甲骨文 (ORCL) 2003 Q3 法說會逐字稿

Good afternoon ladies and gentlemen and welcome to the SeeBeyond third quarter final results conference call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note this conference is being recorded. I would now like to turn the call over

各位女士、先生，下午好，歡迎參加 SeeBeyond 第三季期末業績電話會議。此刻所有與會者皆處於僅收聽模式。稍後我們將進行問答環節。請注意，本次會議將被錄音。現在我想把電話交給

to Andrea Williams, Senior Director of Investor Relations. You may begin.

投資人關係資深總監 Andrea Williams。您可以開始了。

Thank you operator. Good afternoon everyone. Thank you for participating in SeeBeyond third quarter 2003 earnings conference call. With us are Jim Demetriades, CEO of SeeBeyond, Carv Moore, President and COO, and Barry Plaga, CFO. Following management's comments we will open up the call for any questions.

謝謝接線員。各位下午好。感謝各位參與 SeeBeyond 2003 年第三季財報電話會議。與會者包括 SeeBeyond 執行長 Jim Demetriades、總裁兼營運長 Carv Moore，以及財務長 Barry Plaga。在管理層發言之後，我們將開放電話供各位提問。

I would now like to read the Safe Harbor disclaimer and other securities laws statements. The following conference call includes statements that are not historical in nature and as such cannot be are forward-looking statements for the purposes of Safe Harbor provided by the securities litigation reform act. These statements including those related to estimated revenue, net loss, net loss per share, cost of sales, and total operating expense levels for the fourth quarter of 2003, the timing of future SeeBeyond profitability, anticipated cost of sales, and operating expense levels for the fourth quarter of 2003 and the first quarter of 2004, the expected level of future customer demand, the success of efforts to secure new customers, control cost, achieve profitability and sell new products, the future emphasis on enhancing customer relationships, the expense and increase in the sales force headcount by mid 2004, the expected recognition of revenue from SeeBeyond ICAN suite 5.0 during the forth quarter of 2003, an expectation for future growth of SeeBeyond business - are all statements based on SeeBeyond's current expectations, assumptions, estimates and projections its industry and its future prospects. The company would like to remind you that these statements are predictions and that actual events and results may differ materially from those forward-looking statements based on certain risks including market acceptance of our products and services, risks relating to customer adoption of and sales efforts behind the company's new SeeBeyond ICAN suite 5.0, the discretionary decisions to release new versions of existing SeeBeyond products, release of competitive products and changes in the mix of products and services revenue among other factors. The forward-looking statements contained in this earnings release and earnings conference call are also subject to other risks and uncertainties including those most fully described in the company's filings with the SEC These include its annual report filed on form 10-K for the year December 30, 2002 and its quarterly reports on form 10-Q. The company does not undertake to update any forward-looking statements.

我現在要宣讀「安全港」免責聲明及其他證券法相關聲明。以下電話會議包含非歷史性陳述，因此就證券訴訟改革法所提供之安全港而言，屬於前瞻性陳述。這些陳述包括但不限於：對 2003 年第四季之預估營收、淨損、每股淨損、銷貨成本及總營運費用水準；SeeBeyond 未來達成獲利的時間點；對 2003 年第四季及 2004 年第一季之預期銷貨成本與營運費用水準；未來客戶需求的預期水準；爭取新客戶、控制成本、達成獲利及銷售新產品之努力是否成功；未來強化客戶關係的重點；至 2004 年年中銷售人力編制增加所帶來的費用與增幅；預期於 2003 年第四季認列 SeeBeyond ICAN 套件 5.0 的營收；以及對 SeeBeyond 業務未來成長的預期——以上皆係基於 SeeBeyond 對其產業及未來前景之目前期待、假設、估計與預測。公司提醒各位，這些陳述屬於預測，實際事件與結果可能因若干風險而與前瞻性陳述有重大差異，包括：市場對我們產品與服務的接受度；與公司新 SeeBeyond ICAN 套件 5.0 之客戶採用情況及銷售推動相關的風險；是否自行決定釋出既有 SeeBeyond 產品的新版本；競爭產品的推出；以及產品與服務營收組合變動等其他因素。本次盈餘新聞稿與盈餘電話會議所包含的前瞻性陳述亦受其他風險與不確定性影響，相關內容已在公司向美國證券交易委員會（SEC）提交之文件中最完整地揭露，包括截至 2002 年 12 月 30 日年度之 Form 10-K 年報，以及 Form 10-Q 季報。公司不承諾更新任何前瞻性陳述。

Please note that on this call we will provide you with several financial metrics determined on a non-GAAP or pro forma basis. These items together with the corresponding GAAP numbers, and a reconciliation to GAAP where practicable are contained in today's press release which we have posted on our Website at www.seebeyond.com and also furnished to the SEC on form 8-K. Please note as well that on this call we will discuss historical financial and other statistical information regarding our business and operations. Some of this information is included in today's press release, which we have posted on our Website and furnished to the SEC on form 8-K, the remainder will be available on our website by accessing a replay of this call. Now I'd like to turn the call over to Jim.

請注意，在本次電話會議中，我們將提供若干以非 GAAP 或備考（pro forma）基礎計算的財務衡量指標。這些項目連同對應的 GAAP 數字，以及在可行範圍內與 GAAP 的調節表，均載於今日新聞稿；我們已將其發布於公司網站 www.seebeyond.com，並以 Form 8-K 提供給 SEC。也請注意，本次電話會議將討論與我們業務及營運相關的歷史財務與其他統計資訊。其中部分資訊已包含於今日新聞稿（已發布於公司網站並以 Form 8-K 提供給 SEC）；其餘資訊將可透過在我們網站上收聽本次電話會議重播取得。現在我想把電話交給 Jim。

Thank you Andrea and welcome everyone to our third quarter 2003 earnings conference call. Before turning the call over to Carv Moore, our President and Chief Operating Officer, I'd like to update you on three areas of particular interest.

謝謝 Andrea，也歡迎各位參加我們 2003 年第三季財報電話會議。在把電話交給我們的總裁兼營運長 Carv Moore 之前，我想先就三個特別值得關注的領域向各位更新。

First, SeeBeyond's third quarter performance. Including the general business environment that we've seen for integration technology and steps SeeBeyond is taking to achieve leadership in the integration marketplace. Second, news coming out of our second major customer conference, Horizons, which took place in Las Vegas last week. And third, I'd like to elaborate a bit on SeeBeyond's GA release of the business integration platform, the integrated composite application network or ICAN 5.0.

