微軟 (MSFT) 2008 Q4 法說會逐字稿

Welcome to the Microsoft 2008 fourth quarter and fiscal year-end conference call.

歡迎參加 Microsoft 2008 第四季度和財年年終電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

And during the question-and-answer session (OPERATOR INSTRUCTIONS).

在問答環節（操作員說明）。

Today's conference is being recorded.

今天的會議正在錄製中。

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 Ms.

我現在想把會議轉給女士。

Colleen Healy, General Manager, Investor Relations.

投資者關係部總經理科琳·希利。

Ma'am, you may begin.

女士，您可以開始了。

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

大家下午好，感謝您今天加入我們。

This afternoon, I am joined by Chris Liddell, Senior Vice President and Chief Financial Officer; Frank Brod, Corporate Vice President 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； Frank Brod，公司副總裁兼首席會計官；和副總法律顧問 John Seethoff。

Today's call will start with Chris, providing some key takeaways for the fourth quarter of fiscal year 2008 (technical difficulty) [who will] review expectations for fiscal year '09.

今天的電話會議將從 Chris 開始，提供 2008 財年第四季度的一些關鍵要點（技術難度）[誰將] 審查對 09 財年的預期。

I will then provide details around our fourth quarter results, and then hand it back to Chris for a more detailed discussion of our guidance for the full year and first quarter of fiscal 2009.

然後，我將提供有關我們第四季度業績的詳細信息，然後將其交還給克里斯，以更詳細地討論我們對全年和 2009 財年第一季度的指導。

After that, we'll take your questions.

之後，我們將回答您的問題。

Our earnings release including an addendum of financial highlights, which contains more detailed information about revenue, operating expenses and other items.

我們的收益發布包括財務摘要的增編，其中包含有關收入、運營費用和其他項目的更詳細信息。

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 (technical difficulty).

幻燈片提供了本季度的亮點，概述了我們的指導，並提供了 GAAP 和非 GAAP 財務指標（技術難度）之間差異的協調。

(technical difficulty) financial highlights in the quarterly financial (technical difficulty) Investor Relations website at www.microsoft.com/ (technical difficulty).

（技術難度）季度財務（技術難度）投資者關係網站 www.microsoft.com/（技術難度）中的財務亮點。

Today's call [was] recorded (technical difficulty) recording.

今天的通話[被]錄音（技術難度）錄音。

As always, (technical difficulty) Microsoft Investor Relations website.

一如既往，（技術難度）微軟投資者關係網站。

A replay of the call will be available at the [same] site at the close of business on July (technical difficulty) 2009.

2009 年 7 月（技術難度）營業結束時，將在 [同一] 站點上重播電話會議。

This conference call (technical difficulty) recorded is protected by a copyright law and international treaties.

錄製的電話會議（技術難度）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] 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] 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 risk 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 our most recent Form 10-K, subsequent quarterly reports on Form 10-Q, 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最近的 10-K 表格、隨後的 10-Q 表格季度報告以及其他報告和文件中討論的因素，實際結果可能存在重大差異。證券交易委員會。

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 start today's call with a few highlights from the year and then gave you an overview of our expectations for fiscal year 2009.

我將從今年的一些亮點開始今天的電話會議，然後概述我們對 2009 財年的期望。

Quarter four results capped off an outstanding year for the Company in terms of both operating and financial performance.

第四季度的業績結束了公司在經營和財務表現方面的傑出一年。

All three of our key financial measures met or exceeded the guidance we provided entering the year, despite a challenging economic environment.

儘管經濟環境充滿挑戰，但我們的所有三項關鍵財務指標均達到或超過了我們在今年提供的指導。

For the year, revenue, operating income and earnings per share increased 18%, 21%, and 32% respectively.

全年收入、營業收入和每股收益分別增長 18%、21% 和 32%。

Furthermore, the 18% revenue growth represents our first annual revenue growth in almost a decade.

此外，18% 的收入增長代表了我們近十年來的首次年度收入增長。

These results demonstrate the breadth of our business model, revenue growth being fueled by strong customer demand for our products and services across all of our businesses.

這些結果證明了我們業務模式的廣度，收入增長是由客戶對我們所有業務的產品和服務的強勁需求推動的。

Our core businesses of Client Microsoft Business division and Server and Tools turned in fantastic results, growing revenue a combined 15% in the year.

我們的客戶微軟業務部門和服務器和工具的核心業務取得了驚人的成績，全年收入增長了 15%。

The On-line Service business grew revenue 32%, while Entertainment and Devices Division was up 34% for the year.

在線服務業務的收入增長了 32%，而娛樂和設備部門則增長了 34%。

Looking at the fiscal year results from a geographic perspective, revenue in the US increased approximately 15%.

從地理角度來看本財年的業績，美國的收入增長了約 15%。

Other mature markets were up 16%, and emerging markets grew a tremendous 35%.

其他成熟市場增長了 16%，新興市場增長了 35%。

Now for a couple of key points on our outlook for fiscal 2009 with our planning and budgeting process in place.

現在談談我們對 2009 財年展望的幾個關鍵點，我們的計劃和預算流程已經到位。

(technical difficulty) Our revenue and operating income growth [strengths] has remained relatively consistent with what we told you in April.

（技術難度）我們的收入和營業收入增長 [優勢] 與我們在 4 月份告訴您的內容保持相對一致。

Specifically, we expect revenue growth of 11% to 13%; operating income growth of 17% to 20%; and earnings per share growth (technical difficulty) [%].

具體而言，我們預計收入增長 11% 至 13%；營業收入增長17%至20%；和每股收益增長（技術難度）[%]。

Since we last gave you guidance, we've increased investments in three ways -- first, we've continued to make a number of important inorganic acquisitions.

自從我們上次給你指導以來，我們已經通過三種方式增加了投資——首先，我們繼續進行了一些重要的無機收購。

We are taking (technical difficulty) of the current environment [to effect] a positive one to acquire companies, if you are in the fortunate position of having a strong balance sheet and a willingness to take a long-term view.

如果您有幸擁有強大的資產負債表並願意採取長遠眼光，那麼我們正在（技術難度）當前環境[以實現]積極的收購公司。

Second, we've increased organic investments and operating expenses, driven in particular by a deliberate decision to invest more aggressively in our online services strategy.

其次，我們增加了有機投資和運營費用，特別是由於有意決定更積極地投資於我們的在線服務戰略。

Last, we remain committed to investing in ourselves, through our ongoing share repurchases.

最後，我們仍然致力於通過持續的股票回購對自己進行投資。

For the year, we repurchased over 12 billion of our stock, with 5 billion of that amount occurring in the fourth quarter.

全年，我們回購了超過 120 億股股票，其中 50 億股發生在第四季度。

One final comment before we get into the details.

在我們進入細節之前最後的評論。

Clearly, we're disappointed that our strong financial results are not reflected in our share price because of general market turbulence combined with Microsoft specific issues, including the uncertainty of the outcome of Yahoo discussions.

顯然，我們對我們強勁的財務業績沒有反映在我們的股價中感到失望，因為普遍的市場動盪加上微軟的具體問題，包括雅虎討論結果的不確定性。

In this environment, we remain focused on driving the factors inside our control; in particular from my perspective, improving long-term earnings per share.

在這種環境下，我們仍然專注於推動我們控制範圍內的因素；特別是從我的角度來看，提高了長期每股收益。

I'm satisfied that despite difficult economic conditions, should we achieve the middle of our guidance for fiscal year '09, we will have increased our earnings per share from $1.42 to $2.15 in two years, an increase of 50% over that period.

我很滿意，儘管經濟狀況艱難，但如果我們在 09 財年達到預期的中間值，我們的每股收益將在兩年內從 1.42 美元增加到 2.15 美元，在此期間增長 50%。

With those high level themes for 2008 and 2009, I am going to turn the call over to Colleen now for more details on how we closed out the last year.

有了 2008 年和 2009 年的這些高級主題，我現在將把電話轉給科琳，以了解有關我們去年如何結束的更多詳細信息。

Thanks, Chris.

謝謝，克里斯。

The fourth quarter was a solid finish to an outstanding year.

第四季度為出色的一年畫上了圓滿的句號。

For the quarter, we met our top and bottom line items, driven by 18% revenue growth.

本季度，在收入增長 18% 的推動下，我們實現了頂線和底線項目。

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

讓我從收入開始為您提供我們財務業績的詳細信息。

I'll discuss top line financial and business (technical difficulty), and then follow with revenue performance for each of the business units.

我將討論頂級財務和業務（技術難度），然後是每個業務部門的收入表現。

Then I will review the rest of the income statements.

然後我將查看其餘的損益表。

All growth comparisons relate 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 grew 18% to [$15.8 billion] with every business growing in the mid-teens or higher.

收入增長 18% 至 [158 億美元]，每家企業的增長都在十幾歲或更高。

Our annuity sales mix, which is approximately 40% of our billing revenue, continued to grow on both a year-over-year and sequential basis, with enterprise agreement renewal rates in line with historical trends.

我們的年金銷售組合約占我們賬單收入的 40%，同比和環比繼續增長，企業協議續訂率符合歷史趨勢。

The remainder of our product billings for the quarter was approximately 25% from OEMs; around 15% from license-only sales; and the balance from our other businesses.

本季度我們剩餘的產品賬單大約有 25% 來自 OEM；大約 15% 來自僅許可銷售；以及我們其他業務的餘額。

Our unearned revenue grew 21% to $15.3 billion, over $600 million above our high-end guidance.

我們的未實現收入增長 21% 至 153 億美元，比我們的高端指導高出 6 億多美元。

Our contracted [non-sales] balance increased both sequentially and year-over-year to over $13 billion, about $3 billion above when we started the fiscal year.

我們的合同 [非銷售] 餘額環比和同比增長超過 130 億美元，比我們本財年開始時高出約 30 億美元。

When taken together with reported revenue, total bookings for the Company grew 23%, driven by over 20% bookings growth for our core businesses of Server and Tool, Client, and the Microsoft Business Division.

