微軟 (MSFT) 2012 Q4 法說會逐字稿

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

歡迎參加微軟 2012 財年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

Today's call is being recorded.

今天的電話正在錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

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

我現在想將電話轉給投資者關係部總經理 Bill Koefoed。

Bill you may begin.

比爾你可以開始了。

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

感謝 Erin，感謝大家今天下午加入我們。

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

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

On our website, Microsoft.com/investor, 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 Microsoft.com/investor 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。

Note that all growth comparisons we make on the call today will relate to the corresponding period of last year.

請注意，我們今天在電話會議上進行的所有增長比較都將與去年同期有關。

Unless specified otherwise, all impacted numbers for the current quarter have been adjusted for the $540 million revenue deferral related to the Windows upgrade offer, and the previously announced $6.2 billion goodwill impairment charge.

除非另有說明，本季度所有受影響的數字均已針對與 Windows 升級優惠相關的 5.4 億美元收入遞延以及先前宣布的 62 億美元商譽減值費用進行了調整。

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

提醒一下，我們將在通話後立即將今天準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

如果您提出問題，它將包含在我們的實時傳輸和記錄中，以及該記錄的任何未來用途。

You can replay the call and view the transcript at the Microsoft Investor Relations website until July 19, 2013.

在 2013 年 7 月 19 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 that are subject -- that are predictions, projections, or other statements about future events.

在本次電話會議期間，我們將做出前瞻性陳述——即關於未來事件的預測、預測或其他陳述。

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 表格、10-Q 表格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 statement.

我們不承擔更新任何前瞻性陳述的義務。

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

好的，然後我將把電話轉給彼得。

Thanks Bill and thanks everyone for joining us.

感謝比爾，感謝大家加入我們。

We started the fiscal year with good momentum, and closed with a solid finish.

我們以良好的勢頭開始了本財年，並以穩健的收尾結束了本財年。

Throughout the year, we delivered top-line growth and remained disciplined on cost management, while continuing to execute on our product road map.

全年，我們實現了收入增長，並在成本管理方面保持紀律，同時繼續執行我們的產品路線圖。

Our enterprise products and services remain a top priority for CIOs as they navigate macroeconomic challenges.

我們的企業產品和服務仍然是 CIO 在應對宏觀經濟挑戰時的首要任務。

They are adopting our solutions for increased productivity, manageability, and security, at an overall lower total cost of ownership.

他們採用我們的解決方案來提高生產力、可管理性和安全性，同時總體擁有成本更低。

Windows 7 and Office 2010 both reached new milestones, as enterprises benefit from our business desktop offerings.

隨著企業受益於我們的商務桌面產品，Windows 7 和 Office 2010 都達到了新的里程碑。

Today over 50% of enterprise desktops worldwide are running Windows 7. And software assurance attach rates are at an all time high.

如今，全球超過 50% 的企業桌面運行 Windows 7。軟件保障附加率達到歷史最高水平。

And even two years after launch, Office 2010 attach continues to grow, as businesses make long term moments to the Office platform.

甚至在發布兩年後，Office 2010 attach 繼續增長，因為企業長期使用 Office 平台。

Our productivity server offerings continue to perform very well, with double-digit growth.

我們的生產力服務器產品繼續表現出色，並實現了兩位數的增長。

Our newest server offering, Lync, grew over 45% this quarter, and we are excited about the unified communications scenarios that are enabled by new voice, video, and social capabilities.

我們最新的服務器產品 Lync 本季度增長超過 45%，我們對新的語音、視頻和社交功能支持的統一通信場景感到興奮。

Office remains the number one productivity application, and today is on more than 1 billion PCs worldwide.

Office 仍然是排名第一的生產力應用程序，如今已在全球超過 10 億台 PC 上運行。

On Monday, we released the customer preview of the new Office which puts mobility, social, and cloud at the forefront.

週一，我們發布了新 Office 的客戶預覽版，它將移動、社交和雲放在了最前沿。

Combined with the power of Windows 8, we are enabling a new platform of computing that gives the end user unparalleled choice for consumption and productivity.

結合 Windows 8 的強大功能，我們正在啟用一個新的計算平台，為最終用戶提供無與倫比的消費和生產力選擇。

Our server and tools products deliver on the vision of a modern data center, by enabling multi-tenancy, scalability, and continuous services, all while using a single pane of glass for management.

我們的服務器和工具產品通過支持多租戶、可擴展性和持續服務，同時使用單一管理平台進行管理，實現了現代數據中心的願景。

No other technology company can offer the hybrid cloud solutions that give customers the ability to manage and scale their applications, data, and processes, across both public and private clouds.

沒有其他技術公司可以提供混合雲解決方案，讓客戶能夠跨公共雲和私有云管理和擴展他們的應用程序、數據和流程。

As I look back, when I first became CFO of Server and Tools in 2003, it was a $7 billion business.

回顧過去，當我在 2003 年第一次成為服務器和工具的首席財務官時，這是一項價值 70 億美元的業務。

Since then, it has grown to nearly $19 billion in revenue.

從那時起，它的收入已經增長到近 190 億美元。

And the opportunity for future growth has never been better.

未來增長的機會從未如此美好。

Xbox continued its evolution as an entertainment platform, and has solidified its place in the living room.

Xbox 繼續發展為娛樂平台，並鞏固了其在客廳的地位。

With the help of Kinect and Bing, discovering and accessing content has never been easier.

在 Kinect 和 Bing 的幫助下，發現和訪問內容從未如此簡單。

And with the recently announced Xbox SmartGlass, we look to make entertainment smarter, more interactive, and more fun.

借助最近發布的 Xbox SmartGlass，我們希望讓娛樂變得更智能、更具互動性和更有趣。

Moving to the online services division, we continue to grow share, increase revenue for search, and improve operating performance.

轉向在線服務部門，我們繼續擴大份額、增加搜索收入並改善運營績效。

Despite this progress, our expectations for future growth and profitability are now lower than we previously expected.

儘管取得了這些進展，但我們對未來增長和盈利能力的預期現在低於我們之前的預期。

As we announced earlier this month, we took a write-down on the goodwill that arose mainly from the aQuantive acquisition.

正如我們本月早些時候宣布的那樣，我們對主要來自收購 aQuantive 的商譽進行了減記。

We continue to believe that search is a strategic asset for Microsoft, and are prioritizing our resources into the areas we believe drives the most business value.

我們仍然相信搜索是 Microsoft 的一項戰略資產，並將我們的資源優先用於我們認為能夠帶來最大商業價值的領域。

With Windows 8 and Windows Phone 8 we see a great opportunity to benefit from the trend towards smart mobile devices.

借助 Windows 8 和 Windows Phone 8，我們看到了從智能移動設備趨勢中受益的絕佳機會。

We feel that we are uniquely positioned to address the security and manageability challenges that CIOs are dealing with today as a result of this trend.

我們認為，由於這一趨勢，我們具有獨特的優勢來解決 CIO 今天正在應對的安全和可管理性挑戰。

And for users, we offer compelling experiences across devices.

對於用戶，我們提供跨設備的引人入勝的體驗。

With data and services that are connected seamlessly via the cloud.

