微軟 (MSFT) 2011 Q2 法說會逐字稿

Welcome to the Microsoft earnings conference call.

歡迎參加 Microsoft 收益電話會議。

All lines have been placed on a listen-only mode until the question-and-answer portion.

在問答部分之前，所有行都處於只聽模式。

(Operator Instructions).

（操作員說明）。

This call is being recorded.

正在錄製此通話。

If you have any objections, please disconnect now.

如果您有任何異議，請立即斷開連接。

I would like to turn the call over to your host, Bill Koefoed, General Manager, Investor Relations.

我想將電話轉給您的主持人，投資者關係總經理 Bill Koefoed。

You may begin.

你可以開始了。

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

謝謝你，Holly，謝謝大家今天下午加入我們。

As usual, with me 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 to our Investor Relations website at microsoft.com\investor.

此外，我們還在我們的投資者關係網站 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.

幻燈片旨在遵循我們準備好的評論的流程，並提供 GAAP 和非 GAAP 財務措施之間差異的協調。

As a reminder, we will post today's prepared remarks to our website immediately following the call until the complete transcript is available.

提醒一下，我們將在通話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 call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

如果您提出問題，它將包含在我們的實時傳輸、成績單以及錄音的任何未來使用中。

You can replay the call and view the transcript at the Microsoft Investor Relations website until January 27, 2012.

在 2012 年 1 月 27 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。

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

在本次電話會議期間，我們將發表前瞻性聲明。

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?

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.

謝謝，比爾。

Good afternoon, everyone.

大家下午好。

I'm extremely pleased with our performance this quarter.

我對我們本季度的表現感到非常滿意。

We delivered excellent topline and bottom-line results.

我們提供了出色的頂線和底線結果。

Business and consumer response to our latest wave of innovation, including Office 2010 and Kinect, help drive yet another quarter of healthy revenue growth, resulting in revenue of nearly $20 billion.

企業和消費者對我們最新一波創新（包括 Office 2010 和 Kinect）的反應有助於推動又一個季度的健康收入增長，從而帶來近 200 億美元的收入。

Our solid revenue performance, combined with cost controls and continued prioritization of investments into the highest growth opportunities, enabled us to deliver record earnings per share and our sixth consecutive quarter of operating margin expansion.

我們穩健的收入表現，加上成本控制和對最高增長機會的持續優先投資，使我們能夠實現創紀錄的每股收益和連續第六個季度的營業利潤率增長。

On our last earnings call, I commented that we were looking forward to an exciting holiday quarter, especially from consumers.

在我們上次的財報電話會議上，我評論說我們期待著一個令人興奮的假期季度，尤其是來自消費者。

Kinect, in particular, exceeded our expectations.

尤其是 Kinect，超出了我們的預期。

The controller-free entertainment experience is revolutionizing the living room.

無需控制器的娛樂體驗正在徹底改變客廳。

Kinect is the fastest-selling consumer electronics device in history.

Kinect 是歷史上銷售最快的消費電子設備。

We couldn't be more proud of what the team has accomplished.

我們為團隊所取得的成就感到無比自豪。

But importantly, it's just our first step in delivering on the opportunity to fundamentally change the way people interact with technology.

但重要的是，這只是我們提供從根本上改變人們與技術交互方式的機會的第一步。

The Microsoft Business Division also had a terrific quarter.

微軟業務部門也有一個了不起的季度。

Office 2010 is the most successful consumer version we have ever shipped, and the product is also performing extremely well in the Business segment.

Office 2010 是我們發布過的最成功的消費者版本，該產品在商業領域的表現也非常出色。

Companies are purchasing Office 2010 as well as our entire Productivity platform, including SharePoint, Exchange, and Lync.

公司正在購買 Office 2010 以及我們的整個生產力平台，包括 SharePoint、Exchange 和 Lync。

Businesses are also deploying Windows 7.

企業也在部署 Windows 7。

According to IDC, nearly 90% of enterprise companies worldwide have already started their formal migrations to Windows 7.

據 IDC 稱，全球近 90% 的企業公司已經開始正式遷移到 Windows 7。

In addition to healthy enterprise deployment of our business desktop products, we saw strong momentum for our business infrastructure offerings.

除了對我們的商務桌面產品進行健康的企業部署外，我們還看到了我們的商務基礎設施產品的強勁勢頭。

Windows Server and SQL server premium revenues grew double digits, and this quarter marks the one-year anniversary of Windows Server 2008 R2.

Windows Server 和 SQL Server 溢價收入增長了兩位數，本季度標誌著 Windows Server 2008 R2 推出一周年。

Since its launch, we have grown our share of the overall server market every quarter.

自推出以來，我們每個季度在整個服務器市場中的份額都在增長。

During the quarter, we continued our product launch momentum.

在本季度，我們繼續保持產品發布勢頭。

In November, we delivered Microsoft Lync 2010, the next generation communications platforms that incorporates instant messaging, presence, audio, video, Web conferencing, and voice into one interface that integrates with the application businesses are already using today, including Microsoft Office, SharePoint, and Exchange.

11 月，我們發布了 Microsoft Lync 2010，這是下一代通信平台，將即時消息、狀態、音頻、視頻、Web 會議和語音整合到一個界面中，並與當今企業已經使用的應用程序集成，包括 Microsoft Office、SharePoint、和交換。

For the consumer, I already mentioned Kinect.

對於消費者，我已經提到過 Kinect。

Also during the quarter, we launched Windows Phone 7, which is now on nine devices with 60 operators in 30 markets.

同樣在本季度，我們推出了 Windows Phone 7，它現在在 30 個市場的 60 家運營商的 9 台設備上運行。

We've said all along that our first priority was to make a phone people love.

我們一直說，我們的首要任務是製造人們喜愛的手機。

And to that end, we're pleased with the initial response.

為此，我們對最初的回應感到滿意。

Customer satisfaction data indicates 93% customers worldwide are happy with the product and we're also seeing strong developer engagement.

客戶滿意度數據表明，全球 93% 的客戶對該產品感到滿意，我們也看到了強大的開發人員參與度。

While we are encouraged by the early progress, we realize we still have a lot of work ahead of us, and we remain focused and committed to the long-term success of Windows Phone 7.

雖然我們對早期的進展感到鼓舞，但我們意識到我們還有很多工作要做，我們仍然專注並致力於 Windows Phone 7 的長期成功。

We continue to deliver sustained innovation and releases for Bing.

我們繼續為 Bing 提供持續的創新和發布。

In addition to transitioning Yahoo's paid search in the US and Canada during the quarter, we also entered into a strategic partnership with Facebook.

除了在本季度過渡雅虎在美國和加拿大的付費搜索外，我們還與 Facebook 建立了戰略合作夥伴關係。

Bing now provides much more personalized experiences by allowing users to bring their Facebook friends into their search experiences.

Bing 現在通過允許用戶將他們的 Facebook 朋友帶入他們的搜索體驗來提供更加個性化的體驗。

So, in summary, a record performance for this quarter rounded out a very successful calendar year for Microsoft.

