甲骨文 (ORCL) 2002 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Stellent, Incorporated quarter ended June 30th, 202 conference call. Representing the company on the call today are the company's president and chief executive officer, Vern Hansley [phonetic], and the chief financial officer Gregg Waldon, the senior vice-president of business development Dan Ryan, and Mitch Berg, our vice-president of operations, will be available to answer questions at the end of the call.

各位女士、各位先生，下午好， 歡迎參加 Stellent, Incorporated 截至 2002 年 6 月 30 日止季度的電話會議。今天代表公司出席電話會議的有公司總裁兼執行長 Vern Hansley（音譯），以及財務長 Gregg Waldon；資深副總裁（業務發展）Dan Ryan 與營運副總裁 Mitch Berg 也將在會議最後回答提問。

At this time all participants are in a listen-only mode. Later we will conduct a question and answer session. At that time if you have a question, you will need to press star and then the number 1 on your telephone. As a reminder, this conference is being recorded Tuesday, July 30ing, 2002. A replay of this conference will be available at 8 o'clock p.m. Eastern time on Tuesday, July 30th, through midnight, Tuesday, August 6th. To access the replay, you will dial 800-642-1687 for domestic and 706-645-9291 for international and enter the conference ID number 487-6783.

目前所有與會者均處於僅收聽模式。稍後我們將進行問答環節。屆時如您有問題，請在電話上按星號（*）再按數字 1。提醒各位，本次會議於 2002 年 7 月 30 日（週二）錄音。本次會議的重播將於 7 月 30 日（週二）美東時間晚上 8 點提供， 並持續至 8 月 6 日（週二）午夜。如需收聽重播， 美國國內請撥 800-642-1687， 國際請撥 706-645-9291， 並輸入會議 ID 號碼 487-6783。

The following presentation contains forward looking statements including projections about Stellent's future performance, Stellent disclaims any obligation to update these forward looking statements. You should be aware that many factors could cause actual results to differ materially from those anticipated in these forward looking statements. Please direct your attention to Stellent's recent filings with the SEC including their Form 10(k) and forms 10(q) which contain meaningful cautionary statements under factors affecting future results and elsewhere. In the future Stellent will make other filings with the SEC from time to time including Form 10(k) that will update this cautionary disclosure. These filings are available on the SEC web site, www.SEC.gov.

以下簡報包含前瞻性陳述，包括對 Stellent 未來表現的預測；Stellent 不承擔更新這些前瞻性陳述的任何義務。您應注意，許多因素可能導致實際結果與這些前瞻性陳述所預期者存在重大差異。請您留意 Stellent 近期向美國證券交易委員會（SEC）提交的文件，包括 Form 10(k) 與 Form 10(q)，其中在「影響未來結果之因素」及其他部分載有重要的警示性陳述。未來 Stellent 亦將不時向 SEC 提交其他文件，包括 Form 10(k)，以更新此等警示性揭露。這些文件可於 SEC 網站查閱： www.SEC.gov。

It is now my pleasure to turn the conference call over to the company's president and chief executive officer, Vern Hansley.

現在我很榮幸將電話會議交給公司總裁兼執行長 Vern Hansley。

Good afternoon, and thank you for taking the time to join Stellent for a discussion of our first quarter results. I'll pend a few moments highlighting the quarter and discussing some of our strategic objectives then our CFO Gregg Waldon will provide a financial review. Gregg we'll turn the call back over to me for a quick summary and I will open the call up for questions. Had we are pleased to report Stellent completed a strong first quarter of our fiscal year 2003 despite a challenging economic environment. Our first quarter revenues were 17 percent, 1 million, a 22 percent sequential increase over 14 million reported in the prior quarter. We also maintain a strong cash and marketable securities position of approximately 88 million. Our team generated significant momentum during the quarter to enable us to achieve our Q1 revenue goals. Our direct sales initiatives and partner programs resulted in 25 competitive new content management customer wins. Our mobile and wireless group signed a number of large contracts during the quarter. and we released a new version of our content management technology to bring content management further into the enterprise, we'll reach more users and manage more content. Stellent provides world class software solutions that efficiently manage all business and web content in the enterprise. Our market share continues to grow due to our dedication to this vision, our leading edge technology solutions, our strategic alliances with major technology players such as BEA and IBM. Stellent is now recognized as one of the top content management vendors in the world.

各位下午好，感謝各位撥冗參加 Stellent 的會議，一同討論我們第一季的業績結果。我將先用幾分鐘重點說明本季表現並談談部分策略目標，接著由我們的財務長 Gregg Waldon 進行財務回顧。之後 Gregg 會把電話交回給我做簡短總結，並開放提問。我們很高興報告，儘管經濟環境充滿挑戰，Stellent 仍在 2003 會計年度第一季繳出強勁表現。第一季營收為 1,700 萬美元，較前一季所報告的 1,400 萬美元季增 22%。我們也維持強勁的現金與有價證券部位，約 8,800 萬美元。本季團隊建立了顯著動能，使我們得以達成 Q1 的營收目標。我們的直銷計畫與合作夥伴方案帶來 25 個在競爭中勝出的全新內容管理客戶。我們的行動與無線事業群在本季簽下多筆大型合約。 並且我們發佈了新版內容管理技術，將內容管理更深入導入企業，觸及更多使用者並管理更多內容。Stellent 提供世界級軟體解決方案，可在企業內高效率管理所有商務與網站內容。由於我們對此願景的投入、領先的技術解決方案，以及與 BEA、IBM 等主要科技業者的策略聯盟，我們的市占率持續成長。Stellent 現已被公認為全球頂尖的內容管理供應商之一。

During the first quarter we signed 72 new and expanded content management software license agreements. of those 25 new content management customers, including companies such as Procter and Gamble, Hitachi America, Centers for Medicare and Medicaid services, Great River Energy, UMB Financial. The remaining 47 were continued roll outs across existing customer accounts. Customers such as ING Group, United Nations, Guardian Life Insurance, [inaudible] America and Oglethorp Power Corporation. We began to see momentum in manufacturing, utility and consumer goods industry during the quarter in addition to our continued strong key government, health care and financial services vertical sectors. In addition, our mobile and wireless group signed or renewed agreements with companies including DigiSystems, U.S. State Department, Computer Think, PTC Alta Vista during the quarter. We also announced Sony, Ericsson Mobile Communication AB is using our outside end technology in their PA 800 Smart Phone which is based on the open semi and seminal platform. This application is another example of how outside end adds value to mobile applications by empowering mobile workers to easily access, view business content on their wireless devices. We continued our focus on alliances, alliance activity during the quarter and we closed a number of joint implementations that substantially influenced our revenue. We won Oppenheimer Funds with BEA and the State of Mississippi Human Services, the software house international. We also joined the see bolt system alliance program and were elevated to the top of the level of the BEA star partner program.

第一季期間，我們簽署了 72 份新增與擴充的內容管理軟體授權合約。其中 25 家為全新內容管理客戶，包括寶僑（Procter and Gamble）、日立美國（Hitachi America）、聯邦醫療保險與醫療補助服務中心（Centers for Medicare and Medicaid Services）、Great River Energy、UMB Financial 等公司。其餘 47 份為既有客戶帳戶的持續擴大部署。客戶包括 ING 集團、聯合國、Guardian Life Insurance、[聽不清] America，以及 Oglethorp Power Corporation。除我們在政府、醫療保健與金融服務等關鍵垂直領域持續強勁外，本季我們也開始在製造業、公用事業與消費品產業看到動能。此外，我們的行動與無線事業群在本季與 DigiSystems、U.S. State Department、Computer Think、PTC Alta Vista 等公司簽署或續約協議。我們也宣布 Sony, Ericsson Mobile Communication AB 在其 PA 800 智慧型手機中採用我們的 outside end 技術；該手機以 open semi and seminal 平台為基礎。此應用再次展現 outside end 如何透過讓行動工作者能在無線裝置上輕鬆存取與檢視商務內容，為行動應用增值。我們持續聚焦於策略聯盟；本季聯盟活動活躍，並完成多項聯合導入案，對我們營收產生實質影響。我們與 BEA 一同贏得 Oppenheimer Funds，以及密西西比州人類服務部（State of Mississippi Human Services）、software house international。我們也加入 see bolt system 聯盟計畫，並被提升至 BEA star partner 計畫的最高等級。

During the quarter we announced several new enhanced and products to enable our customers to more fully leverage the critical business content in their organizations. Version 6 of the Stellent content management system which began shipping in March offers robust content collaboration and integration capabilities and the enterprise strength scale ability enabled organization to further optimize content management across a large number of employees, partners and customers. Version 6 includes three new servers, including one based on technology required from connect up in early April. We believe version 6 gives Stellent the widest array of content contribution, management and delivery mechanisms available in the world to both line of business and enterprise implementations. The product has been well received by customers, partners and analysts and we're confident that we'll provide significant revenue stream for us moving forward.

本季我們宣布多項新的強化與產品，讓客戶能更充分運用其組織內的關鍵商務內容。Stellent 內容管理系統第 6 版自 3 月開始出貨，提供強大的內容協作與整合能力，以及具企業級強度的可擴展性，使組織得以在大量員工、合作夥伴與客戶之間進一步最佳化內容管理。第 6 版包含三個新伺服器，其中一個基於我們在 4 月初自 connect up 取得的技術。我們相信第 6 版使 Stellent 擁有全球最廣泛的內容貢獻、管理與傳遞機制，可同時支援業務線（line of business）與企業級導入。該產品已獲客戶、合作夥伴與分析師良好回響，我們有信心它將在未來為我們帶來可觀的營收來源。

We also introduced the new audio video indexer module during the quarter to help meet global 2000 business he is' need to access manage and deliver rich media content. Our technology has always been able to securely manage work flow, publish media file to the web. and with the audio video indexer, we now provide users with the most sophisticated method of leveraging this growing volume of critical business content. Stellent also announced version 6 with Stellent content categorizer which further ease of use for content contribution by automating Meta data assignments and providing integration with industry leading categorization engines. We feel our strategy to enable integration of our software with proven categorization products rather than build proprietary categorization technologies ensures the most flexibility and accuracy for our customers.

本季我們也推出新的音訊/視訊索引器（audio video indexer）模組，以協助滿足全球 2000 大企業對於存取、管理與傳遞豐富媒體內容的需求。我們的技術一向能安全地管理工作流程、將媒體檔案發佈至網路；而透過音訊/視訊索引器，我們如今為使用者提供最先進的方法，以運用這日益成長的大量關鍵商務內容。Stellent 亦宣布第 6 版搭配 Stellent 內容分類器（Stellent content categorizer），透過自動化中繼資料（Meta data）指派並與業界領先的分類引擎整合，進一步提升內容貢獻的易用性。我們認為，相較於自行打造專有分類技術，我們的策略是讓軟體能與經驗證的分類產品整合，從而為客戶確保最大的彈性與準確性。

We continue to expand our international presence in Amia [phonetic], Asia Pacific and Latin America during the quarter. I'm especially please with the progress we're making in Amia particularly in the E government vertical. I had the pleasure of meeting with various customers, prospects and analysts recently in this region. Also alliances with such - such as Price Waterhouse Coopers and EDS are maturing into global partners for us and will present additional international opportunities for us in the near term. We are pleased with our Q1 results. Our pipeline is strong as we move into Q2. We believe our unwavering product strategy, our strong alliances and our commitment to our customer satisfaction positions Stellent to emerge as a leading content management vendor when the IT buying patterns stabilize. We are committed to returning Stellent to profitability as soon as possible and we are confident in Stellent's future.

