甲骨文 (ORCL) 2007 Q1 法說會逐字稿

At this time, I would like to welcome everyone to the Sun Microsystems' fiscal year 2007 first-quarter earnings results conference call. [OPERATOR INSTRUCTIONS] Thank you, ladies and gentlemen. I would now like to turn the call over to Mr. Bret Schaefer, Vice President of Shareholder Value Finance of Sun Microsystems.

此時，我謹歡迎各位參加 Sun Microsystems 2007 會計年度第一季財報結果電話會議。[OPERATOR INSTRUCTIONS] 謝謝各位女士、先生。現在我想把電話會議交給 Sun Microsystems 股東價值財務副總裁 Bret Schaefer 先生。

Good afternoon. Thank you for joining the Sun Microsystems's quarterly conference call. I'm Bret Schaefer, Sun's Vice President of Investor Relations. With me today is Jonathan Schwartz, Sun's CEO; and Michael Lehman, Sun's Chief Financial Officer and Executive Vice President, Corporate Resources. The purpose of today's call is to discuss the results of Sun's fiscal 2007 first quarter, which ended in October 2006.

各位下午好。感謝各位參加 Sun Microsystems 的季度電話會議。我是 Bret Schaefer，Sun 投資人關係副總裁。今天與我一同出席的有 Sun 執行長 Jonathan Schwartz，以及 Sun 財務長兼企業資源執行副總裁 Michael Lehman。今天電話會議的目的，是討論 Sun 2007 會計年度第一季（截至 2006 年 10 月）之營運結果。

During the last hour we published a copy of the operations analysis data sheet with nine quarters of financial operations information, including the quarter just completed. If you've not received the 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 onto our website at sun.com/investors. We have posted slides that you can view on the web, which accompany our prepared remarks. These slides may be viewed at the same URL, sun.com/investors. The prepared remarks of our call today will last about 30 minutes with the remaining 30 minutes devoted to the Q&A session.

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營運資訊，其中也包括剛結束的季度。若您因任何原因未收到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 sun.com/investors。我們已在網路上張貼可供瀏覽的投影片，並與我們的預備發言內容相配合。這些投影片可於相同網址 sun.com/investors 觀看。我們今天的預備發言約 30 分鐘，剩餘 30 分鐘將用於問答環節。

During the course of this conference call, we will be making projections and other forward-looking statements regarding expected future financial results and business opportunities. Our actual future results may be -- may vary -- be very different from our current expectations. We encourage you to read the 10-Ks and 10-Qs that we file periodically with the SEC. These documents contain a discussion of the risks facing our business, including factors that could cause these forward-looking statements not to come true. We do not currently intend to update these forward-looking statements.

在本次電話會議過程中，我們將就預期的未來財務結果與商機作出預測及其他前瞻性陳述。我們實際的未來結果可能—可能會與我們目前的預期有很大差異。我們鼓勵各位閱讀我們定期向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 報告。這些文件包含對我們業務所面臨風險的討論，包括可能導致這些前瞻性陳述無法實現的因素。我們目前無意更新這些前瞻性陳述。

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 results call financial slides and operations analysis posted on our website at sun.com/investors for the most directly comparable GAAP financial measure and related reconciliation. Please note that unless otherwise indicated, all reported results include the impact of the StorageTek and SeeBeyond acquisitions for the full quarter ended October 1, 2006 as well as the one-month stop period results for StorageTek and SeeBeyond acquisitions for the quarter ended September 25, 2005. Now let's get to the financials.

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；這些指標應與可比的 GAAP 財務衡量指標一併考量，而非取而代之。請參閱我們在 sun.com/investors 網站上發布的財報電話會議財務投影片與營運分析，以取得最直接可比的 GAAP 財務衡量指標及相關調節表。請注意，除非另有說明，所有公布結果均包含 StorageTek 與 SeeBeyond 併購案在截至 2006 年 10 月 1 日之季度的完整季度影響，以及在截至 2005 年 9 月 25 日之季度中 StorageTek 與 SeeBeyond 併購案的一個月停擺期（stop period）結果。現在我們進入財務數據。

Sun's total revenues for the first quarter of fiscal year 2007 were $3 billion -- $3.189 billion, an increase of 17% as compared with the $2.726 billion in revenue reported for the first quarter of fiscal year 2006. Total gross margin was 43.5% of revenue, a decrease of 0.6 points over the gross margin for the first quarter of fiscal year 2006. Total R&D and SG&A expenses were $1.431 billion, an increase of $164 million year over year. In the first quarter of fiscal 2007, we recorded a $34 million tax provision.

Sun 2007 會計年度第一季總營收為 30 億美元—31.89 億美元，較 2006 會計年度第一季所報告的 27.26 億美元營收成長 17%。總毛利率為營收的 43.5%，較 2006 會計年度第一季毛利率下降 0.6 個百分點。研發（R&D）與銷售、一般及行政（SG&A）費用合計為 14.31 億美元，較去年同期增加 1.64 億美元。在 2007 會計年度第一季，我們認列 3,400 萬美元的所得稅費用。

GAAP net loss for the first quarter of fiscal year 2007 was $56 million or a net loss of $0.02 per share as compared with the net loss of $123 million or a net loss of $0.04 per share for the first quarter of fiscal 2006. GAAP net loss for the first quarter of fiscal 2007 included approximately $79 million or a little over $0.02 per share principally related to intangible asset amortization associated with the acquisitions of StorageTek and SeeBeyond. GAAP net loss also included approximately $58 million or approximately $0.02 per share in stock-based compensation charges. GAAP net loss for the first quarter of fiscal year 2007 also included restructuring and related impairment of assets charges of approximately $21 million and a related tax benefit of $7 million. The total impact of intangible asset amortization associated with the acquisitions, stock-based compensation charges, charges for restructuring and related impairment of assets and related tax benefit was approximately $0.04 per share. Now back to revenue metrics.

2007 會計年度第一季 GAAP 淨損為 5,600 萬美元，或每股淨損 0.02 美元；相較之下，2006 會計年度第一季淨損為 1.23 億美元，或每股淨損 0.04 美元。2007 會計年度第一季 GAAP 淨損包含約 7,900 萬美元（或略高於每股 0.02 美元），主要與 StorageTek 與 SeeBeyond 併購相關的無形資產攤銷有關。GAAP 淨損亦包含約 5,800 萬美元（或約每股 0.02 美元）的股份基礎給付（stock-based compensation）費用。2007 會計年度第一季 GAAP 淨損亦包含約 2,100 萬美元的重整及相關資產減損費用，以及相關的 700 萬美元稅務利益。與併購相關的無形資產攤銷、股份基礎給付費用、重整及相關資產減損費用與相關稅務利益的合計影響約為每股 0.04 美元。現在回到營收指標。

Q1 products revenues totaled $1.951 billion, an increase of 15% year over year. Within products revenues computer systems products revenue was $1.468 billion, an increase of 15% year over year. Data management or storage products revenue was $491 million, an increase of 14% year over year. Q1 services revenue totaled $1.230 billion, up 20% year over year. Within services revenue support services revenue was $971 million, up 16% year over year and revenue from client solutions and educational services totaled $259 million, an increase of 39% year over year. With respect to some of the balance sheet items, DSO was 57 days, we ended the quarter with cash and marketable debt securities balance of $4.671 billion, and generated positive cash flow from operations of $157 million. With that, I'll turn it over to Jonathan.

第一季（Q1）產品營收合計 19.51 億美元，年增 15%。在產品營收中，電腦系統產品營收為 14.68 億美元，年增 15%。資料管理或儲存產品營收為 4.91 億美元，年增 14%。第一季服務營收合計 12.30 億美元，年增 20%。在服務營收中，支援服務營收為 9.71 億美元，年增 16%；客戶解決方案與教育服務營收合計 2.59 億美元，年增 39%。就部分資產負債表項目而言，DSO 為 57 天；季度末現金及有價債務證券餘額為 46.71 億美元；並自營運活動產生 1.57 億美元的正向現金流。接下來我把時間交給 Jonathan。

Great. Thank you, Bret, and hello, everyone. First, it feels great to continue growing. I want to congratulate the team on a great start to the fiscal year, we saw continued growth in the adoption of our core developer tools and platforms. We grew all of our core businesses. We sustained a strong gross margin profile and executed very well against our financial goals.

太好了。謝謝你，Bret，各位大家好。首先，能夠持續成長令人振奮。我要祝賀團隊在本會計年度有個很好的開局；我們看到核心開發者工具與平台的採用持續成長。我們所有核心業務都在成長。我們維持強勁的毛利率表現，並且在達成財務目標方面執行得非常到位。

Now, at a broad market level we're continuing to see the market segment into those who see IT as a competitive weapon, who invest in network infrastructure to grow value and opportunity, and those who see it as a cost center to be eliminated over time. While continuing to faithfully serve the latter community we're laser focused on the former and are orienting nearly 2 billion a year in annual research and development to deliver the innovations they need to compete in a rapidly expanding market. Now I'll warn you ahead of time not all of these innovations are going to be predictable as you recently saw with the announcement of our Project Blackbox, the world's first data center optimized for power efficiency and portability.

現在，從更宏觀的市場層面來看，我們持續看到市場區隔為兩類：一類將 IT 視為競爭武器，投資網路基礎建設以創造價值與機會；另一類則將 IT 視為成本中心，並希望隨時間推移予以消除。在持續忠實服務後者社群的同時，我們高度聚焦於前者，並將每年近 20 億美元的年度研發投入，用以提供他們在快速擴張的市場中競爭所需的創新。我先提醒各位，並非所有這些創新都能被預測；正如各位近期看到我們宣布 Project Blackbox——全球第一個針對電力效率與可攜性最佳化的資料中心。

As I've said before, the adoption of our developer platforms is key to the growth of our business and in the first quarter we crossed several milestones, most importantly the 6 million licensed download threshold for Solaris 10. Sun's open source, freely available operating system. The majority of these licenses were onto HP, Dell, and IBM hardware creating new options for customers and importantly new opportunities for Sun. I was also very proud to see that a feature in Solaris 10, eTrace, was recognized as the overall gold medal winner in the Wall street Journal's annual innovation awards.