因此，總而言之，本季度創紀錄的業績為微軟帶來了非常成功的日曆年。

We delivered strong financial results and invigorated the market with our product innovations.

我們通過產品創新實現了強勁的財務業績並為市場注入了活力。

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 $1.7 billion of deferred revenue, which was recognized in the second quarter of last year.

我今天首先要指出，我的所有評論都針對去年第二季度確認的 17 億美元遞延收入進行了調整。

The deferral was related to the Windows 7 upgrade program and Windows 7 licenses sold in advance of general availability.

延期與 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 the difference between GAAP and non-GAAP results in our earnings slide deck.

我們在收益幻燈片中調整了 GAAP 和非 GAAP 結果之間的差異。

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。

This quarter's performance continued the momentum we've seen over the past year.

本季度的表現延續了我們在過去一年中看到的勢頭。

Total revenue for the Company was up 15% to nearly $20 billion.

該公司的總收入增長了 15%，達到近 200 億美元。

Operating income grew 20% and earnings per share grew 28%.

營業收入增長 20%，每股收益增長 28%。

Bookings grew 21%, which marks the fourth consecutive quarter of strong double-digit bookings growth.

預訂量增長了 21%，這標誌著連續第四個季度實現兩位數的強勁增長。

We continue to see strong momentum with Windows 7.

我們繼續看到 Windows 7 的強勁勢頭。

As Peter mentioned, nearly 90% of enterprise companies worldwide have started their formal migrations to Windows 7, and many have already recognized material savings as a result.

正如 Peter 所提到的，全球近 90% 的企業公司已經開始正式遷移到 Windows 7，並且許多公司已經認識到因此可以節省材料。

Office 2010 is the fastest-selling consumer version of Office in history, with license sales over 50% ahead of Office 2007 for the equivalent period following launch.

Office 2010 是歷史上銷售最快的 Office 消費者版本，在發布後的同等時期內，許可證銷售量比 Office 2007 高出 50% 以上。

Office clearly remains the most popular productivity platform for both home and work.

Office 顯然仍然是家庭和工作中最受歡迎的生產力平台。

We've experienced an incredible consumer response to our latest product.

消費者對我們最新產品的反應令人難以置信。

Kinect, in particular, was the hottest gift this holiday season, and has been mentioned by a number of publications as the most innovative product of 2010.

尤其是 Kinect，是這個假期最熱門的禮物，並被許多出版物稱為 2010 年最具創新性的產品。

Businesses of all sizes continue to commit to Microsoft's platforms.

各種規模的企業繼續致力於微軟的平台。

This quarter, we saw a better-than-expected increase in transactional licensing and enterprise agreements renewed in the historical range.

本季度，我們看到在歷史範圍內續籤的交易許可和企業協議的增長好於預期。

Our unearned revenue balance grew 7% year-over-year to $13.4 billion.

我們的未實現收入餘額同比增長 7% 至 134 億美元。

On a sequential basis, after adjusting for the $224 million of Office tech guarantee recognition, our unearned revenue balance declined to $278 million.

在對 2.24 億美元的辦公技術擔保確認進行調整後，我們的未實現收入餘額依次下降至 2.78 億美元。

Our contracted not-billed balance grew to over $16.5 billion, a $700 million increase from the prior quarter.

我們的合同未開票餘額增長到超過 165 億美元，比上一季度增加了 7 億美元。

This growth in our customers' multiyear commitments, combined with our strong transactional sales, resulted in a solid 21% growth in year-over-year bookings.

客戶多年承諾的增長，加上我們強勁的交易銷售額，導致預訂量同比增長 21%。

Geographically, emerging markets continued to outperform mature markets.

從地域上看，新興市場繼續跑贏成熟市場。

Now turning to the PC market, we estimate close to 90 million PCs were sold globally, the biggest quarter ever, representing growth of 2% to 4%.

現在轉向個人電腦市場，我們估計全球銷售了近 9000 萬台個人電腦，這是有史以來最大的一個季度，增長率為 2% 至 4%。

Business PCs grew faster than consumer PCs, as companies continued to refresh hardware and adopt Windows 7.

隨著公司不斷更新硬件並採用 Windows 7，商用 PC 的增長速度快於消費 PC。

Within consumer PCs, netbooks declined from their peak last year, while notebook growth remained healthy.

在消費類個人電腦中，上網本從去年的高峰下降，而筆記本電腦的增長保持健康。

With that PC backdrop, I'll move on to the results for the Windows and Windows LIVE divisions.

以 PC 為背景，我將繼續討論 Windows 和 Windows LIVE 部門的結果。

Last quarter, we noted that there would be a $600 million headwind to Windows comparables for the second quarter, due to the Windows 7 launch spike last year.

上個季度，我們注意到，由於去年 Windows 7 的推出高峰，第二季度 Windows 可比產品將面臨 6 億美元的不利影響。

Adjusting for this dynamic and the prior-year tech guarantee recognition, Windows and Windows LIVE revenue growth was in line with the PC market.

調整這一動態和上一年的技術保證確認後，Windows 和 Windows LIVE 的收入增長與 PC 市場一致。

As usual, you'll find an OEM revenue bridge in our earnings slide deck.

像往常一樣，您會在我們的收益幻燈片中找到一個 OEM 收入橋樑。

The revenue per license benefit from a higher business mix was offset by emerging markets growing faster than developed markets.

更高的業務組合帶來的每份許可收益被新興市場的增長速度快於發達市場所抵消。

This quarter marks the one-year anniversary of Windows 7.

本季度是 Windows 7 一周年紀念日。

Today, we are announcing that we have sold over 300 million Windows 7 licenses to date, continuing its momentum as the fastest-selling operating system in history.

今天，我們宣布迄今已售出超過 3 億份 Windows 7 許可證，繼續保持其作為歷史上最暢銷操作系統的勢頭。

Looking ahead, we are excited about the partner innovation underway in the PC and Windows 7 ecosystem, as seen at CES.

展望未來，我們對在 CES 上看到的 PC 和 Windows 7 生態系統中正在進行的合作夥伴創新感到興奮。

The PC hardware dynamics are incredibly strong with innovation and new ultra-portables, all-in-one's, and other form factors, including tablets, slates and convertibles.

憑藉創新和新型超便攜設備、一體機和其他外形尺寸（包括平板電腦、平板電腦和敞篷車），PC 硬件的動力非常強勁。

The new Intel Sandy Bridge and AMD Fusion chip architectures substantially improve performance, graphics, and battery life.

新的 Intel Sandy Bridge 和 AMD Fusion 芯片架構顯著提高了性能、圖形和電池壽命。

In addition, we announced at CES that the next version of Windows will support system-on-a-chip architectures, including ARM-based systems from partners NVIDIA, Qualcomm, and Texas Instruments, and x86-based systems from partners Intel and AMD.

此外，我們在 CES 上宣布，下一版本的 Windows 將支持片上系統架構，包括來自合作夥伴 NVIDIA、Qualcomm 和德州儀器的基於 ARM 的系統，以及來自合作夥伴 Intel 和 AMD 的基於 x86 的系統。

Windows on system-on-a-chip architectures will fuel significant innovation across a spectrum of devices.

