甲骨文 (ORCL) 2015 Q3 法說會逐字稿

Welcome to Oracle's third-quarter FY15 earnings call. As a reminder, this call is being recorded for replay purposes. I'd now like to turn the call over to Ken Bond, Vice President of Investor Relations.

歡迎參加甲骨文（Oracle）2015 會計年度第三季財報電話會議。提醒各位，本次電話會議將錄音以供重播。現在我想把電話交給投資人關係副總裁 Ken Bond。

Thank you, operator. Good afternoon, everyone, and welcome to Oracle's third-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, 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 會計年度第三季財報電話會議。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暨技術長 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. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

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

As a result, we caution you against placing undue reliance on these forward-looking statements and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments, for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And, finally, we are not obligating ourselves to revise our results or publicly release any revisions to these forward-looking statements in light of new information or future events.

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其他可能影響我們未來業績或股價的風險。最後，我們不承擔因新資訊或未來事件而修訂我們的結果或公開發布對這些前瞻性陳述之任何修訂的義務。

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

在進入提問之前，我們先做幾點準備好的說明。接下來我把電話交給 Safra。

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

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

As you can imagine, we are very pleased with our results as software and cloud, cloud SaaS and PaaS, total hardware, total revenue and earnings per share were all above the midpoint of my CD guidance. As you probably remember, I didn't provide US dollar guidance for Q3, given the unusually high volatility in exchange rates.

如各位所料，我們對本季結果非常滿意，因為軟體與雲端、雲端 SaaS 與 PaaS、硬體總額、總營收以及每股盈餘都高於我在固定匯率（CD）指引中所給的中位數。各位可能還記得，鑑於匯率異常劇烈波動，我並未提供第三季以美元計的指引。

The currency headwinds ended up being 6% for software and cloud revenue, as well as total revenue, 7% for total hardware revenue, and $0.06 for earnings per share. Currencies continue to move significantly, so my comments today generally reflect constant dollar growth rates, which is how we look at the business.

匯率逆風最終對軟體與雲端營收以及總營收造成 6% 的影響，對硬體總營收造成 7% 的影響，並使每股盈餘減少 0.06 美元。匯率仍持續大幅波動，因此我今天的評論一般以固定匯率成長率為主，這也是我們看待業務的方式。

Cloud SaaS and PaaS revenue was $375 million, up 33% from last year. Bookings were again over 100%, adding to the momentum which is helping drive SaaS and PaaS revenue growth. Now, when bookings turn into revenue depends on many factors, but one thing is clear -- our momentum in cloud bodes very well for the future.

雲端 SaaS 與 PaaS 營收為 3.75 億美元，較去年成長 33%。訂單（bookings）再次超過 100%，進一步累積動能，並有助於推動 SaaS 與 PaaS 營收成長。當然，訂單何時轉為營收取決於許多因素，但有一點很清楚——我們在雲端的動能對未來非常有利。

Cloud infrastructure as a service revenue was $155 million, up 32%. Overall, our cloud results were much better than expected as we're clearly growing faster than salesforce. We're more than 3 times the size of Workday now.

雲端基礎設施即服務（IaaS）營收為 1.55 億美元，成長 32%。整體而言，我們的雲端表現遠優於預期，顯然我們的成長速度快於 Salesforce。我們目前的規模已超過 Workday 的 3 倍。

Software and cloud revenues were $7.2 billion, up 7% from last year. Software updates and product support revenues drove nearly half of total Company revenue at $4.7 billion, up 8% from last year. Attach and renewal rates remain at their usual high levels as our growing installed base of customers continues to power earnings and cash flow. New software license revenue was $2 billion, while we continue to enable our customers with their ongoing transition to cloud.

軟體與雲端營收為 72 億美元，較去年成長 7%。軟體更新與產品支援營收為 47 億美元，較去年成長 8%，貢獻了公司總營收的近一半。隨附（attach）與續約率維持一貫的高水準；我們持續擴大的客戶裝機基礎（installed base）仍在推動獲利與現金流。新軟體授權營收為 20 億美元；同時我們也持續協助客戶進行向雲端轉型的過程。

Looking at GAAP software and cloud results by region, the Americas grew 7%, EMEA grew 9% and Asia-Pacific grew 4%. Total hardware, including hardware support, grew 5%, with hardware system product revenue of $712 million and hardware support revenue of $587 million.

