微軟 (MSFT) 2014 Q4 法說會逐字稿

Greetings and welcome to Microsoft's fourth quarter fiscal year 2014 earnings.

歡迎來到微軟 2014 財年第四季度財報。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Chris Suh, General Manager, Investor Relations for Microsoft.

我現在想將會議轉交給您的主持人，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, Roya.

謝謝你，羅亞。

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 are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John [Titov], Deputy General Counsel.

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 [Titov]。

On our website www.Microsoft.com/ investor we have posted a slide deck which provides a summary of our financial results, a reconciliation of differences between GAAP and non-GAAP financial measures and a table of noted items to aid in understanding our results this quarter.

在我們的網站 www.Microsoft.com/investor 上，我們發布了一個幻燈片，其中提供了我們的財務結果摘要、GAAP 和非 GAAP 財務指標之間差異的對賬以及一個註釋項目表，以幫助理解我們的結果。四分之一。

Additionally, the slide deck contains detailed information regarding the impact of the Nokia devices and services acquisition on our financial results.

此外，幻燈片還包含有關收購諾基亞設備和服務對我們財務業績的影響的詳細信息。

Our press release is also one website and includes an addendum with additional information about our fourth-quarter performance.

我們的新聞稿也是一個網站，其中包含一份附錄，其中包含有關我們第四季度業績的更多信息。

Microsoft is reporting the financial performance of the acquired Nokia devices and services business in a new segment called phone hardware.

微軟正在報告被收購的諾基亞設備和服務業務在一個稱為電話硬件的新領域的財務業績。

Additionally, the devices and consumer hardware segment was renamed computing and gaming hardware.

此外，設備和消費硬件部分更名為計算和遊戲硬件。

The products included in this renamed segment remain the same.

此重命名部分中包含的產品保持不變。

Current year information reflects the financial performance of the acquired business beginning on April 25, 2014.

本年度信息反映了自 2014 年 4 月 25 日開始的被收購業務的財務業績。

Any reference to operating expense includes Research and Development, sales and marketing and general and administrative but excludes integration and restructuring charges.

任何提及的運營費用都包括研發、銷售和營銷以及一般和行政費用，但不包括整合和重組費用。

Please keep in mind that all growth comparisons we make on the call today relate to the corresponding period of last year.

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。

Unless otherwise specified, all impacted numbers have been adjusted for non-GAAP and noted items which are detailed in our press release and slide deck.

除非另有說明，否則所有受影響的數字都已針對非公認會計原則和注意事項進行了調整，這些項目在我們的新聞稿和幻燈片中有詳細說明。

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

我們將在通話後立即將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記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript on the Microsoft Investor Relations website until July 22, 2015.

在 2015 年 7 月 22 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.

在這次電話會議中，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 differ materially 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 表和其他向證券交易委員會提交的報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異委員會。

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。

And with that I will turn the call over to Amy.

有了這個，我會把電話轉給艾米。

Thanks, Chris, and good afternoon, everyone.

謝謝，克里斯，大家下午好。

This month is an important time for Microsoft.

這個月對微軟來說是一個重要的時刻。

As a leadership team we are taking bold and decisive action to evolve our organization and culture.

作為一個領導團隊，我們正在採取大膽而果斷的行動來發展我們的組織和文化。

This includes difficult steps, but they are necessary to position Microsoft for future growth and industry leadership.

這包括艱難的步驟，但它們對於微軟未來的發展和行業領導地位是必要的。

Today we will spend more time talking about the significant changes we are driving.

今天，我們將花更多時間討論我們正在推動的重大變革。

However, let me first start with this quarter's results.

但是，讓我首先從本季度的結果開始。

After that Satya will talk more about our path forward, and then I will share our financial before we take your questions.

在那之後，薩蒂亞將更多地談論我們的前進道路，然後在我們回答您的問題之前，我將分享我們的財務狀況。

As I think about our strong execution this quarter there are three things that stand out to me, significant momentum with our Cloud services, progress in a number of our consumer businesses and continued cost discipline.

當我想到我們本季度的強勁執行力時，我覺得有三件事很突出，我們的雲服務勢頭強勁，我們的一些消費者業務取得了進展，以及持續的成本紀律。

Our total fourth-quarter revenue was $23 billion including $2 billion from the phone hardware segment.

我們第四季度的總收入為 230 億美元，其中 20 億美元來自電話硬件部門。

As you know, our Q4 guidance did not include the impact of the acquisition of Nokia's devices and services business.

如您所知，我們的第四季度指導不包括收購諾基亞設備和服務業務的影響。

Excluding that, we grew revenue 10% exceeding the high end of our guidance range.

除此之外，我們的收入增長了 10%，超過了我們指導範圍的高端。

Moving on to earnings-per-share, before the impact of the acquisition and the noted items Chris highlighted earlier, EPS grew 12% to $0.66.

轉向每股收益，在收購的影響和克里斯早些時候強調的值得注意的項目之前，每股收益增長了 12% 至 0.66 美元。

These details can be found in the earnings slide deck on our Investor Relations website.

這些詳細信息可以在我們的投資者關係網站的收益幻燈片中找到。

Geographically performance was strong across most markets particularly in North America and Europe.

在大多數市場，特別是在北美和歐洲，地理表現強勁。

We did, however, see challenging conditions in China where like many other multinationals we are experiencing a weak business environment which we do not expect to change in the near-term.

然而，我們確實看到了中國的挑戰性條件，與許多其他跨國公司一樣，我們正經歷著疲軟的商業環境，我們預計短期內不會改變。

Our Commercial Cloud revenue grew 147% this quarter driven by both Office 365 and Azure.

在 Office 365 和 Azure 的推動下，本季度我們的商業雲收入增長了 147%。

Our Commercial Cloud and all revenue run rate more than doubled this year and now exceeds $4.4 billion.

今年我們的商業雲和所有收入運行率翻了一番多，現在超過 44 億美元。

And with this rapidly growing scale we continue to expand our Cloud gross margins.

隨著這種快速增長的規模，我們繼續擴大我們的雲毛利率。

We saw strong Commercial seat growth across Office 365 particularly with SMB customers.

我們看到 Office 365 的商業席位強勁增長，尤其是 SMB 客戶。

Additionally, we added over 1 million new subscribers to Office 365 Home and Personal, and we ended the quarter with 5.6 million users.

此外，我們為 Office 365 家庭版和個人版增加了超過 100 萬新訂閱者，我們在本季度末擁有 560 萬用戶。

Azure has also grown dramatically with storage doubling and compute tripling this year.

今年 Azure 的存儲量翻了一番，計算量翻了三倍，也有了顯著的增長。

Along with increased usage of our core services, over 50% of our Azure customers are now also using higher value services like the Enterprise Mobility Suite which has seen strong adoption since the May launch.

隨著我們核心服務的使用增加，超過 50% 的 Azure 客戶現在也在使用更高價值的服務，例如自 5 月推出以來已被廣泛採用的企業移動套件。

We are pleased that our customers are enthusiastically embracing Office 365, Azure, CRM Online and our other Cloud services, especially considering it still early in the Cloud transition.

我們很高興我們的客戶熱情地接受 Office 365、Azure、CRM Online 和我們的其他雲服務，特別是考慮到它仍處於雲過渡的早期階段。

Each customer has unique deployment needs, and as a result CIOs value the flexibility that our hybrid Cloud offerings provide.

每個客戶都有獨特的部署需求，因此 CIO 重視我們的混合雲產品提供的靈活性。

You can see this in our Commercial bookings which grew 23% this quarter and our contracted not build balance now exceeds $24 billion.

您可以在我們的商業預訂中看到這一點，本季度增長了 23%，我們的合同未建立餘額現在超過 240 億美元。

As we previously discussed in FY14, both the quarter and the year presented a large renewal opportunity.

正如我們之前在 2014 財年所討論的，本季度和年度都提供了巨大的更新機會。

Our differentiated value proposition, combined with strong execution kept our renewal rates very high.

我們差異化的價值主張，加上強大的執行力，使我們的續訂率非常高。

In addition to transitioning to the Cloud, our customers continue to invest in premium versions of our on- prem server products like Windows Server, System Center and SQL Server.

除了過渡到雲，我們的客戶繼續投資於我們的本地服務器產品的高級版本，如 Windows Server、System Center 和 SQL Server。

As a result, our server licensing revenue grew 14% this quarter.

因此，本季度我們的服務器許可收入增長了 14%。

We feel good about the progress we're making with Windows.

我們對使用 Windows 取得的進展感到滿意。

Developed markets continued to show stability, and we are encouraged by the initial response from OEMs to our new consumer offerings like Windows with Bing.

發達市場繼續表現出穩定性，OEM 對我們的新消費產品（如 Windows with Bing）的初步反應令我們感到鼓舞。

This quarter OEM revenue grew 3% as we saw the Commercial hardware refresh cycle continue.

由於我們看到商業硬件更新周期仍在繼續，本季度 OEM 收入增長了 3%。

With businesses updating their devices and renewing their commitment to the Windows platform.

隨著企業更新他們的設備並重申他們對 Windows 平台的承諾。

XP end of support contributed to the double-digit growth in both Windows Pro and Volume Licensing, so the benefits moderated throughout the quarter.

XP 終止支持促成了 Windows Pro 和批量許可的兩位數增長，因此在整個季度中收益有所緩和。

In Bing we continue to see growth in both usage and monetization.

在 Bing 中，我們繼續看到使用和貨幣化的增長。

This quarter US search query share exceeded 19%, and RPS grew double digits again.

本季度美國搜索查詢份額超過 19%，RPS 再次增長兩位數。

As we saw in prior quarters, display revenue remains soft.

正如我們在前幾個季度看到的那樣，顯示收入仍然疲軟。

In late June we launched Surface Pro 3. While it is still early, sales are outpacing earlier versions of Surface Pro, and we are excited to bring the device to many more markets this summer.

