微軟 (MSFT) 2010 Q2 法說會逐字稿

Welcome to the Microsoft second quarter fiscal year 2010 earnings conference call.

歡迎參加 Microsoft 2010 財年第二季度財報電話會議。

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。

During the question-and-answer session, (Operator Instructions).

在問答環節中，（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.

投資者關係部總經理 Bill Koefoed。

Sir, you may begin.

先生，您可以開始了。

Thank you, Barb.

謝謝你，巴布。

And thanks to everyone for joining us this afternoon.

感謝大家今天下午加入我們。

Let me begin by welcoming Peter Klein to his first earnings call as Microsoft's Chief Financial Officer.

讓我首先歡迎彼得克萊因作為微軟首席財務官參加他的第一次財報電話會議。

Also joining us today are Frank Brod, Chief Accounting Officer, and John Seethoff, Deputy General Counsel.

今天加入我們的還有首席會計官 Frank Brod 和副總法律顧問 John Seethoff。

Today, Peter will start with takeaways from the second quarter of our 2010 fiscal year; then I'll get into the details of the quarter before handing it back to Peter, who will discuss our business outlook.

今天，彼得將從我們 2010 財年第二季度的要點開始；然後我將詳細介紹本季度的細節，然後將其交還給 Peter，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。

We filed our Form 10-Q this afternoon.

我們今天下午提交了表格 10-Q。

In addition, we 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.

此外，我們發布了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 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 Microsoft.com/msft.

您可以在投資者關係網站 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 ask a question, it will be included in our live transmission, any future use of the recording, and in the transcript, which will be posted on our website.

如果您提出問題，它將包含在我們的實時傳輸、錄音的任何未來使用以及記錄中，這些記錄將發佈在我們的網站上。

You can replay the call and view the transcript at the Microsoft Investor Relations website until January 28, 2011.

在 2011 年 1 月 28 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看記錄。

This conference call is protected by copyright law and international treaties.

本次電話會議受版權法和國際條約的保護。

Unauthorized reproduction or distribution of this call or any portion of it without express written permission of Microsoft may result in civil and criminal penalties.

未經 Microsoft 明確書面許可，未經授權擅自複製或分發此呼叫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 materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the Risk Factors section of our 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、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格的風險因素部分以及向證券公司提交的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和交易委員會。

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。

Okay, Peter, it's all yours.

好吧，彼得，這都是你的。

Thanks, Bill, and good afternoon, everyone.

謝謝，比爾，大家下午好。

It's a pleasure to be joining you for my first earnings call.

很高興參加我的第一次收益電話會議。

I've met with many of you over the last two months and during my prior roles at Microsoft, and I look forward to spending time with many more of you in the months ahead.

在過去的兩個月以及我之前在 Microsoft 的職位期間，我與你們中的許多人會面，我期待在接下來的幾個月裡與你們中的更多人共度時光。

Over the course of my career, both inside and outside of Microsoft, in good economies and bad, I have learned that there are few constants that persistently translate to success -- working with great people, and relentlessly focusing on creating value for customers, employees, and shareholders.

在我的職業生涯中，無論是在微軟內部還是外部，無論經濟形勢好壞，我都了解到，幾乎沒有什麼可以持續轉化為成功的常數——與優秀的人一起工作，並堅持不懈地專注於為客戶、員工創造價值, 和股東。

I'm delighted to have the opportunity to do that in my new role, building on our current momentum and driving future growth.

我很高興有機會在我的新職位上做到這一點，鞏固我們目前的勢頭並推動未來的增長。

Now let me share some thoughts on our second quarter results.

現在讓我分享一些關於我們第二季度業績的想法。

We reported record revenue and record profit.

我們報告了創紀錄的收入和創紀錄的利潤。

These results were driven in large part by strong consumer demand for Windows 7 in PCs.

這些結果在很大程度上是由於消費者對 PC 中的 Windows 7 的強勁需求。

While consumer demand remains healthy, we have not seen a return of enterprise spending growth.

雖然消費者需求保持健康，但我們還沒有看到企業支出增長的回歸。

Meanwhile, our ongoing work in managing expenses and aligning our cost structure to the highest priorities has enabled us to drive earnings growth ahead of revenue growth.

同時，我們在管理費用和將成本結構與最高優先事項保持一致方面正在進行的工作使我們能夠在收入增長之前推動盈利增長。

We also returned $4.8 billion of cash to investors through dividends and stock repurchases.

我們還通過股息和股票回購向投資者返還了 48 億美元現金。

As we have previously discussed, we are just starting our strongest product cycle ever.

正如我們之前所討論的，我們剛剛開始我們有史以來最強大的產品週期。

This quarter, it was highlighted by the successful launches of Windows 7, Windows Server 2008 R2, and Exchange 2010.

本季度，Windows 7、Windows Server 2008 R2 和 Exchange 2010 的成功發布凸顯了這一點。

We released Office 2010 to beta and introduced more Bing innovations this quarter.

我們在本季度發布了 Office 2010 測試版並引入了更多 Bing 創新。

Bing has now gained market share each month since its launch.

自推出以來，Bing 現在每個月都在獲得市場份額。

We also announced upcoming releases of two very important and compelling offerings that will drive growth into the future -- Windows Azure and Natal.

我們還宣布了兩個非常重要且引人注目的產品即將發布，它們將推動未來的增長——Windows Azure 和 Natal。

Azure is our cloud platform, which is providing developers, partners, and our customers, a smooth transition to the cloud, with tools and processes they already know.

Azure 是我們的雲平台，它為開發人員、合作夥伴和我們的客戶提供了向雲的平穩過渡，以及他們已經知道的工具和流程。

Natal, which is based on our natural user interface work, will energize this generation's gaming and entertainment experience, starting this coming holiday season.

Natal 基於我們的自然用戶界面工作，將從即將到來的假期開始，為這一代人的遊戲和娛樂體驗注入活力。

So, in summary, we're very pleased with our progress this quarter.

因此，總而言之，我們對本季度的進展感到非常滿意。

We have momentum with products in market; we have an exciting pipeline of new products; and we've delivered strong financial results.

我們在市場上的產品有動力；我們有一系列令人興奮的新產品；我們取得了強勁的財務業績。

I'll now hand the call back to Bill to give you some additional details on the quarter, and then come back and provide some thoughts on our outlook.

我現在將電話轉回比爾，向您提供有關本季度的更多詳細信息，然後再回來提供一些關於我們前景的想法。

Thanks, Peter.

謝謝，彼得。

I'll start with the Company overview and then go through revenue performance for each of our business units.

我將從公司概述開始，然後介紹我們每個業務部門的收入表現。

I will then review the rest of the income statement.

然後，我將審查損益表的其餘部分。

Please keep in mind that all growth comparisons relate to the corresponding quarter of last year, unless I specify otherwise.

請記住，除非我另有說明，否則所有增長比較都與去年的相應季度有關。

As Peter mentioned, we had an exceptional quarter with record revenue and profit.

正如彼得所提到的，我們有一個非凡的季度，收入和利潤都創歷史新高。

Over all, revenue grew 14% to just over $19 billion, primarily driven by strong Windows 7 consumer demand.

總體而言，收入增長 14% 至略高於 190 億美元，這主要是受強勁的 Windows 7 消費者需求的推動。

Net income and earnings per share were $6.7 billion and $0.74, respectively.

