微軟 (MSFT) 2008 Q2 法說會逐字稿

Welcome to the Microsoft second-quarter earnings call.

歡迎參加微軟第二季度財報電話會議。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Today's call is being recorded.

今天的電話正在錄音。

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

如果您有任何異議，您可以在此時斷開連接。

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

我現在想將會議轉交給投資者關係總經理 Colleen Healy。

Thank you and good afternoon, everyone.

謝謝大家，大家下午好。

Thanks for joining us today.

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 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 加入了我的行列；公司副總裁兼首席會計官 Frank Brod 和副總法律顧問 John Seethoff。

Today's call will start with Chris providing some key takeaways for the second quarter of fiscal year 2008 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 2008 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 third quarter of fiscal 2008.

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 2008 財年全年和第三季度的指導。

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.

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 financial highlights 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、財務摘要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 26, 2009.

到 2009 年 1 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, in the comments made during this conference call and in the Risk Factors section of our 10-Q, our 2007 Form 10-K and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿、本次電話會議期間的評論以及我們的 10-Q、2007 年 10-K 表格的風險因素部分以及其他報告和提交給證券和交易委員會。

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

我們不承擔任何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。

I will begin today's call by providing you with the highlights from our second-quarter results and discuss our outlook for the remainder of fiscal 2008.

我將首先向您介紹我們第二季度業績的要點，並討論我們對 2008 財年剩餘時間的展望。

Results for the quarter were outstanding.

本季度的業績非常出色。

Revenues surpassed our previous record high by $2 billion, and at $16.4 billion, it exceeded the high-end of our expectations by over $300 million.

收入超過我們之前的紀錄高點 20 億美元，達到 164 億美元，超出我們預期的高端 3 億多美元。

We are benefiting from the investments we have made over recent years, plus excellent execution performance from our field sales force.

我們受益於我們近年來所做的投資，以及我們現場銷售團隊的出色執行表現。

Revenue in the quarter grew 30% or 15% adjusted for the technology guarantees in the comparable period last year.

根據去年同期的技術保證調整後，該季度的收入增長了 30% 或 15%。

Besides just the sheer size and pace of growth, the breadth was notable as we saw strength across all customer segments, divisions, channels and geographies.

除了龐大的規模和增長速度之外，廣度也值得注意，因為我們看到了所有客戶群、部門、渠道和地區的實力。

For example, demand from enterprise customers, combined with healthy holiday consumer spending for Windows Vista and the 2007 Microsoft Office System, drove revenue for the business groups a combined 18% for the quarter.

例如，企業客戶的需求，再加上 Windows Vista 和 2007 Microsoft Office System 的健康假日消費支出，推動業務集團本季度的收入總計增長了 18%。

Server and Tools once again delivered double-digit revenue growth in the quarter, the 22nd in a row.

服務器和工具在本季度再次實現兩位數的收入增長，這是連續第 22 次。

Healthy enterprise agreement signings across the Company drove our unearned revenue balance up over $0.5 billion, $500 million above our guidance.

整個公司簽署的健康企業協議使我們的未實現收入餘額增加了超過 5 億美元，比我們的指導高出 5 億美元。

The successful integration of our aQuantive acquisition, plus good organic growth, helped our Online business grow 38%, and a compelling lineup of Xbox games drove our performance for our Entertainment and Devices division.

我們收購 aQuantive 的成功整合，加上良好的有機增長，幫助我們的在線業務增長了 38%，而引人注目的 Xbox 遊戲陣容推動了我們娛樂和設備部門的業績。

[D&D] had its second consecutive quarter in the black on its way to our target of full-year profitability.

[D&D] 在實現我們全年盈利目標的過程中連續第二個季度盈利。

From a geographic perspective, over 60% of our sales are from users in regions outside of the US.

從地理角度來看，我們 60% 以上的銷售額來自美國以外地區的用戶。

Revenue in those regions continue to drive growth for the Company with non-US mature markets up over 20% for the first half of the year and emerging markets up nearly 30%.

這些地區的收入繼續推動公司增長，上半年非美國成熟市場增長超過 20%，新興市場增長近 30%。

During the quarter we combined revenue growth with cost efficiencies, resulting in operating income growth of 27%, even adjusted for the tech guarantees of last year.

在本季度，我們將收入增長與成本效率相結合，導致營業收入增長了 27%，即使根據去年的技術保證進行了調整。

Operating margins during the quarter were a healthy 40%.

本季度的營業利潤率為健康的 40%。

Lastly, earnings per share growth of 32%, after adjusting for last year's tech guarantee, continued to benefit from the combination of strong operating performance and execution of our share repurchase program.

最後，每股收益增長 32%，在調整去年的技術保證後，繼續受益於強勁的經營業績和我們股票回購計劃的執行。

So overall the quarter and half one performance demonstrates that we are realizing the benefits from our expanding business lines, product SKUs and global presence.

因此，總體而言，一季度半的業績表明，我們正在從不斷擴大的業務線、產品 SKU 和全球影響力中獲益。

The investments we have made, including in our sales force and new product offerings, have positioned us well to offer the right product in the right markets worldwide.

我們所做的投資，包括在我們的銷售隊伍和新產品供應方面的投資，使我們能夠很好地在全球合適的市場提供合適的產品。

And during the quarter, we refreshed and bolstered our product lineup with releases of Microsoft Dynamics CRM, Visual Studio 2008, new Zune devices and progress towards the upcoming server offerings, including release candidate one of Windows Server 2008 and a beta of our server virtualization technology, Hyper-V.

在本季度，我們更新並加強了我們的產品陣容，發布了 Microsoft Dynamics CRM、Visual Studio 2008、新的 Zune 設備以及即將推出的服務器產品，包括 Windows Server 2008 的候選版本和我們的服務器虛擬化技術的測試版, 超 V。

In light of the strong second quarter, we are increasing our revenue, operating income and earnings per share guidance for the year.

鑑於第二季度強勁，我們正在增加我們今年的收入、營業收入和每股收益指導。

We now expect revenue growth of 17 to 18% and operating income growth of 31 to 32%.

我們現在預計收入增長 17% 至 18%，營業收入增長 31% 至 32%。

And finally, we're raising our earnings per share forecast by $0.07 for the year to $1.85 to $1.88, a growth of 30 to 32%.

最後，我們將全年每股收益預測上調 0.07 美元至 1.85 至 1.88 美元，增幅為 30% 至 32%。

With those high-level themes, I'm going to turn the call over to Colleen for more details on our second-quarter performance.

有了這些高級主題，我將把電話轉給科琳，以獲取有關我們第二季度業績的更多詳細信息。

Thanks, Chris.

謝謝，克里斯。

The strong momentum that kicked off our fiscal year continued in our second quarter.

開啟我們財政年度的強勁勢頭在第二季度繼續保持。

As Chris mentioned, revenue exceeded the high-end of our expectations by $300 million during the quarter.

正如克里斯所說，本季度收入超出我們預期的高端 3 億美元。

This was driven by demand for our flagship products of Windows Vista and Office 2007, as well as a good holiday season for our Xbox franchise.

這是由於對我們的旗艦產品 Windows Vista 和 Office 2007 的需求，以及我們 Xbox 特許經營權的良好假期。

This revenue outperformance, combined with decreasing Xbox 360 console costs, flowed through to operating incomes and earnings per share.

這一收入表現出色，再加上 Xbox 360 主機成本的下降，影響了營業收入和每股收益。

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

讓我為您提供我們財務業績的詳細信息，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。

Then I will review the rest of the income statement.

然後我將審查損益表的其餘部分。

All growth comparisons relates to the comparable quarter of last year unless otherwise specified.

除非另有說明，否則所有增長比較均與去年可比季度有關。

Revenue was $16.4 billion, an increase of 30%.

收入為 164 億美元，增長 30%。

Adjusting the year ago quarter by the $1.6 billion of revenue deferrals primarily related to the technology guarantee program for Windows and Office, total revenue grew 15%.

通過主要與 Windows 和 Office 技術保證計劃相關的 16 億美元收入延期調整去年同期，總收入增長了 15%。

With business and consumer PCs each experiencing double-digit growth rates, the underlying PC hardware market increased an estimated 14 to 16% during the quarter, about 3 points higher than our expectations.

隨著商用和消費類 PC 的增長率均達到兩位數，基礎 PC 硬件市場在本季度估計增長了 14% 至 16%，比我們的預期高出約 3 個百分點。

PC growth rates in emerging markets continued to outpace that of mature markets.

新興市場的個人電腦增長率繼續超過成熟市場。

Europe led the mature markets, and we again saw significant improvement in the US and especially in Japan.

歐洲引領成熟市場，我們再次看到美國，尤其是日本的顯著改善。

Our mix of product billings for the quarter was approximately 30% from OEMs, 30% from multiyear agreements, 20% from license-only sales and the balance from our other businesses.

我們本季度的產品賬單組合約為 30% 來自 OEM，30% 來自多年期協議，20% 來自僅許可銷售，其餘來自我們的其他業務。

Annuity sales were robust, particularly for Server and Tools, in anticipation of the major product releases scheduled for the second half.

