微軟 (MSFT) 2014 Q4 法說會逐字稿

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

大家好，歡迎收看微軟2014財年第四季財報發表會。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Chris Suh, General Manager, Investor Relations for Microsoft. Thank you, Chris. You may begin.

再次提醒，本次會議正在錄影。現在我謹將會議交給主持人，微軟投資人關係總經理 Chris Suh。謝謝你，克里斯。你可以開始了。

Thank you, Roya. Good afternoon and thank you for joining us today.

謝謝你，羅婭。下午好，感謝各位今天蒞臨。

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. 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.

與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問約翰·蒂托夫。我們在網站 www.Microsoft.com/investor 上發布了一個幻燈片，其中提供了我們財務業績的摘要、GAAP 和非 GAAP 財務指標差異的調節表以及一份有助於理解我們本季度業績的注意事項表。

Additionally, the slide deck contains detailed information regarding the impact of the Nokia devices and services acquisition on our financial results. Our press release is also one website and includes an addendum with additional information about our fourth-quarter performance. Microsoft is reporting the financial performance of the acquired Nokia devices and services business in a new segment called phone hardware.

此外，幻燈片還包含有關諾基亞設備和服務收購對我們財務表現的影響的詳細資訊。我們的新聞稿也發佈在一個網站上，並附有附錄，其中包含有關我們第四季業績的更多資訊。微軟正在公佈其收購的諾基亞設備和服務業務的財務業績，該業務被歸類為一個名為「手機硬體」的新板塊。

Additionally, the devices and consumer hardware segment was renamed computing and gaming hardware. The products included in this renamed segment remain the same. Current year information reflects the financial performance of the acquired business beginning on April 25, 2014. Any reference to operating expense includes Research and Development, sales and marketing and general and administrative but excludes integration and restructuring charges.

此外，設備和消費硬體部門更名為計算和遊戲硬體部門。更名後的業務板塊所包含的產品維持不變。本年度資訊反映了自 2014 年 4 月 25 日起被收購業務的財務表現。凡提及營運費用，均包括研發、銷售和行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. 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. We will post the prepared remarks to our website immediately following the call until the complete transcript is available.

請注意，我們今天在電話會議上所做的所有成長比較均與去年同期相關。除非另有說明，所有受影響的數字均已根據非GAAP準則和相關項目進行調整，這些項目已在我們的新聞稿和幻燈片中詳細說明。通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。

Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until July 22, 2015.

今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將出現在我們的直播文字稿中，並用於錄音的任何後續用途。您可以在 2015 年 7 月 22 日之前在微軟投資者關係網站上重播此電話會議並查看會議記錄。

During this call we will be making forward-looking statements which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. 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.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望或其他陳述。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中風險因素部分討論的因素存在重大差異。

We do not undertake any duty to update any forward-looking statement. And with that I will turn the call over to Amy.

我們不承擔更新任何前瞻性聲明的義務。接下來，我將把電話交給艾米。

Thanks, Chris, and good afternoon, everyone. This month is an important time for Microsoft. As a leadership team we are taking bold and decisive action to evolve our organization and culture. This includes difficult steps, but they are necessary to position Microsoft for future growth and industry leadership.

謝謝克里斯，大家下午好。本月對微軟來說至關重要。作為領導團隊，我們正在採取大膽果斷的行動來推動組織和文化的變革。這其中包含一些艱難的步驟，但這些步驟對於微軟未來的發展和產業領導地位至關重要。

Today we will spend more time talking about the significant changes we are driving. However, let me first start with this quarter's results. After that Satya will talk more about our path forward, and then I will share our financial before we take your questions. 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.

今天我們將花更多時間討論我們正在推動的重大變革。不過，首先讓我從本季的業績說起。之後，Satya 將詳細介紹我們未來的發展方向，然後我將分享我們的財務狀況，之後我們將回答大家的問題。回顧本季我們取得的強勁業績，有三點讓我印象深刻：雲端服務發展勢頭強勁，多項消費者業務取得進展，以及持續的成本控制。

Our total fourth-quarter revenue was $23 billion including $2 billion from the phone hardware segment. As you know, our Q4 guidance did not include the impact of the acquisition of Nokia's devices and services business. Excluding that, we grew revenue 10% exceeding the high end of our guidance range. 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. These details can be found in the earnings slide deck on our Investor Relations website.

我們第四季總營收為 230 億美元，其中手機硬體業務收入為 20 億美元。如您所知，我們第四季的業績預期並未包含收購諾基亞設備和服務業務的影響。除此之外，我們的營收成長了 10%，超過了我們預期範圍的上限。接下來來看每股收益，在收購的影響以及克里斯之前提到的項目之前，每股收益增長了 12%，達到 0.66 美元。這些詳情可以在我們投資者關係網站的獲利報告幻燈片中找到。

Geographically performance was strong across most markets particularly in North America and Europe. 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. Our Commercial Cloud revenue grew 147% this quarter driven by both Office 365 and Azure. Our Commercial Cloud and all revenue run rate more than doubled this year and now exceeds $4.4 billion.

從地理上看，大多數市場的表現都很強勁，尤其是在北美和歐洲。然而，我們確實看到了中國面臨的挑戰，與其他許多跨國公司一樣，我們正經歷著疲軟的商業環境，我們預計這種情況在短期內不會改變。本季度，在 Office 365 和 Azure 的推動下，我們的商業雲端營收成長了 147%。今年，我們的商業雲和所有收入年化率翻了一番多，目前已超過 44 億美元。

And with this rapidly growing scale we continue to expand our Cloud gross margins. We saw strong Commercial seat growth across Office 365 particularly with SMB customers. Additionally, we added over 1 million new subscribers to Office 365 Home and Personal, and we ended the quarter with 5.6 million users. Azure has also grown dramatically with storage doubling and compute tripling this year.

隨著規模的快速成長，我們的雲端業務毛利率也不斷提高。我們看到 Office 365 商業用戶席位成長強勁，尤其是在中小企業客戶中。此外，我們新增了超過 100 萬個 Office 365 家庭和個人版訂閱用戶，本季末用戶總數達到 560 萬。今年 Azure 也實現了顯著成長，儲存容量翻了一番，運算能力增加了兩倍。

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. 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.

隨著我們核心服務的使用量增加，超過 50% 的 Azure 客戶現在也開始使用更高價值的服務，例如自 5 月推出以來一直廣受歡迎的企業行動套件。我們很高興看到我們的客戶熱情地接受了 Office 365、Azure、CRM Online 和我們的其他雲端服務，尤其考慮到目前仍處於雲端轉型初期。

Each customer has unique deployment needs, and as a result CIOs value the flexibility that our hybrid Cloud offerings provide. You can see this in our Commercial bookings which grew 23% this quarter and our contracted not build balance now exceeds $24 billion. As we previously discussed in FY14, both the quarter and the year presented a large renewal opportunity. Our differentiated value proposition, combined with strong execution kept our renewal rates very high.

每個客戶都有獨特的部署需求，因此，資訊長們非常重視我們混合雲端產品所提供的靈活性。從我們的商業預訂量可以看出這一點，本季度增長了 23%，我們已簽訂合約但尚未建造的餘額現在超過 240 億美元。正如我們在 2014 財年討論的那樣，該季度和該年度都提供了巨大的續約機會。我們差異化的價值主張，加上強而有力的執行，使我們的續約率一直維持在很高的水準。

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

除了遷移到雲端之外，我們的客戶還繼續投資購買我們本機伺服器產品的進階版本，例如 Windows Server、System Center 和 SQL Server。因此，本季我們的伺服器授權收入成長了 14%。

We feel good about the progress we're making with Windows. 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. This quarter OEM revenue grew 3% as we saw the Commercial hardware refresh cycle continue. With businesses updating their devices and renewing their commitment to the Windows platform.