如我先前所說，我們開發者平台的採用是推動業務成長的關鍵；在第一季我們跨越了數個里程碑，其中最重要的是 Solaris 10 的授權下載量突破 600 萬門檻。Solaris 10 是 Sun 的開源、可自由取得的作業系統。其中多數授權是安裝在 HP、Dell 與 IBM 的硬體上，為客戶創造新的選擇，更重要的是也為 Sun 帶來新的機會。我也非常自豪地看到 Solaris 10 的一項功能 eTrace，在《華爾街日報》年度創新獎中獲選為總體金牌得主。

Now, as you know, adoption of Solaris and Java present commercial opportunities for companies deploying applications built across the platforms that require leading-edge infrastructure. In the last year or so we have overhauled the entirety of our infrastructure product line. We continued in Q1 with the introduction of the new Sun Fire x6400, the industries first up to 16-way x64 server sold in a miniaturized 4U chassis. The Sun Fire X4500, formerly known as Thumper, with a 24 terabyte hybrid storage server platform and the Sun StorageTek virtual tape library delivering a 30% performance increase that results in faster backups and fewer failures. We are thrilled to see that our innovation at selling to old and new customers, resulting in Q1 customer momentum with brands including MasterCard, Alcatel, Time Warner Cable, Verizon Wireless and many more.

現在，如各位所知，Solaris 與 Java 的採用，為在跨平台部署應用程式且需要最先進基礎架構的公司帶來商業機會。在過去一年左右，我們已全面翻新整個基礎架構產品線。我們在第一季持續推出新產品，包括全新的 Sun Fire x6400，這是業界首款最高可達 16 路的 x64 伺服器，並以小型化的 4U 機箱銷售。Sun Fire X4500（先前稱為 Thumper），具備 24TB 的混合式儲存伺服器平台；以及 Sun StorageTek 虛擬磁帶庫，帶來 30% 的效能提升，進而加快備份並降低故障。我們很高興看到，我們在向新舊客戶銷售方面的創新，帶動第一季的客戶動能，品牌客戶包括 MasterCard、Alcatel、Time Warner Cable、Verizon Wireless 等等。

Now, Sun is a systems company and one of the principal drivers of our systems, storage, and services business and not simply the driver of developer appeal is our software. With Solaris and Java as key differentiators, Sun's software revenues in Q1 grew 17% year over year. Growth was driven by the strength of Solaris, the continued adoption of our Java platform on devices, desktops, and through the Java Enterprise system and especially Sun's security and identity management portfolio. Verizon Wireless, the U.S.-based wireless network provider expects a 5X performance improvement over its current server environment with 20% fewer machines due to the enhanced performance in advanced virtualization provided by Solaris. They also enjoy their ability to run Solaris on non-Sun hardware platforms.

現在，Sun 是一家系統公司；推動我們系統、儲存與服務業務的主要驅動力之一，而不僅僅是吸引開發者的驅動力，就是我們的軟體。以 Solaris 與 Java 作為關鍵差異化因素，Sun 的軟體營收在第一季年增 17%。成長動能來自 Solaris 的強勁表現、我們 Java 平台在裝置與桌面端的持續採用、以及透過 Java Enterprise System 的部署，尤其是 Sun 的資安與身分識別管理產品組合。美國無線網路供應商 Verizon Wireless 預期，藉由 Solaris 在進階虛擬化方面所提供的強化效能，相較其現有伺服器環境可獲得 5 倍效能提升，並以少 20% 的機器數量達成。他們也受益於能在非 Sun 的硬體平台上執行 Solaris 的能力。

Computer systems for the third consecutive quarter grew by 15% year over year. Outpacing most of our competitors. Within computer systems, SPARC server revenues grew over 10% year over year. The Sun Fire T1000 and T2000 or Niagara serve3rs continue to perform very well, exceeding 100 million in sales for the second quarter in a row. Our focus on power and space efficiency only grows more relevant by the day. The telco sector continues to be strong for us with customers such as Alcatel choosing our UltraSPARC servers running Solaris for their high speed link customer deployments across Asia, Africa, and Europe. Our Sun Fire x64 or Galaxy server business had outstanding year-over-year unit growth of 52% with frankly, stunning revenue growth of more than 75%. The annual revenue run rate is now in excess of $600 million.

電腦系統業務連續第三個季度年增 15%。成長速度超越我們多數競爭對手。在電腦系統之中，SPARC 伺服器營收年增超過 10%。Sun Fire T1000 與 T2000（Niagara 伺服器）持續表現非常出色，連續第二個季度銷售額突破 1 億。我們對電力與空間效率的聚焦，日益顯得更具重要性。電信產業對我們仍然強勁，例如 Alcatel 選擇採用執行 Solaris 的 UltraSPARC 伺服器，用於其在亞洲、非洲與歐洲的高速連線客戶部署。我們的 Sun Fire x64（Galaxy）伺服器業務，年對年出貨量成長 52%，坦白說，營收成長更是驚人，超過 75%。年化營收運行率目前已超過 6 億美元。

According to IDC in August, Sun maintained its number one position in worldwide UNIX server revenue in shipments and rose to number three in the worldwide server market. Our customers continue to look to Sun for excellence in data management and our storage business grew 14% year over year in Q1. Companies like Rhythm & Hues, a computer generated imagery leader use Solaris and Sun storage platforms to create digital archive systems for films such as Titanic, Superman Returns, and importantly, Garfield.

根據 IDC 8 月的資料，Sun 在全球 UNIX 伺服器營收與出貨量方面維持第一名，並在全球伺服器市場上升至第三名。我們的客戶持續仰賴 Sun 在資料管理方面的卓越表現，而我們的儲存業務在第一季年增 14%。像是電腦生成影像（CGI）領導者 Rhythm & Hues 這類公司，使用 Solaris 與 Sun 的儲存平台，為《鐵達尼號》、《超人再起》，以及重要的《加菲貓》等電影建立數位典藏系統。

Areas of note for storage in Q1 included mid-range disc, the SE 5000 and SE 6000 as well as high-end tape. The recent X4500 hybrid server Thumper, is built from Solaris which helps to bring the power and economics of Open Source innovation into the storage world. Thumper will allow us to bridge the divide that traditionally exists between the systems and storage markets which creates more choice and options for customers, as well as more opportunity for Sun. Total services revenues were up 20% year over year with client solutions and educational services up a healthy 39% year over year, and we believe the growth in the services business is beginning to reflect a refreshed product set and improved customer acceptance of Sun's software innovation. Finally, I'd like to spend a brief moment discussing how we plan to continue growing our business well beyond our installed base.

第一季儲存業務值得注意的領域包括中階磁碟產品 SE 5000 與 SE 6000，以及高階磁帶產品。近期的 X4500 混合式伺服器 Thumper 以 Solaris 為基礎打造，有助於將開放原始碼創新的力量與經濟效益帶入儲存領域。Thumper 將使我們得以彌合傳統上存在於系統與儲存市場之間的鴻溝，為客戶帶來更多選擇與方案，也為 Sun 帶來更多機會。服務總營收年增 20%；其中客戶解決方案與教育服務年增達到健康的 39%。我們相信，服務業務的成長開始反映出更新的產品組合，以及客戶對 Sun 軟體創新的接受度提升。最後，我想花一點時間簡要說明，我們計畫如何在既有裝機基礎之外，持續推動業務成長。

Looking at the Venn Diagram on slide number eight, you can see the four fundamental businesses we are in. Software, servers, storage, and services. We want to meet existing and new customers where they are today at the edges of this graphic through free software and try and buy systems products through a focus on interoperability with existing customer infrastructure and through breakthrough economics and performance characteristics.

看看第八張投影片上的維恩圖，你可以看到我們所處的四個基本業務。軟體、伺服器、儲存與服務。我們希望透過免費軟體與「先試後買」的系統產品，在圖形邊緣、也就是客戶目前所在的位置，與既有及新客戶接軌；並透過與客戶既有基礎架構的互通性，以及突破性的經濟效益與效能特性來達成。

Only by serving customers on the periphery, with free software, with trial systems, that work with non-Sun technologies do we gain permission to sell to those in the middle at the intersection of Sun's core innovations where we believe no competitor can match the value we deliver. And it is that intersection point that will receive the bulk of our research and development investment as we continue to drive sales forward. Leveraging the core innovations in our developer platform, in our operating system, and in our general systems infrastructure. Couple this approach with our ongoing focus on customer service, aggressive operating and expense discipline, and we believe we are well on track toward a more attractive future.

唯有在外圍以免費軟體、試用系統，並且能與非 Sun 技術協同運作來服務客戶，我們才能取得許可，向位於中間、也就是 Sun 核心創新交會點的客戶銷售；在那裡，我們相信沒有任何競爭對手能匹敵我們所提供的價值。而正是這個交會點，將在我們持續推動銷售向前的同時，獲得我們研發投資的大部分資源。善用我們開發者平台、作業系統，以及整體系統基礎架構中的核心創新。再結合我們對客戶服務的持續聚焦、積極的營運與費用紀律，我們相信我們正穩健地朝向更具吸引力的未來前進。

I want to congratulate the teams once again. We're off to a great start for the year and we're on our way to achieving our goals of at least 4% operating margin in Q4 and our longer term goal of greater than 10% operating margin. The demand outlook is positive, the industry landscape is certainly offering some very favorable recent changes, and our strategy positions us well into the future. So with that said and for more details and specifics I'd like to pass it over to my office mate, Mr. Lehman. Mike?

我想再次恭喜各個團隊。我們今年開局非常順利，正朝著在第四季達成至少 4% 營業利益率的目標前進，也朝著長期超過 10% 營業利益率的目標邁進。需求展望正面，產業環境近期確實出現一些非常有利的變化，而我們的策略也讓我們在未來具備良好定位。因此，接下來為了更多細節與具體內容，我想把時間交給與我同辦公室的 Lehman 先生。Mike？

Thanks, Jonathan. I will begin by reiterating that we had a very solid quarter. Revenues came in a bit higher than we had anticipated, principally due to our ability to ship more systems than we had expected. The decrease in the product backlog of approximately 140 million from June to September illustrates this. Having said that, we were pleased with the overall demand in the quarter and did not see anything unusual in terms of order rates or linearity right through the end of the quarter.

