甲骨文 (ORCL) 2013 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Responsys' first-quarter 2013 earnings call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session with instructions following at that time.

各位女士、先生，大家好，歡迎參加 Responsys 2013 年第一季財報電話會議。此刻，所有與會者皆處於僅收聽模式。稍後我們將進行問答環節，屆時會提供相關指示。

(Operator instructions)

（接線員指示）

As a reminder, this conference is being recorded. Now I will turn the conference over to Carla Cooper, Senior Director, Planning and Analysis. Please begin.

提醒各位，本次會議將被錄音。現在我將把會議交給 Carla Cooper，規劃與分析資深總監。請開始。

Thank you, and thank you for joining us today to discuss Responsys' results for the first quarter ended March 31, 2013. Participating in today's call will be Dan Springer, Chairman and Chief Executive Officer and Chris Paul, Chief Financial Officer. I will cover the Safe Harbor statement, then turn the call over to Dan.

謝謝，也感謝各位今天加入我們，一同討論 Responsys 截至 2013 年 3 月 31 日止第一季的業績表現。參與今天電話會議的有董事長兼執行長 Dan Springer，以及財務長 Chris Paul。我將先說明「安全港」聲明，接著把電話交給 Dan。

The primary purpose of today's call is to discuss our first-quarter performance. 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, actual results could differ materially. For a listing of the risks that could cause this, please see our most recent form 10-K filed with the SEC, as well the factors identified in today's press release.

今天電話會議的主要目的，是討論我們第一季的表現。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。關於可能導致此情況的風險清單，請參閱我們最近向美國證券交易委員會（SEC）提交的 10-K 表格，以及今日新聞稿中所列因素。

During the course of this call, we 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 on the investor-relations portion 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？

Thank you, Carla, and good afternoon to everyone joining the call. During the first quarter, we successfully executed against our strategy, and our strong results demonstrate continued and meaningful progress towards our goals. We are off to a great start on our goal of making 2013 even stronger than 2012. Today, I will begin with a quick review of our Q1 highlights and then discuss our Q2 guidance, as well as our increased guidance for the full year 2013.

謝謝你，Carla，也向所有加入本次電話會議的各位道聲午安。第一季期間，我們成功落實既定策略，而我們強勁的成果展現了朝目標持續且具實質意義的進展。我們在「讓 2013 年比 2012 年更強勁」的目標上有了很好的開端。今天我將先快速回顧第一季重點，接著說明第二季財測，以及我們上調後的 2013 全年財測。

Revenue in the quarter was $48.5 million, an increase of 27% versus the first quarter of 2012. We often say that our success is driven by the success of our customers, and it is particularly true with these great results. The strong usage of the Responsys Interact Platform by our customers and the high demand of our professional services from new and existing clients were the key revenue drivers this quarter. We also achieved strong profitability driven by this upside in revenue, and we generated non-GAAP earnings per share of $0.07. The revenue in Q1 was $3.5 million above the high end of our guidance, and the earnings per share was $0.02 per share above the high end of our guidance, so we are quite pleased with the results. We are establishing Q2 revenue guidance of $45.5 million to $46.5 million. And based upon the strong start to the year, we are raising our 2013 full-year guidance from $188 million to $192 million, up to $190 million to $193 million. Chris will provide greater details on our financial results and the highlight to key drivers for our Q2 and full-year guidance later in the call.

本季營收為 4,850 萬美元，較 2012 年第一季成長 27%。我們常說，我們的成功來自客戶的成功，而在這些亮眼成果上尤其如此。客戶對 Responsys Interact 平台的強勁使用量，以及新舊客戶對我們專業服務的高度需求，是本季營收的主要驅動因素。我們也在營收超預期的帶動下達成強勁獲利，非 GAAP 每股盈餘為 0.07 美元。第一季營收較我們財測區間上緣高出 350 萬美元，而每股盈餘也較財測上緣高出 0.02 美元，因此我們對結果相當滿意。我們對第二季營收的財測為 4,550 萬至 4,650 萬美元。並且基於今年強勁的開局，我們將 2013 全年財測由 1.88 億至 1.92 億美元，上調至 1.90 億至 1.93 億美元。Chris 將在稍後的會議中，提供更多財務結果細節，並說明第二季與全年財測的關鍵驅動因素。

Responsys is achieving this financial success because, quite simply, we understand marketers and are able to anticipate their needs. You've all heard the Gartner study that predicts CMOs will spend more on technology and services than the CIO by 2017. And we are already seeing this happen with the CMOs we work with today. We believe the big need of CMOs and global marketing organizations will be how to communicate with their increasingly digital customers on an individual basis across millions of interactions and across all key digital channels. We at Responsys are key partners with CMOs to make this happen.

Responsys 能取得這樣的財務成功，原因很簡單：我們了解行銷人員，並能預先洞察他們的需求。各位都聽過 Gartner 的研究，預測到 2017 年，CMO 在科技與服務上的支出將超過 CIO。而我們已在目前合作的 CMO 身上看到這種趨勢正在發生。我們相信，CMO 與全球行銷組織的重大需求，將是如何在數以百萬計的互動中，並跨越所有關鍵數位通路，以個人化方式與日益數位化的客戶溝通。我們 Responsys 正是協助 CMO 實現這一點的關鍵合作夥伴。

Responsys Interact Suite, our cross-channel interaction-management platform is integrated so each customer can receive coordinated and optimized messages in any digital channel they spend time in, be it e-mail, social, mobile, display, or the web. Our unique approach to customer-interaction management is why the top analyst firms continually rank our technology ahead of the pack. It is also why the world's leading marketing organizations are increasingly seeking out responses, and we are so confident in our growth investments. Because our innovative cross-channel platform is so important to our long-term success, I am thrilled to have recently renounced that Scott Olrich, my partner in building this business for the last nine years, has taken on the role of leading our overall platform effort as our President of Marketing and Platform. Scott's vision and leadership over the past nine years have been instrumental in helping to drive Responsys' growth. I'm even more excited for his next role as President of Marketing and Platform, where he'll help us to scale our growth and achieve our vision of making Responsys the most important marketing cloud software and services company for years to come.

