甲骨文 (ORCL) 2014 Q4 法說會逐字稿

Well good day, ladies and gentlemen, and welcome to today's Oracle Corporation quarterly conference call. Today's conference is being recorded. And now I would like to introduce Ken Bond, Vice President of Investor Relations Oracle. Please go ahead, Mr. Bond.

各位女士、先生們，大家好，歡迎參加今天的甲骨文公司（Oracle Corporation）季度電話會議。今天的會議將被錄音。現在我想介紹甲骨文投資人關係副總裁 Ken Bond。Bond 先生，請開始。

Thank you, Chelsea. Good afternoon, everyone. Welcome to Oracle's fourth 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.

謝謝你，Chelsea。各位下午好。歡迎參加甲骨文 2014 會計年度第四季財報電話會議。新聞稿與財務表格（包含 GAAP 與非 GAAP 的調節表及其他補充財務資訊）可於我們的投資人關係網站瀏覽並下載。

On the call today are Chief Executive Officer, Larry Ellison, President and CFO, Safra Catz, and President, Mark Hurd.

今天參與電話會議的有執行長 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 including our 10K and 10-Q, and any applicable amendments for a complete discussion of these factors and other factors that may affect our future results or the market price of our stock.

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報告（包括 10-K 與 10-Q 以及任何適用的修訂），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因素。

And finally, we are not obligating ourselves to revise our results or publicly release any revision of 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'd like to turn the call over to Safra.

最後，基於新資訊或未來事件，我們不承擔修訂我們的結果或公開發布對這些前瞻性陳述之任何修訂的義務。在進入提問之前，我們將先做幾點準備好的說明。接下來，我想把電話交給 Safra。

Thanks, Ken, and good afternoon, everyone. As you can see, we've made significant changes in our financial reporting and in our guidance to match our Company's fundamental transition. We are now firmly into the transition to the cloud, and though we had previously disclosed our SaaS revenues in the 10-Ks and Qs, as the cloud revenue has become larger and more significant, we've gone ahead and disclosed them on the face of our income statement. You may want to actually take out your income statement as we go through this just so that you can follow me.

謝謝，Ken，各位下午好。如各位所見，我們已在財務報導與財測指引方面做出重大調整，以符合公司根本性的轉型。我們現在已堅定地進入雲端轉型；雖然我們先前已在 10-K 與 10-Q 中揭露 SaaS 營收，但隨著雲端營收規模變得更大且更重要，我們已將其直接揭露在損益表的表面項目中。在我們逐項說明時，各位可能會想把損益表拿出來，這樣就能跟著我一起看。

What we previously reported as new software license and cloud subscription is now reported on two separate lines, new software license and another line for cloud software as a service and platform as a service, SaaS and PaaS. At this time, the bulk of the revenue is software as a service, but we expect platform as a service to become very important as we do the full launch of platform as a service this fall.

我們先前所報導的「新軟體授權與雲端訂閱」現在拆分為兩個獨立項目：一項是新軟體授權，另一項是雲端軟體（軟體即服務與平台即服務），也就是 SaaS 與 PaaS。目前營收的大宗仍是軟體即服務，但隨著我們在今年秋季全面推出平台即服務，我們預期平台即服務將變得非常重要。

Also, we previously reported in service -- what we previously reported in services is now reported on two separate lines, cloud infrastructure as a service, IaaS and services. We have summed new software license, SaaS and PaaS, IaaS, and software license updates and product support as a total called software and cloud revenue. Our services line now includes consulting, advanced customer support services and education. The expense lines were also broken out in more detail where appropriate.

此外，我們先前在「服務」中所報導的內容，現在也拆分為兩個獨立項目：雲端基礎設施即服務（IaaS）以及服務。我們將新軟體授權、SaaS 與 PaaS、IaaS，以及軟體授權更新與產品支援加總，形成一個名為「軟體與雲端營收」的總額。我們的「服務」項目現在包含顧問服務、進階客戶支援服務與教育訓練。費用項目也在適當之處做了更細的拆分。

So, to start, I'm going to go over the Q4 results with our new detail and then sum it up using our old disclosure for comparability to my previous guidance. Then I'll move on to the guidance for Q1. Generally, I'll be using non-GAAP measures in constant currency unless otherwise stated, but will point out GAAP numbers or US dollar growth rates when the difference is important for comparability to last year.

因此，首先我會用新的明細口徑說明第四季（Q4）結果，接著再用舊的揭露方式加總，以便與我先前的指引做可比對照。然後我會進一步說明第一季（Q1）的指引。除非另有說明，我一般會使用以固定匯率計算的非 GAAP 指標；但在與去年可比性差異重要時，我會指出 GAAP 數字或以美元計的成長率。

So, using our new reporting. Software and cloud revenue totaled a record $8.9 billion in Q4, growing 4%. New software license was $3.8 billion, flat in US dollars, declining 1% in constant currency while new software license application revenues were up 6%.

那麼，先以我們新的報導方式來看。第四季軟體與雲端營收合計創新高達 89 億美元，成長 4%。新軟體授權為 38 億美元，以美元計持平；以固定匯率計下降 1%，其中新軟體授權的應用軟體營收成長 6%。

Cloud SaaS and PaaS were $327 million, growing 23%. Cloud infrastructure as a service was $128 million, growing 13%. Software license updates and product support was $4.7 billion, growing 6% in constant currency and 7% in US dollars. Software support attach and renewal rates were strong as usual.

雲端 SaaS 與 PaaS 為 3.27 億美元，成長 23%。雲端基礎設施即服務為 1.28 億美元，成長 13%。軟體授權更新與產品支援為 47 億美元，以固定匯率計成長 6%，以美元計成長 7%。軟體支援的綁定率與續約率一如既往地強勁。

To most closely compare these numbers to my guidance last earnings call, new software license and cloud SaaS and PaaS added together were $4.1 billion, up 1% in constant currency and 2% in US dollars. With our new presentation, you can see that our on premise-based software business, which is new software license and software license updates and product support, has steadily grown over time to $8.5 billion this quarter. On top of that, we're building our SaaS, PaaS, and IaaS cloud business which grew nearly 20% and is already approaching a $2 billion run rate with $455 million in revenue this quarter.

為了與我在上次財報電話會議所給的指引最接近地比較，把新軟體授權與雲端 SaaS 與 PaaS 加總後為 41 億美元，以固定匯率計成長 1%，以美元計成長 2%。透過我們新的呈現方式，各位可以看到，我們以地端（on premise）為基礎的軟體業務（也就是新軟體授權，以及軟體授權更新與產品支援）隨時間穩定成長，本季達到 85 億美元。在此之上，我們也在打造 SaaS、PaaS 與 IaaS 的雲端業務，其成長接近 20%，本季營收 4.55 億美元，年化營收規模已接近 20 億美元。

Hardware system revenue was nearly $1.5 billion, growing 3% on a GAAP basis and 2% on a non-GAAP basis. Hardware products were $870 million, growing 3%, and hardware support was nearly $600 million, growing 2%. Engineered systems had another good quarter with double-digit growth and represents one-third of hardware product sales. In addition, we saw very strong growth in NAS storage in the quarter.

硬體系統營收接近 15 億美元，以 GAAP 基礎計成長 3%，以非 GAAP 基礎計成長 2%。硬體產品為 8.70 億美元，成長 3%；硬體支援接近 6 億美元，成長 2%。整合式系統（Engineered systems）本季再度表現良好，呈現雙位數成長，並占硬體產品銷售的三分之一。此外，本季我們也看到 NAS 儲存產品非常強勁的成長。

Hardware product gross margins were 49%, down 2 points, about 2 points from last year as we continue to put more value in our product without raising prices, thus grabbing significant market share as all our major competitors shrink. Keep in mind that as we've increased hardware support attach rates, hardware support margins have steadily improved, and total hardware systems margins are unchanged from last year at 56%.

硬體產品毛利率為 49%，下降 2 個百分點，約較去年下降 2 個百分點；因為我們持續在不調漲價格的情況下為產品加入更多價值，因此在主要競爭對手皆在萎縮之際，我們取得了顯著的市占率。請記住，隨著我們提高硬體支援的綁定率，硬體支援毛利率已穩步改善，而硬體系統整體毛利率與去年持平，為 56%。

For the Company, total revenue for the quarter was $11.3 billion, up 3% from last year. Operating income was $5.8 billion, up 2% in constant currency, 3% in US dollars. Operating margin was 51%, same as last year.

