微軟 (MSFT) 2013 Q2 法說會逐字稿

Welcome to the Microsoft fiscal year 2013 second-quarter earnings conference call.

歡迎參加 Microsoft 2013 財年第二季度財報電話會議。

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

在問答環節之前，所有線路都處於只聽模式。

Today's call is being recorded.

今天的電話正在錄音。

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

如果有人有任何異議，您可以此時斷開連接。

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

我現在想把電話轉給投資者關係總經理 Chris Suh。

Chris, you may begin.

克里斯，你可以開始了。

Thanks, operator.

謝謝，接線員。

And thanks everyone for joining us this afternoon.

感謝大家今天下午加入我們。

This does feel like a bit of a homecoming.

這確實有點像回家的感覺。

Some of you may remember I was in IR a number of years ago and I'm excited to be back and looking forward to working with all you.

你們中的一些人可能還記得幾年前我在 IR 工作，我很高興能回來並期待與大家一起工作。

With me today are Peter Klein, Chief Financial Officer; Frank Brod, Chief Account Officer; and John Seethoff, Deputy General Counsel.

今天和我在一起的是首席財務官 Peter Klein；首席客戶官弗蘭克·布羅德；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。

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 January 24, 2014.

在 2014 年 1 月 24 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看通話記錄。

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-Q, 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、10-Q 表的風險因素部分以及向證券公司提交的其他報告和文件中討論的因素，實際結果可能存在重大差異和交易委員會。

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。

Before I hand the call over to Peter, I would like to remind you all that all growth comparisons we make on the call today will relate to the corresponding period of last year.

在我把電話交給彼得之前，我想提醒大家，我們今天在電話中所做的所有增長比較都與去年同期有關。

Also, unless specified otherwise, all impacted numbers for the current quarter have been adjusted for the cumulative effect of the revenue deferrals and recognition related to Windows, Office, and Xbox Video Game and the details of those adjustments can be found in our financial summary slide deck and press release.

此外，除非另有說明，本季度所有受影響的數字均已針對與 Windows、Office 和 Xbox 視頻遊戲相關的收入遞延和確認的累積影響進行了調整，這些調整的詳細信息可在我們的財務摘要幻燈片中找到甲板和新聞稿。

And with that, I'll turn it over to Peter.

有了這個，我會把它交給彼得。

Thanks, everyone, for joining us.

謝謝大家加入我們。

I am pleased to welcome Chris as the new head of Investor Relations.

我很高興歡迎克里斯成為投資者關係的新負責人。

Chris has been with Microsoft for over 16 years and has been in diverse finance roles, which gives him a good background for this role.

Chris 已在 Microsoft 工作超過 16 年，並擔任過多種財務職務，這為他擔任此職務提供了良好的背景。

I also want to thank Bill for all he has accomplished over the past four years and congratulate him on his new role of as the CFO of the Skype division.

我還要感謝比爾在過去四年中所取得的成就，並祝賀他擔任 Skype 部門首席財務官的新角色。

This quarter we had record revenue of $22 billion and record earnings per share of $0.81.

本季度我們的收入達到創紀錄的 220 億美元，每股收益達到創紀錄的 0.81 美元。

It has been an exciting quarter with the launch of Windows 8 and Windows Phone 8. In the enterprise, we continue to see solid demand for our business products and services, with particularly strong growth in multi-year licensing.

隨著 Windows 8 和 Windows Phone 8 的推出，這是一個令人興奮的季度。在企業中，我們繼續看到對我們的商業產品和服務的強勁需求，尤其是多年期許可的強勁增長。

Multi-year licensing revenue benefited from healthy renewals of enterprise agreements as customers continued to make long-term commitments to the Microsoft platform.

隨著客戶繼續對 Microsoft 平台做出長期承諾，多年許可收入受益於企業協議的健康續訂。

Our robust portfolio of enterprise products and services enables CIOs to build efficient infrastructure, unlock business insight, improve productivity, and support Bring Your Own Device.

我們強大的企業產品和服務組合使 CIO 能夠構建高效的基礎架構、解鎖業務洞察力、提高生產力並支持自帶設備。

In the Datacenter, recent releases of Windows Server 2012 and System Center 2012 are driving customer wins and strong renewals.

在數據中心，最近發布的 Windows Server 2012 和 System Center 2012 正在推動客戶獲勝和強勁的更新。

Our Cloud OS road map uniquely positions us to support the hybrid infrastructure needs of CIOs by providing one consistent platform that can span their own datacenter, a partner's datacenter, or Windows Azure with ultimate flexibility, portability, and scale.

我們的雲操作系統路線圖使我們能夠通過提供一個一致的平台來支持 CIO 的混合基礎架構需求，該平台可以跨越他們自己的數據中心、合作夥伴的數據中心或 Windows Azure，具有極高的靈活性、可移植性和可擴展性。

On the Data Platform, we are growing our revenue share as enterprises continue to move mission-critical workloads to SQL Server and deploy it for their business intelligence solutions.

在數據平台上，隨著企業繼續將任務關鍵型工作負載轉移到 SQL Server 並將其部署到他們的商業智能解決方案中，我們的收入份額正在增加。

In Productivity, we are excited about the upcoming launch of the new Office and how it redefines user experience with mobility, social, and cloud features.

在生產力方面，我們對即將推出的新 Office 以及它如何通過移動、社交和雲功能重新定義用戶體驗感到興奮。

The new Office features a fast, fluid design that takes full advantage of the new Windows interface.

新的 Office 採用快速、流暢的設計，充分利用了新的 Windows 界面。

With Skype and Yammer integration, it unlocks new experiences for communication and collaboration, and brings social directly into Productivity scenarios.

通過 Skype 和 Yammer 的集成，它解鎖了新的通信和協作體驗，並將社交直接帶入了生產力場景。

With Windows 8, businesses will now be able to give their employees thin and light devices, without compromising on security or manageability.

借助 Windows 8，企業現在可以為其員工提供輕薄的設備，而不會影響安全性或可管理性。

Windows 7 momentum in the enterprise continues and today over 60% of enterprise desktops worldwide are in Windows 7.

Windows 7 在企業中的發展勢頭仍在繼續，如今全球超過 60% 的企業台式機採用 Windows 7。

We have talked about Windows 8 as Windows reimagined from the chip set to the user experience.

我們已經討論過 Windows 8 是從芯片組到用戶體驗的重新構想。

As we undergo this transformation, it is important for us to bring the entire ecosystem along with us.

在我們經歷這種轉變的過程中，將整個生態系統與我們一起帶來對我們來說很重要。

With the launch in October, we collectively took the first of many steps in changing the way people use technology at work and at play.

隨著 10 月的發布，我們共同邁出了改變人們在工作和娛樂中使用技術的方式的眾多步驟中的第一步。

Since then, the number of Windows 8 certified systems has nearly doubled; the number of apps in the Windows store has quadrupled; and Windows users have downloaded over 100 million apps.

從那時起，經過 Windows 8 認證的系統數量幾乎翻了一番； Windows 商店中的應用程序數量翻了兩番； Windows 用戶已下載超過 1 億個應用程序。

To date, we have sold over 60 million licenses of Windows 8. Our partners, including OEM hardware manufacturers, app developers, and retailers have worked hard to get us to where we are today.

