微軟 (MSFT) 2009 Q4 法說會逐字稿

Welcome to the Microsoft fourth quarter 2009 fiscal year conference call.

歡迎參加 Microsoft 2009 財年第四季度電話會議。

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。

(Operator Instructions).

（操作員說明）。

Today's call is being recorded.

今天的電話正在錄音。

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

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the call over to Mr.

我現在想把電話轉給先生。

Bill Koefoed, General Manager Investor Relations.

投資者關係總經理 Bill Koefoed。

Sir, you may begin.

先生，您可以開始了。

Thank you, Barb, and thanks, everyone, for joining us today for our fourth quarter earnings call.

謝謝你，Barb，謝謝大家今天加入我們的第四季度財報電話會議。

As usual, here with me are Chris Liddell, Senior Vice President and Chief Financial Officer.

像往常一樣，和我在一起的是高級副總裁兼首席財務官 Chris Liddell。

Frank Brod, Corporate Vice President and Chief Accounting Officer, and John Seethoff, Deputy General Counsel.

公司副總裁兼首席會計官 Frank Brod 和副總法律顧問 John Seethoff。

Today, Chris will start with takeaways for the fourth quarter and our 2009 fiscal year.

今天，克里斯將從第四季度和我們 2009 財年的總結開始。

Then I'll get into the details of our fourth quarter and hand it back to Chris, who will discuss our business outlook.

然後我將詳細介紹我們第四季度的細節並將其交還給克里斯，他將討論我們的業務前景。

After that, we'll take your questions.

之後，我們將回答您的問題。

Our earnings release today includes an addendum of financial highlights, which contains more about financial expenses and other items.

我們今天發布的財報包括財務摘要的附錄，其中包含有關財務費用和其他項目的更多信息。

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。

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.

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。

You can replay the call at the Microsoft investor relations website until July 23, 2010.

您可以在 2010 年 7 月 23 日之前在 Microsoft 投資者關係網站上重播電話會議。

This conference call is covered by copyright law and international treaty.

本次電話會議受版權法和國際條約的約束。

Unauthorized reproduction or distribution of this report or any portion of it without the express 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。

Assumptions that are subject to risks and uncertainties.

受風險和不確定性影響的假設。

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

由於今天的收益新聞稿中討論的因素以及本次電話會議期間以及我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他報告和文件中的風險因素部分中的評論，實際結果可能存在重大差異.

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。

Okay.

好的。

Now, let's hear from Chris .

現在，讓我們聽聽克里斯的意見。

Thanks, Bill, and good afternoon, everyone.

謝謝，比爾，大家下午好。

The fourth quarter marks the end of one of the most difficult and in some ways encouraging fiscal years in the company's history.

第四季度標誌著公司歷史上最困難、在某些方面令人鼓舞的財政年度之一的結束。

Our absolute results were disappointing due to the poor macroeconomic environment, and as you saw, revenue in the fourth quarter was down 17% year over year and down 3% for the full year.

由於宏觀經濟環境不佳，我們的絕對結果令人失望，如您所見，第四季度的收入同比下降 17%，全年下降 3%。

However, I do feel better about our relative performance of fiscal 2009, than I did in fiscal 2008.

但是，我對我們 2009 財年的相對錶現感覺確實比 2008 財年要好。

We actually executed much better than in preceding years across almost all aspects of our business.

實際上，在我們業務的幾乎所有方面，我們的執行情況都比前幾年好得多。

We have great products shipments and strong sales execution and new level of internal discipline shown by the speed and efficiency with which we cut costs.

我們擁有出色的產品出貨量、強大的銷售執行力和新的內部紀律水平，這體現在我們削減成本的速度和效率上。

In my mind, we are a stronger company than we were a year ago.

在我看來，我們是一家比一年前更強大的公司。

However, the economy continues to be challenging and we need to lift our game to another level to fiscal 2010.

然而，經濟仍然充滿挑戰，我們需要在 2010 財年將我們的遊戲提升到另一個水平。

As I said a quarter ago, we see the economy making its way through a reset and we expect tough year-over-year comparables for the rest of this calendar year.

正如我在一個季度前所說，我們看到經濟正在經歷重設，我們預計本日曆年剩餘時間將出現艱難的同比可比數據。

Having said that, there are some signs that we have at least seen the worst.

話雖如此，有一些跡象表明我們至少已經看到了最壞的情況。

We began to see sequential stabilization in some of our key businesses.

我們開始看到一些關鍵業務的連續穩定。

For example, we saw sequential unit increases in both Windows and Windows server for the first time in a year.

例如，我們在一年內首次看到 Windows 和 Windows 服務器的連續單位增長。

I'm also very pleased in the way we're responding to the environment.

我也對我們對環境做出反應的方式感到非常高興。

In the fourth quarter, for example, we cut costs an additional $800 million below the low end guidance we provided in the third quarter, and ended up spending $900 million less than the prior year, adjusted for certain charges.

例如，在第四季度，我們在第三季度提供的低端指導下額外削減了 8 億美元的成本，最終支出比上一年減少了 9 億美元，並根據某些費用進行了調整。

Overall we pulled back over $3 billion of spending from our original fiscal 2009 guidance.

總體而言，我們從最初的 2009 財年指導中撤回了超過 30 億美元的支出。

The slight cut in costs we also brought to market strong wave of products, in full and on time.

成本的小幅削減我們也為市場帶來了強勁的產品浪潮，足額和準時。

We released SQL Server 2008, Office Communications Server R2, Exchange Online, SharePoint Online and Bing, a major advance in our search product offering.

我們發布了 SQL Server 2008、Office Communications Server R2、Exchange Online、SharePoint Online 和 Bing，這是我們搜索產品產品的重大進步。

Over the next 12 months we will deliver releases in each of our core franchises of Windows, Windows Server, and Office.

在接下來的 12 個月中，我們將在我們的每個核心系列 Windows、Windows Server 和 Office 中發布版本。

So in summary, market conditions were clearly difficult in the quarter but we successfully offset most of the impact focusing on factors inside our control.

因此，總而言之，本季度的市場狀況顯然很艱難，但我們成功地抵消了大部分集中在我們控制範圍內的因素的影響。

Looking forward, we do not expect trading conditions to improve much, but neither in the short term do we expect them to worsen.

展望未來，我們預計交易條件不會有太大改善，但短期內我們也不認為會惡化。

They should remain difficult for the balance of this calendar year, with a potential for improvement as we look ahead to calendar year 2010.

在本日曆年的剩餘時間裡，它們應該仍然很困難，在我們展望 2010 日曆年時，它們有改進的潛力。

With that, I'll turn the call over to Bill for more details on the fourth quarter.

有了這個，我將把電話轉給比爾，以了解第四季度的更多細節。

Thanks, Chris.

謝謝，克里斯。

I'll start with the company all-up view, and then go through revenue performance for each of our business units.

我將從公司的整體視圖開始，然後查看我們每個業務部門的收入表現。

All of the growth comparisons relate to the corresponding quarter of last year, unless I tell you otherwise.

除非我另有說明，否則所有的增長比較都與去年的相應季度有關。

Overall, revenue declined 17% because of continued weakness in global demand, especially in the business PC and server hardware markets.

總體而言，由於全球需求持續疲軟，尤其是商用 PC 和服務器硬件市場，收入下降了 17%。

On top of the economic reset we've all experienced this year, remember that we had especially high prior-year comparables for our client and entertainment and devices segment.

除了我們今年都經歷過的經濟重置之外，請記住，我們的客戶、娛樂和設備部門在去年的可比性特別高。

The foreign exchange impact on overall revenue was a negative $220 million, or about 1 percentage point in the fourth quarter.

第四季度外匯對總收入的影響為負 2.2 億美元，或約 1 個百分點。

Revenue for the quarter was also impacted by $276 million in deferrals for the Windows 7 technology guarantee program, which is near at the high end of the guidance we provided in June.

本季度的收入還受到了 2.76 億美元的 Windows 7 技術保證計劃延期的影響，這接近我們在 6 月份提供的指導的高端。

The weak hardware markets continue to weigh heavily on OEM and license-only revenue, while multi year annuity licensing grew single-digits, in line with what we provided last quarter.

疲軟的硬件市場繼續嚴重影響 OEM 和僅許可收入，而多年年金許可增長個位數，與我們上一季度提供的情況一致。

Our product mix continued to shift toward our annuity licensing, which was up a few points from last year to about 45%.

我們的產品組合繼續轉向我們的年金許可，這一比例比去年上升了幾個百分點，達到 45% 左右。

OEM billings accounted for about 25%, license-only sales, were about 15%, and the balance came from other businesses.

OEM 計費約佔 25%，僅許可銷售約佔 15%，其餘來自其他業務。

Within our customer segments, we generally saw last quarter's trends continue.

在我們的客戶群中，我們普遍看到上個季度的趨勢仍在繼續。

Specifically, small and mid-market customers are still the hardest hit by the economy, and as a result, we're seeing lower overall buying activity.

具體而言，中小型市場客戶仍然是受經濟打擊最嚴重的，因此，我們看到整體購買活動較低。

In the consumer segment, we're still seeing healthy volumes in our lower-price offerings with softness in our premium offerings.

在消費者領域，我們仍然看到低價產品的銷量健康，而高端產品的銷量疲軟。

Our enterprise customer segment remains relatively healthy with EA renewal rates in line with our historical range.

我們的企業客戶群保持相對健康，EA 續訂率符合我們的歷史範圍。

As you might expect, the average deal size has been pressured by reduced IT budgets and enterprise employment levels, though we haven't seen any unnatural discounting.

正如您所料，平均交易規模受到 IT 預算減少和企業就業水平的壓力，儘管我們沒有看到任何不自然的折扣。

We also experienced some sales cycles, which pushed deals out of the fiscal year.

