甲骨文 (ORCL) 2010 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Oracle Corporation first quarter fiscal year 2010 conference call.

大家好，歡迎參加今天的甲骨文公司 2010 財年第一季度電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to introduce Ken Bond, Vice President of Investor Relations of Oracle.

在此，我想介紹一下甲骨文投資者關係副總裁 Ken Bond。

Please go ahead, sir.

請繼續，先生。

Thank you, Kristin.

謝謝你，克里斯汀。

Good afternoon, everyone, and welcome to Oracle's first quarter fiscal year 2010 earnings conference call.

大家下午好，歡迎參加甲骨文 2010 財年第一季度財報電話會議。

I'm Ken Bond, Vice President, Investor Relations, and with us on the call today are Chief Executive Officer, Larry Ellison, President, Safra Catz, President, Charles Phillips, Executive Vice President and Chief Financial Officer, Jeff Epstein.

我是投資者關係副總裁 Ken Bond，今天與我們通話的還有首席執行官 Larry Ellison、總裁 Safra Catz、總裁 Charles Phillips、執行副總裁兼首席財務官 Jeff Epstein。

As a reminder today's discussion will include forward-looking statements including predictions, expectations, estimates or other information that might be considered forward-looking.

提醒一下，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息。

While these forward-looking statements represent our current judgment on what the future holds, these statements are also subject to the risks and uncertainties that may cause actual results to differ materially from the statements being made today.

雖然這些前瞻性陳述代表了我們目前對未來的判斷，但這些陳述也受到可能導致實際結果與今天的陳述產生重大差異的風險和不確定性的影響。

Throughout today's discussion, we will attempt to present some important factors relating to our business which may potentially affect these forward-looking statements.

在今天的討論中，我們將嘗試提出一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。

As a result we caution you against placing undue reliance on these forward-looking statements which reflect our opinion only as of today.

因此，我們告誡您不要過度依賴這些僅反映我們今天觀點的前瞻性陳述。

And as a reminder we are not obligating ourselves to revise or publicly release the results of any revision of these forward-looking statements in light of new information or future events.

提醒一下，我們沒有義務根據新信息或未來事件修改或公開發布對這些前瞻性陳述的任何修改的結果。

We would encourage you to review our most recent reports on Forms 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks that may cause our future results or the market price of our stock.

我們鼓勵您查看我們最近關於表格 10-K 和 10-Q 的報告以及任何適用的修訂，以全面討論可能導致我們未來業績或股票市場價格的這些因素和其他風險。

A copy of the press release and financial tables which includes a GAAP to non-GAAP reconciliation and other supplemental financial information can be viewed and downloaded from our website at www.oracle.com/investor.

可以從我們的網站 www.oracle.com/investor 查看和下載包含 GAAP 與非 GAAP 對賬和其他補充財務信息的新聞稿和財務表格的副本。

We'll begin with a few prepared remarks, but before we do, take questions from the audience, we want to remind everybody we will only be discussing Oracle's Q1 fiscal year 2010 results.

我們將從一些準備好的評論開始，但在開始之前，請回答聽眾的問題，我們想提醒大家，我們只會討論甲骨文 2010 財年第一季度的業績。

With that I'd like to turn the call over to Jeff Epstein for his opening remarks.

有了這個，我想把電話轉給 Jeff Epstein 做他的開場白。

Jeff?

傑夫?

Thank you, Ken.

謝謝你，肯。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

I will review our non-GAAP financial results, focusing on constant currency growth rates unless otherwise stated.

除非另有說明，否則我將審查我們的非公認會計原則財務業績，重點關注恆定貨幣增長率。

First, a note about foreign exchange rate movements.

首先，關於外匯匯率變動的說明。

In June, we told you that using then current exchange rates would reduce our Q1 revenue growth by 5 points compared to constant currency.

6 月，我們告訴您，與固定貨幣相比，使用當時的匯率將使我們的第一季度收入增長減少 5 個百分點。

During the first quarter, the US dollar strengthened again compared to last Q1 further reducing our international revenues, expenses and profits when measured in US dollars.

在第一季度，與上一季度相比，美元再次走強，進一步降低了我們以美元計算的國際收入、費用和利潤。

As a result, currency movements reduced new license revenues by 3%, total revenues by 5%, net income by 4%, and earnings per share by 5% or $0.02 per share compared to Q1 of last year.

結果，與去年第一季度相比，貨幣變動使新許可收入減少了 3%，總收入減少了 5%，淨收入減少了 4%，每股收益減少了 5% 或每股 0.02 美元。

Now let's review the income statement.

現在讓我們回顧一下損益表。

In the first quarter, our new software license revenues were $1.0 billion, down 14% in constant currency and down 17% in US dollars.

第一季度，我們的新軟件許可收入為 10 億美元，按固定匯率計算下降 14%，按美元計算下降 17%。

The Americas declined 5%, EMEA was down 20% and Asia declined 22%.

美洲下降 5%，EMEA 下降 20%，亞洲下降 22%。

Technology new license revenues were $711 million, down 19% in constant currency and down 22% in US dollars.

技術新許可收入為 7.11 億美元，按固定匯率計算下降 19%，按美元計算下降 22%。

The Americas declined 11%, EMEA was down 26% and Asia declined 22%.

美洲下降 11%，歐洲、中東和非洲下降 26%，亞洲下降 22%。

Applications new license revenues were $317 million, unchanged from last year on constant currency basis, and down 4% in US dollars.

應用新許可證收入為 3.17 億美元，按固定匯率計算與去年持平，以美元計算下降 4%。

The Americas grew by 6%.

美洲增長了 6%。

EMEA was up 3% and Asia declined 23%.

EMEA 上漲 3%，亞洲下跌 23%。

Our software license updates and product support revenues were $3.1 billion, up 8% in constant currency and up 3% in US dollars.

