甲骨文 (ORCL) 2014 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Oracle Corporation third-quarter FY14 conference. Today's call is being recorded. At this time I'd like to introduce Ken Bond, Vice President of Investor Relations, Oracle. Please go ahead, sir.

各位好，歡迎參加今天的甲骨文公司 2014 財年第三季電話會議。今天的電話會議將被錄音。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, Kelly, and good afternoon, everyone, and welcome to Oracle's third-quarter FY14 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.

謝謝你，Kelly。各位下午好，歡迎參加甲骨文 2014 財年第三季財報電話會議。新聞稿與財務表格（其中包含 GAAP 與非 GAAP 的調節表）以及其他補充財務資訊，可於我們的投資人關係網站瀏覽並下載。今天與會者包括執行長 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 might 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.

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

As a result, we caution you against placing undue reliance on these forward-looking statements and we encourage you to review our most recent reports, including our 10-Q and 10-K 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 publicly release any revisions to these forward-looking statements in light of new information or future events. Before taking questions, we'll begin with a few prepared remarks, and with that, I'll turn the call over to Safra.

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報告，包括 10-Q、10-K 以及任何適用的修訂，以完整了解這些因素及其他可能影響我們未來業績或股價的風險。最後，若因新資訊或未來事件而需要修訂這些前瞻性陳述，我們不承擔更新我們結果或公開發布任何修訂的義務。在進入提問之前，我們將先做一些準備好的發言；接下來我把電話交給 Safra。

Thanks, Ken. I'm going to focus on our non-GAAP results for Q3. I'll then review guidance for Q4 and turn the call over to the Larry and Mark for their comments.

謝謝，Ken。我將聚焦於我們第三季的非 GAAP 結果。接著我會回顧第四季的財測指引，然後把電話交給 Larry 和 Mark 發表他們的看法。

This quarter, currency was a 1% headwind to new software license and a 2% headwind to hardware and total revenue. In addition, EPS this year was reduced by $0.02, due to a currency remeasurement nonoperating loss for Venezuela that obviously had not been included in my guidance. In Q3 of last year, Venezuela's devaluation had a $0.01 impact.

本季匯率對新軟體授權造成 1% 的不利影響，對硬體及總營收造成 2% 的不利影響。此外，由於委內瑞拉的匯率重衡量所產生的非營業損失（顯然未納入我先前的指引），使得今年 EPS 減少了 0.02 美元。去年第三季，委內瑞拉貨幣貶值的影響為 0.01 美元。

Q3 for us was a solid quarter and overall we're pleased with our results. Core businesses were within guidance and areas of investor focus, including Cloud, Engineered Systems and hardware all delivered strong results. My comments today are generally going to reflect constant dollar growth rate unless I mention it otherwise.

對我們而言，第三季表現穩健，整體而言我們對結果感到滿意。核心業務符合指引，而投資人關注的領域，包括雲端、整合式系統（Engineered Systems）與硬體，皆交出強勁成績。除非我另有說明，今天的評論一般將以固定匯率（constant dollar）的成長率為準。

Total software revenues were nearly $7 billion, up 6% from last year. Software updates and product support revenues drove nearly half the total Company revenue at $4.6 billion, up 7% from last year. Q3 renewal rates were at a four-year high, as our installed base of 400,000 customers continues to power earnings and cash flow. New software license revenues were $2.4 billion, up 5%.

軟體總營收接近 70 億美元，較去年成長 6%。軟體更新與產品支援營收為 46 億美元，較去年成長 7%，貢獻了公司總營收近一半。第三季續約率創四年新高，我們 40 萬名客戶的既有裝機基礎持續推動獲利與現金流。新軟體授權營收為 24 億美元，成長 5%。

Looking at GAAP results by region, the Americas grew 9%, with Latin America particularly strong, and EMEA grew 3%. Asia-Pacific, though, declined, with Australia and India both down. Within software, Cloud subscriptions were $292 million, up 24% from last year, as our Cloud business continues to ramp. Bookings growth was again much higher than Cloud subscription revenue growth. We've been using Fusion accounting for our own financial reporting for two years and revenues for all portfolios of Fusion, including financials, supply chain, HCM and customer experience, grew triple digits.

按地區看 GAAP 結果，美洲成長 9%，其中拉丁美洲表現尤其強勁；EMEA 成長 3%。不過，亞太地區下滑，澳洲與印度皆下降。在軟體方面，雲端訂閱營收為 2.92 億美元，較去年成長 24%，我們的雲端業務持續加速成長。訂單（bookings）成長再次遠高於雲端訂閱營收的成長。我們已使用 Fusion 會計系統進行自身財務報導兩年，Fusion 各產品組合（包括財務、供應鏈、HCM 與客戶體驗）的營收皆呈現三位數成長。

Now, as our Cloud business becomes more material, I want to share how Cloud subscriptions affect our financials. Most obvious is that revenue is initially lower, as subscription license revenue is recognized over the life of the agreement as opposed to license revenue being taken upfront. Over time, since we are providing much more than just the software and the updates, the revenue is higher.

現在，隨著雲端業務的重要性提高，我想分享雲端訂閱如何影響我們的財務表現。最明顯的是，初期營收會較低，因為訂閱授權營收會在合約期間內認列，而不是像傳統授權那樣一次性於前期認列。隨著時間推移，由於我們提供的不僅是軟體與更新，整體營收會更高。

The additional value we are providing is the hardware, including our Engineered Systems, the hosting and the expertise that only Oracle can provide, while leveraging the economies of scale that we have. So while customers are paying over time, they're using and paying for more Oracle products through Cloud subscription. They are paying less in total because they, too, can benefit from our operating synergies. Net-net, the Cloud operating business is attractive for both customers and for Oracle, but especially so given the integration of Oracle hardware, software and expertise.

我們提供的額外價值包括硬體（含整合式系統）、代管服務，以及只有甲骨文才能提供的專業能力，同時運用我們的規模經濟。因此，雖然客戶是分期付款，但他們透過雲端訂閱使用並支付更多甲骨文產品。他們的總支出更低，因為他們也能受益於我們的營運綜效。總而言之，雲端營運業務對客戶與甲骨文都具吸引力，尤其是在甲骨文硬體、軟體與專業能力整合的前提下更是如此。

For software, database continues to do very well, with Exadata, Exalytics and business intelligence software products all up more than 30%. Also strong was customer experience and -- or CRM, both on-premise and SaaS, as well as our communications and project management protocols. The quarter was not dependent on any one large deal. Hardware system product revenue was $725 million, up 10% from last year. Obviously, we're pleased to have exceeded our guidance, but it's also nice to report growth.

在軟體方面，資料庫業務持續表現非常出色，Exadata、Exalytics 與商業智慧軟體產品皆成長超過 30%。客戶體驗（或 CRM）同樣強勁，涵蓋地端部署與 SaaS，以及我們的通訊與專案管理協定。本季業績並不依賴任何單一大型交易。硬體系統產品營收為 7.25 億美元，較去年成長 10%。顯然，我們很高興能超越指引，但能夠回報成長也令人欣慰。

Engineered Systems grew more than 30%, and this spectacular growth is reflected not only in our hardware growth, but also in the very long list of customer wins we had against IBM. Engineered Systems now account for nearly a third of all hardware product sales. Hardware gross margins are down about 2 points because we are packing the newest systems with more memory without raising prices. Hardware support was $600 million, up 7% from last year, but down sequentially, our normal seasonal pattern.