我們在本季持續擴大我們的國際布局， 涵蓋 AMIA [音譯]、亞太地區以及拉丁美洲。我尤其對 我們在 AMIA 的進展感到滿意，特別是在 電子政府（E-government）垂直領域。我最近很榮幸 在該地區與多位客戶、潛在客戶以及 分析師會面。此外， 與普華永道（Price Waterhouse Coopers）以及 EDS 等的結盟正逐步成熟，成為我們的全球合作夥伴， 並將在短期內為我們帶來更多國際 機會。我們對第一季（Q1）的業績 感到滿意。隨著我們進入第二季（Q2），我們的商機管道 依然強勁。我們相信， 我們堅定不移的產品策略、強大的策略聯盟 以及對客戶滿意度的承諾， 將使 Stellent 在 IT 採購模式 趨於穩定時，成為領先的內容 管理供應商。我們致力於盡快讓 Stellent 重返獲利，我們也 對 Stellent 的未來充滿信心。

I now will turn the call over to Gregg Waldon, our chief financial officer.

現在我將把電話會議交給我們的 財務長 Gregg Waldon。

Thank you, Vern, and good afternoon, ladies and gentlemen. We caution you that parts of the following financial overview are forward looking statements and we disclaim any obligation to update the statements.

謝謝你，Vern， 各位女士、先生，下午好。我們提醒各位， 以下財務概述的部分內容屬於前瞻性陳述，我們不承擔 更新這些陳述的任何義務。

They represent our view of Stellent business as of July 30th, 2002. the actual results may differ materially due to a number of risk factors that have been identified in our recent filings with the SEC second including our forms 10(k) and 10(q) under the caption risk factors and also in those filings. the following comments will relate primarily to our financial components for the quarter ended June 30th, 2002.

這些內容代表我們截至 2002 年 7 月 30 日對 Stellent 業務的看法。 實際結果可能因多項風險因素而出現重大差異； 這些風險因素已在我們近期向美國證券交易委員會（SEC）提交的文件中揭露， 其中包括我們的 10-K 與 10-Q 表格， 在「風險因素」標題下以及相關申報文件中均有說明。 以下評論將主要針對 截至 2002 年 6 月 30 日止季度的 財務組成項目。

Product license revenues and services revenues for the first quarter ended June 30th, 2002 were 11.1 million and 6.0 million respectively for a total of 17.1 million. This represents a 31 percent decrease from the 24.6 million in total revenues for the quarter ended June 30th, 2001, and a 22 percent sequential increase from our quarter ended March 31st, 2002 up 14 million in total revenue. Our product license and services revenues for the quarter ended June 30th, 2002 is 65 percent and 35 percent respectively. Our goal is to have product license revenues that are approximately 75 percent by the March 31st, 2003 quarter which approximate and the average [inaudible] over the last 8 quarters. Our pro forma net loss for the quarter ended June 30th, 2002 was 5 million. Our pro forma loss for basic share of 22 cents. Compared to the pro forma net income of 2.6 million or pro forma earnings per diluted share of 11 cents for the quarter ended June 30th, 2001. Pro forma profitability [Inaudible] exclusive of amortization and certain intangible assets, restructuring charges and pro forma income taxes. Our product license revenue from a customer base was approximately 48 percent and we continue to have over a 90 percent [Inaudible] renewal in June 30th, 20 two-quarter which shows that our customers have our software in production and ton buy more [Inaudible] many numerous line of business applications. OEM revenues which can include the conversion mobile and wireless and content publisher and consent server products represented approximately 33 percent of our product license revenue in the June 30th, 2002 quarter. Additionally, approximately 12 percent of our license revenue was from our international operations. and approximately 44 percent of our nonOEM product license revenues were influenced by our partner.

截至 2002 年 6 月 30 日止第一季的 產品授權收入與服務收入 分別為 1,110 萬美元與 600 萬美元，合計 1,710 萬美元。相較於截至 2001 年 6 月 30 日止季度 總收入 2,460 萬美元，這代表 下降 31%。相較於截至 2002 年 3 月 31 日止季度 總收入 1,400 萬美元，則為 連續季增加 22%。我們在截至 2002 年 6 月 30 日止季度的 產品授權與服務收入占比 分別為 65% 與 35%。我們的目標是到截至 2003 年 3 月 31 日止季度， 讓產品授權收入約占 75%， 這大致接近過去 8 個季度的平均 [聽不清]。截至 2002 年 6 月 30 日止季度， 我們的備考（pro forma）淨損為 500 萬美元。備考基本每股虧損為 22 美分。相較之下，截至 2001 年 6 月 30 日止季度的 備考淨利為 260 萬美元，或 備考稀釋後每股盈餘為 11 美分。備考獲利 [聽不清]不包含攤銷以及某些 無形資產、重整費用與備考所得稅。我們的產品授權收入中， 來自既有客戶基礎的比例約為 48%， 且截至 20 二年 6 月 30 日止季度，我們仍維持超過 90% 的 [聽不清]續約率，這顯示客戶已將我們的軟體投入生產環境， 並傾向再購買更多 [聽不清]，用於許多 不同的業務線應用。OEM 收入（可能包含 conversion mobile 與 wireless，以及 content publisher 與 consent server 產品）約占 2002 年 6 月 30 日止季度產品授權收入的 33%。

New customers that were added were as follows: Twenty-five new corporate content management customers for a total of 975; 12 new OEM customers for a total of 364; and over 380 corporate viewing and converting customers. Our average transaction size for our product license revenue for the June 30th, 2002 quarter was 132,000, which is up from the March 31st, 2002 quarter of 111,000, but down from our December 31st, 2001 quarter of 275,000, and from our quarter ended September 30th 201 up 207,000 we closed two 7 figure product license deals into June 2 0 two-quarter our average transaction size is recognized product license revenue [Inaudible] and does not include services, maintenance or deferred revenue. We believe that our average transaction size over the next several quarters will be between 150,000 to 200,000.

新增客戶如下： 新增 25 家企業內容管理客戶，總數達 975 家； 新增 12 家 OEM 客戶，總數達 364 家； 以及超過 380 家企業檢視與轉換（viewing and converting）客戶。我們在截至 2002 年 6 月 30 日止季度的 產品授權收入平均交易金額為 132,000 美元， 高於截至 2002 年 3 月 31 日止季度的 111,000 美元， 但低於截至 2001 年 12 月 31 日止季度的 275,000 美元， 以及截至 201 年 9 月 30 日止季度的 207,000 美元。 我們在 20 二年 6 月止季度完成了兩筆七位數的產品 授權交易；我們的平均交易金額係以已認列的產品 授權收入為基礎 [聽不清]，且不包含 服務、維護或遞延收入。我們 認為未來幾個季度的平均交易金額 將介於 150,000 至 200,000 美元之間。

Overall, our pro forma gross margin for the June 30th, 2002 quarter was approximately 71 percent, versus 65 percent for the March 31st, 2002 quarter. the amount of 474,000 that is separately stated in the June 30th, 2002 quarterly income statement is due primarily to the connect to acquisitions that we completed in the June 2 00 two-quarter. Pro forma gross profits for product license revenues for the quarter ended June 30th, 2002 was 84 percent which is up from our March 31st, 2002 quarter of 82 percent. Our gross profit for services revenues for the quarter ended June 30th, 2002 was 48 percent which is within our target range of 40 to 50 percent and a 7 percent increase from the March 31st, 2002 quarter of 41 percent.

整體而言，我們截至 2002 年 6 月 30 日止季度的備考毛利率約為 71%，相較於截至 2002 年 3 月 31 日止季度的 65%。 在截至 2002 年 6 月 30 日止季度損益表中單獨列示的 474,000 美元， 主要是由於我們在 20 0 二年 6 月止季度完成的 Connect 收購案所致。截至 2002 年 6 月 30 日止季度， 產品授權收入的備考毛利率為 84%， 高於截至 2002 年 3 月 31 日止季度的 82%。截至 2002 年 6 月 30 日止季度， 服務收入的毛利率為 48%， 落在我們 40% 至 50% 的目標區間內， 並較截至 2002 年 3 月 31 日止季度的 41% 增加 7 個百分點。

Sales and marketing expenses for the quarter ended June 30th, 2002 were approximately 10.3 million compared to the March 31st, 2002 quarter of approximately 11 million. As a percentage of revenues, our June 30th, 2002 quarter sales and marketing expense was 61 percent of total revenues versus 78 percent of total revenues in the March 31st, 2002 quarter. the decrease in actual dollars from the March 31st, 2002 quarter to the June 30th, 2002 quarter is due primarily to the restructuring and decrease funding for certain marketing programs. Research and development expenses are 28 percent of total revenues, or approximately 4.7 million in the June 30th 2002 quarter. Compared to 33 percent of total revenues or approximately 4.6 million for the quarter ended March 31st, 2002.

截至 2002 年 6 月 30 日止季度的 銷售與行銷費用約為 1,030 萬美元， 相較於截至 2002 年 3 月 31 日止季度約 1,100 萬美元。以 收入占比而言，截至 2002 年 6 月 30 日止季度的銷售與 行銷費用占總收入的 61%， 相較於截至 2002 年 3 月 31 日止季度占總收入的 78%。 從截至 2002 年 3 月 31 日止季度到截至 2002 年 6 月 30 日止季度， 實際金額下降主要是因為 重整以及對某些 行銷方案的資金投入減少。研發 費用占總收入的 28%， 或截至 2002 年 6 月 30 日止季度約 470 萬美元。相較於截至 2002 年 3 月 31 日止季度， 研發費用占總收入的 33%， 或約 460 萬美元。

General and administrative expenses comprised 16 percent or approximately 2.7 million for the quarter ended June 30th, 2002 compared to 31 percent of total revenues or approximately 4.4 million for the quarter ended March 31st, 2002. General and administrative expenses went down considerably in total dollars by 1.7 million from the March 31st, 2002 quarter primarily due to recording the provision for [Inaudible] many accounts of approximately 1.8 million in the March 31st, 2002 quarter. As previously described in a press release in April of '02 002 we reduced our head count by approximately 50 people with 12 positions eliminated in our local headquarters and the balance distributed across all levels, departments and geographic areas. the total restructuring costs were approximately 2.5 million broken down as follows: Severance and benefits 2 million 50,000. Facilities 300,000, and other 150,000.

