甲骨文 (ORCL) 2015 Q1 法說會逐字稿

Welcome to Oracle's First-Quarter Fiscal 2015 Earnings Call. As a reminder, this call is being recorded for replay purposes. I'd like to now turn the call over to Ken Bond, Vice President of Investor Relations.

歡迎參加甲骨文（Oracle）2015 會計年度第一季財報電話會議。提醒各位，本次電話會議將錄音以供重播。現在我想把電話會議交給投資人關係副總裁 Ken Bond。

Thank you, Victoria.

謝謝你，Victoria。

Good afternoon, everyone, and welcome to Oracle's first-quarter FY15 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 Executive Chairman and Chief Technology Officer, Larry Ellison, CEO, Safra Catz, and CEO, Mark Hurd.

各位下午好，歡迎參加甲骨文 2015 會計年度第一季財報電話會議。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。今天與會者包括執行董事長兼技術長 Larry Ellison、執行長 Safra Catz，以及執行長 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.

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。

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 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 revision of these forward-looking statements in light of new information or future events.

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有重大差異。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-Q、10-K 及任何適用的修訂），以完整了解這些因素以及其他可能影響我們未來業績或股價的風險。最後，若因新資訊或未來事件而需要修訂這些前瞻性陳述，我們並無義務更新或公開發布任何修訂。

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

在進入問答之前，我們將先做一些事先準備的發言。接下來，我想把電話會議交給 Safra。

Thanks, Ken. I'm going to focus on our non-GAAP results for Q1. I'll then review guidance for Q2, then turn the call over to Mark and Larry for their comments.

謝謝，Ken。我將聚焦於我們第一季的非 GAAP 結果。接著我會回顧第二季的財測指引，然後把電話會議交給 Mark 與 Larry 發表他們的看法。

Those of you who have followed us for a while know that Q1 is a seasonally smaller quarter, which can mean more volatility in our results, and that's what we saw this quarter. Currency was a 1% tailwind to total revenues. Today, my comments generally reflect constant dollar growth rates.

長期關注我們的各位都知道，第一季在季節性上通常是較小的一季，這可能意味著我們的結果波動較大，而本季確實如此。匯率對總營收帶來 1% 的順風。今天我的評論一般將反映以固定匯率（constant dollar）計算的成長率。

Cloud revenue totaled $477 million, growing 29%. In that, cloud SaaS and PaaS were $339 million, up 31% from last year, and up 4% sequentially. The cloud infrastructure as a service was $138 million, up 25%.

雲端營收合計 4.77 億美元，成長 29%。其中，雲端 SaaS 與 PaaS 為 3.39 億美元，較去年成長 31%，較上一季成長 4%。雲端 IaaS（基礎架構即服務）為 1.38 億美元，成長 25%。

Q1 results in the cloud were better than expected. And with us now three times bigger than Workday, now that's not enough for us. As our goal is to be bigger than Salesforce, and faster growing than workday, while growing cash flow and improving our already high levels of profitability.

第一季雲端表現優於預期。而且我們現在規模已是 Workday 的三倍，但這對我們來說還不夠。我們的目標是規模要大於 Salesforce、成長速度要快於 Workday，同時提升現金流並改善我們本已很高的獲利水準。

New software license was $1.4 billion, down 2% from last year. And software updates and product support was a record $4.7 billion, up 6%. Software and cloud revenue totaled $6.6 billion in Q1, growing 6%.

新軟體授權為 14 億美元，較去年下滑 2%。軟體更新與產品支援創下 47 億美元的紀錄，成長 6%。第一季軟體與雲端營收合計 66 億美元，成長 6%。

Customers have started to move from on-premise systems to the cloud. But with so many on premise customers and only 30% of our support base in applications, we haven't seen a reduction in software updates and product support renewal rates, which continue at their usual high levels. However, as the movement to the cloud grows, we expect this transition will affect our revenue to the positive.

客戶已開始從地端（on-premise）系統移轉到雲端。但由於我們仍有大量地端客戶，且在我們的支援基礎中應用軟體僅占 30%，我們尚未看到軟體更新與產品支援的續約率下降，續約率仍維持一貫的高水準。然而，隨著移轉雲端的趨勢擴大，我們預期這項轉型將對我們的營收帶來正面影響。

These customers will essentially replace their software support payments with a cloud subscription, which will mean substantially more revenue to Oracle. That is because not only will we be providing the most up-to-date software, but we'll also be providing the hardware, the application management, and complete operation. Of course, we expect that as the customer pays more to Oracle, this increase will be more than offset by a reduction in their costs of implementing and running their own systems.

這些客戶基本上會以雲端訂閱取代其軟體支援費用，這將為甲骨文帶來顯著更多的營收。原因在於，我們不僅提供最新版本的軟體，還會提供硬體、應用程式管理以及完整的營運。當然，我們預期客戶支付給甲骨文的費用增加，將會被其自行導入與運行系統成本的降低所抵銷，且抵銷幅度將超過增加的費用。

And because we control nearly all of our own supply chain and benefit from enormous economies of scale, we expect most customers converting their premise-based software support payments to cloud subscriptions will be immediately accretive to operating income as well. In the case of new or existing customers, taking cloud subscription in lieu of buying new or additional software licenses, there will be a short-term delay in revenue. But over the medium and long term, we also expect more revenue and operating income, as well as increased cash flow.

此外，由於我們幾乎掌控自身整個供應鏈，並受益於龐大的規模經濟，我們預期多數將地端軟體支援費用轉為雲端訂閱的客戶，也會立即對營業利益具有增益（accretive）。至於新客戶或既有客戶若以雲端訂閱取代購買新的或額外的軟體授權，短期內營收會有延後。但在中長期，我們同樣預期營收與營業利益將增加，現金流也會提升。

As for the details in this quarter, GAAP software and cloud results in the Americas grew 6%. Helped by a very strong performance from our North America application team, and our global business units.

就本季細節而言，美洲地區的 GAAP 軟體與雲端業績成長 6%。這得益於我們北美應用團隊以及全球事業單位的非常強勁表現。

Thanks to the fantastic EMEA management team, considering the geopolitical situations in Europe and the Middle East, EMEA was up an astounding 7%, Asia-Pac grew 2%.

