微軟 (MSFT) 2015 Q2 法說會逐字稿

Welcome to the Second-Quarter Fiscal Year 2015 Microsoft Corporation Earnings Conference Call.

歡迎來到微軟公司 2015 財年第二季度收益電話會議。

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

此時，所有參與者都處於只聽模式。

A brief question-and-answer session will follow the formal presentation.

正式演講之後將進行簡短的問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the 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 today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

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

On our website, 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 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 of 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。

Additionally, any mention of operating expense refers to segment operating expenses as defined in the footnote of our 10-Q, and includes research and development, sales and marketing, and general and administrative; but excludes integration and restructuring charges.

此外，任何提及的運營費用均指我們 10-Q 腳註中定義的分部運營費用，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 January 26, 2016.

您可以在 2016 年 1 月 26 日之前在 Microsoft 投資者關係網站上重播電話並查看通話記錄。

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 and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及其他向證券公司提交的報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異和交易委員會。

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

我們不承擔更新任何前瞻性陳述的義務。

With that, I will turn the call over to Satya.

有了這個，我會把電話轉給薩蒂亞。

Thank you, Chris.

謝謝你，克里斯。

Good afternoon, everyone.

大家下午好。

Today I will focus my top-line thoughts on our progress this quarter, and the progress we are making in transforming our Business.

今天，我將重點關注我們本季度的進展，以及我們在業務轉型方面取得的進展。

This quarter we reached $26.5 billion in revenue, with an operating income of $7.8 billion.

本季度我們的收入達到 265 億美元，營業收入為 78 億美元。

This quarter's results show the product and business transformation underway at Microsoft.

本季度的結果顯示了微軟正在進行的產品和業務轉型。

We saw success in a number of our strategic areas, including cloud adoption, redefining and revitalizing the Windows ecosystem, and improving economics in our hardware portfolio.

我們在許多戰略領域都取得了成功，包括雲採用、重新定義和振興 Windows 生態系統，以及提高硬件組合的經濟性。

We also saw some challenges this quarter.

本季度我們也看到了一些挑戰。

As expected, the one-time benefit of Windows XP end-of-life PC refresh cycle has now tailed off.

正如預期的那樣，Windows XP 報廢 PC 更新周期的一次性好處現在已經減少。

Additionally, we ran into unexpected issues in select geographies.

此外，我們在特定地區遇到了意想不到的問題。

Where there are execution issues, we will address them.

如果存在執行問題，我們將予以解決。

Where there are macroeconomic challenges, we will weather them.

在存在宏觀經濟挑戰的地方，我們將度過難關。

With that in mind, I will walk you through the quarter.

考慮到這一點，我將引導您完成本季度。

Let's start with our cloud business, an area where we are extending our leadership position, and accelerating our innovation.

讓我們從我們的雲業務開始，我們正在擴大我們的領導地位並加速我們的創新。

In commercial cloud, we saw continued customer and revenue growth across a growing footprint of cloud services: Office 365, Azure, Enterprise Mobility Suite, and Dynamic CRM online.

在商業雲方面，我們看到客戶和收入在不斷增長的雲服務範圍內持續增長：Office 365、Azure、企業移動套件和在線動態 CRM。

In fact, this quarter is the sixth consecutive quarter of triple-digit revenue growth in commercial cloud, and we are now at a run rate of $5.5 billion.

事實上，本季度是商業雲收入連續第六個季度實現三位數增長，我們現在的運行速度為 55 億美元。

Azure services continue to go in appeal to enterprise IT and developers, with rapid improvements across hybrid services, premium cloud storage, and virtual machine offerings, enhanced data and data analytics offerings.

隨著混合服務、高級雲存儲和虛擬機產品、增強型數據和數據分析產品的快速改進，Azure 服務繼續吸引企業 IT 和開發人員。

Microsoft Enterprise Mobility Suite is one key area of product innovation that I would like to highlight, given the growth and the uniqueness of this offering.

鑑於此產品的增長和獨特性，Microsoft Enterprise Mobility Suite 是我想強調的產品創新的一個關鍵領域。

Microsoft offers a comprehensive solution for all devices that brings together mobile device management, mobile application management, hybrid identity management, and data protection into one unified offering through EMS.

Microsoft 為所有設備提供全面的解決方案，通過 EMS 將移動設備管理、移動應用程序管理、混合身份管理和數據保護整合到一個統一的產品中。

Office 365 now includes new application experiences on all phones and tablets for mobile productivity.

Office 365 現在包括所有手機和平板電腦上的新應用程序體驗，以提高移動生產力。

Further, we have released completely new scenarios.

此外，我們還發布了全新的場景。

This includes Office Sway for visualizing and sharing ideas, Delve to help search and discover content, Office 365 Groups to make it easier to collaborate, Office 365 Video for secure media streaming for businesses.

這包括用於可視化和共享想法的 Office Sway、用於幫助搜索和發現內容的 Delve、用於更輕鬆協作的 Office 365 組、用於為企業提供安全媒體流的 Office 365 視頻。

Finally, we continually reinvest in enterprise value by integrating MDM and Enterprise Mobility Suite into Office 365, new encryption technologies, compliance certification, and new e-discovery capabilities in Exchange.

最後，我們通過將 MDM 和 Enterprise Mobility Suite 集成到 Office 365、新的加密技術、合規性認證和 Exchange 中的新電子發現功能，不斷對企業價值進行再投資。

In Dynamic CRM online, we added 53 markets this quarter, bringing us to 130 markets around the world.

在 Dynamic CRM online 中，本季度我們增加了 53 個市場，將我們帶到了全球 130 個市場。

We are bringing together CRM with Cortana, Yammer, Power BI and Skype to add unique value to customers.

我們將 CRM 與 Cortana、Yammer、Power BI 和 Skype 結合在一起，為客戶增加獨特的價值。

We are expanding our capabilities in the cloud through five new acquisitions.

我們正在通過五項新收購來擴展我們在雲中的能力。

Last week we announced an agreement to purchase Revolution Analytics, the leading provider of statistical computing and predictive analytics, which will enable our customers to unlock big data insights.

上週，我們宣布了一項收購統計計算和預測分析的領先提供商 Revolution Analytics 的協議，這將使我們的客戶能夠解鎖大數據洞察力。

We bought HockeyApp, a leading mobile app testing and development service to enhance Azure services for mobile developers.

我們收購了領先的移動應用測試和開發服務 HockeyApp，以增強面向移動開發人員的 Azure 服務。

Our acquisition of Arvato accelerates our ability to give customers unique security capabilities by tapping into behavioral intelligence around identity and excess spanning on-premise and the cloud.

我們對 Arvato 的收購加快了我們為客戶提供獨特安全功能的能力，方法是利用圍繞身份的行為智能以及跨本地和雲的過度行為。

We are bringing on new capabilities in machine learning as applied to e-discovery and other enterprise compliance processes with the acquisition of Equivio.

通過收購 Equivio，我們將機器學習的新功能應用於電子發現和其他企業合規流程。

We also welcomed Acompli, a provider of innovative mobile e-mail applications for iOS and Android.

我們還歡迎 Acompli，這是一家為 iOS 和 Android 提供創新移動電子郵件應用程序的提供商。

The common theme across all these acquisitions is advanced data analytics and machine learning-driven capabilities that improve with more customer adoption and usage of the cloud.

所有這些收購的共同主題是先進的數據分析和機器學習驅動的能力，隨著更多客戶採用和使用雲而得到改進。

We are also making progress in our consumer cloud services.

我們也在消費者云服務方面取得進展。

Office 365 Home and Personal revenue grew nearly 150% year over year, as we added 2.1 million net new subscribers since last quarter.

Office 365 家庭和個人版收入同比增長近 150%，因為我們自上個季度以來新增了 210 萬淨新用戶。

Bing US search share continues to grow, as does search revenue, with 23% growth this quarter.

必應美國搜索份額繼續增長，搜索收入也在增長，本季度增長了 23%。

I will talk about our progress in Xbox Live later in my comments.

稍後我將在評論中討論我們在 Xbox Live 中的進展。

Now let's turn to Windows.

現在讓我們轉向Windows。

To start, the overall Windows ecosystem is driving more innovation.

首先，整個 Windows 生態系統正在推動更多創新。

Over the holiday season and at CES, our partners showcased a diverse lineup of Windows devices, including more premium device choices than ever.

在假期期間和 CES 上，我們的合作夥伴展示了多樣化的 Windows 設備陣容，包括比以往更多的高級設備選擇。

Last spring, we made a strategic decision to introduce new Windows pricing programs to drive unit growth in opening-price-point PCs, as well as tablets, and this quarter we saw year-over-year growth.

去年春天，我們做出了一項戰略決定，推出新的 Windows 定價計劃，以推動開盤價個人電腦和平板電腦的單位增長，本季度我們看到了同比增長。

Also, businesses continue to value Windows.

此外，企業繼續重視 Windows。

We are seeing healthy demand for Windows Pro, even though we face challenging prior-year comparables in Q2, as well as in a second half of the year, following the Windows XP end-of-support-related PC refresh.

我們看到了對 Windows Pro 的健康需求，儘管我們在第二季度和下半年面臨挑戰，在 Windows XP 終止支持相關的 PC 更新之後。

Now let's talk about Windows 10.

現在讓我們談談Windows 10。

Last week was an important milestone on our path to release Windows 10, and usher in an era of more personal computing.

上周是我們發布 Windows 10 道路上的一個重要里程碑，並迎來了一個更加個性化的計算時代。

The heritage of Windows was about enabling one single device, the PC.

Windows 的傳統是啟用一個單一的設備，即 PC。

With Windows 10, we are building a device platform for the mobile first, cloud first world.

借助 Windows 10，我們正在為移動優先、雲優先的世界構建設備平台。

It's a world where the mobility of a person's experience is paramount, requiring a platform that spans devices from small screens to large screens to no screens at all.

這是一個人的體驗的移動性至關重要的世界，需要一個跨越從小屏幕到大屏幕到完全沒有屏幕的設備的平台。

It's a world where interacting with technology is as natural as interacting with other people, and it's a world that demands trust and security.

這是一個與技術互動就像與他人互動一樣自然的世界，這是一個需要信任和安全的世界。

It is also a world with rich opportunity for developers, and Windows 10 will be the most attractive Windows development platform ever.

對於開發者來說，這也是一個充滿機遇的世界，Windows 10 將成為有史以來最具吸引力的 Windows 開發平台。

With our free upgrade offer, and with universal application and unified store for developers, we'll have a large unified up-to-date user base to target.

借助我們的免費升級優惠，以及面向開發人員的通用應用程序和統一商店，我們將擁有龐大的統一最新用戶群作為目標。

We want people to love Windows, and have made this our most collaborative project yet, with more than two million insiders giving us feedback every day.

