微軟 (MSFT) 2011 Q3 法說會逐字稿

Thank you for standing by and welcome to the third-quarter 2011 Microsoft Corporation earnings conference call.

感謝您的支持並歡迎參加微軟公司 2011 年第三季度財報電話會議。

At this time, all participants are placed on listen-only until the question-and-answer session.

此時，所有參與者都處於只聽狀態，直到問答環節。

Today's conference is being recorded.

今天的會議正在錄製中。

(Operator Instructions).

（操作員說明）。

Now I'd like to turn the call over to Bill Koefoed, General Manager of Investor Relations.

現在我想把電話轉給投資者關係總經理 Bill Koefoed。

Bill, please proceed.

比爾，請繼續。

Thank you, Bobby.

謝謝你，鮑比。

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

感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 press release and financial summary slide deck to our investor relations website at microsoft.com/investor.

此外，我們還在投資者關係網站 microsoft.com/investor 上發布了收益新聞稿和財務摘要幻燈片。

The slide deck is intended to follow the flow of our prepared remarks and provides the 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調節。

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 and 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和記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript at the Microsoft investor relations website until April 28, 2012.

在 2012 年 4 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。

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

在本次電話會議中，我們將做出前瞻性陳述。

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 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中討論的因素、本次電話會議期間發表的評論以及我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異.

We do not undertake any duty to update any forward-looking statements.

我們不承擔任何更新任何前瞻性陳述的義務。

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

好的，有了這個，我會把電話轉給彼得。

Thanks, Bill, good afternoon, everyone.

謝謝，比爾，大家下午好。

This quarter we again delivered solid financial results, reflecting strong business and consumer demand for our products and services.

本季度，我們再次實現了穩健的財務業績，反映出企業和消費者對我們的產品和服務的強勁需求。

Despite a mixed PC environment, the breadth and depth of our portfolio drove another quarter of double-digit revenue and earnings per share growth.

儘管 PC 環境好壞參半，但我們產品組合的廣度和深度推動了又一個季度實現兩位數的收入和每股收益增長。

On the commercial side, we saw strong multiyear licensing commitments by enterprises and robust transactional sales particularly to small and medium businesses.

在商業方面，我們看到企業做出了強有力的多年許可承諾，並且交易銷售強勁，尤其是對中小型企業。

Let me give more color on this.

讓我對此給予更多的色彩。

On the business desktop, customers continued to embrace our offering.

在商務桌面上，客戶繼續接受我們的產品。

Not only is Office 2010 the fastest selling version of Office in our Company's history, but businesses are purchasing our entire productivity platform including SharePoint, Exchange, Dynamics and Lync.

Office 2010 不僅是我們公司歷史上銷售最快的 Office 版本，而且企業正在購買我們的整個生產力平台，包括 SharePoint、Exchange、Dynamics 和 Lync。

And with the recently released public beta of Office 365, the next generation of our cloud productivity service, we are enabling new scenarios that weren't viable in the past especially for small and mid-sized businesses.

通過最近發布的下一代云生產力服務 Office 365 的公共測試版，我們正在實現過去不可行的新場景，尤其是對於中小型企業。

Office 365 eases deployment for our customers while lowering their upfront costs and provides significantly better returns on investment.

Office 365 為我們的客戶簡化了部署，同時降低了他們的前期成本，並顯著提高了投資回報率。

Enterprises are investing in our business infrastructure offerings with a growing preference for our premium product.

企業正在投資我們的業務基礎設施產品，並且越來越偏好我們的優質產品。

Windows Server, SQL Server, and our management tools are enabling our customers to transform their data centers to be more efficient.

Windows Server、SQL Server 和我們的管理工具使我們的客戶能夠將他們的數據中心轉變為更高效。

Companies are reaping the benefits that Windows 7 brings including enhanced productivity, efficiency, security, and manageability.

公司正在收穫 Windows 7 帶來的好處，包括提高生產力、效率、安全性和可管理性。

Enterprise deployments of Windows 7 have more than doubled over the past six months.

Windows 7 的企業部署在過去六個月中增加了一倍多。

While business PC shipments showed strength this quarter, consumer PCs declined.

雖然本季度商用 PC 出貨量表現強勁，但消費類 PC 下降。

Within both segments, emerging markets continued to be an area of strong growth.

在這兩個領域中，新興市場繼續成為強勁增長的領域。

As demonstrated by Bing's continued market share gains since its launch, we've made great strides in relevancy and design and continue to transform search beyond just queries to task completion and decision-making.

正如必應自推出以來市場份額持續增長所證明的那樣，我們在相關性和設計方面取得了長足的進步，並繼續將搜索從查詢轉變為任務完成和決策制定。

While we are pleased with the progress we've made with Bing, there is significant work ahead to improve the monetization of the combined Yahoo!

雖然我們對 Bing 取得的進展感到滿意，但在改進合併後的 Yahoo! 的貨幣化方面還有大量工作要做。

and Bing marketplace.

和必應市場。

Advertisers are seeing strong ROI but revenue per search is below our expectations.

廣告商看到了強勁的投資回報率，但每次搜索的收入低於我們的預期。

We have our best search technical leadership on this issue and we're partnering closely with Yahoo!

在這個問題上，我們擁有最好的搜索技術領導者，並且我們正在與 Yahoo! 密切合作。

to improve monetization as quickly and efficiently as possible.

盡可能快速有效地提高盈利能力。

Turning to our Entertainment and Devices Division, in November we took the first step in creating a new mobile ecosystem by launching Windows Phone 7.

談到我們的娛樂和設備部門，我們在 11 月推出了 Windows Phone 7，邁出了創建新移動生態系統的第一步。

In this quarter, we took the next step by entering into a broad strategic alliance with Nokia.

在本季度，我們邁出了下一步，與諾基亞建立了廣泛的戰略聯盟。

Together Nokia and Microsoft will innovate with greater speed and provide enhanced opportunities for users and partners to share in the success of the new ecosystem.

諾基亞和微軟將一起以更快的速度進行創新，並為用戶和合作夥伴提供更多的機會來分享新生態系統的成功。

Consumers are delighted with Kinect as well as our entire Xbox 360 platform for the revolutionary experience it brings to their living room.

消費者對 Kinect 以及我們整個 Xbox 360 平台為他們的客廳帶來的革命性體驗感到高興。

Kinect continues to lead the way forward in gaming and is opening the door for new scenarios that take advantage of natural user interface.