加上報告的收入，公司的總預訂量增長了 23%，這得益於我們的核心業務服務器和工具、客戶端以及 Microsoft 業務部門的預訂量增長超過 20%。

Overall, changes in foreign exchange rates added about 4 percentage points to our revenue growth.

總體而言，外匯匯率的變化為我們的收入增長增加了約 4 個百分點。

Now I will provide revenue highlights by business segment, starting with Client and its biggest driver, the PC market.

現在我將按業務部門提供收入亮點，從客戶端及其最大的驅動力——個人電腦市場開始。

We estimate that the PC unit growth rate for the quarter returns to the 12% to 14% range that we experienced in the first half of the fiscal year.

我們估計，本季度的 PC 單位增長率將恢復到本財年上半年所經歷的 12% 至 14% 的範圍。

This is about 3 points above our forecast, due to improvements in mature markets, including in the United States.

由於包括美國在內的成熟市場有所改善，這比我們的預測高出約 3 個百分點。

This helped to drive client revenue growth of 15% to $4.4 billion, which was over $150 million above our high-end guidance.

這有助於推動客戶收入增長 15% 至 44 億美元，比我們的高端指導高出 1.5 億美元以上。

During the quarter, our OEM license units increased by 22%, about 9 points faster than the overall hardware market.

在本季度，我們的 OEM 許可單位增加了 22%，比整體硬件市場快 9 個百分點。

OEM unit growth outpaced that of the PC market, primarily driven by a couple of factors.

OEM 單位的增長速度超過了 PC 市場，這主要受幾個因素的推動。

One, our OEM partners always have channel fluctuations; with this quarter, we estimate we're a combination of replenishing the channel from lower Q3 levels, as well as buying to hit some pricing tiers during the quarter.

一、我們的OEM合作夥伴總是有渠道波動；在本季度，我們估計我們是從較低的第三季度水平補充渠道，以及購買以在本季度達到一些定價層的組合。

And two, we returned to the trend of making gains on piracy, including in Asia.

第二，我們回到了從盜版中獲利的趨勢，包括在亞洲。

OEM revenue increased by 13%.

OEM 收入增長 13%。

The difference between OEM revenue and unit growth is due to three trends, which you are already well familiar.

OEM 收入和單位增長之間的差異是由於您已經非常熟悉的三個趨勢。

One, volume mix shift towards emerging markets, which generally have more ASPs.

一，銷量組合轉向新興市場，這些市場通常擁有更多的平均售價。

Two, channel mix shift towards large OEM's with volume pricing.

第二，渠道組合轉向批量定價的大型 OEM。

And three, premium mix shift toward consumer premium offering.

第三，優質組合轉向消費者優質產品。

Specifically, while business and consumer premium units were up year-on-year, and the overall OEM premium mix remained unchanged from the prior year at 72%, the premium mix composition shifted down 4 points of business premiums and up 4 points of consumer premiums.

具體而言，雖然企業和消費者保費單位同比增長，整體 OEM 保費組合與上年相比保持不變，為 72%，但保費組合構成下降了 4 個百分點的商業保費和上升了 4 個百分點的消費者保費.

The remaining roughly 20% of client revenue comes from commercial and retail licensing.

其餘大約 20% 的客戶收入來自商業和零售許可。

This portion of the business grew over 20%, driven by continued strength in client annuity licensing, as business customers continue to demand our enterprise offerings, including those that help them more efficiently manage their desktop infrastructure.

這部分業務增長了 20% 以上，這得益於客戶年金許可的持續增長，因為企業客戶繼續需要我們的企業產品，包括幫助他們更有效地管理桌面基礎架構的產品。

During the quarter, we surpassed the $180 million mark for Windows Vista licenses sold to date.

在本季度，我們迄今已售出的 Windows Vista 許可證超過了 1.8 億美元大關。

And Windows Vista had a driven client revenue to an average growth rate of 16% since it became generally available.

自從 Windows Vista 全面上市以來，其客戶收入的平均增長率達到了 16%。

Moving to Server and Tools, revenue was $3.7 billion, growing an outstanding 21% on top of the strain of Q4 double digit growth quarters.

轉向服務器和工具，收入為 37 億美元，在第四季度兩位數增長的壓力下增長了 21%。

And this quarter marks the Group's 24th consecutive quarter of double digit growth.

本季度標誌著集團連續第 24 個季度實現兩位數增長。

Next, for annuity contracts, covering our Server and Tools offering, continued during the quarter, driving Server and Tools, (technical difficulty) [unearned] revenues increased 37% from the beginning of the year.

接下來，對於涵蓋我們的服務器和工具產品的年金合同，在本季度繼續，推動服務器和工具（技術難度）[未實現的]收入比年初增長了 37%。

This customer commitment to (technical difficulty) [existing] contracts demonstrates the increasingly critical role our server products perform and information technology infrastructure, as well as an increasing interest in the value offered in our long-term product roadmap.

客戶對（技術難度）[現有]合同的承諾表明我們的服務器產品和信息技術基礎設施發揮著越來越重要的作用，以及對我們長期產品路線圖中提供的價值的興趣日益濃厚。

Demand for our consulting and support services remains strong, driving associated revenue growth [of] 30%.

對我們的諮詢和支持服務的需求依然強勁，推動相關收入增長 [of] 30%。

On the product front during the quarter, we released our eagerly anticipated virtualization feature, Hyper-V, two months ahead of schedule.

在本季度的產品方面，我們提前兩個月發布了備受期待的虛擬化功能 Hyper-V。

We also made significant progress on SQL Server 2008, which is targeted for release during [this] the first quarter of fiscal year 2009.

我們還在 SQL Server 2008 上取得了重大進展，該版本的目標是在 2009 財年第一季度 [this] 期間發布。

Online Services Business grew revenue 24% to $838 million.

在線服務業務收入增長 24% 至 8.38 億美元。

Online advertising grew 18%, including $33 million of ad revenue from aQuantive.

在線廣告增長了 18%，其中包括來自 aQuantive 的 3300 萬美元廣告收入。

While both search queries and page views are up and in line with expectations, monetization [last], driven by tightening advertising budgets combined with a more competitive display pricing environment.

雖然搜索查詢和頁面瀏覽量都上升並符合預期，但在廣告預算收緊和更具競爭力的展示定價環境的推動下，貨幣化[最後]。

We continue to attract users to our properties with live IDs hitting 460 million, up 80 million from last year.

我們繼續吸引用戶訪問我們的資產，實時 ID 達到 4.6 億，比去年增加了 8000 萬。

And we grew the number of advertisers utilizing our advertising platform by 28% during the year.

在這一年中，我們使用我們的廣告平台的廣告客戶數量增加了 28%。

We closed the acquisitions of THERCAST, which offered a technology to aid in the purchase of online tickets at the lowest price, and Navic Networks, which develops tools to deliver target ads to television set-top boxes.

我們完成了對 THERCAST 和 Navic Networks 的收購，後者提供了一種幫助以最低價格購買在線門票的技術，而 Navic Networks 則開發了將目標廣告投放到電視機頂盒的工具。

In May, we announced the beta launch of Live Search Cashback.

5 月，我們宣布推出 Live Search Cashback 的測試版。

Since then, we have 680 merchants participating in the program, with about 200,000 registered users.

從那時起，我們有 680 家商戶參與了該計劃，註冊用戶約為 20 萬。

Microsoft Business Division revenue was up 14% to $5.3 billion.

微軟業務部門收入增長 14% 至 53 億美元。

The business element of MBD revenue grew almost $700 million or 19% on both strong enterprise agreement signings and license-only sales.

MBD 收入的業務部分增長了近 7 億美元或 19%，這得益於強大的企業協議簽署和僅許可銷售。

Consumer revenue declined $66 million, down 7%.

消費者收入下降了 6600 萬美元，下降了 7%。

This reflects both a difficult comparison to last year's quarter following the Office 2007 launch and a continuation of a shift towards our lower priced consumer SKUs.

這既反映了與 Office 2007 發布後的去年季度相比的困難，也反映了我們繼續向低價消費者 SKU 轉變。

Our emerging business product momentum continues, with share point revenue up over 30% and unified communications revenue up over 20%.

我們的新興業務產品勢頭繼續，份額收入增長超過 30%，統一通信收入增長超過 20%。

During the quarter, we completed the acquisition of Fast Search & Transfer, expanding our spectrum of enterprise search solutions for customers.

在本季度，我們完成了對 Fast Search & Transfer 的收購，擴大了我們為客戶提供的企業搜索解決方案的範圍。

Our dynamics business also had a good quarter, with customer billings growth of 22% and two product releases -- Dynamic AX2009 and Dynamic CRM Online.

我們的動態業務也有一個不錯的季度，客戶賬單增長了 22%，並發布了兩個產品——Dynamic AX2009 和 Dynamic CRM Online。

Dynamic's CRM continues to deliver the function and flexibility customers want, evidenced by over 120,000 CRM seats being sold in the quarter.

Dynamic 的 CRM 繼續提供客戶想要的功能和靈活性，本季度售出超過 120,000 個 CRM 席位就是明證。

Entertainment and Devices Division grew revenue 37%, to $1.6 billion.

娛樂和設備部門的收入增長了 37%，達到 16 億美元。

We sold 1.3 million Xbox 360 consoles, representing 88% growth over the prior year, and passing the milestone of 20 million consoles sold life to date.

我們售出了 130 萬台 Xbox 360 遊戲機，比上一年增長 88%，超過了迄今為止售出 2000 萬台遊戲機的里程碑。

In May, we announced that Xbox Live reached 12 million members; roughly doubling in membership for each of the last two years.

5 月，我們宣布 Xbox Live 的會員達到 1200 萬；在過去兩年中，會員人數每年大約翻一番。

Software attach rates continued to lead the industry at 7.7 software titles per console.