我們還經歷了一些銷售週期，這將交易推到了本財年之外。

Our sales force closed many of these deals a few days after our fiscal close, but in line with our normal field calendar, which differs slightly from our fiscal calendar.

我們的銷售人員在財政結束後幾天完成了許多此類交易，但與我們的正常現場日曆一致，這與我們的財政日曆略有不同。

Taking into consideration the impact of these bookings, our unearned revenue and contracted not-billed balances were roughly flat year-over-year.

考慮到這些預訂的影響，我們的未實現收入和合同未開票餘額與去年同期基本持平。

We're very happy with this result considering the economy relative to a year ago.

考慮到與一年前相比的經濟情況，我們對這一結果感到非常滿意。

Okay.

好的。

Now, let's move on to the revenue and business drivers by segment beginning with our thoughts on the PC market.

現在，讓我們從我們對 PC 市場的看法開始，按細分市場討論收入和業務驅動因素。

We estimate the overall PC hardware market declined 5 to 7% from last year.

我們估計整體 PC 硬件市場較去年下降 5% 至 7%。

Within that, we estimate traditional or non-netbook PCs were down 16 to 18% compared to the year ago quarter.

其中，我們估計傳統或非上網本 PC 與去年同期相比下降了 16% 至 18%。

We've seen substantial weakness in the business PC market, as reduced IT budgets have reduced hardware purchases and refresh cycles.

我們已經看到商用 PC 市場的嚴重疲軟，因為 IT 預算的減少減少了硬件採購和更新周期。

The netbook category remains strong, representing about 11% of the total PC market this quarter.

上網本類別依然強勁，佔本季度 PC 市場總量的 11% 左右。

With the growth of net books, we estimate the consumer PC market was flat to down slightly, year over year.

隨著上網本的增長，我們估計消費 PC 市場同比持平或略有下降。

On a sequential basis, we estimate the PC market was up low single-digits.

在連續的基礎上，我們估計個人電腦市場上漲了個位數。

From a geographic perspective, the market was strong in Asia-Pacific, particularly China, as a result of stimulus programs.

從地域角度來看，由於刺激計劃，亞太地區市場表現強勁，尤其是中國。

In North America, the demand appears to have normalized with sequential sales in line with historic seasonality, and in EMEA we saw demand continue to deteriorate.

在北美，隨著與歷史季節性的連續銷售，需求似乎已經正常化，而在歐洲、中東和非洲，我們看到需求繼續惡化。

With that factor, look at Windows clients.

有了這個因素，看看 Windows 客戶端。

Client revenue was down 22% from last year when adjusting for the Windows 7 tech guarantee.

在調整 Windows 7 技術保證後，客戶收入比去年下降了 22%。

The decline was primarily driven by the underlying PC market dynamics I discussed combined with the impact of a difficult comparable to last year.

下降的主要原因是我討論的潛在 PC 市場動態以及與去年相比困難的影響。

Overall, OEM unit sales declined 10%, a few points under the overall PC market due to year-to-year inventory fluctuations.

總體而言，由於年復一年的庫存波動，OEM 單位銷售額下降了 10%，比整體 PC 市場低了幾個點。

If you recall, our fourth quarter of 2008 represents a tough comparable as OEMs built inventory above historic levels.

如果您還記得，我們 2008 年第四季度的表現是一個艱難的可比性，因為原始設備製造商的庫存高於歷史水平。

Our attach rates were relatively stable year-over-year.

我們的附加率同比相對穩定。

Strong attach rate gains on netbooks were offset by some attach rate pressure on traditional PCs due to the geographic mix of the PC markets, particularly in China, where attach rates are lower.

由於 PC 市場的地理組合，特別是在中國，附加率較低，傳統 PC 的附加率壓力抵消了上網本的強勁附加率增長。

Again here, I want to note some sequential trends.

再次在這裡，我想指出一些連續的趨勢。

Sequentially, our OEM units grew slightly ahead of the underlying PC market, mainly driven by netbook growth.

隨後，我們的 OEM 部門的增長略高於基礎 PC 市場，主要受上網本增長的推動。

This was the first sequential unit growth since the September quarter, so we're pleased to see some stabilization in the market, even though it's in lower-priced units.

這是自 9 月季度以來的首次連續單位增長，因此我們很高興看到市場有所企穩，儘管它是在低價單位中。

Overall, OEM revenue was down 24%, adjusting for the tech guarantee, driven by the PC market dynamic and the mix shift toward our lower priced netbook offerings.

總體而言，在 PC 市場動態和向低價上網本產品轉變的推動下，OEM 收入下降了 24%，調整了技術保障。

Specifically, sales of premium SKUs declined over 25%, mainly due to the lower sales of business PCs I covered earlier.

具體來說，高級 SKU 的銷售額下降了 25% 以上，主要是由於我之前提到的商用 PC 的銷售額下降。

The commercial and retail portion of the Client business was down 16%, driven by declines in retail sales prior to the Windows 7 launch.

客戶業務的商業和零售部分下降了 16%，原因是在 Windows 7 發布之前零售銷售額下降。

We saw an exciting level of interest in Windows 7 during the preorder period, although revenue for these sales won't be recognized until Windows 7's general availability.

在預購期間，我們看到了對 Windows 7 的令人興奮的興趣，儘管這些銷售的收入要等到 Windows 7 全面上市後才能確認。

We continue to have healthy growth in our client enterprise annuity business, which was up single digits in the fourth quarter.

我們的客戶企業年金業務繼續保持健康增長，第四季度增長了個位數。

Yesterday, Windows 7 was released to manufacturing.

昨天，Windows 7 正式發布。

This is an exciting milestone for our R&D teams and our partners, delivering not only a terrific product, but one that's nicely ahead of the schedule we committed to almost three years ago.

對於我們的研發團隊和我們的合作夥伴來說，這是一個激動人心的里程碑，它不僅提供了一個了不起的產品，而且大大提前了我們近三年前承諾的計劃。

As we've announced, Windows 7 general availability will be October 22nd.

正如我們所宣布的，Windows 7 的全面上市時間為 10 月 22 日。

Now let's move to server and tools, where revenue declined 6%.

現在讓我們轉向服務器和工具，其中收入下降了 6%。

Our license only and OEM business declined slightly less than the estimated 24% drop in the underlying X86 server hardware market.

我們的許可證和 OEM 業務的下降幅度略低於基礎 X86 服務器硬件市場預計的 24% 的下降幅度。

On a sequential basis, we were pleased to see that Windows server units were up after falling the prior two quarters.

在連續的基礎上，我們很高興地看到 Windows 服務器單位在前兩個季度下降後有所上升。

Annuity revenue was up single-digits in line with guidance framework we gave last you're.

根據我們上次提供的指導框架，年金收入增長了個位數。

FX rate changes were 2 point head winds to revenue during the period.

在此期間，匯率變化對收入造成 2 個百分點的不利影響。

We're still seeing great adoptions of our virtualization solutions which drove growth of the premium editions of Windows Server and System Center to healthy double-digits.

我們仍然看到我們的虛擬化解決方案得到廣泛採用，這些解決方案推動了 Windows Server 和 System Center 高級版的增長達到健康的兩位數。

On the products front, yesterday we announced Windows Server 2008 R2 release to manufacturing, which builds on the value of Windows server, with live migration and high availability, and together with Windows 7 Enterprise edition provides new capabilities, including direct access and branch cache.

在產品方面，昨天我們宣布 Windows Server 2008 R2 正式發布，它建立在 Windows Server 的價值之上，具有實時遷移和高可用性，並與 Windows 7 企業版一起提供了新功能，包括直接訪問和分支緩存。

In addition, during the quarter, we released SilverLight 3 which adds new functionality to run SilverLight applications off-line.

此外，在本季度，我們發布了 SilverLight 3，它增加了離線運行 SilverLight 應用程序的新功能。

Moving on to the on-line services business, revenue declined 13%.

轉向在線服務業務，收入下降了 13%。

On-line advertising revenue was down 14%, mainly due to the significant decline in display advertising rates across the industry.

在線廣告收入下降 14%，主要是由於整個行業的展示廣告費率大幅下降。

Partially offsetting this was continued growth in page views.

部分抵消這一點的是頁面瀏覽量的持續增長。

Search revenue for the quarter was flat year-over-year despite industry-wide monetization declines.

儘管整個行業的貨幣化下降，但本季度的搜索收入與去年同期持平。

FX rate changes were a headwind of 5 points to online advertising revenue and 3 points to total OSB revenue.

外匯匯率變化對在線廣告收入和 OSB 總收入分別造成 5 個百分點和 3 個百分點的不利影響。

Most significantly for this business, during the quarter we launched Bing, our new search engine, which has had positive early momentum.

對於這項業務而言，最重要的是，在本季度，我們推出了新的搜索引擎 Bing，該引擎早期勢頭良好。

Unique users of Bing.com grew 15%.

Bing.com 的獨立用戶增長了 15%。

We've seen particular strength in the areas of shopping and travel as visitors to Bing shopping almost tripled and Bing travel traffic was up 90% month over month since launch.

我們在購物和旅遊領域看到了特別的優勢，因為必應購物的訪問者幾乎增加了兩倍，必應旅遊流量自推出以來環比增長了 90%。

It's still early but we're executing and we're optimistic about the future of this business.

現在還為時過早，但我們正在執行，我們對這項業務的未來持樂觀態度。

The Microsoft business division revenue was down 13% due to declines in consumer and business purchasing.

由於消費者和企業採購的下降，微軟業務部門的收入下降了 13%。

Our consumer OEM and retail portions of the business continue to be impacted by slower PC sales as well as lower ASPs.

我們的消費者 OEM 和零售業務繼續受到 PC 銷售放緩和平均售價下降的影響。

Pricing promotions drove higher attach rates but overall consumer revenue declined 30%.

定價促銷推動了更高的附加率，但整體消費者收入下降了 30%。

Business revenue was down 10%, driven by an over 35% decline in our license-only sales.

