微軟 (MSFT) 2015 Q4 法說會逐字稿

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

歡迎參加微軟公司 2015 財年第四季度財報電話會議。

(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'll now turn the conference over to Chris Suh, General Manager of Investor Relations.

我現在將會議轉交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, www.microsoft.com/investor, is our financial summary slide deck, which is intended to follow prepared remarks and provide the reconciliation of differences between GAAP and non-GAAP financial measures.

在我們的網站 www.microsoft.com/investor 上，是我們的財務摘要幻燈片，旨在遵循準備好的評論並提供 GAAP 和非 GAAP 財務措施之間差異的調節。

The non-GAAP measures exclude the impact of impairment, integration and restructuring charges and are included as additional clarifying items to aid investors in further understanding the Company's fourth-quarter and fiscal-year performance and the impact that these items and events have on the financial results.

非公認會計原則措施不包括減值、整合和重組費用的影響，並作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第四季度和財政年度的業績以及這些項目和事件對財務的影響結果。

The non-GAAP financial measures provided above should not be considered as substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

以上提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。

Unless otherwise specified, we will refer to non-GAAP metrics on the call.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

All growth comparisons we make on the call relate to the corresponding period of last year, unless otherwise noted.

除非另有說明，否則我們在電話會議上所做的所有增長比較均與去年同期有關。

For selected metrics on the call and in other earnings materials, we have provided growth rates in constant currency.

對於電話會議和其他收益材料中的選定指標，我們提供了不變貨幣的增長率。

We present constant currency information to provide a framework for assessing how our underlying business is performed, excluding the effect of foreign currency rate fluctuation.

我們提供不變的貨幣信息，以提供一個框架來評估我們的基礎業務如何執行，不包括外幣匯率波動的影響。

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

此外，任何提及的運營費用均指我們的 10-K 表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，但不包括減值、整合和重組費用的影響。

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

我們將在電話會議後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

如果您提出問題，它將包含在我們的實時傳輸記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript on the Microsoft Investor Relations website until July 21, 2016.

在 2016 年 7 月 21 日之前，您可以在 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 factor section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素，實際結果可能存在重大差異；在本次電話會議期間發表的評論中；以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格以及其他報告和文件的風險因素部分。

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。

Today we will share the results of the final quarter of the year and our optimism for the year ahead.

今天，我們將分享今年最後一個季度的業績以及我們對來年的樂觀態度。

We delivered $22.2 billion in revenue this quarter and $93.6 billion in total revenue for the FY15, an increase in 8% year over year.

我們本季度的收入為 222 億美元，2015 財年的總收入為 936 億美元，同比增長 8%。

We pushed forward in our transformation by focusing our investment in areas where we have differentiation and significant opportunity for future growth in large addressable markets.

我們通過將投資集中在我們具有差異化和巨大潛在市場未來增長機會的領域來推動我們的轉型。

We galvanized around our mission and ambitions; we aligned our structure to deliver better products at a more rapid pace.

我們圍繞著我們的使命和抱負進行激勵；我們調整了結構，以更快的速度提供更好的產品。

We focused our advertising business on search; we focused on mapping efforts on higher level experiences and developer services; we restructured our form portfolio so that we can operate more efficiently near term while driving reinvention long term.

我們的廣告業務專注於搜索；我們專注於映射更高級別的體驗和開發者服務；我們重組了我們的表格組合，以便我們能夠在短期內更有效地運營，同時推動長期的重塑。

We invested more in new mobile applications, like Wunderlist, Acompli and Fundrise.

我們對新的移動應用程序進行了更多投資，例如 Wunderlist、Acompli 和 Fundrise。

We also strengthened our enterprise cloud platform by acquiring Revolution Analytics, Datazen, and BlueStripe in this quarter alone.

僅在本季度，我們還通過收購 Revolution Analytics、Datazen 和 BlueStripe 加強了我們的企業雲平台。

And we are at the threshold of the Windows 10 launch.

我們正處於 Windows 10 發布的門檻。

I am proud of these steps, and I am proud of the results we delivered in tandem.

我為這些步驟感到自豪，也為我們共同交付的成果感到自豪。

In cloud alone, our annualized commercial cloud run rate surpassed $8 billion this quarter, and the revenue grew 88% year over year.

僅在雲方面，本季度我們的年化商業雲運行率就超過了 80 億美元，收入同比增長 88%。

We're on a strong trajectory towards our goal of $20 billion in FY18.

我們正朝著 2018 財年 200 億美元的目標邁進。

With that as the backdrop, I want to walk you through the progress we're making in each one of our three ambitions.

以此為背景，我想向您介紹我們在三個雄心壯誌中的每一個方面取得的進展。

Let me start with reinventing productivity and business processes, including our efforts across Office 365 and Dynamics.

讓我從重塑生產力和業務流程開始，包括我們在 Office 365 和 Dynamics 方面所做的努力。

We continue to see strong demand for Office 365 and Dynamics products.

我們繼續看到對 Office 365 和 Dynamics 產品的強勁需求。

We now have more than 15 million Office 365 customers, consumer subscribers; and customers are signing up at a pace of nearly 1 million per month.

我們現在擁有超過 1500 萬 Office 365 客戶、消費者訂閱者；客戶以每月近 100 萬的速度註冊。

In addition, we surpassed 150 million downloads of office mobile on iOS and Android and have introduced a new version of Office for the Mac.

此外，我們在 iOS 和 Android 上的 Office Mobile 下載量超過 1.5 億次，並推出了新版 Office for Mac。

In the commercial space, the number of Office 365 users continues to climb, with seats growing 74% year over year.

在商業領域，Office 365 用戶數量持續攀升，座席同比增長 74%。

Office 365 now is in four out of five Fortune 500 enterprises, and more than 55% of the install base is on premium workloads.

Office 365 現在在五分之四的財富 500 強企業中使用，超過 55% 的安裝基數來自高級工作負載。

It is clear that we have success moving customers to the cloud, given half of all of the enterprise agreement renewals were for Office 365 this quarter.

很明顯，我們已經成功地將客戶遷移到雲端，因為本季度有一半的企業協議續訂是針對 Office 365 的。

Small and medium businesses offer one of our best opportunities for new growth in the cloud.

中小型企業為我們在雲中的新增長提供了最佳機會之一。

In fact, for more than a year now, we have seen 50,000 new S&B customers adopt Office 365 every month.

事實上，一年多以來，我們已經看到每月有 50,000 名愛思必新客戶採用 Office 365。

Last week at our Worldwide Partner Conference, we announced our new Office 365 premium SKU for business, E5.

上週在我們的全球合作夥伴大會上，我們宣布了新的 Office 365 商業高級 SKU，E5。

Now our customers will get rich new voice functionality and Skype for business, with Cloud PBX and PSE in conferencing; deep analytics with Delve Analytics and Power BI Pro; and advanced security features, such as Lockbox and Advanced Threat Protection.

現在我們的客戶將獲得豐富的新語音功能和 Skype for business，以及 Cloud PBX 和 PSE 在會議中；使用 Delve Analytics 和 Power BI Pro 進行深度分析；和高級安全功能，例如密碼箱和高級威脅防護。

With E5, we have expanded our market opportunity for Office 365 by more than 50 billion.

通過 E5，我們將 Office 365 的市場機會擴大了超過 500 億。

This new E5 SKU and the launch of Office 2016 will drive one of the biggest new businesses for us.

這個新的 E5 SKU 和 Office 2016 的推出將推動我們最大的新業務之一。

Let's now turn to CRM.

現在讓我們轉向 CRM。

This market alone is 20 billion-plus and has massive opportunity for reinvention.

僅這個市場就超過 200 億，並且有巨大的重塑機會。

Mainstreaming dynamics into our engineering sales and marketing efforts gives us the ability to participate in this large and growing market in a more meaningful way.

將動態納入我們的工程銷售和營銷工作的主流使我們能夠以更有意義的方式參與這個龐大且不斷增長的市場。

Last week, we announced the acquisition of FieldOne, which helps strengthen our dynamic CRM customer service offering.

上週，我們宣布收購 FieldOne，這有助於加強我們的動態 CRM 客戶服務產品。

This quarter, total paid seats for Dynamics CRM online increased 140% year over year, and we have more than 8 million paid Dynamics seats across CRM and ERP in total, up 25% year over year.

本季度，Dynamics CRM online 的總付費席位同比增長 140%，我們在 CRM 和 ERP 中總共擁有超過 800 萬個付費 Dynamics 席位，同比增長 25%。

This creates a great foundation for future growth in our Dynamics business.

這為我們動態業務的未來增長奠定了良好的基礎。

Next I want to share our progress in building the intelligent cloud platform, Azure.

接下來我想分享一下我們在構建智能雲平台Azure方面的進展。

Again this quarter, we're seeing proof that preference for our cloud SaaS services creates growth for our cloud platform services.

本季度，我們再次看到證據表明，對我們的雲 SaaS 服務的偏好為我們的雲平台服務創造了增長。

In Azure, both revenue and compute e-search increased by triple digits year over year.

在 Azure 中，收入和計算電子搜索同比增長了三位數。

We tripled our revenue from Azure premium services this quarter, and the enterprise mobility services we now have 17,000 customers.

本季度我們從 Azure 高級服務和企業移動服務中獲得的收入增加了兩倍，我們現在擁有 17,000 名客戶。

Appeal for Visual Studio Tools has grown to include developers beyond our traditional base, with some of the decisions we made to embrace open source with .NET and support across platform development.

對 Visual Studio 工具的吸引力已經擴大到包括我們傳統基礎之外的開發人員，我們做出的一些決定是採用 .NET 開源並支持跨平台開發。

Since November, we have seen more than 5 million downloads of Visual Studio Community, the fastest ever adoption of a Visual Studio product.

自 11 月以來，我們看到 Visual Studio Community 的下載量已超過 500 萬次，這是 Visual Studio 產品採用速度最快的一次。

Visual Studio online continues to gain momentum with over 3.1 million registered users.

Visual Studio online 繼續保持增長勢頭，註冊用戶超過 310 萬。

Business Intelligence and Analytics is another large, rapidly-growing market for us with an opportunity of more than $15 billion.

商業智能和分析對我們來說是另一個快速增長的大型市場，機會超過 150 億美元。

We are focused on strengthening our offers in this space.

我們專注於加強我們在這個領域的報價。

Just last week, we announced the availability of Cortana Analytics Suite, a fully-managed big data and advanced analytics solution.

就在上週，我們宣布推出 Cortana 分析套件，這是一種完全託管的大數據和高級分析解決方案。

We are not only building the tools, but are also delivering the insights customers need to transform their businesses.

我們不僅在構建工具，而且還在提供客戶轉變業務所需的洞察力。

Security is a key priority for our enterprise customers and another $30 billion market opportunity for us.

安全性是我們企業客戶的重中之重，也是我們另一個 300 億美元的市場機會。

And we're building capability to meet customers' needs.

我們正在建設滿足客戶需求的能力。

For example, we have made significant investments in security with Azure Key Vault, enabling our customers to protect data in the cloud with secure key management and encryption customers can control.

