甲骨文 (ORCL) 2013 Q2 法說會逐字稿

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

各位女士、各位先生，大家好，歡迎參加 Responsys 2013 年第二季財報電話會議。目前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 call is being recorded. I would now like to the call over to Carla Cooper, Senior Director, Planning and Analysis. You may begin.

提醒各位，本次電話會議正在錄音。現在我想把電話交給規劃與分析資深總監 Carla Cooper。您可以開始了。

Thank you and thank you for joining us today to discuss Responsys' results for the second quarter ended June 30, 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 and then turn it over to Dan. The primary purpose of today's call is to discuss our second-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 opportunity, 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-Q filed with the SEC, as well as the factors identified in today's press release.

謝謝，也感謝各位今天加入我們，一同討論 Responsys 截至 2013 年 6 月 30 日止第二季的業績表現。今天參與電話會議的有董事長兼執行長 Dan Springer，以及財務長 Chris Paul。我將先宣讀「安全港」聲明，然後把時間交給 Dan。今天電話會議的主要目的，是討論我們第二季的表現。我們的部分討論將包含前瞻性陳述，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 Form 10-Q，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?

在本次電話會議期間，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. We are quite pleased with our strong second-quarter results and our progress against our long-term goals. Responsys delivered second-quarter revenue of $49.5 million, an increase of 25% versus the second quarter of 2012, and non-GAAP earnings per share of $0.02. We believe our strong performance is further recognition that Responsys is an established leader in marketing cloud software and services. Our continued investment in product innovation has allowed us to stay at the cutting edge of the marketing technology industry, maintain a clear competitive advantage for our customers, and increase the rate of return on their digital marketing programs. This strategy, coupled with an increased investment in sales and marketing, has introduced us to new customers and expanded relationships with our existing ones. We believe this important investment will allow us to continue to drive revenue by meeting the growing market opportunity and extending Responsys' leadership position.

謝謝你，Carla，也向所有加入本次電話會議的各位致上下午好。我們對第二季強勁的業績以及朝長期目標推進的進展感到相當滿意。Responsys 第二季營收為 4,950 萬美元，較 2012 年第二季成長 25%，非 GAAP 每股盈餘為 0.02 美元。我們相信，這樣的強勁表現進一步證明 Responsys 是行銷雲端軟體與服務領域的既有領導者。我們持續投入產品創新，使我們能站在行銷科技產業的最前沿，為客戶維持明確的競爭優勢，並提升其數位行銷方案的投資報酬率。此一策略，加上對銷售與行銷的加碼投資，讓我們接觸到新客戶並擴大與既有客戶的合作關係。我們相信，這項重要投資將使我們能把握日益成長的市場機會、持續推動營收成長，並鞏固與延伸 Responsys 的領導地位。

In the second quarter, we signed many new North American clients including iconic fashion brand, J. Crew; jewelry and watchmaker, Swiss Watch; and next-generation event technology website, Eventbrite. These wins underscore Responsys' ability to meet these leading marketers' need for a sophisticated platforms that will drive automated and personalized lifecycle messages across the digital marketing channels. Globally, we have also continued to expand our footprint. New international customers this quarter include Golf Digest Online, Japan's largest online golf business; Kmart Australia, Australia sixth largest retailer; and UK-based ASOS, the UK's largest independent online fashion and beauty retailer.

在第二季，我們簽下多家北美新客戶，包括經典時尚品牌 J. Crew；珠寶與鐘錶製造商 Swiss Watch；以及新世代活動科技網站 Eventbrite。這些勝利凸顯 Responsys 有能力滿足領先行銷人員對精密平台的需求，透過數位行銷通路推動自動化且個人化的全生命週期訊息傳遞。在全球方面，我們也持續擴大版圖。本季新增的國際客戶包括 Golf Digest Online（日本最大的線上高爾夫業務）、Kmart Australia（澳洲第六大零售商），以及英國的 ASOS（英國最大的獨立線上時尚與美妝零售商）。

We also continue to expand our relationships with existing customers. More and more Responsys customers are turning to us to add new capabilities and services that complement their current programs. We believe that the world's leading marketing organizations are choosing Responsys for enhanced sophistication in targeting and sequencing of digital messages because Responsys offers the only marketing orchestration platform that can support these advanced requirements.

我們也持續擴大與既有客戶的合作關係。愈來愈多 Responsys 客戶轉向我們，新增可補強其現有方案的新功能與服務。我們相信，全球領先的行銷組織之所以選擇 Responsys，以提升數位訊息的鎖定與排序（sequencing）之精密度，是因為 Responsys 提供唯一能支援這些進階需求的行銷協同編排（orchestration）平台。

One example of this is 1-800 Contacts, which is been a Responsys customer since 2006. 1-800 Contacts was already running a successful e-mail orchestration program using our technology and opted to add display retargeting to their digital marketing program to optimize their connection with consumers. By leveraging the display retargeting capabilities of the Responsys Interact Marketing Cloud and, specifically, our Interact program functionality. 1-800 Contacts is now able to target customers who have their prescription expiring with coordinated e-mail and display messages. They do this through automated programs that start 45 days before a patient's prescription expiration and deliver a coordinated series of display ads and e-mail messages. The automation here is key. 1-800 Contacts' marketing staff could not deliver this level of orchestrated and individualized messaging manually. And the impact is significant, as adding this extra touch point has led to an incremental four times return on investment for the company.