一般及行政費用占 截至 2002 年 6 月 30 日止季度總收入的 16%， 或約 270 萬美元；相較於截至 2002 年 3 月 31 日止季度 占總收入的 31%，或約 440 萬美元。一般及行政費用 較截至 2002 年 3 月 31 日止季度在金額上大幅下降 170 萬美元， 主要是因為截至 2002 年 3 月 31 日止季度認列了約 180 萬美元的 [聽不清]多筆 帳款之備抵。如先前在 2002 年 4 月的新聞稿中所述， 我們將員工人數削減約 50 人，其中 12 個 職位在我們當地總部被裁撤， 其餘則分布於各層級、 各部門及各地理區域。重整總 成本約為 250 萬美元， 明細如下：資遣費與福利 205 萬美元。設施費用 300,000 美元，其他 150,000 美元。

As of July 29th, we have 399 employees which is down from 485 employees as of December 15th, 2001. the employees are broken down as follows: Direct and OEM quota carrying sales reps 51. Inside sales reps 19. Sales engineers, sales managers and other sales staff 59. Marketing 27, [inaudible] consulting services 95, research and development 106, and general and administrative 42.

截至7月29日，我們共有399名員工， 低於2001年12月15日的485名員工。 員工組成如下：直銷與OEM配額制銷售代表51名。內勤 銷售代表19名。銷售工程師、銷售經理 及其他銷售人員59名。行銷27名， [聽不清]顧問服務95名，研發106名，以及一般與行政 42名。

On the balance sheet, our cash and marketable securities balance is 88 million as of June 30th, 2002. We anticipate that our cash use and operations for the June 30th, 2002 quarter will be approximately 4.6 million. Our day sales outstanding was 90 days which is down significantly from the March 31st, 2002 quarter of 119. Our goal for the September 30th, 2002 quarter ranges from 85 to 90 days and our goal for DSO's as of December 31st, 2002 is in the range of 80 to 85. Our prepaid expenses and other current assets balance of approximately 6.4 million is approximately the same as the balance at March 31st, 2002 and is comprised of approximately 3.3 million in prepaid expenses such as insurance and consulting services, 2.5 million in miscellaneous and nontrade receivables and refundable deposits such as certain taxes repay roll related refunds and deposits for European facilities, and approximately point 6 million in inventory.

在資產負債表方面，截至2002年6月30日，我們的現金及有價 證券餘額為8,800萬。我們預期截至2002年6月30日當季的現金使用 與營運現金消耗約為460萬。我們的應收帳款週轉天數（DSO）為90天， 較2002年3月31日當季的 119天大幅下降。我們對2002年9月30日當季的目標區間為85至90天，並且我們對 2002年12月31日的DSO目標區間為 80至85天。我們的預付費用及其他流動 資產餘額約為640萬， 與2002年3月31日的餘額大致相同，主要由以下構成： 約330萬的預付費用（如保險 與顧問服務）、250萬的 雜項及非貿易應收款與 可退還押金（例如特定稅款退還、 薪資相關退稅，以及歐洲 設施的押金），以及約60萬的 存貨。

As of June 30th, 2002 we have approximately 1.9 million of capitalized software. We are generally amortizing this asset into cost of goods over a period of three years. All of the capital software relates to software purchased from a third-party or developed for us by a third-party. Our capitalized software is broken down into four main projects as follows. First the content category there is a module sold by us for use in contributing large amounts of text based content. We typically license approximately $150,000 of this module on a quarterly basis. the software was purchased in April 2001. Second, the extra site server is a server sold by us and built on J2EE architecture for high end web site consumption. We contracted with an outside independent entity to build this for us. the product was released in the June 2002 quarter. Third, the localization of certain of the content management sweets of products into French, Spanish and German was done by an outside entity as well. Fourth, our OEM group purchased third-party software to enhance our development of multiple viewing and conversion products. We do not have any projects that would result in additional capitalized software at the present time.

截至2002年6月30日，我們約有 190萬的資本化軟體。我們通常在三年期間內 將該資產攤銷至銷貨成本。所有資本化 軟體均與向第三方購買的軟體，或由第三方為我們開發的軟體相關。我們的資本化軟體可分為四個 主要專案如下。第一，內容 類別：有一個由我們銷售的模組，用於 匯入大量以文字為主的內容。我們通常按季授權約15萬美元的 該模組。該軟體 於2001年4月購買。第二，extra site server：這是一款由我們銷售、並以 J2EE架構建置的伺服器，用於高階網站 存取/使用。我們與外部 獨立單位簽約為我們建置此產品。 該產品於2002年6月當季發布。第三，將部分內容 管理產品套件本地化為法文、西班牙文 與德文，也由外部單位完成。第四，我們的OEM團隊購買第三方 軟體，以強化我們在多重 檢視與轉換產品方面的開發。目前我們沒有 任何會導致新增 資本化軟體的專案。

No shares were purchased or repurchased in the June 30th, 2002 quarter. In conjunction with the SEC rules on corporate disclosure, regulation F D, the following guidance is provided for our upcoming September 30th, 2002 quarter and our fiscal year-ended March 31st, 2003. In developing our revenue projections, we have examined our pipeline, the overall high technology sector, the market growth rates of us, our competition and with other high technology companies. The number of quota carrying sales representatives, partner influence, new product influence, interest rate fluctuations and other factors, and continued sluggishness of IT spending in both the United States and Europe, and European seasonality. We certainly are aware of what is being reported in the media regarding the select corporate IT spending and the difficult broad economic climate both here and in Europe. But we also believe that the content management industry will remain strong and we are competent that our world class products, employees and partners will give us competitive advantage through this uncertain business climate. Based upon these assumptions and trends, the following guidance will be given: For our quarter ended September 30th, 2002, we estimate that revenue will range from 16.5 to 17.5 million. In pro forma loss per share of 22 to 26 cents based upon an estimated 22.4 million basic shares outstanding. Of the total revenue, we anticipate that approximately 65 to 68 percent will be product license revenue. We anticipate approximately .5 million in interest income in the 2002 quarter. Our pro forma loss per share does not include any restructuring charges or amortization of certain intangible assets. Four or fiscal year ended March 31st, 2003, we have no changes to our original estimates that we provided on our May 2nd, 2002 conference call. Those estimates are revenue ranging from 70 to 80 million. And pro forma loss per share of 56 to 86 percent based upon an estimated 22.4 million basic shares outstanding. Of the total revenue we anticipate approximately 67 to 72 percent will be product license revenue. Based upon our current cost structure we anticipate requiring a revenue range of approximately 22 to 23 million per quarter to be profitable. After reviewing the current and forecasted pipeline, the IT spending environment, and the general economic environment, our goal is to achieve break even from operations no later than the March 31st, 203 quarter. We continue to examine all options regarding returning to profitability including generating additional revenue and further expense reductions. We believe that we are well positioned in the content management space to take advantage of any rebounds in IT spending.

在截至2002年6月30日當季，未購買或回購任何 股份。配合 美國證券交易委員會（SEC）關於公司揭露的規定Regulation F D， 我們就即將到來的截至2002年9月30日當季以及 截至2003年3月31日止會計年度提供以下指引。在制定 營收預測時，我們檢視了我們的 銷售管線、整體高科技產業、我們與競爭對手的 市場成長率，以及其他高科技公司。 同時也考量配額制銷售代表的人數、合作夥伴 影響、新產品影響、利率 波動及其他因素，以及美國與 歐洲IT支出持續疲弱與歐洲的季節性因素。我們 當然也注意到媒體所報導的部分企業IT 支出情況，以及此地與歐洲皆面臨的艱困整體經濟環境。但我們也相信 內容管理產業將維持強勁，並且我們有信心，我們的世界級 產品、員工與合作夥伴將使我們在這個不確定的 商業環境中具備競爭優勢。基於上述假設 與趨勢，我們提供以下指引： 就截至2002年9月30日當季而言，我們 預估營收將介於1,650萬至 1,750萬之間。以估計流通在外基本股數2,240萬股計算， pro forma每股虧損為22 至26美分。在總營收中， 我們預期約65%至68% 將為產品授權營收。我們預期 在2002年當季約有50萬的利息收入。我們的pro forma每股虧損 不包含任何重整費用或 特定無形資產的攤銷。至於 截至2003年3月31日止會計年度，我們對於在2002年5月2日 電話會議中提供的原始預估沒有 任何變更。該等 預估為營收介於7,000萬至 8,000萬之間。以及以估計流通在外基本股數2,240萬股計算， pro forma每股虧損為56至 86美分。在總營收中，我們 預期約67%至72%將為 產品授權營收。依據我們目前的 成本結構，我們預期每季需要約2,200萬至2,300萬的 營收區間才能達到獲利。在檢視 目前與預測的銷售管線、IT支出 環境以及整體經濟環境後， 我們的目標是最晚在截至2003年3月31日的當季 使營運達到損益兩平。我們 持續檢視所有回到獲利的選項， 包括創造 額外營收以及進一步降低費用。我們相信我們在 內容管理領域具備良好定位，可把握IT支出 任何回升的機會。

I will now turn the call back over to Vern Hansley for a summary.

我現在把電話交回給Vern Hansley 進行總結。

Thank you, Gregg.

謝謝你，Gregg。

I'd like to conclude today's call by emphasizing the fact that we are not chasing the market, the market has come to us. Despite this economic downturn, we see continued demand for managing unstructured content which is our background and our suite spot. Our experience in managing this unstructured content combined with automatic conversion capability, our focus on enabling all users to participate in the process regardless of technical ability, gives us a unique edge over the competition. We now offer the broadest content management product suite available on the market today and will become - will continue to broaden this offering to empower customers to fully leverage their intellectual cap by bringing more users and more content into this Stellent environment. Stellent is committed to executing on our goals, returning to profitability and growing our market share. to do this we are focused on achieving return on investment of for our customers, targeting vertical markets and expanding our mobile and wireless capability as to mar the market matures. We are confident about our leading position and content management market and proceeding with cautious optimism until the tech spending rebounds.

我想在今天的電話會議結束前強調 一點：我們不是在追逐市場， 而是市場來找上我們。儘管經濟 下行，我們仍看到對於管理 非結構化內容的需求持續存在，這正是我們的背景 與核心優勢所在。我們在管理這些 非結構化內容方面的經驗，結合自動 轉換能力，以及我們專注於讓所有 使用者不論技術能力高低都能參與流程， 使我們相較競爭對手具備獨特優勢。我們目前提供市場上 最廣泛的內容 管理產品套件，並將—並將持續擴大 此一產品供給，以協助客戶充分 發揮其智慧資本，將更多 使用者與更多內容帶入此Stellent 環境。Stellent致力於達成 我們的目標、回到獲利，並 擴大我們的市占率。為此，我們 專注於為 客戶實現投資報酬率（ROI）、鎖定垂直市場，並 隨著 市場成熟擴展我們的行動與無線能力。我們對於 我們在內容管理市場的領先地位充滿信心，並在 科技支出回升之前，以審慎樂觀的態度持續推進。

I will now open the call up to questions. 00:29:05

我現在開放電話會議進入提問。 00:29:05

Thank you. Ladies and gentlemen, that concludes the formal remarks by management this afternoon. We will now open the lines for question and answer period as time will allow.

謝謝。各位女士、先生， 今天下午管理層的正式發言到此結束。接下來我們將在時間允許的情況下開放電話線路， 進入問答時間。

Our first question is from the line of Steve Ashley at [inaudible].

我們的第一個問題來自 Steve Ashley（[聽不清]）的電話線。

Could you maybe characterize what the pipeline looks like today as you enter your September quarter compared how it looked when you were coming into the current June quarter?