在歐洲與中東地緣政治情勢的背景下，歸功於出色的 EMEA 管理團隊，EMEA 仍驚人地成長 7%；亞太地區成長 2%。

Engineered systems continue to grow, and were over a third of hardware product revenue over the last 12 months. However, hardware revenue in total was down 8%, as other servers and storage revenues, especially tape, declined. Hardware system product revenue was down 14%, while hardware systems support was down 2%.

整合式系統（Engineered Systems）持續成長，且在過去 12 個月中占硬體產品營收超過三分之一。然而，硬體總營收下滑 8%，因其他伺服器與儲存營收（尤其是磁帶）下滑。硬體系統產品營收下滑 14%，而硬體系統支援下滑 2%。

Consulting services, which I don't usually comment on because they're not as strategic to our business, also suffered from some execution issues in North America. Total revenue for the quarter was $8.6 billion, up 2% from last year. The quarter was not dependent on any one large deal.

顧問服務方面，我通常不特別評論，因為它們對我們的業務策略性較低；本季也因北美的一些執行問題而受到影響。本季總營收為 86 億美元，較去年成長 2%。本季業績並不依賴任何單一大型交易。

Our non-GAAP operating income was $3.8 billion, with 1% higher than last year. And operating margin was 44.4%, down just 22 basis points from last year. Because the sales shortfall in hardware -- in some hardware, and consulting happened late in the quarter, and did not allow us time to adjust our [expense] base in the quarter.

我們的非 GAAP 營業利益為 38 億美元，較去年成長 1%。營業利益率為 44.4%，僅較去年下降 22 個基點。因為硬體（部分硬體）以及顧問服務的銷售缺口發生在季末，使我們在本季沒有時間調整我們的[費用]基礎。

Free cash flow increased to a record $14.7 billion over the last four quarters, and to an all-time high of $6.5 billion for the quarter, up 6% from Q1 last year. The non-GAAP tax rate for the quarter was 21.5%, EPS for the quarter grew 4% in US dollars to $0.62 on a non-GAAP basis.

過去四個季度的自由現金流增至創紀錄的 147 億美元；本季自由現金流達到歷史新高 65 億美元，較去年第一季成長 6%。本季非 GAAP 稅率為 21.5%；以非 GAAP 計算，本季每股盈餘（EPS）以美元計成長 4% 至 0.62 美元。

The GAAP tax rate was 19.7%, due to some one-time events and the mix of earnings. On a GAAP basis, EPS for the quarter was $0.48 in US dollars, up 2%.

GAAP 稅率為 19.7%，主要因一次性事件以及獲利組合所致。以 GAAP 計算，本季每股盈餘為 0.48 美元，成長 2%。

At quarter end, deferred revenue was at a record $8.9 billion, up 5% from last year, and we had nearly $52 billion in cash and marketable securities. Net of debt, our cash position was $19 billion. So both of these balances are roughly $5 billion lower, now that we've closed the MICROS transaction.

季末遞延收入創紀錄達 89 億美元，較去年成長 5%；我們持有近 520 億美元的現金與有價證券。扣除負債後，我們的淨現金部位為 190 億美元。因此，隨著我們完成 MICROS 交易，這兩項餘額目前都約減少了 50 億美元。

This quarter, we repurchased nearly 49 million shares, for a total of [2 billion]. Over the last 12 months, we've repurchased more than 5% of the shares outstanding a year ago, and paid out more than $2.1 billion in dividend. As nearly 75% of our cash flow was returned to shareholders.

本季我們回購了近 4,900 萬股，總金額為[20 億美元]。過去 12 個月，我們回購了超過一年前流通在外股數的 5%，並發放超過 21 億美元的股利。因為我們將近 75% 的現金流回饋給股東。

We recently increased our share buyback authorization by an additional $13 billion, and we now have a total authorization of more than $15 billion available. The Board of Directors declared a quarterly dividend of $0.12 per share.

我們最近將我們的股票回購授權額外增加了130億美元，目前可用的總授權額已超過150億美元。董事會宣告每股0.12美元的季度股利。

As I move to guidance, I need to make some comments first regarding MICROS, which we closed a few days ago. First, we will not own it for the whole quarter.

在我開始談指引之前，我需要先就我們幾天前完成交割的MICROS發表一些評論。首先，我們不會在整個季度都持有它。

Secondly, and much more importantly, because our revenue recognition policies and our operating procedures are stripped, the contributions from MICROS will not be consistent with their historical run rates. For example, I am only expecting about $14 million in on-premise new license revenue for the quarter from MICROS.

其次，而且更重要的是，由於我們的收入認列政策與營運程序有所調整，MICROS的貢獻將不會與其過去的歷史運行水準一致。例如，我預期本季度來自MICROS的內部部署（on-premise）新授權收入約為1,400萬美元。

Also, given recent currency movements, we expect to see a currency headwind of 1% for cloud revenues, 2% for stock run cloud revenue combined, and 2% for both hardware and total revenue. And that could very much change. So taking all that into account, SaaS and PaaS on a non-GAAP basis is expected to grow between 40% to 45% in constant currency, 39% to 44% in US dollars.

此外，鑑於近期匯率變動，我們預期雲端營收將面臨1%的匯率逆風，合併的stock run雲端營收為2%，硬體與總營收也各為2%。而這很可能會改變。綜合以上因素，以非GAAP基礎計算，SaaS與PaaS預期在固定匯率下成長40%至45%，以美元計則成長39%至44%。

On a GAAP basis, SaaS and PaaS revenue is expected to grow 39% to 44% in constant currency, and 38% to 43% in US dollars. Cloud IAS on a GAAP and non-GAAP basis is expected to grow 40% to 44% in constant currency and 39% to 43% in US dollars.

以GAAP基礎計算，SaaS與PaaS營收預期在固定匯率下成長39%至44%，以美元計成長38%至43%。雲端IaaS在GAAP與非GAAP基礎下，預期在固定匯率下成長40%至44%，以美元計成長39%至43%。

Software and cloud revenue on a GAAP and non-GAAP basis, including SaaS, PaaS, IAS, new software license, and software support is expected to grow 5% to 8% in constant currency, 3% to 6% in US dollars. Hardware system revenues on a GAAP and non-GAAP basis, which includes hardware system products and hardware systems support, is expected to be negative 8% to positive 2% in constant currency, negative 10% to zero in US dollars.