我們希望人們喜歡 Windows，並將其作為我們迄今為止最具協作性的項目，每天有超過 200 萬的內部人員向我們提供反饋。

I'm very optimistic about Windows 10.

我對 Windows 10 非常樂觀。

We are making progress with our own devices, for those in the market today, and also the ones that we have recently announced.

我們正在使用我們自己的設備取得進展，對於當今市場上的設備，以及我們最近宣布的設備。

This quarter we surpassed the $1 billion revenue mark with Surface for the first time.

本季度，我們的 Surface 收入首次超過 10 億美元。

The value proposition of being the most productive tablet is resonating.

成為最俱生產力的平板電腦的價值主張正在引起共鳴。

Further, the sales for Lumia phones topped 10 million units, growing 30% year over year this quarter, with strength in devices such as Lumia 500 and 600 series, our affordable smartphones.

此外，Lumia 手機的銷量超過 1000 萬部，本季度同比增長 30%，在 Lumia 500 和 600 系列等設備上表現強勁，這是我們負擔得起的智能手機。

In this segment of the market, the combination of our brand and value stand out, and we plan to continue to build a beachhead here.

在這個細分市場中，我們的品牌和價值的結合脫穎而出，我們計劃繼續在這裡建立一個灘頭陣地。

We're also creating new device types that open up new markets and opportunities for Microsoft.

我們還在創造新的設備類型，為 Microsoft 開闢新的市場和機會。

In October we launched our first wearable, the Microsoft Band, and just last week we revealed two new hardware with Windows 10 -- Microsoft Surface Hub and Microsoft HoloLens.

10 月，我們推出了我們的第一款可穿戴設備 Microsoft Band，而就在上週，我們發布了 Windows 10 的兩款新硬件——Microsoft Surface Hub 和 Microsoft HoloLens。

Microsoft Surface Hub will revolutionize group collaboration in meetings.

Microsoft Surface Hub 將徹底改變會議中的小組協作。

HoloLens and Windows holographic computing will make mixed-reality applications part of everyday life across work and home.

HoloLens 和 Windows 全息計算將使混合現實應用程序成為工作和家庭日常生活的一部分。

I want to talk briefly about Xbox.

我想簡單談談 Xbox。

Xbox One console adoption accelerated this holiday, and was the top-selling console in the US.

Xbox One 主機的普及加速了這個假期，並且是美國最暢銷的主機。

Fans on Xbox Live were engaged with the service more than ever before.

Xbox Live 上的粉絲比以往任何時候都更喜歡這項服務。

However, it's our strategies coming together with Windows 10 that give me the greatest optimism.

然而，讓我最樂觀的是我們的策略與 Windows 10 的結合。

The vibrant social gaming community on Xbox Live will span Xbox, Windows PC, tablets, and phones.

Xbox Live 上充滿活力的社交遊戲社區將涵蓋 Xbox、Windows PC、平板電腦和手機。

With Windows 10, gamers on a PC, tablet, or Xbox console can play together; and games on Xbox One can easily stream to a Windows 10 PC or tablet.

借助 Windows 10，PC、平板電腦或 Xbox 控制台上的遊戲玩家可以一起玩； Xbox One 上的遊戲可以輕鬆流式傳輸到 Windows 10 PC 或平板電腦。

It's also getting clearer how games people love today will evolve to mind-blowing experiences in the future, when designed for mixed reality that Windows 10 and HoloLens create.

當為 Windows 10 和 HoloLens 創建的混合現實而設計時，人們今天喜愛的遊戲將如何演變為未來令人興奮的體驗也變得越來越清晰。

Just imagine what's possible with Minecraft.

想像一下 Minecraft 的可能性。

Gaming truly is a valuable part of millions of people's lives, and Microsoft will excel and increase our lead.

遊戲確實是數百萬人生活中寶貴的一部分，微軟將超越並擴大我們的領先地位。

Before closing, I wanted to share a few thoughts on capital allocation.

在結束之前，我想分享一些關於資本配置的想法。

Over the past several quarters, and certainly with last week's Windows 10 announcement, you've seen us unleash new innovation in our Cloud services, with Windows and our hardware.

在過去的幾個季度中，當然還有上週發布的 Windows 10，您已經看到我們在雲服務中釋放了新的創新，包括 Windows 和我們的硬件。

We did all of this without materially growing our cost base.

我們在沒有實質性增加成本基礎的情況下完成了所有這些工作。

This required clarity in purpose and value proposition, realignment of talent, and disciplined execution.

這需要明確目的和價值主張、重新調整人才和嚴格執行。

Our increasing innovation and competitiveness in today's growth markets and the creation of new categories is how we will most positively impact the returns for our investors.

我們在當今增長的市場中不斷增加的創新和競爭力以及新類別的創建是我們最積極地影響投資者回報的方式。

Earlier today we announced our intention to complete the existing $40-billion share repurchase authorization by December 31, 2016.

今天早些時候，我們宣布打算在 2016 年 12 月 31 日之前完成現有的 400 億美元股票回購授權。

This is another step in our ongoing commitment to increase capital return for our shareholders while investing in the growth of our Business.

這是我們在投資於業務增長的同時為股東增加資本回報的持續承諾的又一步。

It too shows our optimism for the future growth of Microsoft.

這也表明了我們對微軟未來發展的樂觀態度。

As we move forward, we will certainly continue to be thoughtful in our capital return decisions, balanced across dividends and share repurchases.

隨著我們前進，我們肯定會繼續在我們的資本回報決策中深思熟慮，平衡股息和股票回購。

In closing, I'm encouraged by the progress we are making in our transformation to become the productivity and platform Company for the mobile first, cloud first world.

最後，我對我們在轉型為移動優先、雲優先世界的生產力和平台公司方面取得的進展感到鼓舞。

I'm proud of how our teams are stepping up to both change and execute to make this transformation happen.

我為我們的團隊如何加緊變革和執行以實現這一轉變而感到自豪。

I'm confident of the decisions and choices we are making to drive our Business and products forward to serve our customers and partners in the future.

我對我們正在做出的決定和選擇充滿信心，以推動我們的業務和產品在未來為我們的客戶和合作夥伴服務。

With that, I'll hand over to Amy to go through the quarter's results in further detail, and share our outlook for the next quarter.

有了這個，我將交給艾米更詳細地了解本季度的結果，並分享我們對下一季度的展望。

I look forward to rejoining you after that to answer your questions.

我期待在此之後重新加入您的行列，回答您的問題。

Thank you.

謝謝你。

Thanks, and good afternoon everyone.

謝謝，大家下午好。

As Satya shared, in Q2 we again made solid progress on our Business transformation.

正如 Satya 所說，在第二季度，我們的業務轉型再次取得了堅實的進展。

We had strong growth in our cloud and subscription businesses.

我們的雲和訂閱業務增長強勁。

Our annuity renewals were healthy, as customers remain committed to our enterprise portfolio.

我們的年金續訂很健康，因為客戶仍然致力於我們的企業投資組合。

Our hardware products performed well during the holiday season.

我們的硬件產品在假期期間表現良好。

As we expected, our year-over-year growth rates were impacted by the prior-year benefits that we realized in our OEM and Office transactional businesses following the Windows XP end-of-support refresh cycle.

正如我們預期的那樣，我們的同比增長率受到了我們在 Windows XP 終止支持更新周期後在 OEM 和 Office 交易業務中實現的上一年收益的影響。

Beyond that, our results in China and Japan fell short of our expectations.

除此之外，我們在中國和日本的業績未達到我們的預期。

In Japan, the PC market lagged due to their macroeconomic environment, along with the combined impact of XP end-of-support and the VAT increase last year.

在日本，由於宏觀經濟環境以及 XP 支持終止和去年增值稅增加的綜合影響，PC 市場滯後。

Our Office attach rate to PCs is very high there, so the weak PC market also impacted Office revenue.

我們的 Office 對 PC 的附加率非常高，因此疲軟的 PC 市場也影響了 Office 收入。

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

話雖如此，讓我帶您了解我們第二季度的財務亮點。

Revenue was $26.5 billion, up 8%, and would have been one point better without the impact of foreign exchange.

收入為 265 億美元，增長 8%，如果沒有外彙的影響，本可以提高 1 個百分點。

Gross margin grew slightly this quarter, even when comparing against a year ago that benefited from the XP refresh cycle.

本季度毛利率略有增長，即使與受益於 XP 更新周期的一年前相比也是如此。

Our commitment to ongoing execution improvement and thoughtful portfolio management helped improved the gross margin percentage in each of our operating segments.

我們對持續改進執行和周到的投資組合管理的承諾幫助提高了我們每個運營部門的毛利率百分比。

Operating income declined 2%, which included $243 million of integration and restructuring expenses.

營業收入下降 2%，其中包括 2.43 億美元的整合和重組費用。

Excluding that, operating income grew 1%.

除此之外，營業收入增長1%。

Our reported GAAP earnings per share was $0.71, which included a $0.02 negative impact from integration and restructuring expense, and a $0.04 income tax charge for an IRS audit adjustment.

我們報告的 GAAP 每股收益為 0.71 美元，其中包括來自整合和重組費用的 0.02 美元負面影響，以及針對 IRS 審計調整的 0.04 美元所得稅費用。

Foreign exchange had a $0.01 negative impact on EPS.

外匯對每股收益產生 0.01 美元的負面影響。

As we discussed last quarter, FX movements first impact our bookings growth and unearned revenue on our balance sheet.

正如我們上個季度所討論的，外匯變動首先會影響我們的預訂增長和資產負債表上的未實現收入。

Our contracted but not billed balance was adjusted down to reflect current FX rates.

我們的合同但未開票的餘額已向下調整以反映當前的外匯匯率。

Therefore, our bookings were flat this quarter.

因此，本季度我們的預訂量持平。

Unearned revenue was up 9% year over year to $21.2 billion.

未實現收入同比增長 9% 至 212 億美元。

But the sequential decline was slightly larger -- slightly higher than we expected, due to the larger-than-anticipated impact from FX.

但由於外彙的影響大於預期，環比跌幅略大——略高於我們的預期。

Adjusting for that FX impact, our commercial unearned balance was in line with historical trends and our expectations.

調整該外匯影響後，我們的商業未實現餘額符合歷史趨勢和我們的預期。

From a geographic perspective, relative to our expectations, the US out-performed and Europe was generally in line.

從地理角度來看，相對於我們的預期，美國表現優於歐洲，而歐洲則基本符合預期。

As I mentioned earlier, China and Japan where below our expectations.

正如我之前提到的，中國和日本低於我們的預期。

With that backdrop, I will now move to a detailed discussion of our results.

在這種背景下，我現在將詳細討論我們的結果。

Last year we ended support for Windows XP.