以地區來看 GAAP 口徑的軟體與雲端表現，美洲成長 7%，EMEA 成長 9%，亞太成長 4%。硬體總額（含硬體支援）成長 5%，其中硬體系統產品營收為 7.12 億美元，硬體支援營收為 5.87 億美元。

Engineered systems saw double-digit revenue growth on the strength of our product portfolio. Obviously, we continue to gain share against IBM and HP, whose high-end server businesses continue their decline.

憑藉我們的產品組合優勢，工程系統（Engineered Systems）營收呈現雙位數成長。顯然，我們持續從 IBM 與 HP 手中擴大市占；他們的高階伺服器業務仍在下滑。

For the Company, total revenue for the quarter was $9.3 billion, up 6% from last year. Non-GAAP operating income was $4.2 billion, up 4% from last year, and the operating margin was 46% in constant currency. That we're able to maintain our industry-leading operating margins while growing our cloud business more than 30% is a testimony to the strength of our business model.

就公司整體而言，本季總營收為 93 億美元，較去年成長 6%。非 GAAP 營業利益為 42 億美元，較去年成長 4%；以固定匯率計算的營業利益率為 46%。我們在雲端業務成長超過 30% 的同時仍能維持業界領先的營業利益率，證明了我們商業模式的強勁。

The non-GAAP tax rate for the quarter was 22.7%, and EPS was $0.68 in US dollars, growing 9% in constant currency. The GAAP tax rate was 20.8% and GAAP EPS was $0.56 in US dollars. As I mentioned earlier, but for the currency move, EPS would have been $0.06 higher.

本季非 GAAP 稅率為 22.7%，每股盈餘（EPS）為 0.68 美元，以固定匯率計算成長 9%。GAAP 稅率為 20.8%，GAAP 每股盈餘為 0.56 美元。如我先前提到，若非匯率變動影響，每股盈餘本可再高 0.06 美元。

Free cash flow over the last four quarters was $14.5 billion. Capital expenditures continued to be a bit higher as we provision cloud orders and build out for the enormous fourth-quarter SaaS and PaaS growth we anticipate. Just to put it into perspective, when you compare the same nine months last year to the first nine months of this year, our capital expenditure is up about $350 million. That's all.

過去四個季度的自由現金流為 145 億美元。由於我們為雲端訂單進行資源配置，並為我們預期第四季龐大的 SaaS 與 PaaS 成長擴建，資本支出持續略為偏高。為了讓各位更有概念，若比較去年同期九個月與今年前九個月，我們的資本支出約增加 3.5 億美元。以上。

We now have over $43 billion in cash and marketable securities. Net of debt our cash position is approximately $11.5 billion. The short-term deferred revenue balance is $6.4 billion, down slightly due to currency, but in constant dollars it actually grew 6%.

我們目前持有超過 430 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 115 億美元。短期遞延收入餘額為 64 億美元，因匯率因素略有下降，但以固定匯率計算實際成長 6%。

Within short-term deferred revenue is $321 million for SaaS, PaaS and IaaS cloud services. As we said before, we're committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt, and a dividend. In terms of acquisitions, we continue to focus on finding the right companies at the right valuation, and both are critically important.

在短期遞延收入中，SaaS、PaaS 與 IaaS 雲端服務合計為 3.21 億美元。如同先前所說，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。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。

This quarter we repurchased 46.1 million shares for a total of $2 billion. Over the last 12 months we have repurchased nearly 200 million shares for a total of $8.1 billion. And we've paid out dividends of $2.1 billion for a total that is more than 75% of our free cash flow. And the Board of Directors increased the quarterly dividend 25% today from $0.12 to $0.15 per share.