軟件附加率繼續領先業界，每台控制台 7.7 個軟件標題。

As it was evident at E3 earlier this week, the interactive entertainment business was extremely busy during the quarter, procuring industry-leading media content providers such as Netflix, NBC, Universal, Constantine, MGM International, as well as developing innovative new gaming and social experiences that will continue to expand our audiences.

正如本週早些時候在 E3 上所表明的那樣，互動娛樂業務在本季度異常繁忙，採購了行業領先的媒體內容提供商，如 Netflix、NBC、環球、康斯坦丁、米高梅國際，以及開發創新的新遊戲和社交經驗將繼續擴大我們的受眾。

The mobility business within the Entertainment and Devices Division completed the acquisition of Danger, and released System Center Mobile Device Manager 2008, which has created the opportunity for our sales force to partner with customers' IT departments, helping them manage their mobile device assets with capabilities similar to those already used to manage PCs.

娛樂和設備部門的移動業務完成了對 Danger 的收購，並發布了 System Center Mobile Device Manager 2008，這為我們的銷售團隊與客戶的 IT 部門合作創造了機會，幫助他們管理移動設備資產的能力類似於那些已經用於管理 PC 的設備。

And Microsoft Surface moved into early commercial deployment in AT&T stores and in Harrah's Reno Casino.

微軟 Surface 在 AT&T 商店和 Harrah's Reno 賭場進行了早期商業部署。

Now for the rest of the income statement.

現在是損益表的其餘部分。

Adjusting last year for the impact of the $1.1 billion charge related to the expansion of the Xbox 360 warranty policy, cost of revenue as a percent of sales increased 1 point to 18%, driven by increasing Xbox 360 console sales, costs associated with the growth of our consulting and support services, as well as data center equipment and online content [expanse] expenses in our online service business.

去年調整了與 Xbox 360 保修政策擴展相關的 11 億美元費用的影響，收入成本佔銷售額的百分比增加了 1 個百分點，達到 18%，這主要是由於 Xbox 360 遊戲機銷售額的增長，與增長相關的成本我們的諮詢和支持服務，以及我們在線服務業務中的數據中心設備和在線內容 [擴展] 費用。

Operating expenses increased $1.1 billion or 19%, driven primarily by headcount-related costs, acquisition-related expenses, and marketing-related expenses.

運營費用增加了 11 億美元或 19%，主要受員工相關成本、收購相關費用和營銷相關費用的推動。

Expenses came in $500 million higher than our guidance, split rather evenly between cost of revenue and operating expenses.

費用比我們的指導高出 5 億美元，收入成本和運營費用之間的分配相當平均。

First, cost of revenue.

首先，收入成本。

We sold more Xbox 360 consoles than our guidance had reflected.

我們售出的 Xbox 360 遊戲機比我們的指導所反映的要多。

In Server and Tools, the higher revenue growth in our consulting and support services carried higher associated costs than does software revenue.

在服務器和工具方面，我們的諮詢和支持服務收入增長較高，相關成本高於軟件收入。

In our Online Services business, we were able to bring servers in our data centers online faster than expected, and we invested in premium online content, [which is higher] created at an agency expense associated with it.

在我們的在線服務業務中，我們能夠以比預期更快的速度使數據中心中的服務器上線，並且我們投資了優質的在線內容，[這是更高的]由與之相關的代理費用創建。

Moving on to operating expenses, we took advantage of the economic environment out there to attract top talent to the Company, yielding higher close rates and filling headcount openings.

轉向運營費用，我們利用那裡的經濟環境吸引頂尖人才加入公司，從而提高了結案率並填補了空缺職位。

Also, across a number of our businesses, we spent more in product development in an effort to ready marketing campaigns.

此外，在我們的許多業務中，我們在產品開發上投入了更多資金，以準備營銷活動。

And foreign currency rates presented some headwinds.

外幣匯率也帶來了一些阻力。

Operating income was $5.7 billion, up 42%, or 13% after adjusting for the impact of the warranty-related charge in the year-ago period.

經調整去年同期保修相關費用的影響後，營業收入為 57 億美元，增長 42% 或 13%。

Investment income and others totaled $284 million, as the Microsoft Treasury team continues to successfully navigate a challenging capital market environment.

隨著微軟財務團隊繼續成功應對充滿挑戰的資本市場環境，投資收入和其他收入總計 2.84 億美元。

Our effective tax rate for the quarter was 28%, a couple of points lower than expected, driven by an earnings mix increased and lower tax jurisdictions.

我們本季度的有效稅率為 28%，比預期低幾個百分點，原因是收益組合增加和稅收管轄區降低。

During the quarter, we repurchased [171] million shares or almost $5 billion of Company stock, and paid out about $1 billion in dividends to shareholders.

在本季度，我們回購了 [171] 百萬股或近 50 億美元的公司股票，並向股東支付了約 10 億美元的股息。

Diluted shares outstanding were 9.4 billion, down 3% from the prior year as a result of share repurchases.

由於股票回購，稀釋後流通股為 94 億股，比上年下降 3%。

Earnings per share were $0.46, in line with our guidance, and growing 48% or 18% after adjusting for the warranty-related charge in the prior year.

每股收益為 0.46 美元，符合我們的指引，在調整上一年的保修相關費用後增長 48% 或 18%。

So, in summary, we had our fastest-growing fourth quarter revenue since 1999.

因此，總而言之，我們擁有自 1999 年以來增長最快的第四季度收入。

Adjusted for the year-ago Xbox warranty charge, operating income and EPS grew 13% and 18%, respectively.

經一年前 Xbox 保修費調整後，營業收入和每股收益分別增長 13% 和 18%。

With that, let me turn it back to Chris, who will provide you with our first quarter and full year guidance for fiscal 2009.

有了這個，讓我回到克里斯，他將為您提供我們對 2009 財年第一季度和全年的指導。

Thanks, Colleen.

謝謝，科琳。

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

我將把剩下的時間花在電話會議上，討論我們對全年和第一季度的看法。

Let me begin by outlining some of our key assumptions around the economy and general demand in the industry.

讓我首先概述我們對經濟和行業總體需求的一些關鍵假設。

The forecast generally assumes a continuation of the economic conditions and demand we experienced in the fourth quarter to continue into the first half of fiscal year '09, with some improvement over the second half of the year.

該預測通常假設我們在第四季度經歷的經濟狀況和需求將持續到 09 財年上半年，並在下半年有所改善。

We expect PC unit demand to remain healthy with growth rates similar to those in 2008.

我們預計個人電腦單位需求將保持健康，增長率與 2008 年相似。

Specifically, we expect PC unit growth for fiscal 2009 to be 12% to 14% for the year, and between 10% to 12% into the first quarter.

具體而言，我們預計 2009 財年的 PC 單位增長將在 12% 到 14% 之間，到第一季度將在 10% 到 12% 之間。

We estimate the growth rates to continue to be driven by roughly 20% growth in emerging markets, with high single digit growth in mature markets.

我們估計，新興市場約 20% 的增長率將繼續推動增長率，成熟市場的增長率將達到高個位數。

Now, let me go through our detailed guidance for the full year.

現在，讓我來看看我們全年的詳細指導。

We expected our revenue to come in between $67.3 billion to $68.1 billion, growing 11% to 13%.

我們預計我們的收入將在 673 億美元至 681 億美元之間，增長 11% 至 13%。

For the first quarter, we expect revenue of $14.7 billion to $14.9 billion, which represents an increase of 7% to 8%.

對於第一季度，我們預計收入為 147 億美元至 149 億美元，增長 7% 至 8%。

With that, revenue guidance by business group is as follows -- for Client, we expect full year growth to be 9% to 10%; for Q1 growth to be 6% to 7%.

因此，業務集團的收入指導如下——對於客戶，我們預計全年增長為 9% 至 10%；第一季度增長率為 6% 至 7%。

The PC market growth will outpace that of Client revenue because of a continuation of the underlying PC market dynamics, mainly emerging markets PC growth outpacing mature markets; consumer growth exceeding business growth; and the shift in the system, both channel to large OEM.

PC 市場增長將超過客戶收入增長，因為基本 PC 市場動態持續，主要是新興市場 PC 增長超過成熟市場；消費者增長超過業務增長；和系統的轉變，都是向大型OEM渠道。

Server and Tools revenue should be up 18% to 19% for the year, and 19% to 20% for the first quarter.

服務器和工具收入今年應該增長 18% 到 19%，第一季度增長 19% 到 20%。

Coming off another impressive year of growth in fiscal '08, the Server and Tools business is expected to continue to show double digit growth across the breadth of our server platform products and services, driven by strong customer demand for the recently refreshed Windows server and Visual Studio offerings, and the soon-to-be-available SQL Server 2008.

在 08 財年又一個令人印象深刻的增長年結束後，由於客戶對最近更新的 Windows 服務器和 Visual Studio 產品和即將推出的 SQL Server 2008。

We forecast revenue in the Online Services Business to increase 18% to 20% for the year, and 7% to 11% the first quarter.

我們預計今年在線服務業務的收入將增長 18% 至 20%，第一季度將增長 7% 至 11%。

The advertising component of revenue is expected to grow at approximately 25% for the year and 15% per quarter.

收入的廣告部分預計全年增長約 25%，每季度增長 15%。

Our Q1 guidance assumes a continuation of the challenging online advertising market experienced in the fourth quarter.

我們的第一季度指引假設第四季度充滿挑戰的在線廣告市場將繼續。

We expect revenue growth to accelerate through the year, as we begin seeing revenue returns from the additional investments we're making in the business.

隨著我們開始看到我們在業務中進行的額外投資帶來的收入回報，我們預計全年收入增長將加速。

Microsoft Business Division revenue should be up 14% to 15% for the year and 15% to 16% in the first quarter.

微軟業務部門的收入今年應增長 14% 至 15%，第一季度應增長 15% 至 16%。

We should continue to see business demand for the Microsoft Office 2007, SharePoint and Dynamic products.

