微軟 (MSFT) 2014 Q2 法說會逐字稿

,>> Operator Greetings and welcome to the Microsoft second-quarter fiscal-year 2014 earnings conference call.

,>> 運營商問候並歡迎參加微軟 2014 財年第二季度財報電話會議。

(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 to introduce your host, Chris Suh, General Manager, Investor Relations for Microsoft.

現在很高興向您介紹主持人，微軟投資者關係部總經理 Chris Suh。

Thank you, Chris.

謝謝你，克里斯。

You may begin.

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 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，旨在遵循準備好的評論並提供 GAAP 和非 GAAP 財務措施之間差異的對賬。

As a reminder, we will post today's prepared remarks to our website immediately following the call until the complete transcript is available.

提醒一下，我們將在通話後立即將今天準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

If you ask a question, it will be included in our live transmission, in the transcript and any future use of the recording.

如果您提出問題，它將被包含在我們的實時傳輸、成績單和錄音的任何未來使用中。

You can replay the call and view the transcript at the Microsoft investor relations website until January 23, 2015.

在 2015 年 1 月 23 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, which are predictions projections or other statements about future events.

在本次電話會議期間，我們將做出前瞻性陳述，這些陳述是關於未來事件的預測預測或其他陳述。

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the risk factor section of our form 10-K, form 10-Q and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們的 10-K 表、10-Q 表的風險因素部分以及其他向證券交易委員會提交的報告和文件中討論的因素，實際結果可能存在重大差異委員會。

We do not undertake any duty to update any forward-looking statements.

我們不承擔任何更新任何前瞻性陳述的義務。

Before I hand the call over to Amy, please keep in mind 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，請記住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 to the current quarter have been adjusted for the cumulative effect of last year's revenue deferrals and recognitions related to Windows, Office and Xbox video games.

此外，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、Office 和 Xbox 視頻遊戲相關的收入遞延和確認的累積影響進行了調整。

As a reminder, with our new segment reporting structure we have consolidated adjustments of this nature into corporate and other to provide better comparability of operating results.

提醒一下，通過我們新的分部報告結構，我們已將這種性質的調整整合到公司和其他方面，以提供更好的經營業績可比性。

You can find details of the adjustments and reconciliations 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。

With that, I'll turn it over to Amy.

有了這個，我會把它交給艾米。

Thank you, Chris.

謝謝你，克里斯。

Good afternoon and thank you all for joining us today.

下午好，感謝大家今天加入我們。

As I look back on the quarter, I am pleased with the results as they exceeded expected revenue growth while continuing to maintain focus on improved execution and cost management.

回顧本季度，我對結果感到滿意，因為它們超出了預期的收入增長，同時繼續專注於改進執行和成本管理。

Our devices and consumer segments had a very good quarter and grew 13% with a successful holiday.

我們的設備和消費者細分市場的季度表現非常好，在假期成功的情況下增長了 13%。

Our commercial segment had another great quarter and grew 10% to over $12 billion as we continue to deliver on our differentiated cloud strategy.

隨著我們繼續實施差異化的雲戰略，我們的商業部門又迎來了一個偉大的季度，增長了 10% 至超過 120 億美元。

We performed well this quarter and you see it in our financial results.

我們本季度表現良好，您可以在我們的財務業績中看到這一點。

This holiday we continued to make significant progress in the consumer space, headlined by Xbox One which launched in 13 markets and sold in 3.9 million units in just over five weeks.

這個假期我們繼續在消費領域取得重大進展，其中以 Xbox One 為首，它在 13 個市場推出並在短短五週內售出 390 萬台。

According to NPD Group figures, Xbox One was the leading console in the US for the month of December, which was its first full month in market.

根據 NPD Group 的數據，Xbox One 在 12 月份是美國領先的遊戲機，這是其上市的第一個完整月份。

When adding in Xbox 360, which held the third spot, Xbox led the US market with 46% share in December.

再加上排名第三的 Xbox 360，Xbox 在 12 月以 46% 的份額領先美國市場。

We are excited by this enthusiastic response from our loyal customers and are working to increase the availability of Xbox One.

我們對忠實客戶的熱情響應感到興奮，並正在努力提高 Xbox One 的可用性。

With Surface, demand continued to grow, benefiting from improved execution at retail and favorable reviews of the new Surface devices.

借助 Surface，需求繼續增長，這得益於零售執行的改進和新 Surface 設備的好評。

Sequentially, both units and revenue more than doubled this quarter with customers recognizing Surface's differentiated value propositions as one device for everything in their life.

隨後，隨著客戶認識到 Surface 的差異化價值主張是他們生活中所有事情的一種設備，本季度的單位和收入都增長了一倍以上。

We feel good about the progress we have made over the past couple of quarters and are enthusiastic about the overall opportunity ahead with Surface.

我們對過去幾個季度取得的進展感到滿意，並對 Surface 未來的整體機會充滿熱情。

The Windows ecosystem as a whole is also making important progress.

整個 Windows 生態系統也在取得重要進展。

Earlier this fall, we launched Windows 8.1, which enabled smarter, faster and more personalized devices and our OEM partners are taking advantage of this.

今年秋天早些時候，我們推出了 Windows 8.1，它支持更智能、更快和更個性化的設備，我們的 OEM 合作夥伴正在利用這一優勢。

Over the last few months they've delivered a breadth of differentiated devices designed to meet a wide range of customer needs.

在過去的幾個月裡，他們交付了廣泛的差異化設備，旨在滿足廣泛的客戶需求。

We are encouraged by what we have been able to accomplish with our partners and collectively we will continue to focus on driving the Windows ecosystem forward.

我們對與合作夥伴共同取得的成就感到鼓舞，我們將繼續共同致力於推動 Windows 生態系統向前發展。

Now, let me share some perspective on what we saw in the PC market, which was slightly better than our expectation.

現在，讓我分享一下我們在 PC 市場上看到的情況，這比我們的預期要好一些。

Business PCs grew again for the third consecutive quarter and benefited from an improving macro environment, better availability of innovative new hardware and a refresh cycle ahead of Windows XP end of support.

商用 PC 連續第三個季度再次增長，這得益於宏觀環境的改善、創新新硬件的更好可用性以及 Windows XP 支持終止之前的更新周期。

Additionally growth was higher in large enterprises than small- and medium-sized businesses.

此外，大型企業的增長高於中小型企業。

Consumer PCs, while better than our expectations, continued to be soft as they faced challenges from competing form factors.

消費類個人電腦雖然好於我們的預期，但在面臨來自競爭外形因素的挑戰時繼續疲軟。

And as a general theme, developed markets outperformed emerging markets.

總體而言，發達市場的表現優於新興市場。

Windows continues to be the platform of choice for business.

Windows 仍然是企業的首選平台。

This quarter Windows Pro revenue grew 12% and out-paced the underlying business PC market.

本季度 Windows Pro 收入增長 12%，超過了基礎商務 PC 市場。

This was proven by faster growth in both enterprises and developed markets where Pro attach is higher.

企業和 Pro attach 較高的發達市場的快速增長證明了這一點。

Windows non-Pro revenue however was down 20%, reflecting dynamics of the consumer PC market.

然而，Windows 非專業版收入下降了 20%，反映了消費 PC 市場的動態。

Now let's move to our commercial business where key metrics remain strong.

現在讓我們轉向關鍵指標仍然強勁的商業業務。

Bookings grew 12% and renewal rates remained in line across our product portfolio even with the large expiring base in the quarter.

預訂量增長了 12%，即使在本季度到期的基數很大的情況下，我們的整個產品組合的續訂率也保持一致。

Unearned revenue grew 12% and our contracted not-billed balance is at a record level of over $23 billion.

未實現收入增長了 12%，我們的合同未開票餘額達到創紀錄的 230 億美元以上。

To me this is important, as these long-term commitments demonstrate the confidence that customers have in our product road map, where we are investing in key areas such as big data, infrastructure management, and cloud computing.

對我來說，這很重要，因為這些長期承諾表明客戶對我們的產品路線圖充滿信心，我們正在投資大數據、基礎設施管理和雲計算等關鍵領域。

In big data our upcoming release for SQL Server 2014 builds on the momentum we've established.

在大數據方面，我們即將發布的 SQL Server 2014 建立在我們已經建立的勢頭之上。

Offering complete business intelligent solution for big data, SQL Server is driving significant memory performance gains.

SQL Server 為大數據提供完整的商業智能解決方案，正在推動顯著的內存性能提升。

Additionally it enabled hybrid cloud solutions with cloud back up and disaster recovery as well as providing enhanced availability and security.

此外，它還支持具有云備份和災難恢復的混合雲解決方案，並提供增強的可用性和安全性。

Hybrid infrastructure and management offerings also continue to be important priorities.

