微軟 (MSFT) 2015 Q1 法說會逐字稿

Welcome to the first-quarter FY15 Microsoft Corporation earnings conference call.

歡迎參加微軟公司2015財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder this conference is being recorded. I would now like to turn the call over to Chris Suh, General Manager of Investor Relations. Chris, please proceed.

再次提醒，本次會議正在錄影。現在我將把電話交給投資人關係總經理 Chris Suh。克里斯，請繼續。

Thank you. Good afternoon and thank you for joining us today. On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

謝謝。下午好，感謝各位今天蒞臨。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·西索夫。

On our website www.microsoft.com/investor, we have posted our press release and a slide deck that provides a summary of our results this quarter. Unless otherwise specified, all growth comparisons we make on the call today relate to the corresponding period last year.

我們在網站 www.microsoft.com/investor 上發布了新聞稿和幻燈片，其中總結了我們本季的表現。除非另有說明，我們今天電話會議所做的所有成長比較均與去年同期有關。

Please note that we have recast certain prior-period amounts to conform with the current period presentation with no impact on consolidated net income or cash flow. Additionally, any reference to operating expenses includes research and development, sales and marketing, and general and administrative, but exclude integration and restructuring charges.

請注意，我們已對某些前期金額進行了重述，以符合本期列報方式，但這不會對合併淨收入或現金流量產生任何影響。此外，任何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。

We will post the prepared remarks to our website immediately following the call until the complete transcript is available. 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 October 23, 2015.

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。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播節目中、節目文字稿中，以及錄音的任何未來用途。您可以在 2015 年 10 月 23 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 materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the risk factors section of our Form 10-K, Form 10-Q, and other reports of filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement. And with that, I'll turn the call over to Satya.

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。實際結果可能與預期有重大差異，因為今天發布的獲利新聞稿、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文件中「風險因素」部分討論的因素都與預期存在重大差異。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

Thank you, Chris. Good afternoon, everyone. Three months ago I outlined how Microsoft is the productivity and platform company for the mobile-first, cloud-first world. Since then we have galvanized around this direction and are executing well.

謝謝你，克里斯。大家下午好。三個月前，我概述了微軟如何成為行動優先、雲端優先世界的生產力和平台公司。從那時起，我們就朝著這個方向團結一致，並且執行得很好。

I'm proud of the results we have delivered this quarter across all businesses. Results are in every category from commercial to consumer to hardware. With $23.2 billion in revenue for this quarter, we're off to a great start to the year. More importantly, we're also pleased with the progress we have made in evolving our culture to be fast, innovative, partner friendly, and customer-obsessed. As I reflect on this past quarter, there's four important indicators of progress that I want to highlight: cloud, Windows, hardware, and finally, I'll talk about our ecosystem momentum.

我為本季度我們在所有業務領域取得的成績感到自豪。結果涵蓋從商業、消費到硬體等各個類別。本季營收達 232 億美元，為今年開了個好頭。更重要的是，我們也對我們在發展企業文化方面的進展感到滿意，我們的企業文化正朝著快速、創新、以合作夥伴為中心、以客戶為中心的方向發展。回顧上個季度，我想重點介紹四個重要的進展指標：雲端運算、Windows、硬件，最後，我將談談我們的生態系統發展勢頭。

First, our cloud offerings continue to grow at a rapid rate. More people and organizations are signing up and we are generating more revenue across both commercial and consumer customers. Our commercial cloud revenue grew 128% year over year, the fifth consecutive quarter of triple-digit growth. In fact, we're the only company with cloud revenue at our scale that is growing at triple-digit rates. And 80% of the Fortune 500 are now on the Microsoft Cloud.

首先，我們的雲端服務產品持續快速成長。越來越多的人和組織註冊，我們在商業客戶和消費者客戶方面都創造了更多收入。我們的商業雲端營收年增 128%，連續第五個季度實現三位數成長。事實上，我們是唯一一家擁有如此規模的雲端收入，且成長率達到三位數的公司。財富 500 強企業中有 80% 現在都在使用微軟雲端。

Office 365 commercial seats nearly doubled, two out of every three new customers seats are premium versions. Consumer Office 365 now exceeds 7 million subscribers, up more than 25% for the last quarter alone.

Office 365 商業版席位幾乎翻了一番，每三個新客戶中就有兩個席位是高級版。消費者版 Office 365 的用戶數量現已超過 700 萬，光上一季就成長了 25% 以上。

We continue to invest in growing our leadership position in areas with great opportunity. To that end, we are expanding our data center capacity to meet demand, provide the best customer experience, enable data sovereignty, and deliver continuous innovation. As you are seeing robust growth because of our unique approach as the only hyper scale public cloud provider with enterprise grade capabilities and true private cloud and hybrid cloud offerings.

我們將繼續加大投入，鞏固我們在具有巨大發展潛力的領域的領先地位。為此，我們正在擴大資料中心容量，以滿足需求，提供最佳客戶體驗，實現資料主權，並持續創新。由於我們是唯一擁有企業級功能以及真正的私有雲和混合雲產品的超大規模公有雲供應商，因此我們看到了強勁的成長。

We continue to add new features and capabilities faster than ever based on user feedback cycles. One major Azure service or feature is released every three days on average, opening up many more new user scenarios for our customers.

我們根據使用者回饋，不斷以前所未有的速度添加新功能和特性。平均每三天就會發布一個重要的 Azure 服務或功能，為我們的客戶開啟更多新的使用者場景。

Our premium services on Azure create new monetization opportunities in media, data, machine learning, and fast analytics, and enterprise mobility. More than 60% of the Azure customers are now using at least one of these premium services such as enterprise mobility suite, which is off to a very fast start. Start-ups and ISVs love our open and flexible approach and are building on Azure at a rapid pace.

我們在 Azure 上的高級服務為媒體、數據、機器學習、快速分析和企業行動化創造了新的獲利機會。超過 60% 的 Azure 客戶現在至少使用其中一個高級服務，例如企業行動套件，該套件的開局非常迅速。新創公司和獨立軟體開發商 (ISV) 喜歡我們開放和靈活的方式，並且正在快速地基於 Azure 進行開發。

In fact, 40% of Azure revenue now comes from start-ups and ISVs. Even with our tremendous growth in public cloud, we are still seeing strength in our on-premise businesses with double-digit growth across Windows Server, SQL Server, System Center, and Dynamics. This is because of the unique hybrid and private cloud capabilities that are built into our servers.

事實上，Azure 目前 40% 的收入來自新創公司和獨立軟體開發商 (ISV)。即使我們在公有雲領域取得了巨大的成長，我們的本地部署業務仍然保持強勁勢頭，Windows Server、SQL Server、System Center 和 Dynamics 都實現了兩位數的成長。這是因為我們的伺服器內建了獨特的混合雲和私有雲功能。

The second indicator of progress is the improvement in the overall health of the Windows ecosystem in the first quarter. We introduced an expanded set of Windows offerings which helped drive consumer unit growth in quarter one, and will provide incremental opportunity for use of Microsoft services such as Bing. With these new offerings, OEMs are delivering exciting new devices at extremely attractive price points, including Windows PCs at $199 and below.

第二個衡量進展的指標是第一季 Windows 生態系統整體健康狀況的改善。我們推出了一系列擴展的 Windows 產品，這有助於推動第一季消費者銷售的成長，並將為使用 Bing 等微軟服務提供更多機會。憑藉這些新產品，OEM廠商正在以極具吸引力的價格提供令人興奮的新設備，其中包括售價199美元及以下的Windows PC。

In September, we took the first steps in publicly sharing more about the next generation of Windows. Windows 10 will unlock new experiences for customers to work, play, and connect across an incredibly broad set of devices, with screens from 4 inches to 80 inches, and even IOT devices.

9 月，我們邁出了公開分享更多關於下一代 Windows 資訊的第一步。Windows 10 將為使用者開啟全新的體驗，讓他們能夠在螢幕尺寸從 4 吋到 80 吋不等的眾多裝置上工作、娛樂和連接，甚至包括物聯網裝置。

Windows 10 will deliver a single unified application development platform, one way to write a universal app across the entire family of Windows devices, and one store with a unified way for applications to be discovered, purchased, and updated across all these devices. Think about it. With Windows 10, developers can build one app that spans billions of devices.

Windows 10 將提供一個統一的應用程式開發平台，一種編寫適用於整個 Windows 裝置系列的通用應用程式的方法，以及一個統一的應用程式商店，用戶可以透過該商店在所有這些裝置上發現、購買和更新應用程式。好好想想。借助 Windows 10，開發者可以建立一個應用程序，使其能夠在數十億台裝置上運行。

When I talk about putting customers at the center of everything we do, it's especially true for Windows. We're incorporating customer feedback earlier than ever in the development cycle, especially with our enterprise customers. This will be the best Windows release ever for businesses, and with hundreds of thousands of pieces of feedback flowing into the team already, Windows 10 will be the most collaborative version of Windows we have ever shared.

