甲骨文 (ORCL) 2014 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Oracle Corporation quarterly conference call. Today's conference is being recorded. At this time, I would like to introduce Ken Bond, Vice President of Investor Relations, Oracle. Please go ahead, sir

各位好，歡迎參加今天的甲骨文公司季度電話會議。今天的會議將進行錄音。此刻，我想介紹甲骨文投資人關係副總裁 Ken Bond。先生，請開始。

Thank you, Brian. Good afternoon, everyone, and welcome to Oracle's first-quarter fiscal year 2014 earnings conference call. A copy of the press release and financial table, which include a GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website. On the call today, our President and Chief Financial Officer, Safra Catz; and President, Mark Hurd.

謝謝你，Brian。各位下午好，歡迎參加甲骨文 2014 會計年度第一季財報電話會議。新聞稿與財務表（包含 GAAP 與非 GAAP 的調節表及其他補充財務資訊）可於我們的投資人關係網站瀏覽並下載。今天與會者包括我們的總裁兼財務長 Safra Catz，以及總裁 Mark Hurd。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates, or other information that might be considered forward-looking. Throughout today's discussion we will present some important factors relating to our business which may potentially affect these forward-looking statements. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

提醒各位，今天的討論將包含前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將提出一些與本公司業務相關的重要因素，這些因素可能會影響上述前瞻性陳述。這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與今天所述內容出現重大差異。

As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. Finally, we are not obligating ourselves to revise our results or publicly release any revisions of these forward-looking statements in light of new information or future events.

因此，我們提醒各位不要過度依賴這些前瞻性陳述，並建議各位查閱我們最新的報告，包括 10-K、10-Q 及任何適用的修訂，以完整了解這些因素以及其他可能影響我們未來業績或股價的風險。最後，基於新資訊或未來事件，我們不承擔修訂我們的結果或公開發布對這些前瞻性陳述之任何修訂的義務。

Before taking questions, we will begin with a few prepared remarks. And with that, I would like to turn the call over to Safra.

在進入提問之前，我們將先做幾點事先準備的說明。接下來，我想把電話交給 Safra。

Thanks, Ken. I am going to focus on our non-GAAP results for Q1. I will then review guidance for Q2 and turn the call over to Mark for his comments. Larry isn't with us today because he is in an important race for the America's Cup.

謝謝，Ken。我將聚焦於我們第一季的非 GAAP 結果。接著我會回顧第二季的財測指引，然後把電話交給 Mark 發表他的看法。Larry 今天不在，因為他正在參加一場重要的美洲盃帆船賽。

I want to start by letting you know that currency in Q1 gave us a 2% headwind for new software license and total revenue, which was more than my guidance last quarter. So, today, my comments on the quarter will generally reflect constant dollar growth rates. Q1, for us, was really solid, overall, and quite strong in the Americas. We're especially pleased with our software results, as total software revenues were $6.1 billion, up 8% from last year.

我先說明，第一季匯率對新軟體授權與總營收造成 2% 的逆風，這比我上季給的指引更大。因此，今天我對本季的評論通常會反映以固定匯率（constant dollar）計算的成長率。對我們而言，第一季整體表現相當穩健，美洲地區尤其強勁。我們對軟體表現特別滿意，因為軟體總營收為 61 億美元，較去年成長 8%。

Software updates and product support revenues were more than 50% of the total Company revenue at nearly $4.4 billion, up 8% from last year. Attach rates and renewal rates remained at their usual high levels, and software updates and product support continue to power earnings and cash flow. New software license revenues were $1.7 billion, up 6% from last year. Looking at GAAP results by region, we saw excellent results in the Americas, with growth of 15% -- that is growth upon a previous year, so that's really very strong. Asia PAC saw solid growth of 5%, while EMEA declined 5%.

軟體更新與產品支援營收接近 44 億美元，占公司總營收超過 50%，較去年成長 8%。附加率與續約率維持一貫的高水準，軟體更新與產品支援持續推動獲利與現金流。新軟體授權營收為 17 億美元，較去年成長 6%。按地區觀察 GAAP 結果，美洲地區表現優異，成長 15%——這是在去年基期之上再成長，因此非常強勁。亞太地區穩健成長 5%，而 EMEA 則下滑 5%。

There were some interesting product details that I think bode well for the future. Exadata software was up over 15%, GoldenGate in memory software was up 30%. BI Technology and Foundation Suite were up around 10%. Also strong, was retailing, CRM sales, and applications in North America, generally. The quarter was not dependent on any one large deal, anything like that, it was just a very solid quarter.

有一些有趣的產品細節，我認為對未來相當有利。Exadata 軟體成長超過 15%，GoldenGate 記憶體內（in-memory）軟體成長 30%。BI 技術與 Foundation Suite 約成長 10%。此外，北美地區的零售、CRM 銷售以及應用軟體整體也表現強勁。本季並不依賴任何單一大型交易之類的因素，就是一個非常扎實的季度。

Hardware systems product revenue was $669 million, as older products, like the older M-Series and Netra saw significant declines. Storage was a more mixed story, with Tape down a bit, SAN down significantly, while network attached storage was up. The engineered systems customer base continues to expand nicely, Exadata bookings look very good, revenues from Exalytics, SuperCluster, and the Oracle database of clients all grew over 100%.

硬體系統產品營收為 6.69 億美元，較舊的產品（如舊款 M-Series 與 Netra）出現明顯下滑。儲存產品表現較為分歧：磁帶（Tape）小幅下滑，SAN 大幅下滑，而網路附加儲存（NAS）則成長。整合式系統（engineered systems）客戶基礎持續良好擴張，Exadata 訂單（bookings）看起來非常不錯；Exalytics、SuperCluster，以及 Oracle 資料庫客戶的相關營收皆成長超過 100%。

For the Company, total revenue for the quarter was $8.4 billion, up 4% from last year. Our non-GAAP operating income was $3.7 billion, which was 6% higher than last year, and operating margin expanded to 45%. We still believe there remains ample leverage in the business model. The non-GAAP tax rate for the quarter was 21.8%. EPS for the quarter grew 12% in US dollars to $0.59 on a non-GAAP basis. The GAAP tax rate was 17.7%, which was lower than my guidance for last quarter, due to some one-time events and the mix of earnings.