例如，我們在 Azure Key Vault 的安全性方面進行了大量投資，使我們的客戶能夠通過客戶可以控制的安全密鑰管理和加密來保護雲中的數據。

We have four new certifications for Azure, bringing our certification and adaptation total to 22 globally, more than any other cloud platform today.

我們為 Azure 獲得了四項新認證，使我們在全球範圍內獲得的認證和適配總數達到 22 項，比當今任何其他雲平台都多。

Our third bold ambition is to create more personal computing experiences with Windows and our devices.

我們的第三個大膽目標是使用 Windows 和我們的設備創造更多的個人計算體驗。

I am thrilled we are just days away from the start of Windows 10.

我很高興我們距離 Windows 10 的啟動只有幾天的時間。

It's the first step towards our goal of 1 billion Windows 10 active devices in the FY18.

這是我們在 2018 財年實現 10 億台 Windows 10 活動設備目標的第一步。

Our aspiration with Windows 10 is to move people from needing to choosing to loving windows.

我們對 Windows 10 的期望是讓人們從需要到選擇到熱愛 Windows。

Based on feedback from more than five million people who have been using Windows 10, we believe people will love the familiarity of Windows 10 and the innovation.

根據超過 500 萬使用 Windows 10 的用戶的反饋，我們相信人們會喜歡 Windows 10 的熟悉度和創新。

It is safe, secure, and always up-to-date.

它安全、可靠且始終保持最新狀態。

Windows 10 is more personal and more productive with Cortana, Office, universal apps, and Continuum.

借助 Cortana、Office、通用應用和 Continuum，Windows 10 更加個性化、工作效率更高。

And Windows 10 will deliver innovative new experiences, like inking on Microsoft Edge and gaming across Xbox and PCs, and also opens up entirely new device categories such as HoloLens.

Windows 10 將提供創新的新體驗，例如在 Microsoft Edge 上墨跡書寫以及在 Xbox 和 PC 上進行遊戲，並且還將開闢全新的設備類別，例如 HoloLens。

Windows 10 will deliver significant value to enterprise customers as well.

Windows 10 也將為企業客戶帶來巨大的價值。

Windows 10 provides advanced security capabilities with additional features for hardware-based security, mobile work and data protection.

Windows 10 提供高級安全功能以及基於硬件的安全、移動工作和數據保護的附加功能。

It also provides a single device management platform across all devices, from phones to laptops to Internet of Things devices.

它還提供跨所有設備的單一設備管理平台，從手機到筆記本電腦再到物聯網設備。

And Windows 10 helps enterprises stay up-to-date with Windows Update for business and Windows Store for business.

Windows 10 可幫助企業通過適用於企業的 Windows 更新和適用於企業的 Windows 應用商店保持最新狀態。

While the PC ecosystem has been under pressure recently, I do believe that Windows 10 will broaden our economic opportunity and return Windows to growth.

雖然 PC 生態系統最近一直處於壓力之下，但我確實相信 Windows 10 將擴大我們的經濟機會並使 Windows 恢復增長。

First, we have an OEM ecosystem that is creating exciting new hardware designs for Windows 10.

首先，我們有一個 OEM 生態系統，它正在為 Windows 10 創建令人興奮的新硬件設計。

In fact, our OEM partners have over 2,000 distinct devices or configurations already in testing for Windows 10 upgrades, as well as hundreds of new hardware designs.

事實上，我們的 OEM 合作夥伴已經在測試 Windows 10 升級的 2,000 多種不同的設備或配置，以及數百種新的硬件設計。

We are delighted that the first of these exciting new devices will start to be available on Windows 10 launch date.

我們很高興這些激動人心的新設備中的第一款將在 Windows 10 發布之日開始提供。

And by this holiday, we will be selling the widest range of Windows hardware ever available.

到這個假期，我們將銷售有史以來最廣泛的 Windows 硬件。

Second, we will generate new growth through gross margin on our own differentiated first-party premium device portfolio.

其次，我們將通過我們自己差異化的第一方高端設備組合的毛利率產生新的增長。

We will also significantly reduce our losses on the phone by operating more effectively and efficiently with a more focused portfolio.

我們還將通過更集中的投資組合更有效地運營，從而顯著減少電話損失。

Third, we will grow monetization opportunities across the commercial and consumer space.

第三，我們將在商業和消費領域增加貨幣化機會。

In the enterprise, customers will continue to value our unparalleled management security app dev and servicing capabilities.

在企業中，客戶將繼續重視我們無與倫比的管理安全應用程序開發和服務能力。

And for consumers, Windows 10 creates modernization opportunities with store, search, and gaming.

對於消費者而言，Windows 10 通過商店、搜索和遊戲創造了現代化機會。

We're confident that these are the right levers to revitalize Windows and restore growth.

我們相信，這些是振興 Windows 和恢復增長的正確手段。

The progress we made this quarter and the forward-looking guidance that Amy will share show the opportunity for renewed growth is real.

我們本季度取得的進展以及艾米將分享的前瞻性指導表明，重新增長的機會是真實的。

In hardware, both Surface and Xbox had an incredible Q4.

在硬件方面，Surface 和 Xbox 的 Q4 都令人難以置信。

We more than doubled Surface revenue, to nearly $900 million this quarter, capping off a year in which it delivered more than $3.6 billion in revenue.

我們在本季度將 Surface 收入翻了一番多，達到近 9 億美元，在這一年中實現了超過 36 億美元的收入。

Both consumers and enterprise customers love this device.

消費者和企業客戶都喜歡這款設備。

Surface is clearly a product where we have gotten the formula right, earned fans, and can apply this formula to other parts of the hardware portfolio.

Surface 顯然是一款產品，我們已經掌握了正確的公式，贏得了粉絲，並且可以將這個公式應用於硬件組合的其他部分。

Gaming is an important scenario for Windows 10, and our success with Xbox this quarter gives us a strong starting position heading into launch.

遊戲是 Windows 10 的一個重要場景，我們本季度在 Xbox 上的成功為我們在發布前提供了一個強有力的起點。

Xbox Live users grew 22% this quarter and logged nearly 3.5 billion hours of game play.

Xbox Live 用戶本季度增長了 22%，遊戲時長接近 35 億小時。

Our growing fan base is excited for the best games lineup in our history.

我們不斷增長的粉絲群對我們歷史上最好的遊戲陣容感到興奮。

All of this comes together with Windows 10, when fans can connect with each other, stream all of their Xbox One games to Windows 10, and experience the best virtual reality platform, given our partnership with Oculus Rift and Valve.

所有這一切都與 Windows 10 結合在一起，當我們與 Oculus Rift 和 Valve 合作時，粉絲們可以相互聯繫，將他們所有的 Xbox One 遊戲流式傳輸到 Windows 10，並體驗最好的虛擬現實平台。

In search, Bing will now power both differentiated experiences on Windows 10, such as Cortana, as well as search and search advertising across the AOL portfolio of sites, in addition to the partnership we already have with Yahoo, Amazon, and Apple.

在搜索方面，除了我們已經與雅虎、亞馬遜和蘋果建立的合作夥伴關係之外，Bing 現在將支持 Windows 10 上的差異化體驗，例如 Cortana，以及跨 AOL 網站組合的搜索和搜索廣告。

With advertising revenue growth of 21% year over year, Bing will transition to profitability in the coming fiscal year.

隨著廣告收入同比增長 21%，必應將在下一個財年實現盈利。

It's been a strong year of progress.

這是進步強勁的一年。

Above all else, I'm optimistic about our future.

最重要的是，我對我們的未來持樂觀態度。

Our cloud services are accelerating fast, and Windows is positioned for renewed growth.

我們的雲服務正在快速加速，Windows 已準備好迎接新的增長。

With that, I will hand it over to Amy to talk about this quarter's results in more detail.

有了這個，我將把它交給艾米來更詳細地討論本季度的結果。

I look forward to rejoining you after that for questions.

我期待在此之後再次加入您的提問。

Thank you.

謝謝你。

Thanks.

謝謝。

Good afternoon, everyone.

大家下午好。

Our fourth-quarter results demonstrate the strong progress that we've made as a Company over the past year.

我們的第四季度業績證明了我們作為一家公司在過去一年中取得的巨大進步。

Key strategic initiatives such as cloud, first-party hardware, and consumer services delivered significant growth as well as improved profitability.

雲、第一方硬件和消費者服務等關鍵戰略舉措實現了顯著增長並提高了盈利能力。

Commercial customer renewals remained healthy, with strong adoption of cloud services and a higher mix of annuity than we expected.

商業客戶續約保持健康，雲服務的廣泛採用和年金組合比我們預期的要高。

And our disciplined approach to resource allocation has allowed us to increase investment in the growth initiative Satya mentioned, while reducing the Company's operating expenses.

我們嚴格的資源分配方法使我們能夠增加對薩蒂亞提到的增長計劃的投資，同時降低公司的運營費用。

This allows us to better compete in markets with structural growth, where we feel we have unique competitive advantages.

這使我們能夠更好地在具有結構性增長的市場中競爭，我們認為在這些市場中我們擁有獨特的競爭優勢。

With that said, I will start with an overview of our financial performance before moving into a more detailed discussion of the results.

話雖如此，我將首先概述我們的財務業績，然後再對結果進行更詳細的討論。

This quarter, we recorded an impairment charge related to our Phone Hardware business and incurring integration and restructuring expenses.

本季度，我們記錄了與電話硬件業務相關的減值費用，並產生了整合和重組費用。

Additionally, like most multi-national companies, the strengthening of the US dollar continues to have a significant impact on our reported results.

此外，與大多數跨國公司一樣，美元走強繼續對我們報告的業績產生重大影響。

Accordingly, when applicable, I'll give results and gross rates adjusting for the impairment, integration, and restructuring expenses, but also in constant currency to help you better understand the underlying business fundamentals.

因此，在適用的情況下，我將提供對減值、整合和重組費用進行調整的結果和毛利率，但也會以不變貨幣提供，以幫助您更好地了解潛在的業務基本面。

Revenue was $22.2 billion, down 5% and down 2% in constant currency.

收入為 222 億美元，下降 5%，按固定匯率計算下降 2%。

As a reminder, last year included $382 million of revenue that we recognized at the conclusion of our commercial agreement with Nokia.

提醒一下，去年包括我們在與諾基亞簽訂商業協議時確認的 3.82 億美元收入。

Significant gross margin improvement across commercial cloud, surface and our consumer services, helped to mitigate the impact on gross margin from the decline in D&C licensing.

商業雲、表面和我們的消費者服務的毛利率顯著提高，有助於減輕 D&C 許可下降對毛利率的影響。

Total gross margin declined 7% and 3% in constant currency.

按固定匯率計算，總毛利率下降 7% 和 3%。

Operating income declined 3% and 1% in constant currency.

按固定匯率計算，營業收入下降了 3% 和 1%。

Earnings per share was $0.62, growth of 11% and growth of 8% in constant currency.

每股收益為 0.62 美元，增長 11%，按固定匯率計算增長 8%。

Unearned revenue grew 1% to $25.3 billion and 7% in constant currency.