我們對目前在 Windows 方面取得的進展感到滿意。已開發市場持續保持穩定，我們對 OEM 廠商對我們新推出的面向消費者的產品（例如 Windows with Bing）的初步反應感到鼓舞。本季 OEM 營收成長了 3%，因為我們看到商用硬體更新周期仍在繼續。隨著企業更新設備並重申對 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. In Bing we continue to see growth in both usage and monetization. This quarter US search query share exceeded 19%, and RPS grew double digits again. As we saw in prior quarters, display revenue remains soft.

XP 停止支援導致 Windows 專業版和大量授權業務均實現了兩位數的成長，因此本季收益有所放緩。Bing 的用戶使用量和獲利能力都在持續成長。本季美國搜尋查詢份額超過 19%，RPS 再次達到兩位數成長。正如我們前幾季所看到的，顯示器收入依然疲軟。

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. During the quarter we reassessed our product road map and decided not to ship a new form factor that was under development. Combined with the transition of production toward our latest Surface offering, we made inventory adjustments which impacted our gross margins.

6 月下旬，我們推出了 Surface Pro 3。雖然現在下結論還為時過早，但其銷量已經超過了之前的 Surface Pro 版本，我們很高興今年夏天能將這款設備帶到更多市場。本季我們重新評估了產品路線圖，並決定不推出正在開發中的新外形尺寸的產品。隨著生產向最新Surface產品過渡，我們對庫存進行了調整，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. At E3 we reasserted our focus on games with blockbuster titles and key exclusives coming this holiday. 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.

同樣在六月，我們發布了新的 Xbox One 產品，並對市場反應感到滿意。在 E3 遊戲展上，我們重申了對遊戲的關注，並推出了一系列重磅大作和即將在這個假期發售的獨家遊戲。憑藉我們在通路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，我們感覺已經為即將到來的假期季節做好了充分準備。

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. This quarter Lumia device sales were primarily driven by good performance in the lower price point 500 and 600 series. Sales of non-Lumia devices were in line with the overall feature phone market dynamics. Our gross margins were impacted by decisions we made to rationalize the device portfolio as well as acquisition related amortization expense.

隨著本季度諾基亞設備和服務收購的完成，我們成立了一個新的業務部門——手機硬件，以提高我們在改進和發展手機業務過程中所取得進展的透明度。本季 Lumia 設備的銷售主要得益於低價位 500 系列和 600 系列的良好表現。非 Lumia 裝置的銷售量與整體功能手機市場動態一致。我們的毛利率受到我們為合理化設備組合所做的決定以及與收購相關的攤銷費用的影響。

Across the Company we grew gross margin by $1 billion or 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. In D&C other, revenue from search advertising and subscriptions are driving gross margin growth.

公司整體毛利率成長了10億美元，成長率7%。雖然快速成長的雲端業務和硬體業務影響了我們公司的整體毛利率，但值得注意的是，我們透過改善紀律和業務流程，繼續在關鍵領域推動利潤成長。在D&C其他領域，搜尋廣告和訂閱收入正在推動毛利率成長。

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

在其他商業領域，本季利潤率再次擴大，這得益於雲端服務業務規模的擴大和資料中心效率的提高。過去兩週，Satya 和 Stephen Elop 都討論過我們的硬體業務，並對此進行了重大調整。

We've also kept our focus on rigorous operating expense discipline. Excluding the addition of about $750 million from NDS, our Q4 operating expense came in at the low end of our guidance. 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%.

我們也一直注重嚴格控制營運費用。除去 NDS 提供的約 7.5 億美元，我們第四季的營運支出處於預期範圍的低端。全年來看，憑藉嚴謹的決策，我們在不計入 NDS 的情況下實現了 9% 的收入成長，是營運支出成長 4% 的兩倍多。

Our effective tax rate was higher this quarter. Part of this was due to an adjustment to prior year taxes related to inter-company transfer pricing. Beyond that the increase was driven by the inclusion of NDS results and our changing geographic mix. 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.

本季我們的實際稅率有所上升。部分原因是由於對上一年與公司間轉讓定價相關的稅款進行了調整。除此之外，成長還得益於納入了 NDS 結果以及我們不斷變化的地理組成。第四季度，我們透過股票回購和分紅向股東返還了 34 億美元現金，使本財年現金總額達到 157 億美元，比上年增長 28%。

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

有了以上概述，現在讓我把麥克風交給薩蒂亞，讓他分享一些想法。

Thank you, Amy. Hello, everyone.

謝謝你，艾米。大家好。

I'm proud of the results we delivered this quarter and across the fiscal year. In Q4 on an operating basis we grew revenue 10% and operating income 12%. We accelerated our Commercial cloud business to a $4.4 billion annual run rate.

我對我們本季以及整個財年所取得的成績感到自豪。第四季度，以營運計算，我們的收入成長了 10%，營業利潤成長了 12%。我們的商業雲端業務發展迅速，年收入達 44 億美元。

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. 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. Mobility for us goes beyond just devices. While we are certainly focused on building great phones and tablets, we think of mobility more expansively.

更重要的是，我們做出了大膽而嚴謹的決定，將我們的核心定位為一家面向行動優先/雲端優先世界的生產力平台公司。在深入探討投資原則和決策之前，我想先解釋一下我們對生產力和平台的關注如何促使我們參與雲端運算和行動市場。對我們而言，移動性不僅僅指設備。雖然我們確實專注於製造出色的手機和平板電腦，但我們對行動的看法更為廣泛。

We think the opportunity that comes from running our productivity experiences on Windows, iOS and Android device. Office 365 Home and Dynamics SAF offerings are targeted here. 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. This is the focus of our Enterprise Mobility Suite.

我們認為，在 Windows、iOS 和 Android 裝置上運行我們的生產力體驗會帶來巨大的機會。這裡主要針對 Office 365 家用版和 Dynamics SAF 產品。我們也看到了透過我們的身分管理、裝置管理和資料安全來簡化和管理跨多個裝置和生態系統的使用者體驗的巨大機會。這是我們企業行動套件的核心所在。

Similarly when it comes to the Cloud opportunity, we run an app scale public Cloud service and provide service for private and hybrid Clouds. 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. Our mobile and Cloud opportunity views informs our decisions on what to build and where to invest. More specifically, we use the following three principles to guide our investments.

同樣，在雲端運算方面，我們經營著一個應用程式規模的公有雲服務，並為私有雲和混合雲提供服務。Azure、StorSimple、InMage 以及我們在資料中心新增的 Windows 伺服器系統中心和 SQL Server 伺服器產品，都幫助我們參與雲端運算的發展。我們對行動和雲端機會的看法為我們決定開發什麼產品和投資方向提供了基礎。更具體地說，我們運用以下三個原則來引導我們的投資。

First focus investments on the core. Productivity experiences and platform investments will prioritize across engineering sales, marketing as well as M&A.

首先將投資重點放在核心業務。生產力體驗和平台投資將優先考慮工程銷售、行銷以及併購。

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

第二，整合重疊的工作。這意味著一個作業系統即可覆蓋所有螢幕尺寸，並整合了跨越生活和工作的雙重用途生產力服務。

Third, run all businesses in an economically sound way. We will get crystal clear on the core businesses that drive long-term differentiation and the businesses that support them. But those supporting efforts such as MSN, retail stores and hardware we will also ensure disciplined financial execution.

第三，所有業務都要以經濟合理的方式經營。我們將明確推動長期差異化發展的核心業務以及支持這些核心業務的要素。但對於 MSN、零售商店和硬體等支援性舉措，我們也將確保嚴格的財務執行。

Now let's talk about the specific investments. 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.

