微軟 (MSFT) 2013 Q3 法說會逐字稿

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

歡迎參加 Microsoft 2013 財年第三季度財報電話會議。

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

在問答環節之前，所有線路都處於只聽模式。

Today's call is being recorded.

今天的電話正在錄音。

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

如果有人有任何異議，您可以此時斷開連接。

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

我現在想將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。

Thank you, Mary.

謝謝你，瑪麗。

Thanks, everyone for joining us this afternoon.

謝謝大家今天下午加入我們。

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 provides a 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 財務指標之間差異的對賬。

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 April 18, 2014.

在 2014 年 4 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，這些陳述是關於未來事件的預測、預測或其他陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the risk factors 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 表格以及其他向證券公司提交的報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異和交易委員會。

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 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，我想提醒你，我們今天在電話會議上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 games, and the expense related to the non-tax-deductible European Commission fine.

此外，除非另有說明，本季度所有受影響的數字均已根據與 Windows、Office 和 Xbox 視頻遊戲相關的收入遞延和確認的累積影響以及與不可扣稅的歐盟委員會相關的費用進行了調整美好的。

Details of the adjustments can be found in our financial summary slide deck and press release.

調整的細節可以在我們的財務摘要幻燈片和新聞稿中找到。

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, Chris and good afternoon, everyone.

謝謝，克里斯，大家下午好。

Before I get into my comments about the quarter let me say a few words about the CFO transition we announced today.

在我對本季度發表評論之前，讓我先談談我們今天宣布的 CFO 過渡。

As we all do throughout our careers, at various times we assess our personal and professional goals and priorities.

正如我們在整個職業生涯中所做的那樣，我們會在不同的時間評估我們的個人和職業目標和優先事項。

Sometimes we change jobs, sometimes we change companies, and sometimes we step back and focus on family and other personal goals.

有時我們換工作，有時我們換公司，有時我們退後一步，專注於家庭和其他個人目標。

As we approach the end of our fiscal year, for me personally it's a good time to refocus my priorities to spend time with family in a way I haven't previously had the chance.

隨著我們接近財政年度的結束，對我個人而言，現在是重新集中我的優先事項以以我以前沒有機會的方式與家人共度時光的好時機。

I feel great that the Company is on a path to an exciting future in devices and services, and I couldn't be more proud of and confident in the finance organization.

我對公司在設備和服務方面走上令人興奮的未來感到非常高興，我對財務部門感到無比自豪和充滿信心。

I look forward to working with my successor on the transition, including getting out and meeting with many of you.

我期待著與我的繼任者一起工作，包括走出去與你們中的許多人會面。

I have truly enjoyed working with all of you.

我真的很喜歡和你們所有人一起工作。

And now on to the quarter.

現在到本季度。

I'm pleased to report we drove revenue and earnings per share growth of 8%, even as we navigate an evolving device market.

我很高興地報告說，即使我們在不斷發展的設備市場中航行，我們的收入和每股收益也增長了 8%。

Our results reflect our diversified portfolio, as well as the investments we have made in key strategic areas.

我們的業績反映了我們多元化的投資組合，以及我們在關鍵戰略領域的投資。

During the quarter we launched the new Office, our enterprise cloud services continued to gain traction, and we continued to take market share in the data platform.

在我們推出新 Office 的本季度，我們的企業雲服務繼續受到關注，我們繼續在數據平台中佔據市場份額。

Before I dive into more details on our progress in these areas, I want to address what's top of mind for many of you, which is our Windows business.

在深入了解我們在這些領域取得的進展的更多細節之前，我想先談談你們中的許多人最關心的問題，那就是我們的 Windows 業務。

There's no doubt the device market is evolving.

毫無疑問，設備市場正在發展。

Consumers and businesses are increasingly shifting their focus to touch and mobility, and as a result they want touch enabled computing devices that are ultra thin, lightweight, and have long battery life.

消費者和企業越來越多地將注意力轉移到觸控和移動性上，因此他們需要超薄、輕巧且電池壽命長的觸控計算設備。

While Windows revenue has been impacted by the transition from the traditional PC to a new era of computing devices, the overall addressable markets are growing and we are excited by the opportunities ahead of us.

雖然 Windows 收入受到從傳統 PC 到計算設備新時代的轉變的影響，但總體目標市場正在增長，我們對我們面前的機遇感到興奮。

We built Windows 8 with touch and mobility at the center of the experience which positions us well in this new era.

我們構建的 Windows 8 以觸控和移動性為體驗的中心，這使我們在這個新時代處於有利地位。

However, the transition is complicated given the size of our hardware and software ecosystem.

然而，鑑於我們的硬件和軟件生態系統的規模，這種轉變是複雜的。

We still have an immense amount of work to do, yet we feel good about the foundation we have laid and are optimistic about the long-term success of Windows.

我們仍有大量工作要做，但我們對已奠定的基礎感覺良好，並對 Windows 的長期成功持樂觀態度。

I want to take some time now to be clear about where we are in this journey and what we are doing to help drive this change.

我現在想花一些時間來弄清楚我們在這個旅程中的位置以及我們正在做些什麼來幫助推動這一變化。

With Windows 8 we are setting a new accelerated pace for updates and innovation as we focus on making the Windows experience richer and better.

借助 Windows 8，我們正在為更新和創新設定新的加速步伐，因為我們專注於使 Windows 體驗更豐富、更好。

Since launch we have delivered several important updates to improve our mail, storage, search, music, and video services.

自發布以來，我們已經交付了幾項重要更新，以改進我們的郵件、存儲、搜索、音樂和視頻服務。

During the quarter we also added to the Surface family of devices with Surface Pro, which combines the performance capabilities of a PC with a modern tablet design.

在本季度，我們還向 Surface 系列設備添加了 Surface Pro，它將 PC 的性能與現代平板電腦設計相結合。

Looking ahead we will release the next version of Windows, code-named Windows Blue, which further advances the vision of Windows 8, as well as responds to customer feedback.

展望未來，我們將發布 Windows 的下一個版本，代號為 Windows Blue，它進一步推進了 Windows 8 的願景，並響應了客戶的反饋。

The assortment of touch-enabled devices that are built for Windows 8 by our OEM partners is also improving.

我們的 OEM 合作夥伴為 Windows 8 構建的觸控設備種類也在不斷改進。

Over the last couple of months we started seeing devices that take full advantage of Windows 8, and we expect to see more devices across more attractive price points over the coming months.

在過去的幾個月裡，我們開始看到能夠充分利用 Windows 8 的設備，我們預計在接下來的幾個月中會看到更多價格更有吸引力的設備。

As part of this, we are also working closely with OEMs on a new suite of small touch devices powered by Windows.