由於預計下半年將發布主要產品，年金銷售強勁，尤其是服務器和工具。

This, combined with enterprise agreement renewal rates consistent with historical trends, drove our our unearned revenue balance over $0.5 billion above our guidance to $12.2 billion, up 20% year-over-year normalizing for the impact of the tech guarantee deferral.

再加上與歷史趨勢一致的企業協議續訂率，我們的未實現收入餘額比我們的指導值高出 5 億美元以上，達到 122 億美元，同比增長 20%，以正常化技術保證延期的影響。

Our contracted not billed balance increased sequentially to over $11.5 billion, up well over $1 billion from where we started the fiscal year.

我們的合同未開單餘額連續增加至超過 115 億美元，比我們在本財年開始時的水平高出 10 億多美元。

When taken together with reported revenue, total bookings for the Company grew almost 20%.

加上報告的收入，公司的總預訂量增長了近 20%。

Now I will provide revenue highlights by business segment, starting with Client.

現在我將按業務部門提供收入亮點，從客戶開始。

A robust personal computer market and progress against software piracy drove Client revenue to $4.3 billion, up 68% or 16% after adjusting for tech guarantees.

強勁的個人電腦市場和打擊軟件盜版的進展推動客戶收入達到 43 億美元，在調整技術保證後增長 68% 或 16%。

Over 80% of Client revenue comes from our OEM business.

超過 80% 的客戶收入來自我們的 OEM 業務。

During the quarter we grew our OEM unit shipments at 18%, approximately 3 percentage points faster than the overall hardware market.

在本季度，我們的 OEM 單位出貨量增長了 18%，比整體硬件市場快了大約 3 個百分點。

Curbing software piracy has been a significant investment area for the Company over the last several years, and those investments are paying off.

在過去幾年中，遏制軟件盜版一直是公司的重要投資領域，這些投資正在獲得回報。

OEM revenue grew 80% or 18% when normalized for the tech guarantees and in line with our OEM unit growth rate.

將技術保證標準化並與我們的 OEM 單位增長率保持一致時，OEM 收入增長了 80% 或 18%。

In terms of premium mix, three out of every four Windows customers adopted premium versions during the quarter.

在高級組合方面，四分之三的 Windows 客戶在本季度採用了高級版本。

Consumer premium units grew over 50%, while business premium units grew 12%.

消費者高端單位增長超過 50%，而商業高端單位增長 12%。

As a result, the OEM premium mix increased by 8 points to 75%, driven by an 11 point increase in the consumer element of the mix and offset by a 3 point decline in the business portion.

結果，OEM 優質組合增加了 8 個百分點，達到 75%，這主要得益於組合中消費元素增加 11 個百分點，並被業務部分下降 3 個百分點所抵消。

Due to the pricing differences between business premium and consumer premium SKUs, these changes in the premium mix had largely offseting impacts to revenue.

由於商業溢價和消費者溢價 SKU 之間的定價差異，溢價組合的這些變化在很大程度上抵消了對收入的影響。

The commercial and retail licensing portion of the business increased 18%, up 8% adjusted for tech guarantees as business customers continue to add client products to their annuity agreements.

隨著企業客戶繼續在其年金協議中添加客戶產品，該業務的商業和零售許可部分增長了 18%，根據技術擔保調整後增長了 8%。

Next week will mark the one week anniversary of the general availability of Windows Vista.

下週將是 Windows Vista 全面上市一周年紀念日。

We feel extremely good about the performance it has driven this first year.

我們對其第一年的表現感到非常滿意。

Specifically Client revenue has grown on average over 40%, up over 20% adjusted for tech guarantees.

具體來說，客戶收入平均增長了 40% 以上，根據技術保證調整後增長了 20% 以上。

Client volume licensing portion of the unearned revenue balance has increased 29% year-over-year, and sales of Windows Vista have surpassed 800 million licenses -- 100 million licenses.

未實現收入餘額中的客戶批量許可部分同比增長 29%，Windows Vista 的銷售量已超過 8 億個許可——1 億個許可。

That is sales of Windows Vista have surpassed 100 million licenses.

也就是說，Windows Vista 的銷售量已經超過了 1 億個許可證。

Server and Tools revenue increased 15% to $3.3 billion, driven by double-digit revenue growth in each of the Windows Server and SQL Server businesses.

服務器和工具的收入增長了 15%，達到 33 億美元，這得益於 Windows Server 和 SQL Server 業務的兩位數收入增長。

Coupled with the significant shift in our billings to annuity licensing in advance of the upcoming product releases, this resulted in the Server and Tools portion of the unearned revenue balance increasing by over $1 billion, up by over 35% year-over-year.

再加上在即將發布的產品之前我們的賬單向年金許可的重大轉變，這導致未實現收入餘額中的服務器和工具部分增加了超過 10 億美元，同比增長超過 35%。

License growth for Windows Server and SQL Server grew at healthy double-digit rates in the quarter.

Windows Server 和 SQL Server 的許可在本季度以健康的兩位數增長。

Our premium SKU, Windows Server Enterprise Addition, with its virtualization capabilities grew 35%.

我們的高級 SKU（Windows Server Enterprise Addition）及其虛擬化功能增長了 35%。

Our consulting revenue increased 28% as we have experienced higher demand following the recent business product launches across the Company.

我們的諮詢收入增長了 28%，因為我們在公司最近推出商業產品後經歷了更高的需求。

Online Services Business revenue grew 38% to $863 million, including $154 million from the addition of aQuantive.

在線服務業務收入增長 38% 至 8.63 億美元，其中包括 aQuantive 的加入帶來的 1.54 億美元。

Online advertising growth for the quarter was also 38%, up 26% excluding aQuantive.

本季度的在線廣告增長也為 38%，不包括 aQuantive 增長了 26%。

Our online audience continues to grow.

我們的在線觀眾繼續增長。

Windows Live usage broadened as Live IDs increased over 20% to 427 million, and the Windows Live Suite was downloaded 45 million times since its launch in November.

隨著 Live ID 增長超過 20% 達到 4.27 億，Windows Live 的使用範圍擴大了，自 11 月推出以來，Windows Live 套件的下載量達到了 4500 萬次。

We also continued to expand our advertising and content partnership.

我們還繼續擴大我們的廣告和內容合作夥伴關係。

During the quarter we became the exclusive third-party advertising partner on a worldwide basis for Facebook, and we announced strategic alliances with Viacom and CNBC.

在本季度，我們成為 Facebook 在全球範圍內的獨家第三方廣告合作夥伴，並宣布與維亞康姆和 CNBC 建立戰略聯盟。

Since we announced our acquisition of aQuantive, 60 new publishers have switched to the Atlas Publisher Suite offering.

自從我們宣布收購 aQuantive 以來，已有 60 家新出版商改用 Atlas Publisher Suite 產品。

Microsoft Business Division revenue was $4.8 billion, up 37% or 20% normalized for tech guarantees.

微軟業務部門的收入為 48 億美元，按技術擔保標準計算，增長 37% 或 20%。

Returns on our investment in field sales specialists were evident as they contributed to double-digit revenue growth across a broad range of productivity offerings.

我們對現場銷售專家的投資回報是顯而易見的，因為他們為廣泛的生產力產品帶來了兩位數的收入增長。

Revenue from Business customers was up 23% in the quarter on continued broad-based demand, for not only versions of Office 2007 but also for SharePoint, Exchange, Office Communications Server and the Dynamics products.

由於持續的廣泛需求，不僅對 Office 2007 版本，而且對 SharePoint、Exchange、Office Communications Server 和 Dynamics 產品，來自商業客戶的收入在本季度增長了 23%。

SharePoint and Office Communications Server had a great quarter with each experiencing growth in excess of 50%, and Dynamics customer billings were up 26%.

SharePoint 和 Office Communications Server 的季度表現非常好，每個季度都增長了 50% 以上，Dynamics 客戶賬單增長了 26%。

Consumer revenue grew 10% adjusted for tech guarantees.

經技術保障調整後，消費者收入增長 10%。

Entertainment and Devices revenue grew 3% to $3.1 billion, over $90 million above our high-end guidance driven by an abundance of high demand game titles which contributed to setting a record lifetime to date software attach rate of 7.0.

娛樂和設備收入增長 3% 至 31 億美元，比我們的高端指導高出超過 9000 萬美元，這是由大量高需求遊戲推動的，這有助於創下迄今為止軟件附加率 7.0 的歷史記錄。

In addition to normalized for the impact -- in order to normalize for the impact retailers advancing some of their holiday console purchases into Q1 deferred by the September launch of Halo 3, performance of the two quarters should be assessed together.

除了對影響進行標準化之外——為了使零售商將他們的部分假日遊戲機購買推遲到 9 月發布的 Halo 3 推遲到第一季度的影響正常化，兩個季度的表現應該一起評估。

With that in mind, Entertainment and Devices revenue grew 25% in the first half of the fiscal year.

考慮到這一點，娛樂和設備收入在本財年上半年增長了 25%。

Exiting the calendar year, life to date sales of Xbox 360 console hit 17.7 million units.

退出日曆年，Xbox 360 遊戲機的迄今為止銷量達到 1770 萬台。

Based on US NPD data released last week, Xbox 360 sold over 1 million more consoles than PS3 in the holiday quarter.