其中一個例子是 1-800 Contacts，自 2006 年起就是 Responsys 的客戶。1-800 Contacts 原本已使用我們的技術成功運行電子郵件協同編排方案，並選擇在其數位行銷方案中加入展示型再行銷（display retargeting），以最佳化與消費者的連結。透過運用 Responsys Interact Marketing Cloud 的展示型再行銷能力，特別是我們的 Interact 方案功能，1-800 Contacts 現在能以協同的電子郵件與展示型訊息，鎖定處方即將到期的客戶。他們透過自動化方案，在病患處方到期前 45 天啟動，並傳遞一系列協同的展示廣告與電子郵件訊息。此處的自動化是關鍵。1-800 Contacts 的行銷團隊無法以人工方式提供如此程度的協同編排與個別化訊息。而其影響相當顯著：新增這個額外觸點後，為公司帶來額外 4 倍的投資報酬率。

Another recent example of how we have expanded one of our existing customer relationships is with electronic payments company, ACE Cash Express. ACE selected Responsys to orchestrate its messaging across the digital channels. In addition to our best-in-class e-mail orchestration functionality, ACE Cash leverages Responsys Interact for Mobile in order to deliver timely reminders of payment, loan extensions, and extended product line qualifications via SMS notifications to their highly mobile customer base. As an early adopter, ACE sees major value in the ability to cohesively market across the digital channels.

另一個近期我們擴大既有客戶合作關係的例子，是電子支付公司 ACE Cash Express。ACE 選擇 Responsys 來協同編排其跨數位通路的訊息傳遞。除了我們同級最佳的電子郵件協同編排功能外，ACE Cash 也運用 Responsys Interact for Mobile，透過 SMS 通知向其高度行動化的客群傳遞及時的付款提醒、貸款展期，以及延伸產品線資格通知。作為早期採用者，ACE 看見跨數位通路一致整合行銷的能力具有重大價值。

Across our entire customer base, an important measure of the significant usage is our $1 subscription rate, which during the second quarter was once again more than 100%. We have achieved this result all 10 quarters since our initial public offering. We believe this trend underscores the value customers place on working with Responsys.

在我們整體客戶群中，衡量高使用度的一項重要指標是我們的 1 美元訂閱率（$1 subscription rate），第二季再度超過 100%。自我們首次公開發行（IPO）以來的 10 個季度，我們每一季都達成此結果。我們相信，這一趨勢凸顯客戶對與 Responsys 合作所賦予的價值。

Turning now to our product innovation efforts. The Responsys Marketing Cloud was created to orchestrate individualized communications across digital channels at massive scale, which is more important to marketers today than ever before. And this quarter, we delivered several new enhancements to help marketers realize this vision. First, we rolled out a completely reimagined Message Designer that helps marketers easily create messages that are tailored to the individual consumer with dynamic content and greater personalization. Our research shows that when consumers received these kinds of personalized communications they are significantly more likely to buy a brand's products, to consider other products from that brand, and to maintain a longer-term relationship with the brand. This new Message Designer gives marketers easier and more powerful tools to do just that. The initial release of this Designer is focused on e-mail messages but the framework and personalization language that are included will support other channels like mobile and display. We have also continued to invest in our mobile offering and have made enhancements that allow marketers to track mobile conversions and better establish the ROI of their orchestrated mobile marketing programs.

接著談我們的產品創新工作。Responsys Marketing Cloud 的打造宗旨，是以超大規模在各數位通路協同編排個別化溝通，而這對今日行銷人員而言比以往任何時候都更重要。本季我們推出多項新強化功能，協助行銷人員實現此願景。首先，我們推出全新改版的 Message Designer，協助行銷人員以動態內容與更高程度的個人化，輕鬆建立針對個別消費者量身打造的訊息。我們的研究顯示，當消費者收到這類個人化溝通時，他們購買品牌產品、考慮該品牌其他產品，以及與品牌維持更長期關係的可能性都會顯著提高。這個全新的 Message Designer 為行銷人員提供更容易使用且更強大的工具來達成上述目標。此 Designer 的初始版本聚焦於電子郵件訊息，但其中所包含的框架與個人化語言也將支援其他通路，例如行動與展示。我們也持續投資行動產品，並進行強化，使行銷人員能追蹤行動端轉換，並更好地建立其協同編排行動行銷方案的投資報酬率（ROI）。

Finally, we continue to make significant investments in our display product line. After releasing a brand-new platform for orchestrated display advertising in the first quarter of 2013, our June release added capabilities that give marketers better visibility into their addressable display audience so they know right away who they can target not only with personalized e-mails but also with personalized display advertising. With brand new testing and reporting capabilities, they can now measure the specific impact of orchestrating display impressions along with e-mail. For our customers who are already using this technology, they are reporting that they are seeing increases in conversion rates of over 50%.

最後，我們持續對展示型產品線進行重大投資。在 2013 年第一季推出全新的協同編排展示型廣告平台後，我們於 6 月的版本新增功能，讓行銷人員能更清楚掌握其可觸達的展示型受眾，從而立即知道可鎖定哪些對象，不僅能投放個人化電子郵件，也能投放個人化展示型廣告。透過全新的測試與報表功能，他們現在可以衡量將展示曝光與電子郵件一併協同編排所帶來的具體影響。對於已使用此技術的客戶而言，他們回報轉換率提升超過 50%。

We've given you some examples of our enhanced market-leading functionality and why customers are returning to Responsys to increase their competitive advantages. We are also honored that Gartner recognized this leadership in May, naming Responsys as a visionary in their 2013 Magic Quadrant for CRM Multichannel Campaign Management. The Gartner Magic Quadrant is one of the industry's most rigorous research tools for evaluating marketing-leading technology companies. Responsys is the only SaaS provider who has earned a position in this prestigious evaluation six consecutive times. We feel this further validates that the Responsys Interact Marketing Cloud has become one of the leading solutions for companies looking to more effectively and efficiently manage their digital relationships and marketing interactions across e -mail, mobile, social, display, and the web.

我們已提供一些例子，說明我們強化後、領先市場的功能，以及客戶為何回到 Responsys 以提升其競爭優勢。我們也很榮幸 Gartner 在 5 月肯定此一領導地位，於其 2013 年《CRM 多通路活動管理》魔力象限（Magic Quadrant）中將 Responsys 評為「願景者」（visionary）。Gartner 魔力象限是業界用以評估行銷領先科技公司的最嚴謹研究工具之一。Responsys 是唯一連續六次在此項權威評估中獲得席位的 SaaS 供應商。我們認為，這進一步驗證 Responsys Interact Marketing Cloud 已成為領先解決方案之一，能協助企業在電子郵件、行動、社群、展示與網路等通路上，更有效率且更有效地管理其數位關係與行銷互動。

Finally, on a more personal note, I'd like to thank directly the now more than 1,000 employees who work hard every day to make the Responsys Interact Marketing Cloud the must-have solution for CMOs in this new era of marketing. Reaching this milestone, as well as celebrating Responsys' 15th anniversary this year, demonstrates what an exciting time it is here and I'm thrilled to be working with all of you. Together, we're going to continue to drive more customer success than anyone in our space and make Responsys the best place we all have ever worked. With that, let me turn it over to Chris.

