甲骨文 (ORCL) 2006 Q3 法說會逐字稿

Good afternoon. My name is James and I will be your conference facilitator. At this time, I would like to welcome everyone to the Sun Microsystems fiscal year 2006 third-quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. (OPERATOR INSTRUCTIONS).

下午好。我叫 James，將擔任本次會議的主持人。此刻，我謹代表 Sun Microsystems 歡迎各位參加 Sun Microsystems 2006 會計年度第三季財報電話會議。為避免任何背景雜音，所有線路均已設為靜音。在講者致詞後，將進行問答時間。（接線員指示）。

Thank you, ladies and gentlemen. I would now like to turn the call over to Mr. Bret Schaefer, Vice President of Investor Relations for Sun Microsystems.

謝謝各位女士、先生。現在我想把電話會議交給 Sun Microsystems 投資人關係副總裁 Bret Schaefer 先生。

Good afternoon. Thank you for joining the Sun Microsystems quarterly conference call. I am Bret Schaefer. With me today is Scott McNealy, Sun's Chairman and Chief Executive Officer; Jonathan Schwartz, Sun's President and Chief Operating Officer; and Michael Lehman, Sun's Chief Financial Officer and Executive Vice President, Corporate Resources.

下午好。感謝各位參加 Sun Microsystems 季度電話會議。我是 Bret Schaefer。今天與我一同出席的有 Sun 董事長暨執行長 Scott McNealy；Sun 總裁暨營運長 Jonathan Schwartz；以及 Sun 財務長暨企業資源執行副總裁 Michael Lehman。

The purpose of today's call is to discuss the results of Sun's fiscal year 2006 third quarter, which ended on March 26, 2006. During the last hour, we published a copy of the operations analysis data sheet with nine quarters of financial and operations information, including the quarter just completed.

今天電話會議的目的，是討論 Sun 2006 會計年度第三季（截至 2006 年 3 月 26 日止）的業績結果。在過去一小時內，我們已發布一份營運分析資料表，包含九個季度的財務與營運資訊，其中也包括剛結束的本季。

If you have not received the earnings announcement or the detailed financial data sheet for any reason, or you wish to hear a live broadcast of this conference call, you may log into our website at www.sun.com/investors. We have posted slides you can view on the Web which accompany our prepared remarks. These slides may be viewed at the same URL, www.sun.com/investors. Simply click on the link marked Earnings Releases.

若您因任何原因未收到盈餘公告或詳細財務資料表，或希望收聽本次電話會議的現場轉播，您可登入我們的網站 www.sun.com/investors。我們已張貼可在網路上檢視的投影片，作為我們事先準備之講稿的輔助。這些投影片可於相同網址 www.sun.com/investors 檢視。只要點選標示為 Earnings Releases 的連結即可。

The prepared remarks of our call today will last about 30 minutes, with the remaining 30 minutes devoted to the Q&A session.

我們今天的事先準備講稿約 30 分鐘，剩餘 30 分鐘將用於問答時段。

During the course of this conference call, we will make projections or other forward-looking statements regarding expected future financial results and business opportunities. Such statements are just predictions and involve risks and uncertainties, but actual results may differ materially.

在本次電話會議過程中，我們將就預期未來財務結果與商機發表預測或其他前瞻性陳述。此類陳述僅為預測，且涉及風險與不確定性，實際結果可能出現重大差異。

I'd like to refer you to Sun's periodic reports that are filed from time to time with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2005, and the Company's Quarterly Reports on Form 10-Q for the quarters ended September 25, 2005, and December 25, 2005. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections. We assume no obligation to and do not currently intend to update these projections and forward-looking statements.

我想請各位參閱 Sun 不時向美國證券交易委員會（SEC）提交的定期報告，包括截至 2005 年 6 月 30 日止會計年度的 Form 10-K 年度報告，以及截至 2005 年 9 月 25 日與 2005 年 12 月 25 日止季度的 Form 10-Q 季度報告。這些文件載明並辨識了可能導致實際結果與我們預測內容出現重大差異的重要因素。我們不承擔、且目前亦無意更新這些預測與前瞻性陳述之義務。

In addition, during the course of the conference call, we will describe certain non-GAAP financial measures which should be considered in addition to and not in lieu of comparable GAAP financial measures. Please refer to the earnings call and financial slides and the operations analysis posted in the Earnings Release section of our website at www.sun.com/investors for our most directly comparable GAAP financial measure and related reconciliation.

此外，在本次電話會議過程中，我們將說明若干非 GAAP 財務衡量指標；這些指標應與可比較的 GAAP 財務衡量指標一併考量，而非取而代之。請參閱我們網站 www.sun.com/investors 之 Earnings Release 區域所張貼的財報電話會議與財務投影片，以及營運分析資料，以取得與之最直接可比的 GAAP 財務衡量指標及相關調節表。

Please note that unless otherwise indicated, all reported results include the impact of the StorageTek and SeeBeyond acquisitions for the full quarter ended March 26, 2006. Now let's get to the financials.

請注意，除非另有說明，所有公布的結果均包含 StorageTek 與 SeeBeyond 併購案在截至 2006 年 3 月 26 日止整個季度的影響。現在我們進入財務數據。

Sun's total revenues for the third quarter of fiscal year 2006 were $3.177 billion, an increase of 21%, as compared with the $2.627 billion in revenue reported for the third quarter of fiscal 2005. We had an unfavorable currency impact on revenue of approximately 4% year over year and practically no impact sequentially.

Sun 2006 會計年度第三季總營收為 31.77 億美元，較 2005 會計年度第三季所報告的 26.27 億美元營收增加 21%。匯率因素對營收造成約 4% 的不利影響（年對年），而對季對季幾乎沒有影響。

Total gross margin was 43% of revenue, an increase of 1.6 points over the gross margin for the third quarter of fiscal year 2005. Total R&D and SG&A expenses were $1.543 billion, an increase of $358 million year over year.

總毛利率為營收的 43%，較 2005 會計年度第三季毛利率提高 1.6 個百分點。研發（R&D）與銷售、一般及行政（SG&A）費用合計為 15.43 億美元，年對年增加 3.58 億美元。

In the third quarter of fiscal 2006, we recorded a $35 million tax provision. Capped net loss for the third quarter of fiscal year 2006 was $217 million or a net loss of $0.06 per share, as compared with a net loss of $28 million or a net loss of $0.01 per share for the third quarter of fiscal 2005.

在 2006 會計年度第三季，我們認列 3,500 萬美元的所得稅費用。2006 會計年度第三季的上限後淨損為 2.17 億美元，或每股淨損 0.06 美元；相較之下，2005 會計年度第三季淨損為 2,800 萬美元，或每股淨損 0.01 美元。

With respect to the accounting for the acquisitions completed during the first quarter of fiscal 2006, we have estimated the fair value of certain tangible and intangible assets acquired and liabilities assumed. Some of these estimates are subject to change, and adjustments to these estimates will be included in the allocation of the purchase price, which under normal GAAP rules are allowed for a period of 12 months following the close of the transaction.

就 2006 會計年度第一季完成之併購案的會計處理而言，我們已估計所取得之部分有形與無形資產，以及所承擔負債的公允價值。其中部分估計可能變動，而對這些估計的調整將納入購買價格分攤；依一般 GAAP 規定，該分攤可在交易完成後 12 個月內進行調整。

GAAP net loss for the third quarter of fiscal 2006 included approximately $87 million or approximately $0.03 per share principally related to intangible asset amortization associated with acquisitions of StorageTek and SeeBeyond.

2006 會計年度第三季的 GAAP 淨損包含約 8,700 萬美元（或約每股 0.03 美元），主要與 StorageTek 與 SeeBeyond 併購相關之無形資產攤銷有關。

As reflected on slide 13, purchase accounting-related items associate with our acquisitions of StorageTek and SeeBeyond affected our GAAP results for the quarter as follows -- reduced revenue by approximately $8 million, primarily the result of adjustments made to reduce the acquired deferred revenue balances of StorageTek and SeeBeyond to fair value; reduced gross margin by approximately $43 million, principally resulting from the impact of the deferred revenue adjustments and amortization for acquisition-related intangibles related to develop technology; and increased operating expenses by approximately $44 million as a result of amortization on other intangible assets established on acquisition.

如投影片第 13 頁所示，與我們併購 StorageTek 與 SeeBeyond 相關的購買會計項目，對本季 GAAP 結果的影響如下——使營收減少約 800 萬美元，主要係因將 StorageTek 與 SeeBeyond 所取得之遞延收入餘額調整至公允價值而作的調整；使毛利減少約 4,300 萬美元，主要源自遞延收入調整的影響，以及與已開發技術相關之併購無形資產攤銷；並因併購時認列之其他無形資產攤銷，使營業費用增加約 4,400 萬美元。

As reflected on slide 12, total stock-based compensation expense for the quarter was $57 million or approximately $0.02 per share. This expense is included in the following components of the P&L -- $3 million is charged to cost of sales, products; $7 million is charged to cost of sales, services; $19 million is included in R&D expense; and $28 million is included in SG&A expense. GAAP net loss for the third quarter of fiscal year 2006 also includes restructuring charges of $36 million and a related tax benefit of $4 million and a gain on equity investment of $4 million.

如投影片第 12 頁所示，本季以股票為基礎之薪酬費用合計為 5,700 萬美元，或約每股 0.02 美元。此費用包含於損益表（P&L）的下列項目——300 萬美元列入銷貨成本（產品）；700 萬美元列入銷貨成本（服務）；1,900 萬美元列入研發費用；2,800 萬美元列入 SG&A 費用。2006 會計年度第三季 GAAP 淨損亦包含 3,600 萬美元的重整費用、相關 400 萬美元的稅務利益，以及 400 萬美元的股權投資收益。

Now back to the revenue metrics. Q3 products revenues totaled $2.035 billion, an increase of 21% year over year. Within products revenues, computer systems products revenue was $1.474 billion, an increase of 6% year over year. Data management products revenue was $561 million, an increase of 92% year over year, as compared with $292 million in Q3 FY '05. Q3 services revenues totaled $1.142 billion, also up 21% year over year.

現在回到營收指標。第三季（Q3）產品營收合計 20.35 億美元，年對年增加 21%。在產品營收中，電腦系統產品營收為 14.74 億美元，年對年增加 6%。資料管理產品營收為 5.61 億美元，年對年增加 92%；相較於 2005 會計年度第三季（Q3 FY '05）的 2.92 億美元。第三季服務營收合計 11.42 億美元，年對年亦增加 21%。

Within services revenue, support services revenue was $904 million, up 23% year over year. Revenue from client solutions and educational services totaled $238 million, an increase of 13% year over year. By geography, U.S. revenues were $1.325 billion, up 35% year over year. EMEA revenues totaled $1.119 billion, an increase of 11% year over year. APAC revenues were $526 million, an increase of 7% year over year. International Americas revenues were $207 million, an increase of 44% year over year.

在服務營收中，支援服務營收為 9.04 億美元，年對年增加 23%。客戶解決方案與教育服務營收合計 2.38 億美元，年對年增加 13%。按地區別，美國營收為 13.25 億美元，年對年增加 35%。歐洲、中東及非洲（EMEA）營收合計 11.19 億美元，年對年增加 11%。亞太地區（APAC）營收為 5.26 億美元，年對年增加 7%。美洲其他地區（International Americas）營收為 2.07 億美元，年對年增加 44%。

With respect to some of the balance sheet items on slide 14, DSO was 65 days. Excluding acquisitions, ending sales channel inventory was approximately $400 million, or less than five weeks' supply, which is within desired levels. We ended the quarter with a cash and marketable debt securities balance of $4.429 billion and generated positive cash flow from operations in the third quarter of $197 million.