混合基礎設施和管理產品也仍然是重要的優先事項。

Windows Server, Azure and System Center are the centerpieces of our hybrid cloud strategy and together they enable portability and scalability of workloads.

Windows Server、Azure 和 System Center 是我們混合雲戰略的核心，它們共同實現了工作負載的可移植性和可擴展性。

Using our suite of products customers get high-scale virtualization, built-in software-defined networking and hybrid business continuity that enables their modern data centers.

使用我們的產品套件，客戶可以獲得支持其現代數據中心的大規模虛擬化、內置軟件定義網絡和混合業務連續性。

As CIOs look to cloud computing to reduce cost and deliver business agility, they are turning to our cloud services.

隨著首席信息官希望通過雲計算來降低成本並提供業務敏捷性，他們正在轉向我們的雲服務。

Office 365 and Dynamics CRM online offer customers the ability to transition easily to the cloud and benefit from enterprise-class features and a familiar user interface.

Office 365 和 Dynamics CRM online 使客戶能夠輕鬆過渡到雲並受益於企業級功能和熟悉的用戶界面。

Additionally Windows Azure provides the scalability and flexibility that addresses their evolving infrastructure and platform needs.

此外，Windows Azure 提供了可擴展性和靈活性，可滿足其不斷發展的基礎架構和平台需求。

In summary, we had a very good quarter across our consumer and commercial business.

總而言之，我們的消費者和商業業務的季度表現非常好。

We are taking share with many products and seeing improvements in areas where we needed to be better.

我們正在與許多產品分享，並在我們需要更好的領域看到改進。

As we do this, we continue to prioritize the deployment of our resources to areas that accelerate innovation and deliver products that our customers love.

在此過程中，我們將繼續優先將我們的資源部署到加速創新和提供客戶喜愛的產品的領域。

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

有了本季度的概述，我將把它交給克里斯，在我回來分享對我們前景的看法之前，提供更多關於我們業績的細節。

Thanks, Amy.

謝謝，艾米。

First, I am going to review our overall results and then I'll move on to the details by reporting segment.

首先，我將回顧我們的整體結果，然後我將通過報告部分進入細節。

We had a successful holiday quarter and our broad diversified portfolio helped us deliver record revenue in Q2.

我們有一個成功的假期季度，我們廣泛的多元化投資組合幫助我們在第二季度實現了創紀錄的收入。

Total revenue was up 11% to $24.5 billion, and without the impact of foreign exchange, revenue would have been higher by $196 million or 1 percentage point.

總收入增長 11% 至 245 億美元，如果沒有外彙的影響，收入將增加 1.96 億美元或 1 個百分點。

Cost of goods sold increased 46%.

銷貨成本增加46%。

This increase was primarily due to costs associated with the new Xbox and Surface products which launched this quarter, and also growth in cloud infrastructure supporting our consumer and commercial offerings.

這一增長主要是由於與本季度推出的新 Xbox 和 Surface 產品相關的成本，以及支持我們的消費者和商業產品的雲基礎設施的增長。

Even as we invest in our devices and services initiatives, gross margin was flat at $16.2 billion.

即使我們投資於我們的設備和服務計劃，毛利率也持平於 162 億美元。

Operating expenses grew at 3% which was below our guidance, as we continue to focus on prioritizing spend toward strategic growth initiatives.

運營費用增長 3%，低於我們的預期，因為我們繼續專注於將支出優先用於戰略增長計劃。

Operating income and earnings per share both declined 4% to $8.0 billion and $0.78 respectively.

營業收入和每股收益分別下降 4% 至 80 億美元和 0.78 美元。

This quarter we returned $4.3 billion of cash to shareholders in buybacks and dividends, our highest amount in the last 12 quarters.

本季度，我們以回購和股息的形式向股東返還了 43 億美元的現金，這是過去 12 個季度中的最高金額。

I am now going to talk through the performance of each of our reporting segments.

我現在將討論我們每個報告部門的表現。

In our devices and consumer segment revenue grew 13%.

在我們的設備和消費者領域，收入增長了 13%。

Within this, the licensing segment, which primarily includes Windows OEM, Consumer Office and Windows Phone declined 6%, reflecting overall PC and device market trend.

其中，主要包括 Windows OEM、Consumer Office 和 Windows Phone 的許可部分下降了 6%，反映了 PC 和設備市場的整體趨勢。

We continue to see similar dynamics to the previous quarter.

我們繼續看到與上一季度類似的動態。

Total Windows OEM revenue declined 3%.

Windows OEM 總收入下降了 3%。

As Amy described 12% growth in Windows Pro was offset by 20% declines in Windows non-Pro.

正如 Amy 所描述的，Windows Pro 的 12% 增長被 Windows 非 Pro 的 20% 下降所抵消。

Excluding the impact of China where we continue to draw down inventory levels, Windows non-Pro revenue declined 14%.

排除我們繼續降低庫存水平的中國的影響，Windows 非專業版收入下降了 14%。

Office attach, including our cloud offerings, was up again this quarter.

Office attach，包括我們的雲產品，在本季度再次上漲。

Traditional consumer Office licensing revenue declined 24%.

傳統消費者 Office 許可收入下降了 24%。

However, we estimate that approximately 16 percentage points of this decline was due to the shift to Office 365 Home Premium.

但是，我們估計大約 16 個百分點的下降是由於轉向 Office 365 家庭高級版。

Excluding this impact, traditional consumer Office out-performed the underlying consumer PC market.

排除這種影響，傳統消費類 Office 的表現優於基礎消費類 PC 市場。

Next I'll move to our hardware segment where revenue grew $1.9 billion or 68%, driven by a good holiday quarter for our consumer devices.

接下來我將轉到我們的硬件部門，該部門的收入增長了 19 億美元或 68%，這得益於我們消費設備的良好假期季度。

Xbox One had a record launch and together with Xbox 360 we shipped 7.4 million consoles.

Xbox One 的發布創下紀錄，與 Xbox 360 一起，我們出貨了 740 萬台遊戲機。

For Surface we saw improved sales of Surface RT and also introduced Surface 2 and Surface Pro 2 into the market.

對於 Surface，我們看到 Surface RT 的銷售有所改善，並將 Surface 2 和 Surface Pro 2 引入市場。

Moving to the devices and consumer other segment.

轉向設備和消費者其他領域。

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，這部分包括我們的在線市場、廣告、Xbox 工作室、Office 365 家庭高級版和其他消費產品和服務。

Revenue in this segment declined 10% when compared to last year when we launched Halo 4.

與去年我們推出 Halo 4 時相比，該部門的收入下降了 10%。

Search advertising revenue grew 34% driven by continued revenue per search improvements and query volume growth.

搜索廣告收入增長了 34%，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 to 18.2% in the US.

現在，必應在美國的搜索查詢份額已增長到 18.2%。

Office 365 Home Premium adoption continues to be strong.

Office 365 家庭高級版的採用率繼續保持強勁。

With this service customers are always running the most up-to-date version, have content available across their devices with SkyDrive integration and get free Skype minutes.

借助這項服務，客戶始終運行最新版本，通過 SkyDrive 集成在其設備上提供可用內容，並獲得免費 Skype 分鐘數。

The overall value proposition is resonating well with customers and we now have more than 3.5 million subscribers.

整體價值主張與客戶產生了良好的共鳴，我們現在擁有超過 350 萬訂戶。

For the quarter it accounted for more than 15% of total consumer Office licenses sold.

在本季度，它佔銷售的消費者 Office 許可證總數的 15% 以上。

Turning now to our commercial segment.

現在轉向我們的商業部分。

All our commercial revenue and gross margin across both on-premise and cloud services grew 10%.

我們在本地和雲服務中的所有商業收入和毛利率都增長了 10%。

Commercial licensing segment, which reflects our traditional software licensing, grew 7%.

反映我們傳統軟件許可的商業許可部分增長了 7%。

And our commercial other segment, which captures our commercial cloud services as well as our enterprise services business, grew 28% to $1.8 billion.

我們的商業其他部門，包括我們的商業雲服務以及我們的企業服務業務，增長了 28%，達到 18 億美元。

As economies of scale benefits accrue to these online services, we are seeing gross margin expansion in our commercial other segment.

隨著這些在線服務帶來規模經濟利益，我們看到我們的商業其他部門的毛利率正在擴大。

We saw continuing strength across our commercial portfolio.

我們看到我們的商業投資組合持續強勁。

Server product revenue grew 12%.

服務器產品收入增長 12%。

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

在數據中心，針對第 1 層應用程序工作負載的高級版 Windows Server 本季度收入再次顯著增長。

Revenue for System Center grew double-digits and Hyper-V, our virtualization product gained 5 points of share over the last year.

System Center 的收入增長了兩位數，我們的虛擬化產品 Hyper-V 在去年獲得了 5 個百分點的份額。

In our data platform business, SQL Server continued to out-pace the market and revenue grew double-digits, with SQL Server Premium revenue growing over 25%.

