甲骨文 (ORCL) 2010 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Oracle Corporation quarterly conference call.

大家好，歡迎參加今天的甲骨文公司季度電話會議。

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, Darren.

謝謝你，達倫。

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

大家下午好，歡迎參加甲骨文公司 2010 財年第二季度財報電話會議。

I'm Ken Bond, Vice President of Investor Relations, and with us on the call today are Chief Executive Officer, Larry Ellison; President, Safra Catz; President, Charles Phillips; and our 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；薩夫拉·卡茨總裁；總裁查爾斯·菲利普斯；和我們的首席財務官傑夫·愛潑斯坦。

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 risks and uncertainties that may cause actual results to differ materially from statements being made today.

雖然這些前瞻性陳述代表了我們當前對未來發展的判斷，但這些陳述也存在風險和不確定性，可能導致實際結果與今天的陳述存在重大差異。

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，我們將嘗試介紹與我們的業務相關的一些重要因素，這些因素可能會影響這些前瞻性陳述。

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

我們鼓勵您查看我們關於 10-K 和 10-Q 表格的最新報告以及任何適用的修訂，以完整討論這些因素和其他可能影響我們未來業績或股票市場價格的風險。

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，我們告誡您不要過分依賴這些前瞻性陳述，這些陳述僅反映了我們截至今天的觀點。

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來修改或公開發布這些前瞻性陳述的任何修改結果。

A copy of the press release and financial tables, which include 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 查看和下載新聞稿和財務表的副本，其中包括 GAAP 與非 GAAP 對賬和其他補充財務信息。

We'll begin with a few prepared remarks before taking questions from the audience.

在回答聽眾提問之前，我們將從一些準備好的評論開始。

In today's conference call we will only be discussing Oracle's Q2 fiscal-year 2010 results.

在今天的電話會議中，我們將只討論甲骨文 2010 財年第二季度的業績。

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。

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 rate 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，重點關注固定貨幣增長率。

First, a note about foreign exchange rate movements.

首先，關於外匯匯率變動的說明。

In September we told you that using then-current exchange rates would increase our Q2 revenue growth by four points compared to constant currency.

9 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二季度收入增長增加 4 個百分點。

During the second quarter the US dollar weakened compared to last Q2, increasing our international revenues, expenses and profits when measured in US dollars.

與上一季度相比，第二季度美元走弱，增加了我們以美元計算的國際收入、支出和利潤。

As a result, currency movements increased new license revenues by 7%, total revenues by 5%, net income by 7%, and earnings per share by 7%, or $0.02 per share compared to Q2 of last year.

因此，與去年第二季度相比，貨幣變動使新許可收入增加了 7%，總收入增加了 5%，淨收入增加了 7%，每股收益增加了 7%，即每股 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 second quarter our new software license revenues were $1.7 billion, down 5% in constant currency and up 2% in US dollars.

第二季度，我們的新軟件許可收入為 17 億美元，按固定匯率計算下降 5%，按美元計算增長 2%。

The Americas grew 1%, EMEA was down 11% and Asia declined 8%.

美洲增長 1%，EMEA 下降 11%，亞洲下降 8%。

Technology new license revenues were $1.2 billion, down 5% in constant currency and up 1% in US dollars.

技術新許可收入為 12 億美元，按固定匯率計算下降 5%，按美元計算增長 1%。

The Americas grew 2%, EMEA was down 10% and Asia declined 10%.

美洲增長 2%，EMEA 下降 10%，亞洲下降 10%。

Applications new license revenues were $478 million, down 3% from last year on a constant currency basis and up 2% in US dollars.

應用新許可收入為 4.78 億美元，按固定匯率計算比去年下降 3%，按美元計算增長 2%。

The Americas grew 1%, EMEA was down 14% and Asia was up 2%.

美洲增長 1%，EMEA 下降 14%，亞洲增長 2%。

Our software license updates and product support revenues were $3.3 billion, up 7% in constant currency and up 11% in US dollars.

我們的軟件許可更新和產品支持收入為 33 億美元，按固定匯率計算增長 7%，按美元計算增長 11%。

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

這些收入是客戶為接收其現有產品的增強更新版本而支付的年費。

Our services revenues were $958 million, down 19% in constant currency and down 15% in US dollars.

我們的服務收入為 9.58 億美元，按固定匯率計算下降 19%，按美元計算下降 15%。

Our total revenues were $5.9 billion, down 2% in constant currency and up 3% in US dollars.

我們的總收入為 59 億美元，按固定匯率計算下降 2%，按美元計算增長 3%。

Operating income was $2.9 billion, up 3% in constant currency and up 9% in US dollars.

營業收入為 29 億美元，按固定匯率計算增長 3%，按美元計算增長 9%。

Our non-GAAP operating margin grew by 280-basis points to 49% in US dollars.

我們的非美國通用會計準則營業利潤率增長了 280 個基點，以美元計算達到 49%。

This is the highest Q2 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第二季度的最高營業利潤率，進一步證明了我們運營模式的成功。

Our tax rate for Q2 was 27.4%.

我們第二季度的稅率為 27.4%。

Our Q2 non-GAAP earnings per share were $0.39, $0.03 above the high end of our EPS guidance range of $0.35 to $0.36.

我們的第二季度非公認會計原則每股收益為 0.39 美元，比我們每股收益指導範圍的高端 0.35 美元至 0.36 美元高 0.03 美元。

This was up 8% in constant currency and up 15% in US dollars.

以固定貨幣計算增長了 8%，以美元計算增長了 15%。

Our non-GAAP earnings per share would have been $0.02 lower had foreign exchange rates remained the same as they were in Q2 of last year.

