微軟 (MSFT) 2012 Q1 法說會逐字稿

Welcome to Microsoft's fiscal year 2012 first quarter earnings conference call.

歡迎參加微軟 2012 財年第一季度財報電話會議。

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

在問答環節之前，所有線路都處於只聽模式。

Today's call is being recorded.

今天的電話正在錄音。

If anyone has any objections, you may disconnect at this time.

如果有人有任何異議，您可以此時斷開連接。

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

我現在想將電話轉給投資者關係總經理 Bill Koefoed。

Bill, you may begin.

比爾，你可以開始了。

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

謝謝你，Carol，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。

On our website is our financial summary slide deck which is intended to follow our prepared remarks and provides a reconciliation of differences between GAAP and non-GAAP financial measures.

在我們的網站上是我們的財務摘要幻燈片，旨在遵循我們準備好的評論，並提供 GAAP 和非 GAAP 財務措施之間差異的對賬。

This information is available at Microsoft.com/investor.

此信息可在 Microsoft.com/investor 上獲得。

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 October 20, 2012.

在 2012 年 10 月 20 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, and the comments made during this conference call, and in the Risk Factor 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，以及在本次電話會議期間以及我們的 10-K 表、10-Q 表的風險因素部分以及其他報告和提交給證券和交易委員會。

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

我們不承擔任何更新任何前瞻性陳述的義務。

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

好的，我將把電話轉給彼得。

Thanks, Bill, and thanks everyone for joining us.

謝謝，比爾，感謝大家加入我們。

Today, I'm pleased to share with you our first quarter financial results.

今天，我很高興與您分享我們第一季度的財務業績。

We started fiscal year 2012 with good momentum.

我們以良好的勢頭開始了 2012 財年。

We have great products in market, customer satisfaction is high, and we have important strategic investments and alliances to position us well for long-term growth.

我們在市場上擁有出色的產品，客戶滿意度很高，並且我們擁有重要的戰略投資和聯盟，可以為我們的長期增長做好準備。

This quarter we saw revenue growth across all of our segments.

本季度，我們所有部門的收入都出現了增長。

Similar to prior periods, we continue to see broad-based demand across geographies, including Europe.

與以往時期類似，我們繼續看到包括歐洲在內的各個地區的廣泛需求。

Within our segments, the Microsoft Business Division continued its momentum, with revenue of $5.6 billion, growth of 8%.

在我們的細分市場中，微軟業務部門繼續保持增長勢頭，收入為 56 億美元，增長 8%。

Despite the best efforts of competitors, Office remains the overwhelming choice for productivity, evolving with our customers and posting impressive revenues.

儘管競爭對手盡了最大努力，但 Office 仍然是生產力的壓倒性選擇，與我們的客戶一起發展並發布了可觀的收入。

We are extremely pleased by the market reception to Office 2010 this far into the launch cycle.

我們對 Office 2010 在發布週期中的市場接受度感到非常滿意。

We are 15 months post-launch, but we still saw an increase in the consumer PC attach rate for Office this quarter.

我們在發布後 15 個月，但我們仍然看到本季度 Office 的消費者 PC 連接率有所增加。

And for businesses, Office 2010 remains a top priority.

對於企業而言，Office 2010 仍然是重中之重。

Just as importantly, businesses are also adopting our productivity server applications, including Lync, SharePoint and Exchange, either on-premise, or in the cloud with Office 365.

同樣重要的是，企業也在採用我們的生產力服務器應用程序，包括 Lync、SharePoint 和 Exchange，無論是在本地部署還是在雲中與 Office 365 一起使用。

The early success of Office 365 has surpassed our expectations.

Office 365 的早期成功超出了我們的預期。

Businesses around the world and of all sizes are making the commitment to Microsoft's cloud services.

世界各地各種規模的企業都在致力於微軟的雲服務。

Our business infrastructure offerings, including Windows Server, Hyper-V, and System Center are a top priority for enterprises.

我們的業務基礎架構產品（包括 Windows Server、Hyper-V 和 System Center）是企業的重中之重。

The flexibility, performance, scalability and price advantage of our private cloud products uniquely meet the needs of the market.

我們私有云產品的靈活性、性能、可擴展性和價格優勢獨特地滿足了市場需求。

And with Windows Azure, we enable our customers to build new applications and extend their existing private cloud assets to the public cloud.

通過 Windows Azure，我們使我們的客戶能夠構建新的應用程序並將他們現有的私有云資產擴展到公共雲。

As we discussed at our financial analyst meeting, we are increasingly delivering integrated experiences across multiple devices, from the phone to the Xbox and TV, and to the PC.

正如我們在金融分析師會議上所討論的，我們越來越多地提供跨多種設備的集成體驗，從手機到 Xbox 和電視，再到 PC。

Earlier this month, we launched an updated version of our Windows Phone operating system with a broad array of new features and services, including enhanced integration with Bing, Xbox LIVE and Office 365.

本月早些時候，我們推出了 Windows Phone 操作系統的更新版本，其中包含大量新功能和服務，包括與 Bing、Xbox LIVE 和 Office 365 的增強集成。

With Nokia, Samsung and other devices coming to market, we are well positioned to become the third mobile ecosystem.

隨著諾基亞、三星和其他設備的上市，我們有能力成為第三個移動生態系統。

In the living room, we continue to differentiate the entertainment experience for Xbox users around the world, and we recently announced partnerships with nearly 40 leading TV and entertainment providers.

在客廳，我們繼續為全球 Xbox 用戶提供差異化的娛樂體驗，我們最近宣布與近 40 家領先的電視和娛樂提供商建立合作夥伴關係。

Powered by Kinect and voice searched through Bing, users will be able to easily search and enjoy content from a large collection of content providers through their XBox 360 consoles.

在 Kinect 和 Bing 語音搜索的支持下，用戶將能夠通過他們的 XBox 360 控制台輕鬆搜索和欣賞來自大量內容提供商的內容。

And on the PC, Windows 7 is the operating system of choice for almost 0.5 billion people around the world.

在 PC 上，Windows 7 是全球近 5 億人的首選操作系統。

Combined with the innovative hardware being brought to market by our OEM partners this holiday season, Windows will continue to deliver the great experiences that people want.

結合我們的 OEM 合作夥伴在這個假期推出的創新硬件，Windows 將繼續提供人們想要的出色體驗。

During the quarter, we unveiled the developer preview of the next version of our PC operating system.

在本季度，我們發布了下一版 PC 操作系統的開發者預覽版。

Windows 8 creates a modern platform designed for a new generation of hardware experiences enabled by touch and a diversity of chip architectures.

Windows 8 創建了一個現代平台，專為通過觸控和多種芯片架構實現的新一代硬件體驗而設計。

In search, monetization of our ad platform remains below our expectations, and we continue to partner closely with Yahoo!

在搜索方面，我們廣告平台的盈利仍低於我們的預期，我們將繼續與 Yahoo! 密切合作。

to address the platform gaps and inefficiencies.

以解決平台差距和效率低下的問題。

We recently agreed to extend the RPS guaranteed payments to Yahoo!

我們最近同意將 RPS 保證付款擴展到 Yahoo!

reflecting the strength of our partnership and our continued commitment and optimism about the financial opportunity ahead of us.

