微軟 (MSFT) 2014 Q1 法說會逐字稿

Greetings and welcome to the Microsoft fiscal-year first-quarter 2014 earnings.

您好，歡迎來到微軟 2014 財年第一季度財報。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure, and now I will introduce and turn the call over to Chris Suh, General Manager Investor Relations for Microsoft.

現在我很高興，現在我將向微軟投資者關係總經理 Chris Suh 介紹並轉接電話。

Thank you, Chris, you may begin.

謝謝你，克里斯，你可以開始了。

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。

Our website also includes information related to our new financial reporting segment which were announced on September 19, 2013, and discussed with investors on our conference call on September 26.

我們的網站還包括與我們於 2013 年 9 月 19 日宣布的新財務報告部門相關的信息，並在 9 月 26 日的電話會議上與投資者進行了討論。

As 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的成績單中以及將來對錄音的任何使用中。

You can replay the call and view the transcript at the Microsoft investor relations website until October 24, 2014.

在 2014 年 10 月 24 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看通話記錄。

During this call, we will be making forward-looking stamens, which are predictions, projections, or other statements about future events.

在這次電話會議中，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, please keep in mind that with our new segment reporting structure, adjustments for items such as upgrade offers, tech guarantees, and presales are consolidated into corporate other to provide better comparison of operating results.

此外，請記住，通過我們新的分部報告結構，升級優惠、技術保證和預售等項目的調整合併到公司其他項目中，以便更好地比較經營業績。

Unless specified otherwise, all impacted numbers for the current quarter have been adjusted for the cumulative effect of last year's revenue deferrals related to the Windows upgrade offer, Windows 8 presales, the Office offer, and a $113 million revenue deferral in the current quarter, primarily related to Windows 8.1 presales.

除非另有說明，本季度所有受影響的數字均已根據去年與 Windows 升級優惠、Windows 8 預售、Office 優惠和本季度 1.13 億美元收入延期相關的收入遞延的累積影響進行了調整，主要是與 Windows 8.1 預售有關。

You can find 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有關 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 it over to Amy.

有了這個，我會把它交給艾米。

Good afternoon and thank you for joining us today.

下午好，感謝您今天加入我們。

By now you've had a chance to look at our press release, earnings slide deck, key performance indicators and our 10-Q.

到目前為止，您已經有機會查看我們的新聞稿、收益幻燈片、關鍵績效指標和我們的 10-Q。

Our results have been reported using the new reporting framework I first discussed at our financial analyst meeting in September.

我們的結果是使用我在 9 月份的財務分析師會議上首次討論的新報告框架報告的。

Since this is a new way to think about our business, I'm sure you'll have a lot of questions.

由於這是一種看待我們業務的新方式，我相信您會有很多問題。

So after our prepared remarks, we will allow a little more time than usual for Q&A.

因此，在我們準備好發言之後，我們將比平時留出更多的時間進行問答。

And with that, let me dive right in.

有了這個，讓我直接潛入。

This quarter, we delivered record first-quarter revenue.

本季度，我們實現了創紀錄的第一季度收入。

We did it while working through a significant transformation of our organization, and while making significant moves to implement our new strategy.

我們在完成組織的重大轉型並採取重大舉措實施新戰略的同時做到了這一點。

Our Company is focused and delivering.

我們公司專注於交付。

Our enterprise business remains strong despite a macro environment that some have characterized as tough.

儘管宏觀環境有些人認為艱難，但我們的企業業務依然強勁。

We are driving our business forward with industry-leading solutions in key areas like collaboration, unified communications, and cloud services.

我們正在通過協作、統一通信和雲服務等關鍵領域的行業領先解決方案推動我們的業務向前發展。

And high customer satisfaction is driving high enterprise agreement renewal rates.

高客戶滿意度推動了高企業協議續訂率。

At the same time, we are making meaningful progress in our consumer business.

與此同時，我們在消費者業務方面取得了有意義的進展。

We saw growing engagement and adoption across our major consumer services, including Office 365 Home Premium, Skype, Bing, and SkyDrive.

我們看到我們的主要消費者服務（包括 Office 365 家庭高級版、Skype、Bing 和 SkyDrive）的參與度和採用率不斷提高。

And with the new Windows, we're building high-value experiences for our consumers that allow people to use our devices and services all day long, whether at work or at home.

借助新的 Windows，我們正在為我們的消費者打造高價值體驗，讓人們可以全天使用我們的設備和服務，無論是在工作中還是在家中。

From a geographic perspective, we saw broad-based revenue growth.

從地理角度來看，我們看到了廣泛的收入增長。

Overall, both developed and emerging markets showed strength.

總體而言，發達市場和新興市場均表現強勁。

The US and parts of Western Europe were particularly strong, while China was weak.

美國和西歐部分地區尤其強大，而中國則較弱。

Now, let me share some quick thoughts on the PC market, which turned out better than we had expected.

現在，讓我分享一些關於 PC 市場的快速想法，結果比我們預期的要好。

We're seeing signs of stabilization in the business segment, with two consecutive quarters of growth, and a relatively stable outlook for the next couple of quarters.

我們看到業務部門出現企穩跡象，連續兩個季度實現增長，未來幾個季度的前景相對穩定。

While the consumer segment is more volatile, with increasing competition for share of wallet, it also performed better than expected, particularly in developed markets.

雖然消費者細分市場更加不穩定，隨著錢包份額的競爭日益激烈，它的表現也好於預期，特別是在發達市場。

With that backdrop, let's move on to Windows.

在此背景下，讓我們繼續討論 Windows。

We are seeing favorable reviews and customer enthusiasm for Windows 8.1, which became available last week.

我們看到了對上週推出的 Windows 8.1 的好評和客戶熱情。

Windows 8.1 delivers on Microsoft's promise of a quick innovation cadence, launching less than one year after Windows 8. Based on extensive customer feedback, we added more customization capabilities, made the UI simpler and easier to use, added new and smart ways to search, improved power management, and allowed multitasking, even on a tablet.

Windows 8.1 兌現了 Microsoft 對快速創新節奏的承諾，在 Windows 8 之後不到一年推出。根據廣泛的客戶反饋，我們添加了更多自定義功能，使 UI 更簡單易用，添加了新的智能搜索方式，改進了電源管理，並允許多任務處理，即使在平板電腦上也是如此。

Combined with the progress our OEM partners are making, we are collectively increasing the selection of compelling Windows devices available to meet the dynamic needs of all segments of the market.

結合我們的 OEM 合作夥伴正在取得的進展，我們正在共同增加可用於滿足市場所有細分市場動態需求的引人注目的 Windows 設備的選擇。

This holiday, we will see competitive opening price points on tablets and laptops, such as the Dell Inspiron 15 for less than $300.

這個假期，我們將在平板電腦和筆記本電腦上看到具有競爭力的開盤價，例如低於 300 美元的戴爾 Inspiron 靈越 15。

We will also see exciting mobile devices, from 6-inch phones to 10-inch tablets, many with Microsoft Office.

我們還將看到令人興奮的移動設備，從 6 英寸手機到 10 英寸平板電腦，其中許多都配備了 Microsoft Office。

In the 6-inch category, we are incredibly excited by the Nokia Lumia 1520 tablet announced this past Tuesday.

在 6 英寸類別中，我們對上週二發布的諾基亞 Lumia 1520 平板電腦感到非常興奮。

For 8-inch tablets, Toshiba, Dell, and Lenovo will have devices available for less than $300.

對於 8 英寸平板電腦，東芝、戴爾和聯想的設備售價將低於 300 美元。

And for 10-inche tablets, we, of course, like the Nokia Lumia 2520 with LTE.

對於 10 英寸平板電腦，我們當然喜歡帶有 LTE 的諾基亞 Lumia 2520。

In addition to third-party devices, we are also excited about our first-party lineup.

除了第三方設備，我們也對我們的第一方陣容感到興奮。

With Surface, we are making progress with better end market execution.

借助 Surface，我們在更好的終端市場執行方面取得了進展。

As a result, we more than doubled the number of units we sold over the prior quarter.

結果，我們比上一季度售出的單位數量增加了一倍多。

In terms of mix, Surface RT did better than expected.

在組合方面，Surface RT 的表現好於預期。

With Surface Pro, we saw some customers delay purchase in anticipation of Surface Pro 2, which delivers significantly improved battery and processor performance.

對於 Surface Pro，我們看到一些客戶推遲購買 Surface Pro 2，因為 Surface Pro 2 可以顯著提高電池和處理器性能。

Moving on to the enterprise where demand for our solutions continues to be strong.

轉向對我們的解決方案需求持續強勁的企業。

Earlier this month, we announced our fall wave of enterprise products and services, which touches nearly every aspect of IT.

本月早些時候，我們宣布了秋季企業產品和服務浪潮，幾乎涉及 IT 的各個方面。

We are seeing solid growth, we are outperforming our competitors, and we are taking share in areas like virtualization and the data platform.

我們看到了穩健的增長，我們的表現超越了我們的競爭對手，我們在虛擬化和數據平台等領域佔有一席之地。

Our hybrid infrastructure and management offerings continue to be top choices for CIOs, with Windows server Premium and System Center growing double digits again this quarter.

我們的混合基礎架構和管理產品繼續成為 CIO 的首選，Windows server Premium 和 System Center 在本季度再次增長兩位數。

The latest versions of Windows Server, System Center and Windows Intune deliver enhancements to networking, storage and device management for Windows and alternative platforms.

最新版本的 Windows Server、System Center 和 Windows Intune 增強了 Windows 和替代平台的網絡、存儲和設備管理。

These enhancements will help customers realize the promise of hybrid cloud computing across their data centers, hosted clouds, and Windows Azure.