就公司整體而言，本季總營收為 113 億美元，較去年成長 3%。營業利益為 58 億美元，以固定匯率計成長 2%，以美元計成長 3%。營業利益率為 51%，與去年相同。

Unlike new software license transactions where we recognize the revenue up front, we recognize the revenue from cloud software over time. In the short term -- in the short run, it delays revenue. But over the medium and long term, we can expect more revenues as we do more of the work for our customers while our customers can expect to pay substantially less in total with savings in the form of large reductions in the cost of implementing and running their own system. Over time, this contributes to our business model, particularly given our differentiated products in each of SaaS, PaaS, and IaaS.

不同於新軟體授權交易我們會在一開始就認列營收，雲端軟體的營收是隨時間逐期認列。短期而言——在短期內，這會延後營收認列。但在中長期，我們可以預期在為客戶承擔更多工作時帶來更多營收；同時，客戶可望在總成本上大幅降低，節省主要來自於大幅降低導入與運行自有系統的成本。長期來看，這將有助於我們的商業模式，特別是考量到我們在 SaaS、PaaS 與 IaaS 各領域皆具差異化產品。

As we get to the operating income line, I want to remind you that our GAAP operating income last year benefited from a $269 million reduction in the purchase price of an acquisition. This was entirely exclusive from a non-GAAP purpose, but did show up in our GAAP -- in the GAAP numbers which flow all the way through.

當我們來到營業利益這一行時，我想提醒各位，我們去年的 GAAP 營業利益受惠於一項收購案購買價格下調 2.69 億美元。這完全不屬於 non-GAAP 的範疇，但確實反映在我們的 GAAP——也就是一路貫穿到最終的 GAAP 數字中。

In addition, both on GAAP and non-GAAP results include another foreign currency loss this quarter, this time for $102 million from the devaluation of our Venezuela net assets compared to the dollar. This, of course, was not included in my guidance last quarter.

此外，本季無論在 GAAP 或 non-GAAP 結果中，都包含另一筆外幣損失，這次是因委內瑞拉淨資產相對美元貶值而產生的 1.02 億美元損失。當然，這並未納入我上季的財測指引。

Our net asset values in Venezuela have now devalued so much that it will not have any meaningful impact on our numbers going forward. Were it not for the Venezuela currency loss, EPS would have been $0.02 higher.

我們在委內瑞拉的淨資產價值如今已大幅貶值，以致於未來對我們的數字不會再有任何實質影響。若非委內瑞拉的匯兌損失，EPS 本可高出 0.02 美元。

The non-GAAP tax rate for the quarter was 23%, the GAAP tax rate was 20.5%. Non-GAAP earnings per share were $0.92, up from $0.87 last year. GAAP EPS for the quarter was $0.80, unchanged because last year our GAAP EPS was helped by the $0.04 reduction in the purchase price for the acquisition I just mentioned.

本季 non-GAAP 稅率為 23%，GAAP 稅率為 20.5%。non-GAAP 每股盈餘為 0.92 美元，高於去年的 0.87 美元。本季 GAAP EPS 為 0.80 美元，持平，因為去年我們的 GAAP EPS 受惠於我剛提到的那項收購案購買價格下調所帶來的 0.04 美元助益。

I want to make sure I said that correctly so you understand what happened. We got a $0.04 benefit last year in our GAAP EPS. This year we obviously don't have that benefit, and without that benefit, it would have been $0.76, not $0.80.

我想確保我說得正確，讓各位了解發生了什麼。去年我們的 GAAP EPS 有 0.04 美元的助益。今年顯然沒有這項助益；若沒有那項助益，去年會是 0.76 美元，而不是 0.80 美元。

Operating cash flow increased $14.9 billion, and free cash flow grew to $14.3 billion over the last four quarters. Both are record Q4 results. For the fiscal year 2014, total software and cloud revenues totaled a record $29.2 billion, growing 5% in constant currency. New software license was $9.4 billion, up 1%, cloud, SaaS and PaaS were $1.1 billion, growing 20% non-GAAP and 24% GAAP. Cloud infrastructure as a service was $456 million, growing 1%.

營運現金流增加 149 億美元，過去四個季度的自由現金流成長至 143 億美元。兩者皆創下第四季的歷史新高。2014 會計年度，軟體與雲端總營收合計創新高達 292 億美元，以固定匯率計成長 5%。新軟體授權為 94 億美元，成長 1%；雲端、SaaS 與 PaaS 為 11 億美元，non-GAAP 成長 20%、GAAP 成長 24%。雲端基礎設施即服務（IaaS）為 4.56 億美元，成長 1%。

Software support was $18.2 billion, growing 7%, hardware system revenue was nearly $5.4 billion, growing 2%. Of that, hardware products were $3 billion, down 1% for the year, and hardware support was $2.4 billion, growing 5% for the year. Services revenue was $3.7 billion, declining 4% as the result of the continuing move of our consulting business to shorter, faster, cheaper engagements for our customers as they move to the cloud.

軟體支援為 182 億美元，成長 7%；硬體系統營收接近 54 億美元，成長 2%。其中，硬體產品為 30 億美元，全年下降 1%；硬體支援為 24 億美元，全年成長 5%。服務營收為 37 億美元，下降 4%，原因是我們的顧問業務持續轉向更短、更快、成本更低的客戶專案，以配合客戶轉向雲端。

Total revenue grew 4% to a record $38.3 billion. Our non-GAAP operating margin for the full year was 47%. Earnings per share were $2.87, growing 8%.

總營收成長 4% 至創新高的 383 億美元。全年 non-GAAP 營業利益率為 47%。每股盈餘為 2.87 美元，成長 8%。

We've successfully grown the Company's revenues and earnings through every transition, whether it was minicomputer database to a complete suite of products, client server to internet, commodity hardware to engineered systems, and now on-premise to cloud. We are well on our way into our most recent transition. We have nearly $39 billion in cash and marketable securities. Net of debt, our cash position is more than $14 billion, deferred revenue now stands at $7.3 billion, up 2% from last year.

我們已成功在每一次轉型中推動公司營收與獲利成長，無論是從小型電腦資料庫到完整產品套件、從用戶端伺服器到網際網路、從通用硬體到工程化系統，而現在則是從地端部署到雲端。我們正穩步邁入最近一次的轉型。我們擁有接近 390 億美元的現金與有價證券。扣除負債後，我們的淨現金部位超過 140 億美元；遞延收入目前為 73 億美元，較去年成長 2%。

In Q4, we repurchased more than 49 million shares for a total of $2 billion and for the full year, we repurchased nearly 281 million shares for a total of more than $9.8 billion. And the Board of Directors declared a quarterly dividend of $0.12 per share between dividends and buyback; this year, we returned nearly $12 billion, or more than 80% of our free cash flows to our shareholders.

第四季我們回購超過 4,900 萬股，總額 20 億美元；全年我們回購近 2.81 億股，總額超過 98 億美元。董事會並宣告每股 0.12 美元的季度股利；今年透過股利與回購，我們向股東返還近 120 億美元，約占我們自由現金流的 80% 以上。

Now, let's move to the guidance. Software and cloud revenue on a GAAP and non-GAAP basis which includes new software license, software support, SaaS and PaaS and IaaS is expected to grow 6% to 8% in US dollars, 5% to 7% in constant currency. SaaS and PaaS, one of the line items, on a non-GAAP basis is expected to grow 25% to 35% in US dollars, 24% to 34% in constant currency. SaaS and PaaS on a GAAP basis is expected to grow 27% to 37% in US dollars, 26% to 36% in constant currency.

現在，我們來看財測指引。以 GAAP 與 non-GAAP 口徑計算的軟體與雲端營收（包含新軟體授權、軟體支援、SaaS 與 PaaS 以及 IaaS）預期以美元計成長 6% 至 8%，以固定匯率計成長 5% 至 7%。其中一個科目 SaaS 與 PaaS，以 non-GAAP 口徑預期以美元計成長 25% 至 35%，以固定匯率計成長 24% 至 34%。SaaS 與 PaaS 以 GAAP 口徑預期以美元計成長 27% 至 37%，以固定匯率計成長 26% 至 36%。

Now, another one of the lines, cloud IaaS, on a GAAP and non-GAAP basis is expected to grow 10% to 20% in US dollars and 9% to 19% in constant currency. Hardware system revenues on a GAAP and non-GAAP basis, which includes hardware systems products and hardware systems support, is expected to be between negative 1 and positive 3 or negative 2 to positive 2 in constant currency.

另外一個科目雲端 IaaS，以 GAAP 與 non-GAAP 口徑預期以美元計成長 10% 至 20%，以固定匯率計成長 9% 至 19%。硬體系統營收以 GAAP 與 non-GAAP 口徑（包含硬體系統產品與硬體系統支援）預期介於負 1% 到正 3%；以固定匯率計則介於負 2% 到正 2%。

Total revenue on a GAAP and non-GAAP basis is expected to range from 4% to 6% in US dollars and 3% to 5% in constant currency. Non-GAAP EPS is expected to be somewhere between $0.62 and $0.66 in US dollars, $0.61 and $0.65 in constant currency. GAAP EPS is expected to be somewhere between $0.49 and $0.53 in US dollars and $0.48 to $0.52 in constant currency. Now, this guidance assumes a GAAP tax rate of 22% and a non-GAAP tax rate of 23.5%. Of course, it may end up being different. And with that, I'll turn it over to Larry.