現在我們來談談具體的投資項目。我們將毫不鬆懈地專注於我們的核心數位工作和生活體驗，以及支援它的兩個平台：雲端作業系統和裝置作業系統及硬體。

Everything we do starts with digital work and life experiences to delight dual users. These are users who use technology both at work and in their personal life. This is how we reinvent productivity. Last year we started to take steps in this direction.

我們所做的一切都始於為雙重用戶打造愉悅的數位化工作和生活體驗。這些使用者在工作和個人生活中都會使用科技產品。這就是我們重塑生產力的方式。去年我們開始朝著這個方向採取措施。

Now OneDrive and OneDrive for Business are one team. Outlook and Exchange are one team. Skype and Lync are one team, all focused on those dual user scenarios. We are clear that our experiences are going to be available on all devices.

現在 OneDrive 和 OneDrive for Business 已合併為一個團隊。Outlook 和 Exchange 是一個團隊。Skype 和 Lync 是一個團隊，都專注於雙使用者場景。我們明確表示，我們的產品體驗將可在所有裝置上使用。

We have a specific goal for multiple Microsoft applications to be available on every home screen. This is why we brought Office to the iPad, and now their are more than 35 million downloads of Word, Excel, PowerPoint, and OneNote. We believe productivity experiences will go beyond individual applications to deliver ambient intelligence that spans applications. To that end we introduced Cortana, our personal assistant in Windows Phone 8.1.

我們有一個明確的目標是讓多個微軟應用程式能夠出現在每個用戶的主螢幕上。這就是我們將 Office 帶到 iPad 上的原因，現在 Word、Excel、PowerPoint 和 OneNote 的下載量已超過 3500 萬次。我們相信，生產力體驗將超越單一應用程序，實現跨應用程式的普適智慧。為此，我們在 Windows Phone 8.1 中推出了 Cortana，我們的個人助理。

We also believe that productivity includes group collaboration and business processes within organizations. 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. Power BI Suite enables you to ask natural language questions, do rich visualizations and collaborate around data. Customers are loving it. In the fact, the average monthly users have grown over 130%.

我們也認為，生產力包括組織內部的團隊協作和業務流程。今年二月，我們發布了 Power BI 套件，旨在幫助客戶利用大數據的力量，在其組織內推動數據文化並提高生產力。Power BI 套件可讓您提出自然語言問題、進行豐富的視覺化以及圍繞資料進行協作。顧客們都很喜歡。事實上，月均用戶數成長超過 130%。

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

我們很高興看到 Dynamics 本季整體成長了 13%，其中 CRM Online 的成長幾乎翻了一番。現在 Dynamics CRM 在銷售和服務這兩個 CRM 領域最相關的領域都進入了 Gartner 領導者象限，這真是太好了。

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. We have a rich road map going forward. Two examples of our innovation are what we are doing with Delve and Skype Translator.

展望 2015 財年，我們將增加數位工作和生活業務的研發和銷售投入，同時削減總營運費用。我們未來發展路線圖非常豐富。Delve 和 Skype Translator 就是我們創新成果的兩個例子。

Delve is an Office 365 Cloud-based service that is the first in a new breed of intelligent and social work experiences. Delve will turn enterprise search on its head as information that is relevant to you finds you. Think of this as the Facebook news suite for productivity. Skype translator will break down the language barriers in our communications and impact everything from everyday conversations with friends to education to global business.

Delve 是基於 Office 365 雲端的服務，它是新一代智慧社交工作體驗的開山之作。Delve 將徹底顛覆企業搜索，讓與您相關的資訊主動找到您。你可以把它想像成以生產力為導向的 Facebook 新聞套件。Skype翻譯器將打破我們溝通中的語言障礙，並影響從與朋友的日常對話到教育再到全球商業的方方面面。

Additionally, I'm pleased to see the progress with Bing now more than 19% US query share and strong RPS growth. 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. We expect Bing to be profitable on a standalone basis in FY16.

此外，我很高興看到 Bing 取得了進展，目前在美國的搜尋查詢份額超過 19%，RPS 也實現了強勁成長。展望未來，我們將增加對 Bing 相關投資，以協助打造 Cortana、SmartSearch、Delve、Power Q&A 等核心數位工作與生活體驗。我們預計 Bing 將在 2016 財年實現獨立獲利。

Now let's transition to the Cloud OS. Our Cloud OS represents the fastest growing opportunity for Microsoft. Quarter-after-quarter we drive growth and customer adoption.

現在讓我們過渡到雲端作業系統。我們的雲端作業系統代表了微軟成長最快的機會。我們每季都在推動成長和客戶採納。

Our server products benefit from our public Cloud. 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. 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.

我們的伺服器產品受益於我們的公有雲。我們使用自己的伺服器來運行雲端服務，這使得我們的伺服器軟體功能強大，能夠幫助其他人建立和運作自己的雲端服務。這導致 Hyper-V 的市佔率成長至 30.6%，並幫助資料中心新增 Windows Server 和 System Center 的數量成長，兩者的年增長率均超過 40%。

We also had another breakout year for SQL Server. With SQL Server 14 we released industrial leading in memory technology across all database workloads of online transaction processing, data warehousing and business intelligence. And we grew our SQL business by more than 19%.

SQL Server 今年也取得了又一個突破性的成績。SQL Server 14 發布了業界領先的記憶體技術，涵蓋線上事務處理、資料倉儲和商業智慧等所有資料庫工作負載。我們的 SQL 業務成長超過 19%。

Our Azure business is growing rapidly, and we further accelerated growth last year. We grew our data center footprint into Australia, Brazil, Japan and China while doubling our capacity in existing regions.

我們的 Azure 業務發展迅速，去年我們進一步加快了成長速度。我們在澳洲、巴西、日本和中國擴大了資料中心規模，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. 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. EMS brings together identity management, device management and data security into one IT control plane and architecture. The early data from customer adoption for EMS is very encouraging.

在 2014 財年，我們也開始看到我們的高價值服務在我們的基礎雲端基礎架構之上得到應用。我們發布了企業行動套件，這是我們全面的雲端解決方案，旨在應對 IT 消費化帶來的挑戰，例如自帶設備和 SAF 應用程式的採用。EMS 將身分管理、設備管理和資料安全性整合到一個 IT 控制平面和架構中。從客戶對EMS的接受度來看，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. 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.

我們發布了 Azure 智慧系統服務，這是我們在雲端提供的物聯網服務，使組織能夠安全地連接、管理和捕獲來自各種感測器和裝置的機器所產生的資料。為了支援 Azure 中的這些高價值服務，我優先考慮了 GreenButton（用於大型運算）、Cap 10（用於行動後端服務）以及最近幾週收購的 InMage（用於混合雲端災難復原）等收購專案。

In FY15 we'll make investments to drive the strategy forward. We will expand our Azure data center for print and increase capacity in existing regions. We will launch new high-level services including Azure machine learning that currently is in preview. We will expand our hybrid solutions with new services such as StorSimple, InMage as well as our server products all offering Cloud tiering. We will continue to build out the EMS value proposition, and we will expand our sales efforts to drive growth.

2015財年，我們將進行投資以推動該策略。我們將擴展 Azure 列印資料中心，並增加現有區域的容量。我們將推出包括目前處於預覽階段的 Azure 機器學習的新進階服務。我們將透過 StorSimple、InMage 等新服務以及提供雲端分層功能的伺服器產品來擴展我們的混合解決方案。我們將繼續完善EMS價值主張，並擴大銷售力度以推動成長。

Let's transition to our device OS and hardware, the third component of our core. In everything we do with our Windows OS and first party devices, we will light up our digital work and life experiences. We are approaching the Windows OS business with a bold challenge and mindset and pushing both the product and business model forward.

