甲骨文 (ORCL) 2012 Q4 法說會逐字稿

Good day ladies and gentlemen welcome to the Responsys, third quarter 2012, earnings conference call. At this time, all participants are in a listen only mode. Later will conduct a question-and-answer session and instructions will follow at that time.

各位女士、先生，大家好，歡迎參加 Responsys 2012 年第三季財報電話會議。此時，所有與會者將以僅收聽模式參與。稍後我們將進行問答環節，屆時將提供相關指示。

(Operator Instructions)

（接線員指示）

As a reminder, today's conference is being recorded, and now I'd like to transfer this conference call, Miss Carla Cooper, you may begin.

提醒各位，今天的會議將被錄音。現在我想把本次電話會議交給 Carla Cooper 女士，您可以開始了。

Thank you, and thank you for joining us today to discuss Responsys' results for the fourth quarter ended December 31, 2012. Participating in today's call will be Dan Springer, Chairman and Chief Executive Officer, Chris Paul, Chief Financial Officer and Scott Olrich, Chief Marketing Officer. I will cover the Safe Harbor statement, and then turn the call over to Dan. The primary purpose of today's call is to discuss our fourth quarter performance.

謝謝，也感謝各位今天加入我們，一同討論 Responsys 截至 2012 年 12 月 31 日之第四季業績表現。參與今天電話會議的有董事長兼執行長 Dan Springer、財務長 Chris Paul，以及行銷長 Scott Olrich。我將先說明「安全港」聲明，接著把電話交給 Dan。今天電話會議的主要目的，是討論我們第四季的表現。

Some of our discussion will contain forward looking statements which may include projected financial results or operating metrics, business strategies, anticipated future products or services, anticipated market demand or opportunities, and other forward looking topics. These statements are subject to risks, uncertainties and assumptions. Accordingly, the actual results could differ materially. For a listing of risks that could cause this, please see our most recent form 10Q filed with the SEC, as well as the factors identified in today's press release.

我們部分討論內容將包含前瞻性陳述，可能包括預估的財務結果或營運指標、商業策略、預期的未來產品或服務、預期的市場需求或機會，以及其他前瞻性主題。這些陳述受風險、不確定性與假設影響，因此實際結果可能出現重大差異。可能導致差異的風險清單，請參閱我們最近向美國證券交易委員會（SEC）提交的 10-Q 表格，以及今日新聞稿中所列因素。

During the course of this call, will also be discussing certain non-GAAP financial results. We direct your attention to our reconciliations between GAAP and non-GAAP measures, which can be found in the Company's earnings release, which is posted in the investor relations section of our website. Dan?

在本次電話會議過程中，我們也將討論若干非 GAAP 財務結果。請各位留意 GAAP 與非 GAAP 指標之間的調節表，可在公司財報新聞稿中找到；該新聞稿已張貼於我們網站的投資人關係專區。Dan？

Thanks Carla, and good afternoon to everyone joining the call. Today, I'll start with brief remarks about Q4 results and our 2013 guidance. Then response is Chief Marketing Officer, Scott Olrich, will talk about why more and more companies are demanding our unique technology. Then Chris will review our Q4 financials, and 2013 guidance in detail. Followed by an opportunity for your questions.

謝謝 Carla，也向所有加入本次電話會議的各位致上下午好。今天我將先就第四季業績與我們 2013 年的財測做簡要說明。接著，我們的行銷長 Scott Olrich 會談談為何越來越多公司正在需求我們獨特的技術。然後 Chris 將詳細回顧第四季財務表現與 2013 年財測。最後將開放各位提問。

Revenue in the quarter was $44.7 million, an increase of 20% versus the fourth quarter of 2011. We've benefited from strong volumes this holiday season, as our customers leveraged responses to drive their digital marketing success. We saw strong profitability derived from this solid revenue performance, and generated $0.07 in non-GAAP earning per share. Our guidance for 2013 calls for $188 million to $192 million in revenue, and $0.16 to $0.18 per share in non-GAAP EPS. This plan represents continued investments in our product innovation, and our sales and marketing.

本季營收為 4,470 萬美元，較 2011 年第四季成長 20%。我們受惠於本次假期旺季的強勁交易量，客戶運用 Responsys 來推動其數位行銷成功。我們也因穩健的營收表現而展現強勁獲利能力，非 GAAP 每股盈餘為 0.07 美元。我們對 2013 年的財測為營收 1.88 億至 1.92 億美元，非 GAAP 每股盈餘 0.16 至 0.18 美元。此計畫代表我們將持續投資於產品創新，以及銷售與行銷。

I'm going to review three key themes today, that drove our business in 2012, which will also be important drivers in 2013. They are-- customer success, revenue growth, and product innovation. But before I discuss these in detail, I want to introduce Scott Olrich, our CMO, who has been the chief architect of Responsys' vision in customer centric, cross channel marketing. Scott?

今天我將回顧三個在 2012 年推動我們業務的關鍵主題，這些也將是 2013 年的重要驅動因素。分別是——客戶成功、營收成長，以及產品創新。不過在我深入說明之前，我想先介紹我們的行銷長 Scott Olrich，他一直是 Responsys 以客戶為中心、跨通路行銷願景的主要架構師。Scott？

Thanks Dan. When I joined the Company back in 2004, I did so because I believed marketing was going to fundamentally change for the digital age. And that marketers would need to invest in a completely new kind of marketing software platform, to help them succeed. This couldn't be more true today. Marketers are becoming increasingly important business drivers, in tasks not just driving awareness, but for actually making the sale. As a result, they're earning a much bigger piece of the IT budget. You've all heard about the recent Gartner study that predicts CMOs will spend more on technology and services, than the CIO by 2017. And we are seeing this happen with the CMOs we work with as well.

謝謝 Dan。我在 2004 年加入公司，是因為我相信行銷將因數位時代而發生根本性的改變，而行銷人員將需要投資一種全新類型的行銷軟體平台來協助他們成功。今天這點比以往任何時候都更為真實。行銷人員正日益成為重要的業務驅動者，其任務不僅是提升知名度，更是實際促成銷售。因此，他們在 IT 預算中所占的比重也大幅提高。各位都聽過近期 Gartner 的研究，預測到 2017 年 CMO 在技術與服務上的支出將超過 CIO。我們也在與我們合作的 CMO 身上看到這種趨勢正在發生。

We believe the big need for CMOs will be to how you can communicate with these increasingly digital customers, as individuals across millions of interactions, and across all of the new digital channels. To understand why this is becoming increasingly important, let me first give you a little historical context. Marketers have always known that the ideal approach to marketing and driving sales, would be to build individual relationships with each and every customer. Think back to the relationship that customers had at their typical corner store. That was a powerful relationship. The hard part became how to do that at large scale. And so marketers gave up on the idea of individual relationships, in favor of mass marketing.

我們認為，CMO 的重大需求將在於：如何在數以百萬計的互動中、並跨越所有新的數位通路，與這些日益數位化的客戶以「個人」的方式溝通。為了理解為何這件事愈來愈重要，我先提供一些歷史背景。行銷人員一直都知道，理想的行銷與促成銷售方式，是與每一位客戶建立個別關係。回想一下顧客在街角雜貨店所建立的關係，那是一種很有力量的關係。困難之處在於如何在大規模下做到這點。因此行銷人員放棄了建立個別關係的想法，轉而採用大眾行銷。

They became obsessed with the campaign and lost sight of the customer. So campaign management platforms emerged to first send offline campaigns, whether that was a TV commercial, or a direct mail piece, and then to manage digital campaigns, like a mass e-mail or generic display ads. Unfortunately for the marketer, mass marketing as we know it is becoming less and less effective every day, especially in the digital age. Today's consumers are demanding individualized experiences with brands, that unfold not according to the marketers campaign calendar, but according to their own behaviors and preferences. We at Responsys have been predicting this shift, and have spent the last five years building an interaction management platform, that puts the customer first, not the campaign. And unlike traditional campaign management platform solutions, we help marketers build individual relationships at massive scale, and across all of the new digital channels.