總營收以 GAAP 與 non-GAAP 口徑預期以美元計介於成長 4% 至 6%，以固定匯率計介於成長 3% 至 5%。non-GAAP EPS 預期以美元計約在 0.62 至 0.66 美元之間；以固定匯率計在 0.61 至 0.65 美元之間。GAAP EPS 預期以美元計約在 0.49 至 0.53 美元之間；以固定匯率計在 0.48 至 0.52 美元之間。本指引假設 GAAP 稅率為 22%，non-GAAP 稅率為 23.5%。當然，最終結果可能會有所不同。接下來我把時間交給 Larry。

Thank you, Safra. Okay, Oracle is focused, focused like a laser on one goal over the next few years, becoming the number one company in cloud computing's two most profitable segments, software as a service, SaaS, and platform as a service, PaaS. We expect to become number one for three reasons.

謝謝你，Safra。好，Oracle 在未來幾年將聚焦於一個目標——以雷射般的專注——成為雲端運算兩個最具獲利性的領域：軟體即服務（SaaS）與平台即服務（PaaS）的第一名公司。我們預期能成為第一名有三個原因。

First, we have the most complete and modern portfolio of SaaS products in the cloud, CRM sales, CRM service, marketing. In human capital management we have core human resources, recruiting, talent management and payroll. In ERP we have accounting, procurement, supply chain, project management and more, the most comprehensive suite of products in the cloud by far.

第一，我們在雲端擁有最完整且最現代化的 SaaS 產品組合：CRM 銷售、CRM 服務、行銷。在人力資本管理方面，我們有核心人力資源、招募、人才管理與薪資。在 ERP 方面，我們有會計、採購、供應鏈、專案管理等，迄今為止是雲端上最全面的產品套件。

Second, all of those SaaS applications run on the world's most powerful platform in the cloud. The Oracle in-memory multi-tenant database and the world's most popular programming language, Java.

第二，所有這些 SaaS 應用都運行在雲端上全球最強大的平台之上。Oracle 的記憶體內多租戶資料庫，以及全球最受歡迎的程式語言 Java。

Third, we have dramatically expanded, specialized and lined up our sales forces to sell SaaS and PaaS subscriptions against the new generation of cloud software competitors, and it's working. As we enter our new fiscal year, we're already number two in the overall SaaS subscription sales.

第三，我們已大幅擴編、專業化並整合我們的銷售團隊，以便在新一代雲端軟體競爭對手面前銷售 SaaS 與 PaaS 訂閱，而且成效顯著。隨著我們進入新的會計年度，我們在整體 SaaS 訂閱銷售方面已經排名第二。

In FY 2015, our plan is to grow our SaaS bookings over 50%. That will allow us to close in on the number one spot. We already have a huge lead over Workday in cloud ERP. We acquired 120 new cloud ERP customers in Q4 alone.

在 2015 會計年度，我們的計畫是將 SaaS 訂單金額（bookings）成長超過 50%。這將使我們得以逼近第一名的位置。我們在雲端 ERP 方面已經大幅領先 Workday。僅在第四季，我們就新增了 120 家雲端 ERP 客戶。

In HCM, we are dominating Workday in Europe and beating them in dozens of core HCM deals here in North America. Mark can give you some of the details and highlights regarding our cloud wins in our great Q4 quarter in the cloud. Mark?

在人力資本管理（HCM）方面，我們在歐洲壓倒性領先 Workday，並且在北美這裡數十個核心 HCM 案件中擊敗他們。Mark 可以向各位提供一些細節與重點，說明我們在雲端表現出色的第四季所取得的雲端勝利。Mark？

Let me just actually start with hardware a little bit. We are now roughly in the middle of transitioning our hardware business, engineering systems with our strategy, and now a significant part of our hardware, we've grown hardware for the second quarter in a row. The change in mix away from [cloud] new hardware to high value engineered systems that transformed the business to an integrated engineered systems business that brings with it extremely attractive annuity. Let me give you some facts about hardware.

我先從硬體稍微談起。我們目前大致正處於硬體業務轉型的中段，讓工程系統與我們的策略一致；而且現在我們硬體業務中相當重要的一部分，硬體已連續第二季成長。產品組合從（雲端）新硬體轉向高價值的工程系統，這項轉變把業務轉型為整合式工程系統業務，並帶來極具吸引力的年金式收入。我提供一些關於硬體的事實。

Engineered systems grew to record levels in Q4 while our competitors, as Safra described, are declining. We will ship our 10,000th engineered system in Q1. We're at scale.

工程系統在第四季成長至創紀錄水準，而我們的競爭對手如 Safra 所述則在下滑。我們將在第一季出貨第 10,000 套工程系統。我們已達到規模化。

Our hardware support margins are now approaching 70%, and this business is sticky. SPARC SuperCluster bookings grew triple digits, Exalytics, big data appliance and Oracle database appliance all grew double digits. Oracle has become the hardware company taking share, growing and doing it profitably, and as I said, we're in the middle of the transition.

我們的硬體支援毛利率目前正逼近 70%，而且這項業務黏著度很高。SPARC SuperCluster 的訂單金額呈現三位數成長，Exalytics、大數據一體機與 Oracle 資料庫一體機皆呈現兩位數成長。Oracle 已成為在硬體領域搶占市佔、成長且能獲利的公司；如我所說，我們正處於轉型的中段。

Now, I'll talk about cloud. We're actually just starting this transition. We're the only company that has a whole suite of cloud applications. We're Salesforce.com's primary competitors, Workday's primary competitor and in the cloud, we're many times the size if Workday. We're bigger than SAP and we're going to pass Salesforce in the cloud.

接下來我談雲端。我們其實才剛開始這個轉型。我們是唯一擁有完整雲端應用套件的公司。我們是 Salesforce.com 的主要競爭對手、也是 Workday 的主要競爭對手；在雲端領域，我們的規模是 Workday 的許多倍。我們比 SAP 更大，而且我們將在雲端超越 Salesforce。

Let me run a few facts about you about our cloud. As industry analysts build their waves and quadrants, they named cloud leaders in specific cloud areas, and Oracle today is the leader across more cloud solutions than Salesforce, Workday and SAP combined. Cloud bookings grew 37% last year, Q4 was the best ever for bookings.

我列舉幾個關於我們雲端的事實。當產業分析師建立他們的波浪圖與象限圖時，他們會在特定雲端領域點名領導者；而今天 Oracle 在更多雲端解決方案上是領導者，數量超過 Salesforce、Workday 與 SAP 的總和。雲端訂單金額去年成長 37%，第四季是史上最佳的訂單表現。

Fusion cloud bookings growth were three times the overall growth rate. Fusion HCM, ERP, and sales force automation revenue all grew triple digits. We added 870 cloud customers in Q4, including in HCM, nearly 320 customers, with Fusion, 110 HCM customers.

Fusion 雲端訂單金額的成長率是整體成長率的三倍。Fusion HCM、ERP 與銷售自動化的營收皆呈現三位數成長。我們在第四季新增了 870 家雲端客戶，其中在 HCM 方面接近 320 家客戶；在 Fusion 方面，新增 110 家 HCM 客戶。

If I take Workday's reported number of 75 new customers, we're adding customers at 4 to 5 times the pace of Workday. In customer experience, we added 430 customers with 120 plus Fusion sales force automation wins. With BlueKai now on board, along with Eloqua and Responsys, we're the clear number one in marketing automation with bookings growth of 200% this quarter.

如果以 Workday 公布的新增 75 家客戶來看，我們新增客戶的速度是 Workday 的 4 到 5 倍。在客戶體驗方面，我們新增了 430 家客戶，其中包含 120+ 個 Fusion 銷售自動化勝出案例。隨著 BlueKai 現在加入，再加上 Eloqua 與 Responsys，我們在行銷自動化方面明確是第一名，本季訂單金額成長 200%。

In salesforce automation, bookings grew more than 80% and revenue was up triple digits. As Larry referenced, we added 120 ERP cloud customers in the quarter, all Fusion. In just Q4, we added more ERP cloud customers than Workday's total customer base for financials. More than 70 customer go lives just this quarter with hundreds already live.