你能否描述一下，當你們進入 9 月季度時，目前的案源管線（pipeline）看起來如何， 相較於你們進入目前 6 月季度時的情況？

I would say it's about the same, Steve. There's a little bit more activity on our RFP process, and just the types of deals that we're - but I would say it's up a little bit, but not as substantial amount. I believe we have the same matrix is there that we had coming into this quarter.

我會說差不多， Steve。我們在 RFP 流程上的活動稍微多了一些， 以及我們正在進行的交易類型——但我會說是小幅上升， 但不是非常顯著。我相信我們的矩陣（matrix） 與進入本季度時的情況相同。

And of the large deals that slipped out of the March quarter, could you maybe update of how many of those have closed and what the status of those are?

至於那些從 3 月季度延後的 大型交易，你能否更新一下其中有多少已經成交， 以及目前的狀態？

Just the large deals or all the deals?

只問大型交易，還是所有 交易？

Well, you know, maybe the large deals.

嗯，你知道的，可能就大型交易。

ANALYST:

分析師：

Okay. There's two of them that came in. [two]

好的。其中有兩筆 已經進來了。[兩筆]

Both of the 7 figure transactions that we did in the June quarter were rolled over from the March 31st, 2002 quarter.

我們在 6 月季度完成的兩筆 七位數交易，都是從截至 2002 年 3 月 31 日的季度 延後過來的。

Right. But are there any large of those large transactions that still haven't been closed that still might close?

了解。但在那些大型交易中， 是否還有任何尚未成交、但仍可能成交的？

Yes, we have some large ones that are in this quarter.

是的，我們在本季度 還有一些大型案子。

Have you closed any of them yet or early in this period, in the September quarter?

你們是否已經成交其中任何一筆， 或在這段期間初期、也就是 9 月季度初期成交？

Not as yet.

目前還沒有。

Gregg, of the two large deals you closed, do you know what percentage of the receivable on that would be greater than 90 days?

Gregg，就你們成交的兩筆大型交易， 你知道其中應收帳款有多少比例會超過 90 天嗎？

Yes, I would say there's about 1.4 million receivable that's greater than 90 days.

是的，我會說大約有 140 萬美元的應收帳款超過 90 天。

Okay. And, you know, I guess I read somewhere where Microsoft introduced an upgrade version of its content management server. Are you aware of that or can you offer any color or comment on that?

好的。另外，你知道，我想我在某處讀到 微軟推出了其內容管理伺服器的升級版本。你是否 知道這件事，或能否提供一些背景或評論？

We're reviewing it internally right now. They announced a beta version of the newest content management server, so we continue to view that. We don't see them very much in the market and we think functionally we still offer quite a stronger product than CMS right now.

我們目前正在內部審視。他們公布了最新內容管理伺服器的 Beta 版本， 所以我們會持續關注。我們在市場上並不常看到他們， 而且我們認為就功能面而言，我們目前仍提供比 CMS 更強的產品。

And just lastly the 25 new customers in content management, how many new content management customers were in the March 4th quarter? Do you know? [Quarter]

最後一個問題：內容管理新增的 25 家新客戶， 在 3 月 4 日那個季度新增了多少家內容管理新客戶？你知道嗎？[季度]

In the March quarter?

在 3 月季度？

Yes.

是的。

I don't have that information really available here, Steve. But my guess is it's probably in the 30 range, 25 to 30 range.

Steve，我手邊其實沒有 那個資訊。但我猜大概在 30 左右， 約 25 到 30 的區間。

Great. Thank you.

很好。謝謝。

Thanks, Steve.

謝謝你，Steve。

Our next question is from the line of Brian Nykis [phonetic] at Thomas Weisel Partners. Please go ahead with your question.

下一個問題來自 Brian Nykis（音譯） ，任職於 Thomas Weisel Partners。請提出你的問題。

Yes. In terms of the linearity in the quarter can you give us a sense as to how this quarter was relative to last quarter? And could you also talk about in terms of deal enclosures between existing and new clients the thought process and if the purchase decision is still relatively unchanged? Thank you.

是的。就季度內的線性（linearity）而言， 你能否讓我們了解本季度相較於上季度的情況？另外， 也請談談在既有客戶與新客戶之間的成交（deal closures）方面， 你們的思考流程，以及採購決策是否仍大致沒有改變？謝謝。

The linear in this quarter here, Brian, on the June quarter was about 25, 30 and 45. and we anticipate a similar amount of linearity here in the September quarter with roughly 45 to 55 percent of our revenues anticipated being the last month of the quarter.

Brian，本季度（6 月季度）的線性分布大約是 25%、30% 和 45%。 我們預期 9 月季度也會有類似的線性分布， 約有 45% 到 55% 的營收預計會在季度最後一個月入帳。

Okay. and in terms of new versus existing clients, are you seeing any type of [Inaudible] resonating better with new clients than in term of existing clients, are they coming back and just purchasing add on type licenses and if so what's driving that type of sale?

好的。那在新客戶與既有客戶方面， 你們是否看到某種（[聽不清]）對新客戶的共鳴更強？ 另外就既有客戶而言，他們是否回來購買加購型授權， 若是，這類銷售是由什麼驅動的？

I think it's pretty consistent with our strategy over the past five years which [inaudible] the line of business environment, and that's just [inaudible] and we continue to sell inside the enterprise. I think historically, if you look over the last several years, we've sold approximately 45 to 50 percent of our software licenses come from existing customers, which sort of confirms that strategy. I don't think we see that changing radically in the future. That's been our strategy and I think that's going to be our strategy.

我認為這與我們過去五年的策略相當一致， 也就是（[聽不清]）以業務線（line of business）的環境為切入點， 而那就是（[聽不清]），我們也持續在企業內部擴大銷售。歷史上， 如果你看過去幾年，我們約有 45% 到 50% 的軟體授權銷售 來自既有客戶，這某種程度上驗證了該策略。我不認為 未來會出現劇烈改變。那一直是我們的策略， 我想也將會是我們的策略。

I think the one thing that we see changing in the market to add to what Dan commented on, because of the state of where the IT spending is and the focus on return on investment, our ability to go in at the price point in our line of business right now is where customers are look at, there's a proving ground where we go in and are successful. And then the second component in some of the larger transactions with the wide array of products that we have, we can show that, here, look, here's an enterprise approach to this and we can sell that to highest levels, but we might start at the line of business because of the identified problem and a business issue that needs a return. We need to prove a return and I think that's a little bit more relevant. and as we craft some of these verticals that we're going into, I think they'll be more present as more of a solution than just content management. We're seeing some of that present itself in the market.

我想補充 Dan 的評論：我們看到市場正在改變的一點是， 由於 IT 支出現況以及對投資報酬率（ROI）的重視， 我們目前能以業務線的價格帶切入，正是客戶在看的地方； 那是一個我們能進去並成功的驗證場域。其次，在一些較大型交易中， 由於我們擁有廣泛的產品組合，我們可以展示： 你看，這是一個企業級的方法，我們能把這套方案賣到最高層級； 但我們可能會先從業務線開始，因為那裡有已識別的問題與需要回報的業務議題。我們需要證明回報， 我認為這點變得更為重要。並且當我們打造要切入的某些垂直領域時， 我想它們會更常以「解決方案」的形式呈現，而不只是內容管理。我們在市場上已經看到一些這樣的趨勢。

Okay. and then lastly, in terms of the vertical market strength, obviously health care and financial services and government have been traditionally strong for you guys. You talked a little bit today how manufacturing can utility and consumer good industries have picked up. How have you allocated yourselves? Do you have dedicated teams for those new verticals and if so how is that progressing?

好的。最後，就垂直市場的強弱而言， 顯然醫療保健、金融服務與政府部門一直是你們傳統強項。你們今天也提到製造業、公用事業與消費品產業有所回升。你們如何配置資源？你們是否為那些新的垂直領域設有專責團隊？ 若有，進展如何？

Well, we're just kicking off our vertical program where we're going to focus our energy more on E-gov and health care. I think that some of these other ones are presenting themselves that we've always been in about 7 different industries that some of them are upgrades and spending is coming back. But we are we're going to effect us our energy as far as allocation and head count is in E-gov and health care, because that, we actually have focus groups around those. We've kicked off an initiative to bring some solutions around those markets. and we're seeing momentum both here domestically here in the states and also in the immediate region in the E-gov. So we're kind of going to put our energy today, because I think that we can go in and capitalize on those, those are quite large markets and we'll be a pretty good size software company dominating those. and then the other ones will come to us just based on our market that we're in and the flexibility of our core technology are more generous.

我們才剛啟動垂直化計畫， 將把更多精力聚焦在電子政府（E-gov）與醫療保健。我認為 其他一些領域也正在浮現；我們一直以來大約涵蓋 7 個不同產業， 其中一些是升級需求，支出也正在回流。但我們在資源配置與人力編制上， 將把重點放在 E-gov 與醫療保健，因為我們確實有針對這些領域的焦點小組。我們已啟動一項計畫， 要為這些市場推出一些解決方案。 我們在美國國內以及 E-gov 的鄰近區域也都看到動能。因此我們今天會把精力放在這裡， 因為我認為我們能進去並加以掌握；這些都是相當大的市場， 而我們會是一家在其中具主導地位、規模相當可觀的軟體公司。 至於其他領域，則會基於我們所處的市場以及核心技術的彈性而自然帶來機會。

So if you're focusing the bulk of your quarter reps on E-gov and the financial service health areas -

所以如果你把本季大部分的業務代表資源都放在電子政務（E-gov）以及金融服務、醫療健康等領域——

Weaver not doing that.

Weaver 沒有那樣做。

Oh, you're not?

喔，你們沒有嗎？

No. I guess what I'm saying is we're focusing some of our marketing energy for solutions around E-gov and health care and we're going to keep the sales force that we have more generous we'll focus some of our inside salespeople on some of those markets and they will provide, you know, sort of our general salespeople which we continue to educate and get trained to understand how to sell solutions in these different markets and we'll provide the material to make them successful that way.

沒有。我的意思是，我們會把部分行銷能量聚焦在電子政務與醫療保健相關解決方案上；而我們會維持現有的銷售團隊架構、給予更多支援——我們會讓部分內勤銷售人員專注於其中一些市場，他們會支援我們的一般業務人員；我們也會持續教育並訓練這些一般業務，讓他們理解如何在不同市場銷售解決方案，並提供相關素材，讓他們能以這種方式取得成功。

Okay.

好的。

You just can't - I mean right now we don't think it's strategic enough to verticalize our sales force at this point.

只是我們目前認為，現在還不夠具策略性，去把銷售團隊做成垂直產業化（verticalize）。

UNKNOWN SPEAKER:

未知發言者：

Okay. Thank you.

好的。謝謝。

Our next question is from Steve Sigmond [phonetic] at RBC Capital Markets. Please go ahead with your question.

下一個問題來自 RBC Capital Markets 的 Steve Sigmond（音譯）。請提出您的問題。

Thank you. Hey, guys.

謝謝。嗨，各位。

Hey, Steve.

嗨，Steve。

Couple questions for you. Can you give us a little more color, Vern, on some of the competitive wins? You mentioned the 25 competitive new wins. Did you see any change in the landscape there or in the tactics, particularly discounting tactics or special terms at the end of the quarter that you saw to try to bring deals in the door?