他們開始過度著迷於「活動（campaign）」而忽略了客戶。因此，活動管理平台先是用來發送線下活動，不論是電視廣告或直郵文宣，之後再用來管理數位活動，例如大量群發電子郵件或一般化的展示型廣告。不幸的是，對行銷人員而言，我們所熟知的大眾行銷在今天正變得一天比一天不有效，尤其在數位時代更是如此。今日消費者要求品牌提供個人化體驗，其展開方式不是依照行銷人員的活動行事曆，而是依照他們自身的行為與偏好。我們 Responsys 一直預測到這個轉變，並在過去五年投入打造一個互動管理平台，將客戶置於核心，而非活動。且不同於傳統活動管理平台解決方案，我們協助行銷人員在大規模下、並跨越所有新的數位通路，建立個別關係。

Our unique approach to interaction management, is why the top analyst firms continually rank our technology ahead of the pack. And it is why the world's leading marketers are increasingly seeking out Responsys, and why they're willing to pay us a premium, over traditional campaign oriented solutions. One of our customer wins from the fourth quarter, Virgin America, is a great example of how marketers are changing their buying criteria. Virgin America is a remarkable airline, that offers guests attractive fares and a host of innovative features aimed at reinventing travel. As part of their ongoing mission to improve the overall guest experience, Virgin America recently identified limitations with their current e-mail marketing platform. Having recently increased campaign volumes and frequency, in an effort to drive revenue growth, their guests began to find fewer relevant messages, resulting in decreased engagement, declining click through, and conversion rates.

我們在互動管理上的獨特方法，正是頂尖分析機構持續將我們的技術評比為領先同業的原因；也正是全球領先的行銷人員愈來愈主動尋求 Responsys、並願意相較於傳統以活動為導向的解決方案支付溢價的原因。我們第四季的一個客戶贏單——Virgin America——就是行銷人員採購標準正在改變的絕佳例子。Virgin America 是一家卓越的航空公司，為旅客提供具吸引力的票價與多項創新功能，致力於重新定義旅行體驗。作為其持續提升整體旅客體驗使命的一部分，Virgin America 近期發現其現有電子郵件行銷平台存在限制。由於近期為了推動營收成長而提高活動量與發送頻率，旅客開始收到較少相關訊息，導致互動度下降、點擊率與轉換率下滑。

Following a comprehensive review, Virgin selected Responsys as their preferred partner, to enable them to evolve their e-mail and cross channel program from a campaign centric to a guess centric approach. With the goal of automatically delivering a highly individualized experience for each and every guest. This is a pattern we're seeing again and again. Businesses are not buying Responsys only for our ability to execute e-mail campaigns, they're buying us because they want to move away from just sending campaigns, and instead move towards managing individual customer interactions. And once they've made this shift in their e-mail marketing department, they begin to adopt a cross channel approach, expanding their responses deployment across e-mail, mobile, social, display, and the web.

在完成全面評估後，Virgin 選擇 Responsys 作為其首選合作夥伴，使其能將電子郵件與跨通路方案從以活動為中心，演進為以旅客為中心的做法，目標是為每一位旅客自動提供高度個人化的體驗。這是我們一再看到的模式。企業購買 Responsys 不只是因為我們能執行電子郵件活動；他們購買我們，是因為他們希望不再只是發送活動，而是轉向管理個別客戶互動。一旦他們在電子郵件行銷部門完成這項轉變，就會開始採用跨通路方法，將 Responsys 的部署擴展到電子郵件、行動、社群、展示型廣告以及網站。

A perfect example of this expansion is L'Occitane, the global maker of all natural bath and body products. L'Occitane signed up with Responsys last year when they realized they wanted to take more of a customer centric approach to their digital marketing programs. After first using Responsys to drive better interactions in e-mail, they're now combining e-mail with individualized display ads. This approach now allows them to orchestrate messages across these two channels, letting each individual customers know when they're due to replenish their supply, or what product they should buy next in order to complete their set.

這種擴展的完美例子是 L'Occitane——全球天然沐浴與身體保養產品製造商。L'Occitane 去年與 Responsys 簽約，因為他們意識到希望在其數位行銷方案中採取更以客戶為中心的方法。在先使用 Responsys 改善電子郵件互動之後，他們現在正把電子郵件與個人化展示型廣告結合。這種做法讓他們能在兩個通路間協同編排訊息，讓每位客戶知道何時需要補貨，或為了完成整套產品下一步應該購買什麼。

That's a big opportunity Responsys is after. Where every marketing organization uses our software to communicate with their customers as individuals, across millions of interactions, and across all the digital channels. It's where marketing is clearly headed and Responsys is uniquely positioned to continue to lead the way. Back to Dan.

這正是 Responsys 正在追求的重大機會：讓每個行銷組織都使用我們的軟體，在數以百萬計的互動中、並跨越所有數位通路，以「個人」的方式與其客戶溝通。這是行銷明確的發展方向，而 Responsys 具備獨特優勢，能持續引領趨勢。交回給 Dan。

Thanks Scott. It's great to see the market shifting towards, what just a couple years ago, would've been considered a pretty futuristic idea. This shift is responsible for the important factors we saw driving our business in 2012. And that we believe will continue to do so in 2013. So let me come back to these three factors, they are, customer success, revenue growth, and product innovation. First, customer success, a core tenet of Responsys' strategy is to focus on customer success. Our objective is to enable our customers to generate higher returns for their digital marketing programs.

謝謝 Scott。很高興看到市場正朝向一個在幾年前還會被視為相當未來感的概念轉變。這個轉變正是我們在 2012 年看到推動業務的重要因素，也正是我們相信在 2013 年將持續發揮作用的因素。接著讓我回到這三個因素：客戶成功、營收成長，以及產品創新。首先是客戶成功。Responsys 策略的核心信條之一，就是聚焦於客戶成功。我們的目標是協助客戶為其數位行銷方案創造更高的報酬。

By adopting a consumer centric approach, and managing individual interactions instead of just mass marketing campaigns, we've delivered much higher revenue for our customers. And this allows us to command a premium in the marketplace. Aldo Shoes is a great example of such customer success. Aldo is a global retailer who engages Responsys to enable consumer centric, rather than campaign centric marketing. Aldo is among those customers using interact program, to build automated multistage programs. This means each message is more relevant than ever before. And Aldo has achieved more than double the ROI they expected from their programs, after just one year working with the Responsys suite.

透過採取消費者為中心的方法，並管理個別互動而不僅僅是大量行銷活動，我們已為客戶帶來更高的營收。這也使我們能在市場上取得溢價。Aldo Shoes 就是此類客戶成功的絕佳例子。Aldo 是一家全球零售商，採用 Responsys 來實現以消費者為中心、而非以活動為中心的行銷。Aldo 是使用 Interact 計畫的客戶之一，用以建立自動化的多階段方案。這表示每一則訊息都比以往更具相關性。而在與 Responsys 套件合作僅一年後，Aldo 已達成其方案預期 ROI 的兩倍以上。

Enabling our customers to deliver more relevant messaging, and strong ROI, is not only the basis of our customers success, it also drives new customer wins for Responsys. This quarter we continue to sign world class brands. We saw particular strength in our wins in the travel vertical. These included JetBlue, Aer Lingus, Fairmont Hotels, and as Scott mentioned earlier, Virgin America. We already serve Virgin Australia, and we are delighted to add this second Virgin Airline. Given this momentum in the travel vertical, we've hired a travel industry digital marketing veteran Ted Wham, formerly the VP of Customer Relationship Marketing at Orbitz, and Ted will provide leadership to extend our expertise, and our growth in the travel vertical.

