甲骨文 (ORCL) 2013 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Responsys third quarter 2013 earnings call conference call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions). As a reminder, this conference call is being recorded.

各位女士、各位先生，大家好，歡迎參加 Responsys 2013 年第三季財報電話會議。此時所有與會者將以僅聆聽模式參與。稍後我們將進行問答環節，屆時會提供相關指示。（接線員指示）。提醒各位，本次電話會議正在錄音。

I would now like to turn the call over to Ms. Carla Cooper, Director of Planning and Analysis. Ms. Cooper, you may begin.

現在我想把電話交給規劃與分析總監 Carla Cooper 女士。Cooper 女士，請開始。

Thank you for joining us today to discuss Responsys' results for the third quarter ended September 30, 2013. Participating in today's call will be Dan Springer, our Chairman and Chief Executive Officer, and Chris Paul, Chief Financial Officer.

感謝各位今天加入我們，一同討論 Responsys 截至 2013 年 9 月 30 日止第三季的業績。本次電話會議的與會者包括我們的董事長兼執行長 Dan Springer，以及財務長 Chris Paul。

The primary purpose of today's call is to discuss our third quarter performance. Before we get started I want to remind you that 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 10Q filed with the SEC, as well as the factors identified in today's press release.

今天電話會議的主要目的，是討論我們第三季的表現。在開始之前，我想提醒各位，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，因此實際結果可能會有重大差異。關於可能導致差異的風險清單，請參閱我們最近向 SEC 提交的 Form 10Q，以及今日新聞稿中所列之因素。

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.

在本次電話會議過程中，我們也將討論某些非 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。

Now I'd like to turn the call over to Dan.

現在我想把電話交給 Dan。

Thanks, Carla, and good afternoon to everyone joining the call. I'll start with comments on our results and walk you through some important growth drivers and then I'll turn it over to Chris for a review of our financial results and fourth quarter guidance.

謝謝你，Carla，也向所有加入本次電話會議的各位致上下午好。我將先就我們的業績發表評論，帶各位了解幾項重要的成長驅動因素，接著把時間交給 Chris，請他回顧我們的財務結果以及第四季的財測指引。

We had a very strong third quarter and delivered another quarter of 25% plus year-over-year revenue growth. Third quarter revenue was $51.7 million, an increase of 27% versus the third quarter of 2012 and well ahead of our guidance of $47 million to $48.5 million. The non-GAAP earnings per share was $0.03, ahead of our guidance of $0.02.

我們第三季表現非常強勁，再次交出年增 25% 以上的營收成長。第三季營收為 5,170 萬美元，較 2012 年第三季成長 27%，並大幅優於我們 4,700 萬至 4,850 萬美元的指引。非 GAAP 每股盈餘為 0.03 美元，高於我們 0.02 美元的指引。

We continue to drive strong results with our existing customers as our innovative approach to orchestrated relationship marketing allowed us to build incremental business with them. At the same time, we continued to sign new customers and bring them onto our platform. This quarter we expanded our customer base by 19 to 451 customers.

我們持續在既有客戶中推動強勁成果；我們在協同式關係行銷（orchestrated relationship marketing）上的創新方法，使我們能與既有客戶拓展增量業務。同時，我們也持續簽下新客戶並將其導入我們的平台。本季我們的客戶數增加 19 家，達到 451 家。

As we discussed previously, we increased our investments in sales and marketing to the high end of our long-term target of 25% to 30% of revenue on an annual basis and our Q3 results are indicative of the success of this strategy.

如同我們先前所討論，我們已將銷售與行銷投資提高至長期目標區間（年化營收的 25% 至 30%）的高端，而第三季的結果顯示此策略已取得成功。

Based upon our positive momentum in the third quarter, we are raising our full-year 2013 revenue guidance to $201 million to $203 million, which means that our Q4 guidance is increasing to $51.5 million to $53.5 million.

基於第三季的正向動能，我們上調 2013 全年營收指引至 2.01 億至 2.03 億美元，這也意味著我們第四季指引提高至 5,150 萬至 5,350 萬美元。

Now I'd like to walk you through what we see as the ongoing growth drivers that are allowing us to deepen relationships with our existing customers and build relationships with new ones.

接下來我想帶各位了解，我們認為能夠讓我們深化既有客戶關係並與新客戶建立關係的持續成長驅動因素。

First, we have remained at the forefront of the marketing technology industry by anticipating the future needs of our markets. In other words, we understand the shift that is happening in the industry, that marketers are continuing to move away from an old campaign era mindset and instead are thinking about marketing as consumers do, as a series of related interactions that, when added together, make up the customer experience.

首先，我們透過預見市場未來需求，持續站在行銷科技產業的最前沿。換句話說，我們理解產業正在發生的轉變：行銷人員正持續擺脫舊有的「活動（campaign）時代」思維，轉而以消費者的方式思考行銷——將其視為一連串彼此相關的互動，這些互動加總起來構成客戶體驗。

We are championing this approach which we call Marketing Orchestration. Our in-depth and informed understanding of this shift is exactly why companies are turning to Responsys to help them successfully orchestrate cross-channel marketing programs so that they can create a dialogue with individual customers across all of the widely-used digital channels; e-mail, mobile, social, display and the web.

我們倡導這種方法，並稱之為「行銷協同（Marketing Orchestration）」。我們對此轉變深入且有根據的理解，正是企業轉向 Responsys 的原因：協助他們成功協同跨通路行銷方案，讓他們能在所有廣泛使用的數位通路上——電子郵件、行動、社群、展示型廣告與網站——與個別客戶建立對話。

We have a proven track record of enabling our customers to drive higher revenue, realize a better rate of return for their digital marketing dollars, build greater customer satisfaction and create more efficient operations.

我們有經驗證的實績，能協助客戶提升營收、讓其數位行銷投入獲得更佳投資報酬率、提高客戶滿意度，並打造更有效率的營運。

A great example of a customer doing this in the third quarter is Ascena Retail Group, the owner of many great brands, including Lane Bryant and Catherine's. By taking an orchestrated approach to marketing with Responsys, Ascena has increased its unique open rate by 70%.

