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 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder this conference is being recorded.

作為提醒，本次會議正在錄製中。

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

我現在想把電話轉給投資者關係總經理 Chris Suh。

Chris, please proceed.

克里斯，請繼續。

Thank you.

謝謝你。

Good afternoon and thank you for joining us today.

下午好，感謝您今天加入我們。

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

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

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.

在我們的網站 www.microsoft.com/investor 上，我們發布了我們的新聞稿和幻燈片，其中提供了我們本季度業績的摘要。

Unless otherwise specified, all growth comparisons we make on the call today relate to the corresponding period last year.

除非另有說明，我們今天在電話會議上所做的所有增長比較都與去年同期有關。

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.

請注意，我們已重新調整某些前期金額以符合當前期間的表述，而不影響合併淨收入或現金流量。

Additionally, any reference to operating expenses includes research and development, sales and marketing, and general and administrative, but exclude integration and restructuring charges.

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

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

如果您提出問題，它將包含在我們的實時傳輸中、成績單中以及將來對錄音的任何使用中。

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

在 2015 年 10 月 23 日之前，您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

During this call we will be making forward-looking statements which are predictions, projections, or other statements about future events.

在這次電話會議中，我們將做出前瞻性陳述，這些陳述是關於未來事件的預測、預測或其他陳述。

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could 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.

由於今天的收益新聞稿、本次電話會議期間發表的評論以及我們的 10-K 表、10-Q 表的風險因素部分以及其他提交給證券公司的報告中討論的因素，實際結果可能存在重大差異和交易委員會。

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thank you, Chris.

謝謝你，克里斯。

Good afternoon, everyone.

大家下午好。

Three months ago I outlined how Microsoft is the productivity and platform company for the mobile-first, cloud-first world.

三個月前，我概述了 Microsoft 如何成為移動優先、雲優先世界的生產力和平台公司。

Since then we have galvanized around this direction and are executing well.

從那時起，我們圍繞這個方向進行了激勵，並且執行良好。

I'm proud of the results we have delivered this quarter across all businesses.

我為我們本季度在所有業務中取得的成果感到自豪。

Results are in every category from commercial to consumer to hardware.

結果涵蓋從商業到消費者再到硬件的各個類別。

With $23.2 billion in revenue for this quarter, we're off to a great start to the year.

本季度收入為 232 億美元，我們今年開局良好。

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.

更重要的是，我們也對我們在將我們的文化發展為快速、創新、合作夥伴友好和客戶至上所取得的進展感到高興。

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.

在回顧上個季度時，我想強調四個重要的進展指標：雲、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.

首先，我們的雲產品繼續快速增長。

More people and organizations are signing up and we are generating more revenue across both commercial and consumer customers.

越來越多的人和組織正在註冊，我們正在為商業和消費者客戶創造更多的收入。

Our commercial cloud revenue grew 128% year over year, the fifth consecutive quarter of triple-digit growth.

我們的商業雲收入同比增長 128%，連續第五個季度實現三位數增長。

In fact, we're the only company with cloud revenue at our scale that is growing at triple-digit rates.

事實上，我們是唯一一家在我們的規模上擁有以三位數速度增長的雲收入的公司。

And 80% of the Fortune 500 are now on the Microsoft Cloud.

80% 的財富 500 強企業現在都在 Microsoft 雲上。

Office 365 commercial seats nearly doubled, two out of every three new customers seats are premium versions.

Office 365 商業席位幾乎翻了一番，每三個新客戶席位中就有兩個是高級版。

Consumer Office 365 now exceeds 7 million subscribers, up more than 25% for the last quarter alone.

Consumer Office 365 的訂閱用戶現已超過 700 萬，僅在上個季度就增長了 25% 以上。

We continue to invest in growing our leadership position in areas with great opportunity.

我們將繼續投資以在具有巨大機遇的領域提高我們的領導地位。

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.

為此，我們正在擴大我們的數據中心容量以滿足需求、提供最佳客戶體驗、實現數據主權並提供持續創新。

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.

正如您所看到的，由於我們作為唯一一家具有企業級功能和真正的私有云和混合雲產品的超大規模公共雲提供商的獨特方法，我們實現了強勁的增長。

We continue to add new features and capabilities faster than ever based on user feedback cycles.

根據用戶反饋週期，我們將繼續以比以往更快的速度添加新特性和功能。

One major Azure service or feature is released every three days on average, opening up many more new user scenarios for our customers.

一項主要的 Azure 服務或功能平均每三天發布一次，為我們的客戶開闢了更多新的用戶場景。

Our premium services on Azure create new monetization opportunities in media, data, machine learning, and fast analytics, and enterprise mobility.

我們在 Azure 上的高級服務在媒體、數據、機器學習、快速分析和企業移動性方面創造了新的獲利機會。

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.

超過 60% 的 Azure 客戶現在至少使用其中一項高級服務，例如企業移動套件，這是一個非常快速的開始。

Start-ups and ISVs love our open and flexible approach and are building on Azure at a rapid pace.

初創企業和 ISV 喜歡我們開放且靈活的方法，並在 Azure 上快速構建。

In fact, 40% of Azure revenue now comes from start-ups and ISVs.

事實上，現在 40% 的 Azure 收入來自初創企業和 ISV。

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.

即使我們在公共雲方面取得了巨大的增長，我們仍然看到我們的內部部署業務的實力，在 Windows Server、SQL Server、System Center 和 Dynamics 方面實現了兩位數的增長。

This is because of the unique hybrid and private cloud capabilities that are built into our servers.

這是因為我們的服務器中內置了獨特的混合雲和私有云功能。

The second indicator of progress is the improvement in the overall health of the Windows ecosystem in the first quarter.

第二個進展指標是第一季度 Windows 生態系統整體健康狀況的改善。

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.

我們在第一季度推出了一套擴展的 Windows 產品，幫助推動了消費者單位的增長，並將為使用 Bing 等 Microsoft 服務提供更多機會。

With these new offerings, OEMs are delivering exciting new devices at extremely attractive price points, including Windows PCs at $199 and below.

借助這些新產品，OEM 正在以極具吸引力的價格提供令人興奮的新設備，包括 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.

9 月，我們邁出了公開分享有關下一代 Windows 的更多信息的第一步。

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.

Windows 10 將為客戶帶來全新的工作、娛樂和連接體驗，包括從 4 英寸到 80 英寸的屏幕，甚至物聯網設備。

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.

Windows 10 將提供一個統一的應用程序開發平台，一種在整個 Windows 設備系列中編寫通用應用程序的方式，以及一種在所有這些設備上發現、購買和更新應用程序的統一方式的商店。

Think about it.

想想看。

With Windows 10, developers can build one app that spans billions of devices.

借助 Windows 10，開發人員可以構建一款跨越數十億台設備的應用程序。

When I talk about putting customers at the center of everything we do, it's especially true for Windows.

當我談到將客戶置於我們所做的一切事情的中心時，Windows 尤其如此。

We're incorporating customer feedback earlier than ever in the development cycle, especially with our enterprise customers.

我們在開發週期中比以往任何時候都更早地納入客戶反饋，尤其是與我們的企業客戶。

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.

