微軟 (MSFT) 2011 Q1 法說會逐字稿

Welcome to the Microsoft first-quarter fiscal year 2011 earnings conference call.

歡迎參加 Microsoft 2011 財年第一季度財報電話會議。

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, and thank you, everyone, for joining us this afternoon.

謝謝你，Barb，謝謝大家今天下午加入我們。

As usual, with me here today are Peter Klein, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

像往常一樣，今天和我在一起的是首席財務官 Peter Klein； Frank Brod，首席會計官；和副總法律顧問 John Seethoff。

Today, we filed our Form 10-Q.

今天，我們提交了表格 10-Q。

In addition, we posted our earnings release and financial summary slide deck on our new Investor Relations website at Microsoft.com/investor.

此外，我們在新的投資者關係網站 Microsoft.com/investor 上發布了我們的收益發布和財務摘要幻燈片。

The slide deck is intended to follow the flow of our prepared remarks and provides a reconciliation of differences between GAAP and non-GAAP financial measures, as well as a summary of segment reporting changes to historical results.

該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，以及分部報告對歷史結果的變化的總結。

As was the case last quarter, we will post today's prepared remarks to our website immediately following the call until the complete transcript is available.

與上個季度的情況一樣，我們將在電話會議後立即將今天準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's webcast will be live -- today's call will be webcast live and recorded.

今天的網絡直播將進行現場直播——今天的電話會議將進行網絡直播和錄製。

If you ask a question, it will be included in our live transmission, in the transcript and any other future use of the recording.

如果您提出問題，它將包含在我們的實時傳輸中、記錄中以及將來對錄音的任何其他使用中。

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

在 2011 年 10 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 the 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通話或其任何部分可能會導致民事和刑事處罰。

Today, we will be making statements during this call that are forward-looking.

今天，我們將在這次電話會議中發表前瞻性聲明。

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, and the comments made during the 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中討論的因素、電話會議期間以及我們的 10-K 表、10-Q 表的風險因素部分以及其他向證券公司提交的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 statements.

我們不承擔任何更新任何前瞻性陳述的義務。

Okay?

好的？

And with that, I'll turn the call over to Peter.

有了這個，我會把電話轉給彼得。

Thanks, Bill, and good afternoon, everyone.

謝謝，比爾，大家下午好。

I am pleased to be able to share with you our excellent results for the first quarter, which reflect the ongoing strength and breadth of our product portfolio.

我很高興能夠與您分享我們第一季度的出色業績，這反映了我們產品組合的持續實力和廣度。

Demand from both businesses and consumers drove healthy revenue growth.

來自企業和消費者的需求推動了健康的收入增長。

We delivered record first-quarter revenue, operating income, and earnings per share.

我們實現了創紀錄的第一季度收入、營業收入和每股收益。

We continued to control costs while prioritizing our investments into the highest growth opportunities, resulting in another quarter of margin expansion.

我們繼續控製成本，同時優先投資於最高增長機會，從而實現另一個季度的利潤率擴張。

As we discussed at our Analyst Meeting in July, we have eight core focus areas that we feel have the greatest opportunity to drive shareholder value.

正如我們在 7 月的分析師會議上所討論的，我們有八個核心重點領域，我們認為這些領域最有機會推動股東價值。

This quarter, we had exceptional momentum across these focus areas, and I want to start today's call by giving you some important highlights.

本季度，我們在這些重點領域取得了非凡的發展勢頭，我想通過給您一些重要的亮點來開始今天的電話會議。

First, Microsoft Business Desktop is thriving, with enterprises and small and medium-sized businesses investing in our products and services.

首先，Microsoft Business Desktop 正在蓬勃發展，企業和中小型企業都在投資我們的產品和服務。

Not only are companies adopting Windows 7 and Office 2010 at historically high rates, they are also investing in our office Productivity platform, including SharePoint, Exchange, Dynamic CRM, and Lync, the newly rebranded office communication server, all of which grew double digits this quarter.

公司不僅以歷史高位的速度採用 Windows 7 和 Office 2010，而且還投資於我們的辦公生產力平台，包括 SharePoint、Exchange、Dynamic CRM 和新更名的辦公通信服務器 Lync，所有這些都增長了兩位數。四分之一。

Server and database businesses had strong momentum, as our data center and cloud offerings remain a top priority for our customers as they continue to adopt the Microsoft platform.

服務器和數據庫業務發展勢頭強勁，因為我們的數據中心和雲產品仍然是我們客戶的重中之重，因為他們繼續採用 Microsoft 平台。

In addition, Windows Azure had strong subscription growth and we announced a number of platform enhancements this morning at our Professional Developers Conference.

此外，Windows Azure 的訂閱增長強勁，我們今天早上在專業開發者大會上宣布了一些平台增強功能。

As I mentioned at the beginning of the call, consumer demand for our products continued to drive terrific results this quarter.

正如我在電話會議開始時提到的那樣，消費者對我們產品的需求繼續推動本季度的出色業績。

In terms of our core focus areas, Xbox momentum continued, with our console outselling every competing console in the US for the fourth consecutive month.

就我們的核心關注領域而言，Xbox 的勢頭仍在繼續，我們的遊戲機連續第四個月在美國的銷量超過所有競爭遊戲機。

Bing used hit an all-time high, with almost double the number of queries since it launched last year.

必應的使用量創下歷史新高，自去年推出以來，查詢數量幾乎翻了一番。

And consumers continued to show their strong preference for Windows 7 and Office 2010.

消費者繼續表現出對 Windows 7 和 Office 2010 的強烈偏好。

Customer satisfaction across our products remains at record high levels.

我們產品的客戶滿意度保持在創紀錄的高水平。

We also made exciting progress in the mobile space, with the recent launch of Windows Phone 7 in Europe and Asia, and the upcoming November 8 launch in the US.

我們還在移動領域取得了令人振奮的進展，最近在歐洲和亞洲推出了 Windows Phone 7，以及即將於 11 月 8 日在美國推出。

So in summary, I'm very pleased with our performance this quarter.

總而言之，我對我們本季度的表現感到非常滿意。

We executed well in all of our core focus areas and we're off to a good start for the year.

我們在所有核心重點領域都表現出色，今年的開局良好。

With that, I'll hand it back to Bill to provide more details on the quarter's results.

有了這個，我會把它交還給比爾，以提供有關本季度業績的更多細節。

Thanks, Peter.

謝謝，彼得。

I'll start today by noting that all of my comments are adjusted for the $1.5 billion of revenue which was deferred in the first quarter of last year.

我今天首先要指出，我的所有評論都針對去年第一季度推遲的 15 億美元收入進行了調整。

As you probably recall, this deferral was related to the Windows 7 upgrade program and Windows 7 licenses sold in advance of general availability in the first quarter of last year.