在銷售自動化方面，訂單金額成長超過 80%，營收則呈現三位數成長。如 Larry 所提到的，我們本季新增了 120 家 ERP 雲端客戶，全部都是 Fusion。僅在第四季，我們新增的 ERP 雲端客戶就超過 Workday 在財務模組的全部客戶基礎。僅本季就有超過 70 家客戶正式上線（go live），而已有數百家客戶早已上線。

We're about to deliver release 9 of Fusion this summer. With Fusion, we have built the most attractive cloud solution in the industry.

我們將在今年夏天交付 Fusion 第 9 版。透過 Fusion，我們打造了業界最具吸引力的雲端解決方案。

We have acquired the most attractive SaaS companies in the industry. We're already number one or number two in every SaaS category, and we won't stop until we're number one in every category.

我們已收購業界最具吸引力的 SaaS 公司。我們在每個 SaaS 類別中不是第一就是第二，而且在每個類別都成為第一之前，我們不會停下來。

Just like hardware where we focused on engineered systems, in software, we are focused on the cloud. We're executing, we're winning, and we're going to be number one. And with that, we'll turn it over for questions.

就像在硬體方面我們聚焦於工程系統一樣，在軟體方面我們聚焦於雲端。我們正在執行、我們正在勝出，而且我們將成為第一名。接下來我們開放提問。

Before we go to questions, Chelsea, I want to call out that we understand that some of you may have had difficulty hearing parts of Mark's comments. We'll continue to move forward with the call and we will try to address some of Mark's comments into the Q & A. Chelsea, if you could start the Q & A please?

在進入提問之前，Chelsea，我想特別說明，我們理解各位之中可能有人在聽 Mark 的部分發言時遇到收聽困難。我們會繼續進行本次電話會議，並會嘗試在問答環節中補充說明 Mark 的一些評論。Chelsea，請你開始問答環節，好嗎？

Will do, Mr. Bond. (Operator Instructions)

好的，Bond 先生。（接線員指示）

We'll go first to Brent Thill with UBS.

我們先請 UBS 的 Brent Thill 提問。

Thanks, good afternoon. Safra, just on the revenue recognition changes, I'm just curious if you could just walk through, why now? And I think you were -- stated in the press release that you're seeing a shift to ratable revenue recognition versus up front. And if you could maybe just talk through how long you think that will take to accelerate the sales process to align to this new model?

謝謝，午安。Safra，關於收入認列的變更，我想請教你能否說明一下，為什麼是現在？而且我記得你在新聞稿中提到，你們看到收入認列正從一次性（up front）轉向按期分攤（ratable）。你是否也能談談，你認為要花多久時間，才能加速銷售流程以配合這個新模式？

Okay so thanks for the question. Let me clarify my quote. Really, we have -- we always, always recognize SaaS and PaaS cloud subscriptions over time. That's always been the way we do it. New licenses we recognize up front. We haven't changed any of our actual accounting.

好的，謝謝你的問題。我先澄清一下我剛才的說法。其實，我們一直、一直都是隨時間認列 SaaS 與 PaaS 的雲端訂閱收入。我們一直都是這樣做的。新授權（new licenses）我們則是一次性認列。我們並沒有改變任何實際的會計處理。

What's happened is that more of our software revenues are coming in as SaaS subscription, which we recognize over time versus new license deals, which we recognize up front. We haven't actually changed any of our accounting, it's just that with our focus on cloud and the fact that we're selling more cloud, we recognize that ratably over time as appropriate on that contract. And so a bigger piece of software and what we used to call software and cloud subscription -- software and -- new software license and cloud subscription, a larger piece of it is recognized over time. Did I -- did you understand me, or should I try that again?

發生的情況是，我們更多的軟體收入來自 SaaS 訂閱，因此是隨時間認列；相較之下，新授權交易則是一次性認列。我們其實沒有改變任何會計處理；只是因為我們聚焦雲端、而且賣出更多雲端產品，所以我們會依合約適當地按期分攤、隨時間認列。因此，在軟體以及我們過去所稱的「軟體與雲端訂閱」——也就是新軟體授權與雲端訂閱——之中，有更大的一部分是隨時間認列。我——你有理解我的意思嗎？還是我需要再說一次？

No, that's great, and I guess just from a go to market from maybe Mark, just that process of putting that in place. How long does that take to get the sales aligned to that process?

不，這樣很清楚；我想再追問的是，從市場推進（go to market）的角度，或許請 Mark 回答：把這套流程落地之後，讓銷售團隊對齊到這個流程，需要多久時間？

Well as Safra was -- can you hear me okay now? I just want to make sure, I have a different microphone. But when you hire a sales person who's selling cloud, they are really selling ARR, which is annual recurring revenue. Roughly speaking, ARR is one-third of a license. It's not precisely right. It differs a little bit by solution, but it's roughly right. So, therefore, it would take roughly three years for somebody to get to the same productivity of what you would think of in the license model. So, that's probably the time frame you should be thinking of. And as Larry --

嗯，正如 Safra 剛才所說——你們現在聽得到我嗎？我只是想確認一下，我換了一支不同的麥克風。但當你聘用一位在賣雲端的業務人員時，他們實際上賣的是 ARR，也就是年度經常性收入（annual recurring revenue）。概略來說，ARR 大約是授權（license）的三分之一。這並不完全精準。不同解決方案會有些差異，但大致如此。因此，大約需要三年，才能讓某人的生產力達到你在授權模式下所認為的同等水準。所以，這大概就是你應該思考的時間範圍。而正如 Larry——

Let me be -- there are two things. There's the rate in which -- this is Larry. The rate in which -- rate at which we recognize revenue, which of course, statutorily, whenever we sell a cloud subscription, whether it's platform-as -a-service, software-as-a-service, infrastructure-as-a-service, you always recognize the revenue ratably by month versus selling a license. You recognize it up front, that's the accounting.

讓我——有兩件事。有一個是——我是 Larry。我們認列營收的速度——當然，依照法規/會計準則，只要我們賣出雲端訂閱，不論是平台即服務（platform-as-a-service）、軟體即服務（software-as-a-service）、基礎設施即服務（infrastructure-as-a-service），你都會按月平均（ratably）認列營收；相較之下，賣授權則是一次性在前期認列，這就是會計處理。

The sales force is motivated by their commissions, and we've made it commission neutral. In other words, the sales force doesn't really care if they sell a license or if they sell a subscription. They get paid the same amount in either case. So, the sales force has -- there's no time at all required for the sales force to transition to this new model. They get paid equally for a cloud subscription or a license. So, there's no transition time, zero.

業務團隊的動機來自佣金，而我們已把佣金設計成中性（commission neutral）。換句話說，業務其實不在乎他們賣的是授權還是訂閱。不管哪一種，他們拿到的報酬都一樣。所以，業務團隊——完全不需要任何時間去轉換到這個新模式。賣雲端訂閱或賣授權，他們拿到的報酬相同。因此，沒有轉換期，零。

What is different and what Safra was explaining is that as our cloud business gets bigger, and I think everybody wants our cloud business to get bigger, I certainly do, we actually make more money when we sell a cloud subscription. We break even -- where a subscription is probably after three years, as Mark pointed out, we get about the same amount of money from a subscription after three years as we get from a license, but these subscriptions last 3, 4, 5, 10, 15, 20 years. So, we make a lot more money on a subscription, but we recognize the money over time.

不同之處、也是 Safra 在解釋的是：隨著我們的雲端業務變得更大——我想大家都希望我們的雲端業務變大，我當然也希望——我們其實在賣出雲端訂閱時賺得更多。我們大概在——如 Mark 指出的——訂閱大約三年後打平；三年後，我們從訂閱拿到的金額大概與從授權拿到的金額相當，但這些訂閱會持續 3、4、5、10、15、20 年。所以，我們在訂閱上賺得多得多，但我們是隨時間認列這些收入。

As we make the transition to selling more cloud software services as opposed to up front licenses, we'll recognize the cloud revenue over time and that eventually, that cloud revenue eventually will grow to be even bigger than our license revenue, at least that's our plan. And we'll make more money doing that over time, but during the transition in selling those cloud subscriptions, what would have been a license is now recognized over time.

當我們轉向銷售更多雲端軟體服務、而不是一次性前期授權時，我們會隨時間認列雲端營收；而最終，那個雲端營收會成長到甚至比我們的授權營收更大——至少這是我們的計畫。長期而言，我們用這種方式會賺更多錢；但在銷售這些雲端訂閱的轉換期間，原本會是授權的一筆收入，現在改為隨時間認列。

We're going to recognize the revenue more slowly, and that will somewhat affect the top line during the transition. That's okay, because in the long term we make much, much more money. And we can effectively complete against this whole new array of competitors like Salesforce and Workday versus the previous generation of competitors like SAP and IBM.