接下來，我們來看看設備作業系統和硬件，這是我們核心的第三個組成部分。我們使用 Windows 作業系統和第一方裝置所做的每一件事，都將點亮我們的數位化工作和生活體驗。我們以大膽的挑戰精神和思維方式進軍 Windows 作業系統業務，並持續推動產品和商業模式的發展。

We start with a focus on business customers in FY14. We saw these customers recommit to Windows.

2014財年，我們將重點放在企業客戶身上。我們看到這些客戶重新選擇了 Windows 系統。

In April we released an update to Windows 8.1. To start we improve the core desktop experience with mouse and keyboard advancement. For enterprises we released Internet Explorer Enterprise Mode and extended our mobile device management capability. With Windows 8.1 update we also lowered the hardware spec required so that OEMs can build tablets and clamshells at lower price points.

今年四月，我們發布了 Windows 8.1 的更新版本。首先，我們透過改進滑鼠和鍵盤來提升核心桌面體驗。我們為企業用戶推出了 Internet Explorer 企業模式，並擴充了行動裝置管理功能。隨著 Windows 8.1 更新，我們也降低了所需的硬體規格，以便 OEM 廠商能夠以更低的價格生產平板電腦和翻蓋筆記型電腦。

And addition we made the decision to evolve the Windows business model. Now Windows licenses are $0 for any OEM building a device less than 9 inches. We also added a low-cost Windows offering with Bing integration for OEM. 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.

此外，我們也決定對 Windows 商業模式進行變革。現在，對於任何生產尺寸小於 9 吋設備的 OEM 廠商來說，Windows 許可證都是 0 美元。我們也為 OEM 廠商增加了一款低成本的 Windows 產品，整合了 Bing 搜尋功能。這項新產品加上較低的硬體配置意味著，OEM廠商將在今年假期季節為市場帶來一系列極具性價比的筆記型電腦和平板電腦。

In June we launched Surface Pro 3, the most productive tablet on the market today. The reason it is the most productive tablet on the market is because we thought through the experience end-to-end. For example, one of the things you will notice with Surface Pro 3 is how it excels at note taking. You can jot down your thoughts rapidly just like with a pen and paper.

今年六月，我們推出了 Surface Pro 3，它是目前市場上生產力最高的平板電腦。它之所以是市場上最高效的平板電腦，是因為我們從頭到尾都考慮到了使用者體驗。例如，你會發現 Surface Pro 3 的一個優點是它非常擅長做筆記。你可以像用筆和紙一樣快速記下你的想法。

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

為了以自然的方式實現這一目標，我們的開發人員齊心協力，編寫了駐留在 Surface Pro 3 的筆、Windows Shell 及其墨跡支援韌體中的程式碼，以減少視差誤差，並在 OneNote 中也實現了這一目標。正如艾米所說，鑑於 Surface Pro 3 在市場上的早期表現，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. In the year ahead we are investing in ways that will ensure our device OS and first party hardware aligns to our core.

在手機方面，我們看到 Lumia 630 和 635 以及 Lumia 930 在歐洲等地取得了良好的開局。未來一年，我們將加強投資力度，確保我們的設備作業系統和第一方硬體與我們的核心理念保持一致。

We will streamline the next version of Windows from three operating systems into one single converged operating system for screens of all sizes. We will unify our stores, commerce and develop a platform to drive a more coherent user experience and a broader developer opportunity. We look forward to sharing more about our next major wave of Windows enhancements in the coming months.

我們將把下一代 Windows 系統從三個作業系統簡化為一個適用於各種尺寸螢幕的單一融合作業系統。我們將整合我們的商店和商業模式，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。我們期待在未來幾個月內與大家分享更多關於下一波 Windows 系統增強功能的資訊。

Our approach to first party hardware going forward is clear. At times we will develop new categories that we did with Surface, and we will responsibly make the market for Windows Phone. However, we are not in hardware for hardware's sake. And the first party device portfolio will be aligned to our strategic direction as a productivity and platform company. 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.

我們未來對自有硬體的策略很明確。有時我們會像 Surface 一樣開發新的產品類別，我們會負責任地開拓 Windows Phone 市場。然而，我們從事硬體研發並非為了硬體本身。第一方設備產品組合將與我們作為生產力和平台公司的策略方向保持一致。正如我之前所說，未來所有設備的製造都將有一個明確的目標，那就是點亮我們的數位工作和生活體驗。

Good examples of this today are what we are doing with Surface Pro 3 for note taking and PPI for meetings. You can expect to see this type of innovation in our hardware including phones. Amy will talk more on our plans for disciplined execution around our hardware business going forward.

如今，我們使用 Surface Pro 3 做筆記，使用 PPI 開會，這些都是很好的例子。您可以期待在我們的硬體產品（包括手機）中看到這種創新。Amy 將會詳細介紹我們未來在硬體業務方面如何進行嚴謹的執行計劃。

I want to make a few comments on Xbox. It is important for us to have a core that's thriving. It is equally important to place smart bold bets in other areas where we have the ability to add value and have impact. That's what we are doing with Xbox.

我想就Xbox發表幾點看法。對我們來說，擁有一個蓬勃發展的核心團隊至關重要。同樣重要的是，在其他我們有能力創造價值和產生影響力的領域進行明智的大膽投資。這就是我們用Xbox所做的事情。

We made the decision to manage Xbox to maximize enterprise value with a focus on gaming. Gaming is the largest digital live category in a mobile first Cloud first world. It is also the place where our past success, a revered brand and passionate fan base present us a special opportunity.

我們決定透過專注於遊戲來管理 Xbox，從而最大限度地提高其企業價值。在行動優先、雲端優先的世界中，遊戲是最大的數位直播類別。這裡也是我們過去取得的成功、備受尊敬的品牌和熱情粉絲群為我們帶來特殊機會的地方。

With our decision to specifically focus on gaming, we expect to close Xbox Entertainment Studios and streamline our investments in music and video. We will invest in our core console gaming and Xbox Live with a view towards the broader PC and mobile opportunity.

鑑於我們決定專注於遊戲領域，我們預計將關閉 Xbox 娛樂工作室，並精簡我們在音樂和視訊領域的投資。我們將投資核心主機遊戲和 Xbox Live，同時著眼於更廣泛的 PC 和行動領域機會。

I hope you can see that we have bold ambitions, and we have made a lot of progress. Also know that we are well underway in evolving our organization and culture to deliver on these bold ambitions.

我希望你們能夠看到，我們擁有遠大的目標，並且已經有了很大的進步。同時，我們也正在穩步推進組織和文化的變革，以實現這些宏偉目標。

This includes simplifying how we work and modernizing our engineering processes. In all that we do we will be accountable to our customers, partners and shareholders. 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.

這包括簡化我們的工作方式和實現工程流程的現代化。我們所做的一切都將對我們的客戶、合作夥伴和股東負責。在行動優先、雲端優先的世界中，賦能每個人和組織去做更多、取得更多成就是一項巨大的任務，而微軟擁有獨特的資格來承擔這項任務並改變世界。

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

謝謝，接下來我將把發言權交給艾米，讓她為大家提供更多關於2015財年的指導。

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

謝謝你，薩蒂亞。在詳細介紹我們的展望之前，首先我想說明，所有前瞻性資訊都假設宏觀經濟環境在即將到來的財政年度內保持穩定。正如薩蒂亞詳細闡述的那樣，我們正在採取大膽的措施，以全新的清晰目標和協調一致的方式推動微軟向前發展。

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. 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. Now let me address phone separately.

我們的投資計劃也反映了這些變化，我們將重新分配資源，積極朝著我們的目標邁進，並追求成長和財務回報最高的業務。即使我們為成長進行投資，我們預計在不考慮諾基亞成本結構以及整合和重組成本的情況下，2015 財年的總營運支出將比上一年下降。現在讓我單獨談談電話問題。

In FY14 we recorded about $750 million of operating expense for the phone business for the period post the acquisition. Annualized, this would have been about $4.5 billion. 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. 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.