您可能還記得，此次延期與去年第一季度的 Windows 7 升級計劃和在全面上市之前出售的 Windows 7 許可證有關。

We've reconciled this non-GAAP view to GAAP results in our earnings slide deck.

我們已經在我們的收益幻燈片中將這種非 GAAP 觀點與 GAAP 結果進行了核對。

All growth comparisons I make on the call today will relate to the corresponding period of last year, unless I specify otherwise.

除非我另有說明，否則我今天在電話會議上所做的所有增長比較都將與去年同期有關。

Okay.

好的。

Now to our results.

現在來看我們的結果。

We started the fiscal year with great financial performance.

我們以出色的財務業績開始了本財年。

Total revenue for the Company was up 13% to $16.2 billion.

公司總收入增長 13% 至 162 億美元。

Operating income and EPS grew 20% and 19%, respectively, again, outpacing revenue growth.

營業收入和每股收益分別增長 20% 和 19%，再次超過收入增長。

Bookings for the Company were up an outstanding 24% this quarter.

本季度公司的預訂量增長了 24%。

Bookings growth over the last three quarters was the highest in the last three years.

過去三個季度的預訂量增長是過去三年中最高的。

Operating cash flow passed $8 billion for the first time ever and was up 34%.

經營現金流有史以來首次超過 80 億美元，增長了 34%。

A number of the demand patterns and trends we saw in the second half of our fiscal year 2010 were sustained through the first quarter of 2011.

我們在 2010 財年下半年看到的一些需求模式和趨勢一直持續到 2011 年第一季度。

In the first quarter, consumer demand for Office 2010 and Xbox were outstanding, and we're pleased with the continued adoption and growth of Windows 7 and Bing.

第一季度，消費者對 Office 2010 和 Xbox 的需求非常突出，我們對 Windows 7 和 Bing 的持續採用和增長感到高興。

Sales to small and medium businesses were exceptionally strong, with revenue up over 30%.

對中小型企業的銷售異常強勁，收入增長超過 30%。

This growth was partially due to a greater level of partner engagement, as we had an increase of over 15% in the number of partners selling Microsoft products around the world.

這一增長部分歸因於合作夥伴參與度的提高，因為我們在全球銷售 Microsoft 產品的合作夥伴數量增加了 15% 以上。

We also saw strengthening trends in the Enterprise segment, despite what is typically a seasonally weak quarter.

儘管通常是季節性疲軟的季度，但我們還看到企業部門的趨勢增強。

Our compelling product portfolio across Windows, Server and Tools, and the Microsoft Business division is driving increased enterprise agreement renewals.

我們在 Windows、服務器和工具以及 Microsoft 業務部門的引人注目的產品組合正在推動企業協議續訂的增加。

Unearned revenue at the end of the quarter was $13.9 billion due to the strength in enterprise agreements.

由於企業協議的強大，本季度末的未實現收入為 139 億美元。

The contracted/not-billed balance ended the quarter over $16 billion, significantly above pre-recession levels.

本季度結束時的合同/未開票餘額超過 160 億美元，大大高於衰退前的水平。

Geographically, emerging markets continue to significantly outperform the rest of the world.

從地理上看，新興市場的表現繼續顯著優於世界其他地區。

Growth in the US and Europe remains stable and healthy.

美國和歐洲的增長保持穩定和健康。

We see customers of all sizes embracing cloud services from Microsoft.

我們看到各種規模的客戶都在接受 Microsoft 的雲服務。

Organizations are leveraging our commercial and educational online services to run their businesses and institutions, while consumers are increasingly using services like Xbox Live, Windows Live, and Office Web apps.

組織正在利用我們的商業和教育在線服務來運營他們的企業和機構，而消費者越來越多地使用 Xbox Live、Windows Live 和 Office Web 應用程序等服務。

Microsoft has significant cloud momentum and we are leading the industry through this transformation.

微軟擁有顯著的雲發展勢頭，我們正在通過這一轉型引領行業。

Turning to the PC market, we estimate PCs grew between 9% and 11% in the first quarter.

談到個人電腦市場，我們估計第一季度個人電腦的增長率在 9% 至 11% 之間。

Consumer PCs grew single digits while the business PCs grew mid-teens, as the business hardware refresh remains strong.

消費類 PC 增長個位數，而商用 PC 增長了十幾歲，因為商業硬件更新仍然強勁。

From a geographic perspective, we estimate emerging market PCs grew over three times the rate of mature markets.

從地理角度來看，我們估計新興市場個人電腦的增長率是成熟市場的三倍以上。

Regarding netbook trends, we have seen consumers shift from buying netbooks to low-end notebooks, and we have not seen a material shift away from low-end PCs due to tablets in the market.

關於上網本趨勢，我們已經看到消費者從購買上網本轉向低端筆記本電腦，並且我們沒有看到由於平板電腦市場出現從低端個人電腦的重大轉變。

Instead, we've predominantly seen consumers increase their number of devices and their usage scenarios.

相反，我們主要看到消費者增加了他們的設備數量和他們的使用場景。

Going forward, we see a strong pipeline of innovation from our partners for new Windows form factors.

展望未來，我們看到我們的合作夥伴為新的 Windows 外形尺寸提供了強大的創新渠道。

With that PC backdrop, I'll move on to the results for the Windows and Windows Live division, which grew 10%.

在 PC 的背景下，我將繼續討論增長 10% 的 Windows 和 Windows Live 部門的結果。

Windows 7 drove the fourth consecutive quarter of double-digit revenue growth for the division.

Windows 7 推動了該部門連續第四個季度實現兩位數的收入增長。

In the first quarter, Windows OEM revenue, which represents approximately 75% of the Windows and Windows Live division, was up 11%.

第一季度，佔 Windows 和 Windows Live 部門約 75% 的 Windows OEM 收入增長了 11%。

In our earnings slide deck, we provide the usual bridge from revenue -- usual revenue bridge to market, but in summary, the overall dynamics of the market were as expected, with strength in business PCs and emerging markets.

在我們的收益幻燈片中，我們提供了通常的收入橋樑——通常的收入橋樑與市場，但總而言之，市場的整體動態符合預期，在商用 PC 和新興市場中表現強勁。

Now let's move to Server and Tools, which posted a great quarter with 12% revenue growth.

現在讓我們轉向服務器和工具，它發布了一個出色的季度，收入增長了 12%。

We estimate the underlying server hardware market grew mid-teens.

我們估計底層服務器硬件市場增長了十幾歲。

Non-annuity revenue grew approximately 15%, with Windows server growing in line with the hardware market.

非年金收入增長約 15%，其中 Windows 服務器與硬件市場同步增長。

Multi-year licensing revenue growth was roughly 10% and enterprise service grew 9%.