最後，從更個人的角度，我想直接感謝目前超過 1,000 位每天努力工作的員工，讓 Responsys Interact Marketing Cloud 成為這個行銷新時代中 CMO 必備的解決方案。達成這個里程碑，以及今年慶祝 Responsys 成立 15 週年，都展現了此刻在這裡是多麼令人振奮的時刻，而我也很高興能與各位共事。一起努力，我們將持續推動在我們所處領域中無人能及的客戶成功，並讓 Responsys 成為我們所有人曾經工作過的最佳地方。接下來，我把時間交給 Chris。

Thank you, Dan. I am pleased to report second-quarter revenue of $49.5 million, up 25% from $39.5 million in the second quarter of 2012. Subscription revenue was $34.3 million, up 25% as compared to $27.5 million in the second quarter of 2012. [Overage] revenue remains strong at 24% of total subscription revenue driven by a continued strong usage of our platform. Professional services revenue was $15.2 million, up 25% as compared to $12.1 million in the second quarter of 2012. Subscription dollar retention rate was more than 100% and, as Dan mentioned, this has remained more than 100% all 10 quarters since our IPO. Our customer count was 432, up 17 from last quarter and up 23% from the second quarter of 2012 count of 353. Please note that the following commentary refers to non-GAAP expenses and income measures that exclude amortization of stock compensation and the amortization of intangibles.

謝謝你，Dan。我很高興報告第二季營收為4,950萬美元，較2012年第二季的3,950萬美元成長25%。訂閱營收為3,430萬美元，較2012年第二季的2,750萬美元成長25%。[Overage] 營收仍然強勁，占訂閱總營收的24%，主要受我們平台持續強勁的使用量所帶動。專業服務營收為1,520萬美元，較2012年第二季的1,210萬美元成長25%。訂閱美元留存率超過100%，且如Dan所提到，自我們IPO以來的10個季度皆維持在100%以上。我們的客戶數為432家，較上季增加17家，並較2012年第二季的353家成長23%。請注意，以下評論所提及之非GAAP費用與收益衡量，排除以股票為基礎之薪酬攤銷以及無形資產攤銷。

Subscription gross margin was 73% compared to 71% a year ago. Professional services gross margin was 13% versus 14% a year ago. In the second quarter, R&D spend was flat as a percentage of revenue at 9% and G&A spend was flat as a percentage of revenue at 10%. In line with our previous commentary, we have continued to pursue our strategy of investing for growth to capitalize on the tremendous opportunity in our market. As a result, sales and marketing expense is up 5 percentage point versus a year ago to 34% of revenue. There are couple of elements worth noting within sales and marketing expense for Q2. As planned, we experienced seasonally higher Q2 marketing expense due to our annual user conferences in the US and EMEA. In addition, we are glad to see this quarter's commission expense at higher than forecasted levels, as this was driven by sales traction that exceeded our expectations.

訂閱毛利率為73%，高於一年前的71%。專業服務毛利率為13%，低於一年前的14%。第二季研發支出占營收比重持平為9%，一般及行政（G&A）支出占營收比重持平為10%。依照我們先前的評論，我們持續推動投資成長的策略，以把握市場中龐大的機會。因此，銷售與行銷費用占營收比重較一年前提高5個百分點至34%。第二季銷售與行銷費用中有幾個值得注意的因素。按計畫，我們因在美國與EMEA舉辦年度用戶大會，使第二季行銷費用呈現季節性較高。此外，我們也樂見本季佣金費用高於預期，因為這是由超出我們預期的銷售動能所驅動。

Non-GAAP operating income for the quarter was approximately $700,000, reflecting the operating expense items I just mentioned. During the quarter, we added approximately 100 people and ended with almost 1,000 employees. Our people are key to capitalizing on the market opportunity and we are thrilled to be a sought after employer by showing such success in recruiting and retention. Non-GAAP net income for the second quarter of 2013 was $1.1 million, part of which was the result of a tax benefit we had in the quarter to true-up our year-to-date tax provision. Non-GAAP earnings per share was $0.02 per share compared to $0.03 in the second quarter of 2012. Free cash flow, which we define as cash flow from operations less the purchase of property and equipment, was $1.9 million in the quarter. Cash and equivalents at the end of the quarter were approximately $107 million.

本季非GAAP營業利益約為70萬美元，反映我剛才提到的營業費用項目。本季我們新增約100名員工，期末員工總數接近1,000人。我們的人才是把握市場機會的關鍵，我們也很高興能成為備受青睞的雇主，並在招募與留任方面展現如此成功的成果。2013年第二季非GAAP淨利為110萬美元，其中一部分來自本季為調整年初至今所得稅提列而取得的稅務利益。非GAAP每股盈餘為每股0.02美元，較2012年第二季的每股0.03美元下降。自由現金流（我們定義為營運現金流量扣除購置不動產及設備）本季為190萬美元。季末現金及約當現金約為1.07億美元。

Based on this strong revenue performance and our view of the rest of 2013, we are raising guidance for the second half of 2013, bringing our 2013 revenue guidance from a range of $190 million to $193 million to a range of $195 million to $198 million. The mid-point of our range represents growth of over 20% for the year and reflects the confidence you are seeing with our existing clients increasing their spend and expanding the uses of a variety of offerings as well as the contribution from new customers. Regarding earnings per share, we are providing updated 2013 non-GAAP earnings per share guidance of approximately $0.15. As you know, we are determined to drive our revenue growth so we increased our sales organization by 20% in the first half of 2013 and saw tremendous results. Because of the success, we will continue to explore investments in the growth of our Business, which is contemplated in the earnings per share guidance.