未實現收入增長 1% 至 253 億美元，按固定匯率計算增長 7%。

Commercial unearned was better than expected, as we saw a higher mix of annuities in the quarter.

商業未賺取收入好於預期，因為我們在本季度看到了更高的年金組合。

From a geographic perspective, the majority of markets performed in line with our expectations.

從地理角度來看，大多數市場的表現符合我們的預期。

The notable exception was Brazil, where inflation and macroeconomic volatility weighed on our performance.

值得注意的例外是巴西，那裡的通貨膨脹和宏觀經濟波動影響了我們的表現。

Overall, macro conditions remain a challenge in some large opportunity markets like China, Russia, Japan, and Brazil.

總體而言，在中國、俄羅斯、日本和巴西等一些大型機會市場，宏觀條件仍然是一個挑戰。

There was slightly less impact from currency than our expectation.

貨幣的影響略小於我們的預期。

With that backdrop, I'll move to a detailed discussion of our results.

在這種背景下，我將開始詳細討論我們的結果。

Q4 last year effectively marked the end of the XP refresh cycle.

去年第四季度有效地標誌著 XP 更新周期的結束。

It impacted our Windows OEM and non-annuity volume licensing, as well as our Office non-annuity volume licensing results.

它影響了我們的 Windows OEM 和非年金批量許可，以及我們的 Office 非年金批量許可結果。

During that time, OEM revenue exceeded that of the underlying PC markets, driven by higher attach of Pro, particularly within the developed markets.

在此期間，OEM 收入超過了基礎 PC 市場的收入，這是由 Pro 的更高附加值推動的，尤其是在發達市場。

This quarter, Pro declined by roughly 21%; and, similar to last quarter, we saw Pro attach from main at pre-XP levels, even with the underlying softness in the business PC market.

本季度，Pro 下降了大約 21%；並且，與上一季度類似，我們看到 Pro 從主力附加到 XP 之前的水平，即使商用 PC 市場潛在疲軟。

The annuity portion of Windows via licensing grew again on a constant currency basis, with non-annuity revenue declining due to XP.

通過許可獲得的 Windows 年金部分在固定貨幣基礎上再次增長，非年金收入因 XP 而下降。

Windows non-Pro revenue declined 27% as OEMs tightly managed PC inventory ahead of the Windows 10 launch, particularly in developed markets.

由於 OEM 在 Windows 10 發布前嚴格管理 PC 庫存，Windows 非專業版收入下降了 27%，尤其是在發達市場。

In our view, this is a healthy state for the channel as we head into a transformational launch that starts next week.

我們認為，隨著我們進入下週開始的轉型啟動，這對該頻道來說是一個健康的狀態。

Consumer Office 365 had another strong quarter of net subscriber growth.

消費者 Office 365 的淨用戶增長又一個強勁的季度。

Overall, consumer office revenue results reflected the decline in the underlying driver of that business, developed market consumer PC sales.

總體而言，消費類辦公收入結果反映了該業務的潛在驅動因素，即發達市場消費類 PC 銷售的下降。

Within D&C licensing, the transition to Office 365 accounted for 13 points; and the impact of Japan's PC market accounted for another 19 points.

在 D&C 許可中，向 Office 365 的過渡佔 13 分；而日本PC市場的影響又佔了19個點。

We had another impressive quarter in search, with revenue growth at 21% and 25% in constant currency.

我們在搜索領域又經歷了一個令人印象深刻的季度，收入增長分別為 21% 和 25%（按固定匯率計算）。

Driven by increases in both volume and revenue per search.

受每次搜索量和收入增長的推動。

As Satya said, revenue from Surface more than doubled this quarter, with continued strength of Surface Pro 3 and launch of Surface 3. Enterprise sales accelerated this quarter, and sales of Surface 3 were particularly strong to educational customers.

正如 Satya 所說，隨著 Surface Pro 3 的持續強勢和 Surface 3 的推出，Surface 本季度的收入增長了一倍多。本季度企業銷售加速，Surface 3 對教育客戶的銷售尤其強勁。

Our differentiated products, as well as improved discipline and execution, helped to improve gross margins by over $450 million this quarter and $1.3 billion in FY15.

我們的差異化產品，以及改進的紀律和執行力，幫助本季度毛利率提高了 4.5 億美元以上，2015 財年毛利率提高了 13 億美元。

Within Xbox, strong growth in consoles, online transactions, and first-party games, helped to drive growth of 27%.

在 Xbox 中，遊戲機、在線交易和第一方遊戲的強勁增長推動了 27% 的增長。

This progress, as well as the excitement that we generated at E3 with Xbox exclusive gaming content and backward compatibility, demonstrates the building momentum that exists within the Xbox ecosystem.

這一進展，以及我們在 E3 上通過 Xbox 獨家遊戲內容和向後兼容性所產生的興奮，展示了 Xbox 生態系統中存在的建設勢頭。

In phones, we sold 8.4 million Lumias, which is increase over last year's full-quarter sales.

在手機方面，我們售出了 840 萬部 Lumias，比去年全季度的銷售額有所增加。

ASPs, however, have continued to decline.

然而，平均售價繼續下降。

Gross margin declined this quarter, driven by lower per-unit margins on Lumia devices as well as reduced volumes in non-Lumia phones.

本季度毛利率下降，原因是 Lumia 設備的單位利潤率下降以及非 Lumia 手機的銷量減少。

As announced on July 8, we're changing our approach in this business and are focused on delivering differentiated experiences for our targeted customer segments, while improving our operating results.

正如 7 月 8 日宣布的那樣，我們正在改變我們在這項業務中的方法，並專注於為我們的目標客戶群提供差異化的體驗，同時改善我們的經營業績。

Moving to our commercial results, total revenue across our two segments grew slightly in USD and grew 4% in constant currency.

轉向我們的商業業績，我們兩個部門的總收入以美元計算略有增長，按固定匯率計算增長了 4%。

Our contracted, not billed balance, which is a key indicator of customer commitment, reached an all-time high of over $24.5 billion.

作為客戶承諾的一個關鍵指標，我們的合同未結算餘額達到了超過 245 億美元的歷史新高。

And it reached this level even with the significant appreciation in the US dollar.

即使美元大幅升值，它也達到了這個水平。

Constant currency bookings were flat to the prior year, though as a reminder last year commercial bookings grew 23% on the strength of a large renewal base as well as the end of XP, discussed earlier.

固定貨幣預訂量與前一年持平，但去年商業預訂量增長了 23%，原因是續訂基數大以及 XP 的結束，如前所述。

Our Office commercial business continues to transition to Office 365.

我們的 Office 商業業務繼續過渡到 Office 365。

We again grew the installed seat base of Office, Exchange, SharePoint and Skype for business.

我們再次擴大了 Office、Exchange、SharePoint 和 Skype for business 的安裝用戶群。

Office 365 allows us to have a deeper ongoing relationship with all of our customers, which in turn provides us with the opportunity to expand and grow our business over time.

Office 365 使我們能夠與所有客戶建立更深入的持續關係，這反過來又為我們提供了隨著時間的推移擴展和發展業務的機會。

Because of this transition, as well as weakness in Japan and the impact of XP, Office commercial products and services grew 1% in constant currency, quite similar to Q3.

由於這種轉變，以及日本的疲軟和 XP 的影響，Office 商業產品和服務按固定匯率計算增長了 1%，與第三季度非常相似。

Dynamics revenue grew 15% on a constant currency basis, driven by the strong CRM results Satya talked about and our ERP business, which saw 35% growth in customers this quarter.

在 Satya 談到的強勁 CRM 業績和我們的 ERP 業務（本季度客戶增長 35%）的推動下，Dynamics 收入在固定貨幣基礎上增長了 15%。

Server products and services grew 4% and 9% in constant currency, continuing to outperform our peers in the enterprise software sector.

服務器產品和服務按固定匯率計算分別增長 4% 和 9%，繼續優於企業軟件領域的同行。

People server share growth continues as customers value its high performance and lower cost of ownership.

人們服務器份額繼續增長，因為客戶重視其高性能和較低的擁有成本。

Revenue and licenses of Windows Server grew against the backdrop of a declining server hardware market.

在服務器硬件市場下滑的背景下，Windows Server 的收入和許可證有所增長。

In the public cloud space, we had another quarter of significant Azure usage growth.

在公有云領域，我們又獲得了四分之一的 Azure 使用量顯著增長。

Additionally, we significantly grew the gross margin percentage in our commercial Other segment, increasing 13 points to over 43%.

此外，我們在商業其他部門的毛利率顯著提高，增長 13 個百分點，達到 43% 以上。

Moving to operating expenses, which declined 9% or 4% in constant currency.

轉向運營費用，按固定匯率計算下降了 9% 或 4%。

Our continued disciplined approach has allowed us to incrementally fund strategic initiatives without having to increase our expense base.

我們持續嚴格的方法使我們能夠在不增加開支基礎的情況下逐步為戰略計劃提供資金。

Other income was favorable to our expectation, driven by gains on foreign currency and sales of investments.

受外匯收益和投資銷售的推動，其他收入好於我們的預期。

Our non-GAAP effective tax rate was 24%, and was at the high end of our guided range due in part to strong performance in our computing and gaming hardware segment in the US.

我們的非公認會計原則有效稅率為 24%，處於我們指導範圍的高端，部分原因是我們在美國的計算和遊戲硬件部門的強勁表現。

We returned $6.7 billion to shareholders this quarter, nearly double the amount from last year.

本季度我們向股東返還了 67 億美元，幾乎是去年的兩倍。

With that overview of the current quarter, let me turn to our outlook, starting with a few overall comments.

有了當前季度的概述，讓我轉向我們的前景，從一些總體評論開始。

As we have communicated over the past couple of months, the accounting for Windows 10 will change.

正如我們在過去幾個月中所傳達的那樣，Windows 10 的計算方式將發生變化。

We will be deferring a portion of Windows 10 revenue, primarily OEM, and recognizing it over time- generally two to four years.

我們將推遲 Windows 10 收入的一部分，主要是 OEM，並隨著時間的推移確認它——通常是兩到四年。

As shared previously, the initial deferral and the subsequent recognition of those deferrals will be netted in Corp and Other in our segment reporting.

如前所述，最初的延期以及隨後對這些延期的確認將在我們的分部報告中的 Corp 和 Other 中扣除。

Most importantly, underlying billings and cash flow won't change.

最重要的是，基礎賬單和現金流不會改變。

Therefore, our commentary in this and subsequent earning calls including our guidance will focus on results prior to the net deferral impact, which we believe is the best reflection of business health.

因此，我們在本次和隨後的收益電話會議中的評論（包括我們的指導）將側重於淨遞延影響之前的結果，我們認為這是業務健康狀況的最佳反映。

With that background, let me share some thoughts on FY16.

在此背景下，讓我分享一些關於 FY16 的想法。

The strengthening of the US dollar will continue to have a significant impact on our results over the course of FY16.

美元走強將繼續對我們 2016 財年的業績產生重大影響。

Assuming rates across our largest currencies, the euro, Japanese yen, and the British pound stay in line with current rates.

