甲骨文 (ORCL) 2014 Q2 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.

各位大家好，歡迎參加今天的甲骨文公司季度電話會議。今天的會議將被錄音。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. Good afternoon, everyone, and welcome to Oracle's second quarter fiscal year 2014 earnings conference call. A copy of the press release and financial tables which includes 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 are Chief Executive Officer Larry Ellison, President and CFO Safra Catz and President Mark Hurd.

謝謝。各位下午好，歡迎參加甲骨文 2014 會計年度第二季財報電話會議。包含 GAAP 與非 GAAP 調節表及其他補充財務資訊的新聞稿與財務表格，可於我們的投資人關係網站瀏覽並下載。今天與會者包括執行長 Larry Ellison、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 made today. As a result, we caution you from placing undue reliance on these forward looking statements, and we encourage you to review our most recent reports on 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. And finally, we are not obligating ourselves to revise our results or any public release of information revisions to these forward-looking statements in light of new information or future events.

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，我們將提出一些與我們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。因此，我們提醒各位不要過度依賴這些前瞻性陳述，並鼓勵各位查閱我們最新的 10-K 與 10-Q 報告及任何適用的修訂，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任何公開資訊發布中對這些前瞻性陳述之修訂的義務。

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

在進入提問之前，我們先做幾點準備好的說明。接下來，我把電話交給 Safra。

Thanks, Ken. I'm traveling today, so I hope you can hear me all right. I'm going to focus on our non-GAAP results for Q2. I'll then review guidance for Q3 and then turn the call over to Mark and Larry for their comments.

謝謝你，Ken。我今天在外出差，希望各位都能清楚聽到我的聲音。我將聚焦於我們第二季的非 GAAP 結果。接著我會說明第三季的財測指引，然後把電話交給 Mark 和 Larry 發表他們的看法。

This quarter, currency was a 2% headwind to new license and 1% to hardware and total revenue, so my comments today generally reflect constant dollar growth rates. Q2 was a solid quarter overall as we exceeded our forecast in all major revenue segments, and we're pleased with the results. Total software revenues were $6.9 billion, up 5% from last year. Software updates and product support revenues drove about half of total Company revenues at $4.5 billion, up 7% from last year. Attach and renewal rates remain at their usual high levels as our growing install base of customers continued to power earnings and cash flow. New software license revenue was $2.4 billion, up 1%. As many of you know, we had an absolutely fantastic Q2 last year with new software license growth way above expectations of 18%. So, we're actually very pleased because that was quite a tough compare and over the last two years, we grew 19%.

本季匯率對新授權造成 2% 的逆風，對硬體與總營收造成 1% 的逆風，因此我今天的評論一般以固定匯率（constant dollar）的成長率為主。第二季整體表現穩健，我們在所有主要營收分項都超越預測，對結果感到滿意。軟體總營收為 69 億美元，較去年成長 5%。軟體更新與產品支援營收為 45 億美元，約占公司總營收的一半，較去年成長 7%。隨附（attach）與續約率維持一貫的高水準；我們持續成長的客戶安裝基礎（install base）繼續推動獲利與現金流。新軟體授權營收為 24 億美元，成長 1%。如各位所知，去年第二季我們表現極為出色，新軟體授權成長遠高於預期，達 18%。因此，儘管比較基期相當嚴峻，我們仍非常滿意；過去兩年合計成長 19%。

Looking at GAAP results by region, the Americas grew 5% with Latin America showing excellent growth. EMEA grew 3%, and Asia-Pacific declined 10% with Japan continuing to be challenged. Currency continues to be a significant headwind in Japan and Australia. Now, while our China business is not large enough to make a significant difference to our business, we did actually see good growth there at this quarter. Within software database continues to do well with Exadata software, GoldenGate and TimesTen in memory software products all up more than 20%. Also strong was human capital management, both on-premise and SaaS, as well as our retailing and life science verticals.

以地區別來看 GAAP 結果，美洲成長 5%，其中拉丁美洲展現優異成長。EMEA 成長 3%，亞太地區下滑 10%，日本仍持續面臨挑戰。匯率在日本與澳洲仍是顯著逆風。另外，雖然我們在中國的業務規模尚不足以對整體業務造成重大影響，但本季在中國確實看到不錯的成長。在軟體方面，資料庫業務持續表現良好，Exadata 軟體、GoldenGate 與 TimesTen 記憶體內（in-memory）軟體產品皆成長超過 20%。人力資本管理亦表現強勁，包含地端（on-premise）與 SaaS，以及我們的零售與生命科學垂直領域。

The quarter, by the way, wasn't dependent on any one large deal. Overall, the hardware business, including hardware support, grew 2% with hardware systems product revenue of $714 million. And not only have our engineered systems continued to show excellent growth, but they've actually become a material part of our overall hardware business, now accounting for nearly 30% of all hardware product sales. And while it's still early in the customer adoption cycle, the new M-Series and T-Series servers saw good growth sequentially.

順帶一提，本季並不依賴任何單一大型交易。整體硬體業務（含硬體支援）成長 2%，硬體系統產品營收為 7.14 億美元。我們的整合式系統（engineered systems）不僅持續展現優異成長，且已成為整體硬體業務的重要組成，目前約占所有硬體產品銷售的近 30%。此外，雖然客戶採用週期仍在早期，新款 M 系列與 T 系列伺服器的營收較前一季亦有不錯成長。

For the Company, total revenue for the quarter was $9.3 billion, up 3% from last year. Non-GAAP operating income was $4.2 billion, up 1% higher over -- up 1% higher over last year, and the operating margin was 46%. We believe we can invest for growth and make money as we continue to see the leverage of our business model.

就公司整體而言，本季總營收為 93 億美元，較去年成長 3%。非 GAAP 營業利益為 42 億美元，較去年提高 1%，營業利益率為 46%。我們相信，隨著持續看到商業模式的槓桿效益，我們能在投資成長的同時維持獲利。

The nontax -- the non-GAAP tax rate for the quarter was 22% and non-GAAP EPS was $0.69 in US dollars, growing 9% in constant currency. The GAAP tax rate was 20% and GAAP EPS for the quarter was $0.56 in US dollars, up 7% in constant currency. Free cash flow increased 14% to a record $14.6 billion over the last four quarters. Our consistent growth of free cash flow over the last three years has resulted in our surpassing IBM which, as you know, has seen declines in the last 8 -- in 8 of the last 12 quarters, and we now have nearly $37 billion in cash and marketable securities. Net of debt, our cash position is approximately $13 billion.

本季非稅—非 GAAP 稅率為 22%，非 GAAP 每股盈餘（EPS）為 0.69 美元，以固定匯率計成長 9%。GAAP 稅率為 20%，本季 GAAP EPS 為 0.56 美元，以固定匯率計成長 7%。過去四個季度的自由現金流成長 14%，達到創紀錄的 146 億美元。過去三年自由現金流的持續成長，使我們超越 IBM；如各位所知，IBM 在過去 12 個季度中有 8 個季度出現下滑，而我們目前擁有近 370 億美元的現金與有價證券。扣除負債後，我們的淨現金部位約為 130 億美元。

As we've said before, we are committed to returning value to our shareholders through earnings growth, stock repurchases, and a dividend. And this quarter, we repurchased 83.4 million shares for a total of $2.8 billion. Over the last 12 months, we have repurchased nearly 323 million shares for a total of $10.7 billion, paid out dividends of nearly $1.9 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 for the quarter.