我們會更慢地認列營收，而這在轉換期間會在某種程度上影響營收（top line）。這沒關係，因為長期來看我們會賺到多得多的錢。而且我們也能有效地與 Salesforce、Workday 這一整批新型競爭對手競爭，而不是上一代的競爭對手如 SAP 和 IBM。

Very clear, thank you.

非常清楚，謝謝。

We'll move on to Karl Keirstead with Deutsche Bank.

我們接著請德意志銀行（Deutsche Bank）的 Karl Keirstead。

Hi, thanks, this question is for Safra. Safra, you were able to keep the operating margins flat at about 47% despite, among other things, a big 10% growth in sales and marketing in fiscal 2014. I just wanted to ask you, as you look forward to fiscal 2015, do you think that pace of sales investments is likely to moderate? And how comfortable are you with Oracle returning to year-over-year margin improvement in this fiscal 2015? Thank you.

嗨，謝謝，這個問題是問 Safra 的。Safra，儘管在 2014 會計年度中包含銷售與行銷費用大幅成長 10% 等因素，你仍能把營業利益率維持在約 47% 持平。我想請教的是，展望 2015 會計年度，你認為銷售投資的步調可能會放緩嗎？以及你對 Oracle 在 2015 會計年度恢復年對年（year-over-year）的利潤率改善有多大把握？謝謝。

Well, I actually expect us to continue to improve over time, to be honest with you. The one thing that could maybe impact our margins negatively is if we are outrageously successful with cloud in next year or so such that a lot of revenue comes in as cloud, even though I don't recognize it up front and so we have expenses -- some expenses related to that that are not matched by our other improvements in productivity in the rest of the business.

老實說，我其實預期我們會隨時間持續改善。可能對我們利潤率造成負面影響的一件事，是如果我們在明年左右在雲端方面異常成功，以致於大量營收以雲端形式進來；即使我不會在前期認列它，因此我們會有一些相關費用——而這些費用未必能被我們在其他業務的生產力改善所抵銷。

Generally, we've got it very, very well balanced, and I actually expect our operating margins to improve because we've made the big investments in the field already in most regions. The big, big investments have gone in over the past three years, and I don't expect them to continue to increase at that rate. Mark, Larry do you want to comment on?

整體而言，我們的平衡做得非常、非常好；而且我其實預期我們的營業利益率會改善，因為我們在大多數地區已經完成了對前線的大筆投資。最大的、最重大的投資是在過去三年投入的，我不預期它們會以那樣的速度繼續增加。Mark、Larry，你們要補充嗎？

No, I think what Safra said is right. We have gone through a sizeable build up based on the strategy that we've described to you previously. We are still adding. We are not adding at the pace that we were adding, so I think you should expect us -- Larry talked about a pretty exciting opportunity for us in PaaS, we'll add sales people in the area of PaaS. And there will be some complementary areas to the sales force that we've got, but you won't see the size of increases that you've seen over the past two or three years.

不，我認為 Safra 說得對。我們已經依照先前向各位說明的策略，完成了一次相當可觀的擴編。我們仍在增加人力。但增加的速度已不像之前那麼快，所以我想你們應該預期——Larry 談到我們在 PaaS 上有相當令人振奮的機會，我們會在 PaaS 領域增加業務人員。而且也會在一些與現有業務團隊互補的領域增補人力，但你們不會再看到過去兩三年那種幅度的增加。

And it should be outweighed by revenue growth, as well as profitability improvements in the rest of the business.

而且這應該會被營收成長，以及其他業務的獲利能力改善所抵銷並超過。

It is a reasonable point to bring up because it sort of relates to the first question that came up that as our sales force now becomes more productive, particularly when you see cloud bookings. Larry gave you a very important statement about some thoughts about cloud bookings in 2015. As those numbers turn from bookings into revenue, that turns into a very attractive model as it relates to your first question about our operating margins.

這確實是個合理的觀點，因為它某種程度上呼應了第一個問題：當我們的業務團隊現在變得更有效率，特別是當你看到雲端訂單（cloud bookings）時。Larry 對於 2015 年雲端訂單的一些想法，給了你一個非常重要的陳述。當這些數字從訂單轉為營收時，就會形成一個非常有吸引力的模型，這也回到你第一個關於我們營業利益率的問題。

Got it. Very helpful.

了解。非常有幫助。

Walter Pritchard with Citi has the next question.

下一個問題由花旗（Citi）的 Walter Pritchard 提問。

Safra, I'm wondering if you could talk about, you gave guidance for license in the -- three months ago and you were towards the low end of that. I'm wondering if you could help people understand what the source of the deviation was there. You did talk about you're seeing more demand show up in SaaS. Was the total volume and demand that you saw from a software perspective SaaS and traditional on-prem license in line with what you're expecting at the mid point, or was it at the low end? Just trying to calibrate versus what you guided, given all of the moving pieces.

Safra，我想請你談談：三個月前你對授權（license）給了指引，而結果落在該區間的低端。我想請你協助大家理解，偏離的來源是什麼。你確實提到你看到更多需求出現在 SaaS。從軟體的角度來看，你看到的總量與需求（SaaS 與傳統地端授權）是符合你在中位數（mid point）的預期，還是落在低端？只是想在所有變動因素之下，對照你給的指引做個校準。

I think we're doing better in cloud than we expected. That has become extremely, extremely popular and as a result, we have less of a growth in new license, we have a lot more in cloud, but obviously I'm not recognizing all that cloud up front. In fact, some of it, especially stuff that's actually booked in Q4, is not recognized at all and so it shows up later. As you'll see, where I'm projecting cloud growth in the high 20s to 30s in my guidance, which is obviously a reflection of what's been going on. Cloud is doing extremely, extremely well, and sometimes to the extent the customers' alternative, of course, would have been to buy a license, and so that's what is doing it. I'm actually thrilled that we are where we are in new license, considering how much cloud growth we've got.

我認為我們在雲端的表現比預期更好。雲端變得非常、非常受歡迎，因此我們的新授權成長較少、雲端則多很多；但顯然我不會把那些雲端收入全部在前期認列。事實上，其中一部分，特別是實際在第四季（Q4）簽下的訂單，完全不會被認列，因此會在之後才反映出來。你會看到，在我的指引中，我預估雲端成長在高 20% 到 30% 的區間，這顯然反映了目前的情況。雲端表現非常、非常好；而且有時候，客戶的替代方案當然會是買授權，所以這就是造成影響的原因。考量到我們有這麼多的雲端成長，我其實對我們目前的新授權表現感到非常振奮。

Great, thank you.

太好了，謝謝。

Our next question will come from Kash Rangan with Banc of America, Merrill Lynch.

下一個問題來自美國銀行美林（Banc of America, Merrill Lynch）的 Kash Rangan。

Hi, one observation and then a question. Observation is, you folks have done a remarkable job growing your earnings through this cloud transition and investing in the sales force, which is something that many large cap tech and many large cap software companies are not able to, that speaks to the power of the model.

嗨，我先提一個觀察，然後再問一個問題。我的觀察是，各位在雲端轉型期間、同時投資銷售團隊，仍能把獲利成長做得非常出色；這是許多大型科技股與大型軟體公司做不到的，這也反映出你們商業模式的威力。

But my observation was that, Safra, I think you mentioned application is up about 6% or so, which is commendable, especially given the cloud transition. But any commentary on the technology side of the equation? Did that come in -- how did that serve relative to your expectations? And how should we think about the 12c cycle, is the best of the 12c cycle yet to come, especially with the multitenant option and the in-memory option? Just trying to get a gauge whether there was any transition issue involved in the quarter on the tech side. Thank you very much.

不過我的觀察是，Safra，我想你提到應用（applications）大約成長了 6% 左右，這很值得肯定，尤其是在雲端轉型的背景下。但在技術（technology）這一端有沒有什麼評論？那部分的表現——相對於你們的預期如何？另外我們該如何看待 12c 週期？12c 週期最好的部分是否還在後面，特別是多租戶（multitenant）選項與記憶體內（in-memory）選項？我只是想掌握一下，本季在技術端是否有任何轉型問題。非常感謝。

Actually, it's a good question. I'm going to let Mark and Larry talk about the new products in the database. But actually, what went down in this quarter was an incredibly difficult compare in technology over Q4 last year. Actually. I'm actually very satisfied with where we came out on the tech side, happy with the app side and overall, extremely happy about what's going on in cloud for us. Do you guys want to talk about the new products?

其實這是個好問題。我會讓 Mark 和 Larry 來談談資料庫的新產品。但其實，本季技術端下滑的原因，是因為相較於去年第四季的比較基期非常困難。確實如此。我對我們在技術端的結果其實非常滿意，對應用端也很滿意；整體而言，我對我們在雲端的進展更是非常、非常滿意。你們要談談新產品嗎？

No, remember, the comparison we did, a huge deal, Salesforce.com is entirely based on the Oracle database and Oracle technology and in Q4 last year, of course they decided to just standardize for the next 10 years -- well, actually, to be more precise, in the next 9 years, on the Oracle database. And we had a very large deal with Salesforce.com, which created a bit of a difficult compare for us this year in the tech portion of our business.