就公司整體而言，本季總營收為 84 億美元，較去年成長 4%。非 GAAP 營業利益為 37 億美元，較去年高 6%，營業利益率擴大至 45%。我們仍然相信商業模式仍有充足的槓桿空間。本季非 GAAP 稅率為 21.8%。以非 GAAP 基礎計算，本季每股盈餘（EPS）以美元計成長 12% 至 0.59 美元。GAAP 稅率為 17.7%，低於我上季的指引，原因是一些一次性事件以及獲利組合的影響。

On a GAAP basis, EPS for the quarter was $0.47 in US dollars, which was up 14%. Free cash flow increased to a record $14.2 billion over the last four quarters, and to an all-time high of $6.1 billion for Q1, up 11% from last year. We're now on the cusp of generating more free cash flow than IBM. Just five years ago, we generated roughly 50% the level of IBM's free cash flow over four quarters. We now have over $39 billion in cash and marketable securities. Net of debt, our cash position is $15 billion.

以 GAAP 基礎計算，本季 EPS 為 0.47 美元，成長 14%。過去四個季度的自由現金流增加至創紀錄的 142 億美元；第一季自由現金流亦達歷史新高 61 億美元，較去年成長 11%。我們現在正接近產生比 IBM 更多的自由現金流。就在五年前，我們在四個季度內產生的自由現金流大約只有 IBM 的 50%。我們目前持有超過 390 億美元的現金與有價證券。扣除負債後，我們的淨現金部位為 150 億美元。

As we've said before, we are committed to returning the value to our shareholders through earnings growth, share repurchases, and a dividend. This quarter, we repurchased 92.8 million shares, for a total of $3 billion. Over the last 12 months, we have repurchased nearly 335 million shares, for a total of $10.9 billion; paid out dividends of nearly $1.7 billion, for a total that is nearly 90% of our free cash flow; and the Board of Directors declared a quarterly dividend of $0.12 per share.

如同先前所說，我們致力於透過獲利成長、庫藏股回購與股利，將價值回饋給股東。本季我們回購 9,280 萬股，總金額 30 億美元。過去 12 個月，我們回購近 3.35 億股，總金額 109 億美元；發放股利近 17 億美元；合計回饋金額接近我們自由現金流的 90%；此外，董事會宣告每股 0.12 美元的季度股利。

Now, to the guidance. I want to remind you that last Q2, new license and cloud revenue increased 18% in constant currency, so this will be a very, very tough comparison. And, though our pipelines and potential transactions for the quarter look really very exciting, our sales leaders remain very careful about what they are forecasting to us.

接下來談指引。我想提醒各位，去年第二季在固定匯率下，新授權與雲端營收成長 18%，因此這將是一個非常、非常艱難的比較基期。而且，雖然我們本季的銷售管線與潛在交易看起來非常令人振奮，但我們的銷售主管在向我們提供預測時仍然非常謹慎。

New software license and cloud subscription revenue growth is expected to range from negative 4% to positive 6% in constant currency, and negative 6% to positive 4% in reported dollars. Hardware product revenue is expected to range from negative 9% to positive 1% in constant dollars, and negative 11% to negative 1% in reported dollars. As a result, total revenue growth on both a GAAP and non-GAAP basis is expected to range from 1% to 4% in constant dollars and negative 1% to positive 2% in US dollars.

以固定匯率計，新軟體授權與雲端訂閱營收成長預期介於負 4% 至正 6%；以報告美元計則介於負 6% 至正 4%。硬體產品營收以固定匯率計預期介於負 9% 至正 1%；以報告美元計則介於負 11% 至負 1%。因此，無論以 GAAP 或非 GAAP 基礎計算，總營收成長預期在固定匯率下介於 1% 至 4%，以美元計則介於負 1% 至正 2%。

Non-GAAP EPS is expected to be somewhere between $0.65 and $0.70 in constant dollars, $0.64 to $0.69 in reported dollars. GAAP EPS is expected to be $0.51 to $0.56 in constant dollars, and $0.50 to $0.55 in reported dollars. I want to remind you that last year we had the benefit of a $145 million acquisition-related benefit for the Pillar earn-out, so excluding that benefit, GAAP EPS, last year, would have been [$0.51].

非 GAAP 每股盈餘（EPS）預期在固定匯率美元計算約為 0.65 至 0.70 美元，按報告口徑美元計算為 0.64 至 0.69 美元。GAAP 每股盈餘預期在固定匯率美元計算為 0.51 至 0.56 美元，按報告口徑美元計算為 0.50 至 0.55 美元。我想提醒各位，去年我們受惠於與收購相關的 1.45 億美元收益（Pillar 里程碑付款／或有對價的收益），因此若排除該項收益，去年的 GAAP 每股盈餘將會是 [0.51 美元]。

This guidance assumes a tax rate of 23.5% and a non-GAAP tax rate of 24%. Of course, it may end up being very different. With that, I'll turn it over to Mark for his comments.

本次指引假設稅率為 23.5%，非 GAAP 稅率為 24%。當然，最終結果可能會非常不同。接下來我把時間交給 Mark 發表他的評論。

Thanks, Safra. Just a couple things to add, our new license executed really as we expected. The Americas had a solid quarter, as Safra mentioned, 15% growth, with both the US and Latin America growing double digits, and Asia PAC came back strong, with growth of 5%. Database continues to be very strong, double-digit growth, again, this quarter.

謝謝你，Safra。我再補充幾點：我們新簽署的授權合約執行情況確實如我們預期。美洲地區本季表現穩健，如 Safra 提到的，成長 15%，美國與拉丁美洲皆為雙位數成長；亞太地區也強勢回升，成長 5%。資料庫業務持續非常強勁，本季同樣維持雙位數成長。

Now, while customer activity in 12c was excellent, it really is the traditional products -- database Options, Enterprise Manager, that drove this double-digit growth, and we have seen that trend in the last three of the last -- or three of the last four quarters. And cloud, right now, had a strong quarter. It's really started to hit stride, with great wins at ANA, LinkedIn, Sirius XM Radio, TELUS, Barclays Bank.

