微軟 (MSFT) 2009 Q2 法說會逐字稿

Welcome to the Microsoft fiscal year 2009 second-quarter earnings call.

歡迎參加 Microsoft 2009 財年第二季度財報電話會議。

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 call over to Mr.

我現在想把電話轉給先生。

Bill Koefoed, General Manager, Investor Relations.

投資者關係部總經理 Bill Koefoed。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator and thanks to everyone for joining us a little earlier than normal today for Microsoft's second-quarter 2009 earnings conference call.

感謝您，運營商，感謝大家今天比平時早一點加入我們參加微軟 2009 年第二季度財報電話會議。

We decided to align the timing of the earnings release this quarter with the cost-management initiatives that we announced this morning.

我們決定將本季度收益發布的時間與我們今天早上宣布的成本管理計劃保持一致。

We will talk further about these initiatives later on the call.

我們稍後將在電話會議上進一步討論這些舉措。

I am delighted today to be joined by Steve Ballmer, our Chief Executive Officer; as well as Chris Liddell, Senior Vice President and Chief Financial Officer; Frank Brod, Corporate Vice President and Chief Accounting Officer and John Seethoff, Deputy General Counsel.

我很高興今天有我們的首席執行官史蒂夫鮑爾默加入；以及高級副總裁兼首席財務官 Chris Liddell；公司副總裁兼首席會計官 Frank Brod 和副總法律顧問 John Seethoff。

The format for today's call will be as follows.

今天電話會議的格式如下。

Chris will summarize some of the key takeaways for the quarter, as well as address the announcement we made this morning.

Chris 將總結本季度的一些關鍵要點，並闡述我們今天早上發布的公告。

I will then provide details around our second-quarter results and then hand it back to Chris for a more detailed discussion of our business outlook and then Steve will make some comments.

然後，我將提供有關我們第二季度業績的詳細信息，然後將其交還給克里斯，以更詳細地討論我們的業務前景，然後史蒂夫將發表一些評論。

After that, we will take some questions.

之後，我們將回答一些問題。

Please be aware that we filed our Form 10-Q today in conjunction with our earnings release.

請注意，我們今天連同我們的收益發布一起提交了表格 10-Q。

We have also posted our quarterly financial summary slide deck, which is intended to follow the flow of our prepared remarks, as well as provide a reconciliation of differences between GAAP and non-GAAP financial measures that we will talk about today.

我們還發布了我們的季度財務摘要幻燈片，旨在遵循我們準備好的評論的流程，並提供我們今天將要討論的 GAAP 和非 GAAP 財務指標之間差異的對賬。

You can find these documents at the Investor Relations website at www.microsoft.com/msft.

您可以在投資者關係網站 www.microsoft.com/msft 上找到這些文件。

Today's call will be webcast live and recorded.

今天的電話將進行網絡直播和錄製。

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。

A replay of the call will be available at the Microsoft Investor Relations website through the close of business on January 22, 2010.

微軟投資者關係網站將在 2010 年 1 月 22 日收盤前重播電話會議。

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 without the expressed permission of Microsoft may result in civil and criminal penalties.

未經 Microsoft 明確許可，擅自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。

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 comment conference call and in the Risk Factors section of our Form 10-Q, our most recent 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 表格的風險因素部分、我們最近的 10-K 表格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 statement.

我們不承擔更新任何前瞻性陳述的義務。

And now, I will turn the call over to Chris.

現在，我將把電話轉給克里斯。

Thanks, Bill and again, thanks to all of you for accommodating our timing changes.

謝謝，比爾，再次感謝你們所有人適應我們的時間變化。

Our second-quarter results reflect the difficult environment as the global economy continued to deteriorate beyond our expectations, particularly during the month of December.

我們的第二季度業績反映了艱難的環境，因為全球經濟繼續惡化超出我們的預期，尤其是在 12 月份。

Despite this economic backdrop, we were able to grow revenue and utilize accelerated cost reductions to offset the majority of the impact of the revenue shortfall on operating income.

儘管存在這種經濟背景，我們還是能夠增加收入並利用加速降低成本來抵消收入短缺對營業收入的大部分影響。

On a segment basis, our client business being the most severely impacted by the softening economy, declining 8% due to the significant weakness in traditional PC market sales, partially offset by the rapid growth of netbooks.

從細分市場來看，我們的客戶業務受到經濟疲軟的影響最為嚴重，由於傳統 PC 市場銷售的顯著疲軟，我們的客戶業務下降了 8%，部分被上網本的快速增長所抵消。

Revenue from Microsoft Business division and Server and Tools divisions grew a combined $500 million or 7%, driven by healthy demand from enterprise customers while the transactional aspects of these businesses were impacted by lower PC and server hardware unit sales.

受企業客戶健康需求的推動，微軟業務部門和服務器和工具部門的收入合計增長了 5 億美元或 7%，而這些業務的交易方面受到 PC 和服務器硬件單位銷售額下降的影響。

Our online services business revenue was flat, although our online advertising revenue was up 7% in a tough environment.

儘管我們的在線廣告收入在艱難的環境中增長了 7%，但我們的在線服務業務收入持平。

The Entertainment and Devices division delivered revenue above the high end of our guidance, driven by a record number of consumers purchasing Xbox 360 consoles during the holiday season.

在假期期間購買 Xbox 360 遊戲機的消費者數量創歷史新高的推動下，娛樂和設備部門的收入超出了我們預期的上限。

Against the backdrop of a deteriorating economy, we are focused on the need for fiscal discipline and on executing in the areas we can control by managing expenses while delivering on the next wave of our product pipeline.

在經濟惡化的背景下，我們專注於財政紀律的需要，以及在我們可以通過管理費用來控制的領域執行，同時交付我們的下一波產品管道。

During the second quarter as the economic outlook continued to slow, we accelerated our expense reduction plan.

在第二季度，隨著經濟前景繼續放緩，我們加快了削減開支的計劃。

These actions allowed us to deliver operating expenses in the second quarter $600 million below our October forecast.

這些行動使我們能夠在第二季度實現比 10 月份預測低 6 億美元的運營費用。

However, today, we have also announced steps we will take to further manage our cost structure.

然而，今天，我們還宣布了我們將採取的進一步管理成本結構的步驟。

These steps include a reduction in headcount-related costs, including plans to reduce up to 5000 positions in the areas of research and development, marketing, sales, finance, legal, human resources and IT over the next 18 months, of which 1400 are effective today.

這些步驟包括減少與員工人數相關的成本，包括計劃在未來 18 個月內減少研發、營銷、銷售、財務、法律、人力資源和 IT 領域的多達 5000 個職位，其中 1400 個是有效的今天。

There will be no pay raises next fiscal year.

下個財政年度不會加薪。

We have plans to significantly reduce our vendor and contingent staff expenses.

我們計劃大幅減少供應商和臨時員工費用。

We will also be looking for reductions in marketing expenses, reduce capital expenditure and facility costs, as well as tighter discretionary spending, including significantly reduced travel-related expenses.

我們還將尋求降低營銷費用、降低資本支出和設施成本，以及更嚴格的可自由支配支出，包括顯著減少與旅行相關的費用。

The cumulative results of these actions taken during the quarter and those announced today will result in operating expense savings of $1.5 billion and capital expenditure savings of $700 million lower in this fiscal year '09 than assumed in our July guidance.

在本季度採取的這些行動以及今天宣布的行動的累積結果將導致 09 財年的運營費用節省 15 億美元，資本支出節省 7 億美元，比我們 7 月份指導中的假設低。

Lastly, we plan to manage operating expenses broadly flat in fiscal year '10 and capital expenditure to be lower year-over-year.

最後，我們計劃在 10 財年基本持平運營費用，資本支出同比下降。

While we are managing our expenses tightly, we continue investing in key strategic opportunities, which will fuel the future growth of the Company.

在我們嚴格管理開支的同時，我們繼續投資於關鍵戰略機遇，這將推動公司未來的增長。

We have a strong product pipeline and are bringing to market a number of significant product releases over the next two calendar years.

我們擁有強大的產品線，並在接下來的兩個日曆年裡將一些重要的產品發布推向市場。

With those high-level themes, I will turn the call over to Bill for more details on the second quarter.

有了這些高級主題，我將把電話轉給比爾，以了解第二季度的更多細節。

Thanks, Chris.

謝謝，克里斯。

I will discuss top-line financial and business momentum points followed by revenue performance for each of the business units.

我將討論頂級財務和業務動力點，然後是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 relate to the comparable quarter of last year unless otherwise noted.

除非另有說明，否則所有增長比較均與去年同期相比。

Revenue grew 2% to $16.6 billion, which was below our low-end guidance as the economic environment weakened further than we expected, particularly in the month of December.

收入增長 2% 至 166 億美元，低於我們的低端指引，因為經濟環境比我們預期的更弱，尤其是在 12 月份。

Our mix of product billings was approximately 30% from OEMs, 25% from multiyear licensing agreements, 20% from license-only sales and the balance from our other businesses.

我們的產品賬單組合約為 30% 來自 OEM，25% 來自多年許可協議，20% 來自僅許可銷售，其餘來自我們的其他業務。

Despite the broad economic weakness, the annuity portion of our volume licensing business remains healthy and increased one percentage point in our billing mix.

儘管經濟普遍疲軟，但我們批量許可業務的年金部分仍然健康，並且在我們的計費組合中增加了一個百分點。

Enterprise agreement renewal rates were in line with historical trends.

企業協議續簽率符合歷史趨勢。

Unearned revenue grew over 7% to $13.1 billion, but was down sequentially.

未實現收入增長超過 7% 至 131 億美元，但環比下降。

Our contracted not-billed balance increased 10% year-over-year, but was slightly down on a sequential basis remaining at over $13 billion.

