甲骨文 (ORCL) 2015 Q2 法說會逐字稿

Welcome to Oracle's second-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 會計年度第二季財報電話會議。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, operator. Good afternoon, everyone, and welcome to Oracle's second-quarter fiscal year 2015 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 and CEOs Safra Catz and Mark Hurd.

謝謝，接線員。各位下午好，歡迎參加甲骨文 2015 會計年度第二季財報電話會議。新聞稿與財務表格（包含 GAAP 與非 GAAP 的調節表）以及其他補充財務資訊，可於我們的投資人關係網站瀏覽並下載。今天與會者包括執行董事長兼首席技術長 Larry Ellison，以及執行長 Safra Catz 與 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，我們將提出一些與本公司業務相關的重要因素，這些因素可能會影響上述前瞻性陳述。

These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being 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-K and 10-Q and any applicable amendments for a complete discussion of these factors and any other risks that may affect our future results or the market price of our stock.

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作陳述有重大差異。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-K、10-Q 及任何適用的修訂），以完整了解這些因素以及任何其他可能影響我們未來業績或股價的風險。

And finally, we are not obligating ourselves to revise our results for public release any revisions to these forward-looking statements in light of new information or future events. Before taking questions, we'll begin with a few prepared remarks. And with that, I'd like to turn the call over to Safra.

最後，我們不承諾因新資訊或未來事件而修訂並公開發布對這些前瞻性陳述的任何修正。在進入提問之前，我們將先做一些準備好的說明。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 Q2. I'll then review guidance for Q3 and turn the call over to Larry and Mark for their comments.

謝謝，Ken。我將聚焦於我們第二季的非 GAAP 結果。接著我會回顧第三季的指引，然後把電話會議交給 Larry 與 Mark 發表他們的看法。

Clearly we are very pleased with our results, as hardware and total revenue were both above my CD guidance, while total software was up at the high end. Cloud grew 47%, on-premise software licenses and support grew 6%, hardware systems grew 4% and total revenue grew 7% in constant currency.

顯然，我們對本季結果非常滿意，因為硬體與總營收都高於我在電話會議中所提供的指引，而總軟體營收也達到區間高端。雲端成長 47%，地端（on-premise）軟體授權與支援成長 6%，硬體系統成長 4%，以固定匯率計算的總營收成長 7%。

The as-reported numbers were heavily impacted by the strengthening of the US dollar in comparison to other currencies. Total revenues saw a 4% currency headwind, which was double what it was at the time of my guidance.

按報告口徑（as-reported）的數字受到美元相對其他貨幣走強的重大影響。總營收承受 4% 的匯率逆風，這是我提出指引時所預期的兩倍。

Software and cloud, as well as hardware systems, saw growth rates affected by 3%. Currencies continue to move significantly, so my comments today are generally going to reflect constant dollar growth rates.

軟體與雲端，以及硬體系統，其成長率都受到 3% 的影響。匯率仍在大幅波動，因此我今天的評論一般將反映以固定美元計算的成長率。

Total cloud revenue was $519 million, growing 47% with cloud SaaS and PaaS revenue of $364 million up 41% from last year and more than double last year's growth. The cloud bookings momentum of several quarters is now helping drive SaaS and PaaS revenue growth.

雲端總營收為 5.19 億美元，成長 47%；其中雲端 SaaS 與 PaaS 營收為 3.64 億美元，較去年成長 41%，且成長幅度超過去年的兩倍。連續數季的雲端訂單（bookings）動能，現在正推動 SaaS 與 PaaS 營收成長。

When bookings turn into revenue depends on many factors, but as I reviewed the numbers over the last few quarters, one thing is clear. The acceleration in the business bodes very well for our future.

訂單何時轉為營收取決於許多因素，但當我回顧過去幾季的數字時，有一點很清楚。業務加速成長對我們的未來非常有利。

Cloud infrastructure as a service revenue was $155 million, up 62% but due in part to prior year compares being low. Overall our cloud results were better than expected as we're clearly growing faster than Salesforce and we're more than three times the size of Workday. Our goal remains to be bigger and grow faster in the cloud than both companies while improving our already high level of profitability.

雲端基礎設施即服務（IaaS）營收為 1.55 億美元，成長 62%，但部分原因是去年同期基期較低。整體而言，我們的雲端表現優於預期；我們顯然成長速度快於 Salesforce，且規模是 Workday 的三倍以上。我們的目標仍是雲端業務規模要比這兩家公司更大、成長更快，同時提升我們原本就很高的獲利水準。

Total software revenues were $7.3 billion, up 8% from last year. Software updates and product support revenues drove nearly half of total Company revenue at $4.8 billion, up 9% from last year.

軟體總營收為 73 億美元，較去年成長 8%。軟體更新與產品支援營收為 48 億美元，較去年成長 9%，貢獻了公司總營收的近一半。

Attach and renewal rates remain at their usual high levels as our growing install base of customers continue to power earnings and cash flow. New software license revenues were $2 billion.

附加率（attach）與續約率維持在一貫的高水準；我們持續成長的客戶裝機基礎（install base）繼續推動獲利與現金流。新軟體授權營收為 20 億美元。

Looking at GAAP software and cloud results by region, the Americas grew 8% with North America database growing double-digits and very strong cloud growth. EMEA grew 9%, with cloud growth of more than 80% and Asia Pacific grew 7% powered by Japan.

按地區來看 GAAP 口徑的軟體與雲端表現，美洲成長 8%，其中北美資料庫呈現雙位數成長，雲端成長也非常強勁。歐洲、中東及非洲（EMEA）成長 9%，雲端成長超過 80%；亞太成長 7%，主要由日本帶動。

Overall the hardware business, including hardware support, grew 4% with hardware system product revenue of $717 million and hardware support revenue of $619 million. Our engineered systems saw solid growth with particular strength in both Exalogic and Big Data Appliance as we continue to gain share.

整體硬體業務（包含硬體支援）成長 4%；其中硬體系統產品營收為 7.17 億美元，硬體支援營收為 6.19 億美元。我們的整合式系統（engineered systems）呈現穩健成長，Exalogic 與 Big Data Appliance 表現尤其強勁，我們持續提升市占。

For the Company, total revenue for the quarter was $9.6 billion, up 7% from last year. Non-GAAP operating income was $4.4 billion, also up 7% from last year and the operating margin was unchanged at 46%.

就公司整體而言，本季總營收為 96 億美元，較去年成長 7%。非 GAAP 營業利益為 44 億美元，也較去年成長 7%，營業利益率維持不變，為 46%。

Excluding MICROS, both hardware gross margin and operating margin expanded by more than 1%. That we're able to maintain our industry-leading operating margins with MICROS now part of the business, while growing our cloud business 47% is a testimony to the strength of our business model.

若排除 MICROS，硬體毛利率與營業利益率皆擴張超過 1%。在 MICROS 併入業務後，我們仍能維持業界領先的營業利益率，同時將雲端業務成長 47%，這證明了我們商業模式的強勁。

The non-GAAP tax rate for the quarter was 24.3%; that's higher than my guidance of 23%. And EPS was $0.69 in US dollars. The GAAP tax rate was 23.5%, a point higher than my guidance. And GAAP EPS for the quarter was $0.56 in US dollars.

本季非 GAAP 稅率為 24.3%，高於我指引的 23%。以美元計算的每股盈餘（EPS）為 0.69 美元。GAAP 稅率為 23.5%，比我指引高 1 個百分點。本季 GAAP EPS 以美元計算為 0.56 美元。

The higher tax rate reduced EPS for both GAAP and non-GAAP by $0.01. This was a result of revenue mix by region, driven primarily by foreign currency impact and a couple of other small factors.