如同我們先前所說，我們致力於透過獲利成長、庫藏股回購與股利，為股東創造回報。本季我們回購 8,340 萬股，總金額 28 億美元。過去 12 個月，我們回購近 3.23 億股，總金額 107 億美元；發放股利近 19 億美元；合計約相當於我們自由現金流的近 90%。董事會並宣告本季每股 0.12 美元的季度股利。

Now to the guidance. New software license and cloud subscription revenue is expected to range from 2% to 12% in constant currency and 1% to 11% in reported dollars. Hardware product revenue growth is expected to range from a negative 1% to a positive 9% in constant dollars and negative 2% to a positive 8% in reported dollars. As a result, total revenue growth on both GAAP and non-GAAP basis is expected to range from 3% to 7% in constant dollars and 2% to 6% in US dollars. Non-GAAP EPS is expected to be somewhere between $0.68 and $0.72 in constant and reported dollars. GAAP EPS is expected to be somewhere between $0.54 to $0.58 in constant dollars and in reported dollars. Now, this guidance assumes a GAAP tax rate of 23% and a non-GAAP tax rate of 24% and of course, that may end up being different. With that, I'll turn it over to Mark for his comments.

接下來是財測指引。新軟體授權與雲端訂閱營收，預期以固定匯率計成長區間為 2% 至 12%，以報告美元計為 1% 至 11%。硬體產品營收成長，預期以固定匯率計介於負 1% 至正 9%，以報告美元計介於負 2% 至正 8%。因此，無論以 GAAP 或非 GAAP 基礎計算，總營收成長預期以固定匯率計為 3% 至 7%，以美元計為 2% 至 6%。非 GAAP EPS 預期介於 0.68 至 0.72 美元（固定匯率與報告美元皆同）。GAAP EPS 預期介於 0.54 至 0.58 美元（固定匯率與報告美元皆同）。上述指引假設 GAAP 稅率為 23%，非 GAAP 稅率為 24%，當然最終結果可能會有所不同。接下來我把電話交給 Mark 發表他的看法。

Thanks, Safra. I just have a couple comments and turn it to Larry. We had solid sales execution and beat forecasts in all segments. We had good results in Europe; in the Americas, Latin America was strong for us.

謝謝你，Safra。我只有幾點評論，然後交給 Larry。我們的銷售執行穩健，且在所有業務部門都超越預測。我們在歐洲表現良好；在美洲方面，拉丁美洲對我們而言表現強勁。

Database continues to show good performance due in part to strength in Exadata and database options. And we have not yet begun to see the coming benefits of 12c, which will help drive license growth. Exadata and all our engineered systems had booking growth of nearly 35% on top of similar growth last year. All six engineered systems saw double-digit revenue growth, including the Big Data appliance and SPARC SuperCluster, which saw triple-digit growth. Our engineered systems business is now big. It's delivering strong, consistent growth, and our hardware business, including support, grew 2% in constant currency.

資料庫業務持續展現良好表現，部分原因在於 Exadata 與資料庫選項的強勁動能。而我們尚未開始看到 12c 即將帶來的效益，這將有助於推動授權成長。Exadata 以及我們所有的整合式系統（engineered systems）在去年同樣成長的基礎上，預訂（bookings）成長接近 35%。六套整合式系統全部都呈現雙位數營收成長，包括 Big Data appliance 與 SPARC SuperCluster，兩者更呈現三位數成長。我們的整合式系統業務現在規模已相當可觀。它帶來強勁且一致的成長，而我們的硬體業務（包含支援）以固定匯率計成長 2%。

In cloud, we had bookings growth of 35% and saw excellent growth across all major product pillars. Fusion SaaS was even better, with HCM, sales force automation and ERP all up triple-digits. We're adding customers at high growth rates, contract sizes are growing, and hundreds of customers are now live on Fusion SaaS.

在雲端方面，我們的預訂（bookings）成長 35%，並在所有主要產品支柱上都看到極佳的成長。Fusion SaaS 表現更佳，HCM、銷售自動化與 ERP 全部都成長三位數。我們以高成長率新增客戶，合約規模也在擴大，且目前已有數百家客戶正式上線使用 Fusion SaaS。

In HCM, we had excellent growth in all pillars, core HR, payroll and talent cloud. Let me list out just a few wins. British Telecom, Siemens North America, Carlson Wagonlit, Health Net, Intercontinental Hotels, PPG Industries, Cummins, Government of Rotterdam, Southwest Energy, PDG Realty in Brazil, [Semics], Marks and Spencer, Scripps Health. Those are HCM. BT and Siemens are especially noteworthy as they will both be servicing employee bases of 60,000 employees.

在 HCM 方面，我們在所有支柱上都有極佳成長，包括核心人資（core HR）、薪資（payroll）與人才雲（talent cloud）。我列舉幾個贏單。British Telecom、Siemens North America、Carlson Wagonlit、Health Net、Intercontinental Hotels、PPG Industries、Cummins、Government of Rotterdam、Southwest Energy、巴西的 PDG Realty、[Semics]、Marks and Spencer、Scripps Health。以上是 HCM。BT 與 Siemens 特別值得一提，因為兩者都將服務約 60,000 名員工的員工基礎。

In customer experience we saw growth across all four pillars, marketing, sales, service, and social [cloud]. Key wins at Oshkosh Truck, All Nippon Airways, Live Nation, Tesco, the Washington Post, Procter & Gamble, Perry Homes, CRH Building Materials, Nikon Europe, Queensland State Government, TomTom, LifeScan Canada. And at ERP, while it's still early, we saw triple-digit growth in ERP with many of our wins net new ERP customers to Oracle. This quarter we issued new releases in HCM, talent, sales, marketing, and social clouds. We also introduced Hyperion Planning and Budgeting as a cloud service, and we expanded our data center talent to 17 locations globally with Canada, Germany, and Brazil coming online soon.

在客戶體驗方面，我們在四大支柱—行銷、銷售、服務與社群[雲]—都看到成長。主要贏單包括 Oshkosh Truck、全日空（All Nippon Airways）、Live Nation、Tesco、華盛頓郵報（the Washington Post）、寶潔（Procter & Gamble）、Perry Homes、CRH Building Materials、Nikon Europe、昆士蘭州政府（Queensland State Government）、TomTom、LifeScan Canada。至於 ERP，雖然仍在早期階段，我們看到 ERP 出現三位數成長，且許多贏單是 Oracle 的全新 ERP 客戶。本季我們在 HCM、人才、銷售、行銷與社群雲推出新版本。我們也將 Hyperion Planning and Budgeting 以雲端服務形式推出，並把我們的資料中心版圖擴展到全球 17 個據點，加拿大、德國與巴西也將很快上線。

I spent a little more time on cloud this quarter as I think it's important to understand what we're seeing and that we're gaining traction. Our cloud and engineered systems business have hypergrowth-like characteristics. Inside the [SaaS] point, the largest cash flow Company in enterprise technology. The growth of just our software business is more than double the revenue of Workday. Let me, with that, turn it over to Larry.

我本季在雲端部分多花了一些時間，因為我認為理解我們所看到的情況以及我們正在取得進展很重要。我們的雲端與整合式系統業務具有類似超高速成長（hypergrowth）的特徵。在 [SaaS] 這一點上，是企業科技領域中最大的現金流公司。僅我們軟體業務的成長，就已超過 Workday 營收的兩倍。那麼，我把時間交給 Larry。

Thanks, Mark. Oracle enters 2014 with repressed versions of the key products that are expected to drive growth over the next calendar year. Oracle's latest database, Version 12c, was specifically designed for the cloud. Oracle 12c makes all your Oracle applications multitenant applications without you having to make any changes to your applications whatsoever. Oracle 12c also dramatically speeds up all your Oracle applications by making them in memory applications without you having to change a single line of your application code. Oracle's Fusion cloud applications for HCM, CRM and ERP all have a new simplified user interface and an integrated social network that makes our enterprise applications as easy to use and familiar as Facebook while enabling better collaboration and teamwork among your employees and your customers. All these new application interfaces were specifically designed for use on modern mobile devices like telephones and tablets.