如果外匯匯率與去年第二季度相同，我們的非公認會計原則每股收益將減少 0.02 美元。

In Q2, we repurchased 11.6 million shares at an average price of $21.65 per share for a total of $253 million.

在第二季度，我們以每股 21.65 美元的平均價格回購了 1160 萬股，總計 2.53 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 $20.8 billion in cash and investments, including funds put aside to complete the Sun transaction once all necessary approvals have been obtained.

談到資產負債表，我們擁有 208 億美元的現金和投資，包括在獲得所有必要批准後為完成 Sun 交易而預留的資金。

Our day sales outstanding improved again this quarter from 52 days last year to 47 days this year, a testament to the quality of our receivables, the quality of our customers, and the effectiveness of our collection efforts.

本季度我們的日銷售額再次從去年的 52 天提高到今年的 47 天，這證明了我們應收賬款的質量、客戶的質量以及我們催收工作的有效性。

We generated $8.4 billion in free cash flow during the last four quarters, growing 11% over the same period last year.

我們在過去四個季度產生了 84 億美元的自由現金流，比去年同期增長 11%。

This is the highest Q2 free cash flow results in Oracle history.

這是甲骨文歷史上最高的第二季度自由現金流結果。

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。

As you can see, we had another excellent quarter and we delivered these results against a big Q2 last year.

正如你所看到的，我們又度過了一個出色的季度，我們在去年的第二季度實現了這些結果。

We exceeded the high point of our new license guidance, we beat the high end of our total revenue guidance, we beat the high end of our EPS guidance by a full $0.03 and, of course, we delivered the highest Q2 operating margins in our history, substantially higher than all our peers.

我們超過了新許可指導的高點，我們超過了總收入指導的高端，我們超過了我們的每股收益指導的高端 0.03 美元，當然，我們實現了歷史上最高的第二季度營業利潤率，大大高於我們所有的同行。

The strengthen the quarter was very broad based across all product lines and as usual, the quarter was not dependent upon any unusually large deals.

本季度的增強在所有產品線的基礎上非常廣泛，並且像往常一樣，本季度不依賴於任何異常大的交易。

Once again, we grew faster than SAP in every region around the world, clearly taking market share as they have essentially come apart at the seams.

再一次，我們在全球每個地區的增長速度都超過了 SAP，顯然佔據了市場份額，因為它們基本上已經分崩離析了。

Our applications business is growing while their's continues to shrink at a double-digit pace.

我們的應用程序業務正在增長，而他們的應用程序業務繼續以兩位數的速度萎縮。

Let me turn for a moment to our acquisition of Sun Microsystems and though most of today's call is about Oracle standalone, I will make just a couple of comments about Sun.

讓我先談談我們對 Sun Microsystems 的收購，儘管今天的大部分電話都是關於 Oracle 獨立的，但我將僅對 Sun 發表一些評論。

As you heard earlier this week, we expect a full and unconditional clearance from the European Commission in January.

正如您在本週早些時候聽到的那樣，我們預計歐盟委員會會在 1 月份獲得全面和無條件的批准。

I want to thank all of our customers for the overwhelming support they have given us during this process.

我要感謝所有客戶在此過程中給予我們的大力支持。

I want to especially thank the hundreds of customers who shared their views with the European Commission and the many customers and user groups who volunteered to attend the oral hearing last week, and especially those who ultimately came to testify, including the UK Atomic Weapons Establishment, Ericsson, Vodafone, BBVA, Sabre Holdings, [Polyo], Carnegie Melon University, the UK Department of Health National Health Services and the independent and UK user groups.

我要特別感謝與歐盟委員會分享意見的數百名客戶以及自願參加上周口頭聽證會的眾多客戶和用戶群體，特別是最終前來作證的客戶，包括英國原子武器機構，愛立信、沃達丰、BBVA、Sabre Holdings、[Polyo]、卡內基梅隆大學、英國衛生部國民健康服務以及獨立和英國用戶團體。

In addition, I want to thank the over 60 United States senators who recognize the importance of this matter and the United States Department of Justice who shared their views with the European Commission.

此外，我要感謝 60 多位認識到此事重要性的美國參議員和與歐盟委員會分享他們觀點的美國司法部。

Last but not least, I want to thank Oracle's and Sun's employees and especially the transaction teams, including our tireless advisors on the ground for getting this to a just result.

最後但並非最不重要的一點是，我要感謝 Oracle 和 Sun 的員工，尤其是交易團隊，包括我們在當地不知疲倦的顧問，感謝他們讓這件事得到了公正的結果。

My guidance today does not include any assumptions from our pending acquisition of Sun Microsystems.

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

We do still expect that Sun will contribute $1.5 billion in non-GAAP operating income in our first full fiscal year of owning Sun.

我們仍然預計，在我們擁有 Sun 的第一個完整財年，Sun 將貢獻 15 億美元的非 GAAP 營業收入。

After we close the transaction we will share our detailed guidance with you as soon as we can.

完成交易後，我們將盡快與您分享我們的詳細指導。

Now, let me turn to the guidance without Sun for now.

現在，讓我暫時轉向沒有 Sun 的指導。

We believe the guidance I'm giving today is realistic.

我們相信我今天給出的指導是現實的。

I want to emphasize that our pipelines continue to be very strong and the close rates I'm assuming are more conservative than typical Q3 close rates.

我想強調的是，我們的管道繼續非常強勁，我假設的收盤率比典型的第三季度收盤率更保守。

For the coming quarter, assuming that exchange rates remain at current levels, we expect there to be an almost 8% positive currency effect on license growth rates and an almost 7% effect on total revenue growth rates but, of course, that is likely to change.