Responsys Interact Suite 是我們的跨通路互動管理平台，透過整合，讓每位客戶都能在其投入時間的任何數位通路（無論是電子郵件、社群、行動、展示型廣告或網站）接收協調一致且經最佳化的訊息。我們在客戶互動管理上的獨特方法，正是為何頂尖分析機構持續將我們的技術評比為領先同業的原因。這也解釋了為何全球領先的行銷組織愈來愈多地尋求 Responsys 的解決方案，並使我們對成長投資充滿信心。由於我們創新的跨通路平台對長期成功至關重要，我很高興近期宣布：過去九年與我一同打造這項事業的夥伴 Scott Olrich，已接任「行銷與平台總裁」，負責領導我們整體平台工作。Scott 在過去九年的願景與領導力，對推動 Responsys 成長至關重要。我對他在行銷與平台總裁的新角色更感到振奮，他將協助我們擴大成長規模，並實現我們的願景：在未來多年讓 Responsys 成為最重要的行銷雲端軟體與服務公司。

In two weeks' time, we will have the opportunity to showcase the tremendous success our customers are having with the Interact Platform, while we engage with our customers and our prospects at the Responsys Interact 2013 Conference in San Francisco this May 21 to 23. With well over 1,000 attendees, this conference is one of the largest gatherings of digital marketers in the world and an important touch point with our customers and our partners. This year, we will have some of the best marketers in the business joining us from world-class brands, such as Nordstrom, Metropolitan Life, Southwest Airlines, Comcast, Coach, Orbitz, Intuit, and REI, to name just a few.

再過兩週，我們將有機會在 5 月 21 日至 23 日於舊金山舉辦的 Responsys Interact 2013 大會上，展示客戶使用 Interact 平台所取得的卓越成功，同時與客戶及潛在客戶交流。此次大會將有超過 1,000 名與會者，是全球規模最大的數位行銷人員聚會之一，也是我們與客戶及合作夥伴的重要接觸點。今年，將有業界最優秀的一些行銷人員，來自 Nordstrom、Metropolitan Life、Southwest Airlines、Comcast、Coach、Orbitz、Intuit 與 REI 等世界級品牌（僅舉數例）與我們一同參與。

A big driver of our strong revenue growth is that Responsys continues to serve the best marketers in the business. In the first quarter, we signed up world-class brands that are embracing a consumer-led approach to their marketing. These clients span a variety of industries, including jewelry retailer, Zales, which chose Responsys so it could use a customer-led approach to drive deeper and more loyal relationships with its customer base. And MacAfee, the software company which will utilize our Responsys Interact Suite across the e-mail and display channels in Europe, as well as well-known companies like Gerber Life Insurance and Kirkland's Furniture. Because of our continued growth in our general business segment, we also added great brands you may not know well, Noni B, leading Australian retailer; and Musicnotes, the world's largest online retailer of sheet music.

推動我們營收強勁成長的一大因素，是 Responsys 持續服務業界最頂尖的行銷人員。第一季，我們簽下採用以消費者為主導之行銷方法的世界級品牌客戶。這些客戶橫跨多個產業，包括珠寶零售商 Zales，選擇 Responsys 以便採用以客戶為核心的方法，與其客群建立更深且更忠誠的關係；以及軟體公司 MacAfee，將在歐洲於電子郵件與展示型廣告通路使用我們的 Responsys Interact Suite；此外還有 Gerber Life Insurance 與 Kirkland's Furniture 等知名公司。由於我們在一般企業客群（general business segment）的持續成長，我們也新增了一些你可能不太熟悉的優秀品牌，例如澳洲領先零售商 Noni B，以及全球最大的線上樂譜零售商 Musicnotes。

Because we see such a large opportunity for Responsys, we will continue to grow our sales efforts and our global expansion. To that end, we have hired Jason Zintak, formerly Senior Vice President of Worldwide Sales at SaaS pioneer, GT Nexus. Hiring this experienced sales executive bolsters our effort to aggressively scale our investment in sales and marketing to ensure years of strong growth ahead.

由於我們看到 Responsys 擁有龐大機會，我們將持續擴大銷售投入與全球擴張。為此，我們聘請了 Jason Zintak，他先前在 SaaS 先驅 GT Nexus 擔任全球銷售資深副總裁。延攬這位具經驗的銷售主管，強化了我們積極擴大銷售與行銷投資的努力，以確保未來多年持續強勁成長。

At Responsys, our sales organization is motivated by our deep commitment to superior product innovation, and we continue to push the envelope on product development to support our industry leadership. In the first quarter, Responsys released a 6.17 version of Interact that includes key enhancements. Let me share just a few of them with you. First, we have delivered a completely redesigned campaign builder to help marketers create highly tailored messages faster than ever before, with fewer clicks and greater efficiency. Efficiency in creating highly tailored messages is important to our customers, because doing personalization without automation is difficult and time-consuming. Second, we built in more intelligence to help guide marketers on best practices for creating and sending messages across the digital channels. We have found that guiding our customers in this way enables them to deliver the highly customized messages that contribute directly to ROI and the success of their campaign. These are absolutely critical factors, and Responsys continues to push the envelope on helping marketers achieve the highest ROI in the industry from their programs, which in turn drives our premium pricing.

在 Responsys，我們的銷售組織受到我們對卓越產品創新的深度承諾所驅動；我們也持續在產品開發上突破界限，以支持我們的產業領導地位。第一季，Responsys 發布了 Interact 6.17 版本，包含多項關鍵強化。讓我與各位分享其中幾項。首先，我們推出了全新改版的活動建置工具（campaign builder），協助行銷人員以前所未有的速度建立高度客製化訊息，點擊次數更少、效率更高。對客戶而言，提升建立高度客製化訊息的效率很重要，因為沒有自動化的個人化作業既困難又耗時。第二，我們加入更多智慧功能，協助引導行銷人員在各數位通路建立與發送訊息時遵循最佳實務。我們發現，以這種方式引導客戶，能讓他們傳遞高度客製化的訊息，直接促成投資報酬率（ROI）與活動成功。這些都是絕對關鍵的因素；Responsys 也持續突破界限，協助行銷人員從其方案中取得業界最高的 ROI，而這也進一步支撐我們的溢價定價。

And finally, just last week we announced the release of Interact Preference, a new offering within the Responsys Interact Suite that provides marketers with a unified cross-channel view of customer preferences and permissions. For the first time ever, marketers can easily collect and manage preferences across both digital and physical touch points, all within one technology platform. As Scott Olrich noted on our fourth-quarter conference call, it is Responsys' strategy to expand its functionality so that the Interact Suite is the critical customer interaction management platform for world-class B2C marketers. Interact Preference is another building block towards that goal. This is one more element of functionality that makes Responsys the go-to partner for CMOs in this digital age of marketing.