謝謝你，Mark。Oracle 進入 2014 年，推出了關鍵產品的新版本，預期將在接下來的曆年推動成長。Oracle 最新的資料庫 12c 版本，是專為雲端而設計。Oracle 12c 讓你所有的 Oracle 應用程式成為多租戶（multitenant）應用程式，而你完全不需要對應用程式做任何變更。Oracle 12c 也透過將其變成記憶體內（in-memory）應用程式，大幅加速你所有的 Oracle 應用程式，而你不必改動應用程式程式碼的任何一行。Oracle 的 Fusion 雲端應用（涵蓋 HCM、CRM 與 ERP）都具備全新的簡化使用者介面，以及整合式社群網路，使我們的企業應用像 Facebook 一樣易用且熟悉，同時讓員工與客戶之間能有更好的協作與團隊合作。所有這些新的應用介面都是專為現代行動裝置（如手機與平板）使用而設計。

Bookings for our cloud applications grew strongly this quarter, 35%, reflecting a continuously improving win rate versus the new generation of SaaS specialists. Our engineered systems bookings also grew rapidly, 34% in this quarter. We think these three product areas, database, cloud applications and engineered systems will drive Oracle's growth in calendar year 2014.

本季我們雲端應用的預訂（bookings）強勁成長 35%，反映出相較於新一代 SaaS 專業業者，我們的贏單率持續改善。我們的整合式系統預訂（bookings）本季也快速成長 34%。我們認為這三個產品領域—資料庫、雲端應用與整合式系統—將推動 Oracle 在 2014 曆年的成長。

Thank you, Larry. Operator, if we could now begin the Q&A portion of the call?

謝謝你，Larry。接線員，我們現在可以開始電話會議的問答部分嗎？

Absolutely. Thank you.

當然可以。謝謝。

(Operator Instructions)

(接線員指示)

Rick Sherlund, Nomura Securities.

Rick Sherlund，野村證券。

First for Larry, I know it's early for Oracle cloud infrastructure and Platform-as-a-Service, but can you update us on where you stand there? We're seeing really good growth out of Amazon. I know your approach is a bit different, but if you could update us on your strategy and where we stand on that. And Mark, if I could get a little clarification from you on the growth rate on the cloud side, I think you said 35% bookings growth. And the triple-digit for HCM, CRM and ERP, was that revenue growth or bookings growth?

先問 Larry，我知道 Oracle 的雲端基礎設施與平台即服務（PaaS）還在早期，但你能否更新一下目前的進展？我們看到 Amazon 的成長非常好。我知道你們的做法有些不同，但如果你能更新一下你們的策略，以及目前的狀況。另外 Mark，我想請你釐清一下雲端那邊的成長率，我記得你說預訂（bookings）成長 35%。而 HCM、CRM 與 ERP 的三位數成長，是營收成長還是預訂成長？

Rick, why don't we let Larry start, and then I'll --

Rick，我們先讓 Larry 開始，然後我再—

Thanks.

謝謝。

Okay. Well Rick, as you know, our strategy is to be a player in all three parts of the cloud. All three levels of the cloud; SaaS cloud applications, platform and infrastructure. We think we're going to be especially strong in platform. Our two platform brands, our database brand is the Oracle database 12c, and our programming language brand is this thing called Java. So, we think we have a much stronger platform than any of our SaaS competitors, let's just start there. If you look at a salesforce.com and force.com, you look at their platform capabilities versus the Oracle database and Java, and we think we have a considerable advantage. And of course, all of our SaaS -- all of our applications are built on the Oracle database, built on our platform, our database and our Java server. Finally, down at the infrastructure level, we intend to be price competitive with Amazon and Microsoft Azure and Rackspace. So, we intend to compete aggressively in, what I will call the commodity -- commodity not being a bad word -- the commodity infrastructure-as-a-service marketplace.

好的。Rick，如你所知，我們的策略是在雲端的三個部分都成為重要參與者。雲端的三個層級：SaaS 雲端應用、平台與基礎設施。我們認為我們在平台方面會特別強。我們的兩個平台品牌：資料庫品牌是 Oracle Database 12c，而程式語言品牌是叫做 Java 的東西。因此，我們認為我們的平台比任何 SaaS 競爭對手都更強，先從這點說起。如果你看 salesforce.com 和 force.com，比較他們的平台能力與 Oracle 資料庫及 Java，我們認為我們有相當大的優勢。當然，我們所有的 SaaS—我們所有的應用—都是建構在 Oracle 資料庫之上，建構在我們的平台之上，也就是我們的資料庫與 Java 伺服器。最後，在基礎設施層級，我們打算在價格上與 Amazon、Microsoft Azure 以及 Rackspace 具備競爭力。因此，我們打算在我所稱的商品化—商品化不是貶義—的基礎設施即服務（IaaS）市場中積極競爭。

But we're not going to have that alone. It's not going to be just infrastructure-as-a-service. Our intention is to sell our customers Infrastructure-as-a-service, and the same customer the highly differentiated platform-as-a-service, which will let us get better margins, and highly differentiated suite of enterprise applications for the cloud. So, we're going to be cost competitive and price competitive at the infrastructure level while being highly differentiated at both the platform level and the application level. Already we have more enterprise SaaS applications than any other cloud services provider. We'll continue to expand our footprint and use our size as an advantage.

但我們不會只做那個。不會只有基礎設施即服務。我們的意圖是向客戶銷售基礎設施即服務，同時也向同一位客戶銷售高度差異化的平台即服務（PaaS），這將讓我們取得更好的毛利，並提供高度差異化的雲端企業應用套件。因此，我們會在基礎設施層級具備成本競爭力與價格競爭力，同時在平台層級與應用層級都高度差異化。目前我們已擁有比任何其他雲端服務供應商更多的企業級 SaaS 應用。我們將持續擴大我們的版圖，並把規模作為優勢。

Rick, Mark. I know I threw a lot of numbers out there quick to you on the SaaS growth, but what the numbers are is that our aggregate bookings growth in SaaS was 35%, okay? Point 1. That includes all of our products. What I was pointing out was that if you looked at Fusion HCM, Fusion Sales Automation, and Fusion ERP, those three grew in bookings triple-digits. That's the delineation.

Rick、Mark。我知道我剛才很快丟給你很多關於SaaS成長的數字，但實際的數字是：我們SaaS的整體預訂（bookings）成長為35%，好嗎？第一點。這包含我們所有產品。我想指出的是，如果你看Fusion HCM、Fusion Sales Automation，以及Fusion ERP，這三項的預訂成長都是三位數。這就是區分所在。

Great. Thank you.

很好。謝謝你。

Phil Winslow, Credit Suisse.

Phil Winslow，瑞士信貸。

Congrats on a good quarter. A lot of time on the call was spent on cloud applications and database, but I want to focus my question on hardware. Obviously, guys showed some upside to consensus this quarter and you guided in next quarter for hardware to grow year-over-year. I guess it's for both Mark and Larry, wonder if you could give us more comments on what you're seeing on the Exadata, Exalogic, Exalytics and then also compare that to where we are with the core Sun business?

恭喜這是一個不錯的季度。電話會議花了很多時間談雲端應用與資料庫，但我想把問題聚焦在硬體。顯然，你們本季表現優於市場共識，而且你們對下季的指引是硬體將年增。我想同時問Mark和Larry，能否多評論一下你們在Exadata、Exalogic、Exalytics上的觀察，並且也比較一下這與我們在核心Sun業務的現況？

I'll start, let Larry add. Bookings growth in engineered systems, as I mentioned, was 35%. Important, Phil, to know, this is a big business now. So, we had 35% growth this quarter against a similar growth rate last year. So, this is a compounding effect for us. All six of our engineered systems in the quarter had double-digit revenue growth.