作為其中的一部分，我們還與 OEM 密切合作開發一套由 Windows 提供支持的新型小型觸控設備。

These devices will have competitive price points, partly enabled by our latest OEM offerings designed specifically for these smaller devices, and will be available in the coming months.

這些設備將具有具有競爭力的價格點，部分得益於我們專為這些小型設備設計的最新 OEM 產品，並將在未來幾個月內上市。

In the upcoming back-to-school selling season we expect to see devices that incorporate advances from throughout the supply chain, including chipsets.

在即將到來的返校銷售季，我們預計會看到整合了整個供應鏈進步的設備，包括芯片組。

Haswell, Intel's fourth-generation Core processor, will help enable new devices that combine performance benefits with power savings.

英特爾的第四代酷睿處理器 Haswell 將有助於實現將性能優勢與節能相結合的新設備。

Later in the year we expect to see devices based on Intel's upcoming Bay Trail Atom processor, which promises to deliver tablets and hybrid PCs with extended battery life at competitive prices.

今年晚些時候，我們預計將看到基於英特爾即將推出的 Bay Trail Atom 處理器的設備，該處理器有望以具有競爭力的價格提供電池壽命更長的平板電腦和混合 PC。

Today in the Windows store there are six times as many apps since launch, and we expect more to be added as we gain traction with Windows 8 adoption.

如今，Windows 應用商店中的應用數量是自推出以來的六倍，我們預計隨著 Windows 8 的採用而獲得更多關注，還會增加更多應用。

In June we will host Build, our developer conference, where we will provide more tools and information for developers to build great Windows 8 apps.

6 月，我們將舉辦開發者大會 Build，我們將為開發者提供更多工具和信息來構建出色的 Windows 8 應用程序。

In retail we are working to improve the consumer purchasing experience.

在零售業，我們正在努力改善消費者的購買體驗。

Our initiatives include focused efforts to further educate and incentivize retail sales professionals and to have better in-store product differentiation.

我們的舉措包括集中精力進一步教育和激勵零售專業人士，並提供更好的店內產品差異化。

In summary Windows is transforming to the new era of computing.

總之，Windows 正在向計算的新時代轉型。

As I said on our last earnings call, growth in Windows 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.

正如我在上次財報電話會議上所說，Windows 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，以及滿足他們多樣化需求的更廣泛的應用程序和服務。

We are hard at work with our partners to meet these goals and we're confident we are moving in the right direction.

我們正在與我們的合作夥伴一起努力實現這些目標，我們相信我們正朝著正確的方向前進。

Now switching gears to productivity.

現在轉向生產力。

This quarter we launched the latest version of Office, which brings mobility, social, and cloud features to the world's most popular productivity apps.

本季度我們推出了最新版本的 Office，它為世界上最流行的生產力應用程序帶來了移動、社交和雲功能。

Importantly, the new Office represents a fundamental shift in our model.

重要的是，新辦公室代表了我們模式的根本轉變。

Now both businesses and consumers can access Office through subscription.

現在企業和消費者都可以通過訂閱訪問 Office。

With this shift we expect to grow our customer base, increase customer satisfaction via continuous updates, and reduce piracy.

隨著這一轉變，我們希望擴大我們的客戶群，通過持續更新提高客戶滿意度，並減少盜版。

As our enterprise customers modernize their productivity infrastructures, we are confident they will continue to deploy Office 365.

隨著我們的企業客戶對其生產力基礎設施進行現代化改造，我們相信他們將繼續部署 Office 365。

We also expect our transactional customers to increasingly transition to the cloud with Office 365.

我們還希望我們的交易客戶越來越多地通過 Office 365 過渡到雲。

It's been a while now that we've been talking about our investments in the cloud and I'm pleased to share that we are starting to realize the benefits of those investments in a meaningful way.

一段時間以來，我們一直在談論我們對雲的投資，我很高興地分享我們開始以一種有意義的方式實現這些投資的好處。

Office 365 lights up with this latest release as evidenced by our growing customer adoption.

我們不斷增長的客戶採用率證明了 Office 365 與這個最新版本一起亮起。

This quarter was our strongest ever with net seat additions up five times over the prior year.

本季度是我們有史以來最強勁的季度，淨座位數比去年增加了五倍。

One in four of our enterprise customers now has Office 365 and the business is on a $1 billion annual revenue run rate.

我們四分之一的企業客戶現在擁有 Office 365，該業務的年收入為 10 億美元。

Our Server and Tools business continues its momentum with yet another solid quarter of revenue growth.

我們的服務器和工具業務繼續保持強勁勢頭，又一個季度實現了穩健的收入增長。

Within the data platform, we continue to take share with our strength in mission-critical and business intelligence workloads.

在數據平台中，我們繼續分享我們在關鍵任務和商業智能工作負載方面的優勢。

Enterprises recognize the power of SQL Server to unlock business insight, and as a result we continue to significantly outpace the market, and are seeing new deployments and very healthy renewals.

企業認識到 SQL Server 釋放業務洞察力的力量，因此我們繼續顯著超越市場，並看到新的部署和非常健康的更新。

In enterprise cloud just in the last week we launched our Windows Azure Active Directory and infrastructure as a service offering on Windows Azure.

就在上週，我們在企業雲中推出了我們的 Windows Azure Active Directory 和基礎架構即 Windows Azure 上的服務產品。

This innovation across platform and infrastructure services uniquely positions Microsoft as the only cloud provider who can offer customers a comprehensive hybrid cloud solution that integrates existing IT infrastructure with all the benefits of the public cloud.

這種跨平台和基礎架構服務的創新使微軟成為唯一一家能夠為客戶提供綜合混合雲解決方案的雲提供商，該解決方案將現有 IT 基礎架構與公共雲的所有優勢相集成。

Xbox continues to be at the center of our living room strategy having evolved from gaming to an entertainment platform.

Xbox 繼續成為我們客廳戰略的中心，從遊戲演變為娛樂平台。

Whether they are playing games, being social, or watching movies, consumers continue to be drawn to Xbox LIVE.

無論是玩遊戲、社交還是看電影，消費者都會繼續被 Xbox LIVE 所吸引。

Xbox LIVE now has over 46 million members, up 18% from the prior year.

Xbox LIVE 現在擁有超過 4600 萬會員，比去年增長 18%。

Clearly there's a lot of momentum, and with E3 only a couple of months away we look forward to sharing more shortly.

顯然有很大的動力，距離 E3 只有幾個月的時間，我們期待在不久的將來分享更多內容。

In summary, our diversified portfolio drove solid revenue and earnings per share growth.