較高的稅率使 GAAP 與非 GAAP 的 EPS 均減少 0.01 美元。這是由於各地區營收組合所致，主要受外匯影響，以及其他幾個較小因素所驅動。

Free cash flow over the last four quarters was down very slightly at $14.5 billion as we increased CapEx spending a little bit. Just so that you get a sense of the size here, CapEx spending over the last four quarters is about $150 million higher than that same four quarters the previous year.

過去四個季度的自由現金流略微下降至 145 億美元，因為我們稍微增加了資本支出（CapEx）。為了讓各位了解規模，過去四個季度的資本支出約比前一年度同樣四個季度高出 1.5 億美元。

We now have nearly $45 billion in cash and marketable securities. Net of debt, our cash position is approximately $12 billion. As we've said before, we are committed to returning value to our shareholders through technical innovation, strategic acquisition, stock repurchases, prudent use of debt and a dividend.

我們目前擁有近 450 億美元的現金與有價證券。扣除負債後，我們的淨現金部位約為 120 億美元。如同我們先前所說，我們致力於透過技術創新、策略性併購、股票回購、審慎運用負債以及股利，為股東創造並回饋價值。

In terms of acquisitions, we continue to focus on finding the right companies at the right valuations, and both are critically important. This quarter we repurchased 52.8 million shares for a total of $2.1 billion. Over the last 12 months we've repurchased more than 200 million shares for a total of $8.1 billion, paid out dividends of $2.1 billion, for a total that is more than 70% of our free cash flow. The Board of Directors declared a quarterly dividend of $0.12 per share.

在併購方面，我們持續專注於以合適的估值找到合適的公司，而這兩者都至關重要。本季我們回購 5,280 萬股，總額 21 億美元。過去 12 個月，我們回購超過 2 億股，總額 81 億美元，並支付 21 億美元股利；合計金額超過我們自由現金流的 70%。董事會宣告每股 0.12 美元的季度股利。

Now to the guidance. As you can imagine, we feel very good about our prospects and our performance. But I have to tell you, I'm always keeping an eye on the situation in the macro environment, especially abroad.

現在來談指引。如各位所能想像，我們對我們的前景與表現感到非常樂觀。但我必須告訴各位，我一直密切關注總體環境的情勢，尤其是海外。

Additionally, given the unusually high volatility in exchange rates, we expect currency will affect revenue by more than 4% and EPS by $0.04, if rates stay as they did -- as they are just about now. But as we just don't know how much, I'm going to provide constant currency guidance today.

此外，鑑於匯率出現異常高的波動，我們預期若匯率維持在先前那樣——也就是大致如同目前的水準——匯率將使營收受到超過4%的影響，並使每股盈餘（EPS）受到0.04美元的影響。但由於我們實在無法得知影響幅度會有多大，我今天將提供以固定匯率（constant currency）為基礎的指引。

SaaS and PaaS on a non-GAAP basis is expected to grow 30% to 34% in constant currency. On a GAAP basis, SaaS and PaaS revenue is expected to grow 31% to 35%. Cloud IaaS on a GAAP and non-GAAP basis is expected to grow 29% to 33%. Software and cloud revenue on a GAAP and non-GAAP basis, including SaaS and PaaS and IaaS, new software license and software support, is expected to grow between 5% to 8%.

在非GAAP基礎下，SaaS與PaaS以固定匯率計預期成長30%至34%。在GAAP基礎下，SaaS與PaaS營收預期成長31%至35%。雲端IaaS在GAAP與非GAAP基礎下預期成長29%至33%。軟體與雲端營收在GAAP與非GAAP基礎下（包含SaaS與PaaS與IaaS、新軟體授權與軟體支援）預期成長介於5%至8%。

Hardware system revenue on a GAAP and non-GAAP basis, which includes hardware system products and hardware systems support, is expected to be somewhere between negative 2% and positive 8% in constant currency. Total revenue growth on a GAAP and non-GAAP basis is expected to range from 4% to 8%.

硬體系統營收在GAAP與非GAAP基礎下（包含硬體系統產品與硬體系統支援）以固定匯率計，預期介於負2%到正8%之間。總營收成長在GAAP與非GAAP基礎下預期介於4%至8%。

Non-GAAP EPS is expected to be somewhere between $0.69 and $0.74. Again, all this in constant currency. GAAP EPS is expected to be somewhere between $0.55 and $0.60.

非GAAP EPS預期介於0.69美元至0.74美元之間。再次強調，以上皆以固定匯率計。GAAP EPS預期介於0.55美元至0.60美元之間。

Now, this guidance assumes a GAAP tax rate of 23% and a non-GAAP tax rate of 24%, but this too may end up being different, especially as tax rate is very heavily impacted by the mix of earnings, which is impacted by currency. With that, I'm going to turn this over to Larry for his comments.

另外，這份指引假設GAAP稅率為23%、非GAAP稅率為24%，但最終也可能不同，尤其是稅率會受到獲利組合的高度影響，而獲利組合又會受到匯率影響。接下來我把時間交給Larry發表他的看法。

Thank you, Safra. As Oracle's cloud business gets bigger, our growth rate is going up. As our competitors' cloud businesses get bigger, they're growth rates are going down. This has big implications I'd like to explain.

謝謝你，Safra。隨著Oracle的雲端業務規模變大，我們的成長率正在上升。而當我們競爭對手的雲端業務規模變大時，他們的成長率卻在下降。這帶來重大意涵，我想加以說明。

In Q2 we booked more than $170 million in new SaaS and PaaS annually recurring revenue, or ARR. In other words, we sold over $170 million of new SaaS and PaaS annual subscriptions this past quarter.

在第二季，我們新增SaaS與PaaS年度經常性收入（ARR）超過1.70億美元。換句話說，我們在上一季售出了超過1.70億美元的新增SaaS與PaaS年度訂閱。

In Q4 of this fiscal year, we expect to sell more than $250 million of new annual SaaS and PaaS subscriptions. That means during our next fiscal year we will sell well over $1 billion of new SaaS and PaaS annual subscriptions.

在本會計年度第四季，我們預期將售出超過2.50億美元的新增年度SaaS與PaaS訂閱。這表示在下一個會計年度，我們將售出遠超過10億美元的新增SaaS與PaaS年度訂閱。

What makes this particularly interesting is that next year Oracle will sell about the same total dollar amount of new SaaS and PaaS business as cloud market leader, Salesforce.com. Stay tuned; it's going to be close. We're catching up to them and we're catching up very quickly. Mark, over to you.

特別有趣的是，明年Oracle新增SaaS與PaaS業務的總金額，將大約與雲端市場領導者Salesforce.com相當。敬請期待；會非常接近。我們正在追趕他們，而且追得非常快。Mark，交給你。

Thank you. Okay, let me just give you a couple numbers and a few names and then we'll go to your questions. SaaS PaaS revenue, as Safra mentioned, grew 41% in CD. ERP EPM revenue grew more than 80%. CX revenue grew nearly 50%. I think that company Larry mentioned, Salesforce.com, reported 28%.

謝謝。好，我先給各位幾個數字和幾個客戶名稱，然後我們就進入提問。如Safra所提，SaaS與PaaS營收以固定匯率（CD）計成長41%。ERP與EPM營收成長超過80%。CX營收成長接近50%。我想Larry提到的那家公司Salesforce.com，公布的是28%。

CX marketing automation grew 200% in revenue. Bookings grew nearly 150%. I want to say it one more time; it was 150%. Fusion bookings -- ERP, HCM, and sales force automation all grew triple-digits. All pillars saw booking growths in excess of 50%.

CX行銷自動化營收成長200%。訂單（bookings）成長接近150%。我再說一次；是150%。Fusion訂單——ERP、HCM以及銷售自動化——全部都呈現三位數成長。所有支柱產品的訂單成長都超過50%。

We added more than 860 SaaS customers, with more than 230 that subscribed to more than one pillar when they bought a cloud subscription from us. Nearly 650 existing customers expanded their cloud services in the quarter. In HCM we added 230 new customers. In CX, more than 460 new customers. In ERP EPM 250 new customers.

