微軟 (MSFT) 2013 Q4 法說會逐字稿

Welcome to Microsoft's fiscal year 2013 fourth-quarter earnings conference call.

歡迎參加微軟 2013 財年第四季度財報電話會議。

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, please disconnect at this time.

如果有人有任何異議，請在此時斷開連接。

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

我現在想將會議轉交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, operator.

謝謝你，接線員。

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 July 18, 2014.

在 2014 年 7 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 factors 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 Amy, I'd like to remind you that all growth comparisons we make on the call today will relate to the corresponding period of last year.

在我把電話交給艾米之前，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 recognitions related to the Office and Windows upgrade offers, the $900 million charge for inventory adjustments primarily related to the new Surface RT pricing we announced earlier this week, and the goodwill impairment charge from last year.

此外，除非另有說明，本季度所有受影響的數字均已根據與 Office 和 Windows 升級優惠相關的收入遞延和確認的累積影響進行了調整，主要與新 Surface RT 定價相關的 9 億美元庫存調整費用我們本週早些時候公佈了去年的商譽減值費用。

You can find the details of the adjustments and reconciliation of differences between GAAP and non-GAAP financial measures in our financial summary slide deck.

您可以在我們的財務摘要幻燈片中找到 GAAP 和非 GAAP 財務指標之間差異的調整和調節的詳細信息。

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

有了這個，我會把電話轉給艾米。

Thanks, Chris, and good afternoon, everyone.

謝謝，克里斯，大家下午好。

Thanks for joining us today.

感謝您今天加入我們。

In many ways, our fourth-quarter results reflect the trends we saw developing throughout the fiscal year.

在許多方面，我們的第四季度業績反映了我們在整個財年看到的發展趨勢。

The consumer x86 PC market declined, as users continued to prioritize devices with touch and mobility.

消費者 x86 PC 市場下滑，因為用戶繼續優先考慮具有觸控和移動性的設備。

At the same time, we saw continued strength in our enterprise products and cloud solutions, and increased adoption of our consumer services.

與此同時，我們看到企業產品和雲解決方案的持續優勢，以及消費者服務的採用率不斷提高。

This quarter, our Windows business declined as the device market continued to evolve beyond the traditional PC.

本季度，隨著設備市場不斷超越傳統 PC，我們的 Windows 業務出現下滑。

We are working to transition the business into this modern era of computing, taking advantage of the new scenarios enabled by Windows 8. As we've said before, given the complexity of the ecosystem, this journey will take time, but we continue to make incremental progress.

我們正在努力利用 Windows 8 支持的新場景將業務過渡到這個現代計算時代。正如我們之前所說，鑑於生態系統的複雜性，這一旅程將需要時間，但我們會繼續漸進式進展。

In June, we released the public preview of Windows 8.1.

6 月，我們發布了 Windows 8.1 的公共預覽版。

It blends the desktop and modern experience, and has new features and improvements in areas such as personalization, search, built-in apps, and cloud connectivity.

它融合了桌面和現代體驗，並在個性化、搜索、內置應用程序和雲連接等領域具有新功能和改進。

Windows 8.1 will be a free update to existing Windows 8 users, and will be made available to OEMs in August, less than one year since launch.

Windows 8.1 將是對現有 Windows 8 用戶的免費更新，並將於 8 月向 OEM 提供，距推出不到一年。

To increase and improve retail distribution, we entered into a strategic partnership with Best Buy to create a Windows Store in over 600 Best Buy locations.

為了增加和改善零售分銷，我們與百思買建立了戰略合作夥伴關係，在 600 多個百思買地點創建了一個 Windows 商店。

These store-within-a-store locations provide a large-scale, hands-on consumer experience that showcases Microsoft devices and services.

這些店中店位置提供了展示 Microsoft 設備和服務的大規模、親身體驗的消費者體驗。

The percentage and breadth of touch devices available at retail continues to improve.

零售中可用的觸摸設備的百分比和廣度不斷提高。

The first 8-inch Windows tablet became available at retail a few weeks ago.

幾週前，第一台 8 英寸 Windows 平板電腦開始零售。

It has legacy application compatibility, includes Microsoft Office, and retails for less than $400.

它具有舊版應用程序兼容性，包括 Microsoft Office，零售價不到 400 美元。

We expect additional compelling small-screen devices to be available in the coming months.

我們預計未來幾個月將推出更多引人注目的小屏幕設備。

Less than a year ago, we launched Surface RT and Surface Pro, each with a unique value proposition.

不到一年前，我們推出了 Surface RT 和 Surface Pro，每一款都具有獨特的價值主張。

Surface is one part of our journey to bring innovative, compelling Windows devices to market in the modern era of computing.

Surface 是我們在現代計算時代將創新、引人注目的 Windows 設備推向市場的旅程的一部分。

With each step, we analyze our progress and fine-tune our action plan as needed.

對於每一步，我們都會分析我們的進展並根據需要微調我們的行動計劃。

Here's what we did this quarter.

這是我們本季度所做的。

We reduced the price of Surface RT by $150 to $349 per device.

我們將 Surface RT 的價格降低了 150 美元至每台設備 349 美元。

As a result of this price change, as well as inventory adjustments for related parts and accessories, we recorded a $900 million charge to our income statement.

由於這一價格變化以及相關零件和配件的庫存調整，我們在損益表中記錄了 9 億美元的費用。

While this resulted in a negative $0.07 impact on earnings, we believe this pricing adjustment will accelerate Surface RT adoption, and position us better for long-term success.

雖然這對收益產生了 0.07 美元的負面影響，但我們相信這種定價調整將加速 Surface RT 的採用，並使我們更好地獲得長期成功。

We also increased retail distribution this quarter.

本季度我們還增加了零售分銷。

Surface is now available in 29 markets and 10,000 retail locations.

Surface 現已在 29 個市場和 10,000 個零售點上市。

We expanded the availability of Surface to our business and institutional customers.

我們將 Surface 的可用性擴展到我們的企業和機構客戶。

Through our new channel expansion program, commercial customers are able to purchase Surface devices from authorized resellers in the US.

通過我們新的渠道擴展計劃，商業客戶可以從美國授權經銷商處購買 Surface 設備。

Over the next few months, we will authorize commercial distributors and resellers in more countries.

在接下來的幾個月裡，我們將授權更多國家的商業分銷商和經銷商。

So, in summary on Windows, we are working hard with our partners to gain share in the evolving and growing device market.

因此，總而言之，在 Windows 上，我們正在與我們的合作夥伴一起努力在不斷發展和增長的設備市場中獲得份額。

I want to be very clear.

我想非常清楚。

We know we have to do better, and that's one reason we made the strategic and organizational changes we made last week.

我們知道我們必須做得更好，這也是我們上週做出戰略和組織變革的原因之一。

With over 1.5 billion Windows users around the world, a transition of this magnitude takes time.