本季我們回購 4,610 萬股，總金額 20 億美元。過去 12 個月我們回購近 2 億股，總金額 81 億美元。此外，我們已支付 21 億美元股利，使回饋總額超過我們自由現金流的 75%。董事會今天也將季度股利提高 25%，由每股 0.12 美元提高至每股 0.15 美元。

Now to the guidance. First of all, given the continued high volatility in exchange rates, we expect currency will affect results, but as we just don't know how much, I'm going to again provide constant currency guidance only. Secondly, our customers are clearly embracing Oracle PaaS faster than we expected, which is actually great for us.

接下來談財測指引。首先，鑑於匯率持續高度波動，我們預期匯率將影響結果，但由於我們無法確定影響幅度，因此我將再次僅提供固定匯率指引。其次，我們的客戶採用 Oracle PaaS 的速度顯然比我們預期更快，這對我們其實是非常好的消息。

Just to give you a little bit of insight on how we look at the business, for every $1 million of license we sell, we expect to collect another $1 million from support over five years for a total of $2 million. While for every $1 million of PaaS we sell, we actually expect to collect $5 million over five years. That's what we're looking at in our business. And though it may have some short-term effect, it's actually already showing up in the revenues.

為了讓各位稍微了解我們如何看待這項業務：每賣出 100 萬美元的授權，我們預期在五年內可再從支援服務收取 100 萬美元，合計 200 萬美元。但每賣出 100 萬美元的 PaaS，我們實際上預期在五年內可收取 500 萬美元。這就是我們看待業務的方式。雖然短期內可能會有一些影響，但它其實已經開始反映在營收上。

So, here we go. SaaS and PaaS on a non-GAAP basis is expected to grow 26% to 30%. On a GAAP basis, SaaS and PaaS revenue is expected to grow 27% to 31%. Cloud IaaS on a GAAP and non-GAAP basis is expected to grow 29% to 33%.

那麼，我們開始。以非 GAAP 基礎計，SaaS 與 PaaS 預期將成長 26% 至 30%。以 GAAP 基礎計，SaaS 與 PaaS 營收預期將成長 27% 至 31%。雲端 IaaS 以 GAAP 與非 GAAP 基礎計，預期將成長 29% 至 33%。

Software and cloud revenue on a GAAP and non-GAAP basis, including SaaS, PaaS, IaaS, new software license and software support, is expected to grow 2% to 6%. Hardware systems revenue on a GAAP and non-GAAP basis, which includes hardware system products and hardware system support, is expected to be between negative 2% and positive 8%. Total revenue on a GAAP and non-GAAP basis is expected to range from 1% to 6%.

以 GAAP 與非 GAAP 基礎計，軟體與雲端營收（包含 SaaS、PaaS、IaaS、新軟體授權與軟體支援）預期將成長 2% 至 6%。以 GAAP 與非 GAAP 基礎計，硬體系統營收（包含硬體系統產品與硬體系統支援）預期介於負 2% 至正 8%。以 GAAP 與非 GAAP 基礎計，總營收預期範圍為 1% 至 6%。

Non-GAAP EPS is expected to be somewhere between $0.90 and $0.96 in constant currency. GAAP EPS is expected to be somewhere between $0.76 and $0.82 in constant currency.

以固定匯率計，非 GAAP 每股盈餘（EPS）預期約介於 0.90 美元至 0.96 美元。以固定匯率計，GAAP 每股盈餘（EPS）預期約介於 0.76 美元至 0.82 美元。

And again, all of my guidance today is in constant currency and assumes a non-GAAP tax rate of 24% and a GAAP tax rate of 23%. Of course, it may end up being different, but that's what we've got in our model right now.

再重申一次，我今天所有的指引皆以固定匯率為基礎，並假設非 GAAP 稅率為 24%、GAAP 稅率為 23%。當然，最終結果可能不同，但這是我們目前模型中的假設。

With that, I'll turn it over to Mark for his comments.

接下來，我把時間交給 Mark 發表他的評論。

Thanks, Safra. As usual, I'll try to give you some numbers behind the numbers. I think overall a very solid quarter for Oracle and a great cloud quarter for Oracle. As Safra did I'll give you the numbers in CD.