最後，就在上週我們宣布推出 Interact Preference，這是 Responsys Interact Suite 旗下的一項全新產品，為行銷人員提供跨通路整合的客戶偏好與授權（permissions）檢視。這是首次讓行銷人員能在單一技術平台內，輕鬆蒐集並管理涵蓋數位與實體接觸點的偏好設定。正如 Scott Olrich 在我們第四季財報電話會議中所指出，Responsys 的策略是擴充其功能，使 Interact Suite 成為世界級 B2C 行銷人員不可或缺的客戶互動管理平台。Interact Preference 是朝此目標邁進的另一塊基石。這也是讓 Responsys 在這個數位行銷時代成為 CMO 首選合作夥伴的又一項功能要素。

As we continue to deliver success for our customers with a differentiated customer-led approach to marketing, we believe we will continue to innovate and execute on our vision of becoming the leading marketing cloud software and services leader. Now, let me turn the call over to Chris Paul for financial details of our first-quarter results and guidance for the second quarter and all of 2013. Chris?

隨著我們持續以差異化、以客戶為導向（customer-led）的行銷方法為客戶帶來成功，我們相信我們將持續創新並落實我們的願景：成為領先的行銷雲端軟體與服務領導者。接下來，我把電話交給 Chris Paul，請他說明我們第一季的財務結果，以及第二季與 2013 全年的展望指引。Chris？

Thank you, Dan. As Dan mentioned, we had a strong start to the year. First-quarter revenue was $48.5 million, up 27% from $38.1 million in the first quarter of 2012. Subscription revenue was $33.6 million, up 23%, as compared to $27.2 million in the first quarter of 2012. Overage revenue was 27% of total subscription revenue, compared to 25% in the first quarter of 2012. We are encouraged by how our customers are driving the marketing activities and our revenue, which in Q1 included approximately $2 million in overage revenue from customers with annual volume commitments. In line with this momentum, the subscription dollar retention rate was over 100%, consistent with previous quarters.

謝謝你，Dan。正如 Dan 提到的，我們今年開局強勁。第一季營收為 4,850 萬美元，較 2012 年第一季的 3,810 萬美元成長 27%。訂閱營收為 3,360 萬美元，較 2012 年第一季的 2,720 萬美元成長 23%。超額（overage）營收占訂閱總營收的 27%，相較 2012 年第一季為 25%。我們對客戶如何推動行銷活動與帶動營收感到鼓舞；第一季包含約 200 萬美元的超額營收，來自具有年度用量承諾（annual volume commitments）的客戶。延續這股動能，訂閱金額留存率（subscription dollar retention rate）超過 100%，與前幾季一致。

Professional services revenue was $14.9 million, up 38%, as compared $10.8 million in the first quarter of 2012. Our customer count was 415, up two from last quarter, and up 20% from the first quarter of 2012 count of 346. As we have told you in the past, there can be a certain fluctuation quarter to quarter in this metric, and we look at this metric in the context of a longer trend. To that point, the first quarter, there were about one dozen customers that were either consolidated into a single parent account, or dipped below the $3,000 threshold we use to count the customers.

專業服務營收為 1,490 萬美元，較 2012 年第一季的 1,080 萬美元成長 38%。客戶數為 415 家，較上季增加 2 家，並較 2012 年第一季的 346 家成長 20%。如同我們過去所說，這項指標可能會在各季之間出現一定波動，我們會在較長期趨勢的脈絡下看待此指標。就此而言，第一季約有一打（約 12 家）客戶，或是被整併至單一母公司帳戶之下，或是其金額低於我們用來計算客戶數的 3,000 美元門檻。

As I walk you through profitability, please note that the following commentary refers to non-GAAP measures that exclude stock compensation and amortization of intangibles. Subscription gross margin was 74% compared to 73% a year ago, benefiting from the strong revenue in the quarter. Professional services gross margin was 19% versus 10% a year ago, driven by high utilization in the quarter. In the first quarter, operating expenses of 43% of total revenue were in line with our plan and compared to 40% a year ago. We are investing more in sales and marketing to drive revenue growth, spending 4 percentage points more in this area than a year ago. R&D expense was down 1 percentage point due to higher capitalization of software-development costs. We continue to increase spending in our research and development efforts to support our product innovation. Our R&D investments support our focus on adding enhancements and introducing new products that make it easier for our customers to deliver customer-centric campaigns and drive greater ROI from their marketing investments.

在我帶各位檢視獲利能力之前，請注意以下評論係指非 GAAP 指標，排除股票酬勞與無形資產攤銷。訂閱毛利率為 74%，高於一年前的 73%，受惠於本季強勁的營收表現。專業服務毛利率為 19%，相較一年前為 10%，主要由本季較高的資源利用率（utilization）所帶動。第一季營業費用占總營收 43%，符合我們的計畫，並高於一年前的 40%。我們在銷售與行銷方面投入更多以推動營收成長，該領域支出較一年前增加 4 個百分點。由於軟體開發成本資本化比例提高，研發費用占比下降 1 個百分點。我們仍持續增加研發投入以支持產品創新。我們的研發投資支持我們聚焦於新增強化功能並推出新產品，讓客戶更容易執行以客戶為中心的活動（customer-centric campaigns），並從其行銷投資中帶動更高的投資報酬率（ROI）。

Non-GAAP net income for the first quarter of 2013 was $3.7 million, or $0.07 per diluted share, as compared to $3.5 million, or $0.07 per share, for the first quarter of 2012. Free cash flow, which we define as cash flow from operations less the purchase of property and equipment, was approximately $800,000 in the quarter. Cash and equivalents were approximately $106 million at the end of the quarter.

2013 年第一季非 GAAP 淨利為 370 萬美元，稀釋後每股盈餘為 0.07 美元；相較之下，2012 年第一季為 350 萬美元、每股 0.07 美元。自由現金流（我們定義為營運活動現金流量扣除購置不動產及設備）本季約為 80 萬美元。季末現金及約當現金約為 1.06 億美元。

Turning to guidance, we are establishing second-quarter guidance of $45.5 million to $46.5 million. This reflects the strong momentum we have seen this year. When comparing Q2 guidance to the results for Q1, note that the first quarter included approximately $2 million in overage revenue from contracts with annual volume commitments. Our non-GAAP earnings-per-share guidance for Q2 is $0.02 per share. This reflects the expenses associated with our annual [user] conference in the US and UK, both of which fall into the second quarter of 2013. For the year, we are increasing our revenue guidance from a range of $188 million to $192 million up to $190 million to $193 million. Our non-GAAP earnings-per-share guidance for 2013 is approximately $0.18, reflecting our continued investments and opportunities to drive revenue growth. We have said before that we will look hard for opportunities to vest and drive growth, and we are finding them, both in sales and marketing and in product innovation.