片上系統架構上的 Windows 將推動一系列設備的重大創新。

We are enthusiastic about the future of device innovation and the role Windows is playing.

我們對設備創新的未來以及 Windows 所扮演的角色充滿熱情。

Now let's move to server and tools, which posted 10% revenue growth.

現在讓我們轉向服務器和工具，它們的收入增長了 10%。

Non-annuity revenue grew roughly in line with the underlying server hardware market, which we estimate grew high single digits.

非年金收入的增長大致與基礎服務器硬件市場一致，我們估計該市場增長了個位數。

Multi-year license revenue growth was roughly 11% and enterprise services revenue grew 9%.

多年許可收入增長約 11%，企業服務收入增長 9%。

In the data center, we continue to be pleased with our progress in virtualization and systems management.

在數據中心，我們繼續對我們在虛擬化和系統管理方面取得的進展感到滿意。

The virtualization trend is driving double-digit systems center and Windows Server premium revenue growth, while significantly lowering our customers' costs.

虛擬化趨勢正在推動兩位數的系統中心和 Windows Server 收入增長，同時顯著降低我們客戶的成本。

In the database, premium offerings are also a core focus of our strategy, and this quarter, we saw double-digit growth in SQL server premium revenue.

在數據庫中，優質產品也是我們戰略的核心重點，本季度，我們看到 SQL Server 優質收入實現了兩位數的增長。

Among other customer wins this quarter, Dollar Thrifty Auto Group migrated their mission-critical pricing systems from Oracle to a Microsoft data management solution, a strategic move that supports the company's goal to standardize on high-value, cost-effective technologies.

在本季度贏得的其他客戶中，Dollar Thrifty Auto Group 將其任務關鍵型定價系統從 Oracle 遷移到 Microsoft 數據管理解決方案，這是支持公司實現高價值、高成本效益技術標準化目標的戰略舉措。

We are excited about SQL Server and our opportunity to drive Tier 1 customer wins.

我們對 SQL Server 以及我們贏得一級客戶的機會感到興奮。

In the cloud, we continue to see developer interest in application development on the Windows Azure platform.

在雲中，我們繼續看到開發人員對 Windows Azure 平台上的應用程序開發感興趣。

Earlier in the quarter, at PDC, we unveiled a number of additional platform enhancements and showed how leading companies, like Pixar Animation Studios and ADP with Invoice Pay, were able to develop innovative solutions with Azure.

本季度早些時候，在 PDC 上，我們公佈了一些額外的平台增強功能，並展示了 Pixar Animation Studios 和 ADP 等領先公司如何使用 Azure 開發創新解決方案。

Next, I'll move to the Online Services division, which grew 19%.

接下來，我將轉到增長 19% 的在線服務部門。

Online advertising revenue, including both search and display, grew 23% and now includes revenue driven by our search partnership with Yahoo, which was implemented in the US and Canada during the quarter.

包括搜索和展示在內的在線廣告收入增長了 23%，現在包括我們與雅虎的搜索合作夥伴關係帶來的收入，該合作夥伴關係於本季度在美國和加拿大實施。

We continue to make progress on the partnership, and earlier this month, we transitioned algorithmic search traffic in Mexico, Brazil, and Australia.

我們繼續在合作方面取得進展，本月早些時候，我們在墨西哥、巴西和澳大利亞轉換了算法搜索流量。

Bing's US market share continued to grow, ending the quarter at 12%, and our search revenue growth rate, again, outperformed the market leader.

必應在美國的市場份額繼續增長，本季度末達到 12%，我們的搜索收入增長率再次超過市場領導者。

During the quarter, we announced a significant expansion of our partnership with Facebook, where Bing will provide more personalized experiences by allowing users to search Facebook profiles and incorporate their friends' likes into search results.

在本季度，我們宣布顯著擴大與 Facebook 的合作夥伴關係，Bing 將通過允許用戶搜索 Facebook 個人資料並將其朋友的喜歡納入搜索結果來提供更加個性化的體驗。

We believe the addition of these new social features is another way to deliver innovation and valuable enhancements to the Bing experience.

我們相信添加這些新的社交功能是為 Bing 體驗提供創新和有價值增強的另一種方式。

Next, I'll move to the Microsoft Business Division, which continues to show solid launch momentum, with revenue growing 24%.

接下來，我將轉到微軟業務部門，該部門繼續顯示出強勁的發布勢頭，收入增長了 24%。

This includes $224 million of recognized revenue pertaining to the Office Tech Guarantee.

這包括與辦公技術保證相關的 2.24 億美元確認收入。

We've seen enthusiastic consumer response to Office 2010, and business demand has also been strong with the transactional components of MBD sales up over 40%.

我們已經看到消費者對 Office 2010 的熱烈反響，業務需求也很強勁，MBD 銷售額的交易組件增長了 40% 以上。

The multi-year licensing portion of the business grew 9%.

該業務的多年許可部分增長了 9%。

CIOs are investing in the new productivity scenarios enabled by SharePoint, Exchange, Lync, and Dynamics CRM, which are enhanced when deployed with Office 2010.

CIO 正在投資於由 SharePoint、Exchange、Lync 和 Dynamics CRM 支持的新生產力方案，這些方案在與 Office 2010 一起部署時得到了增強。

Lync grew over 20% this quarter, while SharePoint 2010 and Dynamics CRM both continued to grow double digits.

Lync 本季度增長超過 20%，而 SharePoint 2010 和 Dynamics CRM 均繼續增長兩位數。

This quarter, we reported a number of cloud productivity wins, including the State University of New York, the US Department of Agriculture, DuPont, and the State of California, among others.

本季度，我們報告了一些雲生產力的勝利，包括紐約州立大學、美國農業部、杜邦和加利福尼亞州等。

We have seen an immediate customer and partner response to the Office 365 announcement, with the beta oversubscribed within its first day.

我們已經看到客戶和合作夥伴對 Office 365 公告的即時響應，測試版在第一天就被超額認購。

Just two weeks ago, we launched Dynamics CRM online in 40 markets.

就在兩週前，我們在 40 個市場在線推出了 Dynamics CRM。

We're already seeing customers switching from salesforce.com to Dynamics CRM online -- it saves money, it's more flexible, and it's easy to use with familiar Microsoft Office experience for increased productivity.

我們已經看到客戶從 salesforce.com 切換到 Dynamics CRM 在線 - 它可以節省資金，更靈活，並且易於使用熟悉的 Microsoft Office 體驗來提高生產力。

Let's move on to the Entertainment and Devices Division, where revenue grew 55% and operating income has now surpassed $1 billion year-to-date, which is a major milestone for this decision.

讓我們繼續討論娛樂和設備部門，今年迄今為止，該部門的收入增長了 55%，營業收入現已超過 10 億美元，這是該決定的一個重要里程碑。

Kinect exceeded all expectations, with 8 million stand-alone and bundled sensors sold in just 60 days.