業務收入下降了 10%，原因是我們的僅許可銷售額下降了 35% 以上。

The annuity portion of this business was up single-digits, in line with the outlook we provided last quarter.

該業務的年金部分增長了個位數，與我們上個季度提供的前景一致。

Within the MBD product, we continue to see double-digit growth in SharePoint, Office Communications Servers and CRM products.

在 MBD 產品中，我們繼續看到 SharePoint、Office Communications Server 和 CRM 產品的兩位數增長。

CRM received the 1 million seat milestone this quarter.

CRM 在本季度獲得了 100 萬個座位的里程碑。

Our Notes conversions remained strong.

我們的票據轉換仍然強勁。

For the year, we converted 4.7 million Notes users to Exchange and SharePoint.

這一年，我們將 470 萬 Notes 用戶轉換為 Exchange 和 SharePoint。

We've seen more and more customers choosing our on-line business services, which include hosted communication and collaboration solutions like Exchange Online and SharePoint Online.

我們已經看到越來越多的客戶選擇我們的在線業務服務，其中包括託管的通信和協作解決方案，例如 Exchange Online 和 SharePoint Online。

For example, during Q4, we had significant customer wins of over 200,000 seats moving to Exchange end SharePoint Online.

例如，在第 4 季度，我們贏得了超過 200,000 個席位的重要客戶，這些席位轉移到 Exchange 端 SharePoint Online。

In the entertainment and devices division, revenue decreased 25%.

在娛樂和設備部門，收入下降了 25%。

The Xbox 360 business had a solid quarter, selling about 1.2 million consoles, which is down on a year-over-year basis due to inventory restocking last year.

Xbox 360 業務季度表現穩健，售出約 120 萬台遊戲機，由於去年庫存補貨，同比下降。

Overall this year, we've sold approximately 11 million consoles, 28% above last year.

今年總體而言，我們售出了大約 1100 萬台遊戲機，比去年增長了 28%。

Xbox attach rates are still the best in the industry, growing to 8.6 software titles for each console sold.

Xbox 附加率仍然是業界最高的，每台銷售的遊戲機增長到 8.6 個軟件標題。

For the year Xbox Live grew over 50% to more than 20 million members, and in the last six months, the number of paid Xbox live downloads has jumped 73% year-over-year.

當年 Xbox Live 的會員人數增長了 50% 以上，超過 2000 萬，在過去六個月中，付費 Xbox Live 下載的數量同比增長了 73%。

Now, for the rest of the income statement.

現在，對於損益表的其餘部分。

Cost of revenue was down 10% or $280 million, driven by lower Xbox 360 console costs and reduced costs from our consulting and support services, partially offset by increased on-line distribution costs.

收入成本下降了 10% 或 2.8 億美元，原因是 Xbox 360 主機成本降低以及我們的諮詢和支持服務成本降低，部分被在線分銷成本增加所抵消。

Operating expenses decreased $766 million or 11%.

運營費用減少了 7.66 億美元或 11%。

This quarter's results were impacted by $193 million of legal charges and $40 million of additional employee severance charges.

本季度的業績受到 1.93 億美元的法律費用和 4000 萬美元的額外員工遣散費的影響。

Expenses were reduced by the capitalization of $105 million of certain R&D costs related to Windows 7 technical feasibility.

與 Windows 7 技術可行性相關的某些研發成本資本化了 1.05 億美元，從而減少了費用。

Adjusting for these items, operating expenses were down about $900 million for Q4.

調整這些項目後，第四季度的運營費用減少了約 9 億美元。

The savings were driven by a combination of strong operational execution, the impact from lower revenue-driven expenses and rigorous cost controls across the company.

節省是由強大的運營執行、較低的收入驅動費用的影響以及整個公司嚴格的成本控制共同推動的。

For the year, as Chris mentioned, we took out over $3 billion of operating expenses compared to our original guidance.

正如克里斯所說，與我們最初的指導相比，這一年我們支出了超過 30 億美元的運營費用。

Other income and expenses was a gain of $155 million and includes $108 million of impairments on investments as a result of the market declines earlier this year.

其他收入和支出為 1.55 億美元的收益，其中包括今年早些時候市場下跌導致的 1.08 億美元投資減值。

Our effective tax rate was 26.5% for the quarter, in line with the guidance we provided.

我們本季度的有效稅率為 26.5%，與我們提供的指導一致。

Diluted shares outstanding for the quarter were $8.9 billion, down 5% from the prior year.

本季度的稀釋後流通股為 89 億美元，比去年同期下降 5%。

Earnings per share were $0.34, after excluding the net impacts from the legal charges, severance charges and capitalization of R&D costs, and investment impairments, EPS was $0.36.

在排除法律費用、遣散費和研發成本資本化以及投資減值的淨影響後，每股收益為 0.34 美元，每股收益為 0.36 美元。

The Windows 7 tech guarantee revenue deferral resulted in an additional $0.02 per share impact on EPS.

Windows 7 技術保證收入遞延導致每股收益增加 0.02 美元。

To wrap up, while the environment clearly remains challenging, we are executing diligently on the areas we can control, and in the fourth quarter, we delivered meaningful cost savings, and outstanding progress on our product pipeline.

總而言之，雖然環境顯然仍然充滿挑戰，但我們正在努力在我們可以控制的領域執行，並且在第四季度，我們實現了有意義的成本節約，並在我們的產品管道上取得了顯著進展。

Lastly, one housekeeping item before I turn the call back over to Chris.

最後，在我把電話轉回給克里斯之前，還有一件家務。

We have included an additional slide in our earnings presentation to help you model some recent organizational and reporting changes we have made, which are effective for fiscal year 2010.

我們在收益演示文稿中添加了一張幻燈片，以幫助您模擬我們最近所做的一些組織和報告更改，這些更改對 2010 財年有效。

With that, I'll hand it back to Chris, who is going to discuss our business outlooks.

有了這個，我會把它交還給克里斯，他將討論我們的業務前景。

Thanks, Bill.

謝謝，比爾。

For the rest of the call, I'll cover our broad expectations for the first quarter and trends for fiscal 2010.

在接下來的電話會議中，我將介紹我們對第一季度的廣泛預期和 2010 財年的趨勢。

So let's begin with some of the key assumptions on the industry and the economy.

因此，讓我們從有關行業和經濟的一些關鍵假設開始。

We generally expect the economic conditions we saw in the third and fourth quarter of fiscal 2009 to continue through the first and second quarters of fiscal 2010.

我們普遍預計 2009 財年第三和第四季度的經濟狀況將持續到 2010 財年第一和第二季度。

We believe the spending environment is stabilizing on a sequential basis but remain substantially below year ago levels.

我們認為，支出環境環比趨於穩定，但仍遠低於一年前的水平。

We see the potential for improvement in calendar year 2010 and acceleration there afterwards but clearly exact timing is uncertain.

我們看到 2010 日曆年的改善潛力和之後的加速，但顯然確切的時間是不確定的。

Regardless of the macroeconomic conditions we feel extremely good about our relative position and our product delivery plans.

無論宏觀經濟狀況如何，我們都對我們的相對地位和產品交付計劃感到非常滿意。

Macroeconomics may be the winner in the short term, but product quality will drive medium-term growth.

宏觀經濟可能是短期的贏家，但產品質量將推動中期增長。

The shape of the year will therefore be probably the most interesting of any year in recent memory.

因此，今年的形狀可能是近期記憶中最有趣的一年。

While we all will remain cautious overall, particularly in the short term.

儘管我們所有人都將總體上保持謹慎，尤其是在短期內。

We expect to exit the fiscal year with combined momentum with improving economy, potentially improving business spend and outstanding product lineup.

我們預計本財年將在經濟改善、業務支出可能改善和產品陣容出色的綜合動力下退出。

With those macro themes, I'll turn to segment expectations.

有了這些宏觀主題，我將轉向細分預期。

In the first quarter, client revenue is expected to align to traditional PC shipments excluding the impact of the tech guarantee program.

第一季度，客戶收入預計將與傳統 PC 出貨量保持一致，不包括技術保障計劃的影響。

We expect those traditional PC shipments to decline on an year-over-year basis in the first quarter but be up sequentially, continuing the trend we saw in the fourth quarter last year.

我們預計這些傳統 PC 出貨量將在第一季度同比下降，但環比上升，延續我們在去年第四季度看到的趨勢。

In the first quarter we expect to defer between $1.1 billion and $1.3 billion from the Windows 7 tech guarantee program, and presales.

在第一季度，我們預計將推遲 11 億至 13 億美元的 Windows 7 技術保證計劃和預售。

The majority of which will be recognized in the second quarter of the fiscal year.

其中大部分將在本財政年度的第二季度得到確認。

For the full year we expect Client revenue to align with the total PC market which factors in the launch of Windows 7 and resulting impact to retail sales combined with the anniversary of netbooks in the year ago comparison.

對於全年，我們預計客戶收入將與整個 PC 市場保持一致，這會影響 Windows 7 的推出以及對零售銷售的影響以及一年前上網本的周年紀念。

This implies that we could see Client revenue growing faster than PC shipments by the end of the fiscal year.

這意味著到本財年末，我們可以看到客戶收入的增長速度快於 PC 出貨量。

Boxtop division revenue, which is approximately 20% consumer and 80% business, is correlated to both the underlying PC market and IT spend.

Boxtop 部門的收入約佔消費者的 20% 和業務的 80%，與基礎 PC 市場和 IT 支出相關。

We expect consumer revenue in the first quarter to lag traditionally PC shipments by several points, continuing the trends in the third and fourth quarters, but also impacted by inventory level in the year ago period.

我們預計第一季度的消費者收入將落後於傳統 PC 出貨量幾個百分點，延續第三和第四季度的趨勢，但也受到去年同期庫存水平的影響。

For the full year, we also face a normal cyclical slow-down in the next version of Office which we'll release to manufacturing in the second half of the fiscal year.