第三季一個很好的例子是 Ascena Retail Group——擁有多個優秀品牌，包括 Lane Bryant 與 Catherine's。透過與 Responsys 採用協同式行銷方法，Ascena 的獨立開信率提升了 70%。

One of their best programs is designed to recapture shoppers who browse the website but don't make a purchase at that time. With the Interact Marketing Cloud, Ascena is now automatically delivering a follow-up message to every individual which highlights the specific products they browsed, as well as additional recommended products. This tailored experience has produced a staggering 600% increase in revenue per e-mail sent. These results demonstrate the strong ROI that Ascena is achieving with the Interact Marketing Cloud.

他們其中一個最佳方案，是針對瀏覽網站但當下未購買的消費者進行回收。透過 Interact Marketing Cloud，Ascena 現在會自動向每位個人發送後續訊息，突顯其瀏覽過的特定產品，以及額外推薦的產品。這種量身打造的體驗，使每封寄送電子郵件的營收大幅提升 600%。這些成果展現 Ascena 透過 Interact Marketing Cloud 所取得的強勁投資報酬率（ROI）。

In addition, the automation within the platform has enabled the company to drive these results, while at the same time reducing the number of hours its marketing organization spends to produce and launch their campaign by 22%. These differentiated results demonstrate the power of the Responsys Marketing Orchestration platform.

此外，平台內的自動化功能讓公司在推動上述成果的同時，將其行銷團隊用於製作並上線活動所需的工時降低了 22%。這些差異化成果展現了 Responsys 行銷協同平台的威力。

Turning to new customers, we've had some noteworthy wins in Asia-Pacific this quarter where we signed Australian events website Ticketek, which facilitates ticket sales at more than 13,000 events a year, and national utility Energy Australia, which services over 2.7 million customers. In addition, Australian retailers General Pants and Woolworth have signed on to work with Responsys as well.

談到新客戶，本季我們在亞太地區取得一些值得關注的勝利，包括簽下澳洲活動網站 Ticketek（每年促成超過 13,000 場活動的售票）以及全國性公用事業公司 Energy Australia（服務超過 270 萬名客戶）。此外，澳洲零售商 General Pants 與 Woolworth 也已簽約與 Responsys 合作。

Finally, we also signed two noteworthy brands in Southeast Asia, [Tra Bong], based in India, and Zalora, a Singapore-based online retailer for shoes and fashion.

最後，我們也在東南亞簽下兩個值得關注的品牌：位於印度的 [Tra Bong]，以及以新加坡為基地、主打鞋履與時尚的線上零售商 Zalora。

Our continued growth internationally is supported by expanded services, including localized version of our Interact Marketing Cloud for the German and Japanese markets. Providing customers with access to our platform in their native languages shows our commitment to international markets and should further support our plans to grow abroad aggressively.

我們在國際市場的持續成長，來自於擴增的服務支持，包括針對德國與日本市場推出在地化版本的 Interact Marketing Cloud。讓客戶能以其母語使用我們的平台，展現我們對國際市場的承諾，並可望進一步支持我們積極拓展海外的計畫。

We also had notable wins in the US and in Europe in the quarter. This included fashion retailer Charlotte Russe and [Nip Tea] and travel provider CheapCaribbean.com. In the UK we signed online retailer Dunelm Soft Furnishings and casual apparel company Crew Clothing. These customers all have one thing in comment; they've chosen Responsys for our innovation and our pioneering role in digital marketing orchestration.

本季我們在美國與歐洲也有顯著的勝利，包括時尚零售商 Charlotte Russe、[Nip Tea]，以及旅遊服務供應商 CheapCaribbean.com。在英國，我們簽下線上零售商 Dunelm Soft Furnishings 與休閒服飾公司 Crew Clothing。這些客戶都有一個共同點；他們選擇 Responsys，是因為我們的創新能力，以及我們在數位行銷協同領域的開創性角色。

While our technology for delivering individual journeys at massive scale originally launched almost five years ago, we continue to deliver innovations that allow our customers to refine and personalize the marketing dialogue at scale.

雖然我們用於大規模交付個人化旅程的技術最初在近五年前推出，但我們仍持續推出創新，讓客戶能在規模化的前提下，進一步精煉並個人化行銷對話。

This quarter we delivered several new enhancements to help marketers meet the needs of the best brands in the world. One of these innovations builds capabilities on the back of Twitter's recently announced Twitter Lead Generation Card. It's a technology that allows a Twitter user to respond to a marketing offer delivered through a tweet.

本季我們推出多項新強化功能，協助行銷人員滿足全球頂尖品牌的需求。其中一項創新，是建立在 Twitter 近期宣布的 Twitter Lead Generation Card 之上。這項技術可讓 Twitter 使用者回應透過推文傳遞的行銷優惠。

Through our Interact Marketing Cloud marketers can now use this social interaction as a trigger to kick-start an entire stream of communication that spans e-mail, mobile and display channels and it responds to each individual consumer's behavior over time. With this new technology we allow marketers to take what was once a siloed social message and transform it into a complete cross-channel customer journey, increasing both the reach and the relevance of these messages.

透過 Interact Marketing Cloud，行銷人員現在可以將這種社群互動作為觸發點，啟動一整串橫跨電子郵件、行動與展示型廣告通路的溝通流程，並隨時間推移回應每位消費者的行為。藉由這項新技術，我們讓行銷人員把過去各自為政的社群訊息，轉化為完整的跨通路客戶旅程，同時提升訊息的觸及與相關性。

Our differentiated mobile offering continues to drive excitement with new and existing customer alike. This quarter we delivered an all-new mobile reporting module to complement our e-mail, display and social reporting capabilities.

我們差異化的行動產品持續讓新舊客戶都感到振奮。本季我們推出全新的行動報表模組，以補強我們在電子郵件、展示型廣告與社群的報表能力。

Marketers can now measure the success of their SMS interactions across orchestrated marketing journeys and among different mobile carriers. These analytics not only provide insight into service issues that might arise with mobile messages, but also give marketers a clearer view into how mobile messages are driving increased engagement and additional revenue for the brand.