假設我們最大的貨幣、歐元、日元和英鎊的匯率與當前匯率保持一致。

And that the geographic mix of revenue stays as forecasted.

並且收入的地理組合保持不變。

In our non-annuity businesses, the impact is immediate as the revenue is recognized in quarter.

在我們的非年金業務中，影響是立竿見影的，因為收入是按季度確認的。

In our annuity business, revenue is deferred and the impact is delayed, as we earn the revenue off the balance sheet.

在我們的年金業務中，收入被遞延，影響被延遲，因為我們從資產負債表外賺取收入。

In total, we expect the FX will negatively impact total revenue growth by 5 points in each quarter of H1, with 7 points of negative impact in our Commercial segment.

總體而言，我們預計外匯將對上半年每個季度的總收入增長產生 5 個百分點的負面影響，對我們的商業部門產生 7 個百分點的負面影響。

H1 would be the peak of the FX headwinds.

H1 將是外匯逆風的頂峰。

And in H2, we expect FX to have 3 points of negative impact in total and roughly 4 points of negative impact on our Commercial revenue.

在下半年，我們預計外匯對我們的商業收入總共產生 3 個百分點的負面影響，大約 4 個百分點的負面影響。

With Windows 10 we expect momentum to build throughout the year as we and our partners bring the devices, applications, and services to market.

隨著我們和我們的合作夥伴將設備、應用程序和服務推向市場，我們預計 Windows 10 將在全年形成勢頭。

We expect this to benefit our business results in the second half of the fiscal year.

我們預計這將有利於我們在本財年下半年的業務成果。

With the strength in Xbox and Xbox Live, along with the launch of Halo 5 in October, Xbox will continue to grow both fans and profitability.

憑藉 Xbox 和 Xbox Live 的實力，以及 10 月推出的 Halo 5，Xbox 將繼續增加粉絲和盈利能力。

With the recently-announced changes in Phone, there will be significant revenue declines year over year in the Phone segment each quarter.

隨著最近宣布的電話變化，每個季度電話部門的收入將同比大幅下降。

With the proactive measures we've taken to reduce our cost structure, overall losses will also decline for the fiscal year.

隨著我們為降低成本結構而採取的積極措施，本財年的整體虧損也將下降。

We would expect the majority of that improvement in the second half of the year, once the restructuring efforts are materially complete.

一旦重組工作實質上完成，我們預計今年下半年的大部分改善。

Bing will be profitable in FY16.

Bing 將在 2016 財年實現盈利。

And assuming the macro environment is stable, we expect our commercial momentum will continue, highlighted by growth in our commercial cloud.

假設宏觀環境穩定，我們預計我們的商業勢頭將繼續，尤其是我們的商業雲增長。

We remain on track to achieve our $20 billion commercial cloud ambition in FY18.

我們仍有望在 2018 財年實現 200 億美元的商業雲目標。

We now expect operating expenses to be $32.1 billion to $32.4 billion, which is lower than the guidance we provided in April.

我們現在預計運營費用為 321 億至 324 億美元，低於我們在 4 月份提供的指導。

The lowered guidance reflects the savings from our restructuring of the Phone business, as well as important investments to drive top line growth as we support Windows 10, our first-party hardware efforts, as well as sales headcount to accelerate our leadership position in the commercial cloud.

下調的指引反映了我們通過重組電話業務所節省的成本，以及在我們支持 Windows 10 時推動收入增長的重要投資、我們的第一方硬件努力以及銷售人數，以加快我們在商業領域的領導地位雲。

We expect our full-year tax rate to be 24%, plus or minus 1 point, excluding the net impact from the Windows 10 deferral.

我們預計我們的全年稅率為 24%，正負 1 個百分點，不包括 Windows 10 延期的淨影響。

Now to Q1, starting with Devices and Consumer.

現在到第一季度，從設備和消費者開始。

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 reflects Windows revenue roughly in line with the PC market.

這一範圍反映了 Windows 收入與 PC 市場大致一致。

Within Consumer Office, we expect the transition to Office 365 subscriptions to continue.

在 Consumer Office 中，我們預計向 Office 365 訂閱的過渡將繼續。

In Computing and Gaming Hardware, we expect revenue to be $2.0 billion to $2.1 billion.

在計算和遊戲硬件方面，我們預計收入為 20 億至 21 億美元。

As a reminder, we launched Surface Pro 3 in late June last year, with launch benefits extending into Q1.

提醒一下，我們在去年 6 月下旬推出了 Surface Pro 3，推出的好處延伸到第一季度。

In Phone Hardware, we expect revenue to be approximately $900 million, reflecting our change in approach.

在電話硬件方面，我們預計收入約為 9 億美元，這反映了我們方法的改變。

We expect gross margin in Phones to improve sequentially in Q1.

我們預計手機的毛利率將在第一季度環比改善。

In Devices and Consumer Other we expect revenue to be $2.2 billion to $2.3 billion, with continued growth in Bing, Consumer Office 365, and Xbox Live transactions.

在設備和消費者其他方面，我們預計收入將在 22 億美元至 23 億美元之間，必應、消費者 Office 365 和 Xbox Live 交易將持續增長。

And in Commercial, as I discussed previously, we expect a significant FX headwind this quarter.

正如我之前所討論的，在商業方面，我們預計本季度將出現重大的外匯逆風。

Our constant currency growth is expected to be about 7% in Q1, which assumes we continue to take share in key markets and build momentum in the new areas we have entered.

我們預計第一季度的恆定貨幣增長率約為 7%，這假設我們繼續在關鍵市場中佔有一席之地，並在我們進入的新領域建立勢頭。

With the negative impact of FX, we expect revenue roughly flat.

由於外彙的負面影響，我們預計收入大致持平。

In Commercial Licensing, we expect revenue of $9.1 billion to $9.2 billion, with a continued shift to annuity.

在商業許可方面，我們預計收入為 91 億至 92 億美元，並繼續轉向年金。

And in Commercial Other, with significant growth in our cloud revenue of $3.1 billion to $3.2 billion.

在商業其他方面，我們的雲收入顯著增長 31 億美元至 32 億美元。

We expect COGS to be $7.0 billion to $7.2 billion, with the variability being driven by the Hardware segment.

我們預計 COGS 為 70 億至 72 億美元，可變性由硬件部門驅動。

We expect operating expenses to be $7.6 billion to $7.7 billion.

我們預計運營費用為 76 億至 77 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，其他收入和費用包括股息和利息收入，由利息費用和對沖淨成本抵消。

Given the current FX environment, we expect our net cost of hedging to increase and Other Income and Expense to be negative $200 million.

鑑於當前的外匯環境，我們預計我們的淨對沖成本將增加，其他收入和費用將為負 2 億美元。

Excluding the Windows 10 deferral and the impact of foreign currency, we expect the sequential decline in unearned to be slightly better than historic seasonality, driven by the growing mix of annuity revenue.

排除 Windows 10 延期和外幣影響，我們預計在年金收入組合不斷增長的推動下，未賺取收入的環比下降將略好於歷史季節性。

In closing, I am proud of the tremendous amount of progress that our Company has made over the past year.

最後，我為我們公司在過去一年中取得的巨大進步感到自豪。

We have improved how we operate in virtually every sense.

我們幾乎在各個方面都改進了我們的運作方式。

These changes have allowed us to aggressively invest in areas that will drive future growth for the Company.

這些變化使我們能夠積極投資於將推動公司未來增長的領域。

I'm looking forward for a better position to capitalize on the significant opportunities ahead of us.

我期待著更好地利用我們面前的重大機遇。

With that, let me turn it back over to Chris for the Q&A.

有了這個，讓我把它交給克里斯進行問答。

Thank you, Amy.

謝謝你，艾米。

We'll now move to Q&A.

我們現在將轉到問答環節。

Operator, please repeat your instructions.

接線員，請重複您的指示。

(Operator Instructions)

（操作員說明）

Our first question comes from Phil Winslow from Credit Suisse.

我們的第一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on a great quarter.

祝賀一個偉大的季度。

I wanted to double click on Office 365.

我想雙擊 Office 365。

You guys showed another huge quarter of growth in terms of consumer seat count and I think it was 86% growth on the commercial other side for Office 365.

你們在消費者座位數量方面顯示了另一個巨大的季度增長，我認為 Office 365 的商業另一邊增長了 86%。

What have you just drill into the consumer and then the enterprise side, just the trends you're seeing there and obviously the guidance you all just provided looks like you expect those trends to continue in Q1.

您剛剛深入了解了消費者，然後是企業方面，只是您在那裡看到的趨勢，顯然您剛剛提供的指導看起來您希望這些趨勢在第一季度繼續存在。

So any color there would be great.

所以那裡的任何顏色都會很棒。

Yes, I'll take that.

是的，我會接受的。

Overall we are very excited about the growth we're seeing in Office 365.

總的來說，我們對 Office 365 的增長感到非常興奮。

On the consumer side, as you noted, we're growing a million subs a month and that is fantastic growth for us.

正如您所指出的，在消費者方面，我們每月增長一百萬個訂閱者，這對我們來說是一個了不起的增長。

The consumer value, especially now that we have even all of the endpoints covered with Office, the definition of Office and where all is present, is also changed and that all accrues to consumers being willing to have this subscription relationship with us.

消費者價值，特別是現在我們甚至已經覆蓋了 Office 的所有端點、Office 的定義以及所有存在的地方，也發生了變化，所有這些都歸功於願意與我們建立這種訂閱關係的消費者。

On the enterprise side the growth remains very exciting for us and the growth comes in multiple forms.

在企業方面，增長對我們來說仍然非常令人興奮，並且增長有多種形式。

It comes in the form of just the EAs renewing more to Office 365.

它以 EA 更新 Office 365 的形式出現。

It also comes in the form of, from the more comprehensive suite the E3 and the new E5, that is the commitment we're seeing.

它還以更全面的套件 E3 和新 E5 的形式出現，這就是我們所看到的承諾。

And we also see small businesses.

我們也看到了小企業。

I talked about the 50,000 businesses, small and medium-sized businesses each month signing up for Office 365.

我談到了每月註冊 Office 365 的 50,000 家企業和中小型企業。

That is pretty unprecedented having been in the server business all my life, I've never seen a lot of the small business customers adopt some of the rich capabilities like it's possible now and that's great growth as well.

這是我一生從事服務器業務的史無前例的事情，我從未見過很多小企業客戶像現在這樣採用一些豐富的功能，這也是巨大的增長。

And that cloud revenue number, that is the 88% is all up cloud revenue, inclusive of Office 365, EMS and Azure.

而那個雲收入數字，即 88% 都是雲收入，包括 Office 365、EMS 和 Azure。

And it is good to see that kind of growth at that kind of scale now, with 8 billion.

現在很高興看到這種規模的增長，達到 80 億。

One thing I would add, Phil, to that, is an important dynamic that we're seeing in Office 365, is as we are having this momentum build and Satya talked about some of the new customers we're adding and the way we see that is in the install base growing.