在GAAP與非GAAP基礎下，軟體與雲端營收（包含SaaS、PaaS、IaaS、新軟體授權與軟體支援）預期在固定匯率下成長5%至8%，以美元計成長3%至6%。在GAAP與非GAAP基礎下，硬體系統營收（包含硬體系統產品與硬體系統支援）預期在固定匯率下為負8%至正2%，以美元計為負10%至零。

Total revenue growth on a GAAP and non-GAAP basis is expected to range from 2% to 6% in constant currency, 0% to 4% in US dollars. Non-GAAP EPS is expected to be somewhere between $0.68 to $0.72 in constant currency, $0.66 and $0.70 in US dollars. GAAP EPS is expected to be somewhere between $0.53 and $0.57 in constant currency, and $0.51 and $0.55 in US dollars.

在GAAP與非GAAP基礎下，總營收成長預期在固定匯率下介於2%至6%，以美元計介於0%至4%。非GAAP每股盈餘（EPS）預期在固定匯率下約為0.68至0.72美元，以美元計為0.66至0.70美元。GAAP每股盈餘（EPS）預期在固定匯率下約為0.53至0.57美元，以美元計為0.51至0.55美元。

This guidance assumes a GAAP tax rate of 22.5%, and a non-GAAP tax rate of 23%. Of course it may end up being different.

此指引假設GAAP稅率為22.5%，非GAAP稅率為23%。當然，最終結果可能會不同。

As you have seen in the last few minutes, we announced that Larry was elected Executive Chairman and appointed Chief Technology Officer. Mark and I have been appointed CEO. Other than Mark and I reporting to the Board of Directors, of which Larry will be Executive Chairman instead of ancillary directly, no other reporting relationships will change at the Company.

如各位在過去幾分鐘所看到的，我們宣布Larry當選執行董事長並被任命為首席技術長。Mark和我已被任命為CEO。除Mark和我向董事會報告（Larry將擔任執行董事長，而非先前那種較為間接的方式）之外，公司內部其他匯報關係不會改變。

In addition, so I will no longer go by the CFO title. I will be the Principal Financial Officer for all regulatory purposes. We will not be hiring a CFO, and my teams will continue to report to me.

此外，因此我將不再使用CFO這個職稱。就所有監管目的而言，我將擔任首席財務負責人（Principal Financial Officer）。我們不會聘請CFO，而我的團隊將繼續向我匯報。

With that, I will turn it over to Larry for his comments.

接下來，我把時間交給Larry發表他的評論。

Thank you, Safra.

謝謝你，Safra。

Next week at Oracle Open World, we will be rolling out our new database cloud service with our new multi-tenant database as a service offering. Our customers and ISV's can move any of their existing applications and databases to the Oracle cloud with the push of a button.

下週在Oracle OpenWorld上，我們將推出全新的資料庫雲端服務，並提供我們新的多租戶資料庫即服務（DBaaS）方案。我們的客戶與ISV可以按一下按鈕，就把任何既有的應用程式與資料庫移轉到Oracle雲端。

With the push of a button, your data is automatically compressed ten to one, and encrypted for secure and efficient transfer to the cloud. With the push of a button, your existing application automatically becomes a multi-tenant application, and is moved to the Oracle cloud.

按一下按鈕，您的資料就會自動以10比1壓縮，並加密，以便安全且高效率地傳輸到雲端。按一下按鈕，您現有的應用程式會自動變成多租戶應用程式，並移轉到Oracle雲端。

No reprogramming is required. Every single Oracle feature, even our latest high-speed and memory processing, is included in the Oracle cloud database service.

不需要重新撰寫程式。Oracle雲端資料庫服務包含每一項Oracle功能，甚至包括我們最新的高速與記憶體處理能力。

Hundreds of thousands of customers and ISV's have been waiting for exactly this. Database is our largest software business, and database will be our largest cloud service business.

數十萬名客戶與ISV一直在等待的正是這個。資料庫是我們最大的軟體業務，而資料庫也將成為我們最大的雲端服務業務。

Mark, over to you.

Mark，交給你。

Before we take questions, I thought I'd just give you seven or eight facts about our cloud business in the quarter. First, bookings grew 54%, 3X last year's growth rate. Fusion bookings ERPH, CM, and SFA all grew triple digits. Two, revenue grew 32% in USD, 2X last year's growth rate. Three, we got 500 new cloud customers in the quarter.

在我們開始提問之前，我想先提供本季度我們雲端業務的七、八個事實。第一，訂單（bookings）成長54%，是去年成長率的3倍。Fusion在ERP、HCM與SFA的訂單都呈現三位數成長。第二，營收以美元計成長32%，是去年成長率的2倍。第三，本季度我們新增了500位雲端客戶。

Four, 170 of them were HCM customers. Based on what I heard Workday report, they got something like 25. We got 60 fusion HCM new customers in the quarter. Four, in CX, we had 290 new customers, 90 fusion SFA, and almost 200 marketing new customers in the quarter. Five, ERP, we added 90 new customers in fusion ERP, and a like number in our EPM with cloud. And all I'm talking about now here is ERP cloud and EPM cloud.

第四，其中170位是HCM客戶。根據我聽到Workday的說法，他們大概拿到約25個。我們本季度新增了60位Fusion HCM新客戶。第四，在CX方面，我們本季度新增290位客戶，其中90位是Fusion SFA，將近200位是行銷（marketing）新客戶。第五，在ERP方面，我們在Fusion ERP新增90位客戶，而在我們的雲端EPM也新增了相近數量。我現在談的都只是ERP雲與EPM雲。

Fusion overall had triple-digit bookings growth, triple-digit revenue growth. We added nearly 200 net new fusion customers, and had many 10s of go-lives. And while the transition to the cloud is in the early stages, we're already at a run rate of nearly $2 billion.