謝謝你，Safra。照例，我會試著提供一些「數字背後的數字」。我認為整體而言，這對甲骨文（Oracle）是非常穩健的一季，也是非常出色的雲端季度。如同 Safra 所做的，我會用 CD 來提供各項數字。

SaaS, PaaS revenue grew 33%. Bookings ARR grew 130%, double last year, and up double digits sequentially. Fusion bookings, ERP, HCM, and SFA all grew triple digits. Fusion bookings have grown more than 200% every quarter this year.

SaaS、PaaS 營收成長 33%。預訂 ARR 成長 130%，是去年的兩倍，且較前一季連續成長達雙位數。Fusion 預訂、ERP、HCM 與 SFA 全部都呈現三位數成長。今年以來，Fusion 預訂每一季都成長超過 200%。

We added 800 brand-new SaaS customers -- nearly 800. Nearly 530 existing customers expanded their cloud services in the quarter; in HCM 220 new customers; in customer experience, 470 new customers; in ERP, 160 new customers. ERP SaaS installed base is multiples the size of Workday. We're adding customers at more than 10X the rate of Workday.

我們新增了 800 位全新的 SaaS 客戶——接近 800 位。本季有將近 530 位既有客戶擴大其雲端服務；其中 HCM 新增 220 位客戶；客戶體驗新增 470 位客戶；ERP 新增 160 位客戶。ERP SaaS 的已安裝基礎規模是 Workday 的數倍。我們新增客戶的速度是 Workday 的 10 倍以上。

Less than 25% of our ERP SaaS wins involve any on-premise Oracle ERP customer, meaning that over 75% are net new to Oracle. I would give you a stat on SAP but we never see them in cloud ERP.

我們 ERP SaaS 的勝出案中，涉及任何內部部署（on-premise）的 Oracle ERP 客戶者不到 25%，也就是說超過 75% 對 Oracle 而言是淨新增客戶。我本來也想給你一個關於 SAP 的統計數字，但我們在雲端 ERP 幾乎從未遇到他們。

PaaS -- more than 400 new PaaS customers in the quarter, bookings up 200% sequentially. Q4 in PaaS is going to be very big.

PaaS——本季新增超過 400 位 PaaS 客戶，預訂金額較前一季成長 200%。PaaS 的第四季將會非常大。

Premise software grew 6%. We expect continued growth. Engineered systems grew 15% in the quarter. We sold more than 1,000 systems, including over 500 Exadata units booked.

內部部署軟體成長 6%。我們預期將持續成長。本季工程化系統成長 15%。我們售出超過 1,000 套系統，其中包含已預訂超過 500 台 Exadata。

Given competitor results, we're taking huge market share. Oracle will be the leader in high-end servers this year.

考量競爭對手的表現，我們正在大幅取得市占。甲骨文今年將成為高階伺服器的領導者。

In wrapping up, our cloud revenue is already above a $2 billion run rate. Our SaaS, PaaS pipeline is already large and growing rapidly, and it's growing faster than what you're seeing in the bookings, that being the pipeline. We now expect Q4 bookings of $300 million, $50 million higher than before.

總結來說，我們的雲端營收年化運行率已超過 20 億美元。我們的 SaaS、PaaS 銷售管線已經很大且快速成長，而且管線的成長速度比你在預訂中看到的還要快——也就是管線本身。我們現在預期第四季預訂為 3 億美元，比先前高出 5,000 萬美元。

We also expect FY15 bookings growth to be greater than 100%. You probably remember when Larry actually gave 50% growth in bookings as guidance at financial analyst meeting and we're going to double that number. Clearly, the migration to the cloud is happening faster than we expected. And to Safra's point, that's great news for Oracle, great news for our customers and great news for our investors

我們也預期 FY15 的預訂成長將超過 100%。你可能還記得，Larry 曾在財務分析師會議上以預訂成長 50% 作為指引，而我們將把那個數字加倍。顯然，向雲端遷移的速度比我們預期更快。而呼應 Safra 的觀點，這對甲骨文是好消息，對我們的客戶是好消息，對我們的投資人也是好消息

And with that I'm going to turn the call over to Larry.