整合式系統成長超過 30%，這種亮眼成長不僅反映在硬體成長上，也反映在我們對 IBM 取得的一長串客戶勝利。整合式系統目前約占所有硬體產品銷售的近三分之一。硬體毛利率下滑約 2 個百分點，因為我們在最新系統中配置更多記憶體但未提高價格。硬體支援營收為 6 億美元，較去年成長 7%，但較前一季下滑，符合我們正常的季節性模式。

For the Company, total revenue for the quarter was $9.3 billion, up 6% from last year. Non-GAAP operating income grew $188 million to $4.4 billion, up 6% over last year, and the operating margin was 47% again. We believe we can invest for growth and make money as we continue to see leverage in our business model. As I mentioned earlier, included in our nonoperating expense is a foreign currency remeasurement loss of $110 million, related to our Venezuelan subsidiary. Were it not for this loss, EPS would have been $0.02 higher.

就公司整體而言，本季總營收為 93 億美元，較去年成長 6%。非 GAAP 營業利益增加 1.88 億美元至 44 億美元，較去年成長 6%，營業利益率再次達到 47%。我們相信，隨著持續在商業模式中看到槓桿效益，我們能在投資成長的同時維持獲利。如我先前所提，非營業費用中包含與委內瑞拉子公司相關的外幣重衡量損失 1.10 億美元。若沒有這筆損失，EPS 將高出 0.02 美元。

The non-GAAP tax rate for the quarter was 23%. The non-GAAP EPS was $0.68 in US dollars, growing 7% in constant currency. The GAAP tax rate was 21% and GAAP EPS for the quarter was $0.56 in US dollars, up 10% in constant currency.

本季非 GAAP 稅率為 23%。非 GAAP EPS 為每股 0.68 美元，以固定匯率計算成長 7%。GAAP 稅率為 21%，本季 GAAP EPS 為每股 0.56 美元，以固定匯率計算成長 10%。

Free cash flow increased 11% to $14.4 billion over the last four quarters. We now have more than $37 billion in cash and marketable securities. Net of debt, our cash position is approximately $13 billion.

過去四個季度的自由現金流增加 11%，達到 144 億美元。我們目前持有超過 370 億美元的現金及有價證券。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 the dividend. This quarter we repurchased 55.4 million shares for a total of $2 billion. Over the last 12 months, we've repurchased nearly 360 million shares for a total of $10.7 billion, and reduced our share count by 5%. We've also paid out more than $1.6 billion in dividends this fiscal year so far. Stock repurchases and dividends have totaled more than 85% of free cash flow over the last 12 months and the Board of Directors declared a quarterly dividend of $0.12 per share.

如同我們先前所說，我們致力於透過獲利成長、股票回購與股利，將價值回饋給股東。本季我們回購了 5,540 萬股，總金額為 20 億美元。過去 12 個月，我們回購了近 3.6 億股，總金額為 107 億美元，並將流通股數減少了 5%。本會計年度迄今，我們也已支付超過 16 億美元的股利。過去 12 個月，股票回購與股利合計超過自由現金流的 85%，董事會並宣告每股 0.12 美元的季度股利。

Now to the guidance, and if currency were to stay where it is today then the impact of currency would be minimal. Of course, this could change quickly. New software license and Cloud subscription revenue growth is expected to range from 0% to 10%. Hardware product revenue growth is expected to range from 0% to 10%.

接著談指引；若匯率維持在今日水準，則匯率影響將相當有限。當然，這可能很快就會改變。新軟體授權與雲端訂閱營收成長預期介於 0% 至 10%。硬體產品營收成長預期介於 0% 至 10%。

As a result, total revenue growth on both GAAP and non-GAAP basis is expected to range from 3% to 7% in recorded dollars. Non-GAAP EPS is expected to be somewhere between $0.92 and $0.99 in constant dollars and in reported dollars. GAAP EPS is expected to be $0.79 to $0.86.

因此，以 GAAP 與非 GAAP 基礎計算的總營收成長，按報告美元計，預期介於 3% 至 7%。非 GAAP 每股盈餘（EPS）預期在固定匯率美元與報告美元下皆約介於 0.92 美元至 0.99 美元。GAAP EPS 預期為 0.79 美元至 0.86 美元。

Now, I want to remind you that last year we recognized an acquisition-related benefit of $269 million in connection with the Pillar Data Systems earn-out. Excluding that benefit, GAAP EPS last Q4 would have been $0.74. This guidance assumes a GAAP tax rate of 21.5% and a non-GAAP tax rate of 23.5%. Of course, it may end up being different.

另外提醒各位，去年我們因 Pillar Data Systems 之或有對價（earn-out）而認列了 2.69 億美元的併購相關利益。若排除該項利益，去年第四季的 GAAP EPS 將為 0.74 美元。本次指引假設 GAAP 稅率為 21.5%，非 GAAP 稅率為 23.5%。當然，最終結果可能會有所不同。

Finally, my guidance does not take into account any additional nonoperating remeasurement losses as a result of exchange rate changes in Venezuela. With that, I'll turn it over to Larry for his comments.

最後，我的指引未納入因委內瑞拉匯率變動而可能產生的任何額外非營運重估損失。接下來我把時間交給 Larry 發表他的看法。

Thank you, Safra. Oracle's Engineered Systems, including Exadata and SPARC SuperClusters, achieved a 30% constant currency growth rate in the quarter, while throughout the industry, traditional high-end server product lines are in steep decline. Our Engineered Systems business is growing rapidly for the same fundamental reason that our Cloud Applications business is growing rapidly. In both cases, customers want us to integrate the hardware and software and make it work together so they don't have to.

謝謝你，Safra。Oracle 的整合式系統（Engineered Systems），包括 Exadata 與 SPARC SuperClusters，本季以固定匯率計成長 30%；而在整個產業中，傳統高階伺服器產品線正急遽下滑。我們的整合式系統業務之所以快速成長，其根本原因與我們的雲端應用業務快速成長相同。在這兩種情況下，客戶都希望我們把硬體與軟體整合起來並讓它們協同運作，如此他們就不必自己處理。

As customers shift to pre-integrated hardware and cloud computing in search of lower costs and more rapid implementations, Oracle is presented with new opportunities for leadership in a number of market categories. Five years ago, we delivered our first Exadata machine. In the next few months, we will deliver our 10,000th Engineered System. We believe Oracle's Engineered Systems are well on their way to replacing IBM P-series as the leader in high-end computing.

隨著客戶為了降低成本並加速導入而轉向預先整合的硬體與雲端運算，Oracle 在多個市場類別中獲得新的領導機會。五年前，我們交付了第一台 Exadata。在接下來幾個月內，我們將交付第 10,000 套整合式系統。我們相信，Oracle 的整合式系統正穩步邁向取代 IBM P-series，成為高階運算領域的領導者。

Eight years ago we started to rewrite all of our applications for the cloud. Now those Fusion ERP, HCM and CRM cloud applications are competing effectively with SaaS product specialists like Salesforce and Workday. SAP has not yet begun the to rewrite their ERP, HCM and CRM applications for the cloud. This gives us the opportunity to become the leader in cloud applications and replace SAP as the leader in the overall applications marketplace. Strong sales of our Cloud Applications, Engineered Systems and 12C database demonstrate that Oracle is successfully exploiting the transition to the new generation of cloud computing and big data. Mark?

八年前，我們開始為雲端重寫所有應用程式。如今，這些 Fusion ERP、HCM 與 CRM 雲端應用，已能有效與 Salesforce、Workday 等 SaaS 專業廠商競爭。SAP 至今尚未開始為雲端重寫其 ERP、HCM 與 CRM 應用。這讓我們有機會成為雲端應用的領導者，並在整體應用市場中取代 SAP 的領導地位。我們的雲端應用、整合式系統與 12C 資料庫的強勁銷售，證明 Oracle 正成功掌握向新一代雲端運算與大數據轉型的契機。Mark？

Sure. Just a couple comments. Solid results for us in Europe and North America. Latin America was very strong for us, while Asia-Pac was mixed and Japan had a solid quarter.