我先開始，讓Larry再補充。如我提到的，工程化系統（engineered systems）的預訂成長是35%。Phil，重要的是要知道，這現在已是一個很大的業務。因此，我們本季在去年同樣成長率的基期上，再達成35%的成長。所以，這對我們而言是複利效應。本季我們六套工程化系統全部都達成雙位數營收成長。

And as I mentioned, it was really encouraging, I think, for us to see SPARC SuperCluster had an excellent quarter for us in addition to Exadata. We had big wins -- I say big wins, we had very important name wins, P&G, Verizon, AmerisourceBergen, ICICI Bank in China, Televisa, Exalytics was strong in the quarter, Phil. We had Petrobras in -- from an Exalytics perspective. So, again, a very broad-based set of customers, very consistent across our regions in terms of performance. And again, very strong bookings growth against a very strong compare. I will let Larry add anything he'd like.

而且如我提到的，我認為看到SPARC SuperCluster除了Exadata之外也有非常出色的一季，對我們來說真的很令人鼓舞。我們拿下了大案——我說大案，是指非常重要的客戶名稱勝利：P&G、Verizon、AmerisourceBergen、中國的ICICI Bank、Televisa；Phil，本季Exalytics也很強。從Exalytics的角度來看，我們也拿下了Petrobras。所以，再次強調，客戶群非常廣泛，各區域的表現也非常一致。同樣地，在非常強的比較基期下，預訂成長依然非常強勁。我讓Larry補充他想說的。

I think our engineered systems business really has two parts. One is Exadata, Exalogics, Exalytics, all which really built their reputation in the marketplace for high-performance, and of course, you can take that high performance in performance or you can take it in lower costs. The other thing we've introduced recently are lower cost engineered systems, to go after the mass and price-sensitive parts of the market. So, we've announced and Oracle Virtual Compute Appliance a bunch of low-cost commodity servers running Linux, integrated, in our case, with InfiniBand, connected by InfiniBand, versus the traditional Ethernet. But our system comes with its own VM, an industry standard Xen-based VM, industry standard Linux, standard commodity servers with a high-speed networking interface. We have -- again, that's called the Oracle Virtual Compute Appliance. It's relatively new, and it's very aggressively priced, and we think it's a mass market product that competes against our friends at Cisco.

我認為我們的工程化系統業務其實有兩個部分。一個是Exadata、Exalogics、Exalytics，這些都以高效能在市場上建立了口碑；當然，你可以把高效能用在提升效能上，也可以用在降低成本上。我們最近推出的另一個部分，是較低成本的工程化系統，用來切入大眾市場與對價格敏感的市場區塊。因此，我們發布了Oracle Virtual Compute Appliance：一組低成本的通用伺服器（commodity servers）跑Linux，並做了整合；在我們的案例中是搭配InfiniBand，以InfiniBand互連，而不是傳統的乙太網路。但我們的系統自帶VM，是業界標準、以Xen為基礎的VM；業界標準Linux；標準通用伺服器，搭配高速網路介面。我們——再次強調，這叫做Oracle Virtual Compute Appliance。它相對較新，定價非常具侵略性，我們認為這是一個可打入大眾市場、可與我們在Cisco的朋友競爭的產品。

We've also had for some time the Oracle Database Appliance. Another low-cost mass market product. So, we expect to sell a lot of engineered systems. Not just the well known high end Exadata machines, but a complete fleet of machines that go from extreme high performance to large scale -- the ability to build large scale clouds onto the commodity servers.

我們也已經有一段時間推出Oracle Database Appliance。這也是另一個低成本的大眾市場產品。因此，我們預期會賣出大量工程化系統。不只是眾所周知的高階Exadata機器，而是一整個機群，涵蓋從極致高效能到大規模——也就是能在通用伺服器上建置大規模雲端的能力。

Phil, I think just before we leave the point on hardware, a couple of other points to Larry's point about what we call the ODA, which is the Oracle Database Appliance, we're now at a point where we're roughly at 2,000 of those units. We don't talk about that product much because to Larry's point, it's a more entry-level system, but we've had great success with it. And on the core server side, it's going to be very interesting for us to see how much share we gained in the quarter. Our M-and-T series, the SPARC line, if you will, actually grew sequentially.

Phil，在我們離開硬體這個話題前，再補充幾點：呼應Larry提到我們所稱的ODA，也就是Oracle Database Appliance，我們目前大約已到2,000台的規模。我們不太談這個產品，因為如Larry所說，它是較入門的系統，但我們在它上面非常成功。而在核心伺服器方面，本季我們究竟拿下多少市占，對我們來說會很有意思。我們的M與T系列，也就是你所說的SPARC產品線，實際上呈現季增。

So, if you looked at them quarter-to-quarter, we actually grew sequentially, and our decline in that business was actually quite small year on year. And when you look at that, obviously compared to our core UNIX competitors, that's going to be a big gain. When you add that to the engineered systems performance in the quarter, our aggregate hardware business just gained a lot of market share.

所以，如果你用季度對季度來看，我們確實是季增，而該業務的年減幅度其實相當小。而當你看到這一點，顯然相較於我們核心UNIX競爭對手，這將是很大的市占提升。再加上本季工程化系統的表現，我們整體硬體業務的市占提升幅度很大。

Next question.

下一個問題。

Jason Maynard, Wells Fargo.

Jason Maynard，富國銀行。

I have a couple questions, but first maybe Mark and Safra, if I look at your performance on a constant currency basis by geo, the US was up 5%, and I think you're now 9% growth in the first half of this year, EMEA looked better obviously on a sequential basis in Q2. But APAC was -- looked like the one region where there was more trouble, that it was down I think 10% on a constant currency basis. Can you maybe talk a little bit about what you see happening, at least from a macro perspective, maybe some of the changes to the leadership there? And how do you think about Asia performing over the second half of the year?

我有幾個問題，但首先也許問Mark和Safra：如果我按地區看你們以固定匯率計的表現，美國成長5%，而且我想你們今年上半年已是9%的成長；EMEA在第二季按季看起來明顯更好。但APAC——看起來是唯一一個問題較多的區域，以固定匯率計似乎下滑了10%。你們能否談談你們看到的情況，至少從總體環境角度，以及那邊領導層的一些變動？你們如何看待亞洲在下半年的表現？

Why don't I start, Jason? And I'll let Safra chime in afterwards if she'd like to. I think you're right in your assessment. I think we had a good quarter in Europe again. And I think when you get the readthroughs across our industry, and even broader than that, our Europe team has performed well. We've said before that our Europe team realigned itself early. There's no question in our mind that our Europe team is taking market share. They've performed well not only this quarter, but frankly, over a consistent period of time, and we feel very good about our position in Europe and the share that we're gaining.

Jason，我先開始如何？之後如果Safra願意，我再讓她補充。我認為你的判斷是對的。我們在歐洲又有一個不錯的季度。而且當你從我們產業內、甚至更廣泛的同業表現去推讀，我們的歐洲團隊表現確實很好。我們之前說過，我們的歐洲團隊很早就完成了重新調整。我們毫不懷疑，歐洲團隊正在取得市占。他們不只本季表現好，坦白說，長期以來都維持一致的良好表現，我們對在歐洲的定位與正在取得的市占感到非常有信心。

In US, I think you're right as well; I think US have a solid quarter overall, all in with what we expected and as you know, that was going against a tough compare from last year. Asia has been rocky for us. It's obviously rocky from a macro perspective. Safra mentioned the good news was outperformance in China, and our performance in China was actually quite strong. Most of the issue involved in the quarter was in Australia and New Zealand, which continues to be a difficult market there. I do not believe that to be an Oracle issue. I believe that more to be a macro issue. We really feel all around that we've got a very strong upside opportunity in Asia. Put to your point, some new energy into Asia, some new excitement into Asia, and we expect it to pay off. So, those would be my comments about Asia. To your point if Asia had done a little better, you can imagine how much with the performance we already delivered in the quarter, it would have been even more exciting.