接著談展望指引，我們訂定第二季營收指引為 4,550 萬至 4,650 萬美元。這反映了我們今年所見的強勁動能。將第二季指引與第一季實際結果比較時，請注意第一季包含約 200 萬美元的超額營收，來自具有年度用量承諾的合約。我們第二季非 GAAP 每股盈餘指引為每股 0.02 美元。這反映了我們在美國與英國舉辦年度 <user> 大會所相關的費用，兩場活動皆落在 2013 年第二季。就全年而言，我們將營收指引由 1.88 億至 1.92 億美元上調至 1.90 億至 1.93 億美元。2013 年非 GAAP 每股盈餘指引約為 0.18 美元，反映我們持續投資以及推動營收成長的機會。我們先前曾表示會積極尋找能夠加速（vest）並推動成長的機會，而我們確實正在找到這些機會，涵蓋銷售與行銷以及產品創新。

I would also like to highlight the seasonality that we typically see in Q3 and Q4 revenue. In the past few years, we have seen that our third-quarter performance has been fairly consistent with our performance in the second quarter. Based upon what we've seen so far, we believe that we could expect to see a similar trend this year. Looking at the broader seasonality of our business, historically our fourth-quarter revenue has shown a meaningful increase above Q3, reflecting the holiday activities of our customers.

我也想強調我們通常在第三季與第四季營收中看到的季節性。過去幾年，我們觀察到第三季表現與第二季相當一致。根據目前所見，我們相信今年也可能出現類似趨勢。從更廣泛的業務季節性來看，歷史上第四季營收相較第三季通常會有顯著提升，反映客戶在假期期間的活動增加。

A note on cash flow and CapEx in our second quarter, we expect our second-quarter cash flow from operations to be higher than our first quarter, as we will be collecting a large portion of the overage revenue that was generated in the first quarter. We also expect our CapEx to be higher than in the first quarter, at around $6 million. In the second quarter, we will finish renovations for expanded office space in San Francisco and Chicago, and also expect to purchase IT equipment to deploy ahead of the 2013 holiday season. We expect our non-GAAP tax rate to be approximately 35% for the year. Our forecasted share count is 53.6 million shares for the second quarter and 54 million shares for the full year.

關於第二季的現金流與資本支出（CapEx），我們預期第二季營運活動現金流量將高於第一季，因為我們將收取第一季所產生的超額營收中的大部分。我們也預期 CapEx 將高於第一季，約為 600 萬美元。第二季我們將完成舊金山與芝加哥擴增辦公空間的整修，並預期購置 IT 設備，以在 2013 年假期旺季前完成部署。我們預期全年非 GAAP 稅率約為 35%。我們預估第二季流通股數為 5,360 萬股，全年為 5,400 萬股。

We are excited about our strong start to the year and for the opportunities we see throughout the marketing landscape. We are making the key investments that we believe will allow us to deliver innovation to our customers and continue to drive higher revenue growth. We hope that you will join us at Interact in May, and Carla will now give you details on that event. Carla?

我們對今年強勁的開局以及在整體行銷版圖中所看到的機會感到振奮。我們正在進行我們認為能讓我們為客戶帶來創新、並持續推動更高營收成長的關鍵投資。我們希望各位能在 5 月參加 Interact，接下來 Carla 會提供該活動的細節。Carla？

Thank you, Chris. Interact will take place at the San Francisco Marriott, May 21 to 23. We are hosting an investor briefing for institutional investors and analysts on May 21 at 3.30. This briefing will be webcast. If you are an institutional investor or analyst and have not already received an invitation for the briefing, please e-mail me at ir@responsys.com and I will send one to you.

謝謝你，Chris。Interact 將於 5 月 21 日至 23 日在舊金山萬豪酒店（San Francisco Marriott）舉行。我們將於 5 月 21 日 3:30 為機構投資人與分析師舉辦投資人簡報會。本簡報會將進行網路直播。如果您是機構投資人或分析師，且尚未收到簡報會邀請，請寄電子郵件至 ir@responsys.com 與我聯繫，我會寄送邀請給您。

We are now ready for questions. Operator, could we please have the first question?

我們現在準備開始提問。接線員，請問可以先接第一個問題嗎？

(Operator Instructions)

（接線員指示）

Carter Malloy, Stephens.

Carter Malloy，Stephens。

Congratulations on the quarter. On the first quarter, up 9% sequentially, I think that's better than any historical, repeated -- I'm sorry any reported historical 1Q. Help break down the drivers of that again. It looks like there's a few customers added. Was that -- were those high-value customers, or was this really just a function of volume and maybe even some price across your core base?

恭喜本季表現。第一季較前一季成長 9%，我認為這比任何歷史上重複出現的——抱歉，是任何已報告的歷史第一季都要好。請再幫我們拆解一下驅動因素。看起來新增了幾位客戶。那——那些是高價值客戶嗎？還是其實主要只是核心客群的量增，甚至可能也有一些價格因素？

Your assumption is correct; that is our highest-ever sequential Q1 over Q4, at least in the nine years I've been here. And I think there's a couple reasons behind it. It's not something very specific about a couple key customers that drove dramatic change. I think it's more the longer-term tail winds that we're seeing. I think Responsys increasingly feels we're in the right spot. Digital marketing, particularly those that are serving direct channels that have high ROI and those that are doing customer marketing versus acquisition marketing, are in a really strong place. I think we are seeing that positioning be very attractive right now.

你的假設是正確的；至少在我待在這裡的九年裡，這是我們第一季相較第四季最高的一次季增。我認為背後有幾個原因。並不是某幾個關鍵客戶帶來了戲劇性的變化。我覺得更多是我們正在看到的長期順風。我認為 Responsys 越來越覺得我們站在正確的位置上。數位行銷，特別是服務直接通路、投資報酬率（ROI）很高，以及做客戶行銷而非獲客行銷的那些領域，正處於非常強勢的位置。我們看到這樣的定位目前非常有吸引力。

And the second thing is around execution that may be very specific to the near-term question, Carter, around this quarter, is we've been making great investments in sales and marketing, both to new customers we are adding, as well as to our existing customers. And we're seeing them pay off. And that's why you're going to see us continue to make those investments, because we think we have a very strong growth opportunity ahead.

第二點是執行面，可能更貼近你問的短期問題，Carter，尤其是本季。我們在銷售與行銷上做了很好的投資，不論是針對新增客戶，或是針對既有客戶。我們看到這些投資正在產生回報。這也是為什麼你會看到我們持續進行這些投資，因為我們認為前方有非常強勁的成長機會。

That actually leads into my other question, which is on the sales and marketing line, certainly you are spending more on an absolute basis than historically. But still holding it still pretty consistent as [a verse in a] top line. Why not spend more incrementally there going forward or use more of that leverage? Or is it something where we should expect to see it stay underneath 30%?