第一，SeeBeyond 第三季的表現。包括我們所見到的整體整合技術商業環境，以及 SeeBeyond 為在整合市場取得領導地位所採取的步驟。第二，關於我們第二屆大型客戶大會「Horizons」的最新消息；該活動於上週在拉斯維加斯舉行。第三，我想進一步說明 SeeBeyond 的業務整合平台正式上市（GA）版本：整合式複合應用網路（Integrated Composite Application Network），亦即 ICAN 5.0。

So here are the highlights of SeeBeyond's third quarter financial results. In the third quarter of 2003 SeeBeyond had total revenue of $32.4 million, exceeding the high end of guidance provided by the company, which was 30 million. We also reported a GAAP EPS loss of 6 cents per share which also beat our guidance of a loss of 10 cents per share. We ended the third quarter of 2003 with approximately $70 million in cash or 84 cents per share and DSOs of 80 days. I would like now to address the current business environment for integration technology. Despite I think a partial lifting of the gloomy mood that has covered the industry the current reality is that IT spending especially software budgets still remain tight and discretionary spending on new technology continues to be soft. In that context I'm pleased with the results we achieved in Q3.

以下是 SeeBeyond 第三季財務結果重點。2003 年第三季，SeeBeyond 總營收為 3,240 萬美元，高於公司所提供指引區間的上緣（3,000 萬美元）。我們亦公布 GAAP 每股盈餘（EPS）虧損為每股 6 美分，也優於我們先前指引的每股虧損 10 美分。2003 年第三季末，我們持有約 7,000 萬美元現金（每股 84 美分），應收帳款週轉天數（DSO）為 80 天。我現在想談談整合技術目前的商業環境。儘管我認為籠罩產業的低迷情緒已有部分消退，但現實是 IT 支出、尤其是軟體預算仍然緊縮，而對新技術的可自由裁量支出依舊疲弱。在此背景下，我對我們在第三季取得的成果感到欣慰。

While it has been difficult to foresee when integration spending budgets will accelerate, SeeBeyond has adopted a proactive agenda by building over the last few months a new management team that will leverage SeeBeyond's long time technical leadership into business leadership, market leadership, and growth. Three months ago when SeeBeyond reported second quarter earnings, I announced the appointment of Carv Moore as President and Chief Operating Officer. As a former President of Novell Americas, Carv brings to SeeBeyond a new level of experience and a fresh set of skills that he and his team will use to develop and execute a successful sales and marketing program for our next generation business integration platform for the ICAN suite 5.0. Some of the key hires in the last 3 month also included the following, Ross Altman, former of the Gardner Group and EDC, has joined the company as CTO, Thor Culverhouse with senior experience at IBM and Interwoven is now heading America sales and Mike Mansbach formerly of SeeCommerce is heading Global Marketing. This is an all star team that I think is poised to show great results, clearly these winners eagerness to join SeeBeyond is a confirmation of our potential in the business integration marketplace. All of them saw ICAN 5.0 which is why they decided to join SeeBeyond and help propel us to the next level.

雖然難以預見整合支出預算何時會加速成長，SeeBeyond 已採取主動策略，在過去幾個月建立了一支新的管理團隊，將運用 SeeBeyond 長期的技術領先優勢，轉化為商業領導力、市場領導力與成長動能。三個月前，當 SeeBeyond 公布第二季財報時，我宣布任命 Carv Moore 擔任總裁兼營運長。Carv 曾任 Novell 美洲區總裁，為 SeeBeyond 帶來更高層次的經驗與一套全新的技能；他與其團隊將運用這些能力，為我們下一代業務整合平台——ICAN 套件 5.0——制定並執行成功的銷售與行銷計畫。過去三個月的幾項關鍵招募亦包括：前 Gardner Group 與 EDC 的 Ross Altman 加入公司擔任技術長（CTO）；曾在 IBM 與 Interwoven 擔任資深職務的 Thor Culverhouse 現負責美洲區銷售；以及前 SeeCommerce 的 Mike Mansbach 負責全球行銷。我認為這是一支全明星團隊，已蓄勢待發可展現優異成果；這些勝利者渴望加入 SeeBeyond，清楚印證了我們在業務整合市場的潛力。他們都看到了 ICAN 5.0，這也是他們決定加入 SeeBeyond、協助我們邁向下一個層級的原因。

Now I'd like to provide you with an update on the Horizons 2003 conference we had last week in Las Vegas. As you know, SeeBeyond Horizons is our users group, and where we bring together industry thought leaders, partners and customers together under one roof with premier sponsors such as Siebel, Excentra (ph) and Deloitte. If the record attendance is the indication, interest in SeeBeyond is at all times high. The theme of Horizons was innovation in action. We invited customers to present ways, in which SeeBeyond integration solutions have driven business value in their organizations. The response from customers was so profuse that in planning Horizons we had to expand the customer presentation segment twice and we still didn't have room for the many positive stories customers wanted to share. Among I think the most eagerly attended customer presentations were those by industry leaders Nike, Pfizer, Hiphol Veron Bank (ph) and Carostuck Craller (ph) , organizations which chose to participate in the ICAN suite 5.0 early adopter program. Generally speaking presenting a customer's confirmed SeeBeyond vision that the future of business integration lies in solutions that leverage an organization's existing IT asset and extend the potential of those assets through composite applications to business end users. Our feeling is that because of ICAN 5.0 suite includes end user interaction, it completes the evolution of business integration from plumbing for the very first time, however important, to a business value driver moving every closer to ever closer to the heart of business operations. Remember now that in 30 different industries the world's largest companies have selected SeeBeyond as their enterprise standard. This is because only SeeBeyond has had the vision where integration software will go over the last ten years. Everyone else in our industry follows SeeBeyond.

現在我想向各位更新我們上週在拉斯維加斯舉辦的 Horizons 2003 大會的情況。如各位所知，SeeBeyond Horizons 是我們的使用者社群大會，我們在此把產業思想領袖、合作夥伴與客戶齊聚一堂，並有 Siebel、Excentra（音）與 Deloitte 等頂級贊助商共襄盛舉。若以破紀錄的出席人數為指標，市場對 SeeBeyond 的興趣始終維持在高檔。Horizons 的主題是「創新落地」。我們邀請客戶分享 SeeBeyond 整合解決方案如何在其組織中驅動商業價值。客戶回應非常踴躍，以致於在規劃 Horizons 時，我們不得不兩度擴大客戶簡報時段，但仍無法容納許多客戶想分享的正面案例。我認為最受矚目的客戶簡報之一，來自產業領導者 Nike、Pfizer、Hiphol Veron Bank（音）以及 Carostuck Craller（音），這些組織選擇參與 ICAN Suite 5.0 的早期採用者計畫。整體而言，這些簡報印證了 SeeBeyond 的願景：企業整合的未來在於能善用組織既有 IT 資產，並透過複合式應用將這些資產的潛力延伸到業務端使用者的解決方案。我們認為，由於 ICAN 5.0 套件納入終端使用者互動，它首次完成了企業整合的演進：從最初（雖然非常重要）的「管線工程」，轉變為驅動商業價值、並愈來愈貼近營運核心的力量。請記得，在 30 個不同產業中，全球最大的企業已選擇 SeeBeyond 作為其企業標準。這是因為在過去十年，只有 SeeBeyond 具備對整合軟體發展方向的前瞻願景。我們產業中的其他人都在追隨 SeeBeyond。

