微軟 (MSFT) 2014 Q3 法說會逐字稿

Welcome to the third-quarter 2014 Microsoft Corporation earnings conference call.

歡迎參加微軟公司 2014 年第三季度財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

(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。

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

我想將電話轉給投資者關係總經理 Chris Suh。

Chris, please proceed.

克里斯，請繼續。

Thank you, operator.

謝謝你，接線員。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

今天與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Frank Brod，首席會計官；和副總法律顧問 John Seethoff。

On our web site, Microsoft.com/investor, we have posted a document summarizing our quarterly results, as well as a slide deck which is intended to follow the quarterly results document, and provide a reconciliation of differences between GAAP and non-GAAP financial measures.

在我們的網站 Microsoft.com/investor 上，我們發布了一份總結我們的季度業績的文件，以及一個旨在遵循季度業績文件的幻燈片，並提供了 GAAP 和非 GAAP 財務之間差異的對賬措施。

Please keep in mind that all growth comparisons relate to the corresponding period of last year.

請記住，所有增長比較都與去年同期有關。

Unless otherwise specified, all impacted numbers have been adjusted for the cumulative effect of last year's revenue deferrals and recognition, related to the Windows upgrade offer, the Office deferral, the video game deferral, and the expense related to the non tax deductible European Commission fine.

除非另有說明，所有受影響的數字均已針對去年收入延期和確認的累積影響進行了調整，與 Windows 升級優惠、Office 延期、視頻遊戲延期以及與不可扣稅的歐盟委員會罰款相關的費用.

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

提醒一下，在我們的分部報告結構中，我們已將這種性質的收入調整合併到公司和其他方面，以提供更好的經營業績可比性。

We will post this call's prepared remarks to our website immediately following the call, until the complete transcript is available.

我們將在電話會議結束後立即將本次電話會議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 in 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中、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 investors relations web site until April 24, 2015.

在 2015 年 4 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，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 表以及其他報告和提交給證券公司的文件的風險因素部分，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。

With that, I'll turn the call over to Satya.

有了這個，我會把電話轉給薩蒂亞。

Thank you, Chris.

謝謝你，克里斯。

It's great to have the opportunity to join today's call.

很高興有機會參加今天的電話會議。

From my first day, I have said I'm committed to an ongoing dialogue with investors.

從第一天開始，我就表示我致力於與投資者進行持續對話。

Joining these investor calls going forward is going to be a big part of that, and I'm enthusiastic about today's call.

加入這些投資者電話會議將是其中的重要組成部分，我對今天的電話會議充滿熱情。

It's been an incredibly busy couple of months.

這幾個月真是忙得不可開交。

In addition to executing on our plan and announcing new products and services, I have spent a lot of time gathering feedback and exchanging ideas with customers, partners, employees, and investors.

除了執行我們的計劃並宣布新產品和服務之外，我還花費了大量時間收集反饋並與客戶、合作夥伴、員工和投資者交流想法。

It is important and valuable to see the Company with a fresh perspective, to get grounded both on our current realities and future opportunities.

以全新的視角看待公司，立足於我們當前的現實和未來的機遇，這一點很重要也很有價值。

As I've told our employees, our industry does not respect tradition, it only respects innovation.

正如我告訴我們的員工，我們的行業不尊重傳統，它只尊重創新。

This applies to us and everyone else.

這適用於我們和其他所有人。

When I think about our industry over the next five, ten years, I see a world where computing is more ubiquitous, and all experiences are powered by ambient intelligence.

當我考慮未來五到十年的行業時，我看到了一個計算更加無處不在的世界，所有體驗都由環境智能提供支持。

Silicon hardware systems and software will co-evolve together, and give birth to a variety of new form factors.

矽硬件系統和軟件將共同發展，並產生各種新的形式因素。

Nearly everything we do will become more digitized.

我們所做的幾乎所有事情都將變得更加數字化。

Our interactions with other people, with machines, and between machines.

我們與其他人、與機器以及機器之間的交互。

The ability to reason over and draw insights from everything that's being digitized will improve the fidelity of our daily experiences and interactions.

推理並從所有數字化的事物中汲取見解的能力將提高我們日常體驗和互動的保真度。

This is the mobile-first and cloud-first world.

這是移動優先和雲優先的世界。

It's a rich canvas for innovation, and a great growth opportunity for Microsoft across all our customer segments.

這是一張豐富的創新畫布，也是微軟在我們所有客戶群中的巨大增長機會。

To thrive in this world, we will continue to zero in on the things customers really value, and Microsoft can uniquely deliver.

為了在這個世界上茁壯成長，我們將繼續將客戶真正重視的東西歸零，而微軟可以提供獨一無二的服務。

We want to build products that people love to use, and as a result, you'll see us increasingly focus on usage as the leading indicator of long-term success.

我們希望打造人們喜歡使用的產品，因此，您會看到我們越來越關注使用作為長期成功的領先指標。

To that end, we're already making progress.

為此，我們已經取得了進展。

Amy will provide additional detail, but I wanted to say a few words about the quarter itself.

艾米將提供更多細節，但我想就本季度本身說幾句話。

Today's results demonstrate the breadth and strength of our overall business.

今天的業績證明了我們整體業務的廣度和實力。

We saw strong momentum in Cloud services, our commercial Cloud business more than doubled year-over-year with Office 365 and Azure ar both performing extremely well.

我們看到雲服務的強勁勢頭，我們的商業雲業務同比增長了一倍以上，Office 365 和 Azure 都表現得非常好。

Business customers continued to make Windows their overwhelming platform of choice with solid growth both in Windows Pro and Windows volume licensing revenues.

隨著 Windows Pro 和 Windows 批量許可收入的穩步增長，商業客戶繼續將 Windows 選為他們壓倒性的平台。

We saw continued improvement in search, with our US search share growing to 18.6%, and search revenue increasing by 38%.

我們看到搜索持續改善，我們在美國的搜索份額增長到 18.6%，搜索收入增長了 38%。

Bing continues to deliver platform capabilities across our products.

Bing 繼續在我們的產品中提供平台功能。

One recent example of this is the recently-announced Cortana virtual assistant for Windows Phone.

最近的一個例子是最近發布的用於 Windows Phone 的 Cortana 虛擬助手。

And very importantly, across all our businesses, we continue to have a rigorous focus on execution and cost discipline, resulting in solid revenue and earnings per share.

非常重要的是，在我們所有的業務中，我們繼續嚴格關注執行和成本紀律，從而實現穩定的收入和每股收益。

I sum up this quarter in two words, execution and transition.

我用兩個詞來總結本季度，執行和過渡。

We delivered solid financial results, and we took several steps to reorient Microsoft.

我們取得了穩健的財務業績，並採取了幾個步驟來重新定位 Microsoft。

In recent weeks, we talked about how we're advancing Office, Windows and our data platform, and how we think holistically about the constituencies we serve, IT, developers and the people at the center in the mobile-first cloud first world.

最近幾週，我們討論了我們如何推進 Office、Windows 和我們的數據平台，以及我們如何從整體上思考我們所服務的群體、IT、開發人員和以移動為先的雲優先世界中的核心人員。

We will continue to invest in our cloud capabilities, including Office 365 and Azure in the fast-growing SaaS and Cloud platform markets.

我們將繼續投資於我們的雲功能，包括在快速增長的 SaaS 和雲平台市場中的 Office 365 和 Azure。

We are committed to ensuring that our cloud services are available across all device platforms that people use.

我們致力於確保我們的雲服務可在人們使用的所有設備平台上使用。

We're delivering a cloud for everyone on every device.

我們正在為每個設備上的每個人提供雲。

At the same time, we have bold plans to move Windows forward.

同時，我們有大膽的計劃來推動 Windows 向前發展。

We're investing and innovating in every dimension from form factor, to software experiences, to price.

我們正在從外形尺寸、軟件體驗到價格的各個方面進行投資和創新。

Windows Platform is unique in how it brings together consistent end user experiences across small to large screens, broadest platform opportunity for developers, and control and assurance for IT.

Windows 平台的獨特之處在於它匯集了從小到大屏幕的一致最終用戶體驗、為開發人員提供最廣泛的平台機會以及為 IT 提供控制和保證。

And with the addition of Nokia's talented people and their depth in mobile technologies, we will enhance our device capabilities.

隨著諾基亞人才的加入以及他們在移動技術方面的深度，我們將增強我們的設備功能。

The past 2.5 months have been a period of significant change at Microsoft, but also a period of nailing the basics, and delivering against our product and financial plans.

過去 2.5 個月是 Microsoft 發生重大變化的時期，也是確定基礎並根據我們的產品和財務計劃交付的時期。

In the months ahead, we will continue to intensely be focused on two things: rock solid execution, and pivoting the Company towards the future.

在接下來的幾個月裡，我們將繼續專注於兩件事：堅如磐石的執行力，以及帶領公司走向未來。

We will continue to push hard and move quickly, and you will see the proof of that, month after month, in the products and services we build for the mobile-first cloud-first world.

我們將繼續努力並迅速採取行動，您將在我們為移動優先、雲優先世界構建的產品和服務中看到這一點，月復一月。

What you can expect of Microsoft is courage in the face of reality, we will approach our future with a challenger mindset, we will be bolder in our innovation, we will be accountable to our customers, partners and shareholders.