我們應該會繼續看到對 Microsoft Office 2007、SharePoint 和 Dynamic 產品的業務需求。

Combined with growth in our emerging unified communication and business intelligence offering, this will drive another year of very strong growth.

結合我們新興的統一通信和商業智能產品的增長，這將推動又一年的強勁增長。

Fiscal 2009 also represents an important year in delivering on our Software Plus Services strategy, with the upcoming releases of Exchange Online, SharePoint Online, and Office Communications Online later this calendar year.

2009 財年也是實現我們的軟件加服務戰略的重要一年，即將發布的 Exchange Online、SharePoint Online 和 Office Communications Online 將於本日曆年晚些時候發布。

The Entertainment and Devices Division, we expect revenue to be down 4% to flat the full year, and down 23% to 26% in Q1.

娛樂和設備部門，我們預計全年收入將下降 4%，與第一季度持平，下降 23% 至 26%。

The strong customer demand for Halo 3, following its launch in fiscal 2008, makes a challenging year-over-year comparison in the Entertainment and Devices Division.

在 2008 財年推出後，客戶對 Halo 3 的強勁需求使得娛樂和設備部門的年度比較具有挑戰性。

But having said that, we remain committed to a profitable performance in fiscal year '09.

但話雖如此，我們仍然致力於在 09 財年實現盈利。

Turning back to company-wide performance, operating income for the year is expected to be between $26.3 billion and $26.9 billion, increasing 17% to 20% or 10% to 12% in excluding certain tax and legal charges in fiscal 2008.

回到公司範圍的業績，預計 2008 財年的營業收入將在 263 億美元至 269 億美元之間，在不包括某些稅收和法律費用的情況下增長 17% 至 20% 或 10% 至 12%。

For the first quarter, we expect operating income to be between $5.9 billion and $6 billion.

對於第一季度，我們預計營業收入將在 59 億美元至 60 億美元之間。

Q1 operating income includes the impact of increased spending associated with our Online Services Business, costs associated with a number of new acquisitions, and investments in a Windows Consumer Marketing campaign.

第一季度營業收入包括與我們的在線服務業務相關的支出增加、與許多新收購相關的成本以及對 Windows 消費者營銷活動的投資的影響。

I would like to address the overall impact -- the overall level of -- the impact of the overall level of spend on the Company margin.

我想談談總體影響——總體水平——總體支出水平對公司利潤率的影響。

To do so, as I've talked to you before, we need to look at the three individual parts of the Company that have [distinct] margin structures.

為此，正如我之前與您交談過的那樣，我們需要查看公司具有 [不同] 利潤率結構的三個獨立部分。

The core businesses of Client, Server and Tools, and Microsoft Business Division collectively will have an operating margin in fiscal 2009 that's essentially flat.

客戶端、服務器和工具以及微軟業務部門的核心業務在 2009 財年的營業利潤率將基本持平。

This performance is obviously very good, given that we're making a number of investments to drive the overall health of the business, and absorbing a number of acquisitions we've made this year, and growing revenue in the mid-teens.

鑑於我們正在進行多項投資以推動業務的整體健康發展，並吸收了我們今年進行的多項收購，以及在十幾歲左右的增長收入，這一表現顯然非常好。

The margin for entertainment and devices should also remain roughly the same year-on-year in fiscal year '09, even without the first party game release of Halo 3's magnitude.

即使沒有像 Halo 3 這樣規模的第一方遊戲發布，娛樂和設備的利潤率在 09 財年也應該與去年同期大致相同。

(inaudible) our business is representing over 90% of our revenue will grow double digits next year with the market structure intact.

（聽不清）我們的業務占我們收入的 90% 以上，明年在市場結構完好的情況下將增長兩位數。

Clearly, the Online Services Business has a totally different dynamic and in a period of significant (inaudible).

顯然，在線服務業務具有完全不同的動態，並且處於重要時期（聽不清）。

We do not make these investments lightly, as a loss in this division will be a drag on a otherwise exceptionally good performance.

我們不會輕率地進行這些投資，因為該部門的虧損將拖累原本非常出色的業績。

However, we believe that the additional investments, several hundreds of millions of dollars, is worth the short-term costs, given the opportunity to participate in a market where the opportunity is measured in the tens of billions of dollars.

然而，我們認為，鑑於有機會參與一個以數百億美元衡量的市場，數億美元的額外投資值得短期成本。

While we are on the call, we'll take a few minutes to frame our reasoning behind the additional Online Services Business investments.

在通話期間，我們將花幾分鐘時間來闡述我們對額外在線服務業務投資的推理。

I will start with an overview of our core strategy and then provide details into the additional investments.

我將從概述我們的核心戰略開始，然後提供有關額外投資的詳細信息。

With the online ad spending expected to reach $80 billion by 2012, this area represents one of the largest growth opportunities for the Company.

預計到 2012 年，在線廣告支出將達到 800 億美元，這一領域是公司最大的增長機會之一。

We segment the market for online advertising in four different categories -- search, advertising platforms, information content, and communications and social networking.

我們將在線廣告市場劃分為四個不同的類別——搜索、廣告平台、信息內容以及通信和社交網絡。

For search, we are focused on driving query share improvements in business model innovation, specifically in the area of high value commercial search.

對於搜索，我們專注於推動商業模式創新的查詢份額改進，特別是在高價值商業搜索領域。

Our recent release Cashback is a good example of executing on our strategy, which combines innovation in the shopping experience for the shift in the distribution of advertiser economic for its end-users.

我們最近發布的現金返還是執行我們戰略的一個很好的例子，它結合了購物體驗的創新，以改變其最終用戶的廣告商經濟分佈。

Additionally, we also seek to win targeted distribution through OEMs, ISCs, ISPs, and retailers.

此外，我們還尋求通過 OEM、ISC、ISP 和零售商贏得有針對性的分銷。

The recently announced deal with XP in the US is an example of this.

最近在美國宣布的與 XP 的交易就是一個例子。

Turning to the ad platform, our strategy can be summarized to consolidate, win and display, and there we are focused on integrating our advertising efforts into a single comprehensive system that can deliver our publishing partners' industry-leading yields and our advertiser's optimal return on their ad spend.

談到廣告平台，我們的戰略可以概括為鞏固、贏得和展示，我們專注於將我們的廣告工作整合到一個單一的綜合系統中，該系統可以為我們的出版合作夥伴提供行業領先的收益和我們的廣告客戶的最佳回報他們的廣告支出。

In the area of communications and social networking, which includes our [Mile] messenger and social networking assets such as Spaces, will delivery the leading end-to-end experiences across the PC, phone and Web.

在通信和社交網絡領域，包括我們的 [Mile] Messenger 和 Spaces 等社交網絡資產，將在 PC、電話和 Web 上提供領先的端到端體驗。

And finally in the category of information content, we plan to invigorate our [image] in portal experience and improvement in user experience, social media consumption and premium content.

最後，在信息內容方面，我們計劃在門戶體驗和用戶體驗、社交媒體消費和優質內容方面提升我們的[形象]。

As well as overall advertising revenue, which is clearly the overall measure of success, we have aggressive growth targets in each of the above areas over the next five to 10 years.

除了整體廣告收入，這顯然是衡量成功的整體標準，我們在未來 5 到 10 年在上述每個領域都制定了積極的增長目標。

These targets can be broken down in terms of the percentage of share of worldwide page views, percentage of share of Internet vendors, the percentage of share of search queries, and percentage of the growth of our online advertising dollars to pass through our platform.

這些目標可以按照全球頁面瀏覽量的百分比、互聯網供應商的份額百分比、搜索查詢的份額百分比以及我們的在線廣告收入通過我們的平台增長的百分比來細分。

Clearly, the Yahoo transaction, which I will make more comments on later, would have accelerated our progress towards these goals.

很明顯，雅虎交易（我稍後會發表更多評論）將加速我們實現這些目標的進程。

However, during the quarter, a transaction became increasingly unlikely.

然而，在本季度，交易變得越來越不可能。

Further, as you know, during the quarter, Yahoo signed a search outsourcing agreement with Google.

此外，如您所知，在本季度，雅虎與穀歌簽署了一項搜索外包協議。

Given that environment, we made some decisions to accelerate our online services' organic growth strategy.

鑑於這種環境，我們做出了一些決定來加速我們在線服務的有機增長戰略。

Mainly, we decided to increase our investment in the high margins scaleable areas of search and ad platform.

主要是，我們決定增加對搜索和廣告平台的高利潤率可擴展領域的投資。

About two-thirds of the incremental spend that we are planning is related to investments to drive usage by a search offering.

我們計劃的增量支出中約有三分之二與推動搜索產品使用的投資有關。

We are dialing up a search distribution initiatives with targeted OEM toolbar [Ult-6] deals, scaling search globally with investments in localized engineering and data centers; procuring acquisitions and partnerships to build vertical content to support our commercial strategy; accelerating the rollout of our Cashback program; and increasing marketing and investments to grow awareness and drive traffic.

我們正在通過有針對性的 OEM 工具欄 [Ult-6] 交易撥打搜索分發計劃，通過對本地化工程和數據中心的投資在全球範圍內擴展搜索；採購和合作建立垂直內容以支持我們的商業戰略；加速推出我們的現金返還計劃；並增加營銷和投資以提高知名度並增加流量。

Second, we're upping the investments in our ad platforms, aimed at increasing the number of advertisers and high quality inventory on our platform.

其次，我們正在加大對廣告平台的投資，旨在增加廣告客戶的數量和我們平台上的高質量庫存。

Specifically, these investments are in the area of accelerating the integration of our ad platform assets, expanding our sales and service capabilities, small acquisitions to enhance platform technology, and investments in strategic partnerships to increase third party inventory available to advertisers on our ad platform.