我們的軟件許可更新和產品支持收入為 31 億美元，按固定匯率計算增長 8%，按美元計算增長 3%。

These revenues are annual fees customers pay to receive updated versions of and enhancements to their existing products.

這些收入是客戶為接收現有產品的更新版本和增強功能而支付的年費。

Our services revenues were $909 million, down 18% in constant currency and down 22% in US dollars.

我們的服務收入為 9.09 億美元，按固定匯率計算下降 18%，按美元計算下降 22%。

Our total revenues were $5.1 billion, down 2% in constant currency and down 7% in US dollars.

我們的總收入為 51 億美元，按固定匯率計算下降 2%，按美元計算下降 7%。

Operating income was $2.3 billion, up 11% in constant currency and up 7% in US dollars.

營業收入為 23 億美元，按固定匯率計算增長 11%，按美元計算增長 7%。

Our non-GAAP operating margin grew by 570 basis points to 46% in US dollars.

我們的非公認會計原則營業利潤率增長了 570 個基點，以美元計算達到 46%。

This is the highest Q1 operating margin in Oracle's history as a public company and further demonstrates the success of our operating model.

這是甲骨文作為上市公司歷史上最高的第一季度營業利潤率，進一步證明了我們運營模式的成功。

Our tax rate was 28.0%, which is below our guidance of 29% due largely to lower than expected interest income which is generally taxed in jurisdictions with higher rates.

我們的稅率為 28.0%，低於我們 29% 的指引，主要是由於利息收入低於預期，而利息收入通常在稅率較高的司法管轄區徵稅。

Our Q1 non-GAAP earnings per share were $0.30, at the mid point of our EPS guidance range of $0.29 to $0.31.

我們的第一季度非公認會計原則每股收益為 0.30 美元，處於我們每股收益指導範圍 0.29 美元至 0.31 美元的中點。

This was up 8% in constant currency and up 3% in US dollars.

以固定匯率計算增長了 8%，以美元計算增長了 3%。

Our non-GAAP earnings per share would have been $0.02 higher had foreign exchange rates remained the same as they were in Q1 of last year.

如果外匯匯率與去年第一季度相同，我們的非公認會計準則每股收益將增加 0.02 美元。

In Q1, we repurchased 11.4 million shares at an average price of $21.24 per share for a total of $243 million.

第一季度，我們以每股 21.24 美元的平均價格回購了 1140 萬股，總計 2.43 億美元。

As we have previously discussed, the rate of our stock buyback will fluctuate each quarter taking into account alternative uses for our cash and our stock price.

正如我們之前所討論的，考慮到我們現金和股票價格的替代用途，我們的股票回購率將在每個季度波動。

Turning to the balance sheet we have $20.6 billion in cash and investments.

談到資產負債表，我們有 206 億美元的現金和投資。

The increase resulted largely from the $4.5 billion debt offering completed early in the quarter and $3.7 billion of operating cash flow generated this quarter.

這一增長主要源於本季度初完成的 45 億美元債券發行和本季度產生的 37 億美元經營現金流。

Our day sales outstanding improved again this quarter from 54 days last year to 46 days this year, a testament to the quality of our receivables, the quality of our customers, and the effectiveness of our collection efforts as well as from product mix and timing benefits.

本季度我們的日銷售額再次從去年的 54 天提高到今年的 46 天，這證明了我們的應收賬款質量、客戶質量、收款工作的有效性以及產品組合和時間優勢.

We generated $8.5 billion in free cash flow during the last four quarters growing 14% over the same period last year.

我們在過去四個季度產生了 85 億美元的自由現金流，比去年同期增長了 14%。

This is the highest free cash flow result in Oracle history.

這是甲骨文歷史上最高的自由現金流結果。

Now, I'll turn the call over to Safra.

現在，我將把電話轉給 Safra。

Thanks, Jeff.

謝謝，傑夫。

We're pleased with our Q1 results.

我們對第一季度的業績感到滿意。

By substantially improving operating margins we were able to increase Q1 earnings per share even though revenues decreased slightly.

通過大幅提高營業利潤率，即使收入略有下降，我們也能夠增加第一季度的每股收益。

We had slower than usual growth in database middleware license revenue in Europe and APAC.

我們在歐洲和亞太地區的數據庫中間件許可收入增長低於往常。

This is a result of two factors, a very tough year-over-year comparison, and the impact of some of our software company resellers, most notably SAP, who is selling less database because its applications business is down 40%.

這是兩個因素的結果，一個非常艱難的同比比較，以及我們的一些軟件公司經銷商的影響，尤其是 SAP，由於其應用程序業務下降了 40%，SAP 的數據庫銷售量減少了。

Oracle continues to grow faster than our competitors.

甲骨文繼續以比我們的競爭對手更快的速度增長。

In the quarter we also increased GAAP and non-GAAP operating income by $209 million and $144 million respectively over last year's first quarter and we delivered the highest Q1 non-GAAP operating margin in our history, 46%, substantially higher operating margins than our peers.

在本季度，我們還分別比去年第一季度增加了 2.09 億美元和 1.44 億美元的 GAAP 和非 GAAP 營業收入，我們實現了歷史上最高的第一季度非 GAAP 營業利潤率，達到 46%，大大高於同行的營業利潤率.

I want you to understand that though keeping expenses in check is part of our margin story, the real contributor is that as license updates and product support are a larger percentage of the quarter as they were in this quarter, the operating margin percentage goes up.

我想讓你明白，雖然控制費用是我們利潤的一部分，但真正的貢獻者是，由於許可證更新和產品支持在本季度佔本季度的更大比例，因此營業利潤率百分比上升。

This is clear as our software license updates and product support revenues which were over $3.1 billion this quarter continued to grow off their very large base.