當我談到將客戶置於我們一切工作的中心時，對於 Windows 來說尤其如此。我們正在比以往任何時候都更早地將客戶回饋融入產品開發週期中，尤其是對於我們的企業客戶而言。這將是迄今為止最適合企業的 Windows 版本，團隊已經收到了數十萬個回饋，Windows 10 將成為我們迄今為止分享的最具協作性的 Windows 版本。

Third, I want to highlight some specific markers of advancement in hardware and gaming. Across the entire hardware portfolio, I'm encouraged by the reception from customers and our continuously improving execution. Surface has strong results this quarter. Driven by positive customer response to Surface Pro 3, the product line-up is the right one and customers are responding favorably. Surface Pro 3 is now in 28 markets, and importantly, we have improved the business economics of this product line.

第三，我想重點介紹硬體和遊戲領域發展的一些具體標誌。縱觀整個硬體產品組合，客戶的回饋以及我們不斷改進的執行力都令我倍感鼓舞。Surface公司本季業績表現強勁。受 Surface Pro 3 的正面客戶回饋所推動，該產品線是正確的選擇，客戶也給予了正面的評價。Surface Pro 3 目前已進入 28 個市場，更重要的是，我們提高了產品線的商業經濟效益。

With phone, we have moved quickly to integrate the business. We're executing on all of the restructuring changes we talked about in the last quarter, while driving Lumia share growth. We saw modest growth over the prior year driven by sales in Europe, where we gained share with lower-priced devices.

借助電話，我們迅速實現了業務整合。我們正在執行上個季度討論的所有重組變革，同時推動 Lumia 市場佔有率的成長。與前一年相比，我們實現了小幅成長，這主要得益於歐洲市場的銷售，我們憑藉價格較低的設備贏得了市場份額。

Now let's talk gaming. As I previously said, gaming is an important category that will drive additive business value for Microsoft. It is the single biggest digitalized category measured in both time and money spent across devices of all types.

現在我們來聊聊遊戲。正如我之前所說，遊戲是一個重要的領域，它將為微軟帶來額外的商業價值。它是所有類型設備上花費的時間和金錢方面最大的數位化類別。

We launched Xbox One in 28 markets, increased console units sales from a year ago, and grew users of Xbox LIVE apps by more than 20%. The acquisition of Mojang, which we expect to close in November, extends our ecosystem and community across multiple platforms. Minecraft adds to our already strong portfolio of first-party games and content such as Halo, and will strengthen our gaming experiences on PCs and consoles, as well as cross-platform monetization.

我們在 28 個市場推出了 Xbox One，主機銷售量比一年前有所成長，Xbox LIVE 應用的用戶數量增加了 20% 以上。我們預計將於 11 月完成對 Mojang 的收購，這將使我們的生態系統和社區擴展到多個平台。Minecraft 的加入豐富了我們已有的強大第一方遊戲和內容組合，例如 Halo，並將增強我們在 PC 和主機上的遊戲體驗，以及跨平台盈利能力。

The fourth and final area I want to focus on today is the renewed energy and momentum in our partnerships. As a productivity and platforms company, we create vast opportunity for our partners. We're moving fast to extend our platforms and tools to reach more customers through partnerships. From SAP and Oracle to Salesforce, Adobe, and IBM, to the latest partnerships we announced this past week with Docker, Cloudera, and CoreOS, great partnerships emerge from great products, strong momentum, and a shared enthusiasm about a long-term vision.

今天我想重點談談第四個也是最後一個方面，那就是我們合作關係中重新煥發的活力和勢頭。作為一家生產力和平台公司，我們為合作夥伴創造了巨大的機會。我們正快速推進平台和工具的擴展，透過合作關係觸達更多客戶。從 SAP 和 Oracle 到 Salesforce、Adobe 和 IBM，再到我們上週宣布與 Docker、Cloudera 和 CoreOS 建立的最新合作夥伴關係，偉大的合作關係源於偉大的產品、強勁的發展勢頭以及對長期願景的共同熱情。

Technology leaders across the board recognize the customer value inherent in products like Office 365, Azure, and Windows. And they want to align their businesses with our healthy and growing ecosystem. You'll see more partnerships in the months ahead. It's the best way to deliver the best possible experience for our customers in today's heterogeneous mobile-first, cloud-first world.

各領域的技術領導者都認識到 Office 365、Azure 和 Windows 等產品所蘊含的顧客價值。他們希望將自己的業務與我們健康且不斷發展的生態系統融合。未來幾個月你會看到更多合作關係。在當今行動優先、雲端優先的異質世界中，這是為我們的客戶提供最佳體驗的最佳方式。

In summary, I'm pleased with the progress we're making, teams all across the Company are rallying around our core focus to reinvent productivity and create platforms for a mobile-first, cloud-first world. We will continue to drive the changes that will position us for the future. We will be accountable to our customers, partners, and shareholders, and we will be relentless in looking for areas to invest for long-term growth.

總而言之，我對我們的進展感到滿意，公司各團隊都在圍繞著我們的核心目標團結一致，重塑生產力，並為行動優先、雲端優先的世界創建平台。我們將繼續推動變革，為未來做好準備。我們將對客戶、合作夥伴和股東負責，並將不懈地尋找可實現長期成長的投資領域。

With that, Amy will go through our Q1 results in detail and share our outlook for Q2, and then I'll join up with Q&A. Thank you very much.

接下來，Amy 將詳細介紹我們第一季的業績，並分享我們對第二季的展望，然後我將加入問答環節。非常感謝。

Thanks. And good afternoon, everyone. As Satya said, we had a very strong start to the fiscal year. We made meaningful progress with improved execution across all our businesses. I encouraged by what we have achieved, and believe we are well-positioned for the future. With that said, let me take you through the financial highlights of our first quarter.

謝謝。大家下午好。正如薩蒂亞所說，我們本財年開局非常強勁。我們在所有業務的執行力提升方面都取得了實質進展。我對我們所取得的成就感到鼓舞，並相信我們已經為未來做好了充分準備。接下來，我將帶您了解我們第一季的財務亮點。

Revenue was $23.2 billion, up 25% over last year, and up 11% excluding phone. Earnings per share were $0.54, which included an $0.11 negative impact from integration and restructuring expenses. Excluding that impact, EPS grew 5% to $0.65, even after considering the impact of the phone business on profits.

營收達 232 億美元，比去年成長 25%，若不計電話業務，則成長 11%。每股收益為 0.54 美元，其中包括整合和重組費用帶來的 0.11 美元負面影響。剔除此影響，即使考慮到電話業務對利潤的影響，每股盈餘仍成長了 5%，達到 0.65 美元。

We are accelerating the pace of decision-making and taking decisive actions to improve how we operate. This approach is reflected in the progress we've made in restructuring the Company and integrating our phone business. As a result, we incurred charges of $1.1 billion this quarter. Geographically, we saw strong performance across the US and Europe, and consistent with Q4, a more challenging environment in China and Russia.

我們正在加快決策速度，並採取果斷行動來改善我們的營運方式。這種做法體現在我們重組公司和整合電話業務的進展。因此，本季我們產生了 11 億美元的費用。從地理來看，美國和歐洲市場表現強勁，但與第四季一致，中國和俄羅斯市場環境更具挑戰性。

Let me now discuss our results in greater detail. Our commercial business had another strong quarter. Revenue grew 10% and unearned revenue grew 12%. Renewal rates were higher than what we've seen in recent first quarters. And in Office, one-third of renewals included Office 365.

現在讓我更詳細地討論一下我們的研究結果。我們的商業業務又迎來了一個強勁的季度。收入成長了 10%，預收收入成長了 12%。續約率高於近幾季的第一季水準。在 Office 服務中，三分之一的續約都包含了 Office 365。

Importantly, we are seeing a mix shift from on-prem to the cloud, from transactional purchasing to annuity, and from standard to premium versions. Our commercial cloud services continued their exceptional trajectory with another quarter of triple-digit growth. We're investing in higher-level services and new scenarios in Azure enabled by the scale, cost, and flexibility of the cloud. And these services are expanding our addressable market. We're adding new users, and importantly, growing revenue from existing on-prem customers who have adopted Azure services.

重要的是，我們看到各種組合正在轉變，從本地部署轉向雲端部署，從交易型購買轉向年金購買，從標準版轉向高級版。我們的商業雲端服務持續保持卓越的成長勢頭，連續第二個季度實現了三位數的成長。我們正在投資 Azure，開發更高層級的服務和新的應用程式場景，這得益於雲端的規模、成本和靈活性。這些服務正在擴大我們的目標市場。我們正在增加新用戶，更重要的是，我們正在增加現有本地部署客戶（他們已採用 Azure 服務）的收入。

Our on-prem data platform infrastructure product continues to have strong momentum with an ongoing shift to premium versions. Revenue from premium SKUs was up 25% this quarter.

我們的本地部署資料平台基礎架構產品持續保持強勁的成長勢頭，並持續向進階版本轉型。本季高端 SKU 的營收成長了 25%。

Office 365 had another terrific quarter and remains on path to becoming the unparalleled leader for cloud-based productivity apps. CIOs are selecting Office 365 as the centerpiece of their hybrid productivity solutions as they look to meet the growing mobile needs of their employees. SMBs also realizing the benefits of Office 365, and as a result are moving from transactional purchasing to subscription. And as Satya mentioned, we're seeing good partnership momentum as other companies look to integrate Office 365 into their products.