迄今為止，我們已售出超過 6000 萬份 Windows 8 許可證。我們的合作夥伴，包括 OEM 硬件製造商、應用程序開發人員和零售商，一直在努力使我們取得今天的成就。

It's early days and an ambitious endeavor like this takes time.

現在還處於早期階段，像這樣雄心勃勃的努力需要時間。

Together with our partners, we remain focused on fully delivering the promise of Windows 8.

與我們的合作夥伴一起，我們將繼續專注於全面兌現 Windows 8 的承諾。

As part of our work to advance the ecosystem, we launched Surface Windows RT last quarter.

作為我們推進生態系統工作的一部分，我們在上個季度推出了 Surface Windows RT。

Surface is one part of the overall Windows 8 story.

Surface 是整個 Windows 8 故事的一部分。

With tight integration across hardware and software, Surface highlights the unique innovation enabled by Windows 8. We launched it exclusive in our stores and in select geographies and are expanding our retail and geographic footprint.

通過硬件和軟件之間的緊密集成，Surface 突出了 Windows 8 帶來的獨特創新。我們在我們的商店和特定地區獨家推出了它，並且正在擴大我們的零售和地理足跡。

As we look forward, we strive to deliver seamless experiences across hardware, software, and services.

展望未來，我們努力提供跨硬件、軟件和服務的無縫體驗。

Windows 8, Windows Phone 8, and Xbox 360 provide a similar look and feel to users.

Windows 8、Windows Phone 8 和 Xbox 360 為用戶提供了相似的外觀和感覺。

This consistency, complemented with our cloud services like Bing, SkyDrive, Xbox LIVE, and SmartGlass, unifies the consumer experience.

這種一致性與我們的雲服務（如 Bing、SkyDrive、Xbox LIVE 和 SmartGlass）相輔相成，統一了消費者體驗。

In the enterprise, we continue to design and deliver world-class cloud solutions that allow our customers to move to the cloud on their own terms.

在企業中，我們繼續設計和提供世界一流的雲解決方案，使我們的客戶能夠按照自己的方式遷移到雲。

Compelling experiences we deliver across our devices and services, as well as our large partner and customer base, uniquely positions us for sustained future growth.

我們通過我們的設備和服務以及我們的大型合作夥伴和客戶群提供的令人信服的體驗，使我們在未來的持續增長中處於獨特的地位。

In summary, this quarter, the strength of our product portfolio delivered record revenue and earnings per share.

總之，本季度，我們產品組合的實力帶來了創紀錄的收入和每股收益。

As we enter calendar year 2013, there is tremendous opportunity for our partners, developers, and customers to leverage the capabilities and scenarios our significant product releases have enabled.

隨著我們進入 2013 日曆年，我們的合作夥伴、開發人員和客戶有巨大的機會利用我們重要的產品發布所支持的功能和場景。

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

有了這個，我將把它交還給 Chris，以提供有關我們結果的更多細節。

Thanks, Peter.

謝謝，彼得。

First I'm going to review our overall results and then 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 up 5% to $22 billion.

本季度收入增長 5% 至 220 億美元。

Operating income was $8.3 billion, up 4%, and earnings per share was $0.81, also up 4%.

營業收入為 83 億美元，增長 4%，每股收益為 0.81 美元，也增長 4%。

Foreign exchange had a $200 million or 1 percentage point negative impact to revenue this quarter and a $154 million or 2 percentage point negative impact to net income.

外匯對本季度的收入產生了 2 億美元或 1 個百分點的負面影響，對淨收入產生了 1.54 億美元或 2 個百分點的負面影響。

From a geographic perspective, we saw growth return in developed markets and saw mid-teens growth in emerging markets.

從地理角度來看，我們看到了發達市場的增長回報，並看到了新興市場的青少年增長。

Bookings were strong, growing 11%, as we continue to see customers making long-term commitments to our products.

預訂量強勁，增長了 11%，因為我們繼續看到客戶對我們的產品做出長期承諾。

You see the results in the following metrics.

您會在以下指標中看到結果。

Multi-year licensing revenue grew 15%.

多年許可收入增長了 15%。

Unearned revenue grew 13% to $17.4 billion.

未實現收入增長 13% 至 174 億美元。

And our contracted not-billed balance was over $21 billion.

我們的合同未開票餘額超過 210 億美元。

Moving to Windows.

遷移到 Windows。

This quarter, total revenue grew 11%.

本季度，總收入增長了 11%。

Within that, OEM revenue outperformed the underlying x86 PC market, reflecting increased demand in our distribution channel.

其中，OEM 收入優於基礎 x86 PC 市場，反映了我們分銷渠道的需求增加。

While inventory levels ended the quarter at slightly higher levels than the prior year, we believe them to be in a healthy range given the recent launch.

雖然本季度末庫存水平略高於去年同期水平，但鑑於最近的發布，我們認為庫存水平處於健康範圍內。

Non-OEM revenue grew over 40%, driven by Windows 8 upgrades, sales of Surface, and double-digit growth in volume licensing.

受 Windows 8 升級、Surface 銷售和批量許可兩位數增長的推動，非 OEM 收入增長超過 40%。

Within the x86 PC market, we saw similar trends to prior quarters, with emerging markets outperforming developed markets and business outperforming consumer.

在 x86 PC 市場中，我們看到了與前幾個季度類似的趨勢，新興市場的表現優於發達市場，企業的表現優於消費者。

The consumer segment was the most impacted by the ecosystem transition, as demand exceeded the limited assortment of touch devices available.

消費者群體受生態系統轉型的影響最大，因為需求超出了可用的觸摸設備的有限種類。

Next I'll walk through our Server and Tools business, which posted another solid quarter with 9% revenue growth.

接下來，我將介紹我們的服務器和工具業務，該業務又發布了一個穩健的季度，收入增長了 9%。

Product revenue grew 9% and, within that, multi-year licensing revenue grew 17%.

產品收入增長 9%，其中多年許可收入增長 17%。

On the strength of both new and existing customers, bookings grew a solid 15%.

在新老客戶的共同推動下，預訂量增長了 15%。

For the modern datacenter, we continue to be on the forefront of innovation with our Cloud OS road map, which provides a flexible platform for CIOs to manage their infrastructure, applications, and data.

對於現代數據中心，我們的 Cloud OS 路線圖繼續走在創新的前沿，該路線圖為 CIO 管理其基礎架構、應用程序和數據提供了一個靈活的平台。

With the launch of Windows Server 2012 in September, we delivered a cloud-optimized operating system and have continued to gain share in virtualization.

隨著 9 月 Windows Server 2012 的推出，我們交付了一個雲優化的操作系統，並繼續在虛擬化中獲得份額。

To further strengthen our Cloud OS platform, we have introduced a steady stream of innovation in Windows Azure, including virtual machines, media services, website services, and mobile services.

為了進一步加強我們的 Cloud OS 平台，我們在 Windows Azure 中引入了源源不斷的創新，包括虛擬機、媒體服務、網站服務和移動服務。

Our management product, System Center, continues its momentum and delivered 18% revenue growth.