好的。簡單補充幾點。我們在歐洲與北美的表現穩健。拉丁美洲表現非常強勁；亞太地區表現不一，而日本本季表現也很穩健。

In Cloud, this was our best quarter ever. Excellent bookings growth, more than 60%. The booking growth more than doubled the revenue growth, as we're just winning in the cloud across all portfolios.

在雲端方面，這是我們史上最佳的一季。訂單（bookings）成長非常出色，超過 60%。訂單成長遠高於營收成長，因為我們在雲端各產品組合上都持續勝出。

Contract sizes are growing -- more than 65 seven or eight figure deals, with many driven by Fusion HCM and Sales Cloud. We're seeing good growth from acquired cloud offerings and Fusion Cloud growth was even better with HCM, sales force automation and ERP all up triple digits. In HCM, we added 250 customers, or roughly four to five times the number reported by Workday. We're seeing excellent growth across all solutions, core HR, payroll and talent cloud, double-digit growth in Taleo, and triple digit growth in Fusion HCM. In ERP, triple-digit growth with a bigger customer base than Workday, and we're growing faster, period.

合約規模正在擴大——七位數或八位數金額的交易超過 65 筆，其中許多由 Fusion HCM 與 Sales Cloud 帶動。我們看到併購取得的雲端產品帶來良好成長，而 Fusion Cloud 的成長更佳，HCM、銷售自動化與 ERP 皆呈現三位數成長。在 HCM 方面，我們新增 250 家客戶，約為 Workday 所公布數量的 4 到 5 倍。我們在所有解決方案上都看到極佳成長：核心人資（core HR）、薪資（payroll）與人才雲（talent cloud）；Taleo 為雙位數成長，Fusion HCM 為三位數成長。在 ERP 方面，我們以三位數成長、客戶基礎也比 Workday 更大，而且我們成長更快，就是如此。

In Customer Experience, we added more than 260 new customers, with strong growth across all our solutions, marketing, sales, service and social clouds. Our 60%-plus cloud booking growth is considerably higher than Salesforce.com. Our Fusion products are now in release 8, with 1,000 new features in that release with improvements. Coming with release 9, again, this summer will be a similar number of new features. So release 8, 1,000 new features, release 9 this summer with roughly the same number of features. Along with Responsys and BlueKai soon, we continue to gain momentum on the product side, the customer side, and you will see this in our financial performance.

在客戶體驗（Customer Experience）方面，我們新增超過 260 家新客戶，且在行銷、銷售、服務與社群雲等所有解決方案上皆有強勁成長。我們 60% 以上的雲端訂單成長率，明顯高於 Salesforce.com。我們的 Fusion 產品目前已到第 8 版，此版本新增 1,000 項新功能並帶來多項改進。今年夏天推出的第 9 版，同樣將新增類似數量的新功能。也就是說，第 8 版新增 1,000 項新功能；今年夏天的第 9 版也將有大約相同數量的功能。再加上 Responsys 與 BlueKai 即將加入，我們在產品面與客戶面持續累積動能，而你們也將在我們的財務表現中看到這一點。

In hardware, 10% overall growth. We grew in every single region. We're growing while our competitors are declining. We're taking share and we created a new category in high-end computing, Engineered Systems. As Larry mentioned, soon we will have sold more than 10,000 Engineered Systems and our 32% growth rate this quarter is against a meaningful comparison. In fact, Q3 last year was the all-time record at that time for systems sold.

在硬體方面，整體成長 10%。我們在每一個地區都成長。在競爭對手下滑之際，我們仍在成長。我們正在取得市占，並在高階運算領域創造了一個新類別：整合式系統（Engineered Systems）。如 Larry 所提，很快我們的整合式系統銷售將超過 10,000 套，而本季 32% 的成長率是建立在具意義的比較基期之上。事實上，去年第三季當時創下系統銷售的歷史新高。

All major Engineered Systems products grew double digits. SPARC SuperCluster saw triple-digit growth again this quarter. Both the T-server and NAS storage saw good growth, and combined with Engineered Systems, these products now make up nearly two-thirds of all product revenue and grow roughly 20%.

所有主要的整合式系統產品皆呈現雙位數成長。SPARC SuperCluster 本季再次達成三位數成長。T 伺服器與 NAS 儲存也都有良好成長；加上整合式系統後，這些產品目前約占全部產品營收的近三分之二，且整體成長約 20%。

Database continues to show strong performance and we've not yet begun to see the coming benefits of 12C, which will help drive license growth. Middleware was very strong as well, with double-digit growth led by excellent performance in data analytics. Cloud and Engineered Systems are two hyper-growth businesses inside the largest cash flow company in enterprise technology, and with that we'll the take whatever questions you've got. Kelly?

資料庫業務持續展現強勁表現，而我們尚未開始看到 12C 即將帶來的效益；12C 將有助於推動授權成長。中介軟體（Middleware）表現也非常強勁，在資料分析的優異表現帶動下達成雙位數成長。雲端與整合式系統是企業科技領域中、在最大現金流公司內部的兩項超高速成長業務；接下來我們就回答各位的問題。Kelly？

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

We'll go first to Karl Keirstead with Deutsche Bank.

我們先請德意志銀行（Deutsche Bank）的 Karl Keirstead 提問。

My question is for Mark. I guess the stronger momentum in Oracle's Cloud software bookings and revenue growth really jump out at me among the data points in the release. I know you gave some good color by product. Wondering if you might add a little bit more depth -- help us understand what the broader drivers were.

我的問題是問 Mark 的。我想，在這次發布的數據點中，Oracle 雲端軟體的訂單（bookings）與營收成長更強勁的動能，特別引起我的注意。我知道你已按產品提供了一些很好的補充說明。想請你能否再多補充一點深度——幫助我們理解更廣泛的驅動因素是什麼。

Was it Oracle doing a better job cross-selling on acquisitions? Was it the better functionality in Fusion version 7? Maybe any other factors that you think are worth highlighting. Thank you.

是 Oracle 在併購後的交叉銷售做得更好嗎？是 Fusion 第 7 版的功能更強嗎？或是你認為還有其他值得強調的因素。謝謝。

The good news I'd tell you is that we're just better at almost every part of this. I mean, I really don't know how I could say it to you. We thought we knew a lot a year ago or a couple years ago. We just know a lot more now.

我能告訴你的好消息是：我們幾乎在每一個環節都做得更好了。我的意思是，我真的不知道還能怎麼跟你說。我們以為一年前或兩年前已經懂很多了。但我們現在懂得更多了。

We're better from a product perspective. I talked to you a little bit about what we've got in release 8. I mean, it's 1,000 new features across the entire release, so, big, big jump from a product perspective.

從產品角度來看我們更好了。我跟你稍微談過我們在第 8 版（release 8）裡有什麼；我的意思是，整個版本新增了 1,000 個新功能，所以從產品角度來看是非常、非常大的躍進。

We obviously have more feet on the street than we had, and certainly not just more feet on the street but they've been in place longer. They've been now trained multiple times, and clearly the perception in the market now has improved about our cloud position. I think last quarter, our 35% growth was good news, and clearly this 60% growth is even better news. So, I think that will help us as well.