您對微軟的期望是面對現實的勇氣，我們將以挑戰者的心態走向未來，我們將更大膽地創新，我們將對我們的客戶、合作夥伴和股東負責。

And with that, I'll turn it over to Amy to go further into the details of the quarter, and we'll be happy to take your questions after that.

有了這個，我將把它交給艾米，以進一步了解本季度的細節，之後我們很樂意回答你的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

Let me start with a few things I think are notable this quarter, then I'll give our outlook, before moving onto Q&A.

讓我從我認為本季度值得注意的幾件事開始，然後我將給出我們的展望，然後再進行問答。

We had a very good third quarter, with solid results across our businesses, and strong momentum in our most strategic areas.

我們的第三季度表現非常好，我們的業務取得了穩健的業績，並且在我們最具戰略意義的領域發展勢頭強勁。

At the same time, we remain focused and disciplined in our spending.

與此同時，我們在支出方面保持專注和自律。

Total revenue was $20.4 billion, up 8%, and earnings per share grew 5%.

總收入為 204 億美元，增長 8%，每股收益增長 5%。

We had outstanding momentum and results in our cloud services.

我們在雲服務方面擁有出色的發展勢頭和成果。

As Satya mentioned, commercial cloud revenue more than doubled again this quarter.

正如 Satya 所說，本季度商業雲收入再次翻了一番多。

Office 365 is now on an annual revenue run rate of $2.5 billion, and Azure revenue grew over 150%, driven by both new customers and increased usage.

Office 365 現在的年收入運行率為 25 億美元，Azure 收入增長超過 150%，這得益於新客戶和使用量的增加。

In our Office 365 Home service, we added nearly 1 million new users this quarter, and now have over 4.4 million subscribers, they continued to enhance its value competition with new features, premium services, and cross-platform functionality.

在我們的 Office 365 家庭服務中，本季度我們新增了近 100 萬新用戶，現在擁有超過 440 萬訂閱者，他們通過新功能、優質服務和跨平台功能繼續增強其價值競爭。

As we cross the one-year anniversary since launch, we are pleased with the renewal rates we are experiencing thus far.

在我們跨過推出一周年之際，我們對迄今為止所經歷的續訂率感到滿意。

With Bing, we made clear progress again this quarter.

通過 Bing，我們在本季度再次取得了明顯進展。

We grew our US share and improved RPS significantly.

我們增加了我們在美國的份額並顯著提高了 RPS。

Display revenue, related to portal and e-mail, declined, while we saw ad revenue growth in products like Skype and Xbox.

與門戶網站和電子郵件相關的顯示收入下降，而我們看到 Skype 和 Xbox 等產品的廣告收入增長。

Importantly, we are innovating, while expanding our cloud gross margins through both improved scale and continuous engineering efforts to drive efficiency.

重要的是，我們正在創新，同時通過提高規模和持續的工程努力提高效率來擴大我們的雲毛利率。

Businesses are clearly expressing their overwhelming preference for Windows.

企業顯然表達了他們對 Windows 的壓倒性偏好。

Windows Pro revenue grew 19%, driven by growth in business PCs.

在商用 PC 增長的推動下，Windows Pro 收入增長了 19%。

Mix shift to developed markets, where attach is higher, continued strength in the enterprise, and an increased mix of Pro in small and medium businesses.

混合轉移到發達市場，那裡的附加值更高，企業的持續實力，以及中小型企業的 Pro 組合增加。

Windows volume licensing also had a solid 11% revenue growth.

Windows 批量許可的收入也實現了 11% 的穩健增長。

Windows XP end of support contributed in part to this growth we saw this quarter, as did a general hardware refresh.

Windows XP 終止支持部分促成了我們本季度看到的這種增長，一般硬件更新也是如此。

Our commercial results reflect ongoing strength, and we again outperformed the enterprise IT market.

我們的商業業績反映了持續的實力，我們再次跑贏了企業 IT 市場。

Customer movement from transactional purchasing to subscription and multi-year agreements was better than our expectations.

客戶從交易購買到訂閱和多年協議的轉變好於我們的預期。

Therefore, our commercial unearned revenue grew 12% this quarter, which was above our expectations, and our contracted not billed balance exceeded $22 billion.

因此，本季度我們的商業未實現收入增長了 12%，超出了我們的預期，我們的合同未開單餘額超過 220 億美元。

We had double-digit growth in SQL, Systems Center, Windows Server Premium, and Lync.

我們在 SQL、Systems Center、Windows Server Premium 和 Lync 方面實現了兩位數的增長。

Clearly, our value proposition and product road map is resonating.

顯然，我們的價值主張和產品路線圖正在引起共鳴。

Xbox One has sold in over 5 million units since launch, and engagement has been high, with users spending nearly 5 hours per day on their console.

自推出以來，Xbox One 已售出超過 500 萬台，用戶參與度一直很高，用戶每天在遊戲機上花費近 5 小時。

We will continue to extend the unique entertainment value proposition of Xbox One, particularly in markets outside of the US, where some services aren't as mature.

我們將繼續擴展 Xbox One 獨特的娛樂價值主張，特別是在美國以外的一些服務還不夠成熟的市場。

Xbox 360 sales exceeded our expectations this quarter, and across the platform, Xbox Live members continued to embrace the service, with transactional revenue growing 17%.

本季度 Xbox 360 的銷售額超出了我們的預期，並且在整個平台上，Xbox Live 會員繼續接受這項服務，交易收入增長了 17%。

We do expect to work through some inventory in Q4.

我們確實希望在第四季度解決一些庫存問題。

We continued to enhance the value proposition of Surface through both hardware and software innovations, which makes Surface it one of the best, high-value productivity devices available.

我們繼續通過硬件和軟件創新來提升 Surface 的價值主張，這使得 Surface 成為市面上最好的、高價值的生產力設備之一。

This quarter, the mix of sales moved to our second generation and Pro devices, and this change had a positive impact on gross margin.

本季度，銷售組合轉移到我們的第二代和 Pro 設備，這一變化對毛利率產生了積極影響。

Now, let's turn to operating expenses.

現在，讓我們轉向運營費用。

As a result of our ongoing prioritization efforts, OpEx was favorable to what we expected in January.

由於我們正在進行的優先排序工作，OpEx 符合我們 1 月份的預期。

Across the company, we are focused on continually aligning our resources to our top priorities, which includes investing in the next wave of innovation for our customers.

在整個公司，我們專注於不斷地將我們的資源與我們的首要任務相結合，其中包括為我們的客戶投資下一波創新。

We are devoting resources to our sales team and partner ecosystem, to ensure they are positioned for the migration to cloud services.

我們正在為我們的銷售團隊和合作夥伴生態系統投入資源，以確保他們能夠遷移到雲服務。

And finally, our agility is also improving, as planned marketing spend was redeployed from Q3 to Q4, in support of a commercial cloud campaign.

最後，我們的敏捷性也在提高，因為計劃的營銷支出從第三季度重新部署到第四季度，以支持商業雲活動。

With that summary of Q3 results, I would like to talk about our outlook.

隨著第三季度業績的總結，我想談談我們的前景。

Given the Nokia devices and services transaction is closing tomorrow, the guidance I will walk through next excludes any related impact.

鑑於諾基亞設備和服務交易將於明天結束，我接下來將介紹的指導不包括任何相關影響。

Let's start with devices and consumer.

讓我們從設備和消費者開始。

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 an expectation that the benefits of XP end of support will moderate.

該範圍反映了 XP 支持終止帶來的好處將有所緩和的預期。

In hardware, we expect revenue to be $1.3 billion to $1.5 billion, in what is a seasonally slower hardware quarter.

在硬件方面，我們預計收入將在 13 億至 15 億美元之間，這是一個季節性放緩的硬件季度。

This number also reflects channel inventory draw down for Xbox consoles.

這個數字也反映了 Xbox 遊戲機的渠道庫存下降。

In devices and consumer other, we expect revenue to be about $1.9 billion.

在設備和消費者其他方面，我們預計收入約為 19 億美元。

We expect to see continued growth in Office 365 Home and Bing, as we drive additional usage.

隨著我們推動更多的使用，我們預計 Office 365 家庭版和必應將繼續增長。

Moving on to commercial.

繼續商業化。

We expect revenue across our two segments to be $13.1 billion to $13.3 billion.

我們預計我們兩個部門的收入將在 131 億美元至 133 億美元之間。

Within this, we expect commercial other revenue to be about $2.1 billion, on the strength of the transition to our cloud.

在此範圍內，我們預計商業其他收入約為 21 億美元，這得益於我們向雲的過渡。

And in corporate, we expect to defer revenue of about $100 million.

在企業方面，我們預計將推遲約 1 億美元的收入。

We expect COGS to be $5.7 billion to $5.8 billion, with variability primarily due to hardware.

我們預計 COGS 將在 57 億美元到 58 億美元之間，變化主要是由於硬件。

And moving onto operating expenses.

並轉移到運營費用上。

For the fourth quarter, we expect OpEx to be $8.4 billion to $8.6 billion, when adjusting for the prior-year European Commission fine.