2014 財年，我們在收購後的這段時間內，為電話業務提列了約 7.5 億美元的營運費用。以年計算，這筆金額約45億美元。但我們正在積極努力，在整合業務和調整業務規模的過程中，推動開發、供應鏈和營運等關鍵職能部門之間的協同效應。我們預計將實現超過 10 億美元的綜效，因此，我們將在 2016 財年實現電話業務的營運損益平衡。

Including phone, we expect operating expense to be between $34.2 billion and $34.6 billion dollars in FY15. 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. These will be substantially complete in the first half of the fiscal year.

包括電話費用在內，我們預計 2015 財年的營運支出將在 342 億美元至 346 億美元之間。除了我剛才提供的費用指引外，正如我們在 7 月 17 日宣布的那樣，我們預計將產生 11 億美元至 16 億美元的重組費用。這些項目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. Similar to this quarter we will continue to report these items in a separate line item in the income statement.

此外，我們每季還將產生約 1.5 億美元的整合成本，例如係統工程費用。與本季類似，我們將繼續在損益表中單獨列出這些項目。

Now let me give our view on the first quarter starting with devices and consumer. In licensing we expect revenue to be $4.1 billion to $4.2 billion. 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.

現在讓我從設備和消費者的角度談談我們對第一季的看法。我們預計授權收入將達到 41 億美元至 42 億美元。這個價格區間反映了企業 PC 的持續更新週期、消費級 PC 面臨的不利因素以及 XP 停止支援帶來的好處不斷減少。

In computing and gaming hardware, we expect revenue to be $1.7 billion to $2 billion. This range reflects the continuing ramp of Surface Pro 3 and Xbox One as both products are introduced into new markets in Q1. 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. And in devices and consumer other, we expect revenue to be $1.8 billion to $1.9 billion.

在電腦和遊戲硬體領域，我們預計營收將達到 17 億美元至 20 億美元。這個價格區間反映了 Surface Pro 3 和 Xbox One 的持續成長勢頭，因為這兩款產品都在第一季被引入新市場。隨著我們根據策略調整設備組合，我們預計手機硬體收入將達到 19 億美元至 23 億美元。在設備及其他消費品領域，我們預計收入將達到 18 億美元至 19 億美元。

Moving on to Commercial, we expect revenue across our two segments to be $12.0 billion to $12.2 billion. Within this we expect Commercial other revenue of $2.2 billion to $2.3 billion. And in corporate we expect about $300 million of negative impact next quarter.

接下來是商業方面，我們預計兩個業務部門的總收入將達到 120 億美元至 122 億美元。其中，我們預計其他商業收入為 22 億美元至 23 億美元。在企業方面，我們預計下個季度將受到約 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. We expect first-quarter operating expense excluding integration and restructuring to be between $8.5 billion and $8.7 billion.

我們預期銷售成本為 75 億至 79 億美元，波動主要受硬體兩大業務部門的影響。我們預計第一季不計整合和重組費用的營運支出將在 85 億至 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. We expect these items to generally offset one another.

提醒一下，其他收入和支出包括股息利息收入，扣除利息支出和對沖淨成本。我們預計這些因素總體上會相互抵消。

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

我們預計全年稅率將在 21% 至 23% 之間。這與第四季度的情況一致，但不包括前期的稅務調整，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. In Q1, we expect CapEx to increased sequentially increase sequentially to further support our growth. 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. We also remain focused on software driven innovation to increase the utilization and capacity of the capital we deploy. We expect earned revenue to grow in line with normal seasonality.

對雲端基礎設施的投資對於支持和促進我們雲端服務的顯著成長和發展勢頭至關重要。第一季度，我們預計資本支出將環比成長，以進一步支持我們的成長。與 2014 財年類似，這些投資是根據對需求和產能計畫的全面審查來決定的，以確保投資能帶來適當的資本回報。我們將繼續專注於軟體驅動的創新，以提高我們所投入資金的利用率和容量。我們預計營收將按正常的季節性規律成長。

In closing, Q1 is the start of an incredibly important year for Microsoft. We are making important changes to our organization and culture to enable and empower our people to do their very best work. 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.

總之，第一季對微軟來說是一個極為重要的年份的開始。我們正在對組織和文化進行重大變革，以使員工能夠充分發揮自身潛力，做到最好。雲端行動化帶來了巨大的機遇，我們將資源集中在核心業務，以便抓住並實現下一波創新、成長和長期股東價值。

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

接下來，我將把發言權交還給克里斯，我們進入問答環節。

Thanks, Amy. And with that we will move to Q&A. Operator, please go ahead and repeat your instructions.

謝謝你，艾米。接下來我們將進入問答環節。操作員，請重複您的指示。

(Operator Instructions)

（操作說明）

Mark Moerdler, Sanford Bernstein.

馬克‧莫德勒，桑福德‧伯恩斯坦。

Thank you very much. I've got two parts to it. The first is, Satya, you've been changing the engineering processes within the Company adding more analytics to the process. How do you see this change impacting both the product and the speed of go to market?

非常感謝。我把它分成兩個部分。薩蒂亞，首先，你一直在改變公司內部的工程流程，在流程中加入了更多的分析。您認為這項變更會對產品和上市速度產生怎樣的影響？

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

是的，馬克，兩件事。其一是微軟的產品種類繁多，從矽晶片流片到我們在 Azure 或 Office 365 中不斷更新的服務，都比我們最初創建微軟工程系統時要豐富得多。那是針對零售包裝產品而言的，所以從那以後，很多事情都發生了變化，很多東西都發展演變了。

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. 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. 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，我們正在做的是引入新的功能和新的技能，設計比以往任何時候都更重要，正如你所說，數據分析對我們來說非常重要，這些都不是外部功能。這些功能是我們進行產品開發、AB 測試以及持續進行日誌分析不可或缺的一部分。所以，這就是我們正在進行的工程流程和文化變革，事實上，我們正​​在從各種不同的團隊中學習，這些學習成果現在正在微軟內部廣泛傳播。

Thank you and, Amy, one quick question. 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? Is this Azure? What's driving the acceleration, and how long do you think we can keep this going?

謝謝，艾米，我還有一個問題。本季雲端收入顯著成長——我猜是 Amy 或 Satya，你們那一年雲端收入也出現了成長，這——這是 iPad 版 Office 嗎？這是Azure嗎？是什麼因素推動了這種加速成長？你認為這種成長動能持續多久？

Mark, why don't I take it and if Satya wants to add, obviously he should do that. In general I wouldn't point to one product area. It was across Office 365, Azure and even CRM online.

馬克，不如我來吧，如果薩蒂亞想加的話，他當然可以加。一般來說，我不會特別指出某個產品領域。它影響了 Office 365、Azure 甚至 CRM Online。

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

我認為，在 Office 365 中，一些重要的動態變化值得關注。在過去一年中，我們看到該產品加速向下拓展市場，以快速成長我們所說的中端市場甚至小型企業市場。這一點，我想特別提及薩蒂亞在你第一個問題的回答中提到的一些事情。

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. 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. 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.

分析能力的提升、對使用情境理解的改進、產品的即時改進、對試用、易用性、註冊便利性的理解，所有這些實際上都能讓我們進入不同的類別、不同的地理位置和不同的細分市場。此外，我認為你會看到，馬克，當我們最初將許多客戶遷移到 Office 365 時，它是基於一個工作負載的。我認為我們越來越看到的是，我們有能力增加更多的工作量，並透過這個過程銷售整個套件。

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

我在 Azure 中也提到了我們銷售一些高價值服務的能力增強。所以，雖然我可以就所有這些方面進行概括性討論，但我認為，總的來說，我們的優勢在於產品組合的完善、進入新領域的能力以及銷售新工作負載的能力。

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. 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.