目前，雖然客戶在 12c 的活動非常熱絡，但真正帶動這次雙位數成長的其實是傳統產品——資料庫選件（Options）、Enterprise Manager；而且我們在過去四個季度中的三個季度都看到這個趨勢。而雲端業務目前也有一個強勁的季度。它確實開始進入佳境，並在 ANA、LinkedIn、Sirius XM Radio、TELUS、Barclays Bank 等客戶取得重大勝利。

We are also really excited about our sales automation Release 7. Not only will be entire Oracle sales force run on Release 7, but we're very excited to bring this to market. In HCM, our Taleo product had a very strong quarter, with key wins at Honeywell, Emerson, Humana, Xilinx, and DirecTV.

我們也對銷售自動化 Release 7 感到非常興奮。不僅整個 Oracle 銷售團隊都將運行在 Release 7 上，我們也非常期待把它推向市場。在人力資本管理（HCM）方面，我們的 Taleo 產品本季表現非常強勁，並在 Honeywell、Emerson、Humana、Xilinx 與 DirecTV 等客戶取得關鍵勝利。

Now, last quarter, we teased you a little bit with announcements we'd make, and then we made them in June. We announced a deal with Microsoft, enabling customers to run Java in the Oracle database on the Azure cloud, and we would also be partnering with NetSuite on HCM. Lastly, we announced a comprehensive partnership with Salesforce, where they've chosen to power their cloud using Oracle 12c database and Exadata, amongst other Oracle products. We expect others to follow suit.

上個季度我們先賣了個關子，說會有一些公告，然後我們在 6 月正式發布了。我們宣布與 Microsoft 達成協議，使客戶能在 Azure 雲端上於 Oracle 資料庫中運行 Java；同時我們也將在 HCM 方面與 NetSuite 合作。最後，我們宣布與 Salesforce 建立全面性的合作夥伴關係，他們選擇使用 Oracle 12c 資料庫與 Exadata（以及其他 Oracle 產品）來支撐其雲端。我們預期其他公司也會跟進。

Moving to engineered systems, we had great wins at Eaton, Telecom Italia, ChinaMobile, SunGard, Ingersoll Rand, and Hitachi. Now, in the last two quarters, we have shipped almost 2,000 systems. And this quarter, we saw great unit growth north of 60%, as we shipped nearly 800 systems. Nearly 40% of Exadata systems were sold to new customers, and we expect to grow our business with these customers over time. We are gaining a material amount of unit market share. Exalytics, SPARC SuperCluster, the Oracle Database Appliance, all had growth in excess of 100%.

談到整合式系統（Engineered Systems），我們在 Eaton、Telecom Italia、ChinaMobile、SunGard、Ingersoll Rand 與 Hitachi 等客戶取得重大勝利。在過去兩個季度，我們已出貨將近 2,000 套系統。而本季我們看到超過 60% 的亮眼單位成長，出貨接近 800 套系統。Exadata 系統中將近 40% 售予新客戶，我們預期將隨時間推進與這些客戶的業務成長。我們正在取得相當可觀的單位市占率。Exalytics、SPARC SuperCluster、Oracle Database Appliance 的成長皆超過 100%。

Lastly, our sales [org], in terms of sales people, is up. We're making investments in productivity to make them sell more. We're growing faster than our key competitors, and our attrition is down from historical levels, and down significantly from last year.

最後，我們的銷售[組織]，就銷售人員數量而言，是增加的。我們正在投資於生產力提升，讓他們能賣得更多。我們的成長速度快於主要競爭對手，而且我們的人員流失率低於歷史水準，也較去年顯著下降。

Now, with that I thought I'd make a couple comments about Oracle Open World, which is next week. We plan to have roughly 60,000 people at the event in San Francisco from 145 countries. We expect to have 2 million attendees online. So, this is going to be the biggest one yet. We have got a great lineup of speakers. We have got EMC, Dell -- Michael will actually be there -- we have got Fujitsu, Deloitte, Intel there. We have got customers, LinkedIn, AT&T, Facebook, electronics arts, Thomson Reuters, New York Stock Exchange, Tesco, Deutsche Telekom -- I could just go on.

接下來我想對下週舉行的 Oracle OpenWorld 補充幾點。我們計畫在舊金山的活動現場迎來約 60,000 名與會者，來自 145 個國家。我們預期線上將有 200 萬名參與者。因此，這將會是迄今規模最大的一次。我們安排了非常強大的講者陣容。我們有 EMC、Dell——Michael 其實也會到場——還有 Fujitsu、Deloitte、Intel。我們也有客戶代表，包括 LinkedIn、AT&T、Facebook、Electronic Arts、Thomson Reuters、紐約證券交易所、Tesco、Deutsche Telekom——我還可以一直列下去。

It's going to be a great set of people from the industry, as well as customers, a very large attendee base, and we will make some significant product announcements at the event as well. We will be introducing Oracle 12c In-Memory Database. We will be talking about it being able to deliver 100x faster application performance using a new architectural approach. We will be talking about existing Oracle apps that can now run in the Oracle database functionality without change when using this In-Memory capability.

這將會是一群來自產業與客戶端的優秀人士，加上非常龐大的與會基礎；我們也會在活動中發布一些重要的產品公告。我們將推出 Oracle 12c 記憶體內（In-Memory）資料庫。我們將談到它如何透過新的架構方法，帶來快 100 倍的應用程式效能。我們也會談到既有的 Oracle 應用程式在使用這項 In-Memory 能力時，無需變更即可在 Oracle 資料庫功能上運行。

We will have some releases in cloud. We will talk about -- we'll have some releases in HCM and Talent Management. We will talk about database as a service -- Java as a service that will be available to our customers. So, there will be a whole slew of product announcements there that Larry will be talking about Sunday night and will continue on through the week. We're excited about the upcoming activities at Oracle Open World.