Kinect 超出了所有人的預期，在短短 60 天內售出了 800 萬個獨立和捆綁的傳感器。

And since we updated the consoles last June, Xbox 360 has had tremendous momentum.

自從我們去年 6 月更新遊戲機以來，Xbox 360 勢頭強勁。

We sold a record 6.3 million consoles this quarter, a unit increase of 21%.

我們本季度售出了創紀錄的 630 萬台遊戲機，單位增長 21%。

This helped drive Xbox LIVE membership up 30% to 30 million active members.

這有助於將 Xbox LIVE 會員人數提高 30%，達到 3000 萬活躍會員。

In addition, at CES, we announced a number of upcoming feature enhancements, including Kinect support for Netflix, Hulu Plus, and Avatar Kinect, which will advance how people communicate and enjoy their television experiences.

此外，在 CES 上，我們宣布了一些即將推出的功能增強功能，包括對 Netflix、Hulu Plus 和 Avatar Kinect 的 Kinect 支持，這將推動人們交流和享受電視體驗的方式。

Windows Phone 7 is off to a solid start, as handset manufacturers purchased over 2 million licenses in the quarter.

Windows Phone 7 開局良好，手機製造商在本季度購買了超過 200 萬份許可證。

Windows Phone 7 is making progress in these early days, as user satisfaction is extremely high and developer momentum has continued to build to now over 24,000 registered developers.

Windows Phone 7 在這些早期取得了進展，因為用戶滿意度非常高，開發人員的勢頭不斷增強，目前已有超過 24,000 名註冊開發人員。

As we announced at CES, we are looking forward to adding more features, including support for CDMA.

正如我們在 CES 上宣布的那樣，我們期待添加更多功能，包括對 CDMA 的支持。

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 33% to $4.8 billion, driven primarily by increased Xbox hardware volume and online costs.

銷售成本增加 33% 至 48 億美元，主要受 Xbox 硬件數量和在線成本增加的推動。

Operating expenses were $7 billion in the quarter, an increase of 1%.

本季度運營費用為 70 億美元，增長 1%。

Our effective tax rate for the quarter was 22%, below our guidance of 23% to 24%, due primarily to the one-time benefit of the retroactive extension of the R&D tax credit from January 1, 2010.

我們本季度的有效稅率為 22%，低於我們 23% 至 24% 的指導，這主要是由於從 2010 年 1 月 1 日起追溯延長研發稅收抵免的一次性收益。

In the second quarter, we repurchased $5 billion of shares and declared $1.3 billion of dividends, continuing to deliver on our commitment to return cash to shareholders.

第二季度，我們回購了 50 億美元的股票並宣布派發 13 億美元的股息，繼續兌現我們向股東返還現金的承諾。

In summary, it was a strong quarter, both for our product momentum as well as for our financial results.

總而言之，對於我們的產品動力和財務業績來說，這是一個強勁的季度。

And with that, I'll hand it back to Peter, who's going to discuss our business outlook for the remainder of this fiscal year.

有了這個，我會把它交還給彼得，他將討論我們本財年剩餘時間的業務前景。

Thanks, Bill.

謝謝，比爾。

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

在接下來的電話會議中，我將討論我們對 2011 財年第三季度和剩餘時間的預期。

According to various surveys, enterprise IT spend is forecast to grow in 2011, and Windows 7 and Office 2010 remain among the highest priorities for CIOs.

根據各種調查，企業 IT 支出預計將在 2011 年增長，而 Windows 7 和 Office 2010 仍然是 CIO 最優先考慮的問題。

We remain confident in our ability to continue to grow our share of the IT spending market.

我們對繼續擴大在 IT 支出市場份額的能力充滿信心。

We expect the business PC refresh cycle to continue.

我們預計商用 PC 更新周期將繼續。

In terms of PC growth, we expect business to outpace consumer and emerging markets to outpace developed markets.

在個人電腦增長方面，我們預計業務將超過消費市場，新興市場將超過發達市場。

With that backdrop, let me turn to segment expectations.

在這種背景下，讓我轉向細分預期。

Windows division revenue should grow roughly in line with the PC market for the third quarter and the full year, when excluding the revenue attributable to the prior-year launch spike and tech guarantee.

Windows 部門的收入應該與第三季度和全年的 PC 市場大致保持一致，其中不包括去年發布高峰和技術保證帶來的收入。

As we said previously, when looking at year-over-year growth, you should exclude $100 million from Q3 of fiscal 2010 for the launch spike.

正如我們之前所說，在查看同比增長時，您應該將 2010 財年第三季度的 1 億美元排除在啟動高峰之外。

And for full fiscal year 2010, you should exclude $700 million of revenue for the launch and $300 million for the tech guarantee.

對於整個 2010 財年，您應該排除 7 億美元的發布收入和 3 億美元的技術保證收入。

Moving on to server and tools.

轉到服務器和工具。

From Q3 and the full year, we expect non-annuity revenue, approximately 30% of the total, to generally track with the hardware market.

從第三季度和全年開始，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, which is about 50% of the total, and Enterprise Services, the remaining 20%, should grow high single digits for the third quarter and low double digits for the full fiscal year.

多年許可收入（約佔總收入的 50%）和企業服務（剩餘的 20%）在第三季度將增長高個位數，在整個財年增長低兩位數。

Turning to expectations for the Microsoft Business Division, consumer and business non-annuity revenue, approximately 40% of the division's total revenue, will continue to exceed PC shipment growth rates for the third quarter and the fiscal year, due to the Office 2010 launch.

轉向微軟業務部門的預期，由於 Office 2010 的推出，消費者和商業非年金收入（約佔該部門總收入的 40%）將繼續超過第三季度和本財年的 PC 出貨量增長率。

We expect revenue associated with multi-year agreements, representing approximately 60% of total revenue, to grow mid- to high-single digits for the third quarter and the fiscal year.

我們預計與多年協議相關的收入（約佔總收入的 60%）將在第三季度和本財年實現中高個位數增長。

When updating your models, remember that in Q3 of fiscal 2010, we deferred approximately $300 million related to the Office Tech Guarantee.

在更新您的模型時，請記住，在 2010 財年第三季度，我們推遲了大約 3 億美元與 Office 技術保證相關的費用。

Moving on to our Online Services Division.

轉到我們的在線服務部門。

While we feel great about the progress we have made with the partnership, we recognize that there has been some marketplace disruption.

雖然我們對合作取得的進展感到非常滿意，但我們認識到市場存在一些混亂。

We are working diligently to address any issues, and we expect the benefits of the integration to occur gradually over the next several quarters.

我們正在努力解決任何問題，我們預計整合的好處將在未來幾個季度逐漸顯現。

We expect online advertising revenue, including organic revenue and new revenue associated with our Yahoo partnership, to outperform the overall online advertising market in Q3 and for the full fiscal year.

我們預計在線廣告收入，包括與雅虎合作相關的有機收入和新收入，將在第三季度和整個財年超過整體在線廣告市場。

When updating your models, keep in mind that roughly 75% of Yahoo-related revenue will be recognized net of traffic acquisition costs.