就全年而言，我們還將在下一財年下半年發布的 Office 版本中面臨正常的周期性放緩。

The business portion of the Microsoft business division includes non-annuity and annuity licensing.

Microsoft 業務部門的業務部分包括非年金和年金許可。

Business non-annuity sales, approximately 20% of the division, will lag business PC shipments by several points, but in the quarter and full year as a result of general market weakness of small and mid-market customers, as well as headwinds in advance of the next product cycle.

佔該部門約 20% 的商業非年金銷售額將落後於商業 PC 出貨量幾個點，但由於中小型市場客戶普遍市場疲軟以及提前逆風，在本季度和全年下一個產品週期。

The dynamics of the remaining annuity business will be broadly flat for the full year and the quarter.

全年和本季度剩餘年金業務的動態將基本持平。

This helps us buffer through the reset.

這有助於我們通過重置緩衝。

There will be a transition year for MBD, and I don't believe we see overall revenue growth until we see a recovery in the small and medium business and consumer sectors, combined with impact of Office 2010.

MBD 將有一個過渡年，我認為在我們看到中小型企業和消費領域的複蘇以及 Office 2010 的影響之前，我們不會看到整體收入增長。

The Server and Tools business includes non-annuity components, long term contractual agreements and our enterprise services business.

服務器和工具業務包括非年金組件、長期合同協議和我們的企業服務業務。

Which represents approximately 30, 50 and 20% of revenue respectively.

分別佔收入的約 30%、50% 和 20%。

In the first quarter, we expect non-annuity revenue to continue to reflect weakness in the server hardware market, which external analysts expect to on year-over-year basis through the calendar year and improve in calendar 2010.

在第一季度，我們預計非年金收入將繼續反映服務器硬件市場的疲軟，外部分析師預計整個日曆年將同比增長，並在 2010 日曆年有所改善。

We expect Server and Tools annuity revenue mid to low single-digits in the first quarter and the full year.

我們預計服務器和工具年金收入在第一季度和全年將達到中低個位數。

Enterprise services revenue should be broadly flat this coming year.

來年企業服務收入應該大致持平。

On-line service business revenue excluding our latest EXS business should mirror the advertising market, which we expect to remain weak in the first quarter and potentially through the year.

不包括我們最新的 EXS 業務的在線服務業務收入應反映廣告市場，我們預計該市場在第一季度甚至全年都將保持疲軟。

Display monetization rates should reflect the head winds seen in broader industry trends but volumes of increased usage should be healthy.

顯示貨幣化率應該反映更廣泛的行業趨勢中的不利因素，但增加的使用量應該是健康的。

We also hope to see progress in the search market share as the year proceeds.

我們還希望隨著今年的發展，搜索市場份額的增長。

The entertainment devices division is being resistant to the declines in the gaming industry to date, and clearly was a stand out in fiscal 2009.

迄今為止，娛樂設備部門一直在抵制遊戲行業的下滑，顯然在 2009 財年表現出色。

Looking forward, weak consumer markets means that we expect industry console sales and attach revenue to moderate by the first quarter end of full year.

展望未來，疲軟的消費市場意味著我們預計行業控制台銷售和收入將在今年第一季度末放緩。

These segments represent 60 to 65% of revenue.

這些部門佔收入的 60% 至 65%。

The balance in our gaming business will be impacted by continuing weakness in the underlying PC market.

我們遊戲業務的平衡將受到基礎 PC 市場持續疲軟的影響。

Turning to COGS, which next year should increase as the result of three factors.

轉向銷貨成本，由於三個因素，明年應該會增加。

Firstly, we're changing our business model in a number of areas as we transition to the cloud.

首先，隨著我們向雲過渡，我們正在多個領域改變我們的商業模式。

This means investment up front to fill out the infrastructure necessary to win what is clearly a significant area of opportunity.

這意味著預先投資以填充必要的基礎設施，以贏得顯然是一個重要機會的領域。

We're also paying for increased distribution in our on-line offerings.

我們還為增加在線產品的發行量付費。

We also expect increases as a result of increased unit volume from the product launch cycle next year.

我們還預計明年產品發布週期的單位數量增加會導致增長。

Offsetting these increases, we've identified and expect to achieve several hundreds of millions of dollars of savings through an internal program focused on efficiencies.

為了抵消這些增長，我們已經確定並期望通過一個專注於效率的內部計劃來節省數億美元。

The combined impact of these factors will increase COGS as a percentage of revenue by a couple of percentage points.

這些因素的綜合影響將使銷貨成本佔收入的百分比增加幾個百分點。

And now to our expectation of full-year operating expenses.

現在是我們對全年運營費用的預期。

Full-year operating expenses we believe will be between $26.6 billion to $26.9 billion, down from the $27.4 billion I communicated in April.

我們認為全年運營費用將在 266 億美元至 269 億美元之間，低於我在 4 月份傳達的 274 億美元。

And next year we remain committed to expense control.

明年我們將繼續致力於費用控制。

Our effective tax rate next year we expect to be between 25 and 26%, depending on the final mix of revenue and reflecting the downward trend we've seen in recent years.

我們預計明年的有效稅率將在 25% 到 26% 之間，這取決於最終的收入組合併反映了我們近年來看到的下降趨勢。

Our balance sheet remains extremely strong despite the economic turmoil this past year.

儘管過去一年經濟動盪，我們的資產負債表仍然非常強勁。

This quarter we utilized our triple A credit rating, and issued $3.75 billion, a long-term debt, and extremely low after tax cost of 2.3%.

本季度，我們利用了 AAA 信用評級，發行了 37.5 億美元的長期債務，稅後成本極低，僅為 2.3%。

We will remain focused on customer credit issues and to date have had an extremely good collection experience.

我們將繼續專注於客戶信用問題，迄今為止，我們的收款體驗非常好。

We expect fiscal 2010 CapEx to be about $2 billion, down from the $3.1 billion in fiscal 2009, and to stay at or below that level in fiscal 2011 as we continue to focus on cash flow.

我們預計 2010 財年資本支出約為 20 億美元，低於 2009 財年的 31 億美元，並在 2011 財年保持或低於該水平，因為我們將繼續關注現金流。

In fiscal 2010, CapEx spend will be below depreciation expense for the first time in years.

在 2010 財年，資本支出將多年來首次低於折舊費用。

Helping continue the recent trend of free cash flow being greater than net income.

幫助延續近期自由現金流大於淨收入的趨勢。

As I call out in April, capital strength and flexibility will continue to be a focus area for fiscal 2010, but we remain committed to returning capital to shareholders through share repurchases and dividends.

正如我在 4 月所說，資本實力和靈活性將繼續成為 2010 財年的重點領域，但我們仍致力於通過股票回購和分紅向股東返還資本。

So in summary, like all customers, we're adapting to a new and more challenging economy.

總而言之，像所有客戶一樣，我們正在適應一個新的、更具挑戰性的經濟。

We remain extremely optimistic about the long-term outlook of our industry and our relative position, and we're taking significant actions to strengthen the company while at the same time investing in critical areas and delivering on a significant wave of new products.

我們對我們行業的長期前景和我們的相對地位仍然非常樂觀，我們正在採取重大行動來加強公司的實力，同時在關鍵領域進行投資並推出大量新產品。

The company is in my belief, the best shape that I've seen.

我相信這家公司是我見過的最好的公司。

With that, we look forward to seeing many of you next week at our financial analysts meeting, with Steve and the senior leadership team will provide more details about our long-term strategy.

因此，我們期待下週在我們的財務分析師會議上見到你們中的許多人，史蒂夫和高級領導團隊將提供有關我們長期戰略的更多細節。

I'll turn it over to Bill so we can start taking your questions.

我會把它交給比爾，這樣我們就可以開始回答你的問題了。

Operator, let's get going on questions.

接線員，讓我們繼續提問。

Can you please hold people to just one question, and let's go ahead and go.

你能不能請人們只回答一個問題，讓我們繼續前進。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

It will be one moment, please.

請稍等片刻。

And our first question comes from Adam Holt with Morgan Stanley.

我們的第一個問題來自摩根士丹利的亞當霍爾特。

Good afternoon.

下午好。

My question is about average selling prices as we head into the upcoming Windows cycle.

我的問題是關於我們進入即將到來的 Windows 週期時的平均售價。

The premium mix 59% in the quarter was obviously down quite a bit.

本季度 59% 的保費組合顯然下降了很多。

As you head into the next year, Chris, I believe you talked about the potential to outpace the PC market which would suggest average selling prices can actually start go back up.

當你進入明年時，克里斯，我相信你談到了超過個人電腦市場的潛力，這表明平均售價實際上可以開始回升。

How do you get there?

你怎麼到那的？

Do you expect to see mix improvement on the consumer side?

您希望看到消費者方面的混合改進嗎？

Are you expecting to see a corporate upgrade cycle.

您是否期望看到企業升級週期。

Maybe walk us through, A what you're expecting and B how you get there.

也許引導我們完成，A 你期待什麼，B 你如何到達那裡。

Sure, that is a great question.

當然，這是一個很好的問題。

On the down side, if I start there and then talk about the upside, on the down side, as we've seen weak markets in the last couple of quarters in the last year and in particular the last quarter, average PC sales are sort of down in the traditional market 16 to 18% and business was disproportionately badly affected.

不利的一面是，如果我從那裡開始，然後談論有利的一面，不利的一面是，由於我們在去年的最後幾個季度，特別是最後一個季度，看到了疲軟的市場，平均 PC 銷量是排序的傳統市場下降了 16% 到 18%，業務受到了不成比例的嚴重影響。

And because business is typically our highest ASP from a mix point of view, that hurt us on the down side.