根據美國上周公布的 NPD 數據，Xbox 360 在假日季度的銷售量比 PS3 多 100 萬台。

From a share of wallet perspective, consumers spent 27% more on Xbox 360 consoles, games and accessories than on the Wii and twice as much than on the PS3.

從錢包份額的角度來看，消費者在 Xbox 360 遊戲機、遊戲和配件上的花費比 Wii 多 27%，是 PS3 的兩倍。

Xbox 360 had four titles that sold over 1 million copies in the quarter compared to three for the Wii and none for PS3.

Xbox 360 有四款遊戲在本季度的銷量超過 100 萬份，而 Wii 為三款，PS3 則沒有。

Xbox LIVE rapidly achieved its 10 million members goal six months ahead of schedule.

Xbox LIVE 提前六個月迅速實現了 1000 萬會員的目標。

On the music scene, we're pleased by the favorable editorial reviews received by the second generation of Zune.

在樂壇，我們對第二代 Zune 獲得的好評感到高興。

1.5 million people joined the Zune Social online community during the holiday season, and music downloads from our marketplace approximately doubled from last year.

節日期間有 150 萬人加入了 Zune Social 在線社區，我們市場上的音樂下載量比去年增加了大約一倍。

Now for the rest of the income statement.

現在是損益表的其餘部分。

Cost of revenues decreased by $75 million, primarily driven by lower Xbox 360 component costs that were partially offset by growth in our Consulting business, expansion of datacenter operations and the addition of aQuantive costs.

收入成本減少了 7500 萬美元，主要是由於 Xbox 360 組件成本下降，但部分被我們的諮詢業務增長、數據中心運營擴張和 aQuantive 成本的增加所抵消。

After adjusting prior year second quarter for the impact of tech guarantees, cost of revenue decreased by 4 points to 22% of sales.

在根據技術保障的影響調整上年第二季度後，收入成本下降 4 個百分點至銷售額的 22%。

Operating expenses increased 16%.

營業費用增長 16%。

Expense growth was slightly higher than headcount growth due to legal charges taken in the quarter.

由於本季度收取的法律費用，費用增長略高於員工人數增長。

Operating income grew at a faster rate than revenue to $6.5 billion.

營業收入增長速度超過收入，達到 65 億美元。

Adjusting for prior year for the tech guarantees, cost of revenue improvements drove margin expansion, increasing our operating margins by 4 points to 40%.

調整上一年的技術保證，收入成本的提高推動了利潤率的增長，使我們的營業利潤率提高了 4 個百分點，達到 40%。

Investment income and other totaled $339 million for the quarter.

本季度的投資收入和其他收入總計 3.39 億美元。

Our effective tax rate for the quarter was 31%, .5 point higher than we previously guided.

我們本季度的有效稅率為 31%，比我們之前的指導高 0.5 個百分點。

Cash flow from operations increased 124% to $4.6 billion.

運營現金流增加 124% 至 46 億美元。

During the quarter we repurchased 120 million shares or $4.1 billion of Company stock and paid out over $1 billion in dividends to shareholders.

在本季度，我們回購了 1.2 億股股票或 41 億美元的公司股票，並向股東支付了超過 10 億美元的股息。

Diluted shares outstanding for the quarter were 9.5 billion, down 4% from the prior year as a result of share repurchases, but flat sequentially primarily due to stock options exercised in the quarter.

由於股票回購，本季度的稀釋流通股為 95 億股，比上年同期下降 4%，但主要由於本季度行使的股票期權，環比持平。

Earnings per share for the quarter was $0.50, which was $0.04 above our high-end guidance driven by the revenue outperformance.

本季度每股收益為 0.50 美元，比我們在收入表現出色的驅動下的高端指引高出 0.04 美元。

So, in summary, we're extremely pleased with this quarter's revenue performance.

因此，總而言之，我們對本季度的收入表現非常滿意。

When combined with decreasing cost of revenue, operating income and EPS growth were also impressive.

再加上收入成本的下降，營業收入和每股收益的增長也令人印象深刻。

With that, let me turn it back to Chris who will provide you with our third-quarter guidance and outlook for the remainder of fiscal 2008.

有了這個，讓我把它轉回到克里斯，他將為您提供我們對 2008 財年剩餘時間的第三季度指導和展望。

Thank you.

謝謝你。

So let me turn to the details of our forecast for the third quarter and the full-year beginning with some of the key underlying assumptions.

因此，讓我從一些關鍵的基本假設轉向我們對第三季度和全年的預測細節。

For our fiscal 2008 forecast, we will assume the following macroeconomic conditions for the remainder of the year.

對於我們的 2008 財年預測，我們將假設今年剩餘時間的宏觀經濟狀況如下。

As I mentioned before, over 60% of our business originates from countries outside of the US, and we expect the overall software spending environment to remain healthy on a global basis.

正如我之前提到的，我們 60% 以上的業務來自美國以外的國家，我們預計全球整體軟件支出環境將保持健康。

In US markets, although clearly the risk of an economic slowdown exists, we have not seen any significant spillover to our businesses, and lastly, we continue to benefit from strong underlying growth in non-US and emerging markets, which has also been assisted by stronger international currencies.

在美國市場，儘管顯然存在經濟放緩的風險，但我們並未看到對我們的業務產生任何顯著的溢出效應，最後，我們繼續受益於非美國和新興市場的強勁潛在增長，這也得到了國際貨幣走強。

No company is immune from their macroeconomic factors, but overall we believe our business is extremely well-positioned in the technology industry with diversification across a broad set of products, channels, geographies, currencies and customer segments, supported by excellent product value and sales execution.

沒有一家公司能免受其宏觀經濟因素的影響，但總體而言，我們相信我們的業務在技術行業處於非常有利的地位，在廣泛的產品、渠道、地域、貨幣和客戶群中實現多元化，並得到卓越的產品價值和銷售執行力的支持.

For PC hardware units, we expect growth of 11 to 13% for the fiscal year, an increase of 1 percentage point from our prior outlook, reflecting the upside we saw in the quarter.

對於 PC 硬件部門，我們預計本財年將增長 11% 至 13%，比我們之前的展望增加 1 個百分點，反映了我們在本季度看到的上行空間。

Third-quarter growth is forecasted to be 9% to 11%, slightly lower the year because of the difficult prior year comparable from the launch of Windows Vista.

第三季度的增長率預計為 9% 至 11%，略低於去年，因為與 Windows Vista 的發布相比，上一年的情況比較艱難。

We expect PC hardware unit shipments to decline sequentially from the first half to the second half of the fiscal year, in line with historic seasonality.

我們預計 PC 硬件單位出貨量將從本財年上半年到下半年依次下降，與歷史季節性一致。

Growth will continue to be driven by strength in emerging markets, and we expect growth rates in the Consumer segment to outface that in the Business segment.

新興市場的強勁增長將繼續推動增長，我們預計消費板塊的增長率將超過商業板塊。

In terms of our detailed guidance, we expect fiscal year revenue to be in the range of 59.9 to $60.5 billion, growing 17 to 18%, which is an increase of over $700 million from our prior forecast based on the strong exit from Q2.

在我們的詳細指導方面，我們預計財年收入將在 59.9 至 605 億美元之間，增長 17% 至 18%，這比我們基於第二季度強勁退出的先前預測增加了 7 億多美元。

We expect revenue in the third quarter of 14.3 to $14.6 billion, up 12 to 15% excluding the impact of the technology guaranteed deferrals in the prior year.

我們預計第三季度的收入為 14.3 至 146 億美元，不包括上一年技術保證延期的影響，增長 12% 至 15%。

And with that, I will provide details of this guidance by segment.

有了這個，我將按部分提供該指南的詳細信息。

Starting with client, we expect full-year growth to be 13% to 14% with OEM revenue growing roughly in line with the PC market.

從客戶開始，我們預計全年增長率為 13% 至 14%，OEM 收入增長與 PC 市場大致一致。

For the third quarter, growth should be 3% to 5%, excluding the impact from tech guarantees.

第三季度，不包括技術擔保的影響，增長應該在 3% 到 5% 之間。

When thinking about the third-quarter revenue growth for Client, keep in mind that the strong customer reception for the launch of Windows Vista in the year ago period makes it a difficult comparable.

在考慮客戶第三季度的收入增長時，請記住，去年推出的 Windows Vista 的強大客戶接收使其難以比較。

Server total revenue should grow 17 to 18% for the full year and 17 to 19% for the third quarter.

服務器總收入全年應增長 17% 至 18%，第三季度增長 17% 至 19%。

We expect continued corporate demand for our Server products, which will drive double-digit growth across the breadth of our Server platform products and services.

我們預計企業對我們的服務器產品的持續需求將推動我們的服務器平台產品和服務範圍的兩位數增長。

We're forecasting the billings mix of Server and Tools to continue to shift towards annuity agreements ahead of the upcoming releases.

我們預測服務器和工具的計費組合將在即將發布的版本之前繼續轉向年金協議。

Next month marks an important milestone for the group with the commencement of the joint launch activities for Windows Server 2008, SQL Server 2008 and Visual Studio 2008.