就第 14 頁投影片上的部分資產負債表項目而言，DSO 為 65 天。排除併購影響後，期末銷售通路庫存約為 4 億美元，約少於五週的供應量，處於我們期望的水準之內。本季末我們的現金及可出售債務證券餘額為 44.29 億美元，且第三季營運活動產生的現金流為正，達 1.97 億美元。

With that, I will turn it over to Mike.

接下來，我把時間交給 Mike。

Good afternoon, everyone. I will focus my remarks on the most recent quarter and give you a sense on how the quarter turned out versus our internal expectations. I will give you an update as to how we see the current quarter shaping up and end up with a brief discussion of what we are doing during the remaining weeks of Q4 to get ready for the new fiscal year.

各位下午好。我將把重點放在最近一季，並讓各位了解本季表現相較於我們內部預期的結果。我也會更新我們對本季（當前季度）走勢的看法，最後簡要說明在第四季剩餘幾週內，我們為迎接新會計年度所做的準備。

As in the past, we have provided a slide deck on our Investor Relations web page. I do not intend to go through this in great detail, but will make some comments along the way. I will do my best to signal which slides, if any, that I am referring to.

如同以往，我們已在投資人關係網站提供投影片資料。我不打算非常詳細地逐頁說明，但會在過程中提出一些評論。我會盡力指出我所引用的投影片頁次（若有）。

With regard to Q3, it is fair to say that the quarter's results came in essentially where we had expected them to. As always, there were a few puts and takes, but no big surprises.

就第三季而言，可以說本季結果基本上符合我們的預期。一如往常，期間有一些正負因素拉鋸，但沒有重大意外。

Looking at slide 4, you'll note that our backlog at the end of Q3 was essentially flat with the end of Q2. You may recall that our backlog had grown at the end of Q2 due to demand for recently introduced UltraSPARC IV+ products. During the quarter, one of our operational challenges was in fact fulfilling demand for these products and to ensure that lead times returned to acceptable levels. We made very good progress during Q3, yet our backlog stayed at approximately the same level. With most lead times now reaching acceptable levels, this backlog puts us in good shape to start Q4.

看第 4 頁投影片，你會注意到第三季末的訂單積壓量（backlog）與第二季末基本持平。你可能還記得，第二季末我們的 backlog 因近期推出的 UltraSPARC IV+ 產品需求而增加。本季我們在營運上的挑戰之一，確實是滿足這些產品的需求，並確保交期回到可接受的水準。我們在第三季取得了非常好的進展，但 backlog 仍大致維持在相同水準。目前多數交期已達到可接受水準，這樣的 backlog 讓我們在進入第四季時處於良好狀態。

If you turn to slide 7, revenue by geography, probably the best news for us was that the U.S. business grew by approximately 12% on a year-over-year basis, excluding the StorageTek and SeeBeyond results. You won't see that number on the slide itself. I'm just providing you a little detail beneath the overall U.S. growth rate of 35%.

如果你翻到第 7 頁投影片（按地區劃分的營收），對我們而言最好的消息可能是：排除 StorageTek 與 SeeBeyond 的結果後，美國業務年對年成長約 12%。你不會在投影片上直接看到這個數字。我只是針對美國整體 35% 的成長率，補充一些更細的說明。

This was driven by successes in key industries such as telco and energy, among others. This was the first quarter in nearly two years that we have seen year-over-year growth in the former Sun stand-alone business. We do not believe this will be a one-time occurrence.

這主要來自於我們在電信、能源等關鍵產業的成功。這是近兩年來，我們首次看到原 Sun 獨立業務出現年對年成長。我們不認為這會是一次性的現象。

We did experience slight year-over-year revenue decline in EMEA, excluding StorageTek and SeeBeyond results. I could accurately blame currency movements for the majority of this decline. However, we also saw some impact from telco consolidation in parts of EMEA.

在 EMEA 地區，排除 StorageTek 與 SeeBeyond 的結果後，我們確實出現了輕微的年對年營收下滑。我可以很準確地把其中大部分下滑歸因於匯率變動。不過，我們也看到 EMEA 部分地區的電信業整併帶來了一些影響。

Further, we experienced a slight decline across our services business in EMEA. We experienced solid year-over-year growth in most of Asia, excluding Japan, and even higher year-over-year growth in the International Americas. Scott and Jonathan will take you through some of the key customer and industry wins in a few moments.

此外，我們在 EMEA 的服務業務也出現了小幅下滑。在亞洲多數地區（不含日本），我們實現了穩健的年對年成長，而在國際美洲地區的年對年成長更高。稍後 Scott 和 Jonathan 會帶各位回顧一些關鍵客戶與產業的勝出案例。

If you turn your attention to slide 5, you'll note a few positive things as well. Most notably, we experienced good growth in overall server units, led by continued strong year-over-year growth in both our 4- to 8-way SPARC servers and x64-based servers, which were buoyed by solid out-of-the-gate deliveries of our Sun Fire T2000 or Niagara servers.

如果你把注意力轉到第 5 頁投影片，也會看到一些正面訊息。最值得一提的是，我們整體伺服器出貨台數成長良好，主要由 4 至 8 路 SPARC 伺服器與 x64 架構伺服器持續強勁的年對年成長所帶動；同時，我們的 Sun Fire T2000（或 Niagara）伺服器在上市初期的出貨表現穩健，也提供了支撐。

Turning to slide 6, you will note that we grew overall revenues for both products and services by 21% on a year-over-year basis. Beneath the covers, the services revenue was a touch less than what we had expected, largely in the EMEA geography. You'll see this reflected somewhat in the gross margin discussion below.

再看第 6 頁投影片，你會注意到我們的產品與服務整體營收年對年成長 21%。但在細項上，服務營收略低於我們的預期，主要發生在 EMEA 地區。你會在下方的毛利率討論中，看到這點有所反映。

You might be wondering, why would I talk about something that was less than we had expected? Frankly, as you will discover more over the next couple of quarters, we want to increase the level of transparency. We want you to understand better where we are headed, what some of our key expectations are, and let you know when we run into unexpected circumstances.

你可能會想，為什麼我要談一個低於我們預期的項目？坦白說，正如你在接下來幾季會更清楚看到的，我們希望提高透明度。我們希望你能更了解我們要往哪裡走、我們的一些關鍵預期是什麼，以及在遇到非預期情況時也會告知各位。

If you turn your attention to the gross margins, slide 8, you'll note that the overall gross margin percent, 43% in Q3, was up slightly sequentially from Q2 and up approximately 1.5 points on a year-over-year basis. You will also note that products gross margin percentage increased substantially on a sequential basis, but this was largely offset by the aforementioned decline in service margins.

如果你把注意力轉到毛利率（第 8 頁投影片），你會看到第三季整體毛利率為 43%，較第二季略為上升，且年對年約提升 1.5 個百分點。你也會注意到產品毛利率在季對季大幅提升，但這在很大程度上被前述服務毛利率下滑所抵銷。

The decline in service margin was volume-related and somewhat offset by continued reductions in cost of delivery. The increase in product margins was largely due to improvements in our product costs, supply chain efficiency and improved competitive position, offset somewhat by an expected change in mix to more low-end products. We expect overall gross margin to be relatively flat or slightly lower in the fourth quarter.

服務毛利率的下滑與出貨量（volume）相關，並部分被持續降低交付成本所抵銷。產品毛利率的提升主要來自產品成本改善、供應鏈效率提升以及競爭地位改善，但也部分被產品組合如預期轉向較低階產品所抵銷。我們預期第四季整體毛利率將大致持平或略低。

If you turn to slide 9, you'll note that our total R&D and SG&A expenses declined slightly on a sequential basis. I would note that this was essentially in line with guidance we had provided at the end of Q2. You'll also see from slides 12 and 13 that the impacts of FAS 123R, stock-based compensation expense, and purchase accounting were also right in line with our previous guidance.

如果你翻到第 9 頁投影片，你會注意到我們的研發（R&D）與銷售、一般及行政（SG&A）總費用在季對季略有下降。我要指出，這基本上符合我們在第二季末提供的指引。你也會從第 12 與第 13 頁投影片看到，FAS 123R 的影響、以股票為基礎的薪酬費用，以及購併會計（purchase accounting）的影響，也都與我們先前的指引一致。

The Company's focus on the cash conversion cycle remains effective. Our combined cash conversion cycle on slide 14 ended up at 29 days at the end of Q3, and we generated $197 million in cash flow from operations in the quarter. You can see from these slides that there were essentially no other major or significant changes to our business model during the quarter.

公司對現金轉換週期的聚焦仍然有效。第 14 頁投影片顯示，我們在第三季末的合併現金轉換週期為 29 天，且本季營運活動產生現金流 1.97 億美元。從這些投影片你可以看到，本季我們的商業模式並沒有其他重大或顯著的變動。

Looking at Q4, our current view is that we are in good shape entering the quarter. As I noted before, we have a healthy shippable backlog to start with, a strong product line, solid momentum in many geographies and markets, and Q4 has traditionally been a seasonally stronger quarter.

展望第四季，我們目前的看法是：進入本季時我們狀態良好。如我先前提到的，我們有健康且可出貨的 backlog 作為起點、強勁的產品線、在許多地區與市場的良好動能，而且第四季傳統上是季節性較強的一季。

With that in mind, while we are not quite ready to discuss our overall business model expectations, it is fair to expect solid sequential revenue growth. Historically, we have seen sequential revenue growth from Q3 to Q4 in the range of 10 to 15%.

基於上述，雖然我們還沒準備好討論整體商業模式的預期，但合理的預期是營收將有穩健的季對季成長。歷史上，我們從第三季到第四季的季對季營收成長通常落在 10% 到 15% 的區間。

We also expect total Q4 R&D and SG&A expenses to be approximately $1.6 billion. The expected sequential increase would be due primarily to higher levels of commissions and/or annual incentives. We also expect that our Q4 results will include amortization of StorageTek and SeeBeyond acquisition-related intangible assets of approximately $80 million and total stock-based compensation of approximately $60 million.

我們也預期第四季研發與 SG&A 總費用約為 16 億美元。預期的季對季增加主要是因為佣金和／或年度獎勵的水準較高。我們也預期第四季結果將包含約 8,000 萬美元的 StorageTek 與 SeeBeyond 併購相關無形資產攤銷，以及約 6,000 萬美元的以股票為基礎的薪酬總額。

We anticipate interest income of approximately $25 million in Q4. We expect the annual tax provision to be in the range of 200 to $250 million. We are targeting a cash conversion cycle of 30 to 34 days, which would allow us to generate approximately $200 million in cash from operations. And we expect approximately 100 to $125 million in capital expenditures, including spares, in our June quarter.

我們預估第四季利息收入約為 2,500 萬美元。我們預期年度所得稅費用提列將落在 2 億至 2.5 億美元的區間。我們的目標是將現金轉換週期控制在 30 至 34 天，這將使我們能夠從營運活動產生約 2 億美元現金。此外，我們預期在 6 月季度的資本支出（含備品）約為 1 億至 1.25 億美元。

These amounts do not reflect the impact of a proposed financing activity, which I will now discuss. Like many companies, in technology as well as in other business sectors, we have generated and accumulated a significant amount of cash outside of the United States. Recent legislation provides a one-time opportunity for companies to repatriate a fair amount of this cash for specifically permitted uses and to receive a favorable tax treatment.

這些金額並未反映一項擬議融資活動的影響，我現在將加以說明。如同許多公司，不論在科技或其他產業領域，我們已在美國境外產生並累積了相當可觀的現金。近期立法提供一次性的機會，讓公司得以將其中相當一部分現金匯回，作為特定允許用途之用，並享有較優惠的稅務待遇。

For Sun, repatriations eligible for this beneficial treatment must be completed by June 30, 2006. Our preliminary view is that we may repatriate approximately $2 billion in Q4. If the repatriation is approved by our CEO and our Board of Directors, we would incur a tax charge and cash payment in the range of 60 to $80 million in Q4 and a reduction of interest income of approximately $15 million.