不，請記得，我們做比較時，去年第四季有一筆非常大的交易：Salesforce.com 完全建立在 Oracle 資料庫與 Oracle 技術之上，而在去年第四季，他們決定在未來 10 年——更精確地說，是未來 9 年——都標準化採用 Oracle 資料庫。我們與 Salesforce.com 有一筆非常大的交易，這使得今年在我們業務的技術部分出現了比較基期偏高、較難比較的情況。

But we've got our new products, Larry just did a launch last week.

不過我們也有新產品，Larry 上週才剛發表。

Yes, and Kash, in terms of 12c, clearly the 12c is brand new. We think the multitenant option and the in-memory option are very, very attractive, especially to the cloud companies. Most of the cloud companies are based on the Oracle database. For example, this last Q4 we did a huge -- a big deal with SAP, where SuccessFactors is based entirely on Oracle. And so people are using the Oracle database in the cloud, so we had a nice deal with them. We had a nice deal a year ago, nice deal with Salesforce.com, obviously NetSuite as a base.

是的，Kash，就 12c 而言，12c 顯然是全新的。我們認為多租戶選項與記憶體內選項非常、非常有吸引力，尤其對雲端公司而言。大多數雲端公司都是以 Oracle 資料庫為基礎。例如，在上一個第四季我們與 SAP 做了一筆很大的——一筆很重要的交易，SuccessFactors 完全建立在 Oracle 之上。因此人們在雲端使用 Oracle 資料庫，我們也因此與他們達成了一筆不錯的交易。我們一年前與 Salesforce.com 有一筆不錯的交易，當然 NetSuite 也是以 Oracle 為基礎。

But virtually everybody with the exception of Workday is based on the Oracle database, and we think these two features, the in-memory feature and the multitenant feature really will allow us to deliver by far the best database experience in the cloud. And that should drive our database sales for the next few years.

但幾乎所有公司——除了 Workday 之外——都是以 Oracle 資料庫為基礎；我們認為這兩項功能，也就是記憶體內功能與多租戶功能，確實能讓我們在雲端提供遠勝同業的最佳資料庫體驗。而這應該會在未來幾年帶動我們的資料庫銷售。

Just a little bit of color for you on the database number first, database, to Larry's point, was a tough compare in the US, but in Europe we grew double digits. So, we had very strong database growth in Europe, and so it really was that one compare that Larry's described. Middleware had growth in the quarter as well, which was good to see.

先給你一些關於資料庫數字的補充說明：就資料庫而言，如 Larry 所說，在美國的比較基期很難，但在歐洲我們是兩位數成長。所以我們在歐洲的資料庫成長非常強勁，真正的影響主要就是 Larry 所描述的那一個比較因素。本季中介軟體（middleware）也有成長，這點也很高興看到。

And of course, as Safra mentioned, our apps business enjoyed the benefit the other way, but 6% growth in apps. And just to get context, Kash, I want to emphasize, as we said, we had 6% growth in apps license at the same time as we had -- on-premise -- at the same time as we had the bookings growth that I referenced, which was 37% for the year in cloud bookings. And it's become so, as Safra says, popular here. We actually got both benefits in the quarter, so strong apps quarter for us.

當然，如 Safra 所提，我們的應用業務在另一端也受惠，但應用授權仍有 6% 成長。Kash，為了讓你有脈絡，我想強調：如我們所說，我們在應用授權有 6% 成長的同時——在地端（on-premise）——也同時達成我先前提到的訂單（bookings）成長，也就是雲端訂單全年成長 37%。而且這已經變得非常——如 Safra 所說——非常受歡迎。我們本季其實兩邊的好處都拿到了，所以對我們而言是很強勁的一季應用表現。

Moving on to Jason Maynard with Wells Fargo.

接下來是 Wells Fargo 的 Jason Maynard。

Hi, good afternoon, guys. I actually have a couple questions on just cloud and applications overall. Maybe first, Larry, which product areas are you seeing best traction, fastest growth?

嗨，各位下午好。我其實有幾個關於雲端與整體應用的問題。也許先問 Larry：你看到哪些產品領域的動能最好、成長最快？

And then the second part maybe, Mark, can you maybe break down adoption by region? Because the US looked like it a little -- it was slower compared to EMEA, and I'm trying to figure out if that's a reflection of perhaps greater cloud growth or adoption in the US relative to Europe and on-premise licensing, thanks.

第二部分可能問 Mark：你能否按地區拆解一下採用情況？因為美國看起來有點——相較於 EMEA 似乎較慢；我想了解這是否反映出美國相對於歐洲在雲端成長或採用更高、以及在地端授權的差異，謝謝。

I think we're recognized clearly as the leader in marketing, and of course our marketing suite, Gartner recognizes us as the leader in marketing in the cloud. We're the upper right hand company, and we had great growth in marketing, and we're getting traction both in B2C and B2B in marketing and doing very, very well. In HCM, across-the-board we're doing extremely well from core HCM to recruiting and talent. We've just been very, very successful in HCM.

我想我們很明確被公認是行銷領域的領導者；當然，我們的行銷套件，Gartner 也認可我們是雲端行銷的領導者。我們是右上角的那家公司，而且我們在行銷方面成長很強，無論在 B2C 或 B2B 行銷都獲得動能，表現非常、非常好。在人力資本管理（HCM）方面，從核心 HCM 到招募與人才管理，我們全面表現都非常出色。我們在 HCM 真的非常成功。

It's early days in ERP, however, Q4 was a great ERP, Fusion ERP. And this is all -- by the way, this is all stuff we built. This is all Fusion, took us 8, 9, 10 years, whatever you want, however you want, it took us a long time to build our next generation cloud products. Fusion ERP, Fusion HCM, Fusion CRM, it was a tough road. But we're beginning to get real serious traction, especially in North America, for ERP.

ERP 還算早期，不過第四季的 ERP——Fusion ERP——表現很棒。而且順帶一提，這些全部——都是我們自己打造的。這些都是 Fusion，我們花了 8、9、10 年，隨你怎麼說，總之我們花了很長時間來打造下一代雲端產品。Fusion ERP、Fusion HCM、Fusion CRM，這條路很艱辛。但我們開始獲得真正、非常明顯的動能，尤其是在北美的 ERP。

Our HCM products are doing extremely well in North America where we're head-to-head against Workday. And we're running the table in EMEA in HCM, we really are the dominant supplier in the cloud in EMEA. In terms of the adoption rates, obviously there are much -- cloud is much slower to be adopted in Asia-Pac. But I'll turn it over to Mark.

我們的 HCM 產品在北美表現非常好，我們在那裡與 Workday 正面交鋒。而在 EMEA 的 HCM 我們幾乎是全面勝出，我們確實是 EMEA 雲端市場的主導供應商。就採用速度而言，很明顯——亞太地區對雲端的採用要慢得多。不過我把問題交給 Mark。

Well listen, I think, Jason, a couple of points. One, HCM, I think we're doing really well. I know nobody loves it when I read off names, but to be very blunt, our wins in the quarter were significant. Just a couple, Cox Enterprises, Eaton, Fair Isaac, National Instruments, Avendi, Xerox, Fairmont Hotel. These are just a few of the quality brands we took down in HCM alone, so we had a strong HCM quarter. We're actually going up actually against the strongest HCM compare last year that we had seen, but it was very, very impressive. I think we have a position in HCM where we're battling out with Workday. We think we're winning a lot more than we're losing, and we're doing really well internationally, particularly in Europe, as Larry described.

好，Jason，我想有幾點。第一，HCM 方面我認為我們做得非常好。我知道沒有人喜歡我唸一串客戶名字，但坦白說，我們本季的贏單非常顯著。舉幾個例子：Cox Enterprises、Eaton、Fair Isaac、National Instruments、Avendi、Xerox、Fairmont Hotel。這些只是我們在 HCM 單一領域拿下的幾個高品質品牌，所以我們的 HCM 本季很強。我們其實是在對比去年我們所見過最強的 HCM 比較基期，但表現仍然非常、非常亮眼。我認為我們在 HCM 的位置是與 Workday 競爭拉鋸。我們認為我們贏的遠多於輸的，而且在國際市場、特別是如 Larry 所描述的歐洲，我們做得非常好。

Marketing, we won Kaiser, Eaton, Lexmark, Panasonic, Thomson Reuters, Time Warner Cable, Tyco. These are quality names that adopted the Oracle marketing cloud, and I could go on across all these areas. As I described in my prepared comments that maybe you couldn't hear, when you look at these Gartner waves or Gartner quadrants, sorry, and Forrester waves, we lead in more of these waves and quadrants than our three cloud competitors combined. So, I really feel very good about where we are.