對於企業來說，這將是有史以來最好的 Windows 版本，並且已經有數十萬條反饋流入團隊，Windows 10 將是我們共享過的最具協作性的 Windows 版本。

Third, I want to highlight some specific markers of advancement in hardware and gaming.

第三，我想強調一些硬件和遊戲進步的具體標誌。

Across the entire hardware portfolio, I'm encouraged by the reception from customers and our continuously improving execution.

在整個硬件產品組合中，客戶的好評和我們不斷改進的執行令我深受鼓舞。

Surface has strong results this quarter.

Surface 本季度業績強勁。

Driven by positive customer response to Surface Pro 3, the product line-up is the right one and customers are responding favorably.

在客戶對 Surface Pro 3 的積極響應的推動下，產品系列是正確的，客戶的響應也很積極。

Surface Pro 3 is now in 28 markets, and importantly, we have improved the business economics of this product line.

Surface Pro 3 現在有 28 個市場，重要的是，我們提高了該產品線的商業經濟性。

With phone, we have moved quickly to integrate the business.

通過電話，我們迅速採取行動整合業務。

We're executing on all of the restructuring changes we talked about in the last quarter, while driving Lumia share growth.

我們正在執行我們在上個季度談到的所有重組變化，同時推動 Lumia 的份額增長。

We saw modest growth over the prior year driven by sales in Europe, where we gained share with lower-priced devices.

在歐洲銷售的推動下，我們看到了較上一年的適度增長，在那裡我們通過低價設備獲得了份額。

Now let's talk gaming.

現在讓我們談談遊戲。

As I previously said, gaming is an important category that will drive additive business value for Microsoft.

正如我之前所說，遊戲是一個重要的類別，它將為微軟帶來附加的商業價值。

It is the single biggest digitalized category measured in both time and money spent across devices of all types.

它是在所有類型的設備上花費的時間和金錢衡量的最大的單一數字化類別。

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%.

我們在 28 個市場推出了 Xbox One，與一年前相比增加了主機銷量，並且 Xbox LIVE 應用程序的用戶增長了 20% 以上。

The acquisition of Mojang, which we expect to close in November, extends our ecosystem and community across multiple platforms.

我們預計將於 11 月完成的對 Mojang 的收購將我們的生態系統和社區擴展到多個平台。

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.

Minecraft 增加了我們已經強大的第一方遊戲和內容組合，例如 Halo，並將加強我們在 PC 和遊戲機上的遊戲體驗，以及跨平台貨幣化。

The fourth and final area I want to focus on today is the renewed energy and momentum in our partnerships.

我今天要關注的第四個也是最後一個領域是我們合作夥伴關係的新活力和動力。

As a productivity and platforms company, we create vast opportunity for our partners.

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。

We're moving fast to extend our platforms and tools to reach more customers through partnerships.

我們正在迅速擴展我們的平台和工具，以通過合作關係吸引更多客戶。

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.

從 SAP 和甲骨文到 Salesforce、Adobe 和 IBM，再到上週我們宣布與 Docker、Cloudera 和 CoreOS 的最新合作夥伴關係，偉大的合作夥伴關係源於偉大的產品、強勁的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.

全面的技術領導者認識到 Office 365、Azure 和 Windows 等產品所固有的客戶價值。

And they want to align their businesses with our healthy and growing ecosystem.

他們希望將他們的業務與我們健康且不斷發展的生態系統保持一致。

You'll see more partnerships in the months ahead.

在接下來的幾個月裡，你會看到更多的合作夥伴關係。

It's the best way to deliver the best possible experience for our customers in today's heterogeneous mobile-first, cloud-first world.

這是在當今異構的移動優先、雲優先的世界中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.

總而言之，我對我們取得的進展感到高興，公司所有團隊都圍繞我們的核心重點團結起來，重塑生產力並為移動優先、雲優先的世界創建平台。

We will continue to drive the changes that will position us for the future.

我們將繼續推動為未來定位的變革。

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.

我們將對我們的客戶、合作夥伴和股東負責，我們將不懈地尋找投資領域以實現長期增長。

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.

有了這個，艾米將詳細介紹我們的第一季度業績並分享我們對第二季度的展望，然後我將加入問答環節。

Thank you very much.

非常感謝。

Thanks.

謝謝。

And good afternoon, everyone.

大家下午好。

As Satya said, we had a very strong start to the fiscal year.

正如薩蒂亞所說，我們在本財年的開局非常強勁。

We made meaningful progress with improved execution across all our businesses.

我們通過改進所有業務的執行力取得了有意義的進展。

I encouraged by what we have achieved, and believe we are well-positioned for the future.

我對我們所取得的成就感到鼓舞，並相信我們為未來做好了準備。

With that said, let me take you through the financial highlights of our first quarter.

話雖如此，讓我帶您了解我們第一季度的財務亮點。

Revenue was $23.2 billion, up 25% over last year, and up 11% excluding phone.

收入為 232 億美元，比去年增長 25%，不包括手機收入增長 11%。

Earnings per share were $0.54, which included an $0.11 negative impact from integration and restructuring expenses.

每股收益為 0.54 美元，其中包括來自整合和重組費用的 0.11 美元的負面影響。

Excluding that impact, EPS grew 5% to $0.65, even after considering the impact of the phone business on profits.

排除這種影響，每股收益增長 5% 至 0.65 美元，即使考慮到電話業務對利潤的影響也是如此。

We are accelerating the pace of decision-making and taking decisive actions to improve how we operate.

我們正在加快決策步伐，並採取果斷行動來改善我們的運營方式。

This approach is reflected in the progress we've made in restructuring the Company and integrating our phone business.

這種方法反映在我們在重組公司和整合電話業務方面取得的進展。

As a result, we incurred charges of $1.1 billion this quarter.

因此，我們本季度產生了 11 億美元的費用。

Geographically, we saw strong performance across the US and Europe, and consistent with Q4, a more challenging environment in China and Russia.

從地理上看，我們看到美國和歐洲的強勁表現，與第四季度一致，中國和俄羅斯的環境更具挑戰性。

Let me now discuss our results in greater detail.

現在讓我更詳細地討論我們的結果。

Our commercial business had another strong quarter.

我們的商業業務又一個強勁的季度。

Revenue grew 10% and unearned revenue grew 12%.

收入增長 10%，未實現收入增長 12%。

Renewal rates were higher than what we've seen in recent first quarters.

續訂率高於我們在最近第一季度看到的水平。

And in Office, one-third of renewals included Office 365.

在 Office 中，三分之一的續訂包括 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.

重要的是，我們看到了從本地到雲端、從交易購買到年金、從標準版到高級版的混合轉變。

Our commercial cloud services continued their exceptional trajectory with another quarter of triple-digit growth.

我們的商業雲服務繼續其非凡的發展軌跡，又實現了三位數的增長。

We're investing in higher-level services and new scenarios in Azure enabled by the scale, cost, and flexibility of the cloud.

我們正在通過雲的規模、成本和靈活性在 Azure 中投資更高級別的服務和新方案。

And these services are expanding our addressable market.