去年我們終止了對 Windows XP 的支持。

That stimulated a PC refresh cycle, in particular in developed markets and with business customers.

這刺激了個人電腦更新周期，特別是在發達市場和商業客戶中。

During the period from Q2 through the end of our fiscal year, Windows Pro revenue growth was over 10%, and meaningfully out-paced business PC growth.

從第二季度到本財年末，Windows Pro 收入增長超過 10%，明顯超過了商用 PC 的增長。

As expected, in Q2 PCs have reverted to a more normalized mix between developed and emerging markets, and Pro attached to business PCs has returned to the levels we saw prior to FY14.

正如預期的那樣，在第二季度，PC 已恢復到發達市場和新興市場之間更加正常化的組合，而附在商用 PC 上的 Pro 已恢復到我們在 2014 財年之前看到的水平。

Also, to drive revenue growth in academic institutions, we lowered the price of Windows Pro for that customer segment.

此外，為了推動學術機構的收入增長，我們針對該客戶群降低了 Windows Pro 的價格。

This pricing change, along with the impact of XP, caused Windows revenue growth to be lower than the relatively stable business PC market we have seen since the end of FY13.

這種定價變化，加上 XP 的影響，導致 Windows 收入增長低於我們自 FY13 年底以來看到的相對穩定的商用 PC 市場。

We again grew Windows non-Pro licenses, and saw year-over-year growth in activations.

我們再次增加了 Windows 非專業版許可證，並且激活量同比增長。

This was driven by particularly strong demand for opening-price-point PCs, related to the strategic decisions Satya spoke of earlier.

這是由於對開盤價個人電腦的特別強勁的需求推動的，這與薩蒂亞早些時候談到的戰略決策有關。

The hardware mix shift to opening-price-point PCs impacted license mix, and therefore, aggregate revenue per license in the quarter.

硬件組合向開放價格點 PC 的轉變影響了許可證組合，因此影響了本季度每個許可證的總收入。

The mix shift was the main driver of our Windows non-Pro revenue decline.

混合轉變是我們 Windows 非專業版收入下降的主要驅動力。

Inventory in the channel is a bit higher than normal, which we expect to work through in Q3.

渠道中的庫存略高於正常水平，我們預計將在第三季度解決。

Office consumer products and services revenue declined 12%, and was impacted by the ongoing transition to Office 365, and by the dynamics in Japan, where PC growth was lower than we expected, in a geography where the paid attach of Office is high.

Office 消費產品和服務收入下降了 12%，並且受到了向 Office 365 的持續過渡以及日本的動態影響，在日本，PC 增長低於我們的預期，而該地區的 Office 付費附件很高。

Adoption of Office 365 Home and Personal remain strong, and we now have over 9.2 million subscribers.

Office 365 家庭版和個人版的採用率依然強勁，我們現在擁有超過 920 萬訂閱者。

In our computing and gaming segment, we are proud of the continued progress we are making in our Surface portfolio.

在我們的計算和遊戲領域，我們為我們在 Surface 產品組合中取得的持續進步感到自豪。

Strong interest in Surface Pro 3 helped to drive record revenue, as well as improved gross margin.

對 Surface Pro 3 的濃厚興趣有助於推動創紀錄的收入，並提高毛利率。

Surface Pro 3 volumes are pacing over three times the rate of what we saw with Surface Pro 2.

Surface Pro 3 的體積速度是我們在 Surface Pro 2 上看到的速度的三倍多。

In gaming, Xbox One was the console sales leader in the US.

在遊戲領域，Xbox One 是美國遊戲機銷售的領導者。

Xbox Live users grew, and those users increased their purchases of third-party publisher content and consumables.

Xbox Live 用戶增長，這些用戶增加了對第三方發行商內容和消耗品的購買量。

Sales of the Xbox platform exclusive, Halo: The Master Chief Collection, and Forza Horizon 2 were strong.

Xbox 平台獨占版《光環：士官長合集》和《極限競速：地平線 2》銷量強勁。

This quarter we welcomed Minecraft.

本季度我們迎來了 Minecraft。

We articulated our plan for the phone business back in July, and we are executing to plan.

早在 7 月，我們就制定了電話業務計劃，並且正在按計劃執行。

With our Lumia portfolio of phones, we are driving volumes in the low-price device category.

憑藉我們的 Lumia 手機產品組合，我們正在推動低價設備類別的銷量。

We sold 10.5 million Lumia phones this quarter, an all-time high.

本季度我們售出了 1050 萬部 Lumia 手機，創下歷史新高。

We also sold over 39 million non-Lumia phones, even while we make changes to the product portfolio and manage this business for profitability.

我們還售出了超過 3900 萬部非 Lumia 手機，即使我們對產品組合進行了更改並管理該業務以實現盈利。

We are looking forward to bringing new products to market that will showcase the features that we presented at our Windows 10 event last week.

我們期待將新產品推向市場，展示我們上週在 Windows 10 活動中展示的功能。

Revenue in our Devices and Consumer Other segment grew 30%.

我們的設備和消費者其他部門的收入增長了 30%。

As noted earlier, Xbox Live transactions and first-party games performed well, and contributed to this growth.

如前所述，Xbox Live 交易和第一方遊戲表現良好，並促成了這一增長。

Additionally, search revenue growth was strong, with improvements in both rate and volume.

此外，搜索收入增長強勁，速度和數量都有所提高。

Within display, revenue declined on our MSN portal, though we saw revenue growth across other Microsoft properties.

在展示中，我們的 MSN 門戶的收入有所下降，但我們看到其他 Microsoft 資產的收入有所增長。

We are also pleased by our gross margin expansion in this segment.

我們也對該細分市場的毛利率擴張感到高興。

Transitioning now to our consumer results, where revenue grew 5%, our annuity revenue remained strong, growing double digits, and renewal rates remained high.

現在過渡到我們的消費者結果，收入增長了 5%，我們的年金收入保持強勁，增長兩位數，續訂率仍然很高。

Customers are continuing to move from transactional purchasing to long-term annuity contracts, as they show an increased commitment to our product road map.

客戶繼續從交易購買轉向長期年金合同，因為他們對我們的產品路線圖表現出更大的承諾。

Our transactional revenue declined over 15%, slightly more than we expected, primarily in Office, and mostly due to our performance in China and Japan, which I detailed earlier.

我們的交易收入下降了 15% 以上，略高於我們的預期，主要是在 Office，主要是由於我們在中國和日本的表現，我之前詳細介紹過。

Additionally, FX had a greater negative impact on commercial revenue than we had anticipated.

此外，外匯對商業收入的負面影響比我們預期的要大。

Our commercial cloud services delivered triple-digit revenue growth for the sixth consecutive quarter.

我們的商業雲服務連續第六個季度實現了三位數的收入增長。

Office 365 continues to be priority for CIOs, as both existing and new customers move to the cloud.

隨著現有客戶和新客戶都遷移到雲端，Office 365 仍然是 CIO 的首要任務。

This transition accelerated, with 45% of our renewal seats in Office moving to the cloud this quarter.

這一轉變加速了，本季度我們在 Office 中 45% 的續訂席位轉移到了雲端。

We are seeing great growth in revenue from premium Azure services, driven by both an increase in customer base, and an expansion in a number of services that those customers deploy.

我們看到來自高級 Azure 服務的收入大幅增長，這得益於客戶群的增加以及這些客戶部署的許多服務的擴展。

Within Internet Dynamics CRM Online, customer growth accelerated, and revenue nearly doubled.

在 Internet Dynamics CRM Online 中，客戶增長加速，收入幾乎翻了一番。

From a product perspective, commercial Office product and services revenue declined 1%, slightly below our expectations.

從產品角度來看，商業辦公產品和服務收入下降了 1%，略低於我們的預期。

Annuity revenue remained strong with high renewal rates, and continued adoption of Office 365.

年金收入保持強勁，續訂率高，並且繼續採用 Office 365。

Within our Office transactional business, year-on-year comparables are difficult given the benefits from last year's XP refresh, where customers chose to update their desktop productivity solutions along with their PC.

在我們的 Office 交易業務中，鑑於去年 XP 更新帶來的好處，客戶選擇與他們的 PC 一起更新他們的桌面生產力解決方案，因此很難實現與去年同期相比的可比性。

Additionally, the shift to Office 365 continues to impact transactional revenue.

此外，轉向 Office 365 繼續影響交易收入。

While these dynamics were consistent with our expectations, revenue in China and Japan both fell short, given the factors that I noted earlier.

雖然這些動態與我們的預期一致，但考慮到我之前提到的因素，中國和日本的收入都低於預期。

Server products and services revenue grew 9%, again out-pacing the broader IT market.

服務器產品和服務收入增長 9%，再次超過更廣泛的 IT 市場。

Growth in premium mix helped to drive double-digit revenue growth in SQL Server and System Center.

高級組合的增長幫助推動了 SQL Server 和 System Center 的兩位數收入增長。

Windows server annuity revenue grew double digits again this quarter, but transactional revenue was down, primarily due to a decline in traditional server market.

本季度 Windows 服務器年金收入再次增長兩位數，但交易收入下降，主要是由於傳統服務器市場的下滑。

Additionally, we are pleased with the performance in our Dynamics business, which grew revenue 13%, driven by growth in both on-premises and cloud offerings.

此外，我們對 Dynamics 業務的表現感到滿意，在本地和雲產品增長的推動下，收入增長了 13%。

Operating expense grew 1% to $8.3 billion, and was favorable to our expectations.

運營費用增長 1% 至 83 億美元，符合我們的預期。

These results are inclusive of investments that we made in our strategic growth areas, a few of which were showcased last week at a Windows 10 event.

這些結果包括我們在戰略增長領域所做的投資，其中一些在上週的 Windows 10 活動中得到了展示。

Excluding approximately $750 million from the addition of NDS, operating expense would have declined 8%.

不包括增加 NDS 的約 7.5 億美元，運營費用將下降 8%。

Relative to the guidance that we provided for the quarter, roughly half of the favorability resulted from FX changes, with the balance driven by our continued prioritization of spend.

相對於我們為本季度提供的指導，大約一半的好感度來自外匯變化，其餘的則由我們繼續優先考慮支出推動。

Our integration and restructuring efforts have been focused on optimizing resources across the Company, which includes reducing the expense base in our phone business.

我們的整合和重組工作一直專注於優化整個公司的資源，其中包括減少電話業務的費用基礎。

To date, we have integrated the manufacturing and supply chain teams across Microsoft, while also rationalizing our phone manufacturing capacity.

迄今為止，我們已經整合了整個 Microsoft 的製造和供應鏈團隊，同時也合理化了我們的手機製造能力。

In operating expense, we committed to reducing $1 billion from the phone cost base, which we have done.