謝謝你，Jonathan。我先重申，我們本季表現非常穩健。營收略高於我們原先的預期，主要原因是我們能出貨的系統數量超過預期。從 6 月到 9 月，產品積壓訂單（backlog）約減少 1.4 億，正說明了這一點。話雖如此，我們對本季整體需求感到滿意，直到季末為止，在訂單速度或線性（linarity）方面都沒有看到任何異常。

Our channel inventories were slightly lower than they were at the end of June. And during the remainder of the fiscal year, we expect to continue to reduce those gradually. As we continue to improve our ability to ship within predicted lead time guidelines, our channel partners will not need to hold as much inventory to satisfy their customers. I would also note that our year-over-year revenue growth was well dispersed geographically. U.S. revenues grew at 12%, revenues from EMEA grew at 17%, and those from Asia-Pacific and Japan grew at approximately 20%. There were also significant wins in all key vertical markets, government is particularly strong in the September quarter due to the fiscal year-end of the U.S. government.

我們的通路庫存略低於 6 月底的水準。在本財年剩餘期間，我們預期將持續逐步降低這些庫存。隨著我們持續提升在預測交期指引內出貨的能力，我們的通路夥伴將不需要持有那麼多庫存來滿足其客戶需求。我也要指出，我們的年對年營收成長在地理區域上分布相當均衡。美國營收成長 12%，EMEA（歐洲、中東與非洲）營收成長 17%，亞太與日本約成長 20%。在所有關鍵垂直市場也都有重大斬獲；由於美國政府財政年度在 9 月季度結束，政府部門在 9 月季度尤其強勁。

With regard to deferred revenues, we experienced a normal seasonal decline from Q4 to Q1 of approximately $240 million. Total deferred revenues were up by approximately $200 million or 10% on a year-over-year basis. The year over year increases are due primarily to the acquisitions last year but also reflect increases related to software subscriptions and services revenues.

就遞延營收而言，我們從第四季到第一季經歷了正常的季節性下滑，約 2.4 億美元。遞延營收總額年對年增加約 2 億美元，或 10%。年對年增加主要來自去年併購案，但也反映了與軟體訂閱及服務營收相關的增加。

Turning to gross margin, as many of you may recall, in our last conference call I indicated that we expected gross margin to be in the range of 42 to 44% during this fiscal year. Q1 gross margin came in near the high end of that range at 43.5% and we are pleased with those results. On the products front improvements in pricing, channel mix and product mix, including both a larger contribution from both software revenues and higher end systems, was somewhat offset by expected higher materials costs and lower volumes. This all compared to Q4. Services gross margin benefited from increased utilization of our professional services staff as well as increased delivery efficiencies for our support services business.

談到毛利率，正如各位可能記得的，在我們上次的電話會議中，我曾表示我們預期本會計年度的毛利率將落在 42% 至 44% 的區間。第一季毛利率接近該區間的高端，為 43.5%，我們對這些結果感到滿意。在產品方面，定價、通路組合與產品組合（包括軟體營收占比提高以及高階系統貢獻增加）的改善，部分被預期較高的材料成本與較低的出貨量所抵銷。以上皆是相較於第四季而言。服務毛利率則受惠於我們專業服務人員使用率提升，以及支援服務業務交付效率提高。

Total SG&A and R&D decreased by approximately $245 million sequentially, essentially right in line with our internal expectations. We have made progress towards the annual cost reductions that we outlined in May. Our total headcount has been reduced by approximately 2,000 since the end of June, and we expect that number to be further reduced by another 1,000 to 2,000 by the end of the fiscal year. We continued to implement the facilities consolidations and cost reductions that we outlined in May and expect that the full impact of such actions will be reflected in our cost structure by the fourth quarter of this fiscal year. Our balance sheet metrics were slightly better than we had anticipated in Q1 and overall cash outflows were lower than planned due principally to the level of severance payments. As a result, our Q1 cash usage was less than anticipated and our cash balance at nearly $4.7 billion was higher.

SG&A 與研發（R&D）總額較前一季合計下降約 2.45 億美元，基本上與我們內部預期一致。我們已朝向 5 月所提出的年度成本削減目標取得進展。自 6 月底以來，我們的總人數已減少約 2,000 人，並預期在本會計年度結束前將再減少 1,000 至 2,000 人。我們持續推動 5 月所提出的設施整併與成本削減，並預期此類行動的完整影響將在本會計年度第四季反映於我們的成本結構中。我們第一季的資產負債表指標略優於預期，整體現金流出也低於計畫，主要原因在於資遣費支付的水準。因此，我們第一季的現金使用量低於預期，現金餘額接近 47 億美元，水位更高。

Now I'll say a bit about our plans for Q2. We expect a sequential percentage increase in revenues in the high single digits. We expect overall gross margin to be in the previously expressed annual range of 42 to 44% and expect total R&D and SG&A expenses to be in the neighborhood of $1.5 billion. The sequential increase in this category is mostly due to planned focal increases for our employees as well as increased incentives related to higher revenues and certain engineering expenses that were initially planned for Q1 but will now be incurred in Q2.

接下來我談一下我們對第二季的規劃。我們預期營收將較前一季以高個位數百分比成長。我們預期整體毛利率將落在先前所表達的年度區間 42% 至 44%，並預期研發與 SG&A 費用合計約在 15 億美元左右。此類費用的季增主要來自於對員工的計畫性重點加薪，以及因營收較高而增加的獎勵，另有部分原先規劃於第一季發生的工程費用，將改於第二季認列。

We also expect that the following will be included in the remainder of the FY '07 business model. We expect amortization of acquisition-related intangible assets of approximately $70 million a quarter. We expect stock-based compensation of approximately $70 million in Q2 and approximately $60 million each in Q3 and Q4.

我們也預期以下項目將納入 2007 會計年度其餘期間的商業模型中。我們預期與併購相關的無形資產攤銷每季約 7,000 萬美元。我們預期第二季的股票基礎給付（stock-based compensation）約 7,000 萬美元，第三季與第四季各約 6,000 萬美元。

During Q1, we determined that certain taxes formerly provided within our European holding structure were no longer subject to withholding. As such, we reduced the current provision to reflect that approximately $15 million previously accrued was no longer owed. As a result, we estimate that our tax provision for the entire fiscal year will be in the range of 200 million to 225 million. With regard to net interest income, our current view is that interest income will be in the range of 30 to 40 million per quarter for the remainder of the fiscal year.

在第一季期間，我們判定先前在歐洲控股架構下所提列的某些稅款已不再需要扣繳（withholding）。因此，我們下調當期稅費提列，以反映先前已累計約 1,500 萬美元的金額不再需要支付。因此，我們估計整個會計年度的稅費提列將落在 2 億至 2.25 億美元之間。就淨利息收入而言，我們目前的看法是，在本會計年度剩餘期間，利息收入每季將落在 3,000 萬至 4,000 萬美元的區間。

While our overall cash balance was slightly higher at the end of Q1 than had we anticipated, some of the severance payments will now be disbursed in Q2. As we have previously indicated, we do not expect to generate cash on an operating basis in first half of this fiscal year but do expect to generate cash in both the second half of the year and on an annual basis.

雖然第一季末的整體現金餘額略高於我們原先預期，但部分資遣費支付將改在第二季撥付。如同我們先前所指出的，我們預期本會計年度上半年不會在營運基礎上產生現金流入，但預期在下半年以及全年基礎上將能產生現金。

I will echo what Jonathan said earlier. We are on track to deliver operating income on a GAAP basis of at least 4% in the fourth quarter of this fiscal year. The principal driver of our ability to attain our longer term goal of operating income of at least 10% remains acceptance of our products and services by the marketplace. We are pleased with the top-line results in Q1, which follow a very strong June quarter. We remain focused on all aspects of our cost structure and we'll continue to take aggressive action to reduce our fixed and variable costs as we go forward. With that, I will turn it back over to Brett.

我呼應 Jonathan 先前所說的。我們正按計畫在本會計年度第四季達成 GAAP 基礎下至少 4% 的營業利益。我們能否達成長期至少 10% 營業利益目標的主要驅動因素，仍在於市場對我們產品與服務的接受度。我們對第一季的營收表現感到滿意，這是在 6 月季度非常強勁之後的延續。我們仍專注於成本結構的各個面向，並將持續採取積極行動，在未來降低固定與變動成本。接下來我把時間交回給 Brett。

Thank you Mike and Jonathan. Before we begin the question-and-answer session I'd like to request that each of you ask just one question consisting of one part. This way we hope to get to most of the questions in queue today. If there is time remaining we will be happy to take your follow-up questions. Will you please start the question-and-answer session?

謝謝 Mike 與 Jonathan。在開始問答環節之前，我想請各位每次只提一個問題，且僅包含一個部分。如此我們希望今天能回答隊列中大多數的問題。若仍有時間，我們也很樂意回答各位的追問。請開始問答環節，好嗎？

[OPERATOR INSTRUCTIONS] We'll take our first question from Richard Gardner with Citigroup.

[接線員指示] 我們的第一個問題來自花旗集團（Citigroup）的 Richard Gardner。

Okay. Thank you. Mike, I was hoping you could provide a little more detail on the outperformance in the quarter on the cost side? It sounded like costs were -- well, they were obviously a little bit below the guidance that you provided for the quarter. And can you talk about how much of that was related to the expenses that you expected to incur in the current quarter that you said will now be incurred in the second quarter? Thank you.

好的。謝謝。Mike，我希望你能就本季在成本端表現優於預期的部分提供更多細節？聽起來成本——嗯，顯然比你對本季所提供的指引略低一些。你能談談其中有多少是與你原本預期在本季發生、但你說現在將改在第二季發生的費用相關嗎？謝謝。

So expenses were really right in line with what we had expected within the range that we had provided, perhaps towards the lower end. The only thing that I was alluding to with regard to engineering expenses is that some of those are difficult to predict in terms of when prototypes actually are spent and then the expense of those are incurred so many times those slip from one quarter to another. They are not entirely predictable but that's not a large amount of money. It's just an example of the type of thing that can move around from one quarter to the next.