這些服務正在擴大我們的潛在市場。

We're adding new users, and importantly, growing revenue from existing on-prem customers who have adopted Azure services.

我們正在增加新用戶，重要的是，從採用 Azure 服務的現有本地客戶那裡增加收入。

Our on-prem data platform infrastructure product continues to have strong momentum with an ongoing shift to premium versions.

我們的本地數據平台基礎設施產品繼續保持強勁勢頭，並不斷轉向高級版本。

Revenue from premium SKUs was up 25% this quarter.

本季度來自優質 SKU 的收入增長了 25%。

Office 365 had another terrific quarter and remains on path to becoming the unparalleled leader for cloud-based productivity apps.

Office 365 又迎來了一個了不起的季度，並且仍然在成為基於雲的生產力應用程序無與倫比的領導者的道路上。

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.

首席信息官選擇 Office 365 作為其混合生產力解決方案的核心，因為他們希望滿足員工不斷增長的移動需求。

SMBs also realizing the benefits of Office 365, and as a result are moving from transactional purchasing to subscription.

中小型企業也意識到 Office 365 的好處，因此正在從交易購買轉向訂閱。

And as Satya mentioned, we're seeing good partnership momentum as other companies look to integrate Office 365 into their products.

正如 Satya 所說，隨著其他公司希望將 Office 365 集成到他們的產品中，我們看到了良好的合作勢頭。

Turning to Windows.

轉向Windows。

Windows OEM Pro revenue performed in line with the business PC market.

Windows OEM Pro 收入表現與商用 PC 市場一致。

And volumes were more consistent with those seen before the XP refresh in FY14.

交易量與 2014 財年 XP 更新前的交易量更為一致。

Windows volume licensing grew 10% as business customers continue to value the platform's security and manageability.

由於企業客戶繼續重視平台的安全性和可管理性，Windows 批量許可增長了 10%。

During the quarter, we took important steps to grow Windows usage and improve the health of the ecosystem.

在本季度，我們採取了重要措施來增加 Windows 的使用率並改善生態系統的健康狀況。

Both our existing and new OEM partners are bringing to market an expanded set of device offerings at more competitive price points.

我們現有的和新的 OEM 合作夥伴都以更具競爭力的價格向市場推出了一系列擴展的設備產品。

Channel inventories are higher than they were last year, reflecting confidence from our OEM partners heading into the holiday quarter.

渠道庫存高於去年，反映了我們的 OEM 合作夥伴進入假日季的信心。

IP licensing revenue declined this quarter as our licensees sold a higher mix of low-cost devices, which generated lower per unit royalty.

本季度 IP 許可收入下降，因為我們的被許可人銷售了更多的低成本設備，從而產生了較低的單位專利使用費。

Consumer office revenue inclusive of our subscription offerings grew 7% this quarter.

包括我們的訂閱產品在內的消費辦公收入本季度增長了 7%。

Within this, we saw an accelerated transition to Office 365 Home and Personal, which contributed to a decline in traditional Office license revenue.

在此過程中，我們看到了向 Office 365 家庭和個人版的加速過渡，這導致傳統 Office 許可收入下降。

Overall, it's important to note that we continued to grow attached to consumer devices.

總的來說，重要的是要注意我們繼續增長對消費設備的依賴。

In Bing, revenue was driven by volume and rate growth.

在 Bing 中，收入是由數量和速率增長驅動的。

We again delivered double-digit monetization gains, driven by investments in core relevance and ranking algorithms.

在核心相關性和排名算法的投資的推動下，我們再次實現了兩位數的貨幣化收益。

These improvements keep us on the path to Bing profitability in FY16.

這些改進使我們在 2016 財年實現 Bing 盈利。

And consistent with prior quarters, display revenue remained under pressure.

與前幾個季度一致，顯示收入仍然面臨壓力。

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.

我們對 Surface Pro 3 的性能感到興奮，因為單位銷售額的增長速度是 Pro 2 的兩倍。我們看到學生、專業人士和越來越多的企業對 Surface Pro 的筆記本電腦和平板電腦產生了濃厚的興趣。 Pro 3 滿足他們的生產力需求。

Gross margin for Surface was positive this quarter.

本季度 Surface 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，我們的業績反映了遊戲機市場的增長、我們通過新的 Xbox One SKU 提高了競爭地位，以及 Xbox One 進入新的地區，包括第一季度末在中國推出的初始渠道填充。

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.

隨著我們進入假日季節，我們期待將在 Xbox 平台上提供的差異化內容，包括 10 月下旬推出的 Sunset Overdrive 和 11 月初推出的 Halo：Master Chief Collection。

In phone hardware, the focus of the quarter was on positioning the business for the future.

在手機硬件方面，本季度的重點是為未來定位業務。

And we remain committed to reaching breakeven in [FY16].

我們仍然致力於在 [FY16] 實現盈虧平衡。

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.

作為我們重組工作的一部分，我們開始調整我們的製造能力，創建了一個開發團隊來加快創新步伐，並將我們的銷售和營銷工作集中在 Lumia 上，它在幾個關鍵市場都有增長。

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.

非 Lumia 手機的銷量下降，原因是基礎功能手機市場下滑，以及我們執行手機戰略時的產品組合合理化。

Gross margin this quarter included the benefit of non-recurring items resulting from our business integration efforts.

本季度的毛利率包括我們業務整合工作帶來的非經常性項目的收益。

Operating expenses were favorable to our expectations, as we chose to redeploy spend to projects occurring later this fiscal year.

運營費用符合我們的預期，因為我們選擇將支出重新部署到本財年晚些時候發生的項目。

These decisions reflect our disciplined assessment as we prioritize where to best allocate our resources.

這些決定反映了我們嚴格的評估，因為我們優先考慮在哪裡最好地分配我們的資源。

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.

重要的是，我們繼續投資於面向開發人員和麵向客戶的角色，以抓住關鍵增長類別的機會，例如雲、大數據和物聯網。

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.

本季度我們的有效稅率為 23%，受我們業務組合變化以及 NDS 運營虧損和重組費用的影響，其中一些不可抵稅。

This quarter, we had $1.3 billion of off-of-capital expenditure.

本季度，我們有 13 億美元的非資本支出。

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.

我們繼續擴大數據中心的容量和位置，以提供更高的服務水平、減少延遲並幫助滿足我們全球客戶的本地數據合規性要求。

Importantly, even while making these investments, we continue to grow the gross margin of our cloud business.

重要的是，即使在進行這些投資的同時，我們也會繼續提高雲業務的毛利率。

This quarter we increased our capital return by 19%, with $4.6 billion returned to shareholders through buybacks and dividends.

本季度，我們將資本回報率提高了 19%，通過回購和分紅向股東返還了 46 億美元。

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.

正如我們在 9 月份所說，董事會和管理層繼續評估我們更廣泛的資本配置戰略，因為我們專注於提高長期股東價值。

With that overview of the current quarter, let me now turn to our outlook for the second quarter, starting with foreign exchange.

有了本季度的概述，現在讓我轉向我們對第二季度的展望，從外匯開始。

Foreign exchange did not have a material impact on our Q1 results, as movements were relatively late in the quarter.

