, as Rick's question alluded to earlier, with a launch there's a big amount of variability around that.

很明顯，在我們的客戶和辦公室部門，正如 Rick 之前提到的問題，隨著發布，圍繞它有很大的可變性。

So there could be some upside there.

所以那裡可能有一些好處。

But we've guided to what we think is probably the appropriate level.

但我們已經引導到我們認為可能是適當的水平。

In the Online Services area, there's probably not such a big swing factor there in the overall context of the Company, but clearly our ability to continue to generate display advertising and change market share in search has some impact.

在在線服務領域，在公司的整體環境中可能沒有這麼大的波動因素，但顯然我們繼續產生展示廣告和改變搜索市場份額的能力有一些影響。

And then on the Entertainment and Devices, really it's to a large extent on the revenue side.

然後在娛樂和設備方面，實際上很大程度上是在收入方面。

It is an Xbox story.

這是一個 Xbox 故事。

Again, we have taken what we think is the most likely scenario there.

同樣，我們已經採取了我們認為最有可能出現的情況。

Given the relative seasonality, the June half is a lot less significant than the December half in the Xbox business.

考慮到相對的季節性，Xbox 業務在 6 月下半月的重要性遠低於 12 月下半月。

So I don't see a high degree of variability.

所以我沒有看到高度的可變性。

But again, that would be something that would be a big factor.

但同樣，這將是一個重要因素。

Each of the businesses has their own dynamic.

每個企業都有自己的動態。

But if you're looking for the things that could swing, it is really in our core businesses with those big launches.

但是，如果您正在尋找可以搖擺不定的東西，那確實是在我們的核心業務中進行的那些大型發布。

Thank you, nice quarter.

謝謝你，漂亮的季度。

Tim Klasell, Thomas Weisel Partners.

蒂姆·克拉塞爾，托馬斯·韋塞爾合夥人。

First question -- with going to Vista, you've mentioned in the past that you won't be having to hold back the 5% to 25% going into deferred.

第一個問題——你在過去提到過，你將不必阻止 5% 到 25% 的延遲進入 Vista。

That should be about $150 to $250 million a quarter as that rolls off the next three years.

這應該是每季度大約 150 到 2.5 億美元，因為這將在未來三年內推出。

Is that the right way to think about that, and is that still the way you plan on doing it?

那是正確的思考方式嗎？這仍然是您計劃的方式嗎？

We had quite an extensive discussion last quarter about that.

上個季度我們對此進行了相當廣泛的討論。

And I think we [shared] that we will give you guidance for fiscal year '08 in our next quarter in terms of exactly how much we expect from that.

我認為我們 [分享] 我們將在下個季度為您提供 08 財年的指導，說明我們對此的期望值。

We want to be transparent about how much is the underlying business, how much is simply just the different revenue recognition.

我們希望透明地了解基礎業務有多少，多少只是不同的收入確認。

It will be order of magnitude in the sort of numbers you're talking about, but it is too early at this stage to give actual numbers out.

這將是您所談論的數字的數量級，但在現階段給出實際數字還為時過早。

And then one final question -- Longhorn, I guess look out a little further -- how is that tracking and are you still planning on end-of-the-year release?

然後是最後一個問題——Longhorn，我想再往前看一點——跟踪情況如何，你是否還在計劃年底發布？

Yes, we are.

是的，我們是的。

Longhorn is tracking.

Longhorn 正在跟踪。

We are expecting really to RTM second half of calendar year 2007.

我們真的期待 2007 年下半年的 RTM。

And I think you'll hear more from us over time on that.

我想隨著時間的推移，你會聽到更多關於我們的消息。

We have time for one last question, please.

請有時間回答最後一個問題。

John McPeake, Prudential.

約翰麥克皮克，保誠。

Questions about online offering and Dynamics, back to the undelivered elements question, if that was going to be an offset.

關於在線產品和動態的問題，回到未交付的元素問題，如果這將是一個抵消。

Could you talk a little bit about how Codename Titan, the online product, is going to roll out and the timing there?

您能否談談代號 Titan 在線產品將如何推出以及推出時間？

And then I just have a quick follow-up.

然後我只是快速跟進。

You are little faint there, sorry.

你有點暈了，對不起。

But I picked up your question -- in terms of Titan, have we gone public on timing for that?

但我回答了你的問題——就泰坦而言，我們是否公開了時間？

We have.

我們有。

That's the summer this year.

那是今年的夏天。

So we are on track for that, as we talked about.

因此，正如我們所談到的，我們正朝著這個方向前進。

So that will be in the summer, in six months, if you like.

所以那將是在夏天，六個月後，如果你願意的話。

And then does Xbox inventory drawdown have anything to do with potentially a new version of Xbox coming out first fiscal half?

那麼 Xbox 庫存縮減是否與第一財年可能推出的新版 Xbox 有關？

No.

不。

That was an easy one.

那是一件容易的事。

Thanks a lot, John.

非常感謝，約翰。

Thank you, everybody, for your participation in today's call.

謝謝大家參加今天的電話會議。

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 January 25, 2008.

正如我在本次電話會議開始時提到的，本次電話會議將在 2008 年 1 月 25 日營業結束前在我們的投資者關係網站上重播。

In addition, you can hear the replay by dialing 800-873-5569, or for international calls, dial 203-369-3995.

此外，您可以撥打 800-873-5569 收聽重播，或者撥打國際電話 203-369-3995。

The dial-in replay will be available through the close of business February 2, 2007.

撥入重播將在 2007 年 2 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。

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。