對 Sun 而言，符合此項優惠待遇的匯回款項必須在 2006 年 6 月 30 日前完成。我們的初步看法是，我們可能在第四季匯回約 20 億美元。若該匯回計畫獲得執行長與董事會核准，我們將在第四季認列約 6,000 萬至 8,000 萬美元的稅費並支付相應現金，同時利息收入將減少約 1,500 萬美元。

Since my return, I have made it clear that Scott, Jonathan and I agree that we need to address our cost structure. As a result of investments made in the past couple of years, our products, services and software offerings are in much better shape. We have also made two fairly significant acquisitions, StorageTek and SeeBeyond, and a number of smaller ones. Acquisition integration is not an easy or a quick process, but we are making progress on that front. Stay tuned. We've got lots on our plate. We are focused on delivering a strong fourth quarter.

自我回來以來，我已明確表示 Scott、Jonathan 與我一致認為，我們需要處理我們的成本結構。由於過去幾年的投資，我們的產品、服務與軟體產品組合已處於更好的狀態。我們也完成了兩項相當重要的併購：StorageTek 與 SeeBeyond，以及若干較小的併購案。併購整合並不容易，也不是快速的流程，但我們在這方面正取得進展。敬請期待。我們手上有很多事情要做。我們專注於交出強勁的第四季表現。

With that, I will turn this over to Scott.

接下來，我把時間交給 Scott。

Thanks, Mike. Good to have you back. You haven't aged a bit -- trust me, gang, he hasn't. Anyhow, it was a real solid quarter and we're very excited about growth in server, storage and software business. I will talk about servers and storage, and I will let Jonathan discuss software and talk a little bit about geographies and some of the industry performance.

謝謝，Mike。很高興你回來了。你一點都沒變老——相信我，各位，他真的沒有。總之，這是一個非常扎實的季度，我們對伺服器、儲存與軟體業務的成長感到非常振奮。我會談伺服器與儲存，並讓 Jonathan 討論軟體，另外也會稍微談談各地區以及部分產業表現。

First quarter since Q4 of '04 that we have had stand-alone revenues grow in the same quarter for both service and storage. So it feels nice to have some broad-based growth. What is driving this? Well, obviously, the UltraSPARC IV+ ramp is going well, and we are keeping TI busy cranking out new chips for us, and that's been real pleasing. It's fun to have the fastest computer on the block again. We are kicking some butt on the benchmarks. I think we've got 16 world-record benchmarks already and winning and going toe-to-toe against POWER5 and the IBM quite successfully now.

這是自 2004 年第四季以來，首次在同一季度中，服務與儲存的獨立營收都呈現成長。因此，能看到更廣泛的成長令人感覺很好。是什麼在推動這一切？很明顯，UltraSPARC IV+ 的放量進展順利，我們也讓 TI 忙著為我們生產新晶片，這讓人非常滿意。再次擁有街坊最快的電腦很有趣。我們在基準測試上表現非常強勢。我想我們已經拿下 16 項世界紀錄的基準測試，現在也能相當成功地與 POWER5 以及 IBM 正面交鋒。

The T2000, as Mike mentioned, is doing very well. The CoolThreads technology is being very well-received. We've got a wonderful try-and-buy programs that has been -- we are approaching somewhere between 500 and 1000 try-and-buy sales already through our try-and-buy programs. Go to our website and you can just click and get one. So it is 600 new customers, which are the nice kind of customers -- they go to our website. We don't necessarily even have to call on them.

如 Mike 所提到的，T2000 表現非常好。CoolThreads 技術獲得非常好的市場反應。我們有一個很棒的「試用後購買」方案——透過該方案，我們已接近累計約 500 到 1,000 筆試用後購買的銷售。到我們網站上，你只要點一下就能取得一台。因此這帶來了 600 位新客戶，這類客戶很棒——他們會自己上我們的網站。我們甚至不一定需要主動去拜訪他們。

And then I'd like to do something that I don't usually do. I'm going to quote the CTO, Don Obert, Bank of America, who is so pleased he's actually letting us do -- he is going public with his support. And I'm actually going to quote him verbatim, and he describes why we developed the whole CoolThreads technology.

接著我想做一件我通常不會做的事。我要引用美國銀行（Bank of America）CTO Don Obert 的話；他非常滿意，甚至願意讓我們——他願意公開表態支持我們。我會逐字引用他的原話，他也說明了我們為何開發整套 CoolThreads 技術。

Bank of America is committed to using the technology to reduce the Company's impact on the environment, especially around energy consumption. And Don says, "We at the Bank of America are doing our part by selecting environmentally friendly products such as Sun Microsystems' Sun Fire T2000 server with CoolThreads technology and Solaris 10 OS. These servers utilize less space and consume much less energy while delivering improved performance. Taking advantage of this opportunity to do what is right for the environment, while the same time improving our customers' experience, helps Bank of America achieve our higher standards with lower cost."

美國銀行致力於運用該技術，以降低公司對環境的影響，特別是在能源消耗方面。Don 表示：「我們美國銀行正盡一己之力，選用環境友善的產品，例如 Sun Microsystems 的 Sun Fire T2000 伺服器（搭載 CoolThreads 技術）與 Solaris 10 作業系統。這些伺服器在提供更佳效能的同時，占用更少空間並消耗更少能源。把握這個機會做對環境有益的事，同時改善客戶體驗，能幫助美國銀行以更低成本達成更高標準。」

Sorry for the lengthy quote, but it was too good to pass up, anyhow. It's just beginning. In fact, as of April 12, we are now shipping the Sun Fire T1000 server using even less power than the T2000, only 180 watts typical consumption, and takes up less space in the datacenter. It is a 1 RU versus 2 RU for the T2000.

抱歉引用有點長，但內容實在太精彩，不引用可惜。這才剛開始。事實上，截至 4 月 12 日，我們已開始出貨 Sun Fire T1000 伺服器，其耗電甚至比 T2000 更低，典型功耗僅 180 瓦，並且在資料中心占用更少空間。它是 1 RU，而 T2000 是 2 RU。

And it starts at less than $3000 per server. That's over 60% less than the starting price of the T2000. And when announced, both the T1000 and T2000 beat Intel and IBM price performance measurements by a very, very wide margin.

而且每台伺服器起價不到 3,000 美元。這比 T2000 的起始價格低了超過 60%。在發表時，T1000 與 T2000 在價格效能衡量上都以非常、非常大的差距勝過 Intel 與 IBM。

And there is more. We taped out in the last 60 days the next generation of the T1 microprocessor. We call it Niagara II, and it is going to double the number of hardware threads from 32 to 64 in approximately the same power envelope. So we're going from about 2 watts per thread to a single watt per thread. And this is years ahead of what everybody else is doing out in the industry. So stay tuned.

而且還不只如此。在過去 60 天內，我們已完成下一代 T1 微處理器的流片（tape-out）。我們稱之為 Niagara II，它將在大致相同的功耗範圍內，把硬體執行緒數從 32 倍增到 64。也就是說，我們將從每執行緒約 2 瓦降到每執行緒 1 瓦。這比產業中其他所有人的進度領先好幾年。所以敬請期待。

On the flip side, UltraSPARC IV and the T1 products are doing well. Our x64 industry standard server revenues have been steadily increasing to the point where they're now about a $400 million annual run rate business for us, growing about 100% year over year. And we've got customers across the board running open-source Solaris 10, as well as Red Hat, and Microsoft Windows has actually turned into a nice little market for us, too.

另一方面，UltraSPARC IV 與 T1 產品表現也很好。我們的 x64 產業標準伺服器營收持續穩步增加，如今對我們而言已約達每年 4 億美元的年化營運規模，年增約 100%。我們的客戶遍及各領域，既有運行開源 Solaris 10 的，也有使用 Red Hat 的；而 Microsoft Windows 也確實成為我們一個不錯的小市場。

We are getting enterprise customers, and even more importantly, we're getting some of the hot new startups. Ning, Marc Andreessen's new firm, did a big calculation on the cost of our x64 service plus Solaris, and it came out at less than half the cost of running Linux on Intel, and he went public with those calculations. You all can check it out by looking at Jonathan's blog from February 17. He's got all the data there.

我們正在取得企業客戶，更重要的是，我們也正在取得一些炙手可熱的新創公司客戶。Ning（Marc Andreessen 的新公司）對我們的 x64 服務加上 Solaris 的成本做了大規模計算，結果顯示其成本不到在 Intel 上運行 Linux 的一半，而他也公開了這些計算結果。各位可以查看 Jonathan 2 月 17 日的部落格文章。所有數據都在那裡。

So while not every component of our server business grew, overall the server business as a group grew nicely year over year. And we are very excited about that progress.

因此，雖然我們伺服器業務並非每個組成部分都成長，但整體而言，伺服器業務作為一個群組，年對年仍有相當不錯的成長。我們對這項進展感到非常振奮。

On the storage side, there were also a number of good things that happened. Q3 was the first meaningful year-over-year growth in Sun's stand-alone storage revenue in about four years. And we grew revenue double digit year over year in both datacenter and midrange storage arrays.

在儲存方面，也發生了不少好事。第三季是 Sun 的獨立儲存營收在約四年來首次出現有意義的年對年成長。而且我們在資料中心與中階儲存陣列兩個領域的營收，年對年都呈現雙位數成長。

Data center storage array revenue was up, in particular as we began to realize revenue and salesforce synergy from the StorageTek acquisition. Obviously, they are strong in the mainframe and enterprise datacenter space. Our new Sun data management sales reps were trained on datacenter storage systems as a first priority, and the results from additional feet on the street are beginning to show. We are getting a whole new opportunity to go sell in a lot of new and different places that we haven't been.

資料中心儲存陣列營收上升，特別是因為我們開始實現來自 StorageTek 併購案的營收與銷售團隊協同效益。很明顯，他們在大型主機與企業資料中心領域實力堅強。我們新的 Sun 資料管理銷售代表，已將資料中心儲存系統的訓練列為第一優先，而新增的前線人力所帶來的成果也開始顯現。我們獲得了全新的機會，能到許多我們過去未曾涉足的新地方與不同場域去銷售。

The tape business continues to chug along. We released in March the new StorageTek 10,000 or titanium tape drives. They have powerful data protection technology built in, and we shipped over 500 units of this product in the last quarter.

磁帶業務持續穩健推進。我們於三月推出全新的 StorageTek 10,000（或稱鈦金屬）磁帶機。其內建強大的資料保護技術，而我們在上一季已出貨超過 500 台此產品。

Regarding the integration, we are about where we expected to be. We are starting to gain revenue synergies, and moving forward over the next six months, we believe we will deliver even more on the revenue and cost synergies, which were the underlying premise for this deal.

關於整合進度，我們大致符合原先預期。我們開始取得營收協同效益；展望未來六個月，我們相信將在營收與成本協同效益上交出更多成果，而這些正是這筆交易的核心前提。

With that, I will turn it over to Jonathan.

接下來我把時間交給 Jonathan。

Thanks, Scott. I'm also happy to be speaking about revenue growth, particularly in the U.S., where we grew 35% year over year in total and 12% year over year for traditional product. That is fantastic progress by the U.S. team, and frankly, a message from some of the most discriminating IT buyers in the world that are coming back to Sun and doing more business with Sun.

謝謝你，Scott。我也很高興能談談營收成長，特別是在美國市場，我們總體年增 35%，而傳統產品年增 12%。這是美國團隊非常出色的進展；坦白說，這也傳達了一個訊息：全球最挑剔的一些 IT 買家正在回到 Sun，並與 Sun 做更多生意。

We also grew Sun's stand-alone revenues year over year in most of Asia, parts of Europe and almost all parts of the International Americas. And of course, all four geos grew their total revenues year over year.

我們也在亞洲大多數地區、歐洲部分地區，以及幾乎所有的國際美洲地區，實現 Sun 的獨立營收年增。當然，四大地理區域的總營收皆呈現年增。

Now, what is behind the growth? It varies by region. But in general, we are beginning to see tangible results from a persistent drive for measurable improvements in products, innovations, customer acceptance, competitive position and operational execution. In the U.S., we grew revenues in the retail and education verticals, in addition to telco and energy sectors mentioned by Mike.