Which brings me to my third point. And perhaps the most important point, which is the announcement of the GA or general availability of the ICAN suite 5.0, which we announced at Horizons on October 15th. We have been extremely encouraged by demonstrating in showcase the ICAN 5.0 during the last few months to analysts, partners, new and existing customers and the reception I must say has been overwhelmingly positive. Among analysts, Gartner called 5.0 the Swiss Army knife for XX1 century enterprise. One other groups, one of the New York analyst organizations called it powerful, excellent, a significant step forward in evolution of integration that delivers substantial savings. Most analysts and customers agree that ICAN 5.0 represents true differentiation in the marketplace not through acquired technology or lack of vision, but rather, by developing a fully integrated product set.

這也帶到我的第三點。也許是最重要的一點：我們宣布 ICAN Suite 5.0 已達 GA（General Availability，一般可用）狀態；我們已於 10 月 15 日在 Horizons 上正式發布。過去幾個月，我們向分析師、合作夥伴、新舊客戶展示 ICAN 5.0 的成果令人非常振奮；我必須說，市場反應極為正面。在分析師方面，Gartner 稱 5.0 為 21 世紀企業的瑞士刀。另一個團體——紐約的一家分析機構——稱其強大、卓越，是整合演進上的重大躍進，並可帶來可觀的節省。多數分析師與客戶一致認為，ICAN 5.0 在市場上展現真正的差異化，不是靠併購技術或缺乏願景，而是透過打造一套完全整合的產品組合。

This is truly differentiated and integrated platform, which I think today will solve business problems and the product suite has been built by the same team that has been delivering the best and most innovative integration architectures for over ten years. Analysts that I've spoken with said that ICAN 5.0 is around two years ahead of the competition; and in fact we are hearing the same thing from many of the largest companies who have seen ICAN 5.0. They have also said that ICAN 5.0 is four times more revolutionary more important to the industry than e*Gate 4.0. Importantly we have been able to demonstrate the ICAN 5.0 integration platform to almost all of our new customers in the last few months. I can safely say that all of our new deals this quarter are being influenced by the vision and road map ICAN 5.0 represents right now.

這確實是一個具差異化且高度整合的平台；我認為它能解決當前的業務問題，而這套產品組合由同一支團隊打造，該團隊十多年來持續交付業界最佳且最具創新的整合架構。我接觸過的分析師表示，ICAN 5.0 約領先競爭對手兩年；事實上，我們也從許多看過 ICAN 5.0 的大型企業聽到同樣的說法。他們也表示，ICAN 5.0 對產業的重要性與革命性是 e*Gate 4.0 的四倍。重要的是，過去幾個月我們已能向幾乎所有新客戶展示 ICAN 5.0 整合平台。我可以很有把握地說，本季我們所有新案子都正受到 ICAN 5.0 所代表的願景與產品路線圖的影響。

We look forward to great things from the ICAN 5.0 suite and expect to recognize revenue contribution from ICAN 5.0 in the current quarter. ICAN 5.0 represents the complete transformation of SeeBeyond. In addition to its game changing platform we have as I mentioned assembled the management team committed to marketplace victory and we've rebuilt our sales and marketing organizations to support both the new product suite the new vision and the new team. Now let me turn the call over to Carv Moore, our President and COO for discussion of his accomplishments in Q3 and his plans going forward.

我們對 ICAN 5.0 套件的表現充滿期待，並預期在本季確認 ICAN 5.0 的營收貢獻。ICAN 5.0 代表 SeeBeyond 的全面轉型。除了其具顛覆性的平臺之外，如我先前提到的，我們也組建了一支致力於在市場取勝的管理團隊，並重建了銷售與行銷組織，以支援新產品套件、新願景與新團隊。接下來我把電話會議交給我們的總裁兼營運長 Carv Moore，請他說明第三季的成果以及未來計畫。

Thank you Jim. I welcome this opportunity to address the investment community and share my enthusiasm for the future of SeeBeyond. My ultimate goal is to make SeeBeyond as operationally proficient as it is technically excellent. And the way to do that is to become 100% customer focused. My career has taught me that operational excellence is a byproduct of customer focus and I promised our customers that Horizon at SeeBeyond is going to become the benchmark by which they judge all other vendors. I spent most of Q3, my first three month on the job in the field talking to customers and what I found was a profound respect for SeeBeyond's technology and its people and a number of areas where we can do better.

謝謝你，Jim。我很高興有機會向投資界發言，並分享我對 SeeBeyond 未來的熱忱。我的最終目標，是讓 SeeBeyond 在營運面同樣出色，達到與技術實力相匹配的水準。而達成的方法，就是做到 100% 以客戶為中心。我的職涯經驗告訴我，營運卓越是客戶導向的副產品；我也向客戶承諾，SeeBeyond 的 Horizon 將成為他們評估所有其他供應商的標竿。我在第三季的大部分時間——上任後的前三個月——都在第一線與客戶交流；我發現客戶對 SeeBeyond 的技術與人才抱持高度敬重，同時也指出一些我們可以做得更好的領域。

That's why we assembled an operational team whose memberships will help SeeBeyond deliver on its promises. In addition to the people Jim has already mentioned, we have also brought aboard Larry Scott, a proven market leader as Vice President of Global Financial Services and Tom O'Gorman as our Vice-President of Professional Services for Americas.

這就是為什麼我們組建了一支營運團隊，其成員將協助 SeeBeyond 兌現承諾。除了 Jim 已提到的人員之外，我們也延攬了 Larry Scott——一位經驗證的市場領導者——擔任全球金融服務副總裁，以及 Tom O'Gorman 擔任美洲區專業服務副總裁。

Turning to sales in the third quarter we experienced increased sales activity in the latter part of Q3, with larger deal sizes and a very healthy contribution from our existing customer base as well as increased participation from our partner channel particularly the systems integrator community. On a sequential basis, license revenue increased approximately 4.1 million or nearly 50%.