我們新增超過860家SaaS客戶，其中超過230家在向我們購買雲端訂閱時，同時訂閱了不只一個支柱產品。本季有將近650家既有客戶擴大其雲端服務。在HCM方面，我們新增230家新客戶。在CX方面，新增超過460家新客戶。在ERP與EPM方面，新增250家新客戶。

In one quarter we added 2.5 times Workday's entire install base. Nearly 150 of the new ERP customers did not have any Oracle ERP before they bought cloud subscription from Oracle in the quarter.

單一季度內，我們新增的客戶數是Workday整體安裝基礎（install base）的2.5倍。新增的ERP客戶中，將近150家在本季向Oracle購買雲端訂閱之前，完全沒有使用任何Oracle ERP。

Overall Fusion had triple-digit bookings growth, triple-digit revenue growth. We had over 125 go lives in Q2. That's SaaS.

整體而言，Fusion的訂單成長為三位數，營收成長也為三位數。我們在第二季有超過125個上線（go live）。這是SaaS。

In PaaS we had a breakout quarter. We had 150 brand new PaaS customers. As many of you know, we announced PaaS at Oracle OpenWorld, the end of September.

在PaaS方面，我們有一個突破性的季度。我們新增了150家全新的PaaS客戶。如各位所知，我們在9月底的Oracle OpenWorld上宣布了PaaS。

Three quarters subscribed to multiple PaaS services. The PaaS opportunity is big, given the size of our install base, and you might argue is big or bigger than the SaaS opportunity.

其中四分之三訂閱了多項PaaS服務。考量到我們龐大的安裝基礎，PaaS的機會很大；你也可以說它與SaaS的機會一樣大，甚至更大。

Let me read you a few names from the quarter. In HR, Fidelity National Financial, Pella, Siemens, Barnes & Noble, Baylor Health Care System, DIRECTV, Honeywell, Johnson & Johnson, Kaiser, Nokia, Northrup Grumman, Societe Generale, Skanska. In sales service clouds, Flowserve, 3M, Adidas, Equifax, DIRECTV, Fiat, Tellus, United Parcel Service, Visa, Yahoo.

我念幾個本季的客戶名稱。在人資（HR）方面：Fidelity National Financial、Pella、Siemens、Barnes & Noble、Baylor Health Care System、DIRECTV、Honeywell、Johnson & Johnson、Kaiser、Nokia、Northrup Grumman、Societe Generale、Skanska。在銷售與服務雲方面：Flowserve、3M、Adidas、Equifax、DIRECTV、Fiat、Tellus、United Parcel Service、Visa、Yahoo。

Big server, Cypress Semiconductor. In marketing cloud, Bloomberg, Equifax, Fiat, Honeywell, Ricoh, Siemens, Telefonica, Visa, Emerson, Kroger, LEGO Systems. In ERP EPM cloud, Odebrecht in Brazil, HJ Heinz, InBev, Lafarge, [Michael Fraker], and I don't have more time to read more. These are a huge list of logos that we gained in the quarter.

大型伺服器：Cypress Semiconductor。在行銷雲方面：Bloomberg、Equifax、Fiat、Honeywell、Ricoh、Siemens、Telefonica、Visa、Emerson、Kroger、LEGO Systems。在ERP與EPM雲方面：巴西的Odebrecht、HJ Heinz、InBev、Lafarge、[Michael Fraker]，我沒有更多時間再念下去。這是一長串我們在本季拿下的客戶標誌（logos）。

A couple other comments premise software grew 6% in CD. I continue to expect this business to grow nicely while our cloud continues to maintain hyper-growth.

另外補充幾點：內部部署（on-premise）軟體以固定匯率（CD）計成長6%。我仍預期這項業務會有不錯的成長，同時我們的雲端將持續維持高速成長。

Moving quickly, just to mention hardware. Engineered systems bookings grew double-digits. Bookings for Exalogic, SuperCluster and Big Data Appliance to Safra's point all grew more than 50%. And I just want to make sure, for those of you that don't listen to traditional hardware companies' calls, it is clear we are taking substantive market share in hardware.

快速帶過，提一下硬體。工程化系統（Engineered systems）訂單成長達雙位數。如Safra所說，Exalogic、SuperCluster與Big Data Appliance的訂單都成長超過50%。我也想確保，對於那些不常收聽傳統硬體公司法說會的各位，我們正在硬體市場取得實質的市占率，這點非常明確。

And wrapping up, our cloud revenue is already at a $2 billion rate. I said at the financial analysts' meeting, our SaaS pipeline is large. Since then it's gotten bigger.

最後總結一下，我們的雲端營收年化已經達到 20 億美元的水準。我在金融分析師會議上說過，我們的 SaaS 銷售管線很大。從那之後又變得更大。

We out-paced our bookings growth plan for the first half of the year and set our sights on 100% bookings growth for Q3. With that, we will take your questions.

我們上半年訂單（bookings）成長超越原先規劃，並將 Q3 的目標鎖定為訂單 100% 成長。接下來我們將回答各位的提問。

(Operator Instructions)

（接線員指示）

Rick Sherlund, Nomura Securities.

Rick Sherlund，野村證券。

Thank you for taking the question. Good quarter. On the cloud side, I'm curious as far as the new versus existing customers. I think we've got some metrics there. Could you give us a sense of, are you seeing a conversion from existing on-prem customers? Or is most of this new business that you're picking up?

謝謝讓我提問。本季表現不錯。在雲端方面，我想了解新客戶與既有客戶的情況。我想我們有一些相關指標。你們能否說明一下，是否看到既有的地端（on-prem）客戶轉換過來？還是你們拿到的大多是新增業務？

Well, first let's go through it by pillar because I think that's the way you have to do it. In marketing everything is really new. We don't have a marketing install base.

首先我想按支柱（pillar）來拆解，因為我認為必須這樣看。在行銷這一塊幾乎都是全新。我們沒有行銷產品的既有裝機基礎（install base）。

So when we give you those numbers, Rick, they're really everything coming is in that new logo. Now it may be in a company that's got Oracle product, but it's all net new.

所以當我們把那些數字提供給你時，Rick，基本上全部都是新客戶（new logo）帶來的。當然可能是在一家原本就有 Oracle 產品的公司裡，但這些都是淨新增（net new）。

Most of our sales cloud is net new. There is some Siebel conversion, but as I mentioned at the financial analyst meeting, our Siebel install base, when you look at the support number, is fairly stable. So we have a lot of net new even in, if you will, sales cloud.

我們的銷售雲（sales cloud）大多也是淨新增。確實有一些 Siebel 的轉換，但如我在金融分析師會議上提到的，從維護（support）數字來看，我們的 Siebel 裝機基礎相當穩定。因此即便是在銷售雲這塊，我們也有大量淨新增。

We have a mix in HR, both conversion and net new. And I think the important thing you saw this quarter as we talked before, Rick, I think it's not just the fact that our strategy isn't be just best of breed in each of these apps, but also to have a suite of capability.

在人資（HR）方面，我們同時有轉換與淨新增的組合。而我認為你在本季看到的重要重點是——如我們之前和你談過的，Rick——我們的策略不只是讓每個應用都做到同類最佳（best of breed），同時也要具備套件式（suite）的能力。

And that's why wanted to mention the multi-pillar deals that occurred in Q2. Because we have customers now that are not just buying ERP from us, but they're buying ERP and HR. They're buying sales cloud and marketing.

這也是為什麼我想提到 Q2 發生的多支柱（multi-pillar）交易。因為現在有客戶不只是向我們購買 ERP，也同時購買 ERP 與 HR。他們也會同時購買銷售雲與行銷。

And we also get the opportunity, as you know, to go back into that install base once we've got one app, and sell a second app, a third app, a fourth app. So it was an exciting quarter across a number of those metrics.