協助客戶傳遞更具相關性的訊息並取得強勁的 ROI，不僅是客戶成功的基礎，也推動 Responsys 贏得新客戶。本季我們持續簽下世界級品牌。我們在旅遊垂直領域的贏單表現尤其強勁，包括 JetBlue、Aer Lingus、費爾蒙酒店（Fairmont Hotels），以及如 Scott 先前提到的 Virgin America。我們已服務 Virgin Australia，並很高興新增第二家維珍航空公司。鑑於旅遊垂直領域的這股動能，我們聘請了旅遊產業數位行銷資深人士 Ted Wham（前 Orbitz 客戶關係行銷副總裁），Ted 將提供領導力以擴展我們的專業能力，並推動我們在旅遊垂直領域的成長。

Outside of travel, we added great consumer brands, Wet Seal and LeapFrog. As well as the UK flash sale operator Yell Limited. We signed Yahoo Japan, an early marquee win for us, after entering this market in late 2012. The second big theme is revenue growth. We take seriously our commitment to drive our top line growth, while still being committed to maintain profitability. An important piece of our growth strategy is our investment in sales and marketing. We have made, and will continue to make investment in sales and marketing. Growing our yearend headcount in our direct salesforce at 88 compared to 66 just a year ago. As we told you in the past, it typically takes about 12 months from hire date for a new sales rep to begin generating revenue. So the full impact of this salesforce growth, we believe, is still to come.

除旅遊之外，我們新增了優秀的消費品牌 Wet Seal 與 LeapFrog，以及英國限時特賣營運商 Yell Limited。我們簽下 Yahoo Japan，這是我們在 2012 年底進入該市場後取得的早期旗艦型勝利。第二個重大主題是營收成長。我們嚴肅看待推動營收（top line）成長的承諾，同時也致力於維持獲利能力。我們成長策略的重要一環是對銷售與行銷的投資。我們已經並將持續投資於銷售與行銷，使我們直銷團隊的年末人數增至 88 人，相較一年前的 66 人。如我們過去所述，新聘業務代表通常需要約 12 個月自到職日起才開始創造營收。因此，我們認為這次擴編銷售團隊的完整影響仍有待在未來顯現。

A second piece of our growth strategy is global expansion. In 2012 we completed our acquisition of our Denmark joint venture, and invested in the high growth Brazilian market. Our international revenue in 2012 was 23% of our total, compared to 21% in 2011. We have also established our presence in Japan, and we are now seeing traction there, with great wins like the aforementioned Yahoo Japan.

我們成長策略的第二個部分是全球擴張。2012 年我們完成收購丹麥合資企業，並投資於高成長的巴西市場。我們 2012 年的國際營收占總營收 23%，相較 2011 年的 21%。我們也已在日本建立據點，且目前正看到進展，並取得如前述 Yahoo Japan 等重大贏單。

The third big theme is product innovation. In 2012, we continued to bring consumer centric, interaction management capabilities into the display, and mobile channels. In May, we introduced Interact For Display. While traditional campaign centric display advertising platforms are designed to target a broad audience, or a set of anonymous visitors, Interact For Display empowers companies to deliver display messages to specific consumers, based on individual data and behavior. And in the fall, we introduce Interact For Mobile. A new platform that greatly enhances our consumer centric mobile marketing capabilities. These new capabilities include over a dozen types of mobile campaigns, from automated two-way interactions, to instant win competitions. It can all be deployed according to individual behavior, throughout the consumer lifecycle.

第三個重大主題是產品創新。2012 年，我們持續將以消費者為中心的互動管理能力延伸至展示型（display）與行動（mobile）通路。5 月，我們推出 Interact For Display。傳統以活動為中心的展示型廣告平台通常設計用來鎖定廣泛受眾或一群匿名訪客；而 Interact For Display 讓企業能根據個別資料與行為，向特定消費者投放展示訊息。並且在秋季，我們推出 Interact For Mobile——一個大幅強化我們以消費者為中心之行動行銷能力的新平台。這些新功能包含十多種行動活動類型，從自動化雙向互動到即時得獎競賽皆涵蓋其中。所有內容都可依據個別行為，在消費者生命週期的各階段進行部署。

Of course, we believe these solutions will deliver great ROI in each individual channel, but they're also integrated with the core Interact platform which will allow marketers to orchestrate sophisticated, individualized interactions, across every channel. In 2013, we will continue to deliver innovation, that will make our cross channel interaction management platform both easier-to-use and more powerful. We will also introduce entirely new streamlined interfaces, to marry ease-of-use, with sophisticated interaction design. This will support our vision of delivering tools that are powerful enough for sophisticated marketers at the enterprise level, but also easy enough to use for our general business marketers.

當然，我們相信這些解決方案將在各個單一通路帶來優異的 ROI，但它們也與核心 Interact 平台整合，使行銷人員能跨所有通路協調編排更精密、個人化的互動。2013 年，我們將持續推出創新，使我們的跨通路互動管理平台更易於使用且更強大。我們也將推出全新的精簡介面，結合易用性與精密的互動設計。這將支持我們的願景：提供的工具既足以滿足企業級資深行銷人員的需求，也同時簡單到一般業務行銷人員也能輕鬆使用。

All of our product innovation is focused on enabling our customers to do great consumer centric marketing across the digital channels. These product innovations contribute to our visionary status in Gartner's Magic Quadrant, for multi channel CRM and our top overall score in each of the Forrester e-mail waves for the past seven years. Now, I'll turn the call over to Chris Paul, our CFO, to discuss the financial details of our fourth quarter. Chris?

我們所有的產品創新都聚焦於協助客戶在數位通路上進行卓越的以消費者為中心行銷。這些產品創新促成我們在 Gartner 的多通路 CRM《魔力象限》（Magic Quadrant）中取得願景領導者地位，並在過去七年每一年的 Forrester 電子郵件評比（e-mail waves）中獲得最高總體分數。接下來我把電話會議交給我們的財務長 Chris Paul，請他說明第四季的財務細節。Chris？

Thanks Dan. Fourth quarter revenue was $34.4 million, up 20% year-over-year. Subscription revenue was $30.3 million, up 13.2% over the prior year. Subscription revenue for the quarter was impacted by approximately $2 million, from our service disruption we experienced during the quarter. If you exclude the effect of this disruption, total subscription revenue growth was 22%. Average revenue was $8 million, or 26% of total subscription revenue. Professional services revenue was $14.4 million, up 37%. Our subscription dollar retention rate, was approximately 100%, after the impact of the disruption. We added 14 customers in the quarter, bringing customer count at December 31 to 413. We are pleased with our customer additions in the quarter, which is a reflection of the success of our investments, and attraction of our salesforce hiring.

謝謝 Dan。第四季營收為 3,440 萬美元，年增 20%。訂閱營收為 3,030 萬美元，較去年同期成長 13.2%。本季訂閱營收受到約 200 萬美元影響，原因是我們在本季經歷的服務中斷。若排除該中斷影響，訂閱營收總成長率為 22%。平均營收為 800 萬美元，約占訂閱營收總額的 26%。專業服務營收為 1,440 萬美元，成長 37%。在扣除中斷影響後，我們的訂閱美元留存率約為 100%。本季新增 14 家客戶，使截至 12 月 31 日的客戶數達 413 家。我們對本季新增客戶數感到滿意，這反映了我們投資的成功，以及我們銷售團隊招募所帶來的吸引力。

Let me talk briefly about expenses and profitability before I discuss our guidance. Please note that the following commentary refers to non-GAAP expenses, and income measures that exclude amortization of stock compensation, and amortization of intangibles. Subscription gross margin was 71% for the quarter, compared to 72% a year ago. Professional services gross margin was 25% for the quarter, compared to 8% a year ago, benefiting from high demand for those services. In Q4 operating expenses were 43% of total revenue, compared to 40% a year ago, reflecting the 3 percentage point increase in sales and marketing expense, from 23% to 26% of revenue.