這一點很明顯，因為我們本季度超過 31 億美元的軟件許可證更新和產品支持收入繼續在龐大的基礎上增長。

Our customer renewal rates and satisfaction levels continue at record highs.

我們的客戶續訂率和滿意度繼續創歷史新高。

The currency headwind was reduced significantly over Q4, though still reduced new software license and software license updates and product support growth rates by 3 and 5 percentage points respectively.

儘管新軟件許可和軟件許可更新以及產品支持增長率分別降低了 3 個和 5 個百分點，但第四季度的貨幣逆風顯著減少。

Now let me turn to guidance.

現在讓我轉向指導。

For the coming quarter, using current exchange rates, there will be 5% positive currency effect on the license growth rate and a 4% positive effect on total revenue growth rates, a positive 5% effect on net income growth rate, and a positive $0.02 per share effect on earnings.

對於下一季度，使用當前匯率，將對許可證增長率產生 5% 的正貨幣影響，對總收入增長率產生 4% 的正影響，對淨收入增長率產生 5% 的正影響，以及 0.02 美元的正影響每股收益的影響。

Now, we believe that the guidance I'm giving today is realistic given our tough year-ago comparison, as our license revenues continued to grow while the world economy struggled.

現在，鑑於我們與一年前的艱難比較，我們相信我今天給出的指導是現實的，因為我們的許可證收入在世界經濟陷入困境的同時繼續增長。

Specifically, I want to remind you that last year in Q2, while the market environment was very poor, many of our competitors shrank significantly while we continued to grow.

具體來說，我想提醒大家，去年第二季度，在市場環境非常糟糕的情況下，我們的許多競爭對手大幅萎縮，而我們繼續增長。

Last year, our new licenses grew 5% in constant currency and software updates and product support grew 20% in constant currency.

去年，我們的新許可證按固定匯率計算增長了 5%，軟件更新和產品支持按固定匯率計算增長了 20%。

As a result, unlike our peers, we have a difficult comparison in Q2 this year while they have very easy ones.

因此，與我們的同行不同，我們在今年第二季度的比較困難，而他們的比較非常容易。

I want to emphasize that our pipelines continue to grow and the close rates I am assuming are significantly more conservative than typical Q2 close rates.

我想強調的是，我們的管道繼續增長，我假設的收盤率比典型的第二季度收盤率要保守得多。

Now, my guidance today does not include any assumptions from our pending acquisition of Sun Microsystems.

現在，我今天的指導不包括我們即將收購 Sun Microsystems 的任何假設。

I have no additional information regarding the timing of the deal as the closing of the transaction is conditioned on getting the necessary regulatory approval.

我沒有關於交易時間的其他信息，因為交易的完成取決於獲得必要的監管批准。

We are still quite confident that we will increase operating income earnings by $1.5 billion in the first full year after the close of the merger.

我們仍然相當有信心，在合併完成後的第一個全年，我們的營業收入將增加 15 億美元。

We will give much more detail after the merger closes.

合併完成後，我們將提供更多細節。

In addition, Q2, we have extra interest expense amounting to a bit less than $0.01 a share for the quarter, since we did a bond offering to pay for the transaction and it has not closed yet.

此外，在第二季度，我們本季度的額外利息費用略低於每股 0.01 美元，因為我們進行了債券發行以支付交易費用，但尚未結束。

With that, our guidance for Q2 is as follows, at current exchange rates, non-GAAP EPS is expected to be between $0.35 and $0.36, up from $0.34 last year, and GAAP EPS for the second quarter is expected to be $0.26 to $0.27, up from $0.25 last year.

因此，我們對第二季度的指導如下，按當前匯率計算，非 GAAP 每股收益預計在 0.35 美元至 0.36 美元之間，高於去年的 0.34 美元，第二季度 GAAP 每股收益預計為 0.26 美元至 0.27 美元，高於去年的 0.25 美元。

Total non-GAAP revenue is expected to range from positive 2% to negative 1% year-over-year at current exchange rates, and negative 2% to negative 5% in constant currency.

按當前匯率計算，非 GAAP 總收入預計同比增長 2% 至負 1%，按固定匯率計算為負 2% 至負 5%。

Total GAAP revenue is expected to range from positive 3% to flat year-over-year at current exchange rates and negative 1% to negative 4% in constant currency.

按當前匯率計算，GAAP 總收入預計將同比增長 3% 至持平，按固定匯率計算為負 1% 至負 4%。

New software license revenues and other are expected to range from negative 10% to flat at current exchange rates and negative 15% to negative 5% in constant currency.

按當前匯率計算，新軟件許可收入和其他收入預計為負 10% 至持平，按固定匯率計算為負 15% 至負 5%。

This guidance assumes a tax rate of 28.5% for Q2 versus 28% in Q1 and this could turn out differently based on many factors.

該指導假設第二季度的稅率為 28.5%，而第一季度的稅率為 28%，這可能會因許多因素而有所不同。

As you know, currencies are likely to fluctuate, and as a result the currency impact in Q2 could be different than our guidance assumes.

如您所知，貨幣可能會波動，因此第二季度的貨幣影響可能與我們的預期不同。

With that, I'll turn it over to Larry.

有了這個，我會把它交給拉里。

Thank you, Safra.

謝謝你，薩夫拉。

Everyone knows that last year, Oracle introduced its first hardware product, the Exadata, database machine.

大家都知道，去年甲骨文推出了它的第一個硬件產品Exadata，即數據庫機。

Version 1 of Exadata was designed for data warehousing, and our customer experience and we have a lot of Exadata customers, our customer experience is that Exadata runs an Oracle data warehouse someplace between 10 and 50 times faster than the Oracle database running on a conventional computer from IBM, Hewlett Packard or somebody else, so that's a huge difference.