6 月底，我們推出了 Surface Pro 3。雖然時間還早，但銷量已經超過了 Surface Pro 的早期版本，我們很高興在今年夏天將這款設備推向更多市場。

During the quarter we reassessed our product road map and decided not to ship a new form factor that was under development.

在本季度，我們重新評估了我們的產品路線圖，並決定不發布正在開發的新外形。

Combined with the transition of production toward our latest Surface offering, we made inventory adjustments which impacted our gross margins.

結合生產向我們最新的 Surface 產品的過渡，我們進行了庫存調整，這影響了我們的毛利率。

Also in June we released our new Xbox One offering and were pleased with the response.

同樣在 6 月，我們發布了新的 Xbox One 產品，並對反應感到滿意。

At E3 we reasserted our focus on games with blockbuster titles and key exclusives coming this holiday.

在 E3 上，我們重申了我們對這個假期即將到來的重磅遊戲和關鍵獨家遊戲的關注。

With the progress we are making in channel inventories, the new markets for Xbox One and our exciting game lineup we feel well-positioned heading into the holiday season.

隨著我們在渠道庫存方面取得的進展、Xbox One 的新市場以及我們令人興奮的遊戲陣容，我們感到在進入假日季節時處於有利位置。

With the closing of the Nokia devices and services acquisition during the quarter, we established a new segment, phone hardware, to provide transparency into the progress we will make as we improve and grow the phone business.

隨著本季度諾基亞設備和服務收購的結束，我們建立了一個新的部門，電話硬件，以透明化我們在改進和發展電話業務時將取得的進展。

This quarter Lumia device sales were primarily driven by good performance in the lower price point 500 and 600 series.

本季度 Lumia 設備的銷售主要受到低價位 500 和 600 系列的良好表現的推動。

Sales of non-Lumia devices were in line with the overall feature phone market dynamics.

非 Lumia 設備的銷售與整體功能手機市場動態一致。

Our gross margins were impacted by decisions we made to rationalize the device portfolio as well as acquisition related amortization expense.

我們的毛利率受到我們為合理化設備組合以及與收購相關的攤銷費用而做出的決定的影響。

Across the Company we grew gross margin by $1 billion or 7%.

在整個公司範圍內，我們的毛利率增長了 10 億美元或 7%。

While the faster growing Cloud and hardware businesses impacted our overall Company gross margin percentage, it is important to note we continue to drive margin growth in key areas within improved discipline and business process.

雖然快速增長的雲和硬件業務影響了我們公司的整體毛利率百分比，但重要的是要注意我們在改進的紀律和業務流程中繼續推動關鍵領域的利潤率增長。

In D&C other, revenue from search advertising and subscriptions are driving gross margin growth.

在 D&C 其他方面，來自搜索廣告和訂閱的收入正在推動毛利率增長。

In Commercial other, margins expanded again this quarter benefiting from both improved business scale and data center efficiency in our Cloud services.

在商業其他方面，本季度利潤率再次擴大，這得益於我們雲服務中業務規模和數據中心效率的提高。

And we've made key changes to our hardware business which have been discussed by both Satya and Stephen Elop in the past two weeks.

我們已經對我們的硬件業務進行了重大更改，Satya 和 Stephen Elop 在過去兩週內都討論了這些更改。

We've also kept our focus on rigorous operating expense discipline.

我們還一直專注於嚴格的運營費用紀律。

Excluding the addition of about $750 million from NDS, our Q4 operating expense came in at the low end of our guidance.

不包括 NDS 增加的約 7.5 億美元，我們的第四季度運營費用處於我們指導的低端。

And for the full-year, with disciplined decision-making, we grew revenue 9% before NDS, more than twice as fast operating expense which grew 4%.

全年，通過嚴格的決策，我們的收入在 NDS 之前增長了 9%，是增長 4% 的運營費用的兩倍多。

Our effective tax rate was higher this quarter.

本季度我們的有效稅率更高。

Part of this was due to an adjustment to prior year taxes related to inter-company transfer pricing.

部分原因是調整了與公司間轉讓定價相關的上一年稅收。

Beyond that the increase was driven by the inclusion of NDS results and our changing geographic mix.

除此之外，這一增長是由納入 NDS 結果和我們不斷變化的地理組合推動的。

In Q4 we returned $3.4 billion in cash to shareholders through buybacks and dividends to finish the fiscal year at $15.7 billion, an increase of 28% over the prior year.

在第四季度，我們通過回購和分紅向股東返還了 34 億美元現金，以 157 億美元結束本財年，比上年增長 28%。

With that overview, let me turn it over to Satya to share some thoughts.

有了這個概述，讓我把它交給 Satya 來分享一些想法。

Thank you, Amy.

謝謝你，艾米。

Hello, everyone.

大家好。

I'm proud of the results we delivered this quarter and across the fiscal year.

我為我們在本季度和整個財年取得的成果感到自豪。

In Q4 on an operating basis we grew revenue 10% and operating income 12%.

在第四季度的運營基礎上，我們的收入增長了 10%，營業收入增長了 12%。

We accelerated our Commercial cloud business to a $4.4 billion annual run rate.

我們將商業雲業務加速到每年 44 億美元的運行速度。

And perhaps more importantly, we made bold and disciplined decisions to define our core as a productivity and a platform Company for the mobile first/Cloud first world.

也許更重要的是，我們做出了大膽而有紀律的決定，將我們的核心定義為移動優先/雲優先世界的生產力和平台公司。

Before I get into the investment principles and decisions I want to explain how our focus on productivity and platform leads us to participate in Cloud and mobile markets.

在我進入投資原則和決策之前，我想解釋一下我們對生產力和平台的關注如何引導我們參與雲和移動市場。

Mobility for us goes beyond just devices.

對我們來說，移動性不僅僅是設備。

While we are certainly focused on building great phones and tablets, we think of mobility more expansively.

雖然我們當然專注於打造出色的手機和平板電腦，但我們更廣泛地考慮移動性。

We think the opportunity that comes from running our productivity experiences on Windows, iOS and Android device.

我們認為機會來自在 Windows、iOS 和 Android 設備上運行我們的生產力體驗。

Office 365 Home and Dynamics SAF offerings are targeted here.

此處針對 Office 365 家庭版和 Dynamics SAF 產品。

We also see great opportunity in simplifying and managing the user experiences spanning multiple devices, ecosystems with our identity management, device management and data security.

我們還看到了通過我們的身份管理、設備管理和數據安全來簡化和管理跨多個設備、生態系統的用戶體驗的巨大機會。

This is the focus of our Enterprise Mobility Suite.

這是我們企業移動套件的重點。

Similarly when it comes to the Cloud opportunity, we run an app scale public Cloud service and provide service for private and hybrid Clouds.

同樣，在雲機會方面，我們運行應用程序規模的公共雲服務，並為私有云和混合雲提供服務。

Azure, StorSimple, InMage and our data center additions of server products across Windows server system Center and SQL Server all help us participate in the Cloud growth.

Azure、StorSimple、InMage 以及我們跨 Windows 服務器系統中心和 SQL Server 的數據中心添加的服務器產品都有助於我們參與雲增長。

Our mobile and Cloud opportunity views informs our decisions on what to build and where to invest.

我們的移動和雲機會視圖為我們決定構建什麼以及在哪裡投資提供依據。

More specifically, we use the following three principles to guide our investments.

更具體地說，我們使用以下三個原則來指導我們的投資。

First focus investments on the core.

首先將投資重點放在核心上。

Productivity experiences and platform investments will prioritize across engineering sales, marketing as well as M&A.

生產力體驗和平台投資將優先考慮工程銷售、營銷和併購。

Second, consolidate overlapping efforts.

二是鞏固交叉聯動。

This means one operating system that covers all screen sizes and consolidated dual use productivity services that cross life and work.

這意味著一個涵蓋所有屏幕尺寸的操作系統和跨越生活和工作的綜合雙重用途生產力服務。

Third, run all businesses in an economically sound way.

三是穩健經營各項業務。

We will get crystal clear on the core businesses that drive long-term differentiation and the businesses that support them.

我們將清楚地了解推動長期差異化的核心業務以及支持它們的業務。

But those supporting efforts such as MSN, retail stores and hardware we will also ensure disciplined financial execution.

但那些支持如 MSN、零售商店和硬件的努力，我們也將確保有紀律的財務執行。

Now let's talk about the specific investments.

現在讓我們談談具體的投資。

We will be relentless in our focus on our core digital work and life experiences and the two platforms that support it, the Cloud operating system and the device operating system and hardware.

我們將堅持不懈地專注於我們的核心數字工作和生活體驗以及支持它的兩個平台，即云操作系統和設備操作系統和硬件。

Everything we do starts with digital work and life experiences to delight dual users.

我們所做的一切都始於數字工作和生活體驗，以取悅雙用戶。

These are users who use technology both at work and in their personal life.

這些用戶在工作和個人生活中都使用技術。

This is how we reinvent productivity.

這就是我們重塑生產力的方式。

Last year we started to take steps in this direction.

去年我們開始朝這個方向邁進。

Now OneDrive and OneDrive for Business are one team.

現在 OneDrive 和 OneDrive for Business 是一個團隊。

Outlook and Exchange are one team.

Outlook 和 Exchange 是一個團隊。

Skype and Lync are one team, all focused on those dual user scenarios.

Skype 和 Lync 是一個團隊，都專注於那些雙用戶場景。

We are clear that our experiences are going to be available on all devices.

我們很清楚，我們的體驗將在所有設備上可用。

We have a specific goal for multiple Microsoft applications to be available on every home screen.

我們有一個特定目標，即在每個主屏幕上都可以使用多個 Microsoft 應用程序。

This is why we brought Office to the iPad, and now their are more than 35 million downloads of Word, Excel, PowerPoint, and OneNote.