談到第三季的銷售，我們在第三季後段看到銷售活動增加，交易規模更大；既有客戶基礎也帶來非常健康的貢獻，同時合作夥伴通路的參與度提升，特別是系統整合商社群。以季對季來看，授權營收增加約 410 萬美元，或接近 50%。

During the quarter SeeBeyond completed 84 transactions including 31 transactions with new customers. We also signed four seven-figure deals during the quarter with 59% of revenue coming from existing customers and 59% of revenue influenced by our partner channel. So here is the details about the four-seven deals. First, the Hertz corporation selected SeeBeyond as its global enterprise standard for integration. The Hertz business was a competitive win against both Tipco and IBM, which required a highly scaleable, flexible, and reliable integration platform to win proof of concept conducted on site at Hertz. Second, Fiat GM power train, which manufactures engines and transmission components for the entire set of Fiat production lines in 19 production plants in 11 countries. We believe that our strong relationships with General Motors where SeeBeyond is the enterprise integration standard gave SeeBeyond an advantage and its competitive win against IBM, Tipco, and WebNet. Third, BlueCross BlueShield of Massachusetts, the largest health plan in New England. This project is especially satisfying, since it reaffirms BlueCross BlueShield's commitment to SeeBeyond, and also extends our work with this organization. And finally, we signed a seven-figure deal with Carstadt, on of the largest German retail organizations and the second largest catalog retailer in Europe.

本季 SeeBeyond 完成 84 筆交易，其中 31 筆來自新客戶。我們本季也簽下四筆七位數交易；其中 59% 的營收來自既有客戶，且 59% 的營收受到合作夥伴通路的影響。以下是四筆七位數交易的細節。第一，Hertz 公司選擇 SeeBeyond 作為其全球企業整合標準。Hertz 這筆業務是在與 Tipco 與 IBM 的競爭中勝出；要贏得在 Hertz 現場進行的概念驗證（POC），必須提供高度可擴展、彈性且可靠的整合平台。第二，Fiat GM Powertrain，該公司為 Fiat 全系列產線在 11 個國家、19 座工廠製造引擎與變速箱零組件。我們相信，SeeBeyond 在通用汽車（General Motors）建立的強大關係——SeeBeyond 在該處為企業整合標準——讓我們更具優勢，並在與 IBM、Tipco 與 WebNet 的競爭中勝出。第三，麻薩諸塞州 BlueCross BlueShield，新英格蘭地區最大的健康保險計畫。這個專案尤其令人滿意，因為它再次確認 BlueCross BlueShield 對 SeeBeyond 的承諾，也擴大了我們與該組織的合作。最後，我們與 Carstadt 簽下一筆七位數交易；Carstadt 是德國最大的零售組織之一，也是歐洲第二大目錄型零售商。

All of the major players competed for this, including IBM, Tipco, WebNet, and ASP. Important in securing the win for SeeBeyond was the commitment of our team in the identifiable technology differentiation of the SeeBeyond platform in supporting and integrating a new SAP installation. We were able to beat our competitors in these transaction because of our uniquely open and scalable architecture, the portability of SeeBeyond integration code to all operating systems and platforms, portability to the HP's not-stop platform and superior partnership commitments from our systems integrators.

所有主要競爭者都參與角逐，包括 IBM、Tipco、WebNet 與 ASP。協助 SeeBeyond 拿下此案的關鍵，在於我們團隊的投入，以及 SeeBeyond 平台在支援並整合全新 SAP 安裝時所展現的可辨識技術差異化。我們能在這些交易中擊敗競爭對手，原因在於我們獨特的開放且可擴展架構、SeeBeyond 整合程式碼可移植至所有作業系統與平台、亦可移植至 HP 的 NonStop 平台，以及我們的系統整合商所提供更優越的合作承諾。

While we're encouraged by these competitive wins in the third quarter, we remain cautious as market visibility remains low and the sales cycles remain extended. During the quarter we took a hard look at how we conducted business. For example, we determined we could do a better job of selling product and services to our Stall Base, which is over 1850 organic customers is the industry's largest. With the GA of ICAN 5.0, I believe that we have a tremendous opportunity to enhance our existing customer relationships as reflected in some of the biggest deals of the quarter executed with existing customers.

儘管我們對第三季在競爭性案件上的勝出感到鼓舞，但由於市場能見度仍然偏低、銷售週期仍然拉長，我們仍保持審慎。本季我們嚴肅檢視了我們的業務運作方式。例如，我們認為在向我們的既有客戶基礎（Stall Base）銷售產品與服務方面可以做得更好；該客戶基礎擁有超過 1,850 家自然成長的客戶，為業界最大。隨著 ICAN 5.0 的 GA（正式發布），我相信我們有極佳機會強化既有客戶關係，這也反映在本季與既有客戶簽下的一些最大型交易上。

In addition we have several key initiatives under way. First and foremost, we are focused on hiring the right salespeople and increasing our numbers on the street. Currently at 53 sales reps we expect to increase this number to 70 to 80 by mid 2004. Second, we are also increasing the accountability of sales reps. For example, we have created a customer targeting or tracking systems to increase the number of live customer presentations delivered each month. We have created a highly transparent sales environment, whereby sales reps can gage their results both individually and as compared to the entire sales organization in real time. Third, senior management is getting more involved in the sales process. For customers it demonstrates SeeBeyond's dedication and interest in its customers business. For SeeBeyond it is important that senior management have more visibility into our customers business challenges and we've already seen the positive results of these efforts. And finally, we are working diligently to increase our visibility of our pipeline by revamping our forecasting discipline. In other words, working to complete immediate sales, or maintaining close contact with our customers to stay on top of opportunities in future quarters.

此外，我們也正在推動數項關鍵計畫。首要之務，我們專注於招募合適的業務人員，並增加前線人力。目前我們有 53 位業務代表，預期在 2004 年年中將增加至 70 到 80 位。第二，我們也在提升業務代表的責任歸屬。例如，我們建立了客戶鎖定或追蹤系統，以提高每月實際進行的客戶簡報數量。我們打造了高度透明的銷售環境，讓業務代表能即時衡量個人以及相對於整個銷售組織的成果。第三，高階管理團隊更深入參與銷售流程。對客戶而言，這展現 SeeBeyond 對客戶業務的投入與重視。對 SeeBeyond 而言，高階管理層更了解客戶的業務挑戰也很重要，而我們已經看到這些努力帶來的正面成果。最後，我們正努力透過重整預測紀律，提升對銷售管線的能見度。換言之，致力於完成近期銷售，或與客戶保持密切聯繫，以掌握未來季度的機會。

And before I hand the call over to Barry, let me offer a few last thoughts. With ICAN 5.0, SeeBeyond leapfrogged the competition. Our customers see it, analysts see it and I believe our competition sees it. We are working now to leverage true technology leadership in differentiation to go deeper into our customers' vertical industries and offer complete business solutions from a consultant sales process to professional services and customer support. This approach will create a partnership with our customers to solve their business problems. So now I'll turn the call over to Barry Plaga, our Chief Financial Officer for a detailed discussion of our Q3 results and for forward guidance.