接下來，我把電話會議交給 Larry。

Thank you, Mark. This quarter Oracle sold cloud ERP systems to 160 new customers. That's more ERP customers than Workday has acquired in all the years they've been in the cloud business. Not one of our 160 cloud ERP deals was competitive with SAP. As Mark said, we just don't see them in the market.

謝謝你，Mark。本季甲骨文向 160 位新客戶售出雲端 ERP 系統。這個 ERP 客戶數量，比 Workday 在其投入雲端業務的所有年份中累積取得的還多。我們這 160 筆雲端 ERP 交易，沒有任何一筆是與 SAP 競爭。如 Mark 所說，我們在市場上就是看不到他們。

By the end of this quarter, Oracle will have sold over 1,000 cloud ERP systems. We are on our way to building the largest ERP business in the cloud.

截至本季末，甲骨文將已售出超過 1,000 套雲端 ERP 系統。我們正朝著打造雲端最大 ERP 業務的方向前進。

Oracle now has a cloud revenue run rate of well over $2 billion a year. We're already the world's second-largest SaaS and PaaS company.

甲骨文目前的雲端營收年化運行率已遠超過每年 20 億美元。我們已是全球第二大的 SaaS 與 PaaS 公司。

On our last quarterly conference call I predicted that in our FY16 Oracle would likely sell more SaaS and PaaS new business than salesforce.com. Well, I was way too cautious. Did I lose the call for a second. Let me just back up one second. I think this is important.

在上一季的電話會議上，我曾預測在我們的 FY16，甲骨文很可能會賣出比 salesforce.com 更多的 SaaS 與 PaaS 新業務。嗯，我當時太過保守了。我是不是剛剛通話斷了一下。讓我先倒回去一秒。我認為這很重要。

On our last quarterly conference call I predicted that in our FY16 Oracle would likely sell more SaaS and PaaS new business than salesforce.com. I was way too cautious and conservative. Our cloud business is growing a lot faster than even I expected. Our cloud bookings are now growing at over 100% per year.

在上一季的電話會議上，我曾預測在我們的 FY16，甲骨文很可能會賣出比 salesforce.com 更多的 SaaS 與 PaaS 新業務。我當時太過謹慎與保守。我們的雲端業務成長速度，甚至比我預期的還快得多。我們的雲端預訂目前以每年超過 100% 的速度成長。

So I'd like to revise my prediction. I now believe that Oracle will sell more new SaaS and PaaS business than salesforce.com in this current calendar year 2015. It's going to be close but I think we're going to sell more in the cloud than they do this year.

因此我想修正我的預測。我現在相信，甲骨文在目前這個 2015 日曆年度，將賣出比 salesforce.com 更多的 SaaS 與 PaaS 新業務。會很接近，但我認為我們今年在雲端的銷售會比他們更多。

I suspect that might come as a big surprise to a lot of people out there. You won't have to wait very long to find out who's going to win this.

我猜這可能會讓很多人感到非常意外。你不需要等太久就會知道誰會贏。

With that, I'll turn it back over to the operator.

接下來，我把時間交回給接線員。

Operator, we'll go ahead and begin the Q&A portion of the call now, please.

接線員，我們現在請開始電話會議的問答（Q&A）部分。

(Operator Instructions)

（接線員指示）

Your first question will come from Jason Maynard with Wells Fargo.

第一個問題來自富國銀行（Wells Fargo）的 Jason Maynard。

Good afternoon, everybody. I actually wanted to ask Larry a couple questions about the database business. First off, Larry, I would love if you could give a little bit of insight on 12c adoption.

各位下午好。我其實想向 Larry 問幾個關於資料庫業務的問題。首先，Larry，我很希望你能分享一些關於 12c 採用情況的觀察。

Second thing is I'd like to talk about some of the use cases driving the PaaS growth. And if you can indulge me, maybe the last question is I'd be remiss not to ask for a competitive assessment of S/4 HANA from SAP. Thanks.