在美國，我想你也說得對；美國整體而言是一個穩健的季度，符合我們的預期，而且如你所知，那是建立在去年很高的比較基期之上。亞洲對我們來說一直比較顛簸。從總體環境角度看，顯然也很顛簸。Safra提到的好消息是中國表現優於預期，而我們在中國的表現其實相當強。本季大部分的問題出在澳洲與紐西蘭，那裡仍然是個困難的市場。我不認為那是Oracle自身的問題。我認為那更像是總體環境的問題。整體而言，我們確實覺得在亞洲有非常強的上行機會。呼應你的觀點，我們正為亞洲注入一些新能量、帶來一些新的振奮，我們預期這會帶來回報。以上就是我對亞洲的評論。也如你所說，如果亞洲表現再好一點，你可以想像在我們本季已交出的表現之上，會更令人振奮。

Yes. The other part for us for Asia, what we call Asia-Pacific is merged together includes Japan, which we actually expect to bounce back this quarter. Just between comparisons and other things. And there's nothing -- you made a mention to the leadership in AsiaPac or something like that, and I actually don't know what you're referring to there because there's nothing in particular going on in our AsiaPac. So, that's it. So, it was Japan and Australia basically where our weakness was.

是的。對我們在亞洲的另一部分，也就是我們所稱的亞太地區，是合併在一起的，包含日本；我們其實預期日本本季會反彈。主要是因為比較基期以及其他因素。另外，你提到亞太地區的領導層之類的，我其實不太清楚你指的是什麼，因為我們亞太地區並沒有特別發生什麼事。所以，就是這樣。所以，基本上我們的疲弱主要是在日本和澳洲。

Thank you.

謝謝。

John DiFucci, JPMorgan.

John DiFucci，摩根大通。

I think it was Larry said that growth is going to come from database, cloud apps and engineered systems. I want to focus on the first and third of those. Can you give us any more color on the database machines, including Exadata and SPARC SuperCluster, I think primarily, and I guess ODA also. But it is early with 12c, but has there been any impact that 12c could be having on driving growth with engineered systems? Even, maybe Mark, even any anecdotes on what customers might be doing with 12c coupled with Exadata that might be different than what they did with 11g?

我想是 Larry 說成長將來自資料庫、雲端應用與工程化系統。我想聚焦在其中第一項與第三項。你們能否就資料庫機器提供更多細節，包括我想主要是 Exadata 與 SPARC SuperCluster，另外我猜 ODA 也算。雖然 12c 還在早期，但 12c 是否已對工程化系統的成長帶來任何影響？甚至，Mark，也許你能分享一些案例：客戶在使用 12c 搭配 Exadata 時，是否有做出一些與 11g 時不同的事情？

Why don't I let Larry start and I'll add some color after that?

不如先讓 Larry 開始，我之後再補充一些說明？

Let me add one more engineered system, which is our M6 In-Memory system. As you know, there's a lot of interest now In-Memory databases. We announced the Oracle 12c In-Memory option, and you couple the Oracle 12c In-Memory option with an M6 with 32 terabytes of main memory. That's 99.99% of all the world's databases can be now kept in main memory, with orders of magnitude improved performance, and we think that's going to be a very interesting combination. So, 12c we think is interesting to a lot of cloud companies and companies that are not in the business of reselling applications, but are building private clouds. So, the combination of selling it to the net suites of the world and -- who -- that allows them to offer a higher quality service at a lower cost, or big banks and telecommunication companies that allow them to build an effective private cloud, we have seen more interest in 12c than any database version in recent memory. The multitenant option and the In-Memory option I think are going to have very rapid uptake in 2014 and 2015.

我再補充一個工程化系統，也就是我們的 M6 記憶體內（In-Memory）系統。如各位所知，現在市場對記憶體內資料庫的興趣很高。我們宣布了 Oracle 12c In-Memory 選項，而你把 Oracle 12c In-Memory 選項與一台具備 32TB 主記憶體的 M6 搭配起來。這代表全球 99.99% 的資料庫現在都可以放在主記憶體中，效能可提升好幾個數量級，我們認為這會是非常有意思的組合。因此，我們認為 12c 對許多雲端公司，以及那些不是以轉售應用程式為業、而是在建置私有雲的公司，都很有吸引力。所以，無論是賣給像 NetSuite 這類公司——這能讓他們以更低成本提供更高品質的服務——或是大型銀行與電信公司，讓他們能建置有效的私有雲，我們看到市場對 12c 的興趣，是近年來任何一個資料庫版本都比不上的。我認為多租戶（multitenant）選項與 In-Memory 選項在 2014 與 2015 年會非常快速地被採用。

I think, John, in addition, we've yet to see the 12c benefit in our results, point 1, point 2, to your point about engineered systems on the database side. Clearly, the opportunity for us to now consolidate Oracle environments in big accounts is extreme. Most of our customers have found tens and tens and tens of ways to configure the Oracle database. They have Oracle 8, 9, 10, 11, they have multiple different types of operating systems, multiple different types of hardware platforms. So, the opportunity for us to simplify and standardize those Oracle environments, and our customers typically spend tens and tens, in many cases, hundreds of millions of dollars a year to operate the Oracle database environment because of that complexity. Our ability to simplify this and standardize this on Exadata on our engineered systems with 12c, the formation of what would be private clouds and Database-as-a-service for our customers gives us a chance to save our customers, in some cases, 30%, 40% out of their total cost to run the Oracle environment. This is an extremely big opportunity for us, and 12c is just one of the added opportunities we have now to consolidate those environments.

John，我想另外補充：第一，我們在業績結果中尚未看到 12c 的效益；第二，回到你提到資料庫端的工程化系統。很明顯，我們現在在大型客戶中整併 Oracle 環境的機會非常大。我們多數客戶已經找到非常非常多種方式來配置 Oracle 資料庫。他們有 Oracle 8、9、10、11，還有多種不同的作業系統、多種不同的硬體平台。因此，我們有機會去簡化並標準化這些 Oracle 環境；而由於這種複雜性，我們的客戶通常每年要花非常非常多的錢——很多情況下是數億美元——來營運 Oracle 資料庫環境。我們能夠用 12c 在 Exadata 等工程化系統上把它簡化並標準化，形成客戶的私有雲與資料庫即服務（Database-as-a-Service），讓我們有機會在某些情況下為客戶節省其 Oracle 環境總運行成本的 30%、40%。這對我們是極大的機會，而 12c 只是我們現在用來整併這些環境的額外機會之一。

Mark --

Mark——

I'm sorry, one part of your question was 12c and does it drive even more growth of engineered systems, especially Exadata and SPARC SuperCluster and the M6 In-Memory machine, and I would say absolutely yes.

抱歉，你問題的一部分是：12c 是否會推動工程化系統、特別是 Exadata、SPARC SuperCluster 以及 M6 In-Memory 機器帶來更多成長？我會說絕對會。

So Larry, my question goes to back to something you said earlier, especially with the multitenancy option. Because our due diligence in talking to customers, anyway, was this is something they were waiting for so that they can put multiple applications on one Exadata and be able to manage those applications in isolation in a way that they couldn't before. It just seems like that brings that step function up in inefficiency, and I was wondering if anybody has actually done that, at least in their labs yet, or -- it makes a lot of sense, but are you seeing any of it yet?