總之，我們多元化的投資組合推動了穩健的收入和每股收益增長。

We are hard at work here at Microsoft and with our partners to drive Windows 8 adoption forward.

我們在 Microsoft 努力工作，並與我們的合作夥伴一起努力推動 Windows 8 的採用。

At the same time we have strong momentum in our enterprise businesses, including our cloud services.

與此同時，我們的企業業務發展勢頭強勁，包括我們的雲服務。

Combined with our unique consumer assets like Xbox LIVE and Skype, we are well positioned to deliver on our devices and services strategy.

結合我們獨特的消費者資產，如 Xbox LIVE 和 Skype，我們可以很好地實施我們的設備和服務戰略。

And with that, I'll hand it over to Chris to discuss our quarterly results in more detail.

有了這個，我將把它交給克里斯，以更詳細地討論我們的季度業績。

I'll then come back to discuss our expectations for the fourth quarter and beyond.

然後我會回來討論我們對第四季度及以後的預期。

Thank you, Peter.

謝謝你，彼得。

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

首先，我將回顧我們的整體結果，然後我將繼續按業務部門劃分細節。

Our diversified portfolio helped us deliver solid financial growth this quarter.

我們多元化的投資組合幫助我們在本季度實現了穩健的財務增長。

Revenue was up 8% to $18.8 billion and operating income increased 5% to $6.7 billion.

收入增長 8% 至 188 億美元，營業收入增長 5% 至 67 億美元。

Earnings per share grew 8% to $0.65.

每股收益增長 8% 至 0.65 美元。

Foreign exchange had a $180 million or 1 percentage point negative impact to revenue this quarter, and a $99 million or 2 percentage point negative impact to net income.

本季度外匯對收入產生了 1.8 億美元或 1 個百分點的負面影響，對淨收入產生了 9900 萬美元或 2 個百分點的負面影響。

From a geographic perspective, we saw similar growth rates across both developed and emerging markets.

從地理角度來看，我們看到發達市場和新興市場的增長率相似。

Multiyear licensing revenue continued to be strong, growing 16%.

多年許可收入繼續強勁，增長 16%。

Additionally, unearned revenue grew 13% to $17.1 billion.

此外，未實現收入增長 13% 至 171 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。

In the Windows division, revenue was flat this quarter.

在 Windows 部門，本季度收入持平。

Within that, OEM revenue performance was in line with the underlying x86 PC market, which continues to be challenged as the PC market evolves beyond the traditional PC to touch and mobile devices.

其中，OEM 收入表現與底層 x86 PC 市場一致，隨著 PC 市場從傳統 PC 發展到觸控和移動設備，該市場繼續受到挑戰。

This quarter, inventory levels were drawn down as the channel awaits new Windows 8 devices.

本季度，由於渠道等待新的 Windows 8 設備，庫存水平下降。

Non-OEM revenue grew 40% this quarter, driven by sales of Surface and continued double-digit growth involving licensing.

本季度非 OEM 收入增長了 40%，這得益於 Surface 的銷售和涉及許可的持續兩位數增長。

Businesses continued to value the Windows platform.

企業繼續重視 Windows 平台。

Volume licensing of Windows is on track to deliver almost $4 billion in revenue this year, and nearly three-quarters of enterprise agreements that we signed this year include Windows.

Windows 的批量許可有望在今年帶來近 40 億美元的收入，我們今年簽署的近四分之三的企業協議包括 Windows。

Additionally, this quarter we saw continued progress in the transition of Windows XP to Windows 7, and now two-thirds of enterprise desktops are running Windows 7.

此外，本季度我們看到 Windows XP 向 Windows 7 過渡的持續進展，現在三分之二的企業桌面運行 Windows 7。

Next I'll move on to our Server and Tools business where we continue to have good momentum.

接下來我將繼續我們的服務器和工具業務，我們將繼續保持良好勢頭。

Revenue grew 11%, highlighted by multiyear licensing revenue, which grew 20%.

收入增長了 11%，其中多年授權收入增長了 20%。

The strength in multiyear licensing reflects the commitment and confidence that our customers have in our products and roadmap.

多年許可的優勢反映了我們的客戶對我們的產品和路線圖的承諾和信心。

In the data center, the premium version of Windows Server, which targets Tier 1 application workloads, saw significant revenue growth again this quarter.

在數據中心，針對第 1 層應用程序工作負載的高級版 Windows Server 在本季度再次實現了顯著的收入增長。

Companies such as Domino's Pizza and Xerox continue to look to Hyper-V, System Center to deliver their critical business applications.

Domino's Pizza 和 Xerox 等公司繼續尋求 Hyper-V、System Center 來交付他們的關鍵業務應用程序。

Revenue for System Center grew 22%; and Hyper-V, our virtualization product, has gained 4 points of market share over the past year.

System Center 的收入增長了 22%；我們的虛擬化產品 Hyper-V 在過去一年中獲得了 4 個百分點的市場份額。

Our momentum in public cloud continues with more innovation, greater customer adoption, and a comprehensive suite of offerings.

隨著更多創新、更多客戶採用和一整套產品，我們在公共雲方面的勢頭繼續保持。

Enterprise customers like NBC Sports and 3M continue to choose Windows Azure for their cloud platform needs.

NBC Sports 和 3M 等企業客戶繼續選擇 Windows Azure 來滿足他們的雲平台需求。

Recently we launched Windows Azure Active Directory, which is an identity and access management solution designed to support cloud-based line of business applications.

最近，我們推出了 Windows Azure Active Directory，這是一種身份和訪問管理解決方案，旨在支持基於雲的業務線應用程序。

Today over 2.9 million businesses, government bodies, and schools are already enjoying the benefits of Windows Azure Active Directory, using it to manage access to Office 365, Dynamics CRM online, Windows Intune, and Windows Azure.

今天，超過 290 萬家企業、政府機構和學校已經在享受 Windows Azure Active Directory 的好處，使用它來管理對 Office 365、Dynamics CRM 在線、Windows Intune 和 Windows Azure 的訪問。

In our data platform business, SQL Server revenue grew 16%, and again outpaced the broader market.

在我們的數據平台業務中，SQL Server 收入增長了 16%，再次超過了大盤。

Usage of SQL Server for Tier 1 applications continues to grow based on functionality, reliability, and value.

基於功能、可靠性和價值，SQL Server 用於第 1 層應用程序的使用量繼續增長。

In addition to our efforts in big data, we are developing in-memory BI technologies built right into SQL Server that achieve breakthrough improvements in transaction process.

除了我們在大數據方面的努力外，我們還在開發直接內置於 SQL Server 的內存 BI 技術，以實現交易流程的突破性改進。

Now I'll move on to the Microsoft Business Division, where revenue grew 5%.