這其實也帶到我另一個問題，就是關於銷售與行銷費用這一項。當然你們在絕對金額上確實比過去花得更多，但占營收比重仍維持得相當一致。為什麼未來不在這裡做更多的邊際投入，或運用更多槓桿？還是說我們應該預期它會維持在 30% 以下？

So first off, for the specific quarter, we expected to have the percent of sales and marketing be higher than it was. But the revenue came in so much stronger that it actually effectively suppressed that percent. So we do have that intent to continue to increase that, as we talked about for the last several quarters, mentioned the hiring of Jason Zintak to come in and try to drive that more aggressively. And a think you will see us, Carter, continue -- we see the opportunities being significant. And you will see us continue to invest more aggressively on sales and marketing, because it really is a large opportunity ahead.

首先，就本季而言，我們原本預期銷售與行銷占比會更高一些。但營收表現遠超預期，反而有效壓低了這個百分比。所以我們確實有意圖持續提高這項投入，正如我們過去幾季所談到的，也提到聘請 Jason Zintak 加入，希望更積極推動。我想你會看到我們，Carter，持續——我們認為機會非常可觀。你會看到我們在銷售與行銷上持續更積極投資，因為前方確實有很大的機會。

Okay, but as a percent of sales, so we should expect to see that go up some going forward?

好的，但以營收占比來看，我們應該預期未來會上升一些嗎？

Yes.

是的。

Okay. Thank you so much, and again, congratulations.

好的。非常感謝，再次恭喜。

Jennifer Lowe, Morgan Stanley.

Jennifer Lowe，Morgan Stanley。

Going back to maybe even a higher level than just the specific factors to Responsys in the quarter, this is a Q1 where most companies in the tech space have struggled a bit. Obviously, your results stand out against that backdrop. What are you seeing from a macro perspective and from your customers and the type of discussions they are having at this point around -- ?

回到可能比本季 Responsys 的特定因素更高層次的問題：這是一個第一季，科技產業多數公司都稍微有些掙扎。顯然你們的結果在這樣的背景下很突出。從總體環境、以及從你們客戶端與他們目前在討論的內容來看，你們看到了什麼——？

Good question. I think any macro component that you hear other people speak about this quarter has not been something we have really observed. And it could just be some that some of the strong things specific, either to our execution or to our specific marketplace, are drowning them out. But to be straightforward from our side, we are not really seeing the impact on our customers, either existing customers or prospects, that are thinking of coming to Responsys as being impacted by the macro. We are an outlier from that observation standpoint.

好問題。我認為你聽到其他人在本季談到的任何總體因素，我們其實沒有真正觀察到。也可能是一些我們自身執行或我們特定市場的強勁因素把那些影響蓋過去了。但坦白說，從我們這邊看，我們並沒有真的看到總體環境對我們的客戶造成影響，不論是既有客戶或潛在客戶——那些考慮採用 Responsys 的客戶——都沒有受到總體因素影響。從觀察角度來看，我們算是個例外。

And maybe just a little bit of a follow-up on that, you are about a year in to the increased investments around the sales side. And that's helping your out-performance relative to some your peers, potentially. Two questions on that. One is how is your hiring tracking relative to that plans that you had? Are you finding the right people, or is it tough to find the right people out there? And then two, to the extent that you did start that hiring ramp last year and the out-performance in the quarter, is that those people becoming productive? Or is that still upward leverage from here, given that they are still relatively new assets?

再追問一下：你們在銷售端加大投資大概已經一年了，這可能也幫助你們相對同業表現更好。關於這點有兩個問題。第一，你們的招募進度相對於原先計畫如何？你們找得到合適的人才嗎，還是市場上很難找到對的人？第二，既然去年開始加速招募，而本季又有超預期表現，這是否代表那些人已經開始產生生產力？還是說因為他們仍算新資產，後續還有更大的上行槓桿？

Yes. Good questions, both. So on the first piece, you know how disciplined we are, Jen, about saying we won't bring on people that are below the Responsys quality bar. And we continue to have that discipline. But we have been quite fortunate that we've been able to attract great talent, and so we are pretty much on plan for our hiring. I think we are looking now, similar to Carter's question, can we accelerate it even more? Can we figure out a way to put even more feet on the street and more aggressively grow that spending in sales and marketing? And we are looking to do that.

是的，兩個都是好問題。先談第一點，你知道我們一向很自律，Jen，我們不會招募低於 Responsys 品質門檻的人。我們仍維持這樣的自律。但我們也很幸運能吸引到優秀人才，所以招募基本上符合計畫。我想我們現在在看，類似 Carter 的問題，我們能不能再加速？能不能想辦法讓更多業務人員上街（投入前線），並更積極地提高銷售與行銷支出？我們正在朝這方向努力。

From a productivity standpoint, one of the things that has been really successful for us, and we've mentioned this on a previous call, that we have brought people in through this general business segment. That we've been able to nurture and develop and promote into the enterprise. And so we have built this really attractive funnel for talent that we brought into the Responsys sales and marketing organization. So we feel pretty bullish that we can continue to ramp it, and we also feel pretty comfortable that we can, in fact, bring people to productivity sooner. And so we're finding that those folks that they enter into the enterprise side after a short stint in the GB, are actually productive faster than people we used to hire directly into the enterprise sales organization. So we are seeing some faster ramp to productivity, but I think we still have more opportunity ahead with that influx of people that we are bringing into the sales and marketing organization over time.

就生產力而言，我們非常成功的一點——我們在之前的電話會議也提過——是我們透過一般商務（GB）部門引進人才，並培養、發展、再晉升到企業客戶（enterprise）。因此我們在 Responsys 的銷售與行銷組織中建立了一個非常有吸引力的人才漏斗。我們相當看多能持續擴大招募，也很有信心能讓人更快達到生產力。我們發現，這些人在 GB 短暫歷練後進入 enterprise 端，實際上比我們過去直接招募進 enterprise 銷售組織的人更快產生生產力。所以我們確實看到更快的上手速度，但我認為，隨著我們持續把更多人帶進銷售與行銷組織，未來仍有更多機會。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest Securities。

Dan, last year one of the big themes was around pricing, and I did not hear you mention it on this call. So can we assume that pricing's going to remain pretty stable during the quarter and no real changes on the competitive front?

Dan，去年其中一個大主題是定價，但我在這通電話會議中沒有聽到你提到。所以我們是否可以假設本季定價會維持相當穩定，競爭面也不會有實質變化？

Yes. We are not seeing any changes from the communications we've had in the last few quarters. We are feeling more and more comfortable that that is the same outlook going forward.

是的。我們沒有看到與過去幾季溝通內容不同的變化。我們也越來越有信心，未來展望會維持相同。

Great. And then following up a bit on Jen's question, we saw several SaaS companies that had weaker results in the first quarter, because they could not get implementations done on time, they couldn't staff up those implementations. You guys obviously had some nice upside on the pro services side. How confident are you in being able to scale that side of the business as well as the sales and marketing side?