這就是我們將 Office 引入 iPad 的原因，現在 Word、Excel、PowerPoint 和 OneNote 的下載量已超過 3500 萬次。

We believe productivity experiences will go beyond individual applications to deliver ambient intelligence that spans applications.

我們相信生產力體驗將超越單個應用程序，提供跨應用程序的環境智能。

To that end we introduced Cortana, our personal assistant in Windows Phone 8.1.

為此，我們在 Windows Phone 8.1 中引入了我們的個人助理 Cortana。

We also believe that productivity includes group collaboration and business processes within organizations.

我們還認為，生產力包括組織內的團隊協作和業務流程。

In February we announced our Power BI Suite to help customers harness the power of big data in order to drive a data culture and greater productivity within their organizations.

2 月，我們發布了 Power BI 套件，以幫助客戶利用大數據的力量，在其組織內推動數據文化和更高的生產力。

Power BI Suite enables you to ask natural language questions, do rich visualizations and collaborate around data.

Power BI Suite 使您能夠提出自然語言問題、進行豐富的可視化並圍繞數據進行協作。

Customers are loving it.

客戶很喜歡它。

In the fact, the average monthly users have grown over 130%.

事實上，平均每月用戶增長了 130% 以上。

We are pleased to see all of Dynamics growth at 13% for the quarter with the CRM Online nearly doubling.

我們很高興看到本季度所有 Dynamics 增長 13%，CRM Online 幾乎翻了一番。

And it is great now to have Dynamics CRM in the Gartner leaders quadrant in both sales and service, the two most relevant areas in the CRM space.

現在，Dynamics CRM 在銷售和服務這兩個最相關的 CRM 領域中的 Gartner 領導者象限中非常棒。

Looking forward in FY15, we are increasingly our investment in R&D and sales for our digital work and life businesses even as we cut total operating expenses.

展望 2015 財年，我們將加大對數字工作和生活業務研發和銷售的投資，儘管我們削減了總運營費用。

We have a rich road map going forward.

我們有一個豐富的前進路線圖。

Two examples of our innovation are what we are doing with Delve and Skype Translator.

我們創新的兩個例子是我們使用 Delve 和 Skype Translator 所做的事情。

Delve is an Office 365 Cloud-based service that is the first in a new breed of intelligent and social work experiences.

Delve 是一項基於 Office 365 雲的服務，是新一代智能和社會工作體驗中的首創。

Delve will turn enterprise search on its head as information that is relevant to you finds you.

隨著與您相關的信息找到您，Delve 將徹底顛覆企業搜索。

Think of this as the Facebook news suite for productivity.

將其視為提高生產力的 Facebook 新聞套件。

Skype translator will break down the language barriers in our communications and impact everything from everyday conversations with friends to education to global business.

Skype 翻譯器將打破我們溝通中的語言障礙，影響從與朋友的日常對話到教育再到全球業務的方方面面。

Additionally, I'm pleased to see the progress with Bing now more than 19% US query share and strong RPS growth.

此外，我很高興看到 Bing 現在在美國的查詢份額超過 19% 和強勁的 RPS 增長。

Going forward we will drive our Bing related investments to contribute to the core digital work and life experiences such as Cortana, SmartSearch, Delve, Power Q&A and many others.

展望未來，我們將推動 Bing 相關投資，為 Cortana、SmartSearch、Delve、Power Q&A 等核心數字工作和生活體驗做出貢獻。

We expect Bing to be profitable on a standalone basis in FY16.

我們預計 Bing 將在 2016 財年獨立盈利。

Now let's transition to the Cloud OS.

現在讓我們過渡到 Cloud OS。

Our Cloud OS represents the fastest growing opportunity for Microsoft.

我們的雲操作系統代表了 Microsoft 增長最快的機會。

Quarter-after-quarter we drive growth and customer adoption.

我們逐個季度推動增長和客戶採用。

Our server products benefit from our public Cloud.

我們的服務器產品受益於我們的公共雲。

The fact that we use our servers to run our Cloud makes our server software the most capable enabling others to build and operate their 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軟件最有能力使其他人能夠構建和操作他們的雲。

This has led to growth in Hyper-V share which is now at 30.6% and has helped grow data center additions to Windows Server and System Center both up more of more than 40% for the year.

這導致 Hyper-V 份額的增長，目前為 30.6%，並幫助增加了 Windows Server 和 System Center 的數據中心，今年都增長了 40% 以上。

We also had another breakout year for SQL Server.

SQL Server 又迎來了突破性的一年。

With SQL Server 14 we released industrial leading in memory technology across all database workloads of online transaction processing, data warehousing and business intelligence.

借助 SQL Server 14，我們發布了行業領先的內存技術，涵蓋在線事務處理、數據倉庫和商業智能的所有數據庫工作負載。

And we grew our SQL business by more than 19%.

我們的 SQL 業務增長了 19% 以上。

Our Azure business is growing rapidly, and we further accelerated growth last year.

我們的 Azure 業務增長迅速，去年我們進一步加速增長。

We grew our data center footprint into Australia, Brazil, Japan and China while doubling our capacity in existing regions.

我們將數據中心的足跡擴大到澳大利亞、巴西、日本和中國，同時將現有地區的容量翻了一番。

In FY14 we also started to see the adoption of our high-value services on top of our base Cloud infrastructure.

2014 財年，我們還開始看到在我們的基礎雲基礎設施之上採用我們的高價值服務。

We announced the Enterprise Mobility Suite, our comprehensive Cloud solution to address the consumerization of IT challenges such as bring your own device and SAF application adoption.

我們宣布推出企業移動套件，這是我們全面的雲解決方案，用於解決 IT 消費化挑戰，例如自帶設備和 SAF 應用程序採用。

EMS brings together identity management, device management and data security into one IT control plane and architecture.

EMS 將身份管理、設備管理和數據安全整合到一個 IT 控制平面和架構中。

The early data from customer adoption for EMS is very encouraging.

客戶採用 EMS 的早期數據非常令人鼓舞。

We announced the Azure Intelligent System Service, our IOT service in the Cloud that enables organizations to securely connect, manage and capture machine generated data from a variety of sensors and devices.

我們宣布推出 Azure 智能係統服務，這是我們在雲中的 IOT 服務，使組織能夠安全地連接、管理和捕獲來自各種傳感器和設備的機器生成數據。

To support these high-value services in Azure, I have prioritized acquisitions such as GreenButton for Big Compute, Cap 10 for mobile backend services and just in the past few weeks InMage for disaster recovery for hybrid Clouds.

為了支持 Azure 中的這些高價值服務，我優先收購了諸如用於大計算的 GreenButton、用於移動後端服務的 Cap 10，以及就在過去幾週內用於混合雲災難恢復的 InMage。

In FY15 we'll make investments to drive the strategy forward.

2015 財年，我們將進行投資以推動戰略向前發展。

We will expand our Azure data center for print and increase capacity in existing regions.

我們將擴展我們的 Azure 數據中心以進行打印並增加現有區域的容量。

We will launch new high-level services including Azure machine learning that currently is in preview.

我們將推出新的高級服務，包括目前處於預覽階段的 Azure 機器學習。

We will expand our hybrid solutions with new services such as StorSimple, InMage as well as our server products all offering Cloud tiering.

我們將通過 StorSimple、InMage 等新服務以及我們的服務器產品來擴展我們的混合解決方案，所有這些都提供雲分層。

We will continue to build out the EMS value proposition, and we will expand our sales efforts to drive growth.

我們將繼續建立 EMS 價值主張，我們將擴大銷售力度以推動增長。

Let's transition to our device OS and hardware, the third component of our core.

讓我們過渡到我們的設備操作系統和硬件，這是我們核心的第三個組件。

In everything we do with our Windows OS and first party devices, we will light up our digital work and life experiences.

在我們使用 Windows 操作系統和第一方設備所做的每一件事中，我們都將點亮我們的數字工作和生活體驗。

We are approaching the Windows OS business with a bold challenge and mindset and pushing both the product and business model forward.

我們正以大膽的挑戰和思維方式接近 Windows 操作系統業務，並推動產品和商業模式向前發展。

We start with a focus on business customers in FY14.

2014 財年我們首先關注商業客戶。

We saw these customers recommit to Windows.

我們看到這些客戶重新承諾使用 Windows。

In April we released an update to Windows 8.1.

4 月，我們發布了 Windows 8.1 的更新。

To start we improve the core desktop experience with mouse and keyboard advancement.

首先，我們通過鼠標和鍵盤改進來改進核心桌面體驗。

For enterprises we released Internet Explorer Enterprise Mode and extended our mobile device management capability.

對於企業，我們發布了 Internet Explorer 企業模式並擴展了我們的移動設備管理能力。

With Windows 8.1 update we also lowered the hardware spec required so that OEMs can build tablets and clamshells at lower price points.

通過 Windows 8.1 更新，我們還降低了所需的硬件規格，以便 OEM 能夠以更低的價格生產平板電腦和翻蓋式手機。

And addition we made the decision to evolve the Windows business model.

此外，我們還決定發展 Windows 業務模型。

Now Windows licenses are $0 for any OEM building a device less than 9 inches.

現在，對於任何製造小於 9 英寸的設備的 OEM，Windows 許可證都是 0 美元。

We also added a low-cost Windows offering with Bing integration for OEM.

我們還為 OEM 添加了帶有 Bing 集成的低成本 Windows 產品。

This new offering combined with lower hardware specs means OEMs will bring a fantastic lineup of value-based Notebooks and tablets to the markets this holiday.

這種新產品與較低的硬件規格相結合，意味著 OEM 將在這個假期為市場帶來一系列基於價值的筆記本電腦和平板電腦。

In June we launched Surface Pro 3, the most productive tablet on the market today.

6 月，我們推出了 Surface Pro 3，這是當今市場上生產力最高的平板電腦。

The reason it is the most productive tablet on the market is because we thought through the experience end-to-end.