多年許可收入增長約 10%，企業服務增長 9%。

At the Financial Analyst Meeting in July, we discussed the assets and momentum of our Server and Tools portfolio.

在 7 月的金融分析師會議上，我們討論了我們的服務器和工具組合的資產和發展勢頭。

Let me provide some additional context to the underlying momentum and adoption this quarter.

讓我為本季度的潛在動力和採用提供一些額外的背景。

As Peter mentioned, our data center and cloud offerings are a top priority for businesses.

正如彼得所提到的，我們的數據中心和雲產品是企業的重中之重。

We estimate Windows Server usage share grew 1.5 points, while at the same time, Windows Server premium mix grew 4 points.

我們估計 Windows Server 使用份額增長了 1.5 個百分點，而與此同時，Windows Server 高級組合增長了 4 個百分點。

Systems center revenue growth grew over 20%, and within that, revenue from server virtualization suites grew over 50%.

系統中心收入增長超過 20%，其中來自服務器虛擬化套件的收入增長超過 50%。

Our virtualization share continues to grow, as IDC reports Hyper-V share of newly virtualized host doubled over the past year to 16.5%.

我們的虛擬化份額繼續增長，因為 IDC 報告新虛擬化主機的 Hyper-V 份額在過去一年翻了一番，達到 16.5%。

Windows Azure is gaining traction and has grown subscriptions 40% sequentially.

Windows Azure 越來越受歡迎，訂閱量環比增長了 40%。

This morning at PDC, we announced a number of platform enhancements, as Peter mentioned.

今天早上在 PDC 上，我們宣布了許多平台增強功能，正如 Peter 所提到的。

These enhancements will help customers build new applications and migrate existing applications to the cloud, and allow developers and ISVs to build unique applications with the richest datasets possible.

這些增強功能將幫助客戶構建新應用程序並將現有應用程序遷移到雲，並允許開發人員和 ISV 使用盡可能豐富的數據集構建獨特的應用程序。

Next, I'll move to the Online Services Division, which grew 8%.

接下來，我將轉到增長 8% 的在線服務部門。

The online advertising component of the division grew 13%, primarily driven by our search business, which again, outperformed the market leader.

該部門的在線廣告部分增長了 13%，主要受我們搜索業務的推動，該業務再次超越市場領導者。

Yesterday, Bing reached a significant milestone with the Yahoo partnership.

昨天，必應與雅虎的合作達到了一個重要的里程碑。

Through diligent efforts on behalf of both companies, Bing is now powering Yahoo's algorithmic and paid search results in the US and Canada.

通過代表兩家公司的努力，Bing 現在正在為雅虎在美國和加拿大的算法和付費搜索結果提供支持。

Turning to the Microsoft Business Division, where revenue grew 14% -- in the fourth quarter, I commented that the market's reception to Office 2010 has been phenomenal and the first quarter was no different.

談到微軟業務部門，第四季度收入增長了 14%，我評論說市場對 Office 2010 的接受度非常高，第一季度也不例外。

Consumer revenue grew 26% from continued launch momentum.

消費者收入因持續推出勢頭而增長 26%。

Office 2010's unit sales are 20% ahead of Office 2007 over the same time period.

在同一時期，Office 2010 的單位銷售額比 Office 2007 高 20%。

In addition, our free Office Web app now have more than 20 million users since our June launch.

此外，自 6 月推出以來，我們的免費 Office Web 應用程序現在擁有超過 2000 萬用戶。

The business portion of MBD grew 11%, with the non-annuity sales of Office 2010 up almost 50%.

MBD 的業務部分增長了 11%，Office 2010 的非年金銷售額增長了近 50%。

We've seen strong demand from small and medium customers, and PC attach has rebounded from the year-ago levels.

我們已經看到中小型客戶的強勁需求，PC attach 已從去年同期水平反彈。

The multi-year licensing portion of the business grew about 5%.

該業務的多年許可部分增長了約 5%。

We've spoken with you about the Office Productivity platform strategy, which includes Office, SharePoint, Exchange, Dynamic CRM, and Lync, and we've seen strong momentum and renewal rates with our 2010 offering.

我們已經與您討論過 Office Productivity 平台戰略，其中包括 Office、SharePoint、Exchange、Dynamic CRM 和 Lync，並且我們看到了 2010 年產品的強勁勢頭和續訂率。

Let me give you some of the underlying product momentum in MBD.

讓我給你一些 MBD 的潛在產品動力。

Lync grew 25% and the new version is expected to be available in our second fiscal quarter.

Lync 增長了 25%，新版本預計將在我們的第二財季推出。

Dynamic CRM, which just released a new beta this quarter, grew healthy double digits.

本季度剛剛發布了新測試版的 Dynamic CRM 實現了兩位數的健康增長。

Sales of exchange and SharePoint, which are each billion-dollar-plus businesses, also grew healthy double digits.

Exchange 和 SharePoint 的銷售額均超過 10 億美元，也實現了兩位數的健康增長。

Enterprises are adopting the entire business productivity infrastructure.

企業正在採用整個業務生產力基礎架構。

They now have unparalleled choice when deploying their applications in their own data center or in the cloud.

現在，他們在自己的數據中心或云中部署應用程序時擁有無與倫比的選擇。

During the quarter, we announced a number of significant cloud wins, including the City of New York last week.

在本季度，我們宣布了一些重要的雲計算勝利，包括上週的紐約市。

The number of business customers licensing our cloud services has more than tripled in the last year.

去年，獲得我們雲服務許可的企業客戶數量增加了兩倍多。

In education, we now have over 10,000 schools and 11 million students signed up for our Live@edu service.

在教育方面，我們現在有 10,000 多所學校和 1100 萬學生註冊了我們的 Live@edu 服務。

On October 19, we announced the next generation of our cloud productivity service, Office 365.

10 月 19 日，我們發布了下一代云生產力服務 Office 365。

Office 365 brings together Lync, SharePoint, Exchange, and Office Professional Plus Desktop software, and an always up-to-date cloud service, and is designed to meet the needs of organizations of all types and sizes.

Office 365 將 Lync、SharePoint、Exchange 和 Office Professional Plus 桌面軟件以及始終保持最新的雲服務結合在一起，旨在滿足各種類型和規模的組織的需求。

From a business model perspective, Office 365 creates new profit growth opportunities for us and our partners, and enables new scenarios that weren't viable in the past.

從業務模式的角度來看，Office 365 為我們和我們的合作夥伴創造了新的利潤增長機會，並實現了過去不可行的新方案。

With Office 365, we can reach more people; we will sell more to each customer; and we will increase customer satisfaction.

借助 Office 365，我們可以接觸到更多人；我們將向每位客戶銷售更多；我們將提高客戶滿意度。

Office 365 will be available worldwide in calendar 2011.

Office 365 將於 2011 年在全球推出。

Okay.