下個月標誌著該集團的一個重要里程碑，Windows Server 2008、SQL Server 2008 和 Visual Studio 2008 聯合發布活動的開始。

Together these products will allow IT departments to be more productive in providing them with secure, trusted and manageable platforms and which will underpin growth in the Server and Tools business over the next several years.

這些產品一起將讓 IT 部門更有效率地為他們提供安全、可信和可管理的平台，這將支持未來幾年服務器和工具業務的增長。

For the Online Services business, we forecast revenue to grow between 37 and 40% for the year and to be up 40 to 45% in the third quarter.

對於在線服務業務，我們預計全年收入將增長 37% 至 40%，第三季度將增長 40% 至 45%。

Online advertising is expected to grow approximately 35% for both the quarter and the full year.

在線廣告預計將在本季度和全年增長約 35%。

The Microsoft Business division continues to be truly outstanding financial performance.

微軟業務部門的財務業績仍然是真正出色的。

We've raised our full-year revenue guidance to 16 to 17% for the year and 11% to 12% for the third quarter when normalizing for last year's tech guarantee.

當去年的技術保證正常化時，我們已將全年收入指引上調至 16% 至 17% 和第三季度的 11% 至 12%。

Growth in the second half of the year will be largely driven by the same factors that made the first half a success.

下半年的增長將在很大程度上受到上半年成功的相同因素的推動。

We expect to see continued demand for the 2007 Office Suite, and SharePoint and Office Communications Server should continue to grow double-digits.

我們預計對 2007 Office 套件的需求將持續增長，SharePoint 和 Office Communications Server 應該會繼續以兩位數的速度增長。

When thinking about growth in the second half of the year for the Business Division, bear in mind the robust retail demand for the Office 2007 last year creates a tough comparable.

在考慮業務部門下半年的增長時，請記住去年對 Office 2007 的強勁零售需求創造了一個艱難的可比性。

Our guidance does not include any impacts on the recently announced acquisition of Fast, which we anticipate to close during our fourth quarter of the fiscal year, and it is not expected to have a material impact on earnings per share during this fiscal year.

我們的指導不包括對最近宣布的收購 Fast 的任何影響，我們預計將在本財年的第四季度完成收購，並且預計不會對本財年的每股收益產生重大影響。

For the Entertainment and Devices division, expect revenue growth of 21 to 24% for the full year and 25 to 30% for the third quarter.

對於娛樂和設備部門，預計全年收入增長 21% 至 24%，第三季度增長 25% 至 30%。

We have raised the full-year and second-half revenue forecast to reflect the record software attach rates and strengthened Xbox console sales we experienced in the first half of the year.

我們提高了全年和下半年的收入預測，以反映創紀錄的軟件附加率，並加強了我們在上半年經歷的 Xbox 遊戲機銷售。

Turning back to Companywide performance, operating income for the year is expected to be between 24.2 and $24.4 billion, up 31 to 32% for the year and an increase of 3 to 4 points from our outlook in October.

回到全公司的業績，今年的營業收入預計在 24.2 至 244 億美元之間，同比增長 31% 至 32%，比我們 10 月份的展望增加 3 至 4 個百分點。

Our higher revenue forecast is responsible for the increase in operating income since we expect greater than 75% of the incremental revenue to flow through to operating profit.

我們較高的收入預測是營業收入增加的原因，因為我們預計超過 75% 的增量收入將流向營業利潤。

For the third quarter, we expect operating income to be between 5.6 and $5.7 billion.

對於第三季度，我們預計營業收入將在 5.6 至 57 億美元之間。

As a result of the higher operating income guidance, we are increasing our full-year earnings per share results to be $1.85 to $1.88, an increase of $0.07 from our previous guidance.

由於更高的營業收入指引，我們將全年每股收益提高至 1.85 美元至 1.88 美元，比我們之前的指引增加了 0.07 美元。

For the third quarter, we expect earnings per share of $0.43 to $0.45.

對於第三季度，我們預計每股收益為 0.43 美元至 0.45 美元。

Thus, guidance assumes an effective tax rate of 30.5% for the full year.

因此，指導假設全年有效稅率為 30.5%。

From a balance sheet perspective, total unearned revenue should finish fiscal 2008 up 14 to 16%, 6 points or about $750 million above our October guidance, driven by stronger annuity billings and our core businesses of Client, MBD and Server and Tools, as well as an increase in our annuity licensing mix.

從資產負債表的角度來看，2008 財年的未實現收入總額應該會比我們 10 月份的指導值高 6 個百分點或約 7.5 億美元，這得益於更強勁的年金賬單以及我們的客戶端、MBD 和服務器和工具核心業務，以及作為我們年金許可組合的增加。

Excluding deferred revenue from undelivered elements, the remaining portion of the unearned revenue should increase 20 to 23%.

排除未交付要素的遞延收入，未實現收入的剩餘部分應增加 20% 至 23%。

When thinking about sequential changes in unearned revenue from Q2 to Q3, we expect the balance to follow historical patterns and remain roughly flat.

在考慮從第二季度到第三季度未實現收入的連續變化時，我們預計餘額將遵循歷史模式並保持大致持平。

Contracted not billed should also finish 2008 up from current levels.

2008 年未開票的合同也應從當前水平上升。

As always, I will remind you to think about the guidance we have provided, you must also consider risks.

一如既往，我會提醒您考慮我們提供的指導，您還必須考慮風險。

These risks include competitors, legal, execution and general market risks such as foreign exchange rate movements, fluctuations in PC and server hardware growth rates, IT spending and customer acceptance of our new and existing products.

這些風險包括競爭對手、法律、執行和一般市場風險，例如外匯匯率變動、PC 和服務器硬件增長率的波動、IT 支出以及客戶對我們新產品和現有產品的接受度。

Additionally changes in the mix of our billings between annuity and license only can have an impact on revenue, operating income and earnings per share by delaying revenue recognition into future periods.

此外，我們在年金和許可證之間的賬單組合的變化只會通過將收入確認延遲到未來期間來對收入、營業收入和每股收益產生影響。

Before moving onto questions, let me mention a few things.

在開始提問之前，讓我先提幾點。

Firstly, I would like to welcome Stephen Elop to Microsoft.

首先，我要歡迎 Stephen Elop 加入微軟。

Stephen has a wealth of experience from both an operational and leadership perspective, and he will add a new dimension to our leadership team.

Stephen 在運營和領導方面擁有豐富的經驗，他將為我們的領導團隊增添新的維度。

However, I also personally will miss working with Jeff Raikes who will retire from the Company in September.

但是，我個人也將懷念與將於 9 月從公司退休的 Jeff Raikes 一起工作。

He has done a fantastic job over the years and leaves us not only with a strong Office franchise, but he has redefined the role of business productivity software at Microsoft by expanding the business into new areas of productivity offerings such as collaboration, unified communications, business intelligence, EIP and CRM, resulting in a near doubling of MBD annual revenue since the year 2000.

多年來，他做得非常出色，不僅為我們留下了強大的 Office 特許經營權，而且通過將業務擴展到協作、統一通信、業務等新的生產力產品領域，他重新定義了 Microsoft 商業生產力軟件的角色智能、EIP 和 CRM，使 MBD 的年收入自 2000 年以來幾乎翻了一番。

It is notable that MBD is now the largest division of Microsoft in size of revenue.

值得注意的是，MBD 現在是微軟收入規模最大的部門。

Lastly, I will look forward to seeing a number of you a week from Monday in New York where Steve Ballmer and I will provide you an update on the strategic direction of the Company.

最後，我期待從星期一開始在紐約見到你們中的一些人，史蒂夫鮑爾默和我將向你們介紹公司戰略方向的最新情況。

For those of you who are unable to join us for this, we will make available a live webcast, as well as on-demand replay of the presentation.

對於那些無法加入我們的人，我們將提供現場網絡直播以及演示的點播重播。

So with those comments, I will hand the call back to Colleen so we can get started taking your questions.

因此，有了這些評論，我會將電話轉回給 Colleen，以便我們開始回答您的問題。

Great.

偉大的。

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 repeat your instructions please?

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。

Excuse my voice.

原諒我的聲音。

Good afternoon, everybody.

大家下午好。

Chris, I was wondering you have shown a lot of impressive topline performance over the last few quarters and in particular some nice upside in operating income.

克里斯，我想知道你在過去幾個季度中表現出了很多令人印象深刻的收入表現，尤其是營業收入方面的一些不錯的增長。

I guess my question is, after the past few years when we have seen operating margins contract, do you feel now you are in a position where you have made some of the big catchup investments you discussed in April of '06, and now looking forward the spending will be more incremental in nature?

我想我的問題是，在過去幾年我們看到營業利潤率收縮之後，您是否覺得現在您已經進行了一些您在 06 年 4 月討論過的大型追趕投資，現在展望未來支出是否會更具增量性？

And then I just have a follow-up to that when you are done.

然後，當你完成後，我會跟進。

Sure.

當然。

As I have said in previous calls and certainly at financial analyst meetings, I think you have to look at the Company in three parts -- the core businesses, the Entertainment and Devices business and the Online business -- because the dynamics from a margin perspective are quite different in each of those, and obviously the Company is an amalgam of the three.