那麼，成長的動能來自哪裡？各地區不盡相同。但整體而言，我們開始看到持續推動可衡量改善所帶來的具體成果，涵蓋產品、創新、客戶接受度、競爭地位與營運執行。在美國，除了 Mike 提到的電信與能源產業外，我們在零售與教育等垂直領域的營收也有所成長。

For example, the University of Texas at Arlington selected various Sun storage platforms to consolidate two datacenters into one. And we've also had some interesting wins in some nontraditional verticals such as Fox television stations, which turned to Sun for server storage, and the open-source Solaris 10 is a foundation of a new sales and traffic system and replacing stand-alone solutions based on proprietary alternatives.

例如，德州大學阿靈頓分校選用多種 Sun 儲存平台，將兩座資料中心整併為一座。我們也在一些非傳統垂直領域取得有趣的勝利，例如 Fox 電視台轉向 Sun 採用伺服器儲存；而開源的 Solaris 10 則成為一套新的銷售與流量系統的基礎，並取代以專有替代方案為基礎的獨立式解決方案。

In addition, HBO is teaming exclusively with Sun to lead a broadcast industry evolution to open standards-based storage and delivery architecture. Their new fully digital content management system and delivery architecture is based on Sun's storage Sun Fire servers and of course the open-source Solaris 10.

此外，HBO 正與 Sun 獨家合作，帶領廣播產業朝向以開放標準為基礎的儲存與傳輸架構演進。其全新的全數位內容管理系統與傳輸架構，係以 Sun 的儲存設備、Sun Fire 伺服器，當然還有開源 Solaris 10 為基礎。

In the EMEA geo, emerging markets such as Russia, the Middle East and Africa led in percentage growth rates. And we had some interesting wins in traditional verticals such as financial services and government. These wins included London-based CDO2, which taps the Sun public grid computing utility to offer its financial risk simulation software as a service to customers. And in Holland, the Groningen District chose Sun Ray thin client technology and the open-source Solaris 10 for an innovative project to link government departments, schools, universities and hospitals to a central datacenter.

在 EMEA 地區，新興市場如俄羅斯、中東與非洲在成長率百分比上領先。我們也在金融服務與政府等傳統垂直領域取得一些值得關注的勝利。這些案例包括位於倫敦的 CDO2，其使用 Sun 公有網格運算公用服務，將其金融風險模擬軟體以服務形式提供給客戶。在荷蘭，格羅寧根地區選用 Sun Ray 精簡型用戶端技術與開源 Solaris 10，推動一項創新專案，將政府部門、中小學、大學與醫院連結至一個中央資料中心。

Mike also talked about revenue growth in Asia. Most of Asia, excluding Japan, showed good growth. India in particular was up 11% year over year in Sun's stand-alone revenues, with wins at powerhouse customers such as Geojit, India's leading financial services company, and Tata Sky Limited, India's largest digital television platform provider. Both Geojit and Tata Sky chose Sun Fire servers on the open-source Solaris operating system.

Mike 也談到亞洲的營收成長。除日本以外的亞洲大多數地區都呈現良好成長。尤其是印度，Sun 的獨立營收年增 11%，並在 Geojit（印度領先的金融服務公司）與 Tata Sky Limited（印度最大的數位電視平台供應商）等重量級客戶取得勝利。Geojit 與 Tata Sky 皆選用在開源 Solaris 作業系統上運行的 Sun Fire 伺服器。

International Americas, although smaller in total revenue, had the highest year-over-year revenue growth rate of any of the four geographies at an outstanding 44%. Those of you who read my blog also know that I just returned from Brazil, where there is a very big focus on using an open network to make the country a better place, where we talked about free and open-source software, the future of the network, and how Sun could help bring more Brazilians online.

國際美洲地區雖然總營收規模較小，但在四大地理區域中年增率最高，達到亮眼的 44%。各位閱讀我部落格的人也知道，我剛從巴西回來；當地非常重視透過開放網路讓國家變得更好。我們討論了自由與開源軟體、網路的未來，以及 Sun 如何協助讓更多巴西人上網。

Where I learned when I was there, they are only using open-source software in their congressional systems, and specifically their voting system is also running the open-source Solaris 10. They're also leveraging the Java Platform and other open-source technologies for next-generation IPTV rollout.

我在當地了解到，他們在國會系統中只使用開源軟體，且其投票系統也特別運行在開源 Solaris 10 上。他們也運用 Java 平台與其他開源技術，推動下一代 IPTV 的部署。

In the extreme opposite end of the International Americas, the Montreal Stock Exchange, Canada's oldest and leading derivative products exchange, is expanding its data storage capability protection and availability with an end-to-end storage system based on Sun's StorageTek products.

在國際美洲地區的另一端，作為加拿大歷史最悠久且領先的衍生性商品交易所，蒙特婁證券交易所正透過一套以 Sun StorageTek 產品為基礎的端到端儲存系統，擴充其資料儲存能力、保護與可用性。

Since time is scarce, I will just mention that a number of our key software product revenues grew year over year in total and also on a Sun stand-alone basis. For example, we recorded double-digit year-over-year growth in both Java and open-source Solaris license revenue.

由於時間有限，我只提一下：我們多項關鍵軟體產品的營收，不論以總體或以 Sun 獨立口徑來看，皆呈現年增。例如，我們在 Java 與開源 Solaris 的授權營收上，都錄得兩位數的年增。

I will also add that the acquisition of JBoss by Red Hat obviously increases scrutiny on companies without an operating system and their ability to navigate the marketplace. We believe that companies with an operating system and specifically Sun, Microsoft, and Red Hat will drive the future software agenda in the industry, and our focus on open-source software continues to create new opportunities in attracting developers and customers to the Sun platform.

我也要補充，Red Hat 收購 JBoss 顯然提高了市場對於缺乏作業系統之公司及其在市場中應對能力的檢視。我們相信，擁有作業系統的公司，特別是 Sun、Microsoft 與 Red Hat，將推動產業未來的軟體議程；而我們對開源軟體的聚焦，持續在吸引開發者與客戶採用 Sun 平台方面創造新機會。

And I could not close without a reminder to tune in for the 10th anniversary of the JavaOne Conference, May 16 through 19, in San Francisco.

最後也提醒各位，請鎖定 JavaOne 大會 10 週年慶，時間是 5 月 16 日到 19 日，地點在舊金山。

So back to you, Scott.

那麼交還給你，Scott。

Thanks, Jonathan. There is one other development of note that I would think would be appropriate to share with you all at this point. Moments ago, if you check your machines, our release across the wire announcing that the Sun Board of Directors has appointed Jonathan Schwartz as the Company's next Chief Executive Officer.

謝謝你，Jonathan。此刻我認為還有一項值得注意的進展，適合在這個時間點與各位分享。就在剛剛，如果各位查看一下設備，我們已透過新聞稿對外發布：Sun 董事會已任命 Jonathan Schwartz 為公司下一任執行長（CEO）。

It's effective immediately, and it is part of our whole ongoing succession planning process that we have been working on for -- actually, ever since my days at the GE Board. We have been working very aggressively on this stuff.

該任命即刻生效，這也是我們持續進行的接班規劃流程的一部分——其實自從我在 GE 董事會任職時期就一直在推動。我們在這方面一直非常積極地投入。

We've made a lot of progress on our commitments, as you see from the earnings announcements, all the rest of it here, but the job isn't done. There's lots more work to do. And I am certainly going to stay around and support that. I will continue as Sun's Chairman of the Board. I will be working full time, 100%, and will also assume an incremental title of Chairman of Sun Fed. But this isn't about me. It's really about a big moment in Sun's history. And I'm proud to share it with you and share Jonathan's promotion and congratulate him.

從財報公告等各方面你們也看得到，我們在承諾事項上已取得很大進展，但工作尚未完成。還有很多事情要做。而我當然會留下來支持這些工作。我將繼續擔任 Sun 董事長。我會全職投入、100% 投入，並且也將額外擔任 Sun Fed 董事長一職。但這不是關於我。這其實是 Sun 歷史上的一個重要時刻。我很榮幸能與各位分享，並宣布 Jonathan 的升任，向他致賀。

He joined Sun about a decade ago -- a little more than a decade ago, and he has just done an awesome job in the last few years, streamlining operations, creating a world-class product line, advancing our overall competitive positioning, secured a number of key acquisitions for us. He maintained some of our most important customer partner relationships.

他在大約十年前加入 Sun——其實是十多年以前；而他在過去幾年表現非常出色，精簡營運、打造世界級產品線、提升我們整體競爭定位，並為我們促成多項關鍵併購。他也維繫了我們一些最重要的客戶與合作夥伴關係。

And I spotted him a long time ago. We bought his company that he founded and was CEO of. And he got on our list real early as a high-potential candidate. We moved him around to a whole range of responsibilities. I think he has had seven different jobs in the last 10 years, and most recently running all of software, doing all of our corporate development and strategic planning, and obviously the last couple of years as COO. So he has had a lot -- a full range, and I think a very appropriate amount of operational experience to assume the role.

而我很早就注意到他。我們收購了他所創辦並擔任執行長的公司。他很早就被列入我們的高潛力人才名單。我們讓他輪調負責各式各樣的職務。我想他在過去 10 年裡做過 7 個不同的工作；最近則負責所有軟體業務、主導公司發展與策略規劃，並且顯然在過去幾年擔任營運長（COO）。因此他具備非常完整的歷練，我認為也累積了相當適切的營運經驗來承擔這個角色。

I have been -- as founder, I have been leading this Company for a couple dozen years now and developing many CEOs. I feel like I have funded most of the Valley and other companies. I think we added it up -- we found 75 names of companies that have been founded and have CEOs leading who are alumni of Sun.

我一直以創辦人的身分——我已經領導這家公司二十多年，並培養了許多 CEO。我覺得我幾乎資助了矽谷以及其他公司的大多數企業。我想我們把它加總了一下——我們找到了 75 家公司的名字，這些公司是由 Sun 的校友創立，且由校友擔任 CEO 領導。

But Jonathan has risen to the top of the class here. And he is ready. And I'm actually pretty excited. This is going to allow me to, unfortunately, spend a little more time on an airplane than I would like, but it allows me to go do what I think I can do, a new role of focusing in on the broad strategic issues shaping the industry and our Company, but mainly getting out there and opening the doors.

但 Jonathan 在這裡脫穎而出，成為同儕中的佼佼者。而且他已經準備好了。我其實相當興奮。這將讓我——很遺憾地——比我希望的要多花一些時間在飛機上，但也讓我能去做我認為我能做的事：一個新的角色，專注於塑造產業與我們公司的廣泛策略議題，但主要是走出去、打開各種大門。

There's obviously some very, very large customers out there that I can spend some time working on. The largest customer of all is the U.S. government. My role as Chairman of Sun Fed will allow me to work that. I think we have some important Japanese strategic partnerships I want to go reengage and spend more time working on. And I am going to keep driving our open-source initiatives and working to enable global participation in the network.

顯然外面有一些非常、非常大型的客戶，我可以花時間去經營。其中最大的客戶就是美國政府。我擔任 Sun Fed 董事長的角色將使我能推動這方面的工作。我認為我們有一些重要的日本策略夥伴關係，我想重新投入並花更多時間經營。而且我將持續推動我們的開源倡議，並致力於促成全球在網路中的參與。

And there's a lot of government work that needs to be done outside of the U.S. in areas of education, health care and just generally getting the citizen communities onto the Net. The time is right. Our product line is fixed. We are winning benchmarks and awards across the board.