外匯對我們的第一季度業績沒有產生重大影響，因為該季度的走勢相對較晚。

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.

以下指引基於當前匯率，如果美元繼續走強，將對我們的對外交易業務造成不利影響。

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.

外匯對我們的年金業務的影響將首先反映在遞延收入中，因為它基於合同開具賬單時的費率，然後以與確認收入相同的費率反映在損益表中。

Now moving onto guidance, starting with devices and consumer.

現在轉向指導，從設備和消費者開始。

In licensing, we expect revenue to be $4.0 billion to $4.2 billion.

在許可方面，我們預計收入為 40 億至 42 億美元。

Remember in Q2 of last year we recognized about $650 million of revenue from our commercial agreement with Nokia, which has ended.

請記住，去年第二季度，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，該協議已經結束。

While revenue recognition for the agreement was heavily weighted to Q2 based on contract terms, COGS recognized ratably over the course of the year.

雖然根據合同條款，該協議的收入確認在第二季度佔很大比重，但 COGS 在這一年中的確認比例很高。

Consistent with the current quarter, IP licensing revenue will reflect lower per unit royalties with the changing mix of devices sold by our licensees.

與本季度一致，IP 許可收入將反映隨著我們的被許可人銷售的設備組合的變化而降低的單位使用費。

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.

隨著在日本增加 Office 365 消費者服務，從傳統許可向訂閱服務的過渡將對第二季度的收入產生約 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.

我們預計持續的商用 PC 更新周期將繼續，儘管可比產品具有挑戰性，因為我們在去年第二季度開始看到 XP 終止支持的好處。

We expected the consumer PC market will remain stable with many of the same dynamics we saw in Q1.

我們預計消費 PC 市場將保持穩定，其中許多動態與我們在第一季度看到的相同。

In computing and gaming, we expect revenue to be $3.5 billion to $3.8 billion.

在計算和遊戲方面，我們預計收入為 35 億至 38 億美元。

This range reflects growth in Xbox One consoles over the last year, but a mix shift to lower-priced SKUs announced last June.

這一範圍反映了去年 6 月 Xbox One 遊戲機的增長，但混合轉向了去年 6 月宣布的低價 SKU。

With the momentum we were seeing with Surface Pro 3, we expect units to grow sequentially.

隨著我們在 Surface Pro 3 上看到的勢頭，我們預計單位將連續增長。

And so on hardware, we expect revenue to be $2.0 billion to $2.2 billion.

以此類推硬件，我們預計收入將在 20 億至 22 億美元之間。

This range anticipates both year-over-year and sequential growth in Lumia units, driven by the 500 and 600 series devices.

這一範圍預計在 500 和 600 系列設備的推動下，Lumia 設備將實現同比和連續增長。

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.

由於持續的市場動態和我們的產品組合合理化，我們預計非 Lumia 設備的銷量和 ASP 在第二季度都會下降。

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.

在設備和其他消費者方面，我們預計收入將在 23 億美元至 24 億美元之間，其中包括 Office 365 的增長、光環：士官長合集的推出以及 Bing 的持續盈利增長。

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.

在商業許可方面，我們預計收入將在 108 億美元至 110 億美元之間，其中包括對上一年估計的 XP 影響的輕微拖累。

With the accelerated shift to our cloud services, we expect commercial other revenue to be $2.5 billion to $2.6 billion.

隨著加速轉向我們的雲服務，我們預計其他商業收入將達到 25 億至 26 億美元。

Overall, we expect our fundamental strength in our commercial business to continue.

總體而言，我們預計我們在商業業務中的基本實力將繼續存在。

And in corporate, we expect about $300 million of positive revenue impact next quarter as we recognize prior-period deferrals related to bundle offerings.

在企業方面，我們預計下個季度將產生約 3 億美元的積極收入影響，因為我們認識到與捆綁產品相關的前期延期。

We expect COGS to be $9.5 billion to $9.9 billion, with variability driven by both hardware segments.

我們預計 COGS 將在 95 億美元到 99 億美元之間，這兩個硬件部分都將導致可變性。

We expect second-quarter OpEx to be between $8.6 billion and $8.8 billion.

我們預計第二季度的運營支出將在 86 億美元至 88 億美元之間。

As I mentioned earlier, our Q1 favorability was primarily driven by the timing and our continued prioritization of activities.

正如我之前提到的，我們對第一季度的好感主要是由時間安排和我們對活動的持續優先級驅動的。

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.

因此，我們仍預計全年運營費用為 342 億美元至 346 億美元，因為我們仍致力於投資並優先考慮我們擁有客戶動力的增長領域。

Over the remainder of the fiscal year, we expect to incur an additional $500 million of expense related to our restructuring efforts.

在本財年的剩餘時間內，我們預計將額外承擔 5 億美元與重組工作相關的費用。

This results in total charges of roughly $1.6 billion, the high end of the range we provided in July.

這導致總費用約為 16 億美元，是我們在 7 月提供的範圍的高端。

Separately, we are reducing our anticipated integration expenses down to $100 million per quarter for the remainder of the fiscal year.

另外，我們將在本財年剩餘時間內將預期的整合費用降低至每季度 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.

提醒一下，其他收入和支出包括被利息支出和對沖淨成本抵消的利息收入的股息。

We expect these items to generally offset one another.

我們預計這些項目通常會相互抵消。

We now expect our full-year tax rate to be between 20% and 22%, including the impact of integration and restructuring.

我們現在預計我們的全年稅率在 20% 到 22% 之間，包括整合和重組的影響。

In Q2, we expect CapEx to sequentially increase in support of our growing cloud business.

在第二季度，我們預計資本支出將依次增加，以支持我們不斷增長的雲業務。

As you know, we typically see a decline from Q1 to Q2 in our unearned revenue balance.

如您所知，我們的未實現收入餘額通常會從第一季度下降到第二季度。

This Q2 we anticipate a slightly higher sequential decline in our non-commercial segments.

在第二季度，我們預計我們的非商業部門的連續下降幅度會略高。

This is primarily due to the $300 million impact from revenue recognition in corporate that I referenced earlier.

這主要是由於我之前提到的企業收入確認的 3 億美元影響。

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.

我們預計商業不勞而獲將與歷史趨勢保持一致，我們的商業模式過渡到年金的一些好處被匯率影響所抵消。

In closing, this was another quarter of continued growth and disciplined execution.

最後，這是另一個持續增長和嚴格執行的季度。

Across the Company, we're making thoughtful, data-driven decisions to continually assess and prioritize our resources.

在整個公司，我們正在做出深思熟慮的、以數據為依據的決策，以不斷評估和優先考慮我們的資源。

We're also investing to accelerate momentum in key strategic areas and to capitalize on emerging trends.

我們還在投資以加快關鍵戰略領域的發展勢頭並利用新興趨勢。

We are making great progress in reshaping our Company.

我們在重塑公司方面取得了很大進展。

And I'm encouraged by the opportunities to continue to create long-term shareholder value.

我對繼續創造長期股東價值的機會感到鼓舞。

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

有了這個，我會把它交給克里斯，我們可以轉到問答環節。

Thanks, Amy.