現在我將轉到收入增長 5% 的 Microsoft 業務部門。

Within that, business revenue grew 10%, driven by 16% growth in multiyear licensing.

其中，在多年許可增長 16% 的推動下，業務收入增長了 10%。

In January we launched the new Office for consumers.

1 月，我們推出了面向消費者的新 Office。

The new Office introduces touch, social, and mobile scenarios, as well as tight integration with SkyDrive, enabling access to documents from any device.

新的 Office 引入了觸控、社交和移動場景，以及與 SkyDrive 的緊密集成，支持從任何設備訪問文檔。

The new Office is also available as a subscription, which benefits customers as they are always using the most modern version of Office.

新的 Office 也可作為訂閱提供，這使客戶受益，因為他們始終使用最新版本的 Office。

As Peter stated, we expect this shift to grow our customer base and we saw strong early adoption of the subscription service.

正如彼得所說，我們預計這種轉變將擴大我們的客戶群，並且我們看到訂閱服務的早期採用率很高。

I would like to remind you that with subscription, the revenue is earned ratably over the length of the subscription rather than at initial purchase.

我想提醒您，通過訂閱，收入是在訂閱期間而不是在初始購買時獲得的。

All up, consumer revenue was roughly in line with the consumer PC market, influenced by this shift to subscription and strong attach gains.

總的來說，消費者收入與消費 PC 市場大致一致，受這種轉向訂閱和強勁的附加收益的影響。

In terms of our productivity server offerings we continued to see strength with Exchange, SharePoint, and Lync each growing double digits.

在我們的生產力服務器產品方面，我們繼續看到 Exchange、SharePoint 和 Lync 的實力都在增長兩位數。

Specifically, Lync revenue grew over 30% again this quarter with excitement around the platform continuing to grow.

具體而言，本季度 Lync 的收入再次增長了 30% 以上，而圍繞該平台的興奮繼續增長。

90 of the Fortune 100 companies are now using Lync and there are more than 5 million seats of enterprise voice deployed.

現在，財富 100 強公司中有 90 家正在使用 Lync，並且部署了超過 500 萬個企業語音席位。

At our Lync 2013 conference in February we announced that Lync and Skype connectivity for presence, instant messaging, and voice will be available to all Lync users by the end of June.

在 2 月舉行的 Lync 2013 會議上，我們宣布將在 6 月底之前向所有 Lync 用戶提供用於在線狀態、即時消息和語音的 Lync 和 Skype 連接。

Connecting these audiences is a key milestone as we deliver on the promise of truly unified communications.

在我們兌現真正統一通信的承諾時，連接這些受眾是一個重要的里程碑。

Next I'll move on to the Online Services Division, where revenue grew 18%.

接下來我將轉到在線服務部門，該部門的收入增長了 18%。

Online advertising revenue was up 22%, driven by another quarter of significant search rate improvement.

在線廣告收入增長了 22%，這得益於另一個季度的搜索率顯著提高。

Operating performance improved 45% this quarter, driven by revenue growth and continued expense management.

在收入增長和持續費用管理的推動下，本季度的經營業績提高了 45%。

In the Entertainment and Devices Division revenue grew 33%.

娛樂和設備部門的收入增長了 33%。

Xbox sold 1.3 million consoles and maintained its share position in a soft console market.

Xbox 售出 130 萬台遊戲機，並保持其在軟遊戲機市場的份額。

Xbox LIVE continued its strong momentum, and we continuously look for ways to further extend the value of Xbox LIVE for both our members and content partners.

Xbox LIVE 繼續保持強勁勢頭，我們不斷尋找方法為我們的會員和內容合作夥伴進一步擴展 Xbox LIVE 的價值。

As evidence of the expanding benefits, we saw transactional revenue grow roughly twice as fast as member growth this quarter.

作為收益不斷擴大的證據，我們看到本季度交易收入的增長速度大約是會員增長速度的兩倍。

Momentum with Windows Phone continues to build.

Windows Phone 的勢頭繼續增強。

The device is now available at a broad range of price points, are receiving great reviews, and carrier support continues to grow.

該設備現在可在廣泛的價位範圍內使用，獲得好評，並且運營商支持繼續增長。

We now have over 10% share in several countries but realize there's still a lot of work ahead to break through in some key markets.

我們現在在幾個國家擁有超過 10% 的份額，但我們意識到在一些關鍵市場上還有很多工作要做。

With growing awareness of Windows Phones and sustained innovation from our hardware partners, we feel well positioned to continue our momentum.

隨著人們對 Windows Phone 的認識不斷提高，以及我們的硬件合作夥伴不斷創新，我們感到有能力繼續保持我們的勢頭。

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 21%, principally driven by Surface, growth in cloud infrastructure, and royalties on Xbox LIVE content and video games.

銷售成本增加 21%，主要受 Surface、雲基礎設施增長以及 Xbox LIVE 內容和視頻遊戲版稅的推動。

Operating expenses grew 4%, primarily related to product launch marketing.

運營費用增長 4%，主要與產品發布營銷有關。

This quarter our effective tax rate was approximately 19%.

本季度我們的有效稅率約為 19%。

And finally we returned $2.9 billion to shareholders in buybacks and dividends.

最後，我們以回購和股息的形式向股東返還了 29 億美元。

Now I'll turn the call back 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 will discuss our expectations for the fourth quarter and share some thoughts on fiscal year 2014.

在接下來的電話會議中，我將討論我們對第四季度的預期，並分享對 2014 財年的一些想法。

Let me start with the fourth quarter.

讓我從第四節開始。

In the Windows division, similar to this quarter, revenue will continue to reflect sales of Surface and strong volume licensing, while OEM revenue will be impacted by the declining traditional PC market as we work to increase our share in tablets.

在 Windows 部門，與本季度類似，收入將繼續反映 Surface 的銷售和強勁的批量許可，而 OEM 收入將受到傳統 PC 市場下滑的影響，因為我們正在努力增加我們在平板電腦中的份額。

Within Server and Tools, product revenue including transactional and multiyear licensing is about 80% of the division's total revenue.

在服務器和工具中，包括交易許可和多年許可在內的產品收入約佔該部門總收入的 80%。

Enterprise services is the remaining 20%.

企業服務是剩下的 20%。

We expect both product and enterprise services revenue to grow low-double digits.

我們預計產品和企業服務收入將增長兩位數。

In the Microsoft Business Division, multiyear licensing revenue, which is approximately 60% of the division's total, should grow low-double digits.

在微軟業務部門，佔該部門總收入約 60% 的多年許可收入應該會以兩位數的低位增長。

Excluding the recognition of revenue from the Office Upgrade Offer, transactional revenue, which is the remaining 40% of the division's total, should be in line with the x86 PC market.