而且因為從混合的角度來看，業務通常是我們最高的 ASP，這對我們不利。

On the upside, as we go into next year, if we start to see, which is certainly my hope, if we start to see the economy improve, business spending improve, and we start to see a refresh cycle in the business PC side of things, you know, which Windows 7 should obviously help facilitate, then you start to see the reverse impact.

從好的方面來說，隨著我們進入明年，如果我們開始看到，這當然是我的希望，如果我們開始看到經濟改善，商業支出改善，我們開始看到商用 PC 方面的更新周期事情，你知道，Windows 7 顯然應該幫助促進，然後你開始看到相反的影響。

So, hopefully business PC growth will be at or greater than consumer, and so what you'll start to see is that our higher average selling price units will be at a higher growth rate and, hence, ASPs will go up.

因此，希望商用 PC 的增長將達到或高於消費級，因此您將開始看到我們更高的平均售價單位將具有更高的增長率，因此，ASP 將會上升。

Hopefully we'll see a double impact of a better PC market year-over-year and a better mix in terms of the types of PCs that we're selling, relative to average selling price.

希望我們能看到 PC 市場同比好轉以及我們銷售的 PC 類型相對於平均售價的更好組合的雙重影響。

Terrific.

了不起。

If I could ask a quick follow-up.

如果我可以要求快速跟進。

The commentary on expenses for next year, do you anticipate the incremental OpEx cost controls to offset the increased in cost of goods sold?

關於明年費用的評論，您是否預計增加的運營支出成本控制可以抵消銷售成本的增加？

No, they're two different dynamics.

不，它們是兩種不同的動力。

We certainly have taken some money out of OpEx, and relative to where we started from.

我們當然已經從運營支出中拿走了一些錢，而且相對於我們的起點而言。

Certainly quite considerable.

當然相當可觀。

I certainly see the focus continuing in that area, but we're managing OpEx to a large extent different from COGS.

我當然看到該領域的重點仍在繼續，但我們管理的運營支出在很大程度上與 COGS 不同。

Now, we do actually have a project going looking at COGS' opportunities, and as I mentioned, I think we have the opportunity to take several hundreds of millions of dollars out of our cost of goods sold through that project.

現在，我們確實有一個項目正在研究 COGS 的機會，正如我所提到的，我認為我們有機會從通過該項目銷售的商品成本中提取數億美元。

But then we have a dynamic of changing business models going on and also volume related activities.

但隨後我們的業務模式正在發生變化，以及與數量相關的活動。

So that is really a different dynamic from OpEx which is driven from people costs in particular.

因此，這確實與運營支出不同，運營支出尤其受人力成本驅動。

Great, thank you.

太好了謝謝。

Operator, next question.

接線員，下一個問題。

Next question comes from Brent Thill with Citi.

下一個問題來自花旗的 Brent Thill。

Chris, just on the margins coming into the mid-30's, do you feel like margins have now bottomed now considering the ASP expansion as well as your strict operating expense controls for next year?

克里斯，剛剛進入 30 年代中期的利潤率，考慮到 ASP 擴張以及明年嚴格的運營費用控制，您是否覺得現在利潤率已經觸底？

It comes back to the -- to some of the commentary I mentioned in my prepared remarks, Brent, which is really around the shape of the year.

回到我在準備好的評論中提到的一些評論，布倫特，這真的是今年的形狀。

I still would share -- will see a relatively different difficult economy for certainly the balance of this calendar year and despite the fact that we have done a great job on expenses it is hard with the margin structure to take expenses out proportional to the revenue we lost.

我仍然會分享——在這個日曆年的剩餘時間裡，肯定會看到一個相對不同的困難經濟，儘管我們在支出方面做得很好，但利潤率結構很難將支出與我們的收入成正比丟失的。

So I'd like to think that the expense control were at the top end of people's expectations but we still saw margin compression because of the macroeconomics.

因此，我認為費用控制處於人們預期的最高端，但由於宏觀經濟，我們仍然看到利潤壓縮。

That's going to be probably a continuation of that trend in the short term.

這可能是短期內這種趨勢的延續。

In the medium term, I certainly think the discipline we're showing on costs, as we continue through the next calendar year, and beyond, with an improving business cycle, with all of the products coming on stream and some of the ASP factors that I mentioned, then certainly we've got the promise of margin expansion there afterwards, but I wouldn't -- I wouldn't promise that in the short term.

從中期來看，我當然認為我們在成本方面表現出的紀律，隨著我們持續到下一個日曆年及以後，隨著商業周期的改善，所有產品都投入生產以及一些 ASP 因素我提到過，那麼我們當然已經承諾在那之後擴大利潤，但我不會 - 我不會在短期內承諾。

Okay.

好的。

And just a quick follow-up, the buy-back you now have a cash position above $30 billion again.

只是一個快速的跟進，回購你現在再次擁有超過 300 億美元的現金頭寸。

Can you just comment on why the last two quarters you chose not to buy back stock?

你能評論一下為什麼最近兩個季度你選擇不回購股票嗎？

Basically look to obviously relatively conservative because in the last couple of quarters, we felt we wouldn't necessarily see the bottom.

基本上看起來顯然相對保守，因為在過去幾個季度，我們覺得我們不一定會看到底部。

I think that at least we are seeing signs now of the bottom, so we're feeling more confident looking forward in the outlook, even though as I said, I see it going down to the bottom for some period of time.

我認為至少我們現在看到了底部的跡象，所以我們對前景更有信心，儘管正如我所說，我認為它會在一段時間內觸底。

I was more conservative from a financial point of view six months ago and even three months ago, if you recall my remarks.

如果您還記得我的話，從六個月前甚至三個月前的財務角度來看，我更加保守。

I said it is going to be tough for the rest of the calendar year, and we're really still not sure we're out of the woods.

我說這在日曆年剩下的時間裡會很艱難，我們真的仍然不確定我們是否已經走出困境。

Now, I'll still say that, but I guess we're feeling better about the economic environment.

現在，我還是會這麼說，但我想我們對經濟環境感覺好多了。

But in that last six months conservatives have won over natural desire to buy back shares and we did accelerate the buy-back to some extent the first six months of the year.

但在過去的六個月裡，保守派已經戰勝了回購股票的自然願望，我們確實在今年前六個月在一定程度上加速了回購。

So even this fiscal year in total we bought back $8 billion of shares, which was, you know, close to our net free cash flow.

因此，即使在本財年，我們總共回購了 80 億美元的股票，你知道，這接近我們的淨自由現金流。

So we front-ended in the first six months of the year and then took a conservative stand in the second half.

所以我們在今年的前六個月採取了前端，然後在下半年採取了保守的立場。

Operator, next question and, guys, let's stick to one question, please.

接線員，下一個問題，伙計們，請讓我們堅持一個問題。

And the next question comes from Sarah Friar from Goldman-Sachs.

下一個問題來自高盛的 Sarah Friar。

Terrific.

了不起。

Thanks a lot, guys.

非常感謝，伙計們。

Could you give us a little bit of commentary on what you heard from customers in terms of both their willingness to start a Windows 7 upgrades.

您能否就您從客戶那裡聽到的開始 Windows 7 升級的意願給我們一點評論。

You're clearing signing a lot of ELAs this quarter, they must have been talking about that.

你在本季度簽署了很多 ELA，他們一定一直在談論這個問題。

Secondarily, in server and tools, do you feel like there was any pent-up demand ahead of the product update cycle in the June quarter and you have that launch now if you look into September.

其次，在服務器和工具方面，您是否覺得在 6 月季度的產品更新周期之前有任何被壓抑的需求，如果您展望 9 月，您現在已經發布了。

Server and tools first.

首先是服務器和工具。

The market is still very weak and Bill mentioned server shipments were down, it was 24% for the quarter.

市場仍然非常疲軟，Bill 提到服務器出貨量下降，本季度下降了 24%。

So I don't think we are yet seeing too much pent-up demand in the server area.

所以我認為我們在服務器領域還沒有看到太多被壓抑的需求。

As it turned out, even though our results were relatively weak, they were better than the server shipment numbers.

事實證明，儘管我們的結果相對較弱，但它們比服務器出貨量要好。

So the division lost 6% in revenue, but that 6% is relative toward 24% decline in server shipments.

因此，該部門的收入損失了 6%，但這 6% 是相對於服務器出貨量下降 24% 而言的。

So we are certainly feeling good about our relative position, but I would contrast that and say we don't see a lot of pent-up demand in that area.

因此，我們當然對我們的相對地位感覺良好，但我會與之形成對比，並說我們在該領域沒有看到很多被壓抑的需求。

Going into next year, sure.

進入明年，當然。

But it's really macro conditions are going to continue to trump everything.

但它確實是宏觀條件將繼續勝過一切。

We really need to see an increase in IT spending before I feel confident that we're really going to see an acceleration back in the server and tools area.

在我確信我們真的會看到服務器和工具領域的加速恢復之前，我們確實需要看到 IT 支出的增加。

Now, I've seen your forecast and everyone else's, and I think most people are saying we're probably at about the bottom in the server area.

現在，我已經看到了你和其他人的預測，我想大多數人都說我們可能在服務器領域處於最底層。

We're probably going to be that way for a quarter or two, and then things improve next year.

我們可能會這樣一兩個季度，然後明年情況會有所改善。

That's internally consistent with the way that we see things as well and plus then we start to get the benefit of, of the new server product and the new SQL product.

這與我們看待事物的方式在內部是一致的，而且我們開始受益於新的服務器產品和新的 SQL 產品。

It is a consistent product in the server area as it is in the PC area.

它是服務器領域和PC領域一致的產品。

When you go to PCs, we haven't heard a lot of early discussion about how people are going to put Windows 7 in, but again it is that same general sense of optimism that once we get through this year, people start to reshift their budgets for next year.

當您使用 PC 時，我們還沒有聽到很多關於人們將如何安裝 Windows 7 的早期討論，但同樣普遍的樂觀情緒是，一旦我們度過了今年，人們開始重新調整他們的明年的預算。

Clearly a lot of businesses have extended their refresh cycle because of overall economics.