反映了我們合作夥伴關係的力量以及我們對擺在我們面前的財務機會的持續承諾和樂觀。

Last week, we reached a significant milestone with the closing of our acquisition of Skype.

上週，我們完成了對 Skype 的收購，達到了一個重要的里程碑。

We welcome Skype employees into the Microsoft family, and we welcome the over 170 million people who rely on Skype for their voice and video calls on a monthly basis.

我們歡迎 Skype 員工加入微軟大家庭，我們歡迎超過 1.7 億每月依靠 Skype 進行語音和視頻通話的人。

Now that the deal is closed, we are starting the integration of Skype's world-class services and global-networked platform across our portfolio of products and services, including Lync, Windows Live Messenger, Windows Phone and the Xbox platform.

現在交易已經完成，我們開始在我們的產品和服務組合中整合 Skype 的世界級服務和全球網絡平台，包括 Lync、Windows Live Messenger、Windows Phone 和 Xbox 平台。

Together, we will redefine social and real-time communications for consumers and businesses around the world.

我們將攜手為全球消費者和企業重新定義社交和實時通信。

In summary, we are off to a good start to the year.

總而言之，我們今年有了一個良好的開端。

Customer demand across the breadth of our product portfolio was healthy, and we remained focused on our strategic investments and partnerships that will help drive future growth.

客戶對我們產品組合的廣泛需求是健康的，我們仍然專注於有助於推動未來增長的戰略投資和合作夥伴關係。

With that, I'm going to hand it back to Bill to provide some more details on our results.

有了這個，我將把它交還給比爾，以提供有關我們結果的更多細節。

Thanks, Peter.

謝謝，彼得。

First, I'm going to review our overall results and then move on to the details by business segment.

首先，我將回顧我們的整體結果，然後按業務部門討論細節。

Revenue for the quarter was $17.4 billion, up $1.2 billion, or 7% year-over-year.

本季度收入為 174 億美元，同比增長 12 億美元或 7%。

Operating income was $7.2 billion dollars, cash flow from operations was $8.5 billion, and earnings per share was $0.68, an increase of 10%.

營業收入72億美元，經營現金流85億美元，每股收益0.68美元，增長10%。

Foreign exchange did not materially impact our net income during the quarter.

外匯並沒有對本季度的淨收入產生重大影響。

Coming off a record Q4, enterprise demand for our products remained strong and our customers continued to add both products and seats to their enterprise agreements.

在第四季度創紀錄的情況下，企業對我們產品的需求依然強勁，我們的客戶繼續在他們的企業協議中添加產品和席位。

At the end of the quarter, unearned revenue was $15.7 billion and our contracted-not-billed remained over $18.5 billion.

在本季度末，未實現收入為 157 億美元，我們的合同未開票仍超過 185 億美元。

Turning to the PC market, we estimate that the overall market grew 1% to 3%.

談到個人電腦市場，我們估計整體市場增長了 1% 到 3%。

Within that, PC sales to emerging markets continued to outpace developed markets.

其中，新興市場的個人電腦銷量繼續超過發達市場。

Business PCs grew 5% to a quarterly record of almost 35 million PCs.

商用 PC 增長 5%，達到近 3500 萬台的季度記錄。

And consumer PCs were flat, primarily impacted by weakness in netbook sales.

消費個人電腦持平，主要受到上網本銷售疲軟的影響。

Now I'll move on to the results for the Windows and Windows Live Division where revenue was up 2% and grew in line with the PC market.

現在我將繼續討論 Windows 和 Windows Live 部門的結果，該部門的收入增長了 2%，並且與 PC 市場同步增長。

As usual, you'll find the 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 OEM 收入橋樑。

Overall, the Windows business continued to show momentum.

總體而言，Windows 業務繼續呈現勢頭。

During the quarter, we surpassed 450 million copies of Windows 7 sold since launch and enterprise deployments of Windows 7 progressed.

在本季度，自發布以來，我們已售出超過 4.5 億份 Windows 7，並且 Windows 7 的企業部署取得進展。

This quarter, OEM licenses grew 4%, and within that business licenses grew 6%.

本季度，OEM 許可證增長 4%，其中商業許可證增長 6%。

While we have seen the cannibalization of netbooks, sales of Windows licenses on traditional consumer PCs showed healthy growth of 14%.

雖然我們已經看到了上網本的蠶食，但傳統消費 PC 上的 Windows 許可證的銷售額顯示出 14% 的健康增長。

As we look towards the holiday season, we are particularly excited about the line-up of impressive ultrabooks that will be in market from our OEM partners.

當我們展望假期時，我們對我們的 OEM 合作夥伴將在市場上推出的令人印象深刻的超極本系列感到特別興奮。

Now I'll move on to the Microsoft Business Division where revenue grew 8%.

現在我將轉到收入增長 8% 的 Microsoft 業務部門。

Consumer revenue increased 7% despite difficult comps from the year ago launch of Office 2010.

儘管與一年前推出的 Office 2010 相比，消費者收入增長了 7%。

The business transactional portion grew 3%, driven by strong attach in developed markets partially offset by the impact of PC geographical market mix.

業務交易部分增長了 3%，主要是由於發達市場的強烈依附性部分被 PC 地域市場組合的影響所抵消。

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

該業務的多年許可部分增長了 9%。

Collaboration and communication continued to be a pillar of strength to our Office business.

協作和溝通繼續成為我們辦公業務的支柱。

Lync, SharePoint and Exchange, collectively, grew double digits.

Lync、SharePoint 和 Exchange 共同增長了兩位數。

Lync revenue grew over 25%, as customers increasingly chose Microsoft for their voice and video rollouts.

Lync 收入增長超過 25%，因為客戶越來越多地選擇 Microsoft 進行語音和視頻部署。

We are focused on the opportunities in this large and growing market.

我們專注於這個龐大且不斷增長的市場中的機會。

With Skype's highly engaged users spending an average of 125 minutes per month, we're particularly excited about the role Skype can play in connecting individuals and businesses together with voice and video.

由於 Skype 高度參與的用戶每月平均花費 125 分鐘，我們對 Skype 在將個人和企業與語音和視頻連接起來所發揮的作用感到特別興奮。

Last quarter, we announced the launch of Office 365, the latest version of our cloud-based productivity platform.

上個季度，我們宣布推出 Office 365，這是我們基於雲的生產力平台的最新版本。

We are thrilled with the early results.

我們對早期的結果感到興奮。

In the first 10 weeks of Office 365 availability, the number of new customers exceeded what took us over 2 years to build with the first version of our business productivity online service.

在 Office 365 推出的前 10 週內，新客戶的數量超過了我們用我們第一個版本的業務生產力在線服務構建的 2 年多的時間。

Also, we have seen Office 365 customers buy more products and drive new revenue streams.

此外，我們還看到 Office 365 客戶購買了更多產品並推動了新的收入來源。

For example, when we have won a competitive bid in the enterprise for messaging and e-mail, 80% of the new customers have brought SharePoint and Lync in addition to Exchange.