淨收入和每股收益分別為 67 億美元和 0.74 美元。

Excluding the $1.7 billion of revenue recognized from the Windows 7 upgrade program and Windows 7 licenses sold in advance of general availability, revenue grew 4%.

不包括從 Windows 7 升級計劃確認的 17 億美元收入和在全面上市之前銷售的 Windows 7 許可證，收入增長了 4%。

Foreign exchange did not have a significant impact on revenue during the quarter.

外匯對本季度的收入沒有顯著影響。

Our product billing mix in the second quarter was roughly the same as last year, with 30% annuity; 30% OEM; and 25% license only, with the balance coming from our other businesses.

我們第二季度的產品計費組合與去年大致相同，年金為 30%； 30% 代工；僅 25% 的許可，其餘來自我們的其他業務。

Now let me dive deeper into the overall revenue mix.

現在讓我更深入地了解整體收入組合。

Geographically, emerging markets grew mid-teens while mature markets grew single digits.

從地理上看，新興市場增長了十幾歲，而成熟市場增長了個位數。

In terms of segment, consumer demand continued to be the driver of growth.

從細分市場來看，消費需求繼續成為增長的驅動力。

While we saw stabilization in the Business segment, as Peter mentioned, we have not seen a return of enterprise spending growth to date.

正如彼得所說，雖然我們看到了業務部門的穩定，但迄今為止我們還沒有看到企業支出增長的回歸。

Enterprise Agreement sales cycles have lengthened and multi-year annuity revenue was flat year-over-year.

企業協議銷售週期延長，多年年金收入同比持平。

Unearned revenue was $12.5 billion, down slightly from last year.

未實現收入為 125 億美元，比去年略有下降。

On a sequential basis, unearned revenue was down, primarily due to this quarter's recognition of the $1.7 billion of Windows 7 revenue that I referred to earlier.

未實現收入環比下降，主要是由於本季度確認了我之前提到的 17 億美元的 Windows 7 收入。

Our contracted/not-billed balance was approximately $13 billion, down slightly from last year.

我們的合同/未開票餘額約為 130 億美元，比去年略有下降。

Now for the PC market.

現在針對PC市場。

PC hardware shipments grew substantially during the quarter, fueled by demand for Windows 7 and Innovation from our OEM partners.

在我們的 OEM 合作夥伴對 Windows 7 和創新的需求的推動下，本季度 PC 硬件出貨量大幅增長。

The combination of Windows 7 and the unprecedented variety of hardware choices, form factors, and price point, makes it a terrific time for customers to get exactly the PC they want.

Windows 7 與前所未有的各種硬件選擇、外形尺寸和價格點相結合，使客戶能夠獲得他們想要的 PC 的絕佳時機。

Year-over-year, we estimate the PC market grew 15% to 17%.

我們估計 PC 市場同比增長 15% 至 17%。

More specifically, we estimate consumer PCs grew more than 20%, while business PCs were roughly flat.

更具體地說，我們估計消費 PC 增長超過 20%，而商用 PC 大致持平。

This quarter, netbooks represented about 11% of the total PC market, roughly flat compared with last year and last quarter.

本季度，上網本約佔整個 PC 市場的 11%，與去年和上一季度基本持平。

Now with that backdrop, let's move on to revenue and business drivers by segment, beginning with the Windows and Windows Live division, which I will refer to as the Windows division.

現在在這種背景下，讓我們按細分市場討論收入和業務驅動因素，從 Windows 和 Windows Live 部門開始，我將其稱為 Windows 部門。

All of my comments related to the Windows division are adjusted to exclude the $1.7 billion of Windows 7 revenue I referred to earlier.

我所有與 Windows 部門相關的評論都進行了調整，以排除我之前提到的 17 億美元的 Windows 7 收入。

Keep in mind that this is a non-GAAP view and all GAAP, non-GAAP reconciliations can be found in our slide deck, which is posted on our website.

請記住，這是一個非 GAAP 視圖，所有 GAAP、非 GAAP 對賬都可以在我們的幻燈片中找到，該幻燈片發佈在我們的網站上。

Overall, the Windows division had a phenomenal quarter, with record quarterly revenue of $5.2 billion, growing 28% year-over-year.

總體而言，Windows 部門的季度表現非常出色，季度收入達到創紀錄的 52 億美元，同比增長 28%。

This growth was mainly driven by increased OEM unit sales of 22%.

這一增長主要是由 22% 的 OEM 單位銷售額增長推動的。

OEM revenue increased 21% and grew faster than PC shipments for the first time in eight quarters.

OEM 收入增長 21%，增長速度超過 PC 出貨量，這是八個季度以來的首次。

As in the prior quarter, we have included a slide that bridges the difference between the PC market growth and OEM revenue growth.

與上一季度一樣，我們添加了一張幻燈片，以彌合 PC 市場增長和 OEM 收入增長之間的差異。

Changes in segment mix represented a 9 percentage point headwind to OEM revenue.

細分市場組合的變化對 OEM 收入造成了 9 個百分點的不利影響。

This was caused by two factors -- a higher mix of consumer PCs than business PCs; and emerging markets outpacing mature markets.

這是由兩個因素造成的——消費者個人電腦的比例高於商用個人電腦；新興市場超過成熟市場。

Windows attach and inventory drove 10 percentage points of OEM revenue growth.

Windows 附加和庫存推動了 OEM 收入增長 10 個百分點。

Attach accounted for about half the increase.

附件約佔增加的一半。

Year-to-date, we saw solid attach gains across all regions, channels and form factors.

年初至今，我們在所有地區、渠道和外形尺寸方面都看到了穩固的附加收益。

Inventory, accounting for the other half of the increase, was the result of OEMs rebuilding inventory to exit the quarter at normal levels, as we discussed in last quarter's call.

正如我們在上一季度電話會議中討論的那樣，佔增長的另一半的庫存是原始設備製造商重建庫存以在本季度退出正常水平的結果。

Windows 7 upsell and channel dynamics drove 6 percentage points of OEM revenue growth, reflecting consumer demand for Windows 7 Home Premium and demand for Windows 7 on netbooks.

Windows 7 追加銷售和渠道動態推動了 OEM 收入增長 6 個百分點，反映了消費者對 Windows 7 Home Premium 的需求以及對上網本上的 Windows 7 的需求。

The commercial, retail and online portion of the Windows division grew 55%, primarily driven by the retail launch sales of Windows 7.

Windows 部門的商業、零售和在線部分增長了 55%，這主要是受 Windows 7 零售銷售的推動。

Now let me give you some additional Windows data points.

現在讓我給你一些額外的 Windows 數據點。

Through the end of the second quarter, we sold more than 60 million Windows 7 licenses, making it the fastest selling operating system in history.

到第二季度末，我們售出了超過 6000 萬份 Windows 7 許可證，使其成為歷史上銷售最快的操作系統。

Windows is attached to more than 90% of netbooks, with Windows 7 accounting for well over half of that.

Windows 連接到超過 90% 的上網本，Windows 7 佔其中的一半以上。

Windows consumer licenses grew more than 35% year-over-year.

Windows 消費者許可證同比增長超過 35%。

And finally, Q2 was another record quarter, representing the highest number of Windows licenses sold in one quarter ever.