Kinect 繼續引領遊戲領域的發展，並為利用自然用戶界面的新場景打開了大門。

So in summary, the breadth and depth of our product portfolio combined with prioritization of investments and our continued focus on operating expense management allowed us to deliver another quarter of strong financial results.

因此，總而言之，我們產品組合的廣度和深度，加上投資的優先順序以及我們對運營費用管理的持續關注，使我們能夠實現又一個季度的強勁財務業績。

With that, I'm going to hand it back to Bill to provide more detail on this quarter's results and then I'll come back and provide some thoughts on our outlook for our fourth quarter and the next fiscal year.

有了這個，我將把它交還給比爾，以提供有關本季度業績的更多細節，然後我會回來就我們對第四季度和下一財年的展望提供一些想法。

Thanks, Peter.

謝謝，彼得。

Revenue for the quarter was $16.4 billion, 13% growth year over year and earnings per share was $0.61, up 36%.

本季度收入為 164 億美元，同比增長 13%，每股收益為 0.61 美元，增長 36%。

Adjusting for tech guarantee programs, this was our fourth consecutive quarter of double-digit revenue growth and our sixth consecutive quarter of double-digit EPS growth.

調整技術保障計劃，這是我們連續第四個季度實現兩位數的收入增長，也是我們連續第六個季度實現兩位數的每股收益增長。

Operating cash flow for the third quarter was a record $8.7 billion or growth of 17%.

第三季度的經營現金流達到創紀錄的 87 億美元或增長 17%。

Operating cash flow year to date has surpassed $21 billion, an increase of $2.6 billion.

迄今為止，經營現金流已超過 210 億美元，增加了 26 億美元。

Many of the demand trends in the third quarter were similar to the first half of the year.

第三季度的許多需求趨勢與上半年相似。

Specifically Office 2010, Xbox and Xbox Live and Kinect continue to enjoy exceptional consumer momentum.

特別是 Office 2010、Xbox 和 Xbox Live 以及 Kinect 繼續享有非凡的消費勢頭。

On the commercial side, enterprise demand for our products remains strong.

在商業方面，企業對我們產品的需求依然強勁。

Businesses are deploying Microsoft platforms and applications including Windows, Windows Server, Office, Dynamics, and management tools.

企業正在部署 Microsoft 平台和應用程序，包括 Windows、Windows Server、Office、Dynamics 和管理工具。

The business demand is translating into healthy increases in transactional licensing and strong enterprise agreement renewals.

業務需求正在轉化為交易許可和強有力的企業協議續籤的健康增長。

Our unearned revenue balance grew 6% to $13 billion, reflecting continued strength in our customers' multiyear commitments.

我們的未實現收入餘額增長了 6%，達到 130 億美元，這反映了我們客戶多年承諾的持續實力。

Our contracted not billed balance is now over $17 billion, growing approximately 20%.

我們的合同未開票餘額現已超過 170 億美元，增長約 20%。

Bookings for the Company were up 8%.

公司的預訂量增長了 8%。

Now let me turn to the PC market.

現在讓我談談個人電腦市場。

There are three trends we are observing.

我們正在觀察三個趨勢。

First, business PC growth was 9% this quarter.

首先，本季度商用 PC 增長率為 9%。

The business PC refresh cycle continues and is still in the early stages.

商用 PC 更新周期仍在繼續，仍處於早期階段。

Second, emerging markets continues to play a larger role in total PC shipment volume and now represent nearly half of all worldwide PC shipments.

其次，新興市場繼續在 PC 總出貨量中發揮更大的作用，目前佔全球 PC 出貨量的近一半。

Finally, the consumer PC market declined 8% as there are several dynamics at work including a 40% decline in netbooks, broader consumer macroeconomics, increased competition for consumer spending and the strength of Windows 7 consumer PCs in the prior year.

最後，消費 PC 市場下降了 8%，原因包括上網本下降 40%、更廣泛的消費宏觀經濟、消費支出競爭加劇以及 Windows 7 消費 PC 在上一年的強勁表現。

In total, we estimate the PC market declined 1 to 3% in the third quarter.

總體而言，我們估計個人電腦市場在第三季度下降了 1% 至 3%。

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

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

Last quarter we noted there would be a $100 million headwind to Windows comparables for the third quarter due to the prior year Windows 7 launch.

上個季度，我們注意到由於去年 Windows 7 的推出，第三季度的 Windows 可比產品將面臨 1 億美元的不利影響。

Adjusting for this dynamic, Windows revenue was in line with the PC market as we guided.

按照我們的指導，針對這種動態進行調整，Windows 收入與 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。

To summarize, the PC industry dynamics of continuing strength from emerging markets offset the benefits of a higher business mix and improved attach.

總而言之，新興市場持續強勁的 PC 行業動態抵消了更高的業務組合和改善的依附性帶來的好處。

Since the launch of Windows 7, customer satisfaction and market reception have been terrific and we have more opportunities ahead.

自 Windows 7 推出以來，客戶滿意度和市場接受度都非常好，我們還有更多的機會。

While Windows 7 has now sold over 350 million units since launch, an estimated 75% of the PC installed base is still running older operating systems.

雖然 Windows 7 自推出以來已售出超過 3.5 億台，但估計有 75% 的 PC 安裝基數仍在運行較舊的操作系統。

The number of PCs running Windows 7 in the enterprise has more than doubled over the past six months and volume licensing has strengthened.

在過去六個月中，企業中運行 Windows 7 的 PC 數量增加了一倍多，批量許可也得到了加強。

As I mentioned earlier, we expect the business PC refresh cycle to continue.

正如我之前提到的，我們預計商用 PC 更新周期將繼續。

Looking ahead, we're excited about the partner innovation underway in the PC market with Windows 7.

展望未來，我們對 Windows 7 在 PC 市場上的合作夥伴創新感到興奮。

There is innovation occurring in new ultra-portables, all-in-one and other form factors including slates and convertibles which are starting to hit the market now.

新的超便攜、一體機和其他形式因素（包括現在開始投放市場的平板電腦和敞篷車）正在發生創新。

This quarter we also released Windows Intune, a cloud-based subscription service that will help businesses manage and secure Windows PCs.

本季度我們還發布了 Windows Intune，這是一項基於雲的訂閱服務，將幫助企業管理和保護 Windows PC。

Windows Intune provides significant new opportunities for Microsoft and our partners to further expand our reach, grow our revenue and delight customers.