對於下一季度，假設匯率保持在當前水平，我們預計對許可增長率有近 8% 的正貨幣影響，對總收入增長率有近 7% 的影響，但當然，這很可能改變。

With that, our guidance for Q3 is as follows.

因此，我們對第三季度的指導如下。

New software license revenue growth is expected to range from negative 1% to 9% at current exchange rates and negative 8% to 2% in constant currency.

按當前匯率計算，新軟件許可收入增長預計為負 1% 至 9%，按固定匯率計算為負 8% 至 2%。

Total revenue growth on a non-GAAP basis is expected to range from positive 3% to positive 6% at current exchange rates and negative 3% to flat in constant currency.

按當前匯率計算，非公認會計原則基礎上的總收入增長預計為正 3% 至正 6%，按固定匯率計算為負 3% 至持平。

On a GAAP basis we expect total revenue from positive 4% to positive 7% at current exchange rates and negative 2% to positive 1% in constant currency.

根據公認會計原則，我們預計總收入按當前匯率從正 4% 到正 7%，按固定匯率計算從負 2% 到正 1%。

Non-GAAP EPS is expected to be $0.36 to $0.38, assuming current exchange rates, up from $0.35 last year and from $0.33 to $0.35 in constant currency.

假設當前匯率，非 GAAP 每股收益預計為 0.36 美元至 0.38 美元，高於去年的 0.35 美元和固定匯率的 0.33 美元至 0.35 美元。

GAAP EPS for the third quarter is expected to be $0.26 to $0.28 using current exchange rates and $0.23 to $0.25 assuming constant currency.

使用當前匯率，第三季度的 GAAP 每股收益預計為 0.26 美元至 0.28 美元，假設貨幣不變，則預計為 0.23 美元至 0.25 美元。

This guidance assumes a non-GAAP tax rate of 28% for Q3 versus 26.6% in Q3 last year.

該指導假設第三季度的非公認會計原則稅率為 28%，而去年第三季度為 26.6%。

The GAAP tax rate is expected to be 29.3%.

GAAP 稅率預計為 29.3%。

The Board again declared a dividend of $0.05 per share.

董事會再次宣布派發每股 0.05 美元的股息。

We generated $8.7 billion in operating cash flow over the last 12 months and we are running the business at record margins.

在過去的 12 個月中，我們產生了 87 億美元的經營現金流，並且我們以創紀錄的利潤率經營業務。

We look forward to the completion of the Sun acquisition in January.

我們期待在 1 月份完成對 Sun 的收購。

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

有了這個，我將把它交給查爾斯以徵求他的意見。

Thanks, Safra.

謝謝，薩夫拉。

Just a few comments on customers, but first also wanted to recognize the field organization for doing a great job, all their regions and the GBUs and supporting organizations because customers are holding on to their dollars a little tighter these days as these deals are very complex and they don't happen without people really fighting for them, so these guys walk through walls and got a good result.

只是對客戶的一些評論，但首先還想表彰現場組織做得很好，他們所有的地區和 GBU 和支持組織因為這些交易非常複雜，這些天客戶更緊地握住他們的錢如果沒有人真正為他們而戰，他們就不會發生，所以這些人穿過牆壁，取得了好成績。

By product area, database, Exadata is on fire, nearly tripled sequentially.

從產品領域、數據庫來看，Exadata 非常火爆，連續增長了近兩倍。

The pipelines are growing week to week.

管道每週都在增長。

We're now having some of the initial customers come back and ask for multiple systems, which is always a good sign.

我們現在有一些最初的客戶回來並要求使用多個系統，這總是一個好兆頭。

The main constraint we have now is just production capacity and the field is fighting for them in each region, so it's a red hot product and we expect that to continue to have momentum going forward.

我們現在的主要限制是產能，而且每個地區都在為產能而戰，所以它是一個炙手可熱的產品，我們預計它將繼續保持發展勢頭。

Some key regular database wins in the quarter, [GMAX standardized] on Oracle database, US Airways, ULA for database, rack and partitioning.

一些關鍵的常規數據庫在本季度獲勝，Oracle 數據庫、US Airways、ULA 數據庫、機架和分區上的 [GMAX 標準化]。

We also had an important release in the quarter that I should mention.

我們在本季度還有一個重要的發布，我應該提到。

A new release of Oracle Database Vault.

Oracle Database Vault 的新版本。

Options generally did well in the quarter.

期權在本季度普遍表現良好。

I think this is important to Option because this is the product that separates administrative rights from security rights in the database and now it's been certified for SAP, so SAP support is now available and that's a big market and we expect that to do well.

我認為這對 Option 很重要，因為這是將數據庫中的管理權限與安全權限分開的產品，現在它已通過 SAP 認證，因此現在可以提供 SAP 支持，這是一個很大的市場，我們希望它能夠做得很好。

In the area of Middleware we had some wins over Microsoft Sharepoint using our product WebCenter.

在中間件領域，我們使用我們的產品 WebCenter 戰勝了 Microsoft Sharepoint。

We won and beat them at Bank of Baroda in India and McGill University.

我們在印度的巴羅達銀行和麥吉爾大學贏得併擊敗了他們。

On our (inaudible) platform, National Australia Bank standardized on our Storage suite -- that was a win over TIPCO.

在我們的（聽不清）平台上，澳大利亞國民銀行對我們的存儲套件進行了標準化——這是對 TIPCO 的勝利。

We had a little bit of an edge there since we're already rolling out FLEXCUBE, our core banking product, for integration.

由於我們已經推出了我們的核心銀行產品 FLEXCUBE 以進行集成，因此我們在這方面有一點優勢。

After a 12-week proof-of-concept they selected us, as well.