所以費用其實與我們的預期非常一致，落在我們所提供區間之內，或許偏向較低端。我提到工程費用的唯一原因是，其中有些在原型實際支出時間點以及相關費用何時認列方面較難預測，因此很多時候會從一個季度延後到下一個季度。它們並非完全可預測，但金額並不大。這只是舉例說明有些項目可能會在季度之間移動。

Next question, please.

下一個問題，請。

We'll take our next question from Keith Bachman with Banc of America.

我們的下一個問題來自美國銀行證券（Banc of America）的 Keith Bachman。

Hi, guys. Thanks for taking my question. Mike, I had -- my question is on the gross margin, you just had roughly 43.5% gross margin. You're going to get positive volume variance. Why wouldn't your gross margin be higher in Q2 -- in your fiscal Q2 than it would be in Q1, please?

嗨，各位。謝謝讓我提問。Mike，我的問題是關於毛利率：你們剛剛的毛利率大約是 43.5%。你們將會有正向的出貨量差異（volume variance）。那為什麼你們在第二季——也就是你們的會計年度第二季——毛利率不會比第一季更高呢？謝謝。

I think I'm just more comfortable continuing to give an overall range that gives us some latitude. We, as always, want to be opportunistic and aggressive where we can on pricing and our view is that we want to build our business model with that range of gross margin so that we can achieve our goal. So I'm just making sure that we have enough room in there for opportunities in the marketplace.

我想我比較傾向於持續提供一個整體區間，讓我們保有一些彈性。一如既往，我們希望在定價上能在可行之處把握機會並積極進取；我們的看法是，希望以這個毛利率區間來建立我們的商業模型，以便達成目標。所以我只是要確保在這個區間內，我們有足夠空間去把握市場上的機會。

But, Mike, if I could just follow-up. Is there anything on -- more specifically on mix or on product cost variances that we should be concerned about, or is it just more you're trying to give us a range and be conservative as it relates to the range?

但是，Mike，如果我可以追問一下。在組合（mix）或產品成本差異（product cost variances）方面，有沒有任何更具體的事情是我們應該擔心的？還是說你只是想給我們一個區間，並在這個區間上採取較保守的態度？

So -- this is Jonathan. A couple things. One, we're certainly continuing to build out from -- as an example some relatively low margin x64 systems products into a far higher margin profile of more innovation with products like the 4600 and the 4500. So we believe that we're going to continue investing in the volume products that allow us to attract new customers but we're also going to be building out a higher value and higher margin profile going forward. So we think there definitely are volume pressures on the downside of margin. There's also volume opportunities on the upside and I think to what Mike said we just want to give ourselves the latitude to go after the market as much as we can.

所以——我是 Jonathan。有幾點。第一，我們確實持續從——例如一些毛利率相對較低的 x64 系統產品——擴展到毛利率高得多的產品組合，透過像 4600 與 4500 這類更具創新的產品，建立更高毛利的輪廓。因此我們相信，我們會持續投資於能讓我們吸引新客戶的量產型產品，同時也會在未來建立更高價值、毛利率更高的產品組合。所以我們認為毛利率下行確實存在出貨量壓力。同時也有出貨量帶來的上行機會；而如同 Mike 所說，我們只是希望給自己足夠的彈性，盡可能積極地爭取市場。

Next question, please.

下一個問題，請。

Thanks.

謝謝。

We'll take our next question from Laura Conigliaro with Goldman Sachs.

我們的下一個問題來自高盛（Goldman Sachs）的 Laura Conigliaro。

Yes. You talked about high single digit revenue increase as your target so to speak for the December quarter. But particularly with part of the product line that's been growing really well, becoming a bigger portion of the base and also having a seasonally stronger quarter, and then, finally, with StorageTek, typically having extremely strong sequential growth in the December quarter. Why shouldn't you be at the very least at the high end of your historic sequential growth, which would be more like 9 to 10% rather than merely high single digits?

是的。你們談到以 12 月季度的營收成長「高個位數」作為目標。但特別是產品線中有一部分成長非常好、在整體基礎中占比變大，同時 12 月季度又是季節性較強的一季，最後再加上 StorageTek 通常在 12 月季度會有非常強勁的季增。為什麼你們不應該至少落在你們歷史季增的高端，也就是大約 9% 到 10%，而不只是高個位數呢？

So -- so one of the -- the things that's difficult to predict, as we have found out, is merging the historical growth rates of the former Sun business and that of StorageTek and it's just difficult to look at that and use that as the only basis for it. So clearly there are opportunities for revenue. Jonathan talked about that. The marketplace is certainly looking at us very favorably. But, as I have said many times, we want to make sure we plan this business so that we can achieve our milestones and put pressure on our cost structure to achieve that. So I'm just trying to give you a sense of what we're looking at.

所以——所以其中一個——我們發現很難預測的事情，是把前 Sun 業務的歷史成長率與 StorageTek 的成長率合併起來看，而這件事很難只用它作為唯一的依據。所以很明顯地，營收是有機會的。Jonathan 也談到了。市場當然也非常正面地看待我們。但正如我多次說過的，我們希望確保規劃這門業務時，能夠達成我們的里程碑，並對成本結構施加壓力以達成目標。所以我只是想讓你了解我們正在看的方向。

So, in other words, this is another instance as in the September quarter where you are trying to give yourself enough latitude so that you don't have a hiccup?

所以，換句話說，這又是一個例子，就像 9 月季度一樣，你們想給自己留出足夠的彈性，避免出現小插曲？

Well, I think, Laura, as -- as we discussed previously, we're trying to be prudent. And we're trying to ensure that we keep the pressure inside the Company on the assumption that revenue's going to be in high single digits. And if do better than that, I think it would be good for everybody involved. But we want to make sure we can plan the business around prudent estimates.

嗯，我想，Laura，正如——正如我們之前討論過的，我們是希望審慎行事。我們也希望在假設營收會是高個位數成長的前提下，確保公司內部保持壓力。如果能做得比那更好，我想對所有相關的人都會是好事。但我們要確保能以審慎的估計來規劃這門業務。

All right. Next question, please.

好的。下一個問題，請。

We'll take our next question from Bill Shope with JP Morgan.

我們的下一個問題來自摩根大通（JP Morgan）的 Bill Shope。

Okay. Great. Jonathan, in light of Oracle's announcement yesterday to offer support for Red Hat Linux. Can you give us an idea of how you think that might change the competitive landscape for Solaris and Open Source--?

好的。太好了。Jonathan，鑑於甲骨文（Oracle）昨天宣布將提供對 Red Hat Linux 的支援。你能否談談你認為這可能會如何改變 Solaris 與開源的競爭格局——？

What is that now? I'm sorry, that was a joke. I think it certainly feels great to have an operating system that allows us to control our own destiny. And, certainly I think really amplifies the point that operating systems are an absolutely crucial technology for a systems company that wants to do more than try to rebadge other people's intellectual property. So we're very comfortable with the investments we made with Solaris. We've seen frankly, an increasing interest from a rung -- the competitive installed base to want to understand how Solaris runs on Dell, HP, and IBM, provides Open Source innovation, still gives plenty of choice and by the way runs every ISV in the marketplace that we can find. So we think it's certainly very positive for the direction that we're headed and we'll see how things turn out.

那是什麼？抱歉，那是個玩笑。我認為，擁有一個能讓我們掌控自身命運的作業系統，確實讓人感覺很好。而且我認為這也更凸顯了一點：對於一家系統公司而言，作業系統是絕對關鍵的技術；如果想做的不只是把別人的智慧財產重新貼牌。所以我們對在 Solaris 上的投資非常有信心。坦白說，我們看到來自——來自競爭對手既有裝機基礎的興趣正在增加，他們想了解 Solaris 如何在 Dell、HP 與 IBM 上運行，如何提供開源創新，同時仍然提供充足的選擇，而且順帶一提，它能運行我們在市場上能找到的每一家 ISV。所以我們認為這對我們前進的方向肯定非常正面，接下來就看事情如何發展。

Next question, please.

下一個問題，請。

We'll take our next question from Ben Reitzes with UBS.

我們的下一個問題來自瑞銀（UBS）的 Ben Reitzes。

Good afternoon, thanks a lot. Jonathan and -- and Mike, I guess you -- according to my model you beat every number except storage down 31% sequentially. Can you talk about what happened there? Maybe vis-a-vis the prior quarter where it was above our expectations, potentially, and what happened there? And then also there's just been a lot of talk about what you guys want to do with storage. Is there anything with your strategy that you want to clarify on this call in terms of positioning in the future?

下午好，非常感謝。Jonathan 和——還有 Mike，我想你們——依照我的模型，你們除了儲存業務之外，其他每個數字都超出預期，但儲存業務季減 31%。你們能談談那裡發生了什麼嗎？也許相較於上一季當時高於我們預期的情況，這一季發生了什麼？另外，外界一直在談你們想如何做儲存。在這通電話上，你們是否有任何策略想澄清，特別是關於未來的定位？

Yes. I guess I don't see where the numbers came from. So I'm not going to comment on -- on the exact number. I think we are definitely seeing the market bias somewhat in a polar direction in the sense that the appeal of tape continues to grow in the sense that it has environmental characteristics like it doesn't require electricity to maintain data integrity. So you can actually keep a large amount of data around without powering it. It obviously provides some portability attributes in the sense that it's easier to put a petabyte of data on a sailboat to get it to Asia than it is to try to pump it over the Internet. And -- so in that sense, I think that's a very attractive part of the business for Sun and we're going to continue investing in it.