Windows Intune 為 Microsoft 和我們的合作夥伴提供了重要的新機會，以進一步擴大我們的覆蓋範圍、增加我們的收入並取悅客戶。

With Windows Intune, we have an opportunity to bring even more customers to the cloud.

借助 Windows Intune，我們有機會將更多客戶帶到雲端。

During the quarter, we launched the latest version of Internet Explorer.

在本季度，我們推出了最新版本的 Internet Explorer。

Internet Explorer 9 utilizes the power and performance of the whole PC to provide users with a faster, more immersive Web experience.

Internet Explorer 9 利用整個 PC 的強大功能和性能為用戶提供更快、更身臨其境的 Web 體驗。

With new features such as hardware accelerated graphics, support for HTML 5, and integrated Windows 7 navigation, websites act more like applications on IE 9.

借助硬件加速圖形、支持 HTML 5 和集成 Windows 7 導航等新功能，網站的行為更像 IE 9 上的應用程序。

And just a few weeks after releasing IE 9, we released the platform preview of IE 10 which will deliver innovation for the next generation of Web experiences powered by Windows.

在 IE 9 發布幾週後，我們發布了 IE 10 的平台預覽版，它將為 Windows 支持的下一代 Web 體驗提供創新。

Now I'll move to the Microsoft Business Division which excluding the prior year office tech guarantee deferral grew 13%.

現在我將轉到微軟業務部門，不包括上一年的辦公技術擔保延期增長了 13%。

We continue to see terrific response to the release from both consumers and businesses.

我們繼續看到消費者和企業對該版本的反應非常好。

Adjusted for the prior-year deferral, consumer revenue grew 26% with increased office attach to PCs.

對上一年的延期進行調整後，消費者收入增長了 26%，原因是辦公室與 PC 的連接增加。

The business transactional portion grew 28%, also driven by improved attach rates, post-launch and higher business PC shipments.

業務交易部分增長了 28%，這也受到附加率提高、發布後和更高的商用 PC 出貨量的推動。

The multiyear licensing portion of the business grew 5%.

該業務的多年許可部分增長了 5%。

Businesses are deploying Office 2010 along with Windows 7 on the corporate desktop.

企業正在企業桌面上部署 Office 2010 和 Windows 7。

Office 2010 deployment rate is five times faster than the deployment of Office 2007.

Office 2010 的部署速度比 Office 2007 的部署速度快五倍。

Importantly, businesses are also attaching the Office Server applications; SharePoint, Exchange and Lync which all grew double digits this quarter.

重要的是，企業也在附加 Office Server 應用程序；本季度，SharePoint、Exchange 和 Lync 均實現了兩位數的增長。

Lync grew 30% and we are seeing tremendous reception to the product.

Lync 增長了 30%，我們看到了該產品的巨大反響。

As we've discussed previously, unified communications is a huge growth opportunity and Lync offers an immediate return on investments to CIOs.

正如我們之前所討論的，統一通信是一個巨大的增長機會，Lync 為 CIO 提供了直接的投資回報。

Last Monday we released the public beta of Office 365 and we continue to see momentum in business online services.

上週一，我們發布了 Office 365 的公共測試版，我們繼續看到商業在線服務的勢頭。

The number of customers using our services has quadrupled since last year.

自去年以來，使用我們服務的客戶數量翻了兩番。

Over 50% of our customers are small businesses but we're also seeing large enterprises, governmental and educational institutions moving to the cloud.

我們超過 50% 的客戶是小型企業，但我們也看到大型企業、政府和教育機構遷移到雲端。

This quarter, we announced large customer wins including Shell Oil, Tampa General Hospital, Advocate Health Care and Manpower among others.

本季度，我們宣布贏得大量客戶，包括殼牌石油、坦帕綜合醫院、Advocate Health Care 和 Manpower 等。

Our Dynamics business grew 10% with both Dynamics ERP and Dynamics CRM increasing account penetration.

我們的 Dynamics 業務增長了 10%，Dynamics ERP 和 Dynamics CRM 提高了賬戶滲透率。

In the third quarter, we launched Dynamics CRM 2011 and we're seeing great traction with 40,000 businesses already in product trial, a significant pipeline to our current 27,000 customer base.

在第三季度，我們推出了 Dynamics CRM 2011，我們看到了巨大的吸引力，40,000 家企業已經在產品試用中，這是我們目前 27,000 名客戶群的重要渠道。

We also recently announced the next release of Dynamics ERP will be cloud enabled.

我們最近還宣布下一個版本的 Dynamics ERP 將支持雲。

We are delivering world-class business applications on premise and in the cloud that are simple, agile and deliver more value than competitive offerings.

我們在本地和雲中提供世界一流的業務應用程序，這些應用程序簡單、敏捷並且比競爭產品提供更多價值。

Now let's turn to Server and Tools which posted 11% revenue growth.

現在讓我們看看收入增長 11% 的服務器和工具。

Server and Tools had strong performance across the entire product portfolio.

服務器和工具在整個產品組合中表現強勁。

Transactional revenue grew faster than the underlying server hardware market which we estimate grew mid-single digits.

交易收入的增長速度快於基礎服務器硬件市場，我們估計其增長速度為中個位數。

Multiyear license revenue grew 11% and enterprise services revenue grew 12%.

多年許可收入增長 11%，企業服務收入增長 12%。

In the data center we continued to increase the penetration and monetization of Windows Server and System Center.

在數據中心，我們繼續提高 Windows Server 和 System Center 的滲透率和盈利能力。

We saw strong enterprise agreement renewals of Windows Server this quarter and premium revenue was up double digits.

我們看到本季度 Windows Server 的企業協議續簽強勁，保費收入增長了兩位數。

System Center, our management offering, grew double digits for the 10th consecutive quarter.

我們的管理產品 System Center 連續第 10 個季度實現兩位數增長。

Hyper-V continues to win new business and establish new performance benchmarks on key workloads.

Hyper-V 繼續贏得新業務並在關鍵工作負載上建立新的性能基準。

This quarter we showcased a large customer win with Target Corporation.

本季度，我們展示了與 Target Corporation 合作的巨大客戶勝利。

Target is running business critical workloads for all 1700 retail stores using Microsoft virtualization and management technologies.

Target 正在使用 Microsoft 虛擬化和管理技術為所有 1700 家零售店運行關鍵業務工作負載。

In the database, SQL Server unit volumes and ASPs were up with a shift toward our premium editions.