好的。

Let's move on to the Entertainment and Devices Division, which grew 27%, reflecting higher Xbox 360 platform revenue.

讓我們繼續討論娛樂和設備部門，該部門增長了 27%，反映了更高的 Xbox 360 平台收入。

We sold 2.8 million consoles this quarter, a unit increase of 38%.

本季度我們售出了 280 萬台遊戲機，單位增長 38%。

In the US, the new Xbox 360 console has outsold all other platforms since its introduction, resulting in a record first-quarter shipment.

在美國，新的 Xbox 360 控制台自推出以來已超過所有其他平台，導致第一季度的出貨量創歷史新高。

Halo Reach also had a solid launch this quarter, reaching approximately $350 million in revenue.

Halo Reach 本季度的發布也很穩健，收入達到約 3.5 億美元。

The Halo effect extended to Xbox Live with continued strong membership growth this quarter.

光環效應擴展到 Xbox Live，本季度會員人數持續強勁增長。

Windows Phone 7 launched last week in Europe and Asia, and we eagerly anticipate the introduction in the US on November 8.

Windows Phone 7 上週在歐洲和亞洲推出，我們熱切期待 11 月 8 日在美國推出。

Now let me cover the remainder of the income statement.

現在讓我涵蓋損益表的其餘部分。

Cost of goods sold increased 10% to $3.1 billion, driven primarily by increased Xbox hardware volume and online costs.

銷售成本增加 10% 至 31 億美元，主要受 Xbox 硬件數量和在線成本增加的推動。

Operating expenses were $5.9 billion in the quarter, an increase of 6%.

本季度運營費用為 59 億美元，增長 6%。

In the first quarter, we repurchased $4 billion of shares, returned $1.4 billion through dividends, and increased our dividend rate 23%.

第一季度，我們回購了 40 億美元的股票，通過股息返還了 14 億美元，並將股息率提高了 23%。

So, in summary, we're off to a great financial start for the year with 24% bookings growth; we've seen strong business spending across Windows, Server and Tools, and the Microsoft Business Division in both traditional and cloud offerings; and our cloud momentum continued -- our consumer momentum continued.

因此，總而言之，我們今年的財務開局不錯，預訂量增長了 24%；我們已經看到 Windows、服務器和工具以及微軟業務部門在傳統和雲產品方面的強勁業務支出；我們的雲勢頭仍在繼續——我們的消費者勢頭仍在繼續。

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

有了這個，我會把它交還給彼得，他將繼續討論我們的業務前景。

Great.

偉大的。

Thanks, Bill.

謝謝，比爾。

For the remainder of the call, I'll discuss our expectations for the second quarter and the remainder of fiscal 2011.

在接下來的電話會議中，我將討論我們對第二季度和 2011 財年剩餘時間的預期。

According to many recent surveys, enterprise IT spent should continue to grow for the remainder of the fiscal year.

根據最近的許多調查，企業 IT 支出應在本財年剩餘時間內繼續增長。

With the depth and breadth of our offerings, we are well-positioned to grow our share of the IT spending market.

憑藉我們產品的深度和廣度，我們已做好準備擴大我們在 IT 支出市場的份額。

We expect business PC and server hardware purchasing to remain a high priority for most businesses.

我們預計商用 PC 和服務器硬件採購仍將是大多數企業的重中之重。

The business PC refresh cycle should continue through at least the remainder of this fiscal year.

商用 PC 更新周期應至少持續到本財年的剩餘時間。

As was the case this quarter, we expect business PC growth to outpace consumer PC growth, and emerging market growth to outpace developed market growth.

與本季度的情況一樣，我們預計商用 PC 的增長將超過消費類 PC，新興市場的增長將超過發達市場的增長。

We are confident that tablets will expand the PC market and we are enthusiastic about our opportunity, along with our partners, to bring Windows to additional form factors and new usage scenarios.

我們相信平板電腦將擴大 PC 市場，我們對與合作夥伴一起為 Windows 帶來更多外形尺寸和新使用場景的機會充滿熱情。

Windows will continue to provide the choice and value that customers want across devices.

Windows 將繼續為客戶提供跨設備所需的選擇和價值。

With that backdrop, I'll now turn to segment expectations.

在這種背景下，我現在將轉向細分預期。

Windows division revenue should grow roughly in line with the PC market for the second quarter and the full year when excluding the impact of the prior-year tech guarantee and revenue attributed to the launch spike.

剔除去年技術保障的影響和因推出高峰而帶來的收入時，Windows 部門的收入應該與第二季度和全年的 PC 市場大致保持一致。

For the second quarter of fiscal year 2010, you should exclude $1.7 billion of revenue related to the tech guarantee and $600 million of revenue related to the launch spike.

對於 2010 財年第二季度，您應該排除與技術保證相關的 17 億美元收入和與發射高峰相關的 6 億美元收入。

For the full year, you should exclude $300 million and $700 million, respectively, related to these events.

對於全年，您應該分別排除與這些事件相關的 3 億美元和 7 億美元。

Moving on to Server and Tools, for Q2 and the full year, we expect non-annuity revenue, approximately 30% of the total, to generally track with the hardware market.

轉向服務器和工具，對於第二季度和全年，我們預計非年金收入（約佔總收入的 30%）將大致與硬件市場同步。

Multi-year licensing revenue, approximately 50% of the total, should grow high single digits for the second quarter and low double digits for the full fiscal year.

多年許可收入（約佔總收入的 50%）在第二季度將增長高個位數，在整個財年增長低至兩位數。

Services, which is the remaining 20%, should grow mid-single digits for both the second quarter and the full fiscal year.

剩下的 20% 的服務業在第二季度和整個財年都應該增長中個位數。

Turning to expectations for the Microsoft Business Division, consumer and business non-annuity revenue, approximately 40% of the division's total revenue, should continue to track to PC shipment growth rates for the second quarter and the fiscal year.

談到對微軟業務部門的預期，消費者和企業非年金收入約佔該部門總收入的 40%，應該會繼續跟踪第二季度和本財年的 PC 出貨量增長率。

We also expect revenue associated with multi-year agreements, representing 60% of total revenue, to grow mid to high single digits for the second quarter and the fiscal year, as we slowly start to recognize the higher growth billings going on to the balance sheet.

我們還預計，與多年協議相關的收入（佔總收入的 60%）在第二季度和本財年將增長中高個位數，因為我們慢慢開始認識到資產負債表上的更高增長賬單.

When updating your models, you should remember that next quarter, in addition to the framework I just provided, we will also recognize approximately $220 million of deferred revenue related to tech guarantee.

在更新您的模型時，您應該記住，下個季度，除了我剛剛提供的框架外，我們還將確認與技術保證相關的約 2.2 億美元的遞延收入。

For Q2 and the full fiscal year, we expect Online Services Division revenue to outperform the online advertising market, reflecting continued organic revenue growth as well as new revenue associated with our Yahoo partnership.