有幾個問題想請教。Vern，你能不能再多補充一些關於競爭性勝出的細節？你提到有 25 個在競爭情境下的新贏單。在那方面你有看到競爭態勢或策略有任何改變嗎？特別是折扣策略或季末提供特殊條款、試圖把案子拉進來的情況？

Well, you know, I think as everybody would say this is a pretty competitive market right now. We've had some really good competitive wins. Sony entertainment was a competitive win there. I don't think that that one particularly was pricing. I think it was more our ability to go in and solve the problem and then what they could see we could do beyond that and more of our ability and we got into feature function, flexibility and cost of ownership I think [inaudible] I contribute that one to. Oppenheimer Funds, with BEA brought us into that one. That was a big one for us. That had a little bit of price pressure on it, but it was a good win for us in a competitive landscape. It was in the right - it was the right business problem for us. We had plug into BEA portal there. We had to get up and running. There was tension from the CIO there, so it was highly competitive from that perspective. And we were not the incumbent there, but it was our business problem as I would state.

嗯，你知道，我想大家都會說現在市場競爭非常激烈。我們確實拿下了一些很不錯的競爭性勝利。Sony Entertainment 就是一個競爭性贏單。我不認為那一單特別是因為價格。我認為更多是我們能進去解決問題的能力，以及他們看到我們在此之外還能做到什麼；更偏向我們的能力。我們談到了功能特性、彈性與總持有成本（TCO），我想那一單主要是這些因素促成的。Oppenheimer Funds 那一單是 BEA 把我們帶進去的。那對我們來說是很大的一單。那一單確實有一些價格壓力，但在競爭環境下仍是很好的勝利。而且那是適合我們解決的業務問題。我們需要在那裡與 BEA portal 做整合。我們必須快速上線。那邊的 CIO 有壓力，所以從那個角度看競爭非常激烈。我們也不是原本的供應商（incumbent），但如我所說，那是我們擅長解的業務問題。

The other one I think would be that I thought was Wendy's was a good win for us, was a competitive win. So I think - you know, if you look at the competitive landscape, I think [inaudible] which listen more document them [inaudible] one and two competitors in the market right now.

另外一個我認為 Wendy's 也是我們很好的勝利，是一個競爭性贏單。所以我想——你知道，如果看競爭態勢，我認為[聽不清]，也就是說，[聽不清]目前市場上的第一、第二大競爭對手。

The higher ASP's that you saw in the quarter, they're sequentially higher, albeit down pretty significantly from historical levels. How much of that was driven by some of the new modules, particularly the new modules and the mid servers around 6.0 and how much of it was enterprise versus departmental buying?

你們本季看到的較高 ASP（平均售價），相較上一季是提高的，雖然相對歷史水準仍明顯偏低。其中有多少是由一些新模組所帶動，特別是 6.0 相關的新模組與中階伺服器？又有多少是企業級採購相對於部門級採購所驅動？

I don't think we have the exact percentages on that, Steve, but I would say that, you know, a lot of this stuff people are starting to get educated on some of the new technology they had and they were just module upgrades that categorizer and web analyzer and things like that. And then I would say that the 47, I think that's the number, 47 of the continued roll outs, some of those were adding new servers for new capabilities versus the new one for more - the 25 new accounts were buying footprints where we're solving a problem and it's a full serving environment. So that's the way - I mean if you break out where that mix is, it's a 25 new accounts and the 47 roll outs, we either sold new servers or new modules to the existing customers and then there was a line of suite of new servers that came in. Sony entertainment took three of the new servers in order to get that deal.

Steve，我們沒有那麼精確的百分比，但我會說，你知道，很多客戶開始對一些新技術有更多了解；他們做的是模組升級，例如 categorizer、web analyzer 之類的。然後我會說，那 47（我想數字是 47）個持續擴大部署（roll outs）裡，有些是為了新能力而新增伺服器；而 25 個新客戶則是在購買一個部署規模（footprint），我們是在解決一個問題，而且是完整的伺服環境。所以——我的意思是，如果你把那個組合拆開來看，就是 25 個新客戶與 47 個擴大部署；對既有客戶我們要嘛賣了新伺服器、要嘛賣了新模組，另外也有一批新的伺服器產品線帶進來。Sony Entertainment 為了拿下那筆交易就採購了三台新伺服器。

Gregg, can you quantify your expectations around cash earn for the next couple of quarters given the revenue guidance that you've given?

Gregg，你能不能量化一下，在你們已給出的營收指引下，對未來幾季現金消耗（cash burn）的預期？

Yes, I can. Essentially, we're looking at the September quarter cash use and operations are anywhere 2.5 to 3.5 million, and the December 2002 quarter 1.5 to 2.5 million and the March quarter being cash flow positive.

可以。基本上，我們預期 9 月季度營運活動的現金使用量約為 250 萬到 350 萬美元；2002 年 12 月季度約為 150 萬到 250 萬美元；而 3 月季度將轉為現金流為正。

Okay. Thanks. Final question, any noncash transactions in the quarter?

好的，謝謝。最後一個問題，本季有任何非現金交易嗎？

Zero.

零。

All right. Thanks.

好，謝謝。

Our next question is from Mike Marsoff [phonetic] at U.S. Bancorp Piper Jaffray. Please go ahead with your question.

下一個問題來自 U.S. Bancorp Piper Jaffray 的 Mike Marsoff（音譯）。請提出您的問題。

Hey, guys. Wondered if I could piggyback on Steve's question about the competitive landscape. First it's two parts. Were there any displacement significant displacement deals? You talked about not being the incumbent at Oppenheimer. Who was the incumbent? Any others that are notable? And then maybe you can shed a little light on something we're hearing many companies talking about bloated pipe lines and, you know, a lot of deals in front of them just close rates being the issue. Can you give us a little more color on what you're seeing out there in the channel? Is there any favoritism from S I's or platform vendors? And I would imagine at least on the S I side you'd be a favorite given the speed of deployment as they try to increase their margins. Maybe you can just shed a little light on that.

嗨，各位。我想延伸 Steve 關於競爭態勢的問題。首先分兩部分。有沒有任何重要的替換（displacement）案？你提到在 Oppenheimer 你們不是原本的供應商。那原本的供應商是誰？還有其他值得一提的案例嗎？另外，也請你們談談我們聽到很多公司在說的「管線膨脹」：也就是前面有很多案子，但問題在於成交率。你們能不能多分享一下你們在通路端看到的情況？系統整合商（SI）或平台供應商那邊有沒有任何偏好？我想至少在 SI 端，你們應該會是他們偏好的對象，因為部署速度快、他們也想提高毛利。能否請你們就此多說一些？

Yeah. I won't get into who the competitors are N inaudible]. I don't play that way. But I think that the one where we weren't the incumbent, it wasn't a displacement, it was a new application where we plugged into and it was more inside the firewall.

是的。我不會去談競爭對手是誰，[聽不清]。我不玩那一套。但我想那個我們不是原本供應商的案子，並不是替換案，而是一個新的應用，我們把它接進去，更多是在防火牆內部。

The [inaudible] I think the other two that I mentioned were just competitives and one was an RFI we got into, and it was the feature functions and it didn't get into a price tug-of-war. On the other one, just, I think we out sold them on that one because it was our business problem. It was coming from content from business perspective and going to the outside.

至於[聽不清]，我想我提到的另外兩個就是純粹的競爭案，其中一個是我們參與的一個 RFI，主要比的是功能特性，並沒有演變成價格拉鋸戰。另一個，我認為我們就是在銷售上勝過對方，因為那是我們擅長解的業務問題。它是從內容與業務角度出發，延伸到外部。

As far as in the channel, if I would say anything, the big SI's and some of the, you know, the bigger players, and it's hard for them because they have multi vendor strategy, we're getting a lot of energy from the software [inaudible] servers and portal players are really taking recognition to our approach to this business problem moving forward. I think some of the SI's that we've seen, the EDS's and accentures and PW's we're starting to get a lot of energy where they're talking more about building [inaudible] around our technology where they're seeing the ability to do that as we transition into the enterprise. So we're seeing - I wouldn't put it in the favoritism category, but I would say that we have a lot of energy in that area where people have recognized us as a leader in this as far as our ability to deploy, integrate with these folks, company is easy to work with, those types of things. So I think that we're seeing a lot of energy in that arena which helps what I call draft for our market in our pipeline.

至於通路面，如果要我說的話，大型 SI 與一些較大的業者——他們其實也不容易，因為他們採取多供應商策略——我們從軟體[聽不清]、伺服器與 portal 業者那邊得到很多動能；他們確實開始認可我們用來推進這個業務問題的做法。我想我們看到的一些 SI，像 EDS、Accenture、PwC（PW），我們開始得到很多動能；他們更多在談如何圍繞我們的技術建立[聽不清]，因為他們看到當我們轉向企業市場時，具備這樣做的能力。所以我們看到——我不會把它稱為「偏好」，但我會說在那個領域我們有很多動能：大家已經認可我們在這方面是領導者，包括我們的部署能力、與這些夥伴的整合能力、公司合作起來很容易等這類因素。因此我認為我們在那個戰場看到很多動能，這也有助於我所說的在市場與管線中的「順風效應」（draft）。

In reference to the pipeline, you know, I don't know if bloated is a proper word that I would use, but I'd say that - I would say that we have good - we have a good pipeline. We spend a lot of time, the domestic VP of sales and I spend a lost of time with him going through the pipeline so we understand what it means, how competitive is it, is it an R S P process, what are the decision points and we have good energy there. and we scrub it down pretty well so that we know. I mean they always have all the other things, I think there's a lot of activity, but you have to separate activity from reality. and what potentially will be real business whereas an existing customer, where is the competitive situation, what are the things, what are the tactics that we need to do to win. and that's how we evaluate it. And I think as I look through what we're going to close this quarter and having visibility, I can look at that. And I think that's what we are as we look forward in this market, what can you see and what is going to close within the quarter and where the decision processes are and that's the trick. and then the stuff that's all activity around that because we're starting to get energy from all our new modules that we have out. We're educating a lot of people, partners, and things that we just come out of engineering. We had a significant engineering release this last quarter which presents a lot of opportunities for us. That's really what we're working on in that capacity and just analyzing the pipeline. So I would say it's very positive from that perspective and we just continue to do that. It's a weekly process.