Phil，我要補充的一件事是我們在 Office 365 中看到的一個重要動態，因為我們正在建立這種勢頭，Satya 談到了我們正在添加的一些新客戶以及我們看到的方式那是安裝基數不斷增長。

And we were able to see that this quarter across all the core work loads in Office.

我們能夠在本季度看到 Office 的所有核心工作負載。

And when you think about why that is so critical long term, it's our ability to sell some of the workloads Satya actually referenced, they'll be in E5 when it launches.

當您考慮為什麼長期如此重要時，這是我們出售 Satya 實際引用的一些工作負載的能力，當 E5 發佈時，它們將出現在 E5 中。

They have the capability of upgrading on a more consistent basis, using more of these premium services.

他們有能力在更一致的基礎上進行升級，使用更多這些優質服務。

When you can both add to your install base and add overall market opportunity, we do feel good about our line of sight in that business to our long-term goals.

當您既可以增加您的安裝基礎並增加整體市場機會時，我們確實對我們在該業務中的視線與我們的長期目標感到滿意。

Great.

偉大的。

Thanks, guys.

多謝你們。

Congrats, again.

再次恭喜。

Thank you, Phil We'll take the next question.

謝謝你，菲爾 我們會回答下一個問題。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Good afternoon, Satya, the server business continues a steady out-performance and as Amy pointed out, better growth than your peers.

下午好，Satya，服務器業務繼續保持穩定的出色表現，正如 Amy 指出的那樣，增長比同行更好。

Couple of questions as it relates to the Windows 2003 retirement and any impact you're seeing there.

幾個與 Windows 2003 退役有關的問題以及您在那裡看到的任何影響。

And secondarily if you can just comment on some of the new product launches.

其次，如果您可以評論一些新產品的發布。

Seems like there is a stack of new solutions that are coming on the server side that look pretty exciting and your partners are excited about it.

似乎有一堆新的解決方案即將出現在服務器端，看起來非常令人興奮，您的合作夥伴對此也很興奮。

If you could highlight what you see as the most interesting from your perspective over the next several quarters.

如果您能在接下來的幾個季度中突出顯示您認為最有趣的內容。

I started with the bold view that my server is not the legacy business.

我從大膽的觀點開始，即我的服務器不是傳統業務。

We fundamentally think of our servers as the extension of the cloud, how you would describe it architecturally as the edge of our Cloud, every server for example has things like disaster recovery, backup and tier with the cloud.

我們從根本上將我們的服務器視為雲的擴展，您如何在架構上將其描述為我們雲的邊緣，例如，每台服務器都具有災難恢復、備份和雲分層等功能。

And so we will continue to push that differentiation.

因此，我們將繼續推動這種差異化。

Because I think that view architecturally and the delivery of it is what makes us pretty unique.

因為我認為架構上的視圖和它的交付使我們非常獨特。

And you see it in the numbers.

你可以在數字中看到它。

Our servers, even this quarter grew 9% and competitive industry peers we're obviously gaining share on Windows Server, on SQL server and pretty much all of our management and security products, as well.

我們的服務器，即使在本季度也增長了 9%，在競爭激烈的行業同行中，我們顯然在 Windows Server、SQL Server 以及我們幾乎所有的管理和安全產品上都獲得了份額。

And going forward we have a fantastic lineup of servers, not just the infrastructure, but even SharePoint, Exchange, LINQ our server continues to have significant on-premise deployment.

展望未來，我們擁有出色的服務器陣容，不僅是基礎架構，甚至 SharePoint、Exchange、LINQ，我們的服務器也繼續擁有重要的內部部署。

So as our cloud continues to grow, obviously we are getting where there is more capability in the cloud, we're incenting customers and our partners to move to the cloud.

因此，隨著我們的雲繼續增長，顯然我們正在獲得云中更多功能的地方，我們正在激勵客戶和我們的合作夥伴遷移到雲。

But at the same time we are going to have a great server wave, I'm excited about our SQL product.

但與此同時，我們將迎來一場偉大的服務器浪潮，我對我們的 SQL 產品感到興奮。

I think it goes into the first preview next, in fact tomorrow, and that product I think is a pretty revolutionary product.

我認為它接下來會進入第一個預覽版，實際上是明天，我認為該產品是一個非常具有革命性的產品。

Because for the first time you could take a single table in a database and you would tier it with the cloud.

因為您第一次可以在數據庫中獲取單個表，然後將其與雲分層。

And that kind of capability only we can provide and that's something that I'm looking forward to.

只有我們才能提供這種能力，這是我所期待的。

Brent, to your specific question on Windows Server 2003, we did have a good quarter, we talked about in Windows Server.

Brent，對於您在 Windows Server 2003 上的具體問題，我們確實有一個不錯的季度，我們在 Windows Server 中談到了這一點。

But in general, that business, unlike the client upgrades that we've seen, just because so much of the business is already on annuity, you don't see that type of incremental impact in a in-quarter release.

但總的來說，與我們看到的客戶端升級不同，該業務只是因為很多業務已經在年金上，所以您不會在季度發布中看到這種類型的增量影響。

That isn't to say there isn't ample opportunity for us to make sure we upgrade customers to the higher value prop and more secure and more manageable offerings we have in the server business.

這並不是說我們沒有足夠的機會確保我們將客戶升級到更高價值的道具以及我們在服務器業務中擁有的更安全和更易於管理的產品。

Thanks, Brent.

謝謝，布倫特。

Operator, next question.

接線員，下一個問題。

Mark Moerdler from Bernstein Research.

來自 Bernstein Research 的 Mark Moerdler。

Nice quarter.

漂亮的季度。

When I drill in, in terms of move to the cloud, this quarter year over year server product and services revenue growth was slower than in the past quarters.

當我深入研究時，就遷移到雲而言，本季度服務器產品和服務收入同比增長低於過去幾個季度。

How much of that is because you're seeing now some revenue shift to Azure?

其中有多少是因為您現在看到一些收入轉移到了 Azure？

Or is it not yet seeing any revenue shift going?

或者它還沒有看到任何收入轉移？

And then I have a follow-up question.

然後我有一個後續問題。

Why don't I take that one and we'll see what Mark's follow-up is.

我為什麼不拿那個，我們會看看馬克的後續行動是什麼。

At 9% growth and continuing to take share, I feel like our performance in this continues to be a positive outlier to the peer group.

在 9% 的增長並繼續佔據份額的情況下，我覺得我們在這方面的表現仍然是同行群體的積極異常值。

And for me, that type of performance and double-digits for the year I feel quite good about.

對我來說，我對這一年的這種表現和兩位數感覺非常好。

In general what is interesting I think as you're getting to the crux of it is, do we have incremental work loads that are unique to the cloud that we continue to see that, the very best example, frankly, as Satya mentioned in his comments, which is our EMS performance, mobility suite offerings.

總的來說，我認為有趣的是，當您進入關鍵問題時，我們是否有增量工作負載是我們繼續看到的雲所獨有的，坦率地說，這是最好的例子，正如 Satya 在他的評論，這是我們的 EMS 性能、移動套件產品。

It is taking something that is very unique, builds off of our core in the server business and allows us to both grow and add new perspectives there.

它採用了非常獨特的東西，建立在我們的服務器業務核心之上，讓我們能夠在那裡成長並增加新的視角。

So I don't think of it as reflecting a bigger shift than we've seen in particular this quarter.

所以我不認為它反映了比我們在本季度看到的更大的轉變。

Also, if you'll remember, a year ago we had a very big base of expirations in Q4 and had very strong performance a year ago.

此外，如果您還記得，一年前我們在第四季度有一個非常大的到期基數，並且一年前表現非常強勁。

I don't look at it as a direct trend line.

我不認為它是一條直接的趨勢線。

Yes, the only thing I'll add is that I look at the total growth of Azure, the growth that's coming now from some of the premium services, this is businesses that actually did not ever participate on premise at all.

是的，我要補充的唯一一點是，我看一下 Azure 的總體增長，現在來自一些高級服務的增長，這是實際上根本沒有參與的企業。

Even EMS, when I think our management, our management was just about Windows management.

甚至 EMS，當我想到我們的管理時，我們的管理只是關於 Windows 管理。

But we now have management data protection and identity systems that cross all devices in the enterprise, including Internet of Things and that makes it pretty exciting and that growth is great to see.

但是我們現在擁有跨企業所有設備的管理數據保護和身份系統，包括物聯網，這使得它非常令人興奮，而且這種增長令人欣喜。

Same thing on the server management.

服務器管理也是如此。

We have a new suite called the operations management suite which also spans all of the cloud units as well as on-premise units.

我們有一個名為運營管理套件的新套件，它也涵蓋所有云單元以及本地單元。

Cortana Analytics, we never participated in any of the advanced analytics work loads at all, in spite of the success we had in the database business.

Cortana Analytics，儘管我們在數據庫業務中取得了成功，但我們從未參與任何高級分析工作負載。

So I'm excited about built new workloads that in many cases are born in the cloud workloads where we are expanding our market opportunity and continuing to outperform our peers and grab share when it comes to on-premise.

因此，我對構建的新工作負載感到興奮，這些工作負載在許多情況下誕生於雲工作負載中，我們正在擴大我們的市場機會，並在本地部署方面繼續超越同行並搶占市場份額。

That's very helpful.

這很有幫助。

Switching gears a bit, on Windows, obviously you're seeing some amount of delay due to Windows 10 on the OEM side.

在 Windows 上稍微切換一下檔位，顯然由於 OEM 端的 Windows 10，您會看到一些延遲。

Can you give maybe a little more higher color in terms of how you're thinking about that, how big a delay is it, how much we could see that starting to be replaced next quarter and beyond?

就你的想法而言，你能否給出更高的顏色，延遲有多大，我們可以看到下個季度及以後開始取代多少？

I'll take that and Amy you can add to it.

我會接受的，Amy 你可以添加它。

The way the Windows ecosystem works is that there are phases to it.

Windows 生態系統的工作方式是有幾個階段的。

In fact, if anything, this release of Windows 10 just the way we have built it with the insider a program, everything is of course speeding up because in some sense we have taken a very different approach with this Windows as a service, even when it comes to OEM relations and how they're able to co-create the products with us.

事實上，如果有的話，這個版本的 Windows 10 就像我們用內部程序構建它的方式一樣，一切當然都在加速，因為在某種意義上，我們在這個 Windows 即服務中採取了非常不同的方法，即使當談到 OEM 關係以及他們如何能夠與我們共同創造產品。

That is there are three distinct phases.

也就是說，存在三個不同的階段。

The first phase is what I would describe as the upgrade phase, that is what starts in a week's time.

第一階段就是我所說的升級階段，也就是一周後開始的階段。

That is at more retail execution and upgrades.

那是更多的零售執行和升級。

Then come the fall you will see the devices from all of the OEMs going into the holiday quarter.

然後到了秋天，你會看到所有 OEM 的設備都進入了假日季。

And then the enterprise upgrades, in fact, we have a release of enterprise features which I mentioned in my script, which will ship in that time frame and I expect piloting to start and deployments to start in the second half of the fiscal year.