謝謝，艾米。

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

有了這個，我們將進入我們的問答環節。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

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

我們的第一個問題來自瑞銀的 Brent Thill。

Please proceed with your question.

請繼續您的問題。

Thanks, good afternoon.

謝謝，下午好。

On the commercial revenue continues to grow an impressive double-digit rate.

商業收入繼續以驚人的兩位數速度增長。

Many of your peers have not been doing quite as well as you have just in the last reported quarter.

您的許多同行的表現不如您在上一個報告季度中表現得那麼好。

And Amy, I know you mentioned your confident about this business continuing.

艾米，我知道你提到了你對這項業務繼續下去的信心。

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.

我很好奇你是否可以強調你覺得你們所做的與同齡人群體中發生的事情不同，並強調未來的信心。

Let me start.

讓我開始吧。

Overall, as what we see is the increasing competitiveness of our products.

總體而言，我們看到的是我們產品的競爭力不斷增強。

I think that's really what is reflected in our results.

我認為這確實反映在我們的結果中。

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.

雲的故事 我認為在這一點上很清楚 Office 365 以及 Dynamics CRM 的結合，尤其是與 Azure 的結合，正在推動我們的雲增長。

As it turns out, the technology that we build for our cloud is what we incorporate in our server products.

事實證明，我們為雲構建的技術就是我們在服務器產品中整合的技術。

In fact our R&D expense is the same expense.

事實上，我們的研發費用是相同的費用。

And that's made our server products very competitive.

這使我們的服務器產品極具競爭力。

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.

因此，我們再次看到我們的一些傳統競爭對手在我們的服務器產品的整個基礎設施系列中獲得了顯著的份額增長。

And we've also architected our cloud very differently.

我們還以非常不同的方式構建了我們的雲。

We are the only hyper scaled cloud provider that also thinks of our server products as the edge of our cloud.

我們是唯一一家將我們的服務器產品視為雲邊緣的超大規模雲提供商。

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.

因此，我們服務器的一些混合功能具有越來越高的附加值，這也導致了我們的整體競爭力以及利潤率的現代化。

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.

這就是我們在數據中看到的趨勢；我們生活在與其他人相同的宏觀環境中，但現在，我們對我們的競爭力驅動我們的業績充滿信心。

Thank you.

謝謝你。

Thanks, Brent.

謝謝，布倫特。

We'll take the next question, please.

請我們回答下一個問題。

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 的觀點。

Thank you and congrats on the quarter.

謝謝並祝賀本季度。

Two quick questions relating to cloud.

關於雲的兩個快速問題。

Amy, can you give us a sense of what the revenue run rate for the commercial cloud was this quarter?

Amy，你能告訴我們本季度商業雲的收入運行率是多少嗎？

And Satya, could you give us a little more on the use cases for Azure.

Satya，您能否為我們提供更多有關 Azure 用例的信息。

Is it more test and dev, or are you seeing most of it being on the production side?

它是更多的測試和開發，還是您看到大部分都在生產方面？

Thanks.

謝謝。

Thanks, Mark.

謝謝，馬克。

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.

如您所知，我們在上個季度末給出了 44 億美元的運行率，我們在數據中所說的報價使我們在進入第一季度時繼續保持這一軌跡。

So I think the pace and our accomplishments and share gains remain on a good trendline.

因此，我認為步伐、我們的成就和份額收益保持在良好的趨勢線上。

And as far as the use cases, right now it's actually pretty diversified.

就用例而言，現在它實際上非常多樣化。

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.

我們在上週的雲活動中廣泛討論了客戶案例研究，事實證明，我們在許多情況下都有 ISV 在 Azure 之上推動新應用程序。

There are businesses like for example NBC that are reinventing their business models on top of Azure.

像 NBC 這樣的企業正在 Azure 之上重塑他們的商業模式。

We have customers using us for true hybrid, if you are deploying for example an SQL Server you can have higher availability using Azure.

我們有客戶將我們用於真正的混合，如果您正在部署例如 SQL Server，您可以使用 Azure 獲得更高的可用性。

That's a pretty common deployment, using Azure as the backplane for disaster recovery and high availability.

這是一個非常常見的部署，使用 Azure 作為災難恢復和高可用性的背板。

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.

開發測試肯定是一種工作負載，但在這一點上，我想說我們有新興的獨立軟件開發商，一些全球獨立軟件開發商在 Azure 之上構建他們的 SaaS 應用程序，推動了大量的增長。

New businesses and new business models emerging on Azure as well as hybrid, which I would say are driving it.

Azure 上出現的新業務和新業務模式以及混合模式正在推動它。

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.

我最近經常看到的其他類別之一是物聯網，我們僅在 Azure 方面參與的方式，我們顯然即使在我們的 Windows 嵌入式中也參與，但在雲方面，我們看到了與我們新興機器的連接學習服務以及高級分析，這是我們非常適合一些新興用例的另一個地方。

Thank you very much.

非常感謝。

Thank you, Mark.

謝謝你，馬克。

Next question, please.

下一個問題，請。

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

下一個問題來自摩根士丹利的 Keith Weiss。

Thank you guys and a very nice quarter.

謝謝你們，一個非常好的季度。

Perhaps a question for Amy.

也許是艾米的一個問題。

Really nice gross margin improvements across the board, but you did mention some one-time items.

全面提升毛利率確實不錯，但您確實提到了一些一次性項目。

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.

所以我希望你能幫助我們了解你在哪裡看到了潛在的毛利率改善，特別是如果我們看看你在手機毛利率上看到的任何改善以及我們在雲毛利率中看到的改善.

How much of that should we look at as durable on a going-forward basis?

在未來的基礎上，我們應該將其中多少視為持久的？

Thanks, Keith.

謝謝，基思。

Let me start with the cloud and then I'll move to your phone question.

讓我從雲開始，然後我會轉到您的電話問題。

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.

總的來說，在商業業務中，我認為我們繼續看到毛利率提高，這是可持續的提高，而不是我認為你所說的我提到的一些非經常性的事情。

It continues to be improvements in scale, improvements in our infrastructure, improvements in utilization, really strong work across all of our engineering teams here.

它繼續是規模的改進，我們的基礎設施的改進，利用率的改進，以及我們所有工程團隊的真正強大的工作。

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.

因此，我認為我們的同比改進以及連續改進以及我們在整體商業業務中看到我們在混合轉移到雲時所做的毛利率的能力，我認為我們都非常非常自豪.

Onto the phone business where I did callout non-recurring items due to the business integration expense.

由於業務整合費用，我在電話業務上標註了非經常性項目。

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.

坦率地說，基思，一個更容易考慮的方法是我們的第四季度毛利率和我們的第一季度毛利率，第四季度有點沮喪是由於一些重組，我會如何看待它。

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.

Q1 稍微高一點；這兩者的混合率可能是考慮前進利潤率的更好方法。

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.

儘管當您轉換任何業務以及我們在這里為未來做好準備所做的所有辛勤工作時，我確實希望看到這個數字會出現一些波動。

Excellent.