顯然，由於整體經濟原因，許多企業都延長了更新周期。

They can only do that for so long, as they start to look into next year, hopefully a slightly better economic outlook, they start to look at refreshing their PCs, and they have Windows 7 availability, then you start to get into a much more virtuous cycle.

他們只能這樣做，因為他們開始展望明年，希望經濟前景稍微好一點，他們開始考慮更新他們的個人電腦，並且他們有 Windows 7 可用性，然後你開始進入更多良性循環。

So this similar commentary to what we see in server and tools, nothing immediately on the horizon, but potentially got to see some positives next year.

所以這個與我們在服務器和工具中看到的類似的評論，沒有立即出現，但明年可能會看到一些積極的一面。

Thank you.

謝謝你。

Operator, next question, please.

接線員，請下一個問題。

Next is Brad Reback with Oppenheimer.

接下來是奧本海默的布拉德·雷貝克。

Hi, guys, how are you?

嗨，伙計們，你們好嗎？

Good.

好的。

Chris, to clarify a point, as you talk about the economic rebound or expected rebind and volume rebound in the back half of the fiscal year, just to be clear on the expense side of the equation, is the organization at a place where we can be fairly confident that the upside is not reinvested into the business as we've seen in other cycles?

克里斯，澄清一點，當你談到本財年後半段的經濟反彈或預期的反彈和銷量反彈時，為了明確等式的費用方面，組織是在一個我們可以是否像我們在其他週期中看到的那樣，相當有信心將上行空間重新投資於業務？

Yes, certainly for this fiscal year, I don't see any potential for us to, significantly vary from the numbers that I gave you.

是的，當然在本財年，我認為我們沒有任何潛力與我給你的數字有很大的不同。

The only reason why it would be something outside of our control, foreign exchange, some of our expenses are outside of the US where we saw significant change in the FX rate then I can't influence that.

這將是我們無法控制的東西的唯一原因，外匯，我們的一些費用在美國之外，我們看到外匯匯率發生重大變化，那麼我無法影響這一點。

And things like some of our volume related expenses.

以及我們的一些與數量相關的費用。

So if we saw a really strong pickup in some of our enterprise sales, some of our revenue-driven expenses might increase.

因此，如果我們看到我們的一些企業銷售額真正強勁回升，我們的一些收入驅動的支出可能會增加。

But in terms of things which was the great bulk of the expenses, which are totally inside our control I don't see any potential for us to lower expenses this year.

但就大部分開支而言，這完全在我們的控制範圍內，我認為我們今年沒有任何降低開支的潛力。

Great.

偉大的。

Thanks very much.

非常感謝。

Operator , next

運算符，下一個

Next is Brendan Barnicle with Pacific Crest Securities.

接下來是 Pacific Crest Securities 的 Brendan Barnicle。

Thank you.

謝謝你。

Chris, you talked about September client revenue growing in line with traditional PCs and in the most recent quarter we saw you guys declined about 600 basis points more than traditional PCs, what accounts for the difference from this quarter to the next quarter that would raise back up to the decline in traditional PC rate?

克里斯，您談到 9 月份的客戶收入增長與傳統 PC 一致，在最近一個季度，我們看到你們比傳統 PC 下降了約 600 個基點，這說明本季度與下一季度的差異將回升達至傳統PC的下降速度？

Biggest single factor is inventory changes.

最大的單一因素是庫存變化。

We saw inventory contraction in the fourth quarter, the one we just finished, relative to a year ago.

與一年前相比，我們在剛剛完成的第四季度看到了庫存收縮。

So as some of the other parties out there, positive inventory, we're relatively light in the circle, so we saw inventory contraction, and that cost us a lot of that 600 points you mentioned year-over-year.

因此，作為其他一些方面，積極的庫存，我們在這個圈子中相對較輕，所以我們看到庫存收縮，這讓我們損失了很多你提到的 600 點同比。

As we start to go into this year and clearly Windows 7 is just around the corner, then we start to see that inventory position stabilize, you know, and even potentially over the course of the year to actually get better on a year-over-year basis, which is one of the reasons why I start -- I feel better not only about the first quarter but how we might exit the year, as well.

隨著我們開始進入今年，很明顯 Windows 7 即將到來，然後我們開始看到庫存狀況穩定下來，你知道，甚至可能在一年中實際變得更好——以年為基礎，這是我開始的原因之一——我不僅對第一季度感覺更好，而且對我們如何退出這一年也感覺更好。

Operator, next question.

接線員，下一個問題。

And next is Phil Winslow with Credit Suisse.

接下來是瑞士信貸的菲爾溫斯洛。

Hi, guys, I just had a question back on expenses, again.

嗨，伙計們，我又問了一個關於費用的問題。

If you guys X out some of those one-time charges, legal charges, severance, et cetera, and add back R&D costs, you're at OpEx at 25.5 this year and obviously you are getting 26.6, 26.9 next year.

如果你們將這些一次性費用、法律費用、遣散費等中的一部分剔除，再加上研發成本，那麼你們今年的運營支出為 25.5，顯然明年你們將獲得 26.6 和 26.9。

Most head count reductions occurred in the second half of the fiscal year, how should I think that increase in OpEx that you're guiding for, is it conservatism or as a result of product launches you're coming out, marketing investments, sales, how should I think about that increase?

大多數裁員發生在本財年的下半年，我應該如何看待您所指導的運營支出增加，是保守主義還是由於您即將推出的產品、營銷投資、銷售、我應該如何看待這種增加？

We set our budget a month or two ago, before we saw some of the savings in the fourth quarter.

我們在一兩個月前製定了預算，然後我們在第四季度看到了一些節省。

In terms of the year-over-year, the fact is that you're likely to see an increase as you mentioned, we've got some fairly significant product launches next year so we do have some marketing associated with those, that we are intending to spend.

就同比而言，事實是您可能會看到您提到的增長，我們明年有一些相當重要的產品發布，所以我們確實有一些與這些相關的營銷，我們是打算花錢。

We are seeing some other factors like non-cash charges associated with depreciation.

我們看到了一些其他因素，例如與折舊相關的非現金費用。

Even though CapEx has gone down next year, some of the depreciation from the increasing CapEx is starting to see through stock comp, which is also non-cash is going up as we layer in Vista.

儘管明年資本支出有所下降，但資本支出增加導致的部分貶值開始體現在股票組合上，隨著我們在 Vista 中分層，這也是非現金的上升。

Acquisition amortization if we do any acquisitions which we provide for some of the non-cash amortization will impact expenses next year, as well.

如果我們為某些非現金攤銷提供任何收購，收購攤銷也將影響明年的費用。

And then we have a bell way from pay raises last year.

然後我們從去年的加薪中走出來了。

So we've got no pay raises this year, but we had pay raises last year, so the full impact of those.

所以我們今年沒有加薪，但我們去年加薪了，所以這些都是全面的影響。

So there is a series of relatively small items, which add up to the increases that you're seeing.

所以有一系列相對較小的項目，它們加起來就是你所看到的增長。

But we did, as I mentioned, we did actually cut back expenses for next year despite all of those things which are likely to happen.

但是，正如我所提到的，我們確實確實削減了明年的開支，儘管所有這些事情都可能發生。

We cut them back from where they originally were.

我們將它們從原來的位置剪掉。

Operator, next question.

接線員，下一個問題。

And next is Todd with Deutsche Bank.

接下來是德意志銀行的托德。

Hey, guys, I just want to dig back into unearned revenue.

嘿，伙計們，我只想重新挖掘不勞而獲的收入。

I didn't quite understand the discussion in terms of timing that was flat year-over-year.

我不太了解關於與去年同期持平的時間安排的討論。

So if you could just touch on that.

所以，如果你能談到這一點。

And if you just talk about the annuity business in general, are you seeing any indications that the annuity business is decelerating even ahead of Windows 7 cycle?

如果您只談論一般的年金業務，您是否看到任何跡象表明即使在 Windows 7 週期之前，年金業務也在減速？

Yes, we have a slight difference in timing for the field year relative to our fiscal year.

是的，相對於我們的財政年度，我們在實地年度的時間安排上略有不同。

Our fiscal year is June 30, but field year can be a day or two shorter than that or day or two longer than that, depending on when they close their books.

我們的財政年度是 6 月 30 日，但實地年度可能會比那一天短一兩天，或者比那一天長一兩天，這取決於他們什麼時候結賬。

So from a fiscal year point of view, it is down, but if you include it to a couple days after the fiscal year to when the field closes their books, then it was basically flat, and that's how we tend to look at it internally because that's the field cycle is what essentially drives customer behavior.

所以從財政年度的角度來看，它是下降的，但是如果你把它包括在財政年度之後的幾天到該領域結賬的時候，那麼它基本上是持平的，這就是我們傾向於在內部看待它的方式因為這就是現場週期本質上驅動客戶行為的原因。

So essentially flat is either half full or half empty depending how you look at it.

所以基本上平坦是半滿或半空，這取決於你如何看待它。

Half empty is zero is down from double-digits that we were getting in previous years.

半空是零比我們前幾年獲得的兩位數有所下降。

The half full is getting flat bookings in the current in the current environment.

半滿是在當前環境中獲得固定預訂。

which is the worse economic contraction of our lifetime is actually heroic in terms of our field sales.

就我們的現場銷售而言，這是我們一生中最糟糕的經濟收縮實際上是英勇的。

So inside that flat bookings or flat billings, you're basically seeing two dynamics.

因此，在固定預訂或固定賬單中，您基本上看到了兩種動態。

The renewal rate is similar to what we have been receiving traditionally so that two-thirds, to three-quarters renewal rate that we quoted in previous years actually held true this year, which was a very good performance from the field.