而且你也知道，一旦我們先在既有裝機基礎中拿下一個應用，我們就有機會回頭再賣第二個、第三個、第四個應用。所以在多項指標上，這是一個令人振奮的季度。

I'd like just to add -- let me add one thing. As Mark said, you got to take it pillar by pillar. You also have to take it layer by layer in the cloud.

我想補充——讓我補充一點。如 Mark 所說，你必須按支柱逐一來看。你也必須按雲端的不同層（layer）逐層來看。

Where a lot of our SaaS business are brand new logos, people who have never done business with Oracle before. You would expect that in PaaS, it's virtually all our install base.

我們很多 SaaS 業務來自全新的客戶（new logo），也就是以前從未與 Oracle 做過生意的人。而你會預期在 PaaS 方面，幾乎全部都是我們的既有裝機基礎。

But the reason being almost every moderate-sized company in the world is already an Oracle user. The PaaS we are selling into the install base, as Mark said, SaaS is a bit of a mix, depending on pillar.

原因是，全球幾乎每一家中等規模的公司都已經是 Oracle 使用者。我們的 PaaS 主要是賣進既有裝機基礎；如 Mark 所說，SaaS 則會因支柱不同而略有差異、呈現混合。

And Larry, you're seeing customers pivoting now to PaaS and infrastructure-as-a-service. If you could maybe spend a moment on that.

Larry，你看到客戶現在正轉向 PaaS 與基礎設施即服務（infrastructure-as-a-service）。你是否可以花點時間談談這點？

Again, what we are pushing very hard is PaaS as opposed to infrastructure-as-a-service. That's where our huge differentiation is. That's where we give you so much more automation in terms of database tuning and installation and backup and recovery and logging and security. So our big push is into PaaS.

再說一次，我們非常用力推的是 PaaS，而不是基礎設施即服務。那是我們巨大差異化所在。在資料庫調校、安裝、備份與復原、記錄（logging）以及資安等方面，我們提供更多自動化。所以我們的主力推進方向是 PaaS。

We are in infrastructure-as-a-service, which is the low-cost commodity business where we have the same pricing as Amazon and Google and the rest. We're in that because when our customers, as Mark said earlier, they buy one pillar, they'll buy another.

我們也有做基礎設施即服務，那是低成本的商品化（commodity）業務，我們的定價與 Amazon、Google 等其他業者相同。我們之所以也做，是因為如 Mark 先前所說，客戶買了一個支柱，往往也會再買另一個。

I can talk about layers in the cloud, where they'll by a few SaaS applications. They'll by some PaaS and they'll buy some infrastructure-as-a-service, as they want to have a unified security model in a PaaS network to interconnect all of these pieces.

我也可以從雲端的層次來談：他們可能會買幾個 SaaS 應用、買一些 PaaS，也買一些基礎設施即服務；因為他們希望在 PaaS 網路中採用一致的資安模型，把所有這些部分互相連接起來。

Thank you.

謝謝。

Thank you Rick.

謝謝你，Rick。

Next question please.

請下一題。

Jason Maynard, Wells Fargo.

Jason Maynard，富國銀行。

Hey, good afternoon, guys. I have two questions. One, I want to follow up on the cloud piece and then I had a question on the database.

嗨，下午好，各位。我有兩個問題。第一個想追問雲端的部分，第二個是關於資料庫。

On the cloud piece, Larry, you talked about $1 billion in bookings. I just want to make sure that I'm reading this correctly. That's an incremental $1 billion on top of your current --

在雲端部分，Larry，你提到 10 億美元的訂單（bookings）。我只是想確認我理解正確。那是相對於你們目前的——額外新增 10 億美元？

All new business. That's another that we will have sold, when you annualize it. This is not total contract value. This is in terms of annual subscription rates. We will sell next fiscal year in excess. We expect to sell well in excess of $1 billion of new annual subscriptions.

全部都是新增業務。那是另一筆我們將會賣出的金額，以年化來看。這不是合約總價值（total contract value）。這是以年度訂閱費率（annual subscription rates）來衡量。我們在下一個會計年度將會賣出超過——我們預期將賣出遠超過 10 億美元的新增年度訂閱。

And that's on top of the current --

而這是在目前的——之上？

Which is about what Salesforce will be selling in their next fiscal year. I think they're at $1.1 billion, something like that, best as we can estimate. We think we have a good chance of passing them. I don't know if we could pass them or catch them, but it's getting very close. We're in that ballpark.

大約相當於 Salesforce 在他們下一個會計年度將賣出的規模。我想他們大概是 11 億美元左右，依我們能估算的情況。我們認為很有機會超過他們。我不確定我們能否超越或追上，但已經非常接近。我們就在那個區間。

So we're selling new business at the same rate as the market leader next year, which I think -- again, we're experiencing hyper-growth. Salesforce is slowing down; we are speeding up. They're only twice as big as us. In round numbers, they're $4 billion, we're $2 billion.

所以我們明年新增業務的銷售速度，將與市場領導者相同；我認為——再說一次——我們正處於超高速成長（hyper-growth）。Salesforce 正在放緩；我們正在加速。他們的規模只比我們大一倍。粗略來說，他們是 40 億美元，我們是 20 億美元。

But we're growing a lot faster. And we have a lot more products. And we have a large install base to sell into. So we think, again I said, I know it's just words, we said we think we can become number one in the cloud. We think we will be number one in the cloud and we will be number one in cloud very quickly.

但我們成長快得多。而且我們有更多產品。我們也有龐大的既有裝機基礎可以銷售。所以我們認為——我再說一次，我知道這只是口頭說法——我們說過我們認為自己能成為雲端第一。我們認為我們會成為雲端第一，而且會很快成為雲端第一。

And, Jason, to add to your question, most of all of our comments that Larry made, that I made, Safra, we're all talking about ARR but not PCV. So there's not a multiplier on it. Our average contract value is actually longer than annual. But we're talking in comparisons of ARR.

而且，Jason，補充你的問題，我們大多數的評論——Larry 講的、我講的、Safra 講的——我們都在談 ARR，而不是 PCV。所以它沒有倍數（乘數）可套用。我們的平均合約價值其實比一年更長。但我們是在用 ARR 來做比較。

Yes, IBM will announce $1 billion deal over 10 years. But that $1 billion deal to us would be $100 million if it's a 10-year deal and it's evenly distributed. We would count that as $100 million of ARR, or $100 million over one year. We annualize all of this stuff.

是的，IBM 會宣布一筆 10 年期、10 億美元的交易。但對我們而言，如果那是一筆 10 年期且平均分攤的 10 億美元交易，就等於每年 1 億美元。我們會把它算作 1 億美元的 ARR，也就是一年 1 億美元。我們會把這些全部年化。

How much revenue -- once they're installed and running, and there is a delay between when we book something and when we start collecting revenue. Because we don't collect revenue until the users are up and running and it's implemented. Okay, so there is that delay. But once they're up and running, it's an annualized number we're giving you. Not a total contract value number we're giving you.

營收會是多少——一旦它們安裝完成並開始運行，而且在我們入帳（book）與開始認列/收取營收之間會有延遲。因為我們要等到使用者上線運行、完成導入後才會收取營收。好，所以會有那個延遲。但一旦上線運行，我們給你的是年化的數字。不是給你合約總價值（TCV）的數字。

I got that part. But I also want to make sure I'm clear. This is incremental on top of your current $2 billion-plus run rate?

那部分我明白了。但我也想確認我理解正確。這是建立在你們目前 20 多億美元 run rate 之上的增量嗎？

Of course. And it should be a lot more than $2 billion, by the way, because that's next fiscal year. So we're not going to end this fiscal year still at $2 billion. That will grow.