經過 12 週的概念驗證後，他們也選擇了我們。

Business Intelligence, CIBC Bank selected us over Cognos and Gilead Science used our Dashboards with JD Edwards that they already have installed, so we're seeing the uptake of DI Dashboards that are customized for our applications start to take off, as well.

商業智能，CIBC 銀行選擇了我們而不是 Cognos，Gilead Science 使用我們的儀表板和他們已經安裝的 JD Edwards，因此我們看到為我們的應用程序定制的 DI 儀表板也開始起飛。

In the area of EPM, good wins at Constellation Brands and Kimberly Clark.

在 EPM 領域，Constellation Brands 和 Kimberly Clark 取得了不錯的成績。

Identity Management we had an interesting win at the California Employment and Development Department and they're going to use our Identity Management platform to identify constituencies that both take state unemployment and disability insurance and bring those agencies together using our IDM.

身份管理 我們在加州就業和發展部取得了有趣的勝利，他們將使用我們的身份管理平台來確定同時接受州失業和殘疾保險的選區，並使用我們的 IDM 將這些機構聚集在一起。

Applications, we had another release of AIA, our integration architecture platform.

應用程序，我們有另一個版本的 AIA，我們的集成架構平台。

That was released 2.5 with 10 new cross-industry process integration packs, or PIPs, and six new industry-specific PIPS, and now we have about 1,000 enterprise services and 100 enterprise objects and that integration between all of our applications was instrumental in winning at Agilisys and New York State Insurance Fund.

發布的 2.5 包含 10 個新的跨行業流程集成包或 PIP，以及 6 個新的行業特定 PIPS，現在我們有大約 1,000 個企業服務和 100 個企業對象，我們所有應用程序之間的集成有助於贏得Agilisys 和紐約州保險基金。

In ERP a good win at Pennsylvania State System of Higher Education across 14 individual universities.

在 ERP 中，賓夕法尼亞州高等教育系統在 14 所獨立大學中取得了不錯的成績。

We beat SAP there using PeopleSoft Student Administration.

我們在那裡使用 PeopleSoft Student Administration 擊敗了 SAP。

In CRM had good wins at Woolworth, Capital One Services and Cummings.

在 CRM 方面，在 Woolworth、Capital One Services 和 Cummings 取得了不錯的成績。

Demantra Value Chain Planning we had good winnings at Land O'Lakes, Ingersoll Rand and Darden Restaurants.

Demantra 價值鏈規劃 我們在 Land O'Lakes、Ingersoll Rand 和 Darden 餐廳獲得了豐厚的回報。

Retail Merchandising was installed at Rightmans, and then General Electric Oil & Gas selected Primavera, our Project Management platform, as a standard.

在 Rightmans 安裝了 Retail Merchandising，然後通用電氣石油天然氣公司選擇了我們的項目管理平台 Primavera 作為標準。

We're also moving into a new market.

我們也正在進入一個新市場。

We recently bought a company called Sophoi, which has digital rights management to sell our communications.

我們最近收購了一家名為 Sophoi 的公司，該公司擁有數字版權管理來銷售我們的通信。

The business unit has that product and was able to now deal and track for intellectual properties of content online, so we had a win at Lexis-Nexis based on that platform.

該業務部門擁有該產品，並且現在能夠在線處理和跟踪內容的知識產權，因此我們在基於該平台的 Lexis-Nexis 贏得了勝利。

Kind of an incremental market they have to track digital rights and then bill for it.

一種增量市場，他們必須跟踪數字版權，然後為其計費。

They also wanted Aircel.

他們還想要Aircel。

And then lastly, a couple wins to mention.

最後，值得一提的是一對夫婦獲勝。

Marsh selected us as insurance for a new policy administration system and Parexel for Oracle Safety, to manage their safety and pharma due diligence process.

Marsh 選擇我們作為新保單管理系統的保險，並選擇 Parexel 作為 Oracle Safety 的保險，以管理他們的安全和製藥盡職調查流程。

Those are my comments, thanks.

以上是我的評論，謝謝。

Larry?

拉里?

Thank you, Charles.

謝謝你，查爾斯。

Since we're getting closer to closing the Sun deal, I'm going to talk a little bit about our strategy with Sun going forward, what we're not going to do and what we are going to do.

由於我們越來越接近完成與 Sun 的交易，我將談談我們與 Sun 的未來戰略，我們不打算做什麼以及我們將要做什麼。

One thing we recognize that Sun just really -- really does not now and it's never likely to have the volume to compete in the high-volume, low-margin business of just selling an Intel server with Windows on it, or Linux on it one at a time.

有一件事我們認識到，Sun 真的 - 現在真的沒有，而且它永遠不可能有足夠的數量在僅銷售裝有 Windows 或 Linux 的英特爾服務器的大批量、低利潤業務中競爭一次。

We think that high-volume, low-margin business is a good business as long as you have high volume, and that's something that Dell and HP isn't very good at and we're going to avoid that business.

我們認為，只要您有高產量，大批量、低利潤的業務就是一項好業務，而這是戴爾和惠普不太擅長的業務，我們將避免該業務。

Instead, we are pursuing the high-value, high-performance market; very large SMP machines like the SPARC Solaris M9000, which we will continue to enhance.

相反，我們追求的是高價值、高性能的市場； SPARC Solaris M9000 等超大型 SMP 機器，我們將繼續對其進行增強。

We're putting -- the Solaris has the new splash cash feature that allows the M9000 to run the Oracle database very, very, very fast.

我們正在投入——Solaris 具有新的啟動現金功能，它允許 M9000 非常、非常、非常快地運行 Oracle 數據庫。

But we'll not only be focused on SMP machines, which have been around for a long time, though we think the SMP machines are best-in-class.