我們也會在雲端方面推出一些版本更新。我們將談到——我們也會在 HCM 與人才管理（Talent Management）方面推出一些版本更新。我們將談到資料庫即服務（Database as a Service）——以及 Java 即服務（Java as a Service），這些都將提供給我們的客戶。因此，現場會有一連串的產品公告，Larry 會在週日晚上談到，並在整週持續進行。我們對即將到來的 Oracle OpenWorld 活動感到興奮。

With that, I will turn it back to Ken, and we'll take whatever questions you've got.

接下來我把時間交回給 Ken，我們將回答各位的提問。

Brian, we'll go to the Q&A, now, if you're ready.

Brian，如果你準備好了，我們現在進入問答環節。

Yes, thank you. John DiFucci, JPMorgan.

是的，謝謝。JPMorgan 的 John DiFucci。

Mark, you mentioned the strength in database, and it's reflected in license, but it's also, I think, reflected in margins this quarter. You mentioned, and I would think it's really too early for 12c to be having much of an impact on the numbers anyway -- you mentioned Options, Enterprise Manager -- I guess the question is, why the strength, right now, in database? And, how does this business look as you look forward -- the core database with Options?

Mark，你提到資料庫的強勁表現，這在授權收入上有所反映，但我認為本季的毛利率也反映了這點。你提到——而且我想 12c 對數字產生太大影響可能還為時過早——你提到選件（Options）、Enterprise Manager——我的問題是，為什麼目前資料庫會這麼強？以及，往前看，這項業務——包含選件的核心資料庫——你怎麼看？

Yes, the interesting thing, John, first, is we not only had good growth in database, but we also had good growth in database in the US. So, it was very strong, and it's exactly what you described. First, it was broad-based across the regions, even with the strong showing in the US, and it was really the options.

是的，John，有趣的是，首先，我們不僅資料庫成長良好，在美國的資料庫業務也同樣成長良好。所以表現非常強勁，正如你所描述的。第一，它在各地區都是廣泛性的成長，即便美國表現特別強，而真正的驅動力是選件（Options）。

Again, as you start dealing with some of the issues you see in the market -- take, for example, something as simple as the data growth that you all hear in the industry, 30%, 40% data growth that our customers talk about. The ability for us to compress that data is a tremendous opportunity and it's an option that you get advanced compression, you can get it with Exadata, that dramatically changes our customers' total cost of ownership.

再者，當你開始處理市場上看到的一些問題——例如，拿一個最簡單的例子：各位在產業中常聽到的資料成長，我們的客戶談到 30%、40% 的資料成長。我們能夠壓縮這些資料的能力是一個巨大的機會；而這是一項選件，你可以透過進階壓縮（Advanced Compression）取得，也可以透過 Exadata 取得，這會大幅改變客戶的總持有成本（TCO）。

We had good growth, really across regions, particularly strong in the US, particularly strong in Options. GoldenGate was very strong. We had good growth in RAC, Active Data, In-Memory caching. Security was -- I mentioned this, I think, last quarter too, we had very strong growth, again, in security. These are turning to be material businesses, John, and I think this is not really the beginning -- I would not call any of this really any significant impact from 12c. This is really just the core database and the options around the core database.

我們的成長表現良好，確實是跨各個地區，尤其在美國特別強勁，特別是在選件（Options）方面。GoldenGate 表現非常強勁。我們在 RAC、Active Data、In-Memory 快取方面也有不錯的成長。安全性方面——我想我上季也提過——我們在安全性上再次出現非常強勁的成長。John，這些正在成為具規模的業務，我認為這其實還不是開始——我不會把其中任何一項稱為 12c 帶來的任何顯著影響。這真的就是核心資料庫，以及圍繞核心資料庫的各項選件。

You mentioned Exadata, so that sounds like -- that Exadata pulls along some of these options too -- that having an effect here --?

你提到 Exadata，所以聽起來——Exadata 也會帶動其中一些選件——這對這裡有影響嗎——？

Yes, it's all part of one story, John, in the context of -- we've got so much database out there and the issue to drive more performance, more security, drive more compression. You can get a lot of it with the database as a product, you can get even more of it when you buy Exadata, so it's a strong value prop, John.

是的，John，這都是同一個故事的一部分；背景是——我們在外面有非常多的資料庫，而要解決的問題是推動更高效能、更高安全性，以及更高壓縮率。你用資料庫這個產品本身就能得到很多；當你購買 Exadata 時，能得到更多，所以這是一個很強的價值主張，John。

Thanks, Mark. And, if I might, just one quick one for Safra. Safra, the guidance you gave is a little bit below where the Street is right now. You mentioned -- you talk about exciting pipelines, I think the word is that you used, but you also talk about managed -- the sales people or sales managers being, I don't know what word you used, but it sounded like being prudent. I guess, in the past, you've sometimes gauged what that guidance is.

謝謝，Mark。另外，如果可以的話，我想再快速問 Safra 一個問題。Safra，你給的指引比目前華爾街的預期略低一些。你提到——你談到令人振奮的管線（pipelines），我想那是你用的詞，但你也談到受管理——銷售人員或銷售主管在某種程度上，我不確定你用的詞是什麼，但聽起來像是更審慎。我想，在過去，你有時會用這個來衡量指引會是什麼。

Do you think that is something -- the guidance you have given, is it similar to the conservatives, on that it's prudent, that you normally give? Is it a little more conservative, or less, or if you can comment on that?

你覺得這是——你給出的指引，是否和你通常給的那種保守程度相近，也就是偏審慎？是更保守一些，還是更不保守一些？如果你能評論一下的話。

As I always say to you all, I read the same newspapers or read the websites that you all do, and there's a lot of news out there, whether it's coming out from our own government or from Europe, and that influences what we put as a backdrop for our forecast. Today was a big news day in both directions. So, we're just trying to -- I think everybody is just trying to stay a little bit -- to have a little bit of room, and we could do significantly better.

我一向跟各位說，我讀的報紙、看的網站跟各位一樣，而外面有很多新聞，不管是來自我們自己政府的，或是來自歐洲的，這些都會影響我們在預測時所設定的背景假設。今天在兩個方向上都是重大新聞日。所以，我們只是想要——我想大家都只是想稍微——留一點空間，而我們也可能做得顯著更好。

But, we still -- even though our pipelines are big, we still have to close all those deals, and I just can't assume that we will. So, try to just be reasonable about it, be conservative about it, but I just need to take into account a lot of different inputs. And, I think we -- that is where the guidance range is.