行銷人員現在可以衡量其 SMS 互動在協同行銷旅程中的成效，並比較不同電信業者之間的表現。這些分析不僅能提供可能出現在行動訊息上的服務問題洞察，也讓行銷人員更清楚了解行動訊息如何為品牌帶來更高的互動與額外營收。

So, in summary, we are very pleased with our Q3 results and are executing a strategy that should allow us to build upon the success we have seen so far in 2013. We have achieved over 25% revenue growth through each of the first three quarters of 2013 by continuing to innovate and deliver the leading platform that provides true marketing orchestration. We have a high-growth business and we'll continue to create and develop new and innovative approaches that marketers need to push their businesses to new heights.

總結來說，我們對第三季的結果非常滿意，並正在執行一項策略，應能讓我們在 2013 年迄今所見的成功基礎上再接再厲。透過持續創新並提供真正的行銷協同領先平台，我們在 2013 年前三季每一季都達成超過 25% 的營收成長。我們是一家高成長企業，並將持續創造與發展行銷人員所需的新穎創新方法，協助他們把業務推向新高。

Finally, we are seeing very strong results from our increase in sales and marketing headcount. Based upon these trends, we are very enthusiastic about our future and see sustainable growth opportunities for Responsys as our Interact Marketing Cloud continues to set the global standard for orchestrated marketing campaigns.

最後，我們也看到因增加銷售與行銷人力而帶來的非常強勁成果。根據這些趨勢，我們對未來感到非常振奮，並看見 Responsys 具備可持續的成長機會，因為我們的 Interact Marketing Cloud 持續為協同編排式行銷活動樹立全球標準。

Before I conclude, I'm sure that most of you saw that Chris has announced his intent to resign as our CFO. He plans to stay until a successor is found and we've just commenced the search to do just that. I would like to personally thank Chris for his service to Responsys these past seven years, including preparing for and then taking the Company through the IPO. I'm confident that our finance organization is incredibly well positioned to support continued execution of our growth plan and I appreciate Chris' willingness to stay on until an appropriate successor is found and to ensure a smooth transition.

在我結束之前，我相信各位大多已看到 Chris 已宣布他有意辭去我們的財務長（CFO）職務。他計畫在找到接任者之前繼續留任，而我們也剛剛啟動搜尋程序來完成這件事。我想親自感謝 Chris 過去七年對 Responsys 的貢獻，包括為公司 IPO 做準備，並帶領公司完成上市。我有信心，我們的財務組織已具備極佳的條件來支持我們持續執行成長計畫；同時也感謝 Chris 願意留任至找到合適接班人，並確保順利交接。

So, let me now turn the call over to him for a discussion of the numbers. Chris?

那麼，接下來我把電話交給他來說明數字。Chris？

Thank you, Dan.

謝謝你，Dan。

Responsys delivered third quarter revenues of $51.7 million, up 27% from $40.5 million in the third quarter of 2012. Non-GAAP earnings per share were $0.03. We are pleased with our results in Q3 with both revenue and earnings ahead of our guidance.

Responsys 第三季營收為 5,170 萬美元，較 2012 年第三季的 4,050 萬美元成長 27%。非 GAAP 每股盈餘為 0.03 美元。我們對第三季的結果感到滿意，營收與獲利皆優於我們的財測指引。

Subscription revenue of $35.1 million was up 24% as compared to $28.5 million in the third quarter of 2012. Our committed subscription revenue was $27.5 million. Our uncommitted subscription revenue, or overage, was $7.6 million or 22% of total subscription revenue. Our subscription revenue was ahead of our expectations as customers continued to drive strong usage of our platform.

訂閱收入為 3,510 萬美元，較 2012 年第三季的 2,850 萬美元成長 24%。我們的已承諾訂閱收入為 2,750 萬美元。我們的未承諾訂閱收入（或稱超額用量 overage）為 760 萬美元，占訂閱總收入的 22%。由於客戶持續強勁使用我們的平台，我們的訂閱收入高於預期。

Professional services revenue was $16.6 million, up 37% as compared to the $12.1 million in the third quarter of 2012. Services revenue benefited from several near full-service customers who utilize our service organization to deliver their digital marketing programs. Consistent with the trends that we've been seeing since our IPO in early 2011, the subscription [dollar] retention rate was more than 100%. Our (inaudible) customer counts of 451 was up 19 from last quarter and up 52 from the 2012 third quarter count of 399.

專業服務收入為 1,660 萬美元，較 2012 年第三季的 1,210 萬美元成長 37%。服務收入受惠於數個接近全方位服務的客戶，他們運用我們的服務團隊來交付其數位行銷方案。與我們自 2011 年初 IPO 以來所見的趨勢一致，訂閱（美元）留存率超過 100%。我們的（聽不清）客戶數為 451 家，較上季增加 19 家，較 2012 年第三季的 399 家增加 52 家。

Please note that the following commentary refers to non-GAAP expenses and income measures that exclude amortization of stock compensation and amortization of intangibles.

請注意，以下評論所指為非 GAAP 費用與收益指標，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 71% compared to 72% a year ago and professional services gross margin was 9% versus 10% a year ago.

訂閱毛利率為 71%，去年同期為 72%；專業服務毛利率為 9%，去年同期為 10%。

In the third quarter R&D was 9% of revenue, flat with a year ago and G&A was 11% of revenue versus 9% a year ago.

第三季研發費用占營收 9%，與去年同期持平；一般及行政（G&A）費用占營收 11%，去年同期為 9%。

In line with our strategy to invest in the tremendous opportunity in digital marketing, sales and marketing expense in the quarter was 27% of revenue versus 24% a year ago. This level of spending in the quarter is in line with our target spending in a range of 25% to 30%.

依循我們投資於數位行銷龐大機會的策略，本季銷售與行銷費用占營收 27%，去年同期為 24%。本季的支出水準符合我們 25% 至 30% 的目標區間。

Non-GAAP operating income for the quarter was $2.4 million compared to $4.4 million a year ago.

本季非 GAAP 營業利益為 240 萬美元，去年同期為 440 萬美元。

Non-GAAP net income for the quarter -- third quarter of 2013 was $1.7 million and non-GAAP earnings per share was $0.03 per share compared to $0.06 in the third quarter of 2012. Non-GAAP net income and earnings per share were lower this quarter compared to the quarter a year ago due primarily to our continued operating investments, notably in sales and marketing.