基於強勁的營收表現以及我們對2013年其餘期間的看法，我們上調2013年下半年指引，將2013年營收指引由1.90億至1.93億美元上調至1.95億至1.98億美元。區間中值代表全年成長超過20%，並反映你們所看到的信心：既有客戶提高支出、擴大多項產品/服務的使用，以及新客戶的貢獻。就每股盈餘而言，我們提供更新後的2013年非GAAP每股盈餘指引約為0.15美元。如各位所知，我們致力於推動營收成長，因此在2013年上半年將銷售組織擴增20%，並看到極佳成果。基於這些成功，我們將持續評估對業務成長的投資，而這些投資已反映在每股盈餘指引之中。

In terms of our investments, our spending is primarily focused in the area of sales and marketing, including the hiring of quota-carrying salespeople. Because it takes about a year from the time we hire a sales rep until the first clients produce revenue, our investment precedes revenue growth, driving our margin down as we make this investment. For the third quarter, we are establishing revenue guidance of $47 million to $48.5 million in revenue and non-GAAP earnings per share guidance of approximately $0.02. Note that in past years, we have seen total third-quarter revenue relatively flat with Q2 and our [overage] percentage tends to hit its low point for the year. We expect these investments in the Business will affect our cash accordingly, giving us operating cash flow in the range of $16 million to $18 million for the year.

就投資而言，我們的支出主要聚焦在銷售與行銷領域，包括招募具備業績配額（quota-carrying）的業務人員。由於從聘用業務代表到第一批客戶開始產生營收約需一年時間，我們的投資會先於營收成長，因此在進行此投資時會拉低我們的利潤率。對第三季，我們設定營收指引為4,700萬至4,850萬美元，非GAAP每股盈餘指引約為0.02美元。請注意，過去幾年我們觀察到第三季總營收相對於第二季通常較為持平，而我們的[overage] 比例往往會落在全年低點。我們預期對業務的這些投資將相應影響現金表現，使全年營運現金流量落在1,600萬至1,800萬美元區間。

Our CapEx budget for the year remains unchanged at approximately $15 million. We saw better than expected collections in the quarter and although we will attempt to maintain that performance, we believe it is appropriate to forecast a more prudent result and therefore project collections in Q3 to be slightly less than Q2, which results in operating cash flow of around $1 million to $2 million. This, together with CapEx of around $3 million to $4 million, yields a modestly negative free cash flow. Incorporated into our guidance is our 34% non-GAAP tax rate and 54.8 million shares outstanding for the year.

我們全年資本支出（CapEx）預算維持不變，約為1,500萬美元。本季我們的收款表現優於預期，雖然我們會努力維持該表現，但我們認為以較審慎的結果進行預測較為適當，因此預估第三季收款將略低於第二季，導致營運現金流量約為100萬至200萬美元。再加上約300萬至400萬美元的CapEx，將使自由現金流小幅為負。我們的指引已納入34%的非GAAP稅率，以及全年流通在外股數5,480萬股。

In conclusion, we couldn't be more excited about the revenue growth we are delivering and our market opportunity. We believe we have a strategy in place along with the ability to leverage our products and people to deliver attractive results. We are now ready for questions. Operator?

總結而言，我們對所交出的營收成長以及市場機會感到無比振奮。我們相信我們已具備相應策略，並能運用我們的產品與人才來交出具吸引力的成果。現在我們準備回答問題。接線員？

(Operator Instructions)

（接線員指示）

Carter Malloy, Stephens Inc.

Carter Malloy，Stephens Inc.

Congratulations on another big quarter. So first question on just sources of growth, is your growth primarily been driven by new customer acquisition or more existing customers? And really, just trying to get a sense going in the next year, given the big ramp in sales people and the time it takes to get them to be productive, is this a growth rate you guys think you can sustain into 2014?

恭喜再創一個亮眼的季度。第一個問題關於成長來源：你們的成長主要是由新客戶取得所驅動，還是更多來自既有客戶？另外，想了解展望明年，考量你們大幅擴增銷售人員，以及讓他們達到生產力所需的時間，你們認為這樣的成長率能否延續到2014年？

Sure. Why don't I take the first piece and Chris can talk to you a little bit about the growth rates. So it's really across the board. We've had very good strength in our new customer adds. You've heard me refer to some of the great brands we brought on both in North America and across the globe so we're very pleased with that and as the examples I gave you, ACe and 1-800 Contacts, we continue to see that very high-dollar retention rate as existing customers are expanding their profile, taking on more and more of the capabilities that Responsys now has to offer to allow us to increase the revenue there. So it's been consistent across both the new and the existing and same thing for the discussion around the enterprise versus the general business segments, Carter. We continue to see very enthusiastic results across both of those segments and that's part of why Chris articulated we're going to continue to heavily invest to go after that very significant market opportunity.

當然。我先回答第一部分，Chris再跟你談談成長率。整體來說是全面性的。我們新增客戶的表現非常強勁。你也聽我提到我們在北美以及全球各地導入的一些優質品牌，我們對此非常滿意；同時，如我舉的例子ACe與1-800 Contacts，我們持續看到非常高的美元留存率，因為既有客戶正在擴大其使用範圍，採用Responsys目前所提供越來越多的功能，使我們能在那裡提升營收。因此，新客戶與既有客戶兩方面都相當一致；同樣地，就企業客戶與一般商務（general business）區隔的討論也是如此，Carter。我們在這兩個區隔都持續看到非常令人振奮的成果，這也是Chris所闡述我們將持續大力投資、以掌握那個非常可觀市場機會的原因之一。

Remember also that because our business model -- the traction that we are seeing in sales this year -- has had many more impacts so far on our current year revenue that ties into forward-looking on the headcount in sales. Absolutely w e continue to make those investments. We think positioning ourselves well for growth not only this year but also in 2014 and beyond.