關於銷售管線，你知道，我不 知道用「臃腫」這個詞是否恰當， 但我會說——我會說我們有 很好——我們有一個很好的管線。我們花很多 時間，國內銷售副總裁和我花了 很多時間跟他一起檢視管線， 這樣我們就能理解它代表什麼、 競爭有多激烈、是否是 R S P 流程、 決策點有哪些，而且那裡的動能很好。 我們也把它梳理得相當徹底， 以便我們心裡有數。我的意思是， 他們總是還會有其他各種事情，我認為 活動量很大，但你必須 把活動和現實區分開來。 以及哪些可能會成為真正的業務——不論是 既有客戶、競爭態勢在哪裡、有哪些因素、 我們需要採取哪些戰術才能贏。 我們就是這樣來評估的。而且我認為，當我檢視 我們本季將要結案的項目並具備 可視性時，我可以看得很清楚。而且我認為 這就是我們在展望這個市場時所做的： 你能看到什麼、哪些會在季度內結案、 決策流程在哪裡——這就是訣竅。 然後圍繞著這些的所有活動， 因為我們開始從我們推出的所有新 模組獲得動能。我們正在教育很多 人、合作夥伴，以及一些我們剛從工程端 推出的東西。我們在上一季度有一次重大的 工程版本釋出， 這為我們帶來了很多機會。這 真的是我們在這方面所做的工作， 也就是分析管線。所以我會說， 從這個角度看非常正面，我們也會 持續這麼做。這是一個每週的流程。

Vern, if we look at a cross-section of the deals that were signed, are portals still kind of the leading slot in terms of activity generation, or is it commerce or what exactly is driving? And then if you could talk about who is contributing on the portal front, is it the peer plays like Plumtree and Epicentric or is it BEA, IBM, etc.?

Vern，如果我們看一下 已簽署交易的橫切面，入口網站（portal）是否仍然算是 在活動 產生方面的主要來源， 還是電子商務（commerce），或到底是什麼在 驅動？另外，如果你能談談在 portal 這一端 是誰在貢獻，是像 Plumtree 和 Epicentric 這類同業 廠商，還是 BEA、 IBM 等等？

Portal is also a big word because there's dollars in there. I would articulate the activity because there's a lot of business issues with inside the firewall that people are trying to get their hands around this content to deliver for information, for value, to make a decision. Portal is the word that everybody uses and they understand that they have to have content management so I would say that classified - is it an Internet project or extra net project or is it a portal project and that's some of the stuff we hear in the market.

Portal 也是一個很大的詞，因為 裡面牽涉到金額。我會這樣描述 活動：因為在防火牆內部有很多業務議題， 人們正試著掌握這些內容， 以便交付資訊、交付價值、做出決策。Portal 是大家都在用的詞， 而且他們也明白必須要有內容 管理，所以我會說要分類—— 這是網際網路專案、外部網路（extra net）專案， 還是 portal 專案？這就是我們在市場上 聽到的一些事情。

As far as there will be a portal involved, and if I look where we're running to BEA IBM and Plumtree being the peer play, are the people that we're partnering with and building applications and port lets and [inaudible]. I articulated two of them in the call here with Oppenheimer and Wendy's I think was a BEA opportunity that we had to integrate with that portal. So same with IBM, with guardian life, we integrated with a Webster product at Guardian Life, and Plumtree obviously and Procter and Gamble. So those are the types of things that it's manned mandatory that you integrate with these folks. We see the bigger [inaudible] taking a little bit, they've got strength there and we've got a lot of energy and highly integrate with those folks.

就「會有 portal 參與」而言，而且如果 我看我們與 BEA、IBM，以及作為同業廠商的 Plumtree 的合作情況，這些都是我們 正在合作、並一起建置應用程式與 port lets 以及 [inaudible] 的對象。我在這通電話裡 提到了其中兩個：Oppenheimer 和 Wendy's， 我想那是一個我們必須 與該 portal 整合的 BEA 機會。IBM 也是一樣， 在 Guardian Life，我們與 Guardian Life 的 Webster 產品做了整合；而 Plumtree 當然還有 寶僑（Procter and Gamble）。所以這些類型的事情， 與這些夥伴整合是必須、也是強制性的。我們看到更大的 [inaudible] 正在稍微花點時間，他們在那裡有 優勢，而我們也有很強的動能， 並且與這些夥伴高度整合。

And Gregg a couple for you. The two deals that you described were 7 figures, were either or both of those greater than 20 percent? And what was the head count target for September 30th?

Gregg，我有幾個問題給你。你描述的那兩筆 交易是七位數， 其中一筆或兩筆是否都高於 20%？另外， 9 月 30 日的員工人數目標是多少？

Head count target for September 30th, we don't have anything right now in the works here, but we did reduce head count in the June quarter by approximately 50. That if that was what your question was, Mike.

9 月 30 日的員工人數目標， 我們目前沒有任何正在進行的安排， 但我們在 6 月季度把人數 減少了大約 50 人。Mike，如果 你的問題是這個的話。

Okay. But no other changes materially between now and the end of September?

好的。但從現在到 9 月底之間 沒有其他重大變動？

Well, as we stated here, we're always looking at ways in which to get to profitability. That means increase in revenues or looking at further expense reductions. But nothing material at this point.

嗯，正如我們在這裡所說，我們 一直在尋找達到 獲利的方法。這意味著提高營收，或 進一步檢視費用削減。但 目前沒有任何重大事項。

And either of those large deals greater than 20 percent?

那兩筆大型交易中 有任何一筆高於 20% 嗎？

Yes, yes. One was.

是的，是的。其中一筆是。

Great. Thank you.

太好了。謝謝你。

You're welcome.

不客氣。

Our next question is from the line of Nate Swanson at [inaudible] Equity Partners. Please go ahead with your question.

下一個問題來自 [inaudible] Equity Partners 的 Nate Swanson。 請提出你的問題。

Hi, guys. Can you talk about connect to acquisition and where you're at in terms of integration, and did that impact the June quarter either in terms of financial impact or help in closing deals?

嗨，各位。你們能談談 Connect 這項收購，以及你們在整合方面的進度嗎？ 另外，這是否對 6 月季度 造成影響——不論是財務影響，或是在 促成交易成交方面的幫助？

As you know, we closed that acquisition in April. We incorporated the first release of the integrated product in our 6.0 release which was announced in the quarter. and we subsequently announced the 6.1 release of the connection server as it's called from that product line which had its own functionality [inaudible] product eyeing the product, branding it with the selling look and feel as well as integrating with all that security and running J 3 out server. So the 6.1 release followed pretty shortly afterwards. So we have a full integration. That also included connectors to our own [inaudible] product robust connectors in and out of our own content server. So we've done a pretty accelerated integration of that product line and that development group into our effort here, both development and marketing and sales. From an impact standpoint, I think it's had substantial impact on some of the deals that we've done. There are specific ones as well as overall vision on really integration and content distribution has had an impact on a number of deals and we only anticipate that growing going forward. I think the same is true with the [inaudible] server that we released. I think we're talking about a suite of [inaudible] covers a lot of layers and wing we have a potentially broader view of that than a lot of other people you're thinking about. So we're presenting this vision to while we're selling line of business our solution, we're presenting a larger business that we CIO and the senior IT people that really encompasses [inaudible] content management and distributor content all as one infrastructure and that's being received very well. I think that whole story is selling products for us.

如你所知，我們在 4 月完成了 那項收購。我們在 6.0 版本中納入了整合產品的第一個 釋出版本，並在該季度對外宣布。 隨後我們又宣布了 6.1 版本的 connection server（如該產品線所稱）， 它具備自身的功能性 [inaudible]， 產品本身、以 selling 的外觀與感受進行品牌化， 同時也與 所有安全性整合，並在 J 3 out server 上運行。因此 6.1 版本在之後不久 就跟進推出。所以我們已完成全面整合。這 也包含連接器（connectors）到我們自己的 [inaudible] 產品——在我們自己的 content server 之間進出都很強健的連接器。所以我們已經 以相當加速的方式完成了該產品線 以及該開發團隊併入我們這邊的工作， 包括研發、行銷與銷售。就影響而言， 我認為它對我們完成的一些交易 產生了實質影響。既有一些特定案例，也包括整體願景： 真正的整合與內容分發 已對多筆交易產生影響，而我們預期 未來這種影響只會持續擴大。我認為 我們發布的 [inaudible] server 也是同樣情況。我想我們談的是一套 [inaudible] 的套件，涵蓋很多層面，而我們 對此可能比許多其他人有更廣的視角。 所以我們在銷售解決方案給業務線（line of business）的同時，也向 CIO 與資深 IT 人員呈現一個更大的藍圖， 其真正涵蓋 [inaudible] 內容 管理與內容分發，把它們作為同一套 基礎架構來看待，而市場反應非常 良好。我認為這整個故事 正在幫我們賣產品。

And there are a couple.

另外還有幾個。

And there are a couple of specific transactions where that helped us competitively because we're able to demonstrate what the technology would do and how we were integrating that. So -

另外還有幾筆特定的 交易，在競爭上幫了我們， 因為我們能夠展示 這項技術能做什麼，以及我們如何 進行整合。所以——

Content from other -

來自其他的內容 -

Yeah, and actually help us get a deal in a competitive situation last quarter.

是的，而且實際上也幫助我們在上一季競爭激烈的情況下拿下一筆 交易。

Great. a couple questions for Gregg. In terms of license revenue, can you break that out new versus existing customers?

很好。想請教 Gregg 幾個問題。就授權收入而言，你能否拆分 新客戶與既有客戶的占比？

Yeah. 48 percent was from our base up to 11.1 total license revenue.

是的。48% 來自我們的既有客戶基礎，使授權收入總額達到 11.1。

Okay. and then in terms of DSO's, nice improvement there. Was there anything unusual this quarter?

好的。那麼就 DSO 而言， 這次改善得不錯。本季是否有任何 不尋常的情況？

Nothing unusual, just good cash collections.

沒有什麼不尋常的，只是現金 回收做得很好。

Okay. Great. Thanks, guys.

好的。很好。謝謝各位。

Our next question is from Scott Phillips at Merrill Lynch. Please go ahead with your question.

下一個問題來自 Merrill Lynch 的 Scott Phillips。請提出 你的問題。

Thanks. My first question is for Vern. If you look at the Microsoft content management announcement, you know, they're positioning their content management offering as the cornerstone of their .bus strategy. What do you do as CEO to position Stellent around that? Where do you see Microsoft winning, where do you see your opportunities? How are you going to win against Microsoft here?

謝謝。我的第一個問題是問 Vern。如果你看 Microsoft 的內容 管理公告，你知道，他們 將其內容管理產品定位為 .bus 策略的基石。作為 CEO，你會如何讓 Stellent 在此周邊定位？你認為 Microsoft 會在哪些地方勝出、你又在哪些地方 有機會？你打算如何在這裡 贏過 Microsoft？

Well, I think that one thing that we're seeing with - we've been evaluating their product and how they've been trying to enhance it and put marketing around it versus how they deploy it. We have to let some customers that look at Microsoft and go okay it's Microsoft stuff. They're going to get there sometime. So that in 12 or 18 months. We don't - if I look at the transactions that we won last quarter, except for Europe, we didn't see them competitively, okay. So there's one thing and we evaluate who our competition in each one is. So I think that we'll start to see them. And the other thing is we have to see them perform more than just, you know, publishing a web site. This is a full service environment that people are looking at and how you integrate into the enterprise. and it's also multi platform. and if you can't integrate with abservers and you can't integrate with Aldap [phonetic] and you can't run multi platform and you can't do a lot of conversion capabilities, this becomes a little bit more significant than putting stuff into templates and publishing on a web site. and that's what they're doing. and the reality is that they don't have the full picture because they're coming into this thing and they're starting to get a view of this unstructured problem that exists in the market. 80 percent of the information, okay. If that's a reality and that's growing at 400 percent a year, our strategy to push down into the content stack is - and we're going to push down so far, but collaboration and web file sharing and enterprise management plugged into portals is going to give them a broader brush, and they're really going to have to do a lot more work to get there.