當然。而且順帶一提，應該會遠高於 20 億美元，因為那是下一個會計年度的數字。所以我們不會在本會計年度結束時仍停在 20 億美元。那會成長。

You have bookings that have been booked that have yet to be provisioned. Therefore you will have a bigger base on which those bookings will go. At the same time, the bookings we get in the future will take time to provision as they go forward. So it's a layered model as you build up on the revenue, Jason.

你們有已經入帳但尚未完成交付/開通（provisioned）的訂單。因此你們會有一個更大的基礎，讓那些訂單逐步轉成營收。同時，未來取得的訂單在往前推進時也需要時間來完成交付/開通。所以，Jason，當你把營收堆疊起來時，這是一個分層的模型。

Great. I want to ask one thing on the database business. Larry, a lot of customers in the past have been conditioned to wait for R2 of the database to come out. This time around, you guys made a major release this past summer with In-Memory option.

很好。我想問一個關於資料庫業務的問題。Larry，過去很多客戶都習慣等到資料庫的 R2 版本推出才採用。但這次你們在今年夏天做了一個重大版本釋出，包含 In-Memory 選項。

I'd be curious to get your take on, what are you seeing in terms of customer adoption? Are we starting to see folks say, hey we're going to move to this incremental dot release that came out, I think it was June-July timeframe? Or are some folks still waiting for R2? What's the advice or the guidance from Oracle in terms of when customers should migrate to 12c? Thanks.

我很好奇你們怎麼看客戶採用的情況？我們是否開始看到有人說，嘿，我們要升級到這個增量的點版本（dot release），我記得大概是 6 到 7 月的時間？還是有些人仍在等 R2？Oracle 對於客戶何時應該遷移到 12c，有什麼建議或指引？謝謝。

Okay. So there are two major pieces of our new database release. One, as you mentioned, is the In-Memory option, but that's not the only driving factor of people upgrading their database version.

好。我們新的資料庫版本有兩個主要部分。第一個，如你提到的，是 In-Memory 選項，但這不是人們升級資料庫版本的唯一驅動因素。

The other is multi-tenancy, the multitenant option, which is appropriate for the cloud. It allows them to, again, convert all of their existing Oracle applications and make them multitenant applications while preserving security and reliability. A better way than do multi-tenancy at the application layer.

另一個是多租戶（multi-tenancy），也就是 multitenant 選項，這對雲端很合適。它讓他們能夠再次把所有既有的 Oracle 應用轉換成多租戶應用，同時維持安全性與可靠性。這比在應用層做多租戶要好得多。

Anyway, we think those two features in concert will drive a much more rapid adoption of the Oracle database over the next couple of years. So we think our database business is going to have a very strong 24 months coming up.

總之，我們認為這兩項功能相互配合，將在未來幾年推動 Oracle 資料庫更快速的採用。所以我們認為接下來 24 個月，我們的資料庫業務會非常強勁。

Yes, and Jason, the options did very, very well in the quarter. There's no question customers are extremely interested and are buying the options.

是的，而且 Jason，本季這些選項（options）的表現非常、非常好。毫無疑問，客戶非常有興趣，而且正在購買這些選項。

All right, great. Thank you, guys, appreciate the answers.

好，太好了。謝謝各位，感謝你們的回答。

Kash Rangan, Bank of America.

美國銀行（Bank of America）的 Kash Rangan。

Hi, happy holidays and good news from Oracle to hear that. Can you talk about the net new cloud bookings and what exactly is driving that? If you can give us color by product, is it HCM or SRM? Or, to Larry's point, the layer. Is it the PaaS or the SaaS layer or geographies?

嗨，佳節愉快，也很高興聽到 Oracle 的好消息。你們能談談雲端淨新增（net new）的預訂（bookings）以及究竟是什麼在驅動嗎？如果可以按產品提供一些細節，是 HCM 還是 SRM？或者如 Larry 所說的分層（layer）。是 PaaS 層、SaaS 層，還是不同地區（geographies）？

And in particular, Larry, if you could drill into the PaaS layer and help us understand is it a net new market? Or could it come at the expense of the traditional database business, which maybe gets cannibalized? Or maybe not? Just wanted to get your thoughts on it. Thank you.

特別是 Larry，如果你能深入談談 PaaS 層，幫我們理解這是不是一個淨新增市場？或者它會以傳統資料庫業務為代價，可能被蠶食（cannibalized）？或者不會？只是想聽聽你的看法。謝謝。

Mark will probably give you a more detailed answer, but my answer is yes. (laughter) It's all of the above. One is that we have such a broad -- if you look at our product line versus our competitors, we're Salesforce's only real competitor in sales automation.

Mark 可能會給你更詳細的回答，但我的回答是：會。（笑聲）以上皆是。第一，我們的產品線非常廣——如果你看我們的產品線相對於競爭對手，我們是 Salesforce 在銷售自動化領域唯一真正的競爭對手。

We are the leader in marketing automation. We're fighting hard to be the leader in service automation, where our competitor is Salesforce.com.

我們是行銷自動化的領導者。我們也在服務自動化領域努力爭取成為領導者，而我們的競爭對手是 Salesforce.com。

We're Workday's only real competitor in HCM. And we think we've passed them in HCM, but you can make an argument we're both fighting hard in HCM.

在 HCM 方面，我們是 Workday 唯一真正的競爭對手。我們認為我們已經在 HCM 超越他們，但你也可以說我們兩家都在 HCM 激烈競爭。

But we're killing Workday in ERP. If you conclude ERP and EPM together, it's planning, budgeting, performance management and the cloud ERP, all of that. We sold 2 1/2 times more customers this past quarter than they've done in the life of their company.

但在 ERP 上我們正在痛擊 Workday。如果你把 ERP 和 EPM 一起看，包括規劃、預算、績效管理以及雲端 ERP，所有這些。我們在上一季賣出的客戶數是他們公司成立以來累計的 2.5 倍。

We are the clear leader in mid-range and high-end ERP with no competition from Workday. They're just not there. Or when they're there, they're losing every time.

在中階與高階 ERP，我們是明確的領導者，Workday 沒有競爭力。他們根本不在那個市場。或者即便他們在那裡，也每次都輸。

So we are very strong in HCM. We are very strong in ERP. We're the leader in ERP, we're the leader in marketing, we're the leader in EPM. We are contending for leadership in service automation and in HCM. And we are the guys in second place behind Salesforce in sales force automation.

所以我們在 HCM 非常強。我們在 ERP 也非常強。我們是 ERP 的領導者、行銷的領導者、EPM 的領導者。我們在服務自動化與 HCM 方面正在爭取領導地位。而在銷售自動化方面，我們位居第二，僅次於 Salesforce。

But everyplace else except for that one segment, that one niche, we're the leader or fighting to be the leader. So we've have got incredible breadth of SaaS products. Now our SaaS products are built on top of Java and the Oracle database, the platform.

但除了那一個區隔、那一個利基市場之外，其他所有地方我們不是領導者，就是在爭取成為領導者。所以我們擁有極其廣泛的 SaaS 產品。而且我們的 SaaS 產品是建立在 Java 和 Oracle 資料庫這個平台之上。

And companies want to make extensions to the applications. They want to link the applications to their existing applications, and so on. Using our platform makes a lot more sense than using a proprietary platform from Salesforce.com. We don't think it's a fair fight. By the way, Salesforce.com uses our platform to build their applications. They just can't sell our platform as a part of their service offering to their customers, because they have no license to do so.

而企業希望對這些應用程式進行擴充。他們想把這些應用程式與既有的應用程式連結起來，等等。使用我們的平台，比起使用 Salesforce.com 的專有平台更有道理。我們不認為這是一場公平的競爭。順帶一提，Salesforce.com 使用我們的平台來建置他們的應用程式。他們只是不能把我們的平台作為其服務方案的一部分賣給客戶，因為他們沒有這樣做的授權。

We can sell our platform. We do sell our platform. So we sell the same platform that we build on to our customers.