正如我在之前的電話會議和金融分析師會議上所說的那樣，我認為你必須從三個部分來看待公司——核心業務、娛樂和設備業務以及在線業務——因為從利潤率的角度來看動態兩者都有很大的不同，顯然公司是三者的結合體。

In the core businesses, if you put them together collectively, certainly the operating margin has remained an impressively constant, in fact, slightly up over the last few years.

在核心業務中，如果你把它們放在一起，營業利潤率肯定保持不變，事實上，在過去幾年里略有上升。

And so we see revenue growth broadly in line with operating income growth -- operating expense growth in those.

因此，我們認為收入增長與營業收入增長大體一致——其中營業費用增長。

The Entertainment and Devices division has moved from a loss to a profit, so clearly the margins have improved there.

娛樂和設備部門已經從虧損轉為盈利，因此顯然那裡的利潤率有所提高。

On the Online business, it has been and will continue certainly for the foreseeable future to be in investment mode.

在線業務方面，在可預見的未來，它已經並將繼續處於投資模式。

So that has a different dynamic altogether.

所以這完全有不同的動態。

When you put those two or those three together, then the operating margin for the Company will be very good this year, and you can see that thought in our guidance for the year.

當您將這兩個或這三個放在一起時，公司今年的營業利潤率將非常好，您可以在我們的年度指導中看到這一想法。

So overall we are not making any predictions clearly on the call at the moment about past the next couple of quarters, but the operating margin performance as an average of those three trends is good for this year.

因此，總體而言，我們目前對未來幾個季度的電話會議沒有做出任何明確的預測，但作為這三個趨勢的平均值，今年的營業利潤率表現是好的。

Okay.

好的。

That was my follow-up, is really you have been in operating margin contraction mode for the past few years.

那是我的後續行動，真的是過去幾年你一直處於運營利潤率收縮模式。

You finally seem to be kicking it into high gear there where you are going to have well over 100 basis points.

你終於似乎開始加速，在那裡你將擁有超過 100 個基點。

So should we expect Steve when he is in town in two weeks to kind of discuss an operating plan for the Company going forward where we might hear more about the increased leverage in the business?

那麼我們是否應該期待史蒂夫兩週後在城裡討論公司未來的運營計劃，我們可能會聽到更多關於增加業務槓桿的信息？

Yes, I want to qualify the purpose of the February call.

是的，我想確定二月電話會議的目的。

We have always seen that as a good chance to talk about the strategic direction of the Company.

我們一直認為這是一個談論公司戰略方向的好機會。

So you can certainly expect to hear the investment theme.

所以你當然可以期待聽到投資主題。

But, as you know, we are a quarter ahead of most companies in terms of giving our fiscal year guidance by doing it in April.

但是，如您所知，我們在 4 月份提供財政年度指導方面比大多數公司領先四分之一。

And what I don't want to do is start raising expectations that certainly we're going to start doing that in February, and then maybe we will start doing it in November, and then we will do it a year ahead of time.

我不想做的是開始提高期望，我們肯定會在 2 月開始這樣做，然後也許我們會在 11 月開始這樣做，然後我們會提前一年這樣做。

It is a time to talk about the strategy of the Company and the strategic themes and at a very high-level that will give some indication of our thoughts about where we will invest.

現在是談論公司戰略和戰略主題的時候了，在一個非常高的層面上，這將表明我們對我們將在哪裡投資的想法。

But it is not going to be a financial guidance exercise.

但這不會是一項財務指導工作。

Sarah Friar, Goldman Sachs.

莎拉·弗萊爾，高盛。

Good quarter.

好季度。

So following on that ending comment there, Chris, about areas where you will invest, if you will look at the online services business, it is still relatively small, the growth kind of ex aQuantive, is still not quite at the levels you might see from competitors.

因此，克里斯，在最後的評論之後，關於你將投資的領域，如果你看一下在線服務業務，它仍然相對較小，前 aQuantive 的增長類型仍然沒有達到你可能看到的水平來自競爭對手。

How are you thinking about strategically where you need to go with that business?

您如何從戰略上考慮您需要與該業務往何處去？

What are some of the big milestones we should be looking for over the next couple of quarters and maybe over the next year?

在接下來的幾個季度甚至明年，我們應該尋找哪些重要的里程碑？

Well, we certainly see it as a multiyear journey that we're going on, and so we are investing with an expectation of hoping to be at a critical mass in several years.

好吧，我們當然將其視為我們正在進行的多年旅程，因此我們進行投資的期望是希望在幾年內達到臨界質量。

I'm happy if you look at the quarter with -- if you like the incremental progress we have made of revenue growth of 38% ex aQuantive in the mid-20s, it is certainly very respectful.

如果你看這個季度，我很高興——如果你喜歡我們在 20 年代中期前 aQuantive 收入增長 38% 所取得的增量進展，那當然是非常尊重的。

You are right in the sense it is not at the size or critical mass we would like, and we're building a business which we believe and hope will be a critical mass in the next few years.

你是對的，它沒有達到我們想要的規模或臨界質量，我們正在建立一個我們相信並希望在未來幾年內達到臨界質量的業務。

But I come back to the theme that we have talked about on several calls and certainly the financial analyst meetings.

但我回到我們在幾次電話會議上討論過的主題，當然還有金融分析師會議。

We make decisions on investments now which have multiyear implications.

我們現在就具有多年影響的投資做出決策。

And when you look at the revenue performance over the last couple of quarters, that did not happen by accident.

當您查看過去幾個季度的收入表現時，這並不是偶然發生的。

That happened as a result of investments that we made several years ago.

這是我們幾年前進行投資的結果。

So you have to look back two or three years to look at the leading indicators of how we have been able to drive revenue growth at extremely good levels and higher than most people's expectations in the last couple of quarters.

因此，您必須回顧兩三年，看看我們如何能夠在過去幾個季度以極好的水平推動收入增長並高於大多數人的預期的領先指標。

So when you look forward in the Online business, you have to think about the revenue several years out and the infrastructure we're building for that.

因此，當您展望在線業務時，您必須考慮幾年後的收入以及我們為此構建的基礎設施。

And fortunately, from a financial perspective, that means investment now.

幸運的是，從財務角度來看，這意味著現在進行投資。

But that is the way we think about the Company, and that is the way that we will continue to run it.

但這就是我們對公司的看法，也是我們將繼續經營它的方式。

And just a follow-up on that, so that has been an area where you have definitely been willing to look for inorganic growth, successfully with aQuantive and so on.

只是對此的跟進，所以這一直是你肯定願意尋找無機增長的領域，通過 aQuantive 等成功。

Is that also part of the ongoing strategy there?

這也是那裡正在進行的戰略的一部分嗎？

Could we expect to see some more acquisitions go on for OSB that are of size?

我們能否期待看到更多規模較大的 OSB 收購？

Yes, we obviously don't speculate on acquisitions in any particular area.

是的，我們顯然不會推測任何特定領域的收購。

We have been willing to drive inorganic growth really across all the divisions.

我們一直願意真正推動所有部門的無機增長。

It probably gets a little bit more attention in the Online business because of its nature, but, in fact, when you look at the acquisitions we have made there across the broad spreads, Server and Tools, you know the Fast acquisition that we made in the enterprise search area, some we have made in the Entertainment and Devices division.

由於其性質，它可能會在在線業務中得到更多關注，但事實上，當您查看我們在廣泛傳播、服務器和工具方面進行的收購時，您就會知道我們在企業搜索領域，我們在娛樂和設備部門做了一些。

So we have been willing to use our balance sheet to drive inorganic growth right across the Company.

因此，我們一直願意利用我們的資產負債表來推動整個公司的無機增長。

I don't expect that to not continue.

我不希望這種情況不會繼續。

I think that trend will continue, and again we have signaled -- I think both Steve and I have signaled our willingness to do acquisitions over the last couple of years.

我認為這種趨勢將繼續下去，我們再次發出信號——我認為史蒂夫和我都表示我們願意在過去幾年進行收購。

I don't think you will necessarily see some dramatic increase in the number that we do.

我認為您不一定會看到我們所做的數量急劇增加。

They have been going along at about a couple of months for the last couple of years.

在過去的幾年裡，他們一直在進行大約幾個月的時間。

Where we see opportunities and where the situation is right, we will look to use acquisitions.

在我們看到機會和情況合適的地方，我們將尋求利用收購。

Charlie DiBona, Sanford Bernstein.

查理·迪博納，桑福德·伯恩斯坦。

Chris, for the last two quarters, you have called out anti-piracy as a driver in the Client business.

克里斯，在過去的兩個季度中，您呼籲反盜版作為客戶業務的推動力。

Could you maybe give a little more color on the sort of specific impact that has had and how you see that playing out as a driver for Client going forward?

您能否就所產生的具體影響以及您如何看待它作為客戶未來的推動力提供更多的色彩？

And maybe also touch on some of the other divisions.

也許還涉及其他一些部門。

I'm thinking particularly the MBD division with Office where anti-piracy has some potential to affect results as well.

我特別想到了 Office 的 MBD 部門，其中反盜版也有可能影響結果。

Sure.

當然。

It is an interesting trend, and it is a good one to callout.