Office 365 又迎來了一個非常棒的季度，並繼續朝著成為雲端生產力應用領域無可匹敵的領導者的目標邁進。為了滿足員工日益增長的行動辦公需求，資訊長們紛紛選擇 Office 365 作為其混合辦公解決方案的核心。中小企業也意識到了 Office 365 的好處，因此正在從交易型購買轉向訂閱型購買。正如薩蒂亞提到的那樣，我們看到合作勢頭良好，其他公司也在尋求將 Office 365 整合到他們的產品中。

Turning to Windows. Windows OEM Pro revenue performed in line with the business PC market. And volumes were more consistent with those seen before the XP refresh in FY14. Windows volume licensing grew 10% as business customers continue to value the platform's security and manageability.

轉向Windows系統。Windows OEM 專業版營收與商用 PC 市場表現一致。銷量與 2014 財年 XP 更新前的銷售量更加一致。由於企業客戶持續重視該平台的安全性和可管理性，Windows 大量授權成長了 10%。

During the quarter, we took important steps to grow Windows usage and improve the health of the ecosystem. Both our existing and new OEM partners are bringing to market an expanded set of device offerings at more competitive price points. Channel inventories are higher than they were last year, reflecting confidence from our OEM partners heading into the holiday quarter.

本季度，我們採取了重要措施來提高 Windows 的使用率並改善生態系統的健康狀況。我們現有的和新的 OEM 合作夥伴正在以更具競爭力的價格向市場推出更多種類的設備產品。通路庫存高於去年同期水平，反映出我們的 OEM 合作夥伴對即將到來的假期季節充滿信心。

IP licensing revenue declined this quarter as our licensees sold a higher mix of low-cost devices, which generated lower per unit royalty. Consumer office revenue inclusive of our subscription offerings grew 7% this quarter. Within this, we saw an accelerated transition to Office 365 Home and Personal, which contributed to a decline in traditional Office license revenue. Overall, it's important to note that we continued to grow attached to consumer devices.

本季知識產權授權收入下降，因為我們的被授權者銷售了更多低成本設備，導致每台設備的特許權使用費降低。本季包括訂閱服務在內的消費者辦公收入成長了 7%。在此過程中，我們看到向 Office 365 家用和個人版的過渡加速，這導致傳統 Office 授權收入下降。總的來說，值得注意的是，我們對消費性電子產品的依賴程度持續成長。

In Bing, revenue was driven by volume and rate growth. We again delivered double-digit monetization gains, driven by investments in core relevance and ranking algorithms. These improvements keep us on the path to Bing profitability in FY16. And consistent with prior quarters, display revenue remained under pressure.

在必應，收入主要由搜尋量和搜尋速度的成長所驅動。我們再次實現了兩位數的獲利成長，這主要得益於對核心相關性和排名演算法的投資。這些改進使我們預計在 2016 財年將實現 Bing 獲利。與前幾季一致，顯示器收入持續承壓。

We are excited by Surface Pro 3 performance, as unit sales are pacing at twice the rate of what we saw with Pro 2. We're seeing strong interest from students, professionals, and increasingly enterprises, who are replacing their laptops and tablets with Surface Pro 3 for their productivity needs. Gross margin for Surface was positive this quarter.

我們對 Surface Pro 3 的表現感到非常興奮，其銷量成長率是 Pro 2 的兩倍。我們看到學生、專業人士以及越來越多的企業用戶對 Surface Pro 3 表現出濃厚的興趣，他們正在用 Surface Pro 3 取代筆記型電腦和平板電腦，以滿足其生產力需求。本季表面處理業務的毛利率為正。

Within gaming, our results reflect a growing console market, our improved competitive position with the new Xbox One SKU, and the launch of Xbox One into new geos, including the initial channel fill for the launch in China at the end of Q1.

在遊戲領域，我們的業績反映了主機市場的成長、憑藉新的 Xbox One SKU 提升的競爭地位，以及 Xbox One 在新地區的推出，包括在第一季末在中國推出時的初始管道覆蓋。

As we head into the holiday season, we're looking forward to the differentiated content that will be available on the Xbox platform, including Sunset Overdrive, which launches in late October, and Halo: Master Chief Collection, which launches in early November.

隨著假期臨近，我們期待 Xbox 平台上將推出的各種特色內容，包括 10 月下旬推出的《日落過載》和 11 月初推出的《最後一戰：士官長合輯》。

In phone hardware, the focus of the quarter was on positioning the business for the future. And we remain committed to reaching breakeven in [FY16]. As part of our restructuring efforts, we started rightsizing our manufacturing capacity, created one development team to accelerate the pace of innovation, and focused our sales and marketing efforts on Lumia, which grew in several key markets.

在手機硬體方面，本季的重點是為公司的未來發展做好準備。我們仍致力於在[2016財年]實現損益平衡。作為重組工作的一部分，我們開始調整生產能力，組建了一個研發團隊來加快創新步伐，並將銷售和行銷工作重點放在 Lumia 上，Lumia 在幾個關鍵市場取得了成長。

Sales of non-Lumia phones were down, driven by declines in the underlying feature phone market, as well as portfolio rationalization as we execute on our phone strategy. Gross margin this quarter included the benefit of non-recurring items resulting from our business integration efforts.

受功能手機市場整體下滑以及我們執行手機策略過程中產品組合調整的影響，非 Lumia 手機的銷售量有所下降。本季毛利率包含了因業務整合工作而產生的非經常性專案收益。

Operating expenses were favorable to our expectations, as we chose to redeploy spend to projects occurring later this fiscal year. These decisions reflect our disciplined assessment as we prioritize where to best allocate our resources. Importantly, we continue to invest in developer- and customer-facing roles to capture the opportunities in key growth categories such as the cloud, big data, and the Internet of Things.

營運費用符合我們的預期，因為我們選擇將資金重新部署到本財政年度稍後進行的專案中。這些決定體現了我們嚴謹的評估，我們優先考慮將資源合理地分配到最需要的地方。重要的是，我們將繼續投資於開發人員和客戶的職位，以抓住雲端運算、大數據和物聯網等關鍵成長領域的機會。

Our effective tax rate was 23% this quarter, influenced by the changing mix of our business, as well as NDS operating losses and restructuring charges, some of which are not tax-deductible. This quarter, we had $1.3 billion of off-of-capital expenditure. We continue to expand the capacity and locations of our data centers to deliver higher service levels, reduce latency, and help meet local data compliance requirements for our global customers. Importantly, even while making these investments, we continue to grow the gross margin of our cloud business.

本季我們的實際稅率為 23%，受到業務組合變化以及 NDS 營運虧損和重組費用（其中一些費用不可抵稅）的影響。本季度，我們的非資本支出為 13 億美元。我們不斷擴大資料中心的容量和分佈地點，以提供更高的服務水平，降低延遲，並協助滿足全球客戶的本地資料合規要求。重要的是，即使在進行這些投資的同時，我們仍然不斷提高雲端業務的毛利率。

This quarter we increased our capital return by 19%, with $4.6 billion returned to shareholders through buybacks and dividends. As we said in September, the Board and Management continue to assess our broader capital allocation strategy as we focus on increasing long-term shareholder value.

本季度，我們的資本回報率提高了 19%，透過股票回購和分紅向股東返還了 46 億美元。正如我們在9月所說，董事會和管理層將繼續評估我們更廣泛的資本配置策略，因為我們將專注於提高股東的長期價值。

With that overview of the current quarter, let me now turn to our outlook for the second quarter, starting with foreign exchange. Foreign exchange did not have a material impact on our Q1 results, as movements were relatively late in the quarter. The following guidance is based on current FX rates, and should the US dollar continue to strengthen, it will create headwinds in our foreign transactional business. The impact of FX on our annuity business will first be reflected in deferred revenue as it based on rates when the contract is billed, and then into the P&L at that same rate as the revenue is recognized.

在概述了本季情況之後，現在讓我展望一下第二季度，首先從外匯市場說起。由於外匯波動發生在第一季末，因此外匯波動並未對我們的第一季業績產生實質影響。以下指導意見是基於當前的匯率，如果美元繼續走強，將會對我們的外匯交易業務造成不利影響。外匯波動對我們年金業務的影響首先會體現在遞延收入中，因為遞延收入是根據合約開票時的費率計算的；然後，當收入確認時，會以同樣的費率計入損益表。

Now moving onto guidance, starting with devices and consumer. In licensing, we expect revenue to be $4.0 billion to $4.2 billion. Remember in Q2 of last year we recognized about $650 million of revenue from our commercial agreement with Nokia, which has ended. While revenue recognition for the agreement was heavily weighted to Q2 based on contract terms, COGS recognized ratably over the course of the year.

接下來進入指導環節，先從設備和消費者方面著手。在授權業務方面，我們預計營收將達到 40 億美元至 42 億美元。請記住，去年第二季我們從與諾基亞的商業協議中確認了約 6.5 億美元的收入，但該協議已終止。根據合約條款，該協議的收入確認主要集中在第二季度，而銷售成本則在一年內按比例確認。

Consistent with the current quarter, IP licensing revenue will reflect lower per unit royalties with the changing mix of devices sold by our licensees. With the addition of Office 365 consumer services in Japan, the transition from traditional licensing to a subscription service will negatively impact revenue by approximately $100 million in Q2.