Exadata 版本 1 是為數據倉庫設計的，我們的客戶體驗和我們有很多 Exadata 客戶，我們的客戶體驗是，Exadata 運行 Oracle 數據倉庫的速度比在傳統計算機上運行的 Oracle 數據庫快 10 到 50 倍來自 IBM、惠普或其他公司，所以這是一個巨大的差異。

I mean our very first hardware product delivered a minimum of 10 times speed up in data warehousing applications all the way to a 50 times speed up.

我的意思是我們的第一個硬件產品在數據倉庫應用程序中提供了至少 10 倍的速度，一直到 50 倍的速度。

And when we announced that product up until yesterday, Exadata Version 1 was the world's fastest machine for data warehousing.

直到昨天我們才宣布該產品時，Exadata 第 1 版是世界上最快的數據倉庫機器。

Yesterday, Oracle and Sun introduced Exadata Version 2, hardware by Sun, software by Oracle.

昨天，Oracle 和 Sun 推出了 Exadata 第 2 版，Sun 提供硬件，Oracle 提供軟件。

Exadata Version 2 is at least twice as fast as Exadata Version 1 for data warehousing.

Exadata 版本 2 的數據倉庫速度至少是 Exadata 版本 1 的兩倍。

Even more importantly, Exadata's Version 2 also runs OLTP, or online transaction processing applications.

更重要的是，Exadata 的第 2 版還運行 OLTP，即在線事務處理應用程序。

There are only two classes of application for databases, OLTP, and data warehousing, and Exadata does them both.

數據庫只有兩類應用程序，OLTP 和數據倉庫，Exadata 兩者都做。

No other database machine runs online transaction processing except Exadata.

除了 Exadata，沒有其他數據庫機器運行在線事務處理。

The Oracle/Sun announcement included faster CPUs by 80%, doubling the speed of our Infiniband internal network, faster discs with double the capacity, plus most importantly, a memory hierarchy made up of 400 gigabytes of DRAM and five terabytes of Flash storage, Sun FlashFire technology in a single Exadata cabinet.

Oracle/Sun 的公告包括將 CPU 速度提高 80%，將我們的 Infiniband 內部網絡的速度提高一倍，容量翻倍的更快磁盤，以及最重要的是，由 400 GB DRAM 和 5 TB 閃存組成的內存層次結構，Sun單個 Exadata 機櫃中的 FlashFire 技術。

Now, our OLTP performance when you want to compare it -- when you compare it with the fastest OLTP machine out there, IBM's fastest computer, two Exadata cabinets are as fast as IBM's fastest computer, at less than one quarter the price.

現在，當您想比較我們的 OLTP 性能時——當您將它與目前最快的 OLTP 機器、IBM 最快的計算機進行比較時，兩個 Exadata 機櫃與 IBM 最快的計算機一樣快，價格不到四分之一。

So -- and eight Exadata cabinets are four times faster than IBM's fastest OLTP machine, so take your pick.

所以 - 八個 Exadata 機櫃的速度是 IBM 最快的 OLTP 機器的四倍，所以選擇吧。

Either for the same dollars, you can get four time the performance using Oracle Exadata versus IBM, or if you want to save the money for less than a quarter of the price you can get the same performance as IBM -- IBM's fastest machine for OLTP.

使用相同的美元，您可以獲得使用 Oracle Exadata 與 IBM 相比四倍的性能，或者如果您想以不到四分之一的價格節省資金，您可以獲得與 IBM 相同的性能 - IBM 最快的 OLTP 機器.

In data warehousing, the advantage is even larger.

在數據倉庫中，優勢更大。

In data warehousing I mentioned earlier that Oracle Exadata Version 2 is at least twice as fast as Exadata Version 1, the previous world record holder for data warehousing performance.

在數據倉庫方面，我之前提到過，Oracle Exadata 第 2 版的速度至少是 Exadata 第 1 版的兩倍，後者是之前數據倉庫性能的世界紀錄保持者。

Oracle Exadata, I should say Sun Oracle Exadata Version 2 is five times faster than Teradata, five times faster than [nanpisa] and 20 times faster than IBM's fastest computer for data warehousing.

Oracle Exadata，我應該說 Sun Oracle Exadata Version 2 比 Teradata 快 5 倍，比 [nanpisa] 快 5 倍，比 IBM 最快的數據倉庫計算機快 20 倍。

So, we have spectacular data warehousing performance, world record level OLTP performance, all in the same computer, and unlike the earlier versions of Exadata -- Version 1 of Exadata -- we have models starting as low as $100,000, and going all the way up to multimillion dollar systems, we're price competitive in terms of performance, we're price competitive in terms of disk capacity.

因此，我們在同一台計算機上擁有出色的數據倉庫性能、世界紀錄級別的 OLTP 性能，而且與早期版本的 Exadata（Exadata 的第 1 版）不同的是，我們的模型起價低至 100,000 美元，而且一直在發展高達數百萬美元的系統，我們在性能方面具有價格競爭力，我們在磁盤容量方面具有價格競爭力。

Exadata Version 2 simply stated is by far the fastest and most cost effective machine in the world for both data warehousing and online transaction processing.

簡單地說，Exadata 第 2 版是迄今為止世界上用於數據倉庫和在線事務處理的最快和最具成本效益的機器。

We're very excited about the Sun Oracle partnership.

我們對 Sun Oracle 的合作夥伴關係感到非常興奮。

With that, I'll turn it over to Charles.

有了這個，我會把它交給查爾斯。

Thanks, Larry.

謝謝，拉里。

Larry mentioned some of the new technologies around Exadata.

Larry 提到了一些圍繞 Exadata 的新技術。

I think what we saw in the quarter was some of the growth in databases in terms of size and of driving the demand for that, and let me give you a few examples of customers we work with in the quarter.

