微軟 (MSFT) 2012 Q2 法說會逐字稿

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

歡迎參加微軟 2012 財年第二季度財報電話會議。

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。

(Operator Instructions).

（操作員說明）。

I would now like to turn the call over to Bill Koefoed, general manager, investor relations.

我現在想把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, operator, and thank you, everyone, for joining us this afternoon.

謝謝接線員，謝謝大家今天下午加入我們。

As usual, with me today are Peter Klein, Chief Financial Officer; Frank Rhodes, 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 Rhodes，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 provide the 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調節。

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 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的評論發佈到我們的網站，直到獲得完整的成績單。

Today's webcast is being webcast live and recorded.

今天的網絡直播正在現場直播和錄製。

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、成績單和錄音的任何未來使用中。

You can replay the call and view the transcript at Microsoft's industrial relations website until January 19, 2013.

在 2013 年 1 月 19 日之前，您可以在 Microsoft 的勞資關係網站上重播通話並查看通話記錄。

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

在這次電話會議中，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 the comments made during this conference call, and in the risk factor section of our Form 10-K, Form 10-Qs and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格和其他報告以及提交給證券公司的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。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, 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 to everyone for joining us.

謝謝，比爾，也感謝大家加入我們。

I'm pleased with our performance this quarter.

我對我們本季度的表現感到滿意。

Despite a challenging PC market we delivered solid financial results.

儘管 PC 市場充滿挑戰，但我們仍取得了穩健的財務業績。

We saw strong demand for our business products and services and had a record holiday season, driven by the unique entertainment experience we have built with Xbox 360.

在我們使用 Xbox 360 打造的獨特娛樂體驗的推動下，我們看到了對我們的商業產品和服務的強勁需求，並度過了創紀錄的假期。

This quarter the strength of our product portfolio enabled us to grow revenue 5% to $20.9 billion.

本季度，我們強大的產品組合使我們的收入增長了 5%，達到 209 億美元。

Combined with our ongoing operating expense discipline, even as we prepare for a big launch year we delivered record earnings per share of $0.78.

結合我們持續的運營費用紀律，即使我們為一個重要的發布年做準備，我們的每股收益也達到了創紀錄的 0.78 美元。

Similar to prior periods we saw broad-based growth across geographies, with particular strength in emerging markets.

與之前的時期類似，我們看到了跨地區的廣泛增長，新興市場尤為強勁。

Within our segments, Microsoft Business Division had another good quarter, as businesses and consumers around the world look to Microsoft to meet their productivity needs.

在我們的細分市場中，微軟業務部門又迎來了一個不錯的季度，因為世界各地的企業和消費者都希望微軟能夠滿足他們的生產力需求。

Six quarters post launch Office 2010 continues to exceed our expectations with the increased consumer and business PC attach world wide.

隨著全球消費者和企業 PC 附加值的增加，Office 2010 發布後的六個季度繼續超出我們的預期。

We saw double-digit revenue growth across our key business application workload, including Exchange, SharePoint, Link, and Dynamics CRM and ERP.

我們的關鍵業務應用程序工作負載實現了兩位數的收入增長，包括 Exchange、SharePoint、Link 以及 Dynamics CRM 和 ERP。

As businesses large and small look to the cloud to lower costs and enable new ways to supporting a distributed workforce they are turning to Microsoft.

隨著大大小小的企業希望通過雲來降低成本並啟用支持分佈式勞動力的新方法，他們正在轉向微軟。

With Office 365 we give customers powerful productivity and collaboration tools at great value.

借助 Office 365，我們為客戶提供了強大的生產力和協作工具，而且物超所值。

Today more than 100,000 businesses have made the commitment to our online services.

如今，已有超過 100,000 家企業承諾使用我們的在線服務。

Whether on premise or in the cloud Microsoft remains the top choice for productivity.

無論是在本地還是在雲中，Microsoft 仍然是提高生產力的首選。

The Server & Tools business delivered another strong quarter, as we continue to execute on our strategy cloud-optimizing every business.

隨著我們繼續執行我們的戰略云優化每項業務，服務器和工具業務實現了又一個強勁的季度。

CIOs are increasingly turning to our business infrastructure offerings, including Windows Server, Hyper-V and System Center, as they look to Microsoft for the security, flexibility and manageability they need to build world-class private clouds.

CIO 越來越多地轉向我們的業務基礎架構產品，包括 Windows Server、Hyper-V 和 System Center，因為他們希望 Microsoft 提供構建世界級私有云所需的安全性、靈活性和可管理性。

This quarter marked the ninth consecutive quarter of double-digit growth for Windows Server Premium revenue and the 11th quarter of double-digit revenue growth for System Center.

本季度標誌著 Windows Server Premium 收入連續第九個季度實現兩位數增長，System Center 收入連續第 11 個季度實現兩位數增長。

On the data platform we remain the worldwide unit share leader with SQL server.

在數據平台上，我們仍然是 SQL Server 的全球單位份額領導者。

Consistent with our strategy, we are growing our revenue share with marquee customer wins on mission-critical workloads and business intelligence capabilities.

根據我們的戰略，我們正在增加我們的收入份額，並在關鍵任務工作負載和商業智能功能上贏得大量客戶。

This year we will bring to market the next generation of our Server offerings, including Windows Server 8, SQL Server 2012 and System Center 2012, which deepens and broadens our platform for the private cloud.

今年，我們將向市場推出我們的下一代服務器產品，包括 Windows Server 8、SQL Server 2012 和 System Center 2012，它們將深化和拓寬我們的私有云平台。

Combined with the power of Windows Azure for the public cloud, our offerings give enterprises the identity virtualization, application development and management tools they need to officially progress into the new era of hybrid IT.

結合用於公共雲的 Windows Azure 的強大功能，我們的產品為企業提供正式進入混合 IT 新時代所需的身份虛擬化、應用程序開發和管理工具。

The PC market was challenged this quarter, with particular softness in the consumer segments.

本季度個人電腦市場受到挑戰，消費領域尤為疲軟。

However, Windows 7 momentum in the enterprise continues and today over one-third of enterprise desktops worldwide are on Windows 7.

然而，Windows 7 在企業中的發展勢頭仍在繼續，如今全球超過三分之一的企業桌面使用的是 Windows 7。

And with the future release of Windows 8 we believe the ecosystem will benefit from the new range of capabilities and scenarios that it enables.

隨著 Windows 8 的未來發布，我們相信生態系統將受益於它所支持的一系列新功能和場景。

In search we saw improvements in RPS this quarter as we partnered closely with Yahoo!

在搜索方面，我們看到本季度 RPS 有所改善，因為我們與 Yahoo! 密切合作。

to address the monetization challenges of the combined ad platform.

以解決組合廣告平台的貨幣化挑戰。

We are pleased with the progress and are working hard to continue that trajectory.

我們對取得的進展感到高興，並正在努力繼續這一軌跡。

In the year since Windows Phone launched we have worked diligently along side our partners, including Nokia, to bring a differentiated experience to the mobile platform.

自 Windows Phone 推出以來的一年裡，我們與包括諾基亞在內的合作夥伴一起努力工作，為移動平台帶來差異化的體驗。

Earlier this month at the Consumer Electronics Show we showcased the latest innovations in Windows Phone to very positive reviews.