但是，我們仍然——即使我們的管線很大——我們仍然必須把那些交易都成交，而我不能假設我們一定會。所以，盡量在這方面保持合理、保持保守，但我需要把很多不同的輸入因素納入考量。而我想——這就是指引區間所在。

Okay, great. That's helpful. Thank you, both.

好的，很好。這很有幫助。謝謝你們兩位。

(Operator Instructions)

（接線員指示）

Raimo Lenschow.

Raimo Lenschow。

I had a very [top-level one] -- you guys had a conference call with Salesforce a few weeks ago that focused on joining the different clouds. A few minutes ago, we had a call from two cloud vendors that want to work closer together, going forward. Can you talk a little bit about this new environment of vendors having to [pre-integrate] their cloud product? And also, maybe go on a little bit about Fusion -- it's a more complete solution than what others have, so how is that done and how does that fit into the new world here? Thank you.

我有一個非常[高層次的問題]——幾週前你們和 Salesforce 開了一場電話會議，重點在於把不同的雲端連接起來。幾分鐘前，我們也接到兩家雲端供應商的電話，他們希望未來能更緊密合作。你能談談這種新環境嗎？也就是供應商必須[預先整合]他們的雲端產品？另外，也許再談談 Fusion——它比其他人提供的更完整的解決方案，那是如何做到的？以及它如何融入這個新的世界？謝謝。

First of all, I think that what you're seeing is that, in fact, customers want systems that are integrated, and that, I think, works to our advantage. It's significantly easier, obviously, to have very integrated and very seamless integration when you own all the products, as we do.

首先，我認為你看到的是，事實上客戶想要的是整合式的系統，而我認為這對我們有利。顯然，當你像我們一樣擁有所有產品時，要做到高度整合、無縫整合會容易得多。

For those customers that have mixed environments, especially a large install base of one of our competitors, the big benefit, of course, in working with us is that it's all based on our technology. I think it gets significantly harder when you're talking about almost random companies who are trying to make the experience seamless, when their systems are so very different -- the definitions, the underlying platforms are very different.

對於那些有混合環境的客戶，尤其是大量安裝了我們某個競爭對手產品的客戶，當然，與我們合作的一大好處是：一切都建立在我們的技術之上。我認為，當你談的是幾乎隨機的公司試圖讓體驗無縫時，事情就會困難得多，因為他們的系統差異很大——定義不同、底層平台也非常不同。

For us, we view this as a huge benefit towards us, and we think it's actually powering the strength of Fusion and the interest in Fusion because Fusion actually has a second piece to it, which is it integrates, not only all of our applications work together in Fusion, but they also work with all of your existing Oracle applications in a way that if -- and Fusion, itself, can be deployed, some on-premise, if you'd like, and some in the cloud, and back and forth, in fact.

對我們而言，我們把這視為對我們非常大的優勢；我們也認為這其實正在推動 Fusion 的強勢與市場對 Fusion 的興趣，因為 Fusion 其實還有第二個面向：它不僅讓我們在 Fusion 裡的所有應用彼此協同運作，也能以一種方式與你現有的所有 Oracle 應用整合；而且——Fusion 本身也可以部署成部分在地端（on-premise），如果你想要的話，也可以部分在雲端，並且事實上可以來回切換。

So, what you're seeing is customers wanting more choice, but better integration, and we're really the only ones who have all the products and the depth and an ability to deliver it in the cloud, in the public cloud, in a private cloud behind their firewall, or in our own -- or on-premise, which is truly about customer choice.

所以，你看到的是客戶想要更多選擇，但也要更好的整合；而我們幾乎是唯一一家擁有所有產品、具備深度，並且有能力在雲端交付——在公有雲、在客戶防火牆後的私有雲、或在我們自己的——或在地端——真正做到以客戶選擇為核心。

Perfect, thank you.

完美，謝謝。

Joel Fishbein.

Joel Fishbein。

Mark, quick question. As I was going through the numbers, it looked like hardware support is up 5%, against hardware that's down 13%. Can you give me -- or give us some more color on what's going on there?

Mark，快速問一個問題。我在看數字時，感覺硬體支援成長 5%，但硬體卻下滑 13%。你能不能——或是給我們更多一些背景，說明那邊發生了什麼？

Yes, I think, Joel -- I've talked about this in the past. I think that if you looked historically, when the hardware business was not part of Oracle, the attach of service to a unit -- you sell a unit and then you sell service with it -- historically, pre-Oracle, that was a very low number. We realigned our business so that, as we've shifted to these very high Oracle-content products, we now attach support all the time.

可以，我想，Joel——我過去談過這點。我認為如果你回頭看歷史，當硬體業務還不是 Oracle 的一部分時，服務對單機的附加率——你賣出一台設備，然後再賣服務給它——在 Oracle 併入之前，歷史上那個數字非常低。我們重新調整了業務，因此，隨著我們轉向這些 Oracle 含量非常高的產品，我們現在幾乎每次都會附帶（attach）支援。

As a result, the growth of support is not symmetrical with the product growth rate. So what we do is, having support, now, growing materially faster as we catch up to, what I would argue would be industry norms, in terms of the way you attach support to a product, and it's causing -- I understand your point. It doesn't look right that hardware support is growing, now, 5%.

因此，支援的成長並不會與產品的成長率對稱。所以我們現在看到的是，隨著我們追趕到——我會主張——就把支援附加到產品上的方式而言的產業常態，支援的成長速度明顯更快；這也造成——我理解你的觀點。硬體支援現在成長 5%，看起來確實不太合理。

I might add, our margins have improved dramatically with the growth rate. It is because that we, now, have high Oracle-content products, and we are attaching support to those products, regularly, when we sell them. And, that is causing our hardware support to grow in a way that doesn't align directly to the hardware price.