在調整去年歐盟委員會的罰款後，我們預計第四季度的運營支出為 84 億美元至 86 億美元。

This represents full-year operating expense growth of about 4%.

這意味著全年運營費用增長約 4%。

This is on the low end of our original guidance that we provided a year ago of 4% to 6%, as we invested in R&D and sales efforts, while rationalizing our marketing spend.

這是我們在一年前提供的 4% 到 6% 的原始指導的低端，因為我們投資於研發和銷售工作，同時使我們的營銷支出合理化。

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，被利息支出和對沖的淨成本抵消。

We expect these items to generally offset each other.

我們預計這些項目通常會相互抵消。

We expect a higher tax rate in Q4, and the full year tax rate to be between 18% and 20%.

我們預計第四季度的稅率會更高，全年稅率將在 18% 至 20% 之間。

We expect capital expenditure to be about $1.5 billion, as we build out our cloud infrastructure.

隨著我們構建雲基礎設施，我們預計資本支出約為 15 億美元。

We are concentrating on hardware, software, and data center optimization and supply chain efficiencies to maximize the benefits of our cloud scale.

我們專注於硬件、軟件和數據中心優化以及供應鏈效率，以最大限度地發揮我們雲規模的優勢。

The benefits of this work are realized in improving gross margins.

這項工作的好處體現在提高毛利率上。

We expect unearned revenue to grow in line with normal seasonality.

我們預計未實現收入將按照正常的季節性增長。

Now, let me share some thoughts regarding Nokia devices and services.

現在，讓我分享一些關於諾基亞設備和服務的想法。

The acquisition will close tomorrow, which is about four months later than the deal economics we outlined in September assumed.

此次收購將於明天完成，這比我們在 9 月份概述的交易經濟學假設晚了大約四個月。

Since then, the Nokia business results have also changed.

此後，諾基亞的經營業績也發生了變化。

We are focused on the transition from planning to implementation, which accelerates with the deal closing tomorrow.

我們專注於從計劃到實施的過渡，隨著明天的交易完成，這種過渡會加速。

Given this is a complex body of work that will take time, we do not intend to update our financial guidance for any Nokia impact during the quarter.

鑑於這是一項需要時間的複雜工作，我們不打算在本季度更新我們對諾基亞的任何影響的財務指導。

However, I want to share the following to help as you update your models.

但是，我想分享以下內容以幫助您更新模型。

Under the existing commercial agreement between Microsoft and Nokia, license sales and platform payments are reported in the D&C licensing segment.

根據微軟和諾基亞之間的現有商業協議，許可銷售和平台支付報告在 D&C 許可部分。

Once the acquisition closes, results for Nokia devices and services will be reported in the D&C hardware segment.

收購完成後，諾基亞設備和服務的結果將在 D&C 硬件部門報告。

For Q4, we will clearly show the impact of the ending of the commercial agreement, Nokia's ongoing operations, and any one-time integration and severance cost, and we remain committed to achieving annual cost synergy targets of at least $600 million within 18 months of close.

對於第四季度，我們將清楚地展示商業協議結束的影響、諾基亞的持續運營以及任何一次性整合和遣散成本，我們仍然致力於在 18 個月內實現至少 6 億美元的年度成本協同目標關。

Now looking toward FY15.

現在展望 FY15。

Satya and I, along with the rest of the senior leadership team, are working together to solidify our plans for the year ahead.

Satya 和我以及其他高級領導團隊正在共同努力，以鞏固我們來年的計劃。

Our goals are clear:

我們的目標很明確：

Get more out of the tremendous resources we have available.

充分利用我們可用的大量資源。

Drive innovation and products that people love to use.

推動人們喜歡使用的創新和產品。

And execute in areas where Microsoft can uniquely succeed is in today's mobile-first cloud-first world.

在當今移動優先、雲優先的世界中，微軟可以在其中取得獨特成功的領域。

And with that, let me turn it back over to Chris, and we can move to Q&A.

有了這個，讓我把它交給克里斯，我們可以轉到問答環節。

Thanks Amy, and with that, we'll move to Q&A.

謝謝艾米，有了這個，我們將進入問答環節。

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）

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

我們的第一個問題來自瑞銀的 Brent Thill。

Please proceed with your question.

請繼續您的問題。

Question for Satya, just if you could reflect on your initial time as CEO, and maybe give everyone a sense of how you prioritize your near-term objectives here in the next several quarters?

薩蒂亞的問題，如果你能回顧一下你最初擔任首席執行官的時間，或許讓每個人都了解你在接下來的幾個季度中如何優先考慮你的近期目標？

That would be helpful, thank you.

那會很有幫助，謝謝。

Thank you, Brent.

謝謝你，布倫特。

The first ten weeks or so have been extremely energizing, and as I said, for me, what was important was to reach out, talk to lots of different constituents and relearn the place, and see it for the first time, and just get a different fresh perspective.

最初的十週左右非常充滿活力，正如我所說，對我來說，重要的是伸出援手，與許多不同的成員交談並重新學習這個地方，第一次看到它，然後得到一個不一樣的新鮮視角。

Even in spite of having spent the 22 years here, it's been fascinating to get that fresh perspective.

儘管在這裡度過了 22 年，但獲得這種全新的視角仍然令人著迷。

And the way I look at is, even from day one, I have had this deep conviction that our vision is about going boldly into this mobile-first cloud-first world, and we feel that we are well on our way, and if there's anything that I want to do, it is how do we make sure we remain focused on it, with every device launch, with every service launch, we keep coming back and reinforcing that vision.

我的看法是，即使從第一天起，我就堅信我們的願景是大膽進入這個移動優先、雲優先的世界，我們覺得我們正在順利進行，如果有我想做的任何事情，都是我們如何確保我們始終專注於它，隨著每次設備的推出，每次服務的推出，我們都會不斷回來並加強這一願景。

Because at the end of the day, it's the purpose with which we approach the vision, and the execution behind it, which is what counts.

因為歸根結底，這是我們接近願景的目的，以及背後的執行，這才是最重要的。

And to me, being able to think about that deeply, what does it mean for us culturally, what does it mean for us in terms of our plans.

對我來說，能夠深入思考，這對我們的文化意味著什麼，對我們的計劃意味著什麼。

And just getting behind it, leaning into it as an entire company, is what's my priority, and that's what I obsess about.

而只是支持它，作為整個公司投入其中，是我的首要任務，也是我所痴迷的。

That's what I focus about.

這就是我所關注的。

Thank you, Brent.

謝謝你，布倫特。

Next question, please.

下一個問題，請。

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

我們的下一個問題來自 Mark Moerdler 和 Sanford Bernstein。

Please proceed with your question.

請繼續您的問題。

Thank you very much.

非常感謝。

Satya, welcome on board, and thanks for joining the call.

Satya，歡迎加入，感謝您加入電話會議。

If you don't mind, I'm going to ask an overall question either of Amy or of Satya.

如果你不介意，我會問一個關於 Amy 或 Satya 的整體問題。

Looking at the commercial license business, how much of the shrinkage year-over-year in commercial license is driven by the move of traditional license players from license or -- licensed paying customers, from license to the cloud?

看看商業許可業務，商業許可的同比萎縮有多少是由於傳統許可參與者從許可轉移或許可付費客戶從許可轉移到雲？

How much is related to guys moving from software assurance, how much from license?

有多少與從軟件保障轉移的人有關，從許可證轉移有多少？

Can you give any color in there?

你能在裡面給點顏色嗎？

Thanks, Mark for that question.

謝謝，馬克這個問題。

Why don't I take that one.

我為什麼不拿那個。

Overall, in commercial licensing, I often talk, as you know, about the commercial business all up, mostly because I think some of the core dynamics really reinforce that we see a bit of what you're talking about, which is that renewal rates have remained high and in line, our ability to recapture revenue in those contracts remains strong, and our ability to attach cloud products has grown.

總體而言，在商業許可方面，如你所知，我經常談論商業業務，主要是因為我認為一些核心動態確實強化了我們看到你所說的一些內容，即續訂率一直保持在高位並且符合要求，我們從這些合同中重新獲得收入的能力仍然很強，並且我們附加雲產品的能力已經增強。

And so what we have seen this quarter, and what you see even in the commercial licensing line itself is that continued switch.

因此，我們在本季度所看到的，甚至在商業許可線本身中所看到的就是這種持續的轉變。

And in fact, it was faster this quarter, than we had thought.

事實上，本季度的速度比我們想像的要快。

Really, when you look at our commercial unearned revenue, along with the C&B balance that we talked about last quarter.

真的，當您查看我們的商業非勞動收入以及我們上個季度談到的 C&B 餘額時。

We had so many billings at the end of last quarter, when you really normalize for those end of quarter billings, bookings were also better than we had expected in terms of the annuity stream.

我們在上個季度末有很多賬單，當您真正將這些季度末賬單正常化時，就年金流而言，預訂量也比我們預期的要好。

So I think both a transition to long-term agreements is encouraging, the addition of premium product, the addition of new product.

所以我認為向長期協議的過渡是令人鼓舞的，增加優質產品，增加新產品。

As well as the transition to a cloud, is really core to thinking about the health of the segment all up.