在數據庫中，SQL Server 的單位數量和 ASP 隨著向我們的高級版本的轉變而上升。

SQL premium revenue has now grown double digits for four consecutive quarters as customers adopt higher-level capabilities such as business intelligence.

隨著客戶採用商業智能等更高級別的功能，SQL 高級收入現已連續四個季度實現兩位數增長。

Our cloud computing platform, Windows Azure, continues to have strong momentum and developer interest.

我們的雲計算平台 Windows Azure 繼續保持強勁勢頭和開發者的興趣。

This quarter we a announced strategic partnership with Toyota who will be using Windows Azure for its enterprise-grade scalable platform to provide advanced telematics services.

本季度，我們宣布與豐田建立戰略合作夥伴關係，後者將使用 Windows Azure 作為其企業級可擴展平台，以提供先進的遠程信息處理服務。

Next I'll move to the Online Services Division which grew 14%.

接下來我將轉到增長 14% 的在線服務部門。

Online advertising revenue including both search and display grew 17%.

包括搜索和展示在內的在線廣告收入增長了 17%。

Bing's US market share continued to grow, ending the quarter at 13.9%, up 190 basis points from the second quarter and up almost 600 basis points since launch.

Bing 在美國的市場份額繼續增長，本季度末達到 13.9%，比第二季度增長 190 個基點，自推出以來增長了近 600 個基點。

We feel great about the pace of our innovation and customer satisfaction with our differentiated approach to search.

我們對我們的創新步伐和客戶對我們差異化搜索方法的滿意度感到滿意。

However, the expected monetization of the combined Yahoo!

然而，合併後的 Yahoo!

and Bing search marketplace in the US and Canada is taking longer than planned and revenue per share remains below our expectations.

美國和加拿大的必應搜索市場花費的時間比計劃的要長，每股收入仍低於我們的預期。

We have delayed our international integration efforts to focus on improvements in the US and Canada.

我們推遲了國際一體化努力，以專注於美國和加拿大的改善。

Now let me move to the Entertainment and Devices Division where revenue grew an impressive 60%.

現在讓我轉到娛樂和設備部門，那裡的收入增長了 60%，令人印象深刻。

Xbox has been setting the pace in the gaming industry this fiscal year.

Xbox 在本財年一直引領著遊戲行業的發展步伐。

With Kinect recognized as the fastest selling consumer electronics product ever, we sold an additional 2.4 million sensors this post holiday quarter.

由於 Kinect 被公認為是有史以來銷售最快的消費電子產品，我們在這個假期後的季度又售出了 240 萬個傳感器。

We also shipped 2.7 million Xbox 360 consoles, a new third-quarter record that surpasses the previous high by 1 million units.

我們還出貨了 270 萬台 Xbox 360 遊戲機，創下了第三季度的新紀錄，比之前的高點高出 100 萬台。

Xbox Live also continues to increase its contribution to our customer experience and E&D's financial performance.

Xbox Live 還繼續增加其對我們的客戶體驗和 E&D 財務業績的貢獻。

We again saw healthy increases in transactional revenue which continues to exceed subscription revenues.

我們再次看到交易收入健康增長，繼續超過訂閱收入。

Turning to Windows Phone.

轉向 Windows Phone。

Product reviews are good, customer satisfaction is high, well above 90%, and we have shown a clear strategy for enabling a vibrant ecosystem around Windows Phone.

產品評價很好，客戶滿意度很高，遠高於 90%，我們已經展示了一個明確的戰略，可以圍繞 Windows Phone 建立一個充滿活力的生態系統。

This quarter we took the next step and entered into a broad strategic alliance with Nokia.

本季度，我們邁出了下一步，與諾基亞建立了廣泛的戰略聯盟。

While we have enjoyed strong developer support to date with more than 13,000 applications, we've noted even greater developer interest subsequent to the Nokia alliance announcement.

迄今為止，儘管我們已經通過 13,000 多個應用程序獲得了強大的開發人員支持，但我們注意到在諾基亞聯盟宣布之後，開發人員的興趣甚至更大。

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 41% this quarter due to three primary factors.

由於三個主要因素，本季度的商品銷售成本增加了 41%。

One, volume driven costs are up due to the success of Xbox 360 consoles and Kinect sensors.

第一，由於 Xbox 360 遊戲機和 Kinect 傳感器的成功，銷量驅動成本上升。

Third-party content royalties are also up reflecting strong sales on Xbox Live.

第三方內容版稅也有所上升，這反映了 Xbox Live 的強勁銷售。

Two, as I mentioned in the Server and Tools performance, our Enterprise Services business is growing rapidly.

第二，正如我在服務器和工具性能中提到的，我們的企業服務業務正在迅速增長。

Costs in this business are largely volume driven.

該業務的成本主要受數量驅動。

And three, Online Services costs are up from increased traffic acquisition costs and increased costs related to the Yahoo!

第三，在線服務成本上升來自流量獲取成本的增加和與雅虎相關的成本增加。

alliance.

聯盟。

Operating expenses were $6.8 billion, an increase of 4%.

營業費用為 68 億美元，增長 4%。

Our effective tax rate for the quarter was below our guidance due primarily to the $461 million one-time benefit related to an agreement with the Internal Revenue Service to settle a portion of their audit of tax years 2004 to 2006.

我們本季度的有效稅率低於我們的指導，主要是由於與美國國稅局就其 2004 年至 2006 年納稅年度審計的一部分達成的協議而獲得了 4.61 億美元的一次性福利。

In the third quarter we repurchased $827 million of stock and declared $1.3 billion of dividends.

第三季度，我們回購了 8.27 億美元的股票，並宣布了 13 億美元的股息。

Year to date we returned $13.9 billion of cash to shareholders through buybacks and dividends, 33% more than the previous year.

年初至今，我們通過回購和分紅向股東返還了 139 億美元的現金，比上一年增加了 33%。

In summary, it was a very solid quarter with strong financial results.

總之，這是一個非常穩健的季度，財務業績強勁。

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

有了這個，我會把它交還給彼得，他將討論我們的業務前景。

Thanks, Bill.

謝謝，比爾。

For the remainder of the call, I'll discuss our expectations for the fourth quarter and some high-level themes as we begin to think about fiscal 2012.