最後，第二季度是另一個創紀錄的季度，代表了一個季度內售出的最高 Windows 許可證數量。

In fact, Q2 beat the previous record set last quarter by 20%.

事實上，第二季度比上一季度創下的紀錄高出 20%。

In summary, it was an exceptional quarter for the Windows division.

總之，對於 Windows 部門來說，這是一個特殊的季度。

With Windows 7, we have terrific consumer momentum and a great product for the business PC market when it recovers.

借助 Windows 7，我們在商業 PC 市場復甦時擁有了極好的消費動力和出色的產品。

Now let's move to Server and Tool.

現在讓我們轉到服務器和工具。

The server hardware market was stronger than expected for the quarter, although it's still down slightly year-over-year.

本季度服務器硬件市場強於預期，但同比仍略有下降。

Our OEM and license-only revenue continued to outperform underlying X86 server hardware market shipments, while annuity revenue grew low-single digits.

我們的 OEM 和僅限許可的收入繼續超過基礎 X86 服務器硬件市場的出貨量，而年金收入則以低個位數增長。

This quarter, we released Windows server 2008 R2.

本季度，我們發布了 Windows server 2008 R2。

Customer adoption for this, and our virtualization and management offerings, continue to build momentum.

客戶對此的採用，以及我們的虛擬化和管理產品，繼續形成勢頭。

Revenue from our virtualization offerings, such as Premium Editions of Windows Server and System Center, grew double digits.

我們的虛擬化產品（例如 Windows Server 和 System Center 的高級版）的收入增長了兩位數。

At PDC, we provided an update on Windows Azure, including the anticipated commercial availability next month.

在 PDC，我們提供了有關 Windows Azure 的更新，包括預計下個月的商業可用性。

In addition, we recently announced a three-year agreement with Hewlett Packard.

此外，我們最近宣布了與惠普公司的一項為期三年的協議。

This partnership offers customers comprehensive solutions, whether for data centers or public clouds.

這種合作夥伴關係為客戶提供全面的解決方案，無論是數據中心還是公共雲。

We are also very excited about the upcoming May release of SQL Server 2008 R2, which will further expand our capabilities in business intelligence and data warehousing.

我們也對即將在 5 月發布的 SQL Server 2008 R2 感到非常興奮，它將進一步擴展我們在商業智能和數據倉庫方面的能力。

Now for the Online Services division.

現在是在線服務部門。

While search revenue grew, display revenue was hampered, primarily by international rate declines.

雖然搜索收入增長，但顯示收入受到阻礙，主要是由於國際費率下降。

We continue to be pleased with Bing's momentum to date, including seven consecutive months of share gains in the US.

我們繼續對 Bing 迄今為止的發展勢頭感到滿意，包括連續七個月在美國的股價上漲。

Regarding our Yahoo!

關於我們的雅虎！

partnership, we are still working through the regulatory review process and continue to be hopeful the deal will be approved early this year.

夥伴關係，我們仍在通過監管審查程序，並繼續希望該交易將在今年年初獲得批准。

Now onto the Microsoft Business division.

現在進入微軟業務部門。

In general, the conditions from last quarter remain unchanged.

總體而言，上一季度的情況保持不變。

Revenue was down 3%, as enterprise spending remains soft.

由於企業支出仍然疲軟，收入下降了 3%。

Business revenue was down 6% due to weak business PC sales.

由於商用 PC 銷售疲軟，業務收入下降 6%。

The non-annuity component of business revenue was pressured in advance of the next product cycle.

業務收入的非年金部分在下一個產品週期之前受到壓力。

Annuity revenue was roughly flat, as expected.

正如預期的那樣，年金收入大致持平。

Consumer revenue, which includes the OEM and retail portion to this business, increased 12%.

包括該業務的 OEM 和零售部分在內的消費者收入增長了 12%。

This growth was primarily due to better than expected consumer PC shipments, although it still lags the overall PC market.

這一增長主要是由於消費 PC 出貨量好於預期，但仍落後於整體 PC 市場。

Within MBD, we continue to see double-digit growth of our SharePoint, office communications server, and Dynamics CRM products.

在 MBD 中，我們的 SharePoint、辦公通信服務器和 Dynamics CRM 產品繼續實現兩位數的增長。

During the quarter, we released a beta of Office 2010, which has been downloaded over 2 million times.

本季度，我們發布了 Office 2010 測試版，下載量已超過 200 萬次。

In the Entertainment and Devices division, revenue was down 11%.

在娛樂和設備部門，收入下降了 11%。

During the quarter, we sold 5.2 million consoles, a year-over-year decline of 13%.

本季度，我們售出了 520 萬台遊戲機，同比下降 13%。

Due to the favorable mix shift to Elite and Special Edition consoles, console ASPs were down only slightly following the Q1 price cuts.

由於向精英版和特別版遊戲機的有利組合轉變，遊戲機 ASP 在第一季度降價後僅略有下降。

While our software attach rate continued to grow and lead the industry at 8.8%, attach revenue declined as we faced difficult comps with the prior year.

雖然我們的軟件附加率繼續增長並以 8.8% 領先於行業，但附加收入下降，因為我們面臨與前一年的困難競爭。

Xbox Live continued to contribute to the quarter's performance and now has 23 million members -- over 35% growth from year ago.

Xbox Live 繼續為本季度的業績做出貢獻，目前擁有 2300 萬會員——比去年同期增長 35% 以上。

We also continued to make progress in the mobile space, and you will hear more about that at Mobile World Congress in February.

我們還在移動領域繼續取得進展，您將在 2 月的世界移動通信大會上聽到更多相關信息。

Now for the rest of the income statement.

現在是損益表的其餘部分。

Cost of goods sold decreased 7% to $3.6 billion, driven primarily by lower Xbox 360 volume and console costs.

銷售成本下降 7% 至 36 億美元，主要受 Xbox 360 銷量和遊戲機成本下降的推動。

These savings were partially offset by increased traffic, acquisition, and online costs.

這些節省被增加的流量、購置和在線成本部分抵消。

Operating expenses increased 1% to $6.9 billion, and included approximately $290 million of legal expenses.

運營費用增長 1% 至 69 億美元，其中包括約 2.9 億美元的法律費用。

We continue to execute on our [recourse] management plan and during the quarter, eliminated an additional 800 positions.

我們繼續執行我們的 [追索權] 管理計劃，並在本季度消除了額外的 800 個職位。

Year-over-year, headcount declined 8%.

與去年同期相比，員工人數下降了 8%。

This quarter, cash flow from operations was $5 billion and we repurchased $3.6 billion of shares, and paid $1.2 billion of dividends.

本季度，運營現金流為 50 億美元，我們回購了 36 億美元的股票，並支付了 12 億美元的股息。

So to wrap up, while we have yet to see a return of business spending growth, the consumer segment performed better than expected, and we couldn't be more pleased with the reception of Windows 7 by our partners, developers and, most importantly, our customers.

最後，雖然我們還沒有看到業務支出增長的回升，但消費者部門的表現好於預期，我們對我們的合作夥伴、開發人員對 Windows 7 的接受感到非常滿意，最重要的是，我們的顧客。

We continue to be excited by our momentum and believe we are well-positioned for the future.