所以 Larry，我的問題回到你先前提到的一點，特別是多租戶選項。因為我們在與客戶訪談做盡職調查時得到的回饋是：這正是他們一直在等的功能，讓他們可以在一台 Exadata 上放多個應用程式，並且能以彼此隔離的方式管理這些應用程式，這是以前做不到的。這看起來像是能把效率提升到一個新的台階；我想問的是，是否已經有人至少在實驗室裡做過了？或者——這很合理，但你們現在有看到任何實際採用的跡象嗎？

We've seen a number of customers take it and do it in the laboratory. And of course, this goes back to what Mark was saying, they have lots and lots of Oracle environments and they want to consolidate it onto a smaller number of machines and reduce the amount of labor required to manage all of those machines. Exadata, with all of this extreme performance, a lot of people have questioned the size of the Exadata market saying, well, how many people need that kind of extreme performance? It's not a matter of one Exadata machine providing extreme performance to one application. It's one Exadata machine that allows you to get rid of 50 machines or 100 machines and consolidate those 100 separate applications and those 100 separate databases on that single Exadata machine and then manage it as a single environment, and that's exactly what the multitenant option does.

我們已經看到不少客戶採用它並在實驗室裡實作。當然，這也回到 Mark 所說的：他們有非常非常多的 Oracle 環境，想把它整併到較少數的機器上，並降低管理所有這些機器所需的人力。Exadata 具備極致效能，很多人質疑 Exadata 市場規模，認為：到底有多少人需要那種極致效能？但重點不是一台 Exadata 為單一應用提供極致效能。而是一台 Exadata 讓你可以淘汰 50 台或 100 台機器，把那 100 個獨立應用與 100 個獨立資料庫整併到同一台 Exadata 上，並把它當作單一環境來管理，而這正是多租戶選項所做的事。

So, to what Mark was saying, our customers spend a fortune managing tens, hundreds, thousands of different Oracle environments, different Oracle versions. They have to patch them, upgrade them, back them up, do all of those things. We can simplify that, make that a more reliable process, make that a less expensive process by using the multitenant option on top of Exadata. So, it's a huge opportunity for us to sell into our install base, lower our customers' overall cost of managing the Oracle environment and get them a better overall experience in terms of performance, reliability and maintainability.

所以，延續 Mark 的說法，我們的客戶在管理數十、數百、數千個不同的 Oracle 環境、不同的 Oracle 版本上花了大把金錢。他們必須打修補程式、升級、備份，做所有這些事情。我們可以把它簡化，讓流程更可靠、成本更低，方法就是在 Exadata 之上使用多租戶選項。因此，這是我們向既有裝機基礎銷售的一個巨大機會：降低客戶管理 Oracle 環境的整體成本，並在效能、可靠性與可維護性方面帶來更好的整體體驗。

Great. Thank you very much.

很好。非常感謝。

Heather Bellini, Goldman Sachs.

Heather Bellini，高盛。

Safra, you've built one of the most profitable companies in technology as measured by operating margins. I guess I just wanted to ask how we should think about the puts and takes you see as related to Oracle's non-GAAP operating margin expansion as you look out over the next two to three years?

Safra，你打造了科技業中以營業利益率衡量最具獲利能力的公司之一。我想請教的是，展望未來兩到三年，對於 Oracle 非 GAAP 營業利益率擴張，你認為我們應該如何看待其中的拉抬因素與抵銷因素（puts and takes）？

Well, I think what you can see in our numbers right now is that year-over-year, the difference is really we've invested in sales capacity right now as compared to last year, and we expect that to pay off. Remember, the big things that impact our margins are, first, our enormous install base of customers who pay us either for license updates and product support, or for running systems for them, and those numbers are going to continue to grow. Simultaneously, as you know, as Mark talked about, and he's going to chime in in a second, we decided that we were really going to lean in to the cloud to get market share. And we were going to be able to do it unlike all those cloud companies, we were actually still as a Company going to make a large amount of money. And so we've ramped up the sales organization. We are at full strength, and it takes time for that to pay off. But at that point, your expenses are at one level and now the revenues come in. We think we still have a lot of room as we expand our install base, as you know, continue to grow every quarter, and now we're going to start seeing expansion in the margins as the revenues follow -- follow-through. Mark, do you want to add to that?

嗯，我認為你現在從我們的數字可以看到的是，年對年來看，差異其實在於相較去年我們目前加大了銷售產能的投資，而我們預期這會帶來回報。請記得，影響我們毛利率的重大因素，第一，是我們龐大的客戶裝機基礎，他們會付費給我們取得授權更新與產品支援，或是由我們替他們代管系統，而這些數字將會持續成長。同時，如你所知，正如 Mark 提到的——他等一下也會補充——我們決定要更積極投入雲端以取得市占。而且我們能做到這點，且不同於那些雲端公司的是，我們作為一家公司仍然能賺到可觀的利潤。因此我們擴編了銷售組織。我們已達到滿編狀態，而這需要時間才能見到成效。但在那個時間點，你的費用維持在某個水準，而接著收入就會進來。我們認為，隨著我們擴大裝機基礎——如你所知，每一季都持續成長——我們仍有很大的空間，而現在當收入跟上、並且落實到位時，我們將開始看到毛利率的擴張。Mark，你要補充嗎？

Sure. No, I think to add to Safra's point, a lot of that sales resource that we've hired up that's in our current period expense is driving that 35% bookings growth in cloud. The great news is it's 35% bookings growth in cloud and more than in triple-digits in some of our core fusion modules. The bad news is, it's not licensed. It shows up as subscription and becomes a continuous revenue stream for us over time. We've hired into that, to Safra's point, put those resources to work, and they are busy building that subscription base. As that goes through the process of becoming annual subscription and it becomes recurring revenue, it behaves a bit more like -- much more like our support business than it would our license business.

當然。不，我想補充 Safra 的觀點，我們所聘用的許多銷售資源，其成本目前反映在本期費用中，正是推動雲端訂單（bookings）成長 35% 的動力。好消息是，雲端訂單成長 35%，而且在我們一些核心 Fusion 模組上甚至超過三位數成長。壞消息是，它不是授權（license）。它會以訂閱的形式呈現，並隨時間推移成為我們持續性的營收來源。如 Safra 所說，我們為此擴編，把這些資源投入運作，他們正忙著建立這個訂閱基礎。當它經過流程轉為年度訂閱並成為經常性收入時，它的特性會更像——更像我們的支援業務，而不是授權業務。

We've purposely hired up -- by the way, we're really happy now, we've had our sales organization in this sales model now for almost a couple years. We've had them in the same sales model for a couple of years, we're happy with their progress. And I think this quarter, particularly in the cloud, with a number of new logos, the growth in our core fusion areas, and just the absolute growth this is promising. And when it -- over a period of time, it will have the effect on operating margins that Safra described. And remember, when -- even when our licenses are flat -- and I'm not trying to make that a good number -- but even when they're flat, all that means is we've got just as many new subscribers this year as we did last year. And with our attention rates and support, you know what happens to our operating margins over time, they just continue to expand. So again, I'll say what I said in my script earlier. I think you've got a Company here that has fantastic cash flow with elements of hypergrowth inside it. And the cloud is one of them, and we put resources into it to drive that growth.