它之所以成為市場上生產力最高的平板電腦，是因為我們對體驗進行了端到端的思考。

For example, one of the things you will notice with Surface Pro 3 is how it excels at note taking.

例如，您會注意到 Surface Pro 3 的一件事是它在記筆記方面的出色表現。

You can jot down your thoughts rapidly just like with a pen and paper.

您可以像用筆和紙一樣快速記下您的想法。

To make this work in an integrated natural way our developers pulled together one vision to write code that resides in the firmware in the Surface Pro 3's pen, the Windows Shell and its inking support to reduce the parallax error as well as in OneNote.

為了使這項工作以一種集成的自然方式工作，我們的開發人員匯集了一個願景來編寫駐留在 Surface Pro 3 筆、Windows Shell 及其墨跡支持以減少視差錯誤以及 OneNote 中的固件中的代碼。

And, as Amy said, we are optimistic given the early signs from the Surface Pro 3's performance in the market.

而且，正如 Amy 所說，鑑於 Surface Pro 3 市場表現的早期跡象，我們持樂觀態度。

On phones we saw a good early start to Lumia 630 and 635 as well as Lumia 930 especially in Europe.

在手機上，我們看到 Lumia 630 和 635 以及 Lumia 930 的早期起步良好，尤其是在歐洲。

In the year ahead we are investing in ways that will ensure our device OS and first party hardware aligns to our core.

在未來一年，我們將投資於確保我們的設備操作系統和第一方硬件與我們的核心保持一致的方式。

We will streamline the next version of Windows from three operating systems into one single converged operating system for screens of all sizes.

我們將把下一代 Windows 版本從三個操作系統精簡為一個融合操作系統，適用於各種尺寸的屏幕。

We will unify our stores, commerce and develop a platform to drive a more coherent user experience and a broader developer opportunity.

我們將統一我們的商店、商業並開發一個平台，以推動更一致的用戶體驗和更廣泛的開發者機會。

We look forward to sharing more about our next major wave of Windows enhancements in the coming months.

我們期待在未來幾個月內分享更多有關我們下一波主要 Windows 增強功能的信息。

Our approach to first party hardware going forward is clear.

我們對第一方硬件前進的方法很明確。

At times we will develop new categories that we did with Surface, and we will responsibly make the market for Windows Phone.

有時我們會開發與 Surface 相同的新類別，並且我們會負責任地為 Windows Phone 開拓市場。

However, we are not in hardware for hardware's sake.

但是，我們不是為了硬件而在硬件中。

And the first party device portfolio will be aligned to our strategic direction as a productivity and platform company.

第一方設備組合將與我們作為生產力和平台公司的戰略方向保持一致。

As I said before, going forward all the devices will be created with an explicit purpose to light up our digital work and life experiences.

正如我之前所說，未來所有設備的創建都將具有明確的目的，以照亮我們的數字工作和生活體驗。

Good examples of this today are what we are doing with Surface Pro 3 for note taking and PPI for meetings.

今天的一個很好的例子是我們使用 Surface Pro 3 做筆記和 PPI 會議。

You can expect to see this type of innovation in our hardware including phones.

您可以期待在我們的硬件（包括手機）中看到這種類型的創新。

Amy will talk more on our plans for disciplined execution around our hardware business going forward.

艾米將更多地談論我們未來圍繞硬件業務嚴格執行的計劃。

I want to make a few comments on Xbox.

我想對 Xbox 發表一些評論。

It is important for us to have a core that's thriving.

擁有一個蓬勃發展的核心對我們來說很重要。

It is equally important to place smart bold bets in other areas where we have the ability to add value and have impact.

在我們有能力增加價值和產生影響的其他領域進行明智的大膽下注同樣重要。

That's what we are doing with Xbox.

這就是我們對 Xbox 所做的事情。

We made the decision to manage Xbox to maximize enterprise value with a focus on gaming.

我們決定管理 Xbox 以最大限度地提高企業價值，並專注於遊戲。

Gaming is the largest digital live category in a mobile first Cloud first world.

遊戲是移動優先雲優先世界中最大的數字直播類別。

It is also the place where our past success, a revered brand and passionate fan base present us a special opportunity.

這也是我們過去的成功、受人尊敬的品牌和熱情的粉絲群為我們提供特殊機會的地方。

With our decision to specifically focus on gaming, we expect to close Xbox Entertainment Studios and streamline our investments in music and video.

由於我們決定專注於遊戲，我們希望關閉 Xbox 娛樂工作室並簡化我們在音樂和視頻方面的投資。

We will invest in our core console gaming and Xbox Live with a view towards the broader PC and mobile opportunity.

我們將投資於我們的核心主機遊戲和 Xbox Live，著眼於更廣泛的 PC 和移動機會。

I hope you can see that we have bold ambitions, and we have made a lot of progress.

我希望你能看到我們有大膽的野心，我們已經取得了很大的進步。

Also know that we are well underway in evolving our organization and culture to deliver on these bold ambitions.

也知道我們在發展我們的組織和文化以實現這些大膽的雄心壯志方面正在順利進行。

This includes simplifying how we work and modernizing our engineering processes.

這包括簡化我們的工作方式和現代化我們的工程流程。

In all that we do we will be accountable to our customers, partners and shareholders.

在我們所做的一切中，我們將對我們的客戶、合作夥伴和股東負責。

Empowering every individual and organization to do more and achieve more in a mobile first Cloud first world is a huge undertaking, and it is one that Microsoft is uniquely qualified to take on and change the world.

讓每個個人和組織在移動優先的雲優先世界中做更多的事情和取得更多的成就是一項艱鉅的任務，而這是微軟唯一有資格承擔和改變世界的任務。

Thank you, and with that let me turn it over to Amy to give you more guidance on FY15.

謝謝你，讓我把它交給艾米，為你提供更多關於 2015 財年的指導。

Thanks, Satya.

謝謝，薩蒂亞。

Before going into detail about our outlook, let me first say that all forward looking information assumes the macroeconomic environment remains stable throughout this coming fiscal year.

在詳細介紹我們的前景之前，我首先要說，所有前瞻性信息都假設宏觀經濟環境在整個下一個財政年度保持穩定。

As Satya detailed, we are taking bold steps to move Microsoft forward with a renewed sense of clarity and alignment.

正如 Satya 所詳述的那樣，我們正在採取大膽的步驟，以全新的清晰感和一致性來推動 Microsoft 向前發展。

Our investment plan reflects those changes as we reallocate resources to aggressively drive toward our goals and pursue the highest growth and financial return businesses.

我們的投資計劃反映了這些變化，因為我們重新分配資源以積極推動我們的目標並追求最高增長和財務回報的業務。

Even as we invest for growth, we expect our total operating expense in FY15 to be down from this past year before considering the addition of the Nokia cost structure and integration and restructuring cost.

即使我們為增長而投資，在考慮增加諾基亞成本結構以及整合和重組成本之前，我們預計 2015 財年的總運營費用將比去年下降。

Now let me address phone separately.

現在讓我單獨稱呼電話。

In FY14 we recorded about $750 million of operating expense for the phone business for the period post the acquisition.

2014 財年，我們記錄了收購後電話業務約 7.5 億美元的運營費用。

Annualized, this would have been about $4.5 billion.

按年計算，這將是大約 45 億美元。

But we are aggressively working to drive synergies across key functions such as development, supply chain and operations as we integrate and right size the business.

但隨著我們整合業務並調整規模，我們正在積極努力推動開發、供應鍊和運營等關鍵職能部門之間的協同效應。

We expect to realize more than $1 billion in synergies and as result, we will be on a path to reach operating breakeven for the phone business in FY16.

我們預計將實現超過 10 億美元的協同效應，因此，我們將在 2016 財年實現電話業務的運營盈虧平衡。

Including phone, we expect operating expense to be between $34.2 billion and $34.6 billion dollars in FY15.

包括電話在內，我們預計 FY15 的運營費用將在 342 億美元至 346 億美元之間。

In addition to the expense guidance I just provided, and as we announced on July 17, we expect to incur between $1.1 billion and $1.6 billion in restructuring expense.

除了我剛剛提供的費用指導，正如我們在 7 月 17 日宣布的那樣，我們預計將產生 11 億至 16 億美元的重組費用。

These will be substantially complete in the first half of the fiscal year.

這些將在本財年上半年基本完成。

Separately we will also incur about $150 million per quarter in integration cost such as systems work.

另外，我們還將每季度產生約 1.5 億美元的集成成本，例如係統工作。

Similar to this quarter we will continue to report these items in a separate line item in the income statement.

與本季度類似，我們將繼續在損益表的單獨項目中報告這些項目。

Now let me give our view on the first quarter starting with devices and consumer.

現在讓我從設備和消費者開始給出我們對第一季度的看法。

In licensing we expect revenue to be $4.1 billion to $4.2 billion.

在許可方面，我們預計收入為 41 億至 42 億美元。

This range reflects an ongoing business PC refresh cycle, headwinds for consumer PCs and a continued moderation of the benefits from the XP end of support.

這一範圍反映了持續的商務 PC 更新周期、消費者 PC 的不利因素以及 XP 支持終止帶來的好處的持續緩和。

In computing and gaming hardware, we expect revenue to be $1.7 billion to $2 billion.

在計算和遊戲硬件方面，我們預計收入將在 17 億至 20 億美元之間。

This range reflects the continuing ramp of Surface Pro 3 and Xbox One as both products are introduced into new markets in Q1.

這一範圍反映了 Surface Pro 3 和 Xbox One 的持續增長，因為這兩種產品都在第一季度進入了新市場。

In phone hardware we expect revenue to be $1.9 billion to $2.3 billion as we de-line the device portfolio to our strategy.

在手機硬件方面，我們預計收入將在 19 億至 23 億美元之間，因為我們將設備組合與我們的戰略相結合。

And in devices and consumer other, we expect revenue to be $1.8 billion to $1.9 billion.