具體而言，這些投資涉及加速我們的廣告平台資產整合、擴大我們的銷售和服務能力、通過小規模收購來增強平台技術，以及投資於戰略合作夥伴關係以增加我們廣告平台上廣告商可用的第三方庫存。

Returning to EPS, our diluted earnings per share for the year are expected to come in at $2.12, $2.18, representing growth of 13% to 17%, 2 to 4 points faster than revenue.

回到每股收益，我們今年的攤薄後每股收益預計為 2.12 美元、2.18 美元，增長 13% 至 17%，比收入快 2 至 4 個百分點。

To put this performance in context, as I mentioned at the front of the call, if we achieve the middle of our guidance, we'll have increased earnings per share from $1.42 to $2.15 in two years, an increase of 50%.

正如我在電話會議前面提到的那樣，將這一表現放在背景下，如果我們達到我們指導的中間值，我們將在兩年內將每股收益從 1.42 美元增加到 2.15 美元，增長 50%。

But first quarter, we expect earnings per share of $0.47 to $0.48, and these earnings assume an effective tax rate of 28%.

但第一季度，我們預計每股收益為 0.47 美元至 0.48 美元，這些收益假設有效稅率為 28%。

From a balance sheet perspective, we expect total unearned revenue to finish fiscal 2009 up 8% to 9%.

從資產負債表的角度來看，我們預計 2009 財年未實現的總收入將增長 8% 至 9%。

Contracted, not build, should also finish 2009 up from current levels.

2009 年已簽約，而非建造，也應該從目前的水平上升。

When thinking about the sequential changes in unearned revenue from Q4 fiscal year '08 to Q1 fiscal year '09, we expect sequential decrease from Q4 to Q1 to exceed the rate of decline we experienced the last few years.

在考慮從 08 財年第四季度到 09 財年第一季度未實現收入的連續變化時，我們預計第四季度到第一季度的連續下降將超過我們過去幾年經歷的下降速度。

As always, when thinking about the guidance we provide, you should also consider the risk.

與往常一樣，在考慮我們提供的指導時，您還應該考慮風險。

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

其中包括競爭對手、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、盜版率的變化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 fillings between annuity and [LIFO finally] can have an impact on revenue operating income and EPS by delaying revenue recognition into future periods.

此外，我們在年金和 [LIFO finally] 之間的填充組合的變化可能會通過將收入確認延遲到未來期間來影響收入營業收入和每股收益。

So, in closing, the strong results of fiscal year '08 with the outcome of both business and engineering execution.

因此，最後，08 財年的強勁業績伴隨著業務和工程執行的成果。

In addition to the financial outperformance, we delivered the final phase in our multi-year product [risk] cycle with the availability of Windows Server 2008, and Visual Studio 2008, and are well positioned to continue that momentum into fiscal 2009.

除了財務上的優異表現外，我們在多年產品 [風險] 週期的最後階段推出了 Windows Server 2008 和 Visual Studio 2008，並準備好將這種勢頭延續到 2009 財年。

The next fiscal year will be an important year driving mass adoption across a portfolio of products.

下一財年將是推動產品組合大規模採用的重要一年。

With our breadth of products and global diversification, we are confident in our ability to continue to deliver double digit revenue increases, even off our base of over $60 billion.

憑藉我們廣泛的產品和全球多元化，我們有信心繼續實現兩位數的收入增長，即使在我們超過 600 億美元的基礎上也是如此。

And we will continue to use that strong cash flow to invest in our organic growth, inorganic growth through acquisitions, and in our sells through buyback.

我們將繼續利用強勁的現金流來投資於我們的有機增長、通過收購實現的無機增長以及通過回購進行的銷售。

Before I hand the call back to Colleen, I wanted to take a moment to clarify the terms of our recent proposal for a search transaction with Yahoo.

在我將電話轉回給科琳之前，我想花點時間澄清一下我們最近與雅虎進行搜索交易的提議的條款。

Given the upcoming Yahoo shareholder meeting, I won't be taking any questions on this topic in the Q&A session that will follow this presentation, and we won't be providing any additional comments on that, as we've already discussed.

鑑於即將召開的雅虎股東大會，我不會在本次演講之後的問答環節中就這個話題提出任何問題，我們也不會就此提供任何額外的評論，正如我們已經討論過的那樣。

But with that, let me outline you the key elements of our proposal.

但是，讓我概述一下我們提案的關鍵要素。

Firstly, we are providing significant revenue guarantees.

首先，我們提供重要的收入保證。

Microsoft proposed a 10-year minimum revenue guarantee totaling between [19.5 billion and $26.5 billion].

微軟提出了一項為期 10 年的最低收入保證，總額在 [195 億至 265 億美元] 之間。

For the first five years, the guarantee is $2.3 billion per year; thereafterwards, both Yahoo and Microsoft have the option to extend the agreement for an additional five-year period.

前五年，擔保金額為每年 23 億美元；此後，雅虎和微軟都可以選擇將協議再延長五年。

If Yahoo unilaterally chooses to extend the agreement, the guarantee would be for $1.6 billion per year after the extension.

如果雅虎單方面選擇延長協議，延期後每年將提供 16 億美元的擔保。

Conversely, if Microsoft unilaterally chooses to extend the agreement, the guarantee to Yahoo would be $3 billion per year after the extension.

相反，如果微軟單方面選擇延長協議，延長後每年對雅虎的擔保將達到 30 億美元。

These guarantees are not conditional on Yahoo search queries; rather the guarantees are tied to Yahoo's home page performance.

這些保證不以雅虎搜索查詢為條件；相反，這些保證與雅虎的主頁性能有關。

Our proposal includes an 85% tech rates for the first three years of the agreement and 70% thereafter.

我們的提議包括協議前三年 85% 的技術費率和此後 70% 的技術費率。

Microsoft would pay Yahoo $1 billion for its search assets, provide $2.8 billion of senior debt to Yahoo on favorable terms; and make a significant equity investment in Yahoo through the purchase of $3.9 billion of Yahoo's stock at $19.50 per share, reflecting our view of the value of the company as a result of that proposed transaction, and the distribution of cash and the Yahoo Asian investments by Yahoo to its stockholders.

微軟將向雅虎支付 10 億美元的搜索資產，並以優惠條件向雅虎提供 28 億美元的優先債務；並通過以每股 19.50 美元的價格購買 39 億美元的雅虎股票對雅虎進行重大股權投資，這反映了我們對擬議交易的公司價值的看法，以及現金分配和雅虎亞洲投資雅虎對其股東。

I should also note that Microsoft's proposal did not and does not include changes to Yahoo's governance.

我還應該指出，微軟的提議沒有也不包括對雅虎治理的改變。

We clearly continue to believe that our proposal is a compelling one.

我們顯然仍然相信我們的提議是一項令人信服的提議。

With that, I am going to hand the call back to Colleen so we can get started taking your questions.

有了這個，我將把電話轉回給科琳，這樣我們就可以開始回答你的問題了。

And I clearly look forward to seeing a number of you at our financial analysts meeting, which is next Thursday.

我很期待在下週四的金融分析師會議上見到你們中的一些人。

Thanks.

謝謝。

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 limit yourselves 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？

Okay, thank you.

好的謝謝你。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Sarah Friar, Goldman Sachs.

莎拉·弗萊爾，高盛。

Thanks for taking my question.

感謝您提出我的問題。

Chris, just firstly, could you give us a little bit of your overview on the macroenvironment and how that has changed when you think back to giving earnings three months ago?

克里斯，首先，您能否向我們介紹一下您對宏觀環境的概述，以及當您回想起三個月前的收益時，情況發生了怎樣的變化？

And then just on your cash flow, it came in a little weaker than we were anticipating.

然後就你的現金流而言，它比我們預期的要弱一些。

DSOs were up higher than we have seen and perhaps ever for Microsoft.

DSO 比我們看到的要高，也許對微軟來說也是如此。

Was there a collections issue?

有收藏問題嗎？

More back end loading?

更多後端加載？

If you could perhaps talk to the weakness there.

如果你能談談那裡的弱點。

Sure.

當然。

Okay, taking those in turn -- in terms of the macroenvironment, it is broadly speaking the same as what we were expecting in April.

好的，反過來看 - 就宏觀環境而言，它與我們在 4 月份的預期大致相同。

Clearly people are getting concerned now about the length of softness here in the US.

顯然，人們現在開始關注美國的疲軟程度。

But as you are seeing for revenue, we have taken it up slightly since April.

但正如您所看到的收入，我們自 4 月以來略有增加。

So in terms of the visibility into our products, we are actually feeling very good about our position, not only here in the US but outside the US.

因此，就我們產品的知名度而言，我們實際上對我們的地位感覺非常好，不僅在美國，而且在美國以外。

As I mentioned in my comments, if you look at the Company overall, our sales in the US in the year that we've just completed were up 15%.

正如我在評論中提到的那樣，如果你看一下公司的整體情況，我們剛剛完成的一年在美國的銷售額增長了 15%。

The Company overall is up 18%.

公司整體上漲18%。

So clearly we grew faster outside the US than we did inside the US.

很明顯，我們在美國以外的增長速度比在美國國內的增長速度要快。

But at 15%, given -- it's been a difficult environment for a number of companies, growing at 15% off our base was very good.

但是考慮到 15% 的增長——對於許多公司來說，這是一個艱難的環境，在我們的基礎上增長 15% 是非常好的。

So going into next year, we are clearly cautious, like everyone is, about the impact of the environment, but for our products overall, we're feeling very good.

所以進入明年，我們顯然和每個人一樣，對環境的影響持謹慎態度，但對於我們的產品整體而言，我們感覺非常好。

I'd say the one proviso to that is in the online advertising space, where we are seeing a direct impact.

我想說的一個附帶條件是在線廣告領域，我們看到了直接的影響。

It was weak in the fourth quarter and I think you're seeing from results of other companies some weakness in that general space.