然後是企業升級，事實上，我們發布了我在腳本中提到的企業功能，它將在那個時間範圍內發布，我預計將在本財年的下半年開始試點和部署。

So that's how I would think about the OEM as well as enterprise adoption.

這就是我對 OEM 和企業採用的看法。

So my bullishness for Windows 10 is more in the second half of the fiscal year, and of course it will build.

所以我對 Windows 10 的看好更多是在本財年的下半年，當然它會建立起來。

It will build starting in a week's time in retail and in the upgrades, but I sort of see this in three phases.

它將在一周的零售和升級中開始構建，但我認為這分為三個階段。

And to your specific question, Mark before every launch we tend to have a tightening in the channel as they prepare and run reasonably lean, this is a healthy state.

對於您的具體問題，馬克在每次發布之前，我們傾向於收緊渠道，因為他們準備和運行合理精簡，這是一種健康的狀態。

It is within the range of normal.

它在正常範圍內。

So I don't think of it as a delay in the way you're talking about it.

所以我不認為這是你談論它的方式的延遲。

It is pretty standard, as Satya talked about in terms of the dynamic, and he mentioned we are feeling, I think, a lot of excitement from the ecosystem about what's possible with some of the new devices that will come, and so I don't really think of it in that way.

這是非常標準的，正如薩蒂亞談到的動態，他提到我們感到，我認為，生態系統對即將到來的一些新設備的可能性感到非常興奮，所以我不知道。 t真的這麼想。

I think about it as an encouragement that they want to fill the channel as quickly as they can over the coming quarters with new machines.

我認為這是一種鼓勵，他們希望在接下來的幾個季度用新機器盡快填補這個渠道。

Thank you.

謝謝你。

I appreciate it.

我很感激。

Next question, please.

下一個問題，請。

Keith Weiss from Morgan Stanley.

來自摩根士丹利的 Keith Weiss。

Excellent.

出色的。

Nice quarter, guys, thank you for taking the question.

不錯的季度，伙計們，謝謝你提出這個問題。

I wanted to drill into sort of the new strategy around the phone business a little bit.

我想深入研究一下圍繞電話業務的新戰略。

The revenue expectation for Q1, I think it was below our expectations, I think it was below what the street was looking for.

第一季度的收入預期，我認為它低於我們的預期，我認為它低於街道的預期。

Can you give us a sense of how you see that business trending over a longer period of time.

您能否告訴我們您如何看待該業務在較長時間內的趨勢。

There is significant restructuring going on.

正在進行重大的重組。

I don't think a lot of guys have a good view in their head of what your expectation is for this business on a revenue run rate, or what do you expect to sell this year on going-forward basis right now?

我認為很多人都沒有很好地了解您對這項業務在收入運行率方面的期望，或者您現在預計今年會賣什麼？

Let me start and maybe you can add to this.

讓我開始吧，也許你可以補充一下。

The big shift that we are making when it comes to phones is to not think about phones in isolation.

在手機方面，我們正在做出的重大轉變是不要孤立地考慮手機。

That's perhaps the biggest shift.

這也許是最大的轉變。

Because I think about Windows 10 in its entirety, the Windows ecosystem in its entirety.

因為我從整體上考慮 Windows 10，從整體上考慮 Windows 生態系統。

We're clearly are going to have premium first party portfolio.

我們顯然將擁有優質的第一方投資組合。

You have seen some of the numbers, some of the progress we have made in Surface.

您已經看到了一些數字，以及我們在 Surface 上取得的一些進展。

I feel that we have a formula there that I would like to apply more broadly in terms of growing, just delivering innovation, growing our own economic return for it, stimulating demand, creating categories, all of that is what I want to do broadly.

我覺得我們在那裡有一個公式，我想在增長方面更廣泛地應用它，只是提供創新，增加我們自己的經濟回報，刺激需求，創造類別，所有這些都是我想做的事情。

It applies to phones.

它適用於手機。

It applies to Surface.

它適用於 Surface。

It applies to HoloLens, and that is how I view it.

它適用於 HoloLens，這就是我的看法。

I believe our participation in the phone segment by itself, the Windows phones and Lumia phones is important.

我相信我們自己參與手機領域，Windows 手機和 Lumia 手機很重要。

That's why we picked the three areas where we have differentiation and we want to focus on it.

這就是為什麼我們選擇了我們有差異化的三個領域並且我們想要專注於它。

We want to have great flagship phones for Windows.

我們希望擁有出色的 Windows 旗艦手機。

That is actually a segment that we don't today have good devices and we hope to change that with Windows 10.

這實際上是我們今天沒有好的設備的部分，我們希望通過 Windows 10 改變這一點。

We have in fact good traction in the business segment.

事實上，我們在業務領域具有良好的吸引力。

So this is business customers who are actually buying phone devices which is basically a radio with a, you know, essentially a smartphone, to be able to deploy their line of business applications.

所以這是商業客戶，他們實際上是在購買電話設備，基本上是一個收音機，你知道，本質上是一部智能手機，能夠部署他們的業務線應用程序。

That is where we have pretty unparalleled value.

這就是我們擁有無與倫比的價值的地方。

Which is we have the Visual Studio online and some of the tools I talked about, so you can generate these apps at a low cost of ownership, manage them, secure them and deploy them to our phone end points and then of course, management and security.

我們有在線 Visual Studio 和我談到的一些工具，因此您可以以較低的擁有成本生成這些應用程序、管理它們、保護它們並將它們部署到我們的手機端點，當然還有管理和安全。

That's the place where we want to continue to focus.

這就是我們要繼續關注的地方。

And in the value of smartphone, that's the place I want us to be much more efficient.

在智能手機的價值方面，這就是我希望我們提高效率的地方。

We clearly have some value to add there because of the uniqueness of Office and Skype and our services, but at the same time I think we want to be smart about how many of these phones do we want to generate?

由於 Office 和 Skype 以及我們的服務的獨特性，我們顯然可以在那裡增加一些價值，但同時我認為我們想知道我們想要生產多少這樣的電話？

How many -- which price points we want to participate?

有多少——我們想參與哪些價格點？

That's where you will see the most significant operational changes from how we operated last year to the coming year.

在那裡，您將看到從我們去年到來年的運營方式最顯著的運營變化。

So, Keith, the way that I think about it, I tried to outline it in my comments, is that the significant revenue declines quarter over quarter through the year are a reflection of the focused approach we're going to take in phone.

因此，基思，我的想法是，我試圖在我的評論中概述它，全年收入季度環比大幅下降反映了我們將在電話領域採取的重點方法。

It is an approach that we've executed in other, hardware segment, that I feel is a proven model for us.

這是我們在其他硬件領域執行的一種方法，我認為這對我們來說是一個經過驗證的模型。

Our profitability will also improve.

我們的盈利能力也會提高。

More of that comes in the second half of the year structurally as we complete some of the restructuring efforts and those costs come out of our operating expense run rate.

隨著我們完成一些重組工作，而這些成本來自我們的運營費用運行率，其中更多來自結構性的下半年。

But I think that's probably is the way to more appropriately think about over time you would expect to see gross margin improvement, and operating profit improvement, as opposed to focusing on the revenue line.

但我認為這可能是更恰當地考慮隨著時間的推移你會看到毛利率改善和營業利潤改善的方式，而不是專注於收入線。

Can I sneak one more in on the security side of business?

我可以在業務的安全方面再偷偷摸摸嗎？

I think a lot of guys talked about security something that Microsoft does to make their platform more secure and provide more confidence in users using your platforms and your tools.

我認為很多人都談到了安全性，微軟為了讓他們的平台更安全，並讓使用你的平台和工具的用戶更有信心。

On a going-forward basis is there more of an opportunity for you guys to sell security as more of a standalone opportunity?

在未來的基礎上，你們是否有更多的機會將證券作為一個獨立的機會出售？

It's something that is in very high demand, looking for more secure solutions.

它的需求量非常大，正在尋找更安全的解決方案。

Is this something that could potentially be more of a standalone opportunity for Microsoft on a going-forward basis.

在未來的基礎上，這對微軟來說可能更像是一個獨立的機會。

We are adding significant value in security.

我們正在增加安全性方面的重要價值。

It is much better for us, for example, to add capabilities around O365 and security, and that is all in for example the new suite that we just announced called E5, the secured lockbox.

例如，添加圍繞 O365 和安全性的功能對我們來說要好得多，而這一切都在我們剛剛宣布的名為 E5 的新套件中，即安全密碼箱。

That is actually a very cool set of features that allow both regulators and businesses to have, for example, [audit] ability control over their movement to the cloud.

這實際上是一組非常酷的功能，允許監管機構和企業擁有，例如，[審計]能力控制他們向雲的移動。

Similarly Azure, while we launched a whole set of security offers around how people can encrypt and manage keys, so those are all security features.

與 Azure 類似，雖然我們圍繞人們如何加密和管理密鑰推出了一整套安全產品，但這些都是安全功能。

We bought a company called Erado that's essentially a firewall on all right identity management.

我們收購了一家名為 Erado 的公司，它本質上是一個身份管理防火牆。

When we talk about enterprise management suite growth, a lot of it is obviously is management growth, but it is also security and data protection growth.

當我們談論企業管理套件的增長時，很多顯然是管理增長，但也是安全和數據保護的增長。

So the approach we are taking is we are essentially creating to your point, security value around our products, which allows us to participate in essentially a security market that we never did in the ways that we are.

因此，我們正在採取的方法是，我們本質上是在圍繞我們的產品創造安全價值，這使我們能夠參與本質上我們從未以我們現在的方式做過的安全市場。

So it's more than just launching one point security product.

因此，它不僅僅是推出單點安全產品。

It's much more broadly participating in the security market and you have seen some of that in the inorganic moves and the suites we have created.

它更廣泛地參與了安全市場，您已經在我們創建的無機移動和套件中看到了其中的一些。

Excellent.

出色的。

Thank you, guys.

感謝你們。

Next question, please.

下一個問題，請。

Walter Pritchard from Citigroup.

花旗集團的沃爾特·普里查德。

Amy, just for you on the annuity, it looks like annuity is 82% of the commercial revenue the last two quarters.

艾米，就你的年金而言，看起來年金是過去兩個季度商業收入的 82%。

How high do you think that goes?

你認為這有多高？

It sounds like you do expect that to continue to go up, although probably never gets to 100%.

聽起來您確實希望它會繼續上升，儘管可能永遠不會達到 100%。

I do think over the long term you're right that is how I think about it and frankly inherent in the conversation around moving to the cloud, with the aggressive targets we've given that is sort of implied to your point, and so I think 100% is not the logical answer.

我確實認為從長遠來看你是對的，這就是我的想法，坦率地說，這是圍繞遷移到雲的對話中固有的，我們給出的激進目標在某種程度上暗示了你的觀點，所以我認為 100% 不是合乎邏輯的答案。

There will always be somebody who chooses to purchase on a one-time basis, or there is a logic to it.

總會有人選擇一次性購買，或者這是有邏輯的。

But I do think over time we do expect that to trend in that general direction.