通過云無縫連接的數據和服務。

In summary, we delivered solid financial results while embarking on the largest launch wave in our history.

總而言之，我們在啟動歷史上最大的發布浪潮的同時取得了穩健的財務業績。

We are pleased with the long-term commitment that enterprise customers are making to our offerings.

我們對企業客戶對我們產品的長期承諾感到滿意。

And it demonstrates a high level of confidence in our product and service road map.

這表明我們對我們的產品和服務路線圖充滿信心。

Importantly, customer satisfaction is at an all time high.

重要的是，客戶滿意度空前高漲。

This past year, we delivered significant product releases such as SQL Server 2012, System Center 2012, and updates from Azure, Bing, and Xbox LIVE.

去年，我們發布了重要的產品版本，例如 SQL Server 2012、System Center 2012，以及來自 Azure、Bing 和 Xbox LIVE 的更新。

And enthusiasm is building for the coming year that includes important releases from Windows, Windows Phone, Office, and Windows Server.

來年的熱情正在積聚，其中包括來自 Windows、Windows Phone、Office 和 Windows Server 的重要版本。

With those thoughts, I will hand it back to Bill to provide more details on our results, and then I will come back to provide some thoughts on our outlook for the first quarter and full fiscal year 2013.

帶著這些想法，我將把它交還給比爾，以提供有關我們業績的更多細節，然後我將回來就我們對 2013 年第一季度和整個財政年度的展望提供一些想法。

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

首先，我將回顧我們的整體結果，然後我將按業務部門討論詳細信息。

Revenue for the quarter was $18.6 billion, up 7% or $1.2 billion.

本季度收入為 186 億美元，增長 7% 或 12 億美元。

Operating income was $6.9 billion, up 12%.

營業收入為 69 億美元，增長 12%。

Earnings per share was $0.73, up 6%.

每股收益為 0.73 美元，增長 6%。

Cash flow from operations was $7.7 billion, up 29%, and for the full year, it was a record $31.6 billion.

運營現金流為 77 億美元，增長 29%，全年達到創紀錄的 316 億美元。

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。

From a geographic perspective, developed markets grew mid-single digits and we saw continued double-digit growth in emerging markets.

從地理角度來看，發達市場增長了中個位數，我們看到新興市場繼續保持兩位數增長。

We delivered solid financial results despite a tough economic environment, which demonstrates the strength and breadth of our businesses.

儘管經濟環境艱難，我們仍取得了穩健的財務業績，這顯示了我們業務的實力和廣度。

Our compelling product portfolio across Windows, server and tools and the Microsoft business division is driving strong demand from small businesses, to the largest global enterprises.

我們在 Windows、服務器和工具以及 Microsoft 業務部門中引人注目的產品組合正在推動從小型企業到最大的全球企業的強勁需求。

Multi-year licensing revenue grew 14%, and made up over 40% of our total revenue for the quarter.

多年許可收入增長了 14%，占我們本季度總收入的 40% 以上。

Unearned revenue was a record $19.5 billion, up 14%, and our contracted not billed balance was over $19.5 billion.

未實現收入達到創紀錄的 195 億美元，增長 14%，我們的合同未開票餘額超過 195 億美元。

Turning to the PC market, we estimate that the worldwide PC market was roughly flat this quarter with approximately 85 million PCs sold.

談到個人電腦市場，我們估計本季度全球個人電腦市場大致持平，售出約 8500 萬台個人電腦。

Business PCs were up 1%, and consumer PCs were down 2%.

商用 PC 增長 1%，消費 PC 下降 2%。

Next, I will move onto the results for the Windows and Windows Live division, where revenue was generally in line with the PC market.

接下來，我將討論 Windows 和 Windows Live 部門的結果，該部門的收入與 PC 市場基本一致。

As in past quarters, you will find the OEM revenue bridge in our earnings slide deck.

與過去幾個季度一樣，您會在我們的收益幻燈片中找到 OEM 收入的橋樑。

Adoption of Windows 7 remained strong, especially among enterprises which are benefiting from the security and management capabilities that come with the operating system.

Windows 7 的採用率仍然很高，尤其是在受益於操作系統附帶的安全和管理功能的企業中。

This quarter, volume licensing revenue grew double digits.

本季度，批量許可收入增長了兩位數。

During the quarter, we launched the release preview of Windows 8 to a positive reception, and we recently announced that Windows 8 will reach general availability on October 26.

在本季度，我們推出了 Windows 8 的發布預覽版，受到了好評，我們最近宣布 Windows 8 將於 10 月 26 日全面上市。

Windows 8 represents a significant opportunity for developers, OEMs, and other partners, to extend a new range of form factors, capabilities, and scenarios to billions of people around the world.

Windows 8 為開發人員、OEM 和其他合作夥伴提供了一個重要的機會，可以將一系列新的外形尺寸、功能和場景擴展到全球數十億人。

Now, I will move on to the Microsoft business division, where revenue grew 7%.

現在，我將轉到收入增長 7% 的微軟業務部門。

Business revenue grew 9%, and within that multi-year licensing revenue grew 12%, and transactional revenue grew 2%, driven by higher attach worldwide.

業務收入增長了 9%，其中多年的許可收入增長了 12%，交易收入增長了 2%，這得益於全球更高的附加值。

Consumer revenue declined 4%, reflecting consumer PC dynamics in developed markets, which was partially offset by higher attach rates.

消費者收入下降了 4%，這反映了發達市場的消費者 PC 動態，這部分被較高的附加率所抵消。

We saw strong growth in our productivity server offerings with Exchange, SharePoint, and Lync, collectively growing double digits this quarter.

我們看到 Exchange、SharePoint 和 Lync 的生產力服務器產品強勁增長，本季度共同增長了兩位數。

CIOs continue to invest in our application road map and new productivity scenarios.

CIO 繼續投資於我們的應用路線圖和新的生產力方案。

As Peter mentioned, Lync revenue growth accelerated to over 45%, as enterprises chose our unified communications platform.

正如 Peter 所說，由於企業選擇了我們的統一通信平台，Lync 的收入增長加速到了 45% 以上。

We believe unified communications is a huge market opportunity, and we are pleased to see these results.

我們相信統一通信是一個巨大的市場機會，我們很高興看到這些結果。

Just a year ago, we introduced Office 365.

就在一年前，我們推出了 Office 365。

It is now offered in 88 markets and 32 languages.

它現在在 88 個市場和 32 種語言中提供。

In just one year, some of the biggest global brands have embraced Office 365 to share information and connect with customers and partners.

在短短一年內，一些最大的全球品牌已經採用 Office 365 來共享信息並與客戶和合作夥伴建立聯繫。

Global brands such as Lowe's, Qantas, Japan Airlines and Hallmark Cards have adopted Office 365 to unify their communication and collaboration experience with a secure, trusted platform.

Lowe's、Qantas、Japan Airlines 和 Hallmark Cards 等全球品牌已採用 Office 365，通過一個安全、值得信賴的平台統一他們的溝通和協作體驗。

Earlier this week, we released the customer preview of the next version of Office.