我唯一要補充的是，正是我們SaaS產品（如Dynamics和Office 365）、我們在Azure上的公有雲產品以及我們的私有雲和混合雲基礎設施的結合，才使得這一切受益，因為它們運作在我們的服務上，雲端也運行在我們的服務上。正是這種組合使我們彼此獨特且相互促進，而我們在 Azure 目錄之後所做的事情就是最好的例子。

The fact that someday gets on-boarded to Office 365 means that tenant information is in Azure AD. 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. That network effect is really now helping us a lot across all of our Cloud efforts.

如果某個系統將來會接入 Office 365，那麼租用戶資訊就會儲存在 Azure AD 中。租用戶資訊儲存在 Azure AD 中，這使得 EMS（即我們的企業行動套件）對管理 iOS、Android 或 Windows 裝置的客戶更具吸引力。這種網路效應現在確實對我們所有的雲端業務工作都大有幫助。

Thanks, Mark.

謝謝你，馬克。

Congratulations on the quarter.

恭喜你本季取得佳績。

Thank you.

謝謝。

Next question please.

下一個問題。

Brent Thill, UBS.

瑞銀集團的布倫特·蒂爾。

Thank you. Amy, you are taking a very disciplined approach on expenses. Just curious if you can help everyone understand how you are approaching that and your confidence in doing more with less?

謝謝。艾米，你在開銷方面採取了非常自律的態度。我很好奇您能否幫助大家了解您是如何看待這個問題的，以及您如何有信心用更少的資源做更多的事情？

Thanks, Brent.

謝謝你，布倫特。

Let me actually, I will started, and I think Satya will have some things to add. First of all I will start by saying I wouldn't ascribe the behavior to me. 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.

實際上，我先來，我想薩蒂亞也會有一些補充。首先我要說明的是，我不會把這種行為歸咎於我。我會將這種行為歸功於高階領導團隊，以及一個專注於投資核心業務、專注於權衡取捨、專注於真正加速我們在關鍵領域發展的團隊。

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. So, while I would use the word disciplined, I don't think it is about a person, and it shouldn't be. It should be about an environment in which every person here thinks about how they can increase their ROI and accrue to the collective. 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.

尤其是在今年下半年以及進入 2015 財年之後，我們能夠真正做出改變，這主要歸功於我們團隊專注於建設和投資，力求使公司發展得比現在更加輝煌。所以，雖然我會用「自律」這個詞，但我認為這與人無關，也不應該與人有關。這裡應該要創造一個環境，​​讓每個人都思考如何提升自己的投資報酬率，為集體做出貢獻。我認為在過去的幾個季度裡，我們已經看到了這樣做的好處，而且我認為隨著我們進入 2015 財年，你們也會看到這一點。

You capture it well.

你捕捉得很好。

Next question please.

下一個問題。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Thank you for the question and a very nice quarter. I was hoping to talk a little bit about the growth strategy at Nokia. You guys look to cut expenses pretty aggressively there, but this is -- particularly smart phones is a very competitive marketplace. 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?

出色的。感謝您的提問，祝您有個愉快的季度。我原本希望談談諾基亞的成長策略。你們似乎在積極削減開支，但是——特別是智慧型手機市場——競爭非常激烈。您能否簡要介紹一下您未來如何逐步提高 Lumia 的市場份額，並大致說明您需要達到怎樣的市場份額或銷量水平才能在 2016 財年實現盈虧平衡？

Let me start and Amy can even add. So, overall, we are very focused on I would say thinking about mobility share across the entire Windows family. 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.

我先開始，艾米還可以補充。所以總的來說，我們非常注重的是考慮整個 Windows 系列的行動性份額。我在之前的演講中已經談到，對我們來說，移動性甚至超越了設備本身，但對於這個問題，我什至想說，我們應該考慮的是移動性，而不僅僅是移動設備的某種形態，因為我認為這才是最終目標所在。

But that said we are even year-over-year basis seeing increased volume for Lumia. It's coming at the low end in the entry Smartphone market, and we are pleased with it. 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. 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.

但即便如此，我們看到 Lumia 的銷量也比去年同期成長了。它定位在入門級智慧型手機市場的低端，我們對此感到滿意。它已經進入了許多市場，現在我們的市場份額超過了10%，這是我認為我們需要逐個國家追蹤的第一個市場。而我們實現差異化的關鍵在於專注於生產力場景或我們可以在手機上以獨特方式實現的數位化工作生活場景。

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

當我可以使用 Office Lens 應用，用手機上的相機拍攝任何東西，然後它會自動進行 OCR 識別，並以可搜尋的方式匯入 OneNote 時，那真是一個獨特的場景。我們在 Surface 的 PPI 方面所做的工作表明，透過更廣泛地思考生產力，我們可以在手機上做更多的事情。這不僅僅是關於在手機上使用 Word 或 Excel，而是關於以引人入勝的方式思考 Cortana 和 Office Lens 等場景。而這最終將推動我們的產品差異化，並打造更高階的 Lumia 手機。

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.

基思，關於你提出的 2016 財年的具體問題，我認為我們已經做出了艱難的抉擇，將成本基礎控制在能夠實現薩蒂亞概述的確切方案的水平，並且我們確實假設我們將繼續在今年以及 2016 財年實現銷量增長，以達到盈虧平衡。

Okay. Thank you.

好的。謝謝。

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Hello. Congratulations on a great quarter. I just wanted to dig into Office 365. You put up another quarter of pretty impressive metrics going up to 5.6 million Home Premium users. I think the Commercial side grew, I think it was 98% year-over-year. And, Satya, you talked about some pretty meaningful download numbers as far as on the iPad. 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?

你好。恭喜你們本季業績出色。我只是想深入了解一下 Office 365。你們又取得了一季非常亮眼的成績，家庭高級版用戶數達到了 560 萬。我認為商業方面實現了成長，年增了98%。薩蒂亞，你剛才提到了一些在 iPad 上非常有意義的下載量數據。我想請您介紹一下 Office 365 的最新情況，它目前的進展與您的預期相比如何，以及在接下來的 12、18、24 個月裡，隨著我們繼續進行過渡，您對它的期望是什麼？

Thanks, Phil.

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

就與我們的預期相比，本季業績確實比我們預期的要好，坦白說，我們的目標相當遠大，所以我認為這令人鼓舞。我想我在上一個問題中已經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. 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.

當我認真思考家庭和個人用途時，因為我們還沒有機會具體討論消費者的使用情況，而您在問題中提到了 iPad 上的 Office。我認為關鍵在於持續提升訂閱價值，無論是透過家用版 SKU 還是個人版 SKU，都要讓訂閱對使用者更有價值。

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. 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. 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.

用戶有機會在他們選擇的裝置上存取 Office（全球領先的生產力應用程式），使其在 Windows 裝置上發揮最佳效能，並將這些收益回饋給我們的訂閱用戶。所以我認為，在過去 18 個月裡，我們能夠有效地執行這些 SKU 的上市計劃，這非常令人鼓舞。我不會把 iPad 上的 Office 看作一個獨立的產品，它是我們面向消費者和商業用戶打造的價值主張的一部分。

Thanks.

謝謝。

Rick Sherlund, Nomura.

Rick Sherlund，野村證券。

I wonder if you could talk about Office for a moment. I'm curious whether you think we've seen the worst for Office here with the consumer fall off. 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?

我想請您簡單談談Office吧。我很想知道，隨著消費者數量的下降，你是否認為Office的境況已經到了最糟糕的地步。Office 365 的利潤率正在成長，如果您能分析目前的動態，並給我們一些建議，您認為您是否已經扭轉了局面，我們是否已經看到了 Office 成長和利潤率最糟糕的時期？

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. 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.