但我確實認為，隨著時間的推移，我們確實預計會朝著這個大方向發展。

And then, Satya, you mentioned CRM in your prepared comments, which we haven't really heard you talk that much about as an area of interest in the past.

然後，Satya，您在準備好的評論中提到了 CRM，我們過去並沒有真正聽到您將其作為一個感興趣的領域來談論那麼多。

I'm wondering what changed in your view, or how do you look to sort of bring that into, it sounds like more the core productivity scenario that you deliver?

我想知道您的觀點發生了什麼變化，或者您如何看待這種變化，這聽起來更像是您提供的核心生產力場景？

I mean, overall business process collaborations, communication, these category boundaries are things that I believe are going to change.

我的意思是，整體業務流程協作、溝通、這些類別邊界是我認為將會改變的事情。

I've always felt that, you know, in some sense most of the time we even automate business processes would be spend really getting our business done in our communication and collaboration tools and these impedance is something that I've always dreamt of-- how do we could [solve] and CRM has taken our dynamic product has taken some pretty unique approaches, and quite frankly I want to open up our communications and collaborations for other CRM ventures.

我一直覺得，你知道，在大多數情況下，我們甚至自動化業務流程都會花費在我們的通信和協作工具中真正完成我們的業務，而這些阻抗是我一直夢寐以求的——我們如何[解決] CRM 採用了我們的動態產品採用了一些非常獨特的方法，坦率地說，我想為其他 CRM 企業開放我們的溝通和協作。

One of the things that I am very explicit about is we will have an open platform for other business process applications because it is a very fragmented market world over, especially if you add SNB.

我非常明確的一件事是我們將為其他業務流程應用程序提供一個開放平台，因為它是一個非常分散的市場世界，特別是如果您添加 SNB。

We want to be having a platform play as well as our own business applications play and both of them should be high growth for us.

我們希望有一個平台遊戲以及我們自己的業務應用程序遊戲，它們對我們來說都應該是高增長的。

In the last year we've just adding more focus and we put more selling capacity around it, more marketing capacity and now of course have mainstreamed it across Microsoft.

在過去的一年裡，我們只是增加了更多的關注點，我們圍繞它增加了更多的銷售能力，更多的營銷能力，現在當然已經將它納入微軟的主流。

I'm a big believer in this.

我非常相信這一點。

Because I think we have something unique to add as opposed to driving our own top line, bottom line growth, I think we can bring real innovation and that is what is exciting to see.

因為我認為我們有一些獨特的東西要添加，而不是推動我們自己的頂線、底線增長，我認為我們可以帶來真正的創新，這是令人興奮的。

It is not just CRM.

它不僅僅是 CRM。

I'm actually excited about our ERP business, some of the numbers that Amy talked about is growth.

我實際上對我們的 ERP 業務感到興奮，艾米談到的一些數字是增長。

When I think about data as the new currency, we have lots of managed seats and a lot of data, which all will move to the cloud and so things like [Power BI] and Cortana Analytics could help customers transform.

當我將數據視為新貨幣時，我們擁有大量託管席位和大量數據，所有這些都將轉移到雲中，因此 [Power BI] 和 Cortana Analytics 之類的東西可以幫助客戶轉型。

So in fact, that's one of the reasons I'm very optimistic about our new data capabilities, is we have the attach capability to our install base dynamic.

所以事實上，這就是我對我們的新數據功能非常樂觀的原因之一，我們有附加功能到我們的安裝基礎動態。

And, Walter, just quickly, this is one of the areas that we invested in actually leading into this past year FY15.

而且，沃爾特，很快，這是我們在去年 FY15 實際投資的領域之一。

The results have actually been better than we anticipated when we first made the investments.

結果實際上比我們最初進行投資時的預期要好。

So I think we both feel very good about the momentum that's built for the year.

所以我認為我們都對今年建立的勢頭感覺非常好。

Great.

偉大的。

Thank you.

謝謝你。

Thank you, Walter.

謝謝你，沃爾特。

We'll go to the next question, please.

請我們進入下一個問題。

Karl Keirstead from Deutsche Bank.

德意志銀行的 Karl Keirstead。

Question for Amy on the cost control front, looks like you once again came in below your OpEx guide.

艾米在成本控制方面的問題，看起來你又一次低於你的運營支出指南。

But I think that the COGS number came a little bit above what you had guided to three months ago, and I'm just wondering if you could talk through that, obviously it affects everybody's gross margin calculations.

但我認為 COGS 數字略高於您三個月前的指導值，我只是想知道您是否可以討論一下，顯然它會影響每個人的毛利率計算。

Was it the hardware mix shift?

是硬件組合的轉變嗎？

Was it the challenges with the phone business?

是電話業務面臨的挑戰嗎？

Perhaps a little color there might help us.

也許那裡的一點顏色可能會對我們有所幫助。

Thank you.

謝謝你。

Sure, Karl.

當然，卡爾。

Because of the performance in Xbox and in Surface, you're right, it is a hardware mix shift a bit.

由於 Xbox 和 Surface 的性能，你是對的，這是硬件組合的轉變。

We outperformed significantly in both those products in Q4, and that does, took a little bit outside the COGS range but not as much as our revenue outperformed.

在第四季度，我們在這兩種產品中的表現都顯著優於其他產品，這確實超出了 COGS 範圍，但不如我們的收入表現出色。

So actually, margins structurally were better than I thought they would be.

所以實際上，利潤率在結構上比我想像的要好。

And so actually I feel quite good with that outperformance and our ability to see that outperformance fall to the bottom line through stronger execution on gross margin percentage, particularly in that segment.

因此，實際上我對這種出色的表現感到非常滿意，並且我們有能力通過更強的毛利率百分比執行來看到這種出色表現跌至底線，特別是在該細分市場。

Okay.

好的。

Good.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Thanks, Karl.

謝謝，卡爾。

Next question, please.

下一個問題，請。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊銀行。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to go back at Azure, you obviously have strong momentum there.

我想回到 Azure，你顯然在那裡有很強的動力。

Can you talk a little bit about the use cases you see from your enterprise and SNB customers, is this going to very much test and development situation or do you see kind of a broad adoption there, besides obviously Office 365, et cetera?

您能否談談您從您的企業和 SNB 客戶那裡看到的用例，這將是非常多的測試和開發情況，還是除了 Office 365 等之外，您是否看到了廣泛的採用？

Thank you.

謝謝你。

At this point I would say that it is pretty broad even use cases for even enterprise customers.

在這一點上，我會說它甚至對於企業客戶來說也是相當廣泛的用例。

There is definitely dev tests happening, there is production IaaS infrastructure as a service deployment, given some of the new high performance SKUs and storage options that we have.

鑑於我們擁有的一些新的高性能 SKU 和存儲選項，肯定會進行開發測試，將生產 IaaS 基礎設施即服務部署。

And we are seeing significant adoptions of SQL, this is Azure DB, machine learning as a service.

我們看到 SQL 的大量採用，這就是 Azure DB，機器學習即服務。

One of the things that we realize is that every company out there becomes a software company, beyond even our traditional reach to IT, everyone has a digital office inside the company.

我們意識到的一件事是，每家公司都變成了一家軟件公司，甚至超出了我們對 IT 的傳統範圍，每個人在公司內部都有一個數字辦公室。

They're in fact doing things in advanced analytics, and using machine learning and that's the place where we have some very unique capabilities.

他們實際上在做高級分析，並使用機器學習，這就是我們擁有一些非常獨特的能力的地方。

That is another place we're seeing wide adoption.

這是我們看到廣泛採用的另一個地方。

We're seeing adoption in the building of new front ends, or back ends for new front ends, essentially using Azure as the cloud backend for their mobile apps across Android iOS and Windows as well as their web.

我們看到在構建新的前端或新前端的後端方面得到採用，本質上是使用 Azure 作為其跨 Android iOS 和 Windows 以及他們的 Web 的移動應用程序的雲後端。

That is another use case that is high growth for us.

這對我們來說是另一個高增長的用例。

And, of course, Cortana Analytics, this is the big data side of it.

當然，還有 Cortana Analytics，這是它的大數據方面。

It is happening in IT, it is happening in as I said in digital offices within each one of the customers.

它發生在 IT 中，正如我所說的，它發生在每個客戶的數字辦公室中。

So we have a pretty broad spectrum of use cases.

所以我們有相當廣泛的用例。

Some of the customers have talked about even in the recent set of conferences, from our partner conference to our Ignite conference, we have in fact showcasing, even our ad campaign showcases some of these use cases.

一些客戶甚至在最近的一系列會議中都談到了，從我們的合作夥伴會議到我們的 Ignite 會議，我們實際上已經展示了，甚至我們的廣告活動也展示了其中的一些用例。

Thanks.

謝謝。

Next question, please.

下一個問題，請。

Heather Bellini, Goldman-Sachs.

希瑟·貝里尼，高盛。

Great, thank you.

太好了謝謝。

I just had two questions, pretty quick ones.

我只有兩個問題，很快。

Just to follow up on Azure.

只是為了跟進 Azure。

I was wondering if you could share with us what you're seeing the mix between IaaS and PaaS and kind of how you have seen that shift evolve over the last few quarters.

我想知道您是否可以與我們分享您所看到的 IaaS 和 PaaS 之間的混合，以及您如何看待過去幾個季度這種轉變的演變。

Secondly, just to follow up on Walter's question, yes, you definitely have been focussing on the customer relationship management opportunity in the financials market more, but given the big SaaS incumbent already competing in that area, can you share with us, do you think you have the assets you need internally to execute against your long-term goals?

其次，為了跟進沃爾特的問題，是的，您確實一直在更多地關注金融市場中的客戶關係管理機會，但是鑑於大型 SaaS 現有企業已經在該領域競爭，您能否與我們分享一下，您認為您擁有內部執行長期目標所需的資產嗎？

Sure.

當然。

IaaS and SaaS is an interesting question.

IaaS 和 SaaS 是一個有趣的問題。

I've not looked at it in isolation.

我沒有孤立地看待它。

Because what happens is, at least the use cases, what starts off as IaaS suddenly will start using Azure for identity management, will use a little bit of our media services, for example, just doing content and end quoting.

因為發生的情況是，至少在用例中，開始時 IaaS 突然開始使用 Azure 進行身份管理，將使用我們的一些媒體服務，例如，只做內容和結束引用。

So there is a mix always.

所以總是有一個混合。

There is nothing pure PaaS, nothing pure IaaS.

沒有純粹的 PaaS，也沒有純粹的 IaaS。

That is a trend I see.

這是我看到的趨勢。

But it's split that we should go take a look at and then off-line maybe even talk about it.

但是我們應該去看看然後離線甚至談論它是分裂的。

But overall we see significant amount of IaaS in the last year.

但總的來說，我們在去年看到了大量的 IaaS。

Because that's probably in the place where we had more of a weakness which we have now overcome.

因為那可能是我們現在克服了更多弱點的地方。

So we have seen significant growth of IaaS in the enterprise.

因此，我們看到 IaaS 在企業中的顯著增長。

But the place where we continue to have significant differentiation is in some of these managed services at PaaS, and that I think is the mix on it.