行銷方面，我們拿下了 Kaiser、Eaton、Lexmark、Panasonic、Thomson Reuters、Time Warner Cable、Tyco。這些都是採用 Oracle 行銷雲的優質客戶名稱，而且我還可以在所有這些領域繼續列舉下去。正如我在事先準備的發言中所描述的（也許你沒聽清楚），當你看這些 Gartner Wave 或 Gartner Quadrant（抱歉，是象限）以及 Forrester Wave 時，我們在這些 Wave 與象限中的領先項目，比我們三家雲端競爭對手加總起來還多。所以，我對我們目前所處的位置真的感到非常好。

Now, to your question about regions, I think you're taking the wrong conclusion out of Europe versus the United States. Our US cloud business has done very well. You don't see it reflected in the numbers quite as well because of the conversation we had a couple of questions ago about the recognition of subscription revenue, but the bookings in the United States are quite strong.

現在，關於你問到的區域問題，我認為你從歐洲對比美國得出了錯誤的結論。我們在美國的雲端業務表現非常好。你在數字上不太看得出來，原因是我們在前幾個問題談到的訂閱收入認列方式，但美國的訂單（bookings）其實相當強勁。

Our relative position in Europe may be stronger, but the adoption is slower relative to what we've seen in the US. Europe has done fantastic. Let me take nothing away from Europe, but what you've really seen them done a great job of is winning what's available in the European market, and they've done a great job in our traditional business at the same time.

我們在歐洲的相對地位可能更強，但相較於我們在美國看到的情況，採用速度較慢。歐洲表現非常出色。我完全無意貶低歐洲，但你真正看到他們做得很好的，是在歐洲市場把可拿下的案子都贏下來；同時，他們在我們的傳統業務上也做得非常好。

We'll now hear from Rick Sherlund with Nomura Securities.

接下來我們將聽取 Nomura Securities 的 Rick Sherlund 提問。

Thank you. I just wanted follow up on 12c. Larry, would you envision with the capabilities of 12c that your SaaS partners that use Oracle will rearchitect their products to support multitenancy at the database level and take advantage of in-memory capabilities as well to advance the apps offered on top of 12c?

謝謝。我想就 12c 追問一下。Larry，您是否預期，隨著 12c 的能力提升，那些使用 Oracle 的 SaaS 合作夥伴會重新架構其產品，以在資料庫層支援多租戶（multitenancy），並同時利用記憶體內（in-memory）能力，來強化建置在 12c 之上的應用程式？

Well, if you've already put multitenancy -- let me talk about your rearchitecture question. What the 12c database does, the multitenant feature, it takes an existing application that doesn't have multitenancy built into it at the application layer and makes those existing applications all multitenant. So, there are a lot of companies that want to get to the cloud. I'm just going to pick one out of thin air, like Cerner, who really don't have multitenant products but would like to get to the cloud, they would be a perfect example of a company who runs on top of Oracle that would like to get to the cloud where the multi -- Oracle multitenant database gives them fast track to the cloud and fast track to very fast big data analytics with our in-memory option. So, those two things I think are going to be instrumental to us moving our huge ISV community to the cloud on top of our platform.

嗯，如果你已經導入多租戶——讓我談談你問的重新架構問題。12c 資料庫的多租戶功能，能把一個在應用層原本沒有內建多租戶的既有應用程式，變成多租戶。所以，有很多公司想上雲。我隨便舉一個例子，比如 Cerner，他們其實沒有多租戶產品，但希望上雲；他們就是一個很典型的例子：在 Oracle 之上運行、想上雲，而 Oracle 的多租戶資料庫能讓他們快速上雲，並透過我們的 in-memory 選項快速進行超高速的大數據分析。所以，我認為這兩件事將成為關鍵，幫助我們把龐大的 ISV 社群移轉到我們平台之上的雲端。

We think that's a gigantic opportunity, and let me emphasize, our platform -- Salesforce is really two businesses, Salesforce.com, the leader in the cloud, has two businesses. They have got their sales force automation business, which is most of their application business, and then they have got what they now call Salesforce One, which is their platform business. Our platform business is made up of the Oracle database with multitenant in-memory and the world's most popular programming language, Java. We have -- virtually every ISV runs on top of the Oracle database. Virtually all of these companies would like to be able to move their offerings to the cloud. We now enable that.

我們認為這是巨大的機會。我再強調一下，我們的平台——Salesforce 其實是兩個業務，Salesforce.com 這家雲端領導者有兩個業務。他們有銷售自動化業務，這是他們大部分的應用業務；另外他們還有現在稱為 Salesforce One 的平台業務。我們的平台業務由具備多租戶與 in-memory 的 Oracle 資料庫，以及全球最受歡迎的程式語言 Java 所構成。我們——幾乎每一家 ISV 都在 Oracle 資料庫之上運行。幾乎所有這些公司都希望能把他們的產品移到雲端。我們現在讓這件事成為可能。

Our platform is just coming out this fall. This is a net new business for us going forward, moving all these ISVs into the cloud. We think this might be the biggest single -- in an opportunity-rich world, as we're seeing our SaaS applications -- the growth is accelerating, by the way. We're growing much faster. So, this year, 50% bookings, I mentioned it before, we're seeing our -- the demand for our SaaS applications accelerate, absolutely. And having a broad portfolio gives us a lot of room to grow.

我們的平台將在今年秋季推出。這對我們而言是未來全新的業務，把所有這些 ISV 移到雲端。我們認為這可能是最大的單一——在一個充滿機會的世界裡，正如我們看到的，我們的 SaaS 應用——順帶一提，成長正在加速。我們成長得更快。所以，今年訂單成長 50%，我之前提過；我們看到——對我們 SaaS 應用的需求確實在加速，毫無疑問。而擁有廣泛的產品組合，讓我們有很大的成長空間。

PaaS is this new opportunity where a bunch of companies are just chomping at the bit to get their businesses to the cloud. We can move that ISV community to the cloud with 12c, we think that is a gigantic opportunity, and it's going to help us grow our SaaS/PaaS business and make us number one in both categories.

PaaS 是一個新的機會，很多公司都迫不及待想把他們的業務搬上雲端。我們可以用 12c 把 ISV 社群移到雲端；我們認為這是巨大的機會，並且將幫助我們成長 SaaS/PaaS 業務，讓我們在這兩個類別都成為第一名。

Is the in-memory piece as important as the multitenancy?

記憶體內（in-memory）這一塊和多租戶同樣重要嗎？

Well, it's different pieces, right? The multitenancy piece basically lets you get to the cloud, period, with multitenancy and the in-memory piece allows you to offer big data analytics. What you're asking me, which is more important, big data analytics or being multitenancy in the cloud, I think they are both crucial to modern computing. These are the -- two of the biggest parts of modern computing. People spend a lot of time talking about the cloud and getting to the cloud, getting your business to the cloud and modernizing it and big data analytics. They are number one and number two in the conversation about technology these days and all the meetings on them.

嗯，這是不同的部分，對吧？多租戶這一塊基本上讓你能上雲——就這麼簡單；而 in-memory 這一塊則讓你能提供大數據分析。你問我哪個更重要：大數據分析，還是雲端的多租戶？我認為兩者對現代運算都至關重要。這兩個是現代運算中最大的兩個部分。人們花很多時間談雲端、上雲、把業務搬上雲並使其現代化，以及大數據分析。它們是當今科技討論中的第一與第二大主題，也是所有會議的焦點。

Heather Bellini with Goldman Sachs has the next question.

下一個問題由 Goldman Sachs 的 Heather Bellini 提出。

Great, thank you so much. As Oracle continues with its success in the cloud, over time, I know you mentioned the revenue benefits over time, but I'm wondering how we think about the long-term operating margin profile of the Company as you guys continue down the path of your success.

很好，謝謝你們。隨著 Oracle 在雲端持續成功，長期來看，我知道你提到過隨時間推移的營收效益，但我想了解的是，當你們沿著成功之路持續前進時，我們應該如何看待公司長期的營業利益率（operating margin）輪廓？

And then also just a follow-up for Mark. Knowing you had a tough comp in the US with the Salesforce.com deal in the Americas, was there anything else impacting growth in the region in the quarter? And on the flip side, you had one of the best growth rates we've seen out of you guys in EMEA in quite some time. Is there anything there you can highlight?