例如，當我們在企業中贏得消息和電子郵件的競爭性投標時，80% 的新客戶除了 Exchange 之外還帶來了 SharePoint 和 Lync。

And historically, small businesses have only bought Office.

從歷史上看，小企業只購買了 Office。

But today, with Office 365, 80% of the time we've seen them buy the bundle of SharePoint, Lync and Exchange.

但是今天，有了 Office 365，我們 80% 的時間看到他們購買了 SharePoint、Lync 和 Exchange 的捆綁包。

Now let's move on to Server and Tools which posted 10% revenue growth and grew faster than the server market.

現在讓我們繼續討論服務器和工具，它公佈了 10% 的收入增長並且增長速度超過了服務器市場。

Our multi-year license revenue continued to perform well and grew double digits this quarter.

我們的多年許可收入繼續表現良好，本季度增長了兩位數。

Enterprise Services revenue was up 17%.

企業服務收入增長了 17%。

Windows Server premium and System Center revenues grew mid-teens, as the build out of private cloud environments and the virtualization of data centers has increased server density and has shifted buying behaviors toward our premium Enterprise offerings.

Windows Server Premium 和 System Center 收入增長了十幾歲，因為私有云環境的構建和數據中心的虛擬化提高了服務器密度，並將購買行為轉向了我們的高級企業產品。

Our data platform business also continued to perform well.

我們的數據平台業務也繼續表現良好。

SQL Server Premium revenue grew nearly 20% this quarter as customers increasingly looked to SQL Server to power their business intelligence and mission critical workloads.

由於客戶越來越多地希望 SQL Server 為其商業智能和關鍵任務工作負載提供支持，SQL Server Premium 收入本季度增長了近 20%。

We continue to build on our strong Server and Tools portfolio.

我們將繼續建立我們強大的服務器和工具產品組合。

At our BUILD developer conference in September, we took the wraps off Windows Server 8, the next major release of the world's most-used Server operating system, which will be cloud-optimized to work in both private and hybrid cloud scenarios.

在 9 月的 BUILD 開發者大會上，我們揭開了 Windows Server 8 的面紗，這是世界上最常用的服務器操作系統的下一個主要版本，它將進行雲優化，以在私有云和混合雲場景中工作。

In addition, we highlighted our data platform with the upcoming release of SQL Server 2012.

此外，我們在即將發布的 SQL Server 2012 中強調了我們的數據平台。

We also announced our plans to support Apache Hadoop, both on Windows Azure and Windows Server, to embrace big data.

我們還宣布了在 Windows Azure 和 Windows Server 上支持 Apache Hadoop 以擁抱大數據的計劃。

Next, I'll move to the Online Services Division, where revenue grew 19%.

接下來，我將轉到在線服務部門，該部門的收入增長了 19%。

Online advertising revenue was up nearly 21%, driven primarily by search.

在線廣告收入增長近 21%，主要受搜索驅動。

Bing's US organic market share ended the quarter at 14.7%, up 30 basis points this quarter and 350 basis points year over year.

Bing 的美國有機市場份額在本季度末為 14.7%，本季度增長 30 個基點，同比增長 350 個基點。

This quarter, we made progress in differentiating our offering by deepening Bing's social integration with Facebook and Twitter, and made enhancements that simplify decision-making and task-completion.

本季度，我們通過深化 Bing 與 Facebook 和 Twitter 的社交整合，在產品差異化方面取得了進展，並進行了簡化決策和任務完成的改進。

While online services improved its year-over-year operating performance, we continued to face monetization challenges, which we are partnering closely with Yahoo!

雖然在線服務的運營業績同比有所改善，但我們繼續面臨貨幣化挑戰，我們正在與 Yahoo! 密切合作。

to resolve.

解決。

Now let me move to the Entertainment & Devices Division where revenue grew 9% and we continued our leadership of the US console market.

現在讓我轉到娛樂和設備部門，那裡的收入增長了 9%，我們繼續在美國遊戲機市場保持領先地位。

Gears of War 3, which is only available on Xbox, effectively kicked off the holiday season and sold 3 million units in its first week of release.

僅在 Xbox 上提供的戰爭機器 3 有效地拉開了假期的序幕，並在發布的第一周售出了 300 萬台。

Gaming is an important component of living room entertainment and in addition to our blockbusters such as Forza 4, Dance Central 2, Halo Anniversary and Kinect Sports Season 2, there will be over 70 Kinect titles available for the holidays.

遊戲是客廳娛樂的重要組成部分，除了我們的大片，如 Forza 4、Dance Central 2、Halo Anniversary 和 Kinect Sports Season 2，假期還將有超過 70 款 Kinect 遊戲。

Beyond gaming, next quarter is also when nearly 35 million Xbox LIVE users will begin to enjoy the new television content and experiences from our announced partnerships.

除了遊戲之外，下個季度還將有近 3500 萬 Xbox LIVE 用戶開始享受我們宣布的合作夥伴關係帶來的新電視內容和體驗。

During the quarter, we released the updated version of Windows Phone to market and it has received favorable reviews from both industry press and our customers.

在本季度，我們向市場發布了 Windows Phone 的更新版本，並獲得了行業媒體和客戶的好評。

We also signed a broad agreement with Samsung that includes increased collaboration on the development and marketing of Windows Phones.

我們還與三星簽署了一項廣泛的協議，其中包括在 Windows Phone 的開發和營銷方面加強合作。

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 was driven by the following.

銷售商品成本受以下因素驅動。

First, we saw an increase in royalty cost resulting from strong transactional sales on Xbox LIVE and the increased sales of royalty-bearing Xbox 360 games, notably Gears of War 3.

首先，我們看到由於 Xbox LIVE 上的強勁交易銷售以及有版稅的 Xbox 360 遊戲（尤其是戰爭機器 3）的銷量增加，版稅成本增加。

Second, Enterprise Services continued to grow rapidly.

二是企業服務繼續快速增長。

Third, online service costs increased, which included Yahoo!

第三，在線服務成本增加，其中包括雅虎！

traffic acquisition costs.

流量獲取成本。

Operating expenses were $6.4 billion, an increase of 8%, primarily due to compensation changes, legal expenses, and Puerto Rican excise taxes.

運營費用為 64 億美元，增長 8%，主要是由於薪酬變化、法律費用和波多黎各消費稅。

In the first quarter we increased our dividend to $0.20, an increase of 25%, and we returned $2.7 billion to shareholders in buybacks and dividends.

在第一季度，我們將股息提高到 0.20 美元，增長了 25%，我們以回購和股息的形式向股東返還了 27 億美元。

So, in summary, we saw broad-based strength in our businesses and got off to a good start to the year, both in revenue and EPS.

因此，總而言之，我們看到了我們業務的廣泛實力，並且在收入和每股收益方面都有一個良好的開端。

With that I will hand it back to Peter, who is 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 second quarter and full year.

在接下來的電話會議中，我將討論我們對第二季度和全年的預期。

Beginning with the Windows and Windows Live Division, we expect revenue to continue to be impacted by market dynamics similar to what we experienced the past several quarters, with PC growth in emerging markets significantly outpacing growth in developed markets.

從 Windows 和 Windows Live 部門開始，我們預計收入將繼續受到與過去幾個季度類似的市場動態的影響，新興市場的 PC 增長顯著超過發達市場的增長。

Turning to the Microsoft Business Division.