是的。我想我看不出那些數字是怎麼來的。所以我不會針對——那個確切數字評論。我認為我們確實看到市場在某種程度上呈現兩極化的偏好：磁帶的吸引力持續提升，因為它具有環境特性，例如不需要用電就能維持資料完整性。所以你其實可以在不供電的情況下保存大量資料。它顯然也具備某些可攜性特質：把 1PB 的資料放到帆船上運到亞洲，比起試著透過網際網路傳輸要容易得多。而——因此在這個意義上，我認為這是 Sun 業務中非常有吸引力的一部分，我們會持續投資。

On the near line storage, we continue to see that the Solaris operating system and a general purpose computing infrastructure allows us to build tremendously attractive price points and market offerings like Thumper where we've seen absolutely outstanding demand and I think the question for us is really what happens to everything else in between? If the market really moves towards archived platforms and network attached storage, there's an awful lot of other technologies that are sitting in between those that are beginning to look less economic going forward. So we are absolutely committed to the storage marketplace. It's a core portion of the value that we can deliver into the data center. But we continue to see a very rapid migration toward the value of Open Source platforms in the storage marketplace and again, given that we can use Solaris and can leverage technologies such as EFS to go after that marketplace we think there's plenty of opportunity.

在近線儲存（near line storage）方面，我們持續看到 Solaris 作業系統與通用運算基礎架構，讓我們能打造極具吸引力的價格點與市場產品，例如 Thumper；我們看到的需求非常出色。我認為對我們來說真正的問題是：介於兩者之間的其他一切會怎麼發展？如果市場真的朝向封存平台（archived platforms）與網路附加儲存（network attached storage）移動，那麼夾在中間的許多其他技術，未來看起來會變得比較不具經濟性。所以我們對儲存市場絕對是堅定承諾的。它是我們能在資料中心交付價值的核心部分。但我們持續看到儲存市場正非常快速地轉向開源平台的價值；同樣地，鑑於我們可以使用 Solaris，並能運用像 EFS 這樣的技術來切入該市場，我們認為機會很多。

So notwithstanding any specific results quarter to quarter, which I don't know Mike if you want to give any more specifics on, I think we continue to see it as an attractive marketplace, even if the quarterly performance on some of the disk products weren't where we would like them to be.

所以撇開每季之間的任何特定結果不談——我不知道 Mike 你是否想提供更多細節——我認為我們仍然把它視為一個有吸引力的市場，即使某些磁碟產品的季度表現沒有達到我們希望的水準。

So again that number that you talk about doesn't jump out at me, we'll probably have to catch up with you on the call afterwards to understand your math, but I think Jonathan said everything in answer to your question.

所以再說一次，你提到的那個數字我沒有特別注意到；我們可能得在會後再跟你聯繫，了解你的計算方式。不過我想 Jonathan 已經把你的問題都回答了。

Next question?

下一個問題？

We'll take our next question from Katie Huberty with Morgan Stanley.

我們的下一個問題來自摩根士丹利（Morgan Stanley）的 Katie Huberty。

Hi, guys it's still a little difficult to compare bookings and backlog given the storage text of a year ago but on the face of it if I look at sequential trends, it appears that those bookings and backlogs fell less than what is typical for a fiscal first quarter. Is this the case and if so what does that reflect for momentum in December?

嗨，各位，由於一年前 StorageTek 的因素，現在要比較訂單（bookings）與積壓訂單（backlog）仍然有點困難；但就表面上看，如果我看季比趨勢，似乎這些訂單與積壓訂單的下滑幅度小於會計年度第一季的典型情況。是這樣嗎？如果是，這對 12 月的動能反映了什麼？

You're absolutely right. It is difficult to compare bookings and backlog and I think finally by next quarter we may have it all sorted out. The only thing I'll say is that the bookings momentum and the bookings pace that we saw throughout the quarter was really what we expected. Tracked well with what we had thought right through the end of the quarter. There were no particular issues with linearity one way or the other so it was a very solid quarter from that perspective.

你說得完全正確。訂單與積壓訂單確實很難比較，我想到下個季度我們可能終於能把它全部理順。我唯一要說的是，我們在整個季度看到的訂單動能與訂單節奏，確實就是我們所預期的。一直到季度結束都與我們的預期高度一致。在訂單線性（linearity）方面沒有任何特別的問題，不論是偏向哪一邊；所以從那個角度來看，這是一個非常扎實的季度。

And just to be clear, there's no new products that you expect to announce in December in the backlog number? Is that right?

再確認一下，你們預期在12月會宣布的新產品，不會被納入今天所揭露的在手訂單（backlog）數字中，對嗎？是這樣嗎？

Sorry, I -- I'm not even sure how to answer that question.

抱歉，我——我甚至不太確定該怎麼回答這個問題。

Are we going to -- can you try to clarify the question.

我們要不要——你能再把問題說清楚一點嗎？

The products you would announce in December won't be in the backlog number today, correct?

你們在12月會宣布的產品，今天的在手訂單數字不會包含它們，對吧？

We take orders and if something is shippable within the next three to six months, it can be in backlog, but we're not going to comment on what products might be announced when and all that stuff. So our policy is that if we have an order that we can ship within a specified time period, it is in backlog.

我們會接單；如果某項產品在未來三到六個月內可出貨，就可能會列入在手訂單，但我們不會評論哪些產品可能在何時宣布等等。所以我們的政策是：只要有一筆訂單能在指定期間內出貨，就會列入在手訂單。

Okay. Great. Thanks.

好的。很好。謝謝。

Next question, please.

請下一題。

We'll take our next question from Richard Farmer with Merrill Lynch.

我們的下一個問題來自美林（Merrill Lynch）的 Richard Farmer。

Thanks. Mike, just trying to get a sense of what your organic growth was separate from the acquired revenues. Can you help us at least estimate what the StorageTek revenue was so we can -- particularly also separating from the stub last year?

謝謝。Mike，我想了解你們的有機成長，並把併購帶來的營收分開來看。你能否至少協助我們估算 StorageTek 的營收是多少，讓我們可以——尤其也能把去年那段「stub」期間分離出來？

So Bret's trying to point me to a number on the ops analysis. We're not going to -- as we've said before, we're not really in the business of breaking out what the former ex-business was and all that. We're looking at them as one and we will continue to do that as we go forward.

所以 Bret 正試著指給我看營運分析（ops analysis）上的某個數字。我們不會——如同我們之前說過的，我們並不打算把前某某事業（ex-business）拆分出來等等。我們把它們視為一個整體，未來也會持續這麼做。

All right.

好吧。

It's also complicated by what was sold between the two companies and by where we've merged the product line so it's just -- we're not trying to be opaque here, it's just a little tough here to do the apples-to-apples comparison.

而且情況也因為兩家公司之間曾經出售過哪些項目、以及我們把產品線如何整併而變得更複雜，所以——我們不是想刻意不透明，只是要做同口徑（apples-to-apples）的比較確實有點困難。

Maybe I can try a different one then. Just on the pricing environment. It looks like in your breakout you've talked about 240 bips of positive quarter-over-quarter margin effect from volume mix and pricing combined. What was the -- I guess the contribution from pricing specifically? And what are you thinking about pricing going forward?

那我換個問法試試。關於定價環境。看起來在你們的拆解中提到，量/組合與定價合計帶來了季度對季度（QoQ）毛利率正向影響 240 個基點（bips）。那——我想問的是，單就定價本身的貢獻是多少？以及你們對未來定價有什麼看法？

We're not going to break out any more detail than that and our view of pricing is that we have an extremely competitive product line and we are right in there with anybody on any particular deal and that's the way we want to continue to be able to price.

我們不會再進一步拆得更細；我們對定價的看法是，我們擁有極具競爭力的產品線，在任何特定交易上都能與任何對手正面競爭，而這也正是我們希望持續維持的定價能力。

And to a certain extent we've got a little bit more latitude on the pricing side given that we've got a little bit broader product portfolio. So if we're in a -- in a bid on a deal where we're going toe to toe with someone who doesn't have an operating system, as an example, it's certainly a little easier if we've got added value.

而且在某種程度上，因為我們的產品組合更廣，我們在定價上也有更大的彈性空間。所以如果我們在某個案子投標時——例如與一家沒有作業系統的競爭者正面交鋒——只要我們能提供額外價值，確實會更容易一些。

Next question, please.

請下一題。

We'll take our next question from Andrew Neff with Bear Stearns.

我們的下一個問題來自 Bear Stearns 的 Andrew Neff。

Thanks. Just a slight geographic question. Your U.S. growth lagged the other markets. Is there anything that -- any -- on a year-to-year basis. I know there's some comparison issues. Is there anything that we should look at? Is there anything going on there? Just -- can you give us some color on the geographic trends?

謝謝。一個小小的地理區域問題。你們在美國的成長落後於其他市場。這是否有什麼——任何——以年對年（YoY）來看。我知道比較基期有些問題。有沒有什麼是我們應該注意的？那邊是否發生了什麼事？能否請你們補充一些地理區域趨勢的背景？

Yes, I can give you a little color. So we certainly have more developing economy growth. We're seeing very, very attractive growth throughout Latin America, which is somewhat reflected by what we see in Asia as well as through even Eastern Europe and the Middle East. So I think the U.S. economy is the best developed of the businesses that we're in and we're seeing kind of large enterprise spending begin to return. We're seeing a lot of more fundamental spending beginning to occur throughout the planet as -- in some sense the global buildout of the network continues to occur. So I think we're going to continue to look outside of North America for the most rapid growth, but I think the thing that's been gratifying for us is just seeing the solid double-digit organic growth inside the U.S. But I'm not sure there's much to read into it beyond that.

是的，我可以補充一些背景。我們在開發中經濟體的成長確實更高。我們在拉丁美洲看到非常、非常吸引人的成長，這在某種程度上也反映在亞洲，以及甚至東歐與中東。所以我認為，美國經濟在我們所處的業務中是最成熟的，而我們也看到大型企業支出開始回流。我們看到更偏基礎性的支出開始在全球各地發生——某種意義上，全球網路建設（buildout）仍在持續。因此我想我們會持續在北美以外尋找最快速的成長，但讓我們感到欣慰的是，在美國境內也看到穩健的兩位數有機成長。不過我不確定除此之外還需要做太多解讀。

Next question, please.

請下一題。

Thanks, Andrew.