Fusion整體的訂單成長為三位數，營收成長也為三位數。我們新增了將近200位Fusion淨新客戶，並有數十個正式上線（go-live）。雖然向雲端轉型仍處於早期階段，但我們的年化運行規模（run rate）已接近20億美元。

A couple comments on hardware. We declined in SPARC this quarter, while we grew engineered systems double-digits. As Safra mentioned, engineered systems now makes up a third of our hardware. While we're growing double-digits, our competitors are declining double-digits. We ship our 10,000th engineered system in Q1. Lifetime bookings in hardware alone for engineered systems now exceed $3 billion. Hardware support margins are now approaching 70%, as a testimony to the change in our overall hardware mix and the stickiness of this business.

再談幾點硬體。本季度我們的SPARC下滑，但我們的工程化系統（engineered systems）以兩位數成長。如Safra所提到，工程化系統目前已占我們硬體的三分之一。當我們以兩位數成長時，我們的競爭對手卻以兩位數下滑。我們在第一季出貨了第10,000套工程化系統。僅就硬體而言，工程化系統的累計訂單（lifetime bookings）目前已超過30億美元。硬體支援毛利率目前正接近70%，這證明了我們整體硬體組合的改變，以及這項業務的黏著度。

With that, I'll turn it over to you all for questions.

接下來，我把時間交給各位提問。

(Operator Instructions)

（接線員指示）

Rick Sherlund, Nomura Securities.

Rick Sherlund，野村證券。

Question is for Larry. Larry, I wonder if you could address the issue of why the change in your role in the Company? And if you could clarify what the change might really be in terms of the working relationship and your responsibilities and daily activities in the business?

問題是問Larry的。Larry，我想請你談談為什麼你在公司內的角色會有這樣的變動？以及你是否可以釐清，這項變動在工作關係、你的職責與日常業務活動方面，實際上會有哪些改變？

Well, again, Mark and Safra have done a spectacular job, and I think they deserve the recognition of their new titles. I'm going to continue to work with Thomas Kurian in software engineering, and John Fowler in hardware engineering, and Ed Screven, and Mark, and Safra as I have exactly in the past. So I'm going to continue doing what I've been doing over the last several years.

嗯，再次強調，Mark和Safra做得非常出色，我認為他們值得以新職稱獲得肯定。我將一如既往，繼續與Thomas Kurian在軟體工程方面合作，與John Fowler在硬體工程方面合作，也會與Ed Screven、Mark與Safra合作，就像過去完全一樣。所以我會繼續做我在過去幾年一直在做的事情。

They're going to continue what they've been doing over the last several years. So they deserve the recognition, they deserve the CEO title. And I'm happy that our management team continues forward as a team.

他們將會延續過去幾年一直在做的事情。所以他們值得被肯定，也值得擁有執行長的頭銜。我很高興我們的管理團隊能夠作為一個團隊繼續向前。

Raimo Lenschow, Barclays Capital.

Raimo Lenschow，巴克萊資本。

Mark and Safra, congratulations to the new role. Question for me, if you look about into the quarter, obviously there were expectations out and you were slightly weaker. On the one hand side, I see the transformation.

Mark 和 Safra，恭喜你們的新職務。我有個問題：如果回頭看這一季，顯然市場原本有一些預期，而你們的表現略弱一些。一方面，我看到轉型正在進行。

I see a very strong deferred number, and a very strong cash number. But then I see the hardware.

我看到遞延收入數字非常強勁，現金數字也非常強勁。但接著我又看到硬體。

How do you think about the quarter? And how, in Q4, you thought it was better than we thought about it. How do you think about Q1 now? Thank you.

你們怎麼看待這一季？以及在第四季，你們認為表現比我們原先想的更好。那你們現在怎麼看第一季？謝謝。

Well again, I like Safra's quote. We're focused on two things. Becoming number one in the cloud, that means growing our cloud business rapidly.

我再說一次，我喜歡 Safra 的那句話。我們專注在兩件事上。成為雲端第一，這意味著要讓我們的雲端業務快速成長。

So you're seeing an acceleration in our growth rate. We were forecasting that we grow our cloud, our SaaS and PaaS business, this coming quarter between 40% and 45%. So not only are we getting bigger in the cloud, our growth rate is going up. That's usually the opposite of what happens.

所以你會看到我們的成長率正在加速。我們預估本季雲端（SaaS 與 PaaS）業務將成長 40% 到 45%。因此，我們不僅在雲端規模變大，成長率也在上升。這通常是相反的情況。

So we're focused on becoming number one in the cloud, being bigger than Salesforce in the cloud. And to do that, we've got to increase our growth rate, and that's exactly what we're doing.

所以我們專注於成為雲端第一，在雲端規模上超越 Salesforce。而要做到這點，我們必須提高成長率，而這正是我們正在做的。

Now while we're doing that, we have one other key focus. To continue to deliver record levels of cash flow, and that's exactly what we're doing.

在此同時，我們還有另一個關鍵重點。持續交出創紀錄水準的現金流，而這也正是我們正在做到的。

So we're getting bigger in the cloud. Our growth rate is increasing in the cloud, our cash flow is getting better. We think it was a great Q1, and it's going to get even better in terms of our growth rates in the cloud.

所以我們在雲端規模變大。我們在雲端的成長率正在提高，現金流也在改善。我們認為第一季表現很棒，而且在雲端成長率方面還會更好。

I thought you might mention in your question that the Chairman last quarter referenced a 50% bookings growth rate. And we delivered 54%. And I'll make a bold prediction, we'll do it again.

我原以為你在提問時會提到，董事長上季提到訂單（bookings）成長率 50%。而我們交出了 54%。我再做個大膽預測：我們會再做到一次。

And that's exactly what we need. Again, when we say we want to be number one in the cloud, we have to deliver growth rates in that 50% range. And that's what we're shooting at, and that's what we think we can achieve.

而這正是我們所需要的。再說一次，當我們說要成為雲端第一，我們就必須交出約 50% 這個區間的成長率。這是我們努力的目標，也是我們認為可以達成的。

By the way, that isn't even including our new database service that we rollout this Fall. So that's going to add a multiplier to our growth rate in the cloud. So we're getting triple-digit growth rates in our fusion applications, or our internally developed organically developed fusion applications.