嗯，我認為我們看到的一點是——我們一直在評估他們的 產品，以及他們如何嘗試強化它 並為它做行銷，相較之下他們如何部署 它。我們必須讓一些客戶明白，當他們看 Microsoft 時會覺得，好吧，這是 Microsoft 的東西。他們終究會做到的。所以可能在 12 或 18 個月後。如果我看 我們上一季贏下的交易，除了 歐洲之外，我們並沒有在競爭中遇到他們，好嗎。所以這是一點，我們也會評估每一案 的競爭對手是誰。因此我認為我們 會開始看到他們。另外一點是，我們必須 看到他們的表現不只是，例如 發佈一個網站。人們在看的 是一個全方位服務的環境，以及你如何 整合進企業；而且它也必須 跨平台。若你無法與 abservers 整合、無法與 Aldap [phonetic] 整合、無法跨平台運行， 也無法做很多轉換能力， 這就會比 把內容放進範本並發佈到 網站上更為重要。而他們現在做的就是那個。 現實是他們沒有全貌， 因為他們才剛進入這個領域， 開始理解市場上存在的這個非結構化 問題。80% 的 資訊，好嗎。如果這是事實， 而且每年以 400% 的速度成長，我們的策略 是往內容堆疊更底層推進—— 我們會往下推到一定程度，但協作 與 Web 檔案分享、以及與入口網站整合的企業管理 會讓我們的覆蓋面更廣，而他們要做到那一步 還得做更多工作。

In your current evaluation, Vern, where you look at what they're going to be offering in the next release here, do you see some holes that you think you can exploit or is there a particular acute point of pain that you think you can focus on to deliver the revenues going forward?

以你目前的評估來看，Vern， 當你看他們下一個版本 將提供的內容時，你是否看到一些 你認為可以利用的缺口？或者是否有 某個特別尖銳的痛點，你認為 可以聚焦以推動未來 的營收？

Well, the ones I just reviewed, those are the ones that I'm really focused on, collaborate, file conversion, and the integration with the abservers and the portals. You can't always be an all Microsoft solution. It's still best in class here for at least the next 12 to 18 months.

嗯，我剛剛回顧的那些 就是我真正聚焦的點， 協作、檔案轉換，以及 與 abservers 和入口網站的整合。你不可能 永遠都是全 Microsoft 的解決方案。至少在 接下來 12 到 18 個月，這裡仍然是 同級最佳（best in class）。

Is there anything that prohibits, let's say, if I look at the portal space at Plumtree, BEA, from lining up with Microsoft, is there something that's going to - I hear the arguments that you've made and I think they're accurate, that you offer better punctuality and better sell times. Is there something else that's out there that's going to prohibit some of those portal partners from ever partnering with Microsoft on a go forward basis?

是否有任何因素會阻止 比方說，如果我看入口網站領域的 Plumtree、BEA，去與 Microsoft 結盟？是否有什麼 會——我聽到你提出的 論點，我認為是正確的：你提供更好的準時性 與更好的銷售週期。是否還有其他 因素會阻止某些 入口網站夥伴在未來 與 Microsoft 合作？

Well, I think that - I think that Plumtree is partnered with Microsoft. Most of their stuff is built on that. BEA on the other hand I think is looking for partnerships that are J2E versus .net. You're going to have to play there from a bridge perspective, but I think that J2E has a lot of mine share in the CIO minds cross corporate America, both domestically and internationally. So I think that, you know, I look at our partnerships with what I consider the top 3 portal vendors being BEA and IBM and Plumtree, very, very strong right now. Yeah, you have to partner with Microsoft. You can't ignore them because they're there. But, I mean, you have to have a solution. Customers are looking for solutions. They don't want to build it. and cost of ownership is a big thing, what they're going to spend on it, and maintenance. I mean, if you look at our maintenance renewals and people really upgrading our product, I think that that - and we run in completely in the Microsoft environment. So there isn't any risk to them. And then how we integrate to the desktop with our web dev standard, so we're creating an environment that's a no risk proposition and we solve the problem. And I think that has a big impact other than just technology that Microsoft says they're in the business.

嗯，我認為——我認為 Plumtree 是與 Microsoft 合作的。他們大多數 的東西都是建立在那上面。另一方面，BEA 我認為是在尋找 偏向 J2E 而非 .net 的合作夥伴。你必須 從橋接的角度在那裡運作，但我認為 J2E 在美國企業的 CIO 心中 無論在國內或 國際上，都有很高的心佔率（mind share）。所以我認為，你知道，我 看我們與我認為的 前三大入口網站供應商（BEA、IBM、 Plumtree）的合作關係，目前都非常、非常強。 是的，你 必須與 Microsoft 合作。你不能忽視 他們，因為他們就在那裡。但是，我是說，你 必須要有一個解決方案。客戶在找的是 解決方案。他們不想自己建，且 擁有成本是一個大問題：他們要 花多少錢，以及維護。 我的意思是，如果你看 我們的維護續約，以及人們確實 在升級我們的產品，我認為那——而且我們 完全在 Microsoft 環境中運行。所以對他們 沒有任何風險。再來是我們如何 透過 web dev standard 與桌面整合，因此我們正在打造一個 零風險的環境並解決問題。我認為這帶來很大影響，不僅僅是 Microsoft 說他們進入 這個業務的技術層面。

Okay. Gregg, a couple questions. I mean, a lot of doubts you mentioned have improved dramatically, but where are you accounted for the capitalized software in the balance sheet line up? What should I be looking at as to where that software fall? [inaudible]

好的。Gregg，幾個問題。我 是說，你提到許多疑慮已經 大幅改善，但資產負債表上 資本化軟體是記在哪一個科目？我應該看哪一行 才能找到那個 軟體落在哪裡？[inaudible]

If you take a look in the 1.9 million market in the press release -

如果你看一下 新聞稿中的 190 萬——

I'm sorry. I don't have the press release. I'm sorry. I'm calling from my cell phone. Where did that fall previously?

抱歉。我沒有新聞稿。抱歉。我用手機 打來的。之前那是列在哪裡？

It's under other, other assets.

列在 other，也就是其他資產之下。

Okay. With regard to rev rec, what's your rev rec policy today for your channel business and have you had any changes there?

好的。關於收入認列（rev rec）， 你們目前對通路 業務的收入認列政策是什麼？這方面 有任何變更嗎？

Well, the policy right now that we've done in the June quarter is that we're recognizing revenue when they sell through to an end user. So that's the piece that [inaudible].

嗯，我們目前的政策是 在 6 月季度採用的：當他們 轉售給終端使用者時，我們才認列收入。所以那一塊是 [inaudible]。

All right. Well done . Thank you very much.

好的。做得很好。非常 感謝。

Thank you.

謝謝。

Our next question is from Amy Sing at JMP Securities. Please go ahead with your question.

下一個問題來自 JMP Securities 的 Amy Sing。請提出你的 問題。

Well, yes. a couple questions. First -

嗯，是的。幾個問題。首先——

Would you repeat the name?

您可以再重複一次姓名嗎？

Yes, Amy Sing, JMP Securities.

是的，Amy Sing，JMP Securities。

Thank you.

謝謝。

Yes. Wanted to find out if you're planning on repurchasing some shares in the September or December quarters?

是的。想請教一下，您是否計畫在9月或12月季度回購一些股份？

Amy, this is Gregg. We are constantly evaluating those options. We didn't purchase any in the June quarter. We have no firm commitment to do so in the September quarter at this time.

Amy，我是Gregg。我們一直在評估這些選項。我們在6月季度沒有進行任何回購。目前我們對於在9月季度回購並沒有明確承諾。

Okay. Was there any revenues recognized from any of your investment holdings or related third-party transactions?

好的。是否有任何來自你們投資持股或相關第三方交易所認列的營收？

Zero.

零。

Okay. and what about are you expecting anything from the September quarter?

好的。那9月季度方面，你們預期會有任何（相關）收入嗎？

Zero.

零。

And then my final question relates to stock options. Do you have any sense of how much stock option expense would be in the fiscal '03 year?

最後一個問題與員工認股權有關。你們是否大概知道2003會計年度的認股權費用會是多少？

At this point, Amy, we don't know. Obviously we report our stock option expenses in footnotes in the back of the financial statements and we all do so again in fiscal '03.

目前，Amy，我們還不知道。很明顯地，我們會在財務報表後面的附註中揭露認股權費用，而在2003會計年度我們也會同樣揭露。

Okay. Thank you.

好的。謝謝。

I would like to remind everyone, in order to ask your question, please press star then the number 1 on your telephone key pad. We'll pause for just a moment to compile the Q and A roster.

提醒各位，若要提問，請在電話鍵盤上按星號再按數字1。我們將暫停片刻以彙整問答名單。

[Pause.]

[暫停。]

Our next question is from Ann Marie Ram [phonetic] at Adams Harkin and Hill. Please go ahead with your question.

下一個問題來自Adams Harkin and Hill的Ann Marie Ram（音譯）。請開始提問。

Good evening. I was just wondering if you could comment about the features, the collaboration features within Stellent 6.0 as they related to I think document you put out an announcement today about some collaboration features, if you any thoughts or comments on that. Thank you.

晚安。我想請問您是否能評論一下Stellent 6.0中的協作功能，尤其是與我想你們今天發布的一則關於某些協作功能的公告相關；如果您對此有任何想法或評論。謝謝。

Yeah. I think it was - it's a nice confirmation of our strategy certainly [inaudible] the serves came up today. Our collaboration feature set is really [inaudible] tied fought management environment, and we built our collaboration server on the same architecture and we've added the functionality required for team level collaboration otherwise known as digital work space or content collaboration. Essentially allowing end users to create work spaces, create the work flows, the security levels for a given project, whether that's a budget project or a project that has internal and external users. Generally it's around content. You're usually working around file types and usually the opposing approach to this is by sending a lot of E-mails with attachments around which is a pretty efficient way to do it. Create a secure environment that enables functionality, gathers all the conat the point, all the revisions, all the notes, discussions, group discussions, and then can archive that entire package at the time the project is done into a secure area to be either kept or eliminated based on what it is. So it's I would say the full functionality of the pure play collaboration vendor, but tightly coupled to content management environment and we look at collaboration as just one step earlier in that content life cycle than content management.

是的。我認為那是——對我們策略的一個很好的確認，當然今天也出現了[聽不清]。我們的協作功能組合其實是[聽不清]，並且與內容管理環境緊密結合；我們在相同的架構上建置了協作伺服器，並加入了團隊層級協作所需的功能，也就是所謂的數位工作空間或內容協作。本質上是讓終端使用者能建立工作空間、建立工作流程、為特定專案設定安全層級，不論是預算專案，或是同時有內部與外部使用者的專案。一般而言都是圍繞內容。你通常是在處理各種檔案類型；而通常相對的做法是透過大量附檔的電子郵件來往，這其實不是一個很有效率的方式。我們建立一個安全的環境，提供相關功能，把所有內容集中在同一個地方：所有修訂版本、所有註記、討論、群組討論，並且在專案完成時，能把整個套件封存到安全區域，視其性質決定保留或刪除。所以我會說，它具備純協作廠商的完整功能，但又與內容管理環境緊密耦合；我們把協作視為內容生命週期中比內容管理更早的一個步驟。

Great. Thank you very much.