此外，在美國以外的地區，還有許多政府相關工作需要推進，涵蓋教育、醫療保健，以及更廣泛地讓公民社群上網。時機已經成熟。我們的產品線已經到位。我們在各方面的基準測試與獎項上都在獲勝。

Our customers are probably happier with us than they have been in a long, long time across the board from a product quality and services support perspective, our vision. Jonathan and I are highly aligned on that. It is crystal clear across the board, our management team right down to every one of our individual contributors. And I think we are poised for success in the years ahead. And I think Jonathan is the right person to ride Sun forward on this next big wave.

從產品品質與服務支援的角度、以及我們的願景來看，我們的客戶整體而言可能比很長一段時間以來都更滿意我們。Jonathan 和我在這方面高度一致。這在各方面都非常清楚，從我們的管理團隊一直到每一位個別貢獻者。我認為我們已蓄勢待發，未來幾年將邁向成功。我也認為 Jonathan 是帶領 Sun 在下一波重大浪潮中向前的最佳人選。

I know you all have questions and all the rest of it. We are going to have a media and analyst call at 3 PM today. We have lots of important news, obviously, with the earnings call and Jonathan's new appointment. But we also -- I want to -- as Jonathan pointed out JavaOne, I'd like to tell you all that we are going to be hosting our next network computing launch in Washington, D.C., next week -- I'll hosting that -- focused on our data management strategy. That will be May 2.

我知道各位都有問題以及其他事項。我們今天下午 3 點會有一場媒體與分析師電話會議。顯然我們有很多重要消息，包括財報電話會議以及 Jonathan 的新任命。但我們也——我想——如 Jonathan 在 JavaOne 所提到的，我想告訴各位，我們將在下週於華盛頓特區主辦下一場網路運算（network computing）發表會——我將主持——聚焦於我們的資料管理策略。日期是 5 月 2 日。

So again, stay tuned. The product calendar continues to spew out lots of new and great stuff. We are moving in the right direction and focused on the bright future ahead. And it has been my pleasure to -- I don't know how many of these analyst calls -- I will miss them. But I really appreciate all of your support over the years. So stay tuned. There will be more details at the 3 PM call and at our next [NC]. They will both be available on our website.

所以再次請各位持續關注。產品行事曆仍在不斷推出許多新的、很棒的內容。我們正朝正確方向前進，並專注於更光明的未來。能夠——我不知道我參加過多少次這樣的分析師電話會議——我會想念它們。但我非常感謝各位多年來的支持。所以請持續關注。更多細節會在下午 3 點的電話會議以及我們下一場 [NC] 中公布。兩者都會在我們的網站上提供。

So back to you, Bret.

那麼交回給你，Bret。

Thank you, Scott, Jonathan and Mike. Before we take questions, let me provide the dial-in information for the 3 PM conference call. The call can be accessed at 888-271-9036 from the U.S. or 706-679-4835 outside the U.S.

謝謝你，Scott、Jonathan 和 Mike。在我們開始提問之前，讓我提供下午 3 點電話會議的撥入資訊。在美國可撥打 888-271-9036，或在美國以外地區撥打 706-679-4835 參與會議。

For those unable to listen to the live conference call, a telephone replay will be available at 800-642-1687 in the U.S. or 706-645-9291 outside the U.S., utilizing the conference call ID number 8097178. A telephone replay will be available beginning April 24, 2006, at 6 PM Pacific Time through May 8, 2006, at 8:59 PM Pacific Time.

對於無法收聽即時電話會議的人士，可透過電話回放收聽：美國境內撥打 800-642-1687，美國境外撥打 706-645-9291，並使用電話會議識別碼 8097178。電話回放將自 2006 年 4 月 24 日太平洋時間下午 6 點起提供，至 2006 年 5 月 8 日太平洋時間晚上 8:59 止。

Now let's take some questions. We'd like to ask that you focus your question on Q3 earnings, as we have the 3 PM conference call scheduled to cover Jonathan's appointment as Sun's next CEO. Operator, will you please start the question-and-answer session?

現在我們來回答一些問題。我們希望各位將問題聚焦在第三季（Q3）財報，因為我們已安排下午 3 點的電話會議來說明 Jonathan 被任命為 Sun 下一任 CEO 的相關內容。接線員，請開始問答環節。

(OPERATOR INSTRUCTIONS). Rebecca Runkle, Morgan Stanley.

（接線員指示）。Rebecca Runkle，摩根士丹利。

First, let me say best of luck to both of you in your new roles. Congratulations, Jonathan. And then just shifting gears slightly, let me also say thank you for the increased transparency to both Mike, Jonathan and Scott, I guess, all three of you. I think that it will go a long way over time.

首先，讓我祝福你們兩位在新角色上一切順利。恭喜你，Jonathan。接著稍微轉換一下話題，我也想對 Mike、Jonathan 和 Scott——我想是你們三位——在資訊透明度提升方面表示感謝。我認為長期來看這會帶來很大的幫助。

And then my questions -- two quick ones. One, there's a lot in the call, obviously, but I didn't hear anything in particular on Galaxy, and hoping that you could just provide a little bit more clarity and transparency on that front in particular in terms of how it is tracking relative to expectations.

接著我的問題——兩個簡短的問題。第一，這通電話會議內容很多，但我沒有特別聽到關於 Galaxy 的資訊，希望你們能在這方面提供更多釐清與透明度，尤其是它相對於預期的進展情況。

And then secondly on the cash front, can you just remind me what Sun's top priorities are vis-a-vis cash in terms of acquisitions, buybacks, internal investment, etc.? Just want to regroup on that front in particular.

第二個是關於現金運用，能否提醒我 Sun 在現金方面的最高優先順序是什麼——就併購、庫藏股回購、內部投資等而言？我想特別在這方面重新整理一下。

Rebecca, this is Jonathan. I will handle the Galaxy question and then turn it back to Mike on the cash question. On Galaxy, we are just seeing absolutely outstanding demand. I will tell you, our biggest challenge, frankly, even at the size that we are at, which I think we talked about a run rate around $400 million, is that most of our customers still don't know we have x64 servers. So as we find them, they buy from us.

Rebecca，我是 Jonathan。我會回答 Galaxy 的問題，然後把現金的問題交回給 Mike。關於 Galaxy，我們看到的需求非常、非常強勁。我可以告訴你，坦白說，我們最大的挑戰——即使以我們目前的規模，我想我們談到的年化營收（run rate）大約是 4 億美元——是我們的大多數客戶仍然不知道我們有 x64 伺服器。所以當我們找到他們時，他們就會向我們購買。

It's a good problem to have, but on the other hand, we recognize we're driving into a market space that is order of magnitude tens of billions of dollars and we are still a relatively small player. So we are very pleased with the innovation, customer acceptance and the ramp of the products. We see no cessation of demand whatever and we've got a full calendar of new products coming out. In fact, the next six months should probably be the busiest we've ever been in rolling out new x64 products.

這是一個好問題，但另一方面，我們也認知到我們正進入一個市場規模以數百億美元計、量級差距很大的領域，而我們仍然是相對較小的參與者。因此，我們對創新、客戶接受度以及產品放量（ramp）都非常滿意。我們沒有看到需求有任何停止的跡象，而且我們有完整的新產品發表行事曆。事實上，接下來六個月可能會是我們推出新 x64 產品最忙碌的一段時間。

But again, we are pretty happy with it. We just want to, again, see more customers aware of it. And that's just a bit hand-to-hand combat for now, and as that continues to roll out, we expect continued growth.

但再說一次，我們對此相當滿意。我們只是希望——再次強調——讓更多客戶知道這件事。目前這需要一點近身肉搏式的努力；隨著推廣持續展開，我們預期成長將會延續。

And it is Mike Lehman. With regard to cash, we've been pretty clear that right now, our priority with the cash is to grow the business, and that includes both internally and externally. So internal projects, companies and technologies that we want to acquire, that's really where we are focused. We are not ready to reengage in a buyback discussion at this point. We are principally interested in growing the business.

我是 Mike Lehman。關於現金方面，我們已經相當清楚地表示，目前我們的現金優先順序是用來成長業務，這包括內部與外部兩個面向。因此，不論是內部專案，或是我們想收購的公司與技術，這才是我們的重點所在。我們目前還沒有準備好重新啟動回購的討論。我們主要關注的是擴大業務成長。

Harry Blount, Lehman Brothers.

Harry Blount，雷曼兄弟。

Mike, I wanted to go back to your comment on historic seasonality on the 10 to 15%, and just doing some quick calculations, clearly see that for the last few years. But if we go back a little bit further, it looks like the seasonality over the last five years has been a bit below that, as has StorageTek's.

Mike，我想回到你對 10% 到 15% 的歷史季節性所做的評論；我做了一些快速計算，顯然在過去幾年確實看得到。但如果我們再往前追溯一點，看起來過去五年的季節性略低於那個水準，StorageTek 也是如此。

So I'm just trying to get a little bit better sense of if that is -- what you are expecting for the June quarter is somewhat more normal seasonality or above normal seasonality in that 10 to 15% or rather what range you are looking at. Thanks.

所以我只是想更清楚了解一下：你們對 6 月季度的預期，是較為正常的季節性，還是高於正常、落在 10% 到 15% 那樣的區間？或者你們看的範圍其實是什麼。謝謝。

So again, I don't really want to give a specific revenue or EPS range at this point. We're trying to give you a sense of if you strip out some of the anomalies, that is a growth rate that seems to be reasonable for a Q3 to Q4, and actually, frankly, if you go back 10, 15, 20 years, you can get numbers outside of that range. So we just think that that is somewhat of a normal historical growth pattern from Q3 to Q4. And again, this'll be our first quarter having StorageTek and SeeBeyond inside the fold. So numbers may vary from those estimates. But that gives you some sense of what should be normal.

所以再說一次，我目前不太想給出特定的營收或 EPS 區間。我們想讓你們理解的是：如果把一些異常因素剔除，從 Q3 到 Q4 這樣的成長率看起來是合理的；而且坦白說，如果你回看 10、15、20 年，你也會看到落在該區間之外的數字。所以我們只是認為，從 Q3 到 Q4 這算是一種正常的歷史成長型態。另外，這也將是我們首次在同一季度把 StorageTek 和 SeeBeyond 納入合併範圍。因此，實際數字可能會與那些估計有所差異。但這能讓你大致了解什麼應該算正常。

So just to clarify, then, that is kind of the way you are viewing normal on a combined basis and not on a Sun pre-StorageTek basis?

那我確認一下：你們所說的「正常」，是以合併後的基礎來看，而不是以 Sun 在併入 StorageTek 之前的基礎來看，對嗎？

Correct.

正確。

Laura Conigliaro, Goldman Sachs.

Laura Conigliaro，高盛。

A couple of things. Hypothetically, especially since you have had -- you have been able to hold your gross margin through some pretty unusual times over the last several quarters, as you view other companies compared to Sun, given that you have proportionately as much IT, if not more than they do, can your operating margin ultimately reach as high as 10% or better?

有幾點。假設性地說，尤其是過去幾個季度你們在相當不尋常的環境下仍能維持毛利率；當你們看其他公司與 Sun 相比，考量到你們的 IT 比重與他們相當、甚至更高，你們的營業利益率最終能否達到 10% 或更高？

Also, your E to R has actually gone up for the last three straight quarters, including the March quarter. Why is that? And when should we expect that to reverse?

另外，你們的 E 對 R（費用對營收比）已經連續三個季度上升，包括 3 月季度。為什麼會這樣？我們應該何時預期它會反轉？

Maybe I will talk to the operating margin and then pass over to Mike, Laura, on the E to R issues. On the operating margin, we have been negative operating margin, so certainly we are directing to get the positive operating margin. In terms of what the cap is on the operating margin, time will tell.

也許我先談營業利益率，然後再把 E 對 R 的問題交給 Mike，Laura。就營業利益率而言，我們一直是負的營業利益率，所以我們當然會朝著轉為正的營業利益率努力。至於營業利益率的上限是多少，時間會告訴我們。

But again, given the market opportunity especially for some of the higher-margin product, whether it is high-end [Ofteron] systems or, frankly, our software business, which has been growing very nicely, we continue to see customers that would like to buy more of the value that we bring to them. And so the margin within an account certainly has the potential to rise over time.