本週早些時候，我們發布了下一版 Office 的客戶預覽版。

It features an intuitive design that works great on Windows 8 with touch, stylus, mouse, or keyboard.

它採用直觀的設計，在帶有觸控、觸控筆、鼠標或鍵盤的 Windows 8 上運行良好。

It is available as a cloud-based subscription service, and includes Skype credits and extra SkyDrive storage.

它作為基於雲的訂閱服務提供，包括 Skype 點數和額外的 SkyDrive 存儲。

With SkyDrive integration, content is always available across all types of devices.

通過 SkyDrive 集成，內容始終可在所有類型的設備上使用。

It enables modern scenarios such as digital note taking, reading, and markup.

它支持現代場景，例如數字筆記、閱讀和標記。

It is social and makes it easy to connect with people and information.

它是社交的，可以很容易地與人和信息聯繫起來。

With People Card, there is an integrated view of contacts from LinkedIn and Facebook.

借助 People Card，可以綜合查看來自 LinkedIn 和 Facebook 的聯繫人。

And speaking of social, this morning we announced that we have closed the Yammer acquisition.

說到社交，今天早上我們宣布我們已經完成了對 Yammer 的收購。

Yammer adds best-in-class enterprise social networking to our portfolio of cloud-based productivity services.

Yammer 將一流的企業社交網絡添加到我們基於雲的生產力服務組合中。

Dynamics revenue grew 7%, and within that, Dynamics CRM revenue grew over 25%, and added 360,000 users this quarter.

Dynamics 收入增長 7%，其中 Dynamics CRM 收入增長超過 25%，本季度新增 360,000 名用戶。

We now have more than 2.7 million users, and 36,000 customers who use Dynamics CRM to get a consistent and familiar experience inside Office.

我們現在擁有超過 270 萬用戶和 36,000 名客戶，他們使用 Dynamics CRM 在 Office 中獲得一致且熟悉的體驗。

Now let's move to server and tools, which posted another solid quarter with 13% revenue growth.

現在讓我們轉向服務器和工具，它發布了又一個穩健的季度，收入增長了 13%。

Transactional revenue declined low single digits while multi-year licensing revenue grew more than 20% fueled by the wave of our new server products.

交易收入下降了低個位數，而多年許可收入在我們的新服務器產品浪潮的推動下增長了 20% 以上。

Enterprise services grew 15%.

企業服務增長了 15%。

In the private cloud, Windows server premium revenue grew double digits.

在私有云方面，Windows 服務器的溢價收入增長了兩位數。

With greater scalability, improved performance, and cost efficiencies, Hyper-V continues to win share against VMware.

憑藉更高的可擴展性、更高的性能和成本效率，Hyper-V 繼續贏得對 VMware 的份額。

In anticipation of what is coming in Windows Server 2012, we are already seeing customers like Unilever move from VMware to Hyper-V.

在對 Windows Server 2012 的預期中，我們已經看到像聯合利華這樣的客戶從 VMware 遷移到 Hyper-V。

System Center revenue grew roughly 20%, and we continued building momentum and demand for our private cloud capabilities.

System Center 收入增長了大約 20%，我們繼續為我們的私有云功能建立動力和需求。

With the release of System Center 2012, and our leadership in Windows Server Active Directory, we have a compelling device management and application delivery platform.

隨著 System Center 2012 的發布以及我們在 Windows Server Active Directory 方面的領先地位，我們擁有了一個引人注目的設備管理和應用程序交付平台。

In the public cloud, we've launched a major release of Windows Azure, which enables infrastructure as a service capabilities, adds 48 countries, offers media services, and brings new capabilities to developers.

在公有云中，我們推出了 Windows Azure 的主要版本，它支持基礎設施即服務能力，增加了 48 個國家，提供媒體服務，並為開發人員帶來了新的能力。

We are excited that Windows Azure media services is being used to deliver Olympics coverage in high definition.

我們很高興 Windows Azure 媒體服務被用於提供高清奧運會報導。

This quarter, Windows Azure had significant customer and partner wins, and we added roughly 800 new enterprise customers.

本季度，Windows Azure 贏得了重要的客戶和合作夥伴，我們增加了大約 800 個新的企業客戶。

In our data platform business, SQL Server revenue grew 20%, outpacing industry growth.

在我們的數據平台業務中，SQL Server 收入增長了 20%，超過了行業增長。

Every week we see customers moving to SQL Server because of its superior business analytics, security, flexibility, and cost effectiveness.

每週我們都會看到客戶遷移到 SQL Server，因為它具有出色的業務分析、安全性、靈活性和成本效益。

SQL Server premium revenue grew more than 30%, as enterprises continue to deploy it for their mission-critical workloads and business intelligence needs.

SQL Server 溢價收入增長了 30% 以上，因為企業繼續部署它以滿足其任務關鍵型工作負載和商業智能需求。

High performance and VI capabilities offered by SQL Server 2012, along with Hadoop integration, will enable our customers to capture the full potential of big data.

SQL Server 2012 提供的高性能和 VI 功能以及 Hadoop 集成將使我們的客戶能夠充分發揮大數據的潛力。

As I look back at the year, SQL Server revenue grew more than $0.5 billion and with the technology investments in SQL Server 2012, we are well positioned for future growth.

回顧這一年，SQL Server 收入增長了超過 5 億美元，並且通過對 SQL Server 2012 的技術投資，我們為未來的增長做好了準備。

Next, I will move on to the online services division, where revenue grew 8%, and operating performance improved by $266 million or 36%.

接下來，我將轉到在線服務部門，該部門的收入增長了 8%，運營績效提高了 2.66 億美元或 36%。

Online advertising revenue was up 12%, driven primarily by rate improvement in our search business.

在線廣告收入增長 12%，主要受我們搜索業務費率提升的推動。

Bing's US organic market share ended the quarter at 15.6%, up 120 basis points year-over-year.

必應的美國有機市場份額在本季度末達到 15.6%，同比增長 120 個基點。

In the entertainment and devices division, revenue grew 20%.

在娛樂和設備部門，收入增長了 20%。

Despite the soft console market, Xbox continues its leadership position and had 47% share of the US market in June.

儘管軟控制台市場，Xbox 繼續保持領先地位，並在 6 月份佔據了美國市場 47% 的份額。

Additionally, Xbox LIVE membership increased by more than 15%, driven in part by the new content partners we have brought to Xbox.

此外，Xbox LIVE 會員人數增加了 15% 以上，部分原因是我們為 Xbox 帶來了新的內容合作夥伴。

We also announced Xbox SmartGlass which will connect phones, PCs, and tablets with the Xbox 360 console, to enable more interactive and engaging entertainment.

我們還發布了 Xbox SmartGlass，它將手機、PC 和平板電腦與 Xbox 360 控制台連接起來，以實現更具互動性和吸引力的娛樂。

For Windows Phone, there are now approximately 100,000 apps in the marketplace, and Windows Phone unit sales grew more than 50% sequentially.

對於 Windows Phone，目前市場上有大約 100,000 個應用程序，Windows Phone 單位銷售額環比增長超過 50%。

In June we announced that Windows Phone 8 will arrive later this year.