順帶一提，這甚至還不包含我們今年秋季推出的新資料庫服務。那將會為我們的雲端成長率帶來乘數效應。因此，我們的 Fusion 應用（也就是我們內部自行研發、自然成長開發的 Fusion 應用）正呈現三位數的成長率。

And now with the database and the cloud, we think that's going to continue to amplify that growth rate and increase the size of our business and make us number one. So if we can do that, if we can become number one in the cloud, execute this transition and we become the leader in the cloud, and deliver record level cash flow. We think we're doing a pretty good job.

而現在有了資料庫與雲端，我們認為這將持續放大成長率、擴大業務規模，並讓我們成為第一。所以如果我們能做到這些——成為雲端第一、完成這次轉型並成為雲端領導者，同時交出創紀錄水準的現金流。我們認為我們做得相當不錯。

Great. Thank you.

很好。謝謝。

Phil Winslow, Credit Suisse.

Phil Winslow，瑞士信貸。

Congrats, guys, on the growth that you're seeing in the cloud. But in terms of just the revenue and obviously the upside on deferred.

恭喜各位在雲端看到的成長。不過就營收而言，以及顯然遞延收入的超預期表現。

And along those lines, I wonder if you could comment or just provide some more details on what you're seeing in the cloud versus on-premise on the application side? Mark, you noted some pretty nice wins in terms of fusion HCM. Just wondering if you could provide some more detail and compare and contrast the on-premise and the cloud.

在這方面，我想請你們評論或提供更多細節：在應用端，你們看到的雲端與地端部署（on-premise）之間的情況如何？Mark，你提到在 Fusion HCM 方面有一些相當不錯的勝出案例。想請你多提供一些細節，並比較一下地端與雲端的差異。

Yes, Phil. First, my prediction there of 50% to Larry's point was a SaaS prediction, as opposed to a overall cloud prediction. Which frankly could be higher.

好的，Phil。首先，我剛才提到的 50%（呼應 Larry 的觀點）是針對 SaaS 的預測，而不是整體雲端的預測。坦白說，整體雲端可能更高。

On apps in the quarter, we grew apps in the quarter on-premise. We had double-digit growth in North America on apps. So we had good growth on apps.

就本季的應用業務而言，我們的地端應用在本季也有成長。我們在北美的應用業務達到兩位數成長。所以應用業務成長表現不錯。

License, plus what we did in SaaS. So it was a really strong overall apps ecosystem in the quarter.

授權（license），再加上我們在 SaaS 的表現。因此，本季整體應用生態系非常強勁。

Let me add that I believe this number is correct. We added more ERP customers in the cloud this past quarter than Workday has had in the life of their company.

我補充一下，我相信這個數字是正確的。我們在上一季新增的雲端 ERP 客戶數，比 Workday 自公司成立以來累積的還多。

Correct.

沒錯。

So how about that? So we are feeling really good about our ability to become the leader in ERP. We are the leader in mid market and high-end ERP in the cloud.

那怎麼樣？所以我們對於成為 ERP 領導者的能力感到非常有信心。我們在雲端的中型市場與高階 ERP 已經是領導者。

Increase our leadership in marketing. And defeat Workday in their core HCM business.

提升我們在行銷領域的領先地位。並在 Workday 的核心 HCM 業務上擊敗他們。

So I think that context is what you're looking for. We had a strong ERP license quarter in North America. We had a really strong SaaS ERP number in North America.

所以我想這樣的脈絡就是你要的。我們在北美的 ERP 授權本季表現強勁。我們在北美的 SaaS ERP 數字也非常強。

And to Larry's point, if everything we've heard Workday talk about with their customers, we got more in the quarter. Than they have in the lifetime of their company.

而且呼應 Larry 的觀點，從我們聽到 Workday 對其客戶所談的所有內容來看，我們單季拿下的客戶數更多。比他們公司成立以來的總數還多。

That's what I like to hear. Congrats, guys.

這正是我想聽到的。恭喜各位。

Joel Fishbein, BMO Capital.

Joel Fishbein，BMO Capital。

I would like to get some color on the 12c database cycle, specifically the drivers and when we should expect it to impact numbers.

我想了解一下 12c 資料庫週期的更多背景，特別是驅動因素，以及我們應該何時預期它會反映在數字上。

Well again, there are two key portions of the 12c database. One is, the fact that it takes your existing applications and makes them multi-tenant by virtue of running on the 12c version of the database. And the second is, it takes your existing applications and stores the data in memory and compressed columnar format, therefore, sometimes increasing your analytic performance by a factor of 100.

再說一次，12c 資料庫有兩個關鍵部分。第一是，它讓你現有的應用程式透過在 12c 版本資料庫上運行而具備多租戶（multi-tenant）能力。第二是，它把你現有應用程式的資料以記憶體內（in-memory）且壓縮的欄式（columnar）格式儲存，因此有時能把分析效能提升 100 倍。

So those are the two big drivers on our 12c database. But as you know, it takes people a while to adopt these features.

所以這就是我們 12c 資料庫的兩大驅動因素。但如你所知，人們需要一些時間才會採用這些功能。

But I think you're going to see the database business, option business accelerate through the remainder of this fiscal year. And it will continue on through the next fiscal year. So I think we're going to get strong results for the rest of this fiscal year, and again, it will continue on for at least another 12 months after that.

不過我認為，在本財年剩餘期間，你會看到資料庫業務、選購項（option）業務加速成長。而且會延續到下一個財年。所以我認為本財年接下來我們會有強勁的結果，而且同樣地，之後至少還會再延續 12 個月。

Database options actually was in double-digits. And exactly as Larry said, it is accelerating, it has accelerated. It has actually more than doubled, so doing very, very well. In memory is one of those options.

資料庫選購項實際上達到兩位數成長。而且正如 Larry 所說，它正在加速，已經加速了。它實際上已經成長超過一倍，表現非常、非常好。In-memory 就是其中一個選購項。

Is it where you would expect it to be at this point in the cycle?

就這個週期的此時此刻而言，它符合你原本的預期嗎？

I say it's slightly ahead of where we would normally expect it to be. We were optimistic about these two features.

我會說它略微領先於我們通常預期的進度。我們對這兩項功能抱持樂觀。

So we thought the adoption rate would be faster than historically we've experienced with new versions of the database, and that's exactly what's happening. But again, the geometric progression, it's happening sooner. But the big number numbers are still one, two quarters away.