本月早些時候，在消費電子展上，我們展示了 Windows Phone 的最新創新，獲得了非常積極的評價。

With these new devices we are increasing the choices for consumers around the world to find the Windows Phone that is exactly right for them.

借助這些新設備，我們為世界各地的消費者提供了更多選擇，以找到最適合他們的 Windows Phone。

As I mentioned, Xbox 360 had a record holiday season, as we continue to differentiate home entertainment.

正如我所提到的，隨著我們繼續區分家庭娛樂，Xbox 360 有一個創紀錄的假期季。

Whether it's using Bing voice search on Xbox to quickly find the movies and shows you want to watch, or enabling more interactive TV, as we demonstrated at CES with Sesame Street and Elmo, Xbox and Kinect are bringing together our technologies to redefine the living room experience.

無論是在 Xbox 上使用 Bing 語音搜索來快速查找您想觀看的電影和節目，還是啟用更具互動性的電視，正如我們在 CES 上與芝麻街和 Elmo 一起展示的那樣，Xbox 和 Kinect 正在將我們的技術結合在一起，重新定義客廳經驗。

Beyond gaming and entertainment, with the Kinect for Windows program, which launches February 1st, our technology will further innovation and creativity across industries.

除了遊戲和娛樂之外，隨著 2 月 1 日推出的 Kinect for Windows 計劃，我們的技術將進一步推動跨行業的創新和創造力。

During the quarter we started the integration of Skype's world-class communication products and global-network platform into our portfolio of products and services.

在本季度，我們開始將 Skype 的世界級通信產品和全球網絡平台整合到我們的產品和服務組合中。

While it is still early we are excited by the momentum we have seen this far and by the opportunities to redefine social and real-time communications for consumers and businesses around the world.

雖然現在還為時尚早，但我們對迄今為止所看到的勢頭以及為全球消費者和企業重新定義社交和實時通信的機會感到興奮。

As I have consistently mentioned, operating expense management is a priority for Microsoft, reflecting our ongoing discipline and prioritization of investments, operating expenses grew just 4% this quarter.

正如我一直提到的，運營費用管理是微軟的優先事項，反映了我們持續的紀律和投資優先順序，本季度運營費用僅增長 4%。

In summary, we delivered strong financial results, despite a challenging PC market.

總之，儘管 PC 市場充滿挑戰，我們仍實現了強勁的財務業績。

The strength of our product portfolio drove solid top-line growth, we delivered record earnings per share and we are well positioned for future growth.

我們產品組合的實力推動了穩健的收入增長，我們實現了創紀錄的每股收益，我們為未來的增長做好了準備。

With that, I'm going to hand it back to Bill to provide 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。

Thank you, Peter.

謝謝你，彼得。

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

首先，我將回顧我們的整體結果，然後我將繼續按業務部門劃分細節。

Revenue for the quarter was a record $20.9 billion, up 5%, or $900 million year-over-year.

本季度收入達到創紀錄的 209 億美元，同比增長 5%，即 9 億美元。

Operating income was $8 billion, cash flow from operations was $5.9 billion dollars and earnings per share was $0.78.

營業收入為 80 億美元，運營現金流為 59 億美元，每股收益為 0.78 美元。

Foreign exchange did not materially impact our net income this quarter.

外匯並沒有對我們本季度的淨收入產生重大影響。

Enterprise demand remained strong, as our customers continue to add both products and seats to their enterprise agreements and our renewal rates remained solid.

企業需求依然強勁，因為我們的客戶繼續在他們的企業協議中添加產品和席位，而且我們的續訂率保持穩定。

At the end of the quarter, unearned revenue was $15.3 billion and our contracted not billed balance was approximately $19 billion.

在本季度末，未實現收入為 153 億美元，我們的合同未開票餘額約為 190 億美元。

Turning to the PC market, as I mentioned last week, it was a challenging quarter for the industry.

談到個人電腦市場，正如我上週提到的，這對行業來說是一個充滿挑戰的季度。

Factors such as the flooding in Thailand, macro economic uncertainty, and competing form factors resulted in an overall market that we estimate declined 2% to 4%.

泰國洪水、宏觀經濟不確定性和競爭形式因素等因素導致整體市場下降 2% 至 4%。

In the PC market, it appears that the impact of the hard drive supply chain constraints were not limited to a specific region or OEM type.

在 PC 市場，硬盤供應鏈限制的影響似乎並不局限於特定地區或 OEM 類型。

While absolute volumes were impacted, we did see the following trends continue.

雖然絕對數量受到影響，但我們確實看到以下趨勢仍在繼續。

PC sales to emerging markets outpaced developed markets.

新興市場的個人電腦銷量超過了發達市場。

The business PC refresh cycle continued, with business PC growth of 2%.

商用 PC 更新周期持續，商用 PC 增長 2%。

The decline of netbooks negatively impacted consumer PCs, which were down 6%.

上網本的下降對消費 PC 產生了負面影響，下降了 6%。

Netbooks, which year ago represented about 8% of the PC market, now represent only 2%.

上網本，一年前約佔個人電腦市場的 8%，現在只佔 2%。

Excluding netbooks, consumer PCs grew 2%.

不包括上網本，消費個人電腦增長了 2%。

Now, I'll move on to the results for the Windows and Windows Live Division, where revenue was down 6%.

現在，我將繼續討論 Windows 和 Windows Live 部門的結果，該部門的收入下降了 6%。

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。

The primary differences between the PC market and Windows revenue were the continuing growth of emerging markets faster than developed markets and inventory draw down from the prior quarter.

PC 市場和 Windows 收入之間的主要區別在於新興市場的持續增長快於發達市場，並且庫存比上一季度下降。

We have now sold 525 million Windows 7 licenses since launch, and as Peter mentioned, we are seeing sustained momentum on enterprise deployments.

自推出以來，我們現在已售出 5.25 億份 Windows 7 許可證，正如 Peter 所說，我們看到企業部署的持續勢頭。

In December, we announced that Windows 8 Beta would be available in late February and we also previewed the Windows Store, which will be the hub where users can discover and download applications.

12 月，我們宣布 Windows 8 Beta 將於 2 月下旬推出，我們還預覽了 Windows 應用商店，它將成為用戶可以發現和下載應用程序的中心。

For developers, the Windows Store represents a significant opportunity given its broad reach, flexibility, and favorable economic terms.

對於開發人員來說，Windows Store 代表了一個重要的機會，因為它具有廣泛的影響力、靈活性和有利的經濟條件。

Now, I'll move on to the Microsoft Business Division, where revenue grew 3%.

現在，我將轉到收入增長 3% 的 Microsoft 業務部門。

Recall in Q2 last year that we recognized $224 million of revenue for the Office 2010 Technology Guarantee Program, and if you exclude that, revenue grew 7% for the quarter.

回想去年第二季度，我們為 Office 2010 技術保證計劃確認了 2.24 億美元的收入，如果將其排除在外，該季度的收入增長了 7%。

Consumer revenue declined 17% year-over-year, and declined 2% when factoring in the impact of the technology guarantee program that I just mentioned.