我們的合同未開票餘額同比增長 10%，但環比略有下降，仍保持在 130 億美元以上。

When taken together with reported revenue, total bookings for the Company declined 10% this quarter, reflecting the general economic weakness, primarily in our non-annuity business.

與報告的收入一起，本季度公司的總預訂量下降了 10%，反映了總體經濟疲軟，主要是我們的非年金業務。

Overall, changes in foreign exchange rates added about one percentage point 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 1 個百分點。

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

現在，我將從 Windows 客戶端開始按業務部門提供收入詳細信息。

Client revenue declined 8% to $4.0 billion.

客戶收入下降 8% 至 40 億美元。

I will review the main drivers that contributed to this performance beginning with an overview of the PC market.

我將從 PC 市場的概述開始回顧促成這一表現的主要驅動因素。

We estimate that the PC market for the quarter was approximately flat year-over-year, well short of our forecast of 10% to 12% growth, as the PC market weakened much more quickly and severely than expected.

我們估計本季度個人電腦市場與去年同期相比大致持平，遠低於我們預測的 10% 至 12% 的增長，因為個人電腦市場的疲軟速度比預期的要快得多且嚴重得多。

Adding a bit more color, traditional PCs declined almost 10% with weakness in both consumer and business PCs.

再加上一點色彩，傳統 PC 下降了近 10%，消費和商用 PC 均疲軟。

This was partially offset by incremental growth from the new netbooks category.

這被新上網本類別的增量增長部分抵消。

During the quarter, our Windows OEM license units declined by 1%.

在本季度，我們的 Windows OEM 許可單位下降了 1%。

OEM revenue was 12% lower year-over-year, driven primarily by the dynamics of the underlying PC market.

OEM 收入同比下降 12%，主要受基礎 PC 市場動態的推動。

Specifically, the decline in traditional PC sales drove double-digit declines in business and consumer premium SKUs.

具體而言，傳統 PC 銷量的下滑推動了商業和消費者高端 SKU 的兩位數下滑。

This impact was partially offset by strong growth in our netbooks offering.

這一影響被我們上網本產品的強勁增長部分抵消。

Our attach rates were under pressure during the quarter, but we didn't experience a material change versus historical rates.

本季度我們的附加費率面臨壓力，但與歷史費率相比，我們沒有經歷重大變化。

Our netbook attach rates now exceed 80% as customers are clearly opting for the value Windows provides.

我們的上網本附加率現在超過 80%，因為客戶顯然選擇了 Windows 提供的價值。

We estimate that we lost about two percentage points of growth due to the channel holding a lower than historical level of inventory.

我們估計，由於渠道持有低於歷史水平的庫存，我們損失了大約兩個百分點的增長。

The commercial and retail portion of the Client business grew 19% as it benefited from continued adoption of Windows Vista in the enterprise.

客戶業務的商業和零售部分增長了 19%，因為它受益於企業繼續採用 Windows Vista。

On the product front, our engineering team reached a major milestone with the delivery of the public beta of Windows 7, which has received great reviews to date.

在產品方面，我們的工程團隊實現了一個重要的里程碑，即交付了 Windows 7 的公共測試版，該版本迄今已獲得好評。

We remain very positive about the Client product pipeline and its ability to drive long-term growth.

我們對客戶產品線及其推動長期增長的能力仍然非常樂觀。

Server and Tools revenue grew 15% to $3.7 billion despite a declining server hardware market.

儘管服務器硬件市場下滑，但服務器和工具收入增長 15% 至 37 億美元。

This achievement marked the business' 26th consecutive quarter of double-digit growth.

這一成就標誌著該業務連續第 26 個季度實現兩位數增長。

Annuity licensing continued to grow faster than non-annuity licensing.

年金許可繼續比非年金許可增長更快。

The momentum of SQL Server 2008 and our Hyper-V virtualization helped drive Windows Server sales and increase our system center management tools attach rate, thus allowing us to grow our revenue per server.

SQL Server 2008 的發展勢頭和我們的 Hyper-V 虛擬化幫助推動了 Windows Server 的銷售並提高了我們的系統中心管理工具的附加率，從而使我們能夠增加每台服務器的收入。

As a result, Server and Tools continued to grow faster than the hardware market.

因此，服務器和工具的增長速度繼續超過硬件市場。

Demand for our consulting and support services to deploy Microsoft technology remains strong, driving revenue growth at 16%.

對我們部署 Microsoft 技術的諮詢和支持服務的需求依然強勁，推動收入增長 16%。

On the product side, the Server and Tools division made significant product development progress.

在產品方面，服務器和工具部門的產品開發取得了重大進展。

Released to beta, Windows Server 2008 R2 will add the live migration feature to Hyper-V, further enhancing our virtualization offering.

Windows Server 2008 R2 發佈為測試版，將為 Hyper-V 添加實時遷移功能，進一步增強我們的虛擬化產品。

At the Professional Developers Conference in October, we provided a preview to Windows Azure, our cloud-based services platform.

在 10 月的專業開發者大會上，我們提供了基於雲的服務平台 Windows Azure 的預覽。

The Azure services platform hosted in Microsoft data centers provides an operating system and a set of developer services that can be used to build new applications to run from the cloud or enhance existing applications with cloud-based capability.

託管在 Microsoft 數據中心的 Azure 服務平台提供了一個操作系統和一組開發人員服務，可用於構建新的應用程序以從雲中運行或通過基於雲的功能增強現有應用程序。

Its architecture gives developers the choice to build web applications, applications running on connected devices, PCs, servers or hybrid solutions while using the same tools they use today.

它的架構使開發人員可以選擇構建 Web 應用程序、在連接的設備、PC、服務器或混合解決方案上運行的應用程序，同時使用他們現在使用的相同工具。

The online services business revenue was relatively flat at $866 million.

在線服務業務收入相對持平，為 8.66 億美元。

Online advertising revenue grew 7%.

在線廣告收入增長 7%。

Search revenue grew double-digits while display revenue grew slower in a weak ad spending market.

在廣告支出市場疲軟的情況下，搜索收入增長了兩位數，而顯示收入增長放緩。

We continue to see healthy growth in our traffic with page views and query searches both up on a sequential and year-over-year basis.

我們的流量繼續保持健康增長，頁面瀏覽量和查詢搜索量均按順序和同比增長。

In the online services business, we recently announced important partnerships with Dell, Verizon and Sun Microsystems and released a new suite of Windows Live services.

在在線服務業務方面，我們最近宣布與戴爾、Verizon 和 Sun Microsystems 建立重要的合作夥伴關係，並發布了一套新的 Windows Live 服務。

We remain committed to the benefits that a strong online services business will bring to Microsoft.

我們將繼續致力於強大的在線服務業務將為 Microsoft 帶來的好處。

Microsoft Business division revenue was up 1% to $4.9 billion.

微軟業務部門收入增長 1% 至 49 億美元。

Business revenue grew 7% driven by continued strength in the annuity business across Office, SharePoint and Client Access license suites, and benefited from strong deferred revenue recognition.

業務收入增長了 7%，這得益於 Office、SharePoint 和 Client Access 許可證套件的年金業務持續強勁，並受益於強勁的遞延收入確認。

Non-annuity revenue declined on weakness in the midmarket, small to medium business and consumer segments.

非年金收入因中型市場、中小型企業和消費者領域的疲軟而下降。

Specifically, consumer revenue declined 23% driven by the weakness in the core PC market, a mix shift to lower-priced SKUs and inventory reductions from Q1.

具體而言，由於核心 PC 市場疲軟、向低價 SKU 的混合轉變以及第一季度的庫存減少，消費者收入下降了 23%。

From a product perspective, SharePoint, Office Communications Server and CRM all grew at double-digit rates.

從產品的角度來看，SharePoint、Office Communications Server 和 CRM 都以兩位數的速度增長。

We made significant progress against the product pipeline by releasing final versions of Exchange Online and SharePoint Online.

通過發布 Exchange Online 和 SharePoint Online 的最終版本，我們在產品管道方面取得了重大進展。

In October at PDC, we demonstrated our Office 14 Web applications, which will enable the rich and familiar Office experiences through the browser.

10 月在 PDC 上，我們展示了我們的 Office 14 Web 應用程序，它將通過瀏覽器實現豐富而熟悉的 Office 體驗。

Entertainment and Devices division revenue grew 3% to $3.2 billion.

娛樂和設備部門收入增長 3% 至 32 億美元。

A record 6 million consoles were sold in the quarter, growing over 41%.

本季度售出創紀錄的 600 萬台遊戲機，增長超過 41%。

In Europe, Xbox 360 sales nearly doubled those of the previous holiday season.

在歐洲，Xbox 360 的銷量幾乎是上一個假日季的兩倍。

Based on US NPD numbers released last week, Xbox 360 outsold PS3 2 to 1.

根據上周公布的美國 NPD 數據，Xbox 360 的銷量超過了 PS3 2 比 1。

We continue to lead the industry with our software attach rate ratio of 8.1.

我們以 8.1 的軟件附加率繼續引領行業。

During the quarter, we also launched the new Xbox experience, which has been received extremely well.

本季度，我們還推出了全新的 Xbox 體驗，反響非常好。

This software update has given our customers a new upgraded experience that broadens its appeal and increases the value and durability of the platform to customers and Microsoft.

此軟件更新為我們的客戶提供了全新的升級體驗，從而擴大了其吸引力並提高了平台對客戶和 Microsoft 的價值和耐用性。

Xbox Live membership has grown 70% from last year to 17 million members.

Xbox Live 會員人數比去年增長了 70%，達到 1700 萬。

Now for the rest of the income statement.

現在是損益表的其餘部分。

Cost of goods sold was $3.9 billion, increasing as a percentage of revenue two percentage points to 23.5%.

商品銷售成本為 39 億美元，佔收入的百分比增加了兩個百分點，達到 23.5%。

Cost of goods sold growth was driven by higher Xbox 360 console volumes, increased data center and traffic acquisition costs in the online services business, and growth in enterprise services.