但再說一次，考量到市場機會，特別是一些較高毛利的產品，不論是高階 [Ofteron] 系統，或坦白說我們成長非常不錯的軟體業務，我們持續看到客戶希望購買更多我們帶給他們的價值。因此，單一客戶帳戶內的利潤率，確實有可能隨時間上升。

Discovering customers, as you know, is an expensive proposition and frequently very low-margin, whether it is with free software or with a 1 RU server that typically has very low margins. So we certainly see upside on the operating margin. Certainly that's what we're going to be directing our effort toward, and frankly, to that end, Mike and I have agreed we are going to be sharing an office here just to give you a sense of the spirit of belt-tightening around Sun and the fact that we think that there are tons of efficiencies around the Company and we're going to go off and find them.

如你所知，開發新客戶是一件昂貴的事，而且往往毛利很低，不論是免費軟體，或是通常毛利很低的 1 RU 伺服器。所以我們確實看到營業利益率有上行空間。這當然是我們要投入努力的方向；坦白說，為了達成這點，Mike 和我已經同意要在這裡共用一間辦公室，讓你感受一下 Sun 內部勒緊褲帶的氛圍，以及我們認為公司周圍有大量效率可挖掘，我們會去把它們找出來。

And again, just to clarify on the expense to revenue in the last three quarters, you all know that a big piece of that increase has been, frankly, just the acquisition. The people and the assets and resources that we acquired from StorageTek and SeeBeyond are now in the results during this fiscal year beginning in September. So you see some of that.

另外，針對過去三個季度費用對營收比上升這點再澄清一下：大家都知道，這個上升很大一部分坦白說就是來自併購。我們從 StorageTek 和 SeeBeyond 取得的人員、資產與資源，自 9 月開始的本會計年度起就已反映在結果中。所以你會看到其中一部分影響。

And then, frankly, the 123R costs and the amortization of intangibles from the acquisitions are also in there. So those are the biggest drivers of the expense to revenue increase. Obviously, when I talk about acquisition integration and some of the opportunities ahead of us, going after and rebalancing that is a big part of what I am referring to. So we know that is all ahead of us.

然後坦白說，123R 成本以及併購所產生無形資產的攤銷也包含在其中。所以這些是費用對營收比上升的最大驅動因素。顯然，當我談到併購整合以及我們面前的一些機會時，著手處理並重新平衡這一點，是我所指的一大部分。所以我們知道這些都還在前面等著我們。

Richard Chu, SG Cowen.

Richard Chu，SG Cowen。

My congratulations to Jonathan and Scott as well. The question that I have is can you give us some quantification of how -- what the combined StorageTek and SeeBeyond revenue contributions were for the quarter, either sequentially or versus any other metric that you would like to use, and give us some way to calculate the, quote, traditional Sun core business.

也恭喜 Jonathan 和 Scott。我的問題是：你們能否量化一下本季度 StorageTek 與 SeeBeyond 合計的營收貢獻是多少——不論是環比或相對於你們想用的其他指標——並提供某種方式讓我們計算所謂「傳統的 Sun 核心業務」。

Richard, sorry to disappoint you on my first call back on the job, but that's not the level of detail that we want to go into. As you know, we are focused in trying to give you some more information and help you understand it. But the StorageTek results are increasingly a part of the data management group results. We are not frankly even tracking them as much going forward separately. They start to knit together. We see more and more of the synergies between the salesforces. So as you know, we have got one person managing that group, and that is how we intend to continue to look at it even more.

Richard，很抱歉我回到工作崗位的第一通電話就讓你失望了，但我們不打算深入到那種細節層級。如你所知，我們專注於嘗試提供更多資訊並幫助你理解。但 StorageTek 的結果正日益成為資料管理事業群結果的一部分。坦白說，往後我們甚至不會那麼多地分開追蹤它們。它們開始融合在一起。我們看到銷售團隊之間越來越多的綜效。所以如你所知，我們由一位主管管理該事業群，而我們也打算持續以這種方式、甚至更進一步地來看待它。

And as an example of that, Richard, the first products we trained the new StorageTek or former StorageTek field organization around were the datacenter storage systems from Sun, where we have begun to see some interesting revenues synergies. And we expect as we continue to roll out the training across the entirety of the data management group product portfolio we will be able to leverage that selling engine, as well as the relationships with the customer base, to continue to drive upside. But that will be in a merged and combined entity, not by trying to pick apart what is a Sun product or a StorageTek product, because at this point you probably could not tell the difference anyway.

作為例子，Richard，我們對新的 StorageTek（或前 StorageTek）前線組織所做的第一批產品訓練，是 Sun 的資料中心儲存系統；我們已開始看到一些有趣的營收綜效。而且我們預期，隨著我們持續把訓練推展到資料管理事業群產品組合的全範圍，我們將能運用那個銷售引擎，以及與客戶基礎的關係，持續推動上行空間。但那會是在一個合併整合的實體中進行，而不是試圖拆分哪些是 Sun 產品、哪些是 StorageTek 產品，因為到這個階段你大概也分不出差別了。

I understand. But I ask only in the sense that you report a backlog and a product book-to-bill number for the old operations. And to the extent that you think reporting that is meaningful, wonder if you could comment on post-December 30 shift in the behavior of your acquired operations, especially given the compensation changes and seasonality that you're going through. That was the spirit of the question.

我了解。但我問這個只是因為你們會針對舊有營運報告積壓訂單（backlog）以及產品的 book-to-bill 數字。既然你們認為報告那些是有意義的，我想知道你們是否能評論一下 12 月 30 日之後，你們所併購業務在行為上的變化，特別是考量到你們正在經歷的薪酬變更與季節性。這就是問題的用意。

So again, Richard, I don't think we have anything specific to add right now.

所以再說一次，Richard，我想我們目前沒有任何具體內容可以補充。

Andrew Neff, Bear, Stearns.

Andrew Neff，Bear, Stearns。

Just two quick questions, if I could. One, I just wanted to clarify -- when you said the tax for the year, you said 200 to 250 for the year, is that correct? When you were given your comments on the quarter?

如果可以的話，我有兩個很快的問題。第一個，我想確認一下——你提到全年稅額時說全年是 2 億到 2.5 億，這是正確的嗎？也就是你在談本季度時的評論？

Yes, Andy, it is Mike Lehman. The answer is yes, we have about 154 million in tax provision through the nine months. So excluding the financing activity, I said the provision for the year would be in the 200 to 250 range.

是的，Andy，我是 Mike Lehman。答案是是的，我們在九個月期間的所得稅提列大約是 1.54 億。所以排除融資活動後，我說全年提列會落在 2 億到 2.5 億的區間。

And then as you look at the factors that drive your gross margin into the fourth quarter, can you sort of give us the factors that could push it one way or the other, just looking at your gross margin -- you gave us comments on the other lines.

接著，當你們看影響第四季毛利率的驅動因素時，能否請你們概括說明有哪些因素可能讓毛利率往上或往下變動？就毛利率而言——你們已經對其他項目線給了評論。

You know, I think it is the usual suspects. None of this will surprise you, but typically volumes are up in the service business in Q4. And that is, again, sequentially. So that is typically a business where the margin is largely driven by volume.

你知道，我認為就是那些老面孔。這些都不會讓你意外，但通常第四季服務業務的出貨量/業務量會上升。而且這同樣是環比而言。所以這通常是一個毛利率主要由量所驅動的業務。

On the product side, it somewhat depends upon where one is in the product introduction cycle. We obviously get cost decreases the more that we roll out new products. We see traditional seasonal impacts from discounting and all sorts of other stuff. So it is the usual suspects that drive it up and down.

在產品端，某種程度上取決於目前處於產品導入週期的哪個階段。很明顯地，隨著我們更大規模地推出新產品，成本會下降。我們也會看到因折扣以及各種其他因素帶來的傳統季節性影響。所以就是那些常見因素讓它上下波動。

And just to add on to that, and of course the software business is obviously a pretty high-margin business, and as we continue to drive some of the potential there, we think there's room for expansion.

另外補充一下，當然軟體業務顯然是高毛利的業務，而隨著我們持續推動其中的一些潛力，我們認為仍有擴張空間。

In the fourth quarter, let me just clarify -- you're saying for the fourth quarter there is that potential for the software, or just generally?

關於第四季，我想再釐清一下——你是說第四季軟體方面有那個潛力，還是只是一般而言？

Generally.

一般而言。

Thanks and congratulations to you both.

謝謝，也恭喜你們兩位。

Ben Reitzes, UBS.

UBS 的 Ben Reitzes。

Mike and Jonathan, I don't know, but Mike, now that you've been at the Company for a little while, do you have any views on what kind of timeframe it will take you to get your arms around the cost structure with Jonathan here and maybe come up with a plan for us? Is that still in the July timeframe?

Mike 和 Jonathan，我不確定，但 Mike，既然你到公司也有一段時間了，你對於需要多久才能和 Jonathan 一起把成本結構梳理清楚、並且也許提出一個計畫給我們，有沒有什麼看法？時間點還是在七月左右嗎？

And then just if you could recap, again, if you have any comments as to where 1.6 billion in operating expenses for the next quarter kind of lines up with your views of Sun's potential operating model?

另外，如果可以的話，請你再回顧一下：對於下一季 16 億美元的營業費用（OpEx），你們是否有任何評論，說明這大致如何對應你們對 Sun 潛在營運模型的看法？

This is Jonathan, and Mike and I can answer this together. We are in the midst of our annual planning process. And we are going through a pretty exhaustive, as we do every year, scrub of R&D, corporate resourcing, what initiatives we have around the Company, and overall how we are spending the dollars here.

我是 Jonathan，Mike 和我可以一起回答。我們正處於年度規劃流程之中。我們正在進行相當徹底的檢視——就像我們每年都會做的——包括研發（R&D）、公司資源配置、公司內有哪些倡議，以及整體上我們在這裡如何花這些錢。

So we are going to look, as we do every year, into where do we want to be investing, how do we want to be prioritizing the leadership of the Company, as well as the dollars of the Company. So that is a part of our annual planning process. We are in the midst of it right now.

因此我們會像每年一樣檢視：我們想投資在哪裡、如何排定公司領導層的優先順序，以及公司資金的優先順序。所以這是我們年度規劃流程的一部分。我們現在正在進行中。

Mike is probably more involved than he would like to be in getting down to the gory details of where we have individuals and in what offices they are located and what projects they are working on. But, again, that is part of an annual process, and we are underway now, and we are going to continue it.

Mike 可能比他希望的還更深入參與那些繁瑣細節，例如我們有哪些人、分布在哪些辦公室、正在做哪些專案。但同樣地，這是年度流程的一部分；我們已經在進行，並且會持續推進。

And Mike, do you want to add--?

Mike，你要不要補充——？

And further, as I have discussed before, we will share a bit more about that in July, not before then. It is our normal fourth-quarter funding process. We are going through it in great detail. So we talked about in our July earnings conference call that we will share more details of that -- some of the things we've looked at and just our comments on business model going forward.

另外，正如我之前討論過的，我們會在七月分享更多相關內容，而不會早於那個時間。這是我們正常的第四季資金配置流程。我們正在非常細緻地進行。所以我們在七月的財報電話會議上提到，我們會分享更多細節——包括我們看過的一些事項，以及我們對未來商業模式的評論。

You know, the direct answer to your question -- is the $1.6 billion the level of OpEx that we expect to have going forward? I would say no, we expect to take that down. But it is too premature to try and quantify it or to give you any more sense of that.

你知道，直接回答你的問題——16 億美元是否是我們預期未來持續的營業費用水準？我會說不是，我們預期會把它降下來。但現在要量化或再給你更多方向感，還太早。

Brent Bracelin, Pacific Crest Securities.