轉向微軟業務部門。

Transactional revenue, approximately 40% of the division's total, will likely lag the overall PC market for both the second quarter and full fiscal year, reflecting a higher mix of PC shipments to emerging markets, and the prior year launch impact.

交易收入約佔該部門總收入的 40%，可能會落後於第二季度和整個財年的整體 PC 市場，這反映了新興市場的 PC 出貨量組合增加，以及上一年發布的影響。

In addition, when updating your models, remember that last year we recognized $224 million of revenue related to the Office 2010 tech guarantee.

此外，在更新您的模型時，請記住，去年我們確認了與 Office 2010 技術保證相關的 2.24 億美元收入。

Multi-year licensing revenue, approximately 60% of the division's total, should grow mid-to-high single digits for the second quarter and low double-digits for the full fiscal year.

多年許可收入約佔該部門總收入的 60%，第二季度應會增長中高個位數，整個財年將增長低兩位數。

Moving to Server and Tools.

移至服務器和工具。

Approximately 30% of the division's revenue comes from transactional licensing, 50% from multi-year licensing, and 20% from enterprise services.

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。

For the second quarter and full fiscal year -- we expect transactional revenue to generally track with the hardware market.

對於第二季度和整個財年——我們預計交易收入將大致與硬件市場同步。

Multi-year licensing revenue should grow low double-digits, and enterprise services revenue should grow about 20%.

多年許可收入應以兩位數的低位增長，企業服務收入應增長約 20%。

Turning to the Online Services Division.

轉向在線服務部門。

We are focused on improving the financial performance of our search business.

我們專注於改善搜索業務的財務業績。

Our number 1 priority is to resolve the monetization challenges of the combined ad platform.

我們的首要任務是解決組合廣告平台的盈利挑戰。

We are working very closely with Yahoo!

我們正在與 Yahoo! 密切合作。

on bridging the RPS gap.

關於彌合 RPS 差距。

As we improve RPS, revenue should track the online advertising market more closely.

隨著我們提高 RPS，收入應該更密切地跟踪在線廣告市場。

Moving on to the Entertainment and Devices Division.

轉到娛樂和設備部門。

Including Skype, we now expect revenue to grow low double-digits for the second quarter and high teens for the full fiscal year.

包括 Skype 在內，我們現在預計第二季度的收入將增長兩位數，整個財年將增長十幾歲。

Switching to overall cost of goods sold for the Company.

轉向為公司銷售商品的總成本。

We expect COGS growth to have similar dynamics to what we experienced the past 3 quarters.

我們預計銷貨成本的增長將與我們過去三個季度的經歷相似。

Growth will be driven by increased Xbox console sales, Xbox LIVE royalty costs, the inclusion of Skype, Enterprise Services, and online costs, including Yahoo!

增長將受到 Xbox 遊戲機銷量增長、Xbox LIVE 版稅成本、Skype、企業服務和在線成本（包括 Yahoo!）的推動。

traffic acquisition costs.

流量獲取成本。

We have adjusted our fiscal year operating expense guidance to include Skype and the associated integration costs.

我們已經調整了我們的財政年度運營費用指南，以包括 Skype 和相關的集成成本。

As a result, we now expect operating expenses to be $28.6 billion to $29.2 billion for the full fiscal year.

因此，我們現在預計整個財年的運營費用為 286 億美元至 292 億美元。

We expect our effective tax rate to be 19% to 21% for the second quarter and full fiscal year, and we still expect capital expenditures to be about $2.5 billion for the full fiscal year.

我們預計第二季度和整個財政年度的有效稅率為 19% 至 21%，我們仍預計整個財政年度的資本支出約為 25 億美元。

For the second quarter, we expect unearned revenue to roughly follow historical seasonal patterns.

對於第二季度，我們預計未實現收入將大致遵循歷史季節性模式。

We continue to expect unearned revenue at the end of the fiscal year to grow low double-digits compared to the prior fiscal year.

我們繼續預計，與上一財年相比，本財年末的未實現收入將增長兩位數。

As I discussed at our financial analyst meeting last month, we have a balanced approach to capital allocation, investing in growth, returning cash to shareholders, and maintaining a strong balance sheet.

正如我在上個月的金融分析師會議上所討論的那樣，我們在資本配置、投資增長、向股東返還現金以及保持強勁的資產負債表方面採取了平衡的方法。

We are investing in the significant growth opportunities we see for our businesses by building integrated products that deliver a differentiated value proposition, and accelerating our growth in compelling scenarios, like real-time communications with the acquisition of Skype.

我們正在通過構建可提供差異化價值主張的集成產品並在引人注目的場景中加速我們的增長，例如通過收購 Skype 實現實時通信，從而為我們看到的重大增長機會進行投資。

We will also continue to return cash to shareholders.

我們還將繼續向股東返還現金。

This quarter, we increased our dividend 25%, and we are continuing our $40 billion share repurchase program approved by the Board of Directors in 2008, of which $11.2 billion remain.

本季度，我們將股息提高了 25%，我們將繼續執行 2008 年董事會批准的 400 億美元股票回購計劃，其中 112 億美元仍然存在。

In summary, our financial results this quarter build upon an already strong financial foundation, 1 that provides stability while at the same time giving us the flexibility to take advantage of growth opportunities.

總而言之，我們本季度的財務業績建立在已經強大的財務基礎之上，1 提供了穩定性，同時讓我們能夠靈活地利用增長機會。

And with that, I'll turn it back to Bill and we'll take some questions.

有了這個，我會把它轉回給比爾，我們會回答一些問題。

Thanks, Peter.

謝謝，彼得。

We want to get to questions from as many of you as possible, so please stick to just 1 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，所以請堅持只提出 1 個問題，避免冗長或多部分的問題。

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

卡羅爾，你能繼續重複你的指示嗎？

Thank you.

謝謝你。

At this time we will begin the question-and-answer session.

這時，我們將開始問答環節。

(Operator Instructions) Adam Holt, Morgan Stanley.

（操作員說明）Adam Holt，摩根士丹利。

Hi.

你好。

Thanks very much.

非常感謝。

My question is about Skype.

我的問題是關於 Skype 的。

Is 100% of the Skype revenue going to be in the E&D segment?

Skype 收入的 100% 是否將用於研發部門？

And if it is, it looks like the revenue and earnings contribution, or OpEx contribution is a little bit lower than what I would have expected.

如果是這樣，看起來收入和收益貢獻，或運營支出貢獻比我預期的要低一點。

Are there any write-downs or any shifts or any transitional issues that we should be thinking about in terms of the run rate for Skype relative to what it was historically?

就 Skype 相對於歷史的運行率而言，我們是否應該考慮任何減記或任何轉變或任何過渡性問題？

Well, there is going to be integration associated costs, some amortization of IP, things like that, that you may or may not be considering.

好吧，您可能會或可能不會考慮與集成相關的成本，IP 的一些攤銷，諸如此類的事情。

But, yes, it will all appear in E&D.

但是，是的，它們都會出現在 E&D 中。

Operator, next question.