在運營費用方面，我們承諾從電話成本基礎上減少 10 億美元，我們已經做到了。

We continue to look for opportunities to drive further efficiencies.

我們將繼續尋找提高效率的機會。

Our effective tax rate was 25%, and higher than expected due to previously mentioned income tax charge for an IRS audit adjustment.

我們的有效稅率為 25%，高於預期，這是由於之前提到的 IRS 審計調整的所得稅費用。

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

除此之外，增長是由電話結果和我們不斷變化的地理組合推動的。

Capital expenditures were $1.5 billion, driven primarily by investments to increase our capacity as we expanded existing, and added new data centers, as well as made server purchases in support of our fast-growing cloud business.

資本支出為 15 億美元，主要是由於我們在擴大現有數據中心、增加新數據中心以及購買服務器以支持我們快速增長的雲業務時增加容量的投資。

This quarter we increased our capital return by 5%, with $4.5 billion returned to shareholders through buy-backs and dividends.

本季度，我們將資本回報率提高了 5%，通過回購和分紅向股東返還了 45 億美元。

And, as Satya reinforced in this comments, we will continue to take thoughtful steps to increase capital return to shareholders with a focus on value.

而且，正如 Satya 在此評論中所強調的那樣，我們將繼續採取深思熟慮的措施，以注重價值來增加股東的資本回報。

With that overview of the current quarter, let me now turn to our outlook.

有了本季度的概述，現在讓我談談我們的展望。

Our guidance is based on our current view of FX rates.

我們的指導基於我們目前對外匯匯率的看法。

Should the US dollar strengthen beyond those assumptions, as it did this quarter, we would see additional negative impact to earnings, revenue, our balance sheet, and our contracted-but-not-billed balance.

如果美元走強超出這些假設，就像本季度那樣，我們將看到對收益、收入、我們的資產負債表和我們的合同但未開票的餘額產生額外的負面影響。

As a reminder, in our annuity businesses, the FX impact is first reflected in unearned revenue, which is recorded at the rate when the contract is billed.

提醒一下，在我們的年金業務中，外匯影響首先反映在未實現收入中，該收入以合同計費時的費率記錄。

Then revenue comes onto the P&L at that same rate as it is recognized, generally over the next year.

然後收入以與確認相同的比率計入損益表，通常是在下一年。

Therefore, in Q3 we will start to recognize a higher percentage of revenue from periods with a stronger US dollar than the prior-year comparison.

因此，在第三季度，我們將開始確認美元走強期間的收入比例高於去年同期。

In total, we expect that FX will negatively impact revenue growth by approximately four points in Q3.

總體而言，我們預計外匯將對第三季度的收入增長產生約 4 個百分點的負面影響。

The majority of this impact is in our commercial business.

這種影響主要發生在我們的商業業務中。

In FY14, it was our Q2 through Q4 results that most benefited from Windows XP end of support.

2014 財年，我們從第二季度到第四季度的業績最受益於 Windows XP 終止支持。

As such, our growth rates across Windows Pro and transactional Office will be impacted as our Business moves back to pre-XP levels.

因此，隨著我們的業務恢復到 XP 之前的水平，我們在 Windows Pro 和事務型 Office 上的增長率將受到影響。

On a geographic basis, we expect year-on-your revenue declines in China, Russia, and Japan.

從地域來看，我們預計中國、俄羅斯和日本的收入將同比下降。

In Japan, Q3 represents an even tougher comparison, with the anniversary of the VAT, which again will create different comparables -- difficult comparables in Windows and Office.

在日本，第 3 季度代表了更嚴格的比較，即增值稅週年紀念日，這將再次產生不同的可比對象——Windows 和 Office 中難以比較的對象。

We currently expect the geographic dynamics, challenging comparables from XP, and FX headwinds will be in place throughout the remainder of our fiscal year.

我們目前預計，地理動態、與 XP 相比具有挑戰性的可比性以及外匯逆風將在我們本財年的剩餘時間內持續存在。

With that overall background, let me move to our specific Q3 guidance, starting with devices and consumer, where revenue guidance includes approximately four points of drag from FX.

有了這個整體背景，讓我轉向我們的具體 Q3 指導，從設備和消費者開始，其中收入指導包括大約四個來自 FX 的拖累。

In licensing, we expect revenue to be $3.4 billion to $3.6 billion.

在許可方面，我們預計收入為 34 億至 36 億美元。

This range assumes the more challenging comparables I mentioned earlier.

這個範圍假設了我之前提到的更具挑戰性的可比性。

The range also includes a reduction in channel inventory for Windows non-Pro opening-price-point PCs.

該範圍還包括減少 Windows 非 Pro 開盤價 PC 的渠道庫存。

Within consumer Office, we expect to see similar trends to Q2; and within our IP licensing business, we expect lower per-unit royalties with the changing-mix devices sold by our licensees.

在消費者辦公室中，我們預計會看到與第二季度類似的趨勢；在我們的 IP 許可業務中，我們預計我們的被許可人銷售的不斷變化的混合設備會降低每單位專利使用費。

In computing and gaming, we expect revenue to be $1.5 billion to $1.7 billion.

在計算和遊戲方面，我們預計收入為 15 億至 17 億美元。

This range reflects normal seasonality coming out of the holidays for our Xbox and Surface businesses.

該範圍反映了我們的 Xbox 和 Surface 業務在假期後的正常季節性。

In phone hardware, we expect revenue to be $1.4 billion to $1.5 billion.

在手機硬件方面，我們預計收入為 14 億至 15 億美元。

This range anticipates accelerating year-over-year growth in Lumia units, driven by our affordable smartphone devices.

這一範圍預計在我們負擔得起的智能手機設備的推動下，Lumia 單位的同比增長將加速。

We also expect both volumes and ASPs of non-Lumia devices to continue to decline in Q3.

我們還預計第三季度非 Lumia 設備的銷量和 ASP 將繼續下降。

With this lower aggregate revenue base, we expect gross margins, which include non-cash amortization, to be lower for the next couple of quarters.

由於總收入基數較低，我們預計未來幾個季度的毛利率（包括非現金攤銷）將會降低。

In Devices and Consumer Other, we expect revenue to be about $2 billion, reflecting continued progress in key areas, like Office 365 Home and Personal, Xbox Live, and search.

在設備和其他消費者方面，我們預計收入約為 20 億美元，這反映了 Office 365 家庭和個人版、Xbox Live 和搜索等關鍵領域的持續進步。

In our commercial business, we expect our significant momentum in annuity and commercial cloud services to continue.

在我們的商業業務中，我們預計我們在年金和商業雲服務方面的顯著勢頭將繼續下去。

Within our commercial licensing segment, we expect revenue to be $9.7 billion to $9.9 billion.

在我們的商業許可部門，我們預計收入將在 97 億美元至 99 億美元之間。

In addition to the factors I discussed, which impact our year-over-year comparability, we anticipate a four-point drag from FX.

除了我討論的影響我們同比可比性的因素外，我們預計外匯會拖累四點。

In Commercial Other, we expect revenue to be $2.6 billion to $2.7 billion dollars.

在商業其他方面，我們預計收入為 26 億至 27 億美元。

Even after considering the impact of FX, growth will remain robust, with expected momentum across our commercial cloud portfolio: Office 365, Azure, and CRM Online.

即使考慮到 FX 的影響，增長仍將保持強勁，我們的商業雲產品組合（Office 365、Azure 和 CRM Online）具有預期的增長勢頭。

And, in corporate, we don't expect any revenue impact.

而且，在企業方面，我們預計不會對收入產生任何影響。

As we continue to work towards the launch of Windows 10, we will share additional detailed information regarding any accounting impacts from the Windows 10 free upgrade offer, and Windows as a service.

隨著我們繼續努力推出 Windows 10，我們將分享有關 Windows 10 免費升級優惠和 Windows 即服務的任何會計影響的更多詳細信息。

I would like to reiterate that our OEM royalty model, which is paid up front, will remain in place.

我想重申，我們預先支付的 OEM 特許權使用費模式將保持不變。

We expect COGS to be $7.1 billion to $7.4 billion, with variability driven by both hardware segments.

我們預計 COGS 將在 71 億美元至 74 億美元之間，這兩個硬件部分都會驅動可變性。

We expect third-quarter operating expense to be $8.2 billion to $8.4 billion.

我們預計第三季度的運營費用為 82 億至 84 億美元。

We are lowering our full-year guidance to $33.2 billion to $33.6 billion dollars, which reduces full-year growth, including NDS, to 4% to 5%.

我們將全年指導下調至 332 億至 336 億美元，這將包括 NDS 在內的全年增長率降至 4% 至 5%。

Our Q3 plans include investments in advertising and customer-facing roles to continue to accelerate our momentum, with commercial products such as SQL and the cloud.

我們的第三季度計劃包括投資廣告和麵向客戶的角色，以繼續加速我們的發展勢頭，包括 SQL 和雲等商業產品。

These investments are a direct result of re-prioritization decisions made during H1.

這些投資是上半年做出的重新優先級決定的直接結果。

Over the remainder of the fiscal year, we expect to incur an additional $200 million of restructuring expense.

在本財年的剩餘時間裡，我們預計將額外產生 2 億美元的重組費用。

This results in total charges of roughly $1.4 billion, which is lower than our previous guidance.

這導致總費用約為 14 億美元，低於我們之前的指導。

Separately, we still expect integration expense of $100 million per quarter for the remainder of the fiscal year.

另外，我們仍預計本財年剩餘時間每季度的整合費用為 1 億美元。

As a reminder, other income and expense includes dividend and interest income, offset by interest expense, and the net cost of hedging.

提醒一下，其他收入和支出包括股息和利息收入，被利息支出和對沖的淨成本抵消。

Given the current FX environment, we expect other income and expense to be negative $100 million in Q3.

鑑於當前的外匯環境，我們預計第三季度其他收入和支出為負 1 億美元。

We now expect our full-year tax rate to be between 22% and 24%.

我們現在預計全年稅率將在 22% 至 24% 之間。

This includes the Q2 income tax charge for an IRS audit adjustment, as well as the changing geographic mix of our Business.

這包括 IRS 審計調整的第二季度所得稅費用，以及我們業務不斷變化的地域組合。

In Q3 we expect CapEx to sequentially increase in support of our growing cloud business.

在第三季度，我們預計資本支出將連續增加，以支持我們不斷增長的雲業務。

Unearned revenue will continue to benefit from customers moving to our subscription services and high contract renewal rates.

未賺取的收入將繼續受益於客戶轉向我們的訂閱服務和高合同續訂率。

We expect to see low-single-digit sequential decline in our unearned for Q3, which includes one point drag from FX, as new billings will reflect the impact of the strengthening US dollar.