也請記得，因為我們的商業模式——我們今年在銷售端看到的動能——到目前為止對本年度營收帶來了更多影響，而這也與銷售人力的前瞻性配置相互連結。我們絕對會持續進行這些投資。我們認為這能讓我們不僅在今年，也在2014年及更長遠的未來，為成長做好良好布局。

Okay, thanks. So -- and then can you guys also discuss the changes to Gmail and how that impacts deliverability or ROI and the change that will impact your business potentially from that?

好的，謝謝。那麼——你們也能談談Gmail的變更，以及這對送達率或ROI的影響嗎？以及這項變更可能對你們業務帶來的影響？

Oh, sure. Well so I can give you a little context, Carter. So Gmail represents a little less than 20% of most of our customers' lists but any time someone has an innovation that changes anything in the e-mail portion of our Business, we are always quite attuned. [ISPs] in general continually make changes in how they think about managing deliverability and delivering messages to their end consumers. What we tend to find is for the marketers that really have the permission, as our customers do, these kinds of changes don't have a significant impact and we haven't seen any significant impact in terms of open rates as an example to date. So we don't expect this to have, again, any long-lasting impact on our customers, on their ability to reach their end consumers through the e-mail channel but I will also add that it's one of the reasons we are such strong proponents of a cross-channel approach, so that marketers make sure they have multiple vehicles for reaching their valued consumers.

喔，當然。我可以提供一些背景，Carter。Gmail在我們多數客戶的名單中占比略低於20%，但只要有人在我們業務的電子郵件部分做出任何會改變現況的創新，我們都會非常關注。一般而言，[ISPs] 會持續調整他們對送達率管理以及訊息投遞給終端消費者的方式。我們通常發現，對於真正取得收件者同意（permission）的行銷人員——如同我們的客戶——這類變更不會造成重大影響；截至目前，我們也尚未看到例如開信率等指標出現任何顯著影響。因此，我們不預期這會對我們的客戶、或他們透過電子郵件通路觸及終端消費者的能力，造成任何長期影響；但我也要補充，這也是我們如此強力主張跨通路（cross-channel）方法的原因之一，讓行銷人員確保擁有多種管道來觸及其重視的消費者。

Okay. Thanks so much, I will hop back in the queue.

好的。非常感謝，我會回到排隊等候中。

Pat Walravens, JMP.

Pat Walravens，JMP。

Oh, great. Thank you and congratulations, you guys. Let me just ask the big question, which is what impact have you seen in the competitive environment from Salesforce.com's acquisition of ExactTarget?

喔，太好了。謝謝你，也恭喜各位。我想先問一個大問題：Salesforce.com 收購 ExactTarget 之後，你們在競爭環境上看到了哪些影響？

Well it's a little bit early but what we have seen so far has been consistent with our expectations were. A big positive for us is that it's pushing them more to the B2B space, as we would all expect, being acquired by a company like Salesforce.com, who is fundamentally focused on B2B customers. And for us, in our core B2C space, which we think is the much larger, bigger opportunity, we are quite pleased. We are seeing customers coming to us and prospects coming to us saying your leadership and your focus on the B2C space, makes you even more attractive to us now that one of your more significant competitors is now evidently less focused on that space. But, in general, Pat, it's the same thing we've talked about for years.

嗯，現在談還稍微早了一點，但到目前為止我們看到的情況與我們的預期一致。對我們來說一個很大的正面因素是，這件事正推動他們更往 B2B 領域走，這也符合大家的預期，因為被像 Salesforce.com 這樣的公司收購，而 Salesforce.com 基本上是以 B2B 客戶為核心。對我們而言，在我們的核心 B2C 領域——我們認為那是更大、更具規模的機會——我們相當滿意。我們看到客戶來找我們、潛在客戶也來找我們，表示你們在 B2C 領域的領導地位與專注度，讓你們在其中一個更重要的競爭對手顯然對該領域更不專注之後，變得更具吸引力。不過整體而言，Pat，這跟我們多年來談的一樣。

Responsys has been very focused, for really the last 10 years, on being the independent leader in e-mail and cross-channel marketing and we have seen a lot of competitors get purchased by other companies and in general just like the Forrester note that came out on the Salesforce deal for ET, attempt to make those people less focused on that business, and they tend to get distracted, they have turmoil internally, they management challenge with integrating acquisition, et cetera, et cetera. And that has allowed us to continue to have our independent leadership position. So we feel this will hopefully have some of the same dividends for us and allow us to continue to grow as the clear leader in the space.

Responsys 在過去其實將近 10 年，一直非常專注於成為電子郵件與跨通路行銷的獨立領導者。我們也看到很多競爭對手被其他公司收購；一般而言，就像 Forrester 針對 Salesforce 收購 ET 的那份報告所提到的，這類交易往往會讓那些團隊對原本的業務更不專注，並且容易分心，內部出現動盪，管理層也面臨整併收購的挑戰等等。這讓我們得以持續維持獨立的領導地位。因此我們希望這次也能為我們帶來類似的紅利，讓我們能持續成長，成為該領域明確的領導者。

Great. Thank you.

很好。謝謝你。

Michael Nemeroff, Credit Suisse.

Michael Nemeroff，Credit Suisse。

Just a follow-up on Carter's earlier question, so the 20% of inboxes that are Gmail customers, have you seen a drop in response and/or open rates subsequently from the change that they've made to the inbox?

我想追問一下 Carter 先前的問題：在收件匣中有 20% 是 Gmail 用戶，你們是否在他們更改收件匣之後，看到回應率和／或開信率下滑？

We've not -- well, we've had our deliverability team look carefully at it, there has also been some other documented work from other companies that are in our ecosystem and so far the reports are no changes to open rates or response rates for the folks -- the portion of their list that are Gmail.

我們沒有——嗯，我們的投遞率團隊已經仔細檢視過；我們生態系中的其他公司也有一些已記錄的研究工作。到目前為止的回報是：對於名單中屬於 Gmail 的那部分用戶，開信率或回應率都沒有變化。

That's great, thanks. And then on the services margin at 13%, Chris, how can we get -- how could you get those margins up or what do you expect those to trend over the next couple of quarters and over the next couple of years and if you could remind us again what the target margin is for that section of the Business?