我們的管理產品 System Center 繼續保持增長勢頭，實現了 18% 的收入增長。

In our Data Platform business, SQL Server revenue grew 16%, driven by strength in SQL Server Premium.

在我們的數據平台業務中，受 SQL Server Premium 實力的推動，SQL Server 收入增長了 16%。

Revenue growth continues to outpace the market, as customers increasingly use SQL Server for their mission-critical applications and business intelligence needs, making it the most pervasive data platform.

收入增長繼續超過市場，因為客戶越來越多地使用 SQL Server 來滿足其任務關鍵型應用程序和商業智能需求，使其成為最普遍的數據平台。

On the BI side, we're delivering on our strategy to enable analysis of all types of data, while also accelerating time to insight.

在 BI 方面，我們正在實施我們的戰略，以支持對所有類型的數據進行分析，同時加快獲得洞察力的時間。

We're empowering organizations to realize the power of big data as Hadoop is now is compatible on Windows Server and Windows Azure.

由於 Hadoop 現在與 Windows Server 和 Windows Azure 兼容，因此我們正在幫助組織實現大數據的強大功能。

With SQL Server 2012, we took the next step forward in advancing in-memory capabilities and see tremendous opportunities ahead.

借助 SQL Server 2012，我們在推進內存功能方面又向前邁進了一步，並看到了巨大的機遇。

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

現在我將轉到 Microsoft 業務部門，該部門的收入增長了 3%。

Consumer revenue declined 2% with x86 PC market dynamics being partially offset by gains in attach.

消費者收入下降 2%，x86 PC 市場動態被附加收益部分抵消。

Businesses are choosing Microsoft as their Productivity platform for the future.

企業正在選擇 Microsoft 作為他們未來的生產力平台。

This is evidenced by the healthy 18% bookings growth and near historical high renewal rates for Office.

18% 的健康預訂量增長和 Office 接近歷史高位的續訂率證明了這一點。

Business revenue grew 4% and, within that, multi-year licensing revenue grew 10%.

業務收入增長 4%，其中多年許可收入增長 10%。

Our Productivity server offerings continue to perform well and again this quarter Exchange, SharePoint, and Lync collectively grew double digits.

我們的生產力服務器產品繼續表現良好，本季度 Exchange、SharePoint 和 Lync 再次以兩位數增長。

Lync revenue grew at an impressive rate of 35% as customers continue to be drawn to both the enhanced productivity that it enables and also the economic benefits of our solution.

Lync 收入以 35% 的驚人速度增長，因為客戶繼續被它所帶來的更高生產力和我們解決方案的經濟效益所吸引。

Next I'll move on to the Online Services Division, where revenue grew 11%.

接下來我將轉到在線服務部門，該部門的收入增長了 11%。

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

由於搜索率顯著提高，在線廣告收入增長了 15%，但部分被展示收入的下降所抵消。

With revenue growth and ongoing expense management, we delivered another quarter of operating performance improvement.

隨著收入的增長和持續的費用管理，我們又實現了四分之一的經營業績改善。

In the Entertainment and Devices Division, revenue declined 2%.

在娛樂和設備部門，收入下降了 2%。

In the important holiday season, Xbox continued its leadership position in the US console market.

在重要的假日季節，Xbox 繼續保持其在美國主機市場的領先地位。

Halo 4 launched in November and has already become the best-selling title of the critically acclaimed gaming franchise.

Halo 4 於 11 月推出，現已成為廣受好評的遊戲系列的最暢銷遊戲。

We did defer $380 million this quarter for games where the buyer has rights to receive content in the future.

本季度我們確實為購買者有權在未來接收內容的遊戲推遲了 3.8 億美元。

The video game deferral was included in the Q2 guidance and we expect it to be recognized in Q3.

視頻遊戲延期已包含在第二季度的指導中，我們預計它將在第三季度得到認可。

We also continued to expand the content available in Xbox LIVE, further solidifying Xbox LIVE as the premier entertainment service in the family room.

我們還繼續擴展 Xbox LIVE 中可用的內容，進一步鞏固 Xbox LIVE 作為家庭娛樂室的首要娛樂服務。

Windows Phone saw strong growth both in phone and patent licensing revenue.

Windows Phone 的手機和專利許可收入均出現強勁增長。

In November, we launched Windows Phone 8 with our strongest lineup of both carriers and devices.

11 月，我們推出了擁有最強運營商和設備陣容的 Windows Phone 8。

Windows Phones sales were over four times higher than they were last year.

Windows Phone 的銷售額是去年的四倍多。

And at CES this year, more partners were announced as the Windows Phone ecosystem continues to grow.

在今年的 CES 上，隨著 Windows Phone 生態系統的不斷發展，宣布了更多合作夥伴。

Skype had 138 billion minutes of calls on its network this quarter, which was up 59%.

Skype 本季度網絡通話時長為 1380 億分鐘，同比增長 59%。

Now I'll cover the remainder of the income statement.

現在我將介紹損益表的其餘部分。

Cost of goods sold increased 1% due to the full quarter of Nokia platform payments, Surface, and growth in cloud infrastructure, partially offset by declines in Xbox Console.

由於諾基亞平台支付、Surface 和雲基礎設施的增長，整個季度的銷售成本增加了 1%，但部分被 Xbox 控制台的下降所抵消。

Operating expenses grew 10% to $8 billion, primarily related to marketing for product launches.

運營費用增長 10% 至 80 億美元，主要與產品發布的營銷有關。

This quarter, our tax rate was approximately 18% and, finally, we returned $3.5 billion to shareholders in buyback and dividends.

本季度，我們的稅率約為 18%，最後，我們以回購和股息的形式向股東返還了 35 億美元。

Now I'll turn the call back over to Peter for our outlook.

現在我將把電話轉回給彼得了解我們的前景。

Thanks, Chris.

謝謝，克里斯。

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

在接下來的電話會議中，我將討論我們對 2013 年第三季度和整個財年的預期。

Looking ahead with Windows, we know that our growth depends on our ability to give customers the exciting hardware they want at the price points they demand and a wider range of apps and services to meet their diverse needs.

展望 Windows，我們知道，我們的增長取決於我們能否以客戶所需的價位提供他們想要的令人興奮的硬件以及更廣泛的應用程序和服務以滿足他們的多樣化需求。

We are hard at work with our partners to meet these goals.

我們正在與我們的合作夥伴一起努力實現這些目標。

One of our biggest partners, Intel, not only delivered the Clover Trail chip this year, they have said they will deliver their next-generation chip, Haswell, in 2013, which will enable even more advances in the device market.

我們最大的合作夥伴之一英特爾今年不僅交付了 Clover Trail 芯片，他們還表示將在 2013 年交付他們的下一代芯片 Haswell，這將使設備市場取得更大的進步。

This is just one example of the innovation we are seeing from our chip partners.

這只是我們從芯片合作夥伴那裡看到的創新的一個例子。

We also need to continue to work with our hardware partners as they create thin and lightweight devices on both x86 and RM chipsets that offer compelling touch experiences that bring Windows 8 to life.