在我們的數據平台業務中，SQL Server 繼續超越市場，收入增長兩位數，其中 SQL Server Premium 收入增長超過 25%。

Our commercial Office product also remains strong, growing 10%.

我們的商業辦公產品也保持強勁增長 10%。

Within this, our productivity server offerings, SharePoint, Exchange and Lync continue to perform well with Lync growing over 25%.

其中，我們的生產力服務器產品、SharePoint、Exchange 和 Lync 繼續表現良好，Lync 增長超過 25%。

We're excited about the unified communications opportunity as we combine the enterprise richness of Lync and the global reach of Skype to transform the communications experience.

我們對統一通信機會感到興奮，因為我們將 Lync 的企業豐富性和 Skype 的全球影響力相結合，以改變通信體驗。

We are pleased with our momentum in cloud services.

我們對我們在雲服務方面的發展勢頭感到滿意。

This quarter revenue for commercial cloud services again grew over 100% as customers of all sizes continued to leverage our cloud services to improve productivity, reduce costs, and leverage a secure and trusted platform.

隨著各種規模的客戶繼續利用我們的雲服務來提高生產力、降低成本並利用安全可信的平台，本季度商業雲服務的收入再次增長超過 100%。

We are seeing broad-based adoption as Office 365 seats, Azure customers and Dynamics CRM net seat at all grew over 100%.

隨著 Office 365 席位、Azure 客戶和 Dynamics CRM 淨席位的增長超過 100%，我們看到了廣泛的採用。

We now have 70% of the Fortune 500 companies using at least one of our cloud services.

我們現在有 70% 的財富 500 強公司至少使用我們的一種雲服務。

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

現在回顧了我們上個季度的業績，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。

Before I get into our expectations for the quarter, let me quickly touch on Nokia.

在談到我們對本季度的預期之前，讓我快速談談諾基亞。

We continue to expect that the deal will close this quarter, but are still in the process of securing all regulatory approvals and meeting closing conditions.

我們繼續預計該交易將在本季度完成，但仍處於獲得所有監管批准和滿足完成條件的過程中。

So all guidance here assumes no impact from Nokia.

所以這裡的所有指導都假設諾基亞沒有影響。

Assuming the deal closes this quarter, we will include Nokia in our guidance starting in the fourth quarter.

假設交易在本季度完成，我們將從第四季度開始將諾基亞納入我們的指導。

Looking ahead to the third quarter, we are expecting a similar macro environment to what we saw this quarter.

展望第三季度，我們預計會出現與本季度相似的宏觀環境。

As such, many of the dynamics from the second quarter will likely continue into the third.

因此，第二季度的許多動態可能會持續到第三季度。

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 $4.1 billion to $4.3 billion.

在許可方面，我們預計收入為 41 億至 43 億美元。

This range reflects similar dynamics to what we saw in the second quarter with business PCs growing, strong Pro mix and headwinds in consumer PCs.

這一範圍反映了與我們在第二季度看到的情況類似的動態，即商用 PC 的增長、強大的 Pro 組合和消費 PC 的逆風。

In hardware, we expect revenue to be $1.9 billion to $2.0 billion.

在硬件方面，我們預計收入為 19 億至 20 億美元。

This reflects continued post-launch momentum with Surface 2, Surface Pro 2, and Xbox One, with the upcoming launch of the Xbox exclusive game, Titanfall.

這反映了 Surface 2、Surface Pro 2 和 Xbox One 的持續發布後勢頭，以及即將推出的 Xbox 獨家遊戲 Titanfall。

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

在設備和消費者其他方面，我們預計收入約為 18 億美元。

Moving onto commercial.

轉向商業。

In what is a seasonally slower quarter, we are confident in our ability to continue to be the vendor of choice with our productivity and infrastructure offerings.

在季節性放緩的季度中，我們有信心繼續憑藉我們的生產力和基礎設施產品成為首選供應商。

In commercial licensing we expect revenue to be $10.4 billion to $10.6 billion.

在商業許可方面，我們預計收入為 104 億至 106 億美元。

In commercial other we expect revenue to be about $1.8 billion, reflecting continued momentum in our commercial cloud business.

在商業其他方面，我們預計收入約為 18 億美元，反映了我們商業雲業務的持續發展勢頭。

We expect COGS to be $6.1 billion to $6.3 billion next quarter.

我們預計 COGS 將在下個季度達到 61 億至 63 億美元。

This range primarily reflects variability associated with our hardware business.

該範圍主要反映了與我們的硬件業務相關的可變性。

Moving on to operating expenses.

繼續運營費用。

We expect OpEx to grow 5% to 6% to $7.7 billion to $7.8 billion.

我們預計運營支出將增長 5% 至 6% 至 77 億美元至 78 億美元。

We are also reducing and narrowing the range for our full-year guidance to $31.2 billion to $31.5 billion.

我們還將全年指導範圍縮小至 312 億美元至 315 億美元。

As a reminder, other income and expense includes dividend and interest income, offset by interest expense and the net cost of hedging.

提醒一下，其他收入和支出包括股息和利息收入，被利息支出和對沖淨成本抵消。

We expect these items to generally offset one another.

我們預計這些項目通常會相互抵消。

We still expect our full-year tax rate to be between 18% and 20%.

我們仍預計全年稅率在 18% 至 20% 之間。

We now expect full-year capital expenditures to be about $6 billion, which is down about $500 million from our prior guidance.

我們現在預計全年資本支出約為 60 億美元，比我們之前的指導減少約 5 億美元。

This reduction is primarily driven by improved capacity utilization and scale benefits, as we converge our online services infrastructure platforms while continuing to support the strong demand that we see in business.

這種減少主要是由於提高了產能利用率和規模效益，因為我們融合了我們的在線服務基礎設施平台，同時繼續支持我們在業務中看到的強勁需求。

Adjusting for prior year tech guarantees and product deferrals, we expect unearned revenue to sequentially decline, as it has in prior years.

調整上一年的技術保證和產品延期後，我們預計未實現收入將像往年一樣連續下降。

So in summary, I feel good about the financial results this quarter.

總而言之，我對本季度的財務業績感覺良好。

We are executing well across the Company as demonstrated by share gains in our commercial business.

我們在整個公司的執行情況良好，這從我們的商業業務中的份額收益可以看出。

And we are also making important inroads with our consumer offerings.

我們還在消費者產品方面取得了重要進展。

Looking ahead, there is a lot to be excited about as we continue our transformation around One Microsoft.

展望未來，隨著我們繼續圍繞 One Microsoft 進行轉型，有很多令人興奮的事情。

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

有了這個，我會把它轉回給克里斯，我們會回答你的問題。

Thanks, Amy.

謝謝，艾米。

With that, we'll move on to Q&A.

有了這個，我們將繼續進行問答。

Operator, please repeat your instructions.

接線員，請重複您的指示。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of John DiFucci with JPMorgan Chase.

我們的第一個問題來自摩根大通的 John DiFucci。

Please proceed with your question.

請繼續您的問題。

Thank you.

謝謝你。

Obviously nice upside on the hardware business and with Surface and Xbox.

顯然，硬件業務以及 Surface 和 Xbox 都有不錯的優勢。

But my question is on the licensing business, so bear with me a little bit here.

但我的問題是關於許可業務的，所以請稍等一下。

You had both licensing businesses, device and consumer and commercial licensing, they were both better than expected at least by about $100 million each.

您同時擁有許可業務、設備和消費者以及商業許可，它們都比預期的要好至少約 1 億美元。

At the same time, deferred revenue was shy by something like $250 million.

與此同時，遞延收入少了大約 2.5 億美元。

But there is some conflicting things.

但是有一些矛盾的東西。

I am just trying to get my head around this.

我只是想弄清楚這一點。

The contract not billed, Amy, you pointed out was really strong, saw a big jump by somewhere around $2 billion sequentially.

艾米，你指出的合同沒有計費真的很強大，連續大幅增長約 20 億美元。

And you also saw some nice traction, the commercial cloud services more than doubled.

您還看到了一些不錯的吸引力，商業雲服務翻了一番還多。

Assuming it's small.

假設它很小。

Here's my question.

這是我的問題。

With all that happening, is there a shift happening with your on-premise corporate business to more transactional versus ratable contracts?

隨著這一切的發生，您的本地企業業務是否發生了向更多交易而非可評級合同的轉變？

That would help out, to help offset the financial implications as you shift to cloud services on the corporate side.

這將有所幫助，以幫助抵消您在企業方面轉向雲服務時的財務影響。

Is that's what's happening with all these movements?

這就是所有這些運動正在發生的事情嗎？

Sorry about all the detail.

對不起所有的細節。

I really appreciate the question because it's going to let me help expand on a couple of dynamics, which I think are at work here.