很明顯地，我們在第一線的銷售人員比以前更多了；而且不只是人更多，他們在崗位上的時間也更久。他們現在已經接受過多次訓練，而且市場對我們雲端定位的觀感也確實改善了。我認為上季 35% 的成長是好消息，而這次 60% 的成長顯然是更好的消息。所以我想這也會對我們有所幫助。

But it is broad based, Karl. So, there's no one deal in here. There's no one product line that drove it. It's really across all of our product lines.

但這是廣泛性的，Karl。所以這裡面沒有任何一筆單一交易。也沒有任何一條產品線是主要驅動因素。真的是橫跨我們所有產品線。

As I mentioned, our Fusion products, our organic Fusion products, really had a fantastic quarter. Fusion HCM, Fusion Sales Automation and Fusion ERP were all three very strong.

如我提到的，我們的 Fusion 產品、我們自研的 Fusion 產品，本季表現非常出色。Fusion HCM、Fusion Sales Automation 以及 Fusion ERP 這三項都非常強勁。

And it's really true across most regions as well. I don't have a region story that would be leading to the growth rate. It was fairly consistent across all regions. I hope that's helpful.

而且在大多數地區也確實如此。我沒有哪個地區的故事可以解釋這個成長率。各地區表現相當一致。希望這有幫助。

Okay. Good. Thank you.

好的。很好。謝謝。

We'll move next to Raimo Lenschow with Barclays.

接下來我們請 Barclays 的 Raimo Lenschow。

Hello, thanks for taking my question. The other area that stood out this quarter was hardware, and it's a bit puzzling. If you look at the IBM numbers, they are declining quite significantly.

你好，謝謝讓我提問。本季另一個特別突出的領域是硬體，這有點令人困惑。如果你看 IBM 的數字，它們下滑得相當明顯。

You mentioned some of the drivers already. Can you go a little bit deeper in there? And also how you see that -- we've been waiting for a turnaround in hardware for a while. Now, all the things that you're talking are coming through. Is that something sustainable, and how do you see that playing out against the competition going forward?

你已經提到了一些驅動因素。你能否再深入一點說明？另外你怎麼看——我們等硬體反轉已經等了一段時間。現在你所談到的各項因素都開始反映出來。這是否具有可持續性？以及你怎麼看未來與競爭對手的態勢發展？

It's absolutely sustainable, because engineered systems has been growing rapidly for a long time. We keep talking about it. The problem is -- a couple years ago, was engineered systems was a small percentage of the total. Now, engineered systems has grown up to be over 30% of the total. So, it's very -- and soon it's going to be half of the total. So, that's very, very positive.

這絕對是可持續的，因為工程化系統（engineered systems）長期以來一直在快速成長。我們一直在談這件事。問題在於——幾年前，工程化系統在總體中占比還很小。現在工程化系統已成長到占總體超過 30%。所以它非常——而且很快就會占到一半。所以這是非常、非常正面的。

The x86 commodity business, which used to be a big business when we bought Sun, has now shrunk to almost nothing. So, our hardware business has gone through the transition where we've gotten out of the commodity storage business, we've gotten out of the commodity server business, and replaced it with computing systems with a lot of our own intellectual property. These businesses are growing rapidly, and have very good margins.

x86 的通用（commodity）業務——我們收購 Sun 時曾經是很大的業務——現在已縮小到幾乎沒有了。因此，我們的硬體業務已完成轉型：我們退出了通用儲存業務、退出了通用伺服器業務，並以包含大量自有智慧財產（IP）的運算系統取而代之。這些業務成長很快，而且毛利率非常好。

The reason -- we compete with IBM P-series all the time head to head, and it's not uncommon for our systems to go -- to be several times faster than IBM. Let me give you one example without saying who the competitor was. We replaced a system in the world's largest cloud company. You guys can figure out who that is -- world's largest cloud company. We delivered an Exadata system to them. They moved their application and got it live in three weeks, and experienced 10 times better performance at a fraction of the cost.

原因是——我們一直與 IBM 的 P 系列正面競爭，而我們的系統速度比 IBM 快好幾倍並不罕見。我舉一個例子，但不說競爭對手是誰。我們在全球最大的雲端公司替換了一套系統。各位可以猜到那是誰——全球最大的雲端公司。我們交付了一套 Exadata 系統給他們。他們把應用遷移並在三週內上線，效能提升了 10 倍，而成本只是其中一小部分。

This is not uncommon, when we install an Exadata machine or a SPARC SuperCluster, to have a very rapid implementation, deliver terrific performance, and at a dramatically lower overall cost, because all of the complexity of integration is done by us, not by them.

這並不罕見：當我們安裝 Exadata 機器或 SPARC SuperCluster 時，往往能非常快速地導入，提供極佳的效能，並以大幅更低的整體成本達成，因為整合的所有複雜性是由我們完成，而不是由客戶完成。

I'd add to your comment. You asked if it was sustainable. What I'd hoped you'd be encouraged by was: If you looked at our performance over the past several quarters, you've seen the reflection of our execution of our strategy and hardware support. You've seen hardware support continue to incline year over year and sequentially in terms of its performance.

我補充一下你的問題。你問是否可持續。我希望你會受到鼓舞的是：如果你看我們過去幾季的表現，你會看到我們在硬體支援策略執行上的成果反映在數字上。你會看到硬體支援在年對年與季對季的表現上都持續上升。

We grew now 7% in Q3, which is a reflection of what Larry described. The fact that there is higher Oracle IP directly relates to our attach rates, and eventually what turns into hardware support. So, we now have our core businesses that have all been refreshed, and that's why I mentioned it. Our T-systems, our network attach storage or ZFS storage and our engineered systems are now almost 70% of our revenue, and all three of those are growing and they are gaining share.

我們在第三季（Q3）成長了 7%，這反映了 Larry 所描述的情況。Oracle 自有 IP 的占比更高，會直接影響我們的附掛率（attach rates），並最終轉化為硬體支援。所以我們現在的核心業務都已完成更新，這也是我提到它的原因。我們的 T 系統、我們的網路附掛儲存或 ZFS 儲存，以及我們的工程化系統，現在合計已接近 70% 的營收，而這三者都在成長並且正在取得市占。

So, is it sustainable? Listen, I can't predict the macro, but I can predict we will continue to gain share. And to add to Larry's point, we just don't compete with the server vendors. We actually do a lot of other things than just compete with an IBM. We compete with EMC, frankly, when we get into those environments because we radically change our customer's storage requirements. If our customer's got a petabyte of storage, we know how to compress that data with Exadata to where they may only need to use 100 terabytes.

所以，是否可持續？聽著，我無法預測總體經濟，但我可以預測我們會持續提升市占。另外補充 Larry 的觀點，我們不只是和伺服器供應商競爭。事實上，我們做的事情不僅僅是與 IBM 競爭。坦白說，當我們進入那些環境時也會與 EMC 競爭，因為我們會徹底改變客戶的儲存需求。如果客戶有 1PB 的儲存，我們知道如何用 Exadata 壓縮資料，讓他們可能只需要使用 100TB。

This opportunity for us to now change the game and the way people think about how they use their infrastructure is a -- in my opinion, long term, a very sustainable strategy. And we've got differentiation, and that's what we're using.

對我們而言，現在有機會改變遊戲規則，改變人們思考如何使用基礎架構的方式——以我看來，長期而言這是一個非常可持續的策略。而且我們具備差異化，這正是我們正在運用的。

Perfect. Very clear.

完美。非常清楚。

We'll hear now from Jason Maynard with Wells Fargo.