但我們不僅會關注已經存在很長時間的 SMP 機器，儘管我們認為 SMP 機器是同類中最好的。

we're also going to be building clusters of industry-standard machines and SPARC machines, and those clusters are now called private clouds, that's the more fashionable term for clusters.

我們還將構建行業標準機器和 SPARC 機器的集群，這些集群現在稱為私有云，這是集群的更流行的術語。

And we're using our software -- our operating systems both Solaris and Oracle Enterprise Linux, our virtualization, the ability to dynamically allocate and deallocate resources, which is essential for cloud computing, as well as integrated networking and integrated storage to deliver a complete private cloud to our customers.

我們正在使用我們的軟件——我們的 Solaris 和 Oracle Enterprise Linux 操作系統、我們的虛擬化、動態分配和解除分配資源的能力，這對於雲計算至關重要，以及集成網絡和集成存儲，以提供完整的為我們的客戶提供私有云。

So customers will be able to buy high-end SMP machines, high performance, high value, or high-end private clouds with all of the pieces including processing of storage and networking, integrated together with Oracle/Sun software.

因此，客戶將能夠購買高端 SMP 機器、高性能、高價值或高端私有云，其中包括存儲和網絡處理等所有部件，並與 Oracle/Sun 軟件集成在一起。

We think that will heavily differentiate our offerings with the offerings of IBM, HP, and Dell.

我們認為這將使我們的產品與 IBM、HP 和戴爾的產品大不相同。

And we think we're going to be able to compete very effectively there and that will deliver high margins and will allow us to deliver that $1.5 billion of additional profit in our first full year of owning Sun.

我們認為我們將能夠在那裡非常有效地競爭，這將帶來高利潤率，並使我們能夠在擁有 Sun 的第一年實現 15 億美元的額外利潤。

With that, I guess we're ready to open it up for questions.

有了這個，我想我們已經準備好提出問題了。

Operator, we'll take questions now, please.

接線員，請我們現在回答問題。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

We'll take our first 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第一個問題。

Good afternoon and congratulations on the quarter.

下午好，祝賀本季度。

Thank you.

謝謝你。

My question is about the database business.

我的問題是關於數據庫業務的。

We saw a relatively-material sequential improvement in the growth rates.

我們看到增長率出現了相對實質性的連續改善。

Could you talk a little bit about the drivers of that improvement in the quarter and, in particular, touch on ELA renewals and also some of the recent product cycles, specifically the Middleware release and the impact of that release on the reaccelerating growth in the database business?

您能否談談本季度改進的驅動因素，特別是 ELA 更新以及最近的一些產品週期，特別是中間件版本以及該版本對數據庫重新加速增長的影響商業？

I'll make a few comments.

我會發表一些評論。

I think on the database business people had been putting off some of those ELA decisions and behind on (inaudible) with us on some of those contracts.

我認為在數據庫方面，業務人員一直在推遲一些 ELA 決策，並在其中一些合同上（聽不清）與我們合作。

That happened during the downturn and now some of that's starting to come back.

這發生在經濟低迷時期，現在其中一些開始捲土重來。

I also think some of the initial work we did on 11g to get the ISVs on board, it takes a little while but that's kicking in, as well.

我還認為，我們在 11g 上為讓 ISV 加入而進行的一些初步工作需要一段時間，但這也開始了。

So we feel pretty good about the database business and obviously Exadata's helping drive some of that, as well.

因此，我們對數據庫業務感覺非常好，顯然 Exadata 也在幫助推動其中的一些業務。

Terrific, thank you.

太棒了，謝謝。

And we'll go next to Sarah Friar with Goldman Sachs.

我們將與高盛一起去莎拉弗萊爾旁邊。

Terrific, thanks a lot.

太棒了，非常感謝。

Can you talk about linearity in the quarter, specifically did you see a recovery throughout the quarter and hence do you feel like you're entering this February quarter with an ongoing acceleration in spending?

您能否談談本季度的線性度，特別是您是否看到整個季度都出現了復甦，因此您是否覺得進入今年 2 月季度的支出持續加速？

And then just very briefly on Europe, could you talk a little bit about what the lag is to the US that you're seeing?

然後只是簡單地談談歐洲，你能談談你所看到的美國的滯後嗎？

I'd say this quarter looks more typical as recent quarters, I guess, and wasn't anymore back-end loaded.

我會說這個季度看起來比最近幾個季度更典型，我猜，並且不再是後端加載。

I think the other thing to note (inaudible) is the current quarter started off in pretty good shape.

我認為另一件需要注意的事情（聽不清）是當前季度的開局情況非常好。

We always have some deals that spill over but a little more pronounced this quarter, so just based on the last month or so it certainly feels better but it doesn't matter until we close it all at the end.

我們總是有一些溢出的交易，但本季度更加明顯，因此僅基於上個月左右的情況肯定感覺更好，但直到我們最終結束所有交易都無關緊要。

I'm sorry, what was your second question?

對不起，你的第二個問題是什麼？

Just on Europe.

就在歐洲。

Seems like it's lagging the US by a quarter or two, is there any reason why it would lag by more or less than that based on what you're seeing over there right now?

似乎它落後於美國四分之一或兩個季度，根據您現在在那裡看到的情況，有什麼理由說明它會比美國落後更多或更少嗎？

That actually has always been the pattern, so they tend to turn down six months later and then takes another six months when the recovery happens, as well.

這實際上一直是模式，所以他們往往會在六個月後拒絕，然後在恢復發生時再等六個月。

Things happen more slowly there.

那裡的事情發生得更慢。

Customers don't react quite as well, they aren't as centralized in their decision making so that doesn't surprise me at all.