我認為我們在本季度看到的是數據庫在規模和推動需求方面的一些增長，讓我舉幾個我們在本季度合作的客戶的例子。

AC Nielsen for instance we deployed a 45 terabyte (inaudible), Adidas 13 terabytes, Australian Bureau of Statistics 250 terabytes, and of course some of our high end ones that you probably heard of in the past, AT&T, 250 terabytes, Yahoo 700 terabytes, just gives you an idea of the size of the databases that are out there and how they're growing and that's driving the need for greater throughput.

以 AC Nielsen 為例，我們部署了 45 TB（聽不清），Adidas 13 TB，澳大利亞統計局 250 TB，當然還有一些您過去可能聽說過的高端產品，AT&T，250 TB，雅虎 700 TB ，只是讓您了解現有數據庫的大小以及它們如何增長，這推動了對更高吞吐量的需求。

We had some important new wins in the quarter as well, some end-to-end standardization decisions at Matsui Securities, Rent-A-Center, University of Kansas and EMC.

我們在本季度也取得了一些重要的新勝利，松井證券、Rent-A-Center、堪薩斯大學和 EMC 的一些端到端標準化決策。

In terms of new products in the database area the key announcement a couple weeks ago was Oracle Database 11g release 2.

就數據庫領域的新產品而言，幾週前的關鍵公告是 Oracle Database 11g 第 2 版。

The reason that's important it introduces the concept of server pools which can dynamically assign resources to work loads and more importantly an intelligent installer for RAC.

重要的原因是它引入了服務器池的概念，它可以動態地將資源分配給工作負載，更重要的是 RAC 的智能安裝程序。

So it is 40% fewer steps to install our clustering product.

因此，安裝我們的集群產品的步驟減少了 40%。

That is a key add-on product, key option for us.

這是一個關鍵的附加產品，是我們的關鍵選項。

It's always been difficult to install to get up and running and now we've resolved that issue and makes it applicable for a lot more customers.

安裝以啟動和運行一直很困難，現在我們已經解決了這個問題並使其適用於更多客戶。

In the middleware area, we announced in July the 11g version of our middleware suite, and why that's important is that's the first full complete integration of the BEA products, and so we had a big launch over 40 cities worldwide, 44 new ISVs have signed up, 95 applications have been adopted, we trained over 2,700 consultants on it.

在中間件領域，我們在 7 月宣布了我們中間件套件的 11g 版本，為什麼這很重要，因為這是 BEA 產品的第一次完全完整的集成，所以我們在全球 40 多個城市進行了大規模發布，44 家新的 ISV 已經簽約截至目前，已有 95 份申請被採納，我們為此培訓了 2,700 多名顧問。

So we're continuing to roll that out as we speak.

因此，在我們發言時，我們將繼續推出它。

That's important because it gives us a cross-selling opportunity into the BEA installed base and we landed those deals at Vanderbilt University, China Mobile Telecom, Scottish government, Alcatel and Carnegie Mellon on that basis.

這很重要，因為它為我們提供了進入 BEA 安裝基礎的交叉銷售機會，我們在此基礎上與范德比爾特大學、中國移動電信、蘇格蘭政府、阿爾卡特和卡內基梅隆大學達成了這些交易。

Moving on to some other key areas of middleware wins, Hyperion Enterprise Performance Management, we had a big win at Liz Claiborne, Business Intelligence, Weatherford and Patterson.

轉向中間件獲勝的其他一些關鍵領域，Hyperion 企業績效管理，我們在 Liz Claiborne、商業智能、Weatherford 和 Patterson 獲得了巨大的勝利。

The reason I mention those is we're starting to get wins around our BI apps.

我提到這些的原因是我們開始在我們的 BI 應用程序方面取得勝利。

What that means is not only do we have the BI platform, but we've developed a series of applications or dashboards around certain business processes and applications like supply chain analytics, and those are driving wins on top of our applications and we get the BI platform as well.

這意味著我們不僅擁有 BI 平台，而且我們圍繞某些業務流程和應用程序（如供應鏈分析）開發了一系列應用程序或儀表板，這些都在我們的應用程序之上推動勝利，我們得到了 BI平台也是。

In the application area, we actually did pretty well in the scheme of the entire market.

在應用領域，我們實際上在整個市場的方案中做得很好。

Our main competitor was down 40% last quarter, and if you look at how we did our industry applications actually grew in double digit and that's not including the drag of supporting technology and middleware products.

我們的主要競爭對手上個季度下降了 40%，如果你看看我們是如何做到的，我們的行業應用實際上以兩位數增長，這還不包括支持技術和中間件產品的拖累。

Key wins in the quarter around ERP, cost fertilizers, replacement of an old ERP system, China Unicom and CRM on premise, good wins at Amway, Green Mountain Energy, Savings Bank of Russia.

本季度在 ERP、成本肥料、更換舊的 ERP 系統、中國聯通和 CRM 方面取得了關鍵勝利，在安利、綠山能源、俄羅斯儲蓄銀行取得了良好的勝利。

Good quarter in CRM On Demand, we got selected for Hitachi Data Systems, McGraw Hill, Agilysys and West Side Banking Corporation.

CRM On Demand 的良好季度，我們被 Hitachi Data Systems、McGraw Hill、Agilysys 和 West Side Banking Corporation 選中。

Two quarters ago Larry mentioned Siemens which was a big win of 20,000 users, and did an update call with them last week just to see how the rollout was going.

兩個季度前，Larry 提到 Siemens 贏得了 20,000 名用戶，並在上週與他們進行了一次更新電話會議，以了解部署的進展情況。

That rollout was supposed to be over three and a half years.

那次推出應該超過三年半。

As of last week we already had 9,000 up and running ahead of schedule.

截至上週，我們已經提前啟動並運行了 9,000 台。

Key wins in Demantra, [JD Irvin], Toshiba, that's advanced supply chain planning, and our retail GBU, we had a good win at METRO Cash & Carry, very important win.