在我討論財測之前，先簡要談談費用與獲利能力。請注意，以下評論指的是非 GAAP 費用與收益衡量，排除股票酬勞攤銷以及無形資產攤銷。第四季訂閱毛利率為 71%，相較一年前的 72%。第四季專業服務毛利率為 25%，相較一年前的 8%，受惠於對該等服務的強勁需求。第四季營業費用占總營收 43%，相較一年前的 40%，反映銷售與行銷費用占比增加 3 個百分點，從營收的 23% 提升至 26%。

R&D expense decreased by 2 percentage points, due to the capitalization of software development costs in Q4 of about $600,000. G&A expenses saw an increase of 3 percentage points of revenue, as compared to the prior period. Operating margin was flat at 14% in the fourth quarter versus a year ago. Our cash flow from operations in the quarter was approximately $8.6 million. CapEx was $2 million, which is about $1 million below our forecast. This amount [was current] in Q1 of 2013. Free cash flow, which is cash flow from operations less purchase of equipment, of $6.6 million. Cash and equivalents were approximately $107 million, at December 31, 2012. Fourth quarter earnings per share was $0.07, compared to $0.06 in the fourth quarter of 2011.

研發費用占比下降 2 個百分點，原因是第四季資本化軟體開發成本約 60 萬美元。一般與行政（G&A）費用占營收比重較前期增加 3 個百分點。第四季營業利益率為 14%，與一年前持平。本季營運活動現金流約為 860 萬美元。資本支出（CapEx）為 200 萬美元，約比我們的預測低 100 萬美元。此金額[為當期]於 2013 年第一季。自由現金流（即營運活動現金流減去設備購置）為 660 萬美元。截至 2012 年 12 月 31 日，現金及約當現金約為 1.07 億美元。第四季每股盈餘為 0.07 美元，相較 2011 年第四季的 0.06 美元。

Turning to guidance, our revenue guidance for 2013 is $188 million to $192 million. Looking at the year ahead there are three key drivers to our new plan. First, our 2013 guidance is based on robust new customer acquisitions. We added 37 customers in 2012, plus about 25 through the acquisition of our Denmark joint venture. We are targeting to add organically over 35% more customers in 2013, with a target of [50] net additions. In any one quarter, as we saw in 2012, customer count can ebb and flow, because we count customers at the time they generate over $3,000 in subscription revenue in a quarter. We're seeing good results from the investments we are making in sales and marketing. And this we believe will benefit us in future years as well.

接著談財測，我們對 2013 年的營收指引為 1.88 億至 1.92 億美元。展望未來一年，我們新計畫有三個關鍵驅動因素。第一，我們的 2013 年指引建立在強勁的新客戶取得之上。2012 年我們新增 37 家客戶，另透過收購丹麥合資企業增加約 25 家。我們目標在 2013 年以自然成長方式新增超過 35% 的客戶數，目標為淨增加 [50] 家。在任何單一季度，如同我們在 2012 年所見，客戶數可能上下波動，因為我們是在客戶於單季產生超過 3,000 美元訂閱營收時才計入客戶數。我們看到銷售與行銷投資帶來良好成果，而我們相信這也將在未來年度持續使我們受益。

Second, we're continuing to work through the contract renewals generally at lower pricing, that we described in last quarter's call. As you saw in Q4, the strength of customer additions in our customer base, did more marketing, allows us to deliver strong performance, and we expect this to continue in 2013. Finally, we expect subscription growth to outpace our professional services growth in 2013. We have seen strong additions of self service customers than our full service customers. That should mean higher growth in the higher margin subscription business in 2013. ¶ Turning to our 2013 margins, we expect gross margin percentage on subscription to remain approximately flat for the year, as we continue to invest in our platform and delivery capabilities, to enhance the customer experience. We also expect our professional services gross margin to remain roughly flat as a percentage of revenue, following an increase of 5 percentage points in 2012, from 11% to 16%. We continue to set as a goal 20% of [regular] margins in this business over the next several years.

第二，我們正持續推進合約續約，整體而言以較低的價格續約，這點我們在上一季的電話會議中已說明。如同你們在第四季所看到的，我們客戶基礎中新增客戶的強勁表現、以及更多行銷投入，使我們能交出強勁的業績，我們預期這種趨勢將在 2013 年延續。最後，我們預期 2013 年訂閱業務的成長將超越專業服務的成長。我們看到自助式（self service）客戶的新增強於全方位服務（full service）客戶。這應意味著 2013 年高毛利的訂閱業務將有更高的成長。¶ 接著談 2013 年的毛利率，我們預期訂閱的毛利率百分比全年將大致持平，因為我們將持續投資於平台與交付能力，以提升客戶體驗。我們也預期專業服務毛利率占營收的比例將大致持平；2012 年該比例已提升 5 個百分點，從 11% 提高到 16%。我們仍以在未來幾年將此業務的毛利率提升至 20% 作為目標。

Regarding sales and marketing, as we noted on our recent calls, we are pleased with the traction we are seeing in the marketplace, from our investments in sales and marketing. We believe those investments, along with continued product innovation, are important to 2013 and lay the ground mark for growth in 2014 and beyond. We will continue to make investments in sales and marketing, and build on the traction we attained in 2012, by taking a percent of revenue in sales and marketing from 25% to 28%. We believe this will support our goal of driving subscription revenue growth above 20%. Our R&D expense will be roughly flat as a percent of revenue, we have transitioned from using outsourced contractors to hiring our own employees in Bangalore, and are seeing results and financial benefits from those investments. General and administrative expenses will be flat as a percentage of total revenue in 2013, as we've now largely absorbed the cost increases associated with operating as a public Company.

關於銷售與行銷，如同我們在近期電話會議中提到的，我們對於銷售與行銷投資在市場上所帶來的動能感到滿意。我們相信這些投資，加上持續的產品創新，對 2013 年至關重要，並為 2014 年及之後的成長奠定基礎。我們將持續投資銷售與行銷，並在 2012 年取得的動能之上再接再厲，將銷售與行銷費用占營收比重由 25% 提高至 28%。我們相信這將支持我們推動訂閱營收成長超過 20% 的目標。我們的研發費用占營收比重將大致持平；我們已從使用外包承包商轉為在班加羅爾聘用自有員工，並正看到這些投資帶來的成果與財務效益。2013 年一般及行政費用占總營收的比例將持平，因為我們已大致吸收作為上市公司營運所帶來的成本增加。

With these expense levels, we are forecasting non-GAAP operating margin in the range of 7% to 9%. We do not expect to become a full cash taxpayer in 2013, benefiting from NOLs and R&D tax credits. We expect our non-GAAP tax rate to be approximately 35% for the year, and slightly below the [first] quarter reflecting the reinstatement of the US Federal R&D tax credit. Our non-GAAP earnings per share guidance for 2013 is $0.16 to $0.18 per share. This is based on estimated shares outstanding of 54 million. We expect our cash flow from operations to be in a range of $20 million to $22 million, and CapEx approximately $15 million. Our CapEx forecast includes approximately $5 million in items we do not expect to occur annually. These are approximately $2 million for a planned third-party data center, to be located in Europe to start our business in that region, and approximately $3 million to upgrade our data center storage to the highest level, in line with our commitment to build world class infrastructure and performance.