Xbox 360 主機銷量增加、在線服務業務中數據中心和流量獲取成本增加以及企業服務增長推動了商品銷售成本的增長。

Operating expenses were $6.8 billion, over $600 million less than was assumed in our low-end guidance.

運營費用為 68 億美元，比我們在低端指引中假設的少 6 億多美元。

This represents a significant slowing in the operating expense growth rate.

這意味著運營費用增長率顯著放緩。

Savings included marketing, vendor, people, and general and administrative expenses.

節省的費用包括營銷、供應商、人員以及一般和管理費用。

As a consequence, operating income, which was $5.9 billion, was only $174 million below guidance, despite revenue being $712 million below guidance.

因此，儘管收入低於指導水平 7.12 億美元，但營業收入為 59 億美元，僅比指導水平低 1.74 億美元。

Other income and expenses was a loss of approximately $300 million for the quarter, driven by currency valuation declines on unhedged portions of the balance sheet and investment impairments, offset by dividends, interest and net recognized gains on investments sold.

本季度其他收入和支出損失約 3 億美元，原因是資產負債表中未對沖部分的貨幣估值下降和投資減值，被股息、利息和已售投資的淨確認收益所抵消。

Our effective tax rate for the quarter was 26%, half a percentage point lower than guidance, driven by an earnings mix increase in lower tax jurisdictions.

我們本季度的有效稅率為 26%，比指引低 0.5 個百分點，這是受低稅收管轄區收入組合增長的推動。

During the quarter, we repurchased 94 million shares or over $2.2 billion of Company stock.

本季度，我們回購了 9400 萬股或超過 22 億美元的公司股票。

We also paid out about $1.2 billion in dividends to shareholders.

我們還向股東支付了約 12 億美元的股息。

Diluted shares outstanding were 8.9 billion, down 6.2% from the prior year as a result of the share repurchases.

由於股票回購，已發行稀釋股本為 89 億股，比上年下降 6.2%。

Earnings per share were $0.47, representing a decline of 6%.

每股收益為 0.47 美元，下降 6%。

So as Chris noted earlier, the business environment made for a challenging quarter, but we feel positively about our quick response in managing expenses to mitigate the impact as much as possible.

因此，正如 Chris 之前指出的那樣，商業環境為一個充滿挑戰的季度帶來了挑戰，但我們對我們在管理費用以盡可能減輕影響方面的快速反應感到積極。

With that, let me turn it back to Chris who will provide you with more insight into our business outlook.

有了這個，讓我把它轉回到克里斯，他將為您提供對我們業務前景的更多見解。

I'm going to spend my remaining time talking about the balance of fiscal 2009.

我將把剩下的時間花在談論 2009 財年的餘額上。

Clearly, the volatility in the macroeconomic climate created a great degree of uncertainty in the second half of our fiscal year and in particular, conditions progressively worsened throughout the second quarter creating a broader than normal range of possible extrapolations looking forward.

顯然，宏觀經濟環境的波動在我們財政年度的下半年造成了很大程度的不確定性，特別是在整個第二季度，情況逐漸惡化，導致未來可能的推斷範圍比正常範圍更廣。

So given that we expect macroeconomic conditions to be the most important variable in predicting our results in the second half, we are not providing quantitative revenue or earnings per share guidance at this time.

因此，鑑於我們預計宏觀經濟狀況將成為預測下半年業績的最重要變量，我們目前不提供量化收入或每股收益指引。

We will, however, provide you with the framework to help you think about the drivers for our business.

但是，我們將為您提供框架，幫助您思考我們業務的驅動因素。

I will start with revenue beginning with Client.

我將從客戶開始的收入開始。

The PC market is clearly the key driver for Client revenue and it is likely to remain weak over the second half of our fiscal year with market trends similar to or potentially weaker than the second quarter, especially in the traditional PC market, excluding netbooks.

個人電腦市場顯然是客戶收入的主要驅動力，並且在我們的財政年度下半年可能會保持疲軟，市場趨勢與第二季度相似或可能弱於第二季度，尤其是在傳統個人電腦市場，不包括上網本。

Offsetting that partially, the netbooks mix of total PCs will likely follow similar trends to Q2 with continued strong Windows attach on netbooks contributing to overall Windows revenue.

部分抵消了這一點，PC 總數的上網本組合可能會遵循與第二季度類似的趨勢，Windows 對上網本的持續強勁增長對 Windows 的整體收入做出了貢獻。

However, as the economy slows, continued inventory contraction and pressure on attach rates would negatively impact revenue growth in the second half.

然而，隨著經濟放緩，持續的庫存收縮和附加費率的壓力將對下半年的收入增長產生負面影響。

So overall, we expect Client revenue to perform broadly in line with the traditional PC market.

因此，總體而言，我們預計客戶收入的表現將與傳統 PC 市場大體保持一致。

For the Microsoft Business division, I will stick to the three main drivers of the business.

對於微軟業務部門，我將堅持業務的三個主要驅動力。

Consumer revenue, which makes up about 20% of the divisional revenue, will be impacted by the declines of the traditional or non-netbook PC market, in addition to further channel inventory contraction.

佔部門收入約 20% 的消費者收入將受到傳統或非上網本 PC 市場下滑以及渠道庫存進一步收縮的影響。

Transactional licensing sales to Business customers, which make up about 25% of the divisional revenue, should generally align to the business PC hardware markets, which may continue to decline in the second half.

商業客戶的交易許可銷售約佔部門收入的 25%，應該與商業 PC 硬件市場保持一致，後者可能在下半年繼續下降。

Finally, the remaining annuity licensing portion of NBD revenue, which makes up approximately 55%, is likely to remain somewhat insulated from macro trends and grow faster than IT spending due to the strength of the businesses like SharePoint and Unified Communications although it could face pressure due to lessening sales cycles.

最後，NBD 收入中剩餘的年金許可部分（約佔 55%）可能會在一定程度上不受宏觀趨勢的影響，並且由於 SharePoint 和統一通信等業務的實力，其增長速度可能快於 IT 支出，儘管它可能面臨壓力由於銷售週期縮短。

The Server and Tools segment has many of the same drivers as the Business division.

服務器和工具部門有許多與業務部門相同的驅動因素。

The OEM and transactional licensing business customers, which is approximately 35% of the business, should generally align with the server hardware markets, which third-party analysts expect will decline over the second half of the year.

約佔業務 35% 的 OEM 和交易許可業務客戶通常應與服務器硬件市場保持一致，第三方分析師預計該市場將在下半年下降。

The remaining annuity licensing and enterprise services portion of the business will likely continue to grow faster than IT spending based on the strength of our product, portfolio and business model, but also could face some pressure due to lengthening sales cycles.

基於我們的產品、組合和業務模式的實力，業務的剩餘年金許可和企業服務部分的增長速度可能會繼續快於 IT 支出，但也可能由於銷售週期延長而面臨一些壓力。

OSB revenue should follow similar trends to what was experienced in the second quarter as advertising spending will likely remain weak until the economy starts turning.

OSB 收入應遵循與第二季度類似的趨勢，因為在經濟開始好轉之前，廣告支出可能會保持疲軟。

This is particularly true for the display advertising portion of our business where we expect monetization rates across the industry to continue to worsen.

對於我們業務的展示廣告部分尤其如此，我們預計整個行業的貨幣化率將繼續惡化。

Also, keep in mind that ongoing expected declines in our access business will weigh on the overall growth of the segment.

此外，請記住，我們接入業務的持續預期下降將影響該部門的整體增長。

Additionally, we would expect a headwind from the impact of foreign currency in the second half of the year given the high proportion of revenue that comes from international markets.

此外，鑑於來自國際市場的收入比例很高，我們預計下半年外彙的影響會受到不利影響。

The Entertainment and Devices division is highly dependent on consumer spending and while we feel good about the first-half results, a shrinking consumer spending environment would weigh on the segment's results in the second half.

娛樂和設備部門高度依賴消費者支出，雖然我們對上半年業績感到滿意，但消費者支出環境萎縮將影響該部門下半年的業績。

Console revenue will likely decline as a result of our earlier pricing actions.

由於我們之前的定價行動，控制台收入可能會下降。

Attach revenue may also slow due to contracting consumer spending and moderating attach rates.

由於消費者支出收縮和附加費率下降，附加收入也可能放緩。

The other software and peripherals portions of our business follow the underlying PC market in the second half.

我們業務的其他軟件和外圍設備部分在下半年跟隨基礎 PC 市場。

With that framework to assist our revenue prospects, let me move to our outlook on expenses.

有了這個框架來幫助我們的收入前景，讓我轉向我們的費用前景。

The economy has clearly deteriorated more than we expected and we have responded to this environment by taking further actions to reduce expenses and to prioritize our efforts.

經濟的惡化顯然超出了我們的預期，我們通過採取進一步行動來減少開支並優先考慮我們的努力來應對這種環境。

We have initiated a number of cost savings, which will layer in progressively over this fiscal year.

我們已經啟動了多項成本節約措施，這些措施將在本財年逐步實施。

As a result of these actions, we now expect fiscal '09 operating expenses of approximately $27.4 billion.

由於這些行動，我們現在預計 09 財年的運營費用約為 274 億美元。

Going forward, we expect to maintain our operating expenses broadly flat in fiscal year '10.

展望未來，我們預計在 10 財年將維持我們的運營費用大致持平。

Moving to the other drivers of earnings per share, we continue to expect an effective tax rate of 26.5% for the year.

轉向每股收益的其他驅動因素，我們繼續預計今年的有效稅率為 26.5%。

Other income may be negatively affected by further market movement.

其他收入可能會受到市場進一步波動的負面影響。

We remain committed to returning capital to shareholders through stock repurchases over the long term.

我們仍然致力於通過長期股票回購向股東返還資本。

However, given the increased uncertainty in the current market, our repurchase activity will slow in the second half of fiscal year '09.