很好。再接著追問 Jen 的問題：我們看到幾家 SaaS 公司第一季結果較弱，因為他們無法按時完成導入，也無法為那些導入案補足人力。你們在專業服務（pro services）方面顯然有不錯的上行。你們對於能否擴大這一端的業務規模——以及銷售與行銷端——有多大信心？

That's a piece of our business that actually has a little bit of a similar tale to sales and marketing. We are very disciplined about the quality, but we've got enough scale in our organization now that we are starting to have a real nice pyramid. And so what we're finding, Brendan, is we are bringing in folks that are easier to find, some of the more junior folks, with less-specific expertise and able to train them and apprentice those people. And that is now filling out the overall pyramid. So we've had great success in building up our tech services team. And I think we are going to continue to be able to build it in from the bottom up, as opposed to being at the mercy of competing with the other SaaS companies, looking for the very experienced and senior tech-services personnel.

我們業務中這一塊，其實跟銷售與行銷有點類似。我們對品質非常自律，但我們現在組織規模已經夠大，開始形成一個很漂亮的金字塔結構。因此我們發現，Brendan，我們可以招募到更容易找到的人才，也就是一些較初階、專業不那麼特定的人，並能訓練他們、讓他們以學徒制方式成長。這正在把整體金字塔補齊。所以我們在擴建技術服務團隊方面非常成功。我認為我們會持續能夠由下而上建立團隊，而不是受制於與其他 SaaS 公司競爭、去找非常資深且經驗豐富的技術服務人員。

And lastly, you mentioned where you were already seeing in some CMOs where they were spending more than the CIOs, as referenced by Gartner in some of their reports. What are those some of those industries where you're really seeing the CMO accelerate the influence?

最後，你提到你已經在一些 CMO 身上看到他們的支出超過 CIO，如同 Gartner 在部分報告中所引用的。你實際上看到哪些產業中，CMO 正在加速擴大其影響力？

It's funny, because if you think about your last conference and the survey you did, which I think was very consistent in supporting that hypothesis that Gartner had, we see that it's the same places you saw in your research. That the retail is a place where absolutely the CMOs are amongst the most forward-looking. And travel is the other segment where we are seeing the opportunity to have a bigger presence at the table from the CMO, vis-à-vis the --traditionally the CIO. You're seeing -- going to see it there as well.

這很有趣，因為如果你回想你上一次的會議以及你做的調查，我認為那與 Gartner 的假設相當一致、也支持了那個觀點；我們看到的正是你在研究中看到的相同領域。零售業絕對是一個 CMO 最具前瞻性的領域之一。旅遊則是另一個區隔，我們看到 CMO 相較於——傳統上是 CIO——有機會在決策桌上擁有更大的存在感。你也會在那裡看到這個趨勢。

Michael Nemeroff, Credit Suisse.

Michael Nemeroff，瑞士信貸。

Dan, back after the third quarter, it did not sound too positive on the business and had some pricing pressures. What's changed over the last two quarters, especially this quarter, that is giving you guys a fair bit of optimism for the rest of the year?

Dan，在第三季之後，你們對業務的說法聽起來並不太正面，而且有一些定價壓力。過去兩個季度、尤其是本季，發生了哪些變化，讓你們對今年剩餘時間抱持相當程度的樂觀？

Well I think it's the progress we have had against executing the sales and marketing spending, Michael. I think we were early in that investment, and we did not have the visibility yet to that success. And perhaps we are conservative by our nature about seeing how that one is going to play out. And two is, we had not been 100% right on understanding the pricing. And so we were very sensitive to making sure we really had our ducks and fully understood the pricing implications. And we are now through the vast majority of that repricing effort. So we see with much greater clarity the future, and that's why our optimism is so high for this continued success.

我想主要是我們在執行銷售與行銷投入方面所取得的進展，Michael。我們在那項投資上做得比較早，但當時還沒有足夠的能見度看到成效。而且我們可能天性上比較保守，會觀察它最後會如何發展。第二點是，我們先前對定價的理解並非 100% 正確。因此我們非常謹慎，確保把所有事情都準備妥當，並且完全理解定價的影響。我們現在已經完成了絕大多數的重新定價工作。因此我們對未來看得更清楚，這也是為什麼我們對持續成功的樂觀程度這麼高。

And then, Michael, (inaudible) mention to (inaudible) when you're doing revenue forecast. One is pricing and another one is how much are the customers using the platforms. And we are seeing, to a large extent, some offsets that adoption continue at a high rate. [Not] going to see the higher turns, the volume growth we see is a very positive trend, and encouraged by that.

另外，Michael，（聽不清）提到（聽不清），在你做營收預測時有兩個因素：一是定價，另一個是客戶使用平台的程度。我們在很大程度上看到一些抵銷因素，也就是採用率仍以高速度持續提升。[不]會看到更高的周轉；我們看到的量的成長是一個非常正面的趨勢，這讓我們很受鼓舞。

That's very helpful. And also, how should we think about the breakdown of the subscription versus professional services revenue for implied and embedded in the 2013 guidance?

這很有幫助。另外，對於 2013 年指引中所隱含與包含的訂閱收入相對於專業服務收入的拆分，我們應該如何看待？

We said before that we expect to see that roughly in the mix that we have seen in 2012. Remember we're already higher than we have historically seen, right now at around 30%. And we are comfortable with a range in that realm. The key [drive process] has always been our professional services is driving the overall business, driving the higher margin business. And we have been very successful at that. Right now it will stay in that 30% range. There's no driver with us saying we've got to get that lower or higher. These (inaudible) natural equilibrium it reaches, and we think we're in that area right now.

我們之前說過，我們預期大致會維持在 2012 年所看到的組合比例。請記得，我們目前已經高於歷史水準，現在大約在 30% 左右。我們也能接受在那個區間內的範圍。關鍵的[驅動流程]一直是：我們的專業服務在帶動整體業務、帶動較高毛利的業務，而我們在這方面非常成功。就目前而言，它會維持在 30% 左右。我們沒有任何驅動因素要求一定要把它拉低或拉高。這些（聽不清）會達到一個自然的均衡點，而我們認為現在就在那個區域。

And just one last one, if I may. There's a lot of discussion, a lot of talk among investors and some of your peers about marketing on the B2B side. Is that a market in which you guys aspire to enter, either internally developed or through acquisition at any point over the next year?

如果可以的話，最後一個問題。投資人以及你們的一些同業之間，對於 B2B 端的行銷有很多討論與談論。這是否是你們希望進入的市場——無論是內部開發或透過併購——在未來一年內的任何時間點？

We do serve B2B companies today, and some of our strongest marketers are B2B companies, and we are excited to serve them, Symantec being a simple, great example. We believe that there's a bigger opportunity on the B2C side. The budgets that marketers have are larger, and we feel that there is more and more transformation opportunity for the consumer marketing. So we just think it's a bigger opportunity. We are not uncomfortable continuing to serve business customers, and we may make more innovation on our platform to meet that need. But we think our focus will be B2C.