我還要補充，我們的毛利率隨著成長率已大幅改善。這是因為我們現在擁有 Oracle 含量很高的產品，而且在銷售這些產品時，我們會例行性地附帶支援。而這使得我們的硬體支援成長方式，並不會直接與硬體價格同步。

Now, I can tell it to you another way, Joel. Once we start growing the top line in hardware, it will even be a further catalyst to hardware support. Because much of that cost in hardware is support, it is sort of a baseline set of costs to be in the business -- things like parts depots and spare parts -- you'll actually be in a position where you can even make even more margin. It's really, Joel, just us going back to the fundamentals of running a good hardware support business, and it starts with attaching the service and the support for the product when you sell it, which is what we've done.

Joel，我也可以用另一種方式跟你說。一旦我們開始讓硬體的營收（top line）成長，這也會進一步成為硬體支援的催化劑。因為硬體的許多成本其實是支援成本，它算是一組在這個業務中必須承擔的基礎成本——例如零件倉儲與備品——你其實會處於一個能夠賺取更高毛利的狀態。Joel，這真的只是我們回到經營一個良好硬體支援業務的基本功，而起點就是在你賣出產品時就把服務與支援附加上去，而這正是我們所做的。

Great, thank you.

太好了，謝謝。

Brent Thill.

Brent Thill。

My question is on the general demand environment. Safra, I think you made a comment that you believe you can do significantly better -- overall tech spending seemed to be pretty positive, yet your guidance, and we certainly respect the tough comp, is really for no license growth. So, from your perspective, what are the key enablers for you to get back to, what I would assume you would perceive to be, more healthy growth on the license side? What key building blocks do you have to fill in from here?

我的問題是關於整體需求環境。Safra，我想你提到你相信你們可以做得顯著更好——整體科技支出看起來相當正面，但你們的指引（我們當然尊重艱難的比較基期）基本上是授權不成長。所以，從你們的角度來看，要讓授權端回到我猜想你們會認為更健康的成長，關鍵的推動因素是什麼？從現在起你們還需要補齊哪些關鍵基礎建設？

We have to execute, and we have to avoid any economic deterioration, or things like that. Some of those things are out of our control. We have to execute. We have to have another quarter like this one, just straight execution, follow a straight line. I think we have an opportunity to do significantly better. But, we just want to move forward. It really does come down for this next quarter to being an extremely difficult comp.

我們必須把執行做好，也必須避免任何經濟惡化之類的情況。其中有些事情不在我們的控制範圍內。我們必須把執行做好。我們必須再有一個像這一季一樣的季度，就是純粹把執行做好，沿著一條直線往前走。我認為我們有機會做得顯著更好。但我們只是想向前推進。對下一季而言，確實主要取決於比較基期極其艱難。

I'd probably put a little different view on your comments. One, listen, to Safra's point, we read all of our peer groups' results, and to be very blunt, they're not very good. Depending on who you're talking about, most of their numbers are negative. So, when you say there's a robust ex-spending environment, I'm not sure whose numbers you're reading, so that's point one.

我可能會對你的評論提出稍微不同的看法。第一，聽著，就像 Safra 所說的，我們會閱讀所有同業的業績結果，坦白說，它們並不好。視你談的是誰而定，他們大多數的數字都是負的。所以，當你說有強勁的科技支出環境時，我不確定你在看誰的數字——這是第一點。

When you look at scale technology companies, there's some pretty significant headwinds out there, when you certainly look in July through the June readouts. When you look at this quarter, I would argue, we, again, gained a lot of share, just based on the results we gave you. I think what we're telling you out there is we see what's out there, we're trying to be prudent and thoughtful in the guidance we give. I don't think it's as much about the tough comp -- I mean, tough comp is part of it. There's also 2 points of currency that are involved in the number that got you to zero as well, so that would be my view of it.

當你看大型科技公司時，確實存在一些相當顯著的逆風，尤其是你看 7 月到 6 月的讀數。就本季而言，我會主張我們再次取得了大量市占，從我們提供給你的結果就能看出來。我想我們要告訴你的是：我們看得到外部環境，我們試著在給出的指引上保持審慎與周全。我不認為這完全是艱難的比較基期——我的意思是，艱難的比較基期是其中一部分。另外還有 2 個百分點的匯率因素也包含在讓你看到零成長的那個數字裡，所以這就是我的看法。

Jason Maynard.

Jason Maynard。

I want to talk a little bit more about the hardware business. Mark, if you could give us a little bit of a drill down into what's going on with the M and that T and how you expect that to play out? Talk a little bit about what is going on with some of the legacy products? And, the last question would be, are you still comfortable with seeing some growth this year in the hardware -- overall hardware business -- just on the product side? Thank you.

我想再多談一點硬體業務。Mark，如果你能更深入說明一下 M 和 T 的情況，以及你預期會如何發展？也請談談一些既有產品目前的狀況？最後一個問題是，你們是否仍然有信心今年硬體——整體硬體業務——就產品面仍能看到一些成長？謝謝。

Sure, thanks. Jason, I think we'll see -- we'll have some growth in hardware this year. I would say your question, which was primarily about the SPARC line, T was okay in the quarter, M was not. As you know, in Q4-ish timeframe, mid-Q4, we released a new set of M products. We're pretty excited about them. We have got a big install base that we can move. It takes time to get those products certified and tested in customers' environments. But, that's what happened in the numbers.

當然，謝謝。Jason，我認為今年我們的硬體會有一些成長。我會說，你的問題主要是關於 SPARC 產品線，這一季 T 還可以，M 不行。如你所知，在 Q4 左右的時間點、Q4 中段，我們發布了一系列新的 M 產品。我們對它們感到相當興奮。我們有很大的既有裝機基礎可以推動升級。但要讓這些產品在客戶環境中完成認證與測試需要時間。所以，數字上就是這樣反映出來的。

We had the strong Exadata unit growth that both Safra and I described, we had very good results in several regions in our storage, if you will, our NAS Storage business. Tape was unexciting, as it has been for a period of time. And, the real issue was, again, in the M part of the SPARC line. That's really the story in hardware.