在我把電話交給 Barry 之前，讓我再補充幾點想法。憑藉 ICAN 5.0，SeeBeyond 已超越競爭對手。我們的客戶看得見、分析師看得見，我相信競爭對手也看得見。我們正著手運用真正的技術領導地位作為差異化，深入耕耘客戶所屬的垂直產業，並以顧問式銷售流程、專業服務與客戶支援，提供完整的商業解決方案。這種作法將與客戶建立夥伴關係，共同解決其業務問題。接下來我把電話交給我們的財務長 Barry Plaga，請他就第三季業績做更詳細的說明，並提供未來展望指引。

All right, thanks Carv. Today I will cover our operating results for the third quarter ended September 30th, 2003. And then I will follow up with a discussion of forward guidance. We reported total revenue for the third quarter ended September 30th of $32.4 million. Total license revenue for Q3 was $11.2 million which represented 35% of our Q3 revenue mix.

好的，謝謝你，Carv。今天我將說明截至 2003 年 9 月 30 日止第三季的營運結果。接著我會進一步討論未來展望指引。我們公布截至 9 月 30 日止第三季的總營收為 3,240 萬美元。第三季的授權收入為 1,120 萬美元，占第三季營收組合的 35%。

International revenue represented 43% of total revenue for Q3, with Europe representing 34%, and Pac Asia 9%. Sequentially from Q2 '03, North America revenues were up 7%, EMEA revenues were up 27%, and Asia Pacific was flat.

第三季國際營收占總營收的 43%，其中歐洲占 34%，亞太占 9%。與 2003 年第二季相比，北美營收季增 7%，EMEA（歐洲、中東及非洲）營收季增 27%，亞太則持平。

We've executed 84 deals in the third quarter, some of the companies that purchased SeeBeyond software were BlueCross BlueShield of Massachusetts, BDP International, DC government, Fiat, GMAC Finance, Great West Life, Hertz Corporation, Carstadt, LA County Department of Health Services, Nikon, NSMTF, which is a French rail company, the largest rail company in the world. The top four license revenue verticals for Q3 were financial services and insurance, health care, retail, and manufacturing. SeeBeyond had no customers during Q3 which represented 10% or more of total revenues. During Q3 our strategic partners consulting and software influenced approximately 59% of our license revenue. EDS Bearing Point and CSC were our top strategic partners in third quarter based on license revenue influence. Repeat license revenue in Q3 which is license revenue from preexisting customers was also 59%.

我們在第三季完成了 84 筆交易；購買 SeeBeyond 軟體的公司包括麻薩諸塞州的 BlueCross BlueShield、BDP International、華盛頓特區政府、Fiat、GMAC Finance、Great West Life、Hertz Corporation、Carstadt、洛杉磯郡衛生服務局（LA County Department of Health Services）、Nikon，以及 NSMTF（法國鐵路公司，也是全球最大的鐵路公司）。第三季授權收入的前四大垂直產業為金融服務與保險、醫療保健、零售與製造業。第三季 SeeBeyond 沒有任何單一客戶的營收占總營收 10% 或以上。第三季我們的策略夥伴（顧問與軟體）對約 59% 的授權收入產生影響。以授權收入影響力計算，EDS、Bearing Point 與 CSC 是第三季我們最主要的策略夥伴。第三季的重複授權收入（即來自既有客戶的授權收入）也占 59%。

Service revenue for the third quarter was 9.4 million down 4% sequentially from 9.8 million in the June quarter. Maintenance revenue for the third quarter was 11.7 million down from 11.9 million in Q2. Overall gross profit for Q3 was 68%, up from 62.4% in the June quarter due to the change in the revenue mix. Service and maintenance margin was 56.4%, up from 51.3% in June, as we continued to focus on cost controls and improving margins in all areas of our business. Total operating expenses excluding non-cash charges for amortization of stock compensation and warrants and restructuring charges were 26.4 million in the third quarter down from 29 million in the second quarter of 2003. Research and development expense decreased in Q3 to 10.1 million from 10.4 million in Q2, sales and marketing expense decreased to 12.4 million in Q3 from 14 million in Q2. The decrease was attributable to decrease in discretionary marketing costs and overhead. General and administrative expense decreased 3.8 million -- decreased to 3.8 million in Q3 from 4.6 million in Q2, and as you can see, we've been focused diligently on cost controls in all areas of our business, and will continue to do so as we roll out our new product suite.

第三季服務收入為 940 萬美元，較 6 月季度的 980 萬美元季減 4%。第三季維護收入為 1,170 萬美元，低於第二季的 1,190 萬美元。第三季整體毛利率為 68%，高於 6 月季度的 62.4%，主要因營收組合變化所致。服務與維護毛利率為 56.4%，高於 6 月的 51.3%；我們持續專注於成本控管並提升各業務領域的利潤率。第三季扣除股票薪酬與認股權證攤銷等非現金費用，以及重整費用後的總營業費用為 2,640 萬美元，低於 2003 年第二季的 2,900 萬美元。第三季研發費用由第二季的 1,040 萬美元降至 1,010 萬美元；銷售與行銷費用由第二季的 1,400 萬美元降至第三季的 1,240 萬美元。下降主要歸因於可自由裁量的行銷成本與管理費用降低。一般及行政費用降至第三季的 380 萬美元，低於第二季的 460 萬美元；如各位所見，我們一直在各業務領域嚴格落實成本控管，並將在推出新產品套件的同時持續如此。

On a GAAP basis net loss for the quarter ended September 30 was 4.8 million or 6 cent loss per share versus a loss of 8.2 million or 10 cent loss per share in the prior year's period. Pro forma net loss for Q3 was also 4.8 million or 6 cent loss per share versus a loss of 8 million or 10 cent loss per share in the prior year's period. Pro forma results for the third quarter exclude non-cash charges related to amortization of stock and warrants of $89,000. For Q3 diluted share count was 83.1 million shares versus 82.8 million at the end of the second quarter.

依 GAAP 基準，截至 9 月 30 日止季度的淨損為 480 萬美元，或每股虧損 6 美分；相較於去年同期淨損 820 萬美元，或每股虧損 10 美分。第三季 Pro forma 淨損亦為 480 萬美元，或每股虧損 6 美分；相較於去年同期 Pro forma 淨損 800 萬美元，或每股虧損 10 美分。第三季 Pro forma 結果排除與股票及認股權證攤銷相關的 89,000 美元非現金費用。第三季稀釋後股數為 8,310 萬股，第二季末為 8,280 萬股。

Turning to the balance sheet total cash and cash equivalents was approximately 70 million as of September 30th. Total cash decreased by approximately 10.4 million. This decrease in cash is primarily the result of the loss from operations during the quarter, along with the increase in receivables related to the increase in revenues during the quarter. Total net receivables were 28.1 million as of September 30th, our DSO at the end of Q3 was 80 days which is in line with our historical average. Deferred revenue increased 2.1 million during Q3 to 29.2 million. Cash used in operating activities in the third quarter was approximately 9.5 million of which approximately 7.4 million relates to the increase in accounts receivable. Capital expenditures during Q3 totaled $500,000.