這些增強功能將幫助客戶在其數據中心、託管雲和 Windows Azure 中實現混合雲計算的承諾。

In the data platform, SQL Server continues to outpace the market.

在數據平台方面，SQL Server 繼續跑贏市場。

The next version, SQL Server 2014, will offer new in-memory and cloud capabilities that will increase performance and unlock new hybrid scenarios.

下一個版本 SQL Server 2014 將提供新的內存和雲功能，從而提高性能並解鎖新的混合方案。

Later this month, we will make Windows Azure HDInsight, our [faduke]-based big data solution generally available.

本月晚些時候，我們將全面推出基於 [faduke] 的大數據解決方案 Windows Azure HDInsight。

We continue to bring additional values to the Windows Azure platform.

我們繼續為 Windows Azure 平台帶來更多價值。

This quarter we delivered a number of updates that enable faster connectivity, improve security, and integrate access and identity across on-premises and cloud applications.

本季度我們提供了許多更新，這些更新可實現更快的連接、提高安全性，並跨本地和雲應用程序集成訪問和身份。

With all of the innovation we are delivering to our enterprise customers, we continue to be uniquely positioned to capture more and more of the addressable market.

憑藉我們向企業客戶提供的所有創新，我們將繼續處於獨特的地位，以佔領越來越多的潛在市場。

Before handing it off to Chris, I'd like to say a couple of additional things.

在把它交給 Chris 之前，我想多說幾句。

As part of our new reporting framework, we've disclosed segment gross margin.

作為我們新報告框架的一部分，我們披露了分部毛利率。

The segment breakout is important in understanding our performance because each of our businesses are impacted by different dynamics.

細分市場的突破對於了解我們的業績很重要，因為我們的每項業務都受到不同動態的影響。

And have different margin profiles.

並有不同的保證金配置文件。

In devices and consumer, the sequential change in gross margin dollars reflects the progress we are making towards our strategy of delivering a compelling family of devices and services.

在設備和消費者方面，毛利率的連續變化反映了我們在提供引人注目的設備和服務系列的戰略方面所取得的進展。

While we feel good about the increased traction we saw with Surface this quarter, we know there is more to do.

儘管我們對本季度 Surface 的牽引力增加感到滿意，但我們知道還有更多工作要做。

We are intensely focused on improving our capabilities in key areas like demand planning and supply chain management, and on achieving scale as quickly as possible.

我們非常專注於提高我們在需求規劃和供應鏈管理等關鍵領域的能力，並儘快實現規模化。

And in commercial, we are already seeing the benefits of the investments we've made to transform our business model from perpetual software licensing to services.

在商業方面，我們已經看到了我們為將我們的商業模式從永久軟件許可轉變為服務所做的投資所帶來的好處。

In our commercial cloud business, which includes Office 365, Azure, and other Microsoft services, we saw year-over-year gross margin expansion.

在我們的商業雲業務中，包括 Office 365、Azure 和其他 Microsoft 服務，我們看到毛利率同比增長。

With regards to our pending acquisition of substantially all of Nokia's devices and services business, we still expect the transaction to close in the first quarter of calendar 2014.

關於我們即將收購的諾基亞幾乎所有設備和服務業務，我們仍然預計該交易將在 2014 年第一季度完成。

We will provide an update to the EPS impact, if any, post closing.

我們將在關閉後提供有關每股收益影響的更新（如果有）。

So, in summary, we are executing better, getting our customers what they want, and making meaningful progress through the early stages of our transformation.

因此，總而言之，我們執行得更好，為客戶提供他們想要的東西，並在轉型的早期階段取得有意義的進展。

And we've accomplished all of this while also working through the One Microsoft realignment and several significant announcements.

我們已經完成了所有這一切，同時還完成了 One Microsoft 重組和幾項重要公告。

We are committed to executing and delivering.

我們致力於執行和交付。

And so far that's what we've done.

到目前為止，這就是我們所做的。

With that backdrop for the quarter, I'll hand it over to Chris to give more details about our performance before I come back and share thoughts on the outlook.

在本季度的背景下，我將把它交給克里斯，在我回來分享對前景的看法之前，提供更多關於我們表現的細節。

Thanks, Amy.

謝謝，艾米。

First, I'll review our overall results and then I'll move onto the details by business segment.

首先，我將回顧我們的整體結果，然後我將按業務部門詳細介紹。

Total revenue was up 7% to $18.6 billion.

總收入增長 7% 至 186 億美元。

And came in about $700 million better than our expectation.

並且比我們的預期高出約 7 億美元。

And without the impact from foreign exchange, revenue would have been $200 million, or 1 percentage point better.

如果沒有外彙的影響，收入應該是 2 億美元，或者高出 1 個百分點。

Annuity revenue was particularly strong and grew 11%, driven by commercial performance.

在商業業績的推動下，年金收入尤其強勁，增長了 11%。

Cost of goods sold increased 23%, which was in line with our expectation of over 20% growth.

銷售成本上升 23%，符合我們超過 20% 的增長預期。

This increase was primarily due to Surface costs and also higher depreciation related to the CapEx investments we made to support our cloud services strategy.

這一增長主要是由於 Surface 成本以及與我們為支持雲服務戰略而進行的資本支出投資相關的較高折舊。

As a result, gross margin grew 3% to $13.5 billion, reflecting the changing mix of our revenue.

因此，毛利率增長 3% 至 135 億美元，反映了我們收入組合的變化。

All-up, operating expenses grew 8%, which was generally in line with our expectation, with the exception of G&A which declined due to lower legal expenses.

總體而言，運營費用增長了 8%，總體上符合我們的預期，但由於法律費用下降導致的 G&A 除外。

We continue to be thoughtful and diligent in how and where we focus our resources.

我們繼續深思熟慮和勤奮地關注我們如何以及在何處集中我們的資源。

In advertising, the team has embraced One Microsoft, and the benefits are already accruing with improved messaging and results.

在廣告方面，該團隊已經採用了 One Microsoft，並且隨著消息傳遞和結果的改進，收益已經在累積。

And in R&D, we are continuing to focus our resources while accelerating our cadence.

在研發方面，我們將繼續集中我們的資源，同時加快我們的節奏。

Operating income and earnings per share both declined 3% to $6.4 billion and $0.63, respectively.

營業收入和每股收益分別下降 3% 至 64 億美元和 0.63 美元。

Unearned revenue grew a healthy 14% to $20.1 billion.

非勞動收入增長了 14%，達到 201 億美元。

And our contracted-not-billed balance grew to over $21 billion, driven by commercial strength.

在商業實力的推動下，我們的合同未開票餘額增長到超過 210 億美元。

Our inventory balance sequentially increased by $675 million, mostly due to builds of Xbox 360 and Xbox One.

我們的庫存餘額環比增加了 6.75 億美元，主要是由於 Xbox 360 和 Xbox One 的構建。

Ahead of the holiday selling season, Xbox represents over half of our inventory balance.

在假期銷售旺季之前，Xbox 占我們庫存餘額的一半以上。

Inventory for Surface products declined sequentially, even as we built levels ahead of this week's Surface 2 and Surface Pro 2 launches.

Surface 產品的庫存連續下降，儘管我們在本週 Surface 2 和 Surface Pro 2 發布之前建立了水平。

This quarter we announced a 22% increase in our quarterly dividend to $0.28 per share to.

本季度我們宣布將季度股息增加 22% 至每股 0.28 美元。

And also announced a $40 billion share repurchase program.

並且還宣布了一項400億美元的股票回購計劃。

We returned $3.8 billion of cash to shareholders, our highest quarterly amount since the second quarter of fiscal 2011.

我們向股東返還了 38 億美元現金，這是自 2011 財年第二季度以來的最高季度金額。

I'm now going to talk about the performance in each of our reporting segments.

我現在要談談我們每個報告部分的表現。

Our devices and consumer licensing segment is comprised principally of Windows OEM, consumer Office, and Windows phone including related patent licensing.

我們的設備和消費者許可部門主要包括 Windows OEM、消費者 Office 和 Windows 手機，包括相關的專利許可。

Our Windows OEM business performed better than expected, declining 7% versus our expectation of a mid teens decline.

我們的 Windows OEM 業務表現好於預期，下降了 7%，而我們預期會出現十幾歲的下降。

As Amy noted, we believe we are seeing stabilization in business PCs, which grew again this quarter and drove Pro revenue growth of 6%.

正如 Amy 所說，我們相信我們看到商用 PC 市場趨於穩定，本季度再次增長，推動 Pro 收入增長 6%。

We also saw better-than-expected performance in the consumer part of our business.

我們還看到我們業務的消費者部分的表現好於預期。

Non-Pro revenue declined 22%, but was several points better than expected.

非專業收入下降 22%，但好於預期幾個點。

Excluding the impact of China, which continues to have a different dynamic than other emerging markets, non-Pro revenue declined 17%.

不包括中國的影響，中國的動態繼續與其他新興市場不同，非專業收入下降了 17%。

Together with our OEM and retail partners, we brought an incredible breadth of Windows devices to market.

與我們的 OEM 和零售合作夥伴一起，我們將範圍廣泛的 Windows 設備推向了市場。

We've also made meaningful improvements to our advertising campaigns, which now clearly highlights the value proposition of our devices.

我們還對廣告活動進行了有意義的改進，現在清楚地突出了我們設備的價值主張。

As we head into holiday, we are excited by the opportunities to bring the new Windows experience to even more users around the globe.

當我們進入假期時，我們很高興有機會將新的 Windows 體驗帶給全球更多的用戶。

Consumer Office licensing revenue declined this quarter.