我們還需要繼續與我們的硬件合作夥伴合作，因為他們在 x86 和 RM 芯片組上創建輕薄的設備，提供令人信服的觸控體驗，讓 Windows 8 栩栩如生。

You started to see the next wave of Windows devices at CES and collectively we will work to ensure that we have the most compelling devices and the right mix of devices in the marketplace.

您開始在 CES 上看到下一波 Windows 設備，我們將共同努力確保我們擁有市場上最引人注目的設備和正確的設備組合。

During the quarter, we launched the first device in our Surface family of products.

在本季度，我們推出了 Surface 系列產品中的第一款設備。

We recently increased production and expanded distribution to third-party retail partners.

我們最近增加了產量並擴大了對第三方零售合作夥伴的分銷。

Next month, we will make Surface Windows RT available in 14 additional countries.

下個月，我們將在另外 14 個國家/地區推出 Surface Windows RT。

At the same time, we will also launch Surface Windows 8 Pro, which provides the power and performance of a laptop in a tablet package.

同時，我們還將推出 Surface Windows 8 Pro，它以平板電腦包裝提供筆記本電腦的動力和性能。

With the broadening of the Surface lineup, we will continue to highlight the power of Windows 8 tightly integrated with fantastic hardware.

隨著 Surface 產品陣容的擴大，我們將繼續突出 Windows 8 與出色硬件緊密集成的強大功能。

On the app front, we are deepening our engagement with developers.

在應用程序方面，我們正在加深與開發人員的互動。

While the number of apps in the Windows Store has quadrupled since launch, we clearly have more work to do.

雖然自推出以來 Windows 應用商店中的應用程序數量翻了兩番，但我們顯然還有更多工作要做。

We need more rich, immersive apps that give users access to content that informs, entertains, and inspires.

我們需要更豐富的沉浸式應用程序，讓用戶能夠訪問具有啟發性、娛樂性和啟發性的內容。

While there is a lot of work ahead of us, we are incredibly excited by the opportunity to both broaden and enrich the Windows ecosystem.

雖然我們還有很多工作要做，但我們對有機會擴大和豐富 Windows 生態系統感到非常興奮。

With the launch of Windows 8 and Windows RT, we are positioned for growth across a massive addressable market from tablets to laptops and Ultrabooks to all-in-ones.

隨著 Windows 8 和 Windows RT 的推出，我們將在從平板電腦到筆記本電腦、超極本到一體機的龐大潛在市場中實現增長。

We will continue to work closely with our partners through this transformation as we collectively reimagine Windows.

在我們共同重新構想 Windows 的過程中，我們將繼續與我們的合作夥伴密切合作，通過這一轉變。

As you update your models, remember that the Windows upgrade offer expires at the end of February.

在更新模型時，請記住 Windows 升級優惠將於 2 月底到期。

At that time, we will recognize $1.1 billion, which is all of the remaining deferred revenue related to the upgrade offer.

屆時，我們將確認 11 億美元，這是與升級優惠相關的所有剩餘遞延收入。

Within 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%.

在服務器和工具中，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%，而企業服務則佔剩餘的 20%。

We expect product revenue to grow low-teens for the third quarter and low double-digits for the full fiscal year.

我們預計第三季度的產品收入將增長到十幾歲，整個財年將保持兩位數的低位。

And we expect enterprise services to grow mid-teens for the third quarter and the full fiscal year.

我們預計第三季度和整個財年的企業服務將增長十幾歲。

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 third quarter and full fiscal 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三季度和整個財年都應該以兩位數的低位增長。

Excluding the Office deferral, transactional revenue, which is the remaining revenue in the division, should outperform the x86 PC market in the third quarter and for the full fiscal year.

除去 Office 延期，作為該部門剩餘收入的交易收入在第三季度和整個財年應該會超過 x86 PC 市場。

As a reminder, when updating your Q3 models, we expect to recognize between $250 million and $300 million of revenue related to pre-sales into the channel and the Office offer.

提醒一下，在更新您的第三季度模型時，我們預計將確認與渠道預售和 Office 報價相關的 2.5 億美元至 3 億美元的收入。

We expect most of the remainder of the deferral to be recognized at the expiration of the program, in the fourth quarter of fiscal year 2013.

我們預計剩餘的大部分延期將在計劃到期時，即 2013 財年第四季度得到確認。

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 third quarter and full fiscal year, we expect revenue growth to be consistent with the dynamics seen in the second quarter, with search revenue growth partially offset by lower display revenue.

對於第三季度和整個財年，我們預計收入增長將與第二季度的動態一致，搜索收入增長部分被顯示收入下降所抵消。

Moving on to the Entertainment and Devices Division, in the third quarter we expect to recognize $380 million related to the video game deferral.

轉到娛樂和設備部門，我們預計第三季度將確認與視頻遊戲延期相關的 3.8 億美元。

Excluding recognition of deferrals, we expect revenue to grow high teens in the third quarter and low single-digits for the full fiscal year.

不計延期確認，我們預計第三季度收入將增長十幾倍，整個財年將增長低個位數。

Switching to overall cost of goods sold for the Company, COGS growth will continue to be impacted by the changing mix of revenue, as we have seen in the past few quarters.

正如我們在過去幾個季度看到的那樣，轉向公司銷售的總商品成本，銷貨成本的增長將繼續受到收入組合變化的影響。

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

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

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

我們重申我們對 303 億美元至 309 億美元的運營費用的完整財年指導。

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

其他收入和支出包括被利息支出和對沖淨成本抵消的股息和利息收入。

In the current low interest rate environment, we expect these items to generally offset one another 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相互抵消。

We expect our effective tax rate to be 17% to 20% for the full fiscal year and we expect capital expenditures to be about $3.5 billion for the full fiscal year.

我們預計整個財政年度的有效稅率為 17% 至 20%，我們預計整個財政年度的資本支出約為 35 億美元。

For the third quarter, excluding the impact of deferrals, unearned revenue should roughly follow historical seasonal patterns.

第三季度，剔除延期的影響，未實現收入應大致遵循歷史季節性模式。

In summary, we delivered solid financial results for the second quarter.

總之，我們在第二季度取得了穩健的財務業績。

We have good product momentum in the market and are excited about the opportunity to help our customers take advantage of the advancing trends in technology.

我們在市場上擁有良好的產品勢頭，並且很高興有機會幫助我們的客戶利用技術的進步趨勢。

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

有了這個，我會把電話轉給克里斯，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.

我們希望從盡可能多的人那裡得到問題。

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

所以請只回答一個問題，避免冗長或多部分的問題。

Operator, please go ahead and repeat your instructions.

接線員，請繼續並重複您的指示。

(Operator Instructions)

（操作員說明）

Philip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

Thanks, guys, and congrats on a good quarter in a pretty tough macroenvironment.

謝謝，伙計們，並祝賀在相當艱難的宏觀環境中取得了良好的季度業績。

Just want to spend a moment on Surface.

只是想花一點時間在 Surface 上。

Obviously, you talked about ramping up production and distribution of that.

顯然，您談到了提高生產和分銷的能力。

Just wondering if some of your goals as you look at Surface, RT and Pro, for this year and then within that context, how should we think about the profitability of the Surfaces?