以及向雲的過渡，是真正考慮該細分市場健康狀況的核心。

Thank you, I appreciate it.

謝謝你，我很感激。

Thanks, Mark.

謝謝，馬克。

Next question, please, operator.

下一個問題，請接線員。

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。

And Satya, again, thank you for joining the call.

Satya，再次感謝您加入電話會議。

It's great to have your views and inputs here.

很高興在這裡有您的意見和意見。

One of the questions I get most often from investors is trying to understand sort of how you're going to approach the role, and what you're doing initially, in terms of, is there a strategic review that's going on?

我最常從投資者那裡得到的問題之一是試圖了解你將如何處理這個角色，以及你最初在做什麼，是否正在進行戰略審查？

Are you reviewing the businesses, and should we expect any big changes in the strategy of Microsoft?

您是否正在審查業務，我們是否應該期待微軟的戰略發生重大變化？

So I'm going to pose that question to you, in terms of over the next couple of weeks, months, quarters, even, is there anything of a strategic review going on?

所以我要向你提出這個問題，在接下來的幾週、幾個月、幾個季度，甚至是，是否正在進行任何戰略審查？

Is there any big changes in the Microsoft strategy that we should be expecting from that review?

我們應該從該審查中期待微軟戰略是否有任何重大變化？

Thanks, Keith for the question.

謝謝，基思的問題。

The frame work I have in terms of how I'm approaching my job, and how we as a leadership team, and as a Company, are going to execute and plan, because one of the things that I strongly believe in, is you're planning on a continuous basis, you're executing on a continuous basis, it's not episodic if you will.

我的工作框架，以及我們作為領導團隊和公司將如何執行和計劃的框架，因為我堅信的一件事就是你在持續的基礎上重新計劃，你在持續的基礎上執行，如果你願意，這不是偶發的。

The only way we're going to succeed here is by having this notion that you're planning all the time, and you're also making the changes to your plan, based on the changed circumstances.

我們要在這方面取得成功的唯一方法是擁有這樣一種觀念，即您一直在計劃，並且您也在根據變化的情況對計劃進行更改。

And I think that's the way to run a company like ours, in a marketplace that's as dynamic as ours.

我認為這就是在與我們一樣充滿活力的市場中運營像我們這樣的公司的方式。

With that said, I start with, though, a vision that's very grounded on what the future opportunity is.

話雖如此，但我從一個非常基於未來機會的願景開始。

So this mobile-first cloud-first thing is a pretty deep thing for us.

所以這個移動優先雲優先的事情對我們來說是一件非常深刻的事情。

When we say mobile-first, in fact what we mean by that is mobility first.

當我們說移動優先時，實際上我們的意思是移動優先。

We think about users and their experiences, spanning a variety of devices, so it's not about any one form factor that may have some share position today, but as we look to the future, what are the set of experiences across devices, some ours and some not ours, that we can power through experiences that we can create uniquely.

我們考慮用戶和他們的體驗，跨越各種設備，所以它不是關於今天可能有一些共享地位的任何一種形式因素，而是當我們展望未來時，跨設備的體驗是什麼，一些我們的和有些不是我們的，我們可以通過我們可以獨特創造的體驗來提供動力。

So that notion of having a central focus and a central purpose is what I think we have already signaled, and we are well on our way to execute on it.

因此，我認為我們已經發出了具有中心焦點和中心目的的概念，並且我們正在努力執行它。

Now, you also need to continuously build some new capability.

現在，你還需要不斷地構建一些新的能力。

When you think about mobility first, that means you need to have a really deep understanding of all the mobile scenarios for everything from how communications happen, how meetings occur, and those require us to build new capability.

當您首先考慮移動性時，這意味著您需要對所有移動場景有非常深刻的理解，包括通信如何發生、會議如何發生，以及這些都需要我們構建新的能力。

We'll do some of this organically, some of it inorganically.

我們將做一些有機的，一些無機的。

A good example of this is what we have done with Nokia.

我們對諾基亞所做的就是一個很好的例子。

So we will, obviously we're looking toward to that team joining us, building on the capability.

所以我們會的，顯然我們期待著那個團隊加入我們，建立能力。

And then execution, even in the last three weeks or so, we have announced a bunch of things, where we talked about this one cloud for everyone, and every device.

然後執行，即使在過去三週左右，我們已經宣布了很多事情，我們在其中討論了適用於每個人和每個設備的這個雲。

We talked about how our data platform is going to enable this data culture, which is in fact fundamentally changing how Microsoft itself works.

我們談到了我們的數據平台將如何支持這種數據文化，這實際上正在從根本上改變微軟本身的工作方式。

We also talked about what it means to think about Windows, especially with the launch of this universal Windows application model, how different it is now to think about Windows as one family, which was not true before, but now we have a very different way to think about it.

我們還談到了思考 Windows 意味著什麼，特別是隨著這種通用 Windows 應用程序模型的推出，現在將 Windows 視為一個家庭是多麼不同，以前不是這樣，但現在我們有了非常不同的方式考慮一下。

And so we are well on our way to execute on it.

因此，我們正在努力執行它。

But to your core question of are we going to review, we're all the time reviewing.

但是對於您的核心問題，我們是否要審查，我們一直在審查。

And one of the things that I feel as a leadership team, we have really picked up the pace on asking the hard questions, what is the believability of any one of our plans, and pushing ourselves.

作為一個領導團隊，我覺得其中一件事是，我們確實加快了提出棘手問題的步伐，我們的任何計劃的可信度是什麼，並推動自己。

Because at the end of the day, to me, I want to be very accountable to you all, to our customers, to our partners, as a team, by executing on our plans very well.

因為歸根結底，對我來說，我想對你們所有人，對我們的客戶，對我們的合作夥伴，作為一個團隊負責，很好地執行我們的計劃。

Because at the end of the day, that's what matters.

因為歸根結底，這才是最重要的。

So that at least gives you a framework for how we're approaching it.

因此，這至少為您提供了我們如何處理它的框架。

Excellent.

出色的。

Thank you very much for that.

非常感謝你。

Thanks Keith.

謝謝基思。

Next question, please operator.

下一個問題，請接線員。

Thank you.

謝謝你。

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

我們的下一個問題來自野村的 Rick Sherlund。

Please proceed with your question.

請繼續您的問題。

First, Satya, on Platform-as-a-Service, I'm kind of curious how aggressively you plan to maybe change your business model to a subscription model and drive, like adobe did, less upfront revenue, more encouraging subscription and cloud-based, and whether we should begin to anticipate what it might look like to Microsoft as you make this transition to more of a subscription business.

首先，Satya，關於平台即服務，我有點好奇您計劃將您的業務模式更改為訂閱模式的積極程度，並像 adobe 一樣推動減少前期收入，更鼓勵訂閱和雲 -基於，以及我們是否應該開始預測在您向更多訂閱業務過渡時對 Microsoft 的看法。

I'm just not sure what the margins are on your cloud business and as you transition, most SaaS companies have 70%, 80% gross margins, I'm not real sure where you are on your cloud businesses today.

我只是不確定您的雲業務的利潤率是多少，隨著您的轉型，大多數 SaaS 公司的毛利率為 70%、80%，我不確定您今天的雲業務處於什麼位置。

Do we think this is going to be a smooth transition, or might we expect it to be a little more disruptive, as you gain more and more traction on a subscription and cloud basis?

我們是否認為這將是一個平穩的過渡，或者隨著您在訂閱和雲基礎上獲得越來越多的牽引力，我們是否會期望它更具破壞性？

Thanks for the question, I'll start and maybe Amy you want to add.

謝謝你的問題，我會開始，也許你想添加艾米。

The way I look at it, Rick, we're well on our way to making that transition, in terms of moving from pure licenses to long-term contracts, and as well as subscription business model.

瑞克，在我看來，我們正朝著從純許可證到長期合同的轉變以及訂閱業務模式的轉變邁向成功的道路。

So when you talked about Platform-as-a-Service, if you look at our commercial cloud, it's made up of the platform itself, which is Azure.

所以當你談到平台即服務時，如果你看看我們的商業雲，它是由平臺本身組成的，也就是 Azure。

We also have a SaaS business in Office 365.

我們在 Office 365 中也有 SaaS 業務。

Now, one of the things that we want to make sure we look at is each of the constituent parts, because the margin profile on each one of these things is going to be different.

現在，我們要確保查看的其中一件事是每個組成部分，因為每個組成部分的邊距輪廓都會有所不同。

The infrastructure elements, right now, in particular, is going to have different economics versus some of the per-user applications in a SaaS mode have.

尤其是現在，基礎設施元素將具有與 SaaS 模式下的某些每用戶應用程序不同的經濟性。

It's the blending of all of that, that matters, and the growth of that matters to us the most in this time, where I think there's just a couple of us really playing in this market.

這是所有這些的融合，這很重要，並且在這個時候對我們來說最重要的是增長，我認為我們只有幾個人真正在這個市場上發揮作用。

I mean, this is gold rush time in some sense of being able to capitalize on the opportunity, and when it comes to that, we have some of the best, the broadest SaaS solution and the broadest platform solution.