第二點，我想談談推動 PaaS 成長的一些使用案例。如果你願意讓我多問一個，最後一題我若不請你對 SAP 的 S/4 HANA 做個競爭面評估，恐怕就失職了。謝謝。

Okay. Let's start with 12c adoption rates. The most important new feature we probably put in the database in some time in terms of customer enthusiasm is our In-Memory Database feature. That, along with a multi-tenancy feature, are the two pieces that are really driving 12c adoption to higher rates than anything we've seen for a very long time.

好的。我們先從 12c 的採用率開始。就客戶熱情而言，我們在資料庫中加入、可能是相當長一段時間以來最重要的新功能，是我們的記憶體內資料庫（In-Memory Database）功能。這項功能再加上多租戶（multi-tenancy）功能，是推動 12c 採用率提升、達到我們很久以來未曾見過水準的兩大關鍵。

I think people are moving very quickly. Again, it takes years for people to move to the next version of the database. People are very cautious. But they're moving more quickly than historical precedent to adopt 12c for two big reasons. One is multi-tenancy and the other is our In-Memory Database option. So that's going exceptionally well.

我認為人們正在非常快速地行動。再說一次，人們要花好幾年才會升級到資料庫的下一個版本。人們非常謹慎。但他們採用 12c 的速度比歷史慣例更快，主要有兩個原因。一個是多租戶（multi-tenancy），另一個是我們的 In-Memory Database（記憶體內資料庫）選項。所以進展得特別順利。

The use cases that are spurring adoption of the Oracle database and the cloud, is the very simple fact you can take any workload, any database that you currently have running in your data center and move your database with a push of a button, and move your application with the push of a button, and run it in the Oracle cloud. Nobody else can do that.

推動 Oracle 資料庫與雲端採用的使用案例，原因很簡單：你可以把目前在資料中心運行的任何工作負載、任何資料庫，按一下按鈕就把資料庫移轉過去；同樣按一下按鈕就把應用程式移轉過去，並在 Oracle 雲端上運行。沒有其他人能做到這一點。

If you look at the other PaaS vendors, the second biggest PaaS vendor -- actually, maybe they're the biggest PaaS vendor still, I'm not sure they break out their number -- salesforce.com PaaS is based on proprietary technology that allows you to extend salesforce.com applications. Our PaaS, our platform as a service, is based on two products -- Java, the world's most popular programming language and an industry standard, and the Oracle database, the world's most popular relational database and an industry standard.

如果你看看其他 PaaS 供應商，第二大的 PaaS 供應商——其實也許他們仍是最大的 PaaS 供應商，我不確定他們是否把數字拆開揭露——salesforce.com 的 PaaS 是建立在專有技術之上，讓你可以延伸 salesforce.com 的應用程式。我們的 PaaS，也就是我們的平台即服務，是建立在兩項產品之上——Java，全球最受歡迎且屬於產業標準的程式語言，以及 Oracle 資料庫，全球最受歡迎且屬於產業標準的關聯式資料庫。

We have enormous on-premise usage of Java and the Oracle database. And now people don't have to decide where they're going to run things. They can do test and development in the Oracle cloud and run production on-premise. And then they can decide if they need more capacity, they can go from on-premise into the cloud and back to on-premise.

我們在地端（on-premise）對 Java 與 Oracle 資料庫的使用量非常龐大。而現在人們不必再決定要在哪裡運行這些東西。他們可以在 Oracle 雲端做測試與開發，並在地端運行正式環境（production）。然後如果他們需要更多容量，也可以從地端進入雲端，再回到地端。

We're the only ones that allow you to move data and workload back and forth between the cloud and on-premise. That's the primary use case, we think, that's going to drive Oracle PaaS to be the number one PaaS in the cloud very quickly.

我們是唯一允許你在雲端與地端之間來回移動資料與工作負載的廠商。我們認為這是主要的使用案例，將非常快速地推動 Oracle PaaS 成為雲端第一的 PaaS。

The third question is S/4HANA and the cloud. Very simply, I talked to a lot of people at SAP, actually, about S/4HANA and the cloud, and people who have recently been at SAP. And you've got to understand one thing -- this is the same old SAP. This is all written in ABAP. There's 30-year-old code in S4 business suite. There's nothing new about this. They're simply hosting it on someone else's computer.