太好了，謝謝。接著關於服務毛利率 13%：Chris，我們要怎麼把毛利率拉高？你預期接下來幾季、以及未來幾年會怎麼走？也請你再提醒我們一次，這個業務區塊的目標毛利率是多少？

Where we are operating now is at the low-end of where they're likely to be and it is a little cyclical, right, as you make those investments in the Organization and staff up and have them work on projects on to get productivity off the broader PSR team and starting [up] with forecasting revenue so you will go through the cycles were you do have a do a little lower profitability than we would like to see. Long-term, our view has not changed. Those margins needs to be 20% plus and we have the focus and the discipline to get there, it is just going to take us a while. But our current model still absolutely contemplates 20% plus margins in that business.

我們目前的營運水準是在其可能區間的低端，而且這有點循環性，對吧？當你在組織上做投資、擴編人力，讓他們投入專案，並讓更大的 PSR 團隊開始產生生產力，以及開始（著手）預測營收時，你會經歷一些週期，在那些週期裡獲利能力會比我們希望看到的略低。長期來看，我們的看法沒有改變：那些毛利率需要達到 20% 以上。我們有專注度與紀律去做到，只是需要一些時間。但我們目前的模型仍然完全是以該業務 20% 以上的毛利率為前提。

So does the lower margin imply that you are doing a lot of work on new customers that are being brought on to -- that we will start to see an even larger ramp in subscription revenue going forward? Is that how we should think about it?

所以較低的毛利率是否意味著你們正在為新客戶做很多導入工作——而我們將在未來看到訂閱營收更大幅度的爬升？我們應該這樣理解嗎？

Absolutely. The core focus of that team, if we look at the priorities, [number] first is customer success and Company overall growth. So that's refocusing on the higher-margin subscription business. If you go way -- next down on the list, somewhere down there would be the profitability so -- it would [cause mechanism assertions] how high do we treat that business versus how do we focus on growth and forward-looking growth and we've made it clear to everybody that right now the priority for us is the overall growth of the Company and margins afterwards.

完全正確。那個團隊的核心重點，如果我們看優先順序，第一是客戶成功與公司整體成長。因此那是在把重心放回毛利率更高的訂閱業務。如果你往下看——再往下某個位置才會是獲利能力。所以——這會牽涉到我們如何看待那個業務的獲利水準 versus 我們如何聚焦在成長與前瞻性的成長。我們也已經對所有人講得很清楚：目前我們的優先順序是公司的整體成長，毛利率放在後面。

Just one last one, if I may, just the implied Q4 guidance subtracting from the year from Q3, just around close to 14% at the mid-point, is that due to some something that you guys see in the Business or is that just a bit of conservatism and will update that following Q3?

最後一個問題：如果用全年指引減掉 Q3，隱含的 Q4 指引在中位數大約接近 14%，這是因為你們在業務上看到某些情況，還是只是比較保守，並會在 Q3 之後再更新？

It's obviously guidance, we are putting in the mid-year -- it is guidance -- we will revisit that as we go along and have better visibility after Q3.

這顯然是指引；我們在年中給出的——這就是指引——我們會隨著進展再回頭檢視，並在 Q3 之後有更好的能見度時再更新。

Thanks for taking my questions.

謝謝你回答我的問題。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，Pacific Crest Securities。

Thanks, Dan. I wanted to just follow up quickly on Pat's question about the ExactTarget acquisition, are you seeing any additional opportunities in the ecosystem and partnerships or relationships that may come up as a result of this change?

謝謝，Dan。我想快速追問 Pat 關於收購 ExactTarget 的問題：你們是否在生態系、合作夥伴關係或關聯上，因為這個變化而看到任何額外的機會？

Yes, we have. We've had a couple of different large technology companies reach out to us and say very specifically they were trying to figure out away to partner with ExactTarget and to give them credit and, that is a company that put a huge focus on their partner ecosystem and so was an important part of their success. And some of those people are saying they see less support than they used to and some of them are saying they are not comfortable partnering with someone owned by Salesforce.com. So there is different reasons for that but we are seeing a reasonable number of calls from folks that say, they would like to invest more aggressively and in a Responsys partnership, post that deal.

是的，我們有。我們有幾家不同的大型科技公司主動聯繫我們，非常明確地表示他們一直在想辦法與 ExactTarget 合作；也要肯定他們，那是一家非常重視合作夥伴生態系的公司，而這也是他們成功的重要部分。現在其中一些人表示，他們感覺到獲得的支持不如以往；也有一些人表示，他們不太願意與一家由 Salesforce.com 擁有的公司合作。原因各不相同，但我們確實接到相當數量的來電，表示在那筆交易之後，他們希望更積極地投入與 Responsys 的合作夥伴關係。

And when you think those new relationships might bear some fruit?

那你認為這些新關係什麼時候會開始產生一些成果？

It's 2014, the question is, is it first half or second half and I want to be a little bit conservative, Brendan. I believe that those partnerships take a little while. There is technology investments on both sides, integration efforts on both sides, before you really get to the aggressive selling. Now some of the people have come to us with actual leads and say, here is a customer of ours and we would really rather get them on your platforms than their platform given this change so let's talk about making that happen sooner rather than later but those are one-off sales opportunity. In terms of really trying to leverage a partner ecosystem, we are thinking a year out just before we start to see that so second half of 2014 is the appropriate time scale.

現在是 2014 年，問題在於是上半年還是下半年；我想保守一點，Brendan。我認為這些合作夥伴關係需要一些時間。雙方都需要技術投資、雙方都需要整合工作，之後你才會真正進入積極銷售。有些人確實帶著實際線索來找我們，說：這是我們的一個客戶，基於這個變化，我們更希望把他們導到你們的平台而不是他們的平台，所以我們來談談如何盡快促成——但那屬於一次性的銷售機會。就真正要去槓桿合作夥伴生態系而言，我們的想法是要往後看一年左右，才會開始看到效果，所以 2014 年下半年是比較合適的時間尺度。

Perfect, thank you. And Chris, just touching base back on pricing. Any changes there? I know last quarter you were saying that it looked pretty stable and we saw a nice customer count and we saw that accelerate again this quarter. So is that all behind us now?