全球有超過 15 億 Windows 用戶，這種規模的轉變需要時間。

We are confident we are moving in the right direction.

我們相信我們正朝著正確的方向前進。

Now, on to our enterprise business, which continues to be strong.

現在，繼續我們的企業業務，該業務繼續強勁。

We closed out the year with record unearned revenue of $22.4 billion, as businesses continue to make long-term commitments to the Microsoft platform.

隨著企業繼續對 Microsoft 平台做出長期承諾，我們以創紀錄的 224 億美元的未實現收入結束了這一年。

Within our Server and Tool business, we continue to make significant improvements in performance, reliability, and scalability with SQL Server.

在我們的服務器和工具業務中，我們繼續使用 SQL Server 在性能、可靠性和可伸縮性方面進行重大改進。

As a result, customers are increasingly moving mission-critical and BI workloads to the platform.

因此，客戶越來越多地將任務關鍵型和 BI 工作負載轉移到平台上。

While SQL Server has been the unit share leader in the market for some time, it has consistently outgrown the market over the past 12 months, and is now the second-largest database in revenue share.

雖然 SQL Server 一段時間以來一直是市場上的單位份額領導者，但在過去 12 個月中它的增長一直超過市場，現在是收入份額第二大的數據庫。

We recently announced the next versions of Windows Server and System Center, which will continue to deliver on our Cloud OS vision.

我們最近宣布了 Windows Server 和 System Center 的下一個版本，它們將繼續實現我們的雲操作系統願景。

With new features and enhancements in virtualization, storage, and networking, we are empowering our customers to more efficiently manage their application services, and their private, hosted, and public cloud infrastructures.

借助虛擬化、存儲和網絡方面的新功能和增強功能，我們使我們的客戶能夠更有效地管理他們的應用程序服務，以及他們的私有、託管和公共雲基礎架構。

In Windows Azure, we continue to innovate and broaden our cloud platform offerings.

在 Windows Azure 中，我們繼續創新和擴展我們的雲平台產品。

We recently announced an important enterprise partnership with Oracle, that will enable customers to run Oracle software on Hyper-V, and in Windows Azure.

我們最近宣布與 Oracle 建立重要的企業合作夥伴關係，這將使客戶能夠在 Hyper-V 和 Windows Azure 上運行 Oracle 軟件。

In June, we announced the public preview of Windows Azure in China, operated by 21Vianet, making Microsoft the first multinational organization to offer public cloud services in China.

6 月，我們宣布了由 21Vianet 運營的 Windows Azure 在中國的公開預覽，這使微軟成為第一個在中國提供公共雲服務的跨國公司。

As a result of the greater choice and flexibility, we are seeing increased customer traction, both in terms of an increase in enterprise customers, but also, the average deal size.

由於更多的選擇和靈活性，我們看到客戶吸引力的增加，無論是在企業客戶的增加方面，還是在平均交易規模方面。

Our productivity solutions continue to be a top priority for CIOs.

我們的生產力解決方案仍然是 CIO 的首要任務。

As enterprise customers look to modernize their productivity infrastructures, they are increasingly turning to Office 365.

隨著企業客戶希望對其生產力基礎設施進行現代化改造，他們越來越多地轉向 Office 365。

We recently announced the expansion of commercial availability into several new markets, making Office 365 available in over 125 markets worldwide.

我們最近宣布將商業可用性擴展到幾個新市場，使 Office 365 在全球超過 125 個市場中可用。

I'm pleased to share that momentum is accelerating, and Office 365 is now on a $1.5 billion annual revenue run rate.

我很高興分享這種勢頭正在加速，Office 365 現在的年收入為 15 億美元。

During the quarter, we saw ongoing momentum for our consumer services such as Office 365 Home Premium, SkyDrive, Xbox LIVE, Skype, and Outlook.com.

在本季度，我們看到了 Office 365 Home Premium、SkyDrive、Xbox LIVE、Skype 和 Outlook.com 等消費者服務的持續發展勢頭。

By giving consumers rich, high-value experiences across productivity, communications, and entertainment, these services can help give our products, and our overall ecosystem, a strategic advantage in today's marketplace, where the line between home and work is blurring for many customers.

通過在生產力、通信和娛樂方面為消費者提供豐富、高價值的體驗，這些服務可以幫助我們的產品和我們的整體生態系統在當今市場中獲得戰略優勢，在這個市場上，對於許多客戶來說，家庭和工作之間的界限越來越模糊。

Our unified communication offerings of Skype and Lync are great examples of where consumer and enterprise products can be mutually reinforcing, and create more opportunity for Microsoft.

我們的 Skype 和 Lync 統一通信產品是消費者和企業產品可以相輔相成並為 Microsoft 創造更多機會的絕佳示例。

In summary, the fourth quarter continued many of the trends we saw developing throughout the fiscal year.

總之，第四季度延續了我們在整個財政年度看到的許多發展趨勢。

We continued to make important strides toward our strategy, to create a family of devices and services for individuals and businesses, to empower them for the activities they value the most.

我們繼續朝著我們的戰略邁進，為個人和企業創建一系列設備和服務，讓他們能夠從事他們最看重的活動。

Some of our investments are already paying off, while others reinforce the foundation that positions us for future growth and profitability.

我們的一些投資已經獲得了回報，而另一些則鞏固了我們未來增長和盈利能力的基礎。

With that, I'll hand it over to Chris to give more details about this quarter, before I come back to share thoughts on the first quarter of fiscal 2014.

有了這個，我將把它交給克里斯，以提供有關本季度的更多細節，然後再回來分享對 2014 財年第一季度的想法。

Thanks Amy.

謝謝艾米。

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 was up 3% to $19.2 billion and operating income declined 11% to $6.2 billion.

收入增長 3% 至 192 億美元，營業收入下降 11% 至 62 億美元。

Earnings per share declined 19%, to $0.59.

每股收益下降 19%，至 0.59 美元。

Foreign exchange had a $257 million, or 1 percentage point, negative impact to revenue this quarter, and a $177 million or 3 percentage point negative impact to net income.

外匯對本季度的收入產生了 2.57 億美元或 1 個百分點的負面影響，對淨收入產生了 1.77 億美元或 3 個百分點的負面影響。

From a geographic perspective, revenue in the US was strong relative to other regions.

從地理角度來看，美國的收入相對於其他地區來說是強勁的。

Annuity revenue continued to be strong, growing 13%.

年金收入繼續強勁，增長 13%。

We had record unearned revenue of $22.4 billion, and our contracted-not-billed balance was approximately $21 billion.

我們的未實現收入達到創紀錄的 224 億美元，我們的合同未開票餘額約為 210 億美元。

Now to the results for the Windows Division, where revenue declined 5% this quarter.