6 月，我們宣布 Windows Phone 8 將於今年晚些時候上市。

Windows Phone 8 is based on the same core technologies that power Windows 8, and it will unleash a new wave of features for consumers, developers, and businesses.

Windows Phone 8 基於與 Windows 8 相同的核心技術，它將為消費者、開發人員和企業釋放一波新的功能。

Moving on to Skype, we continue to progress with the integration and you got a taste of that with our Office announcement this week.

繼續使用 Skype，我們繼續在集成方面取得進展，您在本週的 Office 公告中體驗到了這一點。

This quarter, 115 billion minutes of calls were made on the Skype network, an increase of over 50% from the prior year.

本季度，Skype 網絡的通話時長為 1150 億分鐘，同比增長 50% 以上。

I will now cover the remainder of the income statement.

我現在將介紹損益表的其餘部分。

Cost of goods sold increased 12%, primarily due to Nokia platform payments, inclusion of Skype cost, and growth in enterprise services.

銷售成本增加了 12%，主要是由於諾基亞平台支付、Skype 成本包括在內，以及企業服務的增長。

Operating expenses were flat at $7.5 billion.

運營費用持平於 75 億美元。

Operating income increased 12% to $6.9 billion.

營業收入增長 12% 至 69 億美元。

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 to wrap up, we saw strong demand from our business customers leading to solid financial results.

最後，我們看到商業客戶的強勁需求帶來了穩健的財務業績。

Along with our revenue growth, we were able to maintain strong cost discipline and drive operating margin expansion.

隨著我們的收入增長，我們能夠保持強大的成本紀律並推動營業利潤率的擴大。

And 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。

For the remainder of the call, I will discuss our expectations for the first quarter and full fiscal year, 2013.

在接下來的電話會議中，我將討論我們對 2013 年第一季度和整個財年的預期。

As we look forward, with expect many of the trends from 2012 to continue.

正如我們所期待的那樣，預計 2012 年的許多趨勢將繼續下去。

Companies will prioritize the transition to the modern desktop.

公司將優先考慮向現代桌面的過渡。

CIOs will continue to invest in cloud solutions to deliver productivity and scalability to their business.

首席信息官將繼續投資於雲解決方案，為他們的業務提供生產力和可擴展性。

Consumers will increasingly leverage cloud services to ensure their content is always available across any of their devices.

消費者將越來越多地利用雲服務來確保他們的內容在他們的任何設備上始終可用。

Rapid innovation will continue in hardware, services and the underlying infrastructure that is needed to support mobile computing.

支持移動計算所需的硬件、服務和底層基礎設施將繼續快速創新。

With our current portfolio and road map, we believe we are well positioned to capitalize on these trends.

憑藉我們目前的投資組合和路線圖，我們相信我們已做好充分準備利用這些趨勢。

Now turning to our outlook by business.

現在轉向我們的業務前景。

For Windows, in the first quarter, we expect to defer $1.0 to $1.2 billion related to the Windows upgrade offer and pre-sales of Windows 8 to OEMs prior to general availability.

對於 Windows，在第一季度，我們預計將與 Windows 升級報價和 Windows 8 預售相關的 1.0 至 12 億美元推遲到全面上市之前的 OEM。

Just a reminder that amounts deferred for the Windows upgrade offer will get recognized upon the earlier of redemption or the expiration of the program on February 28, 2013.

請注意，Windows 升級優惠的延期金額將在兌換較早前或該計劃於 2013 年 2 月 28 日到期時得到確認。

We expect the current dynamics of the PC marketplace to continue in the first quarter.

我們預計 PC 市場的當前動態將在第一季度繼續。

Excluding the impact of the deferrals associated with the Windows upgrade offer and presale, we expect Windows revenue to slightly trail the PC market for the quarter.

排除與 Windows 升級優惠和預售相關的延期影響，我們預計本季度 Windows 收入將略微落後於 PC 市場。

With new touch-enabled features in Windows 8 and new form factors hitting the market this fall, we expect Windows 8 to drive the PC ecosystem forward.

隨著 Windows 8 中新的觸控功能和今年秋季上市的新外形尺寸，我們預計 Windows 8 將推動 PC 生態系統向前發展。

Excluding the deferral's for fiscal year 2012, for the year, we expect Windows revenue to be roughly in line with the PC market.

剔除 2012 財年的延期，我們預計今年 Windows 收入將與 PC 市場大致持平。

Note that this does not include the impact of surface PCs which we will update you on in the coming months.

請注意，這不包括 Surface PC 的影響，我們將在未來幾個月內向您更新。

In the Microsoft business division, multi-year licensing revenue, which is approximately 60% of the division's total, should grow low double digits for both the first quarter and full year.

在微軟業務部門，佔該部門總收入約 60% 的多年期許可收入在第一季度和全年都應該會增長兩位數。

Transactional revenue, which is the remaining revenue in the division, should lag the overall PC market until the launch of Office, due to the normal cyclical slowdown in advance of the next version.

交易收入是該部門剩餘的收入，由於在下一個版本之前的正常週期性放緩，在 Office 推出之前應該會落後於整個 PC 市場。

And then slightly outperform the PC market post lunch.

然後在午餐後略微跑贏個人電腦市場。

Within server and tools, our customers are moving from transactional licensing to multi-year licensing agreements.

在服務器和工具方面，我們的客戶正在從交易許可轉向多年許可協議。

This impacts our mix of revenue, and for next year we expect multi-year licensing to be approximately 60% of the division's revenue, transactional licensing to be 20%, and enterprise services to remain at 20%.

這影響了我們的收入組合，明年我們預計多年期許可將佔該部門收入的 60% 左右，交易許可將佔 20%，企業服務將保持在 20%。

With a shift to multi-year agreements, we expect transactional revenue to slightly lag the overall server hardware market for the first quarter and full year.

隨著轉向多年期協議，我們預計第一季度和全年的交易收入將略微落後於整體服務器硬件市場。

For both the first quarter and the year, we expect multi-year licensing revenue and enterprise services revenue to both grow low teens.

對於第一季度和今年，我們預計多年許可收入和企業服務收入都將增長到十幾歲。

In the online services division, we look to build upon improvements in share and search monetization.

在在線服務部門，我們希望在分享和搜索貨幣化的改進基礎上再接再厲。

With focused investment in the highest value areas.

專注於最高價值領域的投資。

For our entertainment and devices division, while we have been maintaining our share of leadership position, the console market has been showing year-over-year declines.

對於我們的娛樂和設備部門，雖然我們一直保持領先地位，但遊戲機市場卻出現了同比下降。

For games, Halo 4 will launch in Q2, while Gears of War was a Q1 title last year.

遊戲方面，光環 4 將在第二季度推出，而戰爭機器是去年第一季度的遊戲。

With these considerations in mind, we expect revenue to decline high teens in the first quarter, and to be roughly flat for the full year.

考慮到這些因素，我們預計第一季度收入將下降十幾歲，全年基本持平。

We expect COGS to grow high single digits in the first quarter due primarily to the Nokia payment, addition of Skype, and growth in enterprise services, partially offset by lower console volume.