在設備和消費者其他方面，我們預計收入將在 18 億美元至 19 億美元之間。

Moving on to Commercial, we expect revenue across our two segments to be $12.0 billion to $12.2 billion.

轉向商業，我們預計我們兩個部門的收入將在 120 億美元至 122 億美元之間。

Within this we expect Commercial other revenue of $2.2 billion to $2.3 billion.

在此範圍內，我們預計商業其他收入為 22 億至 23 億美元。

And in corporate we expect about $300 million of negative impact next quarter.

在企業方面，我們預計下個季度將產生約 3 億美元的負面影響。

We expect COGS to be $7.5 billion to $7.9 billion with variability being driven by both hardware segments.

我們預計 COGS 為 75 億至 79 億美元，可變性由兩個硬件部分驅動。

We expect first-quarter operating expense excluding integration and restructuring to be between $8.5 billion and $8.7 billion.

我們預計不包括整合和重組的第一季度運營費用將在 85 億美元至 87 億美元之間。

As a reminder, other income and expense includes dividends 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利息收入，被利息支出和對沖淨成本所抵消。

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 expect our full-year tax rate to be between 21% and 23%.

我們預計全年稅率將在 21% 至 23% 之間。

This is in line with the fourth quarter excluding the prior period tax adjustment as the changing mix of our business as well as the impact of the NDS acquisition will continue to influence our tax rate.

這與不包括前期稅收調整的第四季度一致，因為我們業務組合的變化以及 NDS 收購的影響將繼續影響我們的稅率。

Investments in Cloud infrastructure are necessary to support and enable the significant growth and momentum in our Cloud services.

對雲基礎設施的投資對於支持和實現我們雲服務的顯著增長和動力是必要的。

In Q1, we expect CapEx to increased sequentially increase sequentially to further support our growth.

在第一季度，我們預計資本支出將環比增長，以進一步支持我們的增長。

Similar to FY14, these investments are decided based on the thorough review of demand and capacity plans to ensure that the investments provide an appropriate return on capital.

與 2014 財年類似，這些投資是根據對需求和產能計劃的徹底審查決定的，以確保投資提供適當的資本回報。

We also remain focused on software driven innovation to increase the utilization and capacity of the capital we deploy.

我們還繼續專注於軟件驅動的創新，以提高我們部署的資本的利用率和容量。

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

我們預計賺取的收入將按照正常的季節性增長。

In closing, Q1 is the start of an incredibly important year for Microsoft.

最後，第一季度是微軟極其重要的一年的開始。

We are making important changes to our organization and culture to enable and empower our people to do their very best work.

我們正在對我們的組織和文化進行重要的改變，以使我們的員工能夠做到最好的工作。

Mobility in Cloud presented an enormous opportunity, and we are focusing resources on our core so we can capitalize and deliver on the next wave of innovation, growth and a long-term shareholder value.

雲中的移動性提供了一個巨大的機會，我們將資源集中在我們的核心上，這樣我們就可以利用並實現下一波創新、增長和長期股東價值。

With that, I'll turn it back over to Chris, and we can move to Q&A.

有了這個，我會把它交給克里斯，我們可以轉到問答環節。

Thanks, Amy.

謝謝，艾米。

And with that we will move to Q&A.

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）

Mark Moerdler, Sanford Bernstein.

馬克·莫德勒，桑福德·伯恩斯坦。

Thank you very much.

非常感謝。

I've got two parts to it.

我有兩個部分。

The first is, Satya, you've been changing the engineering processes within the Company adding more analytics to the process.

首先，Satya，您一直在更改公司內部的工程流程，為流程添加更多分析。

How do you see this change impacting both the product and the speed of go to market?

您如何看待這種變化對產品和上市速度的影響？

Yes, two things, Mark.

是的，有兩件事，馬克。

One is the diversity of products that Microsoft has from silicon tape outs to services that we are continuously updating in Azure or Office 365 is a lot more than let's say when we first created that Microsoft engineering system.

一個是微軟擁有的產品多樣性，從矽帶輸出到我們在 Azure 或 Office 365 中不斷更新的服務，比我們第一次創建微軟工程系統時要多得多。

That was for retail packaged products, so since then a lot has changed, and a lot has evolved.

那是針對零售包裝產品的，所以從那以後發生了很多變化，並且發生了很多變化。

So, what we are doing is we are in introducing new functions and new skills, design is even more important than it ever was, data analytics as you said is very important to us and they are not outside functions.

所以，我們正在做的是我們正在引入新功能和新技能，設計比以往任何時候都更加重要，正如你所說的數據分析對我們非常重要，它們不是外部功能。

They are functions that are integral to how we do product development, how we do AB testing, how do we do log analysis on a continuous basis.

它們是我們如何進行產品開發、我們如何進行 AB 測試、我們如何連續進行日誌分析不可或缺的功能。

So, that's the engineering process and culture change that we have ongoing, and in fact a lot of learning from a variety of different teams that's now spreading across a lot of Microsoft.

所以，這就是我們正在進行的工程流程和文化變革，事實上，我們從各種不同的團隊那裡學到了很多東西，這些團隊現在正在微軟的很多地方傳播。

Thank you and, Amy, one quick question.

謝謝你，艾米，一個快速的問題。

We saw a significant acceleration this quarter in Cloud revenue -- I guess Amy or Satya, we saw acceleration in Cloud revenue your year, what -- is this Office for the iPad?

我們看到本季度雲收入顯著加速——我猜是 Amy 或 Satya，我們看到你一年的雲收入加速增長，什麼——這個 Office for iPad 是什麼？

Is this Azure?

這是蔚藍嗎？

What's driving the acceleration, and how long do you think we can keep this going?

是什麼推動了加速，您認為我們可以保持多長時間？

Mark, why don't I take it and if Satya wants to add, obviously he should do that.

馬克，我為什麼不接受它，如果薩蒂亞想補充，顯然他應該這樣做。

In general I wouldn't point to one product area.

一般來說，我不會指向一個產品領域。

It was across Office 365, Azure and even CRM online.

它橫跨 Office 365、Azure 甚至在線 CRM。

I think some of the important dynamics that you could point to particularly in Office 365, I really think over the course of the year we saw an acceleration in moving the product down the market into increasing what we would call the mid-market and even small business at a pace.

我認為您可以指出的一些重要動態，尤其是在 Office 365 中，我真的認為在這一年中，我們看到了將產品從市場下移到增加我們所謂的中端市場甚至小型市場的加速有節奏地開展業務。

And that's a particular place I would tie back to some of the things Satya mentioned in the answer to your first question.

這是一個特別的地方，我想與 Satya 在回答你的第一個問題時提到的一些事情聯繫起來。

Improvements to analytics, improvements to understanding the use scenarios, improving the product in real-time, understanding trial, ease-of-use, ease of sign-up, all of these things actually can afford us the ability to go to different categories, go to different Geos and to different segments.

分析的改進，理解使用場景的改進，實時改進產品，理解試用，易用性，易於註冊，所有這些實際上都可以讓我們有能力去不同的類別，去不同的地理和不同的細分市場。

And in addition I think what you'll see, Mark, as we initially moved many of our customers to Office 365 it came on one workload.

此外，我認為您會看到，馬克，當我們最初將許多客戶轉移到 Office 365 時，它來自一個工作負載。

I think what we've increasingly seen is our ability to add more work loads and to sell the entirety of the suite through that process.

我認為我們越來越多地看到我們能夠增加更多的工作量並通過該過程銷售整個套件。

I also mentioned in Azure our increased ability to sell some of these higher value services.

我還在 Azure 中提到我們增加了銷售其中一些更高價值服務的能力。

So, while I could speak broadly about all of them, I think I would generally think about the strength as being both completion of our product suite, ability to enter new segments and ability to sell new work loads.

因此，雖然我可以廣泛地談論所有這些，但我認為我通常會認為優勢在於我們的產品套件的完成、進入新細分市場的能力和銷售新工作量的能力。

The only thing I would add is it is the combination of our SaaS offerings like Dynamics and Office 365, our public Cloud offering in Azure, but also our private and hybrid Cloud infrastructure, which also benefits, because they run on our service, the Cloud runs on our service.

我唯一要補充的是，它結合了我們的 SaaS 產品，如 Dynamics 和 Office 365，我們在 Azure 中的公共雲產品，以及我們的私有和混合雲基礎設施，這也有好處，因為它們在我們的服務雲上運行在我們的服務上運行。

So it is that combination which makes us both unique and reinforcing, and a best example is what we are doing with Azure after directory.

因此，正是這種組合使我們既獨特又強化，一個最好的例子就是我們在目錄之後使用 Azure 所做的事情。

The fact that someday gets on-boarded to Office 365 means that tenant information is in Azure AD.

有一天會加入 Office 365 的事實意味著租戶信息位於 Azure AD 中。

That fact that the tenant information is in Azure AD is what makes EMS, or our Enterprise Mobility Suite more attractive to a customer managing iOS, Android or Windows devices.

租戶信息位於 Azure AD 中這一事實使得 EMS 或我們的企業移動套件對管理 iOS、Android 或 Windows 設備的客戶更具吸引力。

That network effect is really now helping us a lot across all of our Cloud efforts.

這種網絡效應現在真的在我們所有的雲計算工作中幫助了我們很多。

Thanks, Mark.

謝謝，馬克。

Congratulations on the quarter.

祝賀本季度。

Thank you.

謝謝你。

Next question please.

請下一個問題。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Thank you.

謝謝你。

Amy, you are taking a very disciplined approach on expenses.

艾米，你對開支採取了非常嚴格的方法。

Just curious if you can help everyone understand how you are approaching that and your confidence in doing more with less?

只是好奇您是否可以幫助每個人了解您是如何實現這一目標的，以及您對事半功倍的信心？

Thanks, Brent.