Pacific Crest Securities 的 Brent Bracelin。

I wanted to follow up on the computer systems segment of the business. It looks like you had the best growth rate in the core server business in several years. Obviously, you had a spillover from Q4 with some of the shortages. But how do you look at that business? How sustainable is growth in that business, considering the bulk of that business is kind of the core UNIX Business. Against the backdrop of IBM, that actually had kind of a 9% year-over-year decline in their segment.

我想追問一下電腦系統（computer systems）事業部門。看起來你們在核心伺服器業務上出現了好幾年來最佳的成長率。顯然你們有一些從第四季延續過來的效應，因為當時有一些供應短缺。但你們如何看待這項業務？考量到這項業務的大宗其實是核心 UNIX 業務，這樣的成長有多可持續？尤其在 IBM 的背景之下，他們在該部門其實出現了約 9% 的年增下滑。

I can maybe talk to the strategic positioning at a top level, and then Mike can get into some of the data behind it. At the end of the day, customers buy based on the efficiency of what they get, whether it is power efficiency, speed efficiency, performance, management efficiency. We've got the single most competitive server product line, I believe, in the whole industry. That applies across the x64 business, as well as onto the UltraSPARC and traditional business.

我或許可以先從高層次談談策略定位，然後 Mike 可以補充一些背後的數據。歸根結底，客戶購買是基於他們得到的效率——不論是電力效率、速度效率、效能，或管理效率。我相信我們擁有全產業最具競爭力的伺服器產品線。這適用於 x64 業務，也適用於 UltraSPARC 與傳統業務。

So one of the single biggest drivers of the opportunity to go sell into the marketplace is the fact that we have a free and open-source operating system that can be distributed broadly across the world. I think we are nearing in on about 5 million licenses. And again, as that goes out into the world, that that begins to take share from the proprietary operating systems that are neither free nor open source nor available on x64 servers, that just creates a pretty broad market. Frankly, I'm not worried about the size of the market or the demand that is out there; I'm worried about intercepting it.

因此，推動我們在市場上銷售機會的最大驅動因素之一，是我們擁有一個免費且開源的作業系統，可以在全球廣泛散布。我想我們的授權數量正接近約 500 萬份。而且同樣地，當它在全球擴散時，就會開始從那些專有作業系統手中取得市占——那些系統既不免費、也非開源、也無法在 x64 伺服器上使用——這就創造出相當廣泛的市場。坦白說，我不擔心市場規模或外部需求；我擔心的是如何攔截並抓住這些需求。

So I think we continue to view raw innovation in the server space, where some others have said it is a commodity, it's not worth investing in -- we actually see it quite the opposite. The most attractive markets in the world are commodity markets because everybody needs what you've got and they are going to need it for as long as they are on the planet. So we are pretty excited by the opportunity.

所以我認為我們仍然把伺服器領域的原始創新視為關鍵；有些人說它是大宗商品、不值得投資——我們其實看到的是完全相反的情況。世界上最具吸引力的市場就是大宗商品市場，因為每個人都需要你所提供的東西，而且只要他們還在這個星球上，就會一直需要它。所以我們對這個機會感到相當興奮。

I guess the increase in the UltraSPARC platform, I guess, was the big surprise relative to what has happened over the last three-, four-year period. And is that sustainable, is the most important question.

我想 UltraSPARC 平台的成長提升，應該是相較於過去三、四年發生的情況而言，最大的意外。而最重要的問題是：這是否可持續？

Well, I think the question is, is the innovation sustainable? And certainly, I think if you read any of the reviews online right now, we slowed down the chip and parallelized it so that we could get work done eight times faster than a traditional Intel chip.

嗯，我認為問題在於：創新是否可持續？當然，我想如果你現在去看任何線上的評測，我們把晶片降頻並做了平行化處理，讓它能以傳統 Intel 晶片八倍的速度完成工作。

So eight times has a pretty big impact on how much you spend on servers or electricity. And again, given that those $2 numbers are the focus of large-scale datacenters across the world, we continue to see more opportunity in the marketplace rather than less.

所以「八倍」對你在伺服器或電力上的支出有相當大的影響。而且同樣地，鑑於那些以「2 美元」為單位的成本數字是全球大型資料中心關注的焦點，我們持續在市場上看到更多而非更少的機會。

There's also -- and maybe just -- again, I don't want to dip onto the technology side of this -- there was a day when what ran on the desktop determined what ran on the server. Now it's less about what runs on the desktop and more about what is on the handset or set-top box or billboard or automobile. So there's a real split between the end user device on the network and what is powering it in the datacenter.

另外還有——也許再補充一下——我不想把話題帶到技術面——曾經有一段時間，桌面端跑什麼就決定了伺服器端跑什麼。現在比較不取決於桌面端跑什麼，而更取決於手機、機上盒、看板或汽車上跑什麼。因此，網路上的終端使用者裝置與資料中心裡提供運算能力的系統之間，出現了明顯的分化。

That is creating a new wave of opportunity for things that aren't just Windows servers. So with Sun's position both on the handset, set-top, dashboard, what have you, that's just outlets for the generators, the infrastructure we provide in the datacenter. And that's just creating more pull and more demand and opportunity.

這正在為不僅僅是 Windows 伺服器的事物創造新一波的機會。因此，憑藉 Sun 在手機、機上盒、車載儀表板等各種終端上的布局，那些都只是發電機的出口，而我們在資料中心提供的是其背後的基礎設施。而這只會帶來更強的拉動效應、更多的需求與機會。

Kevin Hunt, Thomas Weisel Partners.

Kevin Hunt，Thomas Weisel Partners。

I had a couple of follow-up questions. First, on the server business, you gave a 6% number for growth in total units. And then it looks like your revenue also was up around 6%. So that's quite a different trend than what you've seen in historical quarters, where you have had unit growth often higher than that and revenue growth much below that. So can you comments a little bit on the ASP and why we are seeing that sort of gap narrow?

我有幾個後續問題。首先，關於伺服器業務，你給出的總出貨量成長是 6%。然後看起來你們的營收也大約成長了 6%。這與你們在過去幾個季度看到的趨勢相當不同；歷史上你們的出貨量成長往往高於此，而營收成長則遠低於此。所以你能否談談 ASP（平均銷售價格），以及為什麼我們看到這種差距在縮小？

And then on the storage side, I think, Scott, you said it's double digit. I wonder if you can quantify that any more on the core storage from Sun.

另外在儲存方面，我想 Scott 你說是雙位數成長。我想知道你能否更量化一些，特別是 Sun 的核心儲存業務。

And then you are down it looks like around 16% in your total storage business sequentially, which kind of gets back to I think Richard's earlier question of it doesn't look like that StorageTek business had all that great performance, if you kind of just look at those numbers. So can you comment on that as well?

再者，你們的整體儲存業務看起來按季下滑約 16%，這也回到我想 Richard 先前的問題：如果只看這些數字，StorageTek 業務的表現似乎並沒有那麼好。所以你也能就此評論一下嗎？

It is Mike Lehman. There were a few questions in there. I'm going to start at the end. StorageTek typically has had a very seasonal business. And if you look at the way they were run, the December quarter was their old end of the calendar year, end of the fiscal year for them. So there was a normal expected drop-off in the March quarter. And that was in line with what we had expected from a seasonality perspective. There was no big surprise there at all to us.

我是 Mike Lehman。裡面有幾個問題。我先從最後一個開始。StorageTek 一向是非常季節性的業務。而且如果你看他們過去的營運方式，12 月季度是他們舊的曆年年底、也是他們的財年年底。因此在 3 月季度出現正常、可預期的下滑。從季節性角度來看，這與我們的預期一致。對我們而言完全沒有什麼重大意外。

The rest of your questions were fairly detailed. They almost sound like the kind we're going to have to go over one by one. Like I said before, we weren't really surprised at all on the ASP side, on the discounting side. Their products are very competitive. I'm not sure how to answer your questions without spending a whole lot more time on them.

你其餘的問題都相當細。聽起來幾乎需要我們逐一拆開來談。就像我之前說的，在 ASP 方面、在折扣方面，我們其實一點也不意外。他們的產品競爭力很強。如果不花更多時間深入展開，我不太確定要怎麼回答你的問題。

Well, just why -- why are the ASP and the units growing about the same when that has not been the trend historically, I guess?

嗯，只是為什麼——為什麼 ASP 和出貨量的成長幾乎一樣，而這在歷史上並不是這樣的趨勢？

Well, they are linked, and linked in the sense that if you get the low-end unit volume over time, you will get the high-end margin. So we have certainly been investing over the past couple, three years in rebuilding the low end so we could go drive the unit volume. Now that we have that unit volume, we are certainly beginning to see some of the reflection back up in the datacenter.

嗯，它們是連動的；連動的意思是，隨著時間推移，如果你能拿到低階機種的出貨量，你就能獲得高階的利潤率。因此在過去兩三年，我們確實一直在投資重建低階產品線，以便推動出貨量。現在我們有了這個出貨量，我們也確實開始看到它在資料中心端帶來一些回饋與反映。

One of the interesting things, and I think especially with UltraSPARC IV+, is we have said consistently although the world is moving toward a horizontal architecture, we have seen history repeat over and over again -- all horizontal architectures scale up and they become vertical architectures before they become horizontal again.

有一件很有意思的事，我想尤其是針對 UltraSPARC IV+：我們一直一致地說，雖然世界正走向水平式架構，但我們一再看到歷史重演——所有水平式架構都會先向上擴展，並在再次變回水平式之前，先變成垂直式架構。

So the good news is, we are very strong in the horizontal side right now with the UltraSPARC T1000 and 2000, very strong on the x64 side with the Galaxy platform, as well as having pretty strong offerings on the high end. Really we only see IBM and POWER as the alternative out there. So with UltraSPARC IV+, we think that there's lots of headroom and certainly lots of opportunity on the high end. So you got to couple the volumes to get the long-run high-end margin. If all you do is kind of nurse the high end over time, your volumes diminish and you can't afford the business.

所以好消息是，我們目前在水平端非常強：有 UltraSPARC T1000 和 2000；在 x64 端也很強：有 Galaxy 平台；同時在高階端也有相當強的產品組合。我們真正看到的替代方案只有 IBM 和 POWER。因此就 UltraSPARC IV+ 而言，我們認為高階端仍有很大的成長空間，當然也有很多機會。所以你必須把出貨量和長期的高階利潤率連結起來。如果你所做的只是隨時間去維持高階產品，你的出貨量會萎縮，最後你就負擔不起這門生意。

Tony Sacconaghi, Sanford Bernstein.

Tony Sacconaghi，Sanford Bernstein。

Thank you and congratulations and best wishes to both you, Jonathan, and Scott. I have just a few quick ones. Mike, my read is that you will have a 14-week quarter in the fiscal Q4. Can you confirm that? And if so, why was that not provided as an important part of guidance?

謝謝，也恭喜你們，並祝福你們兩位——Jonathan 和 Scott——一切順利。我只有幾個很快的問題。Mike，我的理解是你們在第 4 財季會有一個 14 週的季度。你能確認嗎？如果是，為什麼這沒有被作為指引中的重要部分提出？

Secondly, you talk about gross margins being lower in your guidance for Q4, despite seasonally higher volume and what you viewed as disappointing services margins this quarter. Can you comment on that? And then I have one follow-up, please.

第二，你們談到第 4 財季指引中的毛利率會較低，儘管季節性出貨量更高，而且你們也認為本季服務毛利率令人失望。你能評論一下嗎？然後我還有一個追問，謝謝。

Well, let me start. I guess the reason that we haven't commented on June being different is that it is like that every fiscal year. Our fiscal year to route the first three quarters ends on a particular date which is not the end of the calendar quarter. It has always been that way. So the fact that we have a little bit of extra time in the June quarter is just like every other June quarter.