接線員，下一個問題。

Rick Sherlund, Nomura.

Rick Sherlund，野村。

Thanks.

謝謝。

I'm used to a little more controversy.

我習慣了多一點爭議。

It seems pretty clean.

它看起來很乾淨。

On Skype, Peter, can you just talk a little bit about the model for Skype?

在 Skype 上，Peter，你能談談 Skype 的模型嗎？

What are you going to do different to get the revenues up?

您將採取哪些不同的措施來增加收入？

How do you monetize Skype?

您如何通過 Skype 獲利？

And then also just on ultrabooks, you've got that issue in Thailand with the floods that Western Digital says is going to take out a lot of production.

然後也只是在超極本上，您在泰國遇到了這個問題，Western Digital 表示洪水將導致大量生產中斷。

Are you anticipating any problem with PCs and maybe that shifts the market over to solid state and these ultrabooks look interesting.

您是否預計 PC 會出現任何問題，也許這會將市場轉向固態，這些超極本看起來很有趣。

Any reason to believe that we could see some actual acceleration in the market from adoption of ultrabooks or are you thinking we might see some slowdown because of what we've seen in Thailand?

有什麼理由相信我們可以通過採用超極本看到市場的實際加速，或者您是否認為我們可能會因為我們在泰國看到的情況而看到一些放緩？

Thanks Rick.

謝謝瑞克。

Let me -- I'll start with the Skype question and then we'll get to the other question.

讓我——我將從 Skype 問題開始，然後我們將討論另一個問題。

Obviously, we -- the first thing I'll say is we closed the deal last week so we're real-time doing a lot of the great work on the product integration planning.

顯然，我們 - 我要說的第一件事是我們上週完成了交易，因此我們在產品集成計劃方面實時做了大量出色的工作。

We've got folks here in the building, as we speak, really working hard on what the plans are going to be.

正如我們所說，我們大樓裡的人們正在努力製定計劃。

And so I think, over time, it will become more clear.

所以我認為，隨著時間的推移，它會變得更加清晰。

I think as we've been talking about since we announced the acquisition, the opportunities are incredibly exciting across the portfolio of our products, whether it's Lync or Windows Live Messenger or Xbox or on the Phone.

我認為，正如我們自宣布收購以來一直在談論的那樣，無論是 Lync、Windows Live Messenger、Xbox 還是在電話上，我們產品組合中的機會都令人難以置信。

So I think not only are there great opportunities to integrate across our portfolio but as they were working on, even before we announced the acquisition, new revenue opportunities related to advertising and premium services.

因此，我認為不僅有很好的機會整合我們的產品組合，而且在我們宣布收購之前，他們正在努力尋找與廣告和優質服務相關的新收入機會。

So all of that is coming together as we speak and, mostly, we're incredibly excited to get to work together more fully now that the deal is closed.

因此，在我們發言時，所有這些都將匯集在一起，而且大多數情況下，我們非常高興能夠在交易完成後更充分地合作。

In terms of your question about Thailand, the first thing I want to say, obviously, is our thoughts go out to all of the individuals that are affected there and we're thinking about them.

關於你關於泰國的問題，我首先想說的是，很明顯，我們的想法是向所有在那裡受到影響的人表達我們的想法，我們正在考慮他們。

In terms of the impact of that, you're correct, it doesn't impact solid state, which is good.

就其影響而言，您是對的，它不會影響固態，這很好。

And I would say this about overall the impact., I think historically, the global supply chain has been pretty resilient to occurrences like this.

我要說的是整體影響。我認為，從歷史上看，全球供應鏈對此類事件具有相當大的彈性。

And so, over time, we'll have to watch this very carefully to see what the overall impact is.

因此，隨著時間的推移，我們將不得不非常仔細地觀察它，以了解整體影響是什麼。

Carol, next question, please.

卡羅爾，請下一個問題。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Hi.

你好。

Good afternoon, guys.

下午好，伙計們。

Peter, I was just wondering, the Windows attach and inventory boost was a nice pick-up this quarter.

彼得，我只是想知道，Windows 附加和庫存增加是本季度的一個不錯的回升。

I'm just wondering is it -- if you could give us a sense of how you're doing from a piracy standpoint in terms of that is what helped in the quarter.

我只是想知道是不是——如果你能從盜版的角度讓我們了解你在本季度的表現如何。

Did you actually see more inventory build?

你真的看到更多的庫存建立了嗎？

We saw both.

我們都看到了。

So it was some inventory and some attach.

所以這是一些庫存和一些附件。

We're definitely seeing improvements in attach across the board.

我們肯定會看到全面的附加改進。

So definitely making some improvements on piracy.

所以肯定會對盜版做出一些改進。

And then some of that improvement was a little bit of inventory build as we head into the holiday.

然後，當我們進入假期時，其中一些改進是庫存增加了一點。

But to your point, we're definitely seeing improvements in attach this quarter, which was a big driver.

但就您而言，我們肯定在本季度看到了附件方面的改進，這是一個很大的推動力。

Great.

偉大的。

Thank you.

謝謝你。

Operator, next question.

接線員，下一個問題。

Thank you.

謝謝你。

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

Hi, thanks.

你好謝謝。

Bill, I'm wondering as you look at the OSD losses here, you actually lost less money than we thought on the revenue number that was lower.

比爾，我想知道，當你看到這裡的 OSD 損失時，你實際上損失的錢比我們想像的要低的收入數字要少。

Just first, wondering if you could comment going forward if we should expect that this level of loss is what we should sustain?

首先，想知道您是否可以評論我們是否應該預期這種損失水平是我們應該承受的？

And then as you look at the model overall, we saw lower losses but that didn't flow through as much to the bottom line as we might have expected.

然後，當您查看整個模型時，我們看到了較低的損失，但這並沒有像我們預期的那樣流向底線。

How are you thinking about any upside that comes through the lower losses in OSD and impacting the bottom line of the Company overall?

您如何看待 OSD 的較低損失以及影響公司整體底線的任何上行空間？

Thanks, Walter.

謝謝，沃爾特。

As we've been saying, the key to this profitability to this business is to continue to grow our revenue.

正如我們一直在說的那樣，這項業務的盈利能力的關鍵是繼續增加我們的收入。

And to do that, we have to continue to grow share and grow our revenue per search and that's certainly what we're focused on.

為此，我們必須繼續增加份額並增加每次搜索的收入，這當然是我們關注的重點。

Obviously, it's a high fixed cost business.

顯然，這是一項高固定成本的業務。

Within that, we have been managing the expenses.

在此期間，我們一直在管理費用。

And so we are taking every opportunity to manage the profitability of that business.

因此，我們正在抓住每一個機會來管理該業務的盈利能力。

But by far, the most important thing to continue to increase the profitability is to make sure we can continue to grow the revenue.

但到目前為止，繼續提高盈利能力最重要的是確保我們能夠繼續增加收入。

And to do that, we need to make sure we get the revenue per search up.

為此，我們需要確保每次搜索都能獲得更高的收入。

So that's what we're laser focused on.

這就是我們激光關注的重點。

That's what we've got people working closely with Yahoo!

這就是我們讓人們與雅虎密切合作的原因！

on every day and we'll continue to focus on that.