謝謝，布倫特。

Let me actually, I will started, and I think Satya will have some things to add.

讓我說實話，我會開始的，我想 Satya 會有一些東西要補充。

First of all I will start by saying I wouldn't ascribe the behavior to me.

首先，我將首先說我不會將這種行為歸咎於我。

I would ascribe the behavior to senior leadership team and to a group that focused on investing in the core, focused on making trade-offs, focused on really accelerating our growth in key areas.

我將這種行為歸因於高級領導團隊和一個專注於投資核心、專注於權衡取捨、專注於真正加速我們在關鍵領域的增長的團隊。

Our ability to make changes really throughout the second half of this year in particular and as we've led into FY15 is really about a group focused on building and investing in something that can really be even greater than it is today.

我們在今年下半年真正做出改變的能力，正如我們已經進入 2015 財年，這實際上是關於一個專注於建設和投資於比現在更偉大的東西的團隊。

So, while I would use the word disciplined, I don't think it is about a person, and it shouldn't be.

所以，雖然我會使用“自律”這個詞，但我不認為它是關於一個人的，也不應該是這樣。

It should be about an environment in which every person here thinks about how they can increase their ROI and accrue to the collective.

它應該是一個環境，在這裡的每個人都在思考如何提高投資回報率並為集體增值。

I think we've actually see the benefits of that in the past few quarters, and I think you'll see it as we head into FY15.

我認為我們在過去幾個季度實際上已經看到了這樣做的好處，我認為您會在我們進入 2015 財年時看到它。

You capture it well.

你很好地捕捉它。

Next question please.

請下一個問題。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Excellent.

出色的。

Thank you for the question and a very nice quarter.

謝謝你的問題和一個非常好的季度。

I was hoping to talk a little bit about the growth strategy at Nokia.

我希望能談談諾基亞的增長戰略。

You guys look to cut expenses pretty aggressively there, but this is -- particularly smart phones is a very competitive marketplace.

你們希望在那裡非常積極地削減開支，但這是——尤其是智能手機是一個競爭非常激烈的市場。

Can you tell us a little bit about the strategies for how you actually start to gain share with Lumia on a going forward basis and maybe give us an idea of what levels of share or what levels of unit volumes are you going to need to hit to get to that breakeven in FY16?

您能否告訴我們一些關於您如何在未來實際開始獲得 Lumia 份額的策略，並可能讓我們了解您需要達到的份額水平或單位數量水平2016 財年達到盈虧平衡？

Let me start and Amy can even add.

讓我開始，艾米甚至可以添加。

So, overall, we are very focused on I would say thinking about mobility share across the entire Windows family.

因此，總的來說，我們非常關注我想說的是考慮整個 Windows 家族的移動共享。

I already talked about in my remarks about how mobility for us even goes beyond devices, but for this specific question I would even say that we want to think about mobility, not just one form factor of a mobile device, because I think that's where the ultimate prize is.

我已經在發言中談到我們的移動性如何超越設備，但對於這個特定的問題，我什至會說我們想要考慮移動性，而不僅僅是移動設備的一種形式，因為我認為這就是終極大獎是。

But that said we are even year-over-year basis seeing increased volume for Lumia.

但也就是說，我們甚至可以看到 Lumia 的銷量同比增長。

It's coming at the low end in the entry Smartphone market, and we are pleased with it.

它出現在入門級智能手機市場的低端，我們對此感到滿意。

It's come in many markets we now have over 10%, that's the first market I would say that we need to track country by country.

它出現在我們現在擁有超過 10% 的許多市場中，這是我要說的第一個市場，我們需要逐個國家跟踪。

And the key place where we are going to differentiate is looking at productivity scenarios or the digital work in the life scenarios that we can light up on our phone in unique ways.

我們要區分的關鍵地方是查看生產力場景或生活場景中的數字工作，我們可以以獨特的方式在手機上點亮它們。

When I can take my Office Lens app, use the camera on the phone, take a picture of anything and it have it automatically OCR recognized and into OneNote in searchable fashion, that's a unique scenario.

當我可以使用我的 Office Lens 應用程序，使用手機上的相機，拍攝任何東西時，它會自動識別 OCR 並以可搜索的方式進入 OneNote，這是一個獨特的場景。

What we've done with Surface's PPI shows is us the way that there's a lot more we can do with phones by broadly thinking about productivity, so this is not about just a Word or Excel on your phone, it is about thinking about Cortana and Office Lens and those kinds of scenarios in compelling ways.

Surface 的 PPI 展示了我們通過廣泛考慮生產力可以在手機上做更多事情的方式，所以這不僅僅是手機上的 Word 或 Excel，而是考慮 Cortana 和Office Lens 和這些場景以令人信服的方式。

And that's what at the end of the day is going to drive our differentiation and higher end Lumia phones.

這就是最終將推動我們的差異化和高端 Lumia 手機的原因。

And, Keith, to answer your specific question regarding FY16, I think we've made the difficult choices to get the cost base to a place where we can deliver on the exact scenario Satya has outlined, and we do assume that we continue to grow our units through the year and into FY16 in order to get to breakeven.

而且，Keith，為了回答您關於 2016 財年的具體問題，我認為我們已經做出了艱難的選擇，以使成本基礎達到我們可以交付 Satya 所概述的確切方案的地方，並且我們確實假設我們會繼續增長我們的單位通過這一年並進入 FY16，以實現盈虧平衡。

Okay.

好的。

Thank you.

謝謝你。

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Hello.

你好。

Congratulations on a great quarter.

祝賀一個偉大的季度。

I just wanted to dig into Office 365.

我只是想深入了解 Office 365。

You put up another quarter of pretty impressive metrics going up to 5.6 million Home Premium users.

您提出了另外四分之一的令人印象深刻的指標，高達 560 萬家庭高級用戶。

I think the Commercial side grew, I think it was 98% year-over-year.

我認為商業方面增長了，我認為它同比增長了 98%。

And, Satya, you talked about some pretty meaningful download numbers as far as on the iPad.

而且，Satya，就 iPad 而言，您談到了一些非常有意義的下載數字。

I wonder if you can just give us an update on Office 365, how it's doing versus your expectations and what your expectations are over the course of next 12, 18, 24 months as we continue this transition?

我想知道您是否可以向我們提供有關 Office 365 的最新信息，它與您的期望相比的表現如何，以及隨著我們繼續這一過渡，您在接下來的 12、18、24 個月的過程中的期望是什麼？

Thanks, Phil.

謝謝，菲爾。

In terms of versus our expectations, in this quarter it did do better than we expected, and frankly we had quite lofty goals, so I think that is encouraging.

與我們的預期相比，本季度它的表現比我們預期的要好，坦率地說，我們有相當崇高的目標，所以我認為這是令人鼓舞的。

I think I talked about some of those key drivers in the prior question.

我想我在上一個問題中談到了一些關鍵驅動因素。

When I think really about a Home and Personal because we haven't had a chance to talk specifically about the consumer usage, and you referenced Office on the iPad in your question.

當我真正想到家庭和個人時，因為我們沒有機會專門討論消費者的使用情況，並且您在問題中引用了 iPad 上的 Office。

I think it is really about continuing to make the subscription value whether it is through the Home SKU or the Personal SKU have the most value to a user.

我認為這真的是關於繼續使訂閱價值無論是通過家庭 SKU 還是個人 SKU 對用戶來說都具有最大的價值。

It is about a user having the opportunity to access Office, the world's leading productivity app on the device of their choice, having it light up the very best on Windows devices and having that accrue back to our subscriptions.

它是關於用戶有機會在他們選擇的設備上訪問世界領先的生產力應用程序 Office，讓它在 Windows 設備上發揮最佳效果，並將其累積回我們的訂閱。

So I think our ability to execute on that over the past 18 months that we've had these SKUs in market is quite encouraging.

因此，我認為我們在過去 18 個月中在市場上擁有這些 SKU 的執行能力非常令人鼓舞。

I don't really look to Office on the iPad as one item, it is a part of a value proposition that I think we make both in the consumer segment as well as in the Commercial segment.

我並不真的將 iPad 上的 Office 視為一個項目，它是我認為我們在消費者領域和商業領域都提出的價值主張的一部分。

Thanks.

謝謝。

Rick Sherlund, Nomura.

Rick Sherlund，野村。

I wonder if you could talk about Office for a moment.

我想知道你是否可以談談 Office。

I'm curious whether you think we've seen the worst for Office here with the consumer fall off.

我很好奇你是否認為我們已經看到了 Office 最糟糕的情況，消費者人數下降。

In Office 365 a growth in margins expanding there, just if you can look through the dynamics and give us a sense do you think you're actually have turned the corner there and we've maybe seen the worst in terms of Office growth and margins?

在 Office 365 中，利潤率的增長在那裡擴大，只要您可以查看動態並給我們一種感覺，您是否認為您實際上已經轉過彎，我們可能已經看到了 Office 增長和利潤率方面最糟糕的情況?

Rick, let me start qualitatively, in terms of how I view Office, the category, and how it relates to productivity broadly, and then I will have Amy even specifically talk about margins and what we are seeing in terms of I'm assuming Office renewals if that's probably the question.

Rick，讓我從定性開始，就我如何看待 Office、類別以及它與生產力的廣泛關係而言，然後我將讓 Amy 甚至專門談論利潤率以及我們在擔任 Office 時所看到的情況續訂，如果這可能是問題。

The -- first of all, I believe the category that Office is in, which is productivity bought broadly for people that group as well as organizations is something that we are investing significantly and seeing significant growth in.

首先，我相信 Office 所在的類別，即為該群體和組織的人們廣泛購買的生產力，是我們正在大力投資並看到顯著增長的東西。

On one end you have new things that we are doing like Cortana, this is for individuals on new form factors like the phones where it is not about any single application but an intelligent agent that knows everything about my calendar, everything about my life and tries to help me with my everyday task.