更新模型時，請記住大約 75% 的雅虎相關收入將在扣除流量獲取成本後得到確認。

Moving on to the Entertainment and Devices Division -- considering the enthusiastic response to the Xbox 360 platform, including the Kinect sensor, we now expect this division's revenue to grow roughly 50% for the third quarter and roughly 40% for the full fiscal year.

轉到娛樂和設備部門——考慮到對包括 Kinect 傳感器在內的 Xbox 360 平台的熱烈反響，我們現在預計該部門第三季度的收入將增長約 50%，整個財年將增長約 40%。

Switching to cost of goods sold -- as was the case this quarter, the biggest factor impacting COGS going forward will be the growth of the Entertainment and Devices Division.

轉向銷售商品成本——與本季度的情況一樣，未來影響 COGS 的最大因素將是娛樂和設備部門的增長。

Xbox consoles and Kinect sensors have higher COGS than the rest of our products; and due to our growth expectations for these products, we remind you to consider this impact in your models.

Xbox 遊戲機和 Kinect 傳感器的 COGS 高於我們的其他產品；由於我們對這些產品的增長預期，我們提醒您在您的模型中考慮這種影響。

Turning to operating expenses, we are reconfirming our guidance of $26.9 billion to $27.3 billion for the full fiscal year.

談到運營費用，我們重新確認了我們對整個財年 269 億美元至 273 億美元的指導。

We continue to expect capital expenditures for fiscal year 2011 to be about $2.5 billion and our effective tax rate to be 23% to 24% for the third quarter and the remainder of the fiscal year.

我們繼續預計 2011 財年的資本支出約為 25 億美元，第三季度和本財年剩餘時間的有效稅率為 23% 至 24%。

Finally, at the end of the third quarter, we expect unearned revenue to roughly follow historic seasonal patterns.

最後，在第三季度末，我們預計未實現收入將大致遵循歷史性的季節性模式。

In summary, we are extremely pleased with the strong financial performance and continued product innovation we delivered this quarter.

總之，我們對本季度強勁的財務業績和持續的產品創新感到非常滿意。

Heading into calendar year 2011, our product portfolio has never been stronger; and 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.

進入 2011 日曆年，我們的產品組合從未如此強大；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, I'll turn the call over to Bill and we'll take some questions.

有了這個，我會把電話轉給比爾，我們會回答一些問題。

Great.

偉大的。

We want to get to questions from as many of you as possible, so please stick to just 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，所以請堅持一個問題，避免冗長或多部分的問題。

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

霍莉，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 congrats on a real nice quarter.

謝謝你，祝賀你度過了一個真正美好的季度。

My question is about the corporate upgrade cycle and the impacts on where you are on Windows 7.

我的問題是關於企業升級週期以及對您在 Windows 7 上所處位置的影響。

Would you expect to see the business premium mix increase from the 30% level as you get a little bit deeper into the cycle?

隨著周期的深入一點，您是否期望看到業務溢價組合從 30% 的水平增加？

And can you update us on where you think you are in terms of any improvements around software assurance attach?

您能否向我們介紹您認為在軟件保障附加方面的任何改進方面的最新情況？

Thank you.

謝謝你。

Yes.

是的。

In general, we're -- as we talked about seeing the business refresh and the sort of intent to deploy that enterprises have, obviously, to the extent there's strength in the business PC market, that would be helpful for the mix that you indicated.

總的來說，當我們談到看到業務更新和企業部署的那種意圖時，顯然，就商用 PC 市場的實力而言，這將有助於您所指出的組合.

So, given our outlook that that will continue to outpace consumer market, that's a good thing.

因此，鑑於我們認為這將繼續超過消費市場，這是一件好事。

To your point on SA, if you think about the commercial side of the business or the volume licensing part of the business, that has been strong, reflecting those numbers that we talked about.

就 SA 而言，如果您考慮業務的商業方面或業務的批量許可部分，那就很強大，反映了我們談到的那些數字。

So, that has sort of a -- as we've talked about, that's a relatively smaller portion than the OEM portion, but it's having a favorable impact on the overall growth of the division.

所以，這有點像我們已經談到的，這是一個比 OEM 部分相對較小的部分，但它對該部門的整體增長產生了有利的影響。

Great.

偉大的。

Holly, can you go to the next question, please?

霍莉，你能去下一個問題嗎？

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

Bill, or just Peter, wondering if you can talk about -- in MBD, you saw really strong transactional business, I think [up] 40% or so, and I think you sort of told us to expect that to grow more in line with PCs.

比爾，或者只是彼得，想知道你是否可以談談 - 在 MBD 中，你看到了非常強大的交易業務，我認為 [上升] 40% 左右，我認為你告訴我們期望它會增長得更多與個人電腦。

And just wondering if you saw any of the business that maybe would have been annuity in nature that showed up in the quarter in transactional and that explained part of that strength?

只是想知道您是否看到任何可能在性質上屬於年金的業務，這些業務在本季度出現在交易中，並解釋了這種優勢的一部分？

Thanks, Walter.

謝謝，沃爾特。

no, not really.

不，不是。

We're seeing strength both in the annuity side and in the transactional side, so it's really incremental, which led to their high growth.

我們在年金方面和交易方面都看到了實力，因此它確實是增量的，這導致了它們的高速增長。

It's probably helpful to frame that so you can understand the complete picture.

將其框起來可能會有所幫助，這樣您就可以了解完整的圖片。

We talked a little bit about the strong growth in contracted/not-billed, which is really the funnel where that multi-year licensing revenue really comes into Microsoft.

我們談到了合同/未計費的強勁增長，這確實是多年許可收入真正進入微軟的渠道。

And ultimately, that will flow through to the balance sheet and the income statement.

最終，這將流向資產負債表和損益表。

So we saw strong contracted/not-billed, a lot of that was Office and, obviously, server and tools.

因此，我們看到了強大的合同/未計費，其中很多是 Office，顯然還有服務器和工具。

And so what we're seeing is strong contracted/not-billed, strong transactional, which led to the bookings growth that Bill talked about.

所以我們看到的是強大的合同/未計費，強大的交易，這導致了比爾談到的預訂增長。

So really what we're seeing is better-than-expected uptake, particularly in small and midsize companies who typically buy transactional licenses; not enterprises who typically buy the multi-year agreements.

所以我們真正看到的是好於預期的吸收，特別是在通常購買交易許可證的中小型公司中；不是通常購買多年期協議的企業。

So it really is increased strength in Office business.

所以這確實是增加了辦公業務的實力。

Great.

偉大的。

Thanks a lot.

非常感謝。

Thanks.

謝謝。

Operator, can you go to the next question, please?

接線員，請您轉到下一個問題嗎？

Heather Bellini, ISI Group.

希瑟·貝里尼，ISI 集團。

I just had a follow-up to Walter's questions about the strength in MBD.

我剛剛跟進了沃爾特關於 MBD 實力的問題。

I mean, you made the comment that non-annuity revenue will exceed PC growth.

我的意思是，你發表了非年金收入將超過 PC 增長的評論。

And obviously you did a phenomenal job of that this quarter.