這是一個有趣的趨勢，它是一個很好的標註。

Historically we have seen the difference between the unit shipments we have relative to the overall PC market a benefit in our anti-piracy of 1% to 2%.

從歷史上看，我們已經看到相對於整個 PC 市場的單位出貨量之間的差異是我們反盜版 1% 到 2% 的好處。

So our sales, if you like, grow 1% to 2% faster than the market as a result of taking piracy away.

因此，如果您願意的話，我們的銷售額比市場增長快 1% 到 2%，因為盜版被淘汰了。

Over the last couple of quarters, that has picked up.

在過去的幾個季度中，這種情況有所回升。

It was around 5% in the first quarter and around 3% in the second quarter.

第一季度約為 5%，第二季度約為 3%。

So that is giving us the confidence to raise in terms of our expectations that sort of 1 to 2%, more like 2 to 3% going forward.

因此，這讓我們有信心將我們的預期提高 1% 到 2%，更像是 2% 到 3%。

If you say, why is that happening, there is a few factors.

如果你說，為什麼會這樣，有幾個因素。

Firstly, better enforcement.

一是加強執法。

So we've had a significant enforcement activity over the last few quarters, something like 74 legal actions in 22 countries.

因此，我們在過去幾個季度開展了重大執法活動，例如在 22 個國家/地區進行了 74 次法律訴訟。

So working with local governments who are becoming much more sensitive to this as an issue and very strong government partnerships from us.

因此，與當地政府合作，他們對此問題越來越敏感，我們與政府建立了非常強大的合作夥伴關係。

We have seen some of the technology advances in Vista helping us relative to previous editions of Windows.

相對於以前的 Windows 版本，我們已經看到 Vista 中的一些技術進步對我們有所幫助。

And also we have seen a shift to laptops and in particular sell-through multinational OEMs who typically have a lower piracy rate.

我們還看到了筆記本電腦的轉變，尤其是盜版率通常較低的跨國 OEM。

Now not all of those factors are beneficial from a revenue point of view.

現在，從收入的角度來看，並非所有這些因素都是有益的。

For example, the average selling price through large multinational OEMs is typically lower than in the smaller entities.

例如，大型跨國 OEM 的平均售價通常低於小型實體。

But overall from a unit perspective, it is helping us about 3%, and it is offsetting some of the mix shift that we see in some of the other factors.

但總的來說，從單位的角度來看，它幫助了我們大約 3%，並且抵消了我們在其他一些因素中看到的一些混合轉變。

So it has just been a very good trend, and it certainly in the last two to three quarters has picked up from what we have seen in the previous two to three years.

所以這只是一個非常好的趨勢，而且在過去的兩到三個季度中，它肯定比我們在前兩到三年看到的情況有所回升。

And I would say, as a broader theme, the Company is focused on piracy really across all of our software offerings, including Office and MBD as you also asked about.

我想說，作為一個更廣泛的主題，公司專注於我們所有軟件產品的盜版，包括你也問到的 Office 和 MBD。

With Office it is tougher to quantify that we can with Client because with Office we sell through so many different channels, volume licensing, retail, as well as OEMs.

使用 Office，我們很難量化我們對客戶的能力，因為使用 Office，我們通過許多不同的渠道、批量許可、零售以及 OEM 進行銷售。

We estimate about half of the worldwide base out there is pirated, so there's opportunities to make gains there as well.

我們估計大約有一半的全球基地是盜版的，因此也有機會在那裡獲利。

And we're doing a lot of those same sort of partnering with governments and educating people on the value of genuine software and keeping an eye really on retail sales of Office to see how that is progressing.

我們正在與政府開展許多類似的合作，教育人們了解正版軟件的價值，並密切關注 Office 的零售情況，以了解其進展情況。

And it has been very robust since the launch of Office 2007.

自 Office 2007 推出以來，它一直非常強大。

But unlike Client we cannot give you as specific of a number in terms of how we are doing on piracy.

但與客戶不同的是，我們無法就我們在盜版方面的表現向您提供具體的數字。

Adam Holt, JPMorgan.

摩根大通的亞當霍爾特。

I wanted to drill down on the strength in MBD and Office, which has been a consistent theme over the last several quarters.

我想深入了解 MBD 和 Office 的優勢，這是過去幾個季度的一致主題。

Another quarter of better than 20% revenue growth in Business Office and related.

商務辦公及相關業務收入增長超過 20% 的另一個季度。

I wanted to see if that is primarily unit driven at this point or whether you're actually starting to see an ASP uplift on the Office side.

我想看看此時這是否主要是單位驅動的，或者您是否真的開始看到 Office 方面的 ASP 提升。

How long do you think you can sustain better than 20% growth for business revenue?

您認為您的業務收入可以保持 20% 以上的增長多長時間？

Yes, firstly, specifically it is very much around units.

是的，首先，特別是它非常圍繞單位。

It is not ASP-driven.

它不是 ASP 驅動的。

And I would pick out a couple of themes in particular.

我會特別挑選幾個主題。

One is just customer acceptance of the Office product itself, which has been extremely good.

一是客戶對Office產品本身的接受度，非常好。

It is right at the top end of our expectations.

它正好在我們期望的最高端。

So when you talk to people their like of the product is extremely high.

因此，當您與人們交談時，他們對產品的喜歡程度非常高。

And we have seen that manifest itself from a financial perspective in very strong license sales right across the board.

我們已經看到，從財務角度來看，這一點體現在非常強勁的許可證銷售中。

So from consumer to small business to large business, the underlying Office business and the Office product has been a real success since launch.

因此，從消費者到小型企業再到大型企業，底層的 Office 業務和 Office 產品自推出以來都取得了真正的成功。

That is number one.

那是第一名。

Number two is some of the other products are starting to become significant in their own right.

第二是其他一些產品本身開始變得重要。

So when you look at SharePoint growing over 20 to 30% year on year, that is over $1 billion business now.

因此，當您看到 SharePoint 同比增長超過 20% 到 30% 時，這就是現在超過 10 億美元的業務。

So it's a significant business in its own right, and it is incredibly successful again in terms of customer acceptance and rollout through the enterprise.

因此，它本身就是一項重要的業務，並且在客戶接受和通過企業推廣方面再次取得了令人難以置信的成功。

Unified Communications, a similar story.

統一通信，類似的故事。

Some of the Dynamics products, CRM and ERP, which do not get a lot of attention because we've focused on the big parts, but also growing at 30, 40% rates.

一些 Dynamics 產品、CRM 和 ERP，並沒有引起太多關注，因為我們專注於大部件，但也以 30%、40% 的速度增長。

So you are seeing a very strong portfolio of products anchored around the Office product but with some extremely good secondary ones as well making a big contribution.

因此，您會看到圍繞 Office 產品的非常強大的產品組合，但也有一些非常優秀的輔助產品也做出了巨大貢獻。

You know, how long can that last?

你知道，這能持續多久？

Well, we will start to let the launch of Office 2007, so that impact won't be necessarily as significant going forward.

好吧，我們將開始讓 Office 2007 的發布，因此這種影響在未來不會那麼顯著。

But if you look at the second half guidance, we certainly see a lot of the same factors for the first half continuing to the second half.

但如果你看一下下半年的指引，我們肯定會看到很多相同的因素在上半年持續到下半年。

If I could actually just ask a follow-up on that.

如果我真的可以要求跟進。

You mentioned in your prepared comments that you're taking a little bit more of a conservative view on spending in the US for the second half.

您在準備好的評論中提到，您對下半年在美國的支出持更保守的看法。

As we think about the back half guidance, how should we -- where do you think that is being reflected?

當我們考慮後半部分指導時，我們應該如何 - 你認為這反映在哪裡？

It looks like you're being conservative against a tough comp on the PC growth expectations.

看起來你對 PC 增長預期的強硬比較保守。

Where else are you reflecting that conservatism in the guidance?

您在指南中還有哪些地方反映了這種保守主義？

Well, I don't think it is -- when you look at the growth rates, they are still very healthy in the second half.

嗯，我不認為是——當你看增長率時，他們在下半年仍然非常健康。

So when we think about product portfolio, we actually feel very optimistic for the second half.

因此，當我們考慮產品組合時，我們實際上對下半年感到非常樂觀。

Certainly there's a substantial economic slowdown, and you can see PC growth rates coming down.

當然，經濟大幅放緩，您可以看到個人電腦增長率下降。

But we're guiding for the second half in 11 to 13% or thereabouts.

但我們在下半年指導 11% 到 13% 左右。

So it is still very healthy growth from an overall perspective.

所以從整體上看，它仍然是非常健康的增長。

If you look at individual verticals, probably we can find a couple of soft spots.

如果您查看各個垂直行業，我們可能會發現一些軟肋。

But each of those individual verticals represents less than 5% of our sales, and they are made up for strength in other areas.

但是，這些單獨的垂直領域中的每一個都占我們銷售額的不到 5%，並且它們在其他領域的實力得到了彌補。

So when you look at the combined portfolio of our products, whilst we are being cautious like everyone else about what might happen in the US economy, when you look at the overall suite of products we have and the overall growth rates we have, we actually feel very optimistic.