一方面，你有我們正在做的新事情，比如 Cortana，這是針對新形式因素的個人，比如手機，它不是關於任何單個應用程序，而是一個智能代理，它了解我的日曆、我的生活和嘗試的一切幫助我完成日常任務。

On the other end is something like Delve which is a completely new tool that's taking what is enterprise search and making it more like this Facebook news feed where it has a graph of all my artifacts, all my people, all my groups and uses that graph to give me relevant information and discover.

另一方面是像 Delve 這樣的東西，它是一個全新的工具，它採用什麼是企業搜索，並使其更像 Facebook 新聞提要，它有一個包含我所有工件、我所有人員、我所有組的圖表，並使用該圖表給我相關的信息和發現。

Same thing with Power Q&A and Power BI, it is a part of Office 365.

Power Q&A 和 Power BI 也是如此，它是 Office 365 的一部分。

So we have a pretty expensive you of how we look at Office and what it can do.

因此，對於我們如何看待 Office 以及它可以做什麼，我們有一個非常昂貴的你。

So that's the growth strategy and now specifically on Office renewals --

這就是增長戰略，現在專門針對 Office 更新——

I would say in general I will make two comments.

總的來說，我會說兩點。

In terms of Office on the consumer side between what we sold on-prem as well as the Home and Personal, we feel quite good with attach continuing to grow and increasing the value prop.

就我們在本地銷售的產品以及家庭和個人之間的消費者方面的 Office 而言，我們對附加值繼續增長和增加價值支柱感到非常滿意。

So I think that's to address the consumer portion.

所以我認為這是為了解決消費者部分問題。

On the Commercial portion we actually saw Office grow, as you said, this quarter.

正如您所說，在本季度我們實際上看到 Office 的商業部分有所增長。

I think the broader definition, that Satya spoke to of the Office value prop, and we continued to see Office renewed in our enterprise agreement.

我認為 Satya 談到了 Office 價值支持的更廣泛的定義，我們繼續看到 Office 在我們的企業協議中得到更新。

So in general I think I feel like we are in a growth phase for that franchise.

所以總的來說，我認為我覺得我們正處於該特許經營權的增長階段。

Thanks, Rick.

謝謝，瑞克。

Walter Pritchard, Citigroup.

花旗集團的沃爾特·普里查德。

Hello, thanks.

你好謝謝。

Satya, wanted to ask you about two statements that you've made, one around responsibly making the market for Windows Phone just following on Keith's question here.

Satya，想問你關於你所做的兩個聲明，一個是關於負責任地為 Windows Phone 開發市場，只是在 Keith 的問題之後。

It is a really competitive market.

這是一個真正競爭激烈的市場。

It feels like ultimately you need to be a very, very meaningful share player in that market to have value for a developer to leverage the universal apps that you are talking about in terms of presentations you've given at Build and so forth.

感覺最終您需要成為該市場中非常非常有意義的共享參與者，以便開發人員能夠利用您在 Build 等方面提供的演示文稿來利用您正在談論的通用應用程序。

And I'm trying to understand how you can do both of those things at once, and in terms of responsibly making the market for Windows Phone, it feels difficult given your nearest competitors there are doing things that you might argue are irresponsible in terms of making their market given the fact that they monetize it in different ways.

我試圖了解你如何同時做這兩件事，並且在負責任地為 Windows Phone 開拓市場方面，感覺很困難，因為你最接近的競爭對手正在做一些你可能認為不負責任的事情鑑於他們以不同的方式將其貨幣化，因此他們的市場。

Yes, one of the beauties of Universal Windows apps is it aggregates for the first time for us all of our Windows volume.

是的，通用 Windows 應用程序的優點之一是它首次為我們匯總了所有 Windows 卷。

The fact that even what is an app that runs with a mouse and keyboard on the desktop can be in the store, and you can have the same app run in a touch first, a mobile first way, gives the developers the entire volume of Windows which is 300 million plus units as opposed to just 4% our share of mobile in the US or 10% in some countries.

事實上，即使是在桌面上使用鼠標和鍵盤運行的應用程序也可以在商店中使用，並且您可以讓相同的應用程序首先以觸摸方式運行，移動優先的方式，為開發人員提供了 Windows 的全部容量這是 3 億多台，而我們在美國的移動設備份額僅為 4%，在某些國家/地區為 10%。

So that's really the reason why we are actively making sure that Universal Windows apps is available and developers are taking advantage of it.

這就是我們積極確保通用 Windows 應用程序可用並且開發人員正在利用它的真正原因。

We have great tooling, because that's the way we are going to be able to create the broadest opportunity to your very point about developers getting an ROI for building to Windows.

我們擁有出色的工具，因為這是我們能夠為您創造最廣泛的機會的方式，讓開發人員獲得構建 Windows 的投資回報率。

So that's how I think we will do it in a responsible way.

所以我認為我們將以負責任的方式這樣做。

Thank you.

謝謝你。

Next question please.

請下一個問題。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Great, thank you so much for your time.

太好了，非常感謝您抽出寶貴時間。

I wanted to ask a question about, Satya, about your comment about combining the next version of Windows into one for all devices.

我想問一個關於 Satya 的問題，關於您關於將下一版本的 Windows 合併為一個適用於所有設備的評論。

And just wondering if you look out, you've got different SKU segmentations right now, you've got enterprise, you've got consumer less than 9 inches for free.

只是想知道你是否注意，你現在有不同的 SKU 細分，你有企業，你有免費的 9 英寸以下的消費者。

The offering that you mentioned earlier that you recently announced, how do we think about when you come out with this one version for all devices, how do you see this changing the go to market and also the traditional SKU segmentation and pricing that we've seen in the past?

您之前提到的您最近宣布的產品，我們如何考慮當您推出適用於所有設備的這一版本時，您如何看待這會改變進入市場以及我們的傳統 SKU 細分和定價過去見過？

My statement, Heather, was more to do with just even the engineering approach.

我的聲明，Heather，甚至更多地與工程方法有關。

The reality is that we actually did not have one Windows, we had multiple Windows operating systems inside of Microsoft.

現實情況是，我們實際上沒有一個 Windows，我們在 Microsoft 內部有多個 Windows 操作系統。

We had one for phone, one for tablets and PCs, one for Xbox, one for even embedded, so we had many, many of these efforts.

我們有一款用於手機，一款用於平板電腦和個人電腦，一款用於 Xbox，一款用於嵌入式，所以我們做了很多很多這樣的工作。

So, now we have one team with a layered architecture that enables us to in fact [go on] for developers, bring that collective opportunity with one store, one commerce system, one discoverability mechanism.

因此，現在我們擁有一個具有分層架構的團隊，這使我們實際上能夠為開發人員[繼續]，通過一個商店、一個商業系統、一個可發現性機制帶來集體機會。

It also allows us to scale the UI across all screen sizes.

它還允許我們在所有屏幕尺寸上縮放 UI。

It allows us to create this notion of Universal Windows apps and bring coherence there.

它使我們能夠創建通用 Windows 應用程序的概念並帶來一致性。

So, that's what more I was referencing, and our SKU strategy will remain by segment.

所以，這就是我所引用的更多內容，我們的 SKU 策略將保持細分。

We will have multiple SKUs for enterprises, we will have for OEM, we will have for end users.

我們將為企業提供多個 SKU，我們將為 OEM 提供，我們將為最終用戶提供。

And so we will be disclosing and talking about our SKUs as we get further along, but this -- my statement was more to do with how we are bringing teams together to approach Windows as one equal system, very differently than we ourselves have done in the past.

因此，隨著我們的進展，我們將披露和討論我們的 SKU，但這 - 我的聲明更多的是關於我們如何將團隊聚集在一起，將 Windows 視為一個平等的系統，這與我們自己在過去。

Excellent, thank you.

非常好，謝謝。

Thanks, Heather.

謝謝，希瑟。

Next question please.

請下一個問題。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Satya, you made comments about harmonizing some of the different products across consumer and enterprise, and I was curious what your approach is to viewing your different hardware offerings both in phone and with Surface, how your go to market may change around that.

Satya，您對協調消費者和企業之間的一些不同產品發表了評論，我很好奇您的方法是查看手機和 Surface 中的不同硬件產品，您的市場可能會如何改變。

And also since you decided to make the operating system for sub nine inch devices free, how you see the value proposition and your ability to monetize that user base evolving over time?

此外，由於您決定免費為 9 英寸以下設備提供操作系統，您如何看待價值主張以及您通過該用戶群獲利的能力隨著時間的推移而發展？

The statement I made about bringing together our productivity applications across work and life is to really reflect this notion of dual use, because when I think about productivity, it doesn't separate out what I use as a tool for communication with my family and what I use to collaborate at work.

我所做的關於將我們的生產力應用程序整合到工作和生活中的聲明是為了真正反映這種雙重用途的概念，因為當我考慮生產力時，它並沒有將我用作與家人溝通的工具和什麼分開我過去常常在工作中進行協作。

So that's why having this one team that thinks about Outlook.com as well as Exchange helps us think about those dual use.

因此，這就是為什麼讓這個考慮 Outlook.com 和 Exchange 的團隊幫助我們考慮這些雙重用途的原因。

Same thing with Files and OneDrive and OneDrive for Business, because we want to have the software have the smarts about separating out the state, caring about IT control and data protection while me as an end-user get to have the experiences that I want.

Files 和 OneDrive 和 OneDrive for Business 也是如此，因為我們希望軟件具有分離狀態、關心 IT 控制和數據保護的智能，而我作為最終用戶可以獲得我想要的體驗。

That's how we are thinking about harmonizing those digital life and work experiences.

這就是我們正在考慮協調這些數字生活和工作體驗的方式。

On the hardware side, we will continue to build hardware that fits with these experiences.

在硬件方面，我們將繼續構建適合這些體驗的硬件。

If I understand your question right which is how will we differentiate our first party hardware?