在上述費用水準下，我們預估非 GAAP 營業利益率將落在 7% 至 9% 的區間。我們預期 2013 年不會成為完全的現金納稅人，因為可受益於淨營運虧損（NOL）與研發稅額抵減。我們預期全年非 GAAP 稅率約為 35%，且第一季會略低一些，反映美國聯邦研發稅額抵減的恢復。我們對 2013 年非 GAAP 每股盈餘的指引為每股 0.16 至 0.18 美元，係以估計流通在外股數 5,400 萬股為基礎。我們預期營運活動現金流量將在 2,000 萬至 2,200 萬美元之間，資本支出（CapEx）約 1,500 萬美元。我們的 CapEx 預測包含約 500 萬美元、我們預期不會每年發生的項目：其中約 200 萬美元用於規劃中的第三方資料中心，將設於歐洲以啟動該地區業務；另約 300 萬美元用於將資料中心儲存設備升級至最高等級，以符合我們打造世界級基礎設施與效能的承諾。

Our first quarter revenue guidance is $43 million to $45 million. We expect to see strength in our first quarter, based on the timing of revenue with some of our large annual contracts. Our first quarter earnings per share guidance is approximately $0.05. This is based on 53.6 million shares outstanding. To wrap up, we're excited about the opportunity for Responsys to serve marketers who are looking for product and [solid leadership] to drive their growth. We believe we are making the key investments in sales and marketing, as well as product innovation, to deliver solid growth in 2013, and also build a foundation for future growth. We are now ready for questions. Operator?

我們第一季營收指引為 4,300 萬至 4,500 萬美元。由於部分大型年度合約的營收認列時點，我們預期第一季表現將較強。我們第一季每股盈餘指引約為 0.05 美元，係以 5,360 萬股流通在外股數為基礎。總結來說，我們對 Responsys 能為尋求產品與穩健領導力、以推動成長的行銷人員提供服務的機會感到振奮。我們相信我們正在銷售與行銷以及產品創新方面進行關鍵投資，以在 2013 年交出穩健成長，同時為未來成長建立基礎。現在我們準備開始問答。接線員？

(Operator Instructions)

（接線員指示）

Carter Malloy, Stephens.

Carter Malloy，Stephens。

First off, on your 18%, give or take, growth outlook for this year, can you help us understand your confidence in that number? I.e., how much of it is from existing customers versus how much you're having to rely on potential new wins?

首先，關於你們今年約 18%（上下浮動）的成長展望，能否協助我們理解你們對這個數字的信心來源？也就是說，其中有多少來自既有客戶、又有多少需要仰賴潛在的新案（new wins）？

Carter, thanks for your question.

Carter，謝謝你的提問。

It's a -- the view we have right now is with a great deal of confidence in that number. As we've described in the past, even when we have significant new customer adds, which, as Chris said, we indicate we will have in 2013, the bulk of the revenue achieved comes from the customers that we had at the beginning of the year, which gives us a fairly high degree of visibility to that revenue forecast. So the confidence is very high.

我們目前對這個數字抱持非常高的信心。如同我們過去所說，即使我們新增了大量新客戶——正如 Chris 所提到，我們預期 2013 年會有——但實現的大部分營收仍來自於年初就已存在的客戶，這讓我們對該營收預測具有相當高的能見度。因此，我們的信心非常高。

Wouldn't that scroll up in '13 and suggest similar if not better growth -- maybe an acceleration through the year and into '14?

那麼這不就會在 2013 年逐步反映出來，並暗示相同甚至更好的成長——也許全年會加速，並延伸到 2014 年？

Yes, that's the view we have right now. And if we continue to have the success with the increased sales and marketing spending that Chris referred to, that's exactly what we aspire to achieve.

是的，這就是我們目前的看法。而且如果我們能持續在 Chris 所提到的增加銷售與行銷支出方面取得成功，那正是我們希望達成的目標。

And Chris, was that $2 million related to the data center -- help us understand a little more of that -- and that was a one time loss of revenue, correct? So that revenue should actually come back into the model?

另外 Chris，那 200 萬美元是與資料中心相關的——能否再多說明一下——而且那是一次性的營收損失，對嗎？所以那部分營收其實應該會回到模型裡？

Correct, that's a one-time impact we took in Q4. That's a majority of impact from the disruption.

正確，那是我們在第四季承擔的一次性影響。影響的大部分來自於中斷事件所造成的衝擊。

And lastly, the inevitable pricing question, which is, how much pricing impact from the resets you guys discussed last quarter? How much was actually in the quarter and is in your guidance?

最後一個不可避免的定價問題：你們上季討論的那些價格重設，對定價的影響有多大？本季實際反映了多少？又有多少已包含在你們的指引中？

If you look at the guidance -- the question we had on the Q3 call, we mentioned the impact of renewals. And that a significant part of those renewals have already taken place during 2012. If you think about our overall customer base, new contracts are at current rates. And in total, more than half of our customers have been reset in pricing. And that has been factored into our forecast and guidance for 2013. So, by the time we're through this year, I think we will be well-positioned, after taking that one-time adjustment, to have higher growth going forward.

如果你看我們的指引——在第三季電話會議時有人問到這個問題，我們提到續約的影響，而且其中相當一部分續約已在 2012 年期間完成。若從整體客戶基礎來看，新合約是以目前的費率簽訂。整體而言，超過一半的客戶已完成定價重設，而這已納入我們對 2013 年的預測與指引。因此，等我們走完今年，我認為在完成那次性調整之後，我們將處於更有利的位置，未來可望有更高的成長。

In terms of actual impact to your business, it was 2% or 3% or 4% of revenue -- something like that? And that is what you guys have in your guidance?

就對你們業務的實際影響而言，是營收的 2% 或 3% 或 4%——大概這樣的幅度？而且這就是你們在指引中所納入的？

We're not aggregating out the different impacts of which areas impacted revenue by how much. And overall we said we'd be in the high teens this year and obviously that was part of what impacted the guidance. Going forward, we said we'd be at a higher growth rate than that. That is a combination of, one, working through the impact of these renewals, and also the high growth rate which will get us to the 25% growth.

我們不會把不同影響拆分彙總，去量化各個領域對營收影響了多少。整體而言，我們說今年會落在高十幾%的成長，而顯然那也是影響指引的一部分。往後我們也說過，成長率會高於這個水準。這是兩個因素的組合：第一，逐步消化這些續約的影響；第二，更高的成長率將使我們達到 25% 的成長。

And your customer discussions there haven't changed any to lead you to believe differently than you did last quarter?

而你們與客戶的討論並沒有任何改變，讓你們覺得情況會不同於上季的看法？

No, (inaudible) what we saw in Q3.

沒有，（聽不清楚）我們在第三季看到的情況。

Okay. Thank you very much

好的。非常感謝。

Laura Lederman, William Blair.

Laura Lederman，William Blair。

Can you talk a little bit about what the impact of the outage is -- not from the revenue standpoint; you already talked about that -- but customer discussions you've had, impact on pricing, any customers that feel uncomfortable with it, and are thinking of maybe not renewing? So maybe talk about the impact of that outage besides --?

你能否談談停機事件的影響——不是從營收角度；你們已經談過了——而是你們與客戶的討論、對定價的影響、是否有任何客戶因此感到不安並考慮可能不續約？也就是說，除了……之外，談談那次停機的影響？

Sure Laura, in the technology business, service disruptions are, of course, an inevitable part of the business. Most of our customer conversations have centered around the fact that over the last half dozen years, we've had just under a 99.99% uptime. And one of the reasons why people are excited to work with Responsys as the enterprise leader is because of that performance. So I think people have taken it in context.