在每一天，我們將繼續關注這一點。

And that's the most leveraged thing we can do for OSD profitability and, ultimately, the Company's bottom line.

這是我們可以為 OSD 盈利能力以及最終為公司的底線做的最有效的事情。

Carol, next question please.

卡羅爾，請下一個問題。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Hi, I just wanted to drill into the Skype contribution a little bit more.

嗨，我只是想深入了解 Skype 的貢獻。

Just wondering if there's certain products you're going to be discontinuing, certain services or new things, conversely, that you're going to be adding.

只是想知道您是否將停止某些產品，某些服務或新事物，相反，您將要添加。

And also this one-time transition type expenses, Peter, if you could quantify how much of that will impact the panel that you've already guided to in the quarter just to get an understanding of how much will go away as you said [led to] a steady state on the Skype business?

還有這種一次性過渡類型的費用，彼得，如果你能量化其中有多少會影響你在本季度已經指導過的小組，只是為了了解有多少會像你所說的那樣消失[領導到] Skype 業務的穩定狀態？

Thank you.

謝謝你。

Thanks, Kash.

謝謝，卡什。

It's -- clearly it's a little premature to talk about the changes and what we're going to do with the products.

很明顯，現在談論這些變化以及我們將如何處理這些產品還為時過早。

So as I said, mostly what we've seen this week is an incredible excitement with their engineering people and our engineering people getting together to talk about all the opportunities.

所以正如我所說，我們本週看到的大部分情況是他們的工程人員和我們的工程人員聚在一起談論所有機會令人難以置信的興奮。

As we flush those plans out, obviously, we'll have a lot more to say about that.

顯然，當我們清除這些計劃時，我們將對此有更多話要說。

And in terms of the expense side, what I would say is everything that's included there is included in our guidance framework that we gave you.

在費用方面，我想說的是，其中包含的所有內容都包含在我們提供給您的指導框架中。

So that's probably the best guidance I can give you on those expenses.

所以這可能是我可以為您提供的關於這些費用的最佳指導。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

Phillip Winslow, Credit Suisse,

菲利普·溫斯洛，瑞士信貸，

Hi, thanks.

你好謝謝。

Another good quarter, guys.

伙計們，另一個好季度。

Just want to focus back on MBD.

只想重新關注 MBD。

You guys have been trending at or above, frankly, PC shipments for several quarters now.

坦率地說，你們幾個季度以來一直處於或高於 PC 出貨量的趨勢。

Where do you think we stand on just the adoption cycle, particularly in the large enterprise of office 2010 and especially when we think about rolling the ecosystem out.

您認為我們在採用周期上的立場如何，尤其是在 Office 2010 的大型企業中，尤其是當我們考慮推出生態系統時。

Where are we in that?

我們在哪裡？

And also, Bill, just one quick follow-up.

還有，比爾，只是一個快速的跟進。

I think you gave the transactional revenue growth for MBD but I'm not sure if we could have -- give that for us over in Tools.

我認為您為 MBD 提供了交易收入增長，但我不確定我們是否可以 - 在工具中為我們提供。

Thanks.

謝謝。

Yes, on the last question, the transaction over at Server and Tool should track the hardware market.

是的，關於最後一個問題，服務器和工具的交易應該跟踪硬件市場。

Sorry.

對不起。

I meant this quarter.

我的意思是這個季度。

This quarter.

本季度。

Sorry.

對不起。

I'll answer the question.

我會回答這個問題。

On MBD, it's really interesting.

在 MBD 上，這真的很有趣。

There is a couple of things going on, particularly in the enterprise that really provides sustenance for the ongoing business.

有幾件事正在發生，特別是在真正為正在進行的業務提供支持的企業中。

One is the great traction we get from the integration of SharePoint and Exchange and Lync, with Office 2010, so not only is there really good resonance for the Office application but increasingly, as Bill talked about, customers are deploying communication and collaboration technology with that.

一是我們從 SharePoint 和 Exchange 以及 Lync 與 Office 2010 的集成中獲得了巨大的牽引力，因此不僅 Office 應用程序產生了很好的反響，而且正如 Bill 所說，越來越多的客戶正在使用它來部署通信和協作技術.

There is a lot of legs to go on productivity server applications piece of the business.

在生產力服務器應用程序業務中還有很多工作要做。

The second thing I would add is the cloud.

我要添加的第二件事是雲。

Increasingly, every time we go in and talk to enterprises about productivity, they want to have a conversation about public cloud services.

越來越多地，每次我們走進企業並與企業談論生產力時，他們都希望就公共雲服務進行對話。

Not necessarily because they want to deploy public cloud tomorrow, but they really want to understand the roadmap and understand where that's leading, and we found that creates an incredibly good conversation that then leads to a broader conversation of a long-term commitment to our platform and applications.

不一定是因為他們想明天部署公共雲，但他們真的想了解路線圖並了解其發展方向，我們發現這創造了一個非常好的對話，然後引發了更廣泛的對話，即對我們平台的長期承諾和應用。

And I think, obviously, that's a long-term phenomenon with a lot of room still to go.

我認為，顯然，這是一個長期現象，還有很大的發展空間。

So, the way I think about it, yes, with the Office application, particularly on the transactional side coming off a launch year, there is some difficult comparables.

所以，我認為，是的，對於 Office 應用程序，特別是在交易方面即將推出的一年，有一些難以比較的東西。

But on the enterprise side with the additional products and the cloud, that's really been a driver of our growth and it is really a long-term catalyst.

但在企業方面，有了額外的產品和雲，這確實是我們增長的驅動力，而且它確實是一個長期的催化劑。

And, Phil, transactional for STB was low single digits which we believe was roughly in line with the server/hardware market, as Peter mentioned.

而且，Phil，STB 的交易量是低個位數，我們認為這與服務器/硬件市場大致一致，正如 Peter 提到的那樣。

Great.

偉大的。

Thanks, guys.

多謝你們。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

Thanks, guys.

多謝你們。

I had 2 quick ones on the guidance.

我在指導上有兩個快速的。

Peter, first on the Windows and Windows Live.

Peter，首先介紹的是 Windows 和 Windows Live。

In the previous quarters you've talked about business PCs no longer outpacing consumer.

在之前的幾個季度中，您已經談到商用 PC 不再超過消費者。

That language isn't in.

那個語言不在。

Is that no longer as big a factor?

這不再是一個重要的因素嗎？

And then, second on the Server and Tools.

然後，第二個是服務器和工具。

You've pretty substantially increased your guidance around the Enterprise Services revenue.

您已經大大增加了對企業服務收入的指導。

I'm wondering what is accounting for that uptick?

我想知道是什麼導致了這種上升？

And we saw good strength of that in the quarter as well.

我們在本季度也看到了良好的實力。

We are still seeing business outpacing consumer, so thank you for that.

我們仍然看到業務超過消費者，所以謝謝你。

And then on the Enterprise Services, it's interesting.

然後是企業服務，這很有趣。

We're really seeing healthy demand for our consulting services to help people architect and deploy the next generation of the products that we're bringing to market, both in Server and Tools and MBD.