我們繼續對我們的勢頭感到興奮，並相信我們為未來做好了準備。

And with that, I'll hand it back to Peter, who's going to discuss our business outlook.

有了這個，我會把它交還給彼得，他將討論我們的業務前景。

Thanks, Bill.

謝謝，比爾。

Now I'll discuss our expectations for calendar 2010.

現在我將討論我們對 2010 年日曆的期望。

From a macro perspective, IT spending should improve from the recessionary levels of 2009.

從宏觀角度來看，IT 支出應該會比 2009 年的衰退水平有所改善。

Taking into account second quarter results, we are incrementally positive towards the PC and server hardware market.

考慮到第二季度的業績，我們對 PC 和服務器硬件市場越來越看好。

As we've been saying, we expect the business hardware refresh cycle to begin this calendar year, occurring gradually over a couple of years.

正如我們一直在說的，我們預計業務硬件更新周期將在本日曆年開始，並在幾年內逐漸發生。

When thinking about the remainder of fiscal 2010, keep in mind that our third quarter tends to be seasonally weaker than our second and fourth quarters.

在考慮 2010 財年的剩餘時間時，請記住，我們的第三季度往往比第二季度和第四季度弱。

Now addressing each of the divisions individually.

現在分別解決每個部門。

In the third quarter, we expect Windows division revenues to be roughly in line with the overall PC market growth.

在第三季度，我們預計 Windows 部門的收入將與整體 PC 市場的增長大致一致。

Attach gains and inventory rebuild relative to the prior year, should offset macro trends of consumer PCs growing faster than business PCs, and emerging markets growing faster than mature markets.

與上一年相比增加收益和庫存重建，應該會抵消消費 PC 增長快於商用 PC 以及新興市場增長快於成熟市場的宏觀趨勢。

When thinking of sequential trends in the third quarter, keep in mind Q2 included a large retail launch impact.

在考慮第三季度的連續趨勢時，請記住第二季度包括大規模的零售發布影響。

For the full year, we expect the Windows division revenue to grow in line with the overall PC market growth.

全年，我們預計 Windows 部門的收入將隨著整體 PC 市場的增長而增長。

The Microsoft Business division's revenue in the third quarter should largely demonstrate the same dynamics as in the first half.

微軟業務部門第三季度的收入應該在很大程度上表現出與上半年相同的動態。

Consumer and business non-annuity revenue, approximately 40% of the total, will face ongoing pressure in advance of the next product cycle; and as such, should lag overall PC shipments until Office 2010 becomes generally available in June.

消費者和企業非年金收入約佔總收入的 40%，在下一個產品週期之前將面臨持續壓力；因此，在 Office 2010 於 6 月全面上市之前，應該會落後於整體 PC 出貨量。

We expect annuity revenue, representing 60% of the total revenue, to be broadly flat for the full year.

我們預計年金收入佔總收入的 60%，全年基本持平。

The release of the Office 2010 beta this quarter was an important milestone.

本季度發布的 Office 2010 測試版是一個重要的里程碑。

We've received terrific feedback from early adopters about the flexibility and powerful new ways to stay productive across the PC, browser, and phone.

我們從早期採用者那裡收到了關於在 PC、瀏覽器和手機上保持高效的靈活性和強大的新方法的極好反饋。

As you think of the fourth quarter financial impact of the Office 2010 release, keep in mind the timing of the launch is late in the quarter and the financial impact should be seen starting in FY '11.

當您想到 Office 2010 版本對第四季度的財務影響時，請記住發佈時間在本季度末，財務影響應該從 11 財年開始。

The Server and Tools business is most closely aligned to server hardware shipments and business IT spending.

服務器和工具業務與服務器硬件出貨量和業務 IT 支出最為密切相關。

We expect server shipments to show year-over-year growth in Q3 and Q4 for the first time in several quarters.

我們預計服務器出貨量將在第三季度和第四季度出現幾個季度以來的首次同比增長。

We expect non-annuity revenue, which is approximately 30% of the total, [to] generally in line with it.

我們預計非年金收入（約佔總收入的 30%）[to] 大致與此一致。

Annuity revenue should grow mid-single digits, while services should be roughly flat for the year.

年金收入應該會增長中個位數，而今年的服務應該大致持平。

For the Online Services division, the outlook for online advertising appears to be improving.

對於在線服務部門，在線廣告的前景似乎正在改善。

Excluding the impact of our legacy access business, we expect revenue to be roughly in line with the market for the third quarter and full year.

排除我們傳統接入業務的影響，我們預計第三季度和全年的收入將與市場大致持平。

In the Entertainment and Devices Division, revenue should directly track with the overall gaming market, and we maintain our view that full-year revenue should be roughly flat.

在娛樂和設備部門，收入應與整體遊戲市場直接掛鉤，我們維持全年收入應大致持平的觀點。

For the past two quarters, we have made good progress containing our cost of goods sold, despite the upward pressures of increased traffic acquisition costs in our search business and growth of our Online Services.

在過去兩個季度中，儘管我們的搜索業務的流量獲取成本增加和在線服務的增長面臨上行壓力，但我們在控制銷售成本方面取得了良好進展。

As a result of our operational initiatives, improved Xbox 360 console costs, and an increasingly favorable revenue mix towards Windows, we now expect cost of goods sold as a percentage of revenue to be roughly flat for this fiscal year.

由於我們的運營舉措、改進的 Xbox 360 主機成本以及對 Windows 日益有利的收入組合，我們現在預計本財年銷售商品成本佔收入的百分比將大致持平。

With regard to operating expenses, we remain focused on diligently managing our cost structure and aligning resources.

在運營費用方面，我們仍然專注於努力管理我們的成本結構和調整資源。

In the full year, we reconfirm our guidance of $26.2 billion to $26.5 billion.

在全年，我們再次確認了 262 億美元至 265 億美元的指導。

This takes into account our second quarter performance, the impact of one-time costs, including the [autumn] partnership integration expenses, and higher revenue-driven selling expenses.

這考慮了我們第二季度的業績、一次性成本的影響，包括 [秋季] 合作夥伴整合費用以及更高的收入驅動的銷售費用。

We also reconfirmed that our capital spending for the year will be no more than $2 billion and our effective tax rate should be approximately 25%.

我們還再次確認，我們今年的資本支出將不超過 20 億美元，我們的有效稅率應約為 25%。

We continue to generate strong free cash flow and will return capital to shareholders through dividends and stock repurchases over the long run.

從長遠來看，我們將繼續產生強勁的自由現金流，並將通過股息和股票回購向股東返還資本。

So in summary, we delivered very good financial results and are well-positioned for future growth.

總而言之，我們取得了非常好的財務業績，並為未來的增長做好了準備。

We have great momentum in the market with Windows 7 and the upcoming launches of Office 2010 and Natal.

Windows 7 以及即將推出的 Office 2010 和 Natal 在市場上勢頭強勁。

Heading into 2010, we are encouraged by the possibility of improving market conditions converging with the strongest wave of products in our Company's history.

進入 2010 年，我們對改善市場狀況的可能性感到鼓舞，這與我們公司歷史上最強勁的產品浪潮相融合。

Although the timing is uncertain, we are well-positioned to capitalize on the business spending recovery when it occurs.

儘管時間不確定，但我們已做好充分準備，可以在業務支出複蘇時加以利用。

With that, I'll turn the call over to Bill and answer some of your questions.