對於第二季度和整個財年，我們預計在線服務部門的收入將超過在線廣告市場，這反映了持續的有機收入增長以及與雅虎合作相關的新收入。

The majority of Yahoo-related revenue will be recognized net of traffic acquisition costs.

與雅虎相關的大部分收入將在扣除流量獲取成本後予以確認。

We expect the benefits of the integration to occur gradually over the next several quarters.

我們預計整合的好處將在未來幾個季度逐漸顯現。

And finally, in the Entertainment and Devices Division, we are very excited about the launch of Windows Phone 7, and we anticipate that Connect will be the gift this holiday season.

最後，在娛樂和設備部門，我們對 Windows Phone 7 的推出感到非常興奮，我們預計 Connect 將成為這個假期的禮物。

Considering the momentum and high level of consumer interest in our offerings, we expect this division's revenue to grow roughly 30% for the second quarter and in the mid-20s for the full fiscal year.

考慮到消費者對我們產品的勢頭和高度興趣，我們預計該部門第二季度的收入將增長約 30%，整個財年將在 20 年代中期增長。

Switching to cost of goods sold expectations for the Company, the biggest factor impacting COGS next quarter will be the expected and significant increase in hardware sales, due to the upcoming launch of Connect.

轉向公司的銷售成本預期，下個季度影響 COGS 的最大因素將是由於即將推出的 Connect 硬件銷售的預期和顯著增長。

Obviously, Xbox consoles and Connect have a higher COGS profile relative to revenue than the rest of our business, and you should consider this impact in your model.

顯然，Xbox 遊戲機和 Connect 在收入方面的 COGS 配置文件比我們的其他業務要高，您應該在模型中考慮這種影響。

Turning to operating expenses, we continue to prioritize our investments and remain diligent on cost controls.

談到運營費用，我們繼續優先考慮我們的投資，並繼續努力控製成本。

We are reconfirming our guidance of $26.9 billion to $27.3 billion for the full fiscal year.

我們正在重新確認我們對整個財年 269 億美元至 273 億美元的指導。

We expect the low interest rate environment we experienced in the first quarter to continue through the second quarter and the fiscal year, and for investment income to be fairly consistent with the first quarter level.

我們預計我們在第一季度經歷的低利率環境將持續到第二季度和本財年，並且投資收益將與第一季度的水平相當一致。

We continue to expect capital expenditures for fiscal year 2011 to be about $2.5 billion.

我們繼續預計 2011 財年的資本支出約為 25 億美元。

We expect our effective tax rate to be 23% to 24% for the second quarter and the remainder of the fiscal year.

我們預計第二季度和本財年剩餘時間的有效稅率為 23% 至 24%。

Turning to the balance sheet, at the end of the second quarter, we expect unearned revenue to roughly follow historic seasonal patterns, excluding the $220 million impact of the tech guarantees.

轉向資產負債表，在第二季度末，我們預計未實現收入將大致遵循歷史性的季節性模式，不包括技術擔保的 2.2 億美元影響。

So with that color for Q2 and the rest of our fiscal year, I want to close by saying that we are extremely pleased with the results we delivered this quarter.

因此，對於第二季度和本財年剩餘時間的顏色，我想最後說，我們對本季度交付的結果非常滿意。

We executed well in all of our core focus areas.

我們在所有核心重點領域都表現出色。

The products and services we've brought to market over the past year are being embraced by our customers; and as a result, our product portfolio is as strong as it has ever been.

我們在過去一年推向市場的產品和服務正在受到客戶的歡迎；因此，我們的產品組合一如既往地強大。

This, combined with our continued prioritization of investments into the highest growth opportunities, will help us drive long-term revenue and earnings per share growth.

再加上我們對最高增長機會的持續優先投資，將幫助我們推動長期收入和每股收益的增長。

With that, let's take some questions.

有了這個，讓我們提出一些問題。

Bill?

賬單？

Thanks, Peter.

謝謝，彼得。

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

我們希望從盡可能多的人那裡得到問題，所以請堅持一個問題，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？

(Operator Instructions).

（操作員說明）。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Thank you and congratulations on a really good start to the year.

謝謝你，祝賀你今年有一個非常好的開始。

My question is about Office; obviously, also a very good start for 2010.

我的問題是關於 Office；顯然，這也是 2010 年一個非常好的開始。

As you look back at 2007, business growth exceeded 20% for a number of quarters.

回顧 2007 年，業務增長連續幾個季度超過 20%。

As you think about the internals in terms of penetration and duration for this cycle, what are your early thoughts about how it can compare it?

當您從這個週期的滲透率和持續時間方面考慮內部因素時，您對如何比較它的早期想法是什麼？

And where are you seeing evidence on success around some of the bundling that you talked about?

你在哪裡看到關於你談到的一些捆綁的成功證據？

Yes, thanks, Adam.

是的，謝謝，亞當。

At a high level, certainly, I'd point you to the guidance framework that we just talked about and what we expect relative to the business PC market.

當然，在高層次上，我會向您指出我們剛剛討論的指導框架以及我們對商用 PC 市場的期望。

And obviously, business hardware refresh is a great underlying driver for that business as well as the excitement around the product.

顯然，業務硬件更新是該業務以及圍繞產品的興奮的重要潛在驅動力。

And in terms of Office, I think the thing that's most encouraging for me is the breadth of the strength around it across all customer segments, whether that was small and medium-sized businesses and enterprises.

在 Office 方面，我認為對我來說最令人鼓舞的是它在所有客戶群中的實力廣度，無論是中小型企業還是企業。

In terms of the integration story, Bill touched on the strong growth across all of those businesses, and I think you're really starting to see that resonate very well with customers.

在整合故事方面，比爾談到了所有這些業務的強勁增長，我認為你真的開始看到這與客戶產生了很好的共鳴。

And in fact, as we had anticipated when we were talking about anticipating 2010, Office 2010, that was going to be a key part of the story.

事實上，正如我們在談論預測 2010 年時所預料的那樣，Office 2010 將成為故事的關鍵部分。

I think we're starting to see that play out early days, which I think can sustain for awhile.

我認為我們開始看到這種情況出現在早期，我認為這可以維持一段時間。

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。

Peter, I was wondering, you mentioned that the Enterprise 7 -- Windows 7 Enterprise upgrade cycle would last at least through the end of fiscal '11.

Peter，我想知道，您提到 Enterprise 7 - Windows 7 Enterprise 升級週期將至少持續到 11 財年末。

I guess I'm just wondering if you could share with us how the upgrade cycle itself is tracking versus your expectations from a few quarters ago?

我想我只是想知道您是否可以與我們分享升級週期本身與您幾個季度前的預期相比如何？

Thank you.