與本季一致，由於被授權人銷售的設備組合發生變化，IP 授權收入將反映出每單位特許權使用費的下降。隨著 Office 365 消費者服務在日本的推出，從傳統授權模式轉向訂閱模式的轉變將在第二季對收入產生約 1 億美元的負面影響。

We expect the ongoing business PC refresh cycle to continue, though comparables are challenging as we began to see the benefit of XP end of support in Q2 of last year. We expected the consumer PC market will remain stable with many of the same dynamics we saw in Q1.

我們預計持續的商用 PC 更新週期將繼續，儘管由於我們從去年第二季開始看到 XP 停止支援帶來的好處，比較起來比較具有挑戰性。我們預期消費性PC市場將保持穩定，並延續第一季的許多動態。

In computing and gaming, we expect revenue to be $3.5 billion to $3.8 billion. This range reflects growth in Xbox One consoles over the last year, but a mix shift to lower-priced SKUs announced last June. With the momentum we were seeing with Surface Pro 3, we expect units to grow sequentially.

在電腦和遊戲領域，我們預計收入將達到 35 億美元至 38 億美元。這一價格區間反映了 Xbox One 遊戲機在過去一年中的成長，但也反映了去年 6 月宣布的向低價 SKU 的產品組合轉變。鑑於 Surface Pro 3 的銷售勢頭，我們預計銷量將逐週成長。

And so on hardware, we expect revenue to be $2.0 billion to $2.2 billion. This range anticipates both year-over-year and sequential growth in Lumia units, driven by the 500 and 600 series devices. As a result of the ongoing market dynamics and our portfolio rationalization, we expect both volume and ASPs of non-Lumia devices to decline in Q2.

因此，在硬體方面，我們預計營收將達到 20 億美元至 22 億美元。該範圍預計 Lumia 銷量將實現同比增長和環比增長，主要得益於 500 和 600 系列設備的推動。由於市場動態變化和我們的產品組合合理化，我們預計第二季非 Lumia 設備的銷售和平均售價都將下降。

In devices and consumer other, we expect revenue to be $2.3 billion to $2.4 billion, which includes growth from Office 365, the launch of Halo: Master Chief Collection, and continued monetization gains in Bing.

在設備和其他消費品業務方面，我們預計收入將達到 23 億美元至 24 億美元，其中包括 Office 365 的成長、Halo: Master Chief Collection 的推出以及 Bing 的持續獲利成長。

In commercial licensing, we expect revenue to be $10.8 billion to $11 billion, which includes a slight drag from prior year's estimated XP impact. With the accelerated shift to our cloud services, we expect commercial other revenue to be $2.5 billion to $2.6 billion. Overall, we expect our fundamental strength in our commercial business to continue.

在商業授權方面，我們預計收入將達到 108 億美元至 110 億美元，其中包括上一年 XP 預計影響帶來的輕微拖累。隨著向雲端服務的加速轉型，我們預計其他商業收入將達到 25 億美元至 26 億美元。總體而言，我們預計我們在商業領域的基本優勢將繼續保持。

And in corporate, we expect about $300 million of positive revenue impact next quarter as we recognize prior-period deferrals related to bundle offerings. We expect COGS to be $9.5 billion to $9.9 billion, with variability driven by both hardware segments.

在公司業務方面，我們預計下個季度將產生約 3 億美元的正面收入影響，因為我們將確認與捆綁銷售相關的先前期間的遞延收入。我們預計銷售成本為 95 億美元至 99 億美元，具體波動將由硬體和硬體兩大業務板塊共同決定。

We expect second-quarter OpEx to be between $8.6 billion and $8.8 billion. As I mentioned earlier, our Q1 favorability was primarily driven by the timing and our continued prioritization of activities. Therefore, we still expect full-year operating expenses to be $34.2 billion to $34.6 billion, as we remain committed to investing and prioritizing growth areas where we have customer momentum.

我們預計第二季營運支出將在 86 億美元至 88 億美元之間。正如我之前提到的，我們第一季業績表現良好主要得益於時機把握以及我們持續優先進行各項活動。因此，我們仍然預計全年營運支出為 342 億美元至 346 億美元，因為我們將繼續致力於投資和優先發展那些我們擁有客戶成長動能的領域。

Over the remainder of the fiscal year, we expect to incur an additional $500 million of expense related to our restructuring efforts. This results in total charges of roughly $1.6 billion, the high end of the range we provided in July. Separately, we are reducing our anticipated integration expenses down to $100 million per quarter for the remainder of the fiscal year.

在本財年剩餘時間內，我們預計將產生與重整工作相關的額外 5 億美元支出。這將導致總費用約為 16 億美元，這是我們在 7 月給出的範圍的上限。另外，我們將本財年剩餘時間內的預計整合費用減少至每季 1 億美元。

As a reminder, other income and expense includes dividend to 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、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 now expect our full-year tax rate to be between 20% and 22%, including the impact of integration and restructuring. In Q2, we expect CapEx to sequentially increase in support of our growing cloud business.

我們現在預計全年稅率將在 20% 至 22% 之間，其中包括整合和重組的影響。第二季度，我們預計資本支出將環比成長，以支持我們不斷成長的雲端業務。

As you know, we typically see a decline from Q1 to Q2 in our unearned revenue balance. This Q2 we anticipate a slightly higher sequential decline in our non-commercial segments. This is primarily due to the $300 million impact from revenue recognition in corporate that I referenced earlier. We expect commercial unearned to be in line with historical trends, with some of the benefit of our business model transition to annuity offset by FX rate impacts.

如您所知，我們的未實現收入餘額通常會從第一季下降到第二季。我們預計第二季非商業部門的環比降幅將略大。這主要是由於我之前提到的公司收入確認帶來的 3 億美元影響。我們預期商業未實現收益將與歷史趨勢保持一致，但我們向年金業務模式轉型帶來的一些好處將被匯率影響所抵銷。

In closing, this was another quarter of continued growth and disciplined execution. Across the Company, we're making thoughtful, data-driven decisions to continually assess and prioritize our resources. We're also investing to accelerate momentum in key strategic areas and to capitalize on emerging trends. We are making great progress in reshaping our Company. And I'm encouraged by the opportunities to continue to create long-term shareholder value. And with that, I'll turn it back over to Chris and we can move to Q&A.

總之，本季我們持續維持成長勢頭，並嚴格執行各項規章制度。公司上下都在做出深思熟慮、以數據為基礎的決策，不斷評估並優先分配資源。我們也正在加大投資，以加快關鍵策略領域的發展動能，並掌握新興趨勢。我們在公司重組方面取得了巨大進展。我對繼續創造長期股東價值的機會感到鼓舞。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. With that, we'll move to our Q&A. Operator, can you please repeat your instructions?

謝謝你，艾米。接下來，我們將進入問答環節。操作員，請您再重複一次您的指示好嗎？

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

我們的第一個問題來自瑞銀集團的 Brent Thill。請繼續您的問題。

Thanks, good afternoon. On the commercial revenue continues to grow an impressive double-digit rate. Many of your peers have not been doing quite as well as you have just in the last reported quarter. And Amy, I know you mentioned your confident about this business continuing. I'm curious if you could just maybe underscore what you feel you guys are doing differently than what's happening in the peer group, and underscoring that confidence going forward.

謝謝，下午好。商業收入持續保持令人矚目的兩位數成長速度。在最近一個季度的業績中，你的許多同業表現都不如你出色。艾米，我知道你曾說過你對這項業務的持續發展充滿信心。我很好奇，您能否重點談談您認為您們的做法與同齡群體有何不同，並強調您對未來的信心。

Let me start. Overall, as what we see is the increasing competitiveness of our products. I think that's really what is reflected in our results. The cloud story I think it's fairly clear at this point the combination of Office 365 as well as the Dynamics CRM in particular, combined with Azure, are driving our cloud growth.

我先開始。總的來說，我們看到的是我們產品的競爭力日益增強。我認為這正是我們的結果所反映的。我認為目前雲端業務的發展趨勢已經相當明確，Office 365 和 Dynamics CRM 的結合，特別是 Azure，正在推動我們的雲端業務成長。

As it turns out, the technology that we build for our cloud is what we incorporate in our server products. In fact our R&D expense is the same expense. And that's made our server products very competitive. And so, again, some of our traditional competitors we are seeing significant share gains across the entire infrastructure line of our server products in particular.

事實證明，我們為雲端所建構的技術正是我們融入伺服器產品的技術。事實上，我們的研發費用是相同的。這使得我們的伺服器產品極具競爭力。因此，我們看到一些傳統競爭對手在整個基礎設施產品線（尤其是伺服器產品線）上獲得了顯著的市場份額成長。

And we've also architected our cloud very differently. We are the only hyper scaled cloud provider that also thinks of our server products as the edge of our cloud. So some of the hybrid capabilities of our servers have increasing attach, and that's also leading to our overall competitiveness as well as modernization in margin. And so those are the trends we see in our numbers; we live in the same macro environment as the rest, but right now, we are confident about our competitiveness driving our results.

而且，我們的雲端架構也截然不同。我們是唯一將伺服器產品視為雲端邊緣的超大規模雲端服務供應商。因此，我們伺服器的一些混合功能越來越受歡迎，這也提高了我們的整體競爭力，並促進了利潤率的現代化。因此，這些是我們從數據中看到的趨勢；我們和其他人一樣生活在相同的宏觀環境中，但目前，我們有信心我們的競爭力將推動我們的業績。

Thank you.