消費者收入同比下降 17%，考慮到我剛才提到的技術保證計劃的影響，下降了 2%。

The outperformance relative to the overall PC market was driven by attach gains, which continue despite being 18 months since the launch of Office 2010.

相對於整個 PC 市場的優異表現是由附加收益推動的，儘管自 Office 2010 推出以來已有 18 個月的時間，這種增長仍在繼續。

Business revenue grew 9% and within business, multi-year licensing revenue grew 12% and transactional revenue grew 3%, driven by strong attach worldwide.

業務收入增長 9%，在業務內部，多年許可收入增長 12%，交易收入增長 3%，這得益於全球強附加。

We continued to see strong growth in our productivity solution offerings.

我們的生產力解決方案產品繼續強勁增長。

Lync, SharePoint and Exchange each grew double digits.

Lync、SharePoint 和 Exchange 均增長了兩位數。

We've previously shared with you the opportunity that we see for unified communications, and we are beginning to realize that potential.

我們之前已經與您分享了我們看到的統一通信的機會，並且我們開始意識到這種潛力。

Lync revenue grew over 30%, as customers such as Volkswagen and LA Fitness chose Microsoft to be their voice and video solution.

由於大眾汽車和 LA Fitness 等客戶選擇 Microsoft 作為他們的語音和視頻解決方案，Lync 的收入增長了 30% 以上。

This quarter Office 365 became the first major cloud provider to comply with leading EU and US standards for data protection.

本季度，Office 365 成為首家符合領先的歐盟和美國數據保護標準的主要雲提供商。

Meeting these high standards enables businesses to more fully realize the potential of the cloud.

滿足這些高標準使企業能夠更充分地發揮雲的潛力。

We also had our first major service enhancement to Office 365, which extends the Company's next-generation cloud productivity service to reach businesses in 22 additional markets.

我們還對 Office 365 進行了首次重大服務增強，將公司的下一代云生產力服務擴展到另外 22 個市場的企業。

During the quarter, companies such as JetBlue, Campbell Soup, Patagonia and Wunderman chose Office 365 to enable their employees and customers to work together in the cloud.

在本季度，JetBlue、Campbell Soup、Patagonia 和 Wunderman 等公司選擇了 Office 365，以使其員工和客戶能夠在雲中協同工作。

We are also pleased with our momentum in cloud services for education, where we now have more than 22 million users, a 100% increase over the prior year.

我們也對我們在教育雲服務方面的發展勢頭感到滿意，我們現在擁有超過 2200 萬用戶，比上一年增長 100%。

Our Dynamics business continued its momentum, where revenue grew double digits, both in CRM and ERP.

我們的 Dynamics 業務繼續保持增長勢頭，CRM 和 ERP 的收入均增長了兩位數。

Dynamics CRM revenue grew over 30%.

Dynamics CRM 收入增長超過 30%。

Dynamics CRM had important competitive wins this quarter against Salesforce.com and Oracle, such as Safety-Kleen Systems and the American Heart Association.

本季度，Dynamics CRM 在與 Salesforce.com 和甲骨文（如 Safety-Kleen Systems 和美國心臟協會）的競爭中取得了重要的勝利。

The common theme amongst switchers was that Dynamics CRM has a familiar user interface, which improves productivity while delivering lower operating costs than the competition.

切換者的共同主題是 Dynamics CRM 具有熟悉的用戶界面，可提高生產力，同時提供比競爭對手更低的運營成本。

Now let's move on to Server and Tools, where revenue grew 11%, driven by multi-year license revenue that was up mid-teens, and Enterprise Services.

現在讓我們繼續討論服務器和工具，其收入增長了 11%，這是由十幾歲的多年許可證收入和企業服務推動的。

We saw broad-based strength across our products.

我們在產品中看到了廣泛的優勢。

In our data platform business, SQL Server grew low double digits, outpacing industry growth due to the strength of our premium edition.

在我們的數據平台業務中，由於我們高級版的實力，SQL Server 增長了兩位數，超過了行業增長。

This quarter we saw competitive database wins against Oracle, such as UK-based retailer The Co-Operative Group, which switched to SQL Server because of its advantages in business intelligence, security, flexibility and cost.

本季度，我們看到了與 Oracle 競爭的數據庫，例如英國零售商 The Co-Operative Group，由於其在商業智能、安全性、靈活性和成本方面的優勢而轉向 SQL Server。

We also saw strong market anticipation for SQL Server 2012, with over 100,000 downloads in the two months since the release candidate was made available.

我們還看到了市場對 SQL Server 2012 的強烈預期，自發布候選版本發布後的兩個月內下載量已超過 100,000 次。

In the private cloud, Windows Server Premium revenue grew high teens, and System Center grew over 20%.

在私有云中，Windows Server Premium 收入增長了十幾歲，System Center 增長了 20% 以上。

On Tuesday we announced System Center 2012, which brings many of our Azure cloud capabilities to an integrated private cloud management solution for the first time.

週二，我們發布了 System Center 2012，它首次將我們的許多 Azure 雲功能引入了集成的私有云管理解決方案。

We also announced great competitive wins against VMware, with accounts such as T.Rowe Price, Unilever and Lufthansa Systems.

我們還宣布與 T.Rowe Price、聯合利華和 Lufthansa Systems 等客戶在與 VMware 的競爭中獲勝。

System Center 2012 integrates eight separate component products into one unified solution, streamlining installation and reducing the time it takes to deploy from days down to hours.

System Center 2012 將八個獨立的組件產品集成到一個統一的解決方案中，從而簡化了安裝並將部署時間從幾天縮短到幾個小時。

Additionally, we provided a clear path to Windows Azure for customers who are looking for a public or hybrid cloud solution.

此外，我們為正在尋找公共雲或混合雲解決方案的客戶提供了通向 Windows Azure 的清晰路徑。

In the public cloud, our December release of Azure enhanced ease of use and simplified deployment, as well as delivered new open source capabilities with Hadoop support.

在公共雲中，我們 12 月發布的 Azure 增強了易用性並簡化了部署，並提供了支持 Hadoop 的新開源功能。

We are seeing strong growth in the number of large customers signing up to use Azure.

我們看到註冊使用 Azure 的大客戶數量強勁增長。

One such example is Sony Picture's Crackle online content service, which has moved to Azure due to the cost savings, agility and performance that it provides.

一個這樣的例子是 Sony Picture 的 Crackle 在線內容服務，由於其提供的成本節約、敏捷性和性能，該服務已遷移到 Azure。

Now I'll move to the Online Services Division, where revenue grew 10% and operating performance improved for the second consecutive quarter.

現在我將轉到在線服務部門，該部門的收入增長了 10%，運營業績連續第二個季度有所改善。

Online advertising revenue was up 13%, driven primarily by search.

在線廣告收入增長 13%，主要受搜索驅動。

The increase in search revenue was driven by both rate and volume improvements.

搜索收入的增長是由費率和數量的提高推動的。

Bing's US organic market share ended the quarter at 15.1%, up 40-basis points this quarter and over 300-basis points year-over-year.

必應的美國有機市場份額在本季度末為 15.1%，本季度增長 40 個基點，同比增長超過 300 個基點。

Now let me move to the Entertainment & Devices Division, where revenue grew 15%.