完美，謝謝。Chris，再回到定價：有任何變化嗎？我知道上季你提到看起來相當穩定；我們也看到不錯的客戶數，而且這季又再加速。所以現在這些都已經過去了嗎？

Yes, what we are seeing now is very consistent with what we mentioned on the previous calls. Directionally there is no change in that at all.

是的，我們現在看到的情況與我們在前幾次電話會議中提到的非常一致。就方向性而言，完全沒有變化。

Terrific. Thanks guys.

太棒了。謝謝各位。

Jennifer Lowe, Morgan Stanley

Jennifer Lowe，Morgan Stanley

I just wanted to touch on the cost side a little bit and I know, Chris, in your prepared remarks you flagged a couple items that were impacted this quarter specifically on the cost side but even looking out to the year as the revenue continues to outperform, it looks like Q3 being a little better than you, raising the guidance for the full year, we're not necessarily seeing that translates through, so relative to where you thought the costs were going to be coming into the year, is this a function of continuing to increase the investments on the sales side as you start to see some flow-through of some of the investments you've already been making there or is this really more one-time items or less recurring items that should go way over time? I'm just trying to triangulate the spending versus the upside on the revenue?

我想稍微談一下成本面。我知道 Chris，你在事先準備的發言中提到本季成本面有幾個受影響的項目；但即使往全年看，隨著營收持續優於預期，看起來 Q3 比你們原先預期好一些、你們也上調了全年指引，但我們不一定看到這些反映到（獲利）上。相較於你們年初對成本走勢的預期，這是因為你們在銷售端持續加大投資，並開始看到先前投資的一些效益傳導？還是其實更多是一次性或較不具經常性的項目，會隨時間消退？我只是想交叉驗證一下支出與營收上行之間的關係。

Well in the near-term, there are less one-off items. It really is investments we are making in the bigger organizational structure of the Company primarily in sales and marketing. Obviously as we scale, we're going to have to scale that Organization in line with that. [We'd] be taking a [tier] step forward now in just making significantly more investments than we were contemplating in the beginning of the year when we gave annual guidance and we absolutely believe that that's the right thing to do for where we are as a Company so effectively we are taking our top-line beats and reinvesting it back in the Business, which is the right thing to do at this point.

嗯，短期來看，一次性項目比較少。主要是我們在公司更大型的組織架構上所做的投資，尤其是在銷售與行銷方面。顯然，隨著我們擴張，我們也必須讓該組織同步擴張。（我們）現在等於是往前跨了一個（層級的）步伐，做出比年初給出年度指引時所預期更顯著的投資；我們也完全相信，以我們公司目前的階段來看，這是正確的做法。也就是說，我們把營收超預期的部分再投回到業務中，現階段這是正確的事。

And just giving you specific example, Jen, if you go back to Brendan's question, earlier in the year we weren't thinking of investing as much of the partner ecosystem and the partner program. Now that we are seeing a dramatic increase in those inbound interest, we are also realizing there is a much bigger market opportunity for us to go after that so we are aggressively hiring into a program to work with partners in that way and that's an example of an additional sales and marketing investment opportunity we might not have seen. The more we look out in the marketplace in general, we are just seeing a tremendous opportunity for marketers that want to leverage our technology and we want to invest now while the time is right to drive that growth.

再給你一個具體例子，Jen，如果你回到 Brendan 先前的問題，今年年初我們並沒有打算在合作夥伴生態系與合作夥伴計畫上投入那麼多。現在我們看到來自外部的合作意願大幅增加，我們也意識到這對我們而言是一個更大的市場機會，因此我們正積極招募人員，建立一個以這種方式與合作夥伴合作的計畫，這就是一個我們可能先前沒有看到的額外銷售與行銷投資機會。當我們更廣泛地觀察整體市場時，我們看到對於想要運用我們技術的行銷人員而言存在巨大的機會，而我們希望在時機正確時就立即投資，以推動那樣的成長。

And maybe just one last question for me related to that, so in terms of as you go out and you are looking for good salespeople. A lot of other companies are hiring fairly aggressively as well. What has the hiring environment been like and how do you -- how have you been in terms of your ability to find the right people to fill these roles?

另外也許我最後再問一個與此相關的問題：就你們外出尋找優秀業務人才而言，很多其他公司也都在相當積極地招募。招募環境目前是什麼狀況？以及你們在找到合適人選來填補這些職缺方面的能力表現如何？

The competition for the top talent that we want to bring into Responsys is always difficult and the markets in which we operate, the geographies in which we operate are very competitive, full stop. We've been very successful at building a culture at Responsys that attracts people that want to be at an exciting growth Company that is going to be really great from the standpoint of delivering customer success but also a great career opportunity. And I'd just note, if you hadn't seen the press release, we're really were pleased to see the Glassdoor mentioned us as one of the top 25 technology companies in the world to work for and we, at our first debut there, at number 8 on that list. And so we think that there is a lot of opportunity for us to leverage that popularity amongst our employees and their enthusiasm for reworking at Responsys to win that war for talent. And at this point, we've been very pleased with our success both on our retention as well as our ability to go out and bring in great new talent and I don't see that changing in the future. I don't think that the hiring environment will stop us from achieving the growth goals that Chris outlined.

我們想延攬到 Responsys 的頂尖人才，競爭一直都很激烈；我們所處的市場與地理區域都非常競爭，這點毋庸置疑。我們在 Responsys 成功打造了一種企業文化，能吸引那些想加入一家令人興奮、快速成長的公司的人；從協助客戶成功的角度來看會非常出色，同時也提供很好的職涯機會。我也補充一下，如果你還沒看到新聞稿，我們很高興 Glassdoor 將我們列為全球最適合工作的前 25 家科技公司之一，而且我們首次上榜就名列第 8。我們認為，這讓我們有很大的機會去運用員工之間的口碑與他們對在 Responsys 工作的熱情，在人才爭奪戰中勝出。到目前為止，我們對留任表現以及招募到優秀新人才的能力都非常滿意，而且我不認為未來會改變。我不認為招募環境會阻礙我們達成 Chris 所概述的成長目標。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Justin Furby, William Blair.