接下來我們請 Wells Fargo 的 Jason Maynard。

Hello, good afternoon. I had a two-parter question for you. The first part is, Larry, maybe talk a little bit about 12c and how you think it influences the hardware business next year? I know there's -- the C can stand for cloud, but I'd be curious to get your take on the consolidation opportunity.

你好，下午好。我有一個兩部分的問題。第一部分是，Larry，能否談談 12c，以及你認為它明年會如何影響硬體業務？我知道——其中的 C 可以代表雲端（cloud），但我也想聽聽你對整併（consolidation）機會的看法。

And then as part of that, Safra made a quick comment about, I think, the renewal rates and your largest revenue line around license update and support. I'd love to get a little more color from there, and how you're seeing 12c influence maintenance renewals and customers subscribing for support. Thank you.

然後作為其中一部分，Safra 很快提到了一點，我想是關於續約率，以及你們最大的一條營收線，圍繞授權更新與支援。我很希望能再多了解一些細節，以及你們如何看待 12c 對維護續約與客戶訂閱支援的影響。謝謝。

I'll start with 12c in terms of its rate of uptake there. There are two key aspects of 12c; one that came out with the initial release, which is the multi-tenant feature. That's why it's called 12c, for the cloud.

我先從 12c 的採用速度談起。12c 有兩個關鍵面向；第一個是在初始版本就推出的，也就是多租戶功能。這也是它叫 12c 的原因，代表雲端（cloud）。

It literally takes any application that you've got, any Oracle application you've got, and makes it a multi-tenant application. Even companies like Salesforce.com, who -- we're both a supplier to Salesforce.com and a competitor with Salesforce.com. I just recently got a note from Marc Benioff, who's excited about bringing in Exadata and 12c, and making that the basis of Salesforce.com's cloud computing infrastructure that they put their application on.

它確實可以把你現有的任何應用程式、任何 Oracle 應用程式，變成多租戶應用程式。甚至像 Salesforce.com 這樣的公司——我們既是 Salesforce.com 的供應商，也是 Salesforce.com 的競爭對手。我最近剛收到 Marc Benioff 的訊息，他很期待導入 Exadata 和 12c，並把它作為 Salesforce.com 雲端運算基礎架構的基礎，讓他們的應用程式跑在上面。

So, we're seeing adopters with very, very high standards in terms of having to supply millions of users reliably and cost effectively in the cloud, talk about moving their entire business to 12c and Exadata. That's just the tip of the iceberg -- these hyper-scale companies. We think virtually all of our customers are on their way to moving to 12c; the early adopters and then there's the rest of the guys who come down the road a bit later. But we think it's very attractive to our conventional customers and to hyper-scale customers like Salesforce and others.

因此，我們看到一些採用者在必須以可靠且具成本效益的方式，在雲端為數百萬用戶提供服務方面，有非常、非常高的標準，他們正在談把整個業務遷移到 12c 與 Exadata。這只是冰山一角——這些超大規模公司（hyper-scale）。我們認為幾乎所有客戶都在走向 12c；先是早期採用者，接著是稍晚一些才跟進的其他客戶。但我們認為它對傳統客戶以及像 Salesforce 等超大規模客戶都非常有吸引力。

The second piece is the memory piece, and we think that -- it comes out this Summer, comes out, what, June, basically, June, July, August, something like that. And we think that's going to accelerate the adoption of 12c a lot. I think the performance gains there are so dramatic. We think people will -- even the people who like to wait a while for the new features and maybe wait six months or a year before they try it out -- there are people trying it out now, hundreds of people trying it out now before it's even released.

第二個部分是記憶體（in-memory）這塊，我們認為——它會在今年夏天推出，大概是 6 月，基本上 6、7、8 月左右。我們認為這會大幅加速 12c 的採用。我覺得那裡的效能提升非常驚人。我們認為人們會——即使是那些喜歡等新功能成熟、可能等六個月或一年才試用的人——現在也有人在試用，甚至在正式發布前就已經有數百人在試用。

We think this is a unique feature in terms of being able to have a huge payoff right away. And we think 12c will be the most rapidly adopted new release in many, many years for those two reasons -- in memory and multi-tenancy features.

我們認為這是一個獨特的功能，能夠立刻帶來巨大的回報。基於兩個原因——記憶體（in-memory）與多租戶功能——我們認為 12c 將會是多年來採用速度最快的新版本。

I'll let Safra comment about the renewal rates.

我讓 Safra 來評論續約率。

The renewal rates in database are always extremely strong. Folks make really long-term bets on our database, and because we just continue to provide the kind of innovation Larry's talking about, they always renew. I mean, it doesn't make sense not to. They get just so much enormous value.

資料庫的續約率一向都非常強勁。客戶對我們的資料庫做的是非常長期的押注，而因為我們持續提供 Larry 所談到的那種創新，他們總是會續約。我的意思是，不續約才不合理。他們獲得的價值實在太巨大了。

We continue to invest in the database, as Larry just mentioned, and as a result, renewal rates remain extremely, extremely high for the database -- for all our products, to be frank, but database is always great. And it remained again that way this quarter and all year.

我們持續投資資料庫，就像 Larry 剛提到的，因此資料庫的續約率仍然極其、極其高——坦白說，我們所有產品都很高，但資料庫一直都特別出色。而且本季以及整個年度也都維持同樣的表現。

Next question, please.

下一個問題，謝謝。

We'll hear now from Heather Bellini with Goldman Sachs.

接下來我們聽 Goldman Sachs 的 Heather Bellini 提問。

Thank you, and good afternoon. Mark, I was just wondering if you could elaborate a little bit more on the comments you made about modern middleware and data analytics. If you could help highlight your strategy for us, as well as if you can go over with us your competitive positioning.

謝謝，下午好。Mark，我想請問你是否能再多闡述一下你對現代中介軟體（modern middleware）與資料分析（data analytics）的評論。如果可以的話，請協助我們強調一下你們的策略，以及也請你談談你們的競爭定位。

Sure. Yes, I mean, I think, as I mentioned, the middleware growth was strong. Underneath it, data analytics was very, very strong. Our growth in data analytics was in -- the tech part of data analytics was greater than 40%. So, it's a big number.

當然。是的，我的意思是，我想如我提到的，中介軟體的成長很強勁。在其底層，資料分析非常、非常強勁。我們在資料分析的成長——資料分析的技術部分——超過 40%。所以，這是個很大的數字。

Now, we've done several things. One, we've seen a couple of shifts. Well, first, we've added a lot of salespeople.

現在，我們做了幾件事。第一，我們看到了一些轉變。嗯，首先，我們增加了很多業務人員。

Second, with the addition of our Endeca product line, or our addition of Exalytics, we brought a lot of new technology to the space. We've also seen the competitors that we compete with shift. Traditionally, Oracle would see Business Objects and Cognos; and we actually see Tableau a lot more than we see those two at this point.

第二，隨著我們加入 Endeca 產品線，或是加入 Exalytics，我們把許多新技術帶進了這個領域。我們也看到我們競爭對手的變化。傳統上，Oracle 會遇到 Business Objects 和 Cognos；但目前我們實際上看到 Tableau 的頻率遠高於那兩家。

And frankly, I think the integration work we've done with Endeca, with Exalytics has paid off; the salespeople we've brought have paid off, and you see it show up in our results. There are other things in middleware, Heather, that performed very well as well, but of materiality, that's probably the one to call out, which is data analytics.