我的意思是，從某種意義上來說，這是能夠利用機會的淘金熱時期，在這方面，我們擁有一些最好、最廣泛的 SaaS 解決方案和最廣泛的平台解決方案。

That combination of those assets doesn't come often.

這些資產的組合併不經常出現。

So what we are very focused on is how do we make sure we get our customers aggressively into this, having them use our service, be successful with it, and then there will be a blended set of margins across even just our cloud.

因此，我們非常關注的是如何確保我們讓我們的客戶積極參與其中，讓他們使用我們的服務，並通過它取得成功，然後甚至在我們的雲中也會有一組混合的利潤。

And what matters to me in the long run is the magnitude of profit we generate, given a lot of categories are going to be merged as this transition happens, and we have to be able to actively participate in it, and drive profit growth.

從長遠來看，對我來說重要的是我們產生的利潤的規模，因為隨著這種轉變的發生，許多類別將被合併，我們必須能夠積極參與其中，並推動利潤增長。

And let me add a bit, Rick.

讓我補充一點，瑞克。

I think, specifically as you think about the transitions, and where you'll see it, first, I would say year-over-year, we had flat to improving gross margins in all segments but hardware, where we had a mix shift to the Xbox console, which from a business model perspective, obviously drives gross margin decline.

我認為，特別是當您考慮過渡以及您將在哪裡看到它時，首先，我想說的是，除硬件外，我們在所有領域的毛利率都持平到提高，我們在硬件領域進行了混合轉變從商業模式的角度來看，Xbox 遊戲機顯然推動了毛利率的下降。

With that being said, within the Office 365 business I start from the fact and a principle, which is having a user, whether they be in the consumer or in the enterprise, have access to our most recent, most innovative, most secure product, which is always going to be for us, probably the one born in the cloud, will be a driver of satisfaction, and a driver of usage.

話雖如此，在 Office 365 業務中，我從一個事實和一個原則開始，即讓用戶（無論是消費者還是企業）都可以訪問我們最新、最具創新性、最安全的產品，這對我們來說總是如此，可能是在雲中出生的人，將成為滿足感和使用的驅動力。

Those two things lead to revenue.

這兩件事導致收入。

You're already seeing that transition in the enterprise, where we already sold that way.

您已經在企業中看到了這種轉變，我們已經以這種方式進行銷售。

The transition is quite easy, from an economic standpoint.

從經濟角度來看，這種轉變非常容易。

In the transactional business, you saw the impact of it this quarter.

在交易業務中，您在本季度看到了它的影響。

We had a bigger mix shift to annuity, more went on the balance sheet.

我們對年金進行了更大的組合轉變，資產負債表上的變化更多。

We still had strong growth, but you do see the impact interquarter.

我們仍然有強勁的增長，但你確實看到了季度間的影響。

And in the consumer side of the business, which you also referenced with Adobe, I think we have just launched another SKU in addition to Home, called Personal, as we continue to drive consumer usage that way.

在業務的消費者方面，您也提到了 Adobe，我認為我們剛剛推出了除 Home 之外的另一個 SKU，稱為 Personal，因為我們繼續以這種方式推動消費者的使用。

The launch of Office on the iPad is an example of where we will add the most value, which is in the subscription.

在 iPad 上推出 Office 就是我們將在訂閱中增加最大價值的一個例子。

Thank you Rick.

謝謝瑞克。

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。

Thank you, and Satya, I'll echo everybody's thoughts that it's great to have you on the call, and hear your perspective.

謝謝你，Satya，我會回應每個人的想法，很高興有你參加電話會議，並聽取你的觀點。

I was wondering if you could share with us the decision recently to offer Windows for free for sub-9-inch devices, and how you think this impacts your share in that arena?

我想知道您是否可以與我們分享最近為 9 英寸以下設備免費提供 Windows 的決定，以及您認為這會如何影響您在該領域的份額？

And also, how should we think about Windows pricing, given your comment about how Windows is going to play in different market segmentations, how do we see Windows pricing evolving, if at all, for other types of form factors over time?

此外，鑑於您對 Windows 將如何在不同的市場細分市場中發揮作用的評論，我們應該如何看待 Windows 定價，我們如何看待 Windows 定價隨著時間的推移而演變（如果有的話）對於其他類型的外形尺寸？

Overall, first of all, thanks Heather for the question.

總的來說，首先，感謝 Heather 的提問。

Overall, the way I want us to look at Windows going forward is, what does it mean to have the broadest device family and ecosystem.

總的來說，我希望我們看待 Windows 未來的方式是，擁有最廣泛的設備系列和生態系統意味著什麼。

Because at the end of the day, it's about the users and developer opportunity we create for the entirety of the family, that's going to define the health of the ecosystem.

因為歸根結底，這是關於我們為整個家庭創造的用戶和開發者機會，這將定義生態系統的健康。

So to me, it matters that we approach the various segments that we now participate with Windows, because that's what has happened.

所以對我來說，重要的是我們要處理我們現在與 Windows 一起參與的各個部分，因為這就是發生的事情。

Fundamentally, we participated in the PC market.

從根本上說，我們參與了個人電腦市場。

Now we are in a market that's much bigger than the PC market.

現在我們所處的市場比個人電腦市場大得多。

We continue to have healthy share, healthy pricing, and in fact, growth, as we mentioned, in the enterprise adoption of Windows.

正如我們所提到的，在企業採用 Windows 方面，我們繼續擁有健康的份額、健康的定價以及事實上的增長。

And that, we plan to in fact add more value, more management, more security, especially as things are changing in those segments.

而且，我們實際上計劃增加更多的價值、更多的管理、更多的安全性，尤其是在這些領域正在發生變化的情況下。

Given BYOD and software security issues, we want to be able to reinforce that core value.

鑑於 BYOD 和軟件安全問題，我們希望能夠強化該核心價值。

But then, when it comes to new opportunities from wearables to Internet of things, we want to be able to participate in all of this, with our Windows offering.

但是，當談到從可穿戴設備到物聯網的新機遇時，我們希望能夠通過我們的 Windows 產品參與到所有這一切中。

With our tools around it, and we want to be able to price by category.

借助我們的工具，我們希望能夠按類別定價。

That's effectively what we did.

這實際上就是我們所做的。

We looked at what it made sense for us to do on tablets and phones below 9 inches, and we felt the price there needed to be changed.

我們研究了我們在 9 英寸以下的平板電腦和手機上做些什麼有意義，我們覺得那裡的價格需要改變。

We have monetization vehicles on the back end for those, and that's how we're going to approach each one of these opportunities.

我們在後端為這些人提供了貨幣化工具，這就是我們將如何處理這些機會中的每一個。

Because in a world of ubiquitous computing, we want Windows to be ubiquitous.

因為在無處不在的計算世界中，我們希望 Windows 無處不在。

That doesn't mean it's one price, one business model for all of that, and it's actually a market expansion opportunity, and that's the way we want to go execute on it.

這並不意味著它是一種價格，一種商業模式，它實際上是一個市場擴張機會，這就是我們想要執行的方式。

Thank you.

謝謝你。

Operator, next question, please.

接線員，請下一個問題。

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

我們的下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。

I'm going to give Amy a question here for numbers.

我要在這裡問艾米一個關於數字的問題。

Amy, we see sales and marketing expense declined 7% year-over-year in this quarter.

艾米，我們看到本季度的銷售和營銷費用同比下降了 7%。

Can you remind us if there's anything unique last year, or is this just better controls?

你能提醒我們去年是否有什麼獨特之處，或者這只是更好的控制嗎？

And along these same lines, free cash flow, excluding acquisitions grew 2%, which is a bit of a surprise, given the direction the Company is going, and the first time in seven quarters we have actually seen growth in free cash flow.

沿著同樣的思路，不包括收購的自由現金流增長了 2%，考慮到公司的發展方向，這有點令人驚訝，而且我們七個季度以來第一次真正看到自由現金流的增長。

Can you tell us how we should be thinking about this going forward?

你能告訴我們未來我們應該如何思考這個問題嗎？

Thanks John, I was getting lonely.

謝謝約翰，我越來越孤獨了。

I didn't have any questions, so I appreciate it.

我沒有任何問題，所以我很感激。

Let me start with your first one, which was, is there any sort of unique thing that resulted in that comparable in sales and marketing?

讓我從您的第一個開始，即，是否有任何獨特的事情導致在銷售和營銷方面具有可比性？

We did have more launch expense going on a year ago, but we also focused on rationalizing and focusing our marketing dollars in quarter.

一年前我們確實有更多的啟動費用，但我們也專注於合理化和集中我們季度的營銷資金。

I think it's a combination of both, and I would probably say more of the latter, which is really thinking and prioritizing more effectively throughout the year, to earn the highest ROI on the dollars we're spending.

我認為這是兩者的結合，我可能會說更多後者，它確實在全年更有效地思考和優先考慮，以在我們花費的美元上獲得最高的投資回報率。

We also did invest in sales year-over-year.

我們也確實逐年投資於銷售。

Most of that is specifically around marketing, so I want to make sure that you understand that where we see opportunity, we're investing in our selling engine to get it, which is, I think, an important caveat to make sure is clear, when you see year-over-year sales and marketing decline.