有了這個，我將把電話轉給比爾並回答你的一些問題。

Thanks, Peter.

謝謝，彼得。

We want to get to questions from as many of you as possible, but please stick to one question and avoid long or multi-part questions.

我們希望盡可能多地回答你們的問題，但請堅持一個問題，避免冗長或多部分的問題。

Barb, can you please go ahead and repeat your instructions?

Barb，你能繼續重複你的指示嗎？

Okay, thank you.

好的謝謝你。

(Operator Instructions).

（操作員說明）。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Hi, good afternoon, and Peter -- welcome to the call and congratulations for the spot.

嗨，下午好，彼得 - 歡迎致電並祝賀您的現場。

Thank you very much, Adam.

非常感謝你，亞當。

My question is around average selling prices.

我的問題是關於平均售價。

If you look at the average selling prices in the quarter, they improved sequentially and, obviously, you're seeing both mix helped out on the consumer side.

如果您查看本季度的平均銷售價格，它們會連續上漲，顯然，您會看到這兩種組合都對消費者產生了幫助。

But as we get a little bit deeper into the corporate upgrade cycle, you're going to see a lot higher dollar value.

但隨著我們對企業升級週期的深入了解，你會看到更高的美元價值。

How should we be thinking about average selling prices?

我們應該如何考慮平均售價？

Should we see steady sequential improvement there?

我們應該在那裡看到穩定的連續改善嗎？

Or some of the puts and takes around where you're seeing growth in the PC market going to offset that?

或者你看到PC市場增長的一些看跌期權會抵消這一點？

Yes, thanks, Adam.

是的，謝謝，亞當。

You know, obviously, the biggest driver of the ASPs will be the business PC refresh and the growth in that.

你知道，顯然，ASP 的最大推動力將是商用 PC 的更新和增長。

And the timing of that remains uncertain.

時間仍然不確定。

We maintain our general view, which we've had, that that will start to occur this year and occur gradually over the next couple of years.

我們維持我們的一般觀點，即這將在今年開始發生，並在未來幾年逐漸發生。

So as that does, that obviously has an impact on our average selling prices.

因此，這顯然會對我們的平均售價產生影響。

What we saw this quarter on the consumer side was a great adoption of Home Premium as well as Windows 7 on netbooks, which is driving that upsell that Bill talked about.

我們本季度在消費者方面看到的是家庭高級版和 Windows 7 在上網本上的廣泛採用，這推動了比爾所說的追加銷售。

And so those two things combined will be the drivers and it just really depends on the macro.

所以這兩件事結合起來將是驅動因素，它真的取決於宏觀。

And do you think you saw a one-time spike there?

你認為你在那裡看到了一次性的飆升嗎？

Or do think that Premium mix can remain at that high level?

還是認為高級組合可以保持在那個高水平？

Yes.

是的。

No, we think, as we gave in our -- as we said in the guidance, we're going to -- revenues are going to be in line with PCs.

不，我們認為，正如我們在指導中所說的那樣，我們將 - 收入將與個人電腦保持一致。

There's some headwinds from emerging markets and consumers, so we'll have to offset that with ASPs and other things -- and attach.

新興市場和消費者有一些不利因素，所以我們必須用 ASP 和其他東西來抵消它——並附上。

Terrific.

了不起。

Thank you.

謝謝你。

Yes.

是的。

Operator, can we move to the next question?

接線員，我們可以轉到下一個問題嗎？

Sarah Friar, Goldman Sachs.

莎拉·弗萊爾，高盛。

Terrific.

了不起。

Thanks so much and I echo Adam's congratulations, Peter.

非常感謝，我同意亞當的祝賀，彼得。

Can I ask a question on the cost side?

我可以問一個關於成本方面的問題嗎？

So there still seems to be some debate on the Street as to how tight a rein you'll keep on costs, even though you guys have done a phenomenal job thus far.

因此，儘管你們迄今為止已經完成了一項非凡的工作，但在街上似乎仍然存在一些關於你們將如何嚴格控製成本的爭論。

So I know you're not guiding for fiscal '11 on this call, but could you maybe just philosophically talk a little bit about the growth rate?

所以我知道你不是在這次電話會議上指導 11 財年，但你能否從哲學上談談增長率？

I think you've messaged a low-single digit inflation-type rate.

我認為你已經傳達了一個低個位數的通貨膨脹率。

And then just on the COGS side, flat for this year is a great outcome, but for next year, as Azure and so on kicks in, I'm assuming we should assume gross margin continues to come down?

然後就 COGS 而言，今年持平是一個很好的結果，但對於明年，隨著 Azure 等的啟動，我假設我們應該假設毛利率繼續下降？

Yes, obviously, it's too early to talk about FY '11.

是的，顯然，現在談論 11 財年還為時過早。

We're working through that planning process right now.

我們現在正在完成這個計劃過程。

And as soon as we get through that, I'll certainly get out and talk to everybody about that.

一旦我們解決了這個問題，我肯定會出去和大家討論這個問題。

Let me get the operating costs.

讓我知道運營成本。

We are executing against our plan very effectively; something I've been focused on even before taking this role, working with Chris and the leadership team on that -- and feel great that we're -- we've got a thoughtful plan that we've come up with and we're doing what we said and executing against that.

我們正在非常有效地執行我們的計劃；甚至在擔任這個角色之前我就一直關注的事情，與克里斯和領導團隊一起工作 - 並且感覺很好 - 我們已經有了一個深思熟慮的計劃，我們已經提出了我們重新做我們所說的並對此執行。

A big part of that is prioritization and making sure the resources are allocated to the high return areas.

其中很大一部分是優先考慮並確保將資源分配給高回報領域。

And that will be the approach that we take when we build our FY '11 plan -- absolutely.

這將是我們在製定 11 財年計劃時採用的方法——絕對如此。

So that approach stays the same.

所以這種方法保持不變。

And on the COGS side, an assumption that Azure will continue to drive that down?

在 COGS 方面，假設 Azure 將繼續降低這一點？

I think that there's multiple dynamics on the COGS side and it's too early to get into that for FY '11.

我認為 COGS 方面存在多種動態，現在進入 11 財年還為時過早。

You know, there's puts and takes -- the Online Services, traffic acquisition costs, offset by improvements we make across the board, whether that's Xbox 360 console and some of our operations as well.

你知道，有投入和投入——在線服務、流量獲取成本，被我們全面做出的改進所抵消，無論是 Xbox 360 控制台還是我們的一些運營。

So we'll just have to get through the planning process on that.

所以我們只需要完成這方面的計劃過程。

Terrific.

了不起。

Appreciate it.

欣賞它。

Thanks, Sarah.

謝謝，莎拉。

Barb, can we move to the next question?

Barb，我們可以轉到下一個問題嗎？

Brent Thill, UBS.

瑞銀的布倫特希爾。

On the enterprise agreements, I think, Bill, you mentioned the sales cycle's length and then you were flat year-over-year.

關於企業協議，我認為，比爾，你提到了銷售週期的長度，然後你就同比持平。

Peter, can you just elaborate in terms of what you expect for the second half of the fiscal year on enterprise agreements?

彼得，您能否詳細說明您對本財年下半年對企業協議的期望？

And I would think, considering the robustness of the product cycle, that that would start to trend back up.