很明顯，你在本季度做得非常出色。

But this is a much wider gap than what we've seen in the past.

但這比我們過去看到的差距要大得多。

So I guess what I'm trying to ask is -- do you expect the gap that you've normally have been outpacing PC shipments to kind of -- the gap to widen, similar to what we saw this quarter, versus what historicals might tell us?

所以我想我想問的是——你是否預計你通常超過 PC 出貨量的差距會擴大，類似於我們本季度看到的情況，與歷史數據可能的差距告訴我們？

Well, the only thing I could say, Heather, is the outlook that we gave is the outlook that we gave.

好吧，Heather，我唯一能說的就是我們給出的前景就是我們給出的前景。

We've continued to be certainly very pleased with the customer response to Office 2010.

我們一直對客戶對 Office 2010 的響應感到非常滿意。

We thought we had a great product coming into the cycle and that's proving to be true from the customer response -- not only for the suite of applications themselves, but how they integrate with SharePoint and Exchange and Lync.

我們認為我們有一個很棒的產品進入這個週期，客戶的反應證明了這一點——不僅是應用程序套件本身，還有它們如何與 SharePoint、Exchange 和 Lync 集成。

So, I would just lead you to the outlook that we gave.

因此，我將帶您了解我們給出的前景。

And we remain incredibly pleased with the customer reaction to the product.

我們仍然對客戶對產品的反應感到非常滿意。

Holly, can you move to the next question, please?

霍莉，你能轉到下一個問題嗎？

Brent Thill, UBS.

瑞銀的布倫特希爾。

Peter, just on the multi-year licensing pickup that you're seeing, can you just give us a typical term length, in terms of what those contracts are renewing at?

彼得，就您所看到的多年許可提貨而言，您能否給我們一個典型的期限長度，就這些合同的續簽而言？

And the contracts that are coming back, are they now renewing above the original contract value?

而那些回來的合同，現在是否更新到高於原始合同價值？

Is that a trend that you're seeing as things are improving?

隨著情況的好轉，這是您看到的趨勢嗎？

Thanks, Brent.

謝謝，布倫特。

They're typically three-year contracts.

他們通常是三年的合同。

They sort of vary in length but that's the most common length of our multi-year agreements.

它們的長度有所不同，但這是我們多年協議中最常見的長度。

In many cases, we are adding new products and services to our multi-year agreements.

在許多情況下，我們正在為我們的多年協議添加新產品和服務。

We talked about some of the products that are showing growth that are some of the newer enterprise products, like Lync, like SQL Server Premium Editions.

我們談到了一些正在增長的產品，它們是一些較新的企業產品，如 Lync，如 SQL Server Premium Editions。

And we're starting to get those migrations from Oracle, Tier 1 applications over to SQL.

我們開始將這些從 Oracle 的第 1 層應用程序遷移到 SQL。

So as we continue to do those things and people invest in our platform, I think you'll see some opportunity there.

因此，隨著我們繼續做這些事情並且人們對我們的平台進行投資，我認為你會在那裡看到一些機會。

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。

Just a question on the Windows division.

只是一個關於 Windows 部門的問題。

Obviously, PC shipments globally slipped pretty significantly this quarter.

顯然，本季度全球 PC 出貨量大幅下滑。

Just looking at your KPI's, Windows license shipments were actually down 5% year-over-year.

僅查看您的 KPI，Windows 許可證出貨量實際上同比下降了 5%。

Just wondering if you'd give us a sense of how much you think -- since, obviously, the PC data is on cell and this relates to sort of the launch of Oak Trail, Sandy Bridge and so forth -- in Q1, affecting, call it inventory levels both in sort of the channel but also Windows license inventories inside of OEMs.

只是想知道您是否願意告訴我們您的想法——因為很明顯，PC 數據在手機上，這與 Oak Trail、Sandy Bridge 等的推出有關——在第一季度，影響，將其稱為渠道中的庫存水平以及 OEM 內部的 Windows 許可證庫存。

And how that should maybe change when you think about the calendar Q1.

當您考慮日曆 Q1 時，這應該如何改變。

Yes.

是的。

Looking at the OEM license growth, keep in mind there was a spike from the launch last year in Q2, which makes that -- exacerbates that issue, as people bulked up and there was some inventory there.

看看 OEM 許可證的增長，請記住，去年第二季度推出以來出現了飆升，這使得 - 加劇了這個問題，因為人們大量增加並且那裡有一些庫存。

But in general, I wouldn't characterize what we saw in this fiscal quarter as having anything to do with Q1 and some of the new chipsets.

但總的來說，我不會將我們在本財季看到的情況描述為與第一季度和一些新芯片組有任何關係。

I think we saw some macro things on the consumer side, but business remains very strong.

我認為我們在消費者方面看到了一些宏觀的事情，但業務仍然非常強勁。

And I don't think that played a big part in it.

我不認為這在其中發揮了重要作用。

Yes, I would say we just see the opportunity for Sandy Bridge and Fusion as an opportunity for businesses to improve their refresh outlook, as you start to get into 2011.

是的，我想說我們只是將 Sandy Bridge 和 Fusion 視為企業改善其更新前景的機會，因為您開始進入 2011 年。

I'd say we're super bullish on the chipsets from both those manufacturers.

我想說我們非常看好這兩家製造商的芯片組。

Next question please, Operator.

下一個問題，接線員。

Katherine Egbert, Jefferies.

凱瑟琳·埃格伯特，傑富瑞。

Just -- you always say that the emerging PC market is growing faster than the mature market.

只是——你總是說新興的個人電腦市場比成熟市場增長得更快。

Can you give us some color on that?

你能給我們一些顏色嗎？

And then also talk about PC pricing, especially in consumer.

然後還要談談個人電腦定價，尤其是在消費者方面。

And then, finally, any comment on tablets and cannibalization.

然後，最後，對平板電腦和自相殘殺的任何評論。

Thanks.

謝謝。

Sure.

當然。

Emerging markets are growing faster than developed market -- probably 2x is not a bad ballpark for how to think through that.

新興市場的增長速度快於發達市場——對於如何思考這一點來說，可能 2 倍並不是一個壞事。

Obviously, China plays a big part in that.

顯然，中國在其中扮演了重要角色。

And that's an important issue to think through and it's certainly an opportunity for us going forward.

這是一個需要思考的重要問題，這無疑是我們前進的機會。

Pricing.

價錢。

Pricing on --?

定價--？

Emerging markets versus developed market.

新興市場與發達市場。

Yes.

是的。

We've always said that there's about half of what you'd see in developed markets.

我們一直說，你在發達市場看到的只有一半左右。

Okay.

好的。

But there's been some reports that pricing has bottomed.

但有報導稱價格已經觸底。

Have you seen that?

你看到了嗎？

We really haven't changed our prices much at all.

我們真的沒有太大改變我們的價格。

Yes.

是的。

Okay.

好的。

And then, finally, just tablets and cannibalization.

然後，最後，只是平板電腦和自相殘殺。

You know, I think that -- Bill talked a little bit in his comments about netbooks and how netbooks were -- they hit their peak last year in Q2.