本季——2013 年第三季——非 GAAP 淨利為 170 萬美元，非 GAAP 每股盈餘為 0.03 美元，相較 2012 年第三季為 0.06 美元。本季非 GAAP 淨利與每股盈餘較去年同期下降，主要原因是我們持續進行營運投資，尤其是在銷售與行銷方面。

As we noted last year, we increased our planned spend in sales and marketing in the second half of 2013, including the addition of (inaudible). This resulted in 40% growth in sales and marketing spend year over year. As evidenced by recent revenue results and the confidence we have to capitalize on the opportunity in cross-channel digital marketing, we continue to believe that this is the right approach.

如同我們去年所提到的，我們在 2013 年下半年提高了原先規劃的銷售與行銷支出，包括新增（聽不清）。因此，銷售與行銷支出年增 40%。從近期營收表現以及我們把握跨通路數位行銷機會的信心來看，我們仍然相信這是正確的作法。

Operating cash flow was $4.7 million in Q3, while free cash flow, which we define as cash flow from operations less the purchase of property and equipment, was $1.4 million. Cash and equivalents at the end of the quarter were approximately $108 million.

第三季營運現金流為 470 萬美元；自由現金流（我們定義為營運現金流扣除購置不動產及設備）為 140 萬美元。季末現金及約當現金約為 1.08 億美元。

Let's now turn to guidance. Based on the strong Q3 performance, we are guiding to revenue in the range of $51.5 million to $53.5 million for the fourth quarter of 2013, and non-GAAP earnings per share of $0.04. This reflects the traction we are seeing with our existing clients, as well as the contribution from new customers.

接下來談財測指引。基於第三季的強勁表現，我們對 2013 年第四季的營收指引為 5,150 萬至 5,350 萬美元，非 GAAP 每股盈餘為 0.04 美元。這反映了我們在既有客戶中看到的動能，以及新客戶帶來的貢獻。

We project our cash flow from operations to be approximately $4 million for the quarter and our CapEx to be in the $4 million to $5 million range. The CapEx includes approximately $3 million for a planned deployment of a high-availability data center that will offer an industry leading redundant environment for our clients.

我們預估本季營運現金流約為 400 萬美元，資本支出（CapEx）約在 400 萬至 500 萬美元之間。CapEx 包含約 300 萬美元，用於規劃部署一座高可用性資料中心，將為客戶提供業界領先的備援環境。

In summary, we are pleased with our Q3 performance and (inaudible) over 25% growth in the first 9 months of 2013. We are reaping the rewards of investments we have made and will continue to capture the tremendous opportunities in digital marketing.

總結來說，我們對第三季表現感到滿意，且（聽不清）2013 年前九個月成長超過 25%。我們正收穫先前投資的成果，並將持續把握數位行銷的龐大機會。

Before we begin with the Q&A, I'd like to thank Dan and the Board for the terrific opportunity that Responsys has provided me in my career. I'm extremely proud of the success we have achieved at Responsys and the role that I've been fortunate enough to play.

在開始問答之前，我想感謝 Dan 與董事會，Responsys 在我的職涯中提供了極佳的機會。我對我們在 Responsys 所取得的成功深感自豪，也為自己有幸能在其中扮演一個角色而感到榮幸。

With the depth of the Responsys team and tremendous market opportunity, I'm optimistic about the prospects for the Company and will remain actively engaged as Chief Financial Officer until a successor is in place. I look forward to meeting with many of you on the road in the coming months.

憑藉 Responsys 團隊的深度以及龐大的市場機會，我對公司的前景感到樂觀，並將在接任者到位前，持續以財務長身分積極投入。我期待在接下來幾個月的行程中與各位中的許多人見面。

With that, we are now ready for questions. Operator, can you please open the line?

那麼，我們現在準備開始提問。接線生，請幫我們開放電話線路，好嗎？

Yes, I can. Thank you. (Operator Instructions). Brendan Barnicle.

好的，可以。謝謝。（接線生指示）。Brendan Barnicle。

Thanks so much. And Chris, sorry to hear you go. I wish you well and I'm sure we'll be working together for quite a while as you guys transition.

非常感謝。Chris，很遺憾聽到你要離開。祝你一切順利，我相信在你們交接期間，我們還會合作一段時間。

Dan, I was wondering about industry consolidation, whether you saw any benefit at all from that during the quarter or, also, if you saw any of -- some of the channel partner relationships change or benefit at all from some of the consolidation that's been going on?

Dan，我想請教產業整併的情況，你們在本季是否因此看到任何好處？另外，你們是否看到——一些通路夥伴關係有任何變化，或因近期的整併而獲得任何益處？

Yes, Brendan. I think we've seen two things continue, but not dramatic changes from what we described last quarter. We are seeing the phenomenon around the partnership side, where more and more large companies, whether those are software companies or those are service providers, SI's, that are reaching out to responses and saying, hey, we can see there's a void in the marketplace. We'd like to see you guys play a bigger role from a partnership standpoint.

是的，Brendan。我認為我們看到兩件事持續發生，但相較我們上季所描述的，並沒有戲劇性的變化。我們在合作夥伴面向看到一種現象：愈來愈多大型公司，不論是軟體公司或服務供應商、系統整合商（SI），都主動聯繫 Responsys，表示：嘿，我們看到市場上有個缺口，希望你們能在合作夥伴層面扮演更重要的角色。

As we talked about before, those things have a fairly long lead time, I think, before they're revenue producing. So, I think they're likely to be booking producing in early 2014 and probably revenue producing later in 2014. But we're pleased and we're spending a lot of time. We're actually staffing up our capability for those sort of business development interactions, which is going very well.

如同我們之前談到的，我認為這些事情在開始帶來營收之前需要相當長的前置時間。因此，我認為它們可能在 2014 年初開始帶來訂單，並可能在 2014 年稍晚開始貢獻營收。但我們很滿意，也投入大量時間。我們其實正在擴編這類商務開發互動的能力配置，目前進展非常順利。

In terms of industry consolidation, and I think it's something we've seen going on for years, obviously the specific example happened with sort of ExactTarget. We haven't seen a dramatic change. We've seen a few examples where, particularly for B2C-oriented companies, they've brought up the issue that they're pausing a little bit and thinking about those guys as a partner, given what appears to be more of a drive towards a B2B-centric move.