我們預計 COGS 將在第一季度實現高個位數增長，這主要是由於諾基亞支付、Skype 的加入以及企業服務的增長，部分被控制台銷量的下降所抵消。

We are reaffirming our guidance for operating expenses of $30.3 billion to $30.9 billion for fiscal 2013, and as you create your models you should expect higher expense growth rates around the timing of launches.

我們重申我們對 2013 財年運營費用 303 億美元至 309 億美元的指導，並且當您創建模型時，您應該預計在發佈時間前後會有更高的費用增長率。

As a reminder, other income includes dividend and interest income, offset by interest expense and the net cost of hedging.

提醒一下，其他收入包括股息和利息收入，被利息支出和對沖淨成本所抵消。

In the current low interest rate environment, we expect these items to generally offset absent one-time events.

在當前的低利率環境下，我們預計這些項目通常會抵消一次性事件的缺失。

For the full fiscal year, we expect our effective tax rate to be 19% to 21%, and capital expenditures to be slightly over $3 billion.

對於整個財年，我們預計我們的有效稅率為 19% 至 21%，資本支出將略高於 30 億美元。

Adjusting for the impact of the Windows upgrade offer and presales, we expect unearned revenue will roughly follow historical sequential growth patterns for the first quarter.

調整 Windows 升級優惠和預售的影響後，我們預計未實現收入將大致遵循第一季度的歷史連續增長模式。

In summary, we delivered solid financial results in both the fourth quarter and for the full fiscal year.

總之，我們在第四季度和整個財年都取得了穩健的財務業績。

We enter fiscal 2013 with great momentum, and are excited about our upcoming launches.

我們以強勁的勢頭進入 2013 財年，並對我們即將推出的產品感到興奮。

And with that, I will turn the call over to Bill and we will take some questions.

有了這個，我會把電話轉給比爾，我們會回答一些問題。

Thanks Peter.

謝謝彼得。

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

我們希望從盡可能多的人那裡得到問題，所以請堅持一個問題，避免冗長或多部分的問題。

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

艾琳，你能繼續重複你的指示嗎？

(Operator Instructions) Adam Holt with Morgan Stanley.

（操作員說明）Adam Holt 與摩根士丹利。

Congrats to a good end to the year.

祝賀今年有一個美好的結束。

In past Windows cycles, commercial and retail licensing and inventory rebuild have enabled you to outpace the PC market.

在過去的 Windows 週期中，商業和零售許可以及庫存重建使您能夠超越 PC 市場。

How should we think about those factors around Windows 8 and are you including OEM related tablet sales in your PC market forecast for next year or should we be excluding those like surface?

我們應該如何考慮圍繞 Windows 8 的這些因素，您是否將 OEM 相關的平板電腦銷售納入您對明年 PC 市場的預測，還是應該排除類似表面的因素？

Thank you.

謝謝你。

Thanks, Adam.

謝謝，亞當。

The first question I will go back to the guidance we gave for how we expect Windows to really ignite the PC market and how we expect Windows to be relative to the PC market.

第一個問題我將回到我們給出的關於我們如何期望 Windows 真正點燃 PC 市場以及我們如何期望 Windows 相對於 PC 市場的指導。

We said it was going to lag a little bit in the first quarter pre-launch and for the full year would be roughly in line, so that means for the remainder of the year slightly ahead.

我們說它在發布前的第一季度會稍微滯後，而全年將大致符合預期，這意味著今年剩餘時間會稍微提前。

And also think about emerging markets versus developed markets and what that means for the overall growth of Windows relative to the hardware market.

還要考慮新興市場與發達市場的對比，以及這對 Windows 相對於硬件市場的整體增長意味著什麼。

On the second question on the PC market, I would say when we talk about the PC market, we are largely consistent with how the third parties would report on the PC market traditionally.

關於個人電腦市場的第二個問題，我想說，當我們談到個人電腦市場時，我們與第三方傳統上對個人電腦市場的報導方式基本一致。

Operator next question please.

請接線員下一個問題。

Rick Sherlund with Nomura.

Rick Sherlund 與野村證券。

On Office 365 I'm curious how we should be thinking about how that revenue ramps up.

在 Office 365 上，我很好奇我們應該如何考慮收入如何增加。

You haven't really talked much yet about the availability of Office 365.

您還沒有真正談論過 Office 365 的可用性。

I know it is included with WIN RT.

我知道它包含在 WIN RT 中。

Should we expect then that is broadly available in the market with the October 26 launch date of Windows 8?

那麼我們是否應該期望隨著 Windows 8 的 10 月 26 日發布日期在市場上廣泛可用？

Thanks Rick.

謝謝瑞克。

I think generally you are characterizing it correctly.

我認為通常你正在正確地描述它。

We are really excited about the new Office and what that means for Office 365 being broadly available for both consumers and enterprises.

我們對新的 Office 以及這對於 Office 365 對消費者和企業廣泛可用的意義感到非常興奮。

We do think this is a real accelerant for the business.

我們確實認為這對企業來說是一個真正的促進劑。

To date, it's been a really compelling part of the overall Office story.

迄今為止，它一直是整個 Office 故事中非常引人注目的部分。

We talk with every customer about the cloud road map and that's one of the drivers of what we are seeing broadly across MBD, not just in Office, but in SharePoint, Lync and Exchange.

我們與每位客戶討論云路線圖，這是我們在 MBD 中廣泛看到的驅動因素之一，不僅在 Office 中，而且在 SharePoint、Lync 和 Exchange 中。

I think you're thinking about his right that when we get to the new Office in conjunction with Windows 8, we really accelerate what we're doing for both consumers as well as businesses of all sizes.

我認為您正在考慮他的權利，即當我們將新 Office 與 Windows 8 結合使用時，我們確實會加速我們為消費者和各種規模的企業所做的事情。

Operator, next question please.

接線員，請下一個問題。

Mark Moerdler from Sanford C. Bernstein.

來自 Sanford C. Bernstein 的 Mark Moerdler。

Yahoo, in their earnings call on Tuesday, reported that the revenue for search they're getting from Microsoft is below the Microsoft guaranteed threshold.

雅虎在周二的財報電話會議上報告稱，他們從微軟獲得的搜索收入低於微軟保證的門檻。

And that the guarantee expires Q1 2013.

並且保證在 2013 年第一季度到期。

CFO alluded to a clause in the search agreement that gives Yahoo an out, that there's no parity.

首席財務官提到搜索協議中的一個條款讓雅虎出局，即沒有平等地位。

First is this correct and second what, if any, impact would this have on the search strategy if they decided to break this agreement?

首先這是正確的，其次如果他們決定違反該協議，這會對搜索策略產生什麼影響（如果有的話）？

What I would say Mark is we're laser beam focused on the partnership that we have with Yahoo Group and very encouraged by the improvements -- year-over-year improvements we've seeing over the last several quarters.

我想說的是，馬克是我們專注於與雅虎集團的合作夥伴關係，並且對改進感到非常鼓舞——我們在過去幾個季度看到的同比改進。

And to be honest, 100% of our focus right now is on making sure we continue to drive those gains which will benefit both parties of the partnership, and make sure that's successful for both companies because it's obviously very strategic for both of us.