現在來看 Windows 部門的結果，該部門本季度的收入下降了 5%。

The x86 PC market continued to decline.

x86 PC 市場繼續下滑。

While business PCs showed modest growth, we estimate consumer PCs declined more than 20%.

雖然商用 PC 呈現溫和增長，但我們估計消費類 PC 下降了 20% 以上。

As a result, OEM revenue declined 15%.

結果，OEM 收入下降了 15%。

OEM revenue lagged the PC market, primarily due to market dynamics in China and lower ASPs, reflecting the introduction of our small screen touch offerings and current-period incentive programs.

OEM 收入落後於 PC 市場，主要是由於中國的市場動態和較低的平均售價，反映了我們推出的小屏幕觸摸產品和當前期間的激勵計劃。

Non-OEM revenue grew 22%, driven by sales of Surface, and continued double-digit growth in volume licensing, as businesses across all areas and segments continue to value the Windows platform.

由於所有領域和細分市場的企業繼續重視 Windows 平台，非 OEM 收入增長了 22%，這得益於 Surface 的銷售以及批量許可的持續兩位數增長。

This quarter we saw continued progress in the transition from Windows XP, and today, almost three-quarters of enterprise desktops are running Windows 7. Volume licensing of Windows delivered more than $4 billion in revenue this year.

本季度，我們看到從 Windows XP 過渡的持續進展，如今，幾乎四分之三的企業台式機都在運行 Windows 7。Windows 的批量許可今年帶來了超過 40 億美元的收入。

Next, I'll walk through our Server and Tools business, which posted another solid quarter with 9% revenue growth and double-digit bookings 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 9%，預訂量增長兩位數。

Product revenue grew 9%, driven primarily by growth in premium versions of Windows Server and SQL Server.

產品收入增長 9%，主要受 Windows Server 和 SQL Server 高級版本增長的推動。

Our cloud momentum continues with strong customer adoption, upsell to higher level services, and increased innovation.

隨著客戶採用率高、向更高級別的服務追加銷售以及創新的增加，我們的雲發展勢頭仍在繼續。

We released a number of Azure services, including Mobility, Media, and Website services, and a growing number of customers are already using multiple services for their cloud platform needs.

我們發布了許多 Azure 服務，包括移動、媒體和網站服務，並且越來越多的客戶已經在使用多種服務來滿足他們的雲平台需求。

We added 25% more enterprise customers this quarter and now over 50% of the Fortune 500 are using Windows Azure.

本季度我們增加了 25% 的企業客戶，現在超過 50% 的財富 500 強企業正在使用 Windows Azure。

In the data center, System Center revenue grew 14% and the premium version of Windows Server continued to see significant revenue growth.

在數據中心，System Center 收入增長了 14%，Windows Server 的高級版收入繼續顯著增長。

Hyper-V, our virtualization product, continued to gain market share over the past year.

我們的虛擬化產品 Hyper-V 在過去一年中繼續獲得市場份額。

Companies such as Aston Martin and Grant Thornton continue to look to Hyper-V and System Center to deliver their critical business applications.

Aston Martin 和 Grant Thornton 等公司繼續尋求 Hyper-V 和 System Center 來交付他們的關鍵業務應用程序。

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。

Last month, we announced SQL Server 2014, the next version of our data platform, which has in-memory capabilities built right into the core database.

上個月，我們發布了 SQL Server 2014，這是我們數據平台的下一個版本，它在核心數據庫中內置了內存功能。

We also announced Power BI for Office 365, a cloud based BI solution that combines the power of SQL Server with the familiarity of Office.

我們還發布了 Power BI for Office 365，這是一種基於雲的 BI 解決方案，它結合了 SQL Server 的強大功能和 Office 的熟悉度。

Now, I'll move on to the Microsoft Business Division, where revenue grew 2%.

現在，我將轉到收入增長 2% 的 Microsoft 業務部門。

Within that, business revenue grew 7%, driven by 10% growth in annuity revenue.

其中，在年金收入增長 10% 的推動下，業務收入增長了 7%。

Consumer revenue declined 27%.

消費者收入下降了 27%。

Results in our Consumer business were driven by declines in the consumer x86 PC market and the shift to subscription, offset in part by attach gains.

我們的消費者業務的業績受到消費者 x86 PC 市場下滑和轉向訂閱的推動，但部分被附加收益所抵消。

As our customers transition to this new subscription model, there is a short-term impact to revenue, due to the changes in the timing of revenue recognition, but over time, we expect our revenue to grow, and become more recurring and predictable.

隨著我們的客戶過渡到這種新的訂閱模式，由於收入確認時間的變化，收入會受到短期影響，但隨著時間的推移，我們預計我們的收入會增長，並且變得更加經常性和可預測性。

With the subscription model, we are providing greater value to our customers, through frequent product updates, new cloud services, and attractive pricing.

通過訂閱模式，我們通過頻繁的產品更新、新的雲服務和有吸引力的價格為我們的客戶提供更大的價值。

We saw strong early adoption of the subscription offering and now have more than 1 million Office 365 Home Premium subscribers.

我們看到訂閱產品的早期採用率很高，現在擁有超過 100 萬 Office 365 家庭高級版訂閱者。

It has been a big year for Office 365, and as Amy said, it is now on a $1.5 billion annual revenue run rate.

對於 Office 365 來說，這是重要的一年，正如 Amy 所說，它現在的年收入為 15 億美元。

This was our strongest quarter ever with more net seat adds in the quarter than all of fiscal 2012.

這是我們有史以來最強勁的季度，該季度的淨座位增加量超過了 2012 財年全年。

We are seeing strong upsell with one in three Office 365 seats now running premium workloads.

我們看到了強勁的追加銷售，三分之一的 Office 365 席位現在運行高級工作負載。

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

在我們的生產力產品方面，我們繼續看到 Exchange、SharePoint 和 Lync 的實力，每一個都增長了兩位數。

Lync revenue grew over 30%, driving our enterprise communication business to deliver more than $1 billion revenue this fiscal year.

Lync 收入增長了 30% 以上，推動我們的企業通信業務在本財年實現了超過 10 億美元的收入。

Additionally, we met a key milestone in the Lync and Skype integration, and users can now seamlessly communicate in voice and IM across the two services.

此外，我們在 Lync 和 Skype 集成方面實現了一個重要里程碑，用戶現在可以通過兩種服務在語音和 IM 中無縫通信。

Next, I'll move on to the Online Services Division, where revenue grew 9% and operating performance improved by $107 million, or 22%.

接下來，我將轉到在線服務部門，該部門的收入增長了 9%，運營績效提高了 1.07 億美元，即 22%。

Online advertising revenue was up 11%, driven by both rate and volume improvements in our search business.