然而，鑑於當前市場的不確定性增加，我們的回購活動將在 09 財年下半年放緩。

With those overall comments and outlook, I'd now like to hand the call over to Steve so he can share his perspective before we take your questions.

有了這些總體評論和展望，我現在想把電話轉給史蒂夫，這樣他就可以在我們回答你的問題之前分享他的觀點。

Thanks, Chris.

謝謝，克里斯。

We are certainly in the midst of a once-in-a-lifetime set of economic conditions.

我們當然正處於千載難逢的經濟狀況之中。

The perspective I would bring is not one of recession.

我要提出的觀點不是經濟衰退。

What I would say rather is the economy is resetting to a lower level of business and consumer spending that is based largely on the reduced leverage in the economy.

我更願意說的是，經濟正在重新回到較低水平的商業和消費者支出，這主要是基於經濟中槓桿率的降低。

Consumers can not refinance their homes, don't have that extra money to buy discretionary second and third PCs.

消費者不能為自己的房屋再融資，也沒有多餘的錢來購買可自由支配的第二台和第三台 PC。

Business, in the business market, we certainly see a reduction in capital expense based upon lack of leverage and business conditions.

商業，在商業市場中，我們當然看到由於缺乏槓桿和商業條件而減少了資本支出。

IT spending represents about 50% of US business capital spend and so neither the consumer nor the business side of the technology industry is immune to these economic -- to these economic conditions.

IT 支出約占美國商業資本支出的 50%，因此無論是消費者還是技術行業的商業方都不能倖免於這些經濟——這些經濟狀況。

As a participant in the market that at least in some areas like our Client business has a very significant marketshare, you certainly feel the overall market impact most clearly.

作為市場參與者，至少在我們的客戶業務等某些領域擁有非常重要的市場份額，您肯定會最清楚地感受到整體市場影響。

In these times, I think there are three things to focus in on and not surprisingly, two of them are very similar to things we focus in on everyday.

在這個時代，我認為需要關註三件事，毫不奇怪，其中兩件事與我們每天關注的事情非常相似。

The three things are, number one, innovation, which I will talk about.

這三件事是，第一，創新，我將談到這一點。

Number two is marketshare, because even in a market that is suffering, share increases drive revenue growth.

第二是市場份額，因為即使在一個正在遭受苦難的市場中，份額的增加也會推動收入增長。

We are always focused on share, but particularly now.

我們一直專注於分享，尤其是現在。

And number three is efficiency and effective resource prioritization and allocation, which is where I want to start and one where perhaps we have spent a little less time with you historically.

第三是效率和有效的資源優先級和分配，這是我想開始的地方，也許我們在歷史上花更少的時間與你在一起。

We are long term and I will come back to this -- we remain incredibly positive on Microsoft, the technology industry, the opportunity for innovation and yet now it is certainly the time to ask critically which of our investments should he prioritized and how can we get more efficient, get the same amount of work done, if you will, for less.

我們是長期的，我會回到這一點——我們對微軟、技術行業、創新機會保持非常積極的態度，但現在肯定是時候批判性地問他應該優先考慮我們的哪些投資以及我們如何才能變得更有效率，做同樣數量的工作，如果你願意的話，花更少的錢。

And we have been through an exercise and continue through an exercise looking at work processes and driving for efficiency, rightsizing and prioritizing some of our investments.

我們一直在進行一項練習，並繼續進行一項練習，著眼於工作流程並提高效率，調整我們的一些投資規模並確定其優先級。

And we have had to take a number of actions.

我們不得不採取一些行動。

We are taking a number of actions to, in some senses, manage our cost base.

從某種意義上說，我們正在採取一些行動來管理我們的成本基礎。

Our cost base has grown, as many of you know, significantly over the last few years.

正如你們中的許多人所知，我們的成本基礎在過去幾年中顯著增長。

And while as Chris said we don't plan on shrinking it in FY '10, we are really putting the brakes on at a new level and quite significantly putting the brakes on.

雖然正如克里斯所說，我們不打算在 10 財年縮小它，但我們確實在一個新的水平上踩剎車，並且非常顯著地踩剎車。

With that said, we are going to continue to invest in important areas of opportunity and so even while we take out up to 5000 jobs, we will also be adding a few thousand jobs back in the areas like search where we continue to see incredible opportunity to do good work.

話雖如此，我們將繼續投資於重要的機會領域，因此即使我們取消了多達 5000 個工作崗位，我們還將在搜索等領域增加數千個工作崗位，我們將繼續看到令人難以置信的機會做好工作。

So we will take out, put back in, but in aggregate manage expenses consistent with the comments Chris had a chance to make.

因此，我們將取出，放回，但總體上管理與克里斯有機會發表的評論一致的費用。

In terms of marketshare, I think we have some great opportunity.

在市場份額方面，我認為我們有一些很好的機會。

Bill talked about the performance of Xbox.

比爾談到了 Xbox 的性能。

We sold over 5 million Windows Mobile units this quarter, which was great.

本季度我們售出了超過 500 萬台 Windows Mobile，這非常棒。

We got a lot of opportunity in search, but we're glad to have search volume up so significantly for us this quarter.

我們在搜索方面有很多機會，但我們很高興本季度的搜索量顯著增加。

Our Server and Tools business reflects our ongoing marketshare improvements basically in both Windows Server and in our SQL business.

我們的服務器和工具業務基本上反映了我們在 Windows Server 和我們的 SQL 業務中持續的市場份額改進。

You will see us continue to invest, particularly in Web servers and technical computing as we move forward.

您將看到我們繼續投資，尤其是在我們前進的過程中在 Web 服務器和技術計算方面。

In the Client business, we sold north of 50 million units of Windows, had another big chunk unfortunately that probably got used, but not paid for and yet we lost maybe a point of share as Apple sold 2.5 million Macs during the same period.

在客戶端業務中，我們售出了超過 5000 萬台 Windows，不幸的是，還有一大塊可能已經被使用，但沒有付款，但我們可能失去了一點份額，因為蘋果在同一時期售出了 250 萬台 Mac。

We have big plans there with Windows 7 and everything that we have coming forward.

我們對 Windows 7 以及我們即將推出的一切都有很大的計劃。

And certainly in this economic climate, the kind of price premiums that people pay for Macintosh versus PCs I think will be looked at far more critically by customers as a number of reviewers have started to note.

當然，在這種經濟環境下，我認為人們為 Macintosh 與 PC 支付的那種價格溢價將受到客戶的批評，正如許多評論家已經開始注意到的那樣。

In the case of netbooks, we have gone from no share to, as the guy said, over 80% share and climbing and it is a whole interesting topic in and of itself.

就上網本而言，正如他所說，我們已經從沒有份額變成了超過 80% 的份額並不斷攀升，這本身就是一個有趣的話題。

Our Office business with the consumer market, volumes are up dramatically year-on-year, over 14%, which is a business people think where we have high share.

我們的辦公業務與消費市場相比，銷量同比大幅增長，超過 14%，這是業內人士認為我們佔有高份額的地方。

We have great opportunities.

我們有很好的機會。

So a lot of focus in in the enterprise space, in the online space, in the entertainment area and the client area.

因此，企業空間、在線空間、娛樂領域和客戶領域都有很多關注點。

We had a lot of opportunity to work on marketshare both from a product development standpoint and from a sales and marketing perspective.

無論是從產品開發的角度還是從銷售和營銷的角度來看，我們都有很多機會來處理市場份額。

Our product pipeline and the work we are doing in innovation I am excited about.

我們的產品線和我們在創新方面所做的工作讓我很興奮。

We have had first looks on Windows 7.

我們已經初步了解了 Windows 7。

We have had good market reaction to Windows Azure, new version of Office, Office 14.

我們對 Windows Azure、新版 Office、Office 14 的市場反應良好。

I am excited to be out in the next year or so, Windows Server 2008 released too, builds on the strength of Windows Server.

我很高興能在明年左右推出，Windows Server 2008 也發布了，它建立在 Windows Server 的優勢之上。

We have certainly got our work cut out for us.

我們當然已經完成了我們的工作。

There are businesses where we have got a lot of work to do where we don't have leading positions and there are some businesses where we have got leading positions.

有些業務我們有很多工作要做，但我們沒有領先地位，有些業務我們已經處於領先地位。

We just have phenomenal new products to come.

我們剛剛推出了非凡的新產品。

But we will continue to invest strongly in R&D.

但我們將繼續大力投資研發。

That gets very well-funded in the operating expense strategy that Chris talked about, but at the same time, we are prioritizing, we are focusing on the most important stuff as we go forward.

這在克里斯談到的運營費用戰略中得到了很好的資金支持，但與此同時，我們正在優先考慮，我們在前進的過程中專注於最重要的事情。

Certainly while the size and scope of this economic dislocation is unprecedented, it may delay technology adoption in the industry at large.

當然，雖然這種經濟錯位的規模和範圍是前所未有的，但它可能會延遲整個行業的技術採用。

I don't think there is any stopping the forward march of our industry or of Microsoft.

我認為沒有任何東西可以阻止我們行業或微軟的前進步伐。

And in the long run, let's call it the pause that the economy is imposing on our industry, will certainly just be that.

從長遠來看，讓我們稱之為經濟對我們行業施加的停頓，肯定會是這樣。

It is a pause and there will be renewed strong growth in the technology industry overall and certainly at Microsoft.

這是一個暫停，整個技術行業將重新出現強勁增長，當然在微軟也是如此。

And we will focus, we will focus on efficiency, on marketshare and on innovation as we drive forward and with that, I'm going to hand things back over to Bill so we can start taking some of your questions.

在我們前進的過程中，我們將專注於效率、市場份額和創新，我將把事情交給比爾，這樣我們就可以開始回答你的一些問題了。

Thanks, Steve.