所以我們認為採用率會比過去我們在資料庫新版本上的經驗更快，而現在正是如此。但再說一次，幾何式成長的進程正在更早發生。不過那些大數字仍然還要再等一到兩個季度。

Great. Thank you.

很好。謝謝。

Jason Maynard, Wells Fargo.

Jason Maynard，富國銀行。

First, congratulations on the changes in the roles. But I do have to say, Larry, we're going to miss you on these calls, and it's been quite a run.

首先，恭喜職務角色的變動。但我得說，Larry，我們會想念你在這些電話會議上的發言，這一路走來相當精彩。

You should be so lucky, I'm staying on the calls. So, you're going to have to wait a little while longer before you get me off the calls. I apologize to everyone for that.

你想得美，我還會留在電話會議上。所以，在你把我從電話會議上請走之前，你還得再等一段時間。我為此向大家道歉。

Good news, then. Good, we can still bother you, then, with our questions. With that, I really had two questions.

那真是好消息。很好，那我們還是可以用問題來煩你。那麼，我其實有兩個問題。

One maybe, Mark, you could tackle, and then one for Safra. Mark, on the hardware side, can you give us a little more color on let's say some of the shortfall that you saw. And maybe break it down by geo, or break it down by product line, and just some color there?

其中一個也許 Mark 你可以回答，另一個給 Safra。Mark，在硬體方面，你能否多提供一些細節，談談你們看到的短缺（未達預期）大概是哪些？也許可以按地區拆分，或按產品線拆分，提供一些說明？

And then, Safra, just on your deferred revenue growth. Again, maybe talk a little bit about the composition of the upside you saw in deferred revenue, and whether that was maintenance, multi-year contracts on the SaaS bookings site. Just in general, what was driving that for the business? Thanks.

然後，Safra，關於你們的遞延收入成長。同樣地，能否談談這次遞延收入超預期的組成，例如是維護（maintenance）、SaaS 訂單端的多年期合約等？整體而言，是什麼在驅動這項業務？謝謝。

Let me take deferred revenue, because I always get that question when it goes down. (laughter) And when it goes up also, it's the same answer. I know that's really dull.

我來回答遞延收入，因為它下降時我總是會被問到這個問題。（笑聲）上升時也一樣，答案也相同。我知道這真的很無聊。

But the reality is that deferred revenue is almost entirely, but not entirely, but almost entirely impacted by support. Which as I mentioned, remains extremely strong. Q1 is always an extremely -- it's seasonal.

但事實是，遞延收入幾乎完全——不是百分之百，但幾乎完全——受到支援（support）的影響。正如我提到的，支援依然非常強勁。第一季一向是非常——具有季節性的。

It's everything I've ever told you in every one of the calls. It's very, very strong. Yes, some of it is SaaS, but really the bulk of it in the growth is the business remains very, very strong.

這就是我在每一次電話會議上跟你們說過的那些內容。它非常、非常強勁。是的，其中一部分是 SaaS，但成長的大宗其實是因為整體業務仍然非常、非常強勁。

Renewals remain very, very strong. And as a result, deferred revenue remains strong, and growing. So it's dominated because of the sizes of the business by the growth of the increase of support.

續約依然非常、非常強勁。因此，遞延收入保持強勁並持續成長。由於業務規模的關係，它主要是由支援收入增加所帶動。

On hardware, by the way to Safra's point, applications support revenue growth. Just thought I'd add that in.

順帶一提，在硬體方面，正如 Safra 所說，應用程式也會帶動支援收入成長。我只是補充這一點。

Oh, yes.

喔，是的。

Just so you make sure everybody's clear who has an opinion on that.

只是要確保每個對此有看法的人都聽清楚。

In hardware, we had tape decline. We had sand decline, we have a new sand release that come out shortly, Open World. We grew in what we think of [DFS].

在硬體方面，我們的磁帶（tape）下滑。我們的 SAN 也下滑；我們很快會推出新的 SAN 版本，在 OpenWorld。我們在我們所稱的 [DFS] 方面有成長。

So our NAS storage grew. Engineered systems, I mentioned, grew double-digits now. Now while I say SPARC declined within engineered systems, the SPARC SuperCluster actually had very strong growth.

所以我們的 NAS 儲存成長。我提過，工程化系統（engineered systems）現在是雙位數成長。另外，雖然我說在工程化系統中 SPARC 下滑，但 SPARC SuperCluster 其實成長非常強勁。

So we had strong growth in engineered, or we had double-digit growth in engineered systems. Strong growth within that, with SPARC SuperCluster, ZFS, NAS storage growth, tape declined, SPARC declined. That's hardware.

所以我們在工程化方面有強勁成長，或者說工程化系統有雙位數成長。其中 SPARC SuperCluster 成長強勁，ZFS、NAS 儲存成長；磁帶下滑，SPARC 下滑。這就是硬體的情況。

Kash Rangan, Bank of America Merrill Lynch.

Kash Rangan，美國銀行美林。

I just want to drill into the tech side of the business. It looks like what we've been waiting for, the 12c product cycle. Can you talk about if the weakness in tech licenses in the quarter was due to transition effect as you get into 12C, training, or if there was any execution pockets that you ran into?

我想深入了解技術（tech）業務這一塊。看起來我們一直在等待的 12c 產品週期正在到來。你能談談本季技術授權疲弱是否是因為轉換效應——例如進入 12c 的過渡、訓練——或是你們在執行上遇到某些問題區塊？

And also, I think you were pretty optimistic, and you continue to be optimistic about the demand for multi-tenant and memory. Could you compare that to how strong the Rack cycle was? Thank you.

另外，我認為你們相當樂觀，而且仍然對多租戶（multi-tenant）與記憶體（in-memory）的需求保持樂觀。你能把它和 Rack 週期的強勁程度做個比較嗎？謝謝。

I'll take the first part. But I'd say on tech overall, I think tech overall was fine with the exception of one region, which was North America. So if you looked at all of the numbers Safra gave you, I think the [Clear Dental] options business, which was strong even in North America.