客戶的反應也不是很好，他們在決策中沒有那麼集中，所以這並不讓我感到驚訝。

Okay, great.

好，太棒了。

Thank you very much.

非常感謝。

Next question?

下一個問題？

We'll go next to John DiFucci with JPMorgan.

我們將與摩根大通一起前往 John DiFucci。

Thank you.

謝謝你。

My question has to do with the macro environment.

我的問題與宏觀環境有關。

You put up numbers here in this quarter that were obviously better than we anticipated and you, too, and also you gave guidance here that actually looks pretty good, better than I think we anticipated out there -- out here.

您在本季度提供的數據顯然比我們預期的要好，您也是如此，而且您在這裡提供的指導實際上看起來相當不錯，比我認為我們預期的要好 - 在這裡。

Just curious, is there truly a recovery happening in a meaningful way, or is Oracle -- I'm trying to get a gauge as to whether or not what's happening out there has more to do with Oracle's execution, which is, at least over the last several years, been head and shoulders above many of your competitors, or is this a rising tide that may be lifting all ships, at least in this quarter and into the near future?

只是好奇，是否真的以一種有意義的方式發生了復甦，或者是甲骨文——我試圖判斷那裡發生的事情是否與甲骨文的執行有更多關係，也就是說，至少超過在過去的幾年裡，你的許多競爭對手遙遙領先，或者這是否是一股上升的潮流，可能會提升所有船隻，至少在本季度和不久的將來？

Well, from where we sit it's very hard to tell.

好吧，從我們坐的地方很難說。

Obviously, we are definitely seeing customers back buying and was extremely widespread.

顯然，我們肯定會看到客戶重新購買並且非常普遍。

No giant deals of any sort, but lots of very nice size transactions for every size of company, so we are really seeing a recovery.

沒有任何形式的大宗交易，但各種規模的公司都有很多非常好的規模交易，所以我們真的看到了復甦。

Now, it is true that our execution -- our teams are doing very, very well, the products are very, very, very strong, and so I think what's happening is we are clearly winning at the expense of others, but we do also see the environment significantly improving.

現在，我們的執行確實是——我們的團隊做得非常非常好，產品非常非常非常強大，所以我認為正在發生的事情是我們顯然是以犧牲其他人為代價來取勝的，但我們也這樣做了看到環境明顯好轉。

Okay, so it sounds like it's a little bit of both.

好吧，聽起來兩者兼而有之。

Thank you.

謝謝你。

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

我們將向 ISI 集團的 Heather Bellini 提出下一個問題。

Hi, I had a follow up on John's question.

嗨，我對約翰的問題進行了跟進。

Just was wondering, you've been talking about how your pipeline's been getting bigger and bigger and after last quarter, I would imagine what you guys said the same thing.

只是想知道，你一直在談論你的管道是如何變得越來越大的，在上個季度之後，我想你們會說同樣的話。

I guess what I'm wondering is -- a little bit to John's question -- in terms of close rates are we starting to see close rates improve and the predictive CIOs willing to spend their budget improve, or is the upside this quarter the fact that after last quarter your pipeline was maybe a little bit bigger than you thought it was going to be and therefore you just hit your close rate target?

我想我想知道的是——有點像約翰的問題——就收盤率而言，我們是否開始看到收盤率有所提高，並且願意花費預算的預測 CIO 有所提高，或者本季度的上漲是事實上個季度之後，您的管道可能比您想像的要大一點，因此您剛剛達到了接近目標？

It's a little of both but we did better than the close rates I expected and -- but I still wanted to lean to a more conservative close rate for where we're at.

兩者都有一點，但我們的收盤價比我預期的要好，而且——但我仍然想在我們所處的位置傾向於更保守的收盤價。

The economy is uneven maybe and we just can't tell what's going to happen going forward, so I continue to use a very low close rate and I expect us to be at least there.

經濟可能不平衡，我們只是無法預測未來會發生什麼，所以我繼續使用非常低的收盤率，我希望我們至少能做到這一點。

But our pipelines are really growing and there's an enormous amount of heat around the Exadata products, which are also both database and storage software, so they're very -- there's really a lot of good news on the whole product line, which is one of the reasons the pipelines are as they are.

但是我們的管道確實在增長，並且圍繞 Exadata 產品產生了巨大的熱度，這些產品既是數據庫又是存儲軟件，所以它們非常 -- 整個產品線確實有很多好消息，這是一個管道保持原樣的原因。

Charles, do you want to add anything to that?

查爾斯，你想補充什麼嗎？

Yes, the close rates normally in Q3 are a little bit less than Q2 so we planned accordingly, so we haven't assumed anything heroic and if we do better we do better.

是的，通常第三季度的收盤率比第二季度要低一點，所以我們做了相應的計劃，所以我們沒有假設任何英雄，如果我們做得更好，我們會做得更好。

But the pipelines are growing in each region and certainly the tone on the forecast calls is a little bit better than it was three months ago.

但是每個地區的管道都在增長，當然預測電話的基調比三個月前要好一些。

Great.

偉大的。

Thank you very much and congratulations.

非常感謝和祝賀。

Thank you.

謝謝你。

We'll go next to Israel Hernandez with Barclays Capital.

我們將與巴克萊資本一起前往以色列埃爾南德斯。

Good afternoon, everyone, and congratulations.

大家下午好，祝賀你。

A quick question on the vertical market performance.

關於垂直市場表現的快速問題。

Were there any particular stand outs during the quarter, did that vary at all by region, and are there any verticals that are seemingly lagging relative to the others?

本季度是否有任何特別的突出表現，是否因地區而異，是否有任何垂直領域相對於其他垂直領域似乎落後？

I would say communications had a good quarter, what they normally do, and it's certainly producing a nice pipeline, I would say there's a good pipeline for financial services.