出色的。

That was very helpful.

這很有幫助。

Thanks very much.

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.

只是要補充一點，我要說的是它有點適合 Mark 的問題，尤其是在 Azure 上，我們有一些商品工作負載，但我們也有許多差異化的高利潤工作負載。

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.

尤其是企業移動套件，我將提到它是一個很好的例子，它說明了完全在雲中的基礎架構工作流，它具有非常不同的保證金結構。

And those are the things that really give us the ability to have good margin structure for our cloud efforts.

這些是真正讓我們能夠為我們的雲計算工作擁有良好利潤結構的東西。

Excellent.

出色的。

That's great.

那太棒了。

Thanks very much guys.

非常感謝你們。

Thank you, Keith.

謝謝你，基思。

Next question, please.

下一個問題，請。

Our next question comes from Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Please proceed with your question.

請繼續您的問題。

Congrats on another great quarter.

祝賀另一個偉大的季度。

Had a question on Office 365.

有一個關於 Office 365 的問題。

Obviously ya'll continue to create growth, both on a commercial and on the home and personal side.

顯然，你將繼續創造增長，無論是在商業方面，還是在家庭和個人方面。

But we also saw just Office commercial products and services continue to grow 5%, so one question for Satya and one for Amy.

但我們也看到只有 Office 商業產品和服務繼續增長 5%，所以 Satya 有一個問題，Amy 有一個問題。

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?

Satya，您現在對 Office 365 的商業方面的勢頭有何看法，以及您如何針對大型企業與 SMB 進行對比？

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?

然後艾米，顯然，你談到了 Office 365 的成功對期末收入的一些蠶食；想知道您是否可以幫助我們在本季度將 5% 用於產品和服務，以及我們應該如何長期考慮那裡的收入和盈利能力？

Thanks.

謝謝。

I'll start and then Amy I'll turn it over to you.

我會開始，然後艾米我會把它交給你。

Specifically on Office 365, the overall product depth and breath is continuously improving.

特別是在 Office 365 上，整體產品深度和氣息不斷提升。

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.

我們的 Office 365 的一大好處是我們的客戶可以享受到，如果我們在創新和推出新功能時，一旦我們將它們部署到我們的雲上，他們就可以使用它們。

And so that's what's driving both the competitiveness as well as usage of Office 365.

這就是推動 Office 365 的競爭力和使用的原因。

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.

老實說，我們建造的東西的全部消耗，我認為從長遠來看，這對我們和我們的客戶來說非常重要。

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.

但事實證明，我們擁有的一些服務器產品，隨著我們看到越來越多地採用雲，我們仍然擁有我所說的非常有競爭力的服務器產品。

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.

我提到了很多我們的基礎架構服務器產品，所以就拿 Lync 來說吧；這是一個了不起的產品，它再次在市場上獲得了份額，它被部署在本地解決方案中，所以它是推動我們增長的組合。

The other dimension we are seeing is Office 365 is a cross-platform cloud service.

我們看到的另一個維度是 Office 365 是一個跨平台的雲服務。

We seen now coverage across all devices.

我們現在看到了所有設備的覆蓋率。

And that leads to customers still using the service even more.

這導致客戶仍然更多地使用該服務。

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.

因此，效果組合、有競爭力的服務器產品、極具競爭力的雲服務以及不斷添加的新功能以及跨平台，是推動我們增長的動力。

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.

讓我試著回答這個問題的第二部分，菲爾，這實際上是我們的交易業務、向雲的遷移以及我如何考慮彌合這些數字之間的動態。

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.

我們的 Office 交易業務本季度有所下降，而您所說的 5% 增長的差異顯然是 Office 365 的增長全部上升。

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.

當我查看整體過渡的健康狀況時，我認為我總是喜歡指出的另一個地方是續訂率。我們的續訂率是第一季度中最高的。

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.

我們重新獲得合同以及收入、增值和增加服務的能力都比以往更高。

In addition, we are seeing premium units added more frequently in the cloud than we have on-prem.

此外，我們發現雲中添加的高級單元比我們在本地添加的頻率更高。

And those types of mixes you'll see both in a bookings number as well as in the unearned balance growth.

您會在預訂數量和未賺餘額增長中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，儘管我想在任何給定季度的確切進出金額可能很難進行三角測量，但我一直希望看到的組件是我在 Office 業務中專門概述的健康狀況。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thanks, Phil.

謝謝，菲爾。

We'll go to the next question, please

請繼續下一個問題

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

我們的下一個問題來自野村的 Rick Sherlund。

Please proceed with your question.

請繼續您的問題。

Yes, thanks.

對了謝謝。

I wanted to follow up on Phil's question.

我想跟進菲爾的問題。

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.

我認為 Office 過渡，我們的分析表明，這對您來說是一個淨收益；我想听聽 Amy 的評論和想法，也許是關於其他業務的過渡。

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.

如果你有服務器和工具，在某個時候——我的意思是它繼續顯示出非常驚人的增長，在某個時候我想這會被你的雲業務與 Azure 蠶食。

Maybe Satya if you can share how you think that transition, how long, how does it transpire?

如果你能分享一下你對這種轉變的看法，也許 Satya 會持續多久，它是如何發生的？

Any thoughts and should it be net additive to the revenues and operating income as we've seen on the Office side?

正如我們在辦公室方面看到的那樣，有什麼想法嗎？它是否應該是收入和營業收入的淨附加值？

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.

也許如果您也可以談論 Windows，那麼本季度 OEM 似乎有所下降，而且一直在增長。

Are we going to see a lower ASPs with these $200 devices coming out this fall?

這些 200 美元的設備在今年秋天問世，我們會看到更低的 ASP 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.

讓我談談您所看到的動態，特別是我們的基礎架構服務器以及 Azure，因為我認為它實際上非常獨特，至少對於我們的產品而言。

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.

正如我所說，我們的服務器變得更具競爭力，因為我們在雲中進行了相同的技術投資，而且我們在雲中看到的用例在許多情況下恰好是全新的工作負載。

IOT was not driving our server growth traditionally.

傳統上，物聯網並沒有推動我們的服務器增長。

Mobile backend was not driving our servers traditionally.

傳統上，移動後端並沒有驅動我們的服務器。

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.

機器學習和高級分析是我們甚至過去都沒有參與的領域，所以我們看到的一件事是 Azure 的許多新用例，這對我們來說確實是新的未開發領域。

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.

事實證明，對更多計算、更多存儲和更多基礎設施服務器產品的需求甚至比超大規模公共雲還要廣泛得多。

Because the one thing that is true is that on more devices is that you need backend.

因為一件事是真實的，那就是在更多的設備上你需要後端。

And that backend in many cases in regulated industries, with the geo participation we have, it's needed everywhere.

在受監管行業的許多情況下，隨著我們的地理參與，該後端在任何地方都需要。

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.

因此，我們實際上非常關注的一件事是讓其他人能夠構建自己的雲，因此我們的私有云高級 SKU 組合也在增長。

You'll see that in our results.

您會在我們的結果中看到這一點。

So at least in the intermediate time frame, we do not see cannibalization.