你知道，我認為——比爾在他的評論中談到了上網本以及上網本的情況——它們在去年第二季度達到了頂峰。

And I think what we've seen is, over the course of this year in the consumer space, some of that volume being replaced with newer devices like ultra-portables and tablets.

而且我認為我們所看到的是，在今年的消費領域，其中一些體積被更新的設備所取代，例如超便攜和平板電腦。

And largely, these are second devices, not primary devices.

在很大程度上，這些是第二設備，而不是主要設備。

And that's caused a little bit of a drag on the consumer side.

這在消費者方面造成了一點拖累。

Holly, let's move to the next question.

霍莉，讓我們轉到下一個問題。

Brad Reback, Oppenheimer.

布拉德·雷貝克，奧本海默。

Just a quick question.

只是一個快速的問題。

Peter, you had talked about the SQL Server Premium business being up double digits in the quarter.

彼得，您曾談到 SQL Server Premium 業務在本季度實現了兩位數的增長。

I know earlier this week, I think it was, you announced some appliances with HP.

我知道本週早些時候，我認為是，你宣布了一些惠普的電器。

Do you think that type of relationship can further accelerate that growth?

你認為這種關係可以進一步加速這種增長嗎？

Thanks.

謝謝。

Yes, I mean, I think partnerships with some of our key partners are very important for helping us to continue to grow in that part of the market.

是的，我的意思是，我認為與我們一些主要合作夥伴的合作對於幫助我們在該市場繼續增長非常重要。

And HP is a perfect example of somebody who is a very important partner when it comes to some of this infrastructure and database platforms.

在某些基礎設施和數據庫平台方面，惠普是一個非常重要的合作夥伴的完美例子。

And even more broadly in the cloud, for taking it to market.

甚至更廣泛地在雲中，將其推向市場。

So yes, I think that can be a real benefit.

所以是的，我認為這可能是一個真正的好處。

Great.

偉大的。

Thanks.

謝謝。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

It looks like you're talking of the business PC versus consumer PC and also implicitly the premium mix should also go up, yet you talk about client revenues more or less in line with PC unit growth rate for fiscal year.

看起來您是在談論商務 PC 與消費 PC，並且隱含的溢價組合也應該上升，但您談論的客戶收入或多或少與本財年的 PC 單位增長率一致。

I'm trying to reconcile the contradiction there.

我試圖調和那裡的矛盾。

Because it would seem like your client revenue should grow faster than PC units, given what we're talking about, especially coupled with Windows 7 Enterprise operating cycle.

因為考慮到我們正在談論的內容，尤其是結合 Windows 7 企業版的運營週期，您的客戶收入似乎應該比 PC 單位增長得更快。

Any comments?

任何意見？

Thanks.

謝謝。

Yes, thanks, Kash.

是的，謝謝，卡什。

It's the emerging markets growing faster than developed markets.

新興市場的增長速度快於發達市場。

So we have offsetting dynamics going on.

因此，我們正在進行抵消動態。

Business PCs growing faster than consumer.

商用 PC 的增長速度快於消費者。

It's good for attach and good for pricing.

它有利於附加，有利於定價。

And emerging markets growing faster than developed markets has the opposite effect.

而新興市場的增長速度快於發達市場則產生了相反的效果。

And so what you're seeing is largely those two things offsetting each other.

所以你所看到的主要是這兩件事相互抵消。

Holly, let's go to the next question, please.

霍莉，請讓我們進入下一個問題。

Colin Gillis, BGC Financial.

BGC 金融公司的科林·吉利斯 (Colin Gillis)。

Just real briefly, search is now basically a duopoly and a lot of the search marketers are looking pretty favorably at Bing.

簡而言之，搜索現在基本上是雙頭壟斷，許多搜索營銷人員都非常看好必應。

Is now the time to increase the outreach in marketing efforts?

現在是加大營銷力度的時候嗎？

Well, we're extremely focused on doing what we need to do to be successful in that business.

好吧，我們非常專注於做我們需要做的事情以在該業務中取得成功。

And we've been laser beam-focused on what that is.

我們一直專注於那是什麼。

One is growing our search share.

一是增加我們的搜索份額。

The other is growing our revenue per search.

另一個是增加我們每次搜索的收入。

And we continue to grow our share every quarter.

我們每個季度都會繼續增加我們的份額。

We're going to continue to focus on that.

我們將繼續關注這一點。

We're going to do a lot of things -- a lot of the same things that we're doing for that.

我們將做很多事情——很多我們正在為此做的事情。

Bill talked about some of the product enhancements.

比爾談到了一些產品增強功能。

I think that's probably the most important thing we can do to really differentiate the new product experience, because I think that's really what drives usage in share and search.

我認為這可能是我們可以做的最重要的事情來真正區分新產品體驗，因為我認為這確實是推動共享和搜索使用的原因。

And then, of course, on the revenue per search side, the Yahoo integration is a key component of that and we're excited to move forward in that.

然後，當然，在每個搜索方面的收入方面，雅虎整合是其中的一個關鍵組成部分，我們很高興能在這方面取得進展。

But really on the share side -- I mean, we'll do interesting marketing things like we have been doing, but I think what I really get excited about is the product enhancements and some of the partnerships we've got there.

但實際上在分享方面——我的意思是，我們會像我們一直在做的那樣做一些有趣的營銷事情，但我認為我真正感到興奮的是產品增強和我們在那裡建立的一些合作夥伴關係。

Operator, next question, please.

接線員，請下一個問題。

Gregg Moskowitz, Cowen.

格雷格莫斯科維茨，考恩。

Wondering if you can update us on where things stand with regard to Kinect supply and how we should be thinking about units into Q3?

想知道您是否可以向我們介紹有關 Kinect 供應的最新情況以及我們應該如何考慮進入第三季度的單位？

And relatedly, the EPD operating margin of 18% was up 3 points year-over-year and a little better than I would have expected, given the marketing launch around Kinect.

與此相關的是，鑑於圍繞 Kinect 的營銷啟動，EPD 的 18% 營業利潤率同比增長 3 個百分點，比我預期的要好一些。

If you could talk about the prospects for margin expansion over the next couple of years.

如果你能談談未來幾年利潤率擴張的前景。

Well, for -- to your first question on supply, I think you should just go to the Outlook framework that we gave you, to have a good sense of what we expect for the Xboxes and E&D over the next coming quarters.

好吧，對於你關於供應的第一個問題，我認為你應該去看看我們給你的 Outlook 框架，以便很好地了解我們對未來幾個季度 Xboxes 和 E&D 的期望。

And in terms of margin, the long-term story is a good one, right?

就利潤率而言，長期的故事是一個好故事，對吧？

As we build our install base -- the business model for that business is build an install base that really engaged users, but then you attach lots of software and services to.

當我們建立我們的安裝基礎時——該業務的商業模式是建立一個真正吸引用戶的安裝基礎，但隨後您會附加大量軟件和服務。

That's been part of the strength of the Xbox LIVE service.