謝謝你，Andrew。

We'll take our next question from Toni Sacconaghi with Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Toni Sacconaghi。

Yes, thank you. If we take your guidance of high single-digit growth sequentially, it implies a year-over-year growth rate, which is the first true organic growth rate for four quarters of 3 to 4%, currency should help by a point or two. So effectively you're suggesting that year-over-year growth at the high end of your guidance range would be 1 to 3% organic at constant currency next quarter. Can you comment on whether that is kind of the go-forward assumption in terms of how investors should think about growth for Sun on an organic constant currency basis? And can you talk about, in terms of groupings within Sun what parts of the business you expect to grow faster than that and which parts slower?

是的，謝謝。如果我們採用你們對下一季的指引：環比（sequentially）高個位數成長，這意味著年對年成長率——這將是四個季度以來第一個真正的有機年增率——約為 3% 到 4%，匯率應該會貢獻 1 到 2 個百分點。所以實際上，你們是在暗示：在你們指引區間上緣時，下一季以固定匯率（constant currency）計算的年對年有機成長大約是 1% 到 3%。你能否評論一下，這是否可視為未來投資人應如何看待 Sun 在「有機、固定匯率」基礎上的成長假設？另外，就 Sun 內部的不同業務群組而言，你們預期哪些部分會比這個速度更快、哪些會更慢？

I think there were more than one question there but I will try. And we do have a follow-up scheduled with you later and we can probably get to the second and third question. And, also, organic constant currency must be an IBM term because that's not one that we use or we're familiar with. Having said all that, I will just reiterate that we are planning the business in what we believe is a very prudent way and we are going to go after the market geographically, product-wise, systems-wise, et cetera, and do as best as we can. And I wouldn't take any particular comment that we make about revenue growth and how we're planning the business model as at all indicative of the market opportunity, or our competitive position.

我想你剛剛不只問了一個問題，但我會試著回答。而且我們稍後也安排了與你們的後續會議，屆時我們大概可以再談到第二、第三個問題。另外，「有機、固定匯率」聽起來一定是 IBM 的用語，因為那不是我們使用或熟悉的說法。話雖如此，我只想重申：我們以我們認為非常審慎的方式來規劃業務，我們會在地理市場、產品、系統等各方面去爭取市場，並盡我們所能做到最好。而且我不會把我們對營收成長或商業模式規劃的任何特定評論，視為對市場機會或我們競爭地位的任何指涉。

Next question, please.

請下一題。

[OPERATOR INSTRUCTIONS] We'll take our next question from Harry Blount with Lehman Brothers.

[操作員指示] 我們的下一個問題來自 Lehman Brothers 的 Harry Blount。

Hi, guys. Jonathan, this is a question for you. A while back you indicated that you were trying to move the entire business model over to more of a recurring revenue stream and also measuring it more along -- historically along traditional telco-like metrics. Can you maybe give us a little bit of an update on where you're at in terms of being able to move the business model? It's not entirely apparent so far based on the metrics how much progress you've made on that front.

嗨，各位。Jonathan，這題是問你的。前一陣子你提到，你們正嘗試把整個商業模式轉向更偏經常性收入（recurring revenue）的型態，並且也用——歷來更偏傳統電信業（telco-like）的指標來衡量。你能否更新一下你們在推動商業模式轉型方面的進度？就目前這些指標來看，還不太明顯你們在這方面取得了多少進展。

So we have definitely made more progress in the software and services business than we have in the traditional infrastructure businesses, both systems and storage. But all that said, we've begun to make some progress, especially on the new low-end systems, as we integrate service offerings into the products as they're sold into the marketplace. I think one of the challenges we certainly face. It's a lot easier to walk into a new customer with a new pricing regimen than it is necessarily to sell into one that has established procurements guidelines and purchasing habits. So we're still committed to move down that path. We still believe that that's going down that path. We still believe that that's going to give us the best flexibility as well as margin profile as we introduce products as services to the marketplace. But it's not going to be the only way we do so. And again I probably would be happier if we were -- if we were more rapidly going down that path but again that's not just a matter of our putting the products and offers together. It's a matter of customers wanting to buy that way.

因此，我們在軟體與服務業務上的進展，確實比在傳統基礎架構業務（包含系統與儲存）來得更大。但即便如此，隨著我們在產品銷售到市場時把服務方案整合進產品中，特別是在新的低階系統上，我們也開始取得一些進展。我認為我們確實面臨的一項挑戰是：相較於向已有既定採購準則與購買習慣的客戶銷售，帶著一套新的定價制度去拜訪新客戶要容易得多。所以我們仍然致力於沿著這條路走下去。我們仍然相信，沿著這條路走下去。我們仍然相信，當我們把產品以服務的形式推向市場時，這將帶給我們最佳的彈性以及毛利結構。但這不會是我們唯一的做法。而且再說一次，如果我們——如果我們能更快速地沿著這條路前進，我可能會更高興；但這不只是我們把產品與方案組合起來的問題。這也取決於客戶是否願意用這種方式購買。

But if I look at the metrics, would you point us to any of the particular metrics that you disclose as a good way of measuring that progress?

但如果我看這些衡量指標，您能否指出您所揭露的哪些特定指標，適合作為衡量這項進展的方式？

I guess continuing to look at deferred revenue and as the service business grows, it's not going to be necessarily representative of simply a break fix business or a professional services business. You're beginning to see some amount of the Niagara revenue lines show up in the services offering. You're going to continue to see a lot of other offers that we put together, cause some of our systems revenues to begin to look as -- to appear as services revenue, clearly a big portion of the software business is already moving in that direction. So I guess at a top level just the proportion of services as a portion of the overall revenue mix is probably the best-leading indicator.

我想可以持續觀察遞延收入；而隨著服務業務成長，它不一定只代表單純的維修（break/fix）業務或專業服務業務。你開始會看到部分 Niagara 的營收線出現在服務方案中。你也會持續看到我們組合的許多其他方案，使得我們部分系統營收開始看起來——以服務營收的形式呈現；顯然，軟體業務中很大一部分已經朝這個方向移動。所以我想在最高層級來看，服務占整體營收組合的比重，可能是最好的領先指標。

The next question, please.

請下一題。

We'll take our next question from David Wong with A.G. Edwards.

我們接下來的問題來自 A.G. Edwards 的 David Wong。

Thank you very much. Could you give us some idea of the trends in R&D spending? It looks to me like the -- if I understand correctly, the R&D drops are more than your SG&A drops and would we expect R&D to stabilize around here and grow slowly and absolute falling as a percent of revenues or does it keep going down with your cost-cutting from here?

非常感謝。您能否談談研發支出的趨勢？在我看來——如果我理解正確，研發的下降幅度大於你們 SG&A 的下降幅度；我們是否預期研發會在這附近趨於穩定，並緩慢成長、在營收占比上持續下降，還是會隨著你們接下來的成本削減而繼續下降？

So I think obviously as revenue rises R&D as a percentage of revenue is probably going to fall a little bit. I don't think we are planning on any major increases in R&D, but partially what you're seeing with the R&D coming down is that we're focusing more and more of the investment in Sun around the core platforms we already own. And one way of thinking about that is we're building everything at Sun out of Solaris. As an example, Thumper, which is the 24 terabyte storage offering we announced to the marketplace is actually built out of the Galaxy platform that our systems team builds as well as the Solaris operating system that the software system builds. That allows us to get to very high levels of gross margin with very nominal incremental R&D costs. And that result of that is higher operating margins as well as ideally higher gross margin as well.

我想很明顯地，隨著營收上升，研發占營收的百分比可能會小幅下降。我不認為我們計畫大幅增加研發；但你看到研發下降的部分原因，是我們在 Sun 的投資愈來愈聚焦在我們已擁有的核心平台上。其中一種思考方式是：我們在 Sun 的所有東西都是以 Solaris 為基礎來打造。例如，我們向市場宣布的 Thumper（24TB 的儲存方案），實際上是建立在我們系統團隊打造的 Galaxy 平台之上，以及軟體系統所打造的 Solaris 作業系統之上。這讓我們能以非常有限的新增研發成本，達到非常高的毛利水準。其結果就是更高的營業利益率，以及理想狀況下也更高的毛利率。

But do we see R&D in absolute dollars continue to drop from here then, or does it stabilize?

但那麼從現在起，我們是否會看到研發在絕對金額上持續下降，還是會趨於穩定？

I don't think so. It should stabilize at this level.

我不認為會。它應該會在這個水準趨於穩定。

Great. Thank you.

很好。謝謝。

Next question, please.

請下一題。

We'll take our next question from Tony Sacconaghi with Sanford Bernstein.

我們接下來的問題來自 Sanford Bernstein 的 Tony Sacconaghi。

Can you just comment on the size of your software business. Jonathan, you alluded to its strong growth rate several times. Can you dimension it in anyway?

你能否評論一下你們軟體業務的規模？Jonathan，你多次提到它的強勁成長率。你能用任何方式量化它嗎？

Yes. Tony, we're actually into a discussion you and I had a while back. We're moving down the path -- and I wish we had made more progress for this call. But we're moving down a path of breaking out the software business as a stand-alone business. Now, part of the complexity in doing that is that a very significant portion of our services business, for example, really represents service on Solaris even though it was sold as a part of a overall systems deal. And so as we break apart the business and to allow you to compare it, for example, to any other independent software company, we want to be able to present both the license revenue as well as the relevant service revenue as well as the kind of grey area in between whereas we sell software as services, it shows up as a service business. So we're hoping to make more progress in the next 30 to 60 days down that path. But for now I think we're just going to leave it as we've seen healthy growth. It's obviously a material business to Sun. And we think it represents significant potential to us.

可以。Tony，我們其實正在延續你我之前談過的一個話題。我們正在沿著一條路前進——而我希望在這次電話會議前我們能有更多進展。但我們正在推進把軟體業務拆分出來，作為一個獨立業務來揭露。不過，這件事的部分複雜性在於：例如，我們服務業務中有非常大的一部分，其實代表的是 Solaris 的服務，即使它是作為整體系統交易的一部分被售出的。因此，當我們拆分業務、讓你能把它與其他獨立軟體公司做比較時，我們希望能同時呈現授權收入、相關的服務收入，以及介於兩者之間的灰色地帶——也就是我們把軟體以服務形式銷售時，它會呈現在服務業務中。所以我們希望在接下來 30 到 60 天內，在這條路上取得更多進展。但就目前而言，我想我們只能先維持我們所看到的健康成長這樣的說法。它顯然是 Sun 的一項重要業務。而我們認為它對我們而言具有顯著的潛力。

Next question, please.

