微軟 (MSFT) 2013 Q1 法說會逐字稿

;>> Operator Welcome to Microsoft 's fiscal year 2013 first quarter earnings conference call.

;>> Operator 歡迎參加微軟 2013 財年第一季度財報電話會議。

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

在問答環節之前，所有線路都處於只聽模式。

Today's call is being recorded.

今天的電話正在錄音。

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

如果有人有任何異議，您可以此時斷開連接。

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

我現在想將電話轉給投資者關係總經理 Bill Koefoed。

Bill, you may begin.

比爾，你可以開始了。

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

感謝 Gabrielle，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.

今天和我一樣，首席財務官 Peter Klein 和首席會計官 Frank Brod；和副總法律顧問 John Seethoff。

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

在我們的網站 www.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對賬。

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 $1.2 billion revenue deferral related to the Windows Upgrade Offer and Windows 8 presales to OEMs and the $189 million revenue deferral primarily related to the Office Offer.

除非另有說明，本季度所有受影響的數字均已針對與 Windows 升級優惠和 Windows 8 預售給 OEM 相關的 12 億美元收入遞延以及主要與 Office 優惠相關的 1.89 億美元收入遞延進行了調整。

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, in the transcript, and any future use of the recording.

如果您提出問題，它將包含在我們的實時傳輸、成績單以及錄音的任何未來使用中。

You can replay the call and view the transcript at the Microsoft investor relations website until October 18, 2013.

在 2013 年 10 月 18 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 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，即對未來事件的預測、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, 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 表格的風險因素部分以及其他報告和提交給證券公司的文件中討論的因素，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 statement.

我們不承擔更新任何前瞻性陳述的義務。

Okay?

好的？

And with that I'll turn the call over to Peter.

有了這個，我會把電話轉給彼得。

Thanks, Bill, and thanks, everyone for joining us.

謝謝比爾，謝謝大家加入我們。

Our first quarter revenue was flat year-over-year at $17.4 billion reflecting solid growth in multi-year licensing but a slowdown in transactional revenue.

我們第一季度的收入與去年同期持平，為 174 億美元，反映了多年許可的穩健增長，但交易收入放緩。

Our transactional revenue, which includes our OEM business, was impacted by a challenging PC market, normal purchasing slowdowns in advance of upcoming product launches and tough economic conditions, particularly in Europe.

我們的交易收入（包括我們的 OEM 業務）受到充滿挑戰的 PC 市場、即將推出的產品之前的正常採購放緩以及嚴峻的經濟狀況（尤其是在歐洲）的影響。

This impact was offset by growth in multi-year licensing revenue which benefited from healthy renewals of enterprise agreements as customers continued to make long term commitments to the Microsoft platform.

這種影響被多年許可收入的增長所抵消，該收入受益於企業協議的健康續訂，因為客戶繼續對 Microsoft 平台做出長期承諾。

Our productivity and infrastructure offerings remain a top priority for CIOs.

我們的生產力和基礎設施產品仍然是 CIO 的首要任務。

In productivity, our collaboration and communication solutions continued to perform well with double-digit revenue growth this quarter.

在生產力方面，我們的協作和通信解決方案繼續表現良好，本季度收入實現兩位數增長。

In the data center, our virtualization capabilities and hybrid cloud scenarios are enabling enterprises to move to the modern data center on their term.

在數據中心，我們的虛擬化能力和混合雲場景使企業能夠按期遷移到現代數據中心。

And on the data platform we are well positioned to take share as customers increasingly turn to SQL Server 2012 for their mission critical workloads and Business Intelligence needs.

在數據平台上，隨著客戶越來越多地轉向 SQL Server 2012 來滿足他們的關鍵任務工作負載和商業智能需求，我們已經做好了分得一杯羹的準備。

As part of our ongoing focus to increase the overall value we bring to our customers we are enhancing our unique hybrid IT capabilities with targeted acquisitions like StorSimple and PhoneFactor.

作為我們持續關注增加我們為客戶帶來的整體價值的一部分，我們正在通過有針對性的收購（如 StorSimple 和 PhoneFactor）來增強我們獨特的混合 IT 能力。

Acquisitions of industry leading solutions like these accelerate our ability to help CIOs better manage their environments.

收購此類行業領先的解決方案可加快我們幫助 CIO 更好地管理其環境的能力。

As I mentioned earlier, the PC market was challenged this quarter.

正如我之前提到的，PC 市場在本季度受到了挑戰。

In addition to a tough economic environment and competitive pressures, OEMs drew down their Windows 7 inventory as they began the transition to Windows 8. Our partners are building an incredible breadth of hardware.

除了嚴峻的經濟環境和競爭壓力之外，OEM 在開始向 Windows 8 過渡時減少了他們的 Windows 7 庫存。我們的合作夥伴正在構建令人難以置信的硬件範圍。

To date, we have certified over 1,000 unique Windows 8 systems, including beautiful new tablets, convertibles, laptops and all-in-ones and there will be more to come.

迄今為止，我們已經認證了 1,000 多個獨特的 Windows 8 系統，包括漂亮的新平板電腦、敞篷車、筆記本電腦和一體機，而且還會有更多。

As I look at where we are, we have kicked off the largest launch wave in our history, and in a 12 month period we will have refreshed nearly all of our major products.

當我看到我們所處的位置時，我們已經開始了我們歷史上最大的發布浪潮，在 12 個月的時間裡，我們將更新幾乎所有的主要產品。

With these launches you are seeing the investments we've made over a number of years converge, and more importantly, you are seeing us execute on our commitment to deliver devices and services that people love and businesses need.

通過這些發布，您將看到我們多年來所做的投資正在融合，更重要的是，您將看到我們履行了提供人們喜愛和企業需要的設備和服務的承諾。

Whether we build our own devices as we have chosen to do with Xbox and Surface, or work with our partners to develop stunning new Windows devices, we will continue to offer consumers and businesses wide ranging choices, so that every user can get exactly what they want at the price that is right for them.

無論是像我們選擇使用 Xbox 和 Surface 一樣構建自己的設備，還是與我們的合作夥伴合作開發令人驚嘆的新 Windows 設備，我們都將繼續為消費者和企業提供廣泛的選擇，以便每個用戶都能獲得他們想要的東西想要以適合他們的價格。

With Windows 8 and our cloud services, we will delight users with an integrated experience across their devices.

借助 Windows 8 和我們的雲服務，我們將為用戶提供跨設備的集成體驗。

Right out of the box, Windows customers will be connected to unique communications, productivity and entertainment services from both Microsoft and our partners.

開箱即用，Windows 客戶將連接到 Microsoft 和我們的合作夥伴提供的獨特的通信、生產力和娛樂服務。

Services like SkyDrive, which allows users to store and manage their data online, or the recently announced Xbox Music, which brings entertainment to the forefront, users can access their content seamlessly from any device at any time.

SkyDrive 等服務允許用戶在線存儲和管理他們的數據，或者最近發布的 Xbox Music 將娛樂帶到了最前沿，用戶可以隨時從任何設備無縫訪問他們的內容。

With the new Office, which will be made available in the coming months, we will enable productivity scenarios that take full advantage of the hardware coming to market, including new mobile form factors with touch and pen capabilities.