在 Demantra、[JD Irvin]、東芝，這是先進的供應鏈規劃和我們的零售 GBU 的關鍵勝利，我們在 METRO Cash & Carry 上取得了很好的勝利，非常重要的勝利。

METRO is the fourth largest retailer in the world and they're based in Germany, was head-to-head against SAP, they will be using our retail suite against an SAP back end, so a very good proof point on how well we're doing in retail.

METRO 是世界第四大零售商，他們總部設在德國，與 SAP 正面交鋒，他們將使用我們的零售套件與 SAP 後端相抗衡，因此很好地證明了我們的表現。”重新做零售。

Additional wins at [Sunletter] and Magazine Luiza and Primavera Project Management, [andecision] at BG Group, Financial Services GBU, a good win at Oversea-Chinese Banking Corp., they are one of the top three banks in Singapore and they are standardizing on our products for anti-money laundering.

在 [Sunletter] 和 Magazine Luiza 和 Primavera Project Management 的額外勝利，在 BG Group、Financial Services GBU 的 [anddecision]，在 Oversea-Chinese Banking Corp. 的良好勝利，他們是新加坡三大銀行之一，他們正在標準化關於我們的反洗錢產品。

In the communications area we had a good win at Vodacom, that's a Vodafone affiliate.

在通信領域，我們在沃達康取得了不錯的勝利，那是沃達丰的附屬公司。

We signed a large ULA with Vodafone [end-to-end] all of our applications, including our (inaudible) applications last quarter and this is an affiliate taking advantage of that ULA.

我們與 Vodafone [端到端] 我們所有的申請簽署了一份大型 ULA，包括我們上個季度的（聽不清）申請，這是利用該 ULA 的附屬公司。

And in taxing utilities GBU, we won the largest utility in Russia and more important we had a go live on the tax side for the first time at Kentucky for the coal tax; this is our new market.

在對公用事業公司 GBU 徵稅方面，我們贏得了俄羅斯最大的公用事業公司，更重要的是，我們第一次在肯塔基州的煤炭稅方面進行了實戰；這是我們的新市場。

It's important for other states and jurisdictions to see that.

其他州和司法管轄區看到這一點很重要。

We're expecting a go live at the Dutch Tax Authority by the end of the year, that should break open that market hopefully.

我們預計年底前在荷蘭稅務局上線，有望打開該市場。

With that I'll turn it back over to Ken for questions.

有了這個，我會把它轉回給肯問問題。

Thank you, Charles.

謝謝你，查爾斯。

Operator, we would like to open the call for questions, please.

接線員，我們想打開電話提問。

(Operator Instructions).

（操作員說明）。

Also, we ask that you please limit yourself to one question today.

另外，我們要求您今天只回答一個問題。

(Operator Instructions).

（操作員說明）。

And we'll take our first question from John DiFucci with JPMorgan.

我們將向摩根大通的 John DiFucci 提出第一個問題。

Thank you.

謝謝你。

It looks like things were a little bit lighter than you expected in the license line this quarter.

看起來本季度的許可線中的情況比您預期的要輕一些。

Can you talk a little bit about the linearity in the quarter, was it typical linearity?

你能談談本季度的線性度嗎？它是典型的線性度嗎？

And then if you could, I know it's early, only a couple weeks into this quarter, but what the sort of momentum was from the last quarter into the first couple weeks here?

然後，如果可以的話，我知道現在還為時過早，距離本季度只有幾個星期，但是從上個季度到這裡的前幾個星期，這種勢頭是什麼？

Sure.

當然。

Hi, there.

你好呀。

Basically, the linearity was actually very typical.

基本上，線性實際上非常典型。

The biggest part of the lightness as I said was that our software ISVs, we suffered as they sold less of their applications they drag less database with them.

正如我所說的那樣，最大的輕鬆是我們的軟件 ISV，我們遭受了損失，因為他們銷售的應用程序更少，他們拖曳的數據庫更少。

As far as Q2, I think we're pretty well calibrated.

就第二季度而言，我認為我們已經很好地校準了。

I think we feel actually very good.

我認為我們實際上感覺非常好。

I think it will be obviously a significantly better quarter than last quarter and you can see that in the guidance, so I think we actually have some very good momentum starting the quarter which is actually in many ways typical because it's not the summer.

我認為這顯然比上一季度要好得多，你可以在指導中看到這一點，所以我認為我們實際上在本季度開始時有一些非常好的勢頭，這實際上在很多方面都很典型，因為現在不是夏天。

So we're very -- we remain very upbeat.

所以我們非常 - 我們仍然非常樂觀。

Thank you.

謝謝你。

Next question, operator?

下一個問題，接線員？

We'll take our next question from Sarah Friar with Goldman Sachs.

我們將向高盛的 Sarah Friar 提出下一個問題。

Great.

偉大的。

Thanks a lot.

非常感謝。

Safra, can I ask you on the sustainability of the margin improvements, clearly in an improving environment we should start to see license revenue as a percentage of total begin to increase again.

Safra，我能問你利潤率提高的可持續性嗎？顯然，在改善的環境中，我們應該開始看到許可收入佔總收入的百分比再次開始增加。

Do you still think you can put up those types of year-over-year improvements as the environment improves and clearly the maintenance of the portion starts to go down?

您是否仍然認為隨著環境的改善以及該部分的維護明顯開始下降，您可以提出這些類型的逐年改進？

Well, there are two things.

嗯，有兩件事。

One is the maintenance is a portion in different quarters isn't as dramatic, the maintenance base which is existing customers who want the newest version of the software without having to rebuy the whole license again, that base continues to grow, period.

一是維護是不同季度的一部分，維護基礎是現有客戶想要最新版本的軟件而不必再次重新購買整個許可證，該基礎持續增長。

So that's obviously one piece.