現在讓我轉到娛樂和設備部門，那裡的收入增長了 15%。

According to third-party research, Xbox was the number one console in the US during calendar year 2011, and had 46% of US console sales in December.

根據第三方研究，Xbox 在 2011 日曆年是美國第一大遊戲機，在 12 月占美國遊戲機銷量的 46%。

During the quarter, we sold 8.2 million consoles, which was up over 25%, despite a soft gaming console market.

儘管遊戲機市場疲軟，但本季度我們售出了 820 萬台遊戲機，增幅超過 25%。

Kinect continues to impress customers, with 18 million Kinects having been sold since launch just over one year ago.

Kinect 繼續給客戶留下深刻印象，自一年多前推出以來已售出 1800 萬台 Kinect。

Xbox LIVE members grew 33%, with 40 million users now enjoying Xbox LIVE.

Xbox LIVE 會員增長了 33%，現在有 4000 萬用戶享受 Xbox LIVE。

In December, Xbox released the new Metro-style dashboard and added dozens of new entertainment applications and content partners to the platform.

12 月，Xbox 發布了新的 Metro 風格儀表板，並為平台添加了數十個新的娛樂應用程序和內容合作夥伴。

While it is early, engagement has been quite impressive as the number of people using entertainment apps from November to December increased by almost 50%.

雖然還為時過早，但參與度令人印象深刻，因為從 11 月到 12 月使用娛樂應用的人數增加了近 50%。

We continue to make progress with Windows Phone.

我們繼續在 Windows Phone 方面取得進展。

During the quarter, Nokia began to bring some of their great new devices to market, which adds to the growing list of compelling phones available from our OEM partners.

在本季度，諾基亞開始將一些出色的新設備推向市場，這增加了我們的 OEM 合作夥伴提供的引人注目的手機列表。

At CES the talk of the show were the new LTE Windows Phones from Nokia and HTC that will be available on AT&T in the coming months, joining the Lumia 710, which is now available on T-Mobile.

在 CES 上，人們談論的是諾基亞和 HTC 的新 LTE Windows 手機，這些手機將在未來幾個月在 AT&T 上發售，加入現在在 T-Mobile 上發售的 Lumia 710。

In October, Skype officially joined Microsoft.

10 月，Skype 正式加入微軟。

This quarter, over 200 million people used Skype to communicate with family, friends and businesses.

本季度，超過 2 億人使用 Skype 與家人、朋友和企業進行交流。

For calendar-year 2011, over 300 billion minutes of calls were made over the Skype network, an increase of 50%.

2011 日曆年，通過 Skype 網絡撥打的電話超過 3000 億分鐘，增長了 50%。

The teams are working closely on the integration across Microsoft and we will share more as we get further along the roadmaps.

這些團隊正在就整個 Microsoft 的集成進行密切合作，隨著我們在路線圖上的進展，我們將分享更多信息。

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 17%, driven by the following.

銷售成本增加了 17%，主要受以下因素推動。

First, we saw an increase in costs resulting from the strong Xbox console sales and increased Xbox royalties.

首先，我們看到強勁的 Xbox 遊戲機銷售和增加的 Xbox 版稅導致成本增加。

Second, Enterprise Services continued to grow rapidly.

二是企業服務繼續快速增長。

And third, online services and traffic acquisition costs increased.

第三，在線服務和流量獲取成本增加。

Operating expenses were $7.3 billion, an increase of 4%, driven primarily due to compensation, legal expenses, and Puerto Rican excise taxes.

運營費用為 73 億美元，增長 4%，主要受薪酬、法律費用和波多黎各消費稅的推動。

This quarter we returned $2.7 billion to shareholders in buybacks and dividends.

本季度，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 strong demand from our business customers and our Xbox platform delivered a record holiday season.

總而言之，我們看到了來自商業客戶的強勁需求，我們的 Xbox 平台帶來了創紀錄的假日季。

We were able to navigate a challenging PC market to deliver solid top-line and earnings per share growth.

我們能夠駕馭充滿挑戰的個人電腦市場，實現穩健的營收和每股收益增長。

With that, I will 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 third quarter and full fiscal year.

在接下來的電話會議中，我將討論我們對第三季度和整個財年的預期。

Beginning with the Windows and Windows Live Division, we expect revenue to continue to be impacted by market dynamics similar to the past several quarters.

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。

PC growth in emerging markets will outpace developed markets, and business PC growth will outpace consumer PC growth.

新興市場的個人電腦增長將超過發達市場，而商用個人電腦的增長將超過消費個人電腦的增長。

We also expect the hard disk drive shortage to continue to challenge the PC market through at least the next quarter.

我們還預計硬盤驅動器短缺將至少在下一季度繼續挑戰 PC 市場。

Turning to the Microsoft Business Division.

轉向微軟業務部門。

For the third quarter and full fiscal year transactional revenue, approximately 40% of the division's total, should lag the overall PC market, reflecting a higher mix of PC shipments to emerging markets.

對於第三季度和整個財年的交易收入，約佔該部門總收入的 40%，應該落後於整體 PC 市場，這反映了新興市場的 PC 出貨量組合增加。

And multi-year licensing revenue, approximately 60% of the division's total, should grow low double digits.

多年許可收入（約佔該部門總收入的 60%）應該會增長兩位數。

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 third quarter and full fiscal year we expect transactional revenue to generally track with the hardware market, multi-year licensing revenue should grow low double digits, and enterprise services revenue should grow high teens.

對於第三季度和整個財年，我們預計交易收入將大致與硬件市場同步，多年許可收入應增長兩位數，企業服務收入應增長十幾倍。

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 and are looking for ways to increase RPS and streamline costs.

我們專注於提高搜索業務的財務業績，並正在尋找提高 RPS 和簡化成本的方法。

For the third quarter and full fiscal year, we expect revenue to show year-over-year improvements in RPS.

對於第三季度和整個財年，我們預計收入將顯示 RPS 的同比改善。

Moving on to the Entertainment and Devices Division.

轉到娛樂和設備部門。

We continue to be very pleased with our share of the worldwide console market.

我們繼續對我們在全球遊戲機市場的份額感到非常滿意。

However, the console market is softer than we previously expected and as a result, we now expect revenue to grow high single digits for the third quarter and mid-teens for the full fiscal year.

然而，遊戲機市場比我們之前預期的要疲軟，因此，我們現在預計第三季度的收入將增長高個位數，整個財年的收入將保持在十幾歲左右。

Switching to overall cost of goods sold for the Company.

轉向為公司銷售商品的總成本。

COGS growth will continue to be impacted by the changing mix of revenue as we have seen the past few quarters.

正如我們在過去幾個季度看到的那樣，銷貨成本的增長將繼續受到不斷變化的收入組合的影響。

We expect COGS to grow about 8% to 10% for the third quarter and mid teens for the full fiscal year.

我們預計第三季度和整個財年中期的銷貨成本將增長約 8% 至 10%。

As a result of our focus on operating expense management, we are lowering our fiscal-year guidance.

由於我們專注於運營費用管理，我們正在降低我們的財政年度指導。

We now expect operating expenses to be $28.5 billion to $28.9 billion for the full fiscal year, including the impact of Skype.