我們確實看到了對我們的諮詢服務的健康需求，以幫助人們設計和部署我們正在推向市場的下一代產品，包括服務器和工具以及 MBD。

You can see the connection there, right, Server and Tools continuing to grow double digits.

你可以看到那裡的連接，對，服務器和工具繼續增長兩位數。

People are really investing in their data centers and in the private cloud.

人們真的在投資他們的數據中心和私有云。

And we're helping people do that and also think about and contemplate what that is going to mean to migrate to the public cloud, ultimately.

我們正在幫助人們做到這一點，並思考和思考最終遷移到公共雲意味著什麼。

The same thing is true with the productivity server applications.

生產力服務器應用程序也是如此。

How do you start deploying a Lync and SharePoint?

如何開始部署 Lync 和 SharePoint？

How do you think about transitioning to Office 365 over time?

您如何看待隨著時間的推移過渡到 Office 365？

So we're really seeing -- we've got a strong pipeline of business there, and that's why you're seeing the growth both in the cost, frankly, to service that demand because, obviously, it's a variable cost business.

所以我們真的看到 - 我們在那裡擁有強大的業務渠道，這就是為什麼你看到成本都在增長，坦率地說，服務於這種需求，因為很明顯，這是一項可變成本業務。

Carol, next question, please.

卡羅爾，請下一個問題。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Thanks.

謝謝。

Peter, just on the enterprise business, any changes in customer behaviors as the quarter progressed or as you look at your pipeline.

彼得，就企業業務而言，隨著季度的進展或您查看管道時客戶行為的任何變化。

I think there has, obviously, been some concern over some more scrutiny around some larger deal sizes.

我認為，顯然，人們對圍繞一些較大交易規模的更多審查存在一些擔憂。

I was just curious in terms of what you're seeing.

我只是對你所看到的感到好奇。

No.

不。

We didn't see any changes in that [flavor] throughout the quarter.

在整個季度中，我們沒有看到這種 [風味] 有任何變化。

And I would just add, unearned came in right in line with our expectations.

我只想補充一點，不勞而獲符合我們的期望。

So we continued to execute well on the annuity side for sure.

因此，我們肯定在年金方面繼續表現良好。

Carol, next question.

卡羅爾，下一個問題。

Thank you.

謝謝你。

Mark [Mulder], Bernstein.

馬克 [穆爾德]，伯恩斯坦。

Hello.

你好。

I wanted to do a little bit on the hosting costs which, on MBD, was a big chunk of the increase in cost of revenue.

我想在託管成本上做一點，在 MBD 上，這是收入成本增加的很大一部分。

How much do you think this is pointing to a low margin as Office 365 and Dynamics Online gain traction?

隨著 Office 365 和 Dynamics Online 的發展，您認為這在多大程度上意味著低利潤？

So what do you think we should be modeling against?

那麼你認為我們應該針對什麼建模呢？

Yes, no.

是的，沒有。

Great question.

好問題。

Obviously, particularly in the short run delivering a service has a different margin profile than delivering software.

顯然，特別是在短期內，交付服務與交付軟件具有不同的利潤狀況。

It's going to have a lower gross margin percentage but ultimately, should have a higher gross profit dollar.

它將具有較低的毛利率百分比，但最終應該具有更高的毛利潤美元。

So what you should be thinking about is, as we scale, you see accelerated revenue growth at a lower gross margin percentage and higher gross profit dollars.

因此，您應該考慮的是，隨著我們的規模擴大，您會看到以較低的毛利率和較高的毛利潤美元加速收入增長。

But I would add we're such in the early days there that I don't think that it's had a big impact on our business performance to date.

但我要補充一點，我們在早期的情況下，我認為這對我們迄今為止的業務表現沒有太大影響。

That is correct.

那是對的。

That was a long-term business model perspective that it's not material today.

這是一個長期的商業模式觀點，今天它並不重要。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

John DiFucci, JPMC.

約翰·迪福奇，JPMC。

Thank you.

謝謝你。

Peter, the -- I think bookings were flat this quarter from a year ago, and I assume you got some benefit from foreign exchange so on a constant currency basis, they're probably down a little bit.

彼得，我認為本季度的預訂量與一年前相比持平，我假設您從外匯中獲得了一些好處，因此在固定貨幣基礎上，它們可能會下降一點。

This is after 4 quarters of some really nice growth here.

這是在經歷了 4 個季度的一些非常不錯的增長之後。

I think the last time it was flat or down was during the recession.

我認為上一次持平或下跌是在經濟衰退期間。

Is this simply a sign of some difficult macro -- of a difficult macro environment or was it just a difficult comp year-over-year or even a strong quarter last quarter that might have pulled some business forward?

這僅僅是宏觀環境困難的跡象——困難的宏觀環境，還是僅僅是同比困難的比較，甚至是上一季度的強勁季度，可能會推動一些業務向前發展？

Exactly.

確切地。

Thanks, John.

謝謝，約翰。

It's definitely more of the latter.

肯定更多的是後者。

Across the board, all of our metrics for revenue, transactional, unearned, C&D, and all what we expected and it's really just a function of year-over-year comps and the strong Q4 that we had and we're excited about the pipeline as we head into Q2.

總體而言，我們所有的收入指標、交易指標、非勞動指標、C&D 指標，以及我們預期的所有指標，這實際上只是同比業績和我們擁有的強勁第四季度的函數，我們對管道感到興奮當我們進入第二季度時。

And as you know, Q1 is probably our lowest selling quarter anyway during the year seasonally.

如您所知，第一季度可能是我們全年季節性銷售最低的季度。

So we feel good as we head into Q2.

因此，當我們進入第二季度時，我們感覺很好。

And we reflected that in our unearned guidance that we gave you last quarter, which was we expected sequential Q4 to Q1.

我們在上個季度給你的非盈利指導中反映了這一點，我們預計第四季度到第一季度是連續的。

Sequentially, it would decline a little bit more than normal.

隨後，它會比正常情況下降一點點。

I would say it came in line with what we had expected it to be, as I said earlier.

正如我之前所說，我會說它符合我們的預期。

Thank you.

謝謝你。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

Colin Gillis, BGC Financial.

BGC 金融公司的科林·吉利斯 (Colin Gillis)。

Hi, Peter.

嗨，彼得。

Can you just update us on the percentage of cash that's offshore and just give us a sense as to how much onshore cash you need to have to comfortably run operations?

您能否向我們介紹一下離岸現金的百分比，讓我們了解您需要多少在岸現金才能輕鬆運營業務？

Yes, of our cash, about $51 billion is offshore.

是的，在我們的現金中，約有 510 億美元在離岸。

Okay.

好的。

And what percentage of cash do you need to keep onshore just to keep the lights on and the dividends getting paid?

您需要在境內保留多少百分比的現金才能保持正常運轉並支付股息？

That's not how we think about it.

這不是我們的想法。

We've got plenty of cash.

我們有很多現金。

It's not an issue.

這不是問題。

Okay.

好的。

Thank you.

謝謝你。

Operator, next question, please.

接線員，請下一個問題。

Thank you.

謝謝你。

Brad Reback, Oppenheimer.

布拉德·雷貝克，奧本海默。

Great.

偉大的。

Thanks a lot.