除去 Office Upgrade Offer 的收入確認，佔該部門剩餘 40% 的交易收入應該與 x86 PC 市場一致。

As a reminder, when updating your Q4 model, we expect to recognize approximately $780 million of revenue related to the Office Upgrade Offer.

提醒一下，在更新您的 Q4 模型時，我們預計將確認與 Office 升級優惠相關的大約 7.8 億美元的收入。

In the Online Services Division we expect revenue to grow low-double digits, reflecting growth in search revenue partially offset by lower display revenue.

在在線服務部門，我們預計收入將增長兩位數，這反映了搜索收入的增長部分被較低的顯示收入所抵消。

Moving on to the Entertainment and Devices Division we expect revenue to grow midteens.

轉到娛樂和設備部門，我們預計收入將增長 10 年左右。

For the fourth quarter we expect COGS to grow midteens including Surface.

對於第四季度，我們預計 COGS 將增長 10 倍，包括 Surface。

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股息和利息收入，由利息支出和對沖淨成本抵消。

In the current low interest rate environment we expect these items to generally offset.

在當前的低利率環境下，我們預計這些項目將普遍抵消。

We are reducing our full fiscal-year guidance for operating expenses to $30.2 billion to $30.5 billion.

我們正在將整個財年的運營費用指引減少至 302 億至 305 億美元。

This range excludes the impact of the European Commission fine of $733 million.

該範圍不包括歐盟委員會 7.33 億美元罰款的影響。

For the full fiscal year we expect our effective tax rate, excluding the expense related to the European Commission fine, to be 17% to 20%, and we continue to expect capital expenditures to be about $3.5 billion.

對於整個財政年度，我們預計我們的有效稅率（不包括與歐盟委員會罰款相關的費用）為 17% 至 20%，我們繼續預計資本支出約為 35 億美元。

Excluding the impact of the Office Upgrade Offer, unearned revenue should roughly follow historical seasonal patterns.

排除辦公室升級優惠的影響，未賺取的收入應大致遵循歷史季節性模式。

Now turning to fiscal 2014.

現在轉向 2014 財年。

We expect fiscal 2014 operating expenses to be $31.6 billion to $32.2 billion, which represents growth of 4% to 6% from the midpoint of our updated fiscal [23] guidance.

我們預計 2014 財年的運營費用為 316 億美元至 322 億美元，較我們更新的財政 [23] 指引的中點增長 4% 至 6%。

We will continue to prioritize our spending while investing in the significant opportunity that is ahead of us.

我們將繼續優先考慮我們的支出，同時投資於擺在我們面前的重大機遇。

As we look towards the future, we have a solid foundation of products and services and markets, and our leadership team is collectively focused on advancing every one of our businesses.

展望未來，我們擁有堅實的產品、服務和市場基礎，我們的領導團隊共同致力於推進我們的每一項業務。

You could expect to hear more about the specific actions we are taking over the next few months.

您可能會聽到更多關於我們在未來幾個月內採取的具體行動的信息。

And 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, so please just keep to one question.

我們希望從盡可能多的人那裡得到問題，所以請只回答一個問題。

Operator, please go ahead and repeat your instructions.

接線員，請繼續並重複您的指示。

(Operator Instructions) Mark Moerdler, Sanford Bernstein.

（操作員說明）Mark Moerdler, Sanford Bernstein。

Thanks, guys, for the cloud data.

謝謝，伙計們，提供雲數據。

We've been looking for a lot of this so it's very helpful.

我們一直在尋找很多這樣的東西，所以它非常有幫助。

Let me ask I guess two related parts to that.

讓我問我猜兩個相關的部分。

Can you give us a sense on the growth metrics in terms of Office 365, which is what you're starting to give here, in terms revenue, users, customers, something that we can think about there?

您能否讓我們了解一下 Office 365 的增長指標，這就是您在這裡開始給出的，在收入、用戶、客戶方面，我們可以在那裡考慮的東西？

And the second half of it, can you give us a sense in terms of the percentage of Office 365 customers that are net new to Exchange?

在它的後半部分，您能否告訴我們對 Exchange 新用戶的 Office 365 客戶的百分比？

I know you've given just little bit of data on SMB and new SMB customers but any sense there would be appreciated.

我知道您只提供了一些關於 SMB 和新 SMB 客戶的數據，但如果有任何意義，我們將不勝感激。

Thanks.

謝謝。

Thanks, Mark.

謝謝，馬克。

On Office 365, the metric that we gave was net seat additions were up five times over the prior year, so that gives you some growth metric in addition to the revenue number.

在 Office 365 上，我們給出的指標是淨座位增加量比上一年增加了 5 倍，因此除了收入數字之外，這還為您提供了一些增長指標。

To your point on Exchange or more broadly I would say about other workloads, we're seeing exactly that dynamic.

對於您在 Exchange 上的觀點，或者更廣泛地說，關於其他工作負載，我們正在看到這種動態。

So not only are we addressing and reaching new customer segments like SMB, but many of them have never had a productivity server workload before.

因此，我們不僅要解決和接觸 SMB 等新客戶群，而且他們中的許多人以前從未有過生產力服務器工作負載。

Not just Exchange but others as well.

不僅是 Exchange，其他方面也是如此。

And even those that have had Exchange are now using other workloads, and so we're seeing most of our customers having more than one workload.

甚至那些已經使用 Exchange 的公司現在也在使用其他工作負載，因此我們看到我們的大多數客戶都有不止一個工作負載。

So across every division in terms of new revenue streams from the service, new customer segments, and new workloads, there's a lot of new, and that's what's driving the growth and the opportunity that we've been looking for.

因此，就來自服務、新客戶群和新工作負載的新收入流而言，每個部門都有很多新的，這就是推動增長和我們一直在尋找的機會的原因。

Perfect.

完美的。

Thank you very much.

非常感謝。

I appreciate it.

我很感激。

I'll be looking forward to hearing what you're doing the rest of your life and good luck.

我期待著聽到你在餘生中所做的事情，祝你好運。

Thanks, Mark.

謝謝，馬克。

Phillip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

You provided a little bit of color on Surface.

您在 Surface 上提供了一點顏色。

Obviously we're seeing an expanding portfolio there.

顯然，我們在那裡看到了不斷擴大的投資組合。

I just want to get a sense of how this is evolving especially on the distribution side, and how the product is doing versus your expectations.

我只是想了解這是如何演變的，尤其是在分銷方面，以及產品的表現與您的期望相比如何。

And then when you start to think about going forward, how would you also expect the product portfolio to evolve as well as distribution?