老實說，我們現在 100% 的重點是確保我們繼續推動那些有利於合作雙方的收益，並確保這對兩家公司來說都是成功的，因為這顯然對我們雙方都非常具有戰略意義。

Operator next question please.

請接線員下一個問題。

Heather Bellini with Goldman Sachs.

希瑟·貝里尼（Heather Bellini）與高盛。

Peter, you mentioned on the call the increase in server and tools multi-year licensing revenue as a percentage of the total segment.

彼得，您在電話會議上提到了服務器和工具多年許可收入佔總細分市場的百分比增加。

I am just wondering if you could walk us through what the biggest drivers are behind that, and should we expect the trajectory you are seeing here to continue?

我只是想知道您是否可以向我們介紹這背後的最大驅動力，我們是否應該期望您在這裡看到的軌跡會繼續下去？

Thanks.

謝謝。

Thanks Heather.

謝謝希瑟。

The biggest piece of that we are seeing is SQL and we are getting so much great traction with big enterprises, we are really starting to make progress in tier one applications.

我們看到的最大部分是 SQL，我們在大企業中獲得瞭如此大的吸引力，我們真的開始在一級應用程序方面取得進展。

And what we are seeing now is many more long-term multi-year agreements for SQL, which used to be more of a transactional business.

而我們現在看到的是更多的 SQL 長期多年協議，這些協議過去更像是一項交易業務。

But now as bigger companies are making the commitment to our data platform, putting their mission critical applications on it, they are signing more of a new kind of licensing that we have just for SQL for multi-year licensing agreements.

但是現在，隨著大公司對我們的數據平台做出承諾，將他們的任務關鍵型應用程序放在上面，他們正在簽署更多的新型許可，而我們只是針對 SQL 的多年許可協議。

So by far, the biggest impact is in SQL and yes, with the new version SQL Server 2012 we expect that to continue.

到目前為止，最大的影響是在 SQL 中，是的，在新版本的 SQL Server 2012 中，我們預計這種情況會繼續下去。

Just to add on.

只是為了補充。

I mentioned in my script that year-over-year revenue for SQL was up over $0.5 billion, so, awesome momentum in SQL, in the database business and our competitive strategy in the marketplace is -- has really been playing out.

我在我的腳本中提到，SQL 的年收入同比增長超過 5 億美元，因此，SQL、數據庫業務和我們在市場上的競爭戰略的強勁勢頭——已經真正發揮了作用。

Operator, next question please.

接線員，請下一個問題。

Walter Pritchard of Citigroup.

花旗集團的沃爾特·普里查德。

Great, thanks, wanted to just ask a follow up question on the contracted backlog.

太好了，謝謝，只想問一個關於合同積壓的後續問題。

I know customers are looking at that with the [hundred] number but it looks like that number, if I look at the sequential trend there it was a little light of what we have seen on similar Q4s where you have seen a more robust quarter-over-quarter growth.

我知道客戶正在用 [100] 個數字看這個數字，但它看起來像那個數字，如果我看一下那裡的連續趨勢，它有點像我們在類似的第四季度看到的，你看到了一個更強勁的季度——季度增長。

I'm just wondering was there something about the shape of the enterprise annuity business or what you saw in the quarter that caused that?

我只是想知道企業年金業務的形狀或您在本季度看到的情況是否導致了這種情況？

Thanks.

謝謝。

Thank you, Walter.

謝謝你，沃爾特。

No, as you pointed out we tend to look at it all up on our annuity business both contracted as well as the unearned and taken as a whole.

不，正如您指出的那樣，我們傾向於將這一切都放在我們的年金業務上，既包括承包的，也包括未賺取的和整體的。

We're obviously very pleased with what we're doing, we're pleased with the performance we've had with our customers, we're pleased with the renewal rates, we're pleased with the trend that we just talked about with SQL.

我們顯然對我們正在做的事情感到非常滿意，我們對我們與客戶的表現感到滿意，我們對續訂率感到滿意，我們對我們剛剛談到的趨勢感到滿意SQL。

I wouldn't highlight anything unusual there.

我不會在那裡強調任何不尋常的地方。

I would just add on that our enterprise agreement renewal rate was certainly within, if not at the higher end of our historical range.

我只想補充一點，我們的企業協議續訂率肯定在我們歷史範圍的上限之內，如果不是的話。

So, we feel really good about the execution of the sales force this quarter, and I think that, that definitely played out toward the end of the fiscal year.

因此，我們對本季度銷售隊伍的執行感覺非常好，我認為這肯定會在本財年末發揮作用。

Operator, next question please.

接線員，請下一個問題。

Phil Winslow with Credit Suisse.

瑞士信貸的菲爾·溫斯洛。

Another great quarter.

另一個很棒的季度。

Just want to focus back on the E&D division, you talk about relatively flattish revenue, you gave a lot of color on that in terms of the revenue contributions there, but when you think about the operating expenses, just the profitability of that business, what would you expect this coming fiscal year at this point in the cycle?

只是想回到研發部門，你談到相對平淡的收入，你在收入貢獻方面給出了很多顏色，但是當你考慮運營費用時，只是該業務的盈利能力，什麼在這個週期的這個階段，您會期待即將到來的財年嗎？

When I think about E&D, I feel really good about the evolution of the business model for the entertainment business.

當我想到 E&D 時，我對娛樂業商業模式的演變感覺非常好。

You have seen us really add the content partners that we have and grow the Xbox LIVE business.

您已經看到我們確實增加了我們擁有的內容合作夥伴並發展了 Xbox LIVE 業務。

So historically, the profitability has been largely sensitive to the console market and that is still a big piece of it.

所以從歷史上看，盈利能力在很大程度上對遊戲機市場很敏感，這仍然是其中很大一部分。

But as we broaden the business, we now are at different revenue streams and obviously the other thing I would say is with Halo 4 coming later this year, having a really hot first party title is always a great thing from a profit perspective.

但是隨著我們業務的拓寬，我們現在處於不同的收入來源，顯然我想說的另一件事是今年晚些時候推出的 Halo 4，從利潤的角度來看，擁有一個非常熱門的第一方遊戲總是一件好事。

So when I think about the business model going forward, I feel great about some of the content that's coming, I feel great about the subscription business with Xbox LIVE, and some of the access and discoverability we have with Kinect and Bing as well.

因此，當我考慮未來的商業模式時，我對即將推出的一些內容感覺很好，我對 Xbox LIVE 的訂閱業務以及我們對 Kinect 和 Bing 的一些訪問和可發現性感覺很好。

Operator, next question please.

接線員，請下一個問題。

Brent Thill with UBS.

瑞銀的布倫特希爾。

Good afternoon.

下午好。

Peter you have had really strong multi-year operating margin improvement in the server business, and I was curious if you could give us a sense of what you're seeing that is causing that, and how should we think about that going forward in terms of that trajectory?

彼得，您在服務器業務方面的多年營業利潤率提高非常強勁，我很好奇您能否讓我們了解您所看到的導致這種情況的原因，以及我們應該如何看待未來的發展那個軌跡？

Great question.

好問題。

As that business has really accelerated and shown great revenue growth, we're obviously getting the benefits of the scale that you get because a lot of the expenses are R&D expenses, and so we have really been able to improve those margins.