在線廣告收入增長了 11%，這得益於我們搜索業務的費率和數量的提高。

In the Entertainment & Devices Division, revenue grew 8%.

在娛樂和設備部門，收入增長了 8%。

Xbox LIVE transaction revenue grew nearly 20%, and is providing economic opportunities for publishers in this soft console market.

Xbox LIVE 交易收入增長了近 20%，並為這個軟遊戲機市場的發行商提供了經濟機會。

This quarter, we announced our next generation gaming and entertainment console, Xbox One.

本季度，我們發布了我們的下一代遊戲和娛樂控制台 Xbox One。

And at E3, we showcased an impressive line of games that will be coming to the new platform.

在 E3 上，我們展示了一系列令人印象深刻的遊戲，這些遊戲將登陸新平台。

Progress with Windows Phone continues, as our partners including Nokia, Samsung, Huawei and HTC are delivering new phones at a broader range of price points.

隨著我們的合作夥伴（包括諾基亞、三星、華為和 HTC）提供價格範圍更廣的新手機，Windows Phone 繼續取得進展。

Telefonica also recently announced an enhanced marketing effort to promote Windows Phone 8 devices.

Telefonica 最近還宣布加強營銷力度以推廣 Windows Phone 8 設備。

And with the recent Sprint announcement, Windows Phone 8 devices will now be available on all major US operators.

隨著最近的 Sprint 公告，Windows Phone 8 設備現在將在美國所有主要運營商處提供。

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 14%, principally driven by Surface and growth in cloud infrastructure.

銷售成本增加 14%，主要受 Surface 和雲基礎設施增長的推動。

Operating expenses grew 9%, primarily related to sales and marketing for Surface and Windows 8. This quarter, our CapEx increased as we continued to invest in our cloud infrastructure and expand our geographic footprint to support the growth in our online businesses.

運營費用增長 9%，主要與 Surface 和 Windows 8 的銷售和營銷有關。本季度，我們的資本支出增加，因為我們繼續投資於我們的雲基礎設施並擴大我們的地理足跡以支持我們在線業務的增長。

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 Amy for our outlook.

現在，我將把電話轉回給艾米，了解我們的前景。

Thanks, Chris.

謝謝，克里斯。

Before I discuss our expectations for the first quarter, I'd like to spend a few minutes discussing last week's announcement on One Microsoft.

在討論我們對第一季度的預期之前，我想花幾分鐘時間討論上週關於 One Microsoft 的公告。

If you haven't already done so, I encourage you to read our Strategy Memo and Steve Ballmer's email to employees.

如果您還沒有這樣做，我鼓勵您閱讀我們的戰略備忘錄和史蒂夫鮑爾默給員工的電子郵件。

Microsoft is rallying behind a single strategy.

微軟支持單一戰略。

As part of this, we implemented a new organizational structure that will allow us to advance our strategy more quickly and more efficiently.

作為其中的一部分，我們實施了一個新的組織結構，這將使我們能夠更快、更有效地推進我們的戰略。

We are currently in the process of determining what changes, if any, will be made to our reporting segments.

我們目前正在確定將對我們的報告分部進行哪些更改（如果有）。

In late September, we will host a financial analyst event here in Redmond, at which point we will discuss our strategy, our new organizational structure, and any changes to our reporting segments.

9 月下旬，我們將在雷德蒙德舉辦金融分析師活動，屆時我們將討論我們的戰略、新的組織結構以及對報告部門的任何更改。

We will also give more thoughts on our full-year outlook at that time.

屆時，我們還將對我們的全年展望給予更多思考。

Please look for additional details from Chris over the coming weeks.

請在接下來的幾週內從 Chris 那裡獲取更多詳細信息。

Now, moving on to our expectations for the first quarter.

現在，繼續我們對第一季度的預期。

In Windows, we expect revenue to continue to be negatively impacted by the decline in the consumer x86 PC market.

在 Windows 方面，我們預計收入將繼續受到消費 x86 PC 市場下滑的負面影響。

Excluding the impact of the Windows Upgrade Offer in the prior year, OEM revenue should account for approximately 65% of the division's revenue, and should decline mid-teens.

排除上一年 Windows 升級優惠的影響，OEM 收入應佔該部門收入的 65% 左右，並且應該會下降 10 多歲。

Non-OEM revenue should account for approximately 35% of the division's revenue, primarily reflecting revenue from volume licensing and Surface, including Surface RT at its new price point.

非 OEM 收入應佔該部門收入的約 35%，主要反映來自批量許可和 Surface 的收入，包括新價位的 Surface RT。

When updating your models, please keep in mind that in first quarter of fiscal 2013, prior to the launch of Surface, OEM accounted for 75% of the division's total revenue.

在更新您的模型時，請記住，在 2013 財年第一季度，在 Surface 推出之前，OEM 佔該部門總收入的 75%。

Within Server and Tools, product revenue, including transactional and multi-year licensing, is about 80% of the division's total, while 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 both product and enterprise services revenue to grow high single-digits.

我們預計產品和企業服務收入都將以高個位數增長。

In the Microsoft Business Division, we expect business revenue to account for approximately 85% of the division's total, while consumer revenue should account for the remaining 15%.

在微軟業務部門，我們預計業務收入將佔該部門總收入的 85% 左右，而消費者收入應佔剩餘的 15%。

Business revenue should grow mid single-digits, reflecting low double-digit growth in annuity, and the shift from transaction licensing to cloud services.

業務收入應該會增長中個位數，反映年金的低兩位數增長，以及從交易許可向雲服務的轉變。

With the ongoing shift to subscriptions, consumer revenue will lag the x86 consumer PC market by approximately 5 percentage points, even as attach continues to grow.

隨著向訂閱的持續轉變，消費者收入將落後於 x86 消費 PC 市場約 5 個百分點，即使附加業務繼續增長。

This excludes the impact of the Office Upgrade Offer in the prior year.

這不包括上一年 Office 升級優惠的影響。

As a reminder, Business revenue accounted for 80% of total revenue in the prior year.

提醒一下，業務收入佔上年總收入的 80%。

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，我們預計收入將以兩位數的低位增長，這反映了搜索收入的增長，但部分被較低的顯示收入所抵消。

With the Entertainment and Devices Division, we expect revenue to decline low single-digits, as the industry awaits the next generation consoles.

對於娛樂和設備部門，我們預計收入將下降個位數，因為該行業正在等待下一代遊戲機。

For the first quarter, cost of goods sold will reflect Surface, as well as the impact of the capital expenditures we made in fiscal 2013.

對於第一季度，銷售成本將反映 Surface 以及我們在 2013 財年進行的資本支出的影響。

As a result, COGS should grow over 20%.

因此，銷貨成本應增長 20% 以上。

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

其他收入和費用包括股息和利息收入，被利息費用和套期保值淨成本抵消。

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。

For the first quarter, regarding CapEx, we expect continued growth in our investments in our global datacenters.