我們可以銷售我們的平台。我們確實在銷售我們的平台。所以我們把我們用來建置的同一個平台賣給客戶。

So we've seen a huge amount of interest, both from our SaaS customers using our platform and also this huge install base we have in the database business. Interested moving tasks and development and certain aspects of their database work to the cloud. Not everything but a part of it, a bit of a hybrid. We're seeing that these customers now experimenting. They're at the experiment level.

因此我們看到非常大量的興趣，既來自使用我們平台的 SaaS 客戶，也來自我們在資料庫業務中龐大的既有安裝基礎。他們有興趣把工作負載、開發以及資料庫工作中的某些面向移到雲端。不是全部，但其中一部分，帶點混合式。我們看到這些客戶現在正在做實驗。他們還在實驗階段。

But the potential for this, as Mark said, is probably bigger than our SaaS business. I think we're going to be by far the leading SaaS Company in the cloud. Look at our product portfolio.

但正如 Mark 所說，這方面的潛力可能比我們的 SaaS 業務還大。我認為我們將會是雲端中遙遙領先的 SaaS 公司。看看我們的產品組合。

Kash, who wins in all of these battles? The suite vendors always beat the point solution guys. It's happened in every generation of computing, where the end user, the customer, doesn't want to be the integrator of 30 separate applications from 30 separate vendors.

Kash，這些戰役最後誰會贏？套件型供應商總是打敗單點解決方案的業者。在每一代運算中都發生過：終端使用者、客戶不想當 30 個不同供應商、30 個不同應用程式的整合者。

No different now, just all on the cloud now. Same problem. They don't want to integrate a lot of different stuff. We have all the stuff pre-integrated.

現在也沒有不同，只是現在全部都在雲端。同樣的問題。他們不想整合一大堆不同的東西。我們已經把所有東西預先整合好了。

We think we are in great position. We're seeing hyper-growth at SaaS. We're seeing hyper-growth in PaaS. We're getting bigger and our growth rates are getting higher. That's unlike anyone else in the cloud business.

我們認為我們處於非常有利的位置。我們看到 SaaS 的超高速成長。我們看到 PaaS 的超高速成長。我們規模變得更大，而成長率也變得更高。這在雲端業務中是其他人做不到的。

Thanks and happy holidays.

謝謝，並祝佳節愉快。

Yes, and listen, add to it the products are more mature. We're on release 9 of our SaaS products, right? Not only our products more mature, we have more of them. Our suite is broader.

是的，而且再補充一點：產品也更成熟了。我們的 SaaS 產品已經到第 9 個版本了，對吧？不只是產品更成熟，我們的產品也更多。我們的套件更完整、更廣。

We've added sales capacity before we had -- 2 1/2 years ago. So realigning the sales force, adding capacity. They're trained. They're getting more training and we have references.

我們在之前就增加了銷售產能——大約 2 年半前。因此重新調整銷售團隊、增加人力。他們受過訓練。他們正在接受更多訓練，而且我們也有客戶成功案例可供引用。

When you add the familiarity now of the SI community to it, you just have a lot of factors. There's no one of these factors in isolation. It's the culmination of a lot of work over a lot of period of time.

再加上系統整合商（SI）社群如今對此更熟悉，你就會有很多因素共同作用。沒有任何一個因素是孤立的。這是長時間大量工作的累積成果。

Next question please.

請下一題。

Heather Bellini, Goldman Sachs.

Heather Bellini，高盛。

Great, thank you. Mark, I was wondering if you could share with us, your performance this quarter, given what's going on with currency was definitely better than I think people were expecting on a constant currency basis, even. I'm wondering how much of that is due, do you think, maybe the US environment, a deal-closing environment getting a little bit better from a macro perspective? And how much of it is due to sales force efficiency improvement?

很好，謝謝。Mark，我想請你分享一下，本季在匯率因素影響下，你們的表現確實比我想大家預期的還要好，即使以固定匯率基礎來看也是如此。我想知道你認為其中有多少是因為美國環境——從總體面來看，成交環境稍微變好？又有多少是因為銷售團隊效率提升？

You're saying macro versus us?

你的意思是總體環境對比我們自身？

No, macro in the US seems to be doing better. How much of it is due to -- is your sales force productivity improving? And that's what's driving kind of the confidence and the guidance for next quarter? And your results on a constant currency basis this quarter? Because I think versus what everyone was thinking, things are looking better.

不是，美國的總體環境似乎在改善。其中有多少是因為——你們的銷售團隊生產力在提升？而這正推動了你們對下季的信心與指引？以及你們本季以固定匯率基礎的結果？因為我覺得相較於大家原本的想法，情況看起來更好。

Well, I don't think anything changed from what we had been seeing for a while. The only difference is we saw it in pipeline. We saw it in proposal and now it's turned into actual numbers and performance. So I don't think this is an event.

嗯，我不認為我們看到的情況有任何改變，這些現象我們已經觀察一段時間了。唯一的差別是，我們先在銷售管線中看到它。我們在提案中看到它，而現在它轉化成實際數字與績效。所以我不認為這是一個單一事件。

I think this is a set of activities that have occurred over a long period of time, as I tried to reference in my previous question. I would not take some short-term improvement in the US macro and turn that into that's why Oracle had great cloud bookings in Q2.

我認為這是一系列長期發生的活動，正如我在上一題中試著提到的。我不會把美國總體環境短期的改善，解讀成「這就是 Oracle 在第二季雲端訂單表現很好的原因」。

I think our performance was driven by exactly the phenomena that I described. Better -- great products, more mature products, better references, lots of capacity in our sales force. It's better trained; it's out in the market and winning deals. That's what I think drove it.

我認為我們的表現是由我所描述的那些現象所驅動。更好——優秀的產品、更成熟的產品、更好的客戶案例、我們銷售團隊有充足的產能。訓練更完善；他們在市場上拿下交易、贏得案子。我認為這就是推動因素。

Yes, I'd like to second what Mark said, is we're just further up the learning curve on everything. Our sales management team is terrific. We've realigned our sales force against our secular competitors. So we have an HCM sales force that goes up against Workday.

是的，我想附和 Mark 的說法：我們在各方面都更往學習曲線的前段走了。我們的銷售管理團隊非常出色。我們已經把銷售團隊重新對準我們的長期結構性競爭對手。因此我們有一支 HCM 銷售團隊，專門對打 Workday。

We have a sales automation sales force that goes up against Salesforce.com. And we have a service automation sales force that goes up, but they're different, that goes up against Salesforce.com.

我們有一支銷售自動化的銷售團隊，專門對打 Salesforce.com。我們也有一支服務自動化的銷售團隊，雖然不同，但同樣是對打 Salesforce.com。

We have a marketing automation sales force. We have an ERP sales force. We have an EPM sales force. We have all of these specialized sales forces and we created those, actually Mark created those several years ago. And we've been hiring staffing and they are much more mature.

我們有行銷自動化的銷售團隊。我們有 ERP 的銷售團隊。我們有 EPM 的銷售團隊。我們有所有這些專業化的銷售團隊，而這些其實是 Mark 幾年前建立的。我們一直在招募與補足人力，而他們也成熟得多了。

We started working on some of these products, a lot of these products we built them internally. We started about 10 years ago. After 10 years of developments, the Fusion applications, again Mark said we're in release 9, and they're getting really good.

我們開始投入其中一些產品——很多產品是我們內部自行開發的。我們大約在 10 年前開始。經過 10 年的開發，Fusion 應用程式，如 Mark 所說，我們已經到第 9 個版本，而且它們真的變得非常好。

The user interface is getting good. We have a lot of good customer feedback, again, over a period of years. We've improved the UIs. We've improved that multinational capability.

使用者介面變得更好。多年來我們收到很多正面的客戶回饋。我們改善了 UI。我們也提升了跨國（多國別）能力。

We've improved security in the cloud. I think we're the leader in application security in the cloud. So it's this walking up the learning curve, and at some point it becomes visible to everybody.