其中大部分是專門針對營銷的，所以我想確保您了解我們看到機會的地方，我們正在投資於我們的銷售引擎以獲得它，我認為這是一個重要的警告，以確保清楚，當您看到銷售和營銷同比下降時。

The second half of that, in terms of cash flow, I think, as we remain focused on prioritizing, and really thinking about the return on the dollars we spend, you did see also, as I talked about earlier, margins increase year-over-year.

下半年，就現金流而言，我認為，由於我們仍然專注於優先排序，並真正考慮我們所花費的美元的回報，你確實也看到了，正如我之前所說，利潤率逐年增加-年。

All of that has had a positive impact on cash flow.

所有這些都對現金流產生了積極影響。

Thanks, John.

謝謝，約翰。

In going forward, how should we be thinking about that, just continued discipline, I guess, around expenses, but also investment where it's needed?

展望未來，我們應該如何考慮這一點，我猜只是繼續遵守紀律，圍繞費用，但也在需要的地方進行投資？

Yes.

是的。

When we talked at the end about how I think about 2015, maybe it's better said is how we think about every day, which is what can we do today, this week, this month, to better invest behind places where we feel like we are uniquely capable of success, and not being afraid to make those changes.

當我們最後談到我對 2015 年的看法時，也許最好說是我們每天都在想什麼，這就是我們今天、本週、本月可以做的事情，以更好地投資於我們認為自己所處的地方獨特的成功能力，並且不害怕做出這些改變。

And finding the agility and the empowerment here to do those things is incredibly important.

在這裡找到做這些事情的敏捷性和授權是非常重要的。

And I would say, culturally, Satya mentioned about being more data-driven.

我想說，從文化上講，薩蒂亞提到了更多的數據驅動。

I think in addition to the day-to-day, which was more focused on customers, I think really it's a cultural statement about how we are going to operate more internally, as well.

我認為除了更關注客戶的日常工作之外，我認為這實際上也是一種關於我們將如何在內部進行更多運營的文化聲明。

And so maybe that's the most forward-looking comment I could tell you, which is that being empowered to look weekly, monthly, and see how we can get better, and better, and better.

所以這也許是我能告訴你的最具前瞻性的評論，那就是有權每週、每月查看，看看我們如何才能變得更好，越來越好，越來越好。

And I think that's actually driven a lot of excitement around here.

我認為這實際上引起了很多興奮。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, John.

謝謝，約翰。

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 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。

Congratulations on a great quarter, and Satya, great to have you on the call, as well.

恭喜你取得了一個偉大的季度，Satya，很高興你也能參加電話會議。

I wanted to focus in on Office 365.

我想專注於 Office 365。

If you compare this quarter to last quarter, you added 1.1 Home Premium users, last quarter, I think it was 500,000.

如果您將本季度與上季度進行比較，您增加了 1.1 個家庭高級用戶，上個季度，我認為是 500,000。

In September, you talked about a run rate of I think $1.5 billion, now you're at $2.5 billion.

9 月份，你談到了我認為 15 億美元的運行率，現在你是 25 億美元。

I wonder if you can talk about the momentum that you're seeing in Office 365 and maybe give us a few thoughts on business versus the home/consumer side of that.

我想知道您是否可以談談您在 Office 365 中看到的勢頭，或許可以給我們一些關於商業與家庭/消費者方面的想法。

And then, Amy, when you think about Office 365, how do you think about the difference in lifetime value of an Office 365 customer versus a traditional Office user?

然後，Amy，當您考慮 Office 365 時，您如何看待 Office 365 客戶與傳統 Office 用戶在生命週期價值方面的差異？

Let me start, and then Amy, you should definitely add on to it.

讓我開始，然後是艾米，你絕對應該補充一下。

Office 365, I'm really, really excited about what's happening there, which is to me, this is the core engine that's driving a lot of our Cloud adoption, and you see it in the numbers, and Amy will talk more about the numbers.

Office 365，我對那裡發生的事情感到非常非常興奮，這對我來說，這是推動我們大量採用雲的核心引擎，你可以從數字中看到它，Amy 將更多地談論這些數字.

But pne of the fundamental things it's also doing is it's actually a SaaS application and it's also an architecture for enterprises.

但它也在做的基本事情是它實際上是一個 SaaS 應用程序，它也是一個企業架構。

And one of the most thrilling things we announced when we talked about the cloud for everyone and every device, and we talked about Office 365 having now iPad apps, we also launched something called the Enterprise Mobility Suite, which is perhaps one of the most strategic things during that day that we announced, which was that we now have a consistent and key platform for identity management.

當我們談論適用於所有人和每台設備的雲時，我們宣布的最激動人心的事情之一是，我們談論 Office 365 現在擁有 iPad 應用程序，我們還推出了名為 Enterprise Mobility Suite 的產品，這可能是最具戰略意義的套件之一那天我們宣布的事情是，我們現在擁有一個一致且關鍵的身份管理平台。

Which by the way, gets bootstrapped every time Office 365 users sign up, device management, and data protection.

順便說一句，每次 Office 365 用戶註冊、設備管理和數據保護時都會啟動。

Which is really what every enterprise customer needs in a mobile-first world, in a world where you have SaaS application adoption, and you have BYOD or bring your own devices happening.

這確實是每個企業客戶在移動優先的世界中所需要的，在您採用 SaaS 應用程序的世界中，您擁有 BYOD 或自帶設備。

So to me, the Office 365 growth is in fact driving our enterprise infrastructure growth, which is driving Azure growth, and that cycle to me is most exciting.

所以對我來說，Office 365 的增長實際上正在推動我們的企業基礎架構的增長，這也推動了 Azure 的增長，而這個週期對我來說是最令人興奮的。

So that is one of the reasons I want to keep indexing on the usage of all of this, and the growth numbers you see is a reflection of that.

所以這就是我想繼續索引所有這些使用情況的原因之一，你看到的增長數字反映了這一點。

And Phil, specifically to some of your, how do we think about the lifetime value.

菲爾，特別是對你們中的一些人來說，我們如何看待生命週期價值。

Maybe I will use the consumer, actually SKUs, which you started with, as a good example.

也許我會使用你開始使用的消費者，實際上是 SKU，作為一個很好的例子。

First, whenever we launch a new motion, a new SKU, in this instance, especially a subscription, I do think it takes some time both for the customer to understand the value proposition, as well as for retailers and partners to really hone their motion to pivot to selling a new subscription model.

首先，每當我們推出一個新的議案，一個新的 SKU，在這種情況下，尤其是訂閱，我確實認為客戶需要一些時間來理解價值主張，以及零售商和合作夥伴真正磨練他們的議案轉向銷售新的訂閱模式。

I think you're starting to see some of the acceleration, as well as increasing awareness of the product, which I think is terrific.

我認為你開始看到一些加速，以及提高對產品的認識，我認為這非常棒。

And maybe more importantly, as we think about the value we're adding, the Office on the iPad announcement certainly brought attention, as we continue to drive people to the subscriptions.

也許更重要的是，當我們考慮我們正在增加的價值時，iPad 上的 Office 公告無疑引起了關注，因為我們繼續推動人們訂閱。

And I made a comment around renewal rates, and we're happy with them, as we have just passed the one year anniversary of the launch.

我對續訂率發表了評論，我們對他們很滿意，因為我們剛剛過了發布一周年。

And I think when you look at the LTV, we will be better off for many reasons, including financially, when a person moves to the subscription.

而且我認為，當您查看 LTV 時，我們會因為許多原因而變得更好，包括財務上，當一個人轉向訂閱時。

My deep belief is the most important thing we will do is continue to think about how we can modernize, add features, add innovation, so that it's more valuable to them every day they use it.

我深信我們要做的最重要的事情是繼續思考我們如何實現現代化、添加功能、添加創新，以便他們每天使用它對他們來說更有價值。

And that is far easier in a cloud world than it is on premise, so I think that's probably the most important driver of LTV long-term.

在雲世界中這比在內部環境中要容易得多，所以我認為這可能是長期 LTV 最重要的驅動力。

Awesome, thanks.

太好了，謝謝。

Next question, please.

下一個問題，請。

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。

Amy, just a question for you, I know you're not providing updated guidance for Nokia.

艾米，只是問你一個問題，我知道你沒有為諾基亞提供更新的指導。

Just wondering, maybe a little bit of thought behind that decision.

只是想知道，也許這個決定背後有一點想法。

I know the deal closes tomorrow, you probably could have easily moved things around here a bit and reported on early next week, and had that benefit.

我知道交易明天就結束了，你可能可以輕鬆地將事情轉移到這裡，並在下周初報告，並從中受益。

Is the lack of guidance there, is it just simply you haven't been able to get your hands into that business at this point?

那裡缺乏指導嗎，僅僅是您目前無法涉足該業務嗎？

Is there something else that's changed in that business, just trying to get a sense.

該業務是否還有其他變化，只是想了解一下。

It does open up quite a bit of variability, in terms of how people are going to model things over the next three months.

就人們在未來三個月內將如何建模事物而言，它確實帶來了相當多的可變性。

Thanks Walter.

謝謝沃爾特。

It really wasn't a choice.

這真的不是一個選擇。

The reality is, we have not had the type of access on tool close where we could confidently begin to give the type of guidance that I believe we have come, and you have come, to expect from us, in terms of the depth and analysis required to get there.