在接下來的電話會議中，我將討論我們對第四季度的預期以及我們開始考慮 2012 財年時的一些高級別主題。

From a macro perspective, we expect the next quarter will be similar to the third quarter.

從宏觀上看，我們預計下一季度將與三季度相似。

Within the PC market, we expect growth in emerging markets to outpace developed markets and growth in business PCs to outpace consumer PCs.

在個人電腦市場中，我們預計新興市場的增長速度將超過發達市場，商用個人電腦的增長速度將超過消費個人電腦。

As a result, we expect Windows Division revenue to grow roughly in line with the PC market for the fourth quarter.

因此，我們預計第四季度 Windows 部門的收入增長將與 PC 市場大致一致。

Turning to the Microsoft Business Division, transactional revenue, approximately 40% of the division's total, will continue to exceed PC shipment growth rates but at a moderating rate as we approach the Office 2010 launch anniversary.

談到微軟業務部門，交易收入（約佔該部門總收入的 40%）將繼續超過 PC 出貨量增長率，但隨著我們接近 Office 2010 發布週年紀念日，增長率將放緩。

Revenue associated with multiyear licensing agreements representing approximately 60% of the division's total should grow mid to high single digits.

與多年許可協議相關的收入約佔該部門總收入的 60%，應該會增長中高個位數。

Turning to Server and Tools, approximately 30% of the division's revenue comes from transactional licensing, 50% from multiyear licensing and 20% from enterprise services.

談到服務器和工具，該部門大約 30% 的收入來自交易許可，50% 來自多年許可，20% 來自企業服務。

Within this division, we expect transactional revenue to generally track with the hardware market and multiyear licensing revenue and enterprise services revenue to both grow low double digits.

在該部門中，我們預計交易收入將大致與硬件市場同步，多年許可收入和企業服務收入均將增長兩位數。

Within OSD, we expect online advertising revenue to perform roughly in line with the overall online advertising market.

在 OSD 內，我們預計在線廣告收入的表現將與整體在線廣告市場大致一致。

Moving on to the Entertainment and Devices Division, considering the enthusiastic response to the Xbox 360 platform, we now suspect this division's revenue to grow roughly 25% for the fourth quarter.

轉到娛樂和設備部門，考慮到對 Xbox 360 平台的熱烈反應，我們現在懷疑該部門第四季度的收入將增長約 25%。

Switching to cost of goods sold, as was the case this quarter, the biggest factor impacting COGS going forward will be the growth of Entertainment and Devices, Enterprise Services and integration and traffic acquisition costs associated with our search business.

轉向銷售成本，與本季度一樣，未來影響 COGS 的最大因素將是娛樂和設備、企業服務以及與我們的搜索業務相關的集成和流量獲取成本的增長。

Turning to operating expenses, we are reconfirming our guidance of $26.9 billion to $27.3 billion for fiscal year 2011.

談到運營費用，我們再次確認 2011 財年 269 億美元至 273 億美元的指導。

We expect our effective tax rate to be 22 to 23% for the fourth quarter and we continue to expect capital expenditures for the full fiscal year to be about $2.5 billion.

我們預計第四季度的有效稅率為 22% 至 23%，我們繼續預計整個財年的資本支出約為 25 億美元。

Unearned revenue will follow historical sequential growth patterns.

未實現收入將遵循歷史連續增長模式。

Now I'd like to spend a few minutes looking ahead to our next fiscal year.

現在我想花幾分鐘時間展望我們的下一個財政年度。

From a macro perspective, we expect the business PC refresh cycle to continue through fiscal 2012.

從宏觀角度來看，我們預計商用 PC 更新周期將持續到 2012 財年。

The PC market dynamics I discussed for Q4, emerging markets outpacing developed markets and business outpacing consumer, should also continue through the next fiscal year.

我在第四季度討論的個人電腦市場動態，新興市場超過發達市場和商業超過消費者，也應該會持續到下一財年。

While we expect ongoing healthy demand for Office 2010, we expect more difficult year-over-year comparables for the Microsoft Business Division.

雖然我們預計對 Office 2010 的持續健康需求，但我們預計 Microsoft 業務部門的年度可比性將更加困難。

For Server and Tools, we expect to continue to outpace the server market due to our premium offerings and product portfolio.

對於服務器和工具，由於我們的優質產品和產品組合，我們預計將繼續超過服務器市場。

Within our search business, we expect to see revenue per search improvements over the course of the calendar year.

在我們的搜索業務中，我們預計在整個日曆年中每次搜索的收入都會有所改善。

Lastly, we expect momentum within our Entertainment and Devices Division to continue.

最後，我們預計娛樂和設備部門的勢頭將繼續。

Moving on to cost of goods sold as was the case in fiscal 2011, the most important factor to consider will be the shift of revenue mix across hardware, software, enterprise services and online services.

繼續討論 2011 財年的銷售成本，需要考慮的最重要因素將是硬件、軟件、企業服務和在線服務之間收入組合的轉變。

We expect fiscal year 2012 operating expenses to grow 3 to 5% from the midpoint of our fiscal 2011 guidance as we continue to prioritize our spending to manage our expenses.

我們預計 2012 財年的運營費用將比 2011 財年指導的中點增長 3% 至 5%，因為我們將繼續優先考慮支出以管理我們的費用。

Based on this growth range, we expect fiscal 2012 operating expenses to be $28.0 billion to $28.6 billion.

基於這一增長范圍，我們預計 2012 財年的運營費用為 280 億美元至 286 億美元。

We expect capital expenditures to be about $2.5 billion for fiscal year 2012.

我們預計 2012 財年的資本支出約為 25 億美元。

In summary, I'm pleased with our healthy financial results for the quarter.

總之，我對本季度健康的財務業績感到滿意。

As we look forward into the next fiscal year, our robust product portfolio and ongoing focus on cost management will enable us to continue to deliver shareholder value.

在我們展望下一個財政年度之際，我們強大的產品組合和對成本管理的持續關注將使我們能夠繼續為股東創造價值。

And with that, I'll turn the call over to Bill and we will 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。

Thanks, Peter.

謝謝，彼得。

We want to get 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。

Bobby, please go ahead and repeat your instructions.

鮑比，請繼續重複你的指示。

(Operator Instructions) Adam Holt, Morgan Stanley.

（操作員說明）Adam Holt，摩根士丹利。

Terrific, thank you.

太棒了，謝謝。

My question is on expenses.