我們是刻意擴編的——順帶一提，我們現在非常滿意，因為我們的銷售組織採用這個銷售模式已將近兩年。我們在同一個銷售模式下運作了幾年，對他們的進展感到滿意。我認為本季，特別是在雲端方面，新增了不少新客戶（new logos）、核心 Fusion 領域的成長，以及整體的絕對成長，都很有前景。而隨著時間推移，它將對 Safra 所描述的營業利益率產生影響。並且請記得，即使我們的授權持平——我不是要把那說成好數字——但即使持平，也只代表今年新增訂閱戶的數量與去年一樣多。而以我們的續約率與支援業務來看，你知道我們的營業利益率隨時間會如何變化——它們只會持續擴張。所以我再重申我先前在講稿裡說的。我認為你看到的是一家擁有極佳現金流、同時內含一些高速成長要素的公司。雲端就是其中之一，而我們也投入資源來推動那個成長。

I'd like to chime in here too, briefly, saying that the mix of our products is changing. We took a lot of criticism when we bought Sun, and we've gone through this transition where we had a growing hardware business, engineered systems, and a shrinking hardware business, commodity systems, as we shied away from commodity systems and trying to be competitive in that marketplace. As we've more or less completed that transition now, the engineered systems business is now a large business and has much higher margins than the commodity business that we've gotten out of over the last couple of years. So, the mix has changed in hardware from low-margin hardware to much higher-margin hardware. I'm also including our storage business in that, by the way.

我也想在這裡簡短補充一下：我們產品組合的結構正在改變。我們收購 Sun 時受到很多批評，而我們經歷了一段轉型：一方面是成長中的硬體業務——工程化系統（engineered systems），另一方面是萎縮中的硬體業務——通用系統（commodity systems），因為我們逐步淡出通用系統，不再試圖在那個市場競爭。隨著我們現在大致完成這個轉型，工程化系統業務已成為一項大型業務，其毛利率也遠高於我們在過去幾年退出的通用硬體業務。因此，硬體的組合已從低毛利硬體轉向更高毛利硬體。順帶一提，我也把我們的儲存業務包含在內。

The mix has changed somewhat in our software business where a larger percentage of our software business, are annuities, are renewals versus new licenses. That renewal business is a more profitable business. We think as our cloud application business gets larger, that's also an annuity business that promises to be even more profitable than our license business. Time will tell, but we think we're going through a number of changes in mix to our overall products that we sell, and that's very, very positive for our margin improvements in the future.

在我們的軟體業務方面，組合也有些變化：我們軟體業務中更高比例是年金型（annuity）、是續約（renewals），而不是新授權。續約業務的獲利能力更高。我們認為，隨著雲端應用業務規模變大，那同樣是年金型業務，且有望比我們的授權業務更具獲利性。時間會證明一切，但我們認為我們正在經歷多項產品銷售組合的變化，而這對未來毛利率改善非常、非常正面。

Thank you. Operator, next question, please.

謝謝。接線生，請下一題。

Brent Thill, UBS.

UBS 的 Brent Thill。

Larry, on the database side, you mentioned you hadn't seen this level of interest in a while. I was curious if you could talk through when do you think you'll see the inflection point of 12c kicking in? Is it a couple quarters away, is it a year away? And historically, the database market is considered to be a single-digit growth market. Anything change with this release that you think could help accelerate growth beyond the historical rates that we've seen?

Larry，在資料庫方面，你提到你有一段時間沒看到這麼高的興趣了。我想請你談談，你認為 12c 何時會開始出現拐點、開始發揮作用？是再過幾個季度，還是一年之後？而且歷史上，資料庫市場被視為個位數成長的市場。這次版本發佈有什麼改變，讓你覺得可能有助於把成長加速到超過我們過去看到的歷史成長率嗎？

Yes. I think we will spike beyond the single-digit amount, give it -- with a warning, the caveat that our database business is quite a large business. But I think there will be a spike in that, driven by two things. The multitenant option, and I don't want to deemphasize the In-Memory option, either. I think you'll see -- I mentioned pretty rapid uptake, probably starting a little bit in Q3 and then much more in our Q4 and the first half of the next calendar year. The In-Memory option, I expect people will start playing around with in the second half of the year. But as we get around this time next year, we will see good growth being driven by the In-Memory option. So again, I have to go all the way back to 11i in the early days of the Internet when I've seen that much interest in new features in our database.

是的。我認為我們會出現高於個位數的成長尖峰——但先提醒一下、加上一個但書：我們的資料庫業務規模相當大。不過我認為會有一個尖峰，主要由兩個因素驅動。多租戶（multitenant）選項，以及我也不想淡化 In-Memory 選項的重要性。我想你會看到——我提過相當快速的採用，可能從第三季開始有些起色，然後在我們第四季以及下一個曆年上半年更為明顯。至於 In-Memory 選項，我預期大家會在下半年開始試用、開始摸索。但到明年這個時候左右，我們會看到由 In-Memory 選項帶動的良好成長。所以再說一次，我得回溯到網際網路早期的 11i 時代，才曾看過大家對我們資料庫新功能有這麼高的興趣。

Quick follow-up for Mark, there's been some ongoing speculation around the sales force and how they're being structured. I think you just mentioned to Heather's question, there really hasn't been any change. But I know that question many of us have gotten in the last couple weeks, just curious if you could just comment.

給 Mark 一個快速追問：市場上一直有一些關於銷售團隊以及其組織架構的猜測。我想你剛才在回答 Heather 的問題時提到，其實沒有任何變動。但我知道過去幾週我們很多人都被問到這個問題，所以想請你簡單評論一下。

I really can't, only in the context of there's nothing to talk about. There is at the territory level, Brent, we don't have any salespeople changing territories, changing accounts, we're not re-orging anything. If anything, we're actually very happy with the model we're in and the continuity of it and the continuity at the management, the familiarization of the team with our products. We're driving a lot more training into the sales force. So, one of our real tenets is just continuity. And we say continuity, continuity particularly of the relationship between the salesperson and the customer. Very important for us to have continuity with the customer. We've made it now so that territory changes around Oracle are a really big deal. And so that level of discipline is in, and nothing has changed about it whatsoever.

我其實沒什麼可評論的，只能在「沒什麼好談」的脈絡下回答。Brent，在區域（territory）層級，我們沒有任何業務人員更換區域、更換客戶，我們也沒有在做任何重組。如果要說的話，我們其實對目前採用的模式、其延續性，以及管理層的延續性、團隊對我們產品的熟悉度，都非常滿意。我們也在對銷售團隊投入更多訓練。所以，我們的一個核心原則就只是「延續性」。我們說延續性，尤其是業務與客戶之間關係的延續性。對我們而言，與客戶維持延續性非常重要。我們現在已經讓 Oracle 內部的區域調整成為一件非常重大的事情。因此這種紀律已經建立起來，而且完全沒有任何改變。

Great. Thanks.

很好。謝謝。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊。

I want to talk a little bit about the cloud business again. What are you seeing in terms of customer reception? Obviously you have -- been very much increasing growth rates here, but how are you selling that? Is that kind of like account management control function in terms of you going in and a lot of deals we are seeing where you just upsell from what you have already? Or are these deals competitive, and what do you see in terms of your positioning against the competitors, the pure play ones? Thank you.

我想再談一下雲端業務。就客戶的接受度而言，你們看到了什麼？顯然你們在這裡——成長率大幅提升，但你們是怎麼銷售的？這是否有點像由客戶經理主導的控管職能，也就是你們進去之後，很多我們看到的交易只是從既有基礎上加購升級？還是這些交易具有競爭性？就你們相對於競爭對手、那些純雲端廠商的定位而言，你們看到了什麼？謝謝。

Well, I'll take it and let Larry chime in as he sees fit. We go to market by functional area and we call on the functional owner of that functional area, particularly in areas like HCM. We'll call on the chief human resources officer and talk to them about our solutions. Now, to your point, some of those customers are current customers of Oracle HR applications and some of those customers are not.