坦白說，我認為我們在 Endeca 與 Exalytics 上所做的整合工作已經見到成效；我們引進的業務人員也見到成效，而你可以在我們的結果中看到反映。Heather，在中介軟體方面還有其他表現也非常好，但就重要性而言，最值得點出的可能就是資料分析這一塊。

If I could just add one thing to that. With the release of Oracle In-Memory database with 12c, our data analytics performance is going to increase by more than a factor of 10 -- some cases more than a factor of 100. We think this Summer with 12c, our data analytics business is going to take off. And, of course, the intention is to sell a lot of those data analytics products in the cloud, as opposed to on-premise. We will give customers a choice, but we'll offer that data analytics in the cloud, data analytics on-premise -- it's a big push for us.

如果我可以再補充一點。隨著 12c 推出 Oracle In-Memory 資料庫，我們的資料分析效能將提升超過 10 倍——有些情況甚至超過 100 倍。我們認為今年夏天隨著 12c，我們的資料分析業務將會起飛。當然，我們的意圖是把很多資料分析產品賣到雲端，而不是部署在本地端（on-premise）。我們會讓客戶有選擇，但我們會提供雲端資料分析、本地端資料分析——這對我們來說是個重大推動。

As Mark said, we see new competitors and an opportunity, and once again to move to the front of the pack, to become the number-one data analytics company in the world. We think the new competitors are small and innovative. The old competitors have a lot of market share, and we think that market share is there for the taking as long as we can deliver high-quality technology, and that's what we'll do this Summer.

如 Mark 所說，我們看到新的競爭對手與機會，並再次走到隊伍前端，成為全球第一的資料分析公司。我們認為新的競爭對手規模小且具創新。舊的競爭對手擁有大量市占率，而我們認為只要我們能交付高品質技術，那些市占率就有機會被我們拿下；而這正是我們今年夏天要做的事。

I should have mentioned that, too. Larry triggered that thought. We did announce some BI offerings in the cloud in the quarter. And so, while not yet a material part of our revenue, an awful exciting offering to add to everything else that I and Larry mentioned in terms of what we're bringing to the market.

我也應該提到這點。Larry 讓我想到這件事。我們在本季確實宣布了一些雲端的 BI 產品。因此，雖然目前還不是我們營收中具重大性的一部分，但這是一個非常令人興奮的產品，能加入我和 Larry 所提到的、我們帶到市場上的所有其他內容。

We're excited about the space. We think there's opportunity for us to gain material share here.

我們對這個領域感到興奮。我們認為我們有機會在這裡取得具重大性的市占率。

Thank you.

謝謝。

And Rick Sherlund with Nomura has our next question.

接下來是 Nomura 的 Rick Sherlund 提問。

Thanks. For Larry, can you update us on your progress in delivering your infrastructure stack in the cloud, delivered as Platform as a Service? And are there any metrics you can give us on the traction that you're seeing there?

謝謝。Larry，能否向我們更新一下你們在雲端交付基礎架構堆疊（infrastructure stack）的進展，並以平台即服務（Platform as a Service）的方式提供？另外，你能否提供任何指標，讓我們了解你們在那方面看到的推進力（traction）？

Yes. It's available on a limited basis right now. It's going to be available in both Infrastructure as a Service and Platform as a Service. We've done all the pricing. The Infrastructure as a Service is going to be priced pretty much equivalent to Amazon. We think that's a commodity business, and not in any way a bad -- in a bad sense.

可以。目前它以有限的方式提供。它將同時以基礎架構即服務（Infrastructure as a Service）與平台即服務（Platform as a Service）的形式提供。我們已完成所有定價。基礎架構即服務的定價將大致與 Amazon 相當。我們認為那是一門商品化的生意（commodity business），而且並不是以任何不好的——不好的意義來說。

To play that game, you have to be -- we're going to have a compute service and a storage service. The storage service is already out. The compute service is going to be released en masse shortly. And that will be very competitive, we think, with Amazon or anybody else in this business.

要玩那個遊戲，你就必須——我們將會有一個運算服務和一個儲存服務。儲存服務已經推出了。運算服務很快就會大規模發布。而我們認為，那將會非常有競爭力，可與 Amazon 或這個產業裡的任何其他公司競爭。

The big differentiator, for us, is, along with Infrastructure as a Service, we have a very strong Platform as a Service offering coming out with our infrastructure, and that's, of course, our two major platform plays in middleware -- it's Java and the database, of course, is Oracle. We think that gives us a unique pair of differentiators in the Infrastructure or Platform as a Service is taken together, and we think that's what our customers are going to do.

對我們而言，最大的差異化在於：除了基礎設施即服務（Infrastructure as a Service）之外，我們還會隨著我們的基礎設施推出非常強大的平台即服務（Platform as a Service）產品；當然，這是我們在中介軟體領域的兩大平台布局——Java，以及資料庫，而資料庫當然是 Oracle。我們認為，將基礎設施即服務與平台即服務合在一起看，這會帶來一對獨特的差異化優勢，而我們也認為客戶會這麼做。

Customers are going to come to us and buy our platform in the cloud and buy infrastructure in the cloud, and move a lot of their existing applications out of their own data centers into our cloud, and they can do that without having to change their applications at all. They can move their applications intact to our cloud, and get all of the cost benefits, all of the efficiencies of scale, and they don't have to change the apps at all. We think that's a unique proposition we offer our customers. And again, delivery time is all this Summer.

客戶會來找我們，在雲端購買我們的平台、在雲端購買基礎設施，並把他們大量既有的應用程式從自有資料中心搬到我們的雲端；而且他們完全不需要更改任何應用程式就能做到。他們可以原封不動地把應用程式搬到我們的雲端，獲得所有成本效益、所有規模效率，而且完全不必改動應用程式。我們認為這是我們提供給客戶的獨特主張。而且再次強調，交付時間都在今年夏天。

Next question, please.

下一個問題，請。

That will be from Phil Winslow with Credit Suisse.

接下來是來自瑞士信貸（Credit Suisse）的 Phil Winslow。

Hi. Thanks, guys. Just want to build on that last question on the cloud. At Open World, you guys talked about some metrics in terms of Fusion applications in the cloud, and the percentage of customers that were choosing cloud-based deployment of Fusion. Wonder if you could comment on just what you've been seeing over the past few quarters there? Just competitively with Fusion and the cloud, what are you seeing out there versus Workday, versus Salesforce.com, and now that Fusion apps and Fusion apps in the cloud have been out there for obviously multiple quarters?

嗨。謝謝各位。我想延續上一題關於雲端的問題。在 OpenWorld 上，你們談到一些指標，涉及雲端上的 Fusion 應用，以及選擇以雲端方式部署 Fusion 的客戶比例。想請你們評論一下，過去幾個季度你們看到的情況是什麼？就 Fusion 與雲端的競爭而言，你們相較於 Workday、Salesforce.com 的情況如何？畢竟 Fusion 應用以及雲端上的 Fusion 應用顯然已經推出好幾個季度了。

Well, I'll take -- I think what you asked was the deployment of Fusion on-premise versus cloud. I think that's what you asked. And it's cloud, cloud, cloud. So, let me say that one more time: cloud, cloud, cloud is generally where Fusion is deployed. So, we've had great success with it. We've had great adoption.

嗯，我來回答——我想你問的是 Fusion 的部署是在地端（on-premise）還是雲端。我想你問的是這個。答案是雲端、雲端、雲端。所以我再說一次：雲端、雲端、雲端，Fusion 一般都是部署在雲端。因此，我們在這方面非常成功。採用率也很高。

I think one of the things that's important -- I've seen some opinions -- I won't credit a source -- that our growth rates, these exciting growth rates we're describing are coming from acquired properties as opposed to Fusion activities, and I want to make sure I'm clear, Phil, to refute that. Now, it doesn't mean -- I love acquired properties, too. I love them all. But I just want to make sure it's clear in the numbers that our Fusion products are growing very fast -- faster than our overall growth rate.