本季度消費者辦公室許可收入下降。

The financial impact of the shift to Office 365 Home Premium was generally in line with our expectation.

轉向 Office 365 家庭高級版的財務影響總體上符合我們的預期。

Office 365 subscribers benefit from the natural integration of services, such as SkyDrive and Skype.

Office 365 訂閱者受益於服務的自然集成，例如 SkyDrive 和 Skype。

And have the flexibility to access the service from numerous end points.

並且可以靈活地從眾多端點訪問服務。

Whether it be a traditional licensing or subscription, customers continue to see the value in Office, as overall attach of Office increased this quarter.

無論是傳統的許可還是訂閱，隨著本季度 Office 的整體附加值增加，客戶繼續看到 Office 的價值。

The Windows phone ecosystem is seeing sustained growth.

Windows 手機生態系統正在持續增長。

While we have work to do, our share is growing in many geographies, the device portfolio is expanding, and the number of apps available in the marketplace is increasing.

雖然我們有工作要做，但我們在許多地區的份額正在增長，設備組合正在擴大，市場上可用的應用程序數量也在增加。

I'll now move on to our devices and consumer hardware segment, where revenue grew $401 million, driven almost entirely by Surface.

我現在將轉到我們的設備和消費硬件部門，該部門的收入增長了 4.01 億美元，幾乎完全由 Surface 推動。

With improved sales and marketing efforts, combined with pricing and promotional activities, we saw Surface units and revenue growth sequentially from Q4, with the mix of sales shifting towards 32 gigabyte RT devices.

隨著銷售和營銷工作的改進，再加上定價和促銷活動，我們看到 Surface 單位和收入從第四季度開始連續增長，銷售組合轉向 32 GB RT 設備。

Demand increased for this device both in retail and in education.

零售和教育領域對該設備的需求都有所增加。

From a gross margin perspective, in addition to product costs, which grew as a result of increased Surface sales, we also incurred non product expenses as we readied inventory lines for the new Surface lineup and the holiday sales cycle.

從毛利率的角度來看，除了由於 Surface 銷售增加而增加的產品成本外，我們還為新的 Surface 產品線和假日銷售週期準備庫存線，從而產生了非產品費用。

Moving to devices and consumer other, as a reminder, this segment includes our online marketplaces, advertising, Xbox Studios, Office 365 Home Premium, and other consumer products and services.

提醒一下，轉向設備和其他消費者，這部分包括我們的在線市場、廣告、Xbox 工作室、Office 365 家庭高級版以及其他消費者產品和服務。

This quarter, revenue growth in this segment was driven by both an increase in advertising revenue and also volumes in our online marketplaces.

本季度，該部門的收入增長是由廣告收入的增長和我們在線市場的銷量推動的。

Search advertising revenue grew 47%, driven by continued revenue per search improvement and query volume growth.

搜索廣告收入增長了 47%，這得益於每次搜索收入的持續改進和查詢量的增長。

Bing has now grown its share of search queries in the US to 18%.

Bing 現在已將其在美國的搜索查詢份額增加到 18%。

Gross margin declined slightly due to higher royalty costs, and also infrastructure cost growth as we expand the geographic footprint of our services.

由於較高的特許權使用費成本以及隨著我們擴大服務的地理足跡而導致基礎設施成本增長，毛利率略有下降。

Turning now to our commercial business, where all-up commercial revenue across both on-prem and cloud services grew 10% this quarter.

現在轉向我們的商業業務，本季度本地和雲服務的全部商業收入增長了 10%。

Notably, even as we invest for growth, we saw gross margin expansion in our commercial cloud business.

值得注意的是，即使我們為增長而投資，我們的商業雲業務的毛利率也在增長。

Across our commercial portfolio we saw healthy renewals, a continued shift to premium products, and strong adoption of our cloud services.

在我們的商業產品組合中，我們看到了健康的更新、向優質產品的持續轉變以及我們雲服務的廣泛採用。

Our enterprise cloud strategy is resonating with customers.

我們的企業雲戰略正在引起客戶的共鳴。

And server product revenue grew 12%.

服務器產品收入增長 12%。

SQL Server revenue grew double digits, with SQL Server Premium revenue growing over 30%.

SQL Server 收入增長兩位數，SQL Server Premium 收入增長超過 30%。

Our commercial Office products also remain strong and grew 11%.

我們的商業辦公產品也保持強勁增長 11%。

Within this, SharePoint, Exchange, and Lync collectively grew double digits, with Lync growing nearly 30%.

其中，SharePoint、Exchange 和 Lync 共同增長了兩位數，其中 Lync 增長了近 30%。

Helping to drive this demand for our server and Office products is deployment of hybrid cloud solutions.

有助於推動對我們的服務器和 Office 產品的這種需求是部署混合雲解決方案。

This quarter revenue for our commercial cloud services grew over 100%, as service such as Office 365 are integrated with Azure services for comprehensive cloud solutions.

本季度我們的商業雲服務收入增長了 100% 以上，因為 Office 365 等服務與 Azure 服務集成以提供全面的雲解決方案。

Importantly, we are seeing strong customer adoption, with Office 365 suites and Azure customers both growing triple digits.

重要的是，我們看到了強大的客戶採用率，Office 365 套件和 Azure 客戶都增長了三位數。

Dynamics CRM Online is also expanding its base with two-thirds of new Dynamics CRM customers opting for the cloud.

Dynamics CRM Online 也在擴大其基礎，三分之二的 Dynamics CRM 新客戶選擇了雲。

With that overview of our commercial business, let me share the financial performance of each of our commercial reporting segments.

通過對我們商業業務的概述，讓我分享我們每個商業報告部門的財務業績。

Revenue in the commercial licensing segment grew 7%.

商業許可部門的收入增長了 7%。

And in our commercial other segment, revenue grew 28% to $1.6 billion.

在我們的商業其他部門，收入增長 28% 至 16 億美元。

As a reminder, corporate and other is where we consolidate adjustments for tech guarantees, pre-sales, and the like.

提醒一下，公司和其他是我們整合技術保證、預售等調整的地方。

In the comparable quarter of last year, we had aggregate deferrals of $1.4 billion for Windows and Office.

去年同期，我們為 Windows 和 Office 總共延期了 14 億美元。

And this quarter we deferred $113 million primarily related to Windows 8.1 pre-sales.

本季度，我們推遲了主要與 Windows 8.1 預售相關的 1.13 億美元。

Having now talked through our results for the past quarter, let me turn it over to Amy to discuss our forward-looking guidance.

現在討論了我們過去一個季度的業績，讓我把它交給艾米來討論我們的前瞻性指導。

Thanks, Chris.

謝謝，克里斯。

As we look toward the second quarter, we are assuming the macro environment remains generally the same.

展望第二季度，我們假設宏觀環境基本保持不變。

With this, we expect many of the dynamics we saw in the first quarter to continue, with strong performance in our commercial business and ongoing improvement in our consumer business.

有了這個，我們預計我們在第一季度看到的許多動態將繼續下去，我們的商業業務表現強勁，我們的消費者業務持續改善。

Importantly, we are set up for a terrific holiday season.

重要的是，我們準備迎接一個很棒的假期。

We have a wide variety of Windows-based devices in market.

我們在市場上有各種各樣的基於 Windows 的設備。

Earlier this week we launched Surface 2 and Surface Pro 2. And in November we will launch our next-generation console, Xbox One.

本週早些時候，我們推出了 Surface 2 和 Surface Pro 2。11 月，我們將推出我們的下一代遊戲機 Xbox One。

Building on the performance and unique experiences that gamers love, it will also deliver an innovative entertainment experience by bringing movies, music, sports and live TV together in one place.

基於遊戲玩家喜愛的性能和獨特體驗，它還將通過將電影、音樂、體育和直播電視集中在一個地方來提供創新的娛樂體驗。

With that, let's get into the outlook, starting with devices and consumer.

有了這個，讓我們從設備和消費者開始展望未來。

In licensing, we expect revenue to be $5.2 billion to $5.4 billion.

在許可方面，我們預計收入為 52 億至 54 億美元。

This range reflects similar dynamics to what we saw in the first quarter.

這個範圍反映了與我們在第一季度看到的相似的動態。

As I noted earlier, we expect the business PC market to be stable.

正如我之前提到的，我們預計商用 PC 市場將保持穩定。

However, the consumer PC market is subject to more volatility.

然而，消費個人電腦市場的波動性更大。

In hardware, we expect revenue to grow 35% to 45% to $3.8 billion to $4.1 billion, reflecting the expanded Surface lineup and the much-anticipated Xbox One launch.

在硬件方面，我們預計收入將增長 35% 至 45% 至 38 億至 41 億美元，這反映了 Surface 陣容的擴大和備受期待的 Xbox One 的推出。

The 10 percentage point range reflects variability in device unit volumes.

10 個百分點的範圍反映了設備單位體積的可變性。

In the consumer hardware business, such variability is not uncommon, especially during launches and the holiday season.

在消費類硬件業務中，這種變化並不少見，尤其是在發布和假期期間。

And in devices and consumer other, we expect revenue to be $1.7 billion to $1.8 billion.

在設備和消費者其他方面，我們預計收入將在 17 億美元至 18 億美元之間。

Search revenues should continue to grow, reflecting improved revenue per search and query volume.

搜索收入應該會繼續增長，這反映了每次搜索和查詢量收入的提高。

As a reminder, in Q2 of the prior year, we launched Halo 4, which contributed $380 million of revenue to this segment.

提醒一下，在上一年的第二季度，我們推出了 Halo 4，為該部門貢獻了 3.8 億美元的收入。

Now, moving on to commercial.