太好了。非常感謝。

Our next question is from Scott Phillips at Merrill Lynch. Please go ahead with your question.

下一個問題來自Merrill Lynch的Scott Phillips。請開始提問。

Thanks. I had one more. If I look at the license service mix and the license margin in particular in the June quarter, last quarter you had attributed the maturation [Inaudible] there to Adobe. Is it the same this quarter? What should I be thinking of? I know you've given some forecast as to how we should trend it forward, but what was behind the license margin this quarter? And I'll start there.

謝謝。我還有一個問題。如果我看授權與服務的組合，尤其是6月季度的授權毛利率，上個季度你們把那裡的成熟度[聽不清]歸因於Adobe。這一季也是一樣嗎？我應該怎麼看？我知道你們已經給了一些預測，說明未來趨勢應該如何，但這一季授權毛利率背後的原因是什麼？我先問到這裡。

We certainly had seen Adobe again this quarter vary this quarter [inaudible] a few other ones, but there wasn't anything of real significance. We picked um a couple percentage points on our margins from the June - in the June quarter from the March quarter but there wasn't any unusual anomalies in it.

我們這一季確實又看到Adobe的影響，這一季也有[聽不清]以及其他幾項，但沒有任何特別重大的因素。我們的毛利率從3月季度到6月季度提升了幾個百分點，但其中沒有任何不尋常的異常狀況。

I'm not suggesting there's an anomaly. I'm just asking about the business process. You know, is it Adobe again and Verity in and if so, would that impact the license margin? What's the thought process of then, Bill, versus buy going forward?

我不是在暗示有異常。我只是想問商業流程。你知道，是不是又是Adobe和Verity，如果是的話，會不會影響授權毛利率？那麼在「自建」與「採購」之間的思考流程是什麼，Bill？以及未來會怎麼做？

That's a good question. We're constantly analyzing that. Dan and his team do a good job in perusing what's out there, what's available versus the buy versus the pay royalty. We haven't made any decisions on that over the course of the last couple quarters to pull the trigger on anything yet but we're constantly looking at it. That's absolutely things that come to issue each and every quarter.

這是個好問題。我們一直在分析這件事。Dan和他的團隊在檢視市面上有哪些東西、有哪些可用方案，以及自建、採購或支付權利金之間的取捨方面做得很好。在過去幾個季度，我們還沒有就任何事情做出決定、真正扣下扳機，但我們一直在看。這些確實是每一季都會被提出並討論的議題。

Right. What about looking at the demand [inaudible], what you're getting back from your sales side on that specifically, is it originating as an Adobe in categorization level or is it coming in at your level, the data level? What are you hearing back from your sales force as to what's driving that picture? And I guess the follow on to that or into that same question is what do you do if the origination that your level and yet you're paying this down in the margin side why not just exit that agreement?

了解。那從需求端[聽不清]來看，你們從銷售端回饋到的資訊是什麼？具體來說，需求是以Adobe那一層的分類需求發起的，還是以你們這一層、資料層發起的？你們從銷售團隊那裡聽到的是什麼在驅動這個情況？另外，延伸同一個問題：如果需求的起點是在你們這一層，但你們在毛利端卻要為此付出成本，那為什麼不乾脆退出那個協議？

I'm not sure I follow that question there, Scott.

Scott，我不太確定我理解你這個問題。

Okay.

好的。

Perhaps one more time.

也許再說一次。

You only have Adobe and Verity to deal with generation of web sites as well as the search and characterization capabilities, correct? There is a question in the margin because of the license agreement assignment. Then that has an ongoing contribution level, right?

你們只需要處理Adobe和Verity，用於網站生成以及搜尋與特徵化能力，對嗎？毛利率上會有一個問題，因為授權協議的分攤。然後那會有一個持續的貢獻水準，對吧？

Wait a minute, wait a minute. Let's make sure we understand where those are positioned in our architecture because you articulated it wrong.

等一下，等一下。我們先確認我們理解它們在我們架構中的位置，因為你表述得不正確。

Okay.

好的。

Let's get it correctly articulated. What Adobe does for us is turn content into PDF. We only have a component so when business stuff comes into our thing, we turn it into PDF and we pay them a royalty on that. That's an optional module that people buy. the second component you're saying categorization which Verity we don't use Verity for categorization. We use Verity for indexing inside the server, okay, which is pretty, you know, it's a royalty that we pay so like Gregg says, are continuing to look at search vendors that are boutique that potentially we could integrate with our product. the categorization module which we announced which is also a royalty component, we use economy in another group out of Cambridge called smart logic best in class categorization modules that we plug into that that we pay a royalty. and we sell that feature. So those are - so your question, I think, is where you're going with it is why don't we have our customers buy those ; is that correct?

我們把它正確地說清楚。Adobe為我們做的是把內容轉成PDF。我們只使用其中一個元件，所以當商務內容進到我們的系統時，我們把它轉成PDF，並為此支付權利金。那是一個客戶可選購的模組。第二個元件你提到的分類（categorization），我們並沒有用Verity做分類。我們使用Verity是在伺服器內做索引（indexing），好嗎？這是一筆我們要支付的權利金；所以如Gregg所說，我們也持續在看一些精品型的搜尋廠商，未來可能可以與我們的產品整合。

Yeah, that's basically it because I think you can get back to the similar 95 plus percent margin that you're running at on the license side if you were to have those customer - even if you structure those deals.

是的，基本上就是這樣，因為我 認為即使你把那些交易做一些結構安排—— 就算你有那些客戶——你也可以回到授權端 目前大約 95% 以上的類似毛利率水準。

I think that's a good point, scoot Scott. I think the one thing our customers really like about our stuff is all that integrated is taken care of, and I don't have to deal with three vendors. So what we're trying to evaluate and analyze in Dan's group and product strategy and engineering is how we leverage the stuff a little better, but we're creating solutions. One of our big entrees into the market is we did a lot of point things that build a solution that solves a problem, not just selling technology. That's why we've been successful at what we're doing. And I think that that's one of the things moving forward we have to continue to work on the margin capability of being a pure software play in the 70 to 80 percent of selling software versus the service mix. We built an architecture to integrate these things and we're going out and bringing that stuff in because it gives us broader picture I was referring to earlier.

我覺得這是個好觀點，Scoot， Scott。我認為客戶真正喜歡我們產品的一點是， 所有整合都已經處理好了，我不必同時跟三家 供應商打交道。所以我們在 Dan 的團隊、產品策略 與工程方面，正在嘗試評估與分析的是： 我們如何把這些東西更好地加以運用，但我們是在打造解決方案。我們進入市場的一個重要切入點是： 我們做了很多點狀的事情，去建立一個能解決問題的方案， 而不只是賣技術。這也是我們之所以能在所做的事情上成功的原因。而我認為，往後我們必須持續努力的一件事是： 提升作為純軟體模式的毛利能力—— 也就是銷售組合中 70% 到 80% 是賣軟體，而不是服務的混合。我們建立了一個架構來整合這些東西， 我們也正在把那些東西納入，因為它能讓我們得到我先前提到的更廣的視角。

Just another thing to add to what Vern said, you know, you started categorizing strategy that we rolled out in 6.0, post 6.0. Was to allow customers actually to plug in alternate categorization engines into our products for that reason because there's several different ones out there that we can actually let people use. So in certain cases that is exactly what we're doing.

再補充一點 Vern 剛才說的， 你知道，你開始把我們在 6.0、以及 6.0 之後推出的 分類策略做了歸類。其目的就是讓客戶實際上能夠把替代的 分類引擎插入到我們的產品中， 因為市面上有好幾種不同的引擎，我們確實可以讓大家使用。所以在某些情況下，這正是我們正在做的事。

As Dan was saying there, what we're going to do is, look, we've got these things all plugged together. We've cut these things. Now, if customers start coming to us and saying, hey, looking we'll just negotiate the deal. We don't want to pay that royalty if we get into some of these enterprise ones we get a lot of sever services. Look, this component you might as well get from Adobe because it becomes a margin thing with us, we're going to have to do those types of strategy. and we're evaluating that stuff significantly right now.

就像 Dan 在那裡說的，我們要做的是： 你看，我們已經把這些東西都串接在一起了。我們也把這些東西切分出來了。現在，如果客戶開始來找我們說， 嘿，你看，我們就來談這筆交易。如果我們進入某些企業級案子，會有很多伺服器服務， 我們不想付那筆權利金。你看，這個元件你不如直接向 Adobe 取得， 因為對我們來說它會變成毛利的問題； 我們就必須採取這類策略。 而我們現在正在非常認真地評估這些事情。

All right. Great. Thank you.

好的。很好。謝謝。

Our next question is from Ed McDwyer at Merrill Lynch. Please go ahead with your question.

下一個問題來自 Merrill Lynch 的 Ed McDwyer。請提出您的問題。

Hi. Just a question quick for Gregg. Looking forward in modeling the amortization intangibles, Gregg, what would be a reasonable assumption for the next few quarters?

嗨。給 Gregg 一個很快的問題。往前看，在建立無形資產攤銷的模型時，Gregg， 對接下來幾個季度而言，什麼樣的假設會比較合理？

We amortize typically everything over a three-year period, so just divided by 12 and that would be your quarterly results. If you took the 1.9 million in capitalize [inaudible] a good shot here in the September quarter.

我們通常把所有項目都在三年期間內攤銷， 所以就除以 12，那就是你的季度結果。如果你用 190 萬的資本化[聽不清]來算， 在 9 月季度這裡會是個不錯的估算。

Okay. That's for the software. and then I guess there were some other intangibles that you amortized?

好的。那是針對軟體的。那我想還有一些其他無形資產 你們也有攤銷？

Correct.

沒錯。

At 1.6. Can I expect that to kind of continue along that same projectory?

在 160 萬。我可以預期它會大致沿著同樣的軌跡持續下去嗎？

Correct. and we have - that trajectory will be maintained through June 30th at 2003 when the three- year term expires in the acquisition of S CD division.

沒錯。而且我們——那個軌跡會維持到 2003 年 6 月 30 日， 因為在收購 S CD 事業部時的三年期限屆滿。

All right, great. That's all I need to know. Thank you.

好的，很好。這就是我需要知道的全部。謝謝。

At this time there are no further questions. Are there any closing remarks?

目前沒有其他問題。是否有任何結語？

Yes. I'd just like to close with Stellent's committed to execute on these goals and return the profitability and growing our market share, and we're confident about our leading position in this content management space and are proceeding with cautious optimism as the market starts to rebound. And thanks, everybody, for participating.

有。我想用幾句話作結：Stellent 承諾會落實這些目標， 恢復獲利能力並提升我們的市占率； 我們對於在內容管理領域的領先地位充滿信心， 隨著市場開始回溫，我們也將以審慎樂觀的態度持續推進。也謝謝各位的參與。

This concludes today's conference 01:09:56 call. You may now disconnect.

今天的電話會議 01:09:56 到此結束。您現在可以掛線。