謝謝你。

Yes.

是的。

I would say two things.

我想說兩件事。

One, just in terms of Enterprise's desire to upgrade, very strong, sort of the high level.

一，就企業的升級意願而言，非常強烈，有點高。

I think what we're seeing is people actually doing their deployments a little bit faster than I think we expected and we'd seen in the past.

我認為我們看到的是人們實際上比我認為我們預期的和我們過去看到的要快一點。

In terms of the overall business, obviously, we're seeing enterprise and businesses refresh their hardware, which is obviously a great thing in terms of the Windows 7 business.

就整體業務而言，顯然，我們正在看到企業和企業更新他們的硬件，這對於 Windows 7 業務而言顯然是一件好事。

Operator, next question, please.

接線員，請下一個問題。

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

Bill, Peter, I'm wondering if you can talk a bit about just enterprise agreements in general.

比爾，彼得，我想知道您是否可以談談一般的企業協議。

And we're certainly not back to a normal economic environment, but your performance there, especially the improvements over the last several quarters here seems to suggest that maybe you are getting back to normal behavior from customers, despite headcount being pressured.

而且我們當然不會回到正常的經濟環境，但是您在那裡的表現，尤其是過去幾個季度的改善，似乎表明您可能正在恢復客戶的正常行為，儘管員工人數受到壓力。

I'm just wondering if you could talk to us about what you're seeing as the drivers of growth in that part of the business more generally.

我只是想知道您是否可以與我們談談您認為更廣泛地推動該業務部分增長的驅動因素。

Yes, thanks, Walter.

是的，謝謝，沃爾特。

I think you're seeing the confluence of several things.

我認為你看到了幾件事的匯合。

Obviously, one is just macroeconomics and businesses investing in IT again.

顯然，一個只是宏觀經濟和企業再次投資於 IT。

And I think the other is our product portfolio.

我認為另一個是我們的產品組合。

And so it's a combination of those two things has gotten enterprises really wanting to invest both in their IT infrastructure and in our portfolio products.

因此，這兩件事的結合使企業真正想要投資於他們的 IT 基礎設施和我們的產品組合。

So as we had hoped, over the course of the last year, we thought those two things might come together.

因此，正如我們所希望的那樣，在過去的一年中，我們認為這兩件事可能會結合在一起。

The last thing I'll say is the accelerated interest in the cloud.

我要說的最後一件事是對雲計算的興趣加速。

And so when you add on top of it where we've come in terms of our cloud offerings and what that means for enterprises, as they think about investing for the long-term, they want to invest with somebody who can make the transition from their on-premise infrastructure to the cloud as smooth as possible.

因此，當您再加上我們在雲產品方面的表現以及這對企業意味著什麼時，當他們考慮進行長期投資時，他們希望與能夠從將他們的本地基礎設施盡可能順利地轉移到雲端。

And I think you're seeing that as well.

我想你也看到了。

So the conversations that we're having always include our new product portfolio as well as our cloud offerings.

因此，我們進行的對話始終包括我們的新產品組合以及我們的雲產品。

And I think that, taking into account the better macroeconomic environment, has all come together to really drive a better environment.

而且我認為，考慮到更好的宏觀經濟環境，所有這些都聚集在一起，真正推動了更好的環境。

Operator, next question, please.

接線員，請下一個問題。

Sarah Friar, Goldman Sachs.

莎拉·弗萊爾，高盛。

Thanks for taking my question, guys.

謝謝你提出我的問題，伙計們。

Peter, on the cost side, you had tremendous operating margins this quarter.

彼得，在成本方面，你本季度的營業利潤率很高。

As you look forward, you maintain the cost goals for the full year.

展望未來，您將維持全年的成本目標。

Is that in anticipation of what's coming around the Windows Phone launch and Connect?

這是對 Windows Phone 發布和 Connect 的預期嗎？

Or are there ways to continue to see you be a lot more efficient on the cost side over the next couple of quarters?

或者有沒有辦法在接下來的幾個季度裡繼續看到你在成本方面的效率更高？

Yes, thanks, Sarah.

是的，謝謝，莎拉。

No, as you know, we're always looking at ways to be as efficient as we can on the cost.

不，如您所知，我們一直在尋找盡可能降低成本的方法。

And right now we're executing against the plan.

現在我們正在執行計劃。

We feel very good about our plan that we've been talking about over the last couple of quarters.

我們對過去幾個季度一直在討論的計劃感覺非常好。

And first quarter was good and we continue to execute against that plan.

第一季度很好，我們繼續執行該計劃。

And obviously, in Q2, we do have some launches coming up and that was always in our plans, and those starting off are going very well.

顯然，在第二季度，我們確實有一些發布即將推出，這一直在我們的計劃中，而且那些開始的進展非常順利。

Operator, next question, please.

接線員，請下一個問題。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Peter, if you could drill one level deeper into the corporate demand and maybe give us a sense of what inning you think we're in, in terms of the corporate upgrade.

彼得，如果您能更深入地了解企業需求，或許可以讓我們了解您認為我們在企業升級方面所處的位置。

Oh, first baseball reference.

哦，第一個棒球參考。

Thanks, Brent.

謝謝，布倫特。

I won't say Go Giants.

我不會說Go Giants。

You can say it.

你可以說。

Okay.

好的。

He doesn't want to, but I do.

他不想，但我願意。

In our guidance, we talked about the rest of this year.

在我們的指導中，我們談到了今年剩下的時間。

I think we have to see how that plays out.

我認為我們必須看看結果如何。

That's sort of where we have visibility and what we're talking about.

這就是我們有知名度和我們正在談論的地方。

But certainly, over the last couple of quarters, looking forward over the next couple of quarters, and in talking to customers and what they're looking to invest in, clearly, a priority is investing in refreshing their hardware and the related Microsoft products that come along with that.

但可以肯定的是，在過去幾個季度，展望未來幾個季度，在與客戶交談以及他們希望投資的內容時，顯然，優先投資於更新他們的硬件和相關的微軟產品隨之而來。

Operator, next question, please.

接線員，請下一個問題。

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Great quarter.

很棒的季度。

I just wanted to focus in on the Server and Tools division for a minute.

我只想專注於服務器和工具部門一分鐘。

Peter, what are your OEM partners telling you about where we stand in the server refresh cycle?

Peter，您的 OEM 合作夥伴如何告訴您我們在服務器更新周期中的位置？

And how much do they see these high growth rates that we're seeing in server shipments either continuing are not continuing into next year?

他們認為我們在服務器出貨量中看到的這些高增長率在多大程度上不會持續到明年？

Thanks.

謝謝。

Yes.

是的。

No, thanks, Phil.