我的問題是關於費用的。

In the quarter, the gross margin was a little bit lower than I had modeled.

在本季度，毛利率比我建模的要低一點。

I was wondering if you could go through the puts and takes of what hit gross margin this quarter.

我想知道你是否可以通過看跌期權來計算本季度毛利率受到的影響。

And then looking into fiscal 12 in general, would you expect revenue to outpace your operating expense growth?

然後從總體上看 12 財年，您是否預計收入將超過您的運營費用增長？

Thank you.

謝謝你。

On gross margins it's really the three things that Bill described.

就毛利率而言，這確實是比爾所描述的三件事。

Sort of the biggest thing is the fantastic growth in the Xbox business.

最大的事情是Xbox業務的驚人增長。

So that was the single biggest driver of COGS growth in the quarter.

因此，這是本季度 COGS 增長的最大推動力。

Secondly, Enterprise Services which is volume driven, and they are having nice growth.

其次，企業服務是數量驅動的，並且增長良好。

So that shows up in COGS.

所以這會出現在 COGS 中。

And then finally in Online Services, some costs associated with the Yahoo!

最後是在線服務，一些與雅虎相關的費用！

alliance, as you know some of that revenue that we get from that alliance from the Yahoo!

聯盟，你知道我們從 Yahoo! 的聯盟中獲得的一些收入。

properties gets tacked out in COGS and some other traffic acquisition costs.

屬性在 COGS 和其他一些流量獲取成本中得到解決。

Those were the three big drivers of the COGS growth, all volume driven.

這些是 COGS 增長的三大驅動力，都是銷量驅動的。

With respect to the second part of your question, Adam, as you know we don't give specific revenue guidance.

關於你問題的第二部分，亞當，你知道我們沒有給出具體的收入指導。

We give you operating expense guidance and you can model it from there.

我們為您提供運營費用指導，您可以從那裡對其進行建模。

Operator, next question?

接線員，下一個問題？

Walter Pritchard, Citigroup.

花旗集團的沃爾特·普里查德。

Could you help us understand just on the COGS I guess following onto Adam's question here, as we look into next year with some of the integration costs around Yahoo!

您能否幫助我們了解一下我想在這裡回答 Adam 的問題的 COGS，因為我們明年會考慮雅虎周圍的一些集成成本！

and I guess I'm also wondering around kind of mix within EDD how much we should expect, sort of what we have seen over the course of this year be indicative of where gross margins are in the future or do we think we are on sort of a new kind of trajectory in those individual businesses?

我想我也想知道 EDD 中的某種組合我們應該期望多少，我們在今年的過程中看到的某種情況表明未來的毛利率在哪裡，或者我們認為我們是否處於某種程度這些個體企業的新發展軌跡？

Well it depends what you model in for the volume, so these COGS are volume driven.

好吧，這取決於您為體積建模的內容，因此這些 COGS 是體積驅動的。

So depending on how you think about each of those individual businesses really is the driver of COGS.

因此，取決於您如何看待這些個體業務中的每一個，這確實是 COGS 的驅動力。

We try to give that framework so it's easier to understand that.

我們嘗試提供該框架，以便更容易理解。

Certainly on the Online Services business, our key focus that COGS are volume driven, most important thing there is to get that revenue per search up because that really has the biggest impact on the gross margin.

當然在在線服務業務上，我們的重點是 COGS 是數量驅動的，最重要的是提高每次搜索的收入，因為這確實對毛利率產生了最大的影響。

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。

Hi, thank you very much, guys.

嗨，非常感謝你們，伙計們。

Peter, I was just wondering if you could talk a little bit about buybacks.

彼得，我只是想知道你是否可以談談回購。

I know that Bill said the return of capital to shareholders was up one--third versus last year.

我知道比爾說股東的資本回報比去年增加了三分之一。

Just wondering if you could talk about the level of buybacks and kind of how we should think about your appetite for buybacks going forward.

只是想知道您是否可以談論回購的水平以及我們應該如何考慮您對未來回購的興趣。

Yes, no, I think we have a pretty consistent track record over the last several years in terms of distributing cash back to shareholders in terms of dividends and buyback.

是的，不，我認為過去幾年我們在向股東分配股息和回購方面的現金方面有著相當一致的記錄。

And so those numbers that Bill cited were sort of indicative of that.

所以比爾引用的那些數字在某種程度上表明了這一點。

We've had a pretty consistent track record on that and that has been our philosophy.

我們在這方面有相當一致的記錄，這就是我們的理念。

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, could you just reconcile on the PC market, Intel and AMD are saying one thing, you are saying it is worse.

彼得，你能不能在個人電腦市場上和解，英特爾和 AMD 在說一件事，你說情況更糟。

And just trying to understand, is this because of piracy or lower ASPs?

只是想了解，這是因為盜版還是較低的 ASP？

What's accounting for that?

這是什麼原因？

And what is your view in terms of the snapback for the PC market in the second half of the year?

您如何看待下半年PC市場的反彈？

There's some unique things going on with Intel's results that you can sort of reconcile back to what we're saying that make a lot of sense.

英特爾的結果發生了一些獨特的事情，你可以在某種程度上與我們所說的相協調，這很有意義。

First, if you sort of reconcile their revenue growth, certainly they have an ASP uplift which is actually the single biggest part of driving the growth.

首先，如果你對他們的收入增長進行某種調整，他們肯定會提高 ASP，這實際上是推動增長的最大部分。

There's a few other things in terms of an extra week in the quarter, they've also excluded netbooks from PC MPU numbers.

就本季度的額外一周而言，還有其他一些事情，他們還從 PC MPU 數據中排除了上網本。

And I think there was some appropriate inventory buildup.

而且我認為有一些適當的庫存積累。

So if you look at our numbers, it ties pretty closely from a unit perspective to what they are seeing.

因此，如果您查看我們的數字，從單位的角度來看，它與他們所看到的情況密切相關。

And obviously we are in line with big third-party analysts as well.

顯然，我們也與大型第三方分析師保持一致。

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 looking for a little bit more color on that Microsoft Business Division side.

只是在微軟業務部門方面尋找更多顏色。

Obviously we're coming on the -- sort of the tail end theoretically of the uplift of Office 2010.

顯然，從理論上講，我們正處於 Office 2010 升級的尾聲。

Obviously you're talking about tougher comps.

顯然你在談論更艱難的比賽。

But what is sort of the right long-term growth rate for that business over the next couple of years?