只是想知道您在今年以及在此背景下查看 Surface、RT 和 Pro 時的一些目標，我們應該如何看待 Surfaces 的盈利能力？

Thanks.

謝謝。

Thanks, Phil.

謝謝，菲爾。

As we said, we think of Surface as one part of the overall Windows 8 story.

正如我們所說，我們將 Surface 視為整個 Windows 8 故事的一部分。

Certainly, this quarter it was a contributing factor to the revenue growth in the Windows business and what it does is it highlights some interesting innovation that can happen to demonstrate the power of Windows 8 when tightly integrated with hardware and software and some new categories of devices and we're -- obviously had limited distribution this quarter in our stores, and as you know, we're excited about expanding that.

當然，本季度它是 Windows 業務收入增長的一個促成因素，它的作用是突出一些有趣的創新，當與硬件和軟件以及一些新類別的設備緊密集成時，這些創新可能會展示 Windows 8 的強大功能而且我們 - 顯然本季度在我們的商店中的分銷有限，正如你所知，我們對擴大這一點感到興奮。

And so our goal is to continue to build that business, to highlight the incredible power of Windows 8, in an interesting set of devices.

因此，我們的目標是繼續發展該業務，在一組有趣的設備中突出 Windows 8 的強大功能。

And we're going to expand geographically.

我們將在地理上進行擴展。

We're going to expand the product line-up.

我們將擴大產品陣容。

We're going to expand retail distribution and capacity.

我們將擴大零售分銷和容量。

And so we look forward to continuing the growth of that business.

因此，我們期待繼續該業務的增長。

Walter Pritchard, Citigroup.

花旗集團的沃爾特·普里查德。

Hello, thanks.

你好謝謝。

Just wondering, Peter, if you could talk about -- obviously one of the big differences here between your devices in the market and some of the competing devices is price point of touch machines -- Windows devices are much higher.

只是想知道，彼得，如果你能談談——顯然你在市場上的設備和一些競爭設備之間的最大區別之一是觸摸機的價格點——Windows 設備要高得多。

And I'm wondering if you could just talk about what you've learned here in the first three or four months of the Windows launch, how important price is to the customer base in terms of driving units and what do you think the outlook is in terms of getting price points down on the devices in aggregate in order to potentially drive some demand?

我想知道你是否可以談談你在 Windows 發布的前三四個月在這裡學到了什麼，價格對於驅動單元的客戶群有多麼重要，你認為前景如何為了潛在地推動一些需求，降低設備的總體價格點？

Yes, thanks, Walter.

是的，謝謝，沃爾特。

We learned a lot this quarter.

本季度我們學到了很多東西。

We learned a lot about the types of experiences and scenarios and to some extent the price points customers are looking for from their devices.

我們了解了很多關於體驗和場景的類型，以及客戶從他們的設備中尋找的價格點。

We saw some really great demand for some of the touch devices that we brought to market.

我們看到對我們推向市場的一些觸摸設備的需求非常大。

In some cases, we didn't have the supply that we needed to satisfy that demand.

在某些情況下，我們沒有滿足這種需求所需的供應。

From a price point we learned what we've always suspected, which is there's segmentation and differentiation.

從價格點我們了解了我們一直懷疑的東西，那就是細分和差異化。

There's -- one of the powers of the Windows ecosystem, obviously, is the variety of devices and form factors and experiences at a variety of price points and we learned that that continues to be important.

顯然，Windows 生態系統的強大功能之一就是設備和外形尺寸的多樣性以及各種價位的體驗，我們了解到這仍然很重要。

And, as I said, we're working very closely with both our chip partners, as well as the OEMs, to bring the right mix of devices, which means to your point, the right set of touch devices at the right price points, depending upon the unique needs of the individual.

而且，正如我所說，我們正在與我們的芯片合作夥伴以及原始設備製造商密切合作，以提供正確的設備組合，這意味著您要以正確的價格點正確的觸摸設備，取決於個人的獨特需求。

We learned a lot about that and one of the things you'll see is a greater variety of devices at a bigger variety of price points that meet the differentiated needs of our consumers.

我們對此學到了很多，您將看到的其中一件事是更多種類的設備以更多的價格點滿足我們消費者的差異化需求。

Rick Sherlund, Nomura.

Rick Sherlund，野村。

Thank you, and Chris, welcome back to IR.

謝謝你，克里斯，歡迎回到 IR。

Thanks, Rick.

謝謝，瑞克。

MBD, I'm just want some clarification because the revenue growth is a little slower than I would have thought but it looks like what we're seeing is a transition in the business, it looks like it is more -- instead of business transactional, it is more multi-year licensing and the bookings growth would suggest that, that business is changing to be more revenue over time versus upfront.

MBD，我只是想澄清一下，因為收入增長比我想像的要慢一些，但看起來我們看到的是業務的轉變，看起來更像是——而不是業務交易，它是更多的多年許可，並且預訂增長表明，隨著時間的推移，該業務正在轉變為更多的收入而不是前期。

I just wanted clarification if I'm thinking about that correctly.

如果我正確地考慮了這一點，我只是想澄清一下。

Yes, thanks, Rick.

是的，謝謝，瑞克。

You're thinking about it absolutely correctly.

你的想法是絕對正確的。

We've seen big increases in the multi-year annuity business, bookings growth was very strong.

我們看到多年年金業務大幅增長，預訂增長非常強勁。

And so you are seeing that transition to a long-term commitment to the business.

因此，您會看到這種轉變為對業務的長期承諾。

Secondarily this quarter, obviously in a pre-launch quarter, cyclically you tend to see a slowdown in the transactional business as well, but that was secondary to this longer-term trend of transition to multi-year commitment.

其次，本季度，顯然是在發布前的一個季度，您會周期性地看到交易業務的放緩，但這是向多年承諾過渡的長期趨勢的次要。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Hello.

你好。

Great, thank you.

太好了謝謝。

Sorry to ask a model question.

很抱歉問一個模型問題。

My question is about cash flow and two factors around cash flow.

我的問題是關於現金流和圍繞現金流的兩個因素。

Could you just drill in a little bit into the delta between billings growth and billings growth in the quarter and then could you also just touch on the inventory in the quarter?

您能否稍微深入了解一下本季度的賬單增長和賬單增長之間的差異，然後您是否也可以只觸及本季度的庫存？

It looked like it was a little above what it normally is?

看起來比平時高一點？

Thank you.

謝謝你。

Well, as always, the difference between bookings growth and billings growth is going to be a function of the mix of long-term agreements, right?

好吧，與往常一樣，預訂增長和賬單增長之間的差異將是長期協議組合的函數，對吧？

Because our multi-year licensing agreements are three-year agreements and so bookings will include all of the revenue from those agreements and then typically those are billed a year at a time so the billings growth will be that one year of billings.

因為我們的多年許可協議是為期三年的協議，所以預訂將包括這些協議的所有收入，然後通常每年一次計費，因此計費增長將是一年的計費。

And so to the extent we see this growth in the multi-year licensing business, you're going to see a build-up of bookings growth that going to be fast, you're going to see a build-up of the deferred revenue, and that will then [sort it] into billings and then the recognition from the income statement over time.