就產業整併而言，我想這是我們多年來一直看到的趨勢；當然，具體例子就是類似 ExactTarget 的事件。我們沒有看到戲劇性的改變。我們看到一些案例，特別是以 B2C 為導向的公司，提出他們會稍微暫停一下，重新思考與那些公司合作的關係，因為看起來他們更傾向朝 B2B 核心方向推進。

And as you know, Brendan, we don't really think about the world so much as B2C versus B2B. We have customers in both segments. We just think of them as different vertical strategies. But, we see some help coming to us on the B2C side with those kinds of moves.

而如你所知，Brendan，我們其實不太用 B2C 與 B2B 來看待世界。我們在兩個領域都有客戶；我們只是把它們視為不同的垂直產業策略。不過，這類動向確實讓我們在 B2C 端看到一些助益。

And what about -- has that translated or had any impact on pricing? A year ago we went through sort of some renegotiation on pricing. Can you give us an update on where that is? And is this -- these industry -- have these industry dynamics impacted that at all?

那麼——這是否已轉化為或對定價造成任何影響？一年前我們經歷過某種程度的定價重新協商。你能更新一下目前的狀況嗎？以及這些產業——這些產業動態是否對此有任何影響？

Yes. I'll let Chris talk a little bit about our experience with pricing. And the top line answer is no significant changes.

是的。我會讓 Chris 稍微談一下我們在定價方面的經驗。總體答案是：沒有重大變化。

From the standpoint of the industry potential impact, I think being the independent leader is a good place to be. We like being in that position as we have in the past. And I think that the fact that there are always fewer attractive options for people probably does have a slight positive impact. But in terms of sitting here at the end of Q3, we don't have any noticeable phenomena that I can describe that pricing is getting dramatically easier due to consolidation in the space.

從產業潛在影響的角度來看，我認為作為獨立領導者是一個很好的位置。我們喜歡處於這個位置，就像過去一樣。而且我認為，對人們而言可選的有吸引力方案總是變得更少，這可能確實會帶來些微的正面影響。但就我們坐在這裡、在第三季末的觀察而言，我沒有任何明顯現象可以描述為：因為產業整併而讓這個領域的定價變得顯著更容易。

Chris, you want to just give a little overview on how we think about pricing overall?

Chris，你要不要簡單概述一下我們整體是如何看待定價的？

Yes. If you look at the data, by now we're well through the pricing of renewals that we've mentioned on previous calls. So, well over the 75% range. And so anything new coming up on the pricing side would not have a significant impact on the business.

好的。如果你看數據，到目前為止，我們已經完成了我們在先前電話會議中提到的續約定價工作的大部分，遠遠超過 75% 的區間。因此，定價面若有任何新的變化，對業務不會造成重大影響。

So actually, we feel really good about (inaudible) expectations we really had before and where we ended up for the year is actually in a very good position. And as I mentioned, on the new renewals that I'm seeing, I'm not seeing (inaudible) than what we've seen obviously earlier in the part of the year. And directionally, there's nothing that would indicate anything different.

所以其實，我們對（聽不清）感覺非常好；我們先前真正的預期，以及我們今年最終達到的結果，實際上都處於非常好的位置。正如我提到的，從我看到的新續約來看，我沒有看到（聽不清）與我們顯然在今年較早時期所看到的有什麼不同。就方向性而言，也沒有任何跡象顯示會有不同。

Great. And then, Chris, I just had two housekeeping ones. I missed them. What was the overage revenue again? And then did you say that CapEx would be between $4 million and $4.5 million? And so I think you talked about around $4 million in operating cash flow, so we should be flat to negative on free cash flow for the fourth quarter. Did I get that right?

很好。然後，Chris，我有兩個行政性問題。我剛剛漏聽了。超額（overage）收入再說一次是多少？另外你是說資本支出（CapEx）會在 400 萬到 450 萬美元之間嗎？我記得你提到營運現金流大約 400 萬美元，所以第四季自由現金流應該是持平到略為負值。我理解得對嗎？

Yes. The overage was $7.6 million in the quarter, about 22% of total subscription revenue. Very good, solid performance for us. Feel good about that.

是的。本季超額收入是 760 萬美元，約占總訂閱收入的 22%。對我們來說是非常好、很扎實的表現。我們對此感覺很好。

On the CapEx side we are investing in a further data center for high redundancy and availability and so expect CapEx of about $4.5 million, in the $4 million range for the quarter. With that, the free cash approximately neutral.

在資本支出方面，我們正在投資建置另一個資料中心，以提高高冗餘與可用性，因此預期本季 CapEx 約 450 萬美元，大約在 400 萬美元的區間。有了這些，自由現金流大致上接近中性。

Michael Nemeroff, Credit Suisse.

Michael Nemeroff，瑞士信貸（Credit Suisse）。

Thanks for taking my questions and congratulations on another really nice quarter. Just --.

謝謝讓我提問，也恭喜又一個非常漂亮的季度。只是——。

Thanks, Mike.

謝謝，Mike。

One -- thanks. One first for Chris. And again, I'll echo my comment. Sorry to see you go. On the guidance for Q4, it seems like the last couple of quarters you guys have handily beat the top-line guidance. Is there anything different about this quarter thus far that would change the method or thinking behind how the guidance is provided, just for Q4 guidance?

一個——謝謝。第一個問題給 Chris。再一次，我也呼應我剛才的評論，很遺憾看到你要離開。關於第四季指引，看起來過去幾季你們都大幅超越營收端的指引。到目前為止，這一季有什麼不同之處，會改變你們提供指引的方法或思考嗎？就第四季指引而言。

Well, going into Q4, [if you laid it] up on prior-year Q4, it's obviously the big retail season so we tend to have quite a bit of our revenue driven by overage, which has been very good in the last few years. We've seen no trends again which show any indication for Q4 this year, but obviously it's still early in the quarter and we're finding our numbers internally as we go along. But based on (inaudible) and what we have now, we think this is a solid base for us to work from.