我先回答第一部分。但我會說，整體技術業務我認為都還不錯，只有一個地區例外，就是北美。所以如果你看 Safra 提供的所有數字，我認為 [Clear Dental] 選項業務表現強勁，即使在北美也是如此。

But core tech North America was weak, virtually around the rest of the world it was fine. So we had good performance, roughly what we expected in the quarter in what I would call core tech.

但核心技術在北美偏弱，而在世界其他地區幾乎都還不錯。因此，在我所稱的核心技術方面，我們本季的表現不錯，大致符合我們的預期。

As far as the adoption rate, we're seeing in memory and multi-tenant is actually being adopted at a faster rate than Rack. And I think Rack is a good comparison, because Rack was absolutely a strategic feature for transaction processing, where in memory the strategic feature for query [processing]. And it's just that Rack actually takes is a little more difficult to implement.

至於採用率，我們看到 in-memory 和多租戶的採用速度其實比 Rack 更快。我認為 Rack 是個很好的比較，因為 Rack 對交易處理而言是絕對的策略性功能，而 in-memory 則是針對查詢[處理]的策略性功能。只是 Rack 的導入確實稍微更難一些。

So I'd say the adoption was therefore if somewhat impacted from customers trying it out, and getting used to it, and getting people trained. And then it would fan out beyond a few mission-critical applications.

所以我會說，採用率因此多少會受到影響，因為客戶需要先試用、熟悉，並讓人員受訓。接著它才會從少數關鍵任務應用擴散到更廣的範圍。

In memory, it doesn't require a lot of training. It literally is kind of push a button, and it runs a lot faster. Therefore, we're seeing somewhat of a faster adoption rate, and I think you'll see that over the next several quarters.

而 in-memory 不需要太多訓練。基本上就像按個按鈕，它就能跑得快很多。因此，我們看到採用率更快一些，我想你會在接下來幾個季度看到這點。

So it should be at least as big as Rack. And have a slightly faster adoption rate.

所以它的規模至少會和 Rack 一樣大。而且採用速度會稍微更快。

By the way, Kash, I should have taken the time to have done a shout out to our European team, Safra did that. But I'd do it as well. In core tech, in Europe, we grew double-digits.

順帶一提，Kash，我本來應該花點時間向我們的歐洲團隊致意，Safra 已經提到了。但我也要再說一次。在核心技術方面，我們在歐洲達成雙位數成長。

So just to give you a context of the kind of performance we saw in Europe. It's truly, truly outstanding.

所以只是給你一個背景，讓你了解我們在歐洲看到的那種表現。那真的是、真的是非常傑出。

Let me add my voice to that. As our Russian business headed towards zero and they had all these other problems that you read about in the newspaper or on the web, and they still managed -- we still managed to do a brilliant job over there. And his team continues to execute very, very well in what we would call difficult circumstances. So we're thrilled about the work he's doing for us.

我也補充一下。當我們的俄羅斯業務趨近於零，而且他們還有你在報紙或網路上讀到的各種其他問題時，他仍然設法——我們仍然在那裡做得非常出色。在我們所稱的艱困情況下，他和他的團隊仍持續執行得非常、非常好。所以我們對他為我們所做的工作感到非常振奮。

Thank you, everybody.

謝謝各位。

Karl Keirstead, Deutsche Bank.

Karl Keirstead，德意志銀行。

My question is back to the leadership changes. And, in particular, I'd love to learn a little bit more about how these changes might trickle down into the rest of the Oracle organization.

我的問題回到領導層變動。特別是，我很想多了解這些變動可能會如何逐步影響到 Oracle 組織的其他部分。

Safra, you touched a little bit on the CFO role, and how I think you left a message that really no significant change. I wanted to ask, Mark, as you transition to your new role, whether that would result in any change on the sales leadership and sales structure side as well?

Safra，你稍微提到了 CFO 的職務，以及我認為你傳達的訊息是基本上不會有重大變化。我想問 Mark，當你轉任新職務時，是否也會在銷售領導與銷售架構方面帶來任何變動？

No.

不。

Karl, I just want to make sure, we are very, very clear. There will actually be no changes. Okay?

Karl，我只是想確認，我們非常、非常清楚。實際上不會有任何變更。好嗎？

Not no significant changes. I just want to clarify. No changes whatsoever.

不是「沒有重大變更」。我只是想釐清。完全沒有任何變更。

Karl, I don't want to be short, but it's just not in my view we're pretty flat. And in terms of the way we run the place, and we want to keep it that way. So I want to stay closed to the action, not get farther away from the action.

Karl，我不想說得太簡短，但在我看來我們相當持平。就我們經營這個地方的方式而言，我們也希望維持這樣。所以我想要更貼近第一線的行動，而不是離第一線更遠。

So to be direct, the answer is no. But I wanted to make sure that you heard the rest of that.

所以直說，答案是否定的。但我想確保你也聽到了其餘的說明。

Got it. Okay. That's very clear. Thank you.

了解。好。這非常清楚。謝謝。

Brent Thill, UBS.

Brent Thill，瑞銀（UBS）。

Maybe for each of you, just to touch on the business model transition to subscription. How long do you expect this to take to roll through the model? Larry, I know even on the database side, there's some interesting opportunities as database as a service could impact the old-school model. And just curious, how you look at this.

也許請你們各自談一下，關於商業模式轉向訂閱制。你們預期這需要多久才能在整個模式中完全反映出來？Larry，我知道即使在資料庫這一端，也有一些有趣的機會，因為「資料庫即服務」可能會影響傳統模式。也想請教你怎麼看。

And then for all of us on the line, obviously you get to see the backlog number and you can look at the growth. But we can't actually see the physical backlog. And at some point, would you look to something like Salesforce where they give you a backlog number every quarter as a reporting metric going forward?

另外，對於線上的我們所有人來說，顯然你們看得到積壓訂單（backlog）的數字，也能看成長。但我們其實看不到實際的積壓訂單內容。那麼在某個時間點，你們是否會考慮像 Salesforce 那樣，把每季提供一個 backlog 數字作為往後的揭露指標？

Again, the way I look at it is, we're going to be doing more for our customers. Exactly what Safra said earlier. We're going to be doing more for our customers than we did before.