對於第一季度，關於資本支出，我們預計我們對全球數據中心的投資將持續增長。

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

排除 Windows 和 Office 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 briefly to the full fiscal year.

現在，簡要轉向整個財政年度。

We are reducing our operating expense guidance.

我們正在降低我們的運營費用指導。

We now expect fiscal year 2014 operating expenses to be $31.3 billion to $31.9 billion, with growth in the low-teens for the first quarter.

我們現在預計 2014 財年的運營費用為 313 億美元至 319 億美元，第一季度的增長將處於低位。

We expect our tax rate to be between 18% and 21% for the full fiscal year.

我們預計整個財年的稅率將在 18% 至 21% 之間。

In summary, as we look back on the year, fiscal 2013 was a pivotal time for Microsoft.

總之，回顧這一年，2013 財年是微軟的關鍵時期。

With Windows 8, we increased our addressable markets.

借助 Windows 8，我們擴大了目標市場。

Our OEM partners have started capitalizing on the new opportunities, delivering a wide range of new Windows hardware from phones, to tablets, to new PCs.

我們的 OEM 合作夥伴已開始利用新機遇，提供從手機到平板電腦再到新 PC 的各種新 Windows 硬件。

We extended our first-party devices through Surface and the announcement of Xbox One.

我們通過 Surface 和 Xbox One 的發布擴展了我們的第一方設備。

We modernized productivity with Office 365, changing our business model.

我們通過 Office 365 實現了生產力現代化，改變了我們的業務模式。

For the first time, both businesses and consumers can now access Office through subscription.

第一次，企業和消費者現在都可以通過訂閱訪問 Office。

We took share from competitors in key enterprise markets.

我們從關鍵企業市場的競爭對手那裡獲得了份額。

We added several new features, including infrastructure-as-a-service capabilities, to Windows Azure.

我們向 Windows Azure 添加了多項新功能，包括基礎架構即服務功能。

With Azure, we are fundamentally changing the way businesses manage their IT infrastructure.

借助 Azure，我們正在從根本上改變企業管理其 IT 基礎架構的方式。

And, we continued the expansion of our datacenter footprint, which enables us to deliver high-value services and experiences globally.

而且，我們繼續擴大我們的數據中心足跡，這使我們能夠在全球範圍內提供高價值的服務和體驗。

As we look to fiscal 2014, we're focused on a single strategy.

展望 2014 財年，我們專注於單一戰略。

With our new organizational structure, we believe we will be able to execute more quickly and more efficiently, driving long-term growth, profitability, and shareholder value.

憑藉我們新的組織結構，我們相信我們將能夠更快、更有效地執行，推動長期增長、盈利能力和股東價值。

With that, I'll turn it back to Chris, and we'll take some questions.

有了這個，我會把它轉回給克里斯，我們會回答一些問題。

Thanks, Amy.

謝謝，艾米。

We want to questions from as many of you as possible, so please just stick to one question.

我們希望盡可能多地向你們提出問題，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) Walter Pritchard, Citigroup.

（操作員說明）Walter Pritchard，花旗集團。

Amy, I'm wondering if you could talk a little bit about -- you talked about COGS in Q1 and you don't mention COGS for the rest of the year.

艾米，我想知道你是否可以談談 - 你在第一季度談到了 COGS，而你在今年剩下的時間裡沒有提到 COGS。

Obviously, you have Xbox One launching in the second quarter.

顯然，您將在第二季度推出 Xbox One。

Could you give us some guidance about how we should think about that product having an impact on margins, maybe comparing it to the 360 or anything else you could do to help us directionally with the COGS impacts beyond Q1?

您能否就我們應該如何看待該產品對利潤率的影響提供一些指導，也許將其與 360 或您可以做的任何其他事情來幫助我們在第一季度之後有方向地應對 COGS 影響？

As we transition to a device and services Company I think you should keep in mind that we expect CapEx to continue to grow as we ramp our business.

當我們過渡到設備和服務公司時，我認為您應該記住，隨著我們業務的擴大，我們預計資本支出將繼續增長。

Specifically to Xbox One, and a new generation of consoles and launches, I think you should think about that as you think about all console lifecycles, and so keep that in mind as you model COGS and seasonality throughout the year.

特別是對於 Xbox One，以及新一代遊戲機和發布產品，我認為您應該在考慮所有遊戲機生命週期時考慮這一點，因此在為全年的 COGS 和季節性建模時請牢記這一點。

Thanks, Walter.

謝謝，沃爾特。

Next question, please.

下一個問題，請。

Mark Moerdler, Sanford Bernstein.

馬克·莫德勒，桑福德·伯恩斯坦。

Can you give us some color on the short-term revenue impact of the move to the cloud?

你能給我們一些關於遷移到雲的短期收入影響的看法嗎？

Is it just MBD?

只是MBD嗎？

Is also in Server and Tools?

也在服務器和工具中？

How does the license revenue convert to cloud revenue?

許可證收入如何轉換為雲收入？

Mark, thanks for that question.

馬克，謝謝你的問題。

It is primarily in MBD where we had a higher percentage of our revenue, but that was accounted for transactionally, both on the business side and in the consumer side.

主要是在 MBD 中，我們的收入占我們收入的比例較高，但這在業務方面和消費者方面都是以交易方式計算的。

So, I think that's why you've seen us in our outlook for Q1, try to start to explain that transition to consumer by saying that we expect it to lag the PC market by approximately 5 percentage points while attach increases.

所以，我認為這就是為什麼你在我們的第一季度展望中看到了我們，試著開始向消費者解釋這種轉變，說我們預計它將落後 PC 市場約 5 個百分點，而附加值增加。

Is there a similar lag on the transactional side on the enterprise?

企業的交易方面是否存在類似的滯後？

Yes.

是的。

You can see it when we gave the guidance for the Business segment.

當我們為業務部門提供指導時，您可以看到它。

We said 10% growth in the annuity, and so that would clearly say that part of that is a transactional move from recognized upfront revenue to multiyear licensing agreements.

我們說年金增長了 10%，因此這清楚地表明，其中一部分是從公認的前期收入到多年許可協議的交易轉變。

Thanks, Mark.

謝謝，馬克。

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Just a follow-up on actually both those two.

只是對這兩者的後續跟進。

First, Amy obviously when you go to a subscription model you have less upfront, lower billings that first year versus license.

首先，Amy 顯然，當您採用訂閱模式時，與許可相比，第一年的預付費用更少、費用更低。

Wondered if you give us sort of a backfill, where a $1 of cloud or Office 365 revenue would have been, in that first year would have been $3 relative to license.

想知道您是否給我們提供了某種回填，其中 1 美元的雲或 Office 365 收入在第一年相對於許可證將是 3 美元。

Just so we can try to backfill and help with that transition?