我非常感謝這個問題，因為它可以讓我幫助擴展一些動態，我認為這些動態在這裡起作用。

So now I am going to ask you to bear with me with a little bit of a long answer.

所以現在我要請你忍受我的長一點的回答。

Let me start by your comments, I think, around the overall commercial licensing bucket, which I am going to expand to include, as you did, the overall commercial business, both cloud and licensing.

讓我從你的評論開始，我想，圍繞整個商業許可桶，我將像你一樣將其擴展到包括整體商業業務，包括雲計算和許可。

There are a number of metrics that I tend to look at together, as opposed to individually, to think about how we did in the quarter.

我傾向於將許多指標放在一起，而不是單獨考慮，以考慮我們在本季度的表現。

You touched on one, unearned, which grew 12% this quarter which is quite good.

你提到了一個不勞而獲的，本季度增長了 12%，這非常好。

The second is bookings, which grew 12% in the quarter which is very good.

第二個是預訂量，該季度增長了 12%，非常好。

Renewal rates, which were in line across our products.

續訂率與我們的產品一致。

And finally, the CNB balance, the contracted not billed balance, being up sequentially $2 billion, as you point out is very big.

最後，正如您所指出的，CNB 餘額（合同未結算餘額）連續增加 20 億美元，非常大。

If you think about those together as a group, those data points are very important.

如果您將它們視為一個整體，那麼這些數據點非常重要。

Because together I would say any, I think you said $200 million short on unearned.

因為我會一起說任何，我想你說的是不勞而獲的 2 億美元。

With those data points together, I would say there is no shortage in terms of commercial licensing and commercial other strengths all up.

結合這些數據點，我想說在商業許可和商業其他優勢方面並不缺乏。

As you know, contracted but not billed tends to be at the end of the quarter.

如您所知，已簽約但未開票的往往是在季度末。

We signed a bunch of contracts that we can't bill for until the very beginning of the next.

我們簽了一堆合同，直到下一個開始我們才能開具賬單。

Think about that as business done in quarter.

將其視為季度完成的業務。

We'll see that come into the unearned balance, frankly, in Q3 as well as into adjusted.

坦率地說，我們將看到在第三季度以及調整後的餘額中出現這種情況。

So that dynamic answers away the first question and a part of the question you asked.

因此，動態回答了第一個問題和您提出的問題的一部分。

Now, that could have -- that's sort of a separate piece.

現在，這可能有 - 這是一個單獨的部分。

Then you said, well, some of the dynamic could be explained by some strong transactional business in the quarter.

然後你說，一些動態可以用本季度一些強勁的交易業務來解釋。

I would say there is one place, and I would actually separate these things because the first was good and the second was better than we thought.

我會說有一個地方，我實際上會把這些東西分開，因為第一個很好，第二個比我們想像的要好。

Office non-annuity or transactional did a little better than we thought in quarter, as well.

辦公室非年金或交易性的表現也比我們在本季度想像的要好一些。

And so that's a good point that we didn't bring out that that is another component of the 10% all up commercial growth.

所以這是一個很好的觀點，我們沒有指出這是 10% 的商業增長的另一個組成部分。

Now, so I guess my answer is, I agree with your transactional comment but I disagree that it's probably the overall -- it's a component of a quote, unquote shortfall and unearned.

現在，所以我想我的回答是，我同意您的交易評論，但我不同意這可能是整體的——它是報價的一部分，沒有報價的短缺和不勞而獲。

I would say both actually are quite good.

我想說兩者實際上都很好。

Thanks, Amy.

謝謝，艾米。

That's fairly helpful but actually just a clarification on the contracted not yet billed.

這相當有幫助，但實際上只是對尚未計費的合同的澄清。

You said, and yes, contracts get signed at the end of the quarter.

你說，是的，合同會在本季度末簽署。

So, what you're saying that the big jump primarily was because they just hadn't been billed yet versus signing.

所以，你所說的大躍進主要是因為他們還沒有被計費而不是簽約。

I could see if you were just signing longer-term deals that you are going to bill annually, but that's not what's happening?

我可以看到您是否只是簽署了您將每年計費的長期交易，但這不是正在發生的事情嗎？

It's more about just -- is that accurate?

更多的是——這準確嗎？

Either one could happen.

任何一種都可能發生。

Yes, that's right.

是的，這是正確的。

If something was actually billed at the end of the quarter, it goes into unearned.

如果某些東西在季度末實際被計費，它就會進入不勞而獲的狀態。

Contracted but not billed is actually that the contract was signed, but because the billing won't quite take place until after the end of the fiscal quarter, it ends up in contracted but not billed as opposed to unearned.

已簽約但未開票實際上是合同已簽署，但由於直到財政季度結束後才會完全進行開票，因此它最終以簽約但未開票而不是未賺到的形式結束。

Right, but are we seeing any -- typically your contracts are three years.

是的，但我們是否看到任何 - 通常您的合同是三年。

But are we seeing any extension on the average contract length?

但我們是否看到平均合同期限有任何延長？

No, no, that's not one of the impacts.

不，不，這不是影響之一。

Thanks, John.

謝謝，約翰。

Great.

偉大的。

Thank you.

謝謝你。

We'll move to the next question, please.

請移步下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Mark Moerdler with Sanford C. Bernstein.

我們的下一個問題來自 Mark Moerdler 和 Sanford C. Bernstein 的觀點。

Please proceed with your question.

請繼續您的問題。

Thank you very much.

非常感謝。

Two quick questions.

兩個快速的問題。

The first one is can you give us any sense of how much of the Office 365 and the Home Premium could be generated by net new users as compared to simply the move over existing users?

第一個問題是您能否告訴我們，與簡單地轉移現有用戶相比，淨新用戶可以生成多少 Office 365 和家庭高級版？

And then I'll ask the second one.

然後我會問第二個。

Mark, that's actually -- here's how I think about the value prop.

馬克，實際上——這就是我對價值道具的看法。

Because I can't really say these are sales through retail and through OEM generally, whether it's a net new user or not.

因為我不能真的說這些是通過零售和通過 OEM 進行的銷售，無論它是否是淨新用戶。

What I can say is that attach overall went up in the Office consumer business, which I would say is and could be a sign that some of those are net new.

我可以說的是，Office 消費者業務的附加值總體上升，我想說的是並且可能表明其中一些是全新的。

And I would hope that to be the case.

我希望是這樣。

The value prop of Office 365 Home Premium really does expand the footprint.

Office 365 家庭高級版的價值支柱確實擴大了足跡。

It allows for multiple users.

它允許多個用戶。

It has cross platform capabilities with Office for Mac.

它具有與 Office for Mac 的跨平台功能。

It's got mobile capabilities as well, and allows for easier trial.

它還具有移動功能，並且可以更輕鬆地進行試用。

So, it does lower many of the barriers to experience and try the product.

因此，它確實降低了體驗和試用產品的許多障礙。

So while I can't point and say there is an exact number that is a new user, I can certainly say with attach going up that dynamic is helpful.

因此，雖然我不能指出並說有一個確切的數字是新用戶，但我可以肯定地說，隨著附加值的增加，動態是有幫助的。

Excellent.

出色的。

The second quick question is on the Windows side.

第二個快速問題是在 Windows 方面。

Any sense whether or not -- we've seen, obviously, an improvement on the numbers on here.

無論是否有任何意義——顯然，我們已經看到這裡的數字有所改善。

Do you believe that's being driven purely by an improvement going on on the market?

你認為這純粹是由市場上的進步推動的嗎？

It's the Windows 7 refresh accelerating as we get closer to the day?

隨著我們越來越接近這一天，Windows 7 的更新速度會加快嗎？

Any sense of what the drivers are, both on the consumer and enterprise side as to why we're seeing the pick up?

對消費者和企業方面的驅動因素有什麼了解，為什麼我們會看到這種增長？

Sure.

當然。

I covered it a little bit in my comments, but it's probably worth spending a little bit more time.

我在評論中對它進行了一些介紹，但可能值得花更多時間。

Let me start with the business market.

讓我從商業市場開始。

I think there really are three factors that I would point to particularly in the business environment.

我認為我確實要指出三個因素，尤其是在商業環境中。

And the first one may, Mark, also help on the consumer side.

第一個可能，馬克，也有助於消費者方面。

The overall macro spending environment is better.

總體宏觀消費環境較好。

It's a little bit better than we thought.

這比我們想像的要好一點。

In businesses we are seeing it.

在企業中，我們看到了它。

You are seeing it in some of the IT spend forecasts you all put out.

你在你們發布的一些 IT 支出預測中看到了這一點。

They're being raised and I think that has an impact.

他們正在被撫養，我認為這會產生影響。

The second is, I think our partners have done a very good job expanding the types and availability of new and interesting hardware.

其次，我認為我們的合作夥伴在擴展新的有趣硬件的類型和可用性方面做得非常好。

That brings people to the store and I think is an encouraging sign.