我們有 Safra 和我都提到的強勁 Exadata 出貨量成長；在儲存方面——也就是我們的 NAS Storage 業務——我們在幾個地區的表現非常好。磁帶產品沒有什麼亮點，這段時間以來一直如此。而真正的問題再次出在 SPARC 產品線的 M 這一段。這就是硬體的主要故事。

Heather Bellini.

Heather Bellini。

I wanted to follow up, Mark, a little bit on the response you gave to Brent, just talking about the competitive environment. I was wondering, specifically, if you could share with us who -- what companies, in particular, are you benchmarking yourself against -- who are you benchmarking yourself against? How would you -- how do you keep score versus those guys, if you will?

我想追問一下，Mark，關於你對 Brent 的回覆，談到競爭環境的部分。我想知道，具體來說，你能否跟我們分享你們特別是拿哪些公司來做對標——你們是跟誰做對標？你們如何——如果可以這麼說——跟那些公司比較並衡量表現？

That could take us a while. I think to start off with, if you're looking by who our competitors are, Heather, we certainly compete in the infrastructure business with IBM. They would be a competitor. We certainly would compete to a part of the infrastructure business with EMC, probably to a lesser degree, not so much in that head-on storage business, but the fact that when we're dealing with data and management of data, you can see competition from that perspective. In the applications business, clearly SAP, on a global basis, they would be a competitor.

這可能要講很久。我想先從我們的競爭對手來看，Heather，如果你看基礎架構業務，我們當然會和 IBM 競爭。他們會是一個競爭對手。在基礎架構業務的某些部分，我們也會和 EMC 競爭，可能程度較低一些，不是那種正面對決的儲存業務，但當我們在處理資料與資料管理時，從那個角度你會看到競爭。在應用軟體業務方面，顯然 SAP 在全球範圍內會是競爭對手。

And then, in addition to that, you have competitors, I'd say, even like Salesforce and Workday. Now, albeit that they are mostly North American, and that they are mostly in one process, Workday in HR and Salesforce in sales automation, we still view them as competitors. Now, I could go down a slew of others in various product groups, but those would be the big ones that I would describe to you, Heather.

此外，你也有一些競爭對手，我會說甚至像 Salesforce 和 Workday。雖然它們主要在北美，而且多半聚焦在單一流程——Workday 在人資、Salesforce 在銷售自動化——我們仍然把它們視為競爭對手。我還可以在各個產品群組列出一長串其他對手，但我會向你描述的主要就是這些，Heather。

Rick Sherlund.

Rick Sherlund。

The headcount -- you're up about 9% in Americas, year over year, and you're up about 3% in the rest of the world. You showed good license growth in the Americas. I'm curious what's behind the headcount growth in Americas versus the rest of the world? Are you ramping sales headcount, or what's happening there?

人員編制——美洲地區年增約 9%，世界其他地區年增約 3%。你們在美洲地區的授權成長表現不錯。我很好奇，為什麼美洲的人員成長會高於世界其他地區？你們是在擴編銷售人力，還是那邊發生了什麼？

It is nothing more than the run rate that comes, so imagine, as we have talked over the several quarters, there is not a big bump sequentially, per se, as it is just the run rate of the hiring. As I've said before, we were quicker to higher in Europe, which is what really has helped us in Europe. While Europe was not fantastic for us in Q1, over the past several quarters, they have gained a lot of share in Europe. One of the reasons for that has been the fact that they have simply been in more deals. They've been in front of more customers.

這只是招聘所帶來的運行速度而已，所以你可以想像，正如我們在過去幾個季度談到的，並沒有特別明顯的季對季跳升；更像是招聘的運行速度。我之前也說過，我們在歐洲招人更快，這確實幫助了我們在歐洲的表現。雖然我們在 Q1 的歐洲表現並不算出色，但在過去幾個季度，他們在歐洲拿下了很多市占。其中一個原因就是他們單純是參與了更多交易案。他們接觸了更多客戶。

We were slower to ramp in the US, although to your point with your numbers, we have begun to, and that shows up in the run rate that turns into this year-over-year comp rate. And, it has shown up by the fact that when you look at our US numbers, over the past couple quarters, we are beginning to see some of that same affect that we saw in Europe.

我們在美國的擴編速度較慢，不過如你提到的那些數字，我們已經開始加速，而這會反映在運行速度上，進而形成這個年對年比較的成長率。而且也反映在這一點：當你看我們美國的數字，在過去幾個季度，我們開始看到一些和歐洲相同的效果。

Walter Pritchard.

Walter Pritchard。

Mark, I'm wondering if you could talk about -- you did have a better performance, it seems like, from a sales-execution perspective in Q1. I'm wondering if you could talk about what changes you've made in the sales organization with execution in the fiscal '14, here, what are the early months of that? Thanks.

Mark，我想請你談談——從銷售執行的角度來看，你們在第一季（Q1）的表現似乎更好。我想請你談談在這裡的 2014 會計年度，你們在銷售組織的執行面做了哪些改變？目前這個年度前幾個月的情況如何？謝謝。

We really made no changes in fiscal '14. So as we said, last year, we made changes over a year ago, and one of our objectives, going into '14, was to make a minimal amount of changes. Before we went into 2014, we had all our territories deployed, our quotas deployed, we really looked to change almost zero territories, and keep the territories the same as they were the year before. We kept our specialization the same as the year before. So as a result, we wound up, really, ready to go in the very early part of the quarter. And, I think we talked about this on the last conference call, but it was a big thing for us to have our quotas deployed and our territories defined, everybody knew their boss, very early in June, and you could see it had, in the end, some [affect] for us.

我們在 2014 會計年度其實沒有做任何改變。如同我們所說，去年我們在一年多前就已經做了調整，而我們進入 2014 年的目標之一，就是把變動降到最低。在進入 2014 年之前，我們已經部署好所有的銷售區域、配好配額；我們基本上希望幾乎不調整任何區域，並讓區域維持與前一年相同。我們也維持與前一年相同的專業分工。因此，我們在本季非常早期就已經準備就緒。而且我想我們在上一次電話會議也談過，對我們來說很重要的是：在六月非常早的時候就把配額部署好、把區域界定清楚、每個人都知道自己的主管；你可以看到，最後這對我們確實產生了一些[影響]。

There really were not many changes in the sales force. And, it's also shown up in, frankly, our attrition is down, which is helpful as well, because we have performers. And, when you have to have attrition, you have to change the territory when someone attrits, and the fact that the attrition down is helpful to us in that respect as well.