謝謝，史蒂夫。

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 I will strictly limit you 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，我將嚴格限制您只回答一個問題。

Operator, will you please repeat your instructions?

接線員，請您重複一下您的指示好嗎？

(Operator Instructions).

（操作員說明）。

Brent Thill, Citigroup.

花旗集團的布倫特希爾。

Thanks, good morning.

謝謝，早上好。

If your fiscal '09 guidance holds, this would be the fourth consecutive year of operating margin decline.

如果您的 09 財年指導成立，這將是營業利潤率連續第四年下降。

Do you think you're taking quick enough action to realign the business to this lowered demand environment?

您是否認為您正在採取足夠快的行動來重新調整業務以適應需求下降的環境？

Yes, we believe certainly taking, as you saw, $600 million worth of costs out in the second quarter, which is almost 10% of our cost base for the quarter, was very prompt action.

是的，我們相信，正如您所看到的，在第二季度花費了價值 6 億美元的成本，這幾乎是我們本季度成本基數的 10%，這是非常迅速的行動。

And if you look at $1.5 billion for this year as well, we believe in the context of a deteriorating economy that really accelerated in December.

如果你也看看今年的 15 億美元，我們相信在 12 月真正加速惡化的經濟背景下。

So we are talking about reacting to the last in particular month to six weeks or so of economic data.

所以我們談論的是對最後一個月到六週左右的經濟數據做出反應。

We think the actions we took were actually both very fast and appropriate for that now.

我們認為我們採取的行動實際上非常快速且適合現在。

I agree with the margin comment, but clearly also the mix of our business is changing quite significantly as well.

我同意邊際評論，但顯然我們的業務組合也在發生很大變化。

So as we sit here today, based on the facts that we have seen, in particular over the last few weeks, we think we have taken the right degree of action in terms of reducing the cost base, but continuing to still invest against the revenue that we see coming forward.

因此，當我們今天坐在這裡時，根據我們所看到的事實，特別是在過去幾週內，我們認為我們在降低成本基礎方面採取了正確程度的行動，但仍繼續針對收入進行投資我們看到前進。

I think the one thing you have to understand is with our margin structure, i.e.

我認為您必須了解的一件事是我們的保證金結構，即

with high margins as a percentage of revenue, we are going to be far more volatile both on the upside and on the downside to fluctuations in revenue.

由於利潤率佔收入的百分比很高，我們將在收入波動的上行和下行方面變得更加不穩定。

And unlike a company that is sort of more about manufacturing where everything kind of scales with volume, we have a much larger fixed cost chunk.

與一家更多地關注製造的公司不同，我們的固定成本要大得多。

And on the upside, when revenue goes strong, it's a chance to increase margins, but when revenue is weaker, it is likely that margin percentages will decline.

從好的方面來說，當收入強勁時，這是增加利潤率的機會，但當收入疲軟時，利潤率百分比可能會下降。

And when you look at the initiatives we have taken, depending on the item you are talking about whether it is from people to things like travel expenses to vendor costs, we are taking out somewhere between 5% and 15% of the cost line that we are talking about, which we think, in this environment relative to the reset in the economy, is probably the right level.

當您查看我們已採取的舉措時，根據您所談論的項目，無論是從人員到差旅費用再到供應商成本等，我們都會拿出我們成本線的 5% 到 15%正在談論，我們認為，在這種環境下相對於經濟的重置，可能是正確的水平。

Thanks.

謝謝。

Next question.

下一個問題。

Heather Bellini, UBS.

瑞銀集團的希瑟·貝里尼。

Hi, good morning.

早上好。

You mentioned that you are laying off 5000 people.

你提到你要裁員5000人。

I am wondering if all of those are Microsoft employees or are there also outside contractors that work at Microsoft that you are not including in that total.

我想知道是否所有這些都是 Microsoft 員工，或者是否還有在 Microsoft 工作的外部承包商，但您不包括在總數中。

And I guess along that line, are you including cash severance charges that you are going to take for the reductions in force?

我想沿著這條線，你是否包括你將為減少兵力而收取的現金遣散費？

Are you including that in your operating expense guidance for fiscal year '09?

您是否將其包含在 09 財年的運營費用指南中？

Thank you.

謝謝你。

Yes, Heather, the outside contractors are not included in that number and we will be certainly looking to reduce that cost line probably in proportion by more than what we are talking about in terms of internal people.

是的，Heather，外部承包商不包括在這個數字中，我們肯定會尋求以比我們所說的內部人員更多的比例降低成本線。

So the 5000 jobs we talk about are entirely Microsoft-related.

所以我們談論的 5000 個工作完全與微軟有關。

Let me make sure the math is clear.

讓我確保數學清楚。

We may eliminate up to 5000 jobs, but we are also adding a few thousand jobs.

我們可能會減少多達 5000 個工作崗位，但我們也會增加幾千個工作崗位。

Yes, I think we all assumed that, that net net, it's going to be less than 5000.

是的，我想我們都認為，那個淨網，它會小於 5000。

And we are talking here now primarily about operating expense headcount as opposed to cost of goods, which varies in its own criteria.

我們現在在這裡討論的主要是運營費用人數，而不是商品成本，商品成本因自身的標準而異。

So on the operating expense line, I expect this to be down more like a net sort of 2000 to 3000.

所以在運營費用線上，我預計這會像淨額一樣下降 2000 到 3000。

Right.

正確的。

But then to Chris' point, it looks like you'll end up cutting more outside contractors than the 5000 or than the 2000 to 3000 you just mentioned?

但就克里斯而言，看起來你最終會裁掉比你剛才提到的 5000 或 2000 到 3000 更多的外部承包商？

Yes, those numbers are all internal people, Heather.

是的，這些數字都是內部人員，Heather。

External contractors I guess we think about more in terms of the dollars that we spend overall, but that could be down -- that is on top of the numbers we are talking about and that could be down up to 15%.

外部承包商我想我們會更多地考慮我們總體花費的美元，但這可能會下降 - 這是我們正在談論的數字之上，可能會下降 15%。

Okay.

好的。

And then the cash severance charge part?

然後是現金遣散費部分？

The cash severance charge is not included in the operating expense that we are talking about.

現金遣散費不包括在我們所說的運營費用中。

It will not -- we are looking at the numbers and obviously it depends on the final number that we talk about with people, but we will call that out separately in the third quarter for the 1400 people that we are talking about today.

它不會——我們正在查看數字，顯然這取決於我們與人們討論的最終數字，但我們將在第三季度針對我們今天討論的 1400 人單獨提出這一點。

And then I guess as other people leave the Company, we will look at the charge at that time.

然後我想當其他人離開公司時，我們會在那個時候看看收費。

Okay, thank you.

好的謝謝你。

Let's move to the next question, please.

請讓我們進入下一個問題。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Good morning.

早上好。

My first question is about the buyback.

我的第一個問題是關於回購。

Is the slowing of the buyback activity principally related to just capital preservation, or do you see an opportunity to maybe be more aggressive on the M&A side given some of the depressed valuations?

回購活動放緩主要與保本有關，還是鑑於估值低迷，您是否看到了在併購方面更加激進的機會？

And then just secondarily, can you walk us through maybe even some high-level thoughts on how you view the PC market?

其次，您能否向我們介紹一些關於您如何看待 PC 市場的高層次想法？

I know you're not giving explicit guidance, but what your expectations are for piracy?

我知道您沒有給出明確的指導，但是您對盜版的期望是什麼？

Any just kind of guidelines for how we should be thinking about PC growth for the back half of the year?

關於我們應該如何考慮下半年 PC 增長的任何指導方針？

Thanks.

謝謝。

Sure.

當然。

On the buyback, it is both the factors that you mentioned.

在回購方面，這是您提到的兩個因素。

Certainly capital preservation in this environment is more important than it has ever been.

當然，在這種環境下保本比以往任何時候都更加重要。

On the acquisition side, clearly the opportunity to buy shares is very good in Microsoft.

在收購方面，顯然購買微軟股票的機會非常好。

Having said that, the opportunity to buy other companies has probably never been better relative to their price as well.

話雖如此，相對於他們的價格，收購其他公司的機會可能也從未像現在這樣好。

Having said that, I wouldn't expect M&A activity to be particularly significant in the second half of the year, simply because I don't think the market generally has yet lowered their expectations to the new level of prices we are talking about.

話雖如此，我預計下半年的併購活動不會特別重要，因為我認為市場總體上還沒有將他們的預期降低到我們正在談論的新價格水平。

So we will continue to buy some small, medium-size businesses as we normally do.

所以我們會繼續像往常一樣收購一些中小型企業。

Prices are certainly coming down, and that is an opportunity from our point of view.

價格肯定會下降，從我們的角度來看，這是一個機會。

But I think the level of activity will be relatively low certainly in the next quarter or two, but the opportunity there afterwards to buy companies, again, generally speaking the small and medium-size, I think is going to be very good.

但我認為下一兩個季度的活動水平肯定會相對較低，但之後有機會收購公司，再次，一般來說，中小型企業，我認為會非常好。

And that is part of the thinking about why we are trying to retain our capital and retain our powder as much as possible.

這就是為什麼我們試圖保留我們的資本並儘可能地保留我們的粉末的思考的一部分。

On the PC market, you're right, we are not giving guidance.

在 PC 市場上，您是對的，我們沒有提供指導。

I gave some directional thoughts.

我給出了一些方向性的想法。

We aren't projecting -- and clearly macroeconomic rather than Microsoft specific factors are really going to drive the PC market over the next six months.

我們沒有預測——很明顯，宏觀經濟而非微軟的具體因素將在未來六個月真正推動 PC 市場。

But you have to say realistically, the base case is for a continuation or even possibly a slight deterioration from the second quarter in what we describe as the traditional PC market.

但你必須現實地說，基本情況是我們所說的傳統 PC 市場從第二季度開始持續甚至可能略有惡化。

It is worth remembering that the market has -- let me just say broadly speaking -- four pieces to it.