續訂率與我們傳統上收到的相似，因此我們在前幾年引用的三分之二到四分之三的續訂率在今年實際上是正確的，這是該領域非常好的表現。

What you're seeing that is different, is that the people are not increasing the number of seats that they're taking, so clearly an environment that we've got.

你所看到的不同之處在於，人們並沒有增加他們所佔據的席位數量，顯然我們已經有了這樣的環境。

Most businesses are flat in head count or even contracting, so you're not seeing that uplift from the increased number of seats.

大多數企業的人數持平，甚至在收縮，所以你沒有看到座位數量增加帶來的提升。

And people are much more conservative with what they're buying.

人們對他們購買的東西更加保守。

So we're getting certainly good growth in things like SharePoint but that's really just holding the line in terms of, you know, keeping them dollar per dollar with the rate at which they're coming off.

因此，我們在 SharePoint 之類的領域肯定獲得了良好的增長，但這實際上只是在保持不變，你知道，以他們正在下降的速度保持美元兌美元。

So average, on a contract by contract basis, the number that we renewed in line with history, what's changing is the dollar value of those contracts, which is leading to a sort of flat year-over-year performance.

因此，平均而言，在逐個合同的基礎上，我們根據歷史續籤的數量，變化的是這些合同的美元價值，這導致了一種與去年同期相比持平的表現。

Operator, next question.

接線員，下一個問題。

And next is Kash Rangan with Merrill Lynch.

接下來是美林證券的 Kash Rangan。

Hi, thank you very much.

你好，非常感謝。

When I look at the deferred revenues, it looks like we definitely got a sequential improvement, so that's got to give you some visibility.

當我查看遞延收入時，看起來我們肯定得到了連續的改善，所以這必須給你一些可見性。

Chris, you also talked about the transactional revenues which I think you quantified to be down 20% year-over-year in the March quarter.

克里斯，您還談到了交易收入，我認為您量化為在 3 月季度同比下降 20%。

I was wondering how that metric fared in the June quarter and should we think about that metric in the June quarter as potentially the bottom because the other pieces the business are fairly coming off the balance sheet, if you will, so I'm wondering whatever that transactional growth was or contraction was in the quarter, do you think that this could be the bottom and that transaction growth could actually pick up in the September quarter and beyond?

我想知道該指標在 6 月季度的表現如何，我們是否應該將 6 月季度的該指標視為潛在的底部，因為如果您願意的話，該業務的其他部分正在相當程度上脫離資產負債表，所以我想知道什麼交易增長或收縮是在本季度，您認為這可能是底部，交易增長實際上會在 9 月季度及以後回升嗎？

Yes, the transactional business extends whether you talk about client server--

是的，無論您談論客戶端服務器，事務性業務都在擴展——

Everything combined.

一切結合在一起。

Yes, it is in the 20s or 25% contraction, if you do all of those combined.

是的，如果你把所有這些結合起來，它是 20 多歲或 25% 的收縮。

So you think about overall PCs down sort of that 18, 16, 18%, you see server and tools -- server hardware down 24%, then the transactional business is really follows those quite closely adjusted for things like inventory, like I mentioned before.

所以你想想整體 PC 下降了 18%、16%、18%，你看到服務器和工具——服務器硬件下降了 24%，然後交易業務真的跟隨著庫存等因素的調整，就像我之前提到的那樣.

So if you think on average that our underlying hardware shipment increases were in the 20 to 25% range on average, then that's what the transactional business was as well, plus or minus a little bit.

因此，如果您平均認為我們的基礎硬件出貨量增長平均在 20% 到 25% 的範圍內，那麼交易業務也是如此，加減一點。

So do I think that is the bottom?

所以我認為這是底部嗎？

Yes, I do think that is the bottom.

是的，我確實認為這是底部。

As I said in my prepared remarks, I think it's probably going to continue to be tough for a quarter or two.

正如我在準備好的講話中所說，我認為這可能會繼續艱難一兩個季度。

So I wouldn't necessarily promise that it is going to be significantly better, but if you look at a combination and of say first and second quarter, that is the first half of the year, then that is probably a good surrogate for the transactional business for the second half of the calendar year, the first half of the fiscal year, and the confidence of that is really in terms of that sequential trend that we mentioned in our prepared remarks.

所以我不一定保證它會明顯好轉，但如果你看一下第一季度和第二季度的組合，也就是今年上半年，那麼這可能是交易的一個很好的替代品日曆年下半年、本財年上半年的業務，以及我們在準備好的評論中提到的連續趨勢方面的信心。

Okay.

好的。

Does that help?

這有幫助嗎？

Clarification on the COGS, you said you're working on initiative to drive the COGS down and transition that the COGS is going up by 200 basis points, are you talking net or gross?

關於 COGS 的澄清，你說你正在努力推動 COGS 下降並過渡到 COGS 上升 200 個基點，你說的是淨值還是總量？

In other words, COGS go up by 200 basis points but you have internal initiatives that could drive COGS down by hundreds of millions of dollars, should the next number be lower than the 2% of revenue effect?

換句話說，COGS 上升了 200 個基點，但您有內部舉措可以將 COGS 降低數億美元，下一個數字是否應該低於 2% 的收入效應？

That's it.

而已。

The 2% is net of the initiatives we've seen.

2% 是我們看到的舉措的淨值。

Clearly, if we outperform on that we'll offset it by more, but that was a net figure I was giving you, so the combination of infrastructure costs associated with that, some of the distribution deals that we've done, the volume related, because clearly was the Windows 7 launch that has a lot of COGS associated with it.

顯然，如果我們在這方面表現出色，我們會更多地抵消它，但這是我給你的一個淨數字，所以與此相關的基礎設施成本的組合，我們已經完成的一些分銷交易，與數量相關，因為很明顯，Windows 7 的發布有很多與之相關的 COGS。

Is offset by the things I talked about to give the 2% decrease.

被我所說的減少了 2% 的事情所抵消。

Got it.

知道了。

Increase, you mean.

增加，你的意思。

Increase , decrease in gross

總額增加,減少

Got it thanks.

知道了謝謝。

Operator, next question, please.

接線員，請下一個問題。

The next is John DiFucci with JPMorgan.

下一位是摩根大通的 John DiFucci。

Thank you, follow up to Brendan's question, question on the channel section on client.

謝謝，跟進 Brendan 的問題，關於客戶端頻道部分的問題。

Two quarters ago you said client was negatively affected by two percentage points and then last quarter I think you said there was a slight negative effect.

兩個季度前你說客戶受到了兩個百分點的負面影響，然後上個季度我認為你說有輕微的負面影響。

Now this quarter it sounds like it is the majority of that 6 percentage point delta between OEM and PC shipments.

現在這個季度聽起來像是 OEM 和 PC 出貨量之間 6 個百分點的增量中的大部分。

Two things here, first I would think that this is a cumulative effect, so when it comes back and it does reverse, how would you think this will come in?

這裡有兩件事，首先我認為這是一個累積效應，所以當它回來並且它確實逆轉時，你認為這會如何進入？

Will it come in over a long period of time when inventory is built or is this going to come in relatively quick many.

它會在庫存建立後很長一段時間內出現，還是會相對較快地出現。

I know you're suggesting it is not coming in any time soon.

我知道你是在暗示它不會很快到來。

The economy is weak is out there.

經濟疲軟就在那裡。

It sounds like some of the component vendors benefited from inventory restocking this quarter, so why wouldn't you say you guys are later and you lagged but why would it be a long lag?

聽起來有些組件供應商從本季度的庫存補貨中受益，那你為什麼不說你們遲到了，你們落後了，但為什麼會滯後很長時間呢？

First to start with the underlying math.

首先從基礎數學開始。

Assuming the inventory went through and three quarters ago and stayed down, then year-over-year, you know, you're always going to have a negative.

假設庫存在三個季度前通過並保持下降，然後同比下降，你知道，你總是會有負面的。

So the fact that it's negative quarter after quarter doesn't mean that it's continuing to contract.

因此，一個季度接一個季度的負增長並不意味著它會繼續收縮。

It just means it contracted and stayed down.

這只是意味著它收縮並保持不變。

Having said that, in the fourth quarter contracted a bit more, and you're right, that the two or three basis points of slippage that we saw in the second and third quarter were more like three or four percent, so the majority of that 6% in the fourth quarter.

話雖如此，第四季度收縮了一點，你是對的，我們在第二和第三季度看到的兩三個基點的滑點更像是百分之三或四個，所以大部分第四季度為 6%。

So it was a little bit higher there, but also we're always talking about year-over-year.

所以那裡有點高，但我們總是在談論年復一年。

So just recall that.

所以請記住這一點。

To the second half of your question, you are correct.

對於你問題的後半部分，你是對的。

It could come back quite quickly, and in our modeling is likely to in the first and second quarter.

它可能會很快恢復，並且在我們的建模中可能會在第一季度和第二季度出現。

So we will see a positive impact on that.

因此，我們將看到這方面的積極影響。

The reason why I say that in the first quarter, revenues more likely to be close to underlying market growth is that even though we get positive inventory, I don't think we'll start to get the positive ASP benefit from business sales, that I talked about, so that will still potentially be a slight negative.

我之所以說第一季度收入更可能接近潛在市場增長的原因是，即使我們獲得正庫存，我認為我們不會開始從業務銷售中獲得正的 ASP 收益，即我談到了，所以這仍然可能是一個輕微的負面影響。

And that won't start coming back until let's say the first half of next year, then you get into the first half of next year and then you get the inventory go back up and it will stay back up and you get the business cycle and you start getting the both of them positive rather than offsetting.

直到明年上半年才會開始出現這種情況，然後進入明年上半年，然後庫存回升，它會保持回升，然後進入商業周期你開始讓他們兩個都積極而不是抵消。

Does that make sense?

那有意義嗎？

Yes, that's very helpful.

是的，這很有幫助。

Thanks.