這將人們帶到商店，我認為這是一個令人鼓舞的跡象。

Finally, as you asked, at the end of life of XP, that has been an impact.

最後，正如您所問的，在 XP 的生命結束時，這已經產生了影響。

We expect it to continue to be, as we said, in Q3.

正如我們所說，我們預計它會在第三季度繼續存在。

But I wouldn't point to simply one of the factors as being the reason, but it is a combination of those factors.

但我不會簡單地指出其中一個因素是原因，而是這些因素的組合。

Perfect.

完美的。

I do appreciate.

我很感激。

Thank you.

謝謝你。

Thank you, Mark.

謝謝你，馬克。

Thanks, Mark.

謝謝，馬克。

We'll move to the next question please, operator.

請轉至下一個問題，接線員。

Our next question comes from the line of Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Please proceed with your question.

請繼續您的問題。

Thanks, guys.

多謝你們。

Congratulations on the great quarter.

祝賀偉大的季度。

I have a question back on the Windows volume licensing side.

我有一個關於 Windows 批量許可方面的問題。

You kind of touched on it earlier, but you saw 10% growth year over year this quarter verses 6% last quarter.

您早些時候曾觸及過它，但您看到本季度同比增長 10%，而上一季度則為 6%。

So you continue to have very healthy growth here.

所以你在這裡繼續有非常健康的增長。

One of the questions I've been getting from some clients is, A, what's driving that?

我從一些客戶那裡得到的一個問題是，A，是什麼驅動了這個問題？

And B, as we get closer and then actually pass the official end of life of XP, how do you think that's going to affect the growth in Windows licensing beyond that point?

B，隨著我們越來越接近 XP 正式結束生命週期，您認為這將如何影響 Windows 許可的增長？

Thanks, Phil.

謝謝，菲爾。

I'm going to take the opportunity to make your question two questions.

我將藉此機會向您提出兩個問題。

One is to talk about Windows volume licensing overall, and secondly allow me to talk a little bit about the places that you could see the impact of Windows XP in the current quarter.

一是從整體上談談 Windows 批量許可，其次請允許我談談在本季度你可以看到 Windows XP 影響的地方。

And I think that will help as you think about Q3 going forward.

我認為這將有助於您考慮第三季度的發展。

In volume licensing, you are right, it did grow 10% in Q2.

在批量許可方面，你是對的，它在第二季度確實增長了 10%。

And we do believe we are seeing some of the benefit of that growth is the end of life of Windows XP.

而且我們確實相信我們看到了這種增長帶來的一些好處是 Windows XP 的生命週期結束。

But it's also reflective of the value many of our bigger customers are seeing in upgrading to the enterprise version of Windows.

但這也反映了我們的許多大客戶在升級到企業版 Windows 時所看到的價值。

The enterprise SKU includes things like DirectAccess, Windows To Go, the Corporate Image, App Blocker.

企業 SKU 包括 DirectAccess、Windows To Go、企業形象、應用程序攔截器等內容。

Those really are differentiating and they really do matter to many CIOs.

這些確實是差異化的，它們對許多 CIO 來說確實很重要。

So I think specifically on VL while end of life of XP is one component it's certainly not the only component.

所以我特別認為 VL 雖然 XP 的生命週期結束是一個組件，但它肯定不是唯一的組件。

Now, if I expand your question to -- and I think in a way Mark asked about it too, is the end of life of XP.

現在，如果我將您的問題擴展為——並且我認為 Mark 也問過這個問題，那就是 XP 生命的終結。

One place that we've talked about it was Windows and how does it play into the business PC growth?

我們討論過的一個地方是 Windows，它如何影響商用 PC 的增長？

The second we talked about was volume licensing.

我們談到的第二個是批量許可。

And the third, which I actually talked about in John's question, was Office and some transactional strengths.

第三個，我在 John 的問題中實際上談到的，是 Office 和一些交易優勢。

Some of the strengths that we saw in Office transactionally really can be linked back to the end of life of XP.

我們在事務中看到的 Office 中的一些優勢確實可以追溯到 XP 的生命週期結束。

As people refresh a PC and that they're buying Pro, those people often are Office customers.

當人們更新 PC 併購買 Pro 時，這些人通常是 Office 客戶。

And so if they tend to buy on a transactional basis, it also sees some impact through Office.

因此，如果他們傾向於以交易方式購買，它也會通過 Office 看到一些影響。

I think you can tie that back to some of the out-performance we saw the quarter as well.

我認為您可以將其與我們在本季度看到的一些出色表現聯繫起來。

Thanks, Phil.

謝謝，菲爾。

Operator, next question please.

接線員，請下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛集團的 Heather Bellini。

Please proceed with your question.

請繼續您的問題。

Great.

偉大的。

Thank you.

謝謝你。

Nice execution in the quarter.

本季度執行良好。

Amy, I wanted to ask if you could share with us how you see the gross margin profile of the Company changing as you continue with your journey to be a devices and services Company?

艾米，我想問一下，隨著您繼續成為一家設備和服務公司，您是否可以與我們分享您如何看待公司的毛利率變化？

And as you look out to when the transition is complete, and I know you probably don't know when exactly that's going to occur, how do we think about what it will look like?

當您期待過渡何時完成時，我知道您可能不知道具體何時會發生，我們如何考慮它會是什麼樣子？

Heather, thanks.

希瑟，謝謝。

This is one of those questions that I think is best taken in a bit of a chunk.

這是我認為最好分塊討論的問題之一。

You know, first of all, I think if you look at our commercial segment, I will do it all up as I think it's relatively easy with that break down.

你知道，首先，我認為如果你看看我們的商業部分，我會全力以赴，因為我認為分解相對容易。

In general, and you saw it this quarter, even as we continue to invest in the infrastructure to support our cloud conversion of our commercial customers to AGR and Office 365 and CRM Online, our actual gross margin remains flat.

總的來說，你在本季度看到了這一點，即使我們繼續投資基礎設施以支持我們將商業客戶的雲轉換為 AGR 和 Office 365 和 CRM Online，我們的實際毛利率仍然持平。

Which means we're increasing our utilization and growing gross margin in the commercial cloud business as we continue to see traction.

這意味著隨著我們繼續看到牽引力，我們正在提高商業雲業務的利用率和毛利率。

Over time, I continue to believe our commercial business in the absolute moving to the cloud is a net positive, as we talked about before, to overall profit, including increasing the amount of gross margin we make as a Company.

隨著時間的推移，我仍然相信我們在絕對遷移到雲中的商業業務對整體利潤來說是一個淨積極因素，包括增加我們作為一家公司的毛利率。

That, I think, this quarter was 83%ish, so that I would take as a separate bucket from our devices and consumer business.

我認為，本季度的增長率為 83%，因此我將把它作為與我們的設備和消費者業務分開的部分。

And there, what's interesting is we have a couple of business models there with different gross margin profiles.

有趣的是，我們有幾種不同毛利率的商業模式。

And you're actually seeing the impact of some of that in this quarter.

而且您實際上在本季度看到了其中一些影響。

Xbox, as we know, especially with new consoles like the One, tend to be gross margin negative on the front.

眾所周知，Xbox，尤其是像 One 這樣的新遊戲機，在正面的毛利率往往是負數。

This is a heavy quarter for that over time, through the attach of first, second, third party games and other services, the margin profile with any console life changes.

隨著時間的推移，這是一個沉重的季度，通過附加第一、第二、第三方遊戲和其他服務，任何遊戲機壽命的利潤情況都會發生變化。

But it's never going to be at 83% gross margin because of different business even for the market leader and even successfully generating cash and return.

但它永遠不會達到 83% 的毛利率，因為即使是市場領導者也有不同的業務，甚至成功地產生了現金和回報。

That is different from other businesses we also have in D&C.

這與我們在 D&C 中的其他業務不同。

I think the important thing that I tend to focus on as I go through all these businesses, is continued margin improvement within the business, continued efficiency within the business, and continued focus on the absolute profit within each of those areas.

我認為，當我經歷所有這些業務時，我傾向於關注的重要事情是業務內利潤率的持續提高，業務內的持續效率，以及繼續關注每個領域的絕對利潤。

And then the mix then becomes more of a math equation, as we continue to grow the overall amount of cash and profit the Company generates.

然後，隨著我們繼續增加公司產生的現金和利潤的總量，這種組合就變成了一個數學方程式。

Okay.

好的。

Thank you, Heather.

謝謝你，希瑟。

Thanks, Heather.

謝謝，希瑟。

Next question please.

請下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Brent Thill with UBS.

我們的下一個問題來自瑞銀的 Brent Thill。

Please proceed with your question.

請繼續您的問題。

Hi, Amy.

嗨，艾米。

Back on contracted not billed, you had four quarters over $21 billion and jumping up obviously to north of $23 billion.