請下一題。

[OPERATOR INSTRUCTIONS] We'll take our next question from Jesse Tortora with Prudential.

[操作員指示] 我們接下來的問題來自 Prudential 的 Jesse Tortora。

Hi, guys. Any thoughts on how your new -- your existing products are stacking up against your competitors' new server offerings that were introduced over the last quarter or so?

嗨，各位。對於你們的新產品——你們現有產品與競爭對手在過去一季左右推出的新伺服器方案相比，表現如何，有什麼看法嗎？

Yes, you bet. We have plenty of insight on that. So if you look at, for example, Niagara, it is a 32-way system that consumes about 70 watts. So that's anywhere from 3 to 5 X more power efficient than anything else produced in the marketplace. As we look at our Blade platform, I think if you look at some of our competitors, they are now growing in the 1 to 2% range. We are seeing fabulous growth numbers there, admittedly off a smaller base, but that overall x64 business is now 50% unit based, 70% plus revenue base so we're making a lot of very strong progress. And frankly, the thing -- and I would -- I would highlight the single most attractive aspect of our systems business right now is the fact that you can run one operating system across both. And that operating system even runs on our competitors systems platforms. So we have -- I would argue the most competitive product line that we've had in the history of the Company at a point where many of our competitors right now are trying to figure out what to do around their OS strategy because they've elected three or four years ago to disinvest in their operating systems and now, for example, at least in most of their cases they can no longer run their core UNIX on their new x64 systems which we obviously can do quite well.

是的，當然。我們對此有相當多的洞見。例如，如果你看 Niagara，它是一套 32 路系統，耗電大約 70 瓦。因此，它的能源效率大約是市場上任何其他產品的 3 到 5 倍。再看我們的刀鋒（Blade）平台，我認為如果你看一些競爭對手，他們現在的成長大約在 1% 到 2% 的區間。我們在那裡看到非常亮眼的成長數字，當然基期較小；但整體 x64 業務現在以出貨量計已達 50%，以營收計則超過 70%，所以我們正在取得非常強勁的進展。坦白說——而且我會——我會強調我們目前系統業務最具吸引力的單一面向，是你可以在兩者之間使用同一套作業系統來運行。而且那套作業系統甚至也能在我們競爭對手的系統平台上運行。所以我會主張，我們擁有公司歷史上最具競爭力的產品線；而此時我們許多競爭對手正試圖釐清他們的作業系統策略該怎麼做，因為他們在三、四年前選擇減少對作業系統的投資；而現在，例如在他們多數情況下，他們已無法在新的 x64 系統上運行其核心 UNIX，但我們顯然可以做得很好。

So I'm very optimistic about the growth opportunity, but, more than the competition, I just think we've continued to see customers express an interest in getting more competition into their supplier base and getting more innovation around things that most folks weren't focused on like power consumption or space consumption so we're pretty optimistic.

所以我對成長機會非常樂觀；而且比起競爭本身，我更認為我們持續看到客戶表達希望在其供應商組合中引入更多競爭、並在一些多數人過去不太關注的事情上帶來更多創新，例如耗電量或空間占用，因此我們相當樂觀。

Next question, please.

下一個問題，請。

We'll take our next question from Chris Whitmore with Deutsche Banc.

我們的下一個問題來自德意志銀行（Deutsche Banc）的 Chris Whitmore。

Thanks. Good afternoon. Just a follow-up on the last question. What are your views on Intel's x86 road map and how it compares to Opteron and would Sun ever consider using Intel? Thanks.

謝謝。下午好。我想就上一題再追問一下。你們如何看待 Intel 的 x86 路線圖，與 Opteron 相比如何？Sun 是否曾考慮採用 Intel？謝謝。

Well, we're a huge supporter of Intel already. The majority of the Solaris downloads that have been delivered into the marketplace run on Intel and we run extremely well on Intel. I think -- we've continued to want to deliver to customers the performance that they've sought and to date just given some of the share gains obviously we've made along with AMD a lot of those new purchases have gone to AMD. All that said, we think Intel's doing a great job and we're looking forward to continuing explore -- to explore the relationship with Intel. We think there's a lot of potential out there and certainly again on the -- on the operating system side, we have seen a lot of customers, we support a lot of customers running on Intel. How we may include Intel in our future product lines is really up to the future. So stay tuned on that.

嗯，我們其實已經是 Intel 的大力支持者。目前市場上交付的大多數 Solaris 下載版本都跑在 Intel 上，而且我們在 Intel 上的表現非常好。我想——我們一直希望為客戶提供他們所追求的效能；而到目前為止，考量到我們與 AMD 一起取得的市占提升，顯然許多新增採購都流向了 AMD。不過話說回來，我們認為 Intel 做得很棒，也期待持續探索——探索與 Intel 的合作關係。我們認為外面有很大的潛力；而且同樣地，在——在作業系統這一端，我們確實看到很多客戶，我們也支援許多在 Intel 上運行的客戶。未來我們會如何把 Intel 納入我們的產品線，真的要看未來的發展。所以敬請期待。

Next question, please.

下一個問題，請。

We'll take our next question from Richard Gardner with Citigroup.

我們的下一個問題來自花旗集團（Citigroup）的 Richard Gardner。

Just a very quick follow-up. In past quarters you've provided a total server unit shipment number. I was wondering if you'd be willing to provide that number this quarter?

很快追問一下。過去幾季你們都有提供伺服器總出貨台數。我想請問這一季是否也願意提供這個數字？

Yes. And I don't know why we didn't, so if we don't have it for you right here we'll get it to you later.

可以。我也不知道我們為什麼沒提供；所以如果我們現在手邊沒有，我們稍後會提供給你。

We're checking our slides. If we don't have it on there we'll publish another slide.

我們正在查看投影片。如果上面沒有，我們會再發布一張投影片。

Slide number 33. And the number for Q2 is 107,000.

第 33 張投影片。Q2 的數字是 107,000。

Or Q1 you mean.

或是你指的是 Q1？

Sorry. Q1 for -- it's calendar quarter. That showed me up.

抱歉。Q1——以曆年季度來看。這下我出糗了。

Yes. I thought that was a historical number on 33?

是。我以為第 33 張上的是歷史數字？

It may be. We'll get that -- we'll get the numbers out to you.

可能是。我們會把——我們會把數字提供給你。

Okay. Thank you.

好的。謝謝。

I think -- across the board one of the more gratifying things about being so strong on the low end now, especially with Niagara, is that our unit counts are really growing aggressively. And as you know, one of the big issues in the systems business is you don't want to find yourself isolated on the high end. So we've seen not only good unit growth on the x64 business but also very good unit growth on the SPARC side of the house as well.

我想——整體而言，現在我們在低階市場表現很強、尤其是有 Niagara 之後，最令人欣慰的一點是我們的出貨台數確實在快速成長。而如你所知，系統業務的一個大問題是你不希望自己只剩高階市場、變得孤立。因此我們不僅在 x64 業務上看到良好的出貨成長，在 SPARC 這一邊也同樣看到非常好的出貨成長。

Next question, please.

下一個問題，請。

We'll take our next question from Ben Reitzes with UBS.

我們的下一個問題來自瑞銀（UBS）的 Ben Reitzes。

Yes, thanks. Jonathan, anything you want to update on your partnership with Google or your philosophy on partnering and how maybe to further the business even beyond them?

是的，謝謝。Jonathan，你是否想更新一下你們與 Google 的合作關係，或是你們對合作夥伴策略的理念，以及如何把業務進一步擴展到不只他們？

Obviously we can't talk about any relationship with Google. But I will tell you we are -- and if you just look at the slide, which I think is slide 8, very interested in doing what we can to partner with companies out in the marketplace. Look, at 13 billion, folks who are partners of ours are also competitors of ours. So we can't be religious about who we elect to work with. I think that religion has not necessarily served technology companies very well. So we're embracing with open arms those that are willing to entertain a relationship and we think there's more customers to be had as a result of that openness than by kind of claiming we're pro this or anti that. So I think there's lots of opportunity in the marketplace. And at a top level, I can tell you the interest level in having a dialogue with Sun is very, very high. There's just lots of folks who want to talk to us on the basis of everything from Project Blackbox to the next generation of -- of our operating system.

顯然我們不能談任何與 Google 的關係。但我可以告訴你，我們——如果你看投影片，我想是第 8 張——我們非常有興趣盡我們所能與市場上的公司建立合作。你看，在 130 億（美元）的規模下，我們的合作夥伴同時也可能是我們的競爭對手。所以我們不能在選擇合作對象上抱持教條式的態度。我認為那種教條未必對科技公司有很好的效果。因此，凡是願意考慮建立關係的對象，我們都張開雙臂擁抱；我們也相信，這種開放所帶來的客戶機會，會比宣稱我們支持這個或反對那個來得更多。所以我認為市場上有很多機會。而在更高層次上，我可以告訴你，想與 Sun 對話的興趣非常、非常高。有很多人想跟我們談，從 Project Blackbox 到——到我們下一代作業系統的各種議題。

Thank you.

謝謝。

Next question, please.

下一個問題，請。

We'll take our next question from Keith Bachman with Banc of America.

我們的下一個問題來自美國銀行（Banc of America）的 Keith Bachman。

Hi, guys. Mike, I was hoping you could just clarify a comment you made. I think it was you, on -- you have taken out 2000 in head count. I think you said taken out one to two thousand more and just additional thoughts on how we should be thinking about your perspective on cost reductions looking out into the balance of '07.