但是，未來幾年該業務的正確長期增長率是多少？

And then also just in terms of G&A, we saw a big step-up quarter to quarter this quarter.

然後就 G&A 而言，我們看到本季度每個季度都有大幅增長。

Was there anything one-time in there like you guys had in the December and March quarters of fiscal 2010?

有沒有像你們 2010 財年 12 月和 3 月季度那樣一次性的東西？

So obviously we're not guiding to specific growth rates for MBD but I would highlight a few things.

所以很明顯，我們並沒有指導 MBD 的具體增長率，但我會強調一些事情。

Obviously we're incredibly excited about the customer reaction to Office 2010.

顯然，我們對客戶對 Office 2010 的反應感到非常興奮。

But even beyond that, you heard us talk about how customers are adopting the whole sort of suite of products not just the Office applications but SharePoint, Exchange, Dynamics, and Lync and that really provides long-term sustainable growth for the MBD business all up even in a year that's sort of not a launch your year.

但除此之外，您還聽到我們談論客戶如何採用整套產品，不僅包括 Office 應用程序，還包括 SharePoint、Exchange、Dynamics 和 Lync，這確實為 MBD 業務提供了長期可持續增長即使在一年中，這也不是你的一年。

So that's I think a way to think about what's going on in MBD.

所以我認為這是一種思考 MBD 正在發生的事情的方法。

In addition to that, we've got Office 365, so over the course of the next coming years.

除此之外，我們還有 Office 365，所以在接下來的幾年裡。

We've had great growth, as we talked about, quadrupled the number of business online services customers we have.

正如我們所談到的，我們取得了巨大的增長，使我們擁有的商業在線服務客戶數量翻了兩番。

With the introduction of Office 365, we sort of take that to the next level.

隨著 Office 365 的推出，我們將其提升到了一個新的水平。

So as you think about the next year or two for the MBD business, those are some of the factors that I think really drive their growth.

因此，當您考慮 MBD 業務的未來一兩年時，我認為這些是真正推動其增長的一些因素。

Operator, next question please.

接線員，請下一個問題。

Colin Gillis, BGC Financial.

BGC 金融公司的科林·吉利斯 (Colin Gillis)。

Yes, can you just talk to the new leadership in Servers, what Satya brings to the group?

是的，你能和 Servers 的新領導談談嗎，Satya 給團隊帶來了什麼？

Satya is just a wonderful business leader.

Satya 只是一位出色的商業領袖。

He comes from a background of both business applications and cloud services.

他來自業務應用程序和雲服務的背景。

So he's really the ideal guy to take that business to the next level.

因此，他確實是將這項業務提升到新水平的理想人選。

I've personally had an opportunity to work with Satya closely in the past and he's a great leader.

過去，我個人有機會與 Satya 密切合作，他是一位偉大的領導者。

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, Peter, there's been a lot of confusion or a lot of talk around the Nokia partnership, what the economics are.

所以，彼得，關於諾基亞合作夥伴關係，經濟學是什麼，存在很多困惑或很多討論。

Could you maybe help straighten out the record on that?

你能幫忙整理一下這方面的記錄嗎？

And probably more importantly give us any sense if there's going to be an impact to 2012 COGS as it relates to this deal?

可能更重要的是，讓我們了解是否會對與這筆交易相關的 2012 年銷貨成本產生影響？

I will talk about the Nokia -- the great thing about the Nokia deal is this is an incredibly perfect opportunity for both of us to build a really compelling vibrant third ecosystem if you think about the complementary set of assets that we all bring to it.

我將談談諾基亞——諾基亞交易的偉大之處在於，如果你考慮到我們都為它帶來的互補資產集，這對我們雙方來說是一個非常完美的機會，可以建立一個真正引人注目的充滿活力的第三生態系統。

And in terms of the hardware design, the hardware manufacturing, the global relationships with operators, certainly with our platform has great developer momentum in the kinds of services of Xbox Live and Office.

在硬件設計、硬件製造、與運營商的全球關係方面，當然我們的平台在 Xbox Live 和 Office 的各種服務中具有強大的開發動力。

Clearly this is a broad strategic alliance, a long-term strategic alliance and we're going to be working closely together and we are each making investments together along those lines.

顯然，這是一個廣泛的戰略聯盟，一個長期的戰略聯盟，我們將密切合作，我們每個人都在沿著這些方向進行投資。

And I think the important thing to think about is as we sort of build that out and its success, it's going to be a great thing for both companies and for customers and for other partners in the ecosystem.

而且我認為要考慮的重要事情是，當我們將其構建出來並取得成功時，這對公司、客戶和生態系統中的其他合作夥伴來說都將是一件好事。

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。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Just quickly, can you talk about the delay that you're doing internationally and how long you think that will take before you can get it up and running?

很快，你能談談你在國際上所做的延遲，以及你認為這需要多長時間才能啟動和運行？

Thank you.

謝謝你。

We're going to work on North America, the US and Canada, and once we feel like we've gotten that straightened out, we will move on to the other international markets.

我們將在北美、美國和加拿大開展工作，一旦我們覺得我們已經理順了這一點，我們就會轉向其他國際市場。

Operator, next question please.

接線員，請下一個問題。

Greg Moskowitz, Cowen and Company.

格雷格莫斯科維茨，考恩公司。

Peter, you're tracking to lose a few more cents in the Online Division in fiscal 2011 versus fiscal 2010.

彼得，與 2010 財年相比，您在 2011 財年的在線部門中將損失更多美分。

Obviously, RPS improvements going forward would help but you'll also be rolling out the integrated platform to additional markets.

顯然，RPS 的改進會有所幫助，但您也將把集成平台推廣到其他市場。

So wondering if you could perhaps offer anything else about the EPS prospects for OSD next year relative to fiscal 2011.

所以想知道你是否可以提供關於明年 OSD 相對於 2011 財年每股收益前景的任何其他信息。

Yes, well certainly we're not going to give specific outlook more than what we have given, but you have hit on the key issue which is the revenue per search.

是的，當然，我們不會給出比我們給出的更多的具體前景，但您已經談到了關鍵問題，即每次搜索的收入。

We've been clear on the opportunity and the strategy there is to continue to grow share and to increase our revenue per search.

我們已經明確了機會和戰略，即繼續增加份額並增加我們的每次搜索收入。

So obviously we're laser focused right now on getting that revenue per search up and that has high leverage into sort of margins for the Company going forward.