我們今天確實服務 B2B 公司，而且我們一些最強的行銷客戶就是 B2B 公司；我們很期待為他們服務，像 Symantec 就是一個簡單而很好的例子。我們相信 B2C 端有更大的機會。行銷人員的預算更大，而且我們覺得消費者行銷有越來越多的轉型機會。所以我們認為那是一個更大的機會。我們並不排斥持續服務企業客戶，我們也可能在平台上做更多創新以滿足那個需求。但我們的重點會放在 B2C。

(Operator Instructions)

（接線員指示）

Justin Furby, William Blair.

Justin Furby，William Blair。

Congratulations on the quarter. I was curious to dig in a little bit on the guidance for the full year. You guys have done a really nice job in the last few quarters of beating expectations. And if you look at the full-year guidance, it looks like you raised it at the mid-point by an amount less than you actually outperformed in Q1. So is that just a function of conservatism in your guidance or is there anything that is different in the back half of the year relative to what you saw one quarter ago?

恭喜本季表現。我想更深入了解一下你們對全年指引的看法。過去幾個季度你們在超越市場預期方面做得非常好。而如果看全年指引，你們在中位數的上調幅度似乎小於你們在第一季實際超預期的幅度。所以這只是你們在指引上偏保守的結果，還是今年下半年相較於一個季度前你們所看到的情況，有任何不同？

Yes. So Justin, we increased our view on our Q4 call coming into the year for 2013 revenue, and some people thought we might have been a little bit aggressive or bullish there. We are increasing it again now. And to your point, we feel great about the strong start to the year, and there is a lot of enthusiasm here. We want to be prudent. It's early in the year, and given the visibility we have, we thought that was the appropriate level to increase. Whether it's conservative or not, our goal is to continue to beat and hopefully be raising that guidance continually through the rest of the year.

是的。Justin，我們在 Q4 電話會議、進入 2013 年時就提高了我們對 2013 年營收的看法，有些人當時覺得我們可能有點積極或偏多。現在我們又再提高一次。正如你所說，我們對今年強勁的開局感到非常好，內部也有很高的熱情。我們希望保持審慎。現在還在年初，基於我們目前的能見度，我們認為這樣的上調幅度是合適的。至於是否保守，我們的目標是持續超越表現，並希望在今年剩餘時間持續上調該指引。

Okay. And then if you think about your new business activity, I think last quarter you mentioned you were targeting to achieve something in the range of 50 net new customer adds. It sounds like there was some consolidation within your base this quarter. But is that still on track to hit that? And if so, how are you thinking about the split within the enterprise and general business between when you think about that 50 target?

好的。再來談談你們的新業務活動。我記得上季你們提到目標是達成約 50 家淨新增客戶。聽起來本季在既有客戶基礎內有一些整併。但這個目標仍在軌道上嗎？如果是的話，當你們思考這個 50 的目標時，在企業端與一般商業（GB）之間的拆分，你們是怎麼看的？

So very much on track for the year. And as we mentioned, there will be fluctuations quarter to quarter. We mentioned, what, 12 or so that were either consolidated or didn't meet the threshold. If you look at the customer acquisition, very happy where that is going. Got a good, solid momentum now for a number of quarters. The breakout, probably in the latter part of the year, there will certainly be more momentum on the GB side. Right now, seeing very good traction on that. We're not breaking out that count at this point. So the threshold there does move around, but overall in the total 50 count, absolutely see us being on track with that.

今年非常在軌道上。正如我們提到的，季度之間會有波動。我們提到大概有 12 家左右是被整併，或是沒有達到門檻。如果你看客戶取得的情況，我們對其進展非常滿意。這已經連續好幾個季度有良好且穩健的動能。至於拆分，可能在今年後段，GB 端的動能確實會更強。現在我們在那方面看到非常好的進展。我們目前不會把那個數字拆出來揭露。因此門檻會有所變動，但就總計 50 家而言，我們絕對認為會按計畫達成。

Okay. Great. And then lastly, if you think about longer term, Dan or Chris, what are you guys thinking in terms of the revenue growth that you can generate from this business longer term? Is it 15%, 20%? Any range that you're thinking about as you look out the next three to five years?

好的，很好。最後，從更長期來看，Dan 或 Chris，你們對這項業務長期能帶來的營收成長有什麼想法？是 15%、20%？在未來三到五年的展望上，有沒有你們心中大概的區間？

We are not putting together a long-term revenue growth guidance. But one thing that we've been pretty clear about is that we wanted to get back into the solid 20%s. And we feel that with the momentum we have in this quarter and what we're seeing in the marketplace, that is a very achievable long-term target for us.

我們不會提供長期營收成長的指引。不過有一點我們一直說得很清楚：我們希望回到穩健的 20% 多的成長區間。我們覺得，憑藉本季的動能以及我們在市場上看到的情況，這對我們而言是一個非常可達成的長期目標。

Christopher Crum, Ayelstone.

Christopher Crum，Ayelstone。

A couple questions. One, what was organic revenue growth in the quarter? And second, your accounts receivables, your DSOs ticked up. I know you guys had 27% overage versus 25% last year, but it just seems a little higher than I was expecting.

有兩個問題。第一，本季的有機營收成長是多少？第二，你們的應收帳款、DSO 有所上升。我知道你們今年是 27% 的超額，相較去年是 25%，但看起來還是比我預期的略高一些。

So the growth, it's all organic. We didn't benefit from any acquisitions in the quarter. As far as the overage, Q1, we do get the benefit from the post-holiday-season volumes, to some extent, but also some of the annual overage that we mentioned on the call. But I think it's just the adoption, again, of marketers on a platform. They've seen the revenue and are driving solid volumes. And with that, it goes directly to the bottom line -- top line in this case, in overage.

所以成長完全是有機的。我們在本季並未受惠於任何併購。至於超額部分，在第一季，我們確實在某種程度上受惠於假期後的季節性量能，但也包括我們在電話會議中提到的一些年度超額。我認為這主要還是因為行銷人員再次採用這個平台；他們看到了營收，並帶動了穩健的量能。而這些在本案中會直接反映到最終結果——也就是在超額項目上反映到營收端。

Michael Nemeroff, Credit Suisse.

Michael Nemeroff，瑞士信貸。

Chris, I guess this is for you on the services margin, pretty strong result this quarter. What can we -- and I think the guidance after last quarter was to expect the services margin pretty much flat with '12. Given the out performance this quarter, is that a similar range of where you're thinking it's going to be for the year?