然後，當您開始考慮向前發展時，您還期望產品組合如何發展以及分銷？

Great questions.

好問題。

As I said, we are expanding both the products and distribution.

正如我所說，我們正在擴大產品和分銷。

And that is broadly all devices inclusive of Surface.

這廣泛適用於包括 Surface 在內的所有設備。

We are expanding distribution of Surface, we're now in 22 countries, 70 retailers.

我們正在擴大 Surface 的分銷，我們現在在 22 個國家/地區擁有 70 家零售商。

And we'll continue to look to expand that, not only just expanding but improving the experience.

我們將繼續尋求擴展，不僅擴展而且改善體驗。

And that's true not just for Surface, but for broadly Windows 8 devices.

這不僅適用於 Surface，而且適用於廣泛的 Windows 8 設備。

And so we'll be investing against that for both Surface and a broader array of Windows 8 devices at multiple price points, including lower price points going forward.

因此，我們將針對 Surface 和更廣泛的 Windows 8 設備在多個價位進行投資，包括未來的更低價位。

Great.

偉大的。

Thank you.

謝謝你。

Walter Pritchard, Citigroup.

花旗集團的沃爾特·普里查德。

Peter or Chris, I'm wondering if you can weigh in, there's been a bit of a debate this quarter around what the underlying PC market did, and I think we've seen numbers ranging out there from mid-single digit decline to a midteens decline.

彼得或克里斯，我想知道您是否可以參與進來，本季度圍繞潛在 PC 市場的表現存在一些爭論，我認為我們已經看到從中個位數下降到中年下降。

I'm just wondering first if you could weigh in on that.

我只是想知道你是否可以先權衡一下。

You've in the past given some sort of range.

您過去已經給出了某種範圍。

And then related to that if you look at the second half, I'm wondering how we should set our expectations around this mid- to high-end Haswell release from Intel in terms of impact it may have on the PC market versus the later in the year more holiday time lower end Atom release, and how those two chip releases may have an impact on what you're expecting from the device market and overall impact on Windows.

然後與此相關，如果你看看下半年，我想知道我們應該如何設定我們對英特爾的中高端 Haswell 版本的期望，因為它可能對 PC 市場產生影響，而不是後期一年多的假期時間低端 Atom 版本，以及這兩個芯片版本可能如何影響您對設備市場的期望以及對 Windows 的整體影響。

Thanks, Walter.

謝謝，沃爾特。

On the PC market, I would look to some of the third parties, IDC and Gartner, they're sort of in the 12%, 13%, 14% down range this quarter.

在個人電腦市場上，我會關註一些第三方，IDC 和 Gartner，它們本季度的跌幅在 12%、13%、14% 範圍內。

And in terms of the chipsets, we've always felt that with Windows 8, there was a process of the ecosystem really innovating across the board, and you're really starting to see that on the chips.

就芯片組而言，我們一直認為，在 Windows 8 中，生態系統有一個真正全面創新的過程，你真的開始在芯片上看到這一點。

And we're very encouraged by both Haswell and some of the Atom processors to really improve the overall user experience that Windows 8 delivers, and over the coming selling season, I think that's very encouraging and we are optimistic about that.

Haswell 和一些 Atom 處理器都非常鼓勵我們真正改善 Windows 8 提供的整體用戶體驗，在即將到來的銷售季節，我認為這非常令人鼓舞，我們對此持樂觀態度。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

I was wondering, Peter, if you can help -- we've heard Intel talk about Haswell and they mentioned it on the call I think it was last night, you obviously mentioned it.

我想知道，彼得，如果你能幫忙——我們聽說英特爾談到了 Haswell，他們在電話會議上提到了它，我想是昨晚，你顯然提到了它。

I guess I'm just wondering, what can you guys do to specifically help grow your tablet share, given you are reliant ex the Surface products on OEM partners to really hit a broad segment of the market?

我想我只是想知道，鑑於你們依賴 OEM 合作夥伴的 Surface 產品來真正打入廣泛的市場，你們能做些什麼來特別幫助增加平板電腦的份額？

And I'm thinking in general given the OEM partners don't have much wiggle room on the margin side, what can you do to help stimulate your market share in particular in the mobility and then the tablet side?

鑑於 OEM 合作夥伴在利潤方面沒有太大的迴旋餘地，我總體上在想，你能做些什麼來幫助刺激你的市場份額，特別是在移動性和平板電腦方面？

Thank you.

謝謝你。

And good luck in the future.

並祝你未來好運。

We're going to miss you.

我們會想念你的。

Thanks.

謝謝。

I've enjoyed working with you.

我很高興和你一起工作。

I think broadly in improving our position in tablets and just generally in devices there's five or six dimensions ranging from what we're doing with OEMs on the devices, and the range of devices and how we're -- they can have a range of price points; what we're doing, what the chips can do, because I think that's a part of it; both first-party and third-party applications, and we've seen improvements across-the-board there.

我認為，在提高我們在平板電腦和設備領域的地位時，一般有五六個維度，從我們與 OEM 在設備上所做的事情，到設備的範圍以及我們的方式——他們可以有一系列的價格點；我們正在做什麼，芯片可以做什麼，因為我認為這是其中的一部分；第一方和第三方應用程序，我們已經看到了全面的改進。

The user interface and how we're innovating across the user experience.

用戶界面以及我們如何在用戶體驗方面進行創新。

And then distributions.

然後是分佈。

So if you start from the bottom up all the way to when you buy the product, we are working across all those dimensions.

因此，如果您從下到上一直到購買產品，我們將在所有這些方面開展工作。

And on the device side we are working closely with the OEMs to help them take Windows 8, show it off in all its glory across different form factors.

在設備方面，我們正在與 OEM 密切合作，幫助他們採用 Windows 8，在不同的外形尺寸上展示它的所有榮耀。

I talked about new smaller form factors and how Windows 8 can innovate to improve that experience.

我談到了新的更小的外形尺寸以及 Windows 8 如何通過創新來改善這種體驗。

So I think the biggest thing we're doing is helping them develop new and improved user experiences across-the-board, across the size, across price points to deliver a really compelling Windows 8 experience and it's not just the devices.

因此，我認為我們正在做的最重要的事情是幫助他們開發新的和改進的全面、跨規模、跨價位的用戶體驗，以提供真正引人入勝的 Windows 8 體驗，而不僅僅是設備。

Like I said it's the chips, it's the apps, it's the buying experience, it's the user interface.

就像我說的那樣，是芯片，是應用程序，是購買體驗，是用戶界面。

So we're really focused on all five or six of those dimensions going forward.

所以我們真的專注於所有五個或六個維度。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Excellent.