我們提升了雲端的安全性。我認為我們是雲端應用程式安全性的領導者。所以這就是沿著學習曲線不斷前進，而到某個時間點，所有人都會看得見。

I think we've been -- Mark a few quarters ago, talked about the size of the pipeline looked pretty good, kind of stunning. But I know the next thing is it turns into bookings. The next thing it turns into revenue. The next thing is we have more revenue than anyone else in the cloud. And I think that's the next shoe that's going to drop.

我想我們——Mark 在幾個季度前談到過，管線的規模看起來相當不錯，甚至有點令人震撼。但我知道接下來它會轉化為訂單。再接下來它會轉化為營收。再接下來就是我們在雲端的營收會超過任何人。我認為接下來就會有這個重大進展出現。

Great, thank you.

很好，謝謝。

Thanks, Heather.

謝謝你，Heather。

John DiFucci, Jefferies and Company.

Jefferies and Company 的 John DiFucci。

Thanks. I have a question for Safra. Safra, as you said, CapEx has creeped up a little bit. It's up 26% on a trailing 12-month basis, or about $150 million.

謝謝。我有個問題想請教 Safra。Safra，如你所說，資本支出（CapEx）略有上升。以過去 12 個月（TTM）計算成長 26%，約增加 1.5 億美元。

Non-GAAP operating margins have really held steady, as has free cash flow. But as you transition to more cloud-based business, should we expect free cash flow to trail off a bit, even if it's just temporarily?

非 GAAP 的營業利益率確實維持穩定，自由現金流也是如此。但隨著你們轉向更多以雲端為基礎的業務，我們是否應該預期自由現金流會稍微走弱一些，即使只是暫時的？

It's all so tiny; these amounts are so small in the scheme of what's going on. I think it's unusual that I would even call out $150 million increase year over year of capital expenditure. But since you guys aren't even used to it, I figured, all right, let me call it out as small as it is.

這些都非常小；相較於整體正在發生的事情，這些金額真的很小。我覺得我竟然會特別點出資本支出年增 1.5 億美元，這其實很不尋常。但既然你們也不太習慣看到這種變化，我想，好吧，就算它很小，我也把它點出來。

Obviously in the launch for PaaS and the volumes that we are expecting, we made our investments. As we expand, we'll continue, but these are really tiny numbers and are totally dwarfed by our $14 billion-plus in free cash flow. I'm not sure other companies would've even mentioned it.

很明顯地，為了 PaaS 的推出以及我們預期的量，我們已經做了投資。隨著我們擴張，我們會持續投入，但這些真的都是很小的數字，完全被我們超過 140 億美元的自由現金流所掩蓋。我不確定其他公司是否甚至會提到這件事。

You're probably asking me because other companies make these enormous announcements of spending billions and billions. You have to remember, I mentioned it at the financial analyst day, we control almost our entire supply chain. You see, we're very close to starting with sand and then we have computers.

你可能會問我，是因為其他公司會做出那種要花數十億、數十億美元的龐大支出公告。你要記得，我在金融分析師日提過，我們幾乎掌控了整個供應鏈。你看，我們幾乎是從沙子開始，最後做出電腦。

We make almost everything. And as a result, we get everything at the best possible prices and economies of scale. We are already a very large Company, so we already had huge investments over the years, so we have a lot of capacity.

我們幾乎什麼都自己做。因此，我們能以最好的價格與規模經濟取得一切。我們本來就是一家非常大的公司，多年來已經做了大量投資，所以我們有很大的產能。

Again, I would not fret on this really small number. Because I'm not planning on making some announcement that we're going to spend billions. Because we've already spent, and it's just showing up little teeny bitties at a time.

再次強調，我不會為這個非常小的數字而擔心。因為我不打算發布什麼我們要花數十億美元的公告。因為我們早就花過了，現在只是一次一點點地反映出來。

Okay, thanks, that's helpful. If I could, a quick tactical follow-up and it's regards to guidance. We can go through our own calc for foreign exchange effects to get a reported number relative to the constant currency guidance, but generally what's the delta in growth for the top line between constant currency and reported numbers that you have?

好的，謝謝，這很有幫助。如果可以的話，我想再追問一個很戰術性的問題，關於財測指引。我們可以自己計算外匯影響，從固定匯率（constant currency）指引推回到以報表匯率呈現的數字，但一般而言，你們掌握的營收端在固定匯率與報表數字之間，成長率差距大概是多少？

In the past quarter that we just had?

你是指我們剛結束的上一季嗎？

No, actually I'm talking about guidance, yes.

不，我其實是在問指引，是的。

Yes, well, I didn't give -- listen, the rates right now compared to last year, depending on which line item, because it depends for us geographic distribution and all of those things, it's over 4%. In some areas it approaches 5%.

是的，嗯，我沒有給——聽著，以目前匯率相較去年而言，視哪一個科目而定，因為對我們來說取決於地理分布以及各種因素，影響超過 4%。在某些領域接近 5%。

A number of currencies really collapsed in comparison to the dollar. So if that's what you're asking me, I think I'm answering. If things stayed as they are today, it is over 4% of impact in many of the numbers you guys follow.

有不少貨幣相對於美元確實大幅走弱。所以如果你問的是這個，我想我已經回答了。如果匯率維持在今天的水準，在你們追蹤的許多數字上，影響會超過 4%。

Okay, great, that's helpful. Thank you.

好的，很好，這很有幫助。謝謝。

Brent Thill, UBS.

UBS 的 Brent Thill。

Good afternoon. Safra, on operating margins there's been a lot of focus if you can continue to drive steady operating margin improvement despite this transition in the cloud. I think you were clear to John that the investments are already in.

下午好。Safra，關於營業利益率，大家很關注在雲端轉型之下，你們是否仍能持續推動穩定的營業利益率改善。我想你對 John 已經說得很清楚，投資其實都已經到位了。

As you look at the next level of operational improvement, where do you see the biggest levers? As you transition into the cloud, as more of the business gets there, is this inherently a more profitable business from your perspective, as you get to that side?

當你展望下一階段的營運改善時，你認為最大的槓桿會在哪裡？隨著你們轉向雲端、更多業務移到那邊，從你的角度看，當你們到達那一側時，這是否本質上是一個更高獲利的業務？

Oh yes. Oh yes. There's no question. We've done the analysis and I think I shared at least some of it with you all, during the financial analyst day. But there is no question that, at scale, we continue to improve our margins dramatically.

喔，是的。喔，是的。毫無疑問。我們做過分析，我想我在金融分析師日也至少跟各位分享過其中一部分。但毫無疑問，在規模化之後，我們會持續大幅改善我們的利潤率。

Taking advantage of both our economies of scale and our controls, almost our entire supply chain and really our intense automation, which really ultimately results in our being very, very price competitive and allowing our customers to spend much, much less all in than they ever did, and yet we get a much more significant percentage of their wallet share. So we expect as we continue to go, I'm very pleased with where margins laid out this quarter. And as we get to volume, I actually think we will do better, continue to do better.

同時利用我們的規模經濟與我們的控管能力——幾乎整個供應鏈——以及我們高度自動化，而這最終讓我們在價格上非常、非常有競爭力，讓客戶的整體支出比以往少得多，但我們卻能取得他們錢包份額中更顯著的比例。因此，隨著我們持續推進，我對本季的利潤率表現非常滿意。而當我們達到更大的量時，我其實認為我們會做得更好，並且會持續變得更好。

Thank you.

謝謝。

Phil Winslow, Credit Suisse.

Credit Suisse 的 Phil Winslow。

Hi, thanks for taking my questions. I'd like to echo the congratulations for this quarter. Most people have touched on a lot of the other lines of business so far, but I want to ask a question about hardware.