借助將在未來幾個月內推出的新 Office，我們將啟用充分利用即將上市的硬件的生產力方案，包括具有觸控和筆功能的新移動外形尺寸。

And with Skype, Yammer and other services we put social directly into productivity and collaboration.

通過 Skype、Yammer 和其他服務，我們將社交直接融入生產力和協作中。

Within the enterprise, CIOs are using technology to drive their business strategy forward, whether it's making employees more productive, unlocking key business insights, or managing a growing number of devices, we are uniquely positioned to address their needs.

在企業內部，CIO 正在使用技術來推動他們的業務戰略向前發展，無論是提高員工的工作效率、解鎖關鍵業務洞察力，還是管理越來越多的設備，我們都具有獨特的優勢來滿足他們的需求。

Our products are scalable and flexible and provides the lowest total cost of ownership.

我們的產品具有可擴展性和靈活性，並提供最低的總擁有成本。

As we enter this new era at Microsoft, there's incredible opportunity for our partners, developers and customers, and we are well positioned for sustained profit growth in the future.

隨著我們在 Microsoft 進入這個新時代，我們的合作夥伴、開發人員和客戶都面臨著難以置信的機會，我們為未來的持續利潤增長做好了準備。

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

帶著這些想法，我將把它交還給比爾，以了解更多關於我們業績的細節，然後我會回來就我們對 2013 年第二季度和整個財年的展望提供一些想法。

Thanks, Peter.

謝謝，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 flat at $17.4 billion.

本季度收入持平於 174 億美元。

Operating income was $6.7 billion, down 7%.

營業收入為 67 億美元，下降 7%。

Earnings per share was $0.65, a decline of 4%.

每股收益為 0.65 美元，下降 4%。

Cash flow from operations was roughly flat at $8.5 billion.

運營現金流大致持平，為 85 億美元。

Foreign exchange had a $257 million or 2 percentage point negative impact to revenue this quarter, but the impact to net income was immaterial.

外匯對本季度的收入產生了 2.57 億美元或 2 個百分點的負面影響，但對淨收入的影響並不重大。

From a geographic perspective, this quarter we saw tough conditions in Europe where revenue declined mid-single digits.

從地域的角度來看，本季度我們看到歐洲形勢嚴峻，收入下降了中個位數。

In emerging markets, PCs were roughly flat, a significant deceleration from the growth rates we had been seeing previously.

在新興市場，個人電腦大致持平，與我們之前看到的增長率相比顯著減速。

Our enterprise business in emerging markets continued its double-digit revenue growth.

我們在新興市場的企業業務繼續保持兩位數的收入增長。

When looking at our revenue mix, consumer and business transactional revenue declined, which is typical ahead of launches.

在查看我們的收入組合時，消費者和商業交易收入下降，這是發布前的典型情況。

Multi-year licensing revenue remained strong with 15% growth representing roughly 45% of our total revenue for the quarter.

多年許可收入保持強勁增長 15%，約占我們本季度總收入的 45%。

When adjusted for the $1.9 billion cumulative impact of the Windows and Office revenue deferrals, unearned revenue was $17.7 billion, up 13%.

對 Windows 和 Office 收入延期的 19 億美元累積影響進行調整後，未實現收入為 177 億美元，增長 13%。

Our contracted not billed balance was roughly $20 billion.

我們的合同未開票餘額約為 200 億美元。

Now let's move on to the PC market.

現在讓我們進入 PC 市場。

We saw the overall PC market decline this quarter in advance of the launch of Windows 8 and in part due to competitive pressures and the challenging macroeconomic climate I noted earlier.

在 Windows 8 發布之前，我們看到本季度整體 PC 市場下滑，部分原因是競爭壓力和我之前提到的具有挑戰性的宏觀經濟環境。

Business outperformed Consumer, and emerging markets outpaced developed markets although at a reduced rate.

業務表現優於消費者，新興市場跑贏發達市場，但增速有所下降。

Moving to the results for the Windows Division, revenue declined 9% and lagged to the PC market due to OEM inventory drawdown prior to the Windows 8 launch and the ASP dynamics of emerging markets relative to developed markets.

轉向 Windows 部門的結果，由於 Windows 8 發布前 OEM 庫存下降以及新興市場相對於發達市場的 ASP 動態，收入下降了 9% 並落後於 PC 市場。

We have discontinued the bridge to the PC market as Windows 8 will be a platform across a broad set of form factors.

我們已停止連接 PC 市場，因為 Windows 8 將成為跨多種外形尺寸的平台。

As we go forward, we will provide updated information and metrics about our business performance in the new context.

隨著我們的前進，我們將提供有關我們在新環境中的業務績效的更新信息和指標。

The shape of Windows revenue this quarter was nonlinear as revenues slowed down dramatically in the first two months driven by the weak PC market dynamics.

本季度 Windows 收入的形狀是非線性的，因為在 PC 市場動態疲軟的推動下，前兩個月收入急劇放緩。

Revenue accelerated in September as OEMs started to build up for Windows 8 launch demand.

隨著 OEM 開始為 Windows 8 發布需求做準備，收入在 9 月份加速增長。

Windows 8 OEM presales revenue was roughly $800 million, approximately 40% higher than Windows 7 presales revenue in the comparable launch quarter.

Windows 8 OEM 預售收入約為 8 億美元，比可比發布季度的 Windows 7 預售收入高出約 40%。

This quarter volume licensing revenue grew double digits and our Windows 7 enterprise deployments continued to grow, though at a slower rate than last quarter.

本季度批量許可收入增長了兩位數，我們的 Windows 7 企業部署繼續增長，但增速低於上一季度。

On Tuesday we announced pricing, market availability and opened preorders for Surface.

週二，我們公佈了 Surface 的定價、市場可用性和開放預購。

Next week, on October 26, we will launch Windows 8 and Surface.

下週，即 10 月 26 日，我們將推出 Windows 8 和 Surface。

With the modern interface, ability to support multiple form factors and a rich platform to build apps, Windows 8 opens up significant opportunities for partners, developers and customers.

憑藉現代化的界面、支持多種外形尺寸的能力以及構建應用程序的豐富平台，Windows 8 為合作夥伴、開發人員和客戶開闢了重要機遇。

Now I'll move on to the Microsoft Business Division where revenue grew 1%.

現在我將轉到收入增長 1% 的 Microsoft 業務部門。

Business revenue grew 3%, and within that, multi-year licensing revenue grew 8%.

業務收入增長 3%，其中多年許可收入增長 8%。

Reflecting the PC market dynamics, consumer revenue declined 8%.

反映個人電腦市場動態的消費者收入下降了 8%。

Last week we released to manufacturing the new Office and announced that it will be generally available in the third quarter of fiscal year 2013.

上週我們發布了新的 Office，並宣布它將在 2013 財年第三季度全面上市。

The new Office has a fresh look and touch friendly interface that lights up on Windows 8 devices.

新的 Office 具有全新的外觀和触摸友好的界面，可在 Windows 8 設備上點亮。

Since the customer preview in July, millions of people have downloaded the preview or signed up for the service and we feel great about the feedback and positive response from users.

自 7 月份的客戶預覽版以來，已有數百萬人下載了預覽版或註冊了該服務，我們對用戶的反饋和積極響應感到非常高興。

The new Office is also in the cloud and features social enterprise capabilities with SharePoint, Yammer and Skype.