所以這顯然是一件。

The other thing is just the general leverage of our business, and that is our regular revenues do increase and faster than our expenses increase because it's a business in which scale is a huge advantage.

另一件事只是我們業務的一般槓桿作用，那就是我們的常規收入確實增長並且比我們的費用增長更快，因為這是一個規模是巨大優勢的業務。

I mean, last year of course we increased 300 plus basis points over the year and though this quarter we increased 500 plus basis points, I wouldn't expect that every quarter, but we do expect margins to continue to improve year-over-year.

我的意思是，去年我們當然增加了 300 多個基點，雖然本季度我們增加了 500 多個基點，但我不希望每個季度都這樣，但我們確實預計利潤率將繼續同比提高.

We'll take our next question from Adam Holt with Morgan Stanley.

我們將向摩根士丹利的亞當霍爾特提出我們的下一個問題。

Great.

偉大的。

Thank you.

謝謝你。

You all have two significant releases on the middleware and the database side that have just hit the marketplace.

你們都有兩個剛剛上市的中間件和數據庫方面的重要版本。

Can you talk about what you think the potential revenue impact is?

你能談談你認為潛在的收入影響是什麼嗎？

And then secondly, with the Sun deal getting pushed out a little bit I don't know how much you can say about this, but what can you do over the next couple quarters to continue to move the integration process down the field?

其次，隨著與 Sun 的交易被推遲，我不知道你能說多少，但在接下來的幾個季度裡，你能做些什麼來繼續推動整合進程呢？

Thanks.

謝謝。

I don't know who wants to cover that.

我不知道誰想覆蓋它。

I can cover the Sun piece.

我可以覆蓋太陽片。

Obviously we continue to do integration planning, that's what we're allowed to do, and Sun historically was a very big partner of Oracle's generally, and so the Exadata Version 2 announcement yesterday is a perfect example of things we can do together at arms length which I think benefit our customers and both companies very well.

顯然，我們會繼續進行集成規劃，這是我們被允許做的事情，而 Sun 歷來是 Oracle 的一個非常大的合作夥伴，因此昨天發布的 Exadata 第 2 版是我們可以在一定距離內一起做的事情的完美例子我認為這對我們的客戶和兩家公司都有好處。

So we get a better sense of the Sun business and we continue to be able to do what we can at arms length.

因此，我們對 Sun 的業務有了更好的了解，並且我們繼續能夠盡我們所能。

I'll grab the one on the products.

我會抓住產品上的那個。

Yes.

是的。

We had a new version of our middleware which actually is -- we brought in a number of middleware companies obviously over the years and this new version of our middleware is the result of those teams that we acquired rewriting their applications, their middleware components rather, so that all the components now work as a completely integrated suite.

我們有一個新版本的中間件，實際上是——多年來我們引入了許多中間件公司，而這個新版本的中間件是我們收購的那些團隊重寫他們的應用程序的結果，他們的中間件組件，這樣所有組件現在都可以作為一個完全集成的套件工作。

And so all of the technology we've acquired is now thoroughly integrated into a unified suite of middleware and we think this gives us a huge advantage over our primary middleware competitor which is IBM.

因此，我們獲得的所有技術現在都完全集成到一個統一的中間件套件中，我們認為這使我們比我們的主要中間件競爭對手 IBM 具有巨大優勢。

And we moved over the years from kind of an (inaudible) middleware where we were five, six or seven to the leader in middleware right now, and we expect to grow our middleware share against IBM very very rapidly due to the fact that we have a much better product menu.

多年來，我們從 5、6 或 7 歲時的（聽不清的）中間件發展成為現在中間件領域的領導者，我們預計中間件份額會非常迅速地增長，因為我們擁有更好的產品菜單。

And the new release of our middleware is -- really puts some distance between us and IBM on the technology front in middleware.

而我們中間件的新版本——在中間件的技術前沿確實讓我們和 IBM 之間有了一些距離。

We've always -- for a very long time we've had the best enterprise database in the world and 11R2, again, increases our technology advantage over our primary competitor which is IBM.

很長一段時間以來，我們一直擁有世界上最好的企業數據庫，而 11R2 再次提高了我們相對於主要競爭對手 IBM 的技術優勢。

And I expect we'll continue to take share from IBM, especially as applications continue to move off of mainframe computers and on to open systems, large scale Unix systems and Linux clusters.

我預計我們將繼續從 IBM 那裡獲得份額，尤其是隨著應用程序繼續從大型計算機轉移到開放系統、大型 Unix 系統和 Linux 集群。

So we think we're well positioned to compete effectively against IBM in the software infrastructure market.

因此，我們認為我們有能力在軟件基礎架構市場上與 IBM 進行有效競爭。

We'll take our next question from Heather Bellini with ISI.

我們將向 ISI 的 Heather Bellini 提出下一個問題。

Hi, thanks, good afternoon, everybody.

嗨，謝謝，大家下午好。

Safra, I was wondering if you could talk a little bit about what you saw in Europe last quarter.

Safra，我想知道你能否談談上個季度在歐洲看到的情況。

I know August is always a tough quarter there, but I was just wondering if you saw trends worsen as the quarter went on, or are you starting to see as you exited, the trend starting to improve a little bit?

我知道 8 月一直是一個艱難的季度，但我只是想知道您是否看到隨著季度的進行趨勢惡化，或者您是否開始看到當您退出時，趨勢開始有所改善？

Thank you.

謝謝你。

Well there's a couple things.

好吧，有幾件事。

As you know, August, the summer in Europe is always not great.

如您所知，八月，歐洲的夏天總是不太好。

Though last year we actually had a very very good summer and so it made the comparison tough.

儘管去年我們實際上度過了一個非常非常好的夏天，因此很難進行比較。

We do actually start to see some of the economies in Europe improve a little bit in just our overall outlook and expectation, so -- but we still have some very tough comparisons.