謝謝。

Thanks, Brent. We'll take the next question, please.

謝謝你，布倫特。請回答下一個問題。

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

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

Thank you and congrats on the quarter. Two quick questions relating to cloud. Amy, can you give us a sense of what the revenue run rate for the commercial cloud was this quarter? And Satya, could you give us a little more on the use cases for Azure. Is it more test and dev, or are you seeing most of it being on the production side? Thanks.

謝謝，也恭喜你本季取得佳績。關於雲端運算，我有兩個問題想問一下。艾米，你能大概介紹一下本季商業雲的營收成長率嗎？Satya，您能否再詳細介紹一下 Azure 的應用程式案例？更多的是測試和開發，還是大部分都在生產環境中進行？謝謝。

Thanks, Mark. As you know we gave our run rate at the end of last quarter at $4.4 billion, and the quotes we've said in our numbers have us on that continued trajectory as we head for Q1. So I think the pace and our accomplishments and share gains remain on a good trendline.

謝謝你，馬克。如您所知，我們在上個季度末公佈的營收為 44 億美元，我們在財報中也提到，我們將繼續保持這一成長勢頭，邁向第一季。所以我認為，我們的發展速度、所取得的成就和市場佔有率的成長仍然保持著良好的發展趨勢。

And as far as the use cases, right now it's actually pretty diversified. We talked pretty extensively about the customer case studies at our cloud events last week, and it turns out that we have ISVs in many cases driving new applications on top of Azure. There are businesses like for example NBC that are reinventing their business models on top of Azure. We have customers using us for true hybrid, if you are deploying for example an SQL Server you can have higher availability using Azure. That's a pretty common deployment, using Azure as the backplane for disaster recovery and high availability.

至於應用場景，目前其實已經相當多元了。上週，我們在雲端活動中廣泛討論了客戶案例研究，結果表明，在許多情況下，獨立軟體開發人員 (ISV) 都在 Azure 之上開發新的應用程式。例如，像 NBC 這樣的企業正在 Azure 平台上重塑其商業模式。我們的客戶正在使用我們的服務來實現真正的混合部署，例如，如果您要部署 SQL Server，則可以使用 Azure 以獲得更高的可用性。這是一個相當常見的部署方案，使用 Azure 作為災難復原和高可用性的底層平台。

Dev test for sure is a workload, but at this point I would say we have emerging ISVs, some of the global ISVs building their SaaS applications on top of Azure driving a significant amount of growth. New businesses and new business models emerging on Azure as well as hybrid, which I would say are driving it.

開發測試當然是一項工作量，但就目前而言，我認為新興的獨立軟體供應商 (ISV)，以及一些全球性的 ISV，正在 Azure 上建立他們的 SaaS 應用程序，從而推動了顯著的成長。Azure 和混合雲平台上湧現新的業務和新的商業模式，我認為這是推動這一趨勢的原因。

One of the other categories that I see a lot of lately is IOT, and the way we participate just on the Azure side, we obviously participate even with our Windows embedded, but on the cloud side, we are seeing the attach to our emerging machine learning services, as well as advanced analytics, that's another place where we are well-suited for some of the emerging use cases.

最近我看到的另一個熱門類別是物聯網，我們在 Azure 方面也積極參與其中，當然，我們也會透過 Windows Embedded 參與，但在雲端方面，我們看到它與我們新興的機器學習服務以及高級分析服務相結合，這是我們非常適合一些新興用例的另一個領域。

Thank you very much.

非常感謝。

Thank you, Mark. Next question, please.

謝謝你，馬克。下一個問題。

Next question comes the line of Keith Weiss with Morgan Stanley.

下一個問題是關於摩根士丹利的基思·韋斯。

Thank you guys and a very nice quarter. Perhaps a question for Amy. Really nice gross margin improvements across the board, but you did mention some one-time items. So I was hoping you could help us understand where you're seeing sort of underlying gross margin improvements, particularly if we look at sort of any improvements that you saw on the phone gross margins as well as the improvement we saw in the cloud gross margins. How much of that should we look at as durable on a going-forward basis?

謝謝大家，這個季度過得非常順利。或許該問問艾米。毛利率全面提升，表現非常出色，但您也提到了一些一次性項目。所以我希望您能幫助我們了解您認為哪些方面實現了潛在的毛利率改善，特別是如果我們看一下您在電話業務毛利率方面看到的任何改善，以及我們在雲端業務毛利率方面看到的改善。其中有多少應該被視為具有長期可持續性？

Thanks, Keith. Let me start with the cloud and then I'll move to your phone question. Overall, in the commercial business, I think we continue to see gross margin improvement, and that is sustainable improvement as opposed to I think what you characterized as some non-recurring things that I had mentioned.

謝謝你，基斯。我先來說說雲端運算，然後再回答你的手機問題。總體而言，在商業領域，我認為我們持續看到毛利率的提高，而且這是可持續的提高，而不是我之前提到的某些非經常性因素。

It continues to be improvements in scale, improvements in our infrastructure, improvements in utilization, really strong work across all of our engineering teams here. And so I think our year-over-year improvement as well as sequential improvement and our ability in the overall commercial business to see the gross margins we did as the mix shifts to the cloud, I think we're all quite, quite proud of.

規模、基礎設施和利用率都在不斷提高，我們所有工程團隊都付出了巨大的努力。因此，我認為我們同比以及環比的進步，以及我們在整體商業業務中隨著業務組合向雲端轉移而取得的毛利率，都讓我們感到非常非常自豪。

Onto the phone business where I did callout non-recurring items due to the business integration expense. An easier way frankly to think about that, Keith, is our Q4 gross margin and our Q1 gross margin, Q4 was a little depressed is how I would think about it due to some of the restructuring. Q1 is a little bit higher; a more blended rate of those two is probably a better way to think about a go-forward margin. Although when you're transitioning any business and all the hard work that we're doing here to prepare ourselves going forward, I do expect to see some volatility in that number.

接下來我轉到電話業務，由於業務整合費用，我負責處理非經常性事項的上門服務。坦白說，基思，更簡單的理解方式是比較我們第四季的毛利率和第一季的毛利率。第四季的毛利率略有下降，這是由於一些重組造成的。第一季略高；將這兩個季度的比率結合起來考慮，或許是預測未來利潤率的更好方法。儘管任何企業在轉型過程中都會面臨挑戰，而且我們為了迎接未來的發展也付出了巨大的努力，但我預計這個數字會出現一些波動。

Excellent. That was very helpful. Thanks very much.

出色的。那很有幫助。非常感謝。

Just to add one thing that I'll say is it's sort of fits to Mark's question which is the in particular on Azure, we have some commodity workloads, but we also have many differentiated higher-margin workloads. Especially the enterprise mobility suite is what I will callout is a good example of what infrastructure workflow completely in the cloud that has got a very different margin structure. And those are the things that really give us the ability to have good margin structure for our cloud efforts.

我還要補充一點，這其實也符合 Mark 的問題，那就是，尤其是在 Azure 上，我們有一些通用工作負載，但我們也有許多差異化的高利潤工作負載。尤其是企業行動套件，我要特別指出，它很好地體現了完全在雲端的基礎設施工作流程，其利潤結構非常不同。正是這些因素真正讓我們能夠在雲端運算業務方面擁有良好的利潤結構。

Excellent. That's great. Thanks very much guys.

出色的。那太棒了。非常感謝各位。

Thank you, Keith. Next question, please.

謝謝你，基斯。下一個問題。

Our next question comes from Phil Winslow with Credit Suisse. Please proceed with your question.

下一個問題來自瑞士信貸的菲爾溫斯洛。請繼續您的問題。

Congrats on another great quarter. Had a question on Office 365. Obviously ya'll continue to create growth, both on a commercial and on the home and personal side. But we also saw just Office commercial products and services continue to grow 5%, so one question for Satya and one for Amy.

恭喜又一個季度業績出色！我有一個關於Office 365的問題。顯然，你們在商業、家庭和個人領域都持續取得了成長。但我們也看到 Office 商業產品和服務持續成長 5%，所以一個問題問 Satya，一個問題問 Amy。

Satya, how do you feel right now about just momentum particularly on the commercial side that you're seeing on Office 365 and sort of how you're targeting large enterprises versus SMBs? Then Amy, obviously, you've talked about some cannibalization of end-period revenue from the success of Office 365; wondering if you can help us kind of frame that 5% this quarter on the product and services, and how we should think longer term about the revenue and the profitability there? Thanks.

Satya，你現在對 Office 365 的發展勢頭，特別是商業方面，以及你們如何瞄準大型企業而不是中小企業，有什麼看法？艾米，很顯然，你提到過 Office 365 的成功會蠶食一些期末收入；我想知道你是否能幫我們分析一下本季度產品和服務方面 5% 的增長，以及我們應該如何從長遠角度看待這部分收入和盈利能力？謝謝。

I'll start and then Amy I'll turn it over to you. Specifically on Office 365, the overall product depth and breath is continuously improving. One of the great benefits of our Office 365 that our customers get to enjoy if that as we innovate and launch new features, they get to use them as soon as we have got them deployed on our cloud. And so that's what's driving both the competitiveness as well as usage of Office 365. And quite honestly, the full consumption of what we built, and which I think in the long run is super important to us and our customers.