銷售團隊其實沒有太多變動。而且坦白說，這也反映在我們的流失率下降，這同樣很有幫助，因為我們有表現優秀的人才。當你有人員流失時，就必須在有人離職時調整其負責區域；而流失率下降在這方面也對我們有利。

Kash Rangan.

Kash Rangan。

Mark and Safra, could you talk about -- it's been a couple of years since you finished up Taleo and RightNow. And, a, I wonder if you could give us your thoughts on how you view the growth ops for these two product lines, albeit (inaudible), but they are still important. If you could address that?

Mark 和 Safra，你們能否談談——自從你們完成 Taleo 和 RightNow 的併購已經過了幾年。第一，我想請你們分享一下，你們如何看待這兩條產品線的成長機會；雖然（聽不清），但它們仍然很重要。能否回應一下？

Also, I think the one story that is not told is the vertical-specific applications. There has been a focus on HR and [CR], which I completely get, but you guys have been historically very strong in vertical applications. I am curious to get your thoughts on how you see a growth ops in verticals, and how are they doing, et cetera? Thank you.

另外，我認為有一個故事沒有被講出來，就是垂直產業的特定應用。大家一直聚焦在人資（HR）和[CR]，我完全理解，但你們在垂直產業應用上歷來非常強。我想聽聽你們對垂直產業成長機會的看法，以及它們目前表現如何等等？謝謝。

RightNow has done very well for us. When you look at the overall market position, to the earlier question, today, we're really number one in service automation. We haven't talked about (inaudible), but we're really number one in marketing automation. When you look at what's gone on and when you look at the web commerce space, our products like ATG Endeca, we're number one in commerce server in the overall customer experience space. When you line those up, we have a very powerful offering in that whole customer experience -- broader customer experience area.

RightNow 對我們的表現非常好。從整體市場地位來看，呼應前面那個問題，今天我們在服務自動化方面確實是第一名。我們沒有談到（聽不清），但我們在行銷自動化方面也確實是第一名。再看網路商務領域，我們像 ATG、Endeca 這些產品，在整體客戶體驗領域中，我們在商務伺服器方面是第一名。把這些放在一起看，我們在整個客戶體驗——更廣義的客戶體驗領域——擁有非常強大的產品組合。

RightNow was strong in the quarter -- I would argue, we grew in RightNow in the quarter against a very tough comp. Our toughest comp in RightNow in the quarter was Q1 and we had growth in Q1, and we were very encouraged by that. Particularly, Kash, the growth, globally, we've had good global traction with RightNow.

RightNow 在本季表現強勁——我會主張，即使在非常艱難的比較基期下，我們本季 RightNow 仍然成長。RightNow 本季最艱難的比較基期是第一季（Q1），而我們在 Q1 仍有成長，這讓我們非常受到鼓舞。特別是 Kash，在全球層面，我們的 RightNow 取得了良好的全球動能。

Taleo had a good quarter, very good growth in Taleo in the quarter, so we were excited about that as well. They are both market leaders, leading recruiting app, and again, leading service automation app.

Taleo 本季也有不錯的表現，本季 Taleo 成長非常好，所以我們也對此感到興奮。它們兩者都是市場領導者：一個是領先的招募應用，另一個同樣是領先的服務自動化應用。

Verticals, we've told the story many times, we've had a tremendous run in retail. We've really, I hate to use the term, [rolled up] the retail industry, but we're in the process of really going retailer to retailer to retailer with merchandising, planning, our point-of-sale capabilities, and being able to really be, we think, the leader in the retail applications marketplace. We've made investments over the past couple quarters, in additional products and communications industry, with our acquisitions at Tekelec and Active Packet, and the collection, now, we have between our [building] assets and those assets, make us a leader, now, in the communications industry as well.

至於垂直產業，我們已經多次談過這個故事；我們在零售業有非常亮眼的一段成長。我不太想用「[整併]」這個詞，但我們確實正在推進，從一家零售商到另一家零售商，提供商品管理、規劃、我們的 POS（銷售點）能力，並且我們認為自己能成為零售應用市場的領導者。過去幾個季度，我們也在更多產品與通訊產業上進行投資，透過收購 Tekelec 與 Active Packet；而我們現在在[自建]資產與這些資產之間的整體組合，使我們如今在通訊產業也成為領導者。

We're doing the same thing in utilities, we're doing the same thing in banking, the same thing in healthcare, so it is a critical strategy for us. The great news is, when we win in these industries, all of Oracle wins. We win at the database layer, we win at the middleware layer, we win at the hardware layer, so it's a very key strategy for us. We've made investments in those areas to try build from an acquisition perspective and with more distribution as well.

我們在公用事業也是同樣的做法，在銀行業也是同樣的做法，在醫療保健也是同樣的做法，所以這對我們而言是一項關鍵策略。好消息是，當我們在這些產業獲勝時，Oracle 的各個面向都會一起受益。我們在資料庫層獲勝、在中介軟體層獲勝、在硬體層也獲勝，所以這是一個非常重要的策略。我們也在這些領域進行投資，嘗試從併購角度以及更廣的通路/分銷來持續建構。

Thank you, Mark. In closing, a telephonic replay of this conference call will be available for 24 hours. Dial-in information can be found in the press release issued earlier today. Please call the Investor Relations department with any follow-up questions from this call, and we look forward to speaking with you. Thank you for joining us today, and with that, I'll turn it back to the Operator for closing comments.

謝謝你，Mark。最後，本次電話會議的電話重播將提供 24 小時。撥入資訊可在今天稍早發布的新聞稿中找到。若對本次電話會議有任何後續問題，請聯絡投資人關係部門；我們也期待與各位再度交流。感謝各位今天的參與，接下來我把時間交回給接線員作結語。

Ladies and gentlemen, that concludes today's conference call. We thank you for your participation.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。