回到未開票的合同，您有四個季度超過 210 億美元，並且明顯躍升至 230 億美元以上。

That jump that happened, can you help us understand what the buckets that made that jump up this quarter was?

發生的那個跳躍，你能幫助我們理解這個季度跳躍的水桶是什麼嗎？

Is there an easier way to think through where that actually came from?

有沒有更簡單的方法來思考它的實際來源？

Yes.

是的。

Yes and no, of course.

是的，當然也不是。

Brent, let me say contracted but not billed is related to the number of expirations we have in the quarter.

布倫特，讓我說已簽約但未計費與我們在本季度的到期次數有關。

Chris and, I think, I both talked about we did have a lot of expirations in the quarter.

克里斯，我想，我都談到我們在本季度確實有很多到期。

When those tend to fall at the end, they can impact the actual magnitude is the absolute number of expirations.

當這些趨向於最終下跌時，它們可能會影響實際幅度，即到期的絕對數量。

And then the timing of when those fall in the quarter can also impact how it's recognized.

然後這些在本季度下降的時間也會影響它的識別方式。

That's why I never really look at it separately from unearned bookings and renewals together.

這就是為什麼我從來沒有真正將它與不勞而獲的預訂和續訂分開看待。

And so, because timing is one thing, that's why I tend to put them in a bucket and say together it's a good and healthy trajectory.

所以，因為時間是一回事，這就是為什麼我傾向於把它們放在一個桶裡，然後說這是一個好的和健康的軌跡。

Real quick on the multi-year agreements mentioned, the healthy renewals.

很快就提到了多年的協議，健康的續約。

Any color you can add to the re-up on the size of what you are seeing in general across some of those bigger multi-year agreements?

您可以在一些更大的多年期協議中看到的總體規模上添加任何顏色嗎？

I think in general it reflects the same trends we've been seeing.

我認為總的來說，它反映了我們所看到的相同趨勢。

It's across our broad portfolio.

它涵蓋了我們廣泛的產品組合。

You see it across Windows Office and Server.

您可以在 Windows Office 和 Server 中看到它。

If you look at our KPIs I think that points out that it's pretty broad-based.

如果您查看我們的 KPI，我認為這表明它的基礎非常廣泛。

So I don't think there's any one particular area I would call out.

所以我認為我不會提到任何一個特定的領域。

It's really more about platform health and commitment.

這實際上更多的是關於平台的健康和承諾。

Thank you.

謝謝你。

Thanks, Brent.

謝謝，布倫特。

Thanks, Brent.

謝謝，布倫特。

Next question please.

請下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Walter Pritchard with Citigroup.

我們的下一個問題來自花旗集團的 Walter Pritchard。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

Question on the consumer retail side.

消費者零售方面的問題。

This is the first year I think you've had full retail store presence.

這是我認為您擁有完整零售店的第一年。

You also, I believe, had some presence in some of the Best Buys with mini stores in there.

我相信，你也曾在一些有迷你商店的百思買中佔有一席之地。

I am wondering what your take-away is from the holiday season, and if those efforts you think were a part of the reason why you had a pretty successful holiday season, especially on the PC side?

我想知道你從假期中得到了什麼，如果你認為這些努力是你假期非常成功的部分原因，尤其是在 PC 方面？

And what that experience suggests that you should do in the future in terms of retail store build-out and general investment around retail?

這些經驗表明您在未來在零售店建設和圍繞零售的一般投資方面應該做些什麼？

Thanks, Walter.

謝謝，沃爾特。

When we talk about improved retail execution, I really think that's a partnership, as you said, with retailers, with our OEMs and with our efforts to really improve both the devices, the assortment, and the experience of buying in the PC aisle.

當我們談論改進零售執行時，我真的認為這是與零售商、我們的原始設備製造商以及我們努力真正改善設備、分類和在 PC 過道購買體驗的合作夥伴關係。

So I do feel good about the investments we've made there.

所以我對我們在那裡的投資感覺很好。

And we've made them, I think, thoughtfully and continue to keep a focus on cost and expense as we do that.

我認為，我們已經深思熟慮地製作了它們，並在我們這樣做的同時繼續關注成本和費用。

So do I think it had an impacted?

那我覺得有影響嗎？

I do.

我願意。

But I really think the broader impact was investments and commitments we had with our partners to also improve the retail buying experience.

但我真的認為更廣泛的影響是我們與合作夥伴的投資和承諾，以改善零售購買體驗。

Thank you, Walter.

謝謝你，沃爾特。

Thanks.

謝謝。

Next question please.

請下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Please proceed with your question.

請繼續您的問題。

Excellent.

出色的。

Thank you for taking my question.

謝謝你接受我的問題。

Very nice quarter.

非常好的季度。

I want to dig into gross margins in the quarter.

我想深入了解本季度的毛利率。

By my estimates you guys outperformed the guidance for gross margins that you gave on the quarter, despite the fact that you saw significant out-performance in D&C hardware.

根據我的估計，儘管你們看到 D&C 硬件的表現明顯超出預期，但你們在本季度給出的毛利率指導都超過了預期。

Which, as you were saying especially for something like Xbox One, which is just out of the gate, we had expectations of being very low if not negative gross margins.

其中，正如你所說的那樣，特別是對於剛剛推出的 Xbox One 之類的產品，我們的預期是毛利率即使不是負數也會非常低。

Can you help us understand a little bit of where that gross margin out-performance came from?

您能幫助我們了解一下毛利率表現出色的來源嗎？

Was any of it in D&C hardware getting better yields or better gross margins on those products than your expectations?

D&C 硬件中的任何一項在這些產品上獲得了比您預期更好的產量或更好的毛利率嗎？

If not, where did the out-performance come from?

如果不是，那麼出色的表現從何而來？

Thanks, Keith.

謝謝，基思。

I'm glad you asked that question.

我很高興你問了這個問題。

With our out-performance, as you pointed out, in D&C hardware, we did actually see increased COGS related to that.

正如您所指出的，由於我們在 D&C 硬件中的出色表現，我們確實看到了與此相關的 COGS 增加。

However, that was offset by some COGS improvements and savings we saw across other areas, as we continue to focus on efficiency and execution.

然而，這被我們在其他領域看到的一些 COGS 改進和節省所抵消，因為我們繼續關注效率和執行。

And so, you're right, we did see COGS grow with hardware, but we were able to find savings elsewhere as we focused on improved execution.

因此，您是對的，我們確實看到 COGS 隨著硬件的增長而增長，但我們能夠在其他地方找到節省，因為我們專注於改進執行。

Thanks, Keith.

謝謝，基思。

Thank you.

謝謝你。

We'll move to the next question please.

請轉到下一個問題。

Our next question comes from the line of Rick Sherlund with Nomura Securities.

我們的下一個問題來自野村證券的 Rick Sherlund。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

Congratulations on the margins, cost management and execution.

祝賀利潤、成本管理和執行。

And also, Amy, I think we all appreciate your very substantive answers to the questions.

而且，艾米，我想我們都感謝你對問題的非常實質性的回答。

Just a follow up to an earlier question on the contracted but unbilled.

只是對先前關於已簽約但未開票的問題的跟進。

We're seeing with VMWare that they had a surge of three-year contracts coming out of recession, and a lot of those are coming back for renewal now.

我們從 VMWare 看到，他們有大量的三年期合同從經濟衰退中走出來，其中很多現在又回來續簽了。

Is that what you were suggesting as you've got an unusually large volume of contracts coming up for renewal?

這就是你的建議，因為你有大量的合同即將續簽？

Rick, yes.

瑞克，是的。

In many ways you have seen this over-covering our Company for a while.

在很多方面，您已經看到這種情況一段時間以來對我們公司的過度報導。

Expirations can be chunkier.

過期時間可能會更大。

That's not a year statement.

那不是年度聲明。

This quarter we had a big expiry base.

本季度我們有一個很大的到期基數。

I wouldn't characterize it as abnormally large.

我不會將其描述為異常大。

But the timing is a bit related to three years ago, and the timing of some of the contracts.

不過這個時間點和三年前有點關係，和一些合同的時間點有關。

So it's probably a consistent driver.

所以它可能是一個一致的驅動程序。

Okay.

好的。

And last quarter we talked a bit about, are there any metrics you can help us to understand better what the effect of your revenues is from the shift to the cloud?

上個季度我們談了一點，是否有任何指標可以幫助我們更好地了解您的收入對雲計算的影響？

I think on Office it's more of a net, a delta that, I think you said it hurts you about $150 million in the previous quarter.

我認為在 Office 上它更像是一個網絡，一個三角洲，我想你說它在上一季度傷害了你大約 1.5 億美元。

Is there any way you can give us a sense of what the net impact is on the business from the shift to cloud?

您有什麼方法可以讓我們了解從遷移到雲對業務的淨影響？

Hi, Rick.

嗨，瑞克。

It's Chris.