現在，轉向商業。

We expect revenue to grow 9% to 11%, in line with the first quarter.

我們預計收入將增長 9% 至 11%，與第一季度一致。

As we think about this part of the business, we are confident in our ability to continue to add value to our products, while providing low total cost of ownership for our customers.

當我們考慮這部分業務時，我們有信心繼續為我們的產品增加價值，同時為我們的客戶提供較低的總體擁有成本。

In commercial licensing, we expect revenue to be $10.7 billion to $10.9 billion, with similar dynamics to what we saw in the first quarter.

在商業許可方面，我們預計收入將在 107 億美元至 109 億美元之間，與我們在第一季度看到的動態相似。

This includes healthy renewals and strong annuity revenue growth from volume licensing with software assurance.

這包括健康的續訂和通過軟件保證的批量許可帶來的強勁年金收入增長。

In commercial other, we expect revenue to be $1.7 billion to $1.9 billion, reflecting ongoing momentum in our commercial cloud business and enterprise services.

在商業其他方面，我們預計收入將在 17 億美元至 19 億美元之間，反映了我們商業雲業務和企業服務的持續發展勢頭。

As CIOs increasingly look to capitalize on the opportunities with cloud computing, we are confident they will continue to look to Microsoft for their IT solutions.

隨著 CIO 越來越多地尋求利用雲計算帶來的機遇，我們相信他們將繼續向 Microsoft 尋求 IT 解決方案。

Moving on to cost of revenue, which we expect to be $7.9 billion to $8.3 billion next quarter, this range primarily relates to the unit variability assumed the hardware revenue.

轉向收入成本，我們預計下個季度將在 79 億美元到 83 億美元之間，這個範圍主要與假設硬件收入的單位可變性有關。

In Surface, we are still in the early stages of the lifecycle.

在 Surface 中，我們仍處於生命週期的早期階段。

As you know, there are many things that go into bringing hardware to market, including both variable and fixed cost.

如您所知，將硬件推向市場有很多因素，包括可變成本和固定成本。

We are intensely focused on building volumes and achieving scale to cover these costs and get to profitability.

我們非常專注於建立數量和實現規模以支付這些成本並實現盈利。

As you think about the economic model for Xbox, you should keep in mind that console margins are just one aspect of the overall platform's financial performance.

當您考慮 Xbox 的經濟模型時，您應該記住，遊戲機利潤只是整個平台財務業績的一個方面。

Attach of games, accessories Xbox LIVE services also contribute to the economic model.

附加遊戲、配件 Xbox LIVE 服務也有助於經濟模式。

We expect the launch of Xbox One to be the biggest in Xbox history.

我們預計 Xbox One 的發布將是 Xbox 歷史上最大的一次。

And we feel great about our ability to continue our leadership position in the living room.

我們對能夠繼續在客廳保持領導地位的能力感到非常滿意。

Moving on to operating expenses, we expect OpEx to grow 6% to 8% to $8.5 billion to $8.6 billion.

轉向運營費用，我們預計運營支出將增長 6% 至 8% 至 85 億美元至 86 億美元。

We also reaffirm our full-year guidance of $31.3 billion to $31.9 billion.

我們還重申了 313 億美元至 319 億美元的全年指引。

We continue to invest in innovative experiences for our customers, while remaining focused on expense.

我們繼續為客戶投資創新體驗，同時繼續關注費用。

We still expect full-year capital expenditures to be about $6.5 billion, even though we only spent $1.2 billion in the first quarter.

我們仍然預計全年資本支出約為 65 億美元，儘管我們在第一季度僅花費了 12 億美元。

Given the nature of the investments, there is variability from quarter to quarter due to our success-based approach, as well as the timing of delivery and completion.

鑑於投資的性質，由於我們基於成功的方法以及交付和完成的時間安排，每個季度都存在差異。

We expect our tax rate for the full year to be between 18% and 20%, depending on our geographical mix of earnings.

我們預計全年的稅率將在 18% 至 20% 之間，具體取決於我們的收入地域組合。

When adjusting for tech guarantees and product deferrals, we expect unearned revenue to be roughly in line with historical trends.

在調整技術保證和產品延期時，我們預計未賺取的收入將大致符合歷史趨勢。

So, in summary, I'm really pleased with our results this quarter.

因此，總而言之，我對本季度的業績感到非常滿意。

It was a great start to the fiscal year, as we executed and delivered across all of our businesses.

這是本財年的一個良好開端，因為我們在所有業務中執行和交付。

We are on track with implementing the transformation of the Company around the One Microsoft strategy.

我們正在圍繞 One Microsoft 戰略實施公司轉型。

And at the same time are not missing a beat in executing faster.

同時也不會錯過執行速度更快的節拍。

And as we look forward to the second quarter, our enterprise business will remain strong.

展望第二季度，我們的企業業務將保持強勁。

And we are also set up for a fantastic holiday season, with Surface, Xbox One, and a host of devices from our partners, which will allow us to reach new customers and drive increased engagement.

我們還準備迎接一個美妙的假期，使用 Surface、Xbox One 和我們合作夥伴提供的一系列設備，這將使我們能夠接觸到新客戶並提高參與度。

With that, I'll turn it to Chris and then we'll take your questions.

有了這個，我會把它交給克里斯，然後我們會回答你的問題。

Thanks, Amy.

謝謝，艾米。

And with that we are going to move on to the Q &A.

有了這個，我們將繼續進行問答。

Operator, please go ahead and repeat your instructions.

接線員，請繼續並重複您的指示。

(Operator Instructions)

（操作員說明）

Brent Thill, UBS.

瑞銀的布倫特希爾。

Good afternoon, Amy and Chris.

下午好，艾米和克里斯。

Thanks for the additional details.

感謝您提供更多詳細信息。

I know everyone appreciates the forward-looking details.

我知道每個人都欣賞前瞻性的細節。

My question is on the commercial revenue.

我的問題是關於商業收入。

Obviously an impressive number in a seasonally soft Q1.

在季節性疲軟的第一季度，顯然是一個令人印象深刻的數字。

Your guidance assumes also a continued good trajectory.

您的指導也假設了一個持續的良好軌跡。

Maybe if you can walk through why you think you are outgrowing your peers and what has led to this double-digit number.

也許如果你能弄清楚為什麼你認為自己的成長超過了你的同齡人，以及是什麼導致了這個兩位數的數字。

Thanks, Brent, for that question.

謝謝，布倫特，這個問題。

When I think about the commercial business, and focus on our unearned revenue growth of 14%, plus our bookings growth, which was quite strong as well at 6%, I think about the road map.

當我考慮商業業務時，專注於我們 14% 的非勞動收入增長，加上我們的預訂量增長（6% 也相當強勁），我想到了路線圖。

The strength of the commitments that customers are making is really for the forward-looking.

客戶做出的承諾的力量確實是為了前瞻性。

It is a three-year commitment to the Microsoft platform, both to our cloud and on-prem solutions, the breadth and strength of that road map in our offerings.

這是對 Microsoft 平台的三年承諾，包括我們的雲和本地解決方案，以及我們產品中該路線圖的廣度和強度。

And I think in many ways that's what gives us the confidence that we are outperforming our peers.

我認為這在很多方面讓我們有信心，我們的表現優於同行。

And also I think it speaks a lot to the innovation in the road map we've shown.

而且我認為這對我們展示的路線圖的創新有很大的影響。

Whether it is for Azure, Office 365, or our broader server portfolio, I do feel quite good about both our competitive position and our ability to execute.

無論是針對 Azure、Office 365 還是我們更廣泛的服務器產品組合，我對我們的競爭地位和執行能力都感到非常滿意。

I think we did a great job in the field this quarter remaining focused on delivering what we needed to deliver to our customers.

我認為本季度我們在該領域做得很好，仍然專注於向客戶交付我們需要交付的東西。

And we were quite pleased.

我們很高興。

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Hi.

你好。

Thanks, guys, and congrats on a great quarter.

謝謝，伙計們，並祝賀一個偉大的季度。

I just want to focus in on Xbox and Xbox platform.

我只想專注於 Xbox 和 Xbox 平台。

Amy, I wonder if you could give us maybe some color on how it performed this quarter.

艾米，我想知道你能否給我們一些關於本季度表現的信息。

But, in particular, as you look into the December quarter here, obviously you gave that gross margin guidance but I was wondering if you could talk high level about how you're approaching the Xbox One launch, say, versus Xbox 360, from a perspective of how you're pricing it relative to COGS.

但是，特別是，當您在這裡查看 12 月季度時，顯然您給出了毛利率指導，但我想知道您是否可以高水平地談論您如何接近 Xbox One 的發布，例如與 Xbox 360，從您如何相對於 COGS 定價的角度來看。

And how the build of Xbox One looks versus 360.

以及 Xbox One 的構建與 360 相比如何。

Thanks, Phil.

謝謝，菲爾。

I think it's a great question and it gives me the opportunity to talk about the breadth of the portfolio that we will have to offer at holiday.

我認為這是一個很好的問題，它讓我有機會談論我們將在假期提供的投資組合的廣度。

And then talk a little bit about the gross margin profile and philosophy we have about those products.

然後談談我們對這些產品的毛利率概況和理念。

We are excited that we will have a great value offer at holiday with Xbox 360.

我們很高興我們將在假期使用 Xbox 360 獲得超值優惠。

And we will also have a great choice with our innovative Xbox One platform to really give us a good breadth rolling into holiday of selections across price points.

我們還將通過我們創新的 Xbox One 平台獲得絕佳的選擇，從而真正為我們提供跨價格點的假期選擇。

We did, with Xbox One, make a decision to really enable a first-class experience out of the box.