我們現在預計整個財年的運營費用為 285 億美元至 289 億美元，包括 Skype 的影響。

This represents year over year growth of 5% to 6%.

這意味著同比增長 5% 至 6%。

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

我們預計第三季度和整個財年的有效稅率為 19% 至 21%，我們仍預計整個財年的資本支出約為 25 億美元。

For the third quarter, unearned revenue should roughly follow historical seasonal patterns.

對於第三季度，未實現收入應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 we look forward, we have the strongest product pipeline we have ever had.

正如我們所期待的那樣，我們擁有有史以來最強大的產品線。

We're pleased with the early enthusiasm around our upcoming wave of products that enable CIOs to cloud-optimize their business.

我們對即將到來的產品浪潮的早期熱情感到高興，這些產品使 CIO 能夠對其業務進行雲優化。

And we are excited by the opportunity to unify the consumer experience across our phones, PCs, tablets and TVs with our new Metro-style design.

我們很高興有機會將我們的手機、PC、平板電腦和電視的消費者體驗與我們新的 Metro 風格設計統一起來。

And with that, I will 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 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。

Operator, please go ahead and repeat your instructions.

接線員，請繼續並重複您的指示。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Our first question comes from Adam Holt.

我們的第一個問題來自亞當霍爾特。

Go ahead, sir, your line is open.

去吧，先生，你的線路是開放的。

Hey, guys, thanks for the question.

嘿，伙計們，謝謝你的問題。

My question is about the material improvement in OSD margins quarter-on-quarter.

我的問題是關於 OSD 利潤率季度環比的實質性改善。

It looks like you held firm on expenses year-over-year.

看起來你每年都堅持支出。

Does that reflect a new philosophy around that business in terms of driving profitability?

這是否反映了圍繞該業務在提高盈利能力方面的新理念？

And can you update us on where you think you are with the RPS improving?

你能告訴我們你認為你在 RPS 改進方面的進展嗎？

Thank you.

謝謝你。

Yes.

是的。

No, thanks, Adam.

不，謝謝，亞當。

As we've been saying, the key to profitability in that business is to grow our top line because it scales really well.

正如我們一直在說的那樣，該業務盈利的關鍵是增加我們的收入，因為它的擴展性非常好。

The marginal impact that is very high because it's a high cost business.

邊際影響非常高，因為它是一項高成本業務。

We have been, as we've been growing share and improving our RPS, especially this quarter, holding the line on operating expenses and really streamlining.

隨著我們一直在增加份額和改善我們的 RPS，尤其是在本季度，我們一直在控制運營費用並真正精簡。

The most important thing long term, as we said, is to continue to grow that share and grow the revenue per service.

正如我們所說，從長遠來看，最重要的是繼續增加份額並增加每項服務的收入。

So we're pleased with that trajectory and want to keep on that and we are watching the cost very carefully so that that revenue marginally goes to the bottom line and that's what you saw happen this quarter and that's the trajectory we hope to stay on.

因此，我們對這一軌跡感到滿意，並希望繼續保持這一軌跡，我們正在非常仔細地觀察成本，以便收入略微達到底線，這就是你本季度所看到的情況，這就是我們希望保持的軌跡。

Operator, next question, please

接線員，請下一個問題

Our next question comes from Walter Pritchard of Citigroup.

我們的下一個問題來自花旗集團的沃爾特·普里查德。

Go ahead, sir, your line is open.

去吧，先生，你的線路是開放的。

Hi, thanks.

你好謝謝。

Just wondering on the E&D side, it looks like you called out the Nokia payments as part of COGS as a driver.

只是想知道在 E&D 方面，您似乎將諾基亞付款作為 COGS 的一部分作為驅動程序。

I'm wondering, you been pointing us to mix of revenue type as mainly the driver there of COGS.

我想知道，您一直在向我們指出混合收入類型主要是 COGS 的驅動因素。

Could you help us out with how meaningful those statements were and how should we expect those to continue to track as we move into future quarters?

您能否幫助我們了解這些陳述的意義以及我們應該如何期望這些陳述在我們進入未來幾個季度時繼續跟踪？

Yes, it's part of it.

是的，它是其中的一部分。

There were several things impacting the gross margins in the E&D business.

有幾件事會影響 E&D 業務的毛利率。

Obviously one is the volume of consoles and the mix of consoles.

顯然，一個是控制台的數量和控制台的組合。

High end versus low end, the mix of software whether it's first party or third party that has a different margin characteristic.

高端與低端，軟件的組合，無論是第一方還是第三方，都有不同的利潤特徵。

And so that's the biggest piece in E&D.

所以這是 E&D 中最大的一塊。

Then the Nokia piece is also another piece that plays into that.

然後諾基亞的作品也是另一個發揮作用的作品。

But he biggest piece is the mix of business in the E&D the business and the Nokia is another driver of that.

但他最大的一塊是 E&D 業務的業務組合，而諾基亞是其中的另一個驅動力。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Rick Sherlund of Nomura.

我們的下一個問題來自野村的 Rick Sherlund。

Go ahead, sir, your line is open.

去吧，先生，你的線路是開放的。

Thanks.

謝謝。

On the hard drive shortage issue, I spoke with Gartner on Monday and they were looking for PCs of down 1, you guys have said down 2% to 4%, and they helped reconcile that, suggesting that there was some issues in terms of the pipeline of products and if inventories were reduced in the pipeline, that might reconcile why the two of you are viewing the industry somewhat differently.

關於硬盤短缺問題，我周一與 Gartner 進行了交談，他們正在尋找下降 1 的 PC，你們說下降了 2% 到 4%，他們幫助協調了這一點，這表明在產品管道以及如果管道中的庫存減少，這可能會調和為什麼你們兩個對行業的看法有所不同。

I'm just curious if you think that's going to continue into the next quarter?

我只是好奇你是否認為這種情況會持續到下個季度？

I know we're going to the impact in this next quarter, I'm just curious with you and Gartner might be more in line with each other going forward or if there's more inventory reduction in that pipeline that might be an ongoing impact above and beyond perhaps what we're seeing from the numbers that Gartner and IDC are giving us?

我知道我們將在下個季度受到影響，我只是對你感到好奇，Gartner 可能會在未來更加一致，或者如果該管道中的庫存減少可能會持續影響上述和也許超出了我們從 Gartner 和 IDC 給我們的數字中看到的？

Yes, that's impossible to say, Rick.

是的，這不可能說，瑞克。

I'd say, obviously for this quarter, we obviously are very confident and comfortable with the estimate.

我想說，顯然對於本季度，我們顯然對估計非常有信心和滿意。

As we said during the remarks, we expect the impact to continue on at least through the next quarter and I think the best thing to do is at the end of that we'll probably all have a better view and we kind of assess where we are and what it looks like going forward.

正如我們在講話中所說，我們預計影響至少會持續到下個季度，我認為最好的辦法是在結束時，我們可能都會有一個更好的看法，我們會評估我們在哪裡是什麼以及未來的樣子。

I'd say just generally on inventory, as well, obviously as I said in my remarks, there was an inventory draw down to end the quarter.