因此，就我們看到多年許可業務的這種增長而言，您將看到預訂量的快速增長，您將看到遞延收入的增長，然後將 [分類] 到帳單中，然後隨著時間的推移從損益表中確認。

So to the extent that we continue to see the transition to long-term commitments, you'll expect to see that trend continue.

因此，就我們繼續看到向長期承諾的過渡而言，您會期望看到這種趨勢繼續下去。

Your second question was on inventory.

你的第二個問題是關於庫存的。

When you say inventory, you mean on the balance sheet?

當您說庫存時，您是指資產負債表上的嗎？

Yes.

是的。

Yes, the inventory is a function of both what is happening in the Xbox business and Surface.

是的，庫存是 Xbox 業務和 Surface 中發生的事情的函數。

They're offsetting impacts this quarter.

他們正在抵消本季度的影響。

Some of it is from Surface and then some of it is from the Xbox business.

其中一些來自 Surface，還有一些來自 Xbox 業務。

Terrific.

了不起。

Thank you.

謝謝你。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Great.

偉大的。

I had a question about, Peter, you mentioned the renewal rates in MBD continue -- they are at a record and continue to move higher.

我有一個問題，彼得，你提到 MBD 的續訂率繼續 - 他們處於創紀錄的水平並且繼續走高。

I'm just wondering if you could share with us what's driving the increase in the renewal rates, and how much runway do you have left there?

我只是想知道您是否可以與我們分享是什麼推動了續訂率的增加，以及您還剩下多少跑道？

And then actually, I had a follow-up on Adam's question about inventory because it usually goes down in the December quarter.

然後實際上，我對亞當關於庫存的問題進行了跟進，因為它通常在 12 月季度下降。

Obviously, you have the Surface now, so it jumped up.

顯然，你現在有了 Surface，所以它跳了起來。

But did we see the traditional Xbox workdown of inventory that we normally see?

但是我們是否看到了我們通常看到的傳統 Xbox 庫存分解？

So should we be looking at the fact that the delta between the draw down that you normally see and the fact that it went up or was roughly flat this quarter was the result of Surface?

那麼，我們是否應該關注您通常看到的下跌與本季度上漲或大致持平的事實之間的增量是 Surface 的結果？

Thank you.

謝謝你。

Okay, I'll start with your first question, which was the MBD annuity?

好的，我將從您的第一個問題開始，MBD 年金是什麼？

Renewal.

續訂。

Renewal rates, yes.

續訂率，是的。

Yes, it is a combination of things.

是的，它是事物的組合。

Heather, as you know, over time, we have been broadening the notion of how we think about Productivity and so I think it is a combination of a couple of things.

希瑟，如你所知，隨著時間的推移，我們一直在拓寬我們對生產力的看法，所以我認為這是幾件事的結合。

One is just the product set -- Lync is a big driver, SharePoint, Exchange.

一個只是產品集——Lync 是一個重要的推動者，SharePoint、Exchange。

So the connection between the collaboration and communications technology and the enhancements to just the Productivity applications themselves, I think Office 365 and the roadmap to the cloud is really exciting to customers, and part of the reason they're making the long-term commitment to MBD and to the Office and the related products is because they really -- our roadmap to the cloud really resonates with them and how they get there over time and how that works.

因此，協作和通信技術之間的聯繫以及對生產力應用程序本身的增強，我認為 Office 365 和雲路線圖對客戶來說真的很令人興奮，這也是他們做出長期承諾的部分原因MBD 以及 Office 和相關產品是因為它們真的 - 我們的雲路線圖真正引起了他們的共鳴，以及他們如何隨著時間的推移到達那里以及它是如何工作的。

And also our roadmap from a capability perspective in what is coming in the new Office with social, again advances in the cloud, is really driving a roadmap that is compelling to customers and so that is why they're making the long-term commitments to the platform.

此外，從能力的角度來看，我們的路線圖是新 Office 中的社交功能，以及雲中的再次進步，確實正在推動一個對客戶有吸引力的路線圖，這就是他們做出長期承諾的原因該平台。

So that is great to see.

所以很高興看到。

And in inventory, yes, you're thinking about it right.

在庫存中，是的，您的想法是正確的。

We saw the normal draw-down from the Xbox business and any offsetting increase there was related to Surface.

我們看到 Xbox 業務的正常縮減以及任何抵消性增長都與 Surface 有關。

Thank you.

謝謝你。

Kash Rangan, Bank of America Merrill Lynch.

美國銀行美林證券的卡什蘭根。

Hello.

你好。

Thank you very much and happy new year.

非常感謝你，新年快樂。

It's already quite a bit into the year.

這已經是相當多的一年了。

But what I was wondering was in the holiday season [post-8] launch for Microsoft, typically we get a big effect of the PC industry.

但我想知道的是在微軟的假期 [post-8] 發布期間，通常我們會受到 PC 行業的巨大影響。

It's happened every cycle and I guess we had some competition from tablets, whatnot.

每個週期都會發生這種情況，我想我們有一些來自平板電腦的競爭，諸如此類。

We didn't quite see that whiz-bang effect with a typical Windows launch.

在典型的 Windows 啟動中，我們並沒有完全看到這種驚人的效果。

I'm curious to get your take on what is it that the media and the industry seems to have gotten it wrong, what are the misperceptions about Windows 8 and how do you think the year is going to play out as far as Windows 8 receptivity in the consumer market and the business market?

我很想知道你對媒體和行業似乎弄錯了什麼，對 Windows 8 的誤解是什麼，以及你認為今年將如何發揮 Windows 8 的接受度在消費市場和商業市場？

Thank you very much.

非常感謝。

Yes, thanks, Kash.

是的，謝謝，卡什。

Windows 8, as I talked about, Windows 8 is a big, bold reimagining of Windows across the whole ecosystem.

Windows 8，正如我所談到的，Windows 8 是對整個生態系統中 Windows 的一次大膽、大膽的重新構想。

And this was the start of that process.

這就是這個過程的開始。

We all collectively learned a lot about -- from the user interface to the touch devices, and, as I tried to give context on the call, there's a lot of things we're working on with our partners that continues to drive this process forward over the next several quarters, whether it is the chipset, whether it is with developers for the kinds of applications that people want, and certainly for the kinds of touch devices at the right price points that consumers want.

我們共同學到了很多東西——從用戶界面到觸摸設備，而且，當我試圖在通話中提供背景信息時，我們正在與我們的合作夥伴一起做很多事情，這些事情將繼續推動這一進程在接下來的幾個季度中，無論是芯片組，還是與開發人員一起開發人們想要的應用程序，當然還有消費者想要的價格合適的觸摸設備。

All of that is continuously improving, we're continuously learning, and happens over time.

所有這些都在不斷改進，我們在不斷學習，並且隨著時間的推移而發生。

But this is a big, ambitious reimagining of Windows and this quarter was the first step in that process.

但這是對 Windows 的一次宏大、雄心勃勃的重新構想，本季度是該過程的第一步。

Got it.

知道了。

So the traction, the ramp should get better over time and we should not be judging the cycle of the December quarter necessarily?

所以牽引力，斜坡應該隨著時間的推移而變得更好，我們不應該判斷 12 月季度的周期嗎？

I highlighted the things that drive that.