我認為有一點很重要——我看過一些看法——我就不點名來源了——說我們所描述的這些令人振奮的成長率，是來自併購資產，而不是來自 Fusion 的業務活動；我想要很清楚地向你說明，Phil，這個說法不正確。當然，這不代表——我也喜歡併購資產。我都喜歡。但我只是想確保，從數字上很清楚：我們的 Fusion 產品成長非常快——比我們整體成長率還快。

Now, as it relates to your conversation about Workday, I tried to be as transparent as I could be. We've got the good fortune that they're transparent in most cases, although I didn't get to see their customer list this quarter. In previous quarters, I hear their numbers, and we just have more new customers than they do. So, seems like a good metric to me, and we'll continue to see as we move going forward. But we're very comfortable competing with them.

至於你提到與 Workday 的比較，我已盡可能透明地說明。我們很幸運，他們在多數情況下也很透明，雖然這一季我沒有看到他們的客戶名單。在之前的季度，我聽到他們的數字，而我們的新客戶數就是比他們多。所以，對我來說這似乎是一個不錯的衡量指標；我們也會在未來持續觀察。但我們對與他們競爭非常有信心。

We felt very good about release 7. As I told you, we're now on release 8. We're very comfortable with that product. We've gotten our sales organization trained, and we're very comfortable competing with them. And, of course, we're growing off a bigger base than them.

我們對第 7 版的表現感到非常滿意。如我所說，我們現在已經到第 8 版了。我們對這個產品非常有信心。我們已經把銷售組織訓練到位，也非常有信心與他們競爭。而且，當然，我們是在比他們更大的基礎上成長。

With Salesforce, we do all of what Larry described. We compete with them. They're a customer at the same time, but in sales automation, we're competing with them. We had very strong growth in Fusion sales [auto] in the quarter, and we're very comfortable with also our position in Service Cloud. That's right now acquired product. But we feel very good about both.

至於 Salesforce，我們做 Larry 所描述的所有事情。我們和他們競爭。他們同時也是我們的客戶，但在銷售自動化方面，我們與他們競爭。本季度我們在 Fusion 銷售[自動化]方面有非常強勁的成長，我們也對自己在 Service Cloud 的地位非常有信心。那目前是併購而來的產品。但我們對兩者都感到非常樂觀。

We've added now also the capability in marketing. We bought a B-to-B marketing -- a lead marketing automation company in B-to-B in Eloqua. We supplemented that with a leading B-to-C company in Responsys. And we've now announced our intention to acquire BlueKai.

我們現在也新增了行銷方面的能力。我們收購了 Eloqua——一家 B2B 行銷、也就是潛在客戶行銷自動化的公司。我們再用 Responsys 這家領先的 B2C 公司來補強。而且我們也已宣布有意收購 BlueKai。

So, we believe we have a leadership position in marketing automation; leadership position in service automation. We're on the attack in sales automation, although clearly number two to Salesforce at that point. But we believe the ecosystem we've now laid out is second to no one, and the leading position in the marketplace, and I think it's showing up in our results.

因此，我們相信自己在行銷自動化上具備領導地位；在服務自動化上也具備領導地位。在銷售自動化方面我們正積極進攻，雖然在那個時間點顯然仍是僅次於 Salesforce 的第二名。但我們相信，我們現在所建立的生態系統不輸任何人，並且在市場上處於領先地位；我認為這也反映在我們的業績結果上。

Great. Thanks, guys.

很好。謝謝各位。

Next question, please.

下一個問題，請。

That will be from Kash Rangan with Merrill Lynch.

接下來是來自美林（Merrill Lynch）的 Kash Rangan。

Hi. Thank you very much. First, Mark, any tweaks -- what are the things that are working successfully from a sales execution, go-to-market standpoint that you plan on emphasizing as you look at your Business next year?

嗨。非常感謝。首先，Mark，從銷售執行、上市策略（go-to-market）的角度來看，有沒有任何調整——有哪些運作得很成功的事情，你計畫在展望明年業務時加以強調？

And one for you, Safra. Deferred revenue is down sequentially. Can you expand upon what might have contributed to that? Thank you very much.

另外一題給你，Safra。遞延收入（deferred revenue）較上一季下降。你能否進一步說明，可能有哪些因素造成？非常感謝。

I'll start, and let Safra finish. We've obviously added a lot of capacity. We feel very good about the capacity we've added. We're very focused on those people being very productive.

我先開始，然後讓 Safra 補充。我們顯然增加了很多產能。我們對新增的產能感到非常滿意。我們也非常專注於讓這些人能夠非常高效產出。

What you see us invest in a lot now is training. I probably mentioned training three times during this call. And so, as our product set continues to get -- just continues to get better and better and better, and our salespeople now have more time in seat, training is a big deal.

你們現在看到我們大量投資的是訓練。我在這通電話裡大概提到訓練三次了。因此，隨著我們的產品組合持續——持續變得更好、更好、更好，而我們的銷售人員也累積了更多在職時間，訓練就變得非常重要。

Now, we will add people next year. As Larry talked about, some exciting stuff we now have in platform and infrastructure. So, you'll see us add salespeople as we start to compete with, again, a new competitor as it relates to platform and infrastructure.

另外，我們明年會增聘人員。如 Larry 所說，我們現在在平台與基礎設施方面有一些令人振奮的內容。因此，當我們開始在平台與基礎設施領域再次面對新的競爭對手時，你們會看到我們增聘銷售人員。

You'll see us do some supplemental adding in some other places. But a real keen focus, Kash, on productivity and making these people -- because you can imagine, towards the size -- against the size of our sales force, we have billions of dollars of revenue associated with the productivity gains we can make with the capacity we now have in this Company from a sales perspective.

你們也會看到我們在其他一些地方做補充性增員。但 Kash，我們會非常聚焦在生產力，並讓這些人——因為你可以想像，以我們銷售團隊的規模而言，只要能提升生產力，從銷售角度看，憑藉公司目前具備的產能，我們就能帶來數十億美元的營收增量。

If I could add one thing, just to scale it. As we roll out Platform as a Service and Infrastructure as a Service, we will have specialists selling nothing but Platform as a Service, and nothing but Infrastructure as a Service. And we'll have someplace between 500 and 1,000 of them that we're going to add next fiscal year, starting with the class. This is around the world.

如果我可以再補充一點，從規模角度來說。當我們推出平台即服務（Platform as a Service）與基礎設施即服務（Infrastructure as a Service）時，我們會有專家專門銷售平台即服務，另外也會有專家專門銷售基礎設施即服務。而在下一個會計年度，我們將在全球增聘大約 500 到 1,000 名這樣的人員，從這一梯次開始。這是全球範圍的。

So, again, we go back to this thing that we have a new set of competitors, and we need specialist sales teams that are used to competing with Amazon. Other specialist sales teams are used to competing with IBM pSeries. It's a different sale to a different customer quite often. We're lining up against all of our new competitors, and making sure we have sales capacity as well as a competitive product.

所以，再次回到這一點：我們有一批新的競爭對手，而我們需要熟悉與亞馬遜競爭的專業銷售團隊。其他專業銷售團隊則習慣與 IBM pSeries 競爭。這往往是針對不同客戶的不同銷售方式。我們正與所有新的競爭對手正面交鋒，並確保我們既有銷售產能，也有具競爭力的產品。

Okay. Kash, the Q3 deferred revenues are following the exact same seasonal pattern that they always follow, including last year. So, though they're sequentially down, that's really because Q4 is the peak for support renewals, et cetera, and it always goes down from Q2 to Q3 sequentially.