第四季度表現疲軟，我認為您從其他公司的業績中可以看到該總體領域的一些弱點。

So, there is a direct impact and we are not immune to that in the online space.

所以，有一個直接的影響，我們也不能倖免於在線空間。

And we'll probably see that continuing certainly for the next quarter.

我們可能會看到下個季度肯定會繼續這種情況。

But overall, in terms of that core business growth, that feels very good.

但總體而言，就核心業務增長而言，感覺非常好。

In terms of your other questions on cash flow, the biggest thing in the cash flow that was probably a negative was the payment of the fine to the EU, which was over $1 billion, so -- $1.5 billion.

關於你關於現金流的其他問題，現金流中最大的可能是負數是向歐盟支付了超過 10 億美元的罰款，所以 - 15 億美元。

So that was clearly a big negative from a cash flow point of view.

因此，從現金流的角度來看，這顯然是一個很大的負面影響。

Other than that, there really wasn't anything remarkable from a cash flow point of view.

除此之外，從現金流的角度來看，確實沒有什麼了不起的。

In fact, it was quite a strong quarter, given the results overall.

事實上，考慮到整體結果，這是一個相當強勁的季度。

And on a DSL standpoint, Q4 seasonally does tend to be a little higher than some of the other quarters.

從 DSL 的角度來看，第四季度的季節性確實往往比其他一些季度略高。

We do close a lot of business.

我們確實關閉了很多業務。

And our fiscal Q4 as the sales force is out there closing deals.

我們的第四財季作為銷售人員正在完成交易。

But we didn't see anything unusual from a DSO standpoint.

但從 DSO 的角度來看，我們沒有發現任何異常。

But overall, I'd say revenue growth of 18% last year, guiding to revenue growth of 11% to 13%.

但總體而言，我會說去年收入增長 18%，引導收入增長 11% 至 13%。

So you combine those and say it is 30% broadly for the two years that cover what was hopefully the worst of the economic conditions, so we are feeling good about it.

所以你把這些結合起來，說這兩年大概是 30%，涵蓋了最壞的經濟狀況，所以我們對此感覺良好。

Okay, thanks, Sarah.

好的，謝謝，莎拉。

Next question, please?

請問下一個問題？

Heather Bellini, UBS.

瑞銀集團的希瑟·貝里尼。

I was just wondering, Chris, if you could talk a little bit about the OSB business.

克里斯，我只是想知道你能否談談 OSB 業務。

Given how far behind you guys are, if you are unsuccessful in getting all or even a part of Yahoo, can you walk us through how you are going to be able to compete with Google?

鑑於你們落後了多少，如果你未能獲得雅虎的全部甚至一部分，你能告訴我們你將如何與穀歌競爭嗎？

And also, are we in a critical period here in this segment, where if you continue to go down the path of going into loan, that we are going to be seeing this accelerating spending from current levels so that it is going to adversely impact overall op margins; so we're actually not going to see op margins expand for the next two years?

而且，我們是否處於這一領域的關鍵時期，如果你繼續走貸款的道路，我們將看到這種從當前水平加速支出的情況，這將對整體產生不利影響營業利潤率；所以我們實際上不會看到未來兩年的運營利潤率擴大？

Thanks.

謝謝。

Yes, sure.

是的，當然。

Okay, overall, clearly, regardless of what happens with Yahoo, it is a space that we are committed to.

好吧，總的來說，很明顯，不管雅虎發生了什麼，我們都致力於這個空間。

I said that in the prepared remarks and it is one that we're committed to on a long-term basis.

我在準備好的評論中說過，這是我們長期致力於的。

I would split the market, as I did in my prepared remarks, into four areas, of which search is only one -- ad platform, communications, social networking, and information content being the other ones.

正如我在準備好的評論中所做的那樣，我將市場劃分為四個領域，其中搜索只是其中之一——廣告平台、通信、社交網絡和信息內容是其他領域。

And clearly, we have a very good position in information content and communications and an ad platform with the acquisition of aQuantive.

顯然，通過收購 aQuantive，我們在信息內容和傳播以及廣告平台方面擁有非常好的地位。

So we feel very good about our relative position in those areas and a number of our investments are going into that.

因此，我們對我們在這些領域的相對地位感到非常滿意，我們的一些投資正在進入這一領域。

In the search area, clearly, that's the one we are, relatively speaking, we are the most behind.

在搜索區，很明顯，那是我們，相對來說，我們是最落後的。

And that is why we're taking a different approach; which again, I mentioned in the prepared remarks, where we are focusing in particular on the areas of search where there is a strong commercial intent of verticals like retail, travel, real estate, local -- we're looking at different approaches where we might potentially take a disruptive and business model, for example, Cashback, and then looking at winning distribution deals.

這就是我們採取不同方法的原因；我在準備好的評論中再次提到了這一點，我們特別關注具有強烈商業意圖的垂直搜索領域，如零售、旅遊、房地產、本地——我們正在尋找不同的方法可能會採用顛覆性的商業模式，例如現金返還，然後著眼於贏得分銷交易。

Now in the short term, that isn't going to make the division profitable.

現在在短期內，這不會使該部門盈利。

And I think clearly from our guidance that is not the case.

從我們的指導來看，我清楚地認為情況並非如此。

So as I said in the remarks, if you look at the operating margins structure of the Company, you really have to look at the three distinct businesses.

所以正如我在評論中所說，如果你看公司的營業利潤率結構，你真的必須看三個不同的業務。

We feel good about the margins structure for our core businesses, in particular, growing double digit revenue.

我們對核心業務的利潤率結構感到滿意，特別是增長兩位數的收入。

On entertainment and devices will be broadly flat but online is going to be negative.

娛樂和設備將大致持平，但在線將是負面的。

Chris, yes, I totally get what you're saying.

克里斯，是的，我完全明白你在說什麼。

I guess the question that I'm getting asked a lot is -- how long are you going to spend the -- you're obviously performing well on the top line, but you're spending the upside, so that -- where people aren't getting margin expansion.

我想我經常被問到的問題是——你打算花多長時間——你顯然在頂線上表現不錯，但你花在了上升空間，所以——人們在哪裡沒有得到利潤率擴張。

I guess the question that I am getting at is how long should we expect that to continue?

我想我要解決的問題是我們應該期望這種情況持續多久？

Well, we're not going to make -- and certainly, on this call, we're not going to give guidance for fiscal year '10 and '11.

好吧，我們不會做——當然，在這次電話會議上，我們不會為 10 和 11 財年提供指導。

Some of these investments that we are making will be multi-year.

我們正在進行的其中一些投資將是多年的。

So it will depend to a large extent on our revenue growth as to when that division becomes profitable.

因此，該部門何時開始盈利將在很大程度上取決於我們的收入增長。

So, it will need to continue to grow relatively substantially in order to cover the level of investments that we are making.

因此，它需要繼續相對大幅增長，以覆蓋我們正在進行的投資水平。

But it is going to be -- and I think we've made this point on previous calls -- it is going to be an investment-heavy area.

但這將是 - 我認為我們已經在之前的電話會議上提出了這一點 - 這將是一個投資密集的領域。

In particular, things like the ad platform, where we you see a convergence of two natural players over time, of which we clearly would expect to be one.

特別是像廣告平台這樣的東西，隨著時間的推移，我們可以看到兩個自然玩家的融合，我們顯然希望成為其中之一。

And that's an area where spending in particular on infrastructure is likely to be high.

這是一個特別是基礎設施支出可能很高的領域。

So, I can't promise you that you are going to see a massive turnaround in the short term and certainly fiscal year '09, which is the year that we're going to today, it is going to be a continuation of an investment.

所以，我不能向你保證，你會在短期內看到巨大的轉變，當然是 09 財年，也就是我們今天要去的一年，這將是投資的延續.

But again, put it in the context of what we would describe as the overall opportunity and the size of the Company overall.

但同樣，將其置於我們將描述為整體機會和公司整體規模的背景下。

Charles DiBona, Sanford Bernstein.

查爾斯·迪博納，桑福德·伯恩斯坦。

I would like to circle back to the Q4 results and really particularly the margins here.

我想回到第四季度的結果，尤其是這裡的利潤率。

I think the Xbox issue is fairly straightforward, but in something like five of the last eight Q4's, you guys have had an issue of not being disappointing on margins.

我認為 Xbox 的問題相當簡單，但在過去 8 個 Q4 中的 5 個中，你們遇到了一個問題，即在利潤率上並不令人失望。

And maybe you can give us some color and comfort on sort of what looks to be like a fairly persistent control issue in Q4, and in some cases, it looks like you might be pulling some expenses forward.

也許你可以在第四季度看起來相當持久的控制問題上給我們一些色彩和安慰，在某些情況下，看起來你可能會提前支付一些費用。

Are we going to see that in the fiscal '09 numbers?

我們會在 09 財年的數字中看到這一點嗎？

Yes, I always distinguish between the costs which were, if you like, a function of the revenue, a function of decisions that we made and functions of unexpected low quality spend, if you like.

是的，我總是區分成本，如果你願意，成本是收入的函數，我們做出的決策的函數和意外的低質量支出的函數，如果你願意的話。

But to give you some comfort, it's the areas that we spent more of in fourth quarter were more orientated in the first two.

但為了讓您感到安慰，我們在第四季度花費更多的領域在前兩個方面更加定位。

For example, on the revenue side, we sold more Xboxes, so we had more COGS.

例如，在收入方面，我們賣出了更多的 Xbox，所以我們有更多的 COGS。

That's good news.

那是好消息。

Okay?

好的？

We don't make any money from those, but overall, in terms of long-term health in the business, the more consoles we sell, the better.

我們沒有從中賺錢，但總體而言，就業務的長期健康而言，我們銷售的遊戲機越多越好。

And Server and Tools, our higher Enterprise Services revenue carries higher COGS with it.

而服務器和工具，我們更高的企業服務收入帶來了更高的 COGS。

Again, that is just a factor of it.