我們預計第三季度我們的未實現收入將出現低個位數的連續下降，其中包括來自外彙的一點拖累，因為新的賬單將反映美元走強的影響。

Our commercial unearned balance will follow recent historical seasonality when adjusted for FX.

經外匯調整後，我們的商業未實現餘額將遵循最近的歷史季節性。

In closing, this quarter was another example of the progress that we are making across this Company.

最後，本季度是我們在整個公司取得進展的另一個例子。

Our execution continues to improve, and we are making data-driven decisions to inform more investments, both shorter-term as you have seen in our marketing and sales adjustments, as well as for the longer-term as we adjust our product portfolio.

我們的執行力不斷提高，我們正在做出以數據為依據的決策，為更多投資提供信息，無論是您在我們的營銷和銷售調整中看到的短期投資，還是在我們調整產品組合時的長期投資。

There are certainly short-term comparability challenges as we anniversary last year's XP refresh cycle and see the impact of the strengthening US dollar.

當我們紀念去年的 XP 更新周期並看到美元走強的影響時，肯定存在短期的可比性挑戰。

But we are confident in the underlying health of our Business, proud of the significant innovation we are funding within our prioritized operating budget, and excited to continue gaining share in key strategic markets.

但我們對我們業務的基本健康充滿信心，為我們在優先運營預算內資助的重大創新感到自豪，並為繼續在關鍵戰略市場獲得份額感到興奮。

Before I hand it back over to Chris, I would like to announce that we will be webcasting a briefing for the investor community on April 29 in conjunction with our Build Developer Conference in San Francisco.

在我把它交還給 Chris 之前，我想宣布，我們將在 4 月 29 日與我們在舊金山舉行的 Build Developer Conference 一起為投資者社區進行網絡直播。

We'll share more details as we get closer to the date.

隨著日期的臨近，我們將分享更多細節。

With that, I will 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。

Things, Amy.

事情，艾米。

With that, we will now move to Q&A.

有了這個，我們現在將進入問答環節。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

(Operator Instructions)

（操作員說明）

Mark Moerdler, Bernstein.

馬克·莫德勒，伯恩斯坦。

Amy, can you give us a bit more details on what's driving the increase in cloud margins within the Commercial Other segment, as well as any sense for how accretive the cloud is becoming?

Amy，您能否詳細說明是什麼推動了商業其他領域雲利潤的增長，以及雲的增長速度如何？

Then I have a follow-up question.

然後我有一個後續問題。

Sure.

當然。

Why don't I talk a little bit about that from a math perspective, and I will let Satya add from some of our engineering improvements, which I think are important.

為什麼我不從數學的角度談談這個問題，我會讓 Satya 從我們的一些工程改進中添加，我認為這些改進很重要。

Mark, as I talked a bit about, we've seen a mix shift as we have moved Office 365 and Azure to our premium service, and to premium SKUs within our cloud environment.

馬克，正如我所談到的，我們已經看到了混合轉變，因為我們將 Office 365 和 Azure 轉移到了我們的高級服務，以及我們雲環境中的高級 SKU。

That is one of the drivers that helps improve margin growth.

這是有助於提高利潤率增長的驅動因素之一。

In addition, we've done a lot of hard engineering work, I believe, over the past six quarters to be able to take advantage of more utilization and capacity over time.

此外，我相信，在過去的六個季度中，我們做了很多艱苦的工程工作，以便能夠隨著時間的推移利用更多的利用率和容量。

I will let Satya maybe add a little bit technically.

我會讓 Satya 可能會在技術上添加一些內容。

Overall, the shift to the higher-layer services is the real driver here, which is obviously Office 365 and its various levels is one factor.

總體而言，向更高層服務的轉變是真正的驅動力，這顯然是 Office 365 及其各個級別是一個因素。

The other one is what I talked about in the Enterprise Mobility Suite.

另一個是我在企業移動套件中談到的。

That's really got fantastic momentum in the market place, because the solution has really come together and is fairly unique, as well as Dynamics CRM.

這在市場上確實獲得了驚人的勢頭，因為該解決方案與 Dynamics CRM 真正結合在一起並且相當獨特。

These have all got a different profile in terms of margin, and they are all now pretty high-growth businesses for us.

這些在利潤率方面都有不同的表現，它們現在對我們來說都是相當高增長的業務。

When you think about our cloud, you've got to think about the low-level infrastructure.

當您考慮我們的雲時，您必須考慮低級基礎架構。

Even there we now have premium offerings, and then we have higher-level services.

即使在那裡，我們現在也有高級產品，然後我們有更高級別的服務。

That aggregate portfolio is what helps us move up the margin curve.

總投資組合幫助我們向上移動保證金曲線。

Excellent.

出色的。

One quick follow-up.

快速跟進。

How should we think about monetization, Satya, for the Windows devices sub-nine-inch?

Satya，對於 9 英寸以下的 Windows 設備，我們應該如何看待貨幣化？

One of the comments I had made in my remarks was some momentum we are seeing in our consumer cloud services.

我在講話中發表的評論之一是我們在消費者云服務中看到的一些勢頭。

For example, the store monetization, Bing monetization, Xbox Live monetization as Xbox Live now in fact is going to span devices, are all things that drive monetization for below nine inches.

例如，商店貨幣化、必應貨幣化、Xbox Live 貨幣化，因為 Xbox Live 現在實際上將跨越設備，所有這些都推動了 9 英寸以下的貨幣化。

I think our device growth margin in some cases, because we are building devices like the phones, as well as this post-sale monetization using our consumer cloud services, as the two additional levers that we have in order to be able to monetize Windows devices.

我認為在某些情況下我們的設備增長幅度，因為我們正在構建像手機這樣的設備，以及使用我們的消費者云服務的這種售後貨幣化，作為我們能夠通過 Windows 設備貨幣化的兩個額外槓桿.

Excellent.

出色的。

Thank you, I appreciate it.

謝謝你，我很感激。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Amy, just on the XP tail-off, are there other commercial products that you are seeing being impacted?

Amy，就在 XP 的尾聲中，您是否看到其他商業產品受到影響？

I just wanted to be clear, there were a lot of questions that is there some type of halo impact from XP taking growth down on the other solutions?

我只是想澄清一下，有很多問題是 XP 是否存在某種類型的光環影響，從而降低了其他解決方案的增長？

Sure Brent, thanks for the question.

當然布倫特，謝謝你的問題。

I think it's the exact product portfolio that we talked about last year when the impact was happening, so let me take this opportunity to walk you through those components again.

我認為這是我們去年在影響發生時談到的確切產品組合，所以讓我藉此機會再次帶您了解這些組件。

Obviously there's the very direct impact, which we've talked the most about in terms of Windows Pro, and its mix would attach to business PCs.

顯然，這是非常直接的影響，我們在 Windows Pro 方面討論得最多，它的組合將附加到商用 PC。

The other important component of that was when people bought a PC, as we talked through the year, they often took the chance -- whether generally in the business segment, which impacts in our world commercial licensing as a reporting unit -- to buy Office, and generally on a non-annuity basis.

另一個重要的組成部分是當人們購買 PC 時，正如我們全年討論的那樣，他們經常抓住機會——無論是一般在商業領域，這會影響我們作為報告單位的世界商業許可——購買 Office ，並且通常在非年金的基礎上。

If you think about that being the next major transactional-type purchase that was driven a year ago as the first externality.

如果您認為這是一年前作為第一個外部性推動的下一個主要交易型購買。

The second was in Windows BL.

第二個是在 Windows BL 中。

We also saw non-annuity purchases in Windows BL, which again is in our commercial licensing segment.

我們還在 Windows BL 中看到了非年金購買，這又是我們的商業許可部分。

If you think about it from a product portfolio, it really is Windows and Office.

如果您從產品組合中考慮，它確實是 Windows 和 Office。

If you think about it from our reporting segments, it's the DNC licensing segment, as well as our commercial licensing segment, and specifically our transactional revenue growth year-over-year.

如果您從我們的報告部門考慮，它是 DNC 許可部門，以及我們的商業許可部門，特別是我們的交易收入同比增長。

Okay.

好的。

A quick follow-up, just on the reduction in operating expenses for the full year.

快速跟進，僅針對全年運營費用的減少。

Is this across the board, Amy, or is there a particular area that you are fighting more opportunity to cut?

艾米，這是全面的，還是您正在爭取更多機會削減的特定領域？

Brent, thanks again.

布倫特，再次感謝。

I actually think of it as a general concept.

我實際上認為它是一個普遍的概念。

I think we are trying to invest behind opportunities where we see them.

我認為我們正在努力投資我們看到的機會。

Some of those are more public as we talk about in terms of our sales and marketing adjustments, or add campaigns that we run like the commercial cloud.

當我們談論我們的銷售和營銷調整或添加我們像商業雲一樣運行的活動時，其中一些更為公開。

Others I think you don't have the opportunity to see until we launch products like we did last week, where we were able to re-assort our product portfolio.

其他我認為在我們像上週那樣推出產品之前你沒有機會看到，在那裡我們能夠重新組合我們的產品組合。

And really move our talent to invest in -- I guess mind-blowing is the word Satya used -- in terms of product portfolio in that way.

並且真正讓我們的人才投資於——我猜 Satya 使用了令人興奮的詞——以這種方式在產品組合方面進行投資。

I'm not sure that all of it, Brent, I would say is across a line in that way.

我不確定這一切，布倫特，我會說是否以這種方式跨越了一條線。

They're short-term optimization and longer-term portfolio optimization.

它們是短期優化和長期投資組合優化。

I think we've talked about this before.

我想我們之前已經討論過這個問題了。

I think the entire senior leadership team views it as an opportunity to think about where we can best innovate, and drive the highest value of every dollar that we invest.

我認為整個高級領導團隊都將其視為一個機會，可以思考我們可以在哪些方面進行最佳創新，並推動我們投資的每一美元的最高價值。

I think we've made great progress as a team.

我認為我們作為一個團隊已經取得了很大的進步。

I think you're seeing that both in the long-term guidance and in frankly our day-to-day execution through the quarter.

我認為您在長期指導和坦率地說我們整個季度的日常執行中都看到了這一點。

I will add that we are also making pretty significant changes in just the very work flow of our engineering teams, and that also leads to us getting more out of our current investments.

我還要補充一點，我們也在工程團隊的工作流程中做出了相當大的改變，這也讓我們從當前的投資中獲得了更多收益。

There is significant, I would say, combination of culture change, as well as how we work change, that drives more innovation for the same dollar.

我想說的是，文化變革以及我們工作方式的變革相結合，可以以同樣的美元推動更多的創新。

Thank you.

謝謝你。

We'll move to the next question, please.

請移步下一個問題。

Walter Pritchard, Citigroup.

花旗集團的沃爾特·普里查德。

Hi, thanks.

你好謝謝。

Two questions, one on execution.