所以至少在中間時間範圍內，我們沒有看到自相殘殺。

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.

我們看到這些混合私有以及公共雲的更多影響是互補的，當然，它們被一起使用來為客戶提供更多價值，這就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.

在 Windows 方面，我們想確保我們在所有價位都有競爭性的 Windows 生態系統參與。

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.

因此，我們對我們的商業模式進行了一些刻意的改變，這實際上正在市場上發揮作用，我們現在在這個假日季節推出了價格低於 199 美元的極具競爭力的全 Windows PC，而這實際上在第一季度導致市場擴大。

That was really by design and so we're happy to see that.

這真的是設計使然，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.

因此，在混合的基礎上，ASP 當然會因為這兩個範圍而有所不同，但總的來說，這就是我們的目標。

We want to be able to make sure that we compete on all price points and overall grow the volume.

我們希望能夠確保我們在所有價格點上競爭並整體增加銷量。

Thank you.

謝謝你。

Thank you.

謝謝你。

We'll go to the next question, please.

請我們進入下一個問題。

Our next question comes from Walter Pritchard with Citi.

我們的下一個問題來自花旗的 Walter Pritchard。

Please proceed with your question.

請繼續您的問題。

Hi, thanks.

你好謝謝。

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.

Satya，我想知道您是否可以談談您在雲計算毛利率方面看到的一些進展，但您也投入了大量資金。

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.

我想知道從中長期來看，能夠在與 Azure 相同的基礎架構上運行 Bing、Xbox Live 和 Office 365 之類的東西對於獲得你想要的規模和最終將利潤率提高到您希望達到的水平。

Is that a prerequisite to get to where you'd like those margins to be?

這是達到你想要的利潤的先決條件嗎？

Yes, I mean it's an absolute prerequisite for us to have our entirety of our cloud infrastructure planned drive scale economics for us.

是的，我的意思是，讓我們的整個雲基礎設施計劃為我們帶來規模經濟，這是我們的絕對先決條件。

And in fact a lot of the core Azure technology around machine management and data center management comes out of our green efforts.

事實上，圍繞機器管理和數據中心管理的許多核心 Azure 技術都來自我們的綠色努力。

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.

我們將所有這一切的所有供應鏈作為一個供應鏈進行管理，我們將 SKU 設計作為一個 SKU 設計進行，我們完全降低了兩個網絡存儲計算的成本。

In fact, you should think of Azure as the common fabric of all our applications.

事實上，您應該將 Azure 視為我們所有應用程序的通用結構。

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.

甚至我們的一些遊戲，比如 Halo，也大量使用了我們的雲，這才是真正推動經濟發展的因素。

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.

我慶祝我們不只有一個第一方工作負載這一事實，因為如果您想要雲架構，一個第一方工作負載很容易完全合作。

But in our case we have a very diverse set of workloads.

但在我們的案例中，我們有一組非常多樣化的工作負載。

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.

我們有 Xbox Live、Office 365、Dynamics 和 Bing，正是這種多樣性使我們能夠根據自己的需要構建一個雲架構，然後可以滿足更多的工作負載，這對我們來說效果很好.

Got it.

知道了。

Thank you.

謝謝你。

Thanks very much.

非常感謝。

Will take the next question please.

請回答下一個問題。

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

我們的下一個問題來自高盛集團的 Heather Bellini。

Please proceed with your question.

請繼續您的問題。

Great.

偉大的。

Thank you so much.

太感謝了。

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?

Satya，我想知道您是否可以與我們分享在過去 12 到 18 個月中我們看到的令人驚嘆的 XP 更新，當您與客戶交談時，您對 2015 年日曆中的企業 PC 更新周期有何看法？

I think it will come back to the pre-XP business PC refresh.

我認為它將回到 XP 之前的商用 PC 更新。

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.

所以我認為艾米的評論也反映了這一點，這也是我們預計在本財年剩餘時間裡會發生的事情。

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，我們關注的是，我們如何確保不僅能夠採用我們今天在 Windows 8 上的增量價值，而且實際上還有很多用例，尤其是圍繞現場設備、移動勞動力、事實上，我們看到了 Windows 8 的廣泛採用，但 Windows 10 是針對企業完全優化的，並且適用於移動工作人員以及桌面和大屏幕的所有屏幕尺寸。

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.

也許至少我們的產品組合和我們的創新最獨特的事情之一是，我們認為在企業中重要的是個人的移動性，而不是一個設備，這就是我們正在通過出色的管理和極大的安全性。

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.

因此，我們很高興從首次披露 Windows 10 中獲得的早期反饋，以及我們在企業採用 Windows 8 方面取得的一些成功。

But the adoption I think we'll get back to a normal PC refresh in the enterprise.

但是，我認為我們將在企業中恢復正常的 PC 更新。

Thank you.

謝謝你。

Thanks Heather.

謝謝希瑟。

We'll go to the next question, please.

請我們進入下一個問題。

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

我們的下一個問題來自 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，當您遷移到雲並真正嘗試進入下一階段的增長時，您認為最大的挑戰是什麼，然後可能是我們認為微軟進入下一階段的最大機會？

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.

我的意思是對我們來說最大的機會是能夠進入太空——我的意思是，我一直在想的一件事是我們在服務器業務上取得的所有成功，我們是一個低份額的玩家，當我查看企業客戶今天的 IT 總支出時，正如我所說，我們沒有參與很多很多領域。

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.

我什至會提到數據堆棧，我們在 SQL Server 方面的業務非常好，我們可能擁有 SQL 2014 中最具競爭力的 SQL Server 產品，而且發展良好。

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.

但是，如果您從未來增長的角度來看什麼是世俗的，那就是數據，以各種新方式進行數據管理。

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.

因此，我們希望能夠通過在公共雲和我們的服務器產品中做一些好的工作來利用這些機會。

The challenge will always remain at the end of the day for us to make sure that we are bringing together unique offers.

對我們來說，挑戰將永遠存在，以確保我們匯集了獨特的優惠。

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.

我希望我們作為一個團隊非常關注的一件事是帶來只有 Microsoft 才能將您帶入市場的獨特性。

That's why this approach around platforms and reinvention of productivity I believe is what we can do.

這就是為什麼我相信這種圍繞平台和生產力再造的方法是我們可以做的。

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.

當然，我們希望有可信的競爭，但同時我認為，如果你至少問我們校園裡的任何人，我們是否深刻地理解了重塑生產力的意義，我相信我們是否深刻地理解瞭如何從最終用戶、IT 和開發人員，並以一種非常獨特的方式協調他們的利益，以便企業可以採用解決方案，我們對此深有體會。

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，堅持這一點並專注於我們獨特的貢獻可能既是我們的機會也是我們的挑戰，我們顯然會在機會方面進行索引。

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

本季度工作出色，尤其是相對於您的技術同行而言。

Thanks.

謝謝。

Thank you, Dan.

謝謝你，丹。

We'll move to the next question, please.

請移步下一個問題。

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

我們的下一個問題來自美林證券的 Kash Rangan。

Please proceed with your question.

請繼續您的問題。

Hi, thank you for taking my question.

您好，感謝您提出我的問題。

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.