另外也追問 Mark 一下。考量到你們在美國（美洲）因 Salesforce.com 的交易而面臨較艱難的比較基期（tough comp），本季該區域的成長是否還有其他影響因素？反過來看，你們在 EMEA 的成長率是我們一段時間以來看到最好的之一。那邊有什麼你可以特別說明的嗎？

Why don't you take the question first.

你先回答這個問題吧。

Okay, one the US, no, everything roughly behaved as we expected, that's the issue on the comp. Europe, I've said this I know multiple times on these calls. They've just executed marvelously. They've taken enormous amounts of market share. They have just done a great job, and it's across, Heather, really all aspects of our business. It's across our engineered systems business, our database business, our middleware business, our SaaS business.

好的。美國方面，沒有，整體表現大致如我們預期，問題就在比較基期。歐洲方面，我在這些電話會議上應該已經說過很多次了。他們的執行力非常出色。他們拿下了大量市占。他們做得非常好，而且 Heather，涵蓋我們業務的各個面向。涵蓋我們的整合式系統（engineered systems）業務、資料庫業務、中介軟體業務、SaaS 業務。

They were the first to add sales capacity. They added sales capacity really 3.5 years ago, and they've trained and assimilated that capacity and that capacity has now got us in materially more deals. Simultaneously, we've been able to take some very strategic transactions, as we did this quarter, that are just part of that overall series of successes we've seen out of Europe. And I think as you know, Europe hasn't been the most robust economy over the course of that time frame, so I think our team there has just executed marvelously.

他們是第一個增加銷售產能的地區。他們大約在 3.5 年前就增加了銷售產能，並且訓練與整合了這些人力；而這些產能現在讓我們實質上參與了更多交易案。同時，我們也能夠進行一些非常具策略性的交易，就像我們本季所做的那樣，這些都只是我們在歐洲看到的一連串成功的一部分。而且我想你也知道，在那段期間歐洲的經濟並不是最強勁的，所以我認為我們那邊的團隊確實執行得非常出色。

Heather, on your margin question, as you can see in the numbers, and they basically speak for themselves, we've been doing this build up and investment all within our profitability envelope. You can look at our cash flow statements, you can see our capital investments. We are incredibly advantaged because we make virtually absolutely everything in the cloud that we need, whether it's the hardware, engineered systems, the software, the operating system, the database, we have it all. And we have a business that is at such scale that we have enormous economies of scale.

Heather，關於你提到的毛利率問題，正如你從數字中所看到的，而且基本上不言自明，我們一直在我們的獲利能力範圍內進行這些建置與投資。你可以查看我們的現金流量表，就能看到我們的資本投資。我們具備極大的優勢，因為我們在雲端所需的幾乎所有東西都由我們自己製造，無論是硬體、工程化系統、軟體、作業系統、資料庫，我們一應俱全。而且我們的業務規模如此之大，以至於擁有巨大的規模經濟效益。

We can add customers at an extremely high profitability level because we have so many customers generally and additionally because we control literally so much of our own supply chain. So, we can deliver these services, and we already have the sales force, we have everything in place. And we're not even at scale in cloud, so imagine at scale what's going to happen here. And as these new bookings, which are in this heavy growth period, actually start to rain back as revenue, we are extremely optimistic about our ability to grow cloud and over time, as I said in my prepared remarks, in the short term, less revenue come in, in the long term and medium term more revenue come in. And simultaneously, our customers spend and save an enormous amount of money themselves, so it's really a win-win as well for both of us.

我們能以極高的獲利水準新增客戶，因為我們一般而言擁有非常多的客戶，此外也因為我們幾乎掌控了自身供應鏈的很大一部分。因此，我們可以交付這些服務，而且我們已經有銷售團隊，一切都已就緒。而我們在雲端業務上甚至還未達到規模，所以想像一下達到規模後會發生什麼。隨著這些處於高速成長期的新訂單，實際開始回流並轉為營收，我們對於擴大雲端業務的能力非常樂觀；而且隨著時間推移，正如我在事先準備的發言中所說，短期內進來的營收較少，中長期則會有更多營收進來。同時，我們的客戶自己也能花得更少、省下大量成本，所以對我們雙方而言也確實是雙贏。

Let me just add one little piece which is the two parts of the cloud business that we're focused on are SaaS, the applications and PaaS, the platform database and Java programming language. We think inherently those businesses are 40%, 50% margin businesses. We think that's not the case in infrastructure-as-a-service business. We think that's a lower margin business, but we think we can run it profitably in association with our SaaS and PaaS businesses.

我再補充一點：我們聚焦的雲端業務有兩個部分，SaaS（應用程式）以及 PaaS（平台：資料庫與 Java 程式語言）。我們認為這些業務本質上是 40%、50% 毛利率的業務。我們認為基礎設施即服務（IaaS）業務並非如此。我們認為那是毛利率較低的業務，但我們相信可以在與我們的 SaaS 與 PaaS 業務結合的情況下，仍然以獲利方式營運。

But where we're really trying to grow the business, where we're determined to be number one, is in SaaS and PaaS. We're in infrastructure-as-a-service as a convenience to our customers who want to have one stop shopping and buy their applications platform and infrastructure at the same place. But we think collectively, those three businesses, as Safra said, we are our supply chain. We buy electricity in buildings, everything else we make. And we think we can deliver these cloud services without compromising our margins whatsoever.

但我們真正想要成長、並且決心做到第一名的，是 SaaS 與 PaaS。我們提供基礎設施即服務，是為了方便那些希望一站式採購、在同一個地方購買應用程式、平台與基礎設施的客戶。但我們認為整體而言，這三項業務，如 Safra 所說，我們就是我們自己的供應鏈。我們購買的是建築物裡的電力，其餘幾乎都是我們自己製造。我們認為我們可以在完全不犧牲毛利率的情況下交付這些雲端服務。

Thank you.

謝謝。

Our last question will come from Joel Fishbein with BMO Capital Markets.

我們最後一個問題將由 BMO Capital Markets 的 Joel Fishbein 提出。

Hi, Mark. I might have missed this, but just wanted to get some more color on the integrated systems. It looked like the business was a little bit weaker than we would have expected, and I would love to get color around that, and I might have missed it on your opening comments.

嗨，Mark。我可能漏聽了這部分，但我想再多了解一些整合式系統的情況。看起來這項業務比我們預期的稍微弱一些，我很希望能聽到你對此的進一步說明；也許我在你開場的評論中漏掉了。

You mean engineered systems, correct, Joel?

你是指工程化系統，對嗎，Joel？

Engineered systems, sorry, Mark.

工程化系統，抱歉，Mark。

Yes, strong quarter, best quarter we've ever had. Just to be clear, I think I said this in Q3, that Q3 was the best quarter we'd ever had except for this Q4 that we were going to have, that we'd had, and we beat it in Q4. Now, in Q4 was that same deal that Larry described earlier as a comparison, and as Safra mentioned, I think she said in her remarks, but I'll say it if she didn't, we had double-digit growth in engineered systems in the quarter, so it was a record for us and very strong. We -- trust me, though, we couldn't grow hardware the way we did without engineered systems having a strong quarter, so we're awful excited about that.

是的，本季表現強勁，是我們有史以來最好的季度。為了說清楚，我想我在第三季曾說過，第三季是我們有史以來最好的季度——除了我們即將在第四季達成、而且已經達成的這個第四季之外——而我們在第四季又超越了它。另外，第四季包含了 Larry 先前描述過、用來作比較的那筆同樣的交易；而且如 Safra 所提到的，我想她在發言中有說，但即使她沒說我也在這裡補充：本季工程化系統實現了兩位數成長，對我們而言是創紀錄且非常強勁。我們——相信我——如果工程化系統本季不強勁，我們不可能把硬體成長做到這樣，所以我們對此非常興奮。

Okay, thanks a lot.

好的，非常感謝。

Thanks, Joel.

謝謝你，Joel。

Mr. Bond, I'll turn things back to you for closing or additional remarks.

Bond 先生，我把時間交還給您作結語或補充說明。

Thank you, operator. Our apologies for the technical difficulty this afternoon. We understand that the Webcast came through cleanly, so a telephonic replay of the conference call will be available shortly. Dial-in information for that Webcast replay 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 soon. Thank you again for joining us, and with that, I'll turn it back to Chelsea for closing the call.

謝謝，接線員。對於今天下午的技術問題，我們深感抱歉。我們了解網路直播的收聽品質良好，因此本次電話會議的電話重播將很快提供。該網路直播重播的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；我們期待很快再與各位交流。再次感謝各位參與；接下來我把時間交回 Chelsea 來結束本次電話會議。

Thank you, Mr. Bond. Again, ladies and gentlemen, that does conclude our conference for today. We thank you all for your participation.

謝謝您，Bond 先生。再次提醒各位女士、先生，今天的電話會議到此結束。感謝各位的參與。