嗯，進入第四季，如果你把它跟去年第四季相比，顯然是大型零售旺季，所以我們的收入往往有相當一部分是由超額（overage）所帶動，而這在過去幾年都非常好。我們再次沒有看到任何趨勢顯示今年第四季會有不同，但顯然現在仍在季初，我們也在進行中逐步確認內部數字。不過基於（聽不清）以及我們目前掌握的情況，我們認為這是一個穩健的基礎，讓我們可以在此之上推進。

Great. And then for Dan, just on the sales ramp. Obviously it's been successful and really starting to see the result of those efforts over the last couple of quarters. Can you give us a sense for how you're going to increase the number of sales people, or -- and if you can give us some metrics around that, that would be helpful, into 2014, or do you have enough for -- to hit your 2014 goals?

很好。然後給 Dan，關於銷售爬坡（sales ramp）。顯然已經很成功，而且過去幾季真的開始看到這些努力的成果。你能否讓我們了解一下，2014 年你們將如何增加銷售人員數量，或——如果你能提供一些相關指標會很有幫助；或者你們目前的人力是否已足以——達成你們 2014 年的目標？

And then just separately, how should we -- I know you guys don't want to give 2014 guidance, but should we be thinking that the performance over the last couple of quarters, that can continue apace into 2014?

另外，應該如何看待——我知道你們不想提供 2014 年指引，但我們是否應該認為過去幾季的表現可以在 2014 年以同樣步調延續？

Sure. So starting off on the reps, I mean, so the answer is clearly we think there's going to be more hiring of sales reps and more spending on sales and marketing, consistent with what we've done in the last several quarters. To your point, Michael, we feel that there's a lot of opportunity in the space and we're getting more bullish on sort of the market we're going after getting bigger and bigger each quarter that goes by.

當然。先從業務代表（reps）談起，答案很明確：我們認為會持續招募更多銷售代表，並在銷售與行銷上投入更多支出，這與我們過去幾季所做的一致。正如你所說，Michael，我們覺得這個領域有很多機會，而且我們對所鎖定的市場愈來愈看多，因為每過一季，我們追逐的市場就變得更大。

So, yes, we have the sales people in place now that would drive probably the bulk of the bookings we need in 2014 revenue. Because as you know, that the sign up period, we've talked about this before, it takes a few months to get a rep productive, takes a few months to get them working on deals. And then we've got our deal cycle and then turning that into revenue. The reps that are going to drive 2014 revenue are in place pretty much today. But in terms of thinking about the 2014 growth, leading into 2015 and beyond, we want to aggressively be adding.

所以，是的，我們目前已經有足夠的銷售人員，應該能推動 2014 年收入所需的大部分訂單（bookings）。因為如你所知，我們之前談過，從簽入（sign up）到讓一位業務代表具備產能需要幾個月，讓他們開始推進交易也需要幾個月。接著還有我們的成交週期，然後再把它轉成收入。能推動 2014 年收入的業務代表，基本上今天就已經到位了。但若從 2014 年的成長、延伸到 2015 年及之後來看，我們希望積極增加人力。

In terms of where those people will go, more will go into the general business segment, because We've talked about the fact that that's still a smaller segment for us than enterprise, which is more of our business is today. But we will also be adding enterprise. A lot will also be going internationally, because we told you before we see a lot of greenfield opportunity and there's marketplaces where we don't have good penetration and we'll be putting additional reps in those places as well.

至於這些人會配置到哪裡，更多會投入一般商務（general business）區隔，因為我們談過，這對我們而言仍是比企業（enterprise）更小的區隔，而企業目前占我們業務較大比重。但我們也會增加企業端人力。另有相當一部分也會投入國際市場，因為我們之前告訴過你們，我們看到很多綠地機會（greenfield opportunity），而且有些市場我們的滲透率不高，我們也會在那些地方增派業務代表。

And then to your question around 2014, you're right, we're not doing guidance at this point in time. I think what we've said in the past is we want to make sure we're making the investment to deliver an over 20% growth in a sustainable long-term way. And that's not change at all and we feel very excited that we'll be able to do that in 2014 and 2015 and beyond.

至於你問的 2014 年，你說得對，我們目前不提供指引。我想我們過去說過的是：我們希望確保投入足夠的投資，以可持續的長期方式實現超過 20% 的成長。這點完全沒有改變，我們也非常興奮，相信在 2014 年、2015 年以及更往後都能做到。

Great. Thanks, Dan. And then just one last one on the non-e-mail product side, if you could just maybe give us some qualitative update on how that's progressing.

很好，謝謝你，Dan。最後一個問題，關於非電子郵件（non-e-mail）產品這一塊，你能否提供一些定性更新，談談進展如何？

Yes. So, two things that I'd point out. One would be on display. And there's two things that are really important about display. It's continued to be a really important differentiator. And there's a lot of people who buy into our fantastic story around what marketing orchestration's going to be. And we don't see anyone else in the marketplace that has this kind of relationship-based display so we continue to be excited and see real traction there.

可以。我想指出兩點。第一是展示型（display）。而展示型有兩個非常重要的地方：它持續是一個非常重要的差異化因素；而且有很多人買單我們關於行銷編排（marketing orchestration）將會如何發展的精彩故事。我們在市場上沒有看到其他人擁有這種以關係為基礎的展示型能力，所以我們仍然很興奮，也看到實質的進展與牽引力（traction）。

The other piece that's been probably the most exciting from the revenue generation standpoint is mobile. I think you're going to see us talking more and more about mobile as we go into 2014 and beyond. And that'll be the area where I think we'll start to see the biggest impact on our revenue growth from the emerging channels will be on the mobile side.

另一個從營收創造角度來看可能最令人興奮的是行動端（mobile）。我想你會看到我們在進入 2014 年及之後，會愈來愈多談到行動端。而我認為，新興渠道對我們營收成長帶來的最大影響，將會出現在行動端。

Thanks very much. Congratulations, guys.

非常感謝。恭喜各位。

Lauren Slabaugh, Stephens Incorporated.

Lauren Slabaugh，Stephens Incorporated。

Hi, guys. Thanks for taking my questions. And to echo everyone else, Chris, sad to see you go. Definitely enjoyed working with you.

嗨，各位。謝謝讓我提問。也呼應其他人的話，Chris，很遺憾看到你要離開。跟你合作真的很愉快。

Thank you. (Inaudible.)