接著看資產負債表，截至 9 月 30 日，現金及約當現金總額約為 7,000 萬美元。現金總額約減少 1,040 萬美元。現金減少主要是本季營運虧損所致，並且因本季營收增加而帶動應收款項上升。截至 9 月 30 日，應收款項淨額為 2,810 萬美元；第三季末的 DSO（應收帳款週轉天數）為 80 天，與我們的歷史平均一致。遞延收入在第三季增加 210 萬美元至 2,920 萬美元。第三季營運活動使用的現金約為 950 萬美元，其中約 740 萬美元與應收帳款增加有關。第三季資本支出合計為 50 萬美元。

Also during Q3 the company repurchased under its stock buy-back program approximately 522,000 shares of its stock for a total of $1.2 million. We ended the quarter with 691 employees including 53 quota carrying sales reps. This compares to 708 total employees and 50 quota carrying sales reps at the end of the second quarter of 2003.

此外，在第三季期間，公司依其股票回購計畫回購了約 522,000 股自家股票，總金額為 120 萬美元。本季末我們共有 691 名員工，其中包含 53 名具配額的銷售代表。相較之下，2003 年第二季末共有 708 名員工，具配額的銷售代表為 50 名。

Now I'd like to discuss guidance. I'd like to remind you that this guidance is forward-looking information and is subject to risks and uncertainties including those identified in our SEC filings and those mentioned earlier during this call. Due to the continued difficult selling environment, the newness of our product suite ICAN 5.0, as well as the realignment of our sales marketing and alliances groups at SeeBeyond, we are cautiously optimistic regarding our prospects for the forth quarter. We expect total revenue for the fourth quarter 2003 to be in the range of $32 to $34 million. We expect a GAAP and pro forma net loss in the fourth quarter of 7 cents to 5 cents loss per share. While cost of sales for Q4 should remain flat from Q3, total operating expenses are expected to increase approximately 1.1 million to 27.5 million, due to an expected increase in sales commissions, and an increase in marketing expenses related to our Horizons users conference which was held in October. We anticipate expense levels in the following quarter which is Q1, 2004, to be flat to slightly down from the levels in Q4 '03. We are focusing our efforts 100% on driving profitability in the near term. We expect to decrease our loss in Q1 '04 even further from the level in Q4 '03. We still expect to be break-even or profitable in Q2 and to be profitable for the remainder of 2004. With that summary of guidance now I'd like to open the call up to any questions.

接下來我想討論財測指引。我想提醒各位，這些指引屬於前瞻性資訊，並可能受到風險與不確定性影響，包括我們向 SEC 提交文件中所識別者，以及本次電話會議稍早提到者。由於持續艱困的銷售環境、我們產品套件 ICAN 5.0 的新穎性，以及 SeeBeyond 對銷售、行銷與策略聯盟團隊的重新調整，我們對第四季的前景抱持審慎樂觀。我們預期 2003 年第四季總營收將落在 3,200 萬至 3,400 萬美元之間。我們預期第四季 GAAP 與 pro forma 淨損為每股虧損 7 美分至 5 美分。雖然第四季銷貨成本應與第三季持平，但由於預期銷售佣金增加，以及與 10 月舉行的 Horizons 使用者大會相關的行銷費用增加，總營業費用預期將增加約 110 萬美元至 2,750 萬美元。我們預期下一季（即 2004 年第一季）的費用水準將與 2003 年第四季持平或略為下降。我們正將 100% 的努力聚焦於在短期內推動獲利能力。我們預期 2004 年第一季的虧損將較 2003 年第四季的水準進一步縮小。我們仍預期在第二季達到損益兩平或轉為獲利，並在 2004 年剩餘期間維持獲利。以上為指引摘要，接下來我想開放電話會議進入提問。

Thank you sir. We will now begin the question-and-answer session. [operator instructions] Our first question comes from David Radu from Piper Jaffray. Please go ahead.

謝謝您，先生。我們現在開始問答環節。[接線員指示] 我們的第一個問題來自 Piper Jaffray 的 David Radu。請開始。

Hey guys, good afternoon, great job on the quarter.

各位好，下午好，本季表現很棒。

Thanks Dave.

謝謝你，Dave。

In terms of the revenue from the quarter how much of the revenue was held over from Q2?

就本季營收而言，有多少營收是從第二季遞延到本季的？

Let's see, I think there was, you know, in Europe, they had definitely some, you know, opportunities there that flowed over from Q2. I'd say it was, you know, $1 to $2 million worth of opportunities. And then for North America it was literally none, as you could tell by the growth there from quarter to quarter.

我想想，我認為在歐洲，確實有一些機會是從第二季延續到本季的。我會說大約是 100 萬到 200 萬美元的機會。至於北美，幾乎完全沒有，從你們看到的季對季成長就能看出來。

Uh-huh. And then in terms of the big deals, what big deals have you closed in Q1 and Q2? Were there any big deals in those quarters?

嗯哼。另外，關於大案子，你們在第一季和第二季各自簽下了哪些大案子？那兩季有任何大案子嗎？

Let's see, there was three seven-figure deals in Q1. And we had zero in Q2.

我想想，第一季有三筆七位數美元的交易。第二季則一筆也沒有。

Okay. And then if you -- looking out to '04, you gave us a little bit of range on the earnings per share. Could you provide us with some visibility on the revenue growth for next year, how do you what are you looking at to get to the break-even by Q2?

了解。再來，如果展望 2004 年，你們給了我們每股盈餘的一些區間。能否提供一些對明年營收成長的能見度？你們打算如何在第二季達到損益兩平？

I think in terms of -- just in terms of round numbers we're looking at you know a break-even quarterly level that's in the $37 to $38 million range. So we feel you know that we can stuff it up here, you know, a little at a time, we're going to be conservative over the next two quarters and as the pipeline builds you know, close these deals that add 1 1/2 to 3 million a quarter and we're right there in the ballpark in terms of break-even.

我想就——以整數概念來說，我們認為要達到單季損益兩平，營收大約需要落在 3,700 萬到 3,800 萬美元的區間。所以我們覺得可以一點一點把它堆上去；未來兩季我們會採取保守作法，隨著銷售管線建立起來，關閉那些每季可增加 150 萬到 300 萬美元的案子，我們就能大致落在損益兩平的範圍內。

Okay. And then what -- if you look on the 5.0 release, two quarters out, what percent of your install base, do you feel could be up and running on 5.0?

好的。那麼，如果看 5.0 版本，往後兩季，你覺得你們的既有安裝客戶中，有多少百分比可以升級並開始在 5.0 上運行？

Good question.