我也會說一般的庫存，很明顯，正如我在講話中所說，本季度末庫存下降。

I think there was an overall -- I think (inaudible) Gartner was also talk about the fact that the overall supply chain for PCs is obviously leaner than it was three months ago.

我認為有一個整體——我認為（聽不清）Gartner 還談到了個人電腦的整體供應鏈顯然比三個月前更精簡的事實。

So we'll have to see how fast people ramp back up, how fast the PC ecosystem rebounds and that'll obviously impact, as Peter mentioned, inventory at the quarter end of the quarter, as well, so a good question.

因此，我們必須看看人們恢復的速度有多快，PC 生態系統的反彈速度有多快，正如彼得所說，這顯然會影響本季度末季度的庫存，這是一個很好的問題。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Heather Bellini of Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Go ahead, your line is open.

來吧，你的線路是開放的。

Hi, thank you.

嗨，謝謝你。

I was wondering, Peter, if you could talk a little bit about which businesses are the furthest along regarding their COGS transition as you move more and more of your revenues to the cloud, if you could rank order them for the us?

彼得，我想知道，隨著您將越來越多的收入轉移到雲上，您能否談談哪些企業在其 COGS 過渡方面走得最遠，您是否可以為我們對它們進行排序？

Yes, I'd say Office 365 is really far along.

是的，我想說 Office 365 真的很遠。

We've had a lot of good momentum and obviously one of things that drive you up to a certain margin scale is getting the economy to scale the volume.

我們有很多良好的勢頭，顯然推動您達到一定利潤率規模的一件事是讓經濟擴大規模。

And we talked about some of the numbers,100,000 businesses, the great demand we've had for the Office business all up, including Office 365.

我們談到了其中一些數字，100,000 家企業，我們對 Office 業務的巨大需求，包括 Office 365。

So I'd say that's probably farthest along followed closely by the Windows Azure, as we add new enterprise customers, new ISPs, new developers to that.

所以我想說這可能是最遠的，緊隨其後的是 Windows Azure，因為我們添加了新的企業客戶、新的 ISP、新的開發人員。

And certainly, Office 365 is accelerating up the ramp.

當然，Office 365 正在加速發展。

And the other thing I would add is obviously OSD is, we'll call it, our largest cloud property and as Peter mentioned earlier -- I think in one of the questions -- it obviously has achieved scale and as a result every incremental search ends up becoming 100% margin.

我要補充的另一件事顯然是 OSD，我們稱之為，我們最大的雲資產，正如 Peter 之前提到的——我認為在一個問題中——它顯然已經實現了規模化，因此每次增量搜索最終成為 100% 的保證金。

So we are -- we're at different stages, I think, within some of the different business products, but certainly around running a cloud infrastructure we feel like we've got quite a good handle on that, primarily from our search business.

所以我們 - 我認為，在一些不同的業務產品中，我們處於不同的階段，但肯定是圍繞運行雲基礎設施，我們覺得我們已經很好地處理了這一點，主要來自我們的搜索業務。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from John DiFucci of JP&C.

我們的下一個問題來自 JP&C 的 John DiFucci。

Go ahead, your line is open.

來吧，你的線路是開放的。

Thank you.

謝謝你。

My question essentially follows to Rick, It has to do with the Windows OEM revenue bridge.

我的問題基本上是向 Rick 提出的，它與 Windows OEM 收入橋樑有關。

Just curious on some of these items, how they fit today.

只是對其中一些物品感到好奇，它們今天如何適合。

For instance, and I believe, Bill and Peter, you take -- account for that inventory changes in the Windows attach and inventory line and last quarter it added about 5% of the quarter.

例如，我相信，比爾和彼得，你會考慮到 Windows 附件和庫存線中的庫存變化，上個季度它增加了大約 5% 的季度。

This quarter it was a 2% hit and, Bill, you noted the inventory drawdown had an effect there.

本季度它受到了 2% 的打擊，比爾，你注意到庫存下降在那裡產生了影響。

Can you give us a sense of where you think channel inventories are today relative to what you might call normal levels?

你能告訴我們你認為今天的渠道庫存相對於你可能稱之為正常水平的水平嗎？

And then also just quickly on the last line in the bridge, the OEM revenue adjustment, when does this stop -- going to stop being negative?

然後很快就在橋的最後一行，OEM 收入調整，什麼時候停止 - 將不再是負面的？

It's been slightly negative for quite some time now and shouldn't it have stopped like three years after the Vista launch because wasn't it related to XP and having internet explorer as part of that -- as a meaningful part of that versus true Vista?

很長一段時間以來，它有點消極，它不應該在 Vista 發布三年後停止，因為它不是與 XP 相關，並且有 Internet Explorer 作為其中的一部分 - 作為與真正的 Vista 相比有意義的一部分?

Yes, we'll take that one first.

是的，我們會先拿那個。

Next year that should go away, so to answer your question, yes, that's what you would expect and that's was what will happen.

明年應該會消失，所以回答你的問題，是的，這就是你所期望的，這就是將會發生的事情。

On the first question on inventory, in any given quarter inventory's going to be -- go up and down depending on what's going on in the channel.

關於庫存的第一個問題，在任何給定的季度，庫存都會根據渠道中發生的情況而上下波動。

As you noted, sometimes it's a tailwind, sometimes it's a headwind like it was this quarter.

正如你所指出的，有時是順風，有時是逆風，就像本季度一樣。

It's hard to say precisely where it stands and what it's going to be like next quarter.

很難準確地說出它的位置以及下個季度會是什麼樣子。

We will certainly look at it when we get there.

當我們到達那裡時，我們一定會看看它。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Mark Moedler of Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Mark Moedler。

Go ahead, sir, your line is open.

去吧，先生，你的線路是開放的。

Thank you, question for you.

謝謝，問你。

How much of the year-over-year decrease in the consumer revenue on the Offices products is due to licensing, licenses specifically included in OEMs sales of PCs as compared to stand-alone Office sales to the consumer market?

與面向消費者市場的獨立 Office 銷售相比，Office 產品的消費者收入同比下降有多少是由於許可，特別包括在 OEM 銷售 PC 中的許可？

It's mostly associated with OEM.

它主要與OEM相關。

The driver that we use for that part of the MDD business is specifically tied with the PC unit growth of consumers.

我們用於這部分 MDD 業務的驅動力與消費者的 PC 單位增長密切相關。

And so as I mentioned in my remarks, we actually outperformed that.

因此，正如我在講話中提到的，我們實際上表現得更好。

But that's the best driver that -- it's not complete, but that's the best driver of trying to be able to predict or interpret that result.

但這是最好的驅動因素——它並不完整，但這是試圖預測或解釋結果的最佳驅動因素。

Okay.

好的。

Next question, please.

下一個問題，請。

Our next question comes from Philip Winslow of Credit Suisse.

我們的下一個問題來自瑞士信貸的菲利普溫斯洛。

Go ahead, your line is open.

來吧，你的線路是開放的。

Hi, guys, good quarter.

嗨，伙計們，好季度。

Just got a question on the Windows Division.

剛收到一個關於 Windows 部門的問題。

When you think about the impact of Windows 8 coming out theoretically, obviously, the second half of this year, how do you think that's going to impact build plans amongst the OEM but also inventory levels when we get to the summer?