所以很明顯，我們現在專注於提高每次搜索的收入，這對公司未來的利潤率有很大的影響。

Operator, next question please.

接線員，請下一個問題。

Sandeep Aggarwal, Caris & Co.

Sandeep Aggarwal, Caris & Co.

Peter, can you provide us any color in terms of how your new architecture effort for -- on tablet size progressing in terms of system-on-a-chip?

彼得，您能否就您的新架構努力向我們提供任何顏色——關於片上系統在平板電腦尺寸方面的進展？

Thank you.

謝謝你。

No, I've get nothing else to talk about that other than what we have already said.

不，除了我們已經說過的話，我沒有別的要談的了。

Operator, next question please.

接線員，請下一個問題。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

You discussed healthy activity in multi-year commitments.

您討論了多年承諾中的健康活動。

Could you address how you and your customers are mixing business online services and looking at Office 365, how ultimately that may affect your model in terms of COGS?

您能否說明您和您的客戶如何混合業務在線服務並查看 Office 365，這最終會如何影響您的 COGS 模型？

Yes, no, it's a great question.

是的，不，這是一個很好的問題。

Actually one of the interesting things about business online services and the pending Office 365 is it's enabling really great conversations and actually it's been a driver of the increase in multi-year licensing commitments because people have a lot of questions about the cloud and the transition to the cloud.

實際上，關於商業在線服務和待定的 Office 365 的一個有趣的事情是它可以實現非常好的對話，實際上它是多年許可承諾增加的驅動力，因為人們對雲和過渡到云有很多問題。雲端。

Having a clear story, having a partner that can help them transition and the pace that they want to has actually been a driver of the conversations we're having with enterprise.

有一個清晰的故事，有一個可以幫助他們過渡的合作夥伴以及他們想要的步伐實際上是我們與企業進行對話的驅動力。

In going forward, the economics of that are it's an increased revenue and total profit opportunity for us.

展望未來，這對我們來說是增加收入和總利潤的機會。

The subscription services do have a higher COG and so a lower gross margin in terms of percentage.

訂閱服務確實具有較高的 COG，因此按百分比計算的毛利率較低。

But over time, that is a growth in absolute margin dollars for us.

但隨著時間的推移，這對我們來說是絕對利潤的增長。

Operator, next question please.

接線員，請下一個問題。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

When I look at this quarter, you've already gotten past the four quarters of product cycle, helped revenue growth.

當我查看本季度時，您已經度過了產品週期的四個季度，有助於收入增長。

It looks like this quarter if I make adjustments for Office, you are still looking at high single digit, 8, 10% type growth rate against normal comparisons.

看起來這個季度如果我對 Office 進行調整，你仍然看到高個位數、8、10% 的類型增長率與正常比較。

Any reasons to think that if IT spending and economy continued to stay the way they are, do you think that this growth rate should in fact decelerate as you go into fiscal 12?

有什麼理由認為如果 IT 支出和經濟繼續保持原狀，您是否認為隨著您進入第 12 財年，這種增長率實際上應該減速？

Or if you can argue the other side, that it should stay at -- this growth rate is sustainable, both sides of the market argument?

或者，如果您可以爭辯另一方，它應該保持在 - 這個增長率是可持續的，市場爭論的雙方？

Appreciate it, thanks.

欣賞它，謝謝。

Without giving sort of specific guidance or growth rates, I will say we feel great about how enterprises are investing in IT and in particular, how they are very interested in our product suite.

在沒有給出具體指導或增長率的情況下，我會說我們對企業如何投資 IT 感到非常滿意，特別是他們對我們的產品套件非常感興趣。

I think we've got a very broad compelling set of products for the enterprise.

我認為我們已經為企業提供了一套非常廣泛的引人注目的產品。

If you look at any number of CIO surveys, most of them say a high priority focus area for CIOs is our suite of products.

如果您查看任何數量的 CIO 調查，其中大多數都表示 CIO 的一個高度優先關注領域是我們的產品套件。

So directionally I would say we feel great about sort of the IT market and certainly our position in that in our product set.

所以從方向上，我會說我們對某種 IT 市場感覺很好，當然我們在產品集中的地位也很好。

Operator, we're going to take one final question.

接線員，我們要回答最後一個問題。

Tim Klasell, Stifel Nicolaus.

蒂姆·克拉塞爾，斯蒂夫·尼古拉斯。

Maybe you can just give us your thoughts about the timing of a launch of the next-generation Xbox console and if a decision hasn't been made, do you guys internally have a time point of when you think you have to make that decision?

也許你可以告訴我們你對下一代 Xbox 主機發佈時間的看法，如果還沒有做出決定，你們內部是否有一個時間點，你認為你必須做出那個決定？

No, we're really not talking about that.

不，我們真的不是在談論這個。

Right now we're incredibly excited about what's going on with the Xbox 360 console and certainly Kinect which is relatively new in market.

現在，我們對 Xbox 360 控制台以及市場上相對較新的 Kinect 感到非常興奮。

So we're very focused on that.

所以我們非常關注這一點。

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

好的，這將結束今天財報電話會議的問答部分。

A few weeks ago, we announced our plans for Microsoft 2011 financial analyst meeting which will be on the afternoon of September 14, 2011 in Anaheim, California.

幾週前，我們宣布了將於 2011 年 9 月 14 日下午在加利福尼亞州阿納海姆舉行的 Microsoft 2011 財務分析師會議的計劃。

FAM will be held in conjunction with our developer conference which will kick off on September 13 at the Anaheim Convention Center.

FAM 將與我們的開發者大會同時舉行，該大會將於 9 月 13 日在阿納海姆會議中心拉開帷幕。

This year's FAM will feature presentations by key executives about the Company's strategic direction and will supplement the developer conference presentations which offer people the opportunity to learn directly about our product strategies and roadmap.

今年的 FAM 將由主要高管介紹公司的戰略方向，並將補充開發者大會的演講，讓人們有機會直接了解我們的產品戰略和路線圖。

In the meantime, we look forward to seeing many of you at the numerous conferences in which we will be participating in this quarter.

與此同時，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 unable to attend any of our events in person, you will always be able to follow our comments at microsoft.com/investor.

對於那些無法親自參加我們任何活動的人，您將始終可以在 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。

Thank you again and have a great day.

再次感謝您，祝您有美好的一天。

Thank you for everyone's participation.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連接。