Rick，讓我先從定性的角度談談我對 Office 這個類別的看法，以及它與生產力的整體關係，然後我會讓 Amy 具體談談利潤率，以及我們目前看到的 Office 續訂情況（如果這可能是你們的問題的話）。首先，我認為 Office 所屬的類別，即面向個人、群體和組織的廣泛購買的生產力工具，是我們正在大力投資並看到顯著成長的領域。

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. 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.

一方面，我們正在開發一些新的東西，例如 Cortana，它是為手機等新型設備上的個人用戶設計的，它不是指任何單一的應用程序，而是一個智能代理，它了解我的日曆、我的生活，並試圖幫助我完成日常任務。另一方面，像 Delve 這樣的工具則完全不同，它是一個全新的工具，它將企業搜尋變得更像 Facebook 資訊流，其中包含我的所有資料、所有聯絡人、所有群組的圖表，並使用該圖表為我提供相關資訊和發現。

Same thing with Power Q&A and Power BI, it is a part of Office 365. So we have a pretty expensive you of how we look at Office and what it can do. So that's the growth strategy and now specifically on Office renewals --

Power Q&A 和 Power BI 也是如此，它們都是 Office 365 的一部分。所以，我們有一個相當昂貴的方案來展示我們如何看待 Office 以及它的功能。這就是成長策略，現在具體來說，是關於Office續訂的——

I would say in general I will make two comments. 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. So I think that's to address the consumer portion.

總的來說，我想提兩點意見。就消費者端的 Office 而言，無論是本地部署還是家庭和個人部署，我們都對 attach 的持續成長和價值主張的提升感到非常滿意。所以我認為這是為了滿足消費者的需求。

On the Commercial portion we actually saw Office grow, as you said, this quarter. 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. So in general I think I feel like we are in a growth phase for that franchise.

正如你所說，本季我們在商業領域確實看到了 Office 業務的成長。我認為薩蒂亞提到的 Office 價值主張的更廣泛定義，以及我們在企業協議中不斷看到的 Office 續約，都體現了這一點。所以總的來說，我覺得我們正處於這個系列的成長階段。

Thanks, Rick.

謝謝你，里克。

Walter Pritchard, Citigroup.

華特‧普里查德，花旗集團。

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. It is a really competitive market. 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.

Satya，我想問你兩個關於你發表的聲明，其中一個是關於如何負責任地開拓 Windows Phone 市場，這是繼 Keith 在這裡提出的問題之後提出的。這是一個競爭非常激烈的市場。感覺最終你需要成為該市場中非常重要的份額參與者，才能為開發者提供價值，讓他們能夠利用你在 Build 大會等場合所談到的通用應用程式。

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.

我正在努力理解如何同時做到這兩件事，就負責任地開拓 Windows Phone 市場而言，考慮到你最直接的競爭對手正在做一些你可能會認為是不負責任的事情來開拓市場，因為他們以不同的方式將其貨幣化，這感覺很困難。

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

是的，通用 Windows 應用程式的一大優點是它首次為我們匯總了所有 Windows 應用程式。即使是需要在桌面上使用滑鼠和鍵盤運行的應用程序，也可以在應用程式商店中上架，而且同一個應用程式還可以以觸控優先、行動優先的方式運行，這使得開發者能夠獲得超過 3 億台 Windows 設備的全部市場份額，而我們在美國行動市場的份額僅為 4%，在某些國家也只有 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. 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. So that's how I think we will do it in a responsible way.

所以，這正是我們積極確保通用 Windows 應用程式可用，並讓開發者充分利用它的原因。我們擁有強大的工具，因為只有這樣，我們才能創造最廣泛的機會，正如您所說，開發者可以透過建立 Windows 應用程式獲得投資回報。所以我認為我們會以負責任的方式去做這件事。

Thank you.

謝謝。

Next question please.

下一個問題。

Heather Bellini, Goldman Sachs.

Heather Bellini，高盛集團。

Great, thank you so much for your time.

太好了，非常感謝您抽出時間。

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

薩蒂亞，我想問你一個關於你之前提到的將下一版 Windows 合併成一個適用於所有裝置的版本的問題。我只是想問，如果你留意一下，你們現在有不同的 SKU 細分，有企業版，還有 9 吋以下的消費者版，而且是免費的。您之前提到的、最近宣布的這項產品，當您推出適用於所有設備的單一版本時，您認為這將如何改變市場推廣方式以及我們過去看到的傳統的 SKU 細分和定價方式？

My statement, Heather, was more to do with just even the engineering approach. The reality is that we actually did not have one Windows, we had multiple Windows operating systems inside of Microsoft. 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. 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. It also allows us to scale the UI across all screen sizes.

希瑟，我的發言更多的是關於工程方法的問題。事實上，我們當時並沒有一個 Windows 系統，微軟內部有多個 Windows 作業系統。我們曾為手機開發一個版本，為平板電腦和個人電腦開發一個版本，為 Xbox 開發過一個版本，甚至還為嵌入式系統開發過一個版本，所以我們做了很多很多這樣的嘗試。所以，現在我們有一個團隊，採用分層架構，這實際上使我們能夠為開發者帶來集體機遇，即一個商店、一個商務系統、一個發現機制。它還允許我們將用戶介面縮放到所有螢幕尺寸。

It allows us to create this notion of Universal Windows apps and bring coherence there. So, that's what more I was referencing, and our SKU strategy will remain by segment. We will have multiple SKUs for enterprises, we will have for OEM, we will have for end users. 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.

它使我們能夠創建通用 Windows 應用程式的概念，並使之保持一致性。所以，這就是我之前提到的，我們的 SKU 策略將繼續按細分市場進行。我們將為企業、OEM 和終端用戶提供多個 SKU。因此，隨著我們工作的推進，我們將逐步披露和討論我們的 SKU，但我的聲明更多的是關於我們如何將團隊聚集在一起，以一個平等系統的方式來處理 Windows，這與我們過去的做法截然不同。

Excellent, thank you.

太好了，謝謝。

Thanks, Heather. Next question please.

謝謝你，希瑟。下一個問題。

Ed Maguire, CLSA.

埃德·馬奎爾，CLSA。

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. 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?

Satya，你曾提到要協調消費者和企業用戶之間的一些不同產品，我很好奇你如何看待你在手機和 Surface 上的不同硬體產品，以及你的市場策略可能會如何變化。另外，既然你們決定免費提供適用於 9 吋以下設備的作業系統，你們如何看待隨著時間的推移，該用戶群的價值主張和獲利能力會如何變化？

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

我之前說過要將工作和生活中的生產力應用程式整合在一起，是為了真正體現這種雙重用途的概念，因為當我思考生產力時，我並沒有將我用來與家人溝通的工具和我用來在工作中協作的工具分開。所以，讓一個團隊既考慮 Outlook.com 又考慮 Exchange，有助於我們考慮這兩種用途。

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

文件、OneDrive 和 OneDrive for Business 也是如此，因為我們希望軟體能夠智慧地分離狀態，專注於 IT 控制和資​​料保護，同時讓我這個最終用戶獲得我想要的體驗。這就是我們思考如何協調數位化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. If I understand your question right which is how will we differentiate our first party hardware? We will build first party hardware that's creating categories. 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.

在硬體方面，我們將繼續打造與這些體驗相符的硬體。如果我理解你的問題沒錯，那就是我們將如何讓我們的第一方硬體產品脫穎而出？我們將打造開創品類的第一方硬體。一個很好的例子就是我們在 Surface Pro 3 和其他領域所做的工作，我們真正改變了 Windows 的商業模式，鼓勵眾多 OEM 廠商打造優秀的硬件，而我們也看到了這一點。

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. And I think the last part was how will we monetize? 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. And that is reason fundamentally why we have these $0 priced Windows SKUs today.