好問題。

This is Jim Demetriades.I think if we look back now probably out over five major releases and probably safely say that it will be in the hundreds of customers that will be up and running on 5.0. But 2,000 customers - it's really up to them. The good news is, they don't need to do anything to upgrade. 5.0 runs with our 4.X environment, even our 3.X environment. All of our existing customers, all they need to do is install the software and all their existing integrations, environments, connections, et cetera work in 5.0. So it's really just a question of people ordering CDs. I know that we've already shipped out numerous copies of 5.0 to our customer base already.

我是 Jim Demetriades。我想如果回頭看過去大概五次主要版本發佈，我們大概可以相當有把握地說，會有數百家客戶會在 5.0 上線並運行。但對於 2,000 家客戶而言——這真的取決於他們自己。好消息是，他們不需要做任何事情就能升級。5.0 可與我們的 4.X 環境，甚至 3.X 環境一起運行。所有既有客戶只需要安裝軟體，他們既有的整合、環境、連線等等在 5.0 都能運作。所以這真的只是大家去訂購光碟的問題。我知道我們已經向客戶群出貨了許多份 5.0。

Thanks a lot. And again, good job on the quarter.

非常感謝。再次恭喜本季表現。

Thank you. Our next question comes from Greg Kleiner from SoundView. Go ahead.

謝謝。下一個問題來自 SoundView 的 Greg Kleiner。請說。

Thanks. Can you touch briefly on why maintenance revenue declined sequentially?

謝謝。你能簡要說明一下為什麼維護收入會較前一季下滑嗎？

If you look back at Q2, it really spiked up so probably more than natural progression from Q1, couple of customers then, you know, Q2 in Europe where, you know, suddenly laid in a little extra maintenance revenue that was caught up on their contracts. So we were deferring it and carving it out until certain things were met and then we recognized it. So this is where we're growing from Q3. Q3 and Q4 should be back above where we were in Q2. It is more of a one-time event in Q2.

如果回頭看第二季，其實是突然衝高了，所以可能高於從第一季自然推進的水準；當時有幾個客戶——你知道——在歐洲，第二季突然補進了一些額外的維護收入，是他們合約中追認（補提）的部分。因此我們先遞延並拆分出來，直到某些條件達成後才認列。所以這就是我們從第三季開始的成長基礎。第三季和第四季應該會回到高於第二季的水準。第二季比較像是一次性事件。

I'll ask you more offline on that. On the cash side, where do you think cash bottom is at this point?

我會私下再多問一些。就現金而言，你認為現金水位在這個時間點的底部大概會在哪裡？

We had about $4.8 million loss in Q3. You know, we're trying to, you know, take it down by a third to a half here each quarter over the next two quarters.

我們第三季大約虧損 480 萬美元。你知道，我們正試著在接下來兩季，每一季把虧損降低三分之一到二分之一左右。

Uh-huh. Okay.

嗯哼。好的。

I think another thing Greg to look for is, you know, the ability to really sell 5.0 and deliver it. And we now have exactly one week of history of shipping the product. I could tell you as I said in my talk earlier that the interest is very, very substantial and we're very, very excited. Truly, it is about 400% more product than even our -- what we shipped four years ago was with the e*Gate 4.0 architecture. We are now playing in nine different product categories where traditionally we have only played in about three. It is a unique product and truly differentiated. And businesses are recognizing that; and I can tell you that there are a lot of the world's biggest companies that are very actively reviewing the implications to the entire company of a technology like ICAN 5.0 and we are seeing quite a bit of success in the field.

我想 Greg 另外一個可以關注的點是，我們真正銷售 5.0 並交付它的能力。而我們現在對產品出貨的歷史只有剛好一週。我可以告訴你，正如我先前談到的，市場興趣非常、非常強烈，我們也非常、非常興奮。確實地說，它的產品內容大約是我們——甚至四年前隨 e*Gate 4.0 架構出貨的產品——的 400%。我們現在涉足九個不同的產品類別，而過去傳統上我們大概只在三個類別中競爭。這是一個獨特且真正具差異化的產品。企業也正在認可這一點；我可以告訴你，全球許多最大的公司都非常積極地評估像 ICAN 5.0 這樣的技術對整個公司的影響，我們在第一線也看到相當多的成功。

One other if I could. Could you talk about the sales activity you saw both at Horizons and since then after a large number of your customers got to see the product for the first time?

如果可以的話，我還有一個問題。能否談談你們在 Horizons 會議期間以及之後所看到的銷售活動？尤其是在大量客戶第一次看到產品之後的情況？

Carv, you want to talk about that?

Carv，你要談談這個嗎？

We were round the clock in a lot of executive level meetings with several customers that were there evaluating the product, plus the direct participation of customers. We were as Jim mentioned, we were booked over capacity in some of our key seminars there, and it was a very, very interactive group of people and a lot of enthusiasm that we encountered. Jim I think you saw the same environment.

我們幾乎是 24 小時不停地與多位客戶進行多場高階主管層級的會議，這些客戶都在現場評估產品，並且客戶也直接參與其中。如 Jim 提到的，我們在那裡的一些關鍵研討會預約超出容量，而且現場互動非常熱烈，我們遇到的熱情也非常高。Jim，我想你也看到同樣的氛圍。

Many of our major customers were at the conference, of course, hundreds of people were there. And the reaction to 5.0 is, they want to displace half a dozen different products in their companies, and replace it with the SeeBeyond suite. So there's immediate, tremendous cost savings by sunsetting, for example, various technologies that they might have bought as point solutions by -- and replacing that with a J2EE certified platform from one vendor that covers nine product categories.

當然，我們許多主要客戶都在會議上，現場有數百人。他們對 5.0 的反應是：他們想在公司內淘汰半打左右不同的產品，改用 SeeBeyond 套件來取代。因此，透過逐步退役（sunsetting）例如各種他們可能以點狀解決方案購買的技術，並以單一供應商提供、涵蓋九大產品類別且通過 J2EE 認證的平台取而代之，能立即帶來巨大的成本節省。

Let me ask that question another way. Were you able to use the event to close any deals, or is this kind of the opening of a number of sales cycles, a large number of sales cycles?

我換個方式問這個問題。你們是否能利用這次活動成交任何案子？還是說這比較像是開啟了許多銷售循環、很多銷售循環的起點？

I would say we had about 20 prospected deals here that are near term being, you know, most in this quarter coming up that are-- big part of the coming to the events was to start solidifying it and help to push it along here to close as soon as possible.

我會說我們大約有 20 個已開發的潛在交易屬於近期案子，你知道的，多數會落在接下來這一季——而且——參加活動很大一部分目的就是要把它們更鞏固，並協助推進，盡快完成結案。

And another activity is that we had a lot of existing customers in a couple of industries meeting with customers who were considering SeeBeyond and some very positive interactions that were resulting opportunities pursuing in Q4 as a result of those reference discussions.