而且我認為，考慮到產品週期的穩健性，這將開始回升。

Yes.

是的。

Yes, that is the hope.

是的，這就是希望。

Certainly of the Enterprise Agreement in renewals, it is starting to take longer.

當然，企業協議的續訂開始需要更長的時間。

We're getting them done but the sales cycle is just elongating.

我們正在完成它們，但銷售週期正在延長。

The good news is that we're getting them done, maybe not in the quarters that they expire, but we're not -- when we get them done, we're not dropping products off of them.

好消息是我們正在完成它們，也許不會在它們到期的季度內完成，但我們沒有——當我們完成它們時，我們不會從它們中丟棄產品。

And in most cases, we're actually adding new products onto the EAs.

在大多數情況下，我們實際上是在 EA 中添加新產品。

And so we feel great about the trajectory there.

所以我們對那裡的軌跡感覺很好。

And I tend to agree with you that as the enterprise spend does pick up, given our product pipeline, we feel very well-positioned from an Enterprise Agreement perspective.

我傾向於同意你的觀點，隨著企業支出的增加，鑑於我們的產品管道，從企業協議的角度來看，我們感覺處於非常有利的位置。

Thanks.

謝謝。

Operator, next question, please.

接線員，請下一個問題。

Heather Bellini, ISI Group.

希瑟·貝里尼，ISI 集團。

I was wondering if you could help us think about the trends in deferred revenue?

我想知道您是否可以幫助我們考慮遞延收入的趨勢？

Obviously, that's going to be a big driver of your fiscal '11 growth.

顯然，這將成為您 11 財年增長的重要推動力。

And in particular, last year was obviously a challenging year for enterprise spending, and you're saying that enterprise spending isn't coming back.

特別是，去年對企業支出來說顯然是充滿挑戰的一年，你說的是企業支出不會回來。

So would it be fair for us to think about your sequential deferred trends for the remainder of fiscal '10 being more in line with what you had in the back half of your fiscal year '09, just so we can help shape our models for the upcoming season?

因此，我們認為您在 10 財年剩餘時間的連續遞延趨勢更符合您在 09 財年後半期的情況，這樣我們可以幫助塑造我們的模型，這對我們來說公平嗎？即將到來的賽季？

Well, it's hard to say.

嗯，很難說。

A lot of that's going to depend on the shape of enterprise spend and business spend.

其中很大一部分將取決於企業支出和業務支出的形式。

Obviously, we're (multiple speakers) --

顯然，我們是（多位發言者）——

Well, based on how you think spend is going to come out.

好吧，根據您認為支出將如何產生。

Based on your views about enterprise spending not coming back any time soon.

根據您對企業支出不會很快恢復的看法。

You know, I think it's largely -- so, the thing that I can say is we have a great product pipeline.

你知道，我認為這在很大程度上 - 所以，我可以說的是我們有一個很棒的產品管道。

We are not -- we don't have visibility into exactly what business spend will be, so we're just going to have to work through that over the next couple of quarters.

我們不是——我們無法準確了解業務支出將是多少，因此我們將不得不在接下來的幾個季度中解決這個問題。

The only thing we can control, as we've been saying, is the products.

正如我們一直在說的，我們唯一能控制的就是產品。

We feel like we're executing against those and we'll keep working the Enterprise Agreements as we can.

我們覺得我們正在針對這些執行，我們將繼續盡可能地處理企業協議。

So does that mean it would be unreasonable to assume -- I mean, last year, I would imagine, was a difficult closing environment as well.

那麼這是否意味著假設是不合理的 - 我的意思是，去年，我想，也是一個艱難的關閉環境。

So is it measure of conservativism with kind of seasonal growth rates like you had last year and deferred?

那麼，它是不是像你去年那樣用季節性增長率來衡量保守主義並推遲了？

Be prudent in your view versus expecting an uptick?

在您看來要謹慎而不是期待上漲？

I would just encourage anybody to think their view.

我只是鼓勵任何人思考他們的觀點。

There are differing views of what enterprise spend is going to be.

對於企業支出將是什麼存在不同的看法。

You'll just have to apply your view of that.

你只需要應用你的觀點。

Yes, I don't think we're going to give guidance on that, Heather.

是的，我認為我們不會就此提供指導，Heather。

Can we move to the next question?

我們可以轉到下一個問題嗎？

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Peter, just wondering, there's a lot that's been written about how you could deploy Windows 7 on the consumer side or on the business side on existing hardware without having to upgrade.

彼得，只是想知道，關於如何在現有硬件上部署 Windows 7 或在企業端部署 Windows 7 的文章很多，而無需升級。

Just curious on the consumer side and on the business side, what are you hearing -- can you give us some anecdotal data of revenue that you're seeing from so-called shrink-wrap purchases on the consumer side and maybe on the business side as well?

只是好奇消費者方面和商業方面，你在聽到什麼 - 你能給我們一些你從消費者方面和商業方面的所謂收縮包裝購買中看到的收入軼事數據也？

The threshold -- you don't need to buy a brand-new PC, but I guess you could deploy Windows 7 on existing hardware.

門檻——您不需要購買全新的 PC，但我想您可以在現有硬件上部署 Windows 7。

What are you seeing on the business and consumer markets in regards to that?

在這方面，您對商業和消費市場有何看法？

Yes, thanks, Kash.

是的，謝謝，卡什。

Good question.

好問題。

On the consumer side, we had a very good retail quarter -- about $500 million, which is a little bit more than we expected.

在消費者方面，我們有一個非常好的零售季度——大約 5 億美元，這比我們預期的要多一點。

So, that dynamic that you highlighted, it's actually happening -- people are going to retail and buying shrink-wrap Windows to put on their PCs.

因此，您強調的那種動態實際上正在發生——人們將零售併購買收縮包裝的 Windows 以安裝在他們的 PC 上。

On the business side, anecdotally, a lot of interest.

在商業方面，有趣的是，很多人對此感興趣。

Businesses are incredibly enthusiastic about deploying.

企業非常熱衷於部署。

And so we'll hope to see that flow through over the coming year.

因此，我們希望在來年看到這種情況。

So in both cases, a lot of positive momentum, as you indicate.

因此，正如您所指出的，在這兩種情況下，都有很多積極的勢頭。

I guess Steve Ballmer has to take his words back, because he said 200 to 300 is the max we should expect to see.

我猜史蒂夫鮑爾默不得不收回他的話，因為他說 200 到 300 是我們應該期望看到的最大值。

You're off to a great start on the retail shrink-wrap.

您在零售收縮包裝方面有了一個良好的開端。

Congrats.

恭喜。

Thanks, Kash.

謝謝，卡什。

Thanks, Kash.

謝謝，卡什。

Operator, next question?

接線員，下一個問題？

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

Following up on the consumer question, a year ago, netbooks were a huge concern.

跟進消費者問題，一年前，上網本是一個巨大的問題。

It sounds like on the year-over-year basis, they didn't really change as a percentage and maybe there was some pricing changes on Windows 7.

聽起來，按年計算，它們的百分比並沒有真正發生變化，也許 Windows 7 的定價發生了一些變化。

Is the dilutive impact of netbooks stabilized or started to change in any way?

上網本的稀釋影響是穩定了還是開始改變了？

Yes.