由於該業務確實加速並顯示出巨大的收入增長，我們顯然從您獲得的規模中受益，因為很多費用都是研發費用，因此我們確實能夠提高這些利潤率。

At the same time that we have been building out so both the public and private cloud assets as well.

與此同時，我們也一直在構建公共雲和私有云資產。

And as we talked about before, we're really encouraged by the trajectory of that business and we think there is continued head room from that perspective.

正如我們之前所說，我們對該業務的發展軌跡感到非常鼓舞，我們認為從這個角度來看還有持續的空間。

I would just add on, I think as when [Sachi] spoke at one of the conferences this past year, I think he just talked about the fact that our road map there is something that enterprises are really buying into because it is -- he used this term hybrid cloud and he talks about this is a strategy of working with enterprises to focus in their on-premise capability as well as their public cloud capability.

我想補充一下，我認為當 [Sachi] 在過去一年的一次會議上發言時，我認為他只是談到了這樣一個事實，即我們的路線圖有一些企業真正購買的東西，因為它是 - 他使用了混合雲這個術語，他談到這是與企業合作的一種策略，專注於他們的內部部署能力以及他們的公共雲能力。

And being able to offer the opportunity for people to manage that interchangeably.

並且能夠為人們提供交替管理的機會。

We really feel like we've got a unique set of capabilities there.

我們真的覺得我們在那裡擁有一套獨特的能力。

As Peter said, we have been making a lot of investment there, and you're really seeing that show up in our revenue growth.

正如彼得所說，我們一直在那裡進行大量投資，你真的看到了我們的收入增長。

Operator, next question please.

接線員，請下一個問題。

Kash Rangan with Merrill Lynch.

卡什蘭根與美林證券。

If the PC market -- if you were to include Windows OEM tablets as well and if Windows tablets really grow faster than conventional PCs, would you be able to stick to your comment that Windows revenue would grow in line with the PC market?

如果 PC 市場——如果你也包括 Windows OEM 平板電腦，並且如果 Windows 平板電腦真的比傳統 PC 增長得更快，你是否能夠堅持你的評論，即 Windows 收入將與 PC 市場同步增長？

Thank you.

謝謝你。

Let me take that.

讓我接受。

I think Peter talked about this a second ago.

我想彼得在一秒鐘前談到了這一點。

There's a whole bunch of moving pieces in there.

裡面有一大堆可動的碎片。

As he talked about, there's emerging markets that are growing faster than developed markets.

正如他所說，新興市場的增長速度快於發達市場。

There is a different price -- we have different prices in emerging markets than we do in developed markets.

價格不同——我們在新興市場的價格與在發達市場的不同。

There's also some upgrade revenue that will be -- that we would be recognizing during this year.

還有一些升級收入將是 - 我們將在今年確認。

I think Kash, to your point, there could be some tablet growth.

我認為 Kash，就您的觀點而言，平板電腦可能會有所增長。

To be honest, it could grow faster, but at the same time the best estimates that we have is that we are going to grow in line with all the information that we have available.

老實說，它可能會增長得更快，但與此同時，我們擁有的最佳估計是，我們將根據我們現有的所有信息增長。

Thank you Bill.

謝謝比爾。

Operator, next question please.

接線員，請下一個問題。

John DiFucci with JPMorgan.

摩根大通的約翰迪福奇。

My question has to do with the server and tools business.

我的問題與服務器和工具業務有關。

When I back into what the transactional business did, I guess the question is did it decline this quarter, and when I look at the guidance you are giving, Peter, why would the transactional business slightly lag the hardware market?

當我回到交易業務所做的事情時，我想問題是本季度它是否有所下降，當我查看您提供的指導時，彼得，為什麼交易業務會略微落後於硬件市場？

I think that implies that you are losing share and I don't think that's what's happening out there.

我認為這意味著你正在失去份額，我認為這不是正在發生的事情。

Can you help a little bit with this?

你能幫一點忙嗎？

Yes, you're right.

你是對的。

It is not losing share but it's transitioning into the multi-year licensing business for both Windows server and SQL Server.

它並沒有失去份額，而是正在過渡到 Windows 服務器和 SQL Server 的多年許可業務。

That's really what we're seeing, and Bill gave you some of the numbers when he was talking about some of the growth in SQL Server revenue and just all out multi-year licensing business for the server and tools business.

這確實是我們所看到的，Bill 在談到 SQL Server 收入的一些增長以及服務器和工具業務的多年許可業務時，向您提供了一些數字。

It's really just a mix to the multi-year business which we love, because it's people making longer term commitments to the platform.

這實際上只是我們喜愛的多年業務的混合體，因為人們對該平台做出了長期承諾。

So these are people that had been buying transactional that are moving to multi-year?

那麼這些人一直在購買正在轉向多年的交易嗎？

Because it sounded a little bit like they were large enterprises that might have been shifting and buying more Windows than they would have bought other stuff in the past?

因為這聽起來有點像他們是大型企業，可能已經轉移併購買了比過去購買其他產品更多的 Windows？

In general, in total, when people are buying new server and tools products, they're more often going to multi-year licensing agreements than transaction where that was not as much of the case in the past.

一般來說，總的來說，當人們購買新的服務器和工具產品時，他們更經常地簽訂多年許可協議，而不是過去不那麼頻繁的交易。

Operator, next question please.

接線員，請下一個問題。

Brendan Barnicle with Pacific Crest.

Brendan Barnicle 與 Pacific Crest。

Thanks so much guys, you mention that in SQL Server 2012 you are going to have Hadoop support, I was wondering if you could give us any more details on what you're planning there and what we might look for in terms of functionality that is going to be enhanced with the Hadoop support addition?

非常感謝大家，您提到在 SQL Server 2012 中您將獲得 Hadoop 支持，我想知道您是否可以向我們提供更多詳細信息，說明您在那裡計劃的內容以及我們可能會在功能方面尋找什麼將通過添加 Hadoop 支持得到增強？

You know Brendan, neither Peter nor I are technically savvy enough to offer a great answer on that one.

你知道布倫丹，彼得和我都沒有足夠的技術知識來提供一個很好的答案。

But we're happy to get somebody from the server and tools business who can go deep on the technology and we would love to talk about what we are doing around that and certainly arrange a follow up call with you in the future.

但是我們很高興從服務器和工具業務中找到可以深入研究該技術的人，我們很樂意談論我們正在做的事情，並且將來肯定會安排與您的後續電話。

Thanks for the question and we will follow up with you.

感謝您的提問，我們將與您聯繫。

Next question please.

請下一個問題。

Raimo Lenschow with Barclays.

Raimo Lenschow 與巴克萊銀行。

Going back to Adam's question at the beginning if you think about the timing of the Windows 8 launch and the impact it has on the financials, is there anything that we should think differently this time, given that you have new form factors, the tablets are coming in, your OEM partners still need to come up.

回到亞當一開始的問題，如果您考慮 Windows 8 發布的時間以及它對財務的影響，這次我們應該有什麼不同的想法，因為您有新的外形，平板電腦是進來，您的OEM合作夥伴仍然需要上來。

If you try to model the financial impact do we need to be aware of a slight delay there compared to previous cycles?