再說一次，我的看法是，我們將為客戶做得更多。正如 Safra 先前所說的。我們將為客戶做得比以前更多。

So before we used to sell them software, and they would have to provide their own data centers, and their own machines and their own labor, and their own network to run all of that. And now we're going to put a lot of that in our data center. We're going to buy the machines, and we're going to provide the skilled labor, whether you're buying infrastructure as a service we'll be maintaining the operating system and the virtual machine for you, along with the hardware and storage -- processing and storage.

過去我們賣給他們軟體，而他們必須自備自己的資料中心、自己的機器、自己的勞力，以及自己的網路來運行這一切。而現在，我們會把其中很大一部分放到我們的資料中心。我們會購買機器，並提供專業人力；無論你購買的是基礎設施即服務（IaaS），我們都會為你維護作業系統與虛擬機，連同硬體與儲存——運算與儲存。

If you buy platform, we'll also be maintaining the Oracle database and Java, the world's most popular programming language and the worlds world's most popular database. That's our platform.

如果你買的是平台，我們也會維護 Oracle 資料庫與 Java——全球最受歡迎的程式語言，以及全球最受歡迎的資料庫。那就是我們的平台。

We're going to be doing more for you. And as we do more for you, you're going to pay us more, but the customer's going to spend less. So it's a win-win.

我們會為你做得更多。而當我們為你做得更多時，你會付給我們更多，但客戶的總支出會更少。所以這是雙贏。

We get economies of scale. We get specialization of labor. We're very good at running Oracle databases.

我們能取得規模經濟。我們能取得勞力專業化。我們非常擅長運行 Oracle 資料庫。

We're very good at managing Java virtual machines. We're pretty good at running -- [readying] data centers, and we're great at running all of these applications. And that's the third level.

我們非常擅長管理 Java 虛擬機。我們也相當擅長運行——[readying] 資料中心，而且我們非常擅長運行所有這些應用程式。而那是第三個層級。

If you buy our ERP and our planning applications, then again, we're doing -- we're your data Center. We're your hardware company. We're your networking company.

如果你購買我們的 ERP 與規劃應用，那麼同樣地，我們在做——我們就是你的資料中心。我們就是你的硬體公司。我們就是你的網路公司。

We're your storage company. We're all of those things.

我們就是你的儲存公司。我們就是所有這些。

So the promise is for Oracle to be a much larger, and much more profitable, and a much more critical supplier to our customers. A much more strategic supplier to our customers, especially when you go to the next level of application, which are the vertical applications.

因此，承諾是 Oracle 將成為規模更大、獲利能力更強、對客戶更關鍵的供應商。成為對客戶更具策略性的供應商，尤其當你進入下一個應用層級——也就是垂直產業應用。

In financial services, for banks, for telephone companies, for retailers, for hotels and restaurants chains. All of those things. It gives us an opportunity to give them a complete solution, which is strategic to their business and has much higher value than selling technology components which is what the industry has been doing historically.

在金融服務業，對銀行、電信公司、零售商、飯店與連鎖餐飲業者。所有這些。這讓我們有機會提供完整解決方案，對他們的業務具有策略性，且價值遠高於銷售技術元件——而這正是產業過去一向在做的事。

So we see this as a huge opportunity for Oracle Corporation to grow and expand our relevance into the next-generation of computing. Grow our business be more profitable, and we think that we have all the assets to do that.

所以我們把這視為 Oracle 公司成長的巨大機會，並將我們的相關性擴展到下一代運算。擴大我們的業務、提高獲利能力，而且我們認為我們具備做到這一點的所有資產。

It's very interesting that an ERP, we overnight, over one quarter, sold more ERP systems in the cloud than Workday has done in the life of their company. We have a lot of assets.

很有意思的是，在 ERP 方面，我們幾乎是一夕之間、在一個季度內，賣出的雲端 ERP 系統就比 Workday 在公司成立以來賣出的還多。我們有很多資產。

One of the things we lead with with ERP is budgeting and planning. EPM in the cloud. Workday's answer to that is, we don't have one of those.

我們在 ERP 的主打之一是預算與規劃。雲端 EPM。Workday 對此的回答是：我們沒有那個。

None of our competitors have one of those in the cloud. SAP, as far as I know, isn't moving anything to the cloud, other than Arriba and success factors.

我們的競爭對手沒有任何一家在雲端有那個。就我所知，SAP 除了 Ariba 和 SuccessFactors 之外，並沒有把任何東西移到雲端。

By the way, which I'm going to point out, run on Oracle. Both of them run on Oracle. Not [hannah], run Oracle, so Oracle's already the most popular database in the cloud.

順帶一提，我要指出的是，它們是跑在 Oracle 上的。兩個都跑在 Oracle 上。不是 [hannah]，跑的是 Oracle，所以 Oracle 已經是雲端中最受歡迎的資料庫。

So every generation of computing, computing gets bigger. And this is our chance to get bigger, to become more important. If we execute well, and when Mark says he wants to stay close to the action. And when Safra says she's got a laser-like focus on two things, being number one in the cloud, and delivering record levels of cash flow.

所以每一代運算，運算規模都會變得更大。而這是我們變得更大的機會，成為更重要的角色。如果我們執行得好——而且當 Mark 說他想要貼近第一線。以及當 Safra 說她以雷射般的專注聚焦在兩件事：在雲端做到第一名，以及創造創紀錄水準的現金流。

We are all focused on this unbelievable opportunity to be the one big Company with all the resources to make this transition to the cloud, and become the leader in that next-generation of computing. It's an opportunity we're all focused on, and we're not going to miss it.

我們所有人都聚焦在這個難以置信的機會：成為唯一一家擁有所有資源、能完成向雲端轉型的大型公司，並在下一代運算中成為領導者。這是我們全體都專注的機會，我們不會錯過。

Thank you, Larry.

謝謝你，Larry。

A telephonic replay of this conference call will be available for 24 hours. Dial in information can be found in the press release issued earlier today. Please call the Investor Relations Department with any follow-up questions from this call, we look forward to speaking with you.

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找到。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，我們期待與您交流。

Thanks for joining us today. With that, I'll turn the call back to Victoria for closing.

感謝今天加入我們。接下來我把電話交回給 Victoria 作結語。

Thank you. This concludes today's conference call. You may now disconnect. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與。