謝謝。（聽不清。）

Thinking about growth for next year, could you -- I know we've touched a little bit on display and on mobile, but could you help us sort of break down the drivers in terms -- and sort of almost force rank them in terms of more e-mail volumes with existing customers, new customers, display, mobile, sales and marketing; sort of how you think about those drivers in order of importance.

在思考明年的成長時，你能否——我知道我們稍微談到展示型和行動端，但你能否幫我們拆解一下驅動因素——並且幾乎是強制排序（force rank）它們的重要性：例如現有客戶帶來更多電子郵件量、新客戶、展示型、行動端、銷售與行銷；你們如何按重要性順序看待這些驅動因素。

Yes. I mean, it's interesting to think about it. And Chris, chime in, too. I'll give you my thoughts. It's interesting to think about the drivers because, as you said, you can cut it a bunch of different ways.

是的。我的意思是，這樣想很有意思。Chris，你也一起補充。我先說說我的看法。談驅動因素很有趣，因為如你所說，你可以用很多不同方式來切分。

If I think about the initiatives we're driving and I look at 2014 and 2015, I think I'd probably prioritize them something along this line. Growing our installed base is a huge opportunity. We have well over 100% dollar retention rate which we talk about all the time. That's such an important part of our overall business. And that will probably be the continued most important piece that we have.

如果我思考我們正在推動的各項舉措，並回顧 2014 年和 2015 年，我想我大概會依照以下方向來排定優先順序。擴大我們的既有客戶基礎是一個巨大的機會。我們的美元留存率遠高於 100%，這點我們一直在談。這是我們整體業務中非常重要的一部分，而且這很可能會持續是我們最重要的核心。

Second to that would be adding in new customers. And a lot of that goes to the sales and marketing spend we just described, which we think is going to create that fantastic opportunity.

其次就是新增客戶。其中很大一部分取決於我們剛剛描述的銷售與行銷支出，我們認為這將帶來極佳的機會。

Keep in mind, in any given period, Lauren, so the spending we do in 2014 on new sales will not have a significant impact relative to the expenditure on 2014 revenue, but it'll be a huge driver for the 2015. I really think about it almost as a significant lag of sort of 6 to 9 months. But in general, if you're thinking about where our big drivers are going to be, that would be the second biggest driver.

請記住，在任何特定期間，Lauren，我們在 2014 年為新銷售所做的投入，相對於 2014 年營收所對應的支出，不會產生顯著影響，但它將會是 2015 年的巨大驅動力。我幾乎把它視為大約 6 到 9 個月的明顯滯後效應。不過整體而言，如果你在思考我們的主要驅動因素會是什麼，那這會是第二大的驅動力。

And then in the emerging channels piece, which is where I would have the third piece, and that's where I would put mobile first, significantly ahead of the other channels, followed by display and social.

接著是新興渠道的部分，我會把它排在第三，而在這裡我會把行動端（mobile first）放在最優先，明顯領先於其他渠道，其次是展示型廣告（display）與社群（social）。

Chris, is that similar to you or--?

Chris，你的看法也差不多嗎，還是——？

Yes, I think very similar. The key thing for me is one of the primary reasons people come to us is because of all those channels, alright? So, the adoption (inaudible) may not be at the level of e-mail, but people are certainly planning on it and we're seeing a lot of early day's programs, but obviously the revenue takes a while to ramp on those. But certainly, people are coming for the full cross-channel orchestration, which is just great for us to see.

是的，我覺得非常相似。對我來說關鍵在於，人們來找我們的主要原因之一，就是因為有所有這些渠道，對吧？所以，採用率（聽不清）可能還沒到電子郵件那樣的水準，但人們確實在規劃，我們也看到很多早期的專案，但顯然這些渠道的營收需要一段時間才能爬升。不過可以肯定的是，人們是為了完整的跨渠道協同編排而來，看到這點對我們來說非常好。

Thanks. That's helpful. And then just thinking on -- we've heard a lot of people come out and talk about competitors getting into the enterprise space and everyone wants to compete there. We -- let me hear your take on just what that looks like, how big of a space it is, if it matters if the competitors try to come in. Just love to hear your thoughts on that.

謝謝，這很有幫助。接著再想一下——我們聽到很多人出來談到競爭對手正在進入企業級市場，大家都想在那裡競爭。我們——想聽聽你們對這件事的看法：那會是什麼樣子、空間有多大、以及競爭對手試著進來是否重要。很想聽聽你們的想法。

Well, I mean we feel very strongly we are the clear enterprise leader in our programs buying space. And importantly, I think we also look at the phenomenon that we're changing the space, right? So a lot of people have tried to define it as e-mail marketing or cross-channel. We think we're trying to really change the definition. And for the enterprise companies, that's really where we see the biggest opportunity, to change them into this marketing orchestration piece. So, that's probably how I'd think about that.

嗯，我是說，我們非常堅信自己是程式化採購（programmatic buying）領域明確的企業級領導者。更重要的是，我們也在看一個現象：我們正在改變這個市場，對吧？所以很多人試著把它定義成電子郵件行銷或跨渠道。我們認為我們真正想做的是改變定義。對企業客戶而言，那正是我們看到最大機會的地方——把他們轉變到這種行銷編排（marketing orchestration）的模式。所以，我大概會這樣看待。

Traditionally we've been much stronger in the B2C space, although B2B has been an important piece of our business. As we talked about in the last quarter, we're seeing more opportunities in the B2B space and we're looking at that as another growth area for us, although it'll always be much smaller than the B2C space for us because we have less focus there. It'll be just like when we moved into the midmarket where it became another big growth opportunity for us and we're excited about that as well.

傳統上我們在 B2C 領域更強，雖然 B2B 也是我們業務的重要部分。正如我們在上一季談到的，我們在 B2B 領域看到更多機會，並把它視為另一個成長領域；不過由於我們在那裡的投入較少，對我們而言它永遠會比 B2C 小得多。這就像我們當初進入中型市場（midmarket）時一樣，它成為另一個重要的成長機會，我們對此也很興奮。

Great. Well, that's it for me. Congrats on a great quarter.

很好。我這邊就這些。恭喜你們有個很棒的一季。

Thank you.