值得記住的是，市場有——讓我廣義地說——有四個部分。

Business PCs, of which we receive our highest royalty, consumer PC, netbook, netbook PCs, and then let's just say everything in emerging markets, of which China is half of that.

商用個人電腦，其中我們獲得最高的版稅，消費個人電腦，上網本，上網本個人電腦，然後讓我們說新興市場的一切，其中中國是其中的一半。

I mention that because we have different pricing in each, and we have -- particularly in the last one, we have some high piracy dynamics which affect it.

我提到，因為我們在每個中都有不同的定價，而且我們有 - 特別是在最後一個中，我們有一些影響它的高盜版動態。

The PC market overall is probably strongest today in emerging markets, the second strongest in netbooks, third strongest in home PCs, and weakest in business PCs because that is where -- it is a place where businesses will say we will just extend the refresh cycle some.

總體而言，PC 市場今天在新興市場中可能最為強勁，上網本排名第二，家用 PC 排名第三，商用 PC 最弱，因為這就是企業會說我們將延長更新周期的地方一些。

So our economic drivers don't look like overall PC market; they look like the components.

因此，我們的經濟驅動因素看起來不像整體 PC 市場；它們看起來像組件。

And unfortunately, right now, we are in, let's say, a tough wind relative even to that mix.

不幸的是，現在，我們可以說，即使相對於這種組合，我們也處於強風之中。

Adam, the other thing I will say, and I think this is generic to all the businesses, is we saw quite a different shape in the quarter December, particular, was relatively weak inside the quarter.

亞當，我要說的另一件事，我認為這對所有企業來說都是通用的，我們在 12 月的這個季度看到了完全不同的情況，特別是在這個季度內相對疲軟。

October, trading conditions were, generally speaking, in line with our expectations.

10 月份的交易情況總體上符合我們的預期。

The first half of November was and we like to think most companies out there saw the weakness really start to sit in late November and through December.

11 月上半月是，我們認為大多數公司都看到了疲軟在 11 月下旬和 12 月真正開始出現。

So to some extent, it depends on whether you extrapolate the quarter overall or the conditions that we and most companies saw in December as to what sort of environment you see in the first half.

因此，在某種程度上，這取決於您是否推斷整個季度或我們和大多數公司在 12 月看到的情況，以及您在上半年看到的環境。

And that creates, if you like, the bookends of expectation, but those are quite wide.

如果您願意，這會產生期望的書擋，但范圍很廣。

If you extrapolate the quarter overall or extrapolate December, you get quite different answers and that is true of the PC market, it is also true for the business overall.

如果您推斷整個季度或推斷 12 月，您會得到完全不同的答案，這對於 PC 市場是正確的，對於整個業務也是如此。

Good color.

好顏色。

Thank you.

謝謝你。

Let's move to the next question.

讓我們轉到下一個問題。

Sarah Friar, Goldman Sachs.

莎拉·弗萊爾，高盛。

Good morning, thanks for taking my question.

早上好，感謝您提出我的問題。

Just to follow up there on the PC growth rate versus Microsoft's growth rate.

只是為了跟進個人電腦的增長率與微軟的增長率。

Steve, I understand your point about you are oriented away from -- maybe you don't make as much money on some of the segments that are growing fastest.

史蒂夫，我理解你關於你的觀點是遠離——也許你在一些增長最快的細分市場上賺不到那麼多錢。

The delta we saw this quarter, effectively about 8%, is that a reasonable delta to think about going forward?

我們本季度看到的增量約為 8%，這是一個值得考慮的合理增量嗎？

Particularly, you have a sense of how inventory noise was in the quarter.

特別是，您對本季度的庫存噪音有所了解。

Does that die back and maybe close that delta or should we keep thinking about it at about an 8% delta?

這會消退並可能關閉該增量，還是我們應該繼續考慮大約 8% 的增量？

I don't know think you can pick a magic number because the dynamic -- unfortunately the dynamics shift fairly quickly.

我不知道您是否可以選擇一個神奇的數字，因為動態 - 不幸的是動態變化相當快。

My guess is wherever businesses are going to reset that will reset more quickly than where the consumer will wind up resetting to.

我的猜測是，企業要重置的地方會比消費者最終重置的地方更快。

The consumer will be more volatile.

消費者將更加不穩定。

Our business customers will go through one round of thinking, rethinking budgets and then they will reset at a new level.

我們的商業客戶將經過一輪思考，重新考慮預算，然後他們將重新設置到一個新的水平。

And so I think we are going to see more dynamism unfortunately in that number.

所以我認為不幸的是，我們會在這個數字中看到更多的活力。

Yes, Sarah, I'll add a little bit of color to that and there are more, as Steve says, there are more moving pieces this quarter than there are normally, but if I try and simplify it a little bit, if you take what we have described as our traditional PC market, which is a mix of the business and consumer that Steve just mentioned, and take that as one growth rate, netbooks will clearly grow in excess of that and give us a little bit of a revenue uplift.

是的，莎拉，我會在上面加一點顏色，而且還有更多，正如史蒂夫所說，本季度的動人作品比平時要多，但如果我試著把它簡化一點，如果你拿我們所描述的傳統 PC 市場，這是史蒂夫剛剛提到的商業和消費者的混合體，並將其作為一個增長率，上網本顯然會超過這個增長率，並給我們帶來一點收入增長.

We will see probably some inventory contraction.

我們可能會看到一些庫存收縮。

Attach rates on average are probably going to be much the same.

平均附加率可能會大致相同。

We might lose some in the traditional market, but a gain a bit on the netbooks side.

我們在傳統市場可能會損失一些，但在上網本方面會有所收穫。

And then we'll see our traditional shift to emerging markets.

然後我們將看到我們的傳統轉向新興市場。

Although interestingly, they have slowed more than traditional markets inside the quarter.

儘管有趣的是，它們在本季度的放緩程度超過了傳統市場。

You throw all of those things together and we would expect our revenue in Client to be broadly in line with the growth rate from the traditional PC market.

你把所有這些東西放在一起，我們預計我們在客戶端的收入將與傳統 PC 市場的增長率大體保持一致。

So all the other pluses and minuses will, generally speaking, cancel themselves out.

所以一般來說，所有其他的優點和缺點都會相互抵消。

But not as big a delta as we saw this quarter?

但沒有我們本季度看到的那麼大的增量？

Relative to the PC market -- in fact, we saw -- it is about the same.

相對於個人電腦市場——事實上，我們看到了——它是差不多的。

So the traditional PC market we think shrank somewhere between 7% and 10% in the quarter on average and our revenue for the Client business was down around 8%.

因此，我們認為本季度傳統 PC 市場平均萎縮了 7% 到 10%，我們的客戶端業務收入下降了 8% 左右。

So in that range.

所以在那個範圍內。

So that sort of trend, based on the set of factors which, as Steve mentioned, are moving quite quickly, but if they hold relative to the second quarter, you're probably going to see that same overall trend in the back half.

因此，基於史蒂夫提到的一系列因素，這種趨勢正在迅速發展，但如果它們相對於第二季度保持不變，你可能會在後半部分看到相同的整體趨勢。

Helpful.

有幫助。

Thank you.

謝謝你。

Thanks.

謝謝。

Operator, next question.

接線員，下一個問題。

Kash Rangan, Banc of America.

美國銀行卡什蘭根。

Hi, thank you very much.

你好，非常感謝。

Steve, since we have you on the line, just (inaudible) ask you a question on the headcount reduction.

史蒂夫，既然我們有你的電話，就（聽不清）問你一個關於裁員的問題。

You pointed out that the consumer spending and business spending has contracted pretty sharply and yet we are talking about a 5000-person headcount reduction here.

您指出，消費者支出和企業支出已經大幅收縮，但我們這裡說的是裁員 5000 人。

It still leaves the operating expenses for this fiscal '09 up about 10% despite the revenue growth of what looks to be about a percent or so.

儘管收入增長了大約 1% 左右，但 09 財年的運營費用仍然增長了 10% 左右。

So I am wondering what your thoughts are -- what are your assumptions?

所以我想知道你的想法是什麼——你的假設是什麼？

It looks like you are factoring in some sort of a rebound, maybe 12 months, 15 months.

看起來你正在考慮某種反彈，可能是 12 個月、15 個月。

Certainly you don't want to lay off a lot of people if you end up having to hire them back when the economy starts to turn.

當然，如果您最終不得不在經濟開始好轉時重新僱用他們，您肯定不想解僱很多人。

I am just wondering if that is the way you're thinking about it or are you actually open to revisiting the cost structure if indeed the economic conditions continue to act the way that you portrayed, that is a vastly lower level of consumer and business spending on technology?

我只是想知道這是否是您正在考慮的方式，或者您是否真的願意重新審視成本結構，如果經濟狀況確實繼續按照您描述的方式行事，那就是消費者和企業支出水平大大降低關於技術？

Are you open to another round of cuts if you have to (inaudible) the OpEx in line with net revenue growth that we're looking at in '09 and '10?

如果您必須（聽不清）OpEx 與我們在 09 和 10 年看到的淨收入增長保持一致，您是否願意接受另一輪削減？

Well, no.

嗯，不。

I would say actually a couple things.

我實際上想說幾件事。

I don't know about that.

我不知道那件事。

We are not used to downmarkets.

我們不習慣低檔市場。

So PC market, the traditional market, as Chris calls it, was down 7% -- whatever it is -- 8% or so.

所以個人電腦市場，也就是克里斯所說的傳統市場，下跌了 7%——不管它是什麼——8% 左右。

8% is vast for something that has always grown a lot, so maybe some of your adjectives I would modify slightly.

8% 對於一直增長很多的東西來說是巨大的，所以也許你的一些形容詞我會稍微修改一下。

We are certainly dealing with unprecedented ground.