謝謝。

Operator, next question ,

運算符，下一個問題，

Next is Tim Klasell with Thomas Weisel Partners.

接下來是 Thomas Weisel Partners 的 Tim Klasell。

Good afternoon, everybody.

大家下午好。

My question has to do with the Office 2010 launch.

我的問題與 Office 2010 的發布有關。

I think you have the whole productivity staff launching next year.

我認為您將在明年啟動整個生產力團隊。

Can you sort of guide us through of how you think that will affect revenues?

您能否指導我們了解您認為這將如何影響收入？

Will there be a burst afterwards like we see in Windows 7, or can you sort of help us sort of think about our models going into next year with the business decision?

之後是否會出現像我們在 Windows 7 中看到的那樣的爆發，或者您能否幫助我們考慮一下我們的模型在明年的業務決策中會出現什麼情況？

Given that it is going to launch in fall of next year, I don't really see a significant impact in 2010 as a result of it.

鑑於它將於明年秋季推出，我認為它不會在 2010 年產生重大影響。

In fact, again, we could start to -- it could be a headwind for the first half, and then start to turn around in the second half and then you start to see a very good situation in terms of 2011.

事實上，再一次，我們可以開始 - 這可能是上半場的逆風，然後在下半場開始好轉，然後你開始看到 2011 年的情況非常好。

But if you're trying to model 2010, it's not going to be a significant positive.

但是，如果您嘗試對 2010 年進行建模，這不會是一個顯著的積極因素。

It will certainly help in terms of annuity side, and help mitigate some of the negative transactional impacts that we're seeing.

它肯定會在年金方面有所幫助，並有助於減輕我們所看到的一些負面交易影響。

So some of the signing up, annuities that I mentioned , that people are looking forward to Office 2010 for the new business that we're signing, as well sass some of the other products that are coming out, for example, SharePoint and Office Communications Server, so it will be a slow burn in terms of MBD.

因此，我提到的一些註冊年金，人們期待 Office 2010 用於我們正在簽署的新業務，以及一些即將推出的其他產品，例如 SharePoint 和 Office Communications服務器，因此就 MBD 而言，這將是一個緩慢的刻錄。

I think we'll see a more positive earlier trend in Server and Tools and Client, but MBD to my mind is pretty much a 2011 story, not

我認為我們會在服務器、工具和客戶端方面看到更積極的早期趨勢，但我認為 MBD 幾乎是 2011 年的故事，而不是

Very good, thank you.

非常感謝。

Operator, next question, please.

接線員，請下一個問題。

Next is Katherine Egbert with Jefferies.

接下來是 Jefferies 的 Katherine Egbert。

Hi, good afternoon.

你好，下午好。

Could you give pretty tight range of guidance for operating expenditures for fiscal 2010 especially given how much costs you took out in the back half of fiscal 2009.

您能否就 2010 財年的運營支出給出相當嚴格的指導範圍，尤其是考慮到您在 2009 財年下半年支出了多少成本。

I'm struggling -- is revenue going to grow next year and can you handicap why that range is so tight?

我正在苦苦掙扎——明年的收入會增長嗎？你能解釋一下為什麼這個範圍如此狹窄嗎？

What happens if revenue is significantly better or worse?

如果收入顯著好或壞，會發生什麼？

Will it still stay there?

它還會留在那裡嗎？

As I mentioned, we have a very what I'll call is a tight rein on costs.

正如我所提到的，我們非常嚴格地控製成本。

I think you saw that on the performance this year.

我想你在今年的表演中看到了這一點。

So I'm feeling very good about the organization's ability to keep a tight control on costs across the board in term of things like head count, which we look at on a month by month basis, in terms of cost per head, alary increases which is zero this year, it is going to be hard to vary much from zero.

因此，我對組織在員工人數等方面全面嚴格控製成本的能力感到非常滿意，我們逐月查看，就人均成本而言，工資增加今年是零，很難與零相差很大。

Costs per head in terms of travel and entertainment.

旅行和娛樂方面的人均成本。

The things that we can control through a very good cost control mechanism, I think we have a good handle on, and therefore, I don't feel exposed in terms of teaching or troughing much from it.

我們可以通過非常好的成本控制機制來控制的事情，我認為我們掌握得很好，因此，我在教學或低谷方面並不感到暴露。

In terms of some of the areas where we don't control, revenue driven expenses, for example, money that we might pay our partners, if they outperform on revenue, you suppose could go up and therefore that number could go up and that range is as a result of that.

在我們無法控制的一些領域，收入驅動的費用，例如，我們可能支付給合作夥伴的錢，如果他們在收入方面表現出色，你認為可能會上升，因此這個數字可能會上升，這個範圍是因此。

I guess I would say if that's the case, and revenue outperforms and it costs us a little more expenses is probably a positive thing and we'll explain it at the time.

我想我會說，如果是這樣的話，收入表現優於我們，這可能會讓我們多花一點錢，這可能是一件好事，我們屆時會解釋。

But in terms of the great bulk of expenses which are very much around our people internally I feel good that we have a handle on those.

但就我們內部員工的大部分開支而言，我感覺很好，我們可以處理這些開支。

Very good, thanks.

非常好謝謝。

Operator, next question.

接線員，下一個問題。

Next is [Sandy Bagural] with Collins Stewart.

接下來是柯林斯·斯圖爾特的 [Sandy Bagural]。

Thanks for taking my question.

感謝您提出我的問題。

Chris, I have one platform-related question .

克里斯，我有一個與平台相關的問題。

As you know, Google announced the launch of Chrome OS for netbook for 2010.

如您所知，Google 宣佈在 2010 年推出適用於上網本的 Chrome OS。

In your view is there really a need for an OS that can handle online service cloud computing better than Windows, and how is Microsoft going to respond to that

在您看來，是否真的需要一種能夠比 Windows 更好地處理在線服務雲計算的操作系統，微軟將如何應對

Sure, we've been fighting free OS in the client area for quite some time, as you all know.

當然，眾所周知，我們已經在客戶區與免費操作系統抗爭了很長一段時間。

And I would point to the the general value that we think that Windows have, in particular, around Windows 7, which we think is going to be our best ever operating system.

我要指出我們認為 Windows 具有的普遍價值，特別是圍繞 Windows 7，我們認為這將是我們有史以來最好的操作系統。

And we still believe that the very, very, very large majority of people are going to want both a client and an internet based experience on their PCs.

而且我們仍然相信，絕大多數人都希望在他們的個人電腦上同時獲得客戶端和基於互聯網的體驗。

So of course people want to surf the internet and access it, they can do that quite freely with Windows, and all the Internet Explorer and all of the choices they have.

因此，人們當然想上網衝浪並訪問它，他們可以使用 Windows、所有 Internet Explorer 以及他們擁有的所有選擇自由地做到這一點。

A browser only based like software may have applicability as it does with LINUX based systems already, but we don't see that significantly changing just because of Chrome OS coming out.

僅基於類似軟件的瀏覽器可能已經像基於 LINUX 的系統一樣具有適用性，但我們認為不會因為 Chrome OS 的出現而發生顯著變化。

Operator, let's have one final question.

接線員，讓我們最後一個問題。

And the last question comes from Robert Breza with RBC Capital Markets.

最後一個問題來自 RBC Capital Markets 的 Robert Breza。

Hi, Chris, just wanted to get your thoughts as you look out here, do you see much change from a geographic perspective?

嗨，克里斯，您只是想了解一下您的想法，從地理角度來看，您是否看到了很大的變化？

I mean, I would love just to just get your thoughts from an economic perspective as you're looking out across the different geographies, do you see much variance between North America, Europe, and how we should think about going that from the first half into the second half of the year?

我的意思是，我很想從經濟的角度來了解您的想法，因為您正在尋找不同的地區，您是否看到北美、歐洲之間存在很大差異，以及我們應該如何考慮從上半年開始進入下半年？

Thanks.

謝謝。

If I cluster the areas into, I guess, four.

如果我將這些區域聚集成，我猜，四個。

Let us do it in four.

讓我們分四次做。

Europe, North America, Asia, non-Japan and Japan, and I would say that we're most encouraged in Asia and general developed markets.

歐洲、北美、亞洲、非日本和日本，我想說，我們在亞洲和一般發達市場最受鼓舞。

We're starting to see reasonable growth in those areas.

我們開始看到這些領域的合理增長。

Now, that tends to be our lowest ASP market, so it is not helping us enormously, but nevertheless when we look out, we would say to the extent that we come out of a global recession, those are the areas that are going to be the first to come out of it and we see positive growth.

現在，這往往是我們最低的 ASP 市場，所以它對我們沒有多大幫助，但是當我們放眼望去時，我們會說，就我們走出全球衰退的程度而言，這些領域將是第一個走出它，我們看到了積極的增長。

Next in line would be North America, which is still obviously very tough, but relative to say Europe and Japan, you're just looking in better shape, and that's as much anecdotal as it is macroeconomic, just in terms of our sales force, and in talking to them, and looking at our budgeting for next year.

下一個是北美，這顯然仍然非常艱難，但相對於歐洲和日本，你只是看起來狀態更好，就我們的銷售隊伍而言，這與宏觀經濟一樣多是軼事，並與他們交談，並查看我們明年的預算。

I would rank order them, emerging markets, North America, and at the tail end, Western Europe, and Japan.

我會對它們進行排序，新興市場、北美，最後是西歐和日本。

Thank you.

謝謝你。

Okay.

好的。

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

因此，這將結束我們今天財報電話會議的問答部分。

Remember you can access this call on the Microsoft Investor Central website at www.Microsoft.com/MSFT.

請記住，您可以在 Microsoft Investor Central 網站 www.Microsoft.com/MSFT 上訪問此電話。

Thanks again for joining us today and we look forward to seeing you next week at our financial analyst meeting here in Redmond.

再次感謝您今天加入我們，我們期待下週在雷德蒙德舉行的金融分析師會議上見到您。

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。