是的。

No, I would definitely say it's stabilized.

不，我肯定會說它已經穩定了。

The mix has stayed stable.

混合物保持穩定。

Our attach is very high, over 90%.

我們的附加值非常高，超過 90%。

And as Bill said, over 50% of that is Windows 7.

正如比爾所說，其中超過 50% 是 Windows 7。

And so what we're finding is people want Windows 7 on all devices and all form factors.

因此，我們發現人們希望在所有設備和所有外形尺寸上都安裝 Windows 7。

And that's really what's been driving the quarter and the success of Windows 7.

這就是推動本季度和 Windows 7 成功的真正原因。

We've worked closely with all of our OEM partners to deliver the broadest range of devices -- PCs, notebooks, whatever you have, whether it's a netbook or a laptop or a notebook or a desktop, Windows 7 is on them.

我們與所有 OEM 合作夥伴密切合作，提供最廣泛的設備 - PC、筆記本電腦，無論您擁有什麼，無論是上網本、筆記本電腦、筆記本電腦還是台式機，Windows 7 都在上面。

So that's very positive for us.

所以這對我們來說是非常積極的。

Operator, our next question, please.

接線員，我們的下一個問題，請。

Brad Reback, Oppenheimer.

布拉德·雷貝克，奧本海默。

So real quickly, Peter, a couple of weeks ago, you guys announced a bit of a reorg in the E&D segment.

太快了，彼得，幾週前，你們宣佈在 E&D 部門進行一些重組。

Could you maybe help us understand how some of those moves can help you close the gap in those businesses, especially on the mobile side, and some of the devices going forward?

您能否幫助我們了解其中一些舉措如何幫助您縮小這些業務的差距，尤其是在移動端，以及一些未來的設備？

Yes.

是的。

They don't change the strategy that we have in both of those businesses.

他們不會改變我們在這兩個業務中的戰略。

In E&D, you do need to separate mobile from the entertainment side or the Xbox side.

在 E&D 中，您確實需要將移動端與娛樂端或 Xbox 端分開。

The Xbox is in a very good position right now.

Xbox現在處於非常好的位置。

We've got a great installed base of engaged users.

我們擁有龐大的參與用戶群。

We've got the Xbox Live asset.

我們有 Xbox Live 資產。

We've got Natal coming out.

我們已經讓納塔爾出來了。

We're working through the profitability on the console costs.

我們正在研究控制台成本的盈利能力。

So, a ton of momentum and a really exciting year coming up.

因此，巨大的動力和令人興奮的一年即將到來。

On the mobile side, our strategy remains the same.

在移動端，我們的策略保持不變。

As we've been saying from a product perspective, we're working very hard on the next version of Windows Mobile, as Bill indicated.

正如我們從產品的角度一直在說的那樣，正如比爾指出的那樣，我們正在努力開發下一個版本的 Windows Mobile。

We'll be talking more about that in Barcelona in a few weeks.

幾週後，我們將在巴塞羅那討論更多關於這方面的內容。

But I wouldn't think of the organization changes as fundamentally changing the strategy.

但我不認為組織變革會從根本上改變戰略。

It just put us in a better position to continue to execute against what we're doing.

它只是讓我們處於更好的位置，可以繼續執行我們正在做的事情。

Operator, can we move to the next question?

接線員，我們可以轉到下一個問題嗎？

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Just wanted to echo, a great quarter.

只是想回應，一個偉大的季度。

Just on the operating expense side, if I back into sort of just the midpoint of your guidance, it basically implies a year-over-year increase in OpEx in the second half of about 10.9%, give or take, versus the, obviously, the decline in the first half.

僅在運營費用方面，如果我回到您指導的中點，這基本上意味著下半年運營支出同比增長約 10.9%，與顯然相比，上半年下滑。

Now I understand that we're starting to anniversary some of the headcount reductions, but just want to give a sense for what's driving that increase, sort of what line items or initiatives.

現在我知道我們開始對一些裁員進行週年紀念，但只是想了解是什麼推動了這種增長，比如哪些項目或計劃。

Thanks.

謝謝。

Yes.

是的。

So the biggest ones are the ones I talked about.

所以最大的就是我談到的那些。

There's the Yahoo!

有雅虎！

integration expenses, which is a one-time new expense that we didn't have last year.

整合費用，這是我們去年沒有的一次性新費用。

And then, given they increased the revenues that we'll see over the recessionary levels that we saw last time, there's just some variable sales costs that go along with that.

然後，鑑於他們增加了我們將在上次看到的衰退水平上看到的收入，隨之而來的是一些可變的銷售成本。

So those drive year-over-year increases.

因此，這些推動了同比增長。

And those are the two biggest things.

這是最重要的兩件事。

And obviously, we've been aware of those; it's been included in our plan and our guidance that we've had for the last several quarters.

顯然，我們已經意識到了這些；它已包含在我們過去幾個季度的計劃和指導中。

Operator, could we move to the next question?

接線員，我們可以轉到下一個問題嗎？

John DiFucci, JPMorgan.

摩根大通的約翰·迪福奇。

Peter, it looks like the OEM license unit growth on the DOS is about 5% to 7% greater than the PC unit growth.

彼得，看起來 DOS 上的 OEM 許可證單位增長比 PC 單位增長大約高 5% 到 7%。

And with the launch of Vista, that delta was like 8% to 10%.

隨著 Vista 的推出，這個增量大約是 8% 到 10%。

And I'm just curious because, I mean, Vista -- there were some decent reviews on Vista when it came out, but there's really -- there were some questions at that point.

我只是好奇，因為，我的意思是，Vista - 在 Vista 發佈時有一些不錯的評論，但確實有 - 當時存在一些問題。

And in the end, it really looks like Windows 7 is going to be a much greater success for you.

最後，看起來 Windows 7 真的會為您帶來更大的成功。

I'm just curious if you think you can see some more -- I guess, I know there's a lot of things that affect that, but inventory build in the launch of a new OS seems to have a big effect.

我只是好奇你是否認為你可以看到更多——我想，我知道有很多事情會影響到這一點，但是在新操作系統的發布中建立庫存似乎有很大的影響。

And where the inventories are today, do you think you can see even more benefit in the following quarter?

今天的庫存在哪裡，您認為您可以在下一季度看到更多收益嗎？

Well, I'll say two things.

好吧，我要說兩件事。

Inventories are about at normal levels.

庫存大約處於正常水平。

So we feel pretty good in all the checks we've done on sell-through -- you know, inventory is at normal level.

因此，我們對銷售情況所做的所有檢查都感覺很好——你知道，庫存處於正常水平。

In terms of the comparison to Vista, it's a different world now, right?

與Vista相比，現在是一個不同的世界，對吧？

We have some headwinds that we may not have had then in terms of the mix.

就混合而言，我們當時可能沒有遇到一些不利因素。

The sort of segment mix that Bill talked about in terms of consumer and emerging markets, which is really some headwind.

比爾談到的消費者和新興市場的細分市場組合，這確實是一些不利因素。

So if you break it out that granularly and you look at the attach and inventory gains of 10%, half of that being attached, that's a good result.

因此，如果您將其細分並查看 10% 的附加和庫存收益，其中一半是附加的，這是一個很好的結果。

And as I mentioned before, for us to continue to grow in line with the PC market, given those headwinds of the segment mix, we're going to continue to have to do better on attach and inventory and some of the upsell as well.