新的 Office 也在雲中，並具有 SharePoint、Yammer 和 Skype 的社交企業功能。

It is our most comprehensive Office release ever.

這是我們有史以來最全面的 Office 版本。

Our productivity server offerings continue to perform well.

我們的生產力服務器產品繼續表現良好。

Exchange, SharePoint and Lync collectively grew double digits again this quarter.

Exchange、SharePoint 和 Lync 本季度再次以兩位數的速度增長。

Lync revenue grew at an impressive rate of over 40% as enterprises chose our unified communications platform for their communication and collaboration needs.

由於企業選擇我們的統一通信平台來滿足他們的通信和協作需求，Lync 的收入以超過 40% 的驚人速度增長。

Dynamics revenue grew mid-single digits, and within that, Dynamics CRM revenue grew over 30%.

Dynamics 收入增長了中個位數，其中 Dynamics CRM 收入增長了 30% 以上。

This quarter we announced key milestones to our ERP portfolio with updates to Dynamics GP and NAV.

本季度，我們宣布了 ERP 產品組合的關鍵里程碑，並更新了 Dynamics GP 和 NAV。

Both these releases delivered great value to customers and partners through faster and more efficient implementations and compelling application functionality.

這兩個版本都通過更快、更高效的實施和引人注目的應用程序功能為客戶和合作夥伴帶來了巨大的價值。

Now let's move to Server and Tools which posted another solid quarter with over 20% bookings growth and 8% revenue growth.

現在讓我們轉向服務器和工具，它發布了另一個穩健的季度，預訂量增長超過 20%，收入增長 8%。

Enterprise Services grew 13% and multi-year licensing revenue grew 19% driven by new customers who are investing in our product wave.

在投資於我們產品浪潮的新客戶的推動下，企業服務增長了 13%，多年許可收入增長了 19%。

Transactional revenue declined this quarter, driven in part by a slower server hardware market and customers switching to multi-year licensing.

本季度交易收入下降，部分原因是服務器硬件市場放緩和客戶轉向多年許可。

In the data center we are seeing strong adoption of our platform across cloud, on-premise and hybrid scenarios.

在數據中心，我們看到我們的平台在雲、本地和混合場景中得到廣泛採用。

System Center revenue grew more than 20% and we launched Windows Server 2012 in September with increased management and virtualization capabilities.

System Center 收入增長超過 20%，我們在 9 月推出了具有增強管理和虛擬化功能的 Windows Server 2012。

Customers like Acer, Equifax and Volkswagen Financial Services are already using its robust set of technologies and features, including network virtualization, live migration and continuous availability.

Acer、Equifax 和 Volkswagen Financial Services 等客戶已經在使用其強大的技術和功能集，包括網絡虛擬化、實時遷移和持續可用性。

We continue to gain virtualization share as customers like Pella and the City of Barcelona switch from VMWare to Hyper-V at System Center have to build private clouds with increased efficiencies and higher savings.

隨著 Pella 和巴塞羅那市等客戶在 System Center 從 VMWare 切換到 Hyper-V，我們繼續獲得虛擬化份額，他們必須以更高的效率和更高的成本構建私有云。

In the public cloud we continued the pace of innovation and announce the release preview of Windows Azure Mobile Services which connects Windows 8 apps to the cloud back end hosted in Windows Azure.

在公共雲中，我們繼續創新步伐並宣布發布 Windows Azure 移動服務預覽版，它將 Windows 8 應用程序連接到 Windows Azure 中託管的雲後端。

As Peter mentioned, over the past few weeks we announced the acquisitions of StorSimple and PhoneFactor which will enhance our position in data storage and device management.

正如彼得所提到的，在過去的幾周里，我們宣布收購 StorSimple 和 PhoneFactor，這將提升我們在數據存儲和設備管理方面的地位。

In our Data Platform business SQL Server revenue continued to grow double digits.

在我們的數據平台業務中，SQL Server 收入繼續以兩位數增長。

SQL Server premium revenue grew more than 20% as customers continued to deploy it for their mission critical workloads and Business Intelligence needs.

隨著客戶繼續為其關鍵任務工作負載和商業智能需求部署 SQL Server，其溢價收入增長了 20% 以上。

By combining the power of SQL Server, SharePoint and Office, CIOs can create scalable self-service BI platforms.

通過結合 SQL Server、SharePoint 和 Office 的強大功能，CIO 可以創建可擴展的自助式 BI 平台。

Users can leverage these platforms to analyze and interact with data in bold new ways, make realtime decisions and gain insights from big data.

用戶可以利用這些平台以大膽的新方式分析數據並與之交互，做出實時決策並從大數據中獲得洞察力。

We are seeing how SQL Server 2012 has raised the bar and positioned us to grow faster than the competition.

我們看到 SQL Server 2012 如何提高標準並使我們的發展速度超過競爭對手。

Next I will move on to the Online Services Division where revenue grew 9%.

接下來我將轉到收入增長 9% 的在線服務部門。

Online advertising revenue was up 15%, driven primarily by rate improvement in search, offset in part by a decline in display revenue.

在線廣告收入增長 15%，主要受搜索率提高的推動，但部分被展示收入下降所抵消。

Operating performance improved by $150 million or 29%.

經營業績提高了 1.5 億美元或 29%。

Increasingly users are finding better search results at Bing.

越來越多的用戶在 Bing 上找到更好的搜索結果。

In blind tests nearly two in three users chose Bing's web search results over Google's results, and over 10 million users have visited the Bing It On Challenge where they can compare Bing and Google head on.

在盲測中，近三分之二的用戶選擇了 Bing 的網絡搜索結果而不是 Google 的結果，超過 1000 萬用戶訪問了 Bing It On 挑戰賽，他們可以直接比較 Bing 和 Google。

In the Entertainment and Devices Division revenue declined 1%.

娛樂和設備部門的收入下降了 1%。

While the console market was tough, Xbox maintained its strong share and had 49% of the US market for the quarter.

雖然主機市場很艱難，但 Xbox 保持了強勁的份額，在本季度佔據了美國市場 49% 的份額。

This holiday season we have a great lineup of games headlined by Forza Horizon and Halo 4 and complemented by a rich catalog of Kinect games.

在這個假日季，我們推出了以 Forza Horizon 和 Halo 4 為主角的精彩遊戲陣容，並輔以豐富的 Kinect 遊戲目錄。

We continued to see strength in Xbox LIVE where membership grew over 15%.

我們繼續看到 Xbox LIVE 的實力，會員人數增長超過 15%。

This week we announced Xbox Music which leverages the cloud to integrate the music experience across the tablet, PC, phone and TV and has a worldwide catalog of over 30 million songs.

本週我們發布了 Xbox Music，它利用雲來整合平板電腦、PC、手機和電視的音樂體驗，並擁有超過 3000 萬首歌曲的全球目錄。

Xbox Music is the most comprehensive service available.

Xbox Music 是最全面的服務。

It provides users unlimited streaming music on Windows devices, lets them play music based on similar artists and styles, and allows them to purchase songs and albums.

它在 Windows 設備上為用戶提供無限的流媒體音樂，讓他們播放基於相似藝術家和風格的音樂，並允許他們購買歌曲和專輯。

There's no other music service out there today that matches the capabilities of Xbox Music.

目前沒有其他音樂服務可以與 Xbox Music 的功能相匹配。

We are excited about the upcoming launch of Windows Phone 8. We have a strong device lineup and breadth of operators across key markets.