當然，Laura。在科技產業中，服務中斷當然是業務中不可避免的一部分。我們與多數客戶的對話都聚焦在：過去六年左右，我們的正常運作時間（uptime）接近但略低於 99.99%。而人們之所以對與 Responsys 合作、作為企業級領導者感到興奮，其中一個原因就是這樣的表現。所以我認為大家是放在整體脈絡下看待這件事。

I do believe the phenomenon of having it happen in the fourth quarter for big retailers makes an impact on their business; and that's why, as Chris indicated, we addressed that with the credits that we made in Q4. From your question, on a go forward basis, we think we factored in all the input we've gotten from customers into our guidance. It's very difficult to disaggregate the specific impacts from a service disruption vis-a-vis overall industry pricing vis-à-vis the great value they get from Responsys and our high ROI. But we've tried to factor those all together to come up with that guidance that we articulated.

我確實認為，事件發生在第四季、且對大型零售商而言，會對其業務造成影響；因此，如 Chris 所指出的，我們在第四季以提供抵用額（credits）的方式加以處理。就你問到的未來影響而言，我們認為已將從客戶那裡得到的所有回饋納入我們的指引。要把服務中斷的特定影響、相對於整體產業定價、以及他們從 Responsys 獲得的巨大價值與我們高投資報酬率（ROI）之間的影響逐一拆分，是非常困難的。但我們已嘗試將這些因素一併納入，以形成我們所提出的指引。

Can you talk a little bit about what percentage of the business comes up this year for renewal? I mean a 50% on the new lower pricing -- is it another 25% or so that come up this year for renewal? Or give us a feel for the upgrades this year?

您能否稍微談談今年有多少比例的業務會到期需要續約？我的意思是，新較低定價下的 50%——今年是否還有另外約 25% 左右會到期續約？或者請讓我們了解一下今年升級的情況？

The best way to think about it is around our average contract length. So we have about an 18 month average contract; so you would assume in that construct that maybe two thirds, 60%, 65% of our customers would come up for renewal in any given year.

最好的理解方式是看我們的平均合約期限。我們的平均合約大約是 18 個月；因此在這個架構下，你可以假設在任何一年，大概有三分之二、也就是 60% 到 65% 的客戶會到期續約。

At the same time, any deals we signed in 2012 would already be at the new pricing, I'm saying not the long-term customers who have grown over time and at a different situation.

同時，我們在 2012 年簽下的任何交易，基本上都已經是新定價了；我指的不是那些多年來逐步成長、處於不同情況的長期客戶。

Shifting gears a little bit, you mentioned a few times on the call that you have a premium versus other vendors. What has that premium gone to, given the reset in pricing?

換個話題，您在電話會議中提到好幾次，你們相較其他供應商有溢價。在定價重設之後，這個溢價變成什麼情況了？

We actually think there's been very little, if any, change; but we continue to maintain that 25%, 30% premium. We see that both with new deals that are coming in today, as well as when we see discussions about renewals, that we have not had a challenge maintaining that differential.

我們其實認為幾乎沒有變化（如果有的話也非常小）；我們仍維持 25% 到 30% 的溢價。我們在今天進來的新案子，以及在續約討論中都看到這一點；我們在維持這個價差方面並沒有遇到挑戰。

But what was the reset? I'm a little confused.

但所謂的重設是什麼？我有點困惑。

The reset was still done at a 25%, 30% premium to our pricing was today. But we had a set of customers that, over the last several years have not had -- they just have renewed at the same rate, even though the industry pricing had come down. Because of the high ROI they achieved, they weren't really pushing us, and we, as we described before, there's a few years that were built into that. Now we had a set of customers that would've been very pleased to have a 30% premium, but some of them found themselves in a situation that maybe being a 60%, 70% premium. And as we went into those renewals we described late last year, wanted to level that back to a 30% premium.

重設仍然是在我們當前定價之上維持 25% 到 30% 的溢價來進行。但我們有一批客戶在過去幾年並沒有——他們只是以相同費率續約，儘管產業定價已經下滑。因為他們取得了很高的投資報酬率（ROI），所以並沒有真的對我們施壓；而且如我們先前所描述的，當中也有幾年的因素累積在裡面。現在我們有一批客戶，本來會很樂意接受 30% 的溢價，但其中一些人發現自己可能處於 60% 到 70% 溢價的情況。當我們進入去年年底所描述的那些續約時，我們希望把它拉回到 30% 的溢價水準。

That make sense. Final question for me, which is on the competitive environment -- what changes have you seen? I mean, now you see ExactTarget, [Buying Per Dot], and a lot of other interesting changes, with [Aliko] getting bought. What are you seeing competitively, in terms of who you are seeing more of and who you are seeing less of, that sort of thing?

明白了。我最後一個問題是關於競爭環境——你們看到了哪些變化？我的意思是，現在你看到 ExactTarget、[Buying Per Dot]，以及很多其他有趣的變化，[Aliko] 也被收購了。就競爭而言，你們看到更多的是哪些對手、看到更少的是哪些對手，諸如此類？

Since we happen to have Scott Olrich here, I'll turn to him. My particular perspective is, we haven't seen some significant changes from any competitive dynamics over the last part of the year, but let's take advantage of the fact that Scott's here, and more time in those trenches he can give you the perspective he has.

既然 Scott Olrich 也在現場，我把問題交給他。我個人的觀點是，過去這段時間我們沒有看到競爭動態出現重大變化；但既然 Scott 在，而且他更常在第一線，我們就利用這個機會，讓他分享他的觀察。

Great.

很好。

I think the big thing you're seeing is that marketers are increasingly coming to Responsys because they understand this kind of traditional campaign mindset is not going to cut it; and they are actually looking and need to move more towards this idea of an interaction management mindset, which a larger portion of their programs are going to be automated in nature. Because marketing organizations just don't have the ability to actually deliver relevant marketing in a manual campaign mindset; so they're really looking for platforms that are going to allow them to automate in individualized and ultimately optimize their marketing across channels, because they know that, that is the path to higher revenue and engagement with their customers.

我認為你看到的一個大趨勢是，行銷人員愈來愈多地轉向 Responsys，因為他們明白這種傳統的活動（campaign）思維已經不夠用了；他們其實正在尋找、也需要更朝向「互動管理」的思維轉型，也就是他們更大一部分的方案將會以自動化為主。因為行銷組織在手動活動思維下，根本沒有能力真正提供具相關性的行銷；所以他們在尋找能讓他們以個人化方式自動化、並最終能跨通路最佳化行銷的平台，因為他們知道那是提高營收與提升客戶互動的路徑。

And then, lastly, it's a lot more efficient, and so they need that. And I think you're seeing that across B to B and B to C. Obviously, it's even more important in the B to C world because you have a larger number of customers that you need to have, and you need to be able to manage those interactions at a much larger scale, than you traditionally need to do in the B to B world.

最後，這樣做也更有效率，所以他們需要。我認為你在 B2B 與 B2C 都看得到這個趨勢。當然，在 B2C 世界裡更為重要，因為你需要面對的客戶數量更大，而且你必須能以遠大於傳統 B2B 所需的規模來管理這些互動。

Thank you.

謝謝。

Jennifer Lowe, Morgan Stanley.

Morgan Stanley 的 Jennifer Lowe。

John Parker calling in for Jennifer Lowe. Nice end to the year.

我是代 Jennifer Lowe 撥入的 John Parker。今年收尾很不錯。

I was hoping, one, you happened to notice in the quarter is that your Professional Services revenue came in a little bit higher than your modeling. I was wondering if you could talk a little bit about that outperformance in the quarter, and what we should be thinking about as it relates to the impact on the P&L in the fourth quarter?

我想請教第一點：你們本季的專業服務（Professional Services）營收似乎比你們的模型預估高一些。想請你談談本季這個超預期的原因，以及就第四季損益表（P&L）的影響而言，我們應該如何看待？

Absolutely. The PS was quite strong this quarter. If you go back and look at the comparison, it was a relatively light compare from 2011, which is why the percent increase was higher. We sell a lot of customers in the holiday season looking to Responsys to say we want even more support to make sure we get the full value, particularly for those retail customers. So they increased their usage above what we planned. And good news is, we built some capacity into that part of our organization, and we were able to meet that demand -- that increased demand -- from our customers.