我先回答，然後讓 Larry 視情況補充。我們以職能領域來推向市場，並拜訪該職能領域的負責人，特別是在像 HCM 這樣的領域。我們會拜訪人力資源長（CHRO），與他們討論我們的解決方案。就你提到的點而言，其中一些客戶是 Oracle HR 應用的既有客戶，也有一些不是。

We have, we think, very strong differentiations in the area of mobility. We think it's a core strength of Oracle HCM. We have social capabilities integrated into our solutions. We've got analytics, which is a very big deal, integrated into our application and suppose not, and we think these are core differentiations, in this case specifically versus Workday. And so we go directly to the CHRO and clearly, there's a role of IT in it, but we go at the CHRO acting, we call them the CHRO and then we integrate that sales process with IT. Now, think of us doing that functional area by functional area, where that's with the CMO and marketing, the chief sales officer in sales automation, et cetera. And we feel very strong about the -- Larry made some comments earlier about our differentiation, the ones I just added, and that's how we go to market.

我們認為在行動化方面有非常強的差異化。我們認為這是 Oracle HCM 的核心優勢。我們把社交功能整合進我們的解決方案。我們也把分析功能（這非常關鍵）整合進我們的應用中，而不是另外外掛；我們認為這些是核心差異化，在這個案例中特別是相對於 Workday。因此我們直接面向 CHRO；當然 IT 也扮演角色，但我們是以 CHRO 為切入點——我們會拜訪 CHRO，然後把這個銷售流程與 IT 整合起來。你可以想像我們在各個職能領域都這麼做，例如行銷領域對應 CMO、銷售自動化對應銷售長（Chief Sales Officer）等等。我們對此非常有信心——Larry 先前談到我們的差異化，我剛補充的這些也是——這就是我們推向市場的方式。

Perfect. Thank you.

很好。謝謝。

Let me just emphasize, we are organized against our secular competitors. So, a while ago -- Mark has emphasized we haven't made any changes to the sales force in a while, and that's absolutely true. A while ago though, we decided we had to line up an HCM sales force directly against Workday. That's all they think about, every day is competing against every Workday prospect and going out there competing against Workday. We have another team of people that compete against sales force and sales force automation. Another team that competes against sales force and service automation and customer experience.

我再強調一下，我們是針對我們的長期結構性競爭對手來組織的。所以，不久之前——Mark 強調我們已經有一段時間沒有對銷售團隊做任何變動，這完全正確。不過在更早之前，我們就決定必須建立一支 HCM 銷售團隊，直接對準 Workday。他們每天想的就是一件事：對每一個 Workday 的潛在客戶競爭，走出去與 Workday 正面交鋒。我們還有另一個團隊，專門與 Salesforce 以及銷售自動化競爭。還有另一個團隊，與 Salesforce 的服務自動化與客戶體驗競爭。

We have another team that focuses on ERP and SAP. And insofar -- it's a cloud ERP, which is a relatively new market, where that team is focused entirely on Workday. Workday is really not in cloud ERP yet. That's an area they would like to get into. But we watch that very closely. We are organized against -- by functional area so we can compete effectively against these new generation of specialists.

我們還有另一個團隊聚焦在 ERP 與 SAP。此外——就雲端 ERP 而言，這是一個相對較新的市場，那個團隊完全聚焦在 Workday。Workday 其實還沒有真正進入雲端 ERP。那是他們想要切入的領域。但我們非常密切地關注。我們是——按職能領域來組織，這樣才能有效地與這些新一代的專業廠商競爭。

Perfect. Thank you.

很好。謝謝。

Brad Reback, Stifel Nicholas.

Brad Reback，Stifel Nicholas。

Mark, maybe a quick question back on the sales force and productivity, obviously you've hired a lot. It's grown faster than revenue. Maybe you can give us a sense of where we are in the productivity curve, and you've reached full productivity this year. Or is it sometime next year?

Mark，或許快速問一下關於銷售團隊與生產力的問題，你們顯然招了很多人。人數成長快於營收。也許你可以讓我們了解一下目前在生產力曲線上的位置：你們今年會達到完全生產力嗎？還是要到明年某個時點？

No. You would not reach full productivity. Again, remember what we said a little earlier, that a reasonable amount of our hiring has gone into the cloud. And as a result, many of those resources are selling annual recurring revenue. And that annual recurring revenue would be a percent of what you would normally would have had in the old license business. So, you've got a period of time for those people to get productive, and the revenue -- and again, it starts all of what we announced today, it starts with bookings. And then you drive that bookings over -- you drive those bookings over a period of time and you build the subscription base. And normally speaking, you would think it would take you a couple to three years to get to that full productivity of the equivalent of a recurring stream of revenue to what you would have typically seen in license.

不會。你不會達到完全生產力。再提醒一下我們稍早說過的，相當一部分的招募投入在雲端。因此，許多這些資源是在銷售年度經常性收入（ARR）。而這個年度經常性收入會是你在過去授權業務中通常會拿到的金額的一個百分比。所以，這些人需要一段時間才能達到生產力，而營收——而且再次強調，我們今天宣布的一切都從訂單（bookings）開始。接著你在一段時間內把這些訂單轉化——你在一段時間內推動這些訂單，建立訂閱基礎。一般而言，你會認為需要兩到三年，才能達到相當於過去授權模式下那種經常性收入流的完全生產力。

Now, that said, many -- some of our resources have gone into what you would think of as the traditional license business. By the way, you see some of those results in areas like what we have in Europe. So, an example, we hired up in Europe very early in the process that Larry was just talking about, and it has shown up with our market share gains, and you see evidence of that across many of our regions. So, the best way to answer is that it's sort of a hybrid. In tech we have more resources, we're seeing the productivity helping us gain share in many of our core markets. In cloud, you're in early days. And as we talked about it today, it all starts with bookings.

不過話說回來，我們也有——部分資源投入你所認為的傳統授權業務。順帶一提，你在歐洲等地看到了一些成果。例如，我們在 Larry 剛提到的那個過程中很早就開始在歐洲擴編，而這已反映在我們市佔率的提升上，你也能在我們許多地區看到這樣的證據。所以最好的回答是：這有點像混合型。在科技授權（tech）方面，我們有更多資源，我們看到生產力正在幫助我們在許多核心市場提升市佔。在雲端方面，你還在早期階段。而如同我們今天所談，一切都從訂單（bookings）開始。

I would say that we've gotten more and more comfortable with now the size of the distribution pipe. And really our focus now is on their productivity. The engineering of the sales process, Larry and I have gone through a couple of examples of today, meaning that there's standard sales place for our sales force to go execute, training our sales force and maturing that sales force. So, that's really where we are in the process.

我會說，我們對目前的通路管線規模越來越有信心。而我們現在真正的重點在於他們的生產力。也就是銷售流程的工程化；Larry 和我今天舉了幾個例子，意思是為我們的銷售團隊建立標準化的銷售打法，讓他們去執行，並訓練銷售團隊、讓銷售團隊成熟。所以，這就是我們目前所處的階段。

Great. Thanks very much.

很好。非常感謝。

Thank you, Mark. Operator, I think we can turn the call back to you for closing in a moment, but I'll make some closing remarks here. Thank you all for joining us today. 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. Again, happy holidays, and I'll turn it back to the operator for closing.

謝謝你，Mark。接線員，我想我們稍後可以把電話交回給你做結語，不過我先在這裡做一些結語。感謝各位今天加入我們。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。感謝各位參與。再次祝大家佳節愉快，我把電話交回給接線員做結語。

Thank you, ladies and gentlemen that will conclude today's conference. Thank you again for your participation. You may now disconnect.

謝謝各位女士、先生，今天的電話會議到此結束。再次感謝各位的參與。您現在可以掛線。