我們對即將推出的 Windows Phone 8 感到興奮。我們在主要市場擁有強大的設備陣容和廣泛的運營商。

We will share more about Windows Phone 8 at our event on October 29.

我們將在 10 月 29 日的活動中分享更多關於 Windows Phone 8 的信息。

Moving on to Skype.

繼續使用 Skype。

This quarter 120 billion minutes of calls were made on the Skype network, an increase of 58%.

本季度 Skype 網絡通話時長為 1200 億分鐘，同比增長 58%。

We continue to make progress with the integration of Skype into our portfolio of products and have announced the upcoming federation between Lync and Skype which will allow users to access their contacts through a common interface.

我們在將 Skype 集成到我們的產品組合方面繼續取得進展，並宣布即將在 Lync 和 Skype 之間建立聯盟，這將允許用戶通過通用界面訪問他們的聯繫人。

Skype is also central to communications in the new Office, and Skype calling is included in the upcoming Office 365 subscription service.

Skype 也是新 Office 中通信的核心，Skype 通話包含在即將推出的 Office 365 訂閱服務中。

I will now cover the remainder of the income statement and share some expectations going forward.

我現在將介紹損益表的其餘部分，並分享一些未來的預期。

Cost of goods sold increased 10%, primarily due to Nokia platform payments, inclusion of Skype costs, growth in cloud infrastructure and Enterprise Services.

銷售成本增加了 10%，主要是由於諾基亞平台支付、Skype 成本、雲基礎設施和企業服務的增長。

As we look forward, excluding Surface, we expect COGS to grow high single digits for the full fiscal year.

正如我們所期待的，不包括 Surface，我們預計 COGS 將在整個財年實現高個位數增長。

Operating expenses grew 2% to $6.5 billion.

運營費用增長 2% 至 65 億美元。

For the full fiscal year we are reaffirming our guidance for operating expenses of $30.3 billion to $30.9 billion.

對於整個財年，我們重申我們對 303 億美元至 309 億美元的運營費用的指導。

Other income this quarter was $226 million, driven by the gain from the MSNBC sale.

本季度的其他收入為 2.26 億美元，主要得益於 MSNBC 出售的收益。

Other income includes dividend and interest income, offset by interest expense and the net cost of hedging.

其他收入包括股息和利息收入，由利息費用和對沖淨成本抵消。

In the current low interest rate environment we expect these items to generally offset for the remainder of the year.

在當前的低利率環境下，我們預計這些項目將在今年剩餘時間內普遍抵消。

This quarter, our tax rate was approximately 19%.

本季度，我們的稅率約為 19%。

For the full fiscal year we expect our effective tax rate to be 19% to 21%.

對於整個財年，我們預計我們的有效稅率為 19% 至 21%。

Adjusting for the impact of the Windows Upgrade and Office offers, we expect unearned revenue will roughly follow historical sequential growth patterns for the second quarter.

調整 Windows 升級和 Office 優惠的影響後，我們預計未實現收入將大致遵循第二季度的歷史連續增長模式。

We expect capital expenditures for the full fiscal year to be roughly $3.5 billion.

我們預計整個財年的資本支出約為 35 億美元。

This quarter we returned $2.9 billion to shareholders in buyback and dividends and raised the dividend 15% to $0.92 per share annually.

本季度，我們以回購和股息的形式向股東返還了 29 億美元，並將股息每年提高 15% 至每股 0.92 美元。

Now I will turn it back to Peter for our revenue outlook

現在我將把它轉回給彼得了解我們的收入前景

Thanks, Bill.

謝謝，比爾。

For the remainder of the call I'll discuss our revenue expectations for the second quarter and full fiscal year 2013.

在接下來的電話會議中，我將討論我們對 2013 年第二季度和整個財年的收入預期。

Starting with Server and Tools, product revenue, including transactional and multi-year licensing, is about 80% of the Division's total revenue and Enterprise Services is the remaining 20%.

從服務器和工具開始，包括交易和多年許可在內的產品收入約佔該部門總收入的 80%，而企業服務則是剩下的 20%。

As we noted last quarter, our customers are moving from transactional purchasing to premium products and multi-year licensing agreements.

正如我們上個季度所指出的，我們的客戶正在從交易購買轉向高級產品和多年許可協議。

We expect product revenues to grow high single digits for the second quarter and low double digits for the full fiscal year.

我們預計第二季度產品收入將增長高個位數，整個財年將增長低兩位數。

And we expect Enterprise Services revenue to grow low double digits for the second quarter and mid-teens for the full fiscal year.

我們預計第二季度企業服務收入將增長兩位數，整個財年將增長到十幾歲。

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 second quarter and full fiscal year.

在微軟業務部門的多年許可收入中，約佔該部門總收入的 60%，在第二季度和整個財年應該會增長兩位數。

Excluding the Office deferral, transactional revenue, which is the remaining revenue in the Division, should grow low single digits in the second quarter and mid-single digits for the full fiscal year.

不包括辦公室延期，作為該部門剩餘收入的交易收入在第二季度應該會增長低個位數，在整個財年應該會增長中個位數。

As a reminder, when updating your Q2 models, you should defer between $850 million and $950 million of revenue related to presales into the channel and the Office offer.

提醒一下，在更新 Q2 模型時，您應該將與預售相關的 8.5 億美元到 9.5 億美元的收入推遲到渠道和 Office 報價中。

Amounts deferred for presales will be recognized upon general availability, while amounts deferred through the Office offer will be recognized upon delivery, redemption, or the expiration of the program in the fourth quarter of fiscal year 2013.

預售的遞延金額將在全面上市時確認，而通過 Office 優惠遞延的金額將在 2013 財年第四季度計劃交付、贖回或到期時確認。

Moving on to Entertainment and Devices Division, while we have been maintaining our share leadership position, the console market continues to be challenged.

轉到娛樂和設備部門，雖然我們一直保持份額領先地位，但遊戲機市場繼續受到挑戰。

As a result, we expect revenue to decline low teens in the second quarter but to grow low single digits for the full fiscal year.

因此，我們預計第二季度收入將下降十幾歲，但整個財年將增長低個位數。

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。

For the second quarter and full fiscal year, we expect revenue growth to be consistent with the dynamics seen in the first quarter.

對於第二季度和整個財年，我們預計收入增長將與第一季度的動態一致。

In the Windows Division, as a reminder, second quarter growth will reflect the recognition of $800 million of revenue from first quarter presales, partially offset by roughly $100 million of additional deferred revenue related to the Windows Upgrade Offer.

提醒一下，在 Windows 部門，第二季度的增長將反映確認第一季度預售收入 8 億美元，部分被與 Windows 升級優惠相關的大約 1 億美元額外遞延收入所抵消。

Remember that the upgrade offer expires at the end of February, at which time we will recognize all remaining deferred revenue.

請記住，升級優惠將於 2 月底到期，屆時我們將確認所有剩餘的遞延收入。

Looking forward, we eagerly anticipate the launch of Windows 8. We are bringing a new range of capabilities and scenarios to Windows and with support of system-on-chip architecture, we are moving beyond the traditional PC to the widest range of Windows hardware we have ever seen.