當然。本季 PS 表現相當強勁。如果你回頭看比較基期，2011 年的對比基期相對較低，這也是為什麼成長百分比會更高。我們在假期季節賣給很多客戶，他們轉向 Responsys 說希望獲得更多支援，以確保能取得完整價值，特別是零售客戶。因此他們的使用量高於我們原先規劃。好消息是，我們在組織的這個部分預先建立了一些產能，因此能夠滿足客戶這種需求——增加的需求。

From a go forward perspective, I think as Chris indicated, we actually see the subscription side of our business growing faster than the Professional Services any given quarter. Of course, there can be a variation there, but going forward we actually think that, while PS will continue to be strong, subscription will be a little bit stronger.

從未來展望來看，我認為如 Chris 所指出的，我們其實看到訂閱（subscription）業務在任何一季的成長速度都會快於專業服務。當然其中可能會有波動，但往前看，我們認為 PS 會持續強勁，而訂閱會更強一些。

Great, and I think I might've missed the exact numbers you mentioned, but originally you were speaking to a 40% increase, I believe, in sales capacity for calendar '12. And I'm curious how you saw the end of the year compare your goals -- what productivity looked like for some of those reps that you've even hiring throughout the year? And what type of growth you're also looking for in capacity in calendar '13? And then, as a follow-on to that, how are you thinking about that growth as it relates to both your Enterprise versus the General Business segment in the business?

很好。我可能漏聽了你提到的確切數字，但你一開始談到 2012 年曆年銷售產能增加 40%（我記得是這樣）。我想了解年底的結果與你們目標相比如何——你們在年內持續招募的那些業務代表，其生產力表現如何？另外，2013 年曆年你們也預期產能要成長多少？再延伸問一下：你們如何看待這個成長在企業（Enterprise）與一般商務（General Business）兩個業務區隔之間的配置？

Sure. Again, since having Scott here is wonderful, I'll let him talk a little bit to the General Business versus the Enterprise mix and where we're seeing that growth. But in the macro numbers we had 66 reps in the end of 2011, and we ended at 88 reps at the end of 2012. So easy math to do -- 33% increase in that front. We also made increases in some of the support functions, the marketing functions that improve our win rates; and making those reps successful.

好的。同樣地，Scott 在場很棒，我會讓他談談一般商務與企業的組合，以及我們看到成長的地方。就整體數字而言，我們在 2011 年底有 66 位業務代表，而 2012 年底是 88 位。簡單算一下——在這方面增加了 33%。我們也在一些支援職能、行銷職能上增加投入，以提升我們的贏單率，並讓這些業務代表更成功。

Scott, do you want to provide some color? We don't break out the number of reps by group, but Scott, do you want to provide some color on where you see that demand?

Scott，你要不要補充一些說明？我們不會按團隊拆分業務代表人數，但 Scott，你要不要就你看到的需求在哪裡提供一些觀察？

Yes, the fastest-growing segment in the business is the General Business segment; so that's the largest number of net new reps we've added in the field. I know that Chris and Carla have shared, traditionally the General Business segment has been focusing on deals that are about $50,000 in annual subscription value, all the way up to about $150,000.

好的，業務中成長最快的區隔是一般商務（General Business）；因此我們在前線新增的淨新業務代表人數最多也在這裡。我知道 Chris 和 Carla 也分享過，傳統上一般商務區隔聚焦的案子，年度訂閱價值大約從 50,000 美元到約 150,000 美元。

The one additional shift is, we've been having so much success with that model that now we actually are starting to increase the deal size that, that particular team can go after. So now they're actually going after deals up into the $225,000 mark. So we are extremely bullish on that sales model, and are continuing to grow it rapidly.

另外一個變化是，我們在這個模式上取得了很大成功，因此現在開始提高該團隊可以追逐的交易規模。現在他們實際上會去追到 225,000 美元等級的案子。我們對這個銷售模式非常看多，並持續快速擴張。

Okay, that's helpful.

好的，這很有幫助。

Then maybe one last one following up on that -- I know you probably can't give an exact number in terms of the wins that you've had over the past couple quarters coming from Enterprise versus General Business. But is there any high-level commentary you can help directionally tell us about -- where some of those new customers are coming from in those segments?

那最後再追問一個：我知道你們可能無法提供精確數字，說明過去幾季的贏單有多少來自企業、多少來自一般商務。但在高層次上，你們能否方向性地評論一下——這些新客戶主要來自哪些區隔？

Sure, and I think -- again we don't have a breakout by segment, but if you think about it from a customer count standpoint, and what we've talked about in the past, we're getting to the point where the numbers of customers are about equal between those two businesses. Obviously, the total revenue and the booking size is much larger to the Enterprise because we do have the significantly higher AOV there. But from a number of customers, think about that roughly in the half range.

當然。我想——同樣地，我們沒有按區隔拆分的數據；但如果從客戶數量角度，以及我們過去談過的內容來看，我們正走到一個兩個業務的客戶數大致相當的階段。當然，總營收與簽約金額在企業端要大得多，因為我們在那裡的平均訂單價值（AOV）顯著更高。但就客戶數而言，可以把它想成大約各占一半。

Great, thanks a lot guys.

太好了，非常感謝各位。

Mike Nemerov, Credit Suisse

Mike Nemerov，瑞士信貸

Kyle Chen for Michael Nemerov. Thank you for taking the question.

我是 Kyle Chen，代 Michael Nemerov 提問。感謝讓我提問。

I was wondering if you can comment in terms of the traction that you're seeing from your non e-mail products -- mobile, social display -- and how much you are baking in terms of contribution for 2013?

我想請問，您能否評論一下您在非電子郵件產品——行動、社群、展示廣告——方面看到的推進力（traction）如何？以及您在 2013 年對其貢獻度大約納入了多少？

The impact there from a contribution standpoint will still be relatively small to our total revenue in 2013. But the growth rate is much higher; it's just coming off a very small base. One of the things we talked about, we aspire to do from a reporting standpoint is, sometime this year start to break out things like, what's the attach rate we have, what percentage of our customers have an e-mail and an additional -- whether that be display or mobile or social. And again, by the end of the year we've given the indication that we hope to be able to actually give you a breakout on -- here's the revenue coming from the emerging channels.

就貢獻度而言，2013 年對我們總營收的影響仍會相對較小。但其成長率高得多；只是基期非常小。我們談到的一件事是，從揭露/報告的角度，我們希望在今年某個時點開始拆分一些指標，例如：我們的附加率（attach rate）是多少、我們有多少比例的客戶同時擁有電子郵件以及額外的——不論是展示、行動或社群。再者，我們也已表示希望在年底前能實際提供拆分：新興渠道帶來的營收是多少。

And from a standpoint right now, qualitatively, I'll tell you, though, we are quite excited. We finished the year very strong from a standpoint of customer excitement and enthusiasm around our enhanced display and mobile products. And I think those are the two areas you're going to hear us talking a lot about in 2013, both from the standpoint of driving continued great customer success around these true cost channel marketing programs; but now in 2013 having that start to actually translate into revenue success for Responsys as we scale those programs beyond the testing level.

而就目前的定性角度而言，我可以告訴你，我們其實相當興奮。從客戶對我們強化後的展示與行動產品的興奮度與熱情來看，我們在年底收得非常強。我認為這兩個領域會是你在 2013 年聽到我們談很多的重點：一方面持續推動客戶在這些真正的跨渠道行銷方案上取得很好的成功；另一方面在 2013 年，隨著我們把這些方案從測試層級擴大規模，開始實際轉化為 Responsys 的營收成果。

Great and I guess with the hiring of Ted Wham to head up the travel industry solutions, is this a new strategy for the Company in terms of becoming more vertical-specific?