兩個問題，一個關於執行的問題。

It sounds like you highlighted some issues in Japan, and we've heard about VAT from other companies.

聽起來您強調了日本的一些問題，我們從其他公司聽說過增值稅。

Can you talk about what you're doing to address some of those issues, and is there any concern that that might spread beyond what you've seen in Japan and China?

你能談談你正在做些什麼來解決其中一些問題嗎？有沒有任何擔憂可能會超出你在日本和中國看到的情況？

Thanks, Walter.

謝謝，沃爾特。

Is that both your questions, I want to make sure I get them?

這兩個都是你的問題嗎，我想確保我得到它們？

No, I'm trying to understand generally that issue.

不，我試圖從總體上理解這個問題。

I had one other if there's time.

如果有時間，我還有一個。

I will start by talking about China.

我將首先談談中國。

We have in China currently a set of geopolitical issues that we are working through.

我們目前在中國有一系列地緣政治問題正在解決。

We are very committed to China as a market.

我們非常致力於中國這個市場。

We have in fact pockets of good growth in China, with our Cloud doing fairly well.

事實上，我們在中國擁有良好的增長空間，我們的雲表現相當不錯。

But at the same time, we are grounded in the fact that we need more work to do, and we are working through them.

但與此同時，我們的基礎是我們需要做更多的工作，而且我們正在努力解決這些問題。

As and when they will work out we will let you know.

當他們解決問題時，我們會通知您。

I will talk a little bit about Japan.

我會稍微談談日本。

Walter, to answer your question, I don't have any concerns that that expands, especially in this unique issue beyond Japan.

沃爾特，回答你的問題，我不擔心這種情況會擴大，尤其是在日本以外的這個獨特問題上。

With the Windows end-of-XP plus the VAT increase, I do think, as well of some of the macroeconomic environment, it tightened far faster than we had anticipated.

隨著 Windows XP 的結束加上增值稅的增加，我確實認為，以及一些宏觀經濟環境，它的收緊速度比我們預期的要快得多。

Japan in particular, because of its model for us, it is a non-annuity geography for us.

特別是日本，因為它對我們來說是一個模型，所以它對我們來說是一個非年金地理。

Impacts in Japan more directly come to the P&L, as opposed to on our unearned or CNB balances.

日本的影響更直接地來自損益表，而不是我們的未賺取或 CNB 餘額。

That's why this quarter you saw some weakness in commercial licensing.

這就是為什麼本季度您看到商業許可方面存在一些弱點。

But when adjusted for FX, our unearned balance and bookings actually felt quite good from a commercial perspective.

但在針對外匯進行調整後，從商業角度來看，我們的未賺餘額和預訂實際上感覺相當不錯。

One question on Office 365 commercial.

關於 Office 365 商業的一個問題。

Can you talk about deployment rates there?

你能談談那裡的部署率嗎？

I know you've done a good job of getting those into contracts.

我知道你在將這些內容納入合同方面做得很好。

How many customers are actually running it -- running their e-mail and SharePoint and other products in the cloud, versus just having the rights to it?

有多少客戶在實際運行它——在雲中運行他們的電子郵件、SharePoint 和其他產品，而不是僅僅擁有它的權利？

Thanks, Walter.

謝謝，沃爾特。

I think with all products I think about the complete sales cycle.

我認為對於所有產品，我都會考慮完整的銷售週期。

I'm really encouraged by the fact that we are doing a good job of moving from the initial sales through deployment, through adding on services and back to renewals.

我們在從最初的銷售到部署、通過添加服務再到續訂方面做得很好，這讓我感到非常鼓舞。

I think the importance of that customer life cycle is really how we think about our work loads and our work load health in the cloud.

我認為客戶生命週期的重要性實際上是我們如何看待我們的工作負載和我們在雲中的工作負載健康狀況。

The work load that we're furthest along on is obviously Exchange.

我們走得最遠的工作負載顯然是 Exchange。

It happens to also come with directory implementation.

它碰巧也帶有目錄實現。

We generally think of a fast deployment schedule, and then adding on workflows and premium work flow cycles.

我們通常會考慮快速部署計劃，然後添加工作流程和高級工作流程週期。

Then, as you might imagine, that provides an interesting environment for us to add on some of the products actually that Satya mentioned very directly in his comments, such as EMS, our Enterprise Mobility Suite.

然後，正如您可能想像的那樣，這為我們提供了一個有趣的環境，可以添加 Satya 在他的評論中直接提到的一些產品，例如 EMS，我們的企業移動套件。

While I think there's always a lag, the actual goal of the commitment that the customers show to the movement to the cloud, and then moving them quickly as we can, but also at their own pace, through deployment.

雖然我認為始終存在滯後，但客戶對遷移到雲的承諾的實際目標是，然後儘可能快速地移動它們，但也按照他們自己的節奏，通過部署。

Great, thank you.

太好了謝謝。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

I just wanted to dig into Windows OEM ASPs a little bit, and just try to better understand the dynamics between what we see in the market place when we look at industry analysts that we're looking at, basically flat to slightly down unit grown -- and the down 13% OEM revenue growth that you guys are seeing on some of this mix and some of this ASP.

我只是想稍微深入研究一下 Windows OEM ASP，並嘗試更好地了解當我們查看我們正在研究的行業分析師時我們在市場上看到的動態之間的動態，基本上是持平到略微下降的單位增長 - - 以及你們看到的一些這種組合和一些這種 ASP 的 OEM 收入增長下降了 13%。

I was wondering if you can help us with a little bit more color in terms of exactly what that ASP dynamic is going on in terms of these lower entry-level additions?

我想知道您是否可以幫助我們在這些較低的入門級添加方面準確地了解 ASP 動態正在發生的事情？

What's that doing to the overall ASP of what you're able to extract from the market?

這對您能夠從市場中提取的整體 ASP 有何影響？

Thanks, Keith.

謝謝，基思。

I will take the opportunity, actually, to do it for both Pro as well as non-Pro, because I wasn't sure which category you were talking about.

實際上，我會藉此機會為 Pro 和非 Pro 都這樣做，因為我不確定您在談論哪個類別。

Let me start at the highest level, which is if I look at industry analysts as well as many of our peers in the ecosystem, I actually think we agree with most of the benchmarks in terms of PC unit health across business, which has been stable since FY13, and across consumer, where we've seen meaningful progress made in unit growth, both last quarter and especially this one.

讓我從最高級別開始，如果我看看行業分析師以及生態系統中的許多同行，我實際上認為我們同意大多數關於整個業務的 PC 單元健康狀況的基準，這些基準一直很穩定自 2013 財年以來，在整個消費者領域，我們看到單位增長取得了有意義的進展，上一季度，尤其是本季度。

Then I will take a second and talk about the distinction between the revenue growth versus the unit growth.

然後我會花點時間談談收入增長與單位增長之間的區別。

Let me start first in Pro.

讓我先從 Pro 開始。

There, there are really two key dynamics.

在那裡，確實有兩個關鍵的動力。

The first is the return to the XP levels that we saw prior to the XP refresh.

首先是恢復到我們在 XP 刷新之前看到的 XP 等級。

They're consistent.

他們是一致的。

The dynamic mix in terms of emerging markets and developed, as well as enterprise sizing is not an ASP problem in Pro.

新興市場和發達市場以及企業規模的動態組合不是 Pro 中的 ASP 問題。

It is a return to the attach level we saw before.

這是回到我們之前看到的附加級別。

The component that actually is -- the second component in Pro that is a quote-unquote ASP/mix comment, is the academic licenses I referred to earlier, where we did lower the price, and saw an increased unit number.

實際上是的組件——Pro 中的第二個組件是引用-取消引用 ASP/混合評論，是我之前提到的學術許可證，我們確實降低了價格，並且看到了增加的單位數量。

That was a second component of the revenue piece.

這是收入的第二個組成部分。

But the larger component was the XP reversion, again, that's not an ASP comment.

但更大的組件是 XP 恢復，這不是 ASP 註釋。

When you come to non-Pro, I think this really refers back to Satya's comments, which is we saw device growth in the low-price devices' opening price points.

當你談到非 Pro 時，我認為這真的是回溯到 Satya 的評論，即我們在低價設備的開盤價點上看到了設備增長。

We actually made I believe a strategic decision to increase our ability to put devices on the shelf, especially at retail, at prices under $200 to $249, is how to think about the price points that were the most impacted.

實際上，我們做出了一項戰略決策，以提高我們將設備上架的能力，尤其是在零售價低於 200 美元到 249 美元之間，是如何考慮受影響最大的價格點。

We do have the Windows with Bing SKU there.

我們那裡確實有帶有 Bing SKU 的 Windows。

It is a lower RPL than our traditional non-Pro OEM license.

它的 RPL 低於我們傳統的非 Pro OEM 許可證。

But I do believe it drove meaningful ecosystem health, and as well drove good competitive dynamics in the channel.

但我確實相信它推動了有意義的生態系統健康，並在渠道中推動了良好的競爭動態。

Overall, while it did have an RPL impact which does explain along with mix shift the minus 13% in non-pro OEM versus the PC license growth that we saw, I think really Satya covered the actual logic to that in terms of overall ecosystem health, which we feel quite good about.

總體而言，雖然它確實產生了 RPL 影響，這確實解釋了非專業 OEM 與我們看到的 PC 許可證增長的負 13% 的混合變化，但我認為 Satya 確實涵蓋了整體生態系統健康方面的實際邏輯，我們對此感覺很好。

If I could squeeze in one follow-up.

如果我能擠出一個後續。

Have you guys done any assessment in terms of the success you're seeing in Surface Pro 3 definitely is a real productivity device.

你們有沒有對你在 Surface Pro 3 中看到的成功進行任何評估，這絕對是一款真正的生產力設備。

To what extent is that cannibalistic from what would have been Windows PC sales, and to what extent do you think you are expanding the market opportunity with that device?

與 Windows PC 銷售相比，這種自相殘殺的程度有多大，您認為您在多大程度上利用該設備擴大了市場機會？

I think it's definitely expanding the market opportunity.

我認為這肯定會擴大市場機會。

One of the things that I feel very good about is the risk we took to introduce the two-in-one category.

我感覺很好的一件事是我們冒著風險引入二合一類別。

I feel now that we see that in fact inspire even a lot of activity in our own OEM ecosystem.

我現在覺得我們看到這實際上激發了我們自己的 OEM 生態系統中的很多活動。

We see many good designs coming, because it is viewed as a category that drives growth.

我們看到許多優秀的設計即將出現，因為它被視為推動增長的一個類別。

From that perspective, I feel good about leading, because that's one of our strategic goals, which is we want to create new categories, foster more demand for the entire ecosystem.

從這個角度來看，我對領導感覺很好，因為這是我們的戰略目標之一，我們想要創造新的品類，促進對整個生態系統的更多需求。

Excellent.