但是，我們繼續保持顯著差異化的地方在於 PaaS 的一些託管服務，我認為這就是它的混合。

And then on the Dynamics side I absolutely believe we have a huge opportunity, having sort of worked in business applications for a long time, first of all, the market is very fragmented.

然後在動態方面，我絕對相信我們有一個巨大的機會，在業務應用程序中工作了很長時間，首先，市場非常分散。

I think people like to talk about leaders and there are clearly leaders when you go to the very top of the enterprise customers in segment.

我認為人們喜歡談論領導者，當你談到細分企業客戶的最高層時，顯然有領導者。

But the way the markets flips into verticals and then into horizontals and then the platforms effect there's plenty of opportunity.

但是市場轉變為垂直市場然後轉變為水平市場然後平台效應的方式有很多機會。

For sure you've got to be one of the players.

當然，你必須成為其中的一員。

It will be three players, four players, or whatever.

這將是三名球員，四名球員，或其他。

In every technology paradigm you want to be one of them.

在每一種技術範式中，你都想成為其中的一員。

We only have a $2 billion plus dynamics business, I talked about the total number of seats and now we have this triple digit CRM on-line growth.

我們只有 20 億美元以上的動態業務，我談到了席位總數，現在我們擁有三位數的 CRM 在線增長。

So I feel that we're in a good position and I feel that things we'll look at and even some of the inorganic means to keep growing it.

所以我覺得我們處於一個很好的位置，我覺得我們會關注的東西，甚至是一些無機手段來保持它的發展。

In fact the field service acquisition I talked about in my script is an example of that.

事實上，我在劇本中談到的現場服務收購就是一個例子。

So that's my bullishness on our business process prospects.

這就是我對我們業務流程前景的看好。

Thank you very much.

非常感謝。

We'll go to the next question, please.

請我們進入下一個問題。

Ross MacMillan from RBC Capital Markets.

加拿大皇家銀行資本市場的羅斯麥克米倫。

Thanks for taking my question.

感謝您提出我的問題。

First on OpEx, the guidance, Amy, is impressive.

首先是運營支出，艾米的指導令人印象深刻。

I presume that fully accommodates the restructuring announced two weeks ago, and then last year you said core Microsoft ex NDS would be down slightly in OpEx.

我想這完全適應了兩週前宣布的重組，然後去年你說核心微軟前 NDS 將在 OpEx 中略有下降。

I wondered if you can provide a similar comment for FY16 for core Microsoft ex phone?

我想知道您是否可以為 2016 財年的核心微軟前手機提供類似的評論？

Sure, I talked a little bit about it but let me go into a bit of detail of that.

當然，我談了一點，但讓我詳細介紹一下。

I think the first half of your question was does the $32.1 billion to $32.4 billion full-year OpEx guide reflect the timing of the implementation of our restructuring.

我認為你問題的前半部分是 321 億至 324 億美元的全年運營支出指南是否反映了我們實施重組的時機。

And it certainly does.

確實如此。

And so what you can then see related the second half of your question, is that we are taking some of those savings and investing them back into the business in some of these key growth areas we've seen.

因此，您可以看到與您問題的後半部分相關的內容是，我們正在利用其中的一些儲蓄並將其重新投資到我們已經看到的一些關鍵增長領域的業務中。

I outlined three on the call.

我在電話中概述了三個。

The third one I probably could have expanded more on.

第三個我可能可以擴展更多。

The first one is Windows 10.

第一個是 Windows 10。

The second is the first party hardware, where we just had such terrific performance again this Q4.

第二個是第一方硬件，我們在第四季度再次獲得瞭如此出色的表現。

And then finally the third bucket was about accelerating our commercial cloud lead.

最後第三個桶是關於加速我們的商業雲領先優勢。

I do feel like in that area we could invest in Office 365, some of the new E5 capabilities, I look forward to adding sales capacity to take advantage of that.

我確實覺得在那個領域我們可以投資 Office 365，一些新的 E5 功能，我期待增加銷售能力以利用它。

We'll also add sales capacities across some of the other opportunities we've seen broadly.

我們還將在我們廣泛看到的其他一些機會中增加銷售能力。

So I look and see that as an opportunity to accelerate top line growth.

因此，我將其視為加速收入增長的機會。

One thing I'll just add, because a lot of folks even asked about our business process and business application, I want to build a long-term profitable business.

我要補充一件事，因為很多人甚至詢問我們的業務流程和業務應用程序，我想建立一個長期盈利的業務。

In other words, one of the keys in biz app is you can always get into the trap of over spending in sales and marketing and not having long-term leverage at all.

換句話說，商業應用程序的關鍵之一是你總是會陷入銷售和營銷過度支出的陷阱，而根本沒有長期影響力。

One of the things I feel very good about our position is how do you really build a long-term profitable business?

我對我們的職位感到非常滿意的一件事是，您如何真正建立長期盈利的業務？

That is front and center to me.

這對我來說是前沿和中心。

So we will not overspend on sales and marketing because we do believe the products are a different way to sell even business process applications because of the cloud and that is something we want to take advantage of.

因此，我們不會在銷售和營銷上超支，因為我們確實相信，由於雲，這些產品甚至是銷售業務流程應用程序的不同方式，這是我們想要利用的東西。

I had one quick follow up, if I could.

如果可以的話，我有一個快速跟進。

That is helpful.

這很有幫助。

On Analysts Day you did talk about I think it was 8% unit growth for the Office ecosystem over the last three years and sounds like you continued to see nice unit growth in Office.

在分析師日，您確實談到了我認為過去三年 Office 生態系統的單位增長率為 8%，聽起來您繼續看到 Office 的單位增長率不錯。

How should we think about that going forward?

我們應該如何看待未來的發展？

Are you fully expecting to continue to see unit growth?

您是否完全期望繼續看到單位增長？

And also just a clarification.

也只是一個澄清。

I think your customer lifetime value was based on existing SKUs.

我認為您的客戶生命週期價值基於現有的 SKU。

So as you introduce E5 and others, does that open up potential for even higher customer lifetime value?

因此，當您介紹 E5 和其他產品時，這是否為更高的客戶生命週期價值開闢了潛力？

I do think the work was showed at the analyst meeting on the importance of increasing the install base across Office and Exchange, it did occur again this quarter.

我確實認為這項工作在分析師會議上展示了增加 Office 和 Exchange 安裝基礎的重要性，它確實在本季度再次發生。

I feel good that we're staying on the trajectory that we showed and the projections.

我感覺很好，我們保持在我們展示的軌跡和預測上。

I do continue to expect that to happen as we share back that last week in April.

我確實希望這會發生，因為我們在 4 月的上週分享了這一點。

On the second half of your question.

關於你問題的後半部分。

I tend to think, you're right, generically, each of the examples were quite different.

我傾向於認為，你是對的，一般來說，每個例子都是完全不同的。

There were people that were upgrading from X to Y, there were people that were just simply moving to the cloud.

有些人從 X 升級到 Y，有些人只是簡單地遷移到雲端。

But one of the things that the cloud, to your point makes fundamentally possible, is the opportunity for us to quickly iterate the opportunities, build value and deploy it more quickly to customers, and generally I do think that they will pay us for that, to your specific question.

但是，就您而言，雲從根本上成為可能的一件事是，我們有機會快速迭代機會，建立價值並將其更快地部署給客戶，通常我認為他們會為此付費，針對您的具體問題。

I also think the importance of it is that it tends to also come with higher margins.

我還認為它的重要性在於它往往也會帶來更高的利潤率。

So our improvement and continued improvement in our commercial cloud gross margin portfolio, I think this is a key criteria of that.

因此，我們在商業雲毛利率組合方面的改進和持續改進，我認為這是其中的一個關鍵標準。

So I associate it, yes, with lifetime value, I also associate our ability to move our gross margin percentage up.

所以我將它與終身價值聯繫起來，我還將我們提高毛利率百分比的能力聯繫起來。

That's great.

那太棒了。

Thank you.

謝謝你。

One last question, please.

最後一個問題，請。

Our last question comes from Daniel Ives, FBR Capital.

我們的最後一個問題來自 FBR Capital 的 Daniel Ives。

Yes, thanks, just one last one just on M&A.

是的，謝謝，最後一個是關於併購的。

Maybe you could just talk through any change in the strategy, obviously what is happening with the peer write-down, the security acquisition, going into fiscal year, how you're thinking about M&A in the scheme of everything, especially you guys have proved tight on cost control and everything else.

也許你可以談談戰略的任何變化，很明顯，同行減記發生了什麼，證券收購，進入財政年度，你在一切計劃中如何考慮併購，尤其是你們已經證明嚴格控製成本和其他一切。

Thanks.

謝謝。

Overall and the way I look at it is -- first of all, I'm most focused, on obviously, our organic growth, and in there, Amy alluded to this, we made significant changes in how we have allocated our own organic dollars, both in R&D as well as in sales and marketing.

總的來說，我看待它的方式是——首先，顯然，我最關注的是我們的有機增長，在那裡，艾米提到了這一點，我們在分配我們自己的有機資金的方式上做出了重大改變，無論是在研發方面，還是在銷售和營銷方面。

And we'll continue to do that because I think there is significant new opportunities for us to go after, and that will require us to just reallocate aggressively and that to me is core.

我們將繼續這樣做，因為我認為我們有重要的新機會去追求，這將要求我們積極地重新分配，而這對我來說是核心。

But beyond that we will look at inorganic means.

但除此之外，我們將研究無機手段。

When I look at all of the acquisitions that we have made over the course of the last year, and our OpEx guidance for next year, shows how disciplined we are in bringing new talent in.

當我查看我們在過去一年中進行的所有收購以及我們對明年的運營支出指導時，可以看出我們在引進新人才方面是多麼自律。

Be it in R&D, be it in sales and marketing.

無論是研發，還是銷售和營銷。

So we are not afraid to bring in new capability.

所以我們不害怕引入新的能力。

But I'm also questioning what is the allocation we have.

但我也質疑我們的分配是多少。

Of course, we have done smaller acquisitions, but they add up, they're pretty significant.

當然，我們進行了較小的收購，但它們加起來非常重要。

When you add up all of the things that we have done in the Office 365 space, all of the things we have done in the Azure space.

當您將我們在 Office 365 空間中所做的所有事情加起來時，我們在 Azure 空間中所做的所有事情。

So we'll continue to do that.

所以我們將繼續這樣做。

And if anything comes up in M&A which allows us to pursue our strategic vision, that we will need to even allocate more to on an OpEx basis, post acquisition, we will look at that.

如果併購中出現任何讓我們能夠追求我們的戰略願景的事情，我們甚至需要在運營支出的基礎上分配更多資金，收購後，我們會考慮這一點。

So I won't shy away from it, because what's important to us is growth in areas where we have something unique to contribute and long-term profitability.

所以我不會迴避它，因為對我們來說重要的是在我們有獨特貢獻和長期盈利能力的領域實現增長。

Thank you.

謝謝你。

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, you can follow our comments at the www.Microsoft.com/investor website.

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 www.Microsoft.com/investor 網站上關注我們的評論。

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 does conclude 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。