嗨，謝謝讓我提問。我也想呼應對本季表現的祝賀。到目前為止，多數人已經談到很多其他業務線，但我想問一個關於硬體的問題。

You guys exceeded your guidance this quarter, and guiding for growth year over year again next quarter. Give us a sense for what you're seeing in that hardware line. Are we finally hitting that point that you all have talked about? That the stuff that you're not focused on is getting small enough and declining less that the growth areas are starting to show through? How we should think about that would be great.

你們本季超越了指引，而且下一季的指引也再次給出年增成長。請讓我們了解一下你們在硬體這條線上看到的狀況。我們是否終於到達你們一直談到的那個點？也就是你們不那麼聚焦的部分已經小到一定程度、下滑幅度也變小，使得成長領域開始顯現出來？如果能說明我們該如何看待這件事會很有幫助。

Well, I think you should think about it that we are just winning. That would be the overriding thing I would take away. You look at some of the markets we're in, particularly in computers that are scale computers, the $20,000, $25,000 and up category that you typically see most of the research firms.

嗯，我認為你應該這樣看：我們就是在贏。這會是我想讓你帶走的最核心重點。你看看我們所在的一些市場，特別是在電腦領域、也就是具規模的電腦市場，通常研究機構會看的那種 2 萬美元、2.5 萬美元以上的類別。

We are gaining startling amounts of share. You're talking about growth rate, gains of share that are 7, 8, 9, 10 points of share gain. If you ask what the drivers are underneath it, they're what we've been talking about before. We had double-digit bookings growth in engineered systems, as I described a few minutes earlier.

我們正在以驚人的幅度提升市占。你談的是成長率、市占提升幅度達到 7、8、9、10 個百分點的市占增長。如果你問背後的驅動因素是什麼，那就是我們之前一直在談的那些。如同我幾分鐘前描述的，我們在工程系統（engineered systems）的訂單（bookings）成長達到兩位數。

Safra and I both mentioned of couple of products. We've had very good performance out of what's called the Oracle SuperCluster. The SPARC SuperCluster has had significant growth. We've had very good growth in a product we don't talk about much, called the Oracle Database Appliance. It's had significant growth for us.

Safra 和我都提到了幾項產品。我們在所謂的 Oracle SuperCluster 上有非常好的表現。SPARC SuperCluster 有顯著成長。我們在一項不太常談到的產品——Oracle Database Appliance——上也有非常好的成長。它對我們而言成長幅度相當可觀。

This whole strategy of aligning hardware and software together is what customers want. I can make an argument to you. It's the same market trend you see in the cloud. We just do more work for the customer. We integrate the products for the customer. The customer doesn't have to do it.

這整體把硬體與軟體對齊整合在一起的策略，正是客戶想要的。我可以跟你論證。這跟你在雲端看到的市場趨勢是一樣的。我們只是替客戶做了更多工作。我們為客戶把產品整合起來。客戶不必自己做。

We optimize the software for the solution and it's delivered us strong growth. So when you look across, really every line for us, we had very good performance. By the way, I should add in storage. Storage, our network attached product, again off now what's a bigger base, had very strong growth in the quarter as well.

我們針對解決方案最佳化軟體，而這為我們帶來了強勁成長。所以當你放眼整體來看，基本上我們每一條產品線的表現都非常好。順帶一提，我還要補充儲存產品。儲存方面，我們的網路附接式產品在更大的基期之上，本季同樣有非常強勁的成長。

So we're quite pleased with the performance we've seen in most of our product categories across most of our geographies. Particularly in terms of share gains.

因此，我們對於在大多數地區、我們多數產品類別所看到的表現感到相當滿意。尤其是在市占率提升方面。

Great. Thanks, guys, and congratulations again.

太好了。謝謝各位，再次恭喜。

Thank you.

謝謝。

Karl Keirstead, Deutsche Bank.

德意志銀行的 Karl Keirstead。

Thank you for fitting me in. I've got a question about two growth metrics that stood out to me that exceeded my expectations, and I'd love some color. The first, and maybe this is directed to Mark.

謝謝讓我插入提問。我有一個問題，關於兩個讓我印象深刻、且超出我預期的成長指標，我希望能多一些說明。第一個，可能是要請 Mark 回答。

Mark, it felt like North American database in the prior few quarters ran a little bit less than expectations. And yet Safra mentioned that her comments, that North American database sales were back to double-digits. I'd love to understand what drove that. It doesn't feel like there's a big broader demand improvement, so I'd love to know how you pulled that off. It's impressive.

Mark，感覺過去幾季北美資料庫的表現略低於預期。但 Safra 在她的評論中提到，北美資料庫銷售又回到雙位數成長。我很想了解是什麼驅動了這點。感覺整體需求並沒有明顯改善，所以我想知道你們是怎麼做到的。很令人印象深刻。

And then for Safra, you put up 9% software support revenue growth in constant currency. That's actually the best number you've put up in a little while, and I'd love a little color on that. Thank you.

另外想請教 Safra，你們在固定匯率下的軟體支援營收成長達 9%。這其實是你們一段時間以來最好的數字，我也希望能聽到一些說明。謝謝。

Well, I think on the database question in North America, Larry answered that a bit earlier talking about 12c. We're into a new release. We've talked about the timeframes it would come on board. You saw good performance in North America.

我想關於北美資料庫的問題，Larry 先前談到 12c 時已經部分回答了。我們正進入一個新版本。我們也談過它會在什麼時間點開始帶動。你看到北美有不錯的表現。

Frankly, when you looked at database overall in CD, we grew 5, 6 points. I want to say 6 in CD. Again, my guess would be we're gaining share again as you look at database overall.

坦白說，當你看整體資料庫在 CD（固定美元）下的表現，我們成長了 5、6 個百分點。我想是 6（在 CD 下）。同樣地，我猜測當你看整體資料庫時，我們又在提升市占。

I know you mentioned the metric you described about database, but as I tried to go through at financial analyst meeting, when you look at the CAGR on a three-year basis, it is a very strong upper single-digit CAGR in database. While you talk about one quarter or another, this is not a new phenomenon that you see, this kind of performance in database. And now with 12c, our pipeline has grown in database, and I think it's reflected in the numbers that you saw in the quarter.

我知道你提到你所描述的那個資料庫指標，但正如我在金融分析師會議上試著說明的，當你以三年為基礎看 CAGR，資料庫的 CAGR 是非常強勁的高個位數。雖然你可能談某一季或另一季，但你看到的這種資料庫表現並不是新現象。而現在有了 12c，我們的資料庫銷售管線已經成長，我想這也反映在你本季看到的數字上。

Thanks, and Safra, yes.

謝謝，Safra，對。

Yes, sure. I'm actually looking at all of the numbers and the contract base and it's been going up. It jumps around, but I have other quarters where it's very close.

是的，當然。我其實在看所有數字以及合約基礎（contract base），它一直在上升。它會有些波動，但我也有其他季度的數字非常接近。

Remember, we're selling an extremely large amount. Cancellation rates are very low. Very low. Attach rates are extremely high. And all of that added together just ends up with a good number.

記得，我們銷售的量非常大。取消率非常低。非常低。附加率（attach rates）非常高。而這些加總起來，最後就呈現出一個不錯的數字。

Right. Okay. Thanks a lot.

了解。好。非常感謝。

Thank you.

謝謝。

Thank you. I'd now like to turn the call back over to Mr. Bond for his closing remarks.

謝謝。接下來我想把電話交回給 Bond 先生，請他做結語。

Thank you, operator. 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 again. Thank you for joining us today. With that, we'll close the call.

謝謝，接線員。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今天稍早發布的新聞稿中找到。若對本次電話會議有任何後續問題，請致電投資人關係部門。我們期待再次與各位交流。感謝各位今天加入。那麼，我們就結束本次電話會議。

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

再次感謝各位的參與。今天的電話會議到此結束。您現在可以掛線。