正如我之前提到的，為了讓我們繼續與 PC 市場保持同步增長，考慮到細分市場組合的這些不利因素，我們將繼續必須在附加和庫存以及一些追加銷售方面做得更好。

Thanks, Peter.

謝謝，彼得。

Yes, thanks, John.

是的，謝謝，約翰。

Thank you.

謝謝你。

Operator, next question, please.

接線員，請下一個問題。

Sandeep Aggarwal, Collins Stewart.

桑迪普·阿加瓦爾，柯林斯·斯圖爾特。

Thanks for taking my question.

感謝您提出我的問題。

Peter, by when can we expect market share gain by being also translating into revenue growth acceleration?

彼得，我們什麼時候可以通過轉化為收入增長加速來預期市場份額增加？

And any update on the timing of regulatory approval for Microsoft/Yahoo!

以及有關 Microsoft/Yahoo! 的監管批准時間的任何更新！

deal?

交易？

No update; we're still waiting for regulatory approval and we're still hopeful we will close that deal early this year.

沒有更新；我們仍在等待監管部門的批准，我們仍然希望我們能在今年年初完成這筆交易。

It's a long-term process.

這是一個長期的過程。

We're continuing to gain share.

我們正在繼續獲得份額。

What we really need to do is get the Yahoo!

我們真正需要做的是獲取 Yahoo!

deal done, get that integrated and start -- get the benefits of scale.

完成交易，整合併開始 - 獲得規模效益。

So this is something you would expect to see in 2011 and beyond.

所以這是你期望在 2011 年及以後看到的。

Operator, next question, please.

接線員，請下一個問題。

Todd Raker, Deutsche Bank.

德意志銀行的托德·雷克。

Just turning to the enterprise adoption cycle around Windows 7.

只是轉向圍繞 Windows 7 的企業採用周期。

Can you give us any sense in terms of what you're seeing when you talk to corporates out there?

當您與外面的公司交談時，您能告訴我們您所看到的內容嗎？

I know you guys don't want to preannounce Service Pack 1, but any kind of visibility in terms of how you think the adoption cycle might play out over the course of this year would be useful.

我知道你們不想提前宣布 Service Pack 1，但是就您認為今年的採用周期可能會如何發揮作用而言，任何形式的可見性都是有用的。

Thanks.

謝謝。

Yes.

是的。

It's hard to say exactly how it will play out.

很難確切地說它將如何發揮作用。

I will tell you that the activity and the conversation -- there's nothing about waiting for Service Packs, for sure.

我會告訴你活動和對話——當然，等待服務包沒有任何意義。

Everybody's really super excited about our Windows 7 right now.

現在每個人都對我們的 Windows 7 感到非常興奮。

So there's a ton of activity.

所以有很多活動。

How that will play out in deployment cycles remains to be seen and people are working through that.

這將如何在部署週期中發揮作用還有待觀察，人們正在努力解決這個問題。

But I would say there's way more business activity now than in previous launches.

但我想說現在的商業活動比以前的發布要多得多。

Operator, next question, please.

接線員，請下一個問題。

Katherine Egbert, Jefferies.

凱瑟琳·埃格伯特，傑富瑞。

It looks like you bought back almost $4 billion in stock this quarter.

看起來你本季度回購了近 40 億美元的股票。

Is that right?

那正確嗎？

And then, Peter, can you just tell us what your philosophy is going forward on repurchases and dividends?

然後，彼得，你能告訴我們你在回購和分紅方面的理念是什麼嗎？

Thanks.

謝謝。

Yes, it was about $3.6 billion, so you're about (inaudible).

是的，大約是 36 億美元，所以你大約（聽不清）。

My philosophy over the long term is going to be very consistent with what we've been doing.

從長遠來看，我的理念將與我們一直在做的事情非常一致。

We had a target amount of cash, appropriate cash, that we think [we would have].

我們有目標金額的現金，適當的現金，我們認為[我們會]。

And then, the operating cash flow after capital and acquisitions will be, over the long-term, distributed back to shareholders in the form of dividends and share repurchases.

然後，資本和收購後的經營現金流將長期以股息和股票回購的形式分配給股東。

So, exactly same consistent philosophy we've had over the last several years.

因此，我們在過去幾年中所擁有的始終如一的理念。

Okay, Operator, we have time for one last question.

好的，接線員，我們有時間回答最後一個問題。

And our last question comes from Tim Klasell from Thomas Weisel Partners.

我們的最後一個問題來自 Thomas Weisel Partners 的 Tim Klasell。

Yes, good afternoon, everybody -- nice quarter.

是的，大家下午好——好時光。

The guidance on the Entertainment and Devices Division is roughly flat.

娛樂和設備部門的指導大致持平。

Can you walk us through some of the puts and takes, particularly as we get into later stages of the product cycle and the macro out there?

您能否帶我們了解一些看跌期權，尤其是當我們進入產品週期的後期階段和宏觀環境時？

Yes.

是的。

So the puts and takes are -- you should think about the sort of whole generation of gaming.

所以看跌期權是——你應該考慮整整一代的遊戲。

We've got Natal coming out this year, so you should think of it beyond the rest of this fiscal year.

我們今年已經推出了 Natal，所以你應該在本財年的剩餘時間裡考慮它。

And then how we go up and down, you know, depends on timing of software titles.

然後我們如何上升和下降，你知道的，取決於軟件標題的時間。

You know, we have industry-leading attach, so there's a big difference on timing when we have first party titles versus third party titles.

您知道，我們擁有行業領先的附件，因此我們擁有第一方遊戲與第三方遊戲的時間存在很大差異。

So I would consider what we're doing excellent growth and then it gets sort of re-energized with Natal, as we head to holiday next year.

所以我會考慮我們正在做的出色增長，然後在我們明年去度假時，納塔爾會重新煥發活力。

So it may be roughly flat for the calendar year or roughly flat for the fiscal year?

所以它可能在日曆年大致持平或在財政年度大致持平？

That was the fiscal year.

那是財政年度。

We haven't talked about FY '11 yet.

我們還沒有談到 11 財年。

Okay.

好的。

Thanks, Tim.

謝謝，蒂姆。

Thanks, Tim.

謝謝，蒂姆。

Okay.

好的。

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

這將結束今天財報電話會議的問答部分。

Remember that you can access this call on the Microsoft Investor Relations website at Microsoft.com/msft.

請記住，您可以在 Microsoft 投資者關係網站 Microsoft.com/msft 上訪問此電話。

Please keep in mind that we will be at a number of conferences in the next couple of months, including Mobile World Congress in February.

請記住，我們將在接下來的幾個月中參加許多會議，包括 2 月份的世界移動通信大會。

In addition, Bob Muglia, President of Server and Tools, will present at the Goldman Sachs conference in February.

此外，服務器和工具總裁 Bob Muglia 將出席 2 月份的高盛會議。

And Peter will deliver a keynote speech at the Morgan Stanley conference in March.

彼得將在三月份的摩根士丹利會議上發表主題演講。

Please contact us if you need additional details.

如果您需要更多詳細信息，請與我們聯繫。

We hope to see you there.

我們希望看到你在那裡。

Thanks again for joining us today.

再次感謝您今天加入我們。

And 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。