我們當然正在處理前所未有的地面。

Our model is not for a quick rebound.

我們的模型不是為了快速反彈。

Our model is things go down, as I said, and they reset.

正如我所說，我們的模型是事情會下降，然後它們會重置。

The economy shrinks and then it doesn't rebound, it builds from a lower base effectively.

經濟萎縮，然後沒有反彈，它有效地從較低的基數開始。

So that kind of built in and our work on costs overall reflect that model.

因此，這種內置以及我們在成本方面的工作總體上反映了該模型。

So no, I am not expecting a [balance] and when we did our resizing, we did our resizing with an eye both towards margin, total profit, shareholders, short-term and long-term investment in the growth opportunities that we see.

所以不，我不期待[平衡]，當我們調整規模時，我們調整規模時著眼於利潤率、總利潤、股東、對我們看到的增長機會的短期和長期投資。

So no, I would say that if the economy stays down and then builds slowly, we are probably at about the expense base and we will stay at about the expense base that Chris talked about.

所以不，我會說，如果經濟保持低迷，然後緩慢增長，我們可能處於費用基礎上，我們將保持在克里斯談到的費用基礎上。

You can't tell.

你說不出來。

The economy could also get a whole lot worse.

經濟也可能變得更糟。

It could get a whole lot better, but our basic view is that things go down, stay down for a while, years, a year, two years.

它可以變得更好，但我們的基本觀點是，事情會下降，保持一段時間，幾年，一年，兩年。

I don't know what it will be and then start to build back again.

我不知道它會是什麼，然後重新開始重建。

That is kind of the basic planning model behind this resizing of our cost base.

這就是我們調整成本基礎的基本計劃模型。

You could say that means you could see lower total profit percent margins and that is certainly possible.

您可以說這意味著您可以看到較低的總利潤率百分比，這當然是可能的。

Next question.

下一個問題。

Philip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

Hi, guys.

嗨，大家好。

Just wanted to dig into the severance charges for a minute.

只是想深入了解遣散費一分鐘。

You mentioned that you are including those in your GAAP OpEx guidance.

您提到您將這些內容包含在您的 GAAP OpEx 指南中。

What level would you expect that to be in the second half of this year?

您預計今年下半年會達到什麼水平？

I said just to be clear that this wasn't in the number 27.4 that I mentioned, so it would be on top of that.

我說只是為了清楚一點，這不在我提到的數字 27.4 中，所以它是最重要的。

And we would expect it to be several tens of millions, but less than $100 million to give you an order of magnitude.

我們預計它將達到數千萬美元，但不到 1 億美元，給你一個數量級。

And it is going to depend entirely on the number of people that we talk about and the individual circumstances.

這將完全取決於我們談論的人數和個人情況。

So I can't give you an exact number, but that is the order of magnitude.

所以我不能給你一個確切的數字，但這是數量級。

Next question, operator.

下一個問題，接線員。

Brad Reback, Oppenheimer.

布拉德·雷貝克，奧本海默。

Hey, guys, how are you?

嘿，伙計們，你們好嗎？

Good.

好的。

I am a little confused.

我有點困惑。

Chris, as you talk about, on the share repurchase side, slowing it down in the second half of the year, but on the other side, only talking about $1.5 billion of costs coming out over the next 18 months, I mean clearly it is full of very valuable franchise with a lot of cash flow.

克里斯，正如你所說，在股票回購方面，下半年放緩，但另一方面，僅談到未來 18 個月的 15 億美元成本，我的意思很明顯是充滿了非常有價值的特許經營權和大量的現金流。

Why not take this opportunity to buy back probably the best investment there is at least from your perspective?

為什麼不藉此機會回購至少從您的角度來看可能是最好的投資呢？

My comments were certainly from the -- over the long term, we remain committed to the buyback activity.

我的評論當然來自 - 從長遠來看，我們仍然致力於回購活動。

The buyback activity in the first half was actually very high.

上半年的回購活動實際上非常高。

All I did was signal that we expect in the second half that we will moderate from that level.

我所做的只是表明我們預計下半年我們將在該水平上有所緩和。

Will we continue to be a net buyer of our shares?

我們會繼續成為我們股票的淨買家嗎？

Absolutely.

絕對地。

Do we think liquidity in the current environment?

我們認為當前環境下的流動性？

Certainly until we get a clearer pattern on economic activity overall.

當然，直到我們對整體經濟活動有一個更清晰的模式。

Is it a premium?

是溢價嗎？

Yes I do.

是的，我願意。

Do I think there is going to be some outstanding opportunities over the medium term to potentially buy some of the companies that we have looked at?

我認為在中期內會有一些絕佳的機會來收購我們研究過的一些公司嗎？

I'll mitigate that by saying small to medium.

我會通過說小到中來減輕這種情況。

Yes I do.

是的，我願意。

So the opportunity cost of buying our shares has also gone up, as well as the price going down.

因此，購買我們股票的機會成本也上升了，價格也在下降。

We are just trying to balance those factors, but we are certainly not talking about getting out of buyback activity as a general concept.

我們只是試圖平衡這些因素，但我們當然不是在談論退出回購活動作為一個一般概念。

I will remind you there was a time when we tendered shares at $25 because they looked super cheap.

我會提醒你，我們曾經以 25 美元的價格投標股票，因為它們看起來超級便宜。

Of course, it is hard to know what the underlying market is going to do in asset values and we just think it makes sense to keep a little bit more liquid for a while.

當然，很難知道標的市場在資產價值方面會做什麼，我們只是認為在一段時間內保持更多的流動性是有意義的。

But also and I have been consistent on this, we try not to tell you in advance what we are doing on the buyback activity.

但我也一直在這方面保持一致，我們盡量不提前告訴你我們在回購活動中正在做什麼。

We do it on a quarter.

我們按季度進行。

All I am doing is giving you a directional trend.

我所做的只是給你一個方向性的趨勢。

Next question, operator.

下一個問題，接線員。

John Difucci, JPMorgan.

摩根大通的約翰·迪富奇。

Thank you.

謝謝你。

Guys, can you just help me a little bit here in reconciling -- it's sort of a follow-up to some of the other questions -- because you are talking about the declining environment.

伙計們，你們能不能幫我調和一下——這是對其他一些問題的跟進——因為你們談論的是衰退的環境。

Actually meaning going down and the uncertainty going forward.

實際上意味著下降和前進的不確定性。

And you are resetting expenses to reflect this.

您正在重置費用以反映這一點。

But your new guidance for operating expense is still up meaningfully in the second half year-over-year when you adjust for the third-quarter charge last year.

但是，當您調整去年第三季度的費用時，您對運營費用的新指導在下半年仍然同比顯著上升。

If you really think things are, and they obviously are, we all know they are tough out there and the data looks like it is coming down, it is getting worse year-over-year, but your expenses -- you are laying off some people.

如果你真的認為事情確實如此，而且很明顯，我們都知道外面的情況很艱難，而且數據看起來正在下降，而且每年都在惡化，但是你的開支——你正在裁員人們。

No one likes to see anybody get laid off.

沒有人喜歡看到有人被解僱。

I'm sure you don't, we don't, but net 2000 to 3000 out of 91,000 or whatever you have, are you really -- are you really resetting expenses to reflect what is out there?

我敢肯定你沒有，我們沒有，但淨 2000 到 3000 出 91,000 或任何你有的，你真的 - 你真的重新設置費用以反映那裡的情況嗎？

Bear in mind, of course, in the year, half of the year has already gone and we are reacting to a situation that, as I say, in particular is in the back half of the quarter.

當然，請記住，今年已經過去了一半，正如我所說，我們正在對一種情況做出反應，尤其是在本季度的後半部分。

So we -- (multiple speakers).

所以我們——（多位發言者）。

Yes, but this is year-over-year for just the second half.

是的，但這只是下半年的同比增長。

Your expenses are still up -- your operating expenses are still going to be up if you exclude the third quarter last year, that 1.35 [fine].

你的費用還在增加——如果你排除去年第三季度，你的運營費用仍然會增加，即 1.35 [罰款]。

So -- I am sorry.

所以——我很抱歉。

Go ahead, Chris.

來吧，克里斯。

No, no, no, your point is valid and I'm very happy to address that.

不，不，不，你的觀點是正確的，我很高興解決這個問題。

Yes, what I describe it as is change in the momentum of our expense base going forward, but clearly we already have things in the pipeline and people who are our employed who we have to bear the expense of.

是的，我將其描述為我們未來支出基礎勢頭的變化，但顯然我們已經有一些事情正在籌備中，我們必須承擔費用的僱員。

So we are talking about a plan that stretches out over the next 18 months as opposed to the next few months, of which the first few steps were taken in the quarter.

因此，我們正在討論一項在未來 18 個月內延伸的計劃，而不是未來幾個月，其中前幾個步驟是在本季度採取的。

That is why we were able to reduce by $600 million, $1.5 billion over this year and flat the year afterwards and a program to reduce not only people internally, but the balance of initiatives that we took.

這就是為什麼我們能夠減少 6 億美元，今年減少了 15 億美元，之後一年持平，並且計劃不僅減少內部人員，而且減少我們採取的舉措的平衡。

So these things are layering in over time and are in response -- you remember I talked about at the last call, we were taking a set of initiatives the next quarter and I said at the time, if things got worse, we would probably look to do more.

所以這些事情會隨著時間的推移而分層並作為回應——你記得我在上次電話會議上談過，我們在下個季度採取了一系列舉措，我當時說，如果情況變得更糟，我們可能會看做更多。

Things did get worse and we did do more, so we are talking about layering in as we see economic conditions change.

事情確實變得更糟了，我們做得更多，所以我們正在談論分層，因為我們看到經濟狀況發生變化。

So yes, we would all like to be able to take things out instantaneously.