我先開始，然後艾米，就交給你了。具體到 Office 365，其整體產品深度和廣度都在不斷提高。我們的 Office 365 為客戶帶來的一大好處是，隨著我們不斷創新並推出新功能，一旦這些功能部署到我們的雲端，客戶就可以立即使用它們。因此，這正是推動 Office 365 競爭和使用率成長的原因。坦白說，我們所創造的一切都能夠充分利用，我認為這從長遠來看對我們和我們的客戶來說都非常重要。

But it also turns out some of the server products that we have, as we are seeing increasing adoption of the cloud, we still have as I said very competitive server products. I mentioned a lot of our infrastructure server products, so take something like Lync; it's a fantastic product, it is again gaining share in the marketplace, it's getting deployed in on-premise solutions, so it's the combination that's driving our growth.

但事實證明，隨著雲端運算的普及，我們的一些伺服器產品仍然像我剛才說的那樣具有很強的競爭力。我提到了許多我們的基礎設施伺服器產品，例如 Lync；它是一款非常棒的產品，市場份額正在不斷擴大，並且正在部署到本地解決方案中，正是這些產品的組合推動了我們的成長。

The other dimension we are seeing is Office 365 is a cross-platform cloud service. We seen now coverage across all devices. And that leads to customers still using the service even more. So that combination of effects, competitive server products, very competitive cloud service with new features being added all the time, as well as cross-platform, is what's driving our growth.

我們看到的另一個面向是，Office 365 是一項跨平台雲端服務。現在我們看到所有設備都覆蓋了網路。這使得客戶更頻繁地使用這項服務。因此，多種因素的綜合作用，包括具有競爭力的伺服器產品、極具競爭力的雲端服務（不斷添加新功能）以及跨平台優勢，正在推動我們的成長。

And let me try to take the second part of that question, Phil, which is really sort of the dynamics between our transactional business, the move to the cloud, and how I think about bridging those numbers. Our Office transactional business was down this quarter, and the difference as you said to get to the 5% growth is clearly the growth of Office 365 all up.

菲爾，讓我來回答這個問題的第二部分，這實際上是關於我們的交易業務、向雲端遷移以及我如何看待彌合這些數字之間的動態關係。本季我們的 Office 交易業務有所下降，正如您所說，實現 5% 成長的關鍵顯然在於 Office 365 的整體成長。

The other place that I think always I like to point to in terms of triangulating when I look at the health of the overall transition is renewal rates; our renewal rates are amongst the highest we've had in a Q1. Both our ability to recapture both the contract as well as the revenue and the value and add services is higher than it has been. In addition, we are seeing premium units added more frequently in the cloud than we have on-prem. And those types of mixes you'll see both in a bookings number as well as in the unearned balance growth.

在評估整體轉型健康狀況時，我總是喜歡從續約率的角度來衡量；我們的續約率是第一季以來最高的之一。我們重新獲得合約、收入和價值以及增值服務的能力都比以前更高了。此外，我們發現雲端添加高階單元的頻率比本地添加的頻率還要高。你會在預訂量和未實現餘額增長中都看到這些類型的組合。

And so while the exact dollars in and out on any given quarter may be difficult I guess to triangulate on, the components I always look to see health I've outlined there specifically in the Office business.

因此，雖然很難準確計算出每季的確切收入和支出，但我總是關注以下幾個方面來判斷辦公業務的健康狀況，我已經在辦公室業務中具體概述了這些方面。

Great. Thanks, guys.

偉大的。謝謝各位。

Thanks, Phil. We'll go to the next question, please

謝謝你，菲爾。我們進入下一個問題，請。

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

我們的下一個問題來自 Rick Sherlund 與 Nomura 的對話。請繼續您的問題。

Yes, thanks. I wanted to follow up on Phil's question. I think that Office transitions, our analysis suggests that that's a net benefit from here for you; I'd like to get Amy's comments and thoughts maybe about the transition for the rest of the business. If you've got server and tools, at some point -- I mean it continues to show really terrific growth, at some point I suppose that becomes cannibalized by your cloud business with Azure.

好的，謝謝。我想就菲爾提出的問題做個後續探討。我認為，根據我們的分析，辦公室的過渡對您來說是有利的；我想聽聽艾米對此次過渡對公司其他部門的影響有何評論和想法。如果你擁有伺服器和工具，那麼在某個時候——我的意思是，即使它持續展現出非常強勁的成長勢頭，我想在某個時候，它也會被你的 Azure 雲端業務蠶食。

Maybe Satya if you can share how you think that transition, how long, how does it transpire? Any thoughts and should it be net additive to the revenues and operating income as we've seen on the Office side? And maybe if you could talk on Windows as well, it looks like it was OEM down a little bit this quarter, which had been growing. Are we going to see a lower ASPs with these $200 devices coming out this fall?

薩蒂亞，你能否分享一下你對這種轉變的看法，例如需要多長時間，以及它是如何發生的？大家有什麼想法？它是否應該像我們在Office業務方面看到的那樣，對收入和營業利潤產生淨增長？如果您也能談談 Windows 系統，看起來本季 OEM 業務略有下滑，而此前該業務一直在成長。今年秋季上市的這些售價 200 美元的設備，我們會看到平均售價下降嗎？

Let me talk a little bit about the dynamics you're seeing in particular with our infrastructure servers as well as Azure, because it is actually pretty unique I think to at least our product offering. As I said, our servers have become much more competitive because of the same technology investments that we are making in our cloud, and the use cases that we see in the cloud in many cases happened to be net new workloads. IOT was not driving our server growth traditionally. Mobile backend was not driving our servers traditionally. Machine learning an advanced analytics are areas that we did not participate even in the past, so one of the things that we're seeing is a lot of new use cases of Azure which were really new greenfield territory for us.

讓我重點談談您目前在我們基礎設施伺服器以及 Azure 上看到的具體動態，因為我認為這至少在我們目前的產品中是相當獨特的。正如我所說，由於我們在雲端領域投入了相同的技術，我們的伺服器變得更具競爭力，而且我們在雲端領域看到的用例在許多情況下恰好都是全新的工作負載。傳統上，物聯網並不是我們伺服器成長的主要驅動力。傳統上，行動後端並不是我們伺服器的主要驅動力。機器學習和進階分析是我們過去從未涉足的領域，因此我們看到的一件事是 Azure 出現了許多新的用例，這對我們來說真的是一個全新的領域。

And it turns out that the need for more computing, more storage, and more infrastructure server products is much broader than just even the hyper scale public cloud. Because the one thing that is true is that on more devices is that you need backend. And that backend in many cases in regulated industries, with the geo participation we have, it's needed everywhere.

事實證明，對更多運算、更多儲存和更多基礎設施伺服器產品的需求，遠遠超出了超大規模公有雲的範疇。因為有一點是肯定的，那就是在更多設備上，你需要一個後端。在許多受監管的行業中，憑藉我們現有的地域參與度，後端在各方面都是必需的。

So one of the things that we are in fact very focused on is enabling others to build their own cloud, so our private cloud premium SKU mix is also growing. You'll see that in our results. So at least in the intermediate time frame, we do not see cannibalization. We see more impact of these hybrid private as well is public cloud all being complementary, and of course, being used together to deliver more value to customers and that's where our competitive advantage comes from.

因此，我們目前非常關注的事情之一是幫助其他人建立自己的雲，因此我們的私有雲高級 SKU 組合也在不斷增長。你會在我們的結果中看到這一點。所以至少在中間時間段內，我們沒有看到蠶食現象。我們看到這些混合私有雲和公有雲的影響越來越大，它們彼此互補，當然，它們一起使用可以為客戶帶來更多價值，而這正是我們競爭優勢的來源。

On the Windows side just to finish off, we wanted to make sure that we have competitive Windows ecosystem participation across all price points. So we made some deliberate changes to our business model and that is in fact playing out in the marketplace where we now have very competitive full Windows PCs less than $199 going into this holiday season, and that in fact in Q1 caused the market to expand. That was really by design and so we're happy to see that.

最後，在 Windows 方面，我們希望確保在所有價格點上都有具有競爭力的 Windows 生態系統參與度。因此，我們對商業模式進行了一些刻意的改變，而這些改變實際上正在市場上體現。現在，我們推出了極具競爭力的全功能 Windows PC，售價低於 199 美元，即將進入假期季節。事實上，這在第一季導致了市場擴張。這確實是事先計劃好的，所以我們很高興看到這一點。

And so on a blended basis of course the ASPs will be different because of the two ranges, but overall that is what our goal is. We want to be able to make sure that we compete on all price points and overall grow the volume.

因此，混合定價模式下的平均售價當然會因為兩個定價區間而有所不同，但總的來說，這就是我們的目標。我們希望確保在所有價格點上都具有競爭力，並實現整體銷售成長。

Thank you.

謝謝。

Thank you. We'll go to the next question, please.

謝謝。我們進入下一個問題。

Our next question comes from Walter Pritchard with Citi. Please proceed with your question.

下一個問題來自花旗銀行的華特‧普里查德。請繼續您的問題。

Hi, thanks. Satya, I'm wondering if you could talk about your seeing some progress on the cloud gross margins, but you're also investing pretty heavily. And I'm wondering how important it is for you kind of medium to long term to be able to get things like Bing, Xbox Live, and Office 365 running on the same infrastructure as Azure in terms of getting the kind of scale you want and ultimately driving the margins to where you want it to get to. Is that a prerequisite to get to where you'd like those margins to be?