就為了我們可以嘗試回填並幫助過渡？

And also actually to Walter's question about Xbox COGS, maybe give us a sense for if this cycle really should be any different than previous cycles when you thought about pricing relative to the cost of the console itself.

實際上，對於沃爾特關於 Xbox COGS 的問題，當您考慮相對於控制臺本身成本的定價時，也許讓我們了解這個週期是否真的應該與以前的周期有任何不同。

Thanks.

謝謝。

I'll try to remember both those questions.

我會盡量記住這兩個問題。

Let me take the second one, because it is the most recent in my mind.

讓我拿第二個，因為它是我腦海中最近的一個。

I would not think about this console cycle as being any different from prior cycles.

我不會認為這個控制台週期與以前的周期有任何不同。

So, let me go back to the first question, which is can I give an example, I believe, of how to think about the transition from how we used to recognize revenue when we bought something upfront transactionally, versus buying a subscription from us.

所以，讓我回到第一個問題，我相信我可以舉一個例子，說明如何考慮從我們過去通過交易方式購買某些東西時確認收入的方式與從我們這裡購買訂閱的方式之間的轉變。

I'll give an example, if you used to buy a license from us as a consumer, and paid us, for example $100 for ease of math, we recognized $100 in the period in which it was purchased.

我舉個例子，如果您曾經以消費者身份從我們這裡購買許可證，並支付給我們，例如 100 美元以方便計算，我們在購買期間確認為 100 美元。

Now, if that same person went and bought Office 365 Home Premium and once it was activated, we would recognize the revenue over the period of the purchase, which is 12 months, and recognize it ratably.

現在，如果同一個人購買了 Office 365 家庭高級版，並且一旦激活，我們將在購買期間（即 12 個月）內確認收入，並按比例確認。

Thanks.

謝謝。

Next question, please.

下一個問題，請。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

I was wondering, focusing on the Server and Tools division, you guys came in with high single digit growth versus the guidance of low double digit growth.

我想知道，專注於服務器和工具部門，你們以高個位數增長而不是低兩位數增長的指導。

I was hoping you could walk us through some of the elements that perhaps transpired during the quarter, that caused that gap.

我希望你能帶領我們了解本季度可能發生的一些因素，這些因素導致了這種差距。

Why you came in slightly below expectations there, and to what extent was the shift towards subscriptions a part of that.

為什麼你在那裡的表現略低於預期，以及向訂閱的轉變在多大程度上是其中的一部分。

Let me start by saying Server and Tools had a very good quarter.

讓我首先說服務器和工具有一個非常好的季度。

We continue to win share in virtualization with SQL Server, and continue to grow faster than both Oracle and IBM.

我們繼續通過 SQL Server 贏得虛擬化市場份額，並且繼續以比 Oracle 和 IBM 更快的速度增長。

Revenue did grow 9%, which importantly far outpaced the underlying hardware market.

收入確實增長了 9%，這遠遠超過了基礎硬件市場。

And over the period of the quarter we did see the hardware market fundamentally come in a bit lower than we had expected.

在本季度，我們確實看到硬件市場從根本上來說比我們預期的要低一些。

Okay.

好的。

Great, thanks, Keith.

太好了，謝謝，基思。

Next question, please.

下一個問題，請。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Amy, I was wondering if you could talk a little bit about the incentive pricing you've been doing, not just on your own devices, like Chris mentioned in his prepared remarks, but also in the OEM market.

艾米，我想知道你是否可以談談你一直在做的激勵定價，不僅僅是在你自己的設備上，就像克里斯在他準備好的評論中提到的那樣，而且在 OEM 市場。

If you haven't done incentive pricing at the OEM level, is there a chance we could see this strategy going forward, as a way to help lower the price points of consumer PCs and just try and spur demand?

如果您還沒有在 OEM 層面進行激勵定價，我們是否有機會看到這種策略向前發展，作為幫助降低消費 PC 價格點並嘗試刺激需求的一種方式？

Thank you.

謝謝你。

Thanks, Heather.

謝謝，希瑟。

I think it's a great question.

我認為這是一個很好的問題。

I do think that we should think about incentives and all of our programs, including a small screen touch view that we have launched, as a way to increase the breadth of our Windows devices available across all price points.

我確實認為我們應該考慮激勵措施和我們所有的計劃，包括我們推出的小屏幕觸摸視圖，以此來增加我們在所有價位上可用的 Windows 設備的廣度。

Thank you, Heather.

謝謝你，希瑟。

Next question, please.

下一個問題，請。

Rick Sherlund, Nomura.

Rick Sherlund，野村。

I wonder if you have any perspective for us on, you've got Intel's Haswell chip shipping now, 8.1 coming in, probably, October.

我想知道你是否對我們有任何看法，英特爾的 Haswell 芯片現在發貨了，8.1 可能會在 10 月份推出。

Are you sensing that OEMs are trying to manage inventories down for the time being and waiting cautiously?

您是否感覺到 OEM 正在嘗試暫時降低庫存並謹慎等待？

Intel suggested that maybe you are seeing some inventory liquidation, so I wondered if you could give us a sense for what you're hearing from the OEMs.

英特爾建議您可能會看到一些庫存清算，所以我想知道您是否可以讓我們了解您從 OEM 那裡聽到的內容。

Thanks, Rick.

謝謝，瑞克。

I think like the rest of the ecosystem, we are excited by the advances Intel has made with the fourth-generation Core processor, and we're also looking forward to the next Atom chip.

我認為與生態系統的其他成員一樣，我們對英特爾在第四代酷睿處理器方面取得的進步感到興奮，我們也期待下一代 Atom 芯片。

But with launch a little less than a month ago, I think it's a little bit too early for me to say, and we'll have to wait and see how the quarter plays out.

但由於推出還不到一個月前，我認為現在說還為時過早，我們將不得不拭目以待，看看本季度的表現如何。

Thank you, Rick, next question, please.

謝謝你，瑞克，請下一個問題。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Amy, on the expenses, you're revising next year down, and it looks like your expense growth will materially slow from what it was this year.

艾米，關於費用，你明年要下調，看起來你的費用增長將比今年大幅放緩。

I'm just curious if you could help us understand where that's coming from and how you're thinking about that for next year.

我很好奇你是否能幫助我們了解它的來源以及你對明年的想法。

Well actually, I think this is -- I feel good because I think in some ways, the re-org we announced last week, along with our increased focus and our new single strategy has allowed us to really look and say, what are the things we are going to put behind and focus to improve our execution, and so, I feel quite good about our ability to do that.