我會說通信有一個很好的季度，就像他們通常做的那樣，它肯定會產生一個很好的管道，我會說金融服務有一個很好的管道。

The banks stepped back for a while, but based on the pipeline that I've seen and what's already closing the first few weeks of the quarter even the banks seem to be coming back.

銀行後退了一段時間，但根據我所看到的管道以及本季度前幾週已經結束的情況，即使銀行似乎也回來了。

And so it's uneven because I would say retail probably had a tough time six months ago but their pipeline has come back, as well, and they closed the deal already in the first few weeks of this quarter for a fairly sizeable one.

所以這是不平衡的，因為我會說零售業可能在六個月前度過了一段艱難的時期，但他們的管道也已經恢復，而且他們已經在本季度的前幾週完成了一筆相當大的交易。

So it certainly -- if that's any indication the first -- how the first few weeks are going they look better.

所以它當然——如果這是第一個跡象——前幾週的情況看起來更好。

Okay, thank you.

好的謝謝你。

We'll go next to Brent Thill with UBS.

我們將與瑞銀一起去布倫特希爾旁邊。

Thanks, good afternoon.

謝謝，下午好。

The maintenance business snapped back pretty nice, you saw accelerating growth rates in the second quarter.

維修業務恢復得相當不錯，您看到第二季度的增長率正在加快。

Can you just walk us through what you're thinking about for the second half for the maintenance business?

你能告訴我們你對維護業務下半年的想法嗎？

And if I could just ask Larry and Charles a question on Exadata.

如果我能問拉里和查爾斯一個關於 Exadata 的問題。

I think you'd mentioned, Charles, that you're somewhat capacity constrained.

我想你提到過，Charles，你的能力有些受限。

Can you give us a sense of just how big you think this business could be?

你能告訴我們你認為這項業務有多大嗎？

I know you're not going to give us exact numbers, but anyway you can shape this business, or more metrics that you think you'll give us going forward that'd be great.

我知道你不會給我們確切的數字，但無論如何你可以塑造這個業務，或者你認為你會給我們提供更多的指標，那會很棒。

Larry, I think that one's for you.

拉里，我想那是給你的。

Okay.

好的。

Well, we think the Exadata business is going to be huge; by huge, billions of dollars a year in new system sales, not including the maintenance on those systems.

好吧，我們認為 Exadata 業務將是巨大的。每年新系統銷售額高達數十億美元，不包括這些系統的維護。

Now how long it takes us to get there remains to be seen.

現在我們需要多長時間才能到達那裡還有待觀察。

But our overall view of the computer industry is we have been selling components to large customers and the components have been hiring system integrators to glue those components together into complete systems.

但我們對計算機行業的總體看法是，我們一直在向大客戶銷售組件，並且這些組件一直在聘請系統集成商來將這些組件粘合在一起形成完整的系統。

Our overall strategy right now going forward, as I mentioned earl -- in the preamble to your question, is to not to sell these individual industry standard components on their own but rather group them together into machines.

正如我在您的問題的序言中提到的，我們現在的總體戰略是不要單獨銷售這些單獨的行業標準組件，而是將它們組合成機器。

like Exadata, where we have processors, networking, storage, storage software, database software, our Oracle Enterprise Linux operating system, all as a complete database machine for both transaction processing and data warehousing.

像 Exadata，我們有處理器、網絡、存儲、存儲軟件、數據庫軟件、我們的 Oracle Enterprise Linux 操作系統，所有這些都是用於事務處理和數據倉庫的完整數據庫機器。

We think that makes it much easier for the customer.

我們認為這對客戶來說更容易。

They don't have to do all of the system integration, they don't have to buy a bunch of parts and glue them together, but instead they buy the box, it's a high-margin product for us and a high-value purchase for them because they don't have to spend a lot of money on system integration.

他們不必做所有的系統集成，他們不必購買一堆零件並將它們粘合在一起，而是他們購買了盒子，這對我們來說是高利潤的產品，也是高價值的購買對他們來說，因為他們不必在系統集成上花很多錢。

We think that's the way customers are going to go forward as they build their data centers, not buying components but buying systems like Exadata.

我們認為這就是客戶在構建數據中心時將採用的方式，而不是購買組件，而是購買像 Exadata 這樣的系統。

And one of the big reasons we bought Sun is that we wanted to apply that same strategy to Middleware, to applications, to the operating system itself, but we're not going to sell operating systems just for an individual computer but we're going to sell the next generation of Solaris.

我們收購 Sun 的一個重要原因是，我們希望將相同的策略應用於中間件、應用程序、操作系統本身，但我們不會只為個人計算機銷售操作系統，但我們會出售下一代 Solaris。

There's a cloud edition for Solaris, whereas it manages a group, a cloud, a cluster of these computers that we sell together as a unit.

Solaris 有一個雲版本，它管理一個組、一個雲、一個我們作為一個單元一起銷售的這些計算機的集群。

That's highly differentiated.

這是高度分化的。

High margin for us and no systems integration required for the customer.

我們的利潤很高，客戶不需要係統集成。

How big is that business?

那個生意有多大？

We think that's what the computer business is going to look like for large customers going forward, so we think that's billions and billions of dollars.

我們認為這就是大客戶未來計算機業務的樣子，所以我們認為這是數十億美元。

That is our business in the future.

這就是我們未來的業務。

Regarding your maintenance question, our software updates and support, obviously that is really our subscribers.

關於您的維護問題，我們的軟件更新和支持，顯然這確實是我們的訂戶。

Those are our users and they're paying for both support and the right to receive without buying a new -- the new licenses our new products, and that's a number that's always going to go up because customers feel they're getting fantastic value for it.