您好，謝謝。Satya，我想請你談談你在雲端業務毛利率方面取得的一些進展，但同時你也投入了相當多的資金。我想知道，對你們來說，從中長期來看，能夠讓 Bing、Xbox Live 和 Office 365 等服務在與 Azure 相同的基礎設施上運行，對於獲得你們想要的規模並最終將利潤率提升到你們想要的水平有多重要。這是達到你期望的利潤率的先決條件嗎？

Yes, I mean it's an absolute prerequisite for us to have our entirety of our cloud infrastructure planned drive scale economics for us. And in fact a lot of the core Azure technology around machine management and data center management comes out of our green efforts. We manage all of the supply chain of all of this as one supply chain, we do the SKU design as one SKU design, we drive cost of both network storage compute down altogether.

是的，我的意思是，規劃好我們整個雲端基礎設施，從而實現規模經濟效益，是絕對必要的先決條件。事實上，Azure 在機器管理和資料中心管理方面的許多核心技術都源自於我們的綠色環保措施。我們將所有這些供應鏈作為一個整體進行管理，我們將所有 SKU 設計作為一個整體進行設計，我們整體上降低了網路儲存和運算的成本。

In fact, you should think of Azure as the common fabric of all our applications. And you look at even some of our games, like Halo, has significant usage of our cloud, and that's what's really driving some of the economics. I celebrate the fact that we don't have just one first-party workload, because it's very easy for one first-party workload to completely coop if you will the architecture of a cloud.

事實上，你應該把 Azure 看作是我們所有應用程式的通用基礎架構。即使是我們的一些遊戲，像是《光環》，也大量使用了我們的雲端服務，而這正是推動部分經濟效益的真正因素。我很高興我們不只一個第一方工作負載，因為一個第一方工作負載很容易完全與雲端架構相衝突。

But in our case we have a very diverse set of workloads. We have Xbox Live, we have Office 365, we have Dynamics, and Bing, and that diversity is what allows us to build in fact for our own needs a cloud architecture that then can meet many more workloads, and that's working pretty well for us.

但就我們而言，我們的工作負載非常多樣化。我們擁有 Xbox Live、Office 365、Dynamics 和 Bing，正是這種多樣性使我們能夠根據自身需求建立雲端架構，從而滿足更多工作負載的需求，而且這對我們來說效果相當不錯。

Got it. Thank you.

知道了。謝謝。

Thanks very much. Will take the next question please.

非常感謝。請回答下一個問題。

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

我們的下一個問題來自高盛的 Heather Bellini。請繼續您的問題。

Great. Thank you so much. Satya, I was wondering if you could share with us given the amazing XP refresh we've seen over the last 12 to 18 months, as you're talking to customers, how do you feel about the corporate PC refresh cycle in calendar 2015?

偉大的。太感謝了。Satya，鑑於過去 12 到 18 個月裡我們看到了 XP 系統的驚人更新，我想請你和我們分享一下，你在與客戶交流的過程中，對 2015 年的企業 PC 更新週期有何看法？

I think it will come back to the pre-XP business PC refresh. And so that's what I think Amy's comments also reflected and that's what we expect to have happen in the rest of this fiscal year.

我認為最終會回到 XP 系統之前的商用 PC 更新換代階段。所以，我認為艾米的評論也反映了這一點，這也是我們希望在本財年剩餘時間內發生的事情。

The thing that, Heather, we are focused on is how do we make sure that not only do the incremental value that we have today on Windows 8 gets adopted, there are in fact lots of use cases especially around field devices, mobile workforce, where we are in fact seeing great adoption of Windows 8, but Windows 10 is something that's completely optimized for the enterprise, and across all screen sizes for the mobile worker as well as the desktop and large screens.

Heather，我們現在關注的是如何確保我們今天在 Windows 8 上獲得的增量價值不僅能夠被採用，而且實際上有很多用例，尤其是在現場設備和移動辦公人員方面，我們確實看到 Windows 8 得到了很好的採用，但 Windows 10 是完全針對企業優化的，適用於移動辦公人員以及台式機和大屏幕的各種屏幕尺寸。

Perhaps one of the most unique things about at least our portfolio and our innovation is that we think that it's the mobility of the individual, not the one device, that is important in the enterprise, and that's what we are building towards with great management and great security. And so we're pleased with the early feedback we are getting from the first disclosure of Windows 10, and as well as some of the successes we are having with Windows 8 adoption in the enterprise. But the adoption I think we'll get back to a normal PC refresh in the enterprise.

或許我們產品組合和創新中最獨特的一點是，我們認為企業中重要的是個人的移動性，而不是單一設備，而這正是我們透過卓越的管理和強大的安全性來建構的目標。因此，我們對 Windows 10 首次發布後獲得的早期回饋感到滿意，同時也對 Windows 8 在企業中的應用程式取得了一些成功。但我認為，隨著企業採用率的提高，我們將恢復到正常的PC更新換代模式。

Thank you.

謝謝。

Thanks Heather. We'll go to the next question, please.

謝謝你，希瑟。我們進入下一個問題。

Our next question comes from the line of Daniel Ives with FBR Capital Markets.

下一個問題來自 FBR Capital Markets 的 Daniel Ives。

Satya, what do you think as you move to the cloud and really tried to go into this next phase of growth is the biggest challenge and then maybe the biggest opportunity from just a high-level as we think of Microsoft going into the next stage?

Satya，你認為隨著微軟遷移到雲端，真正進入下一個成長階段，最大的挑戰和最大的機會分別是什麼？

I mean for us the biggest opportunity is to be able to get into spaces -- I mean, one of the things that I always think about is for all the success we've had in our server business, we were a low-share player, and when I look at the total IT spend of -- that enterprise customers have today, as I said, we've not participated in many, many areas. I'll bring up even the data stack, we have a very good business in SQL Server, we have perhaps the most competitive SQL server product ever in SQL 2014, which is growing nicely.

我的意思是，對我們來說，最大的機會是能夠進入一些領域——我的意思是，我一直在思考的一件事是，儘管我們在伺服器業務方面取得了巨大的成功，但我們的市場份額很低，而且當我看到企業客戶如今的 IT 總支出時，正如我所說，我們還沒有參與到很多領域。我甚至可以提到資料堆疊，我們在 SQL Server 方面業務非常出色，我們擁有可能是史上最具競爭力的 SQL Server 產品 SQL 2014，而且該產品發展勢頭良好。

But if you look at what is secular in terms of growth going forward, it's data, data management in a variety of new ways. So those are the opportunities we want to be able to take advantage of by doing some good work, both in the public cloud as well as with our server product.

但從長遠來看，未來的成長動力在於數據，在於各種新的數據管理方式。所以，我們希望能夠抓住這些機遇，在公有雲和我們的伺服器產品方面都做出一番成就。

The challenge will always remain at the end of the day for us to make sure that we are bringing together unique offers. One of the things that I want us as a team to be very focused on is to bring uniqueness that only Microsoft can bring you to the marketplace. That's why this approach around platforms and reinvention of productivity I believe is what we can do. For sure we want to have creditable competition, but at the same time I think that if you asked anyone at least in our campus whether we deeply get what it means to reinvent productivity, I believe do we get deeply how to take the various constituents from end users, IT, and developers, and harmonize their interests in a very unique way so that enterprises can adopt solutions, we get that deeply.

歸根究底，我們面臨的挑戰始終是如何確保我們提供獨一無二的產品和服務。我希望我們團隊能夠重點關注的一件事，就是將只有微軟才能帶來的獨特性帶入市場。這就是為什麼我認為我們應該採取圍繞平台和生產力重塑的這種方法。我們當然希望有可比擬的競爭，但同時我認為，如果你問我們校園裡的任何人，我們是否深刻理解重塑生產力的意義，我相信我們是否深刻理解如何將最終用戶、IT人員和開發人員等不同群體的利益以一種非常獨特的方式協調起來，從而使企業能夠採用解決方案，我們對此有著深刻的理解。

So to me, staying with that and staying focused on our unique contribution is perhaps both our opportunity and our challenge, and we will obviously index on the opportunity side.

所以對我來說，堅持這一點，專注於我們獨特的貢獻，或許既是我們的機會也是我們的挑戰，而我們顯然會更傾向於機會。

Great job on the quarter, especially relative to your tech peers. Thanks.

本季表現出色，尤其與你們的科技同業相比更是如此。謝謝。

Thank you, Dan. We'll move to the next question, please.

謝謝你，丹。我們進入下一個問題。

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

我們的下一個問題來自 Kash Rangan 與美林證券的合作。請繼續您的問題。

Hi, thank you for taking my question. Satya, I just wanted to get your perspective on the business mix, because clearly you have a very strong and growing consumer footprint especially with Nokia, and then you've got a very solid enterprise backbone. And it feels like the consumer side of the house is pulling away much faster, and obviously got some implications for how you look at the business in terms of margins and how they could potentially inflect some switchers.