現實情況是，我們還沒有接近工具的訪問類型，我們可以自信地開始提供我相信我們已經到來的指導類型，而您已經來了，在深度和分析方面對我們的期望需要到達那裡。

They do report in a different accounting system, it needs to be converted to GAAP.

他們確實在不同的會計系統中報告，需要將其轉換為 GAAP。

We have not had access to forward projections, haven't had deep access to their systems, and so until we get that, which really starts tomorrow, it's not really a question of whether it was this week or next week, it's really a question of us getting the confidence and access to be able to report at the level of details I know you all would expect me to do.

我們無法獲得前瞻性預測，也無法深入訪問他們的系統，所以在我們得到那個真正從明天開始之前，這不是本週還是下週的問題，這真的是一個問題我們中的每個人都有信心和機會報告我知道你們都希望我做的詳細程度的報告。

Thanks, Walter.

謝謝，沃爾特。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question comes from the line of Karl Keirstead with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Karl Keirstead。

Please proceed with your questions.

請繼續您的問題。

I would like to focus on that server product revenue number of 10%, and Satya, I think you know a thing or two about this group, so perhaps I'll direct that to you.

我想重點關注 10% 的服務器產品收入數字，Satya，我想你對這個小組了解一兩件事，所以也許我會直接告訴你。

But that growth rate is so far still above what a lot of your megacap tech vendors, peers, I should say, are posting.

但到目前為止，這個增長率仍然高於你的許多大型技術供應商、同行，我應該說，發布的數據。

I wanted to ask you if you could try to outline for us the couple of factors that have enabled Microsoft to continue growing that server business well above your peers, and secondly, if you think that 10%-ish growth is sustainable over FY15?

我想問您是否可以嘗試為我們概述使微軟能夠繼續將服務器業務發展得遠超同行的幾個因素，其次，您是否認為 10% 左右的增長在 2015 財年是可持續的？

Thanks, Karl.

謝謝，卡爾。

I'll start, in fact both Amy and I worked on that business.

我將開始，事實上，我和艾米都從事過這項業務。

So we'll both take a crack at it.

所以我們都會嘗試一下。

It's a pretty exciting change that's happening.

這是一個非常令人興奮的變化。

Obviously, that part of the business has been performing very well for a while now.

顯然，這部分業務已經有一段時間表現得非常好。

But quite frankly, it's fundamentally changing.

但坦率地說，它正在發生根本性的變化。

One of the questions I often get asked is hey, how did Windows server and the hypervisor underneath it become so good, so soon?

我經常被問到的問題之一是，嘿，Windows 服務器和它下面的虛擬機管理程序是怎麼變得這麼好的，這麼快？

You've been at it for a long time, but there seems to have something fundamentally changed.

你已經做了很長時間了，但似乎有一些根本性的改變。

We've grown a lot of share recently, the product is more capable than it ever was, the rate of change is different.

最近我們的份額增長了很多，產品比以往任何時候都更有能力，變化的速度也不同。

It's for one reason alone, which is, we use it to run Azure.

僅出於一個原因，即我們使用它來運行 Azure。

The fact that we use our servers to run our cloud makes our servers more competitive for other people to build their own clouds.

我們使用我們的服務器來運行我們的雲這一事實使我們的服務器對於其他人構建自己的雲更具競爭力。

It's the same trend that's accelerating us on both sides.

同樣的趨勢在雙方都在加速我們的發展。

The other thing that's happening is, when we sell our server products, they, for the most part are just not isolated anymore.

發生的另一件事是，當我們銷售我們的服務器產品時，它們大部分不再是孤立的。

They come with automatic cloud tiering.

它們帶有自動雲分層。

SQL server is a great example, we just launched a new version of SQL which is by far the best release of SQL in terms of its features, like it's exploitation of in-memory.

SQL server 就是一個很好的例子，我們剛剛推出了一個新版本的 SQL，就其功能而言，它是迄今為止最好的 SQL 版本，就像它對內存中的利用一樣。

It's the first product in the database world that has in-memory for all the three workloads of databases, all RTP, data warehousing and BI.

它是數據庫世界中第一個為所有三種數據庫工作負載（所有 RTP、數據倉庫和 BI）提供內存的產品。

But more importantly, it automatically gives you high availability, which means a lot to every CIO and every enterprise deployment, by actually tiering to the cloud.

但更重要的是，它通過實際分層到雲，自動為您提供高可用性，這對每個 CIO 和每個企業部署都意義重大。

Those kind of feature innovation, which is pretty boundary-less for us is breakthrough work.

那些對我們來說幾乎沒有邊界的功能創新是突破性的工作。

It's not something that somebody who has been a traditional competitor of ours can do, if you're not even a first-class producer of a public cloud service.

如果您甚至不是公共雲服務的一流生產商，那麼作為我們傳統競爭對手的人就無法做到這一點。

So I think that we are in a very unique place.

所以我認為我們處於一個非常獨特的地方。

Our ability to deliver this hybrid value proposition and be in a position where we not only run a cloud service at scale, but we also provide the infrastructure underneath it, as our server products to others, that's what's driving the growth.

我們有能力提供這種混合價值主張，並且我們不僅可以大規模運行雲服務，而且我們還提供它下面的基礎設施，作為我們向其他人提供的服務器產品，這就是推動增長的原因。

The shape of that growth, and so on, will change over time, but I feel very, very bullish about our ability to continue this innovation.

這種增長的形式，等等，會隨著時間的推移而改變，但我對我們繼續這種創新的能力感到非常非常樂觀。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

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。

Great to hear you, Satya, on the call.

Satya，很高興聽到你的電話。

I had a question about device and consumer licensing.

我有一個關於設備和消費者許可的問題。

First of all, the Windows Pro revenue is very strong, and Amy, I know you had alluded to receding impact of XP upgrades, but I wanted to get a sense of how sustainable you think that growth can continue?

首先，Windows Pro 的收入非常強勁，Amy，我知道你曾提到 XP 升級的影響正在消退，但我想了解一下你認為這種增長能持續多久？

And also noticing that the particularly Office consumer revenue is improving on attach rates, and there had been a bit of a disconnect there, because of the transition to Office 365.

並且還注意到，由於向 Office 365 的過渡，特別是 Office 消費者收入正在提高附加率，並且在那裡出現了一些脫節。

Wanted to get your thoughts on how long that might be sustainable, or whether this is related to the broader XP expiration?

想知道這可能持續多長時間，或者這是否與更廣泛的 XP 到期有關？

Thank you.

謝謝你。

Thanks, Ed.

謝謝，埃德。

Let me take those in reverse, actually.

實際上，讓我把它們反過來。

On the Office consumer performance, I will always, first and foremost think about the combination of Office 365 Home, as well as our consumer performance, and that grew obviously at a higher rate than 15%, that we talked about this quarter.

關於 Office 消費者表現，我將始終首先考慮 Office 365 家庭版的組合，以及我們的消費者表現，顯然以高於我們本季度談到的 15% 的速度增長。

That, and increasing attach.

那，並增加附加。

There were some dynamics this quarter that I think were important.

本季度有一些我認為很重要的動態。

Some stabilizing that we have seen in the consumer-developed world PC market also benefits, as you might imagine, our Office business.

正如您可能想像的那樣，我們在消費發達的世界 PC 市場看到的一些穩定也有利於我們的 Office 業務。

We have the highest attach rates in developed markets and so that tends to be an important driver of Office revenue, whether earned as a license or a subscription.

我們在發達市場擁有最高的附加率，因此無論是作為許可證還是訂閱，這往往是 Office 收入的重要驅動力。

The second thing is related a bit to your first question.

第二件事與您的第一個問題有點相關。

These are hard to separate oftentimes, many of the dynamics in our market.

這些往往很難區分，我們市場中的許多動態。

As we have seen Windows Pro mix increase.

正如我們所見，Windows Pro 組合增加了。

For example, in small business, when people buy PCs with Windows Pro, they're more likely to purchase a form of Office, whether it be a subscription or a license.

例如，在小型企業中，當人們購買裝有 Windows Pro 的 PC 時，他們更有可能購買某種形式的 Office，無論是訂閱還是許可證。

That's another dynamic you saw this quarter.

這是您在本季度看到的另一個動態。

A final dynamic that I'll talk about relating to Office was around Japan.

我將要談到的與 Office 相關的最後一個動態是在日本。

We did see some pull-forward due to the end -- to the tax increase.

由於稅收增加，我們確實看到了一些拉動。

That did have an impact on Office consumer growth, but even without that, as we talked about, we still had increasing attach, and very good performance for the quarter.

這確實對 Office 消費者的增長產生了影響，但即使沒有這一點，正如我們所談到的，我們仍然有越來越多的依戀，並且本季度的表現非常好。

Now, backing up, because it's complicated, was the Windows sustainability in the business segment.

現在，備份，因為它很複雜，是業務部門的 Windows 可持續性。

As we said, it's very hard to separate cleanly the impact of XP from what is an improving business PC refresh cycle, as well as some positive macro economic trends that we're seeing.