展望未來，我們熱切期待 Windows 8 的發布。我們正在為 Windows 帶來一系列新的功能和場景，並且在片上系統架構的支持下，我們正在超越傳統 PC 向我們提供的最廣泛的 Windows 硬件見過。

New hardware will debut next week and will broaden over the coming months.

新硬件將於下週首次亮相，並將在未來幾個月內擴大。

With Windows 8, we are giving developers a modern platform on which they can build rich immersive apps unlike any the Windows ecosystem has seen.

借助 Windows 8，我們為開發人員提供了一個現代平台，他們可以在該平台上構建豐富的沉浸式應用程序，這與 Windows 生態系統所見的不同。

The Windows Store offers developers attractive financial terms and broad reach.

Windows 應用商店為開發人員提供有吸引力的財務條款和廣泛的覆蓋範圍。

With its grand opening next week, the Windows Store will have a strong lineup of apps.

隨著下週的盛大開幕，Windows Store 將擁有強大的應用程序陣容。

Just as with the hardware, the lineup of apps will become more robust over time.

就像硬件一樣，隨著時間的推移，應用程序的陣容將變得更加強大。

In addition to delivering Windows 8 next week, we will also launch Surface, designed to be the ultimate stage for Windows, Surface allows users to seamlessly transition between consumption and creation and is an example of the substantial innovation that is enabled by Windows 8. We are hard at work manufacturing the devices and will ramp production over time.

除了下週推出 Windows 8 外，我們還將推出 Surface，旨在成為 Windows 的終極舞台，Surface 允許用戶在消費和創作之間無縫轉換，是 Windows 8 帶來的實質性創新的一個例子。我們正在努力製造這些設備，並將隨著時間的推移提高產量。

October 26 only marks the beginning of a journey we will take together with our partners and developers.

10 月 26 日只是我們將與合作夥伴和開發人員一起踏上旅程的開始。

Our collective success will be evident over time as we change the way people experience the power of technology.

隨著時間的推移，隨著我們改變人們體驗技術力量的方式，我們的集體成功將顯而易見。

With that I'll turn the call over to Bill and we'll take some questions.

有了這個，我會把電話轉給比爾，我們會回答一些問題。

Thanks, Peter.

謝謝，彼得。

And with that Peter and I will take some questions.

彼得和我會回答一些問題。

We want to get questions from as many of you as possible.

我們希望從盡可能多的人那裡得到問題。

So please stick to just one question and avoid long or multi-part questions.

所以請堅持一個問題，避免冗長或多部分的問題。

Gabrielle, can you please go ahead and repeat your instructions.

加布里埃爾，你能繼續重複你的指示嗎？

Yes, of course.

是的當然。

(Operator Instructions)

（操作員說明）

Rick Sherlund, Nomura.

Rick Sherlund，野村。

Thanks, on the Windows and Windows Live Division there was no real guidance for the year.

謝謝，在 Windows 和 Windows Live 部門，這一年沒有真正的指導。

You just said you'd recognize all remaining deferred revenue.

你剛才說你會確認所有剩餘的遞延收入。

Can you just help us understand what the variables are that we should be thinking about, other than what the PC market grows at, and by PC market I think we need to define that as all Windows 8 compatible devices including tablets.

您能否幫助我們了解我們應該考慮的變量是什麼，而不是 PC 市場的增長點，以及 PC 市場，我認為我們需要將其定義為所有與 Windows 8 兼容的設備，包括平板電腦。

So, are there mix shift issues, the price you realize on a tablet versus a traditional notebook?

那麼，是否存在混合轉換問題，您在平板電腦上實現的價格與傳統筆記本電腦相比？

What are kind of the variables we should be thinking about in terms of how to model Windows and Windows Live revenues for the year?

在如何模擬 Windows 和 Windows Live 當年的收入時，我們應該考慮哪些變量？

Yes.

是的。

Thanks, Rick.

謝謝，瑞克。

That's exactly right.

這是完全正確的。

One of the exciting things about Windows 8 is how it really redefines how people think about devices and the experiences they get across those devices and up until now that sort of narrowly has been defined as PCs or tablets and customers have been forced to choose and make tradeoffs frankly of what they get.

Windows 8 令人興奮的事情之一是它如何真正重新定義人們對設備的看法以及他們在這些設備上獲得的體驗，到目前為止，這種狹隘的定義是個人電腦或平板電腦，客戶被迫選擇和製造坦率地權衡他們得到的東西。

With Windows 8 you can kind of get whatever you want at whatever price point you want.

使用 Windows 8，您可以以您想要的任何價位獲得任何您想要的東西。

So whether you want a convertible with touch and pen and integration with your line of business apps, whether you want a tablet for great information and communications and entertainment, whether you want a touch ultra book, all of those things come into play and all those things are available with Windows 8. And I think over time we're going to see how that plays out and that's the opportunity for us and it's really a factor of thinking about how all those are going to play against each other.

因此，無論您是想要一款帶觸控筆和触控筆並與您的業務線應用程序集成的敞篷車，您是否想要一款能夠提供出色信息、通信和娛樂的平板電腦，您是否想要一款觸控超極本，所有這些都將發揮作用。 Windows 8 提供了一些東西。我認為隨著時間的推移，我們將看到它是如何發揮作用的，這對我們來說是一個機會，它確實是考慮所有這些將如何相互對抗的一個因素。

Operator, next question, please.

接線員，請下一個問題。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Great, thanks.

太謝謝了。

Thanks, Bill and Peter.

謝謝，比爾和彼得。

Just to Rick's question a little bit more specifically, and I was on another call before this, so maybe you said it, but can you give us a sense of your expectations for Surface in the quarter, or if you can't do that, can you give us a sense for what preorders were thus far, just to give us a sense of how that's ramping out of the gate and what your expectations are for that?

只是針對 Rick 的問題更具體一點，在此之前我在另一個電話中，所以也許你說過，但是你能否告訴我們你在本季度對 Surface 的期望，或者如果你不能這樣做，您能否告訴我們到目前為止的預購情況，只是為了讓我們了解這是如何開始的以及您對此的期望是什麼？

Thanks, Heather.

謝謝，希瑟。

Right now we're focused on our launch both of Surface and Windows 8 next week.

目前，我們專注於下週推出 Surface 和 Windows 8。

So that's really what we're excited about and the opportunity to show people all the great devices, all the great capabilities, and so we're not talking about that now.

所以這真的是我們興奮的地方，也是向人們展示所有偉大設備、所有偉大功能的機會，所以我們現在不談論這個。

You know, as we mentioned on the call, we're working hard on production.

你知道，正如我們在電話會議上提到的，我們正在努力生產。

We're ramping production.

我們正在增加產量。

We're excited about what we've heard so far.

我們對迄今為止所聽到的感到興奮。

The feedback's been great.

反饋非常好。

The reviews have been really good and I think that demonstrates what we've been talking about that the capabilities and experiences that Windows 8 delivers across various form factors.

評論非常好，我認為這證明了我們一直在談論的內容，即 Windows 8 提供的各種外形尺寸的功能和體驗。

Operator, next question, please.

接線員，請下一個問題。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Hi.

你好。

Thanks, guys.

多謝你們。

I'm going to shift to the Servers and Tools business.

我將轉向服務器和工具業務。

The billings were a little bit better than we thought, but the recognized revenue in the forward guide was a little bit lighter than what we had been looking for and I just wanted to drill into some of the expectations for the forward guidance.