我們確實通過 Xbox One 做出了真正實現開箱即用的一流體驗的決定。

There is connect, there's a headset, and there's the console.

有連接，有耳機，還有控制台。

And depending on where you are around the globe, there may be a game included as part of bundled for geographic interest.

並且根據您在全球的哪個位置，可能會包含一個遊戲作為地理興趣捆綁的一部分。

As I said, the best way always to think about the life value of the Xbox plan is over its lifecycle.

正如我所說，始終考慮 Xbox 計劃的生命價值的最佳方式是在其生命週期內。

I'm excited about the increased opportunity that Xbox One allows us to attach more and different services beyond what we've historically thought of as simply a gaming platform.

我很高興 Xbox One 允許我們附加更多不同的服務，超出了我們歷來認為的簡單遊戲平台的機會。

And when I think about the opportunity going forward, it is important in Q2 to realize that will impact our gross margin in the short term.

當我考慮未來的機會時，重要的是在第二季度意識到這將在短期內影響我們的毛利率。

But winning the platform at holiday, and our positioning to do that, allows us to grow profitability in a far different way over the lifecycle.

但是在假期贏得平台，以及我們在這方面的定位，使我們能夠在整個生命週期中以截然不同的方式提高盈利能力。

So, hopefully, that helps.

所以，希望這會有所幫助。

John DiFucci, JPMorgan Chase.

約翰·迪福奇，摩根大通。

Thanks.

謝謝。

Amy, billings were about what we modeled for the quarter.

艾米，比林斯是關於我們為本季度建模的。

But deferred revenue was about $700 million less -- than we expected, anyway.

但遞延收入比我們預期的少了大約 7 億美元。

Which was equal to the upside in revenue.

這等於收入的增長。

So I'm just curious, did you end up recognizing a greater portion of revenue upfront this quarter than you normally would?

所以我很好奇，你是否最終在本季度預付了比平時更多的收入？

I realize, given how you organize revenue, the question to be said is, was the transactional portion of the revenue in the commercial segment greater than it is typically this quarter?

我意識到，考慮到您如何組織收入，要說的問題是，商業部門收入的交易部分是否比本季度的通常情況要大？

Hi, John, this is Chris.

嗨，約翰，我是克里斯。

I'm going to jump in a little bit and I'll let Amy add on.

我會跳進去一點，讓艾米補充一下。

I think the way to think about -- the way we think about it is, we did see growth across annuity and non-annuity in the business.

我認為思考的方式 - 我們思考的方式是，我們確實看到了業務中年金和非年金的增長。

But also the changing dynamic is the mix of the dollars that are going into unearned revenue.

但是，不斷變化的動態是進入非勞動收入的美元組合。

As we bill more contracts in some of our subscription offerings, that also changes the nature of the term, if you think about one-year subscription offerings and things like this.

隨著我們在某些訂閱產品中收取更多合同，如果您考慮一年訂閱產品和類似的東西，這也會改變術語的性質。

That has a little bit effect on the unearned balance, as well.

這對不勞而獲的餘額也有一點影響。

Let me add little bit because I would've said, John, both of those things you said are true, and both are good.

讓我補充一點，因為我會說，約翰，你說的這兩件事都是真的，而且都是好的。

Which is, I do think our unearned balance, growing 14% year over year was better than we actually had expected, from our perspective.

也就是說，從我們的角度來看，我確實認為我們的未實現餘額同比增長 14% 比我們實際預期的要好。

And we also saw very good non-annuity performance within the quarter, particularly in Office and in SQL.

我們還在本季度看到了非常好的非年金業績，尤其是在 Office 和 SQL 方面。

Which, I think, are very good signs, we believe, for both, to see the strength broad-based.

我認為，這是非常好的跡象，我們相信，對於雙方來說，都可以看到基礎廣泛的實力。

As you know, the annuity portion tends to be related to large customers making long-term commitments.

如您所知，年金部分往往與做出長期承諾的大客戶有關。

Some of the non-annuity is exciting because it tends to be smaller customers who've decided to go ahead and upgrade to the most recent version of Office, which is also encouraging.

一些非年金是令人興奮的，因為它往往是較小的客戶，他們決定繼續升級到最新版本的 Office，這也令人鼓舞。

Walter Pritchard, Citigroup.

花旗集團的沃爾特·普里查德。

Hi, guys.

嗨，大家好。

This is Ken Wong for Walter.

這是 Walter 的 Ken Wong。

We wanted to focus a bit on Windows.

我們想把重點放在 Windows 上。

The OEM business was down just 7% this quarter versus down 15% last quarter, in what seemed like a really -- you guys had a lot of pressure on ASPs and what-not.

本季度 OEM 業務僅下降了 7%，而上一季度則下降了 15%，這看起來真的是——你們在 ASP 和其他方面承受了很大的壓力。

What drove the quick turnaround from quarter to quarter?

是什麼推動了從一個季度到另一個季度的快速周轉？

Maybe if you could just dig in a little bit there.

也許如果你能在那裡挖掘一點。

Let me try to break it up a little bit, Ken, to make sure I understand, and can get a chance to talk about the overall performance.

讓我試著把它分解一下，Ken，以確保我理解，並且可以有機會談論整體表現。

Business was better than we expected.

生意比我們預期的要好。

So, actually ASPs were probably higher than many people had modeled and that we had expected due to mix.

因此，實際上 ASP 可能比許多人建模的要高，並且由於混合而我們預期的要高。

Growing 6% in the Pro segment was both better than we expected and probably better than many people had considered.

Pro 領域 6% 的增長既好於我們的預期，也可能好於許多人的預期。

In the consumer segment, the minus 22%, and taking out China to minus 17%, I think is generally overall, when you take those two numbers, probably in line with most of the device level estimates for PCs we've seen across the industry, and from some of our peers reporting in the system.

在消費者領域，負 22%，將中國排除在負 17%，我認為總體而言，當您考慮這兩個數字時，可能與我們在整個 PC 中看到的大多數設備級別估計一致行業，以及來自我們在系統中報告的一些同行。

I do think we were impacted by some inventory levels.

我確實認為我們受到了一些庫存水平的影響。

They did come down a bit actually this quarter, as w ell.

他們在本季度也確實有所下降。

So, I think overall, we do think that things are probably more stable in the business segment and encouraging.

因此，我認為總體而言，我們確實認為業務領域的情況可能更加穩定並且令人鼓舞。

And in consumer and developed markets particularly were better than we had seen.

尤其是在消費者和發達市場，情況比我們看到的要好。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Excellent.

出色的。

Thank you, guys, for taking the question.

謝謝各位，接受這個問題。

You saw a real market uptick in the advertising revenue with the search advertising revenue.

隨著搜索廣告收入的增長，您看到了廣告收入的真正市場增長。

Any particular catalyst you could point us to in what really catalyzed that part of the business and how sustainable that's going to be on a go forward basis?

您可以指出任何特定的催化劑，什麼真正催化了這部分業務，以及在未來的基礎上，這將是多麼可持續？

Sure.

當然。

Thanks, Keith.

謝謝，基思。

A couple of things.

有幾件事。

It was driven, as you noted, both by RPS improvements and volume improvements, which is encouraging.

正如您所指出的，它是由 RPS 改進和音量改進推動的，這令人鼓舞。

I also think underlying that are some real technical improvements we've made within the search engine.

我還認為這是我們在搜索引擎中所做的一些真正的技術改進。

The algos are better, and the investments we're making are really allowing us to monetize at a higher level.

算法更好，我們所做的投資確實讓我們能夠在更高的水平上獲利。

We also saw some strength in a few other geos, which helped increase the performance there.

我們還在其他一些地區看到了一些優勢，這有助於提高那裡的表現。

So, I do believe that trend we expect to continue into Q2.

因此，我確實相信我們預計這種趨勢將持續到第二季度。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Hi, great.

嗨，太好了。

Thank you, Amy and Chris.

謝謝你，艾米和克里斯。

I just was wondering, you talked about the entry of a lot of new SKUs that are coming out for the holiday season.

我只是想知道，您談到了許多即將在假期推出的新 SKU 的進入。

As we start thinking about building our OEM models, how do we think about ASPs for this 8-inch and below category that you referenced there is a lot of product coming out with?

當我們開始考慮構建我們的 OEM 模型時，我們如何看待您提到的這個 8 英寸及以下類別的 ASP 有很多產品問世？

Good question, Heather.

好問題，希瑟。

Let me talk about, first, the importance of the breadth of the offers that we are putting into market.

首先，讓我談談我們投放市場的報價範圍的重要性。

With Windows 8.1, one of the focus we had was to expand both the opportunity for screen sizes and to reach new price points, and to cover really from the smallest to the largest with touch and non-touch.

對於 Windows 8.1，我們的重點之一是擴大屏幕尺寸的機會並達到新的價格點，並真正涵蓋從最小到最大的觸摸和非觸摸。

And I think our ability to work with partners and some of the sales execution we've seen in the field has led to have a broad opportunity at retail for holiday for devices.

而且我認為我們與合作夥伴合作的能力以及我們在該領域看到的一些銷售執行導致在假期零售設備方面擁有廣泛的機會。

It is important.

這很重要。

I do hope -- in some ways this is a question that is a bit awkward.

我確實希望——在某些方面，這是一個有點尷尬的問題。

You always want to say it's good to have ASPs go up.

你總是想說讓 ASP 上升是件好事。

Transparently going forward, as we make more progress, especially in the smaller screen sizes, we should expect units to go up, and be very excited about that in terms of share.