同樣，這只是其中的一個因素。

So the mix inside Server and Tools might not be as strong as you would like from a revenue point of view, but that's just a natural consequence.

因此，從收入的角度來看，Server 和 Tools 內部的組合可能沒有您希望的那麼強大，但這只是自然的結果。

In terms of decisions that we made, we have budgeted headcount on people hired to their budgeted levels.

就我們做出的決定而言，我們已將僱用人員的預算編制到他們的預算水平。

That is a good thing in the sense that we actually hired people that we want to hire.

從某種意義上說，這是一件好事，因為我們實際上僱用了我們想僱用的人。

And we were particularly successful.

我們特別成功。

I think that is a reflection to a large extent of the economic environment and the fact that, if anything, at the moment we are an even more attractive company than we have been to people.

我認為這在很大程度上反映了經濟環境以及事實上，如果有的話，目前我們是一家比我們對人們更具吸引力的公司。

So again, that hits us from an expense point of view, but I have described one of the categories, it is a conscious decision to hire people.

再說一次，從費用的角度來看，這對我們來說很重要，但我已經描述了其中一個類別，僱用人員是一個有意識的決定。

In terms of things that are outside our control, FX was a factor.

就我們無法控制的事情而言，FX 是一個因素。

FX has been our friend pretty much throughout the year in terms of driving more revenue upside than more expense.

就推動更多收入增長而不是增加支出而言，FX 幾乎全年都是我們的朋友。

Net-net it has been a positive, clearly because we have more revenue outside the US than we do expenses.

Net-net 這是一個積極的方面，顯然是因為我們在美國以外的收入比我們的支出要多。

In the fourth quarter, it was an unusual quarter in that we hired a lot of people outside the US.

在第四季度，這是一個不尋常的季度，我們在美國以外的地方僱傭了很多人。

And the mix of expenses was such that the FX impact was higher in OpEx than it was in revenue.

而且費用的組合使得對運營支出的外匯影響高於對收入的影響。

If you look across the year, that's not the case, but in the quarter it was.

如果縱觀全年，情況並非如此，但在本季度卻是。

So I'm comfortable that there's not any lack of control over spending.

所以我很放心，對支出沒有任何缺乏控制。

Most of the decisions I have talked about were either conscious ones or a reflection of better revenue performance in certain areas.

我談到的大多數決定要么是有意識的，要么是某些領域收入表現更好的反映。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Thank you very much.

非常感謝。

It looks like the stepping up of investments in the Online Services Business seems like the right thing to do.

看來加大對在線服務業務的投資似乎是正確的做法。

I'm just curious, Chris, but I would have expected that to be accompanied by an increase to the revenue guidance.

克里斯，我只是好奇，但我預計這會伴隨著收入指導的增加。

Yet and you look back over the last 12 months, if I exclude aQuantive, I still come up with much faster revenue growth in the Online Services Business.

然而，你回顧過去 12 個月，如果我排除 aQuantive，我仍然認為在線服務業務的收入增長要快得多。

So my question is, is the return on these investments going to take more than one year lag to show up in the financials?

所以我的問題是，這些投資的回報是否需要一年多的時間才能出現在財務上？

Or is there some conservativism in how you're budgeting for the revenue productivity as a result of these investments?

或者，由於這些投資，您對收入生產力的預算是否存在一些保守主義？

Is there a longer lag to these OpEx investments?

這些運營支出投資是否存在更長的滯後？

And also, maybe three or four seconds of your thoughts on [prime] guidance.

而且，也許你對 [主要] 指導的想法有三四秒鐘。

I know Colleen didn't want to answer multipart questions, but I couldn't resist this.

我知道科琳不想回答多部分問題，但我無法抗拒這一點。

The 6% to 7% growth absent currency looks to be very low on the 2% to 3% side.

在沒有貨幣的情況下，6% 到 7% 的增長在 2% 到 3% 方面看起來非常低。

I'm just curious what was the thought process that went into that guidance as well?

我只是好奇該指導的思考過程是什麼？

Thanks.

謝謝。

Okay, sure.

好的，當然。

Kash, you went blank through the start of your question, so if I don't cover it exactly, please come to me; we missed just the first few words of your question.

Kash，你的問題一開始就空白，所以如果我沒有準確地涵蓋它，請來找我；我們錯過了你問題的前幾句話。

But in terms of online spending, is it likely to be more of a fiscal year ['10] impact on revenue, the answer is yes.

但就在線支出而言，是否可能更多的是一個財年['10] 對收入的影響，答案是肯定的。

And that is not only because of the nature of some of the investments that we are making, things like marketing Cashback.

這不僅是因為我們正在進行的一些投資的性質，比如營銷現金返還。

That is going to take time in terms of seeing the real impact from that.

這需要時間才能看到真正的影響。

But also, just because, as I mentioned in, I think, Sarah's question, the online advertising area is probably the part of the business, certainly in the short-term, which we think is most challenging.

而且，正如我在莎拉的問題中提到的，我認為在線廣告領域可能是業務的一部分，當然在短期內，我們認為這是最具挑戰性的。

From an economic environment point of view, we have actually done remarkably well in our commercial businesses and overall for PCs -- getting through difficult and choppy economic waters.

從經濟環境的角度來看，我們實際上在商業業務和個人電腦方面都做得非常好——度過了困難和波濤洶湧的經濟水域。

The online advertising area appears very difficult at the moment.

在線廣告領域目前看起來非常困難。

I think that is across the board.

我認為這是全面的。

That is not just us.

這不僅僅是我們。

So I don't want to promise -- we might see benefits for example, in share, but I'm not sure whether that share is necessarily in [best display] in the search area.

所以我不想承諾——我們可能會看到收益，例如份額，但我不確定該份額是否一定在搜索區域的 [最佳顯示] 中。

Again, it translates in the -- certainly in the first six months and possibly across the year to significant revenue growth.

再一次，它轉化為——當然是在前六個月，甚至可能在全年都轉化為顯著的收入增長。

But I think you could expect to see us make progress in the years that I've talked about, which is the underlying dynamics, the driver, the percentage minutes, percent of share, et cetera.

但我認為你可以期待看到我們在我談到的這些年中取得進展，這是潛在的動力、驅動因素、分鐘百分比、份額百分比等等。

That is really how we're going to have to measure ourselves over the next year.

這就是我們明年必須衡量自己的方式。

I think the second half of your question was client-specific, is that right?

我認為您問題的後半部分是針對特定客戶的，對嗎？

That's correct, yes.

沒錯，是的。

In the 6% to 7%, yes, that is relatively light.

在 6% 到 7% 之間，是的，那是比較輕的。

To some extent, it is because of the very high, strong quarter 1 that we had last year.

在某種程度上，這是因為我們去年的第一季度非常高，強勁。

If you will recall, we had a very strong quarter 1 piracy performance last year.

如果您還記得，我們去年第一季度的盜版表現非常強勁。

It is also part of the strong Q4 performance from this year, which Colleen mentioned in the prepared remarks, was some channel inventory.

這也是今年第四季度強勁表現的一部分，科琳在準備好的評論中提到，是一些渠道庫存。

If you like, it was very strong unit growth in quarter four of fiscal year '08.

如果您願意，08 財年第四季度的單位增長非常強勁。

Some of that was because of a weak Q3.

其中一些是因為第三季度疲軟。

You will recall that Q3 call, we talked about some of the inventory issues there and that was one of the reasons why Q3 of last year was weak.

你會記得第三季度的電話會議，我們談到了那裡的一些庫存問題，這也是去年第三季度疲軟的原因之一。

So like a bit of a borrowing from Q3 into Q4, and also we think a little bit of a -- some of our customers brought forward from Q1 into Q4 as well.

因此，就像從第三季度到第四季度的一點點借款，我們也認為一點點——我們的一些客戶也從第一季度到第四季度。

So that is one of the reasons.

所以這是原因之一。

The other is we are about 10% to 12% PC unit growth expectation, which relative to the year of 12% to 14%, we are just seeing that quarter as being one of the low points.

另一個是我們對 PC 單位增長的預期約為 10% 至 12%，相對於 12% 至 14% 的一年，我們只是將那個季度視為低點之一。

So, you combine all of those factors and in fact, that is going to be the lowest revenue growth quarter for Client in the year.

因此，您將所有這些因素結合起來，事實上，這將是客戶一年中收入增長最低的季度。

Brent Thill, Citigroup.

花旗集團的布倫特希爾。

Chris, the overall buyback for '08 was more than cut in half from '07.

克里斯，08 年的整體回購比 07 年減少了一半以上。

Obviously it is understandable considering the acquisition strategy, but I guess as it relates to the overall plan, you only have $3 billion left on the current $36 billion plan.

顯然，考慮到收購策略是可以理解的，但我想由於它與整體計劃有關，目前的 360 億美元計劃只剩下 30 億美元。

How aggressive at 25 and change will you be with the stock here?

在 25 歲時，您對這裡的股票有多大的進取心和變化？

Okay, yes, going backwards and then go forwards.

好的，是的，向後走，然後向前走。

Backwards, yes, you're right, it was lower than the previous year.

向後，是的，你是對的，它低於前一年。

One of the reasons for that is we were getting down to a level of cash that we feel more comfortable with.

造成這種情況的原因之一是我們正在降低到我們覺得更舒服的現金水平。

So there was some accelerated buying in the previous year.

因此，前一年有一些加速購買。

The other impact was we [played at] the aQuantive acquisition, which was relatively expensive this year.

另一個影響是我們[參與] aQuantive 收購，今年收購成本相對較高。

And last factor is when we announced the Yahoo acquisition earlier this year, we went out of the market, both from a sensitivity point of view and clearly, at that stage we are [envisioning] having to use a large part of that cash for the acquisition.

最後一個因素是，當我們今年早些時候宣布收購雅虎時，我們退出了市場，從敏感的角度來看，很明顯，在那個階段，我們[設想]不得不將大部分現金用於獲得。

Subsequent in May when it was clear that the overall transaction wasn't going to happen, we went back into the market and we've been buying at levels that are more like historic levels.