當您從理論上考慮 Windows 8 的影響時，顯然，今年下半年，您認為這將如何影響 OEM 的構建計劃以及我們到夏季時的庫存水平？

Thanks.

謝謝。

It's probably premature to talk about that, I think we get closer to it.

現在談論這個可能還為時過早，我認為我們已經接近它了。

So the thing I would say is just from an ecosystem perspective there's an incredible amount of excitement and innovation going on across vendors, like the chip vendors and all the OEMs.

所以我想說的是，從生態系統的角度來看，供應商之間正在發生令人難以置信的興奮和創新，比如芯片供應商和所有 OEM。

You actually see that starting today with [order books] that you're seeing with Windows 7.

實際上，從今天開始，您會在使用 Windows 7 時看到的 [訂單簿] 看到這一點。

And so the fact of the matter is there's a ton of innovation happening today for Windows 7.

因此，事實上，今天 Windows 7 發生了大量創新。

There's a ton of excitement for enterprises for both Windows 7 and looking forward to Windows 8 and what that gives them in terms of the end-user experience and IT manageability.

企業對 Windows 7 和對 Windows 8 的期待以及在最終用戶體驗和 IT 可管理性方面給他們帶來的東西都感到非常興奮。

So I don't think about it so much as looking forward.

所以我不考慮它，而是期待。

There's a ton of innovation going on today.

今天有很多創新。

2 You see it in Ultrabooks, you see what both the ARM and S86 chip vendors are doing so that's what's continued on a regular pace.

2 您在超極本中看到了這一點，您會看到 ARM 和 S86 芯片供應商都在做什麼，所以這就是以常規速度繼續進行的事情。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Kash Rangan of Merrill Lynch.

我們的下一個問題來自美林證券的 Kash Rangan。

Go ahead, sir, your line is open

去吧，先生，您的線路已開通

Hi, thank you very much.

你好，非常感謝。

Over the last few quarters I know we've been through tough comps, a slightly slower revenue growth rate and also the mix issues that have caused the margins -- the gross margins to go down.

在過去的幾個季度裡，我知道我們經歷了艱難的競爭，收入增長率略有放緩，以及導致利潤率的混合問題——毛利率下降。

As you come out of this tough cycle and start to get into the next set of launch, should we think about the gross margins as starting to go the other direction just based on what looks to be better mix between your Windows -- the typical software businesses as you get into a launch year?

當您走出這個艱難的周期並開始進入下一組發佈時，我們是否應該將毛利率視為開始走向另一個方向，僅基於您的 Windows（典型軟件）之間看起來更好的組合進入發布年時的業務？

Part of me says maybe the margins are bottoming here.

我的一部分說，也許利潤在這裡觸底。

(Inaudible) fact that you've got some other mix issues that are more longer term as you have the entertainment devices business, the cost there, et cetera, but shouldn't margins start to go back up as you head into launch year?

（聽不清）事實上，您還有一些其他更長期的混合問題，因為您擁有娛樂設備業務，那裡的成本等等，但是隨著您進入發布年份，利潤率不應該開始回升嗎？

Thanks.

謝謝。

Thanks, Kash.

謝謝，卡什。

Certainly margins are a function of mix and to the extent there's a higher mix and higher margin products that will have a positive impact on margins.

當然，利潤率是組合的函數，並且在某種程度上，更高的組合和更高的利潤率產品將對利潤率產生積極影響。

And it ' not unrealistic to think that in a launch year you can see in higher growth in higher margin products so we don't -- it'll depend on what the mix is but I think it's a very possible scenario.

並且認為在發布年份你可以看到更高利潤產品的更高增長並不是不現實的，所以我們不會 - 這將取決於組合是什麼，但我認為這是一個非常可能的情況。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Brendan Barnicle of Pacific Crest Securities.

我們的下一個問題來自 Pacific Crest Securities 的 Brendan Barnicle。

Go ahead, your line is open.

來吧，你的線路是開放的。

Thanks so much, guys.

非常感謝，伙計們。

I was wondering if you could give us any color on what you saw geographically in terms of growth trends, and in particular in thing particular in Europe or Asia that was weak or strong?

我想知道你能否就你在地理上看到的增長趨勢，特別是歐洲或亞洲的弱點或強點，給我們任何顏色？

Yes, we saw particular strength in emerging markets, particularly what we call the brick markets -- Brazil, Russia, India and China -- that was really a driver of growth for us and that's exciting for us because we've got strong and growing positions there and that's were disproportionate economic growth is happening worldwide.

是的，我們在新興市場看到了特別的優勢，特別是我們所說的磚市場——巴西、俄羅斯、印度和中國——這對我們來說確實是增長的驅動力，這對我們來說是令人興奮的，因為我們已經變得強大並且不斷增長那裡的職位，這是不成比例的經濟增長正在世界範圍內發生。

But as Bill mentioned and as I mentioned, we saw broad-based strength and demand across geographies but with particular strength in emerging markets.

但正如比爾提到的和我提到的，我們看到了跨地區的廣泛實力和需求，但在新興市場尤為強勁。

Operator, next question, please.

接線員，請下一個問題。

(Operator Instructions) Our next question comes from Ed Maguire of CLSA.

（操作員說明）我們的下一個問題來自 CLSA 的 Ed Maguire。

Go ahead, sir, your line is open.

去吧，先生，你的線路是開放的。

Hi, good afternoon.

你好，下午好。

You called out 100,000 businesses that are engaged in online services.

您召集了 100,000 家從事在線服務的企業。

Could you comment on the impact that this transition is having on recognized revenues versus unearned and contracted not billed?

您能否評論一下這種轉變對確認收入與未獲得收入和未計費合同的影響？

Yes, it's interesting.

是的，這很有趣。

Subscription businesses aren't that much different from our existing multi-year licensing business in the sense that it's billed up front and then recognized over time just like our multi-year licensing agreements.

訂閱業務與我們現有的多年許可業務沒有太大區別，因為它是預先計費的，然後隨著時間的推移得到認可，就像我們的多年許可協議一樣。

So it really doesn't have a significant impact on the flavor or character of our revenue recognition or our unearned revenue.

因此，它確實不會對我們的收入確認或未賺取收入的風格或特徵產生重大影響。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Brad Reback of Oppenheimer.

我們的下一個問題來自奧本海默的 Brad Reback。

Go ahead, sir, your line is open.

去吧，先生，你的線路是開放的。

Great, thanks a lot.

太好了，非常感謝。

Peter, the business PC growth rate was down about 300-basis points sequentially, was that all economic or hard disk drive?

彼得，商用 PC 的增長率環比下降了大約 300 個基點，那是所有的經濟驅動器還是硬盤驅動器？

Yes.

是的。

I think the one thing I'd say is that the overall business environment remains very strong for us and so all of our macro indicators for business spending in IT remain good, unearned revenue, our renewal for enterprise licensing agreements and enterprise deployment to Windows 7.

我認為我要說的一件事是，整體業務環境對我們來說仍然非常強勁，因此我們所有關於 IT 業務支出的宏觀指標都保持良好、未賺取的收入、我們續簽企業許可協議和企業部署到 Windows 7 .