Satya，我只是想了解您對業務組合的看法，因為顯然您擁有非常強大且不斷增長的消費者足跡，尤其是諾基亞，然後您擁有非常穩固的企業骨幹。

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.

而且感覺房子的消費者方面正在以更快的速度撤離，並且顯然對您如何看待業務的利潤率以及它們可能如何影響一些轉換者產生了一些影響。

If you could just give us your thoughts Satya on how you see the business mix, that would be great.

如果您可以就您如何看待業務組合的方式向我們提供您的想法 Satya，那就太好了。

And also wondering, Amy, if you could shed some light on cost controls, and what were the things that specifically the Company engaged in?

還想知道，艾米，您是否可以對成本控制有所了解，以及公司具體從事的工作是什麼？

Because the marketing expenses came in at a nice surprise much lower than we expected.

因為營銷費用出人意料地遠低於我們的預期。

Thank you very much.

非常感謝。

Thanks, Kash.

謝謝，卡什。

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.

所以當我們談論生產力和平台時，我對市場的看法，我們真的沒有在消費者和企業之間做出很大的區分。

And when it takes productivity out, we're very focused on dual use.

當它降低生產力時，我們非常專注於雙重用途。

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.

事實上，我和 Amy 分享的數據之一是 Office 365 的消費者訂閱量的增長，甚至連續增長了相當大的百分比。

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.

因此，我們看到我們的生產力服務得到了很好的採用，特別是在這種雙重用途的背景下，人們希望在家裡使用它，而人們希望在工作中使用它。

And that's where in fact a lot of our R&D investment is, to make that very seamless.

事實上，這就是我們大量研發投資的所在，以使其非常無縫。

So to me that's how I want to drive.

所以對我來說，這就是我想要的駕駛方式。

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.

遊戲是我們說過的一個類別，我們會為了它本身的利益而投資它，並從我們的遊戲中推動企業價值。

There are in fact lots of benefits which come because of technology.

事實上，技術帶來了很多好處。

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.

事實上，我們現在在 Cortana 和語音識別（我認為是生產力的核心）方面如此具有競爭力的原因是它最初是從 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.

所以我們將永遠擁有這些附帶的好處，但實際上在遊戲中，我們希望我們的第一方遊戲、Xbox Live 控制台以及 PC 遊戲蓬勃發展並為我們帶來增量價值，而 Minecraft 顯然在這方面有所幫助語境。

So that's how we'll view the future for how we think about our businesses.

這就是我們如何看待我們的業務的未來。

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.

和 Kash，關於整體運營費用以及我們如何管理它，總的來說，我不認為它是用這個詞的意義來控制的。

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.

我認為最令人印象深刻的也許是，我們在整個季度都設法繼續，無論是每週還是每月，都可以查看並詢問我們從支出中獲得的最高投資回報率在哪裡。

How can we drive our business forward both in-period, but also for the future.

我們如何才能推動我們的業務在此期間和未來都向前發展。

Is just as important for us to balance that.

對我們來說平衡這一點同樣重要。

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.

而且我認為我們在挑選這些地方方面做得非常好，並在我們知道自己與眾不同的地方真正有意識地、積極地投資。

Wonderful.

精彩的。

Thank you very much, happy Halloween.

非常感謝，萬聖節快樂。

Thanks, Kash.

謝謝，卡什。

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

接線員，我們將有時間再回答一個問題。

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

我們的最後一個問題來自德意志銀行的 Karl Keirstead。

Thanks.

謝謝。

Question for Amy.

艾米的問題。

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.

艾米，只是考慮一下你的業務部門指南，一切似乎都大致符合，但對於 D&C 許可指南，這意味著我認為同比下降 24%，鑑於這是一個 90% 的毛利率業務，我只想以確保我了解那裡發生的事情。

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?

我有兩個問題，我想知道您是否可以幫助分解其中有多少是由於與 XP 相關的艱難比較與其他一些可能導致艱難比較的一次性問題？

And then secondly, when in your best judgment do you think that D&C licensing revenue might turn positive?

其次，根據您的最佳判斷，您認為 D&C 許可收入何時可能轉正？

Thank you.

謝謝你。

Great.

偉大的。

Karl, thanks for asking that question.

卡爾，謝謝你提出這個問題。

It gives me a chance to reiterate how many of those components are that one-time in nature.

它讓我有機會重申這些組件中有多少是一次性的。

The first and the largest issue is the end of the Nokia commercial agreement.

第一個也是最大的問題是諾基亞商業協議的終止。

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.

這大約是我們一年前第二季度賺到的 6.5 億美元，由於協議的結束，這簡直是天方夜譚。

So I'll start with that point.

所以我將從這一點開始。

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.

第二個組成部分與我們在第四季度看到的知識產權業務中的相同趨勢有關，在第一季度，我們在第二季度再次看到。

So I would also see that exact same trend line and assessment.

所以我也會看到完全相同的趨勢線和評估。

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.

下一個組件是一個變化，我們實際上已經在日本推出了一些 Office 365 消費者服務，這是我們歷史上從未涉足的地區。

That does result in a revenue deferral, and it'll end up an unearned.

這確實會導致收入延遲，最終會是不勞而獲的。

But that's about $100 million impact that we would not have seen before that.

但這是我們之前不會看到的大約 1 億美元的影響。

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，當您將所有這些都移出比較組時，您真的會回到我們本季度看到的 D&C 許可業務中非常相似的趨勢，因為我認為您關注的組件是 OEM Pro和 OEM 非 Pro，我們預計它們與我們本季度看到的結果非常相似，並且與整體 PC 業務動態相匹配。

Okay.

好的。

That's very helpful.

這很有幫助。

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.

如果我可以再偷偷摸摸，艾米，與你每個季度所做的相比，29 億美元的股票回購感覺像是一個上升。

For the last couple of years.

在過去的幾年裡。

Is this sort of a new level that we can expect from Microsoft, maybe just a thought on the pace of the share buyback?

這是我們可以期待微軟達到的新水平嗎，也許只是對股票回購步伐的思考？

Thanks for the question.

謝謝你的問題。

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.

我們為本季度股東回報的增加感到自豪，重要的是，我們專注於如何繼續做到這一點，作為我們整體長期股東增長的一部分。

Okay.

好的。

Great.

偉大的。

Thanks Karl and thank you Amy.

謝謝卡爾，謝謝艾米。

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

今天財報電話會議的問答部分到此結束。

Please note that our second-quarter earnings call will be held on Monday, January 26, 2015.

請注意，我們的第二季度財報電話會議將於 2015 年 1 月 26 日星期一舉行。

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

我們期待在未來幾個月在各種投資者會議上見到你們中的許多人。

For those unable to attend in person, these events will be webcast and you can follow our comments at Microsoft.com/investor.

對於那些無法親自參加的人，這些活動將進行網絡直播，您可以在 Microsoft.com/investor 上關注我們的評論。

Please contact us if you need any additional details.

如果您需要任何其他詳細信息，請與我們聯繫。

And thank you again for joining us.

再次感謝您加入我們。

Thanks everyone.

感謝大家。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。