這是 Xbox LIVE 服務優勢的一部分。

And of course, as we build the install base of Kinect, we have a whole new generation and evolution of games that we can sell into our install base.

當然，在我們建立 Kinect 安裝基礎的過程中，我們擁有了全新的一代和進化版遊戲，我們可以將這些遊戲銷售到我們的安裝基礎中。

So all of those things are very positive long-term for that business.

因此，從長遠來看，所有這些事情對於該業務都是非常積極的。

In the short-term for this quarter, we obviously prioritize and allocated our resources very carefully against the launch of that.

在本季度的短期內，我們顯然非常謹慎地優先考慮和分配我們的資源，以應對該項目的推出。

And so we were able to have a successful launch and still improve the profitability profile of the business.

因此，我們能夠成功推出，並且仍然提高了業務的盈利能力。

Operator, next question, please.

接線員，請下一個問題。

John DiFucci, JPMorgan.

摩根大通的約翰·迪福奇。

Peter, I think you said that IDC said that 90% of enterprise companies had started a formal migration to Windows 7.

Peter，我想你說過 IDC 說 90% 的企業公司已經開始正式遷移到 Windows 7。

Can you tell us how penetrated you think, even roughly, corporations are at this point?

你能告訴我們你認為，即使是粗略的，公司在這一點上的滲透程度如何？

And when I say corporations, exclude small business -- really talking mid-market to enterprise.

當我說公司時，不包括小企業——實際上是在談論中端市場對企業。

You know, I don't know exactly.

你知道，我不確切知道。

It's very early.

現在很早。

I can give you some anecdotal feedback on certainly conversations I've had with our sales folks and directly with customers.

關於我與銷售人員以及直接與客戶的對話，我可以給你一些軼事反饋。

The majority of the people I talk to are either in the middle of doing it or at the last stages of evaluating and have a specific plan to do it.

與我交談的大多數人要么正在做這件事，要么處於評估的最後階段，並且有一個具體的計劃來做這件事。

In fact, most of them have said we want to go faster, because once they get started, they realize the productivity benefits and the cost savings are really compelling.

事實上，他們中的大多數人都說我們想走得更快，因為一旦他們開始，他們就會意識到生產力優勢和成本節約確實令人信服。

But it is early in terms of getting those migrations done.

但就完成這些遷移而言，現在還為時過早。

Operator, next question, please.

接線員，請下一個問題。

Robert Breza, RBC Capital Markets.

羅伯特·布雷扎，加拿大皇家銀行資本市場。

Thanks for taking my questions.

感謝您提出我的問題。

Peter, I was wondering if you could talk to us about really the cloud momentum?

彼得，我想知道你是否可以和我們談談真正的雲動力？

I saw the slide in the slide deck.

我在幻燈片台上看到了幻燈片。

But really, if you look at Office 365 launching from a beta perspective, it's oversubscribed.

但實際上，如果您從 beta 的角度來看 Office 365 的啟動，它就會被超額認購。

Can you maybe just walk us through how you see cloud revenue at 12, 24 months out?

您能否簡單介紹一下您如何看待 12、24 個月後的雲收入？

Thanks.

謝謝。

Yes.

是的。

I'm really excited about roadmapping the opportunity.

我對製定路線圖的機會感到非常興奮。

We obviously haven't given any guidance on the revenue of that and how fast it's going to ramp.

我們顯然沒有就收入以及增長速度給出任何指導。

I'm certainly excited both about the customer wins that we talked about for our existing product and then the conversations we're having about the roadmap to Office 365 are really exciting.

對於我們為現有產品所討論的客戶勝利以及我們正在就 Office 365 路線圖進行的對話，我當然感到非常興奮。

So in addition to just the beta being oversubscribed, it's now part of the conversations we're having with all of our customers.

因此，除了 Beta 版被超額認購之外，它現在也是我們與所有客戶進行對話的一部分。

And it's one of those things where it's going to happen.

這是即將發生的事情之一。

And the exact speed of the ramp is uncertain.

坡道的確切速度是不確定的。

I do believe that once it starts to accelerate, it's going to accelerate pretty fast.

我確實相信，一旦它開始加速，它就會加速得相當快。

Thank you.

謝謝你。

Okay, Operator, this will be our last question.

好的，接線員，這將是我們的最後一個問題。

Thank you.

謝謝你。

Ed Maguire with CLSA.

里昂證券的埃德·馬奎爾。

Your line is open.

你的線路是開放的。

I want to just follow-up on Rob's question around the online services in Azure.

我只想跟進 Rob 關於 Azure 在線服務的問題。

Could you talk about some of the conversations that you're having and the criteria, as customers are deciding whether to stay on premise or adopt a Software-as-a-Service solution, what that means in terms of their economics and, ultimately, what it may mean for you and the business model, as it becomes a bigger part of the business?

您能否談談您正在進行的一些對話和標準，因為客戶正在決定是留在內部還是採用軟件即服務解決方案，這對他們的經濟意味著什麼，最終，隨著它成為業務的重要組成部分，這對您和業務模式意味著什麼？

Yes.

是的。

There's really two dimensions to the conversation.

對話實際上有兩個方面。

One is about economics and one is about capabilities.

一個是關於經濟的，一個是關於能力的。

So let me talk about sort of the applications or the Office 365 types of services.

所以讓我談談應用程序或 Office 365 類型的服務。

People are very interested in that for two reasons.

人們對此非常感興趣，原因有二。

One, ultimately, if the economics are very good for them once they migrate over.

一，最終，如果經濟對他們來說非常好，一旦他們遷移過來。

But probably even the stronger driver, especially now in the conversations, is the ability to more quickly take advantage of the latest capabilities that we have.

但可能更強大的驅動力，尤其是現在在對話中，是能夠更快地利用我們擁有的最新功能。

So it's a very easy way to deploy the latest versions of our software.

因此，這是部署我們軟件最新版本的一種非常簡單的方法。

And increasingly, that's really the biggest piece of the dialogue.

而且，這確實是對話中最重要的部分。

On the -- and so that's on the Office 365 side.

在 - 所以這是在 Office 365 方面。

On the Azure side, the conversation is really about moving up from thinking about infrastructure as a service to platform as a service, and what they get with Azure in terms of management and security and the developer ecosystem.

在 Azure 方面，談話實際上是關於從考慮基礎架構即服務到平台即服務，以及他們在管理、安全和開發者生態系統方面從 Azure 獲得什麼。

That's really what excites them in talking about the platform of the service or, Azure, if you will.

這確實是他們在談論服務平台或 Azure（如果您願意的話）時感到興奮的原因。

Okay.

好的。

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

因此，這將結束我們今天財報電話會議的問答部分。

We look forward to seeing many of you at the numerous conferences in which we'll be participating in this quarter.

我們期待在本季度參加的眾多會議上見到你們中的許多人。

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

對於那些無法親自出席的人，我們將能夠——您將能夠在 Microsoft.com/investor 上關注我們的評論。

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。

Thanks again for joining us today and have a good day.

再次感謝您今天加入我們，祝您有美好的一天。

Thank you.

謝謝你。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect at this time.

此時您可以斷開連接。