好的。Kash，第三季遞延收入遵循一如既往的季節性模式，包括去年也是如此。因此，雖然按季下滑，但那主要是因為第四季是支援續約等的高峰期，而遞延收入從第二季到第三季按季下滑一直都是如此。

I do want to remind you, of course, that it's up over $200 million over the same quarter last year, and that's really what you should be looking at. There's nothing going on as far as burning down or whatever. It's simply the same thing we have every Q3, where it's just, as it burns down the big Q4 renewals, and it shows up right there in that line. That's it.

我也想提醒你，當然，它比去年同季增加了超過 2 億美元，而這才是你應該關注的重點。並沒有什麼所謂的消耗殆盡之類的情況。這只是我們每個第三季都會出現的同樣情況：隨著第四季大型續約逐步摊銷（burn down），就會在那一行反映出來。就是這樣。

Next question, please.

下一個問題，謝謝。

That will come from Macquarie's Brad Zelnick.

接下來由麥格理（Macquarie）的 Brad Zelnick 提問。

Larry, big data's obviously a huge opportunity for Oracle, given your strength in database and traction with engineered systems. But from an apps perspective, can you talk about the opportunity to differentiate and drive growth by leveraging big data within the apps themselves? And do you see big data as more of its own category, or a feature of next generation applications?

Larry，鑑於你們在資料庫方面的優勢以及在整合式系統上的進展，大數據顯然是 Oracle 的巨大機會。但從應用軟體（apps）的角度，你能否談談在應用本身內部運用大數據來做出差異化並推動成長的機會？你認為大數據更像是一個獨立的類別，還是下一代應用的一項功能？

I think it's another line category. For example, there's no doubt that In-Memory databases allow us to analyze large amounts of data more quickly. The fact that our Exadata machines have multiple tiers of caching. We now not only have DRAM and rotating storage, we have a lot of flash memory that we have to manage. It allows us to manage huge amounts of -- huge databases, multi-petabyte databases, and deliver very high performance. So, no, we think of big data as an underlying set of technologies.

我認為它是另一條產品線類別。例如，毫無疑問，記憶體內（In-Memory）資料庫讓我們能更快速地分析大量資料。我們的 Exadata 機器具備多層快取。現在我們不僅有 DRAM 和旋轉式儲存，還有大量需要管理的快閃記憶體。這讓我們能管理龐大的資料量——龐大的資料庫、多 PB（petabyte）等級的資料庫——並提供非常高的效能。所以，不，我們把大數據視為一組底層技術。

For batch, if you want a big data batch process, the open source product Hadoop is a very good product, if you're doing batch processing. If you're doing big data real-time processing, then we think the Oracle database is by far and away the best technology for managing real-time processing of big data. We think this is a category we're already the leader, and in fact, we're gaining on our competitors. If you look at all of our database competitors, both relational and non-relational databases, we're taking share both on the SQL area and we're growing a lot faster than the no-SQL area. We're very comfortable that the improvements we've made to our database will allow us to prosper in the big data era.

若是批次處理，如果你要做大數據的批次流程，開源產品 Hadoop 在批次處理方面是非常好的產品。如果你要做大數據的即時處理，那我們認為 Oracle 資料庫無疑是管理大數據即時處理的最佳技術。我們認為在這個類別中我們已經是領導者，而且事實上我們正在拉近並超越競爭對手。如果你看看我們所有的資料庫競爭對手，不論是關聯式或非關聯式資料庫，我們在 SQL 領域持續取得市占，同時我們的成長速度也遠快於 no-SQL 領域。我們非常有信心，我們對資料庫所做的改進將使我們在大數據時代蓬勃發展。

But again, we think of it -- and at worse, any application then written on top of Oracle can exploit that data, and that application becomes enriched. So, our telecommunications billing system, which has to manage huge amounts of transactions with millions and millions of customers -- be able to figure out whether to cut off a phone call when someone exceeds their bill, and do all of that real time. That's real-time processing of huge amounts of data by a phone company. Those are the kind of applications we provide that almost no one else can provide.

但再說一次，我們看待它——最起碼，任何建構在 Oracle 之上的應用都能利用那些資料，而該應用也因此變得更豐富。例如，我們的電信計費系統必須管理龐大的交易量、面對數以百萬計的客戶——要能判斷當某人超出帳單額度時是否要中斷通話，並且全部都要即時完成。那就是電信公司對海量資料的即時處理。這些就是我們所提供、幾乎沒有其他人能提供的那類應用。

Thank you.

謝謝。

And our final question today will be from Brad Reback with Stifel.

今天最後一個問題將由 Stifel 的 Brad Reback 提問。

Thanks very much. Safra, year to date, CapEx spending's down about 9%. I know in the past you've been fairly adamant about not needing to really ramp up CapEx like a lot of your competitors have had. But given the really strong 60% bookings growth in cloud, has any of the thinking changed there?

非常感謝。Safra，今年迄今資本支出（CapEx）約下降了 9%。我知道過去你一直相當堅定地認為不需要像許多競爭對手那樣大幅拉升 CapEx。但考量到雲端訂單（bookings）成長高達 60%，在這方面的想法有改變嗎？

Remember: We have enormous scale that we have not fully tapped. We've been making investments this whole time, and so, there will be -- we will continue to invest as we do now. We have, obviously, some visibility into our contracts that we've signed, but we have so much scale that we've been investing in for years, much of it still available. And so, we're very comfortable where we're at right now.

請記住：我們擁有尚未完全動用的龐大規模。我們一直以來都在投資，因此——我們會像現在一樣持續投資。我們當然對已簽署的合約有一定能見度，但我們多年來投入所建立的規模非常大，其中很大一部分仍可用。因此，我們對目前的位置非常放心。

And we budgeted to it, and I don't think you'll be seeing any massive gapping, just because our size is so large. And because we have our own hardware, we have our own systems, we can really thoroughly optimize for our applications with compression and all these other things that other folks just don't have the benefit and luxury that we have.

而且我們也已將其納入預算；我不認為你會看到任何大幅度的缺口（massive gapping），因為我們的規模非常大。再加上我們有自有硬體、自有系統，我們可以透過壓縮以及其他各種方式，針對我們的應用做非常徹底的最佳化；這是其他人所沒有的優勢與條件。

We think with our engineered systems and our data compression technology, we can deliver the same storage and the same compute capacity of our competitors for a lot less money. That's what we're selling. We're selling this technology to our customers. That's our pitch. And we think we can build our own data centers just as efficiently, and that's why I don't think you'll ever see our CapEx approach our infrastructure competitors, in the cloud.

我們認為，憑藉我們的整合式系統以及資料壓縮技術，我們能以低得多的成本，提供與競爭對手相同的儲存與運算容量。這就是我們在賣的。我們把這項技術賣給客戶。這就是我們的主張。而且我們認為我們也能同樣高效率地建置自有資料中心；這也是為什麼我不認為你會看到我們在雲端的 CapEx 接近那些基礎設施競爭對手的水準。

No.

不會。

Thanks very much.

非常感謝。

Thank you. A telephonic replay of this conference call will be available for 24 hours. Dial-in information can be reached 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. Thanks for joining us today.

謝謝。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今日稍早發布的新聞稿中取得。若對本次電話會議有任何後續問題，請致電投資人關係部門，我們也期待與各位再度交流。感謝各位今天的參與。

With that, I'll turn the call back to the operator for closing.

接下來我把電話交回接線員作結。

Again, that will conclude today's conference. We thank you all for joining us.

再次說明，今天的電話會議到此結束。感謝各位的參與。