謝謝。

(Operator Instructions). Jennifer Lowe, Morgan Stanley.

（接線員指示）。Morgan Stanley 的 Jennifer Lowe。

Hey, guys, thanks. It's actually Stan Zlotsky sitting in for Jen.

嗨，各位，謝謝。其實今天是 Stan Zlotsky 代替 Jen。

A very quick question for you. As you look at the business, how did the general business do versus the enterprise and have you've seen anything specific going on between those two?

我有個很快的問題。你們看這項業務時，一般業務（general business）相較於企業客戶（enterprise）表現如何？你們是否看到兩者之間有任何特別的情況？

Yes. So the general business is a faster growing segment for us. Again, as we've talked about in the past, Stan, it's because it is coming from a very small base and enterprise had been our traditional strength.

是的。一般業務對我們而言是成長更快的區塊。再次如同我們過去談過的，Stan，原因是它是從非常小的基礎起步，而企業客戶一直是我們傳統的強項。

But, one of the things we're seeing increasingly is that what made us successful in serving the enterprises is that we could do this sort of marketing orchestration type work at scale. And I think we're seeing now that more and more of these general business companies are realizing that the number of messages they might send is smaller, but the number of transactions that they have and the number of sort of different pieces of data they want to have in the system is much larger. So, they want someone like Responsys, which is really able to do this at scale.

不過，我們越來越常看到的一點是：讓我們在服務企業客戶上成功的原因之一，是我們能夠以規模化方式完成這種行銷編排（marketing orchestration）類型的工作。我想我們現在看到的是，越來越多的一般業務公司意識到，他們可能發送的訊息數量較少，但他們的交易筆數，以及他們希望在系統中納入的各種不同資料片段的數量，反而大得多。因此，他們需要像 Responsys 這樣真正能以規模化方式做到這件事的供應商。

And we're going to see this built on the B2C and the B2B side. As those businesses get bigger we're going to have that differentiation. So, there'll be more growth coming from segments like B2B and spaces like general business just because they come from a smaller base, but they're going to increasingly want to leverage the capabilities we've proven out for the enterprise at scale.

而我們會在 B2C 與 B2B 兩端都看到這點的建立。隨著這些業務變大，我們將具備那樣的差異化。因此，像 B2B 這類區隔、以及一般業務這類市場，會帶來更多成長，因為它們起點較小；但它們也會越來越想利用我們已在企業客戶端以規模化方式驗證過的能力。

Okay. And as we think about customer adds, especially as the general business ramps, are you guys still on pace for the 50 customer adds target?

了解。那在新增客戶數方面，尤其是一般業務加速成長之際，你們仍然有望達成新增 50 位客戶的目標嗎？

Yes.

是的。

Okay. Alright. And a last one. As we think about going into next year and sales hiring, the pace of it, do you still expect it to be similar to this year or maybe accelerated and just continued growth into 2015?

好。好的。最後一個問題。展望明年以及銷售招募的節奏，你們仍預期會與今年相近，還是會加速，並在 2015 年持續成長？

Yes. I think if you look at the sales and marketing spending, if you think to the concept, we talked about we'd move to the high end of that 25% to 30% on an annual basis. There's some quarterly fluctuation because of our big marketing event. But if you think about that we've moved up to the high end of that 30%. Since we think our revenue's going to be significantly larger next year than this year, if we're keeping at that same rate we're obviously accelerating that expenditure and that's our expectation for the future. We're going to continue to accelerate that spending in sales and marketing.

是的。我想如果你看銷售與行銷支出，回到我們談過的概念：我們會在年度基礎上移到 25% 到 30% 區間的高端。由於我們大型行銷活動的關係，季度之間會有一些波動。但如果你看我們已經移到 30% 的高端。既然我們認為明年的營收會顯著高於今年，如果我們維持同樣的比率，那我們顯然是在加速這項支出，這也是我們對未來的預期。我們會持續加速在銷售與行銷上的投入。

Okay. And a last one. On overages they were slightly higher than what we had expected. Is there anything else going on there that we need to pay attention to?

好。最後一個。超額用量（overages）略高於我們原先預期。那裡還有其他情況是我們需要注意的嗎？

Strong customer research platform. I think that's worth paying attention to.

強勁的客戶研究平台。我認為這值得關注。

Yes. Interesting about the overage patterns that we've talked about a lot is this phenomenon -- and traditionally we had a very big Q4 whereas Q1, Q2 and Q3 were very similar. The last couple years we've had higher overage in Q1. And Chris has taken you guys through in detail the phenomenon that we had a few contracts with large customers that had these annual overages that were triggering out in Q1.

是的。關於我們談過很多的超額用量模式，有一個有趣的現象——傳統上我們第四季（Q4）會非常大，而第一季（Q1）、第二季（Q2）與第三季（Q3）則非常相近。過去幾年我們在第一季的超額用量更高。Chris 也已經帶大家詳細說明過這個現象：我們有幾份與大型客戶的合約，包含這些按年度計算的超額用量，會在第一季觸發。

As we mentioned on the Q1 call and the Q2 call as well, we think we've worked through that and we're now, going forward, going to have more consistent overage Q1, Q2 and Q3 and then the holiday impact that Chris described earlier will still have an impact with a little more percent of our revenue from overage in Q4. And that's our view going forward.

正如我們在第一季電話會議與第二季電話會議也提到的，我們認為已經把那部分處理完畢；因此往後我們在第一季、第二季與第三季的超額用量會更一致，而 Chris 先前描述的假期效應仍會帶來影響，使得第四季來自超額用量的營收占比會稍微更高一些。這就是我們對未來的看法。

Thank you. And I'm not showing any further questions at this time.

謝謝。目前我這邊沒有看到其他問題。

Then if there are no further questions, we will say goodbye to you for this quarter and we'll be back to you in the February time frame with our Q4 results. Thanks for tuning in.

那如果沒有其他問題，我們就先在本季與各位道別，我們會在二月左右帶來第四季（Q4）業績結果再與各位聯繫。感謝收聽。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone have a wonderful day.

各位女士先生，感謝您參與今天的電話會議。本次會議到此結束，您現在可以掛線。祝各位有美好的一天。