如果您嘗試對財務影響進行建模，我們是否需要意識到與之前的周期相比有輕微的延遲？

Thanks.

謝謝。

I would refer you to the guidance that I gave when we look forward, and the general answer would be like in previous launches, we are incredibly excited about the capabilities, probably actually more excited about what we're doing with Windows 8 and reimagining with what you can do with Windows.

我會向您推薦我在展望未來時提供的指導，一般的答案就像在以前的發布中一樣，我們對這些功能感到非常興奮，實際上可能對我們使用 Windows 8 所做的事情以及重新構想更興奮你可以用 Windows 做什麼。

And in particular what we are doing, what our OEM partners are doing to deliver really cool devices and really exciting form factors.

尤其是我們正在做什麼，我們的 OEM 合作夥伴正在做什麼來提供非常酷的設備和非常令人興奮的外形。

The general answer is no, we're probably more excited about this launch than any launch in a long time.

一般的答案是否定的，我們對這次發布可能比長期以來的任何發布都更興奮。

Operator, next question please.

接線員，請下一個問題。

Colin Gillis with BGC Financial.

BGC Financial 的 Colin Gillis。

I just want to follow up on the transition from transactional to long term agreements and also the success of the renewals.

我只想跟進從交易協議到長期協議的過渡以及續訂的成功。

Could you give us a few factors for this?

你能給我們一些因素嗎？

Is this product road map, is it cost savings?

這個產品路線圖，是不是節省了成本？

Thank you.

謝謝你。

It is actually all of those things.

實際上就是所有這些東西。

Certainly the product road map and the new capabilities that we have across the board, whether that is system center 2012 and SQL Server 2012 which is now, and what is coming in Windows server later this year, as well as the public private cloud story, which really, really resonates.

當然是產品路線圖和我們全面擁有的新功能，無論是現在的 System Center 2012 和 SQL Server 2012，還是今年晚些時候 Windows Server 中的新功能，以及公共私有云的故事，這真的，真的引起了共鳴。

What people are investing in is that road map, because they see where they are going long term, and they are partnering with us to get where they need to get long term through the increased capabilities in our technology.

人們正在投資的是路線圖，因為他們看到了他們的長期發展方向，並且他們正在與我們合作，通過我們技術的增強能力獲得他們需要長期獲得的地方。

And I would add that total cost of ownership does play a big piece of that, particularly on the SQL side.

我還要補充一點，總擁有成本確實起到了很大的作用，尤其是在 SQL 方面。

Congratulations.

恭喜。

Thanks.

謝謝。

Operator next question please.

請接線員下一個問題。

Ed Maguire with CLSA.

里昂證券的埃德·馬奎爾。

I would like to come back to server and tools you mentioned Lync was growing 45%.

我想回到你提到的服務器和工具，Lync 增長了 45%。

What's behind that?

這背後是什麼？

Is it competitive wins or new implementations or attached in multi-component deals and also if you could address the impact of some of the licensing changes on the growth in SQL Server?

是競爭性的勝利還是新的實施或附加在多組件交易中，以及您是否可以解決某些許可更改對 SQL Server 增長的影響？

Thank you.

謝謝你。

Let me start with Lync.

讓我從 Lync 開始。

And I will try to contain myself because I just love Lync.

我會盡量控制自己，因為我只是喜歡 Lync。

The reason it is growing so fast is because of the capabilities that it provides, as well as cost savings it provides for companies.

它增長如此之快的原因是它提供的功能以及它為公司提供的成本節約。

It is really compelling.

這真的很令人信服。

And it really resonates well with customers.

它確實引起了客戶的共鳴。

It is a lot of new implementation.

這是很多新的實現。

Some of it's competitive, some of it is new applications that people think of, really reimagining how communications happens.

其中一些是有競爭力的，其中一些是人們想到的新應用程序，真正重新構想了通信的發生方式。

We're really excited -- this is one place where Skype acquisition plays in and what we showed a little bit this week with how we are really reimagining communications broadly for all of our customers.

我們真的很興奮——這是收購 Skype 的一個地方，我們本週展示了我們如何真正為所有客戶重新廣泛地重新構想通信。

And that story really resonates very well.

這個故事真的很能引起共鳴。

It's very easy to sell, it's very easy to see, the capabilities are very easy to show.

它很容易銷售，很容易看到，功能也很容易展示。

So, that's just a great product, a great set of capabilities, a great value proposition for CIOs and end users alike.

因此，這只是一款出色的產品、一組出色的功能、對 CIO 和最終用戶等人來說是一個巨大的價值主張。

And as Bill said, we think unified communication is a really big market opportunity for us and we have thought that for a long time and we are really starting to see it with this version of Lync and what we're doing going forward.

正如比爾所說，我們認為統一通信對我們來說是一個非常大的市場機會，我們已經考慮了很長時間，並且我們真的開始看到這個版本的 Lync 以及我們正在做的事情。

Operator next question please.

請接線員下一個問題。

Gregg Moskowitz with Cowen.

格雷格莫斯科維茨和考恩。

The premium mix went down 6 points sequentially and was lower than we have seen in a while.

溢價組合連續下降 6 個點，低於我們一段時間以來的水平。

Just wondering if you think a fair amount of this was perhaps driven by the Windows 8 program, where users can pay one price to upgrade regardless of what Win 7 SKU that they buy or was it due to emerging markets and other factors?

只是想知道您是否認為這其中很大一部分可能是由 Windows 8 程序驅動的，用戶可以支付一個價格來升級，無論他們購買什麼 Win 7 SKU 還是由於新興市場和其他因素？

Mostly emerging markets.

主要是新興市場。

You are right about that.

你是對的。

Operator, next question please.

接線員，請下一個問題。

This will be our last question.

這將是我們的最後一個問題。

Brad Reback with Stifel Nicolaus

Brad Reback 與 Stifel Nicolaus

Peter you talked about CapEx being about $3 billion, it's been running at about $2.3 billion the last couple of years, so about a 30% increase.

彼得，您談到資本支出約為 30 億美元，過去幾年一直在 23 億美元左右，因此增長了 30%。

What's that predominantly related to?

主要跟什麼有關？

Mostly related to the increase in our cloud businesses across the board.

主要與我們的雲業務全面增長有關。

Some, we are getting good adoption and acceleration so it's a little bit of an increase related across the board, Azure, Office 365, capacity.

一些，我們得到了很好的採用和加速，所以它與 Azure、Office 365、容量相關的全面增加了一點。

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

太好了，這將結束我們今天財報電話會議的問答部分。

We hope you all have a great summer, we look forward to seeing many of you at the numerous conferences in which we will be participating this quarter.

我們希望你們都有一個美好的夏天，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 in person, you will be able to follow our comments at Microsoft.com/investor.

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

Please contact us if you need any additional details.

如果您需要任何其他詳細信息，請與我們聯繫。

Thanks again for joining the call today and have a great day.

再次感謝您今天加入電話會議，祝您有美好的一天。

Thank you for your participation on today's call.

感謝您參與今天的電話會議。

You may disconnect at this time.

此時您可以斷開連接。