隨後在 5 月份，當很明顯整體交易不會發生時，我們回到了市場，我們一直在接近歷史水平的水平買入。

So those are the reasons why we've been less in the year.

所以這些就是我們這一年少的原因。

It was $5 billion I believe for the quarter.

我相信這個季度是 50 億美元。

So it was a reasonably strong buyback quarter.

所以這是一個相當強勁的回購季度。

Clearly at these prices it is incredibly attractive from a buyback perspective.

顯然，從回購的角度來看，以這些價格，它具有難以置信的吸引力。

I can't tell you as I never do on a quarter by quarter basis exactly how much we will buy back.

我不能告訴你，因為我從來沒有按季度準確地告訴你我們將回購多少。

You are right that we only have about $3 billion worth of our buyback left.

你說得對，我們只剩下價值約 30 億美元的回購。

That's good news in the sense that I think we gotten ourselves through 2012 to complete it.

這是一個好消息，因為我認為我們在 2012 年完成了它。

So we can put it a little ahead of schedule.

所以我們可以提前一點。

What we do here is we complete the current buyback, then we go back to the Board for authorization of any subsequent buyback.

我們在這裡所做的是完成當前的回購，然後我們返回董事會授權任何後續回購。

And that will be exactly the process that we'll do here.

這正是我們在這裡要做的過程。

And when we get authorization from the Board to do further buybacks, we would clearly announce the amount at that stage.

當我們從董事會獲得進一步回購的授權時，我們會在那個階段明確宣布數量。

But certainly wouldn't announce exactly the shape of what we do.

但肯定不會確切地宣布我們所做的事情的形狀。

But clearly, the value of the Company relative to the last three years is as good as it's been.

但很明顯，公司相對於過去三年的價值與以往一樣好。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

I have a question about Office and MBD.

我有一個關於 Office 和 MBD 的問題。

Obviously, Office 2007 has been a terrific product cycle.

顯然，Office 2007 是一個了不起的產品週期。

But MBD has been a little bit light, relative to guidance for the last couple of quarters.

但相對於過去幾個季度的指導，MBD 有點輕。

Could you maybe talk about where you think we are in the Office 2007 cycle?

您能否談談您認為我們在 Office 2007 週期中所處的位置？

And what gives you confidence that we will see a re-acceleration of growth in MBD next year versus what we saw in the back half of this year?

與我們在今年下半年看到的情況相比，是什麼讓您相信明年 MBD 的增長將重新加速？

Well, over all, obviously, the MBD division did extremely well last year.

嗯，總的來說，很明顯，MBD 部門去年的表現非常好。

So, put that in context.

所以，把它放在上下文中。

But you are right in the sense that Office was slightly lighter than we might have thought -- mainly, to be honest, in the consumer area.

但是你說得對，Office 比我們想像的要輕一些——老實說，主要是在消費領域。

And that's around lower priced SKUs and retail.

這是圍繞價格較低的 SKU 和零售。

So we are seeing more of a bias in the volume that we are seeing.

因此，我們在所看到的數量上看到了更多的偏差。

Volumes are very good and business sales are very good, but the volumes on the retail side tend to be more in the lower priced SKUs, so that's having an impact overall.

銷量非常好，業務銷售也非常好，但零售方面的銷量往往更多的是價格較低的 SKU，因此總體上會產生影響。

But the overall volume and the overall adoption and reaction to Office 2007 has been extremely good.

但是 Office 2007 的整體銷量以及整體採用和反應都非常好。

So we feel good and we've put it inside a business group, which grew at 15% to 20% last year.

所以我們感覺很好，我們把它放在一個業務組中，去年增長了 15% 到 20%。

So as we look at it next year, should we be thinking about Dynamics and SharePoint being the key drivers?

因此，當我們明年審視它時，我們是否應該考慮將 Dynamics 和 SharePoint 作為關鍵驅動因素？

Or should we expect Office to reaccelerate?

還是我們應該期待 Office 重新加速？

I think those emerging products are certainly going to make a big difference.

我認為這些新興產品肯定會產生重大影響。

We're guiding 14% to 15%.

我們指導 14% 到 15%。

That's very good.

這是非常好的。

I mean, Office is unlikely to grow at 14% to 15%.

我的意思是，Office 不太可能以 14% 到 15% 的速度增長。

It is likely to grow at more like high to single digits.

它可能會以高到個位數的速度增長。

But the other part of the business will grow extremely well.

但業務的另一部分將增長得非常好。

And that could average up to 14% to 15%; so you are up SharePoint, Office Communications, some of the online services that we're bringing in will start to have an impact.

這可能平均高達 14% 到 15%；所以你準備好了 SharePoint、Office Communications，我們引入的一些在線服務將開始產生影響。

So, overall, [it could] now our biggest division in terms of revenue, 14% to 15% looks very good.

所以，總的來說，[它可以]現在我們最大的收入部門，14% 到 15% 看起來非常好。

Robert Breza, RBC.

羅伯特·布雷扎，RBC。

Just looking at the $500 million in expenses that you're talking about, how should we think about that trending through the year?

看看你所說的 5 億美元的開支，我們應該如何看待這一年的趨勢？

And then depending on any outcome from an acquisition perspective, would you look to accelerate that investment or de-accelerate that investment?

然後根據從收購的角度來看的任何結果，您會尋求加速該投資還是降低該投資的速度？

Thanks.

謝謝。

Yes.

是的。

It has fairly different dynamics.

它有相當不同的動態。

In terms of the consumer marketing, that is probably going to be front loaded in the year.

就消費者營銷而言，這可能會在今年佔據先機。

And one of the reasons for first quarter being relatively light compared to the other quarters would be some of the marketing spend that we see in the first quarter.

與其他季度相比，第一季度相對較少的原因之一是我們在第一季度看到的一些營銷支出。

In terms of some of the online spending, that is probably going to be more progressive through the year.

就一些在線支出而言，這一年可能會更加進步。

In terms of acquisitions, that's really going to be opportunistic.

在收購方面，這確實是機會主義的。

We closed a lot in the fourth quarter.

我們在第四季度關閉了很多。

So one of the things that is impacting our results is clearly the amount of non-cash amortization associated with acquisitions.

因此，影響我們業績的一件事顯然是與收購相關的非現金攤銷金額。

And that was relatively substantial last year; it was over $300 million.

去年這一數字相對較大；超過3億美元。

We don't call that out, as some companies do and take the benefit of adjusting our results to reflect it.

我們不會像一些公司那樣指出這一點，並通過調整我們的結果來反映它。

We take that fully through the P&L.

我們通過損益表完全接受這一點。

And next year, in terms of the guidance we have given you, we expect it to be more than $300 million.

明年，就我們給您的指導而言，我們預計將超過 3 億美元。

How much more and exactly the shape will depend on acquisitions.

多少和確切的形狀將取決於收購。

We have an expectation of it that we build in, but it will grow progressively through the year.

我們對它有一個期望，但它會在一年中逐漸增長。

It is all non-cash but will continue to take the full impact through to P&L.

這都是非現金，但將繼續對損益產生全部影響。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Thanks, Robert.

謝謝，羅伯特。

And our last question, please, Operator.

最後一個問題，請操作員。

And the last question comes from Kirk Materne with Banc of America Securities.

最後一個問題來自美國銀行證券公司的 Kirk Materne。

Yes, thanks very much.

是的，非常感謝。

Chris, you talked in the guidance just on [entertainment] devices about maintaining profitability.

克里斯，你在指南中談到了關於保持盈利能力的[娛樂]設備。

Given that there is no new cycle of the hardware this year, is there any reason why profitability shouldn't start to trend up as attach rates get better?

鑑於今年沒有新的硬件週期，隨著附加率的提高，盈利能力不應該開始上升有什麼理由嗎？

Is there anything going on in that business that's going to require, say, more advertising dollars or spending in that?

該業務中是否有任何事情需要，例如，更多的廣告費用或支出？

One of the impacts obviously is we dropped prices during the course of last year.

其中一個影響顯然是我們在去年期間降低了價格。

So year-on-year, we have slightly different -- difficult price comparisons.

因此，與去年同期相比，我們略有不同——很難進行價格比較。

The other thing is there is more than just Xbox sitting in there.

另一件事是不僅僅是Xbox坐在那裡。

There's obviously Windows Mobile, which has got a lot of opportunities.

顯然有Windows Mobile，它有很多機會。

So there are other areas that we'll be [standing on].

所以還有其他領域，我們將[站在]。

We aren't, in the CapEx today, giving any guidance on profitability.

在今天的資本支出中，我們沒有就盈利能力給出任何指導。

My comment was simply that it will remain the sustainable profitability.

我的評論很簡單，它將保持可持續的盈利能力。

But we're not saying whether that's going to be significantly up or down from where it was last year.

但我們並不是說這會比去年顯著上升還是下降。

Okay, thanks very much.

好的，非常感謝。

Thank you.

謝謝你。

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

感謝大家參與今天的電話會議。

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

如果您有任何其他問題，請隨時直接致電我或我的團隊。

We're very much looking forward to seeing you at our financial analysts meeting next week.

我們非常期待在下週的金融分析師會議上見到您。

As I mentioned at the beginning of this call, this conference call will be available on replay at our Investor Relations website through close the business, July 17, 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 7 月 17 日關閉業務後在我們的投資者關係網站上重播。

In addition, you can hear the replay by dialing 866-515-1618 or for international calls, dial 203-369-2027.

此外，您可以撥打 866-515-1618 或撥打國際電話 203-369-2027 收聽重播。

The dial-in replay will be available through the close of business July 25, 2008.

撥入重播將在 2008 年 7 月 25 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。

And that concludes today's call.

今天的電話會議到此結束。

Please disconnect your line at this time.

此時請斷開您的線路。