非常感謝。

Peter, as we think about the Xbox LIVE business, you've greatly expanded the content available there.

彼得，當我們考慮 Xbox LIVE 業務時，您已經大大擴展了那裡可用的內容。

Are there opportunities here for additional premium service contracts with people or is it going to be mainly transactional to get that content?

這裡是否有機會與人們簽訂額外的優質服務合同，還是主要是通過交易獲得這些內容？

Well, without being specific about this particular case, I think, from a business model perspective, you're thinking about it right.

好吧，我認為，從商業模式的角度來看，沒有具體說明這個特殊案例，你的想法是對的。

There is lots of opportunities to think about how you might monetize, delivering unique and compelling entertainment experiences and that's clearly how we think about it.

有很多機會可以考慮如何獲利，提供獨特而引人入勝的娛樂體驗，這顯然是我們的想法。

That's -- it's been the strategy with Xbox business all along, right.

那是——這一直是 Xbox 業務的戰略，對吧。

Once you get that incredible installed base of engaged users, how can you deliver a set of interactive entertainment experiences across the board and what that means and from a business model perspective, there is lots of interesting ways to monetize that.

一旦你獲得了令人難以置信的參與用戶群，你如何才能提供一套全面的交互式娛樂體驗，以及這意味著什麼，從商業模式的角度來看，有很多有趣的方法可以將其貨幣化。

I would just add, as you've seen our results, Xbox LIVE has been phenomenal both in terms of growth of users, growth in revenues, the content that we have coming out this holiday season is going to be super exciting.

我只想補充一點，正如您已經看到我們的結果，Xbox LIVE 在用戶增長、收入增長以及我們在這個假期推出的內容方面都非常令人興奮。

And, obviously, as I mentioned in my remarks, we're going to have over 70 games out this holiday season.

而且，很明顯，正如我在講話中提到的，這個假期我們將有超過 70 場比賽。

So we believe that we have the most compelling entertainment experience in the living room.

所以我們相信我們在客廳裡擁有最引人入勝的娛樂體驗。

And hopefully, for those of you who don't have it, you should go out and check it out this holiday season because it's going to be pretty exciting.

希望對於那些沒有它的人來說，你應該在這個假期去看看它，因為它會非常令人興奮。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Hi, good afternoon.

你好，下午好。

I just wanted to ask a question following the announcement of your Samsung deal, what your assumptions are for royalties around mobile phones and also whether you've built in any assumptions from Phone into entertainment devices?

在你們宣布與三星的交易後，我只想問一個問題，你們對手機版稅的假設是什麼，以及你們是否已經將任何假設從手機內置到娛樂設備中？

So in terms of the deal, we haven't announced any of the specific terms of the deal.

因此，就交易而言，我們尚未公佈交易的任何具體條款。

We talked conceptually about the deal and we're super excited about their commitment to the platform and all of that related to that is included in the Entertainment and Devices Division.

我們從概念上討論了這筆交易，我們對他們對該平台的承諾感到非常興奮，所有與此相關的內容都包含在娛樂和設備部門中。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

Gregg Moskowitz, Cowen.

格雷格莫斯科維茨，考恩。

Thank you.

謝謝你。

I just had a follow-up to Adam's question.

我剛剛跟進了亞當的問題。

You raised your guidance, Peter, for the EDD business this year to high teens growth, although, of course, this now includes Skype.

彼得，您將今年 EDD 業務的指導提高到了青少年的高速增長，當然，這包括 Skype。

So a couple of questions around that.

所以有幾個問題。

First, do you still expect to see mid-teens growth for the EDD business organically and second, I don't know that there are that many long-term Skype subscribers but is there going to be a deferred revenue write-down for Skype?

首先，您是否仍然期望 EDD 業務在青少年中實現有機增長？其次，我不知道有那麼多長期 Skype 用戶，但 Skype 是否會出現遞延收入減記？

And if so, how much?

如果是這樣，多少錢？

Thanks.

謝謝。

I think it's -- why don't we -- the second question, we'll talk to you about when we actually report Skype results after the next quarter because we just closed that last week.

我認為這是 - 我們為什麼不 - 第二個問題，我們將與您討論下個季度之後我們何時實際報告 Skype 結果，因為我們上周剛剛結束。

And on the E&D business, I would say generally, yes, our guidance is in line with guidance we have given before.

關於 E&D 業務，我一般會說，是的，我們的指導與我們之前給出的指導一致。

Thank you.

謝謝你。

Carol, next question, please.

卡羅爾，請下一個問題。

Thank you.

謝謝你。

Tim Klassell, Stifel Nicolaus.

蒂姆·克拉塞爾，斯蒂夫·尼古拉斯。

Yes, good afternoon, everybody.

是的，大家下午好。

Follow-up question to Brendan's comment about business PCs growing faster than consumer PCs.

Brendan 關於商用 PC 增長速度快於消費類 PC 的評論的後續問題。

Where do you think we are in the Enterprise Windows 7 upgrade cycle?

您認為我們處於企業 Windows 7 升級週期的哪個階段？

Are we middle innings, beginning, towards the end?

我們是中間局，開始，接近尾聲嗎？

How do you guys feel about that?

你們怎麼看？

No, I think we're middle innings.

不，我認為我們是中局。

I think we expect that dynamic of business PCs growing faster to last throughout this fiscal year at least.

我認為，我們預計商用 PC 增長速度更快的勢頭至少會持續到本財年。

So I would say middle innings.

所以我會說中局。

Thank you.

謝謝你。

Operator, let's take one more call, please.

接線員，我們再接一個電話吧。

(Operator Instructions) Jason Maynard, Wells Fargo.

（操作員說明）富國銀行的 Jason Maynard。

Hi.

你好。

Good afternoon, guys.

下午好，伙計們。

Since fixing the Yahoo!

自從修復了 Yahoo!

RPS challenge is obviously an issue for improving OSD, how do you guys go about ensuring that there won't be any disruption to your efforts given all of the, call it, market talk about what is happening with Yahoo!?

RPS 挑戰顯然是改進 OSD 的一個問題，你們如何確保不會對你們的努力造成任何干擾？

Because clearly if it's acquired or split up, there is all potential outcomes that could cause maybe more disruption to what you're trying to accomplish.

因為很明顯，如果它被收購或拆分，所有潛在的結果都可能對你試圖完成的事情造成更多的破壞。

So how do you preserve the process, if you will?

那麼如果你願意的話，你如何保存這個過程呢？

We've got a really good relationship with Yahoo!

我們與雅虎的關係非常好！

This is a long-term alliance.

這是一個長期的聯盟。

Everybody is working really well together.

每個人都在一起工作得很好。

They're super focused on what we need to do.

他們非常專注於我們需要做的事情。

And no matter what, that's the goal at hand.

無論如何，這就是眼前的目標。

And the teams are working really well together to do that.

為了做到這一點，團隊合作得非常好。

So that's how we're approaching it and focused on it.

所以這就是我們接近它並專注於它的方式。

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。

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

再次感謝您今天加入我們，祝您下午愉快。

Thank you.

謝謝你。

This concludes today's presentation.

今天的介紹到此結束。

You may disconnect at this time.

此時您可以斷開連接。