很好。另外我想問，隨著聘請 Ted Wham 來領導旅遊產業解決方案，這是否代表公司在策略上轉向更垂直產業（vertical-specific）的方向？

Yes, the verticals is something we spend a lot of time on. And again, I'll refer to Scott to give you a little more color on it. I would say it is not a significant strategic shift into a vertical orientation; we do believe there's a lot of value that we cross-fertilize companies between different verticals. But we spend a lot of time thinking about this particular movement.

是的，垂直產業是我們投入很多時間的領域。我再請 Scott 補充一些細節。我會說這並不是一個重大的策略轉向、要全面改成以垂直產業為導向；我們確實相信，不同垂直產業之間的公司可以彼此交叉借鑑、產生很大價值。但我們也花了很多時間思考這個趨勢。

Scott do you want to talk a little about travel in the general question?

Scott，你要不要就旅遊以及這個一般性的問題談一下？

Yes. I think the most important thing, I think -- the way we positioned ourselves in the marketplace is that we're not a vendor; we're a partner with these leading brands as they move from a campaign-centric approach, to a customer-centric approach. So one of the things we do is, we are actually seen as a thought leader. And so what we're doing with Ted, just like we've done in retail and other verticals, is we are actually bring that thought leadership out into the marketplace to our prospects and to customers, to give them a better sense of what the leading marketers are doing in that particular vertical, so then they can be able to leverage our platform in the most powerful way for their business.

好的。我認為最重要的是——我們在市場上的定位是：我們不是供應商；我們是這些領先品牌的合作夥伴，協助他們從以活動（campaign）為中心的做法，轉向以客戶為中心的做法。因此我們做的一件事是，我們實際上被視為思想領袖。對於 Ted，我們正在做的事情，就像我們在零售與其他垂直產業所做的一樣，是把這種思想領導力帶到市場上，面向潛在客戶與現有客戶，讓他們更清楚了解該垂直產業中領先的行銷人員在做什麼，進而能以最有力的方式運用我們的平台來服務他們的業務。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest Securities。

Chris, when I think about the guidance, it's implied that earnings will be lower in the remaining three quarters because of the investments you're making that you laid out. What do you expect the linearity on that to be? Is that going to be more heavily weighted in Q2 and Q3 and then we see the benefits in Q4? Or is it going to be all the way through those remaining three quarters? Can you give us any better sense on how that may roll out?

Chris，當我看你們的指引時，隱含的意思是因為你們所提到的投資，接下來三個季度的獲利會比較低。你們預期其線性（linearity）會如何？會比較集中在 Q2 和 Q3，然後在 Q4 看到效益？還是會貫穿接下來三個季度？能否更具體說明可能的展開方式？

Brendan, was your question on the linearity of profitability or the linearity of something else?

Brendan，你的問題是關於獲利的線性，還是其他項目的線性？

Yes -- linearity of profitability. And really, I'm just getting at how the earnings numbers are going to flow through those remaining three quarters? If it's going to be consistent across all of them; if you expect it to be more weighted towards the Q2 or Q3 or Q4? How we might think about where the bulk of that spending is going to come?

是——獲利的線性。我主要想問的是，接下來三個季度的獲利數字會如何流動？是否每季都差不多；或你們預期會更偏向 Q2、Q3 或 Q4？我們該如何看待大部分支出會在哪些季度發生？

There are two sides, right? One is the revenue side and the other one is the expense side. So I think on the expense side you will see a fairly constant increase during the year on particular sales and marketing, which is the area that has the highest growth. Then back to revenue; we do get a boost in Q1 from some of these [old] contracts, and have good subscription revenue, overage revenue in Q1.

有兩個面向，對吧？一個是營收端，另一個是費用端。我認為在費用端，你會看到全年相對持續的增加，特別是在銷售與行銷方面，這是成長最高的領域。再回到營收端；我們在 Q1 會因為其中一些[舊]合約而得到提振，且 Q1 的訂閱營收與超額（overage）營收表現不錯。

In Q4 is a high seasonality; Q4 is obviously the higher-volume retail period, so we get the boost from the revenue. And then there's some seasonality in expenses inn for example [In Tract], the big customer event that we have, specifically in May. It was in May last year; it will be May again this year. And I guess a couple million dollars in marketing spend we have coming in there. So Q2 typically is the lowest profitability quarter during the year. And Q1 and Q4 tends to be higher profitability.

Q4 具有高度季節性；Q4 顯然是零售量較高的期間，因此我們會在營收端得到提振。另外費用也有一些季節性，例如我們的大型客戶活動 [In Tract]，特別是在 5 月。去年在 5 月，今年也會在 5 月。我想那裡會有約數百萬美元的行銷支出。因此 Q2 通常是全年獲利能力最低的季度，而 Q1 與 Q4 往往是獲利能力較高的季度。

That's helpful.

這很有幫助。

I also noticed in the guidance for this year it looks like the comp assumption is about double what it was last year. Why the big uptick there?

我也注意到今年指引中的薪酬（comp）假設看起來大約是去年的兩倍。為什麼會大幅上升？

We're making assumptions on some hires and also some additional RSUs for some key team members. Remember, a large part of our team has been in the Company for a while. One thing we are about is retaining employees, so we've got a lot of employees that have been fully vested in some stock options; we have some resales we need to do there. It really is new grounds to new employees. Obviously, every employee member gets some grant, although smaller amounts typically; but then most of the key employees has some grants in there.

我們在假設中納入了一些招募人員，以及對部分關鍵團隊成員額外發放一些 RSU。請記得，我們團隊中有很大一部分人在公司待了一段時間。我們很重視留才，因此有不少員工的某些股票選擇權已完全歸屬；我們需要在那裡做一些再授予。這主要是針對新進員工的新增授予。當然，每位員工都會有一些授予，通常金額較小；但多數關鍵員工也會包含一些授予。

Lastly, as we think about the shift towards these new contracts that may have a smaller overage -- or correct me about this -- should we be assuming a smaller overage component in those, so that overage may in fact, could be down this year on a year-over-year basis because of the shift that's going on there?

最後，當我們思考轉向這些可能超額（overage）較小的新合約——或如果我理解有誤請糾正——我們是否應該假設其中的超額占比會更小，因此由於這個轉變，今年的超額可能在年對年基礎上反而會下降？

As a percentage, I would say yes. We saw very good decent overage in Q4, larger than we've seen before, but we are assuming that customers making high adjustments on renewals; that which we saw some in 2012 we think we will continue to see that in 2013. [High commitment] will mean some lower overages as a percentage of total revenue for the year.

以占比來看，我會說是的。我們在 Q4 看到非常不錯的超額，且比以往更高，但我們假設客戶在續約時會做較高幅度的調整；2012 年我們已看到一些，我們認為 2013 年會持續看到。[較高承諾]意味著今年超額占總營收的比例會較低。

Do you think overage will be up on a year-over-year basis in an absolute dollar number?

你認為超額在年對年基礎上，以絕對美元金額來看會增加嗎？

It'll be up, but the question is the extent of that, right? I don't think it'll be up at the same growth rate that the core subscription will be growing.

會增加，但問題在於增加的幅度，對吧？我不認為它會以與核心訂閱同樣的成長率成長。

Got it. Thank you.

了解。謝謝。

I'm not showing any further questions at this time. I'd like to turn the conference back our host for closing remarks.

目前我這邊沒有顯示其他提問。我想把電話會議交回給我們的主持人做結語。

Thank you all for joining us, and we'll talk to you next quarter.

感謝各位參與，我們下個季度再聊。

Ladies and gentlemen, this does include today's presentation. You may now disconnect, and have a wonderful day.

各位女士、先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。