出色的。

Thank you, guys, for taking my question; and nice quarter.

謝謝你們，伙計們，接受我的問題；和漂亮的季度。

I want to ask about the impact -- you mentioned on the call that going to subscription revenues does have a near-term impact on revenues.

我想問一下影響——你在電話會議上提到訂閱收入確實對收入有短期影響。

I was wondering if you can help us out and understand whether we're seeing that impact today and perhaps to what degree with the strong uptake of some of the cloud services, particularly like Office 365?

我想知道您是否可以幫助我們並了解我們今天是否看到了這種影響，也許隨著某些雲服務（尤其是 Office 365）的強烈採用而影響到什麼程度？

Yes.

是的。

No.

不。

It's a good point.

這是一個很好的觀點。

We are seeing that particularly in our transactional business in MBD.

我們在 MBD 的交易業務中尤其看到了這一點。

As people move from what may have been a transactional or perpetual license where the revenue was recognized upfront, to a subscription service where it's recognized ratably, so you're basically deferring the rest of the term of the subscription.

隨著人們從可能是預先確認收入的交易或永久許可轉移到按比例確認的訂閱服務，因此您基本上推遲了剩餘的訂閱期限。

So in the short term you'll be deferring revenue that if it were bought, not in the subscription, would have been recognized immediately.

因此，在短期內，您將推遲收入，如果它是購買的，而不是在訂閱中，將立即得到確認。

And as the subscription business is growing you'll see that impact growing, but over time what you'll get is more what looks like annuity revenue stream that's more predictable and has higher customer satisfaction, and probably higher retention rates going forward.

隨著訂閱業務的增長，你會看到這種影響在增長，但隨著時間的推移，你會得到更多看起來像年金收入流的東西，它更可預測，客戶滿意度更高，未來可能還會有更高的保留率。

But in the short term that will impact mostly in the transactional side of the MBD business.

但在短期內，這將主要影響 MBD 業務的交易方面。

That helped.

這有幫助。

Thank you.

謝謝你。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Peter, just on the gross margin it's been under pressure for the last several years, but this quarter it did bounce back.

彼得，就毛利率而言，過去幾年它一直處於壓力之下，但本季度它確實反彈了。

Can you just give us a sense of how you think gross margins will trend?

您能否讓我們了解一下您認為毛利率的趨勢？

And do you expect this as a stabilization, we should it expect slow improvement from here, or expect more of the same in terms of where they've been the last couple quarters?

您是否認為這是一種穩定，我們應該期待從這裡開始緩慢改善，還是在過去幾個季度的情況下期待更多相同的情況？

Yes.

是的。

Gross margins as you know are always going to be a function of mix.

如您所知，毛利率始終是混合的函數。

So depending on where you are in the quarter, the biggest driver of what your gross margin is going to be is mix, so if you have a big hardware quarter that has low gross margins, that will impact it.

因此，取決於您在本季度的位置，您的毛利率將成為最大的驅動因素是混合，因此如果您有一個毛利率較低的大型硬件季度，那將對其產生影響。

The biggest things that are going to impact the mix are going to be hardware, cloud services, and enterprise services, or people services.

影響組合的最大因素將是硬件、雲服務、企業服務或人員服務。

It is a fact that we are starting to get scale in our cloud services, and so the growth that we're seeing in Office 365 is really coming at an improved margin as we scale that up.

事實上，我們的雲服務開始擴大規模，因此隨著我們擴大規模，我們在 Office 365 中看到的增長確實在提高。

So within each we make progress, and then overall in the given quarter for the Company, it's going to be a function of mix.

因此，在我們取得的每一個進步中，然後在公司的給定季度整體上，這將是一個混合的函數。

So obviously if you're in a holiday quarter where you sell a bunch of hardware, that will have an impact on gross margins.

因此，很明顯，如果您在假期銷售大量硬件，這將對毛利率產生影響。

But I think one of the main takeaways for me is in particularly some of our cloud services we are really starting to get scale, Bing continues to improve their margins, and Office 365 is starting to get to scale.

但我認為對我來說主要收穫之一是我們的一些雲服務，我們真正開始擴大規模，必應繼續提高他們的利潤，Office 365 開始擴大規模。

So those things are really encouraging.

所以這些事情真的很令人鼓舞。

Thanks.

謝謝。

Congrats, Peter.

恭喜，彼得。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

You've just launched -- or Azure infrastructure as a service just went generally available this week.

你剛剛發布了——或者 Azure 基礎設施即服務本周剛剛正式發布。

And I'd love to get some color on how much that's figuring in the long-term contracts, the growth in long-term contracts, and what your expectations might be for more traditional infrastructure as a service uptake over the next several quarters.

而且我很想了解長期合同中的計算量、長期合同的增長情況，以及您對未來幾個季度更傳統的基礎設施即服務吸收的期望。

Thanks.

謝謝。

Thanks.

謝謝。

Great question.

好問題。

It's clearly a key enabler of our cloud OS story and how we're driving what we're doing with enterprises in their data centers.

它顯然是我們雲操作系統故事的關鍵推動者，也是我們如何推動我們在其數據中心與企業合作的方式。

With infrastructure as a service we now have the most complete end-to-end offering through platform and software, identity, and access.

通過基礎設施即服務，我們現在通過平台和軟件、身份和訪問擁有最完整的端到端產品。

But having the infrastructure is a key enabler and I think a real accelerator for the Windows Azure strategy, and really more broadly the cloud OS strategy.

但是擁有基礎設施是一個關鍵的推動因素，我認為它是 Windows Azure 戰略的真正加速器，更廣泛地說是雲操作系統戰略。

We now have a complete end-to-end story through the data center, from private to hosted to public, from infrastructure to the platform, so I think it's again a key enabler of that all-up strategy and accelerator.

現在，我們通過數據中心擁有了完整的端到端故事，從私有到託管到公共，從基礎設施到平台，所以我認為它再次成為全面戰略和加速器的關鍵推動者。

John DiFucci, JPMC.

約翰·迪福奇，JPMC。

Peter, I'd just like to echo others' thoughts here, it truly has been a pleasure and wish you the best going forward.

彼得，我只是想在這裡回應其他人的想法，真的很高興，並祝你一切順利。

My question is for Chris.

我的問題是給克里斯的。

Chris, just wanted to clarify something you said about inventories.

克里斯，只是想澄清一下你所說的關於庫存的事情。

I think you were talking about PC inventory, but with the Windows business can you give us your assessment of what Windows inventory is at OEMs?

我認為您是在談論 PC 庫存，但對於 Windows 業務，您能否向我們提供您對 OEM 的 Windows 庫存的評估？

Especially given the disappointing PC shipment data this quarter.