是克里斯。

I think I talked about this a little bit.

我想我談了一點。

The place where you can see most direct impact is in the consumer Office business.

您可以看到最直接影響的地方是消費者辦公業務。

We talked about business on a traditional license basis being down 24 points.

我們談到傳統許可證基礎上的業務下降了 24 個百分點。

But our estimate is approximately 16 points of that decline is accounted for by the shift to Office 365 Home Premium.

但我們估計，大約 16 個百分點的下降是由於轉向 Office 365 家庭高級版所致。

That gives you a good estimation of the direct impact we're seeing particularly on the consumer side.

這使您可以很好地估計我們特別是在消費者方面看到的直接影響。

That implies it would only be down about 8% were it not for the shift to the cloud?

這意味著如果不是轉向雲計算，它只會下降約 8%？

That's one way to look at it, yes.

這是看待它的一種方式，是的。

The net number would be about 8%.

淨數字約為 8%。

Perfect, thank you.

完美，謝謝。

Thanks.

謝謝。

Next question please.

請下一個問題。

Our next question comes from the line of Ed Maguire with CLSA.

我們的下一個問題來自里昂證券的 Ed Maguire。

Please proceed with your question.

請繼續您的問題。

Yes.

是的。

Good afternoon.

下午好。

I wanted to ask about phone, because you had not discussed Windows Phone on the call so far.

我想問一下電話，因為到目前為止你還沒有在電話會議上討論過 Windows Phone。

How it's tracking based on your expectations, whether you are planning on continuing to invest with non-Nokia OEMs.

它如何根據您的期望進行跟踪，您是否計劃繼續與非諾基亞 OEM 進行投資。

And also, Amy, whether any of your expectations or investment plans for the integration with Nokia have changed in any meaningful way since you announced the deal?

還有，艾米，自從您宣布交易以來，您對與諾基亞整合的任何期望或投資計劃是否發生了任何有意義的變化？

Thanks.

謝謝。

Thanks, Ed.

謝謝，埃德。

That's a good point.

那是個很好的觀點。

We didn't have a chance to discuss the phone results.

我們沒有機會討論電話結果。

We did see growth in Windows Phone, both in the licensing and in the mobile phone IP revenues.

我們確實看到了 Windows Phone 在許可和手機 IP 收入方面的增長。

Both grew this quarter.

本季度兩者均增長。

I think, regarding Nokia, we continue to see the growth in many of the places we have seen it historically, unsubsidized markets, as well as with entry-level smart phone devices.

我認為，關於諾基亞，我們繼續看到我們在歷史上看到它的許多地方、無補貼市場以及入門級智能手機設備的增長。

So I think many of those dynamics haven't really changed.

所以我認為其中許多動態並沒有真正改變。

Do I have any updates to how to think about Nokia other than we continue to expect it to close in the quarter?

除了我們繼續預計諾基亞將在本季度結束之外，我是否對如何看待諾基亞有任何更新？

I don't.

我不。

We mostly remain focused on working hard to get to the point.

我們主要仍然專注於努力工作以達到目的。

We're working together as one team to drive that business forward.

我們作為一個團隊共同努力，推動該業務向前發展。

Thank you.

謝謝你。

Thanks, Ed.

謝謝，埃德。

Thanks, Ed.

謝謝，埃德。

Next question please.

請下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Kash Rangan with Merrill Lynch.

我們的下一個問題來自美林證券的 Kash Rangan。

Please proceed with your question.

請繼續您的問題。

Hi.

你好。

Thank you very much, Amy.

非常感謝你，艾米。

I appreciate the fact that you are trying to improve the margins in each of the commercial and the consumer businesses.

我很欣賞您正在努力提高每個商業和消費業務的利潤率這一事實。

But the margin differential between these two businesses is still -- is a pretty wide one.

但這兩項業務之間的利潤率差異仍然非常大。

It looks like the consumer business is growing.

看起來消費者業務正在增長。

The two dynamics that I can see are the of consumer business -- the three are: one is the margin differential is too wide.

我能看到的兩個動態是消費者業務——三個是：一是利潤率差異過大。

You try to improve it.

你嘗試改進它。

The marginal difference is too wide.

邊際差異太大。

The consumer business trend-wise is growing faster than commercial.

消費者業務的發展趨勢是快於商業。

And third is that you have the shift to the cloud.

第三是您可以遷移到雲端。

Unless you do something like an Adobe or Autodesk where you force transition to happen quickly, there is the risk that you get a lot of growth, which is fantastic.

除非您使用 Adobe 或 Autodesk 之類的東西來強製過渡快速發生，否則您可能會獲得大量增長，這太棒了。

There's a lot of progress to share, but the margin inflection point could be delayed for several years.

有很多進展可以分享，但利潤率拐點可能會延遲幾年。

I think that what one of the questions that was spurred behind, I think presumably Heather's question, was -- that's what I'm trying to get at.

我認為背後引發的問題之一，我想大概是希瑟的問題，是——這就是我想要解決的問題。

So how long you are going to get this shift to result in a way that we may not see the earnings growth rate, but we have to wait to some point in time?

那麼，這種轉變需要多長時間才能導致我們可能看不到收益增長率，但我們必須等到某個時間點？

Or are you at the point where you can actually force this shift to happen much quicker?

或者您是否可以真正迫使這種轉變更快地發生？

Thank you very much.

非常感謝。

Thanks, Kash.

謝謝，卡什。

I think the way I think about it is we have a broad portfolio.

我認為我的想法是我們擁有廣泛的投資組合。

And we address customers of all types.

我們面向所有類型的客戶。

And in many ways our biggest goal is to meet the needs of our customers whether they be CIOs or consumers.

在許多方面，我們最大的目標是滿足客戶的需求，無論他們是 CIO 還是消費者。

And setting our business model to support the products and the adoption curve that we want needs to be married with the adoption curve and timing of our customers.

設置我們的商業模式來支持我們想要的產品和採用曲線需要與我們客戶的採用曲線和時間相結合。

I feel like we have done a very good job of balancing the pace of that.

我覺得我們在平衡節奏方面做得很好。

I have been encouraged by the pace of adoption of many of our cloud services.

採用我們的許多雲服務的速度讓我感到鼓舞。

You heard the Home Premium numbers today, as well as talking about the commercial cloud.

您今天聽到了 Home Premium 數字，以及談論商業雲。

And so for me it's hard to say is there too big of a delta?

所以對我來說很難說三角洲太大了嗎？

It's really about managing each of these things toward absolute growth and absolute improvement and having customer adoption.

這實際上是關於管理這些事情中的每一個，以實現絕對增長和絕對改進以及讓客戶採用。

So, I probably just have a different perspective on that than you have.

所以，我可能只是對此有不同的看法。

Thank you very much.

非常感謝。

Thanks, Kash.

謝謝，卡什。

Thanks, Kash.

謝謝，卡什。

We'll go to the next question please.

我們將進入下一個問題。

Our next question comes from the line of Ross MacMillan with Jefferies.

我們的下一個問題來自羅斯麥克米倫和傑富瑞的觀點。

Please proceed with your question.

請繼續您的問題。

Thanks a lot, and my congratulations, as well.

非常感謝，我也祝賀你。

Amy, you said that Office 365 Home Premium was more than 15% of total consumer Office licenses sold.

Amy，您說 Office 365 家庭高級版佔銷售的消費者 Office 許可證總數的 15% 以上。

And I wonder if you think about your commercial business.

我想知道您是否考慮過您的商業業務。

And we either think about it as a percentage of total Office 365 or as a percentage of what's traditionally been transactional, whether you have a similar metric in terms of percentage of total Office licenses sold.

我們要么將其視為 Office 365 總數的百分比，要么將其視為傳統事務的百分比，無論您是否有類似的指標，即售出的 Office 許可證總數的百分比。

That's actually a good question.

這實際上是一個好問題。

We only recently started selling the Office client in our volume licensing agreements through a subscription.

我們最近才開始通過訂閱在我們的批量許可協議中銷售 Office 客戶端。

So that is actually good feedback for us to think, going forward, about talking about the Office-specific business that way.

因此，這對我們來說實際上是很好的反饋，可以繼續思考以這種方式討論 Office 特定業務。

In general we think of Office 365 as being a broad set of assets, including Exchange, SharePoint, Lync and Office in the commercial business.

一般來說，我們認為 Office 365 是一組廣泛的資產，包括商業業務中的 Exchange、SharePoint、Lync 和 Office。

And we haven't really talked about it given the newness of the model in the enterprise, as being as meaningful as it has been in the consumer.

考慮到企業模式的新穎性，我們還沒有真正談論過它，因為它與消費者一樣有意義。

The shift is far faster there on the client.

客戶端的轉變要快得多。

I just think that would be helpful, especially as we think about it with respect to your traditional commercial transactional business.