出色的。

Thank you very much, guys.

非常感謝你們。

Rick Sherlund, Nomura.

Rick Sherlund，野村。

Thanks.

謝謝。

For Satya, could you talk about the implications of Windows 10 for a moment?

對於 Satya，您能談談 Windows 10 的影響嗎？

I'm thinking in terms of a new platform for innovation, and maybe you could talk about post-sale monetization.

我正在考慮一個新的創新平台，也許你可以談談售後貨幣化。

What do you think the impact is on demand in the industry and the opportunities for Microsoft around the new platform?

您認為對行業需求的影響以及微軟圍繞新平台的機會是什麼？

Thanks, Rick, for the question.

謝謝，里克，這個問題。

As I said in my remarks, I'm very optimistic about what Windows 10 means for our customers, partners, and Microsoft.

正如我在講話中所說，我非常看好 Windows 10 對我們的客戶、合作夥伴和微軟的意義。

The core idea of Windows 10 is to build a device operating system that spans the gamut from no-screens to small screens to PCs, and even large screens.

Windows 10 的核心理念是打造一個涵蓋從無屏到小屏到PC，甚至大屏的設備操作系統。

In fact, if you look at our innovation, we are perhaps unique in the large-screen innovation that we are doing with Surface Hub, HoloLens, as well as some of the two-in-one form factors.

事實上，如果你看看我們的創新，我們可能在大屏幕創新方面是獨一無二的，我們使用 Surface Hub、HoloLens 以及一些二合一外形尺寸進行。

Overall, I think the most strategic objective for us is to get developer momentum with Windows 10.

總的來說，我認為對我們來說最具戰略意義的目標是通過 Windows 10 獲得開發者動力。

That's where we're focusing on with a lot of different actions.

這就是我們專注於採取許多不同行動的地方。

One is the one unified developer platform, which I think of as perhaps the most strategic piece of Windows 10, along with the unified store.

一個是統一的開發者平台，我認為它可能是 Windows 10 中最具戰略意義的部分，還有統一的商店。

Now couple that with the call we made to provide an upgrade offer, we are creating the great opportunity for every developer to write these universal Windows applications that will run on the desktop, as well as on our phone and tablets, as well as on Surface Hub.

現在再加上我們提供升級優惠的電話，我們正在為每個開發人員創造絕佳的機會來編寫這些通用的 Windows 應用程序，這些應用程序將在桌面、手機和平板電腦以及 Surface 上運行中心。

In fact, HoloLens runs universal applications.

事實上，HoloLens 運行通用應用程序。

No one else provides that kind of unified market place for developers.

沒有其他人為開發人員提供這種統一的市場。

Especially the changes we have made to the desktop user interface means these universal applications are in fact very naturally discoverable right where we have high usage, which is the desktop.

特別是我們對桌面用戶界面所做的更改意味著這些通用應用程序實際上很自然地可以在我們使用率高的地方，即桌面上被發現。

That's the combination of things that we think are going to play out effectively.

這是我們認為將有效發揮作用的事物的組合。

Of course we are in beta right now or previews right now, and getting daily feedback across the length and breadth of Windows 10.

當然，我們現在處於測試階段或預覽階段，並且每天都會收到有關 Windows 10 長度和廣度的反饋。

But overall, I'm very optimistic of what it means both as a platform, as well as a set of end-user features.

但總的來說，我對它作為一個平台以及一組最終用戶功能的意義非常樂觀。

Thanks, Rick.

謝謝，瑞克。

Operator, we'll take the next question, please.

接線員，請我們回答下一個問題。

Philip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

Thanks, guys.

多謝你們。

I've got a question on the Commercial Other line.

我有一個關於商業其他線路的問題。

Obviously that continues to show strong growth.

顯然，這繼續顯示出強勁的增長。

You've been calling out the cloud business, whether it be Azure or Office 365.

您一直在呼喚雲業務，無論是 Azure 還是 Office 365。

I wanted to double-click on the Azure side.

我想雙擊 Azure 端。

Wondering if you can help us parse through the infrastructure as a service and the platform as a service side, and the trends there, and any sort of joint benefit, I guess, that you're seeing in being able to offer both those two?

想知道您是否可以幫助我們解析基礎架構即服務和平台即服務方，以及那裡的趨勢，以及任何類型的聯合利益，我猜，您看到能夠同時提供這兩者？

Also Satya, as this business does scale -- and then Amy I'd love you to chime in here, too -- how do you think about the gross margin and operating margin characteristics, once again, as the revenue continues to grow here?

還有薩蒂亞，隨著這項業務的規模擴大——然後艾米，我也希望你在這裡加入——你如何看待毛利率和營業利潤率特徵，再次，隨著這裡的收入繼續增長？

Thanks, Phil.

謝謝，菲爾。

Let me start.

讓我開始吧。

Overall, what we are seeing is clearly there's increased usage of infrastructure as a service, because a lot of people will move an existing workload into the cloud.

總體而言，我們所看到的顯然是基礎設施即服務的使用增加了，因為很多人會將現有的工作負載轉移到雲中。

But the interesting thing that happens once you move your initial workload is you build around it.

但是，一旦您移動了初始工作負載，就會發生有趣的事情，那就是您圍繞它進行構建。

Especially, for example, if you move a VM with some data into the cloud, you may want to use the same data to build a mobile front end.

特別是，例如，如果您將帶有一些數據的 VM 移動到雲中，您可能希望使用相同的數據來構建移動前端。

That's when you're starting to use some of our platform as a service components, like our Azure mobile services, Azure media services.

那時您開始使用我們的一些平台即服務組件，例如我們的 Azure 移動服務、Azure 媒體服務。

We see the combination.

我們看到了這種組合。

They're not all happening coincident, but there is time lag in it.

它們並非都發生巧合，但其中存在時間滯後。

Therefore that's one of the reasons why we want to be very aggressive in getting the workloads on to Azure, both storage and compute.

因此，這就是我們希望非常積極地將工作負載（包括存儲和計算）轉移到 Azure 的原因之一。

Even in the storage and compute, we now have premium offerings for higher SLA, for higher performance, higher VM sizes.

即使在存儲和計算方面，我們現在也為更高的 SLA、更高的性能、更大的 VM 大小提供優質產品。

On top of that we have these managed services, which have a different margin profile -- so media services, mobile services, Web, which is another place where we action we have a lot of traction.

最重要的是，我們擁有這些託管服務，它們具有不同的利潤概況——媒體服務、移動服務、網絡，這是我們採取行動的另一個地方，我們有很大的吸引力。

Then that's all just on Azure.

那麼這一切都只是在 Azure 上。

Once you get beyond Azure, you have things like CRM Online, you have Enterprise Mobility Suite, and of course the Office 365 lineup.

一旦超越 Azure，您就會擁有 CRM Online、Enterprise Mobility Suite，當然還有 Office 365 陣容。

When we think about our capital, and in fact the core infrastructure, we don't have different infrastructure for these different services.

當我們考慮我們的資本，實際上是核心基礎設施時，我們沒有針對這些不同服務的不同基礎設施。

It's one common infrastructure, and one common data center footprint between O365, Azure, CRM, Xbox Live, everything.

它是一種通用基礎架構，也是 O365、Azure、CRM、Xbox Live 等所有設備之間的一種通用數據中心佔用空間。

That's why utilization of that entire infrastructure is how we think about even total return on invested capital for our cloud business.

這就是為什麼利用整個基礎設施是我們考慮雲業務投資資本總回報的方式。

Great.

偉大的。

Thanks, Phil.

謝謝，菲爾。

We'll move to the next question, please.

請移步下一個問題。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

I just wanted to follow up, Amy.

我只是想跟進，艾米。

Your Commercial Other business continues to have fantastic growth.

您的商業其他業務繼續有驚人的增長。

I'm wondering when you juxtapose that with the growth in the commercial licensing business -- I heard you in terms of the headwinds that you face -- but when we think about it more than one quarter out, we think about the revenue transition as you guys continue to build market share in the cloud, how do we think about the trend in the commercial licensing business in the next year or so?

我想知道您何時將其與商業許可業務的增長並列 - 我聽到了你所面臨的逆風 - 但當我們考慮超過四分之一時，我們認為收入轉變為你們繼續在雲中建立市場份額，我們如何看待未來一年左右商業許可業務的趨勢？

Let me -- I think in general, let me start by saying all up, right?

讓我 - 我想總的來說，讓我先說全部，對吧？

In our commercial business, I think we've done a very good job of continuing to out-pace IT spend on an overall basis, and continuing to push customers to our annuity business, whether they're on premise or the cloud.

在我們的商業業務中，我認為我們在繼續總體上超過 IT 支出方面做得非常好，並繼續將客戶推向我們的年金業務，無論他們是在本地還是在雲端。

That is our strategic goal, as well as impacts in both segments.

這是我們的戰略目標，也是對這兩個領域的影響。

Now let me talk about uniquely commercial licensing and how to think about it.

現在讓我談談獨特的商業許可以及如何思考它。

While I won't give specific guidance, I will talk about how to think about the impact, in particular from XP.

雖然我不會給出具體的指導，但我會談談如何考慮影響，尤其是來自 XP 的影響。

Our transactional revenue will have a headwind from XP.

我們的交易收入將受到 XP 的不利影響。

That doesn't and shouldn't be interpreted as customers not continuing to be committed, or not committing to move to annuity over the longer term, which is exactly I think the question that you are asking.

這不會也不應該被解釋為客戶不繼續承諾，或者不承諾長期轉向年金，這正是我認為你要問的問題。

While we have a comparability issue that will show itself most directly as weakness in commercial licensing, and most specifically as weakness in Office transactional licensing, which will be a headwind, the overall goal of continuing to have more customers every quarter move to the cloud -- or whether or not they move, adding cloud services, even if they have on-prem, because they believe in a hybrid model -- is actually the structural guidepost we have on a multi-year journey.

雖然我們有一個可比性問題，最直接地表現為商業許可方面的弱點，尤其是 Office 交易許可方面的弱點，這將是一個不利因素，但每個季度繼續讓更多客戶遷移到雲的總體目標 - - 或者他們是否移動，添加雲服務，即使他們有本地，因為他們相信混合模型 - 實際上是我們多年旅程的結構指南。

Thanks, Heather.

謝謝，希瑟。

Operator, we'll move to the next question, please.

接線員，請轉到下一個問題。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊銀行。

Two quick questions.

兩個快速的問題。

Satya, I wanted to follow up on Phil Winslow's question earlier on Azure and the use cases there.

Satya，我想跟進 Phil Winslow 早些時候關於 Azure 的問題以及那裡的用例。

In theory you have a huge opportunity, given your install base on the server side.