好吧，實際上，我認為這是 - 我感覺很好，因為我認為在某些方面，我們上周宣布的重組，以及我們更加關注和我們新的單一戰略讓我們真正看到並說，什麼是我們將把事情放在後面並專注於提高我們的執行力，因此，我對我們這樣做的能力感到非常滿意。

And you've heard us say before, many of the reasons we did this re-org are about doing things better and more efficiently.

你之前聽我們說過，我們進行這次重組的許多原因是為了更好、更有效地做事。

Thank you, thanks, Brent, next question, please.

謝謝，謝謝，布倫特，請下一個問題。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Amy, you had discussed your increased CapEx this quarter, and I was wondering if you could address the margin profile of your cloud services.

艾米，您討論了本季度增加的資本支出，我想知道您是否可以解決您的雲服務的利潤率狀況。

In the comments, you discussed how you have higher datacenter cost, and what I'd like to understand is whether this is temporary, as you are ramping up this transition towards subscription business, or whether this actually changes the gross margin profile of these revenues.

在評論中，您討論瞭如何提高數據中心成本，我想了解的是這是否是暫時的，因為您正在加快向訂閱業務的過渡，或者這是否真的改變了這些收入的毛利率.

Thanks.

謝謝。

Thanks, Ed, it's a good question.

謝謝，埃德，這是個好問題。

As we transition to a device and services Company, that is a multiyear commitment to evolve our business.

隨著我們過渡到設備和服務公司，這是我們多年發展業務的承諾。

You should expect that CapEx will continue to grow as we ramp that business.

您應該期望隨著我們擴大該業務，資本支出將繼續增長。

With the expansion of Azure service offerings and the continued momentum in Office 365 as well as our consumer services, investing in this global footprint to meet customer demand is incredibly important, and quite strategic.

隨著 Azure 服務產品的擴展以及 Office 365 和我們的消費者服務的持續發展勢頭，投資這一全球足跡以滿足客戶需求非常重要，而且非常具有戰略意義。

And really, the question is, our ability to scale smartly, and that will create an advantage for us that we can pass along to our customers, and so I look forward to being able to move these datacenters globally to reach more people with more services.

真的，問題是，我們智能擴展的能力，這將為我們創造一個優勢，我們可以傳遞給我們的客戶，所以我期待能夠在全球範圍內移動這些數據中心，為更多的人提供更多的服務.

Thanks, Ed.

謝謝，埃德。

Operator, next question, please.

接線員，請下一個問題。

John DiFucci, JPMorgan.

摩根大通的約翰·迪福奇。

Amy, your CapEx this quarter was about $700 million or greater than $700 million, greater than you guided just 90 days ago.

艾米，您本季度的資本支出約為 7 億美元或超過 7 億美元，比您 90 天前的指導要高。

Why was there such a sudden change?

為什麼會有這麼突然的變化？

I know, Chris explained why it was higher, and why it's going to be higher going forward, but why was it such a sudden change, so dramatically just in this quarter?

我知道，克里斯解釋了為什麼它會更高，以及為什麼它會在未來更高，但為什麼會發生如此突然的變化，就在本季度如此顯著？

And will this planned increase going forward affect your ability to do things like buy back shares?

這種計劃中的未來增長是否會影響你做回購股票等事情的能力？

In Q4, really as we continued to add Azure services, in fact we added over 80 this quarter, and, with the increased demand of Office 365 and the $1.5 billion annual run rate, up from just $1 billion in Q3, I would think about that as our ability to increase demand and meet demand globally with our services.

在第四季度，隨著我們繼續添加 Azure 服務，實際上我們在本季度增加了 80 多個，而且隨著 Office 365 需求的增加和 15 億美元的年運行率，高於第三季度的 10 億美元，我會考慮這是我們通過我們的服務增加需求和滿足全球需求的能力。

And so, doing that in Q4 was important, because you want to be ahead of demand there.

因此，在第四季度這樣做很重要，因為您希望在那裡領先於需求。

So, was that something that was unexpected?

那麼，這是出乎意料的事情嗎？

You just had higher demand in Q4?

您剛剛在第四季度有更高的需求？

We're accelerating.

我們正在加速。

Okay.

好的。

Okay, and will this affect your ability to buy back shares going forward, this increase in CapEx?

好的，這會影響你未來回購股票的能力，資本支出的增加嗎？

No.

不。

I mean, our cash -- we returned $2.9 billion this quarter, over $12 billion for the year, and we'll continue to take a balanced approach to capital allocation with those investments, acquisitions where they make sense and return of capital to shareholders.

我的意思是，我們的現金——本季度我們返還了 29 億美元，全年超過 120 億美元，我們將繼續採取平衡的方式進行資本配置，包括那些投資、有意義的收購以及向股東返還資本。

Next question, please.

下一個問題，請。

Kash Rangan, Merrill Lynch.

卡什蘭根，美林證券。

Amy, congrats on your first conference call as CFO.

艾米，祝賀你作為首席財務官的第一次電話會議。

My question had to do with the Windows side of the business.

我的問題與業務的 Windows 方面有關。

I know that you had an impairment charge for the inventory clearance, but even if I add that back in, it looks like the operating margins in the Windows business were sequentially lower, quite materially.

我知道您對庫存清理收取了減值費用，但即使我將其重新添加進去，Windows 業務的營業利潤率似乎也連續下降，相當實質性。

Just wanted to get some insight into what drove that from the March quarter into the June quarter.

只是想深入了解從 3 月季度到 6 月季度的驅動因素。

As you look further out into the operating margins of the Windows business, given that you're going to be focusing on Surface, how should we think about the margin structure?

當您進一步研究 Windows 業務的營業利潤率時，鑑於您將專注於 Surface，我們應該如何考慮利潤率結構？

I guess you have a volume threshold to clear before you can start to make a margin, given that it's more of a product.

我想在你開始賺取利潤之前，你有一個需要清除的數量門檻，因為它更像是一種產品。

But really two parts to that question.

但實際上這個問題的兩個部分。

Love to get your insights, thank you so much.

很想得到你的見解，非常感謝。

Thanks, Kash.

謝謝，卡什。

Let me address what I think were the two components.

讓我談談我認為的兩個組成部分。

The first component felt like a general question about margins this quarter for Windows.

第一個組成部分感覺像是關於本季度 Windows 利潤率的一般性問題。

As you said, they were impacted by Surface.

正如你所說，他們受到了 Surface 的影響。

And the second one is by the marketing investment we continue to make in the ecosystem to move it forward.

第二個是通過我們繼續在生態系統中進行的營銷投資來推動它向前發展。

Overall, as you think about the Windows division as we report it, obviously since there is a mix between hardware and software, you should continue to expect margins to reflect that mix.

總體而言，當您考慮我們報告的 Windows 部門時，顯然由於硬件和軟件之間存在混合，您應該繼續期望利潤率來反映這種混合。

Thank you, Kash.

謝謝你，卡什。

Next question, please.