實際上，我們確實開始看到歐洲的一些經濟體在我們的整體前景和預期方面有所改善，所以 - 但我們仍然有一些非常艱難的比較。

But nothing is like the summer is in Europe, and especially after last year where we had a very unusually robust summer, so this will be an improvement and we do actually see the economies little by little starting to lighten up, which is a good thing.

但沒有什麼能像歐洲的夏天一樣，特別是在去年我們經歷了一個異常強勁的夏天之後，所以這將是一個進步，我們確實看到經濟逐漸開始放鬆，這是一件好事.

We'll take our next question from Joel Fishbein with Lazard Capital.

我們將回答來自 Lazard Capital 的 Joel Fishbein 的下一個問題。

Hi, Safra and Charles.

嗨，薩夫拉和查爾斯。

Quick question on the apps side of the business.

關於業務應用程序方面的快速問題。

You had a great quarter there, particularly looks like strength in the Americas.

你在那裡有一個很棒的季度，特別是在美洲看起來很強大。

Could you just give us a little color on what's going on there?

你能給我們一點關於那裡發生的事情的顏色嗎？

That would be helpful.

那會很有幫助。

I think we've definitely taken share from SAP in the Americas and even in Europe, to some extent.

我認為，在某種程度上，我們肯定在美洲甚至歐洲從 SAP 那裡獲得了份額。

They don't have a vertical strategy, that was up in strong double digits, that drags along some of [our] other applications in infrastructure as well.

他們沒有垂直戰略，以強勁的兩位數增長，這也拖累了基礎設施中的一些 [我們] 其他應用程序。

And so I just think a lot of things we've been telling you over the last year or so are coming to fruition, a lot of the integrations we mentioned are shipping now so they aren't things we were just talking about.

所以我只是認為我們在過去一年左右一直在告訴你的很多事情正在取得成果，我們提到的很多集成現在正在發貨，所以它們不是我們剛剛談論的事情。

People can actually buy off shelf integrations.

人們實際上可以購買現成的集成。

CRM had a very good quarter both on premise and On Demand, and so our expertise there continues to pay off.

CRM 在本地和按需方面都有一個非常好的季度，因此我們在這方面的專業知識繼續得到回報。

And we'll take our final question from Kash Rangan with Merrill Lynch.

我們將向美林證券的 Kash Rangan 提出最後一個問題。

Hi.

你好。

Thank you very much.

非常感謝。

Looks like your commentary on guidance going into the November quarter is quite positive.

看起來您對進入 11 月季度的指導意見非常積極。

We are starting to see some indicators turn here and there so that's a good thing.

我們開始看到一些指標到處轉，這是一件好事。

And also just as a note, SAP's Q4 license revenues are usually up a lot, so I wish you were able to get a slice of the database business in your November quarter.

另外，請注意，SAP 的第四季度許可證收入通常會大幅增長，因此我希望您能夠在 11 月季度獲得數據庫業務的一部分。

But coming to the question part of my rant here, really want to drill into EMEA and Asia-Pac on the technology side, maybe Safra or Charles or whomever, if you could comment on how tightly the pipeline has been scrubbed to come up with your forecast, and to what degree do you think you're derisking the forecast in those two segments, particularly as it relates to tech, and if you can just give us some comfort and color around that area that will be great.

但是說到我在這裡咆哮的問題部分，真的想在技術方面深入研究 EMEA 和亞太地區，可能是 Safra 或 Charles 或其他任何人，如果你能評論一下管道被清理得有多緊密，以提出你的預測，以及您認為您在多大程度上降低了這兩個領域的預測風險，尤其是與技術相關的領域，如果您能給我們在該領域的一些安慰和色彩，那就太好了。

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Trust me, no one is sticking their neck out on the forecast in any region right now, so I think the pipelines have been scrubbed and they're real deals, we'll just have to see what the close rates turn out to be.

相信我，目前沒有人對任何地區的預測持懷疑態度，所以我認為管道已被清除，它們是真正的交易，我們只需要看看收盤價是多少。

Yes, the pipelines are actually growing.

是的，管道實際上正在增長。

I think the guys are a little bit timid in their expectation setting here with us, but the forecast continues to grow, so -- which is great.

我認為這些傢伙對我們這裡的期望設定有點膽怯，但預測繼續增長，所以 - 這很棒。

So to the extent that they close even a reasonable percentage we'll be significantly better off.

因此，即使他們關閉了一個合理的百分比，我們的情況也會明顯好轉。

Okay.

好的。

This will conclude today's question and answer session.

今天的問答環節到此結束。

I'd like to turn the conference back over to Mr.

我想把會議轉回給先生。

Bond for any additional remarks.

債券的任何其他評論。

Thank you, Kristin.

謝謝你，克里斯汀。

A telephonic replay of this conference call will be available for 24 hours.

本次電話會議的電話重播將持續 24 小時。

The replay number is 888-203-1112 or 719-457-0820 and the passcode is 6663145.

重播號碼為 888-203-1112 或 719-457-0820，密碼為 6663145。

Also a webcast replay will be available through the close of market on September 23rd and can be found on our website at www.oracle.com/investor.

此外，還將在 9 月 23 日收市時提供網絡直播重播，可在我們的網站 www.oracle.com/investor 上找到。

Please call the Investor Relations department with any follow-up questions from this call and we look forward to speaking with you.

如有任何後續問題，請致電投資者關係部門，我們期待與您交談。

Thank you all for joining us on today's conference call, and with that I'll turn the call back to the operator for closing.

感謝大家加入我們今天的電話會議，然後我會將電話轉回給接線員以結束電話會議。

Thank you.

謝謝你。

This will conclude today's conference and we thank you for your participation.

今天的會議到此結束，我們感謝您的參與。