賬單比我們想像的要好一些，但前瞻性指南中確認的收入比我們一直在尋找的要少一些，我只是想深入了解對前瞻性指南的一些期望。

Are you assuming the transactional environment remains weak?

您是否假設交易環境仍然疲軟？

Do you still think you can outpace the transactional piece in terms of your Business, and what should we be thinking about in terms of the convergence of billings and recognized revenue?

您是否仍然認為您可以在業務方面超過交易部分，在賬單和確認收入的融合方面我們應該考慮什麼？

Thank you.

謝謝你。

Yes, thanks, Adam.

是的，謝謝，亞當。

What we are continuing to see is the migration from transaction revenue to multiyear licensing agreements, which is great because it's one of the things that is driving the Business, which is the vision we have for the roadmaps, the resonance that has with our customers, so they're making long term commitments to the platform.

我們繼續看到的是從交易收入到多年許可協議的轉變，這很好，因為這是推動業務發展的因素之一，這是我們對路線圖的願景，與客戶產生共鳴，所以他們對這個平台做出了長期的承諾。

So it's one of the reasons we gave you the bookings number and the multi-year licensing revenue number of 20 % and 19%, because that's what you're seeing.

因此，這是我們向您提供預訂數量和 20% 和 19% 的多年許可收入數量的原因之一，因為這就是您所看到的。

So as that's growing faster than the transactional you'll see the bookings and the backlog grow and the recognized will follow over time.

因此，隨著交易量的增長速度超過交易量，您會看到預訂量和積壓量的增長，並且隨著時間的推移，認可度也會隨之而來。

So that's really the thing to watch for in Server and Tools and we continue to be very bullish on that opportunity.

所以這確實是服務器和工具中值得關注的事情，我們繼續非常看好這個機會。

Across the board whether that's through Windows Server, System Center, what we're doing in the private cloud and public cloud and certainly with Sequel Server.

無論是通過 Windows Server、System Center，還是我們在私有云和公共雲中所做的一切，當然還有 Sequel Server。

So that trend that we're seeing in the migration to the multi-year licensing agreements is driving that Business both now and for the long term.

因此，我們在向多年許可協議的遷移中看到的這種趨勢正在推動這項業務，無論是現在還是長期。

Yes.

是的。

And just to build on that this is one of the strongest bookings quarters we've had in the last several years.

在此基礎上，這是我們過去幾年預訂量最高的季度之一。

So again, for a $19 billion business to have over 20% bookings growth we feel, obviously in addition, to all the products that have come so far this year I think we feel pretty excited about the opportunity in that Business.

再說一次，對於一家價值 190 億美元的企業，預訂量增長超過 20%，顯然，除了今年迄今為止推出的所有產品之外，我認為我們對該業務的機會感到非常興奮。

So thanks for asking that question.

所以謝謝你問這個問題。

Gabrielle, next question, please.

加布里埃爾，請下一個問題。

Mark Moerdler, Sanford Bernstein.

馬克·莫德勒，桑福德·伯恩斯坦。

Thank you.

謝謝你。

So question, given the slowdown in the PCs, how should we think about the change or what's going on in the Windows adoption processing?

那麼問題來了，鑑於個人電腦的放緩，我們應該如何看待這種變化或 Windows 採用過程中發生了什麼？

Are we seeing continuation at the current rate or is there some proportional slowdown in the rollout of Windows 7?

我們是否看到了當前速度的延續，或者 Windows 7 的推出是否有一些成比例的放緩？

We continue to see -- you're talking about enterprise adoption.

我們繼續看到 - 你在談論企業採用。

Right.

正確的。

We continue to see that grow this quarter although at a slower rate than we have in past quarters, but that opportunity remains very large.

我們繼續看到本季度的增長，儘管速度比過去幾個季度要慢，但這個機會仍然很大。

We're over 50% deployed and remember the end of life for XP is about a year and a half away.

我們已經部署了超過 50%，並且記住 XP 的生命週期結束大約需要一年半的時間。

So that remains a great opportunity for us, that we see continuing on.

所以這對我們來說仍然是一個很好的機會，我們認為它會繼續下去。

But it is slowing a bit?

但是速度有點慢？

It did this quarter.

本季度做到了。

It did, yes, this quarter, and it's a summer quarter, so I don't know that I would read too much into just one, one period.

是的，本季度確實如此，而且這是一個夏季季度，所以我不知道我會在一個時期內閱讀太多內容。

Gabrielle, next question, please.

加布里埃爾，請下一個問題。

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

Thanks.

謝謝。

Just to follow on with some launch weapons.

只是為了繼續使用一些發射武器。

So there's sort of two changes here to the business that we'll see going forward, one is the hardware piece in Windows and the other is what looks like a pretty big rampup on the retail side with some store presence.

因此，我們將看到未來的業務有兩種變化，一種是 Windows 中的硬件部分，另一種是零售方面看起來相當大的增長，並有一些商店存在。

Understanding that the latter is probably in your guidance, can you just remind us on the store side where you're allocating the expenses, and as that presence potentially grows over time how you expect that to impact your financials?

了解後者可能在您的指導下，您能否在商店方面提醒我們您分配費用的位置，並且隨著時間的推移，這種存在可能會增長，您預計這會如何影響您的財務狀況？

And then on Surface should there be anything we think about other than sort of a price times a unit and making a margin assumption?

然後在 Surface 上，除了價格乘以一個單位並做出保證金假設之外，我們是否應該考慮其他任何事情？

Are there any other nuances around the way you account for Surface in your financials?

您在財務中考慮 Surface 的方式是否還有其他細微差別？

First question was about retail stores and where that's showing up.

第一個問題是關於零售店及其出現的地方。

Yes.

是的。

Where the expenses are.

費用在哪裡。

Got it.

知道了。

The expenses are in Corp, and they show up a little bit in COGS and a little bit in separating expenses.

費用在 Corp 中，它們在 COGS 中出現一點點，在分離費用中出現一點點。

Sorry, what was the second part of your question?

抱歉，您問題的第二部分是什麼？

Just on surface is there anything else we should be thinking about in terms of how to model the impact of Surface?

就表面而言，在如何模擬 Surface 的影響方面，我們還應該考慮其他什麼？

We know the price.

我們知道價格。

We can make a unit assumption.

我們可以做一個單位假設。

We can make a margin assumption.

我們可以做一個保證金假設。

Is there any deferrals?

有延期嗎？

Any OpEx impact?

任何運營支出影響？

Any warranty holding --

任何保修持有——

No.

不。

You're thinking about it right.

你想對了。

Okay.

好的。

Great, thanks.

太謝謝了。

Gabrielle, next question please.

加布里埃爾，請下一個問題。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Okay, thank you very much.

好的，非常感謝。

As you enter the world of new form factors, since you're coming a little bit behind relative to Apple, what is the right way to think about your differentiation relative to the consumer market optionally for tablets and the enterprise market optionally for tablets?

當您進入新外形的世界時，由於您相對於 Apple 落後了一點，那麼考慮您相對於平板電腦的消費市場和平板電腦的企業市場的差異化的正確方法是什麼？

Thank you.

謝謝你。

I think one of the our differentiations is we give everybody what they want for the purpose they want it.