如果我正確理解您的問題，我們將如何區分我們的第一方硬件？

We will build first party hardware that's creating categories.

我們將構建創建類別的第一方硬件。

A good example is what we've done with Surface Pro 3 and in other places where we have really changed the Windows business model to encourage a plethora of OEMs to build great hardware, and we are seeing that.

一個很好的例子是我們在 Surface Pro 3 上所做的事情，以及在其他地方我們真正改變了 Windows 商業模式以鼓勵大量 OEM 構建出色的硬件，我們正在看到這一點。

In fact in this holiday season I think you will see a lot of value Notebooks, you will see clamshells, so we will have the full price range of our hardware offering enabled by this new Windows business model.

事實上，在這個假期裡，我認為您會看到很多超值筆記本電腦，您會看到翻蓋式筆記本電腦，因此我們將擁有由這種新的 Windows 商業模式支持的硬件產品的全價範圍。

And I think the last part was how will we monetize?

我認為最後一部分是我們將如何獲利？

Of course we will have a combination, will have our OEM monetization, and some of these new business models are about monetizing on the backend with Bing integration as well as our services attach.

當然，我們將有一個組合，將有我們的 OEM 貨幣化，其中一些新的商業模式是關於通過 Bing 集成以及我們的服務附加在後端貨幣化。

And that is reason fundamentally why we have these $0 priced Windows SKUs today.

這就是我們今天擁有這些價格為 0 美元的 Windows SKU 的根本原因。

Thank you.

謝謝你。

Next question please.

請下一個問題。

Karl Keirstead, Deutsche Bank.

德意志銀行的卡爾·凱爾斯特德。

I wouldn't mind focusing for a moment on the enterprise server-side.

我不介意專注於企業服務器端。

That's where at least for me much of the upside came.

至少對我來說，這就是大部分好處的地方。

We haven't seen server product revenue growth in the mid-teens in a while, total Microsoft bookings, 20% ex-Nokia, haven't seen that in ages.

我們已經有一段時間沒有看到服務器產品收入在十幾歲的時候出現增長了，微軟的總預訂量，20%（前諾基亞），已經很久沒有看到過這種情況了。

Perhaps the answer to these questions are related, but what's happening with those two numbers to drive the upside.

也許這些問題的答案是相關的，但是這兩個數字正在發生什麼推動上漲。

I'm sure a little bit came with Azure being strong, but that's relatively small.

我敢肯定 Azure 的強大會帶來一些好處，但這相對較小。

So clearly there was an inflection up on the on-prem server tools business.

很明顯，本地服務器工具業務發生了變化。

Maybe part of it was renewal rates, and if that's the answer how much room do we have to go on that?

也許其中一部分是續訂率，如果這是答案，我們還有多少空間？

Thank you.

謝謝你。

I will start, and Amy, you can add.

我將開始，艾米，你可以添加。

Overall we've had a major revamp of our server lineup, SQL 14 being the recent one which we launched in the last quarter.

總體而言，我們對服務器陣容進行了重大改造，SQL 14 是我們在上個季度推出的最新版本。

It's the strength of our server products.

這是我們服務器產品的強項。

This is that phenomena where servers have becoming -- become much more competitive.

這就是服務器變得越來越具有競爭力的現象。

Windows server for virtualization and private class, system center for data center management.

用於虛擬化和私有類的 Windows 服務器，用於數據中心管理的系統中心。

SQL for all the in memory workload capabilities it has, and BI.

SQL 用於它擁有的所有內存工作負載功能，以及 BI。

All of that has really benefited from us running our own Cloud, pushing our own servers to run these apps scale services.

所有這一切都真正受益於我們運行自己的雲，推動我們自己的服務器運行這些應用程序擴展服務。

With that being in place and these refreshers, we are seeing increased invest -- investment and interest on our infrastructure when it comes to our data centers.

隨著這一點的到位和這些更新，我們看到投資增加——當涉及到我們的數據中心時，我們對基礎設施的投資和興趣。

One of the things is, as the public Cloud is growing, we in fact don't see it at least for now as a zero sub.

其中一件事是，隨著公共雲的增長，我們實際上至少目前還沒有將其視為零子。

In fact we see growth, especially with the virtualization rates, because people -- overall the number of applications on mobile side are growing.

事實上，我們看到了增長，尤其是虛擬化率，因為人們——總體而言，移動端的應用程序數量正在增長。

All of those mobile applications drive back end compute and storage.

所有這些移動應用程序都驅動後端計算和存儲。

And that back end compute storage some of it goes into the public Cloud, but a lot of it even goes into the data center.

而後端計算存儲，其中一些進入公共雲，但很多甚至進入數據中心。

And that's where we have a very good price-performance equation and a TCO equation, and so we are been pretty competitive and grabbing share.

這就是我們有一個非常好的性價比方程和一個總擁有成本方程的地方，所以我們很有競爭力並搶占了份額。

And the Hyper-V share is a good example of that.

Hyper-V 共享就是一個很好的例子。

I think Karl, you are right when you triangulate the data around our strong trend line on unearned and even Commercial bookings grows at 23%, and the numbers you'd exactly talked about, it really was a combination of Office 365 Cloud growth, as well as we talked about the benefits of our hybrid offerings.

我認為 Karl，您是對的，當您圍繞我們的未勞所得甚至商業預訂增長 23% 的強勁趨勢線進行三角測量時，您所說的數字確實是 Office 365 雲增長的組合，因為以及我們談到了我們的混合產品的好處。

A lot of on-prem server growth as well this quarter.

本季度本地服務器也有很多增長。

Okay, thank you.

好的謝謝你。

Thanks, Karl.

謝謝，卡爾。

Daniel Ives, FBR Capital.

FBR資本的丹尼爾艾夫斯。

Great, thanks.

太謝謝了。

This is Jim Warren for Dan Ives.

這是丹·艾夫斯的吉姆·沃倫。

Just can you talk a little bit about the geographies?

你能談談地理嗎？

You mentioned the North America and Europe strength and maybe just talk a little more about the dynamics there and in terms of where you are seeing this strength, Cloud or PC, et cetera?

你提到了北美和歐洲的實力，也許只是多談談那裡的動態，以及你在哪裡看到這種實力，雲還是 PC 等等？

Thanks.

謝謝。

Thanks, Jim.

謝謝，吉姆。

Actually I would say the strength across the products isn't geographically specific.

實際上，我會說產品的優勢在地理上並不特定。

So it is a relatively consistent.

所以是比較一致的。

We've seen Cloud growth globally.

我們已經看到全球雲的增長。

We've seen on-prem server growth globally.

我們已經看到全球本地服務器的增長。

In general, the products get launched first and often in the US, so it tends to be the most mature of some of those transitional markets.

一般來說，產品首先在美國推出，而且經常在美國推出，因此它往往是其中一些過渡市場中最成熟的。

But I think it general my geographic comments are far more holistic than they are product specific.

但我認為總的來說，我的地理評論比產品特定的評論更全面。

Thanks very much.

非常感謝。

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

接線員，我們有時間再問一個問題。

Brad Reback, Stifel.

布拉德·雷貝克，斯蒂菲爾。

How are you?

你好嗎？

Thanks very much.

非常感謝。

Satya, you guys did a very good job this year of returning capital to shareholders: over $15 billion.

Satya，你們今年在向股東返還資本方面做得非常好：超過 150 億美元。

Can you give us some sense philosophically if you see a lot of opportunity for additional repurchase/dividend activity, or is this a level you are fairly comfortable with?

如果您看到很多額外的回購/分紅活動的機會，您能否從哲學上給我們一些感覺，或者這是您相當滿意的水平？

Thanks.

謝謝。

Thanks for the question.

謝謝你的問題。

Overall my comments remain the same.

總的來說，我的評論保持不變。

I answered this even in the last call which is the approach we have taken is a balanced approach, and a thoughtful approach.

即使在最後一次電話會議中我也回答了這個問題，我們採取的方法是一種平衡的方法，一種深思熟慮的方法。

We are going to look at our own need to invest in order to drive growth in the opportunities we see.

我們將審視自己的投資需求，以推動我們看到的機會的增長。

I think today's conversation and results show how some of the bets we've made with our Cloud are paying off, and it is great to see that momentum.

我認為今天的對話和結果顯示了我們在雲上所做的一些賭注是如何得到回報的，很高興看到這種勢頭。

And it is in fact a pretty broad-based momentum across Azure, Office 365 and Amy mentioned it pretty briefly: even CRM online growth.

事實上，這在 Azure、Office 365 和 Amy 中是一個相當廣泛的動力，並且非常簡短地提到它：甚至 CRM 在線增長。

So to me that remains the core which is being able to place our capital to drive organic growth and for the long-term health of this Company.

所以對我來說，這仍然是能夠將我們的資金用於推動有機增長和公司長期健康的核心。

That said, we will have a balanced approach in terms of both share buyback, as well as dividends.

也就是說，我們將在股票回購和股息方面採取平衡的方法。

That's the approach we have taken over taking over the last multiple years.

這就是我們在過去幾年中採用的方法。

And that will be the same thoughtful process that I expect us to continue with going into the next fiscal and beyond.

這將是同樣深思熟慮的過程，我希望我們繼續進入下一個財政年度及以後。

Great, thanks very much.

太好了，非常感謝。

Thanks, Brad.

謝謝，布拉德。

Okay.

好的。

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 see many of you in the coming months at various investor conferences.

我們期待在未來幾個月在各種投資者會議上見到你們中的許多人。

For those of you unable to attend in person, these events will generally be webcast, and you can follow our comments at our Investor Relations website.

對於那些無法親自參加的人，這些活動通常會通過網絡直播，您可以在我們的投資者關係網站上關注我們的評論。

Please contact us if you need any additional details.

如果您需要任何其他詳細信息，請與我們聯繫。

Thanks again for joining us today.

再次感謝您今天加入我們。

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。