您好，感謝您回答我的問題。薩蒂亞，我只是想聽聽你對業務組合的看法，因為很明顯，你們擁有非常強大且不斷增長的消費者市場份額，尤其是諾基亞，而且你們還有非常穩固的企業基礎。感覺消費者方面正在更快地拉開差距，這顯然會對我們如何看待利潤率以及它們可能如何影響一些轉換客戶產生一些影響。

If you could just give us your thoughts Satya on how you see the business mix, that would be great. And also wondering, Amy, if you could shed some light on cost controls, and what were the things that specifically the Company engaged in? Because the marketing expenses came in at a nice surprise much lower than we expected. Thank you very much.

薩蒂亞，如果你能分享一下你對業務組合的看法，那就太好了。艾米，我還想問一下，你能否介紹一下成本控制方面的情況，以及公司具體採取了哪些措施？因為行銷費用出乎意料地低，遠低於我們的預期。非常感謝。

Thanks, Kash. So the way I see the market when we sort of talk about productivity and platforms, we really don't make the big distinction between consumer and enterprise. And when it takes productivity out, we're very focused on dual use.

謝謝你，卡什。所以在我看來，當我們談論生產力和平台時，我們實際上並沒有真正區分消費者和企業。當生產力下降時，我們非常注重雙重用途。

In fact one of the pieces of data that Amy and I shared was the growth in the consumer subscriptions of Office 365 even sequentially grew by a significant percentage. So therefore, we are seeing good adoption of our productivity services, specifically in the context of this dual use where people want to use it at home and people want to use it at work. And that's where in fact a lot of our R&D investment is, to make that very seamless.

事實上，我和 Amy 分享的數據之一是 Office 365 消費者訂閱量的成長，甚至比上季成長了相當大的百分比。因此，我們看到我們的生產力服務得到了很好的推廣，尤其是在這種雙重用途的背景下，人們既想在家中使用它，也想在工作場所使用它。事實上，我們投入大量研發資金就是為了讓這個過程非常順暢。

So to me that's how I want to drive. And gaming is the one category we have said that we will invest in it for its own sake and driving enterprise value out of our gaming. There are in fact lots of benefits which come because of technology. In fact, the reason why we are so competitive now in Cortana and speech recognition, which I think is core to productivity, is it first started with Kinect and Xbox.

所以對我來說，這就是我想要的駕駛方式。遊戲是我們唯一表示會投資的領域，我們投資遊戲本身是為了遊戲發展，並希望從遊戲領域創造企業價值。事實上，科技帶來了許多好處。事實上，我們現在在 Cortana 和語音辨識領域如此具有競爭力的原因（我認為這是提高生產力的核心），因為它最初是從 Kinect 和 Xbox 開始的。

So we will always have those kind of incidental benefits, but really in gaming we want to have our first-party gaming, Xbox Live console, and as well as PC gaming thrive and drive our incremental value for us, and Minecraft obviously helps in that context. So that's how we'll view the future for how we think about our businesses.

因此，我們總是會獲得這類附帶的好處，但實際上，在遊戲領域，我們希望我們的第一方遊戲、Xbox Live 主機以及 PC 遊戲蓬勃發展，為我們帶來增量價值，而 Minecraft 顯然在這方面有所幫助。所以，這就是我們對未來業務發展的看法。

And Kash, on the overall operating expense and how we've managed that, in general I don't think about it as controlled using that sense of the word. I think what is perhaps most impressive is that we have managed to continue throughout the quarter whether it's week to week or month to month to look and ask where is the highest ROI we get from our spend.

至於卡什，關於整體營運費用以及我們如何管理這部分費用，總的來說，我不認為我們按照這個詞的含義對其進行了控制。我認為最令人印象深刻的是，我們能夠在整個季度中，無論是每週還是每月，持續不斷地尋找並詢問，我們的支出在哪些方面能獲得最高的投資回報率。

How can we drive our business forward both in-period, but also for the future. Is just as important for us to balance that. And I think we've done a very good job of picking those places and really investing intentionally and aggressively behind places where we know we're differentiated.

我們如何推動業務在當前時期以及未來發展？對我們來說，平衡這一點同樣重要。我認為我們在選擇這些地方方面做得非常好，並且確實有意識地、積極地投資於我們知道我們具有差異化優勢的地方。

Wonderful. Thank you very much, happy Halloween.

精彩的。非常感謝，萬聖節快樂！

Thanks, Kash. Operator we'll have time for one more question, please.

謝謝你，卡什。接線員，我們還有時間回答最後一個問題。

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

最後一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

Thanks. Question for Amy. Amy, just thinking through your guide by business segment, everything seems roughly in line but for the D&C licensing guide which implies I think a 24% year-over-year decline, and given that that's a 90% gross margin business, I just want to make sure I understand what's happening there.

謝謝。問艾米一個問題。艾米，我仔細看了看你按業務板塊劃分的指南，一切似乎都大致吻合，但D&C授權指南顯示同比下降了24%，考慮到這是一個毛利率高達90%的業務，我只是想確保我理解那裡發生了什麼。

And I have two questions, I'm wondering if you could help disaggregate how much of that is due to the tough XP related compare versus some other perhaps one-time issues that make for a tough comparison? And then secondly, when in your best judgment do you think that D&C licensing revenue might turn positive? Thank you.

我有兩個問題，我想知道您能否幫忙區分一下，其中有多少是由於與 XP 相關的艱難比較造成的，又有多少是由於其他一些可能只是一次性的問題導致比較困難造成的？其次，您認為D&C授權收入何時可能轉正？謝謝。

Great. Karl, thanks for asking that question. It gives me a chance to reiterate how many of those components are that one-time in nature. The first and the largest issue is the end of the Nokia commercial agreement. That's about $650 million that we earned in Q2 of a year ago, that because of the end of the agreement, simply goes way. So I'll start with that point.

偉大的。卡爾，謝謝你提出這個問題。這讓我有機會重申，這些組成部分中有多少是一次性的。首要且最大的問題是諾基亞商業協議的終止。那大約是我們去年第二季賺到的 6.5 億美元，由於協議終止，這筆錢就這麼沒了。那我就從這一點開始吧。

The second component relates to the same trend we saw in our IP business that we saw in Q4, in Q1, we're doing and seeing again in Q2. So I would also see that exact same trend line and assessment.

第二個組成部分與我們在智慧財產權業務中看到的趨勢相同，我們在第四季、第一季、第二季都看到了相同的趨勢。所以我也會看到完全相同的趨勢線和評估結果。

The next component, which is a change, is we have actually launched some of our Office 365 consumer services in Japan, which is a geo that we had not been in historically. That does result in a revenue deferral, and it'll end up an unearned. But that's about $100 million impact that we would not have seen before that.

下一個組成部分，也是一個變化，是我們實際上已經在日本推出了一些 Office 365 消費者服務，而日本是我們歷史上從未涉足的地區。這會導致收入遞延，最終會變成未實現收入。但這帶來了大約 1 億美元的影響，這是我們之前無法看到的。

And so by the time you move all of that out of the comparison group, you really get back to very similar trends in our D&C licensing business that we saw this quarter for what I think are the components you are focused on, which is OEM Pro and OEM non-Pro which we expect to really resemble the results we saw this quarter, and marry, sort of match the PC business dynamics overall.

因此，當你把所有這些因素從比較組中剔除後，你會發現，我們D&C授權業務的趨勢與我們本季度看到的趨勢非常相似，而我認為，這些趨勢正是你所關注的組件，即OEM專業版和OEM非專業版，我們預計這些組件的業績將與我們本季度看到的結果非常相似，並且與PC業務的整體動態相吻合。

Okay. That's very helpful. And if I could sneak in one more, Amy, the $2.9 billion share repurchase feels like an uptick compared to what you've done every quarter. For the last couple of years. Is this sort of a new level that we can expect from Microsoft, maybe just a thought on the pace of the share buyback?

好的。這非常有幫助。艾米，如果我還能再補充一點，29 億美元的股票回購計畫感覺比你每季的計畫都要大幅度一些。過去幾年都是如此。這是否預示著微軟將邁上一個新的階梯？或許這只是我們對股票回購速度的一種思考？

Thanks for the question. We are proud of the increase in shareholder return this quarter, and importantly we're focused on how we can continue to do that as a part of our overall long-term shareholder growth.

謝謝你的提問。我們對本季股東回報的成長感到自豪，更重要的是，我們專注於如何繼續實現這一目標，以此作為我們整體長期股東成長的一部分。

Okay. Great.

好的。偉大的。

Thanks Karl and thank you Amy. That wraps up the Q&A portion of today's earnings call. Please note that our second-quarter earnings call will be held on Monday, January 26, 2015. We look forward to seeing many of you in the coming months at various investor conferences. For those unable to attend in person, these events will be webcast and you can follow our comments at Microsoft.com/investor. Please contact us if you need any additional details. And thank you again for joining us.

謝謝卡爾，也謝謝艾米。今天的財報電話會議問答環節到此結束。請注意，我們的第二季財報電話會議將於2015年1月26日星期一舉行。我們期待在接下來的幾個月裡，在各種投資人會議上見到各位。對於無法親臨現場的人士，這些活動將進行網路直播，您可以在 Microsoft.com/investor 上關注我們的評論。如有任何疑問，請與我們聯絡。再次感謝您的參與。

Thanks everyone.

謝謝大家。

Thank you.

謝謝。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。