不，謝謝，菲爾。

Similar to PCs, I think it's a similar dynamic, that businesses are investing broadly in their infrastructure, whether that's PCs or servers.

與個人電腦類似，我認為這是一種類似的動態，企業正在廣泛投資於他們的基礎設施，無論是個人電腦還是服務器。

On our outlook, we talked about how we expect that to continue for the rest of this fiscal year.

關於我們的前景，我們談到了我們預計本財年剩餘時間將如何繼續。

So it's very similar to what we just talked about in terms of the PC refresh.

因此，這與我們剛剛談到的 PC 刷新非常相似。

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。

If I do some math, I come up with about 40% of your revenue coming from all consumer sources and about 60% business.

如果我做一些數學計算，我會得出大約 40% 的收入來自所有消費者來源和大約 60% 的業務。

It looks like the consumer revenue is about flat year-on-year and the business revenue is growing high teens.

看起來消費者收入與去年同期持平，業務收入正在增長。

Is that accurate?

那準確嗎？

Well --

出色地 -

We look at it that way.

我們是這樣看的。

Yes, it's hard to answer that question because I don't know exactly your math.

是的，這個問題很難回答，因為我不完全了解你的數學。

I will point out a couple of key highlights on the consumer side.

我將指出消費者方面的幾個關鍵亮點。

If you look at Entertainment and Devices, the Xbox growth of 27%, that's something that we feel really good about and gives us great momentum heading into the holiday with Connect.

如果你看一下娛樂和設備，Xbox 增長了 27%，這是我們感覺非常好的事情，並為我們提供了進入 Connect 假期的巨大動力。

And the same thing with our search revenue, outgrowing the market.

我們的搜索收入也是如此，超過了市場。

So those are some of the key highlights.

所以這些是一些關鍵的亮點。

(multiple speakers)

（多位發言者）

And consumer and Office was up 26%.

消費類和辦公類增長了 26%。

Correct.

正確的。

And we actually feel really good about the consumer growth.

事實上，我們對消費者的增長感覺非常好。

It's hard to answer the specific question without --

如果沒有——很難回答具體問題——

Seeing we feel good about the business growth, so it was a good quarter for both.

看到我們對業務增長感覺良好，所以這對雙方來說都是一個不錯的季度。

Yes.

是的。

Okay, thank you.

好的謝謝你。

Next question, please.

下一個問題，請。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

It's good to see the cash flow and the operating margins, so obviously you bought back a ton of stock in the quarter.

很高興看到現金流和營業利潤率，所以顯然你在本季度回購了大量股票。

My question is about growth.

我的問題是關於成長的。

I just want to answer this from a qualitative standpoint.

我只想從定性的角度來回答這個問題。

Incrementally relative to the last two quarters, what's your confidence level in your growth rate?

相對於過去兩個季度，您對增長率的信心水平如何？

I just noticed some of the forward-looking indicators.

我剛剛注意到一些前瞻性指標。

Your business tends to lag router spending because you have this annuity model for the most part.

您的業務往往落後於路由器支出，因為您在大多數情況下都擁有這種年金模型。

And look at the unbilled portion that set a record high.

看看創下歷史新高的未開票部分。

Your [E] renewals you characterize better than before.

你的 [E] 更新比以前更好。

The [defers] also came in nicely.

[延遲] 也很好地進來了。

What is your incremental confidence with respect to your revenue growth rate?

您對收入增長率的增量信心是多少？

Considering you have your expenses tied up, I would assume that there's a lot of operating leverage for the incremental revenue.

考慮到您的費用已被佔用，我會假設增量收入有很多運營槓桿。

So talk to us about your about your confidence in your revenue growth outlook.

因此，請與我們談談您對收入增長前景的信心。

Thanks.

謝謝。

Great.

偉大的。

Yes, obviously, we feel pretty good.

是的，顯然，我們感覺很好。

We had such strong performance on the business side and that flowed through.

我們在業務方面取得瞭如此強勁的表現，並且一直流淌。

If you look at our outlook on the annuity site, to your point, we slightly increased our annuity revenue outlook in MBD and SDB, which reflects the strength in the billings that we've seen.

如果您查看我們對年金網站的展望，就您的觀點而言，我們略微提高了 MBD 和 SDB 的年金收入前景，這反映了我們所看到的賬單實力。

Now as you pointed out, it takes time for that to flow through the income statement, and it will throughout the rest of the year.

現在，正如您所指出的，它需要時間才能流經損益表，並且會貫穿全年。

Operator, next question, please.

接線員，請下一個問題。

John DiFucci, JPMorgan Chase.

約翰·迪福奇，摩根大通。

Peter, my question has to do with PC market -- PC sales, unit sales.

彼得，我的問題與個人電腦市場有關——個人電腦銷售，單位銷售。

You and your Windows OEM revenue bridge, which is always very helpful, you start off with PC market 10% growth, but industry analysts are coming out -- and I know you're not doing their work, but it's actually quite different from what we've seen out there from industry analysts by about 2.5% in this quarter, which is a bigger range than we usually see.

你和你的 Windows OEM 收入橋樑，這總是非常有幫助的，你從 PC 市場開始 10% 的增長，但行業分析師出來了——我知道你沒有做他們的工作，但它實際上與我們在本季度從行業分析師那裡看到了大約 2.5%，這比我們通常看到的範圍要大。

Just wondering, can you just help us out a little bit with that?

只是想知道，你能幫我們一點嗎？

Because those things come out throughout the quarter and we take a look at those and we realize that a lot of your -- well, at least the Windows business and also MBD with Office is driven by that, or at least significantly driven by that.

因為這些事情在整個季度都出現了，我們看看這些，我們意識到你的很多 - 好吧，至少 Windows 業務以及帶有 Office 的 MBD 是受此驅動的，或者至少是受此驅動的。

Any comments on that, the difference?

對此有何評論，區別？

Actually, John, I'll take that.

事實上，約翰，我會接受的。

So IDC came out and said 10% and Gartner said 8%.

所以IDC出來說10%，Gartner說8%。

So our range of 9% to 11% was slightly higher than Gartner's and IDC's was in the mid-range.

因此，我們 9% 到 11% 的範圍略高於 Gartner 的範圍，IDC 的範圍處於中等範圍。

So we feel like our analysis for the PC market -- obviously, we look at those data points as well as others, was completely in line.

因此，我們覺得我們對 PC 市場的分析——顯然，我們查看了這些數據點以及其他數據點，完全符合要求。

So happy to talk to you about it after the call one-on-one on a -- [call down] if you want.

如果您願意，很高興在一對一通話後與您討論這件事-- [call down]。

Operator, next question.

接線員，下一個問題。

Thanks, Bill.

謝謝，比爾。

Jason Maynard, Wells Fargo.

傑森梅納德，富國銀行。

I actually had a question on Windows 7.