嗨，各位。Mike，我希望你能澄清一下你剛才的一個評論。我想是你提到——你們已經裁減了 2000 名員工。我記得你說還會再裁減一到兩千人；也請再談談我們應該如何看待你們在 2007 年剩餘期間的成本削減展望。

Yes. I tried to be pretty clear about that. Gave you a sense of what happens in the near term and gave you a sense that we still have more reductions in head count ahead of us in the second quarter and beyond. So we're going to continue to march down that path. There's been absolutely no change in terms of the magnitude of the cost reduction that we're going after inside this fiscal year and beyond and we're just -- we're at it every single day. So I was just giving you some data points as where we are along the way. But the important message is we -- we're absolutely on track with everything we've said we're going to go do.

好的。我已經盡量講得很清楚了。我讓你了解短期內會發生什麼，也讓你知道我們在第二季以及之後仍會進一步縮減人力。所以我們會持續沿著這條路走下去。就我們在本財年以及之後所追求的成本削減幅度而言，完全沒有任何改變；我們——每天都在推進。所以我只是提供一些數據點，說明我們目前進展到哪裡。但最重要的訊息是：我們——我們完全按計畫推進，符合我們所說要去做的每一件事。

Next question, please.

下一個問題，請。

We'll take our next question from Laura Conigliaro with Goldman Sachs.

我們的下一個問題來自高盛（Goldman Sachs）的 Laura Conigliaro。

Yes, briefly. Can you just give us an idea of how many of those 6 million Solaris downloads you're monetizing and what the trend is on the monetization of that?

是的，簡短問一下。你們能否讓我們了解一下，在那 600 萬次 Solaris 下載中，有多少是你們正在變現的？以及變現趨勢如何？

You bet. I would claim we're monetizing every single one of them because they all lead to relationships, which, may be monetized by a Solaris subscription.

當然。我會主張我們把每一次下載都變現了，因為它們都會導向關係，而這些關係可能透過 Solaris 訂閱來變現。

I meant a little more directly, if possible.

我的意思是，如果可以的話，能否更直接一點。

We -- it's just not how the business is built. And I'd love to be able to give you a discrete number X percent convert to licenses but with so many start-ups we're working with and so many copies distributed through mirrors, we're more focused on building a healthy ecosystem and making sure that we can monetize it through everything else that we build. So our Solaris revenue on a stand-alone basis is up year over year. Again, going forward we're going to try to break all these numbers out. We've continued to see training dollars, aggressively grow, our service business is growing, the number of ISVs we've got today I think is broader than we've had in the history of the Company. On the basis of the volume we've achieved out in the marketplace. But I just can't give you an X million subscribers, as a percentage of total distributed.

我們——這不是這門生意的建構方式。我很希望能給你一個明確的數字，例如 X% 轉換成授權，但由於我們合作的創業公司非常多、而且有很多副本是透過鏡像站散布出去的，我們更專注於建立健康的生態系，並確保我們能透過我們所打造的其他一切來加以變現。因此，我們的 Solaris 單獨營收年對年是成長的。同樣地，往後我們會嘗試把這些數字拆分得更清楚。我們也持續看到培訓收入快速成長，我們的服務業務在成長，而我們目前擁有的 ISV 數量，我想比公司歷史上任何時候都更廣。這是基於我們在市場上達到的量體。但我就是無法給你一個 X 百萬訂閱戶、占總發放量的百分比。

What we're trying to do is drive the distribution of that platform as broadly as we can because frankly, with some of the destabilization we're seeing right now in the Linux marketplace we're having a whole set of customers talk to us about moving back onto Solaris that we may have lost historically, partially because of how vibrant the Solaris community has become. So again we want to see those volumes go up but we also want to do a good job of monetizing it. It's not simply going to occur on the basis of an update or support relationship.

我們想做的是盡可能廣泛地推動該平台的發行，因為坦白說，鑑於我們目前在 Linux 市場看到的一些動盪，我們有一整批客戶正在與我們洽談搬回 Solaris——其中有些客戶我們在歷史上可能曾經流失，部分原因在於 Solaris 社群變得相當蓬勃。所以我們同樣希望看到那些出貨量上升，但我們也希望把它的變現做得很好。這不會只是基於更新或支援關係就自然發生。

Look, just get back to the question on server units. Year-over-year growth on server units overall was 7% and we'll get that slide posted with the rest of the slides later today. Next question?

各位，回到伺服器出貨台數的問題。整體伺服器出貨台數的年對年成長為 7%，我們會在今天稍晚把那張投影片與其他投影片一起上傳。下一個問題？

We'll take our next question from David Wong with AG Edwards.

我們的下一個問題來自 AG Edwards 的 David Wong。

Thank you. Could you update us on your roadmap for microprocessors developed internally and secondly can you give us some feel for the development cycle time on x64 type systems if you decided to make a switch of microprocessors. How long does it take for you to actually produce systems based on a different type of x64 microprocessor?

謝謝。您能否更新一下你們內部自行開發的微處理器路線圖？其次，如果你們決定更換微處理器，能否談談 x64 類型系統的開發週期時間？也就是說，基於不同類型的 x64 微處理器，你們實際上要花多久才能推出系統？

So just to look back into history. We originally started in the x64 business and the x86 business with Intel. We then moved on to AMD frankly, because of overwhelming customer feedback. Intel looks strong again right now and we're going to do the systems development that allows us to be somewhat agnostic as we move forward into the marketplace. So we're going to optimize for flexibility for Sun and choice for customers. So all -- I'm not sure I can give you any more specifics other than that. And, look, we're constantly examining our options and choices in the marketplace. At the higher levels of scalability, AMD has some very obvious advantages. On the lower levels, things have become a lot more competitive certainly but we think that's good for Sun, certainly good for -- good for consumers.

先回顧一下歷史。我們最初在 x64 業務與 x86 業務上是與 Intel 合作起步的。之後我們轉向 AMD，坦白說，是因為客戶回饋壓倒性地支持。目前 Intel 看起來又很強勢，我們將進行系統開發，使我們在未來進入市場時能在一定程度上保持中立（不綁定特定供應商）。因此我們會以 Sun 的彈性與客戶的選擇為優先來做最佳化。所以——除了這些之外，我不確定還能給你更具體的細節。而且，各位，我們也一直在檢視市場上的各種選項與選擇。在更高層級的可擴充性方面，AMD 有一些非常明顯的優勢。在較低端的層級，競爭確實變得激烈得多，但我們認為這對 Sun 有利，當然也對——對消費者有利。

We will take one last question.

我們將再接受最後一個問題。

We'll now take our final question from Jesse Tortora with Prudential.

我們現在接受最後一個問題，來自 Prudential 的 Jesse Tortora。

Thanks. Can you provide us with some commentary around the margin profile for your different product lines namely UltraSPARC, Niagara, and Galaxy?

謝謝。您能否就不同產品線的毛利結構提供一些評論，特別是 UltraSPARC、Niagara 與 Galaxy？

Sure. There's no one answer to that because if you sell a 64-way highly configured system with services you're going to have a much higher margin profile than if you sell a naked x64 box. So the low end tends to be lower margin than the high end. The more richly configured systems tend to be higher margin than the stripped out naked boxes. But if you know the dynamics of the marketplace, you -- for the most part you don't want to build your business based on pedestal servers sold into flower shops. That's a tough place to build a margin business. You want to make sure though that you've got the volume base covered so you can pick up the developer and pick up new customers who want to trial a system. Customers who trial a system tend to want to start with a low-end system and not with a 64-way platform.

當然。這沒有單一答案，因為如果你賣的是一套 64 路、高度配置、並搭配服務的系統，你的毛利結構會遠高於只賣一台裸機 x64 盒子。因此低端通常比高端的毛利更低。配置更豐富的系統通常比精簡的裸機有更高毛利。但如果你了解市場動態，你——在大多數情況下，不會想把業務建立在把入門級伺服器賣給花店這種模式上。那是很難建立高毛利業務的地方。不過你仍要確保低端的出貨量基礎有覆蓋到，這樣你才能吸引開發者，也能吸引想要試用系統的新客戶。試用系統的客戶通常會先從低端系統開始，而不是從 64 路平台開始。

We've got both ends covered and as you've seen this past quarter and as you'll continue to see throughout this fiscal year, on the x64 side we've really begun to pound away at building much higher scale, much higher value, higher margin systems like the 4600 and the 4500 along with the 8000, the modular Blade platform. As we do that the margin mix and the margin potential for Sun really goes up quite a bit. The good news is at this point we have a very interesting low-end customer base and frankly, we've invested in acquiring those customers and we now have the opportunity and the privilege to bring higher margin systems back into them both on the x64 and the SPARC side. And, again, at a top level, the good news is is we have one operating system that runs across both and we're in control of our own destiny in ways that many of our competitors may not be.

我們兩端都有覆蓋；正如你在上一季看到的，以及你在本財年接下來將持續看到的，在 x64 這一側，我們確實已開始大力推進，打造更高規模、更高價值、毛利更高的系統，例如 4600 與 4500，以及 8000（模組化 Blade 平台）。隨著我們這麼做，Sun 的毛利組合與毛利潛力會顯著提升。好消息是，目前我們擁有一個非常有意思的低端客戶基礎；坦白說，我們已投資去取得這些客戶，而現在我們有機會、也有榮幸，將更高毛利的系統重新帶回給他們，無論是在 x64 還是 SPARC 這一側。而且再說一次，從最高層面來看，好消息是我們有一套作業系統可同時跨兩者運行，我們能以許多競爭對手可能做不到的方式掌握自己的命運。

Thank you for joining us today. Investor Relations personnel will be back in our offices shortly to respond to any further questions. You may contact us through our Investor Relations main number at 408-404-8427.

感謝各位今天加入我們。投資人關係團隊稍後將回到辦公室，回覆任何進一步的問題。您可透過我們投資人關係的主要電話 408-404-8427 與我們聯繫。

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 this conference call again, you may call the replay service at any time after 3:30 p.m. Pacific time tonight to hear a recording of this conference call. The phone number for the replay is 800-642-1687. Or 706-645-9291. And you must enter the conference reservation ID 6597370 on your touch-tone telephone. Thanks again for taking the time to join the Sun Microsystems' call this afternoon. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。本季我們再次提供重播服務。若您較晚加入或希望再次收聽本次電話會議的任何部分，您可在今晚太平洋時間下午 3:30 之後的任何時間致電重播服務，收聽本次電話會議的錄音。