所以是的，我們都希望能夠立即取出東西。

The reality is we can't do that as quickly as we would like, but you will see us take action that have impact over the next few months.

現實情況是，我們無法像我們希望的那樣快速做到這一點，但您會看到我們採取的行動會在接下來的幾個月內產生影響。

Operator, next question.

接線員，下一個問題。

Todd Raker, Deutsche Bank.

德意志銀行的托德·雷克。

Thanks, guys.

多謝你們。

Chris, I was wondering if you would look at the overall corporation, could you give us a sense in terms of how kind of consumer versus transactional business versus annuity breaks out and what is the risk as we look at this spending environment that the annuity business starts to show some dramatic impact over the next kind of six to 18 months?

克里斯，我想知道您是否會查看整個公司，您能否讓我們了解一下消費者與交易業務與年金的爆發方式以及當我們查看年金業務的這種支出環境時的風險是什麼？在接下來的 6 到 18 個月內開始顯示出一些戲劇性的影響？

The annuity business was good in the first quarter and the second quarter, so that is certainly -- one of the strengths of our business model has been the relative insulation of our results as a result of the annuity business.

年金業務在第一季度和第二季度都很好，所以這當然是 - 我們業務模式的優勢之一是年金業務導致我們的業績相對絕緣。

That is a very good point.

這是一個很好的觀點。

Non-annuity business shrank during the second quarter.

非年金業務在第二季度出現萎縮。

Annuity business actually -- the revenue associated with the annuity business actually grew, so it is providing us some degree of insulation.

年金業務實際上——與年金業務相關的收入實際上增長了，所以它為我們提供了一定程度的絕緣。

And we are talking about results obviously that are lower than expectations.

我們談論的結果顯然低於預期。

Just keep that in context, we still grew revenue 2% in probably the worst environment that we have seen.

只要把它放在上下文中，在可能是我們見過的最糟糕的環境中，我們的收入仍然增長了 2%。

Part of the reason for that was the strength of annuity.

部分原因是年金的強度。

Over time, in particular if we see the business environment deteriorate in the second half, clearly that annuity business will slow.

隨著時間的推移，特別是如果我們看到下半年的商業環境惡化，顯然年金業務將會放緩。

Having said that, our annuity -- our re-signing rates inside enterprises was broadly in line with historic rates.

話雖如此，我們的年金——我們在企業內部的重新簽約率與歷史率基本一致。

Billings were broadly flat in the annuity area year-over-year, so they aren't growing as fast as they were, but they weren't declining either, they were broadly flat.

年金領域的賬單與去年同期相比基本持平，因此增長速度沒有以前那麼快，但也沒有下降，基本持平。

We have a very big second half from a billings perspective, so they would have the opportunity to actually put some more money back in the bank.

從比林斯的角度來看，我們有一個非常大的下半年，所以他們將有機會實際上將更多的錢放回銀行。

So on that side of the business, certainly stronger historically and that will provide us some degree of cushion as we go through the next six to 12 months.

因此，在業務的這一方面，歷史上肯定會更強大，這將為我們在接下來的 6 到 12 個月內提供一定程度的緩衝。

The way I would characterize it is it is a bit of a [dance] oscillation where we are actually recognizing now contracts signed two or three years ago.

我將描述它的方式是它有點[舞蹈]振盪，我們現在實際上承認現在兩三年前簽訂的合同。

The contracts -- we are re-signing contracts, but sometimes we are re-signing contracts with companies that have less employees, therefore they have less PCs.

合同——我們正在重新簽訂合同，但有時我們會與員工較少的公司重新簽訂合同，因此他們的個人電腦也較少。

So even if they are renewing their contracts, they may not be renewing at the same dollar value that the contract is expiring.

因此，即使他們續簽合同，他們也可能不會以與合同到期時相同的美元價值進行續簽。

The effect of that shows up in unearned revenue and all that kind of stuff in the books, but from net income, it takes longer.

其影響體現在不勞而獲的收入和賬面上的所有此類東西上，但從淨收入來看，它需要更長的時間。

So if we stay in this cycle and there are fewer people employed in the US, eventually that does ripple through to the annuity business also.

因此，如果我們停留在這個週期並且在美國就業的人數減少，最終這也會波及到年金業務。

But non-annuity is likely to be more volatile and more negative than the annuity, which is likely to provide -- as Steve said, it's slightly below the oscillation of revenue overall.

但非年金可能比年金更具波動性和負面性，這可能會提供——正如史蒂夫所說，它略低於整體收入的波動。

And any rough -- (multiple speakers)?

還有任何粗略的——（多位發言者）？

Sorry, what was that?

抱歉，那是什麼？

I was just trying to get a rough sense for the percentage of the business that is annuity-driven on an overall basis.

我只是想粗略了解總體上年金驅動的業務百分比。

It changes a bit quarter-by-quarter because of things like Xbox, which is all clearly non-annuity and moves things, but generally there is between 30% and 40% of our revenue.

由於 Xbox 之類的東西，它每個季度都會發生一些變化，這顯然是非年金和移動的東西，但通常占我們收入的 30% 到 40% 之間。

Okay, thanks, guys.

好的，謝謝各位。

The annuity side is 30% to 40%.

年金方面為 30% 至 40%。

Next question, operator.

下一個問題，接線員。

Robert Breza, RBC Capital Markets.

羅伯特·布雷扎，加拿大皇家銀行資本市場。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Maybe, Steve, can you talk about, as you look at the portfolio of businesses you have, and obviously if we go through this economy the way it is, I mean when or if do you think you and the Board would take action to review your portfolio and make a strategic decision to possibly divest of certain assets or technologies?

也許，史蒂夫，當您查看您擁有的業務組合時，您能談談嗎？顯然，如果我們以這種方式經歷這種經濟，我的意思是您認為您和董事會何時或是否會採取行動審查您的投資組合併做出可能剝離某些資產或技術的戰略決策？

Any color around the strategic thinking would be helpful.

戰略思維周圍的任何顏色都會有所幫助。

Thanks.

謝謝。

I like our portfolio.

我喜歡我們的投資組合。

Okay.

好的。

The Board likes our portfolio.

董事會喜歡我們的投資組合。

Operator, next question.

接線員，下一個問題。

And this will be our last question.

這將是我們的最後一個問題。

Katharine Egbert, Jefferies.

凱瑟琳·埃格伯特，傑富瑞。

Hi, good morning.

早上好。

So you said your (inaudible) buyback is to preserve capital.

所以你說你的（聽不清）回購是為了保本。

You said no significant M&A in the back half because the sellers haven't reset their expectations and yet you are adding search jobs.

你說後半部分沒有重大併購，因為賣家沒有重新設定他們的期望，但你正在增加搜索工作。

What are you really telling us here?

你真的在這裡告訴我們什麼？

You are setting basically the status quo with Yahoo!?

你基本上是在用 Yahoo! 設定現狀？

I don't think we said anything about Yahoo!

我不認為我們說過任何關於雅虎的事情！

I don't think we have anything to say about Yahoo!.

我不認為我們對雅虎有什麼要說的。

I think I've been quite public about the fact that I think there are advantages for consumers, advertisers, Microsoft and Yahoo!

我認為我已經相當公開了，我認為消費者、廣告商、微軟和雅虎都有優勢！

through a search partnership and we'd like to do one.

通過搜索合作夥伴關係，我們想做一個。

I know Carol Bartz well from Autodesk days and glad to see her at the helm of Yahoo!

我從 Autodesk 時代就認識 Carol Bartz，很高興看到她掌管 Yahoo!

and if it's appropriate, I'm sure we will have the right discussion.

如果合適的話，我相信我們會進行正確的討論。

Just to be clear, my comment about resetting of expectations was certainly not Yahoo!-specific.

需要明確的是，我關於重置期望的評論肯定不是雅虎特定的。

I think we are being quite clear that that acquisition is no longer on the books.

我認為我們非常清楚，該收購已不再存在。

It was a more general comment and my prediction of lower activity in the second half was just a prediction and nothing more than that.

這是一個更籠統的評論，我對下半年活動減少的預測只是一個預測，僅此而已。

Clearly, we saw an opportunity in our -- as we do in terms of buying businesses, one or two a month and we'll take it.

顯然，我們看到了我們的機會——就像我們在購買企業方面所做的那樣，一個月一兩個，我們會抓住它。

I am just simply making the psychological comment that most people in a downmarket hope that they will get last year's price rather than this year's price.

我只是簡單地做出心理評論，大多數人在低端市場希望他們能得到去年的價格而不是今年的價格。

We have only bought one thing ever over $1.5 billion and we have only bought three things over -- other than that over $1 billion.

我們只買過一件超過 15 億美元的東西，而且我們只買過三件東西——除了超過 10 億美元。

We are not big M&A doers in general and as Chris said, I don't think even small M&A is tougher as people get or small, that is sub $1 billion, acquisition prices are tougher because people just don't know how to value their businesses today.

總的來說，我們不是大型併購行動者，正如 Chris 所說，我認為即使是小型併購也不會因為人們獲得或規模較小（低於 10 億美元）而變得更艱難，收購價格更艱難，因為人們只是不知道如何評估他們的價值。今天的企業。

Sure.

當然。

Okay, thanks.

好的謝謝。

That will wrap up our Q&A portion of today's earnings call.

這將結束我們今天財報電話會議的問答部分。

Thank you, everyone, for joining us this morning.

謝謝大家，今天早上加入我們。

We look forward to seeing many of you in a few weeks when we will provide our annual midyear strategic update in New York.

我們期待在幾週內見到你們中的許多人，屆時我們將在紐約提供年度年中戰略更新。

Remember that you can access this call on the Microsoft investor central website at www.microsoft.com/msft.

請記住，您可以在 Microsoft 投資者中心網站 www.microsoft.com/msft 上訪問此電話會議。

Thanks again for joining us and have a good day.

再次感謝您加入我們，祝您有美好的一天。

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。