下一個問題，請。

Ross MacMillan, Jefferies.

羅斯麥克米蘭，傑富瑞。

Amy, I just wanted to drill into the billings growth where we adjust for the unearned, and it's a lot higher for the Server and Tools business, which is obviously going through a transition towards more a subscription arrangement, a lot higher there than in the MBD segment.

艾米，我只是想深入了解我們針對未賺取收入進行調整的賬單增長，服務器和工具業務的增長要高得多，這顯然正在向更多的訂閱安排過渡，比在MBD 段。

I'm just wondered if you could compare and contrast why that might be.

我只是想知道您是否可以比較和對比為什麼會這樣。

I understand the consumer piece in MBD, but is the other piece of this just that there are more traditional licensing arrangements in MBD with enterprise customers, and so the impact from the transition is all the greater, and that's why you see that more subdued billings growth rate in MBD?

我了解 MBD 中的消費者部分，但另一部分是 MBD 中與企業客戶有更傳統的許可安排，因此過渡的影響更大，這就是為什麼您會看到更多低迷的賬單MBD的增長率？

Thanks.

謝謝。

Ross, thank you, it's always terrific when someone answers their own question.

羅斯，謝謝你，有人回答自己的問題總是很棒。

You actually have it exactly correct.

你實際上完全正確。

Great, thank you.

太好了謝謝。

Thanks, Ross.

謝謝，羅斯。

Next question, please.

下一個問題，請。

Gregg Moskowitz, Cowen.

格雷格莫斯科維茨，考恩。

Just a follow-on, a bit on Kash's question.

只是一個後續，有點關於 Kash 的問題。

With Windows revenue coming in where it did, we're getting a few questions from investors about how Windows fared this quarter, relative to PC units.

隨著 Windows 收入的增長，我們從投資者那裡收到了一些關於 Windows 在本季度相對於 PC 部門的表現如何的問題。

If we were to exclude tablet revenues both Surface and otherwise, just wondering, Amy, if you might be able to say roughly on a year-over-year basis how Windows PC revenue compared to the low double digit PC unit decline, cited by the IDCs and Gartners?

如果我們要排除 Surface 和其他平板電腦的收入，只是想知道，Amy，如果你能大致說出與去年同期相比 Windows PC 收入與低兩位數 PC 單位下降相比的情況，由IDC 和 Gartner？

Chris actually covered that a bit in his comments, but let me reiterate, because I do understand the question, I think.

克里斯實際上在他的評論中提到了這一點，但讓我重申一下，因為我認為我確實理解這個問題。

Which is related to our OEM revenue, 15%, down 15%.

這與我們的OEM收入有關，15%，下降15%。

It was related, I believe to China.

我相信這與中國有關。

Lower ASPs on the small screen SKU that we mentioned, as well as some of the incentive programs that we had in place during the quarter.

我們提到的小屏幕 SKU 上的 ASP 較低，以及我們在本季度實施的一些激勵計劃。

Thank you.

謝謝你。

Thanks, Gregg.

謝謝，格雷格。

Next question, please.

下一個問題，請。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊銀行。

Amy, welcome on this first earnings call.

艾米，歡迎參加第一次財報電話會議。

I have a question on the business PC side, that was an area of strength for the Windows division, and you saw some growth there.

我有一個關於商用 PC 方面的問題，這是 Windows 部門的優勢領域，你看到了那裡的一些增長。

Can you talk a little bit about if that's -- if you see that as a sustainable number, or is that still driven by the end of life for Windows XP?

您能否談談這是否是 - 如果您認為這是一個可持續的數字，或者這仍然是由 Windows XP 的生命終結所驅動的？

Thank you.

謝謝你。

As we mentioned, our Windows business did make incremental progress in the business side, we expect that to continue in Q1.

正如我們所提到的，我們的 Windows 業務確實在業務方面取得了增量進展，我們預計這將在第一季度繼續。

And, with the end-of-life of Windows XP next year, we expect continued migrations, and today in the enterprise, about three-quarters of desktops are already running Windows 7.

而且，隨著明年 Windows XP 的生命週期結束，我們預計會繼續遷移，而今天在企業中，大約四分之三的台式機已經在運行 Windows 7。

Perfect.

完美的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Next question, please, operator.

下一個問題，請接線員。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

Amy, contracted but unbilled was down sequentially from Q3, the first time we had seen that in the last two years.

已簽約但未開票的艾米從第三季度開始連續下降，這是我們在過去兩年中第一次看到這種情況。

What's contributing to that shift?

是什麼促成了這種轉變？

Thank you.

謝謝你。

Actually I think our strong annuity growth, as well as our record unearned balance I do believe supports our belief that the strong performance of our multiyear licensing agreements is in place.

實際上，我認為我們強勁的年金增長以及創紀錄的未實現餘額支持我們的信念，即我們的多年許可協議的強勁表現已經到位。

Thanks.

謝謝。

Operator, I think we have time for one more.

接線員，我想我們還有時間再來一次。

Karl Keirstead, BMO Capital Markets.

卡爾·凱爾斯特德，BMO 資本市場。

I just wanted to ask a question about the mix shift to multiyear licensing across Microsoft, that's been a big part of the story.

我只是想問一個關於微軟向多年許可的混合轉變的問題，這是故事的重要組成部分。

It's been up about 5 percentage points year-over-year each quarter in fiscal 2013.

2013 財年每個季度的同比增長約 5 個百分點。

Amy, I'm just wondering, as we look forward to fiscal 2014, can we expect it to increase at that clip, or is the Software Assurance attach rate now getting high enough that that mix shift should start to moderate?

艾米，我只是想知道，當我們期待 2014 財年時，我們能否期望它在那個時候增加，或者軟件保障附加率現在是否足夠高，以至於混合轉變應該開始緩和？

I continue to believe we'll have double-digit annuity growth next year, so I think that shift you've seen, especially as we continue to move people to our cloud services, will continue.

我仍然相信明年我們將實現兩位數的年金增長，所以我認為你所看到的這種轉變，尤其是當我們繼續將人們轉移到我們的雲服務時，將會繼續。

Okay, thanks.

好的謝謝。

Thank you, Karl.

謝謝你，卡爾。

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

好的，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 in the coming months at various investor conferences, and at our financial analyst meeting to be held in late September, where we'll share more details about our long-term strategy, new organizational structure, and outlook for the rest of the fiscal year.

我們期待在接下來的幾個月裡在各種投資者會議上見到你們中的許多人，在我們將於 9 月下旬舉行的金融分析師會議上，我們將分享有關我們的長期戰略、新組織結構和前景的更多細節在本財年的剩餘時間內。

Thank you again for joining us today.

再次感謝您今天加入我們。

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation, you may disconnect at this time.

感謝您的參與，此時您可能會斷開連接。