Justin Furby，William Blair。

(Operator Instructions)

（接線員指示）

Thanks for taking my questions and congrats on the quarter. I just wanted to follow up on the pricing. Chris, I just wanted to be clear, did you say that you are now pretty much through all the renewals? Last quarter it was something like 75% of the way through -- are you now mostly through all of those in terms of getting through and updating pricing?

謝謝回答我的問題，也恭喜本季表現。我想追問一下定價的部分。Chris，我想確認清楚，你是說你們現在幾乎已經完成所有續約了嗎？上季大概是完成了 75% 左右——現在就更新定價而言，你們是否已經大多完成這些續約？

Yes. We are substantially through those renewals. Obviously we have longer-term contracts that will -- we constantly have contracts renewing but [far] the majority of those are through the pricing at this point.

是的。我們已經大致完成那些續約。當然我們有較長期的合約——我們一直都有合約在續約——但到目前為止，絕大多數都已經完成定價調整。

Okay. And then Dan, if you look at the 17 customer adds that you guys brought on and new business in this quarter, what were the bigger -- competitively, who are you mostly replacing and has that changed at all over the last few quarters?

好的。接著 Dan，如果看你們本季新增的 17 家客戶與新業務，從競爭角度來看，你們主要是在替換哪些供應商？過去幾季這方面有任何改變嗎？

Yes. I don't think there's a significant change in the mix for the -- so the net new adds coming in, where they are coming from. We continue to see two sets of competitors, so there is the traditional marketing service providers who acquired into the space several years ago -- that's your Epsilons, your AXIOMs, your Experience, and then we see more the -- in the general business segment, we see more [per play] market companies, that had been ExactTarget's strength, of course, Silverpop, Bronto, et cetera. And so that mix hasn't really changed in the last couple quarters and I don't foresee that would be changing going forward. Folks that are on those platforms that decide they want to upgrade to Responsys is going to continue to be our primary source of growth.

是的。我不認為在組合上有顯著變化——也就是這些淨新增客戶的來源。我們持續看到兩類競爭對手：一類是傳統的行銷服務供應商，他們在幾年前透過併購進入這個領域——例如 Epsilon、AXIOM、Experience；另一類是在一般商務市場區隔，我們看到更多所謂的「純玩家」公司，這一直是 ExactTarget 的強項，當然也包括 Silverpop、Bronto 等等。因此這個組合在過去幾季並沒有真正改變，我也不預期未來會改變。那些在這些平台上的客戶，當他們決定要升級到 Responsys，將會持續成為我們主要的成長來源。

Okay, great. And then I'd love your thoughts on the other acquisition, the Adobe Neolane purchase -- what impact you think that may have on your space?

好的，很好。另外我也想聽聽你們對另一個收購案——Adobe 收購 Neolane——的看法，你們認為這會對你們的領域帶來什麼影響？

Yes we're very close with Adobe, they are an important partner for us, we've recommitted to each other to sponsor each other's marketing events in 2014, I don't believe we see a significant change in their relationship to Responsys or for that matter to any of the other competitors of ours that they partner with. And the Neolane, the core of what they're looking for there is more the traditional campaign management tool, very competitive to a Unica, if you will, and that offline capability is the primary attractiveness to Adobe so at this point we don't expect to see and we don't see Neolane that frequently on a competitive set and we don't think that will change the ecosystem for us.

是的，我們與 Adobe 的關係非常密切，他們是我們重要的合作夥伴；我們也再次承諾彼此在 2014 年贊助對方的行銷活動。我不認為我們會看到他們與 Responsys 的關係出現重大改變，或就此而言，與他們合作的我們其他競爭對手也不會有重大改變。至於 Neolane，他們看重的核心更偏向傳統的行銷活動管理工具，如果你願意這麼說，它與 Unica 的競爭更直接；而其離線能力是 Adobe 對它最主要的吸引力。因此目前我們不預期會看到、也確實不常在競爭名單中看到 Neolane，我們也不認為它會改變我們的生態系。

Okay. Great. And then one last one if I may, where are you guys in terms of moving your legacy customers off of the old platform, what does that look like today if you look at your overall installed base? What is the rough percentage still on the legacy platform?

好的，很好。最後一個問題（如果可以的話），你們在把既有客戶從舊平台移轉出去方面目前進度如何？如果看你們整體已安裝客戶基礎，現在大概還有多少比例仍在舊平台上？

Yes, so the vast majority of our significant customers are on the new platform. We are 75% and above in terms of all volume is now on the [Orion] or 6X platform. We have a couple customers left that we are migrating over before holiday season this year and we should have them -- the vast, vast majority -- maybe a few outliers -- any significant customers for holiday 2013 will be on the new platform.

是的，我們絕大多數的重要客戶都已在新平台上。以整體流量/用量來看，目前有 75% 以上已在 [Orion] 或 6X 平台上。我們還有少數客戶會在今年假期旺季前完成移轉，我們應該能把他們——絕大、絕大多數——也許只剩少數例外——任何在 2013 年假期旺季的重要客戶都會在新平台上。

Okay. Great. Thanks very much guys, congrats again. Thanks again.

好的，很好。非常感謝各位，再次恭喜。再次謝謝。

(Operator Instructions)

（接線員指示）

And I am not showing any further questions at this time. I would like to turn the call back over for closing remarks.

目前我這邊沒有顯示其他問題。我想把電話交回去，請進行結語。

Great. Thank you everybody for joining our second-quarter call today. We will speak with you next quarter. Thanks for joining in.

很好。感謝各位今天參加我們的第二季電話會議。我們下季再與各位通話。謝謝各位參與。

Ladies and gentlemen, this concludes today's program. You may now disconnect. Good day.

各位女士先生，今天的會議到此結束。您現在可以掛線。祝您有美好的一天。