透明地向前發展，隨著我們取得更多進展，尤其是在較小的屏幕尺寸方面，我們應該期望單位會上升，並且在份額方面對此感到非常興奮。

But ASPs would trend down.

但平均售價將呈下降趨勢。

I don't think that will have a material -- our guidance does not assume a material impact to ASPs in Q2.

我認為這不會產生實質性影響——我們的指導並未假設對第二季度的 ASP 產生重大影響。

But over the long term, I actually do understand the question and would expect ASPs to be on that trend line, assuming we are successful in those lower-end device sizes.

但從長遠來看，我確實理解這個問題，並且假設我們在那些低端設備尺寸方面取得成功，預計 ASP 將處於該趨勢線上。

Thank you very much.

非常感謝。

Mark Moerdler, Sanford Bernstein.

馬克·莫德勒，桑福德·伯恩斯坦。

Thank you.

謝謝你。

And, Amy, thank you for giving so much more data and guidance.

而且，艾米，感謝您提供更多數據和指導。

We appreciate it.

我們很感激。

Couple of quick attach question.

幾個快速附加問題。

You had said that the consumer Office last quarter was going to be down roughly 5% lower than the PCs due to the move to subscription.

您曾說過，由於轉向訂閱，上個季度消費者 Office 的價格將比 PC 低約 5%。

You said the attach was higher this quarter.

你說這個季度的附加值更高。

Should we think that the dip was roughly in line with that?

我們是否應該認為下跌大致與此一致？

Hi, Mark, this is Chris.

嗨，馬克，我是克里斯。

Let me try to clarify the numbers just so we are all on the same page.

讓我試著澄清一下這些數字，以便我們都在同一頁上。

We did say consumer Office did decline this quarter.

我們確實說過本季度消費者辦公室確實下降了。

Last quarter, you're right, we said about 5 points of impact.

上個季度，你說得對，我們說了大約 5 個影響點。

And so the impact, indeed, was about what we expected.

因此，影響確實與我們預期的差不多。

But with the increase in attach, they tended to offset each other in the end.

但隨著附著的增加，它們最終往往會相互抵消。

And so the numbers came in pretty much as expected.

所以這些數字幾乎符合預期。

So, I think that's the right way to think about it.

所以，我認為這是正確的思考方式。

But, of course, I can let Chris -- I'm going to add a little to the answer, sorry.

但是，當然，我可以讓克里斯——我要補充一點答案，對不起。

Mark, I do think it is important for us to continue to reiterate the importance of the success of the Office 365 Home Premium SKU from a strategic standpoint.

馬克，我認為從戰略角度繼續重申 Office 365 家庭高級版 SKU 成功的重要性對我們來說很重要。

We have done a very good job.

我們做得很好。

And I would say as a mix percentage of the SKU, it continues to do even a little better than we had hoped in terms of execution at the end point in driving value.

我想說的是，作為 SKU 的混合百分比，它在推動價值的終點的執行方面仍然比我們希望的要好一點。

And while that does have an impact on the initial ASP of the SKU, the long-term lifetime value of that product, in my belief, given the always up to date, first to see innovation, use across multi end points, inclusion of Skype, inclusion of SkyDrive, really does allow for a higher lifetime value, and ultimately a happy customer.

雖然這確實對 SKU 的初始 ASP 有影響，但在我看來，該產品的長期生命週期價值，考慮到始終保持最新，首先看到創新，跨多個端點使用，包括 Skype ，包含 SkyDrive，確實可以提高終身價值，並最終讓客戶滿意。

And, so, I really am encouraged by our progress and our execution there.

所以，我真的為我們的進步和在那裡的執行感到鼓舞。

Beautiful.

美麗的。

One other quick question.

另一個快速的問題。

Any sense for what commercial licensing would've been if not for the move to cloud and subscription?

如果沒有轉向雲和訂閱，商業許可會有什麼意義？

Does it make a material change at this point?

在這一點上是否會發生重大變化？

No, the best way to think about that, Mark, is, if you look at -- it's not an exact offset, but when I talked about the commercial business all up, I gave the construct around products, like commercial Office, commercial Server, as all up across both on-prem and commercial.

不，馬克，最好的思考方式是，如果你看一下——這不是一個精確的偏移量，但是當我談到商業業務時，我給出了圍繞產品的結構，比如商業辦公室、商業服務器，就像在本地和商業上一樣。

So, we talked about Office growing 11% across both commercial licensing and commercial other, in aggregate.

因此，我們談到了 Office 在商業許可和商業其他方面的總體增長 11%。

If you look at the specific segment, you will see that Office in the commercial licensing segment actually grew 6%.

如果您查看特定細分市場，您會發現商業許可細分市場中的 Office 實際上增長了 6%。

So you can see that we are having outsized growth in the commercial other segment, which is Office 365.

因此，您可以看到我們在其他商業領域（即 Office 365）中實現了巨大的增長。

So that maybe helps at least dimensionalize the size of the growth in relative terms.

因此，這可能至少有助於以相對方式衡量增長的規模。

Perfect.

完美的。

I do appreciate it.

我很感激。

Thank you both.

謝謝你們倆。

Rick Sherlund, Nomura Securities.

Rick Sherlund，野村證券。

Just to follow-up on Mark's question, I believe there was a slide at [STAM] that showed about $150 million of negative impact in the quarter from the move to the cloud.

只是為了跟進馬克的問題，我相信 [STAM] 的一張幻燈片顯示，本季度從遷移到雲計算產生了約 1.5 億美元的負面影響。

Which, in and of itself, it's about 1% of revenue, so it's not a very big deal.

就其本身而言，這大約是收入的 1%，所以這不是什麼大問題。

And I think most of that was from Office versus server and tools.

我認為其中大部分來自 Office 與服務器和工具。

So, if you say it is about as expected -- I'm just looking for some clarification here -- is really the only impact we're seeing in the Office segment versus server and tools?

所以，如果你說它與預期的差不多——我只是想在這裡澄清一下——真的是我們在 Office 領域看到的與服務器和工具相比的唯一影響嗎？

Or was there much impact in that part of the business from the move to subscription?

或者從遷移到訂閱的那部分業務有很大的影響嗎？

Rick, let me clarify.

瑞克，讓我澄清一下。

The $150 million, you're right, was actually just related to the consumer Office segment.

1.5 億美元，你說得對，實際上只是與消費類 Office 部門有關。

And had no broader connotation beyond that.

除此之外沒有更廣泛的內涵。

So, that $150 million in a quarter on consumer Office actually does have a meaningful impact to the growth of that, especially versus PCs.

因此，消費者 Office 一個季度的 1.5 億美元確實對其增長產生了有意義的影響，尤其是與個人電腦相比。

So, that being said, obviously we've talked about the momentum in our broad Office 365 revenue.

因此，話雖如此，顯然我們已經談到了我們廣泛的 Office 365 收入的勢頭。

It is a bigger impact across not just Office, because I think that is actually not the way of thinking about Office 365's impact.

它不僅對 Office 產生了更大的影響，因為我認為這實際上不是考慮 Office 365 影響的方式。

There it is really around Exchange, Lync, SharePoint.

它確實圍繞著 Exchange、Lync、SharePoint。

And the broad server impact there is actually more meaningful than its impact on maybe Office client on the commercial side.

那裡廣泛的服務器影響實際上比它對商業方面的 Office 客戶端的影響更有意義。

Ross MacMillan, Jefferies.

羅斯麥克米蘭，傑富瑞。

Thanks a lot.

非常感謝。

I have two questions.

我有兩個問題。

Just, first, on the device and consumer licensing business.

首先，關於設備和消費者許可業務。

Your forecast for Q2 suggests a moderating decline.

您對第二季度的預測表明下降幅度有所緩和。

And I was curious as to whether on the corporate OEM side, if you will, that is just a reflection of the ongoing stabilization trend.

我很好奇在企業 OEM 方面，如果你願意的話，這是否只是持續穩定趨勢的反映。

Or do you also expect to see improvement on the consumer OEM side?

或者您是否也希望看到消費 OEM 方面的改進？

And related to that, how do you think about the impact of the end-of-life of XP on the corporate OEM side?

與此相關的是，您如何看待 XP 報廢對企業 OEM 方面的影響？

Do you think that the improvement is completely unrelated to that end-of-life forthcoming or do you think there could be some impact related to that?

您是否認為改進與即將結束的生命週期完全無關，或者您認為可能會產生一些影響？

Thanks.

謝謝。

Great.

偉大的。

Let me divide up the question.

讓我把問題分開。

I think, as you said, two parts.

正如你所說，我認為有兩個部分。

Our Q2 guidance for devices and consumer licensing really says that the trends we saw in Q1 on both sides continue in Q2.

我們的第二季度設備和消費者許可指南確實表明，我們在第一季度看到的雙方趨勢在第二季度繼續存在。

So I think that is an important distinction, as you noted and asked for clarification on.

所以我認為這是一個重要的區別，正如你所指出並要求澄清的那樣。

So I hope that is helpful on that component.

所以我希望這對那個組件有幫助。

And when it comes to end-of-life of XP, I tend to think about that more on the VL side, as well, and the strength there which would be in the commercial reporting segments.

當談到 XP 的生命週期結束時，我傾向於更多地考慮 VL 方面的問題，以及在商業報告領域的實力。

We continue to make progress on the XP install base.

我們繼續在 XP 安裝基礎上取得進展。

And now a little over 75% of the PCs are running 7. And so I do think, as we continue to get to end-of-life of XP you will see the impact more on the VL side of the business than you would in the device and consumer licensing segment.

現在超過 75% 的 PC 運行的是 7。所以我認為，隨著我們繼續接近 XP 的生命週期結束，您會看到對業務的 VL 方面的影響比在設備和消費者許可部分。

Thank you very much, that's helpful.