理論上，鑑於您在服務器端的安裝基礎，您有一個巨大的機會。

Can you talk a little bit about what you are seeing the SMB customer base doing there?

你能談談你看到的 SMB 客戶群在那裡做什麼嗎？

Are we in that people trying on bursting, or where is that huge customer base in terms of adoption on Azure?

我們是在那些嘗試爆發的人中，還是就 Azure 的採用而言，龐大的客戶群在哪裡？

On Azure itself, one of the other elements that I did not actually talk about in response to Phil's question is the hybrid offering.

在 Azure 本身上，我在回答 Phil 的問題時實際上沒有談到的其他元素之一是混合產品。

One of the products that's doing very well for us is the StorSimple product, which is essentially a storage product that cloud tiers virtualization storage from on-premise to the cloud.

對我們來說做得很好的產品之一是 StorSimple 產品，它本質上是一種存儲產品，可將虛擬化存儲從本地部署到雲端進行分層。

We also have built now into Windows server backup and disaster recovery, same thing with SQL Server.

我們現在還內置了 Windows 服務器備份和災難恢復，與 SQL Server 相同。

That's the first thing that we are seeing is increased usage of our servers with a cloud component.

這是我們看到的第一件事是增加了我們的服務器與雲組件的使用。

Bursting is something for sure a lot of people do, but that's more on the high end.

爆裂是很多人肯定會做的事情，但這更多的是高端。

Because in the SMB segment, the real movement there is more to Office 365.

因為在 SMB 領域，真正的動向更多的是 Office 365。

In fact, one of the things in Office 365 is we are getting people to effectively use servers, which just now happens to be in cloud, who never bought servers from us ever before, because they didn't have Exchange, they didn't have Link, they didn't have any of the core capabilities of Office 365.

事實上，Office 365 中的一件事是我們讓人們有效地使用服務器，而現在恰好在雲中，他們以前從未從我們這裡購買過服務器，因為他們沒有 Exchange，他們沒有有 Link，他們沒有 Office 365 的任何核心功能。

Those are the two trends we're seeing.

這是我們看到的兩個趨勢。

Perfect.

完美的。

A quick follow-up for Amy.

艾米的快速跟進。

If you look at the changes on the operating side that you talked about, it obviously seems there's a cultural shift.

如果你看看你談到的運營方面的變化，很明顯似乎存在文化轉變。

What's more, if you watch it, it's more dynamic budgeting and some very much a return-based culture you seem to be introducing here.

更重要的是，如果您觀看它，您會發現它更具動態預算，並且您似乎在這裡介紹了一些非常基於回報的文化。

But it's something that needs to feed through the organization, and it's more a cultural change.

但這是需要貫穿整個組織的東西，它更像是一種文化變革。

Where are you in terms of having it fully through the organization?

就完全通過組織而言，你在哪裡？

Thanks for that question.

謝謝你的問題。

I think we talked about this in prior quarters.

我想我們在前幾個季度討論過這個問題。

While I think many people want to see it as a finance concept, it's not.

雖然我認為很多人希望將其視為一個金融概念，但事實並非如此。

It's a senior leadership team concept, and a leadership environment, that I think we are making collective decisions faster.

這是一個高級領導團隊的概念和領導環境，我認為我們正在更快地做出集體決策。

I think we are playing our resources to opportunities when we see them.

我認為當我們看到機會時，我們正在利用我們的資源。

I think we have a freedom to make those choices quickly.

我認為我們有快速做出這些選擇的自由。

I feel very good, both about the decisiveness that comes with it, but also the empowerment that we give people within our organizations to make those calls to increase our performance without waiting to an annual budget process.

我感覺非常好，無論是隨之而來的果斷性，還是我們賦予組織內部人員的權力，讓他們無需等待年度預算流程就可以提高我們的績效。

I think some people call it dynamic budgeting.

我認為有些人稱之為動態預算。

I think for us, I think it's more about thinking about opportunities we have, and stack-ranking those every day to improve both our execution and our returns.

我認為對我們來說，我認為更多的是考慮我們擁有的機會，並每天對這些機會進行排名，以提高我們的執行力和回報率。

Thanks.

謝謝。

We'll move to the next question, please.

請移步下一個問題。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest 證券。

Amy, when we first started talking about Office 365, I think at that time you were suggesting that the move from an Office cal to an Office 365 license would increase gross profit by about 50%.

艾米，當我們第一次開始談論 Office 365 時，我認為您當時建議從 Office cal 遷移到 Office 365 許可證將使毛利潤增加約 50%。

Now that you've had a couple quarters with Office 365, do you think those changes to the model still make sense?

現在您已經使用了幾個季度的 Office 365，您認為對模型的這些更改仍然有意義嗎？

More importantly, are there maybe other changes that you've seen that are more accurate?

更重要的是，您是否看到過其他更準確的變化？

Thanks for the question.

謝謝你的問題。

In general, I think we are still on the early ends of seeing the opportunity that we have in that segment.

總的來說，我認為我們仍然處於看到我們在該領域所擁有的機會的早期階段。

As you point out, there's a couple components that make gross profit dollars per seat, or the lifetime value of a customer, depending on the terms you want to use, improve and increase over the life cycle.

正如您所指出的，有幾個組件可以使每個座位的毛利潤或客戶的生命週期價值，這取決於您想要在生命週期中使用、改進和增加的條款。

The very first thing -- and I think Satya even mentioned it, and it's most direct in SMB -- is moving from buying a copy of Office, which was a very static concept, to the idea where you could buy Office and frankly get all the benefits that those who used to deploy servers used to get only with IT departments of their own.

第一件事——我認為 Satya 甚至提到了它，而且它在 SMB 中最直接——正在從購買 Office 的副本，這是一個非常靜態的概念，轉變為你可以購買 Office 並坦率地說得到所有的想法那些曾經部署服務器的人過去只能通過他們自己的 IT 部門獲得的好處。

As you move Office, it's simply the first step.

移動 Office 只是第一步。

Even though obviously it comes at a lower gross-margin percentage, our ability to add workloads, add premium services, and to increase our overall footprint inside a customer, is really where the lifetime value goes up.

儘管很明顯它的毛利率百分比較低，但我們增加工作負載、增加優質服務以及增加我們在客戶內部的整體足蹟的能力，確實是生命週期價值上升的地方。

Frankly, over time and watching, I think both the creativity and the pace of innovation we've seen coming out of our engineering teams, particularly in Azure and Office 365 and our CRM team online, I actually even have more confidence in our ability to attach and grow that gross profit over time.

坦率地說，隨著時間的推移和觀察，我認為我們的工程團隊，尤其是 Azure 和 Office 365 以及我們的在線 CRM 團隊所展現的創造力和創新步伐，實際上我什至對我們的能力更有信心隨著時間的推移，附加並增加毛利潤。

We mentioned simply one that didn't exist, I think Brendan, when we first started having this conversation, which was our EMS suite.

我們只是簡單地提到了一個不存在的，我想是 Brendan，當我們第一次開始這個對話時，它就是我們的 EMS 套件。

I look and say those opportunities, as well as the creativity of our people, I think gives me more confidence, not less, in the structural integrity of the lifetime value of a customer argument.

我看著並說那些機會，以及我們員工的創造力，我認為讓我對客戶的終身價值的結構完整性更有信心，而不是更少。

Great, thanks so much.

太好了，非常感謝。

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

接線員，我們將有時間回答最後一個問題。

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Yes, thank you.

是的，謝謝。

Over the last several quarters, particular Satya, you've opened up a number of the products to different platforms, Office and Android.

在過去的幾個季度中，尤其是 Satya，您已經向不同的平台、Office 和 Android 開放了許多產品。

With Minecraft and Skype, you've got a number of really multi-platform products and services.

使用 Minecraft 和 Skype，您可以獲得許多真正的多平台產品和服務。

Could you quantify so far to what extent you have seen benefit?

你能量化到目前為止你看到的好處有多大嗎？

As this plays into the free upgrade for Windows 10, at least for a limited period, how you expect this to play out benefiting the business case of your products across the portfolio?

由於這會影響 Windows 10 的免費升級，至少在有限的一段時間內，您希望這將如何發揮作用，使您的產品在整個產品組合中的業務案例受益？

Overall, at the highest levels our strategy here is to make sure that the Microsoft services -- i.e., cloud service, be it Azure, Office 365, CRM Online, or Enterprise Mobility Suite -- are covering all the devices out there in the market place, so that way we maximize the opportunity we have for each of these subscription and capacity-based services.

總體而言，在最高級別，我們的策略是確保 Microsoft 服務——即云服務，無論是 Azure、Office 365、CRM Online 還是企業移動套件——覆蓋市場上的所有設備地點，這樣我們就可以最大限度地利用這些訂閱和基於容量的服務的機會。

That's the core rationale for why we are doing cross-platform.

這就是我們為什麼要做跨平台的核心理由。

Now the next question is what's the uniqueness of Windows?

現在下一個問題是 Windows 的獨特性是什麼？

The uniqueness of Windows comes because we don't think of these services and their application end points as apps, but fundamentally core to the Windows experience.

Windows 的獨特之處在於我們不認為這些服務及其應用程序端點是應用程序，而是 Windows 體驗的根本核心。

So we are building them natively into Windows.

因此，我們將它們本地構建到 Windows 中。

For example, when you log into Windows you are logging in with Microsoft account or Azure ID.

例如，當您登錄 Windows 時，您使用的是 Microsoft 帳戶或 Azure ID。

When you have files, they're synching with one drive.

當您有文件時，它們會與一個驅動器同步。

Outlook is the e-mail client for Windows.

Outlook 是 Windows 的電子郵件客戶端。

That's how Windows will differentiate, not to mention our gaming and Xbox Live experiences.

這就是 Windows 將如何與眾不同，更不用說我們的遊戲和 Xbox Live 體驗了。

Overall, we will build a differentiated Windows, because our application experiences for our cloud end points will be native in Windows.

總體而言，我們將構建差異化的 Windows，因為我們的雲端點的應用程序體驗將在 Windows 中原生。

And at the same time we'll make sure that our services that are available on all end points driving more usage, more subscription growth.

同時，我們將確保我們的服務在所有端點上都可用，從而推動更多的使用、更多的訂閱增長。

The best way to measure our progress is Office 365 subscription growth, Azure growth, and EMS growth.

衡量我們進度的最佳方式是 Office 365 訂閱增長、Azure 增長和 EMS 增長。

Great, thank you.

太好了謝謝。

Great, thanks.

太謝謝了。

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

今天財報電話會議的問答部分到此結束。

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

我們期待在未來幾個月在各種投資者會議上見到你們中的許多人。

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

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

Please contact us if you need any additional details, and thank you for joining us today.

如果您需要任何其他詳細信息，請與我們聯繫，感謝您今天加入我們。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。