正如我們所說，很難將 XP 的影響與商業 PC 更新周期的改善以及我們看到的一些積極的宏觀經濟趨勢區分開來。

So, as I said in my comments, the end of XP does create a bit of a moderation in growth.

因此，正如我在評論中所說，XP 的結束確實會導致增長放緩。

That being said, the differentiation and value proposition of Pro is clearer than it has been.

話雖如此，Pro 的差異化和價值主張比以往更加清晰。

The investment in that SKU, and the value proposition of Pro has had mix increasing within segments of the market.

對該 SKU 的投資以及 Pro 的價值主張在細分市場中的組合不斷增加。

For example, in small business and in the enterprise, for people who buy a Windows PC.

例如，在小型企業和企業中，對於購買 Windows PC 的人。

And so I think that's an important dynamic, that we'll continue to invest in, and we're excited to see.

所以我認為這是一個重要的動力，我們將繼續投資，我們很高興看到。

Thank you.

謝謝你。

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 Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Please proceed with your question.

請繼續您的問題。

Question for Satya, as we think about the new world, in terms of more usage and it's more software driven rather than device driven, can you talk a little bit how you want to reengage or further engage with the developer community, with the big theme of your presentation at Build?

Satya 的問題，當我們考慮新世界時，就更多的使用而言，它更多地是軟件驅動而不是設備驅動，您能否談談您希望如何重新參與或進一步與開發者社區互動，以大主題你在 Build 上的演講？

I noticed [Ed Burke's] submarine was mentioned by a lot of guys and saw a lot of attention, but talk a little bit about that, how the developer community is really important for you, and what you're doing around that to get the software future of Microsoft going again.

我注意到很多人提到 [Ed Burke 的] 潛艇並引起了很多關注，但請談談開發者社區對你的重要性，以及你正在做些什麼來獲得微軟的軟件未來再次走向。

Great, so thanks for the question.

太好了，謝謝你的提問。

Developers are very, very important to us.

開發人員對我們來說非常非常重要。

If you're in the platform business, which we are, on both on the device side as well as on the cloud side, developers and their ability to create new value props and new applications on them, is sort of life itself.

如果你在平台業務中，我們在設備端和雲端都是如此，開發人員及其在其上創造新價值道具和新應用程序的能力本身就是一種生活。

I would say a couple of things.

我想說幾件事。

One is the announcements we made at Build on the device side, really are breakthrough work for us, which is, we are the only device platform today that has this notion of building universal apps, with fantastic tooling around them.

其中之一是我們在 Build on the device side 上發布的公告，這對我們來說確實是一項突破性的工作，也就是說，我們是當今唯一一個擁有構建通用應用程序概念的設備平台，並且圍繞它們提供了出色的工具。

So that means you can target multiple of our devices, and have common code across all of them, and this notion of having a Windows universal application help developers leverage their core asset, which is their core asset across this expanded opportunity, is huge.

因此，這意味著您可以針對我們的多個設備，並在所有設備上使用通用代碼，而擁有一個 Windows 通用應用程序可以幫助開發人員利用他們的核心資產，這是他們在這個擴展機會中的核心資產，這一概念是巨大的。

There was this one user experience change that Terry Myerson talked about at Build, which expands the ability for anyone who puts up this application in Windows Store to be now discovered across even the 1 billion-plus PC install base, and so that's, I think, a fantastic opportunity for developers, and we're doing everything to make that opportunity clear, and recruit developers to do more with Windows.

特里·邁爾森 (Terry Myerson) 在 Build 中談到了這一用戶體驗變化，它擴展了在 Windows 應用商店中放置此應用程序的任何人的能力，現在甚至可以在超過 10 億台 PC 安裝基礎上被發現，所以我認為，這對開發人員來說是一個絕佳的機會，我們正在盡一切努力讓這個機會變得清晰，並招募開發人員使用 Windows 做更多的事情。

And in that context, we'll also support cross platforms, so one of the things that we have done is the relationship with Unity.

在這種情況下，我們還將支持跨平台，所以我們所做的一件事就是與 Unity 的關係。

We have tooling that allows you to have this core library that's portable, you can bring your code asset.

我們有工具可以讓你擁有這個可移植的核心庫，你可以帶上你的代碼資產。

In fact, we're the only client platform that has the abstractions available for the different languages, and so on.

事實上，我們是唯一具有可用於不同語言的抽象的客戶端平台，依此類推。

And then on the cloud side, in fact, one of the most strategic APIs is the Office API.

然後在雲端，事實上，最具戰略意義的 API 之一就是 Office API。

If you think about it, you would be building an application for iOS, if you want single sign-on for any enterprise application, it's the Azure AD single sign-on.

如果你考慮一下，你會為 iOS 構建一個應用程序，如果你想為任何企業應用程序進行單點登錄，那就是 Azure AD 單點登錄。

That's one of the things we showed at Build, which is how to take advantage of list data in SharePoint, contact information in Exchange, Azure active directory information for log-on, and those are the APIs that are very, very powerful APIs and unique to us.

這是我們在 Build 上展示的內容之一，即如何利用 SharePoint 中的列表數據、Exchange 中的聯繫信息、用於登錄的 Azure 活動目錄信息，這些 API 是非常非常強大的 API 和獨特的給我們。

And they expand the opportunity for developers to reach into the enterprises.

他們擴大了開發人員進入企業的機會。

And then, of course, Azure is a full platform, which is very attractive to developers.

當然，Azure 是一個完整的平台，這對開發人員非常有吸引力。

That gives you a flavor for how important developers are, and what your opportunities are.

這讓您了解開發人員的重要性以及您的機會是什麼。

Thank you.

謝謝你。

Thanks, Raimo.

謝謝，雷莫。

Operator, we have time for one more question, please.

接線員，我們有時間再問一個問題。

Thank you.

謝謝你。

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

我們的最後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。

Amy, I just wanted to go back to D&C licensing, because I think the guidance for the next quarter suggests a relatively modest decline at the midpoint.

艾米，我只是想回到 D&C 許可，因為我認為下一季度的指導表明在中點出現相對溫和的下降。

Certainly more modest than we saw prior to this quarter for the last few quarters.

當然比我們在本季度之前看到的最後幾個季度要溫和。

And I guess I have two questions.

我想我有兩個問題。

One is, are you able to separate the XP end of life impact from the broader improvement in corporate PC refresh, for example?

一個是，例如，您能否將 XP 停產影響與企業 PC 更新的更廣泛改進區分開來？

And then two, Satya, what thought have you given around how you could potentially make what has been traditionally a unit model with Windows OEM revenue into something potentially more recurring in nature?

然後是兩個，Satya，關於如何將傳統上具有 Windows OEM 收入的單元模型轉化為本質上可能更經常出現的東西，您有什麼想法？

Thank you.

謝謝你。

Thanks, Ross.

謝謝，羅斯。

Let me take the first part of that.

讓我來談談第一部分。

I think our guidance for the D&C licensing segment takes into account a moderate decline, as I said, and the benefit of the end of XP, as well as some of the impacts of the pull-forward in Office for Japan.

我認為我們對 D&C 許可部分的指導考慮到了溫和的下降，正如我所說，XP 結束的好處，以及 Office for Japan 的一些影響。

So I think in general it's pretty reflective of the trend lines that we discussed, and I do think it is hard to really separate completely the difference between a generally improving business PC environment and the end of XP.

所以我認為總的來說它很好地反映了我們討論的趨勢線，而且我確實認為很難真正完全區分普遍改善的商業 PC 環境和 XP 的終結之間的區別。

We tried our best to do that in the guidance, and we'll obviously learn more over the coming weeks.

我們在指南中盡最大努力做到這一點，我們顯然會在接下來的幾週內學到更多。

And the thing I would add is this transition from one time, let's say licenses or device purchases, to what is a recurring stream.

我要補充的是，從一次（比如許可證或設備購買）到循環流的轉變。

You see that in a variety of different ways, you have back-end subscriptions, in our case, they would be Office 365.

您會以多種不同的方式看到您擁有後端訂閱，在我們的例子中，它們將是 Office 365。

There's advertising, there's the app store itself.

有廣告，有應用商店本身。

So these are all things that attach to a device.

所以這些都是附加到設備上的東西。

And so we are definitely going to look to make sure that the value prop that we put together is going to be holistic in its nature, and the monetization itself will be holistic, and it will increase with the usage of the device across these services, and so that's the approach we'll take.

所以我們肯定會確保我們放在一起的價值支撐在本質上是整體的，貨幣化本身也是整體的，它會隨著設備在這些服務中的使用而增加，這就是我們將採取的方法。

Thanks Ross.

謝謝羅斯。

Thank you Ross.

謝謝你羅斯。

So, thank you all.

所以，謝謝大家。

That wraps up the Q&A portion of today's earnings call.

今天財報電話會議的問答部分到此結束。

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 unable to attend in person, these events are generally webcast and you can follow all of the events at Microsoft.com/investor.

對於那些無法親自參加的人，這些活動通常是網絡直播的，您可以在 Microsoft.com/investor 上關注所有活動。

Please contact us if you need additional details, and thanks again for joining us today.

如果您需要更多詳細信息，請聯繫我們，再次感謝您今天加入我們。

Thanks, everyone.

感謝大家。

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, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。