事實上，我認為在這個假期你會看到很多物美價廉的筆記型電腦，你會看到翻蓋式筆記型電腦，因此，借助這種新的 Windows 商業模式，我們將提供全價位的硬體產品。我認為最後一部分是關於我們如何實現盈利？當然，我們會採用組合模式，實現 OEM 貨幣化，而其中一些新的商業模式則是透過 Bing 整合以及我們的服務附加在後端實現貨幣化。而這正是我們今天推出這些售價 0 美元的 Windows SKU 的根本原因。

Thank you.

謝謝。

Next question please.

下一個問題。

Karl Keirstead, Deutsche Bank.

卡爾‧基爾斯蒂德，德意志銀行。

I wouldn't mind focusing for a moment on the enterprise server-side. That's where at least for me much of the upside came. 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. Perhaps the answer to these questions are related, but what's happening with those two numbers to drive the upside.

我不介意花點時間專注於企業伺服器端。至少對我而言，大部分收益都來自於此。我們已經很久沒有看到伺服器產品收入成長達到兩位數以上了，微軟的總預訂量（不包括諾基亞）成長了 20%，這種情況已經很久沒有出現了。或許這些問題的答案是相關的，但究竟是什麼因素推動了這兩個數字的上漲？

I'm sure a little bit came with Azure being strong, but that's relatively small. So clearly there was an inflection up on the on-prem server tools business. Maybe part of it was renewal rates, and if that's the answer how much room do we have to go on that? Thank you.

我確信Azure的強大帶來了一部分影響，但這相對來說影響不大。顯然，本地伺服器工具業務出現了拐點上升。或許部分原因是續約率，如果答案是這個，那麼我們在這方面還有多少迴旋餘地？謝謝。

I will start, and Amy, you can add.

我先開始，艾米，你接著說。

Overall we've had a major revamp of our server lineup, SQL 14 being the recent one which we launched in the last quarter. It's the strength of our server products. This is that phenomena where servers have becoming -- become much more competitive. Windows server for virtualization and private class, system center for data center management. SQL for all the in memory workload capabilities it has, and BI.

總體而言，我們對伺服器產品線進行了重大更新，SQL 14 是我們上個季度推出的最新產品。這就是我們伺服器產品的優勢所在。這就是伺服器競爭日益激烈的現象。Windows 伺服器用於虛擬化和私有類，系統中心用於資料中心管理。SQL 具備所有記憶體工作負載處理能力，並且支援 BI。

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

這一切都歸功於我們運行自己的雲端平台，並將我們自己的伺服器部署到這些平台上來運行這些應用程式並擴展服務。有了這些措施和更新，我們看到對我們資料中心基礎設施的投資和興趣都在增加。其中一點是，隨著公有雲的發展，我們實際上並不認為它至少目前是零訂閱的。

In fact we see growth, especially with the virtualization rates, because people -- overall the number of applications on mobile side are growing. All of those mobile applications drive back end compute and storage. 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. 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. And the Hyper-V share is a good example of that.

事實上，我們看到了成長，尤其是在虛擬化方面，因為人們——總體而言，行動端的應用程式數量正在增長。所有這些行動應用程式都會驅動後端運算和儲存。後端運算儲存的一部分會進入公有雲，但很多甚至會進入資料中心。正因如此，我們才擁有非常優秀的性價比和整體擁有成本，所以我們一直很有競爭力，並且不斷搶佔市場份額。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. A lot of on-prem server growth as well this quarter.

我認為卡爾，你是對的，當你用三角測量法分析我們強勁的趨勢線數據時，未實現收入甚至商業預訂增長了 23%，而你剛才提到的數字也確實如此，這確實是 Office 365 雲增長以及我們討論過的混合產品優勢的綜合結果。本季本地伺服器數量也大幅成長。

Okay, thank you.

好的，謝謝。

Thanks, Karl.

謝謝你，卡爾。

Daniel Ives, FBR Capital.

Daniel Ives，FBR Capital。

Great, thanks. This is Jim Warren for Dan Ives. Just can you talk a little bit about the geographies? 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?

太好了，謝謝。這是吉姆·沃倫代表丹·艾夫斯發來的。能簡單談談地理方面的情況嗎？您提到了北美和歐洲的優勢，能否再詳細談談這些地區的市場動態，以及您認為這種優勢體現在哪些方面，例如雲端或個人電腦等等？

Thanks.

謝謝。

Thanks, Jim.

謝謝你，吉姆。

Actually I would say the strength across the products isn't geographically specific. So it is a relatively consistent. We've seen Cloud growth globally. We've seen on-prem server growth globally. 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. But I think it general my geographic comments are far more holistic than they are product specific.

實際上，我認為這些產品的強度與地理無關。所以它相對來說是比較穩定的。我們已經看到雲端運算在全球範圍內增長。我們看到全球範圍內本地部署伺服器的數量都在增加。一般來說，這些產品通常會先在美國上市，因此美國往往是這些轉型市場中最成熟的市場。但我認為，總的來說，我的地理評論更具整體性，而非針對特定產品。

Thanks very much.

非常感謝。

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

接線員，我們還有時間再問一個問題。

Brad Reback, Stifel.

Brad Reback，Stifel。

How are you? Thanks very much.

你好嗎？非常感謝。

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

Satya，你們今年在向股東返還資本方面做得非常出色：超過 150 億美元。從哲學角度來說，您認為未來還有很多回購/分紅的機會嗎？還是說您覺得目前的水準已經足夠了？

Thanks.

謝謝。

Thanks for the question.

謝謝你的提問。

Overall my comments remain the same. I answered this even in the last call which is the approach we have taken is a balanced approach, and a thoughtful approach. We are going to look at our own need to invest in order to drive growth in the opportunities we see. 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. And it is in fact a pretty broad-based momentum across Azure, Office 365 and Amy mentioned it pretty briefly: even CRM online growth.

整體而言，我的看法保持不變。我在上次通話中也回答過這個問題，我們採取的方法是平衡的、深思熟慮的。我們將檢視自身在掌握機會、推動成長所需的投資需求。我認為今天的對話和結果表明，我們在雲端領域的一些投入正在取得成效，看到這種勢頭真是太好了。事實上，Azure、Office 365 等平台都出現了相當廣泛的成長勢頭，Amy 也簡要地提到了這一點：甚至 CRM 在線增長也是如此。

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. That said, we will have a balanced approach in terms of both share buyback, as well as dividends. That's the approach we have taken over taking over the last multiple years. And that will be the same thoughtful process that I expect us to continue with going into the next fiscal and beyond.

所以對我來說，核心仍然是能夠將我們的資本投入到推動內生成長和公司長期健康發展中。也就是說，我們在股票回購和分紅方面將採取平衡的做法。這就是我們過去幾年一直採取的策略。而且，我希望我們在下一個財政年度及以後也能繼續秉持同樣的深思熟慮的態度。

Great, thanks very much.

太好了，非常感謝。

Thanks, Brad.

謝謝你，布拉德。

Okay. That wraps up the Q&A portion of today's earnings call. We look forward to see many of you in the coming months at various investor conferences. 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. Please contact us if you need any additional details. Thanks again for joining us today.

好的。今天的財報電話會議問答環節到此結束。我們期待在接下來的幾個月裡，在各種投資者會議上見到你們中的許多人。對於無法親臨現場的各位，這些活動通常會進行網路直播，您可以在我們的投資者關係網站上關注我們的評論。如有任何疑問，請與我們聯絡。再次感謝您今天收看我們的節目。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路了，感謝您的參與。