特別是考慮到本季度令人失望的 PC 出貨數據。

Yes.

是的。

I did mention the fact that we believe inventories were drawn down, we do think that they are at normal levels at this point though.

我確實提到了我們認為庫存已經減少的事實，但我們確實認為它們目前處於正常水平。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Gregg Moskowitz, Cowen.

格雷格莫斯科維茨，考恩。

Good afternoon.

下午好。

And Peter I'll echo my sentiments as everyone else did as well.

彼得，我會像其他人一樣回應我的觀點。

So in recent periods we've seen your MBD growth significantly outpace PC unit growth, although we now have a dynamic where your Office subscription is really resonating with customers.

因此，在最近一段時間內，我們看到您的 MBD 增長顯著超過 PC 單位增長，儘管我們現在有一個動態，您的 Office 訂閱確實引起了客戶的共鳴。

So the question is, just looking at this on a directional basis, is MBD revenue outperformance relative to PC units something that you think is sustainable going forward?

所以問題是，僅從方向上看，MBD 收入相對於 PC 單位的表現是否是您認為可持續發展的東西？

Yes.

是的。

It will -- the answer is it will depend, there's certainly an offset between attach gains we're making against the market offset against some deferrals as revenue moves to a subscription, so it will kind of depend each quarter.

它將 - 答案將取決於，隨著收入轉移到訂閱，我們正在獲得的附加收益與市場抵消與一些延期之間肯定存在抵消，因此它將取決於每個季度。

Long term it's a great trend, because we're building up a banked book of business on the subscription side, which will become less and less connected to the PC market.

從長遠來看，這是一個大趨勢，因為我們正在訂閱方面建立銀行業務簿，這將越來越少地與 PC 市場聯繫。

Thank you.

謝謝你。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊銀行。

Peter, all the best.

彼得，一切順利。

Quick one, if you look at IBM coming out earlier on today having a relatively tough quarter given the economy, can you just comment a little bit of what you're seeing out there?

快點，如果您看到 IBM 今天早些時候在經濟形勢下面臨一個相對艱難的季度，您能否評論一下您所看到的情況？

Especially your Server and Tools division obviously is doing relatively well, but other guys are really struggling, so help us understand how you see the economy.

尤其是您的服務器和工具部門顯然做得相對較好，但其他人確實在苦苦掙扎，因此請幫助我們了解您對經濟的看法。

Thank you.

謝謝你。

Yes.

是的。

I think about the economy and then I think about the value proposition of our products.

我先考慮經濟，然後再考慮我們產品的價值主張。

Clearly there are tough spots in the economy.

顯然，經濟中存在困難。

I think enterprises and CIOs are looking for what they've always been looking for, which is how do they get the best value for their dollar to move their businesses forward?

我認為企業和 CIO 正在尋找他們一直在尋找的東西，即他們如何獲得最大的價值來推動他們的業務向前發展？

And I think we have a very good story in terms of the value that enterprises and small and medium businesses get from the capabilities that they can get from us particularly in the data center with SQL.

而且我認為我們有一個很好的故事，就企業和中小型企業從他們可以從我們那裡獲得的能力中獲得的價值而言，特別是在使用 SQL 的數據中心。

As you compare SQL Server to competing products, the performance that you get relative to the price is a really compelling value proposition, and that's what's been enabling us to take share.

當您將 SQL Server 與競爭產品進行比較時，您獲得的相對於價格的性能是一個非常引人注目的價值主張，這也是我們能夠分享的原因。

Same on virtualization as well.

虛擬化也是如此。

And so I think for us, it's a combination of having the most complete roadmap for getting to the cloud, as well as the best collection of products that have price performance characteristics that are attractive to CIOs that are allowing us to have growth in our enterprise business, and particularly in Server and Tools.

因此，我認為對我們而言，它結合了擁有最完整的雲計算路線圖，以及具有對 CIO 有吸引力的性價比特性的最佳產品集合，這些特性使我們能夠在企業中實現增長業務，尤其是在服務器和工具方面。

Thank you.

謝謝你。

Brad Reback, Stifel.

布拉德·雷貝克，斯蒂菲爾。

Peter, as you look at the PC data over the course of the quarter, could you give us any sense of how that trended?

彼得，當您查看本季度的 PC 數據時，您能否告訴我們其趨勢如何？

And following up on that, as you think about the business upgrade cycle, which should be over by this time next year, do we risk a real fall off again in the PC business because the upgrade cycle has aided what's been a difficult PC market the last couple of quarters?

接下來，當您考慮到明年這個時候應該結束的業務升級週期時，我們是否會冒著 PC 業務再次真正下滑的風險，因為升級週期已經幫助了一直困難的 PC 市場最後幾個季度？

And best of luck by the way.

順便說一句，祝你好運。

Thanks, Brad.

謝謝，布拉德。

On your first question, there wasn't anything abnormal in terms of the trends during the quarter.

關於您的第一個問題，本季度的趨勢沒有任何異常。

On your second question, I think the upgrade cycle particularly for businesses will be interesting over the next year.

關於你的第二個問題，我認為特別是企業的升級週期在明年會很有趣。

I think over the longer term, what's more interesting is the long-term evolution we're seeing in the device market.

我認為從長遠來看，更有趣的是我們在設備市場上看到的長期演變。

Which I think is actually going to be more of a driver than any sort of temporal upgrades.

我認為這實際上將比任何形式的臨時升級更像是一個驅動程序。

I think people are looking to innovations happening faster, people are getting new experiences in new form factors, and that's what Windows 8 was designed to take advantage of.

我認為人們正在尋求更快發生的創新，人們正在以新的形式獲得新的體驗，而這正是 Windows 8 旨在利用的優勢。

So I think about the opportunity more about the new capabilities and the new sets of services, and the experiences people can get on their devices and different kinds of devices, than it is about an upgrade cycle that's driven by something else.

因此，我更多地考慮新功能和新服務集以及人們可以在他們的設備和不同類型的設備上獲得的體驗，而不是由其他事物驅動的升級週期。

Great.

偉大的。

Thanks very much.

非常感謝。

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

這將結束今天財報電話會議的問答部分。

We look forward to seeing many of you in the coming months at events such as E3, TechEd, and Build, as well as at various investor conferences.

我們期待在接下來的幾個月中在 E3、TechEd 和 Build 等活動以及各種投資者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.

對於那些無法親自參加的人，這些活動通常會通過網絡直播。

And you will be able to follow our comments at Microsoft.com/investor.

您將能夠在 Microsoft.com/investor 上關注我們的評論。

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.

再次感謝您今天加入我們。

And take care.

還有，注意安全。

Thanks.

謝謝。

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。