In terms of PCs, as we said, there's still growth and we're still in the refresh cycle.

正如我們所說，在個人電腦方面，仍有增長，我們仍處於更新周期。

I do suspect that some of that is due to supply chain and maybe a small amount due to macro, but it is small.

我確實懷疑其中一些是由於供應鏈造成的，也可能是由於宏觀原因造成的一小部分，但它很小。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Gregg Moskowitz of Cowen.

我們的下一個問題來自 Cowen 的 Gregg Moskowitz。

Go ahead, your line is open.

來吧，你的線路是開放的。

Okay, thanks and good afternoon.

好的，謝謝，下午好。

Peter, you mentioned Ultrabooks earlier and on the heels of CES we're going to be seeing a lot more them hit the market.

彼得，你之前提到過超極本，在 CES 之後，我們將看到更多的超極本進入市場。

Can you talk about what this means for Microsoft and more importantly, when might Ultrabooks be ready for the mass market from a cost perspective?

你能談談這對微軟意味著什麼，更重要的是，從成本的角度來看，超極本何時可以進入大眾市場？

What it means any -- for me what it represents is the excitement and the opportunity long term in building compelling devices for consumers and businesses around the world.

它意味著什麼——對我來說，它代表的是長期為世界各地的消費者和企業製造引人注目的設備的興奮和機會。

There's so much innovation still to get done, there's so many new form factors, so many new use cases and I think it's great to see with the ecosystem does when it works together, as I mentioned before.

還有很多創新需要完成，有很多新的形式因素，很多新的用例，我認為很高興看到生態系統協同工作時的表現，正如我之前提到的。

In terms of the price points in mass market we'll just wait and see how that evolves before commenting on that.

就大眾市場的價格點而言，我們將拭目以待，然後再發表評論。

Operator, next question, please.

接線員，請下一個問題。

Our next question comes from Tim Klasell of Stifel Nicolaus.

我們的下一個問題來自 Stifel Nicolaus 的 Tim Klasell。

Go ahead, your line is open.

來吧，你的線路是開放的。

Yes, good afternoon, everybody.

是的，大家下午好。

Just a question on the EDD.

只是關於EDD的一個問題。

You mentioned a little softening in the console sales, do you think that's due to shifting towards lower priced units, or is that business just getting more seasonal?

您提到遊戲機銷售略有疲軟，您認為這是由於轉向低價單位，還是該業務變得更具季節性？

When we model that going forward should we make that and more seasonal holiday type of (inaudible) than we currently do?

當我們對未來進行建模時，我們是否應該將其製作成比我們現在做的更具季節性的（聽不清）假期類型？

In terms of the over -- first of all, we feel -- for our console business we feel really good about our relative position in the market and our ability to take share.

就過去而言 - 首先，我們認為 - 對於我們的遊戲機業務，我們對我們在市場中的相對地位和我們獲得份額的能力感到非常滿意。

We have a strong competitive position.

我們擁有強大的競爭地位。

In terms of the seasonality, I don't think there's anything that indicates it's more or less seasonal than we see in the past.

就季節性而言，我認為沒有任何跡象表明它比我們過去看到的更具季節性。

Like many consumer businesses like this it will always be relatively stronger at the holiday season.

像許多像這樣的消費企業一樣，它在假日季節總是會相對強勁。

And in terms of some of the mixes, some of it's a function of product cycle.

就某些組合而言，其中一些是產品週期的函數。

If you think about the Kinect centers and how we have sole those into our install base and now we're selling more bundles, those kinds of things, but seasonality hasn't marginally -- hasn't materially shifted.

如果您考慮 Kinect 中心以及我們如何將這些中心單獨納入我們的安裝基礎，現在我們正在銷售更多捆綁包，這些類型的東西，但季節性並沒有略微 - 沒有發生實質性變化。

Obviously, when big title games come out that tends to also drive a big cycle so that's always something to pay attention to around this business.

顯然，當大型遊戲問世時，往往也會推動一個大周期，所以這始終是圍繞這項業務需要關注的事情。

Okay, operator, we're going to take one more question, please.

好的，接線員，請我們再回答一個問題。

Okay, our next question comes from Robert Breza of RBC Capital Markets.

好的，我們的下一個問題來自 RBC Capital Markets 的 Robert Breza。

Please go ahead, your line is open.

請繼續，您的線路已開通。

Hi, thanks for squeezing me in.

嗨，謝謝你擠我。

Bill, maybe could you just comment a little bit on -- I think it was the Credit Suisse analyst talking about the Windows 8 release at the end of February?

比爾，也許你能稍微評論一下——我認為是瑞士信貸分析師在談論 2 月底發布的 Windows 8 嗎？

Given the complexity you're adding to Windows 8 with mobile, et cetera, making that across platform experience, do you expect that to delay the traditional milestones, or how should we think about Windows 8 going forward?

鑑於您通過移動設備等為 Windows 8 添加的複雜性，以及跨平台體驗，您是否希望這會延遲傳統的里程碑，或者我們應該如何看待 Windows 8 的未來發展？

Thanks.

謝謝。

I wouldn't think about traditional milestones.

我不會考慮傳統的里程碑。

I would say one of the things that Tammy talked about at CES last week was just how important it is for us to work on and with developers to create a really vibrant developer ecosystem.

我想說的是，Tammy 上週在 CES 上談到的一件事是，我們與開發人員一起工作以創建一個真正充滿活力的開發人員生態系統是多麼重要。

So one of the things we also talked with the beta release with the Windows store, really making sure -- we're going to have quite a few apps that are going to be up on the Windows store at beta.

因此，我們還與 Windows 商店討論了 beta 版本的其中一件事，真正確保 - 我們將有相當多的應用程序將在 beta 版本的 Windows 商店中發布。

Obviously, one of the things she and (inaudible) talked about last week is that any Windows 7 PC could run Windows 8 but obviously there'll be some new and interesting form factors that are going to come out here as we get further on down the road.

顯然，她和（聽不清）上週談到的一件事是任何 Windows 7 PC 都可以運行 Windows 8，但隨著我們進一步深入，顯然會有一些新的和有趣的外形尺寸出現在這裡馬路。

So I don't know that I would think about it except, as we said earlier, we're on track, we feel really good about where we are in the product and this next super important milestone is the beta release and having a really great developer ecosystem to surround that.

所以我不知道我會考慮它，除非，正如我們之前所說，我們正在走上正軌，我們對我們在產品中的位置感覺非常好，下一個非常重要的里程碑是 beta 版本，並且有一個真正的圍繞它的偉大的開發者生態系統。

Great question.

好問題。

Okay.

好的。

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

因此，這將結束我們今天財報電話會議的問答部分。

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

我們期待在本季度參加的眾多會議上見到你們中的許多人。

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

對於那些無法親自參加任何這些活動的人，您可以在 Microsoft.com/investor 上關注我們的評論。

Please contact me or anyone on my team if you need additional details.

如果您需要更多詳細信息，請聯繫我或我團隊中的任何人。

Thank you, again, for joining us today and have a great afternoon.

再次感謝您今天加入我們，度過一個愉快的下午。

Bye-bye.

再見。

This concludes today's conference.

今天的會議到此結束。

Thank you for participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。