Chris，我想這題是問你的，關於服務毛利率，本季表現相當強勁。我們可以——而且我記得上季之後的指引是預期服務毛利率大致與 2012 年持平。鑑於本季的超預期表現，你對今年全年的看法是否仍在類似的區間？

Yes, for the year I think that's what we're shooting for. We're seeing obviously good growth in services. The challenge always is as you ramp up to meet higher revenue demand, you will have some impact on margins. But for the year, still expecting those margins to be roughly flat with '11 and '12.

是的，就全年而言，我想這就是我們努力達成的目標。我們顯然看到服務業務有不錯的成長。挑戰一向在於，當你為了滿足更高的營收需求而加速擴張時，毛利率會受到一些影響。但就全年來看，我們仍預期毛利率大致與 2011 年和 2012 年持平。

AJ Strasser, Coopercreek Partners.

AJ Strasser，Coopercreek Partners。

Congratulations on a really great quarter.

恭喜你們交出非常出色的一季。

Thank you.

謝謝。

My questions largely have been answered. Maybe you could talk to it a slightly different way. You guys just posted 27% growth rate in Q1 organically. And [in the past] you've definitely thought yourself as a mid-20%s growth player. And I think the market got all caught up when you came down to that 17% range. I wanted to hear your comfort level as you look out over the near- to longer-term view of your story here. And assess whether or not you think you are back in that mid-20%s type growth rate, given the fact that pricing seems to have stabilized. Thank you.

我的問題大多已經被回答了。也許你們可以用稍微不同的方式談談。你們在第一季有機成長率達到 27%。而且過去你們確實一直把自己定位為 20% 中段成長的公司。我想市場在你們降到 17% 左右時就變得很在意。我想聽聽你們在展望短期到較長期的公司故事時，對自身的信心程度如何；並評估在定價似乎已趨於穩定的情況下，你們是否認為自己已回到那種 20% 中段的成長率。謝謝。

Yes, I think if you look at the longer term, we feel very bullish that we have had very good success and that we have achieved the ability to feel much more bullish about that long-term growth rate that you are describing. I think that there may be some steps to getting there. And in any given quarter, we want to be very careful about making sure we are providing the right level of guidance about what we can very confidently deliver. So there may be some difference between those short-term forecasts versus that long-term view we have that is so bullish on the opportunity. And that's probably how I would reconcile those two points, but leave you with that sense that we are very excited about the success coming out of Q4 and Q1. We want to continue to build on that momentum and drive higher growth opportunity.

是的，我認為如果從較長期來看，我們非常看多，因為我們已取得很好的成功，也已具備能力，讓我們對你所描述的長期成長率更有信心。我想達到那個目標可能需要一些步驟。而在任何單一季度，我們都希望非常謹慎，確保我們提供的指引是我們能非常有把握交付的水準。因此，短期預測與我們對機會非常看多的長期觀點之間，可能會有一些差異。我大概會用這樣的方式來調和這兩點，同時也希望你能感受到，我們對第四季與第一季所展現的成果感到非常振奮。我們希望持續在這股動能上加碼，推動更高的成長機會。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest Securities。

Dan, I wanted to circle back and get your thoughts on all the M&A activity we've seen in the group. I don't think we've had a call since the [alqua] transaction happened, get your views there. And then sales force has certainly made a lot more -- has talked a lot more about the marketing cloud and potentially moving into some of the space that Alqua was in. And made them potentially even the direct marketing space. I was wondering what you were thinking of the activity we are seeing.

Dan，我想回到這個話題，聽聽你對我們在這個族群中看到的所有併購活動的看法。我想自從 [alqua] 交易發生後，我們還沒有開過電話會議來聽你的觀點。另外，Salesforce 顯然也更多——也談了更多關於行銷雲（marketing cloud），以及可能進入 Alqua 所在的一些領域，甚至可能是直效行銷（direct marketing）領域。我想請問你如何看待我們目前看到的這些動態？

I think it is no secret that there's a lot more noise and discussion about what's going to happen with the marketing cloud. And it goes back, Brendan, to what you and I have talked about many times. This is an important space, and it's becoming a more important space in software every day. So Responsys, with our leadership position, and I think quite frankly, our attractive valuation, we of course get a lot of interest and calls. What we're trying to do is keep our focus on building a great Company. We are trying to put our focus on making sure we drive a lot of customer success. And if something happens at some point as a public Company, where that kind of activity becomes more relevant and pressing on us, we will make those appropriate decisions and drive shareholder value as appropriate.

我想這已不是秘密：關於行銷雲接下來會如何發展，市場上有更多的雜音與討論。Brendan，這也回到你我多次談過的重點。這是一個重要的領域，而且每天都在成為軟體產業中更重要的領域。因此，Responsys 以我們的領導地位，以及坦白說我們具吸引力的估值，當然會收到很多關注與來電。我們正在做的是把焦點放在打造一家卓越的公司。我們把重點放在確保推動大量的客戶成功。如果在某個時間點，作為一家上市公司，這類活動對我們變得更相關且更具壓力，我們會做出適當的決策，並在適當情況下為股東創造價值。

But at this point, our focus is exclusively on continuing to grow the business and make the investments in delivering great success for our customers. And we feel pretty good about that traction. I do believe over the next year, if you step back and look at the industry overall, there probably will be more consolidation in the space. Because more and more of the software companies that need to get into SaaS and need to be into marketing are going to see there aren't a large number of quality assets. So Responsys is aware of that, and we will do all the appropriate things to drive shareholder value in that context.

但就目前而言，我們的焦點完全放在持續成長業務，並投資於為客戶交付卓越的成功。我們對這樣的進展感到相當不錯。我確實相信，若你退一步看整體產業，未來一年這個領域可能會出現更多整併。因為愈來愈多需要進入 SaaS、也需要進入行銷領域的軟體公司，會發現市場上高品質資產的數量並不多。因此，Responsys 了解這點，我們也會在此脈絡下採取一切適當作為，以為股東創造價值。

Thank you. There are no further questions at this time. I would like to turn the call over to management for any closing remarks.

謝謝。目前沒有其他問題。我想把電話會議交回管理團隊做結語。

Great. Thank you, everybody, for joining and we will speak to you at our investor briefing, which as I said, will be webcast, or our next quarter report for the second quarter. Thank you very much.

很好。謝謝各位的參與，我們會在投資人簡報會上與各位再交流；如我所說，該簡報會將以網路直播方式進行，或是在我們下一次的第二季季度報告時再與各位對話。非常感謝。

Ladies and gentlemen, thank you for all your participation in today's conference. This concludes the program. You may now disconnect. Have a wonderful day.

各位女士、先生，感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。祝您有美好的一天。