我認為我們的區別之一是我們為每個人提供他們想要的東西，以達到他們想要的目的。

When I talk to CIOs for example, in enterprises one of the things they're really excited about is that Windows 8 devices give them a chance for their employees, their users of the technology, to have the devices they want and bring to work, but they get the kind of manageability, security, integration with their line of business apps they want.

例如，當我與 CIO 交談時，在企業中，他們真正感到興奮的一件事是，Windows 8 設備讓他們的員工、技術用戶有機會擁有他們想要的設備並將其帶到工作中，但他們獲得了所需的可管理性、安全性以及與其業務線應用程序的集成。

So I think there's a big differentiation in the enterprise across all the form factors, especially tablets that are increasingly coming into the workplace.

所以我認為企業在所有形式因素上都存在很大差異，尤其是越來越多地進入工作場所的平板電腦。

On the consumer side, I think there's a range, not only range of price points and different kinds of form factors, but also unique and differentiated set of services and experiences that come with the device including Office, including SkyDrive, including Xbox Music.

在消費者方面，我認為有一個範圍，不僅是價格範圍和不同類型的外形因素，而且還包括 Office、SkyDrive 和 Xbox Music 等設備附帶的獨特和差異化的服務和體驗。

So I think across the board you see the symbol of differentiation both in the enterprise and on the consumer.

所以我認為你在企業和消費者身上都看到了差異化的象徵。

Thank you, very much.

非常感謝。

Gabrielle, next question please.

加布里埃爾，請下一個問題。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Thanks.

謝謝。

Peter, if Surface is successful, shouldn't the COGS be well above the high single digit growth for the fiscal year?

彼得，如果 Surface 成功，COGS 不應該遠高於本財年的高個位數增長嗎？

I'm just curious why you excluded it?

我只是好奇你為什麼排除它？

Are you just waiting to see how the traction is before you give us more guidance, or what is the explanation for that?

在您給我們更多指導之前，您是否只是在等著看牽引力如何，或者對此有何解釋？

Yes.

是的。

That's exactly right.

這是完全正確的。

We'll see how it goes.

我們會看看情況如何。

Gabrielle, next question, please.

加布里埃爾，請下一個問題。

John DiFucci, JPMC.

約翰·迪福奇，JPMC。

Thank you.

謝謝你。

I have a question on the deferred revenue for, specifically for the Windows business.

我有一個關於遞延收入的問題，特別是對於 Windows 業務。

Even if you exclude the adjustments, deferred revenue for this business increased in the quarter, and you normally, or actually, you always see a seasonal decline.

即使您排除調整，該業務的遞延收入在本季度也有所增加，而且您通常或實際上總是會看到季節性下降。

Can you talk a little bit about that?

你能談談嗎？

What are we seeing there?

我們在那裡看到了什麼？

Is this tied to multiyear deals in this business now, or is this something to do with some of these adjustments, maybe we're not accounting for correctly?

這是否與該業務的多年交易有關，或者這與其中一些調整有關，也許我們沒有正確考慮？

Yes, no, great, thanks, John.

是的，不，太好了，謝謝，約翰。

It actually is that.

實際上就是這樣。

It's multi-year licensing deals growing -- continuing to grow double digits, so that's what's driving the deferred there.

多年的許可交易正在增長——繼續以兩位數的速度增長，這就是推動延期的原因。

So that's one sort of example of how enterprises are continuing to see value in adopting Windows.

因此，這是企業如何繼續看到採用 Windows 的價值的一種示例。

Great.

偉大的。

Thanks, Peter.

謝謝，彼得。

Thanks, John.

謝謝，約翰。

Gabrielle, next question please.

加布里埃爾，請下一個問題。

Colin Gillis, BGC Financial.

BGC 金融公司的科林·吉利斯 (Colin Gillis)。

Great, thank you.

太好了謝謝。

Looking at the Server and Tools line again, when the results first printed we were asked quite a bit if that was showing any weakness in the enterprise spend environment.

再次查看服務器和工具行，當第一次打印結果時，我們被問了很多次，這是否表明企業支出環境存在任何弱點。

It sounds like a lot of that was just driven by the rotation of multiple year contracts, but can you talk about the marketplace right now, and if the marketplace is weakening, do you find that to be an advantage, given the cost preferences in that line?

聽起來很多都是由多年合同的輪換推動的，但你能談談現在的市場嗎？如果市場正在走弱，你認為這是一個優勢嗎，考慮到其中的成本偏好線？

It definitely is the migration from transactional licensing.

這絕對是從交易許可的遷移。

Irrespective of weak market, strong market, we've got a great value proposition.

無論市場疲軟，市場強勁，我們都有一個很好的價值主張。

It does play very well in tough macroeconomic times because one of our great value propositions is the savings and efficiencies people get from using integrated technology across their stack at a really good price performance characteristic.

它在艱難的宏觀經濟時期表現得非常好，因為我們偉大的價值主張之一是人們以非常好的價格性能特性在他們的堆棧中使用集成技術所獲得的節省和效率。

So I would say we feel great about our value proposition in any environment, it does play well in a tough macro environment, but what we're seeing now in the financials, which is why we highlight the bookings growth and the multi-year licensing growth, is related more towards the migration from the transactional business.

所以我想說，我們在任何環境下都對我們的價值主張感到滿意，它在艱難的宏觀環境中表現良好，但我們現在在財務方面看到的，這就是為什麼我們強調預訂增長和多年許可增長，更多地與從交易業務的遷移有關。

Okay, thank you.

好的謝謝你。

Gabrielle, next question please.

加布里埃爾，請下一個問題。

Philip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

All right.

好的。

Thanks, guys.

多謝你們。

I just have a question on the margins of Surface, kind of a high level, don't want to know the exact margin percentage, but how did you sort of price Surface relative to Bomb?

我只是有一個關於 Surface 利潤率的問題，有點高，不想知道確切的利潤率百分比，但是你是如何對 Surface 相對於 Bomb 定價的？

Obviously you guys have talked about sort of including implied revenue amount for a Windows license.

顯然，你們已經談到了包括 Windows 許可證的隱含收入金額。

Did you also take into account sort of a weighted average attach rate of Office for a preferred device and then add on a gross margin for the hardware, just kind of how you built up to that and then just kind of at a high level, what was sort of the pricing thoughts behind Surface?

您是否還考慮了 Office 對首選設備的加權平均附加率，然後加上硬件的毛利率，只是您如何建立這一點，然後只是高水平，什麼是 Surface 背後的定價思想嗎？

Was it to drive adoption of the platform?

是為了推動平台的採用嗎？

Was it to actually make this a business?

是真的把它做成生意嗎？

And does that change at all near term versus longer term?

短期與長期相比，這種情況會發生變化嗎？

Thanks.

謝謝。

Yes, thanks.

對了謝謝。

As with any pricing decision it's really about the value proposition you have for your customers and the degree of capabilities and value you're delivering to them at a variety of price points for what they want.

與任何定價決策一樣，它實際上是關於您為客戶提供的價值主張以及您以各種價格點為他們提供的能力和價值程度，以滿足他們的需求。

And that's really fundamentally what drives all of our pricing decisions.

這實際上是推動我們所有定價決策的根本原因。

Do we have a really compelling value to offer our customers for the capabilities that we're delivering and that's what we do across all our business and that's what drives our economic performance.