這些是我們的用戶，他們正在為支持和無需購買新產品的接收權付費——新許可證我們的新產品，而且這個數字總是會上升，因為客戶覺得他們獲得了超值的價值它。

And the second half of the year, frankly, there's no point in going into too much detail on any of the numbers because within the month, frankly, we'll be giving you new guidance that will include the software parts and, of course, the hardware parts from Sun Microsystems, so all of you are going to have to redo all of your models at this point.

今年下半年，坦率地說，沒有必要對任何數字進行太多詳細說明，因為坦率地說，在一個月內，我們將為您提供新的指導，其中包括軟件部分，當然， Sun Microsystems 的硬件部件，所以此時你們所有人都必須重做所有模型。

But you should expect -- maintenance for us is really who our customers are and they're renewing at record rates because they're very satisfied with our products and we're advancing them just so quickly right now.

但您應該期待——對我們而言，維護確實是我們的客戶，他們正在以創紀錄的速度進行更新，因為他們對我們的產品非常滿意，而且我們現在正在快速推進它們。

That's it.

而已。

Operator, if we could take one last question, please.

接線員，請讓我們回答最後一個問題。

Certainly.

當然。

We'll take our next question from Kash Rangan with Merrill Lynch.

我們將向美林證券的 Kash Rangan 提出下一個問題。

Hi, thank you very much.

你好，非常感謝。

Larry, it's good to hear you talking about cloud computing, way to go, but my question was really on Fusion applications slated for some time in 2010, please.

Larry，很高興聽到你談論云計算，還有很長的路要走，但我的問題是關於 Fusion 應用程序的問題，計劃在 2010 年推出一段時間。

I know the management team talked and demoed the apps at the user conference, it looked really good.

我知道管理團隊在用戶大會上討論並演示了這些應用程序，看起來非常好。

I was wondering if you have given more thought to how the applications market landscape in the several years might be disrupted, or maybe it's not all that disrupted, How do you look at this applications industry over the next few years and what kind of [opportunities for this Fusion] applications open up for you?

我想知道您是否更多地考慮了這幾年的應用市場格局可能會如何被打亂，或者可能並沒有完全被打亂，您如何看待未來幾年這個應用行業以及什麼樣的[機會為這個 Fusion] 應用程序打開了嗎？

Thanks.

謝謝。

Thanks, Kash.

謝謝，卡什。

I think the big thing for us is we designed Fusion application as components .

我認為對我們來說最重要的是我們將 Fusion 應用程序設計為組件。

it's got a service-oriented architecture and it's componentized and things like order orchestration could be delivered to a customer.

它有一個面向服務的架構，它是組件化的，並且可以將諸如訂單編排之類的東西交付給客戶。

I'll take my favorite example, Hewlett Packard, which has a lot of order -- it takes orders a lot of places in their company and we can coordinate those orders and then deliver them to the different fulfillment centers inside of Hewlett Packard.

我將舉我最喜歡的例子，惠普，它有很多訂單——它在他們公司的很多地方接受訂單，我們可以協調這些訂單，然後將它們運送到惠普內部的不同履行中心。

So all of our Fusion apps are componentized and so it's not a rip-and-replace sales strategy that we have with Fusion.

因此，我們所有的 Fusion 應用程序都是組件化的，因此這不是我們在 Fusion 中採用的淘汰和替換銷售策略。

We can go in and we can sell you a lot of point solutions, we can sell you a specific application, like order orchestration that integrates with your SAP -- or your existing SAP systems and your existing Oracle systems.

我們可以進入，我們可以賣給你很多單點解決方案，我們可以賣給你一個特定的應用程序，比如與你的 SAP 或你現有的 SAP 系統和現有的 Oracle 系統集成的訂單編排。

(inaudible) to JD Edwards systems, your additional PeopleSoft systems, so we can do a complete replacement over time and that's our plan but that's going to be a long period of time for a lone company.

（聽不清）JD Edwards 系統，您的其他 PeopleSoft 系統，所以我們可以隨著時間的推移進行完全更換，這是我們的計劃，但對於一家單獨的公司來說，這將是很長一段時間。

We want them to start with some of the Fusion components, like order orchestration, like some of our interesting HR instead of Management systems.

我們希望他們從一些 Fusion 組件開始，比如訂單編排，比如我們一些有趣的 HR，而不是管理系統。

We've got a long list of things, and they'll buy them a piece at a time but they're designed to be easily integrated with what they already have.

我們有一長串東西，他們會一次買一件，但它們的設計目的是很容易與他們已有的東西整合在一起。

We think that's going to allow us to sell Fusion aggressively out of the box and increase our share as compared with SAP over time.

我們認為這將使我們能夠開箱即用地積極銷售 Fusion，並隨著時間的推移與 SAP 相比增加我們的份額。

Okay, that's then end of my question -- my

好的，我的問題到此結束——我的

Operator?

操作員？

This does conclude the question-and-answer session.

這確實結束了問答環節。

We'll now turn the call over to Ken Bond for any additional or closing remarks.

我們現在將把電話轉給 Ken Bond 以獲取任何補充或結束語。

Thank you.

謝謝你。

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 7845753.

重播號碼為 888-203-1112 或 719-457-0820，密碼為 7845753。

Also a webcast replay will be available through the close of market on December 28th and can be found on our website at www.oracle.com/investor.

此外，將在 12 月 28 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 today on today's conference call and with that I'll turn the call back to the operator for closing.

感謝大家今天加入我們今天的電話會議，我會將電話轉回給接線員以結束電話會議。

This does conclude today's conference.

今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。