我只是認為這會有所幫助，尤其是當我們考慮到您的傳統商業交易業務時。

Maybe if I could slip in one other one just to go back on the contracted not billed.

也許如果我能穿上另外一個，只是為了回到沒有收費的合同上。

I just want to be clear in my own mind because I've heard two things.

我只是想清楚自己的想法，因為我聽到了兩件事。

One thing I heard you say was we had stronger transactional business late in the quarter, but I also heard you say there were, frankly, more renewals on multi-year that would have resulted in that balance going up, especially if those were late in the quarter.

我聽到你說的一件事是我們在本季度末有更強勁的交易業務，但我也聽到你說，坦率地說，有更多的多年續約會導致餘額上升，特別是如果那些晚了季度。

Am I right to think it's those two factors that are at play here?

我認為這兩個因素在這裡發揮作用是否正確？

Both stronger transactional and a larger pool, if you will, of multi-year renewals?

如果您願意的話，更強大的交易和更大的多年續訂池？

And is it relatively evenly balanced between the two?

兩者之間是否相對均衡？

Thank you.

謝謝你。

Thanks.

謝謝。

Actually transactional execution in the quarter is recognized all in-quarter.

實際上，本季度的交易執行全部在本季度確認。

That's non-annuity.

那是非年金。

It doesn't go to either the unearned balance or the contracted not billed balance.

它既不計入未結餘額，也不計入合同規定的未開票餘額。

So that's not an impact that results in a change to unearned or CNB.

因此，這不是導致改變非勞動所得或 CNB 的影響。

The latter, which is the absolute size of the expiration dates, frankly, could or couldn't impact CNB.

後者是到期日的絕對大小，坦率地說，可能或不可能影響 CNB。

It can impact things like unearned growth, but it also can impact CNB depending on if it's contracted in-quarter but not billed until after the end of the quarter.

它可能會影響諸如不勞而獲的增長之類的事情，但它也可能會影響 CNB，具體取決於它是否在本季度收縮但直到本季度末才計費。

That's really helpful.

這真的很有幫助。

Thank you for the clarification.

謝謝你的澄清。

Thanks.

謝謝。

We'll move to the next question please.

請轉到下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 與 Stifel 的系列。

Please proceed with your question.

請繼續您的問題。

Hi, how are you guys doing?

嗨，你們好嗎？

Hi, Brad.

嗨，布拉德。

Amy, in the Q it talks about the Surface still losing money, even at the almost $900 million run rate of revenue in the quarter.

艾米，在 Q 中談到 Surface 仍然在虧損，即使該季度的收入接近 9 億美元。

Can you give us any sense of what type of volume you need for that business to have the scale to make some money?

您能否告訴我們您需要什麼樣的交易量才能使該業務具有賺錢的規模？

Thanks, Brad.

謝謝，布拉德。

When we launched Surface just a year ago, our goal was really to create a product that showcased what can happen when you innovate in hardware, in the service and in the software.

一年前我們推出 Surface 時，我們的真正目標是打造一款產品，展示當您在硬件、服務和軟件方面進行創新時會發生什麼。

As you know we've learned a lot over the course of this journey, and we have to make more meaningful progress.

如您所知，我們在這段旅程中學到了很多東西，我們必須取得更有意義的進展。

But I think for us, we've remained focused as we launch the second version of Surface to stay focused on both price point and gross margin.

但我認為對我們來說，在推出第二版 Surface 時，我們一直專注於價格點和毛利率。

I think we've made a big Leap from D1 to D2.

我認為我們已經從 D1 到 D2 有了很大的飛躍。

And I look forward to making leaps as we go forward in our product road map.

我期待在我們的產品路線圖上取得飛躍。

But I do think it's more to think about it as a goal we absolutely have as we continue to innovate the line.

但我確實認為，當我們繼續創新生產線時，更多的是將其視為我們絕對擁有的目標。

Great.

偉大的。

Thank you.

謝謝你。

Thanks.

謝謝。

We'll move to the next question please.

請轉到下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Gregg Muskowitz with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Gregg Muskowitz。

Please proceed with your question.

請繼續您的問題。

Thank you very much.

非常感謝。

Amy, despite the healthy gross margins, your XBox platform revenue grew $1.2 billion year over year, but your related cost of foods sold went up by $1.6 billion.

艾米，儘管毛利率不錯，但您的 Xbox 平台收入同比增長了 12 億美元，但您的相關食品銷售成本增加了 16 億美元。

I realize there may be additional costs related to launch.

我意識到可能會有與發布相關的額外費用。

Wondering if you could talk to expected profitability levels for XBox for the balance of fiscal 2014.

想知道您能否談談 Xbox 在 2014 財年剩餘時間內的預期盈利水平。

Thanks.

謝謝。

We'll continue to be in launch mode for Xbox One, especially as many people are excited about launch of Titanfall in March.

我們將繼續處於 Xbox One 的發布模式，尤其是在許多人對 3 月份的 Titanfall 發布感到興奮的情況下。

And we'll continue to add and expand markets over the course of the year.

我們將在這一年中繼續增加和擴大市場。

I would continue to think about our investment in being the leading next-generation console as certainly extending.

我會繼續認為我們在成為領先的下一代遊戲機方面的投資肯定會擴大。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

So we have time for one more question.

所以我們有時間再問一個問題。

Thank you.

謝謝你。

Our last question comes from Brendan Barnicle with Pacific Crest Securities.

我們的最後一個問題來自 Pacific Crest Securities 的 Brendan Barnicle。

Please proceed with your question.

請繼續您的問題。

Thanks so much.

非常感謝。

Amy, you mentioned briefly in your comments some of the strengths you had seen in SQL Server.

Amy，您在評論中簡要提到了您在 SQL Server 中看到的一些優勢。

That seems to be taking market share.

這似乎正在佔據市場份額。

You highlighted a couple of the features, but what do you think is driving that market share gain?

您強調了一些功能，但您認為是什麼推動了市場份額的增長？

And a similar question over on the server side where you seem to have better server numbers than what we have seen in units.

在服務器端還有一個類似的問題，您似乎擁有比我們在單位中看到的更好的服務器編號。

What would be accounting for that additional strength?

什麼會解釋這種額外的力量？

Thank you.

謝謝你。

You're right.

你是對的。

I only pointed out a few of the value props of SQL Server.

我只指出了 SQL Server 的一些價值道具。

And actually dating back years the real value prop of SQL has been the breadth of its offerings: analytics, reporting and core data base functionality.

實際上，早在幾年前，SQL 的真正價值支撐就在於其產品的廣度：分析、報告和核心數據庫功能。

Over the years I think the balance of those things, and continuing to add and innovate at very good value, has continued to be appealing.

多年來，我認為這些東西的平衡，以及繼續以非常好的價值進行添加和創新，一直很有吸引力。

As we move forward and add some cloud capabilities into our hybrid model and continue to add features into the premium levels, when you are the established, and I think in many ways, unit leader then you can focus on continuing to move up the stack, adding value and increasing your premium mix.

隨著我們向前推進並在我們的混合模型中添加一些雲功能並繼續將功能添加到高級級別中，當您已建立並且我認為在很多方面，單位領導者您可以專注於繼續提升堆棧，增加價值並增加您的優質組合。

The team has really done a terrific job of doing that, so it's nice to be asked so that I can talk about it.

團隊在這方面做得非常出色，所以很高興被問到這樣我就可以談論它。

And I think I mentioned it briefly, but Systems Center is another where we've gained share in virtualization.

我想我簡要地提到了它，但是系統中心是我們在虛擬化中獲得份額的另一個地方。

I think we're quite proud of the progress we've made especially in that area.

我認為我們為我們在這方面取得的進步感到非常自豪。

That's enabled a lot of growth as well.

這也促成了很多增長。

So I actually appreciate the question.

所以我真的很欣賞這個問題。

It's good to be able to talk so positively about those assets.

能夠如此積極地談論這些資產是件好事。

Thank you, Brendan.

謝謝你，布倫丹。

Okay, so that wraps up the Q&A portion of today's earnings call.

好的，今天財報電話會議的問答部分到此結束。

Just a quick reminder that Build, our developer conference, will kick off the morning of April 2 in San Francisco.

提醒一下，我們的開發者大會 Build 將於 4 月 2 日上午在舊金山拉開帷幕。

We encourage investors to watch the key notes live via webcast.

我們鼓勵投資者通過網絡直播觀看關鍵筆記。

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

我們也期待在未來幾個月的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 will be able to follow comments at the microsoft.com/investor website.

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 網站上關注評論。

Please contact us if you need additional details.

如果您需要更多詳細信息，請與我們聯繫。

Thanks again for joining us today and take care.

再次感謝您今天加入我們並保重。

Thank you, everyone.

謝謝大家。

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 and thank you for your participation.

您此時可以斷開您的線路，並感謝您的參與。