我們是否有真正令人信服的價值來為我們的客戶提供我們正在提供的功能，這就是我們在所有業務中所做的事情，也是推動我們經濟業績的動力。

Gabrielle, next question please.

加布里埃爾，請下一個問題。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Looking at how you're beginning to combine products and services with Office 365 for home and then the bundling of services with Windows RT, looking forward is this going to change the way that you allocate what might have been transactional revenues in the past to a combination of transactional and services revenues?

看看您如何開始將產品和服務與 Office 365 家庭版相結合，然後將服務與 Windows RT 捆綁在一起，期待這將改變您將過去可能是交易收入的方式分配給交易收入和服務收入的結合？

Yes.

是的。

Generally that is correct.

一般來說這是正確的。

As we move to more delivery add services, that will show up as services revenue as opposed to transactional revenue, that's correct.

隨著我們轉向更多交付添加服務，這將顯示為服務收入而不是交易收入，這是正確的。

But I do think it's a long term trend and you saw that in the commentary that we made around our Server and Tools business, but we're having people that are making longer term commitments to Microsoft, and that shows up in our annuity business in Server.

但我確實認為這是一個長期趨勢，你在我們圍繞服務器和工具業務所做的評論中看到了這一點，但我們有一些人對微軟做出了更長期的承諾，這在我們的年金業務中有所體現服務器。

It shows up in things like Office 365 where people are having a subscription service.

它出現在人們擁有訂閱服務的 Office 365 之類的東西中。

It shows up in things like Xbox LIVE, which you've seen happening over the last couple years.

它出現在諸如 Xbox LIVE 之類的東西中，您在過去幾年中已經看到了這種情況。

So, Ed, I think you've got it right that we're seeing a lot more people that are committing to a longer term relationship with Microsoft, which is clearly what we're striving toward.

所以，Ed，我認為你說得對，我們看到越來越多的人致力於與微軟建立更長期的合作關係，這顯然是我們正在努力的方向。

Gabrielle, next question, please

加布里埃爾，下一個問題，請

Brad Reback, Stifel Nicolaus.

布拉德·雷貝克，斯蒂菲爾·尼古拉斯。

Great.

偉大的。

Thanks a lot.

非常感謝。

Peter, historically the transactional aspect of MBD has followed the PC market roughly.

彼得，從歷史上看，MBD 的交易方面大致跟隨 PC 市場。

Is there any reason to think that that's not the case here for the final three quarters?

有什麼理由認為最後三個季度的情況並非如此嗎？

Yes.

是的。

In general there's two things that impact the transactional business of MBD.

一般來說，有兩件事會影響 MBD 的交易業務。

One is the PC market and the other is product cycles.

一是PC市場，二是產品週期。

So, one of the things we also see ripe in a period right before a new launch of a new product in the transactional side in businesses is a slowdown and also it does track the PC market.

因此，在企業交易方面新產品推出之前的一段時間內，我們還看到成熟的一件事是放緩，而且它確實追踪了 PC 市場。

So, those are the two things to keep an eye on.

因此，這是需要關注的兩件事。

Thanks

謝謝

Gabrielle, we've got time for two more questions.

加布里埃爾，我們還有時間再回答兩個問題。

Raimo Lenschow, Barclays

Raimo Lenschow，巴克萊

Thank you.

謝謝你。

Historically, if you -- when we had the launch of a Windows product, there was a big uptick, especially on the consumer side.

從歷史上看，如果你——當我們推出 Windows 產品時，會有很大的上升，特別是在消費者方面。

Now this time around it's obviously different form factors that are playing in and consumers need to get used to it.

現在這一次顯然是不同的形式因素正在發揮作用，消費者需要習慣它。

How do you think about the momentum we should see in terms of the first quarter out, the second quarter out, et cetera?

您如何看待我們在第一季度、第二季度等方面應該看到的勢頭？

Thank you.

謝謝你。

Well, without giving specific guidance we're certainly very excited about the capabilities that come with Windows 8 and the excitement that comes from that and we're excited to talk about that at the launch next week.

好吧，在沒有給出具體指導的情況下，我們當然對 Windows 8 附帶的功能以及由此帶來的興奮感到非常興奮，我們很高興在下週的發布會上談論這一點。

I think I'm encouraged by what we saw from the Windows 8 sell-ins that we've seen so far, the 40% growth over the comparable period last time.

到目前為止，我們從 Windows 8 的銷售中看到的情況讓我感到鼓舞，與上次可比期間相比增長了 40%。

So, we'll just keep an eye on that and watch as we get further into the launch.

因此，我們將密切關注這一點，並在我們進一步發佈時進行觀察。

Thank you.

謝謝你。

And, Gabrielle, last question, please.

加布里埃爾，最後一個問題，請。

Gregg Moskowitz, Cowen.

格雷格莫斯科維茨，考恩。

Okay, thank you.

好的謝謝你。

This is somewhat of a follow up to Raimo's question.

這在某種程度上是對 Raimo 問題的跟進。

Over the past several months many of those reviewing Windows 8 for PCs, while praising the significant innovation behind the OS, have also continued to focus on the dual interfaces, and the adjustment that users will have to make.

在過去的幾個月裡，許多評論 Windows 8 PC 版的人在稱讚操作系統背後的重大創新的同時，也繼續關注雙界面以及用戶必須做出的調整。

Is that something that causes you concern just when it comes to initial adoption levels of Windows 8?

只是當談到 Windows 8 的初始採用水平時，這是否會引起您的擔憂？

Just wondering how you think about that.

只是想知道你是怎麼想的。

You know, not a lot.

你知道，不是很多。

I hear the feedback, and as a user we sort of have gotten used to it very quickly.

我聽到了反饋，作為用戶，我們很快就習慣了。

At Microsoft when we do innovation historically across our products oftentimes there's new things that come, and I understand initially people look at those things.

在微軟，當我們在歷史上對我們的產品進行創新時，通常會出現新事物，我理解最初人們會關注這些事物。

And what we've seen over time is that those innovations have delivered way more value and way more productivity and way more better usability.

隨著時間的推移，我們看到的是，這些創新帶來了更多的價值、更高的生產力和更好的可用性。

And so I'm very confident that that is even more true with the great technologies and capabilities and experiences that we have with Windows 8.

因此，我非常有信心，借助我們在 Windows 8 中所擁有的出色技術、功能和體驗，這一點更加真實。

And I think you have seen that in the reviews of people who have used it over a longer period of time.

而且我認為您已經在較長時間使用它的人的評論中看到了這一點。

And again, for those of you who will be hopefully using it early, you'll see that show up in your experience, as well.

再說一次，對於那些希望儘早使用它的人來說，你也會在你的體驗中看到這一點。

Okay.

好的。

So, that's going to wrap up the Q&A portion of today's earning call.

因此，這將結束今天的財報電話會議的問答部分。

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

我們期待在本季度參加的眾多活動和會議上見到你們中的許多人。

For those of you unable to attend in person, these events will generally be webcast and you will be able to follow along at Microsoft.com/investor.

對於那些無法親自參加的人，這些活動通常會進行網絡直播，您可以在 Microsoft.com/investor 上關注。

Please contact us if you need additional details.

如果您需要更多詳細信息，請與我們聯繫。

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

再次感謝您今天加入我們，祝您有美好的一天。

That does conclude today's conference.

今天的會議到此結束。

Thank you very much for your participation.

非常感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。