因此，當您查看我們產品的組合組合時，雖然我們像其他人一樣對美國經濟可能發生的事情持謹慎態度，但當您查看我們擁有的整體產品套件和我們擁有的整體增長率時，我們實際上感覺很樂觀。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

When I look at the double-digit operating profit percentage that you reported in the Entertainment and Devices business, despite having a record Xbox unit quarter, how should we think about the margin profile of this business going into the next fiscal year?

當我查看您在娛樂和設備業務中報告的兩位數營業利潤百分比時，儘管 Xbox 單位季度創下了創紀錄的紀錄，我們應該如何看待該業務進入下一財年的利潤率狀況？

Are you at the point where the console costs have been driven low enough and you're getting a healthier mix of software due to attached pricing attach rates.

您是否處於控制台成本已經足夠低的地步，並且由於附加的定價附加費率，您正在獲得更健康的軟件組合。

It looks to me that the business (inaudible) for a breakout in operating margins.

在我看來，業務（聽不清）的營業利潤率會出現突破。

But how do you think about that looking into the next three to four quarters?

但是您如何看待未來三到四個季度的情況？

Well, the first thing to note, as we have talked about before, the first time we start talking about fiscal year '09 is in April.

嗯，首先要注意的是，正如我們之前談到的，我們第一次開始談論 09 財年是在 4 月。

So I'm happy to make some comments about it then.

所以我很高興能就此發表一些評論。

In these quarterly calls, we really try and focus on this fiscal year as the main purpose.

在這些季度電話會議中，我們真正嘗試將本財年作為主要目的。

In terms of some of the underlying drivers though that you can think about when you start to populate your model, one of the things to point out is a very, very good attach rate for Xbox.

就一些基礎驅動因素而言，儘管您可以在開始填充模型時考慮這些因素，但要指出的一件事是 Xbox 的連接率非常非常好。

So we're looking at a live to date average attach of seven games per console.

因此，我們正在研究每個控制台的實時平均附加七場比賽。

It is interesting when you look at that now people on average are spending more in terms of the software and accessories than they are on the underlying console itself.

有趣的是，現在人們在軟件和配件方面的平均支出超過了在底層控制臺本身上的支出。

So that model of selling the console as a way of generating future revenue is really paying off.

因此，將控制台作為一種產生未來收入的方式銷售的模式確實得到了回報。

That seven on average is well above anything historically or on a previous console.

平均而言，這七個遠高於歷史上或以前的控制台上的任何東西。

So that is a very healthy leading indicator.

所以這是一個非常健康的領先指標。

But the Entertainment and Devices division is much more than just the Xbox.

但娛樂和設備部門不僅僅是 Xbox。

There is obviously a music player in there.

裡面顯然有一個音樂播放器。

There is some Windows for Mac and various other parts of it as well.

有一些適用於 Mac 的 Windows 以及它的各個其他部分。

So there is other Dynamics, Windows Mobile, that are going to play in terms of our investment in the future.

因此，就我們對未來的投資而言，還有其他 Dynamics、Windows Mobile 將發揮作用。

So we're not making any long-term predictions about the margin structure.

因此，我們不會對保證金結構做出任何長期預測。

The one thing that is positive is it is clearly profitable, and we believe on target to be profitable for the year, which is the commitment we made some 18 months ago.

積極的一件事是它顯然是盈利的，我們相信今年的目標是盈利的，這是我們大約 18 個月前做出的承諾。

And also one metric that you gave us last quarter was the billings growth -- bookings growth rate in the core business being 25%.

您上個季度給我們的一個指標是賬單增長——核心業務的預訂增長率為 25%。

What was the same number this quarter?

本季度相同的數字是多少？

I do see that the overall bookings growth rate was 20%, but I am just curious about the core business.

我確實看到整體預訂增長率為 20%，但我只是對核心業務感到好奇。

That is it.

這就對了。

Thanks.

謝謝。

Yes, greater than 20%.

是的，超過 20%。

I will look if I can give you a more detailed number after the call, but certainly off the top of my head, it is greater than 20%.

電話後我會看看能否給你一個更詳細的數字，但肯定是我想不到的，它大於 20%。

John DiFucci, Bear Stearns.

約翰迪福奇，貝爾斯登。

Chris, you talked a little bit about US risk, and I think you were quoted in Reuters I think after the close today saying something similar.

克里斯，你談到了美國的風險，我想你在今天收盤後被路透社引用了類似的話。

Did you see any of it this quarter?

這個季度你看到了嗎？

The aggregate results were obviously pretty impressive, but the Server and Tools division was a little bit below your expectations.

總體結果顯然令人印象深刻，但服務器和工具部門略低於您的預期。

That is really enterprise infrastructure software in aggregate.

這實際上是總體上的企業基礎架構軟件。

Did you see it, and is that what you're seeing now?

你看到了嗎，那是你現在看到的嗎？

Is that an area where we might be seeing a little bit more pressure than perhaps some of the other areas?

在這個領域，我們可能會比其他一些領域看到更大的壓力嗎？

Actually you have to look really hard to find any weakness in our results in the first half.

實際上，您必須非常努力地尋找我們上半年成績的任何弱點。

So in terms of Server and Tools, there was actually a shift to an annuity mix.

因此，就服務器和工具而言，實際上發生了向年金組合的轉變。

So that may be what you are looking at.

所以這可能就是你正在看的。

In fact, that is a positive trend because it means that our unearned is up significantly, which we reported, as you know, over $500 million higher than expectations.

事實上，這是一個積極的趨勢，因為這意味著我們的非勞動收入顯著增加，如您所知，我們報告的這一數字比預期高出 5 億多美元。

And it is a reflection of our Company's commitment to our products as a platform in anticipation of some of the server products coming up.

這反映了我們公司對我們的產品作為一個平台的承諾，以期待一些服務器產品的出現。

So, from an accounting point of view, you notice a difference.

因此，從會計的角度來看，您會注意到差異。

From an underlying business point of view, that is an incredibly positive trend.

從潛在業務的角度來看，這是一個令人難以置信的積極趨勢。

But if you look at the first half of the year, I mentioned that over 60% of our sales come from customers outside the US.

但如果你看一下今年上半年，我提到我們超過 60% 的銷售額來自美國以外的客戶。

If you look at non-US, it grew over 20%, non-US mature markets.

如果你看看非美國，它增長了 20% 以上，非美國成熟市場。

If you look at emerging markets, it grew at almost 30%.

如果你看看新興市場，它增長了近 30%。

But the interesting fact that I did not say, which I am happy to say, is that US market grew at 15%.

但我沒有說的有趣的事實是，我很高興地說，美國市場增長了 15%。

So that is in total our sales in the US for the first half grew by 15%.

這就是我們上半年在美國的總銷售額增長了 15%。

Now clearly there is softness going forward that would impact that, but that is still a very healthy growth rate from our point of view.

現在很明顯，未來的疲軟會影響到這一點，但從我們的角度來看，這仍然是一個非常健康的增長率。

Yes, but I would think that you would expect that shift to an annuity at the beginning of the quarter when you gave guidance, and it was a little bit shy there.

是的，但我認為，當您提供指導時，您會期望在本季度初轉向年金，這有點害羞。

But you just -- are you saying you just did not expect that, and it was customer-driven?

但是您只是-您是說您只是沒想到，這是客戶驅動的嗎？

Yes, absolutely.

是的，一點沒錯。

There is vast number of contracts that come up for renewal every quarter and the nature of how those renewals flows through can move the annuity mix quite significantly quarter on quarter.

每個季度都有大量的合同要續簽，而這些續籤的流動方式的性質可以逐季顯著地改變年金組合。

But yes, it was an unexpected positive surprise.

但是，是的，這是一個意想不到的積極驚喜。

You are seeing on the low-end on Server and Tools of revenue is about a $20 million net, and on the unearned balance, you're talking hundreds of millions.

您在服務器和工具上看到的低端收入約為 2000 萬美元，而在未實現的餘額中，您說的是數億美元。

So net net on a booking point, Server and Tools, although the mix was different, the business was just healthier actually than we had expected.

因此，在預訂點、服務器和工具方面，儘管組合不同，但業務實際上比我們預期的要健康。

Brent Thill, Citigroup Investment Research.

花旗集團投資研究部的布倫特·希爾。

Chris, can you characterize any meaningful differences in consumer versus enterprise demand?

克里斯，您能否描述消費者與企業需求之間的任何有意義的差異？

Are you seeing any changes in patterns in each of those two divisions?

你看到這兩個部門的模式有什麼變化嗎？

No, they are broadly in line with our expectations.

不，它們大致符合我們的預期。

In terms of the enterprise, as I mentioned and Colleen just referred to, the unearned balance was extremely good, and so we're feeling good about the relative commitment of our enterprise customers to multiyear agreements.

就企業而言，正如我提到的和科琳剛剛提到的，未實現的餘額非常好，因此我們對企業客戶對多年協議的相對承諾感到滿意。

So that is good.

所以這很好。

On the -- I mentioned about Office and the strength there.

關於-- 我提到了Office 和那裡的實力。

A lot of very good license-only sales in the Office area right across the spectrum of businesses from small, medium and large businesses.