非常感謝，這很有幫助。

And maybe one quick follow-up.

也許是一個快速的跟進。

Just on the Office business overall in the commercial segment, if you think about units, whether licensed or 365, when you just think of the aggregate pool of units, you alluded to it before, but did that perform in line with your expectation?

就商業領域整體的 Office 業務而言，如果您考慮單元，無論是許可的還是 365，當您只考慮單元的聚合池時，您之前提到過它，但它的表現是否符合您的預期？

Or was it actually slightly better on a unit basis?

還是在單位基礎上實際上稍微好一點？

Thank you.

謝謝你。

It was slightly better, Ross, is the best way of thinking about that, from a unit perspective.

稍微好一點，羅斯，從單位的角度來看，這是最好的思考方式。

Thank you very much.

非常感謝。

Congratulations.

恭喜。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

I was wondering if you could address the conditions in China in a little bit more detail, not just on the consumer but also in the commercial, as well as what your expectations might be given the lifting of the ban on game consoles for Xbox there.

我想知道您是否可以更詳細地說明中國的情況，不僅針對消費者，還針對商業廣告，以及您對取消 Xbox 遊戲機禁令的期望。

And also if you could just address some of what you're seeing in terms of your commercial cloud adoption outside of the US.

此外，如果您可以解決您在美國以外的商業雲採用方面看到的一些問題。

Thank you.

謝謝你。

I'll take the first part of the question, Ed.

我會回答問題的第一部分，Ed。

So, yes, as I said on the call, our macro conditions in China, which I think is consistent with what some of the other companies have reported, as well, have been challenging.

所以，是的，正如我在電話會議上所說，我們在中國的宏觀狀況，我認為這與其他一些公司報告的一致，也一直充滿挑戰。

Our total revenue across all of our business, including the PC-related businesses, were down year over year.

我們所有業務（包括個人電腦相關業務）的總收入同比下降。

And I think that overall is impacting our results in China all up.

我認為總體而言，這正在全面影響我們在中國的業績。

I think the second part of your question was related to commercial cloud?

我認為您問題的第二部分與商業云有關？

Sorry, can you repeat your second question?

對不起，你能重複你的第二個問題嗎？

Sure.

當然。

I was wondering about Xbox expectations there, but also the trends of commercial cloud adoption in areas outside of the US.

我想知道那裡對 Xbox 的期望，以及美國以外地區商業雲採用的趨勢。

We haven't really talked specifically about our expectations for China on the Xbox.

我們還沒有真正談論過我們對 Xbox 上的中國的期望。

But let me take the second half of that question.

但是，讓我談談這個問題的後半部分。

Our performance in both Office 365 and Azure has actually been quite good both in the US -- to your question -- and outside the US.

我們在 Office 365 和 Azure 中的表現實際上在美國（您的問題）和美國以外都相當不錯。

Part of the reason that you have seen us investing on the capital expense side is to continue to build out the opportunity set, because we are seeing good demand outside the US.

您看到我們在資本支出方面進行投資的部分原因是繼續擴大機會集，因為我們看到美國以外的需求良好。

And I do think our ability to be competitive there is just as high as it is here.

而且我確實認為我們在那裡的競爭能力和這裡一樣高。

So, we've already seen that growth.

所以，我們已經看到了這種增長。

Thank you.

謝謝你。

Jason Maynard, Wells Fargo.

傑森梅納德，富國銀行。

Good afternoon.

下午好。

I wanted to drill a little bit into how you're thinking about holiday on the consumer hardware side, and specifically just expectations around Surface.

我想深入了解您如何看待消費硬件方面的假期，特別是對 Surface 的期望。

And then, also, any insight or color you think in terms of what your expectations are with RT versus Pro.

然後，您對 RT 與 Pro 的期望方面的任何見解或顏色。

Thank you.

謝謝你。

Thanks, Jason.

謝謝，傑森。

I think overall for holiday, given our guidance, we clearly do expect a healthy holiday performance across the portfolio.

我認為總體而言，鑑於我們的指導，我們確實期望整個投資組合的假期表現健康。

I say that because we do have offerings that provide great value, from having Surface be one, RT still in market, Surface 2, Surface 2 Pro, plus Xbox 360, plus Xbox One, really does provide both value portfolio, and those who want the latest and greatest experience have something covered.

我之所以這麼說，是因為我們確實有提供巨大價值的產品，從 Surface 成為一體，RT 仍在市場上，Surface 2、Surface 2 Pro、Xbox 360 和 Xbox One，確實提供了價值組合，以及那些想要最新和最棒的體驗涵蓋了一些內容。

The guidance does include good performance across all of those product lines.

該指南確實包括所有這些產品線的良好表現。

We did see, I think as Chris and I both talked about, a lot of progress in sales execution on Surface in particular this quarter.

我們確實看到了，我認為正如克里斯和我都談到的那樣，Surface 的銷售執行取得了很大進展，尤其是本季度。

And that does give us more confidence about our ability to execute again well in Q2.

這確實讓我們對我們在第二季度再次出色執行的能力更有信心。

In particular, as you noted, RT did do quite well this quarter.

特別是，正如您所指出的，RT 本季度的表現相當不錯。

And I look forward to seeing that continue with the Surface 2 device, as well, at holiday.

我期待在假期中看到 Surface 2 設備也能繼續保持這種狀態。

Kash Rangan, Bank of America Merrill Lynch.

美國銀行美林證券的卡什蘭根。

Hi, thank you very much for all the details, as well.

您好，也非常感謝您提供的所有詳細信息。

Maybe my math skills have gotten horribly weak, but I just took the midpoint, Amy, of your revenue guidance for the different line items, and also the midpoint of your cost of revenue inputs, and the midpoint of your OpEx.

也許我的數學技能已經變得非常薄弱，但我只是取了 Amy，你對不同訂單項的收入指導的中點，以及你的收入投入成本的中點，以及你的運營支出的中點。

And I come up with what looks to be about a 10% reduction to where I think most sales side models are.

我想出看起來比我認為大多數銷售側模型減少 10% 的方法。

Maybe I'm doing -- I'm hoping that I did something wrong here.

也許我在做——我希望我在這裡做錯了什麼。

But if that is the case, I get about 29% op margin relative to the 33% or so that you did last year.

但如果是這樣的話，相對於你去年的 33% 左右，我得到了大約 29% 的營業利潤率。

So can you just walk us through what are the items that you are assuming in your cost structure which effectively makes the op income flat.

那麼，您能否向我們介紹一下您在成本結構中假設的哪些項目有效地使運營收入持平。

Although you are getting good revenue growth rate.

儘管您獲得了不錯的收入增長率。

I just wonder if there are any one-time items or if it is just emblematic of a shift in your business model to devices and consumer, especially with Nokia going forward.

我只是想知道是否有任何一次性項目，或者它是否只是您的商業模式向設備和消費者轉變的象徵，尤其是諾基亞的未來。

Wonder if we should not be thinking about op margins but really op income growth rate?

想知道我們是否應該考慮運營利潤率而真正考慮運營收入增長率？

Thank you.

謝謝你。

Thanks, Kash.

謝謝，卡什。

I think the one thing I would urge you to do as you think about the guidance we gave is looking specifically at the DNC hardware guidance.

我認為在考慮我們提供的指導時，我會敦促您做的一件事是專門查看 DNC 硬件指導。

As well as making sure you are mapping the COGS very specifically to whatever assumption you are making in DNC hardware.

除了確保您將 COGS 非常具體地映射到您在 DNC 硬件中所做的任何假設之外。

Given the business model of Xbox, that can and will have an impact in Q2 to the overall gross margin structure.

鑑於 Xbox 的商業模式，這可能並且將會在第二季度對整體毛利率結構產生影響。

So, as you think through that, I think that is probably one of the assumptions that it may sound like using the midpoint could lead you a bit off of where I would have expected.

因此，當您仔細考慮這一點時，我認為這可能是聽起來像使用中點可能會使您偏離我預期的假設之一。

Got it, thank you very much.

明白了，非常感謝。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊銀行。

Thank you.

謝謝你。

I just wanted to follow on from Jason's question earlier on.

我只是想繼續 Jason 早些時候的問題。

Can you talk a little bit about where you see the improved success, and the sales execution success, on the Surface?

你能談談你在 Surface 上看到的改進成功和銷售執行成功的地方嗎？

Is it commercial?

是商業的嗎？

Is it consumer?

是消費者嗎？

And what is driving the improvement there?

是什麼推動了那裡的改善？

And how much is the improved revenue run rate driven also by the fact that the channel needed to be ready for the holiday season?

頻道需要為假期做好準備這一事實推動了收入運行率的提高多少？

Thank you.

謝謝你。

Hi, Raimo.

嗨，雷莫。

Thanks for the question.

謝謝你的問題。

As we talked about, especially for this last quarter, Surface we saw two things I'll mention.

正如我們所談到的，特別是在上個季度，我們看到了兩件我會提到的 Surface。

Which is, popularity of the Surface 32-gigabyte RT device.

也就是說，Surface 32 GB RT 設備的流行。

That one was more successful this last quarter.

那一個在上個季度更成功。

And we actually saw demand increase in both commercial and in the education customer segment, as well.

我們實際上看到商業和教育客戶群的需求也在增加。

So, we did see some improvement across both those segments.

因此，我們確實在這兩個領域都看到了一些改進。

Yes.

是的。

I would say that another way, is that it was in retail and in education, was really our RT performance.

我想說的是另一種方式，它是在零售和教育領域，實際上是我們的 RT 表現。

Yes, right.