另外一項活動是，我們有許多既有客戶，來自幾個產業，與正在考慮 SeeBeyond 的客戶會面；這些非常正向的互動，透過那些參考客戶（reference）討論，帶來了我們在第四季追蹤的機會。

I thing, the answer is both. We had a lot of new accounts-- specifically including quite a few of 10, 20, 30, 40, 50 billion plus companies in our sweet spot and quite a few existing deck a billion dollar companies come to actually [indiscernible] SeeBeyond.

我想答案是兩者都有。我們有很多新客戶——特別包括不少符合我們甜蜜點（sweet spot）的 100 億、200 億、300 億、400 億、500 億美元以上的公司——也有相當多既有的十億美元級公司實際來到現場[聽不清] SeeBeyond。

Thanks, next question.

謝謝，下一個問題。

Thank you. Our next question comes from Carter Dunlap (ph) from Dunlap Equity Management. Go ahead.

謝謝。下一個問題來自 Dunlap Equity Management 的 Carter Dunlap（音）。請說。

Horizons feedback-- As you sort of collate what you've heard, if you look at the installed base, and I realize there is the spectrum of sophisticated to less than so, is there a motive however easy it is, to roll up the 5.0 for the more power of the integration engine or because of the real estate you have included in the 300% or whatever functionality? What do the clients tell you there?

關於 Horizons 的回饋——當你們彙整所聽到的意見時，如果看你們的既有安裝基礎（installed base），我知道客戶成熟度從很高到較低都有；但是否存在一個動機——不論升級到 5.0 有多容易——是為了整合引擎更強的能力，或是因為你們在 300% 或其他功能中所包含的「版圖/範圍」（real estate）？客戶怎麼跟你們說？

I think they're telling us many different things, depending on the audience. For example, for really the first time I think in integration's history, we're seeing lots of meetings with CIOs. You know, traditionally sometimes we met with CIOs but it wasn't kind of a regular event. Now we're clearly on the CIO's radar because what we've done is we've combined so many different products together into a single and the world's first J2EE certified platform that is interoperable across numerous application servers. What that has done is excited a lot of interest at CTO level and CIO level. Traditionally we would sell it to integration project, let's make SAP work with PeopleSoft or Oracle work with SAP. Now we are doing much more than that. We empowering IT shop to deliver on what users want. Let's take our existing technology platforms and make them work together in a reasonable, open and portable fashion around business processes et cetera. So it's probably about 10 or 12 major sales points that we bring up to these accounts that frankly nobody else in the world can address. So I think it's really starting to leverage us up to the next level. Carv, did you have anything else --

我想他們告訴我們很多不同的事情，取決於受眾。例如，我認為這幾乎是整合（integration）歷史上第一次，我們看到大量與 CIO 的會議。你知道，傳統上我們有時也會見 CIO，但並不是一種常態性的事情。現在我們很明顯已進入 CIO 的雷達，因為我們把許多不同產品整合到單一平台中，而且是全球第一個通過 J2EE 認證、可在多種應用伺服器間互通的平臺。這讓 CTO 與 CIO 層級都非常感興趣。過去我們通常是賣給整合專案：讓 SAP 與 PeopleSoft 能協同運作，或讓 Oracle 與 SAP 協同運作。現在我們做的遠不止於此。我們正在賦能 IT 團隊，去交付使用者想要的東西。讓我們既有的技術平台以合理、開放且可攜的方式，圍繞業務流程等協同運作。因此，我們大概有 10 到 12 個主要銷售訴求可以向這些客戶提出，而坦白說，世界上沒有其他人能解決這些問題。所以我認為這真的開始把我們推升到下一個層級。Carv，你還有什麼要補充的嗎——

Could I interject?

我可以插一句嗎？

Certainly, absolutely.

當然，絕對可以。

To the extent that most installed base are there because they're an integration customer, do you think their immediate motive to roll up however easy the migration may be, is because 5.0 is better at the same integration role they are using, or did you hear from your installed base they are really ready to take in these other parts of the footprint?

就大多數既有安裝基礎而言，他們之所以在那裡是因為他們是整合客戶；你認為他們立即升級的動機——不論遷移多容易——是因為 5.0 在他們目前使用的整合角色上更好，還是你從既有客戶那裡聽到的是，他們真的準備好採用這些版圖中的其他部分？

I would say it is all the expanded --

我會說是所有擴展的——

All the above.

以上皆是。

The number one is the expanded footprint. I think they loved the fact that for example they can do -- use an interface over and over and over again and all the business logic that they've created can now be used in other applications to do integration work. So I think they're very excited about -- about not just the ease of use of the existing product but all the new products. That's the number one thing I've heard from the early adopters is that they were excited to go back and go to their CIO and say we can now do all of our integration under one company's logo instead of four.

第一是擴大的版圖（footprint）。我想他們很喜歡的一點是，例如他們可以——反覆、反覆、再反覆地使用同一個介面，而他們建立的所有商業邏輯現在也可以用在其他應用上來做整合工作。所以我認為他們非常興奮——不只是既有產品的易用性，還有所有新產品。我從早期採用者那裡聽到的第一件事是，他們很興奮能回去跟他們的 CIO 說：我們現在可以在同一家公司標誌之下完成所有整合，而不是四家。

Okay, thank you.

好的，謝謝。

Thank you. [operator instructions]Looks like we have no questions at this time.

謝謝。[operator instructions]看起來目前沒有問題。

Great. In conclusion, I'd like to again thank everybody for participating in today's call. Thanks for joining us and we look forward to talking with all of you again next quarter. Andrea, I'd like to turn the call over to you.

很好。最後，我想再次感謝各位參與今天的電話會議。感謝加入，我們期待在下個季度再次與各位交流。Andrea，我想把電話會議交給你。

Thank you for participating. I'd like to remind everyone that this call will be available for replay from tonight at 8 eastern, 5 pacific until October 30th at midnight eastern, 9 pacific, dial back number is 877-213-9653 domestically and internationally 630-652-3041. The access code for the replay is 7789043. In addition following the conclusion of this call a rebroadcast will be available at the SeeBeyond Website, www.seebeyond.com. Thank you, until the next quarter.

感謝各位參與。提醒大家，本次電話會議的重播將於今晚東岸時間 8 點、西岸時間 5 點起提供，直到 10 月 30 日東岸時間午夜 12 點、西岸時間 9 點為止；回撥號碼為：美國國內 877-213-9653，國際 630-652-3041。重播的存取碼是 7789043。此外，本次電話會議結束後，SeeBeyond 網站 www.seebeyond.com 也將提供重播。謝謝，下一季見。

This concludes the conference for today. You may disconnect at this time. Thank you for participating.

今天的電話會議到此結束。您現在可以掛線。感謝參與。