辦公區有很多非常好的僅限許可證的銷售，涵蓋了小型、中型和大型企業的各種業務。

And lastly, on the Xbox side, the consumer sales were very good.

最後，在 Xbox 方面，消費者銷售非常好。

That is a good leading indicator of consumer acceptance.

這是消費者接受度的一個很好的領先指標。

And I guess the last one would be PC sales.

我猜最後一個是個人電腦銷售。

They were all -- which 14 to 16% in the quarter was ahead of our expectations.

他們都是——本季度的 14% 到 16% 超出了我們的預期。

So really everything was slightly better than what we had hoped for.

所以真的一切都比我們希望的要好一些。

But there was not any significant mix change, if you like.

但是，如果您願意的話，沒有任何重大的混合變化。

All those factors were good.

所有這些因素都很好。

And just as a quick follow-up.

就像快速跟進一樣。

Just as you look at the second half of this calendar year, how would you characterize your visibility and I guess the confidence this macro overhang in the US does not catch up?

就像您查看本日曆年的下半年一樣，您如何描述您的知名度，我猜美國的這個宏觀懸垂不會趕上的信心？

I think you mentioned there were a couple of soft spots.

我想你提到有幾個軟點。

What gives you confidence that does not spillover into some of the other sectors in the US and catch up with you later in the year?

是什麼讓你有信心不會蔓延到美國的其他一些行業並在今年晚些時候趕上你？

Well, we have just gone through our midyear reviews where we go country by country and segment by segment across the world and the sales force so the people who are in charge of delivering the results, sitting in on all of those and listening to them certainly is factored into our guidance.

好吧，我們剛剛完成了我們的年中回顧，我們逐個國家、逐個細分市場地在世界各地和銷售人員進行評估，所以負責交付結果的人，坐在所有這些人身上，肯定會傾聽他們的意見被納入我們的指導。

And you have to state, we are not obviously giving fiscal year '09 guidance.

你必須說，我們顯然沒有給出 09 財年的指導。

But again, you have to take a step back and look at the overall environment that we're selling into.

但同樣，你必須退後一步，看看我們銷售的整體環境。

The next six months we feel very good about.

接下來的六個月我們感覺很好。

In terms of more general factors, we are a global Company.

就更一般的因素而言，我們是一家全球性公司。

I talked about the sales mix.

我談到了銷售組合。

I feel good about global GDP over the medium to long-term.

我對中長期的全球 GDP 感覺良好。

I think software spending is going to be faster than global GDP, and I think we're going to grow faster than overall global software spending.

我認為軟件支出將快於全球 GDP，而且我認為我們的增長速度將超過全球軟件支出的總體增長速度。

So could we be impacted by a global slowdown?

那麼我們會受到全球經濟放緩的影響嗎？

Of course we could.

我們當然可以。

But if you look at the overall growth rate from the products that we have and in the markets that we compete, we still feel very good if we think about our business on a multiyear basis.

但是，如果您從我們擁有的產品和我們競爭的市場中查看整體增長率，如果我們在多年的基礎上考慮我們的業務，我們仍然感覺非常好。

We have time for one or two questions.

我們有時間回答一兩個問題。

Operator, our next question, please.

接線員，我們的下一個問題，請。

Jason Maynard, Credit Suisse.

傑森梅納德，瑞士信貸。

I had a little different tack on the questioning.

我對提問有一點不同的看法。

I'm just curious to get your opinion on how you expect the recent EU commission I guess new investigations to play out, and what impact you think that may have on not only Vista but I guess perhaps the not yet released Office 7, or excuse me, Windows 7 product that is being talked about?

我只是想知道你對最近歐盟委員會的看法，我猜新的調查會發揮作用，以及你認為這可能不僅對 Vista 產生什麼影響，而且我猜可能是尚未發布的 Office 7，或藉口我，正在談論的Windows 7產品？

Yes, sure.

是的，當然。

Overall obviously we will cooperate fully with the commission's investigation and provide any and all information necessary.

總的來說，顯然我們將全力配合委員會的調查，並提供任何和所有必要的信息。

We are pretty committed to ensuring that we are in full compliance with the law and our obligations as established by the court.

我們非常致力於確保我們完全遵守法律和法院規定的義務。

So I don't really not have any other sort of general business comments.

所以我真的沒有任何其他類型的一般性商業評論。

I'm happy to leave it at that.

我很高興就此結束。

Is this -- post the settlement I guess is like three or four months ago.

這是 - 發布我猜三四個月前的和解。

Is this in any way, shape or form, though, impacting perhaps your M&A strategy or maybe decisions to do something bigger within the Online Services area?

但是，這是否會以任何方式、形式或形式影響您的併購戰略或在在線服務領域做更大事情的決定？

No, not at all.

一點都不。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

I had two quick follow-up questions on the Online business.

我有兩個關於在線業務的快速跟進問題。

Specifically where it is it you're spending the money for the investments you're making now?

具體來說，您現在將錢花在了哪裡？

Is that around infrastructure or R&D sales?

是圍繞基礎設施還是研發銷售？

And then secondly, where do you envision that going?

其次，您認為這將走向何方？

Is it just always going to be an online advertising business, or do you see at a point where maybe you charge for content or applications, music, any of these other potential revenue streams?

它是否總是會成為在線廣告業務，或者您是否看到您可能對內容或應用程序、音樂以及任何其他潛在收入來源收費？

Yes, the investments are across a broad spectrum.

是的，投資範圍很廣。

So we believe to be successful in that business you really need to commit substantially across the whole gamut of investments.

因此，我們相信要在該業務中取得成功，您確實需要在整個投資範圍內投入大量資金。

So we are investing in search, improving the relevancy of our search results, focusing on some key verticals like commerce, local, entertainment, health.

因此，我們正在對搜索進行投資，提高搜索結果的相關性，重點關注商業、本地、娛樂、健康等一些關鍵垂直領域。

We are obviously investing in the Advertiser and Publisher tools.

我們顯然正在投資廣告商和發布商工具。

After our aQuantive acquisition, that has given us a substantial leg up in the advertising platform area, so we're continuing to build on that.

在我們收購 aQuantive 之後，這使我們在廣告平台領域取得了重大進展，因此我們將繼續在此基礎上發展。

We are investing in content and services through Windows Live and other live services through the MSN portal.

我們正在通過 Windows Live 投資內容和服務，並通過 MSN 門戶投資其他實時服務。

And then lastly, but not leastly, in operational infrastructure.

最後但並非最不重要的是，在運營基礎設施方面。

So a lot of CapEx going into data centers to improve performance and reliability and generate global scale for the business.

因此，大量資本支出進入數據中心，以提高性能和可靠性，並為業務創造全球規模。

And some of those costs are feeding through in terms of depreciation.

其中一些成本以折舊的形式出現。

So there is no one particular area that we are focused on.

因此，我們沒有一個特別關注的領域。

We are focused on all the areas, and we think to be successful in that business going forward that is the approach you're going to have to take.

我們專注於所有領域，我們認為要在未來的業務中取得成功，這是您必須採取的方法。

And on the second question, on envisioning where it goes?

關於第二個問題，關於設想它的去向？

Yes, just go over that one again.

是的，再過一遍。

Yes, is it -- I mean do you ever see a point where you may charge for content, charge for applications, or is it always going to be basically an online advertising and advertising-driven type model?

是的，是嗎--我的意思是，您是否曾經看到過對內容收費、對應用程序收費，或者它總是基本上是在線廣告和廣告驅動類型的模式？

Well, we are obviously moving to a software plus services world.

好吧，我們顯然正在轉向軟件加服務的世界。

So there are certainly areas of products that we have where you can see us moving from a license-only to a on-demand situation.

因此，在我們擁有的某些產品領域，您可以看到我們從僅許可模式轉變為按需模式。

We already are.

我們已經是了。

In terms of the basic online advertising business, as you think about OSB, to a large extent that is going to be an advertising-driven, advertising supported business.

就基本的在線廣告業務而言，正如您對 OSB 的看法，在很大程度上這將是一個廣告驅動、廣告支持的業務。

But there will be other parts of the business you know as we already are with CRM delivered online and charged for on a subscription basis where it will not be advertising-driven.

但是您知道業務的其他部分，因為我們已經使用在線交付的 CRM 並在訂閱的基礎上收費，而不是廣告驅動的。

So we will live in a multibusiness model world going forward.

因此，我們將生活在一個多業務模式的世界中。

Great.

偉大的。

Thanks a lot and thanks, everyone, for your participation in today's call.

非常感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 to close of business, January 26, 2009.

正如我在本次電話會議開始時提到的，本次電話會議將於 2009 年 1 月 26 日結束時在我們的投資者關係網站上重播。

In addition, you can hear the replay by dialing 1-800-297-0771, or for international calls, dial 203-369-3238.

此外，您可以撥打 1-800-297-0771 收聽重播，國際電話撥打 203-369-3238。

The dial-in replay will be available through the close of business, February 1, 2008.

撥入重播將在 2008 年 2 月 1 日營業結束時提供。

Thanks again for joining us today.

再次感謝您今天加入我們。

That concludes today's call.

今天的電話會議到此結束。

Please disconnect your lines at this time.

此時請斷開您的線路。