是的，沒錯。

Sorry.

對不起。

That's what I meant, actually.

這就是我的意思，其實。

So, I just want to make sure that was clear.

所以，我只是想確保這一點很清楚。

It really was better execution at retail and in edu.

這確實是在零售和教育中更好的執行。

And I still look forward to building a commercial channel, which we are just trying to do as we continue to add resellers to our model.

我仍然期待建立一個商業渠道，我們只是在努力做，因為我們會繼續在我們的模型中添加經銷商。

Perfect, thank you.

完美，謝謝。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

Thanks so much.

非常感謝。

I had two quick ones.

我有兩個快速的。

One was the SQL Server success continues to be very impressive, particularly relative to the field.

一是 SQL Server 的成功仍然令人印象深刻，尤其是相對於該領域而言。

So I'm wondering where you are seeing the most success there.

所以我想知道你在哪裡看到了最大的成功。

Is that market share gains?

這是市場份額的增長嗎？

Is that pricing's getting you into some new markets?

這種定價是否讓您進入了一些新市場？

If you could provide any color there that would be held.

如果你能提供任何顏色，那將被保留。

And then when is your expectation for the next update on Nokia?

那麼您對諾基亞的下一次更新的期望是什麼時候？

Great.

偉大的。

Let me take the second one first because it is the easiest.

讓我先拿第二個，因為它最簡單。

We still do expect the transaction to close in the first calendar quarter of 2014.

我們仍然預計交易將在 2014 年第一季度完成。

And post closing, if there are any EPS impact changes to what we said before, we will give them post closing.

交易結束後，如果我們之前所說的 EPS 影響發生任何變化，我們將在交易結束後給予他們。

So, now back to your original question on SQL, that is a terrific one to get to talk about.

所以，現在回到你最初關於 SQL 的問題，這是一個非常值得談論的問題。

Our growth there is, as you said, both share growth and revenue growth.

正如您所說，我們的增長是份額增長和收入增長。

It's happened, I think, generally both in BI, which we've seen a lot of traction with.

我認為，這通常發生在 BI 中，我們已經看到了很多牽引力。

I don't know if you had a chance to see some of our Power View announcements recently.

我不知道您最近是否有機會看到我們的一些 Power View 公告。

Our ability to span from the end user to the hardest big data problems really has resonated, both in the market and with industry analysts who've taken, I think, a strong position that we're the real market leader there.

我們從最終用戶到最棘手的大數據問題的能力確實引起了市場和行業分析師的共鳴，我認為，我們是那裡真正的市場領導者。

The other thing I would say is a very healthy performance of our premium SKUs.

我要說的另一件事是我們的優質 SKU 的表現非常健康。

Our premium SKUs have continued to provide market growth and I think are competing quite well with the competition.

我們的優質 SKU 繼續提供市場增長，我認為與競爭對手的競爭非常好。

Great, thanks, guys.

太好了，謝謝各位。

Gregg Moskowitz, Cowen and Company.

Gregg Moskowitz, Cowen and Company。

Thank you very much, and good afternoon, guys.

非常感謝你們，大家下午好。

Just two questions.

就兩個問題。

First, Amy, if I recall correctly I believe last quarter you had mentioned an expectation for double-digit annuity growth in fiscal '14.

首先，艾米，如果我沒記錯的話，我相信上個季度你提到了對 14 財年兩位數年金增長的預期。

Is that still how you're thinking about the annuity part of the business?

這仍然是您對業務的年金部分的看法嗎？

And secondly, the year-over-year cloud revenue growth you reported was certainly impressive.

其次，您報告的雲收入同比增長肯定令人印象深刻。

But I was wondering if you could shed some light, perhaps, on how much of Azure billings or revenue are incremental versus cannibalistic?

但我想知道您是否可以闡明 Azure 賬單或收入中有多少是增量的而不是自相殘殺的？

Two good questions.

兩個好問題。

I do expect our annuity growth, and the guidance we gave it still does assume double-digit annuity growth going forward.

我確實期望我們的年金增長，我們給出的指導仍然假設未來年金增長兩位數。

And I think our performance this quarter gives me confidence that the guidance in Q2 is the right one, given our strengths and our competitive position.

而且我認為我們本季度的表現讓我相信，鑑於我們的優勢和競爭地位，第二季度的指導是正確的。

Secondly, on cloud revenue, your question gives me an opportunity to talk about the importance of our hybrid cloud.

其次，關於雲收入，你的問題讓我有機會談論我們混合雲的重要性。

Within especially our server business, our ability to power the cloud, whether you want to run it, you want a service provider to run it, or you want to use ours, is really an incredibly powerful story.

尤其是在我們的服務器業務中，我們為雲提供動力的能力，無論你是想運行它，你希望服務提供商運行它，還是你想使用我們的，這確實是一個令人難以置信的強大故事。

And I think, in some ways, whether or not it is cannibalizing becomes somewhat difficult.

而且我認為，在某些方面，它是否在蠶食變得有些困難。

What we have generally found right now is that it has been often additive.

我們現在普遍發現的是它通常是添加劑。

And if you look at our server growth all up, which we tried to provide to help give some parameters around that to give some confidence that we are both growing the base and providing additive opportunity, I think that's the number I would probably look to, to see the impact there.

如果你看一下我們的服務器增長，我們試圖提供一些參數來幫助提供一些參數，讓我們相信我們正在擴大基礎並提供額外的機會，我認為這就是我可能會關注的數字，看看那裡的影響。

Great.

偉大的。

Thanks very much.

非常感謝。

Kirk Materne, Evercore.

柯克·馬特恩，Evercore。

Thank you very much for fitting me in.

非常感謝你讓我適應。

Two quick ones for you, Amy, on the commercial cloud offerings.

艾米，關於商業雲產品的兩個快速的。

First round Office 365 you mentioned you've seen pretty good uptake even outside the US.

您提到的第一輪 Office 365 即使在美國以外的地方也有相當不錯的使用率。

I was interested in just your ability to monetize Office 365 in some of the emerging markets that have been challenging over time for Office.

我只對您在一些新興市場中通過 Office 365 獲利的能力感興趣，這些市場隨著時間的推移對 Office 一直具有挑戰性。

And then, secondly, as a follow-up to Greg's question on server, within Azure how much of the uptake in Azure is coming from existing Microsoft logos versus bringing on net new logos onto the platform?

然後，其次，作為 Greg 關於服務器的問題的後續，在 Azure 中，Azure 的吸收有多少來自現有的 Microsoft 徽標，而不是在平台上引入全新的徽標？

Thanks.

謝謝。

Great, thanks, Kirk.

太好了，謝謝，柯克。

You're talking about two things.

你說的是兩件事。

I do think -- it is interesting.

我確實認為——這很有趣。

Maybe the best example of how to think about us moving beyond our traditional markets is the fact that we were the first to commit to a data center in China, a market that we've historically had challenges monetizing at a high level.

關於我們如何超越傳統市場，最好的例子可能是我們率先在中國建立數據中心，這是一個我們歷來面臨高水平貨幣化挑戰的市場。

We went there, we are going there with Office 365 and Azure.

我們去了那裡，我們將使用 Office 365 和 Azure 去那裡。

We look forward to being able to make progress.

我們期待能夠取得進展。

We are investing both headcount and capital dollars, because we do believe this provides an interesting opportunity for us to begin monetizing in markets that have been harder for us to grow maybe with our more traditional business models.

我們正在投資員工人數和資本金，因為我們確實相信這為我們提供了一個有趣的機會，可以開始在我們更傳統的商業模式下更難發展的市場中獲利。

Secondly, with Azure, I think we've seen both.

其次，對於 Azure，我認為我們已經看到了兩者。

But the thing I would say is what has been really helpful is that, as we make it easier to attach Azure services to our normal rhythm in the field through our enterprise agreements and through volume licensing, it provides a really helpful way and a really easy selling motion to provide customers flexibility.

但我要說的是，真正有用的是，我們通過企業協議和批量許可，使 Azure 服務更容易與我們在現場的正常節奏相結合，它提供了一種非常有用的方式，並且非常容易銷售動作為客戶提供靈活性。

We add it in the normal rhythm of the sales motion.

我們將其添加到銷售動作的正常節奏中。

We allow people to try, use, and buy.

我們允許人們嘗試、使用和購買。

And that has served us well in terms of being able to expose Azure to more and more customers in a normal selling cycle.

這對我們很有幫助，因為我們能夠在正常的銷售週期中將 Azure 展示給越來越多的客戶。

So, I think that's probably one of the better ways.

所以，我認為這可能是更好的方法之一。

It's the same actual selling rhythm we've used with Office 365 so successfully.

這與我們成功用於 Office 365 的實際銷售節奏相同。

And with that, I wanted to say thank you.

有了這個，我想說聲謝謝。

I know that this quarter we changed reporting segments, and that requires a lot of work.

我知道本季度我們更改了報告部門，這需要大量工作。

So, thank you for all the work put in to understand our transition that we are trying to make as a company.

因此，感謝您為了解我們作為一家公司正在努力實現的過渡所做的所有工作。

And, so, let me turn it back to Chris to say his final words.

所以，讓我把它轉回給克里斯說他的最後一句話。

That wraps up today's earnings call.

今天的財報電話會議到此結束。

We look forward to seeing many of you in the coming months at various investor conferences.

我們期待在未來幾個月在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 and you'll be able to follow our comments at Microsoft.com/investor.

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

Please contact us if you need any additional details.

如果您需要任何其他詳細信息，請與我們聯繫。

And thanks for joining us today.

感謝您今天加入我們。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

And thank you for your participation.

並感謝您的參與。