我強調了推動這一點的因素。

Exactly.

確切地。

Thank you.

謝謝你。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Peter, just on the gross margins, they have been under pressure in the last several years and there is a lot of components that go in that you get to see but certainly we don't get to see.

彼得，就毛利率而言，他們在過去幾年一直處於壓力之下，並且有很多你可以看到的組件，但我們肯定看不到。

Can you give us just the puts and takes of, perhaps, is there any change later in the year where you start to see some of the components of the COGS start to -- the expenses start to come off, or not?

你能給我們簡單的看跌期權嗎，也許，在今年晚些時候你開始看到 COGS 的一些組成部分開始出現任何變化 - 費用開始下降，或者沒有？

Well, COGS is always going to be a function of the mix of the types of revenue, and so it's really going to depend on what your underlying assumptions are about the different components of the revenue, whether that is hardware-related revenue in Xbox and now in Surface; whether it is multi-year licensing Business and Consumers and, sorry, and enterprises, and what's Online Services.

好吧，COGS 總是會成為收入類型組合的函數，因此它實際上將取決於您對收入的不同組成部分的基本假設是什麼，無論是 Xbox 中與硬件相關的收入還是現在在 Surface 中；無論是多年許可企業和消費者，以及，對不起，企業，以及什麼是在線服務。

And so at any point in time it's really going to depend on that mix of revenue, which is just going to cycle over time.

因此，在任何時候，它都將真正取決於收入的組合，這只會隨著時間的推移而循環。

So we try to give you some sense for the rest of the year how we see that playing out, in total of Microsoft, and again, that is going to be a function of the mix we see between the various components.

因此，我們試圖在今年餘下的時間裡讓你了解我們如何看待微軟的整體表現，並且再次，這將是我們看到的各種組件之間混合的一個函數。

And reiterating Peter's guidance, excluding Surface.

並重申彼得的指導，不包括 Surface。

Peter, just high single-digits COGS for [up to] excluding Surface.

彼得，不包括 Surface 的 [高達] 只是高個位數的 COGS。

That's right.

這是正確的。

Thanks very much.

非常感謝。

John DiFucci, JPMC.

約翰·迪福奇，JPMC。

Thank you.

謝謝你。

Peter, you said that the Windows OEM revenue outperformed the x86 PC market and your comments imply some Windows inventory build in the channel, which I believe you normally see during a quarter where the Windows launch as OEMs build inventory in preparation for the launch.

彼得，您說 Windows OEM 收入優於 x86 PC 市場，您的評論暗示渠道中建立了一些 Windows 庫存，我相信您通常會在 Windows 發布的季度看到，因為 OEM 為發布做準備而建立庫存。

Would it be accurate to assume that the Windows outperformance was primarily -- relative to the PC market -- was primarily due to the inventory build or was there something else there happening?

假設 Windows 的優異表現主要是——相對於 PC 市場——主要是由於庫存增加，或者還有其他原因，這是否準確？

Was there anything else?

還有別的嗎？

You used to give us that bridge, which you haven't for a while now, but I was just wondering if any of those other factors had a big influence?

你曾經給我們那座橋，你現在已經有一段時間沒有了，但我只是想知道這些其他因素是否有很大的影響？

Yes, the three biggest components of the 11% total revenue growth and the 11% adjusted for the recognition of the deferrals in the Windows business, were the retail upgrades, the sales of Surface, and then multi-year licensing agreements within enterprises.

是的，在 11% 的總收入增長和 11% 的 Windows 業務延期確認中，三個最大的組成部分是零售升級、Surface 的銷售，然後是企業內部的多年許可協議。

To your point, there was some tailwind from inventory, which was normally, as you highlight, what we see in a launch quarter, and as Chris said, it is within the healthy range that we typically see.

就您而言，庫存有一些順風，正如您所強調的，這通常是我們在發布季度看到的，正如克里斯所說，它在我們通常看到的健康範圍內。

But that was some tailwind.

但那是一些順風。

But the three big impacts [all] up on the Windows revenue were the retail upgrades, sales of Surface, and the enterprise annuity business, which continues to grow double-digits.

但對 Windows 收入的三大影響是零售升級、Surface 的銷售和企業年金業務，後者繼續以兩位數的速度增長。

Any detection of any piracy effects or changes?

是否檢測到任何盜版影響或變化？

We're on the same long-term trend on piracy that we have always been.

我們在盜版問題上的長期趨勢與以往一樣。

There's -- I wouldn't highlight anything specific this quarter.

有 - 我不會強調本季度的任何具體內容。

But as always, we're fighting piracy across all the dimensions and the long-term trend should be good but that will cycle up and down in any given quarter.

但與往常一樣，我們正在全方位打擊盜版，長期趨勢應該是好的，但在任何特定季度都會上下循環。

Thank you.

謝謝你。

Colin Gillis, BGC Financial.

BGC 金融公司的科林·吉利斯 (Colin Gillis)。

Hello, Peter.

你好，彼得。

The trend in OSD in terms of the smaller losses, is that a run rate that we can think about going into the March quarter?

OSD 損失較小的趨勢，這是我們可以考慮進入 3 月季度的運行率嗎？

And also when you talked about the improvement in revenue per search is there any more color or quantification you can put around that?

此外，當您談到每次搜索收入的提高時，您是否可以對此進行更多的顏色或量化？

I would -- on the first question, I looked at the guidance we gave on the revenue, we continue to work hard on the cost structure, but certainly as we highlighted, the dynamics in revenue will be relatively consistent to what you've seen this quarter.

我會 - 關於第一個問題，我查看了我們對收入的指導，我們繼續努力製定成本結構，但正如我們所強調的，收入的動態將與您所看到的相對一致本季度。

And in terms of the monetization, it is what we have been very focused on.

在貨幣化方面，這是我們一直非常關注的。

Part of it is the work we have done with our partnership with Yahoo and part of it is the quality of the searches that we have been doing.

部分原因是我們與雅虎合作所做的工作，部分原因是我們一直在做的搜索質量。

It's the realization of all the work we've been doing on both the search engine as well as the ad platform to make sure it is finely tuned to deliver the best economic result and that's what we have been -- we have been talking about this for, gosh, 1.5 years, 2 years.

這是我們在搜索引擎和廣告平台上所做的所有工作的實現，以確保對其進行微調以提供最佳的經濟結果，這就是我們一直在做的——我們一直在談論這個天哪，1.5 年，2 年。

We've been really focused on that with our best talent and you start to see that paying off and that is what is driving monetization.

我們一直專注於我們最優秀的人才，你開始看到回報，這就是推動貨幣化的原因。

Great.

偉大的。

Thank you.

謝謝你。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

Thanks so much.

非常感謝。

Peter, you highlighted the market share gains you guys are seeing in SQL Server, and specifically talked about BI and mission-critical applications.

Peter，您強調了你們在 SQL Server 中看到的市場份額增長，並特別談到了 BI 和關鍵任務應用程序。

I was just wondering if you can give us any more color on the use cases and applications where you guys are particularly seeing the biggest gains and any impact that pricing may be having in that?