我實際上有一個關於 Windows 7 的問題。

The premium mix of it was pretty good this quarter.

本季度它的優質組合相當不錯。

I'm just curious, in light of your commentary about the enterprise adoption cycle, is it fair to say you anticipate sort of similar levels playing out there in terms of how that percentage mix plays out for the rest of the year?

我只是好奇，鑑於您對企業採用周期的評論，您是否可以公平地說，您預計在今年餘下的時間裡該百分比組合會出現類似的水平？

Yes, generally speaking, the biggest factor in premium mix is going to be the business mix.

是的，一般來說，保費組合的最大因素將是業務組合。

And as we talked about, we expected those dynamics to continue for the rest of this year.

正如我們所談到的，我們預計這些動態將在今年剩下的時間裡持續下去。

Operator, next question, please.

接線員，請下一個問題。

Brad Reback, Oppenheimer.

布拉德·雷貝克，奧本海默。

So, Bill, I think you had highlighted earlier in the call that the big win with the Office 365 product at New York, it was a fairly competitive bid, it looks like.

所以，比爾，我認為你在電話會議的早些時候強調了 Office 365 產品在紐約的巨大勝利，看起來這是一個相當有競爭力的投標。

Could you guys maybe talk to what the economics of that look like to you from a profitability standpoint over the life of that contract?

你們能否談談從該合同有效期內的盈利能力的角度來看，這對您來說是怎樣的經濟學？

Clearly, a lot of concern as people move to the cloud that that could negatively impact the P&L.

顯然，隨著人們遷移到雲端，很多人擔心這可能會對損益表產生負面影響。

So maybe you could talk to a real world example.

所以也許你可以談談一個現實世界的例子。

Yes.

是的。

No, happy to do that.

不，很高興這樣做。

And it's a great question.

這是一個很好的問題。

Bill touched a little bit on the business model and we talked about this a little bit about at our analyst meeting.

比爾談到了一點商業模式，我們在分析師會議上談了一點。

These cloud wins and these cloud deals provides totally new economic opportunity for us.

這些雲獲勝，這些雲交易為我們提供了全新的經濟機會。

These are scenarios that we're not in today.

這些是我們今天沒有的場景。

In many cases, they're customers we don't have as customers today.

在許多情況下，他們是我們今天沒有的客戶。

In some cases, it's revenue that we may have from existing customers that we're not getting.

在某些情況下，我們可能沒有從現有客戶那裡獲得收入。

The City of New York is a perfect example.

紐約市就是一個很好的例子。

We have others like Starbucks and others where we're addressing totally new scenarios.

我們有其他像星巴克和其他我們正在解決全新場景的其他公司。

[Edger] is a great example of that, which really -- it increases our penetration in that market.

[Edger] 就是一個很好的例子，它確實增加了我們在該市場的滲透率。

Similarly, we've talked about how in the mid-market you can really increase our penetration with services like this.

同樣，我們已經討論瞭如何在中端市場中真正提高我們對此類服務的滲透率。

So that's sort of the business model and how it creates economic profit for us.

這就是某種商業模式，以及它如何為我們創造經濟利潤。

Operator, next question, please.

接線員，請下一個問題。

Edward Maguire, CLSA.

愛德華·馬奎爾，里昂證券。

Looking at the double-digit growth in your Business Division products, could you talk about what's driving that and how closely that growth may be linked to the Windows 7 activity?

看看您的業務部門產品的兩位數增長，您能否談談是什麼推動了這種增長以及這種增長與 Windows 7 活動的關聯程度如何？

Yes, it's not really tied to the Windows 7 activity; it's more a function of the product cycle with Office 2010 and all the related products like -- that go with it, like SharePoint and Exchange and Lync.

是的，它與 Windows 7 活動並沒有真正的聯繫。它更多地是 Office 2010 和所有相關產品（如 SharePoint、Exchange 和 Lync）的產品週期的一個功能。

And as we've touched on briefly before, the confluence of the macroeconomic environment picking up and enterprises investing in their infrastructure, they're seeing the value that you get, the increased productivity and the cost savings that you get.

正如我們之前簡要談到的，宏觀經濟環境的回升和企業對其基礎設施的投資的匯合，他們看到了您獲得的價值、提高的生產力和您獲得的成本節約。

And that's what's really driving the interest in those products.

這才是真正推動人們對這些產品產生興趣的原因。

And the new versions of those products have just introduced capabilities that enterprises really want.

而這些產品的新版本剛剛引入了企業真正想要的功能。

Thanks, Ed.

謝謝，埃德。

Operator, we'll take one more question, please.

接線員，請我們再回答一個問題。

And our last question comes from Gregg Moskowitz with Cowen and Company.

我們的最後一個問題來自 Cowen and Company 的 Gregg Moskowitz。

Peter, you mentioned that the Windows Server premium mix was up 4 points, so I think you're now at 29%.

彼得，您提到 Windows Server 高級組合上升了 4 個百分點，所以我認為您現在是 29%。

And I believe that, at least a few quarters back, Microsoft had suggested that it would be difficult to get this above 30%.

而且我相信，至少在幾個季度前，微軟曾表示很難將這一比例提高到 30% 以上。

Is that still the feeling we should be thinking about?

這仍然是我們應該考慮的感覺嗎？

Or do you think, given this momentum, that you could drive the premium mix higher than that?

還是您認為，鑑於這種勢頭，您可以將溢價組合推得更高？

Well, the first thing I'd say is the premium mix is over 20%.

嗯，我要說的第一件事是溢價組合超過 20%。

We haven't given an exact number on that.

我們沒有給出確切的數字。

It's probably -- I think it's best to just continue to track it and not set a ceiling or an expectation for it.

這可能是——我認為最好繼續跟踪它，而不是為它設定上限或期望。

Okay.

好的。

Thank you.

謝謝你。

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

好的，這將結束我們今天財報電話會議的問答部分。

As many of you know, today is a busy day for us here in Redmond, as we have PDC going on here.

眾所周知，今天在雷德蒙德對我們來說是忙碌的一天，因為我們這裡有 PDC。

I'd encourage you, if you haven't, to listen to the replays of the key notes that we've done at PDC.

如果您還沒有，我會鼓勵您收聽我們在 PDC 所做的關鍵筆記的重播。

We also look forward to seeing many of you at a number of fall conferences we'll be participating in this quarter.

我們也期待在本季度參加的許多秋季會議上見到你們中的許多人。

For those of you who are unable to attend in person, you will be able to follow our comments at Microsoft.com/investor.

對於那些無法親自參加的人，您可以在 Microsoft.com/investor 上關注我們的評論。

Please contact us if you need any additional details.

如果您需要任何其他詳細信息，請與我們聯繫。

Thanks again for joining us today, and take care.

再次感謝您今天加入我們，並保重。

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。