好，我先回答。我想我們之所以沒有特別評論 6 月季度的不同，是因為每個財年都是如此。我們財年的前三個季度會在某個特定日期結束，而那個日期並不是曆年季度的最後一天。一直以來都是這樣。所以 6 月季度多出一點時間，跟以往每一個 6 月季度都一樣。

I talk about gross margin is going to be relatively flat or perhaps slightly lower. So it can go both ways. There are lots of things that we talked about that can drive it both ways. We're just trying to give you a general sense of what we're thinking without getting locked into a specific range. So one can have at that comment with the glass is half full or the glass is half empty. I wasn't trying to give you a specific number.

我提到毛利率將相對持平，或可能略低。所以兩種方向都有可能。我們談過很多因素都可能讓它往任一方向變動。我們只是想在不被鎖定在某個特定區間的情況下，給你們一個我們思考方向的大致感受。所以你可以把那段話解讀為「半杯滿」或「半杯空」。我並不是要給你一個具體數字。

But why wouldn't there be a potential impact from volume in the quarter and why wouldn't there be a possibility for services margins to be better following some disappointment this quarter? If anything, why wouldn't you have emphasized the glass half full rather than the glass half empty?

但為什麼在該季度出貨量的影響不會帶來潛在的正面效果？而且為什麼在本季服務毛利率令人失望之後，下一季服務毛利率不會有改善的可能？如果有的話，為什麼你不更強調「半杯滿」，而是「半杯空」？

You're absolutely right that both of those things are possible. And I know my audience. So I am trying to play to all sides.

你說得完全對，這兩件事都有可能。而且我了解我的聽眾。所以我試著兼顧各方的解讀。

Mike was trying to emphasize the glass.

Mike 是想強調那個杯子。

Finally, just on the annual planning process, I think there is a lot of expectation about what might come out of that. And I would like to ask you directly -- the sentiment in the investment community is that there needs to be or will be a significant 20%-plus workforce reduction. And I want to, A., first understand whether that possibility is on the table or not.

最後，關於年度規劃流程，我想市場對可能會產生什麼結果有很多期待。我想直接問你——投資社群的看法是，公司需要或將會進行一次幅度很大的、超過 20% 的人力縮減。我想先了解，A，這種可能性是否在考量範圍內？

And secondly, to the decree that such a possibility is on the table, why are small reductions like the 200 or so people in the scaleable systems group happening in Q3? You are making relatively small reductions and trimming on the sides, when ultimately it looks like you are looking at the business much more holistically going into Q4. Why are such reductions being made when ostensibly a more integrated thought process around expense is being looked at going forward?

第二，如果這種可能性確實在考量範圍內，為什麼像可擴展系統（scaleable systems）團隊在第 3 財季裁減約 200 人這種小幅縮減會在此時發生？你們正在做相對小的縮減、在邊邊角角修剪，但看起來你們在進入第 4 財季時會更全面地、以更整體的方式檢視業務。既然未來會以更整合的思考來檢視費用，為什麼現在還要做這樣的縮減？

Tony, it is Mike. I will comment quickly. If you look at numbers, we are down just over 900 people from Q2 to Q3. So what that tells you is that we are not waiting for some big event. We're looking at this right now in every place. And it is happening all the time. So we are not sitting here just going to do one particular thing. And frankly, when we have something to announce, like we did with the 200 people you referred to, it gets announce and gets handled.

Tony，我是 Mike。我簡短回應。如果你看數字，我們從第 2 財季到第 3 財季人數減少了略多於 900 人。這告訴你的是，我們並不是在等待某個重大事件才行動。我們現在就在每個地方檢視這件事。而且它一直在發生。所以我們不是坐在這裡只打算做某一件特定的事。坦白說，當我們有事情要宣布時——就像你提到的那 200 人——就會對外宣布並加以處理。

There's also an issue that I know you all understand that has to do with the timing and one's ability to do this around the world in various countries. It is different. There are works council, there are approvals that have to be gotten. So none of this happens immediately. So that's why you see in some cases the numbers happen over time.

另外還有一個問題，我知道各位都能理解，這與時程安排以及個人在全球各國推動此事的能力有關。各地情況不同。有員工委員會，也有必須取得的核准。因此這些都不會立刻發生。所以這就是為什麼你會看到在某些情況下，這些數字會隨時間逐步反映出來。

And are there any restrictions on the planning process this year or expectations, again, specifically -- is it incorrect for the Street to be thinking about a major resetting in the cost base at Sun? Or do you believe that the Street should be expect setting an expectation for more gradual incremental cost cuts going forward?

那麼今年在規劃流程上是否有任何限制或預期？再具體一點——華爾街若認為 Sun 的成本基礎會有一次大幅重置，這樣的想法是否不正確？或者你認為華爾街應該把預期設定為未來更為循序漸進、逐步增加的成本削減？

Tony, this is Jonathan. I think in something you wrote recently, you suggested that cuts could range up to 12,500 heads, and in the next sentence suggested that would completely undermine the business. So I don't think we are interested right now in undermining the business when we've got the most competitive product line we've ever had in the history of the Company. And frankly, our competition appears to be bowing out of a variety of the battles in the marketplace, the operating system probably being chief among them.

Tony，我是 Jonathan。我想在你最近寫的某篇文章中，你提到裁員幅度可能高達 12,500 人，而下一句又說那會徹底破壞公司業務。所以我不認為我們目前有興趣在公司史上擁有最具競爭力的產品線之際去破壞業務。坦白說，我們的競爭對手似乎正在退出市場上的多場戰役，其中作業系統可能是最主要的一項。

So I think, as we have consistently over the past decade, we have an annual and very well-coordinated planning process that allows us to make the best in the areas that make sense, and where prudent and responsible, go diminish the investments around areas that don't seem to make sense anymore.

因此我認為，正如我們在過去十年一貫所做的，我們有一套年度且高度協調的規劃流程，使我們能在合理的領域做出最佳決策，並在審慎且負責任的前提下，縮減對那些看起來已不再合理的領域之投資。

So we are going to continue to look at the cost structure. And to Laura's earlier point, we are going to continue to look at growing the operating margin. But looking at expense as a portion of revenue, there's two ways to hit it. One is to get expense down. The other is to get revenue up. And we are going to be just as focused on that latter part of the equation as we are on the former.

所以我們將持續檢視成本結構。也呼應 Laura 先前的觀點，我們將持續致力於提升營業利益率。但若從費用占營收比重來看，有兩種方式可以達成。一是把費用降下來。另一個是把營收拉上去。而我們在後者這一部分的投入與專注，將不亞於前者。

But again, there is no plan whatever for a cut of the magnitude certainly that you referenced. And we are going to continue to look at the right decisions to get the right resources in the right places to go drive the right business model next year.

但再次強調，完全沒有任何計畫要進行你所提及那種規模的削減。我們將持續做出正確決策，把正確資源配置到正確位置，以推動明年正確的商業模式。

One more question, please.

請再一個問題。

Richard Farmer, Merrill Lynch.

Richard Farmer，Merrill Lynch。

A few quick ones, if I could. What percentage of the customers who receive the demo T1 systems have decided to purchase them? Also, you mentioned the next-generation Niagara chips. When will those be announced and shipping?

如果可以的話，我有幾個簡短問題。收到 T1 系統展示機（demo）的客戶中，有多少百分比決定購買？另外，你提到下一代 Niagara 晶片。它們何時會宣布並開始出貨？

And then finally, Jonathan, a broader question -- how do you think that your approach as CEO might differ from Scott's? And by the way, congratulations to both Jonathan and Scott.

最後，Jonathan，一個更宏觀的問題——你認為你作為 CEO 的做法會與 Scott 的有何不同？順帶一提，恭喜 Jonathan 與 Scott 兩位。

Thank you. And maybe I will answer the latter question first and then the former. What is going to differ between the two of us? Scott plays hockey. I don't play hockey. Scott has a short haircut. And unless he pulls something out that mandates it as a part of my employment contract, I'm keeping my haircut.

謝謝。也許我先回答後面那個問題，再回答前面那個。我們兩人之間會有什麼不同？Scott 打冰球。我不打冰球。Scott 的頭髮剪得很短。除非他拿出什麼條款把它寫進我的聘僱合約裡，否則我會保留我的髮型。

But realistically, we have been lockstep on a whole number of different issues across the past four or five years especially. So I think the principal difference between the two approaches that you are going to see, and frankly, I think you saw it this quarter, is we have been focused on stabilizing the customer base, as well as really driving into the R&D, to ensure that we have the innovations that allow us to grow.

但務實地說，尤其在過去四、五年裡，我們在許多不同議題上一直步調一致。所以我認為你將看到的兩種做法之間的主要差異，而且坦白說我覺得你在本季已經看到了，就是我們一直專注於穩定客戶基礎，同時也大力投入研發，以確保我們擁有能帶動成長的創新。

And so my team is probably going to be a little bit more focused right now on growing to business and on finding new customers, seeking the new adoptions, finding the new opportunities around the world, where frankly we have been a little bit more focused over the past four or five years, whether it is on Wall Street or in startup, in trying to stabilize the business.

因此，我的團隊目前可能會更聚焦在推動業務成長、尋找新客戶、促成新的採用、在全球各地發掘新機會；而坦白說，在過去四、五年裡，無論是在華爾街還是在新創領域，我們更偏向把重心放在穩定業務上。

So certainly, an orientation toward growth, an orientation toward financial performance now that the technical performance and the customer performance is back at a level that we both think is reasonable.

所以，當技術表現與客戶表現都回到我們兩人都認為合理的水準之後，我們的取向將更偏向成長，也更偏向財務績效。

The try-and-buy, I think we are pretty early days right now. We are at 50% plus on acceptance. And frankly, I think the actual numbers -- I don't have the data with me -- are pretty encouraging, enough to suggest that we will roll out that try-and-buy program, which to us is kind of the moral equivalent of a free software download, except with hardware. We are going to roll that out across all the products we have at Sun. And that is going to yield lots and lots of new systems going to new customers that we believe we can convert pretty aggressively.

至於「先試後買」（try-and-buy），我想我們目前還算在很早期的階段。接受率在 50% 以上。坦白說，實際數字——我手邊沒有資料——相當令人鼓舞，足以讓我們把這個先試後買計畫推廣開來；對我們而言，這有點像免費下載軟體的道德等價物，只是這次是硬體。我們會把它推廣到 Sun 旗下所有產品。我們相信這將帶來大量新系統進入新客戶手中，而我們也有信心能相當積極地把他們轉化為正式客戶。

And any comments on the next-generation Niagara, when the timing of that might materialize?

那麼關於下一代 Niagara，你對其時程何時可能落地有任何評論嗎？

We have obviously announced Niagara II and --

我們顯然已經宣布了 Niagara II，而且——

Said late next calendar year is the target -- second half of next calendar year.

我們說過目標是在下一個曆年年底偏晚——也就是下一個曆年下半年。

Thank you very much.

非常感謝。

This concludes today's conference call. We appreciate your participation. We are again providing an encore replay service this quarter. If you joined us late or wish to hear any part of the conference call again, you may call the replay service any time after 3:30 PM Pacific Time tonight to hear a recording of this conference call. The phone number for the replay is 1-800-642-1687 or 706-645-9291 outside the U.S., and you must enter the conference reservation ID 6170205, again, 6170205, on your touch tone telephone.

今天的電話會議到此結束。感謝各位的參與。本季我們同樣提供重播服務。如果你較晚加入，或希望再次收聽電話會議的任何部分，你可以在今晚太平洋時間下午 3:30 之後的任何時間撥打重播服務，收聽本次電話會議的錄音。重播電話號碼為 1-800-642-1687；美國境外請撥 706-645-9291，並且必須在按鍵式電話上輸入會議預約 ID 6170205，再重複一次，6170205。

Thanks again for taking part in today's Sun Microsystems call. You may now disconnect.

再次感謝各位參與今天的 Sun Microsystems 電話會議。你現在可以掛線。