我只是想知道您是否可以為我們提供更多關於你們特別看到最大收益的用例和應用程序的顏色以及定價可能對此產生的任何影響？

Thanks.

謝謝。

Yes, the biggest impact is the capabilities that we've delivered with SQL Server 2012 and in terms of the use cases, there is a couple of things that fall into those buckets of mission-critical and BI.

是的，最大的影響是我們通過 SQL Server 2012 提供的功能，就用例而言，有幾件事屬於關鍵任務和 BI 的範疇。

In terms of mission-critical, we're seeing large enterprise customers re-platform on SQL for any other number of things -- underneath their ERP, underneath what other major LOB apps they have that drive their business, and that's really an emerging trend with 2012 and what that does, that is really advanced.

在關鍵任務方面，我們看到大型企業客戶在 SQL 上為任何其他數量的事情重新構建平台——在他們的 ERP 下，在他們擁有推動業務的其他主要 LOB 應用程序下，這確實是一個新興趨勢有了 2012 年以及它的作用，那真是太先進了。

And I would add that that has been one of the drivers of our transition to multi-year licensing because now we're seeing customers commit more and more to SQL as part of their multi-year enterprise agreements, as well.

我要補充的是，這一直是我們過渡到多年許可的驅動力之一，因為現在我們看到客戶越來越多地承諾 SQL 作為他們多年企業協議的一部分。

On the BI side, the combination of SQL, as well as SharePoint and Excel is really compelling the customers in terms of the business insights they can generate from their line of business application systems and really the combination of the types of what you see front-end on Excel on top of the SQL database has really been a powerful driver for both businesses, frankly, and that is a lot of what is driving the multi-year licensing business up for both MBD and STB.

在 BI 方面，SQL 以及 SharePoint 和 Excel 的組合確實吸引了客戶，因為他們可以從他們的業務線應用程序系統中生成業務洞察力，並且確實結合了您所看到的類型 -坦率地說，在 SQL 數據庫之上以 Excel 結束確實是兩家企業的強大推動力，這也是推動 MBD 和 STB 多年許可業務發展的重要因素。

Gregg Moskowitz, Cowen & Company.

Gregg Moskowitz, Cowen & Company。

Okay.

好的。

Thank you.

謝謝你。

You had mentioned that over 60% of enterprise desktops now are running on Windows 7. Looking forward, how do you expect the cadence of migration activity to unfold from now until the termination of XP support in early to mid-2014?

您曾提到現在超過 60% 的企業桌面運行在 Windows 7 上。展望未來，您預計從現在到 2014 年初至年中終止 XP 支持的遷移活動的節奏如何？

Does it continue at a similar pace for a while and at what point do we probably see this moderate?

它是否會以類似的速度持續一段時間，我們可能會在什麼時候看到這種溫和？

Well, the one thing I would say is not only are over 60% on Windows 7, but about 90% have expressed they have a plan to do that.

好吧，我要說的一件事不僅是超過 60% 的人使用 Windows 7，而且大約 90% 的人表示他們有計劃這樣做。

And so I expect to see a steady drum beat between now and the end of life for XP support in April 2014 for that to continue because the incentive is there and the expressed desire to do that has been expressed by our customers so I would expect to see that continue over the next year, 1.25 years.

因此，我希望從現在到 2014 年 4 月 XP 支持的生命週期結束之間會看到穩定的鼓聲，以繼續這種情況，因為存在激勵措施，並且我們的客戶已經表達了這樣做的願望，所以我希望看到這種情況在明年繼續，1.25 年。

Great.

偉大的。

Thank you very much.

非常感謝。

Great.

偉大的。

Operator, I think we'll have time for two more questions, please.

接線員，我想我們還有時間再問兩個問題。

Thank you.

謝謝你。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊銀行。

Hello, thanks for taking my question.

您好，感謝您提出我的問題。

Just to follow on, on that one.

只是繼續，就那個。

You had one quarter Windows 8 now, what was the feedback that you had from the enterprise so far?

您現在有四分之一的 Windows 8，到目前為止您從企業那裡得到的反饋是什麼？

Obviously they're still in the middle of their Windows 7 upgrade, as well, but what is the point that they liked about Windows 8?

顯然，他們還在升級 Windows 7 的過程中，但他們喜歡 Windows 8 的意義何在？

Thank you.

謝謝你。

Yes.

是的。

There is a couple of things.

有幾件事。

They like the ability to get thin, lightweight devices with the kind of security and manageability that they're used to, to manage their businesses.

他們喜歡獲得具有他們習慣的安全性和可管理性的輕薄設備的能力，以管理他們的業務。

And also there's early interest in new applications being developed with the Windows 8 interface, which is a new way for their users to interact with their business applications.

此外，早期人們對使用 Windows 8 界面開發的新應用程序很感興趣，這是用戶與其業務應用程序交互的一種新方式。

So you'll see those two things are early information in driving business interest in Windows 8.

因此，您將看到這兩件事是推動企業對 Windows 8 產生興趣的早期信息。

Thank you.

謝謝你。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Thank you.

謝謝你。

Good evening.

晚上好。

I wanted to follow up on Rick's question about the transition from the transactional to multi-year deals.

我想跟進 Rick 關於從交易到多年交易的過渡的問題。

How much--?

多少錢 - ？

I think we lost the question.

我想我們失去了這個問題。

(Operator Instructions)

（操作員說明）

Mr. Maguire, your line is open.

Maguire 先生，您的電話已開通。

Thank you.

謝謝你。

How much of your -- this is going back to Rick's question -- regarding the transition of transactional to multi-year revenues, what in your business reflects the transition in purchasing of on-premise to hosted or cloud offerings, like from Office to Office 365 or Server to Azure and other similar transitions?

你有多少——這又回到了 Rick 的問題——關於交易收入向多年收入的轉變，你的業務中有什麼反映了購買內部部署到託管或云產品的轉變，比如從 Office 到 Office 365 或服務器到 Azure 和其他類似的轉換？

Well, the -- a cloud purchase will mirror a multi-year annuity purchase.

好吧，雲購買將反映多年年金購買。

It is a very similar way to accomplish the same thing.

這是一種非常相似的方式來完成同樣的事情。

You're making a long-term commitment.

您正在做出長期承諾。

The revenue is going to be recognized in a similar fashion.

收入將以類似的方式確認。

Today we see a hybrid, where customers are buying their multi-year enterprise agreements, they'll also add on some cloud services with that.

今天我們看到了一種混合模式，客戶在購買他們的多年企業協議時，他們也會添加一些雲服務。

But it will manifest itself in our financial results in a very similar way.

但它會以非常相似的方式體現在我們的財務業績中。

Great.

偉大的。

Okay.

好的。

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

因此，這將結束我們今天財報電話會議的問答部分。

We look forward to seeing many of you at the numerous events and conferences 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 our comments 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 上關注我們的評論。

Please contact us if you have any additional questions or details.

如果您有任何其他問題或詳細信息，請與我們聯繫。

Thanks again for joining us.

再次感謝您加入我們。

Take care.

小心。

Thank you for your participation on today's call.

感謝您參與今天的電話會議。

The call has concluded.

通話已結束。

You may disconnect at this time.

此時您可以斷開連接。

Thank you.

謝謝你。