第三個問題是 S/4HANA 與雲端。很簡單，我其實跟 SAP 的很多人談過 S/4HANA 與雲端，也跟一些最近曾在 SAP 任職的人談過。你必須理解一件事——這還是同一套老 SAP。這全部都是用 ABAP 寫的。S4 business suite 裡有 30 年前的程式碼。這沒有任何新意。他們只是把它託管在別人的電腦上。

I also can't find a website where you log on and try it. Everyone else lets you log on. You go to a website -- you want to buy our stuff, you want to buy SaaS, you want to buy PaaS, you go to a website, you get provisioned and you go. Not so with SAP. This is 30-year-old code renamed S/4HANA.

我也找不到一個網站讓你登入去試用。其他人都讓你登入。你到一個網站——你想買我們的東西、想買 SaaS、想買 PaaS，你到網站上就能完成開通（provisioned）然後開始使用。但 SAP 不是這樣。這是把 30 年的老程式碼改名叫 S/4HANA。

Now, they did add a new user interface called Fiori to the old code, but that's all they did. They did add another database that they support. They now support in addition to Oracle and Cybase and IBM DB2 and Microsoft SQL Server, they also support HANA. That's it. They've added one new database, they've added a more modern EUI, all the old code in the middle is written in ABAP.

他們確實在舊程式碼上加了一個叫 Fiori 的新使用者介面，但也就只有這樣。他們也確實新增支援另一種資料庫。現在除了 Oracle、Cybase、IBM DB2 與 Microsoft SQL Server 之外，他們也支援 HANA。就這樣。他們新增了一個新資料庫，新增了一個更現代的 EUI，而中間所有舊程式碼仍然是用 ABAP 寫的。

Ask them. It's written in ABAP. It's 30 years old. We don't see them as a cloud competitor. We actually almost never talk about them except when we get a question on the call. That's it.

你去問他們。就是用 ABAP 寫的。有 30 年歷史。我們不把他們視為雲端競爭對手。其實我們幾乎從不談他們，除非在電話會議上有人問到。就這樣。

Your next question will come from Heather Bellini with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Heather Bellini。

Hi. Great. Thank you for the question. I actually had two of them. I wanted to know if you all could discuss -- you mentioned it a little bit but go into a little bit more detail about how you're seeing the competitive environment changing versus salesforce.com and Workday, what you've noticed over the last even three to six months. And then, Safra, I might have missed it, I apologize, but could you talk about your support growth in constant currency, please? I think I might have missed the number.

嗨。很好。謝謝讓我提問。我其實有兩個問題。我想請你們談談——你們稍微提到了一點，但能否更詳細說明一下，過去甚至三到六個月，你們觀察到相較於 salesforce.com 與 Workday，競爭環境有哪些變化、你們注意到了什麼？另外，Safra，我可能漏聽了，先說聲抱歉，但你能否談談以固定匯率（constant currency）計算的支援（support）成長，謝謝？我想我可能錯過了那個數字。

Sure. How about Mark, you do the --.

當然。Mark，要不你先談——。

Sure, I'll start on the competitive environment. I would say that the competitive environment with Workday is different in HR than in ERP, EPM. In ERP EPM, our position is extremely strong. I would not call Workday competitive in that market at all. So let's put that aside.

好的，我先從競爭環境談起。我會說，與 Workday 的競爭環境在 HR 與在 ERP、EPM 是不同的。在 ERP、EPM 方面，我們的地位非常強。我根本不會把 Workday 稱作在那個市場具有競爭力。所以先把那部分放一邊。

In the context of HCM, I think with each subsequent release of HCM, whether it had been release 7, release 8, release 9 and now release 10, we have simply engineered now a better product than Workday. And so I think from an HCM perspective, head to head, there are in the United States some strong fights. I think as our awareness, the education of our sales force and our references have gotten better, we now win more than half the deals in the United States.

在 HCM 的脈絡下，我認為隨著 HCM 每一次後續版本的推出，不論是第 7 版、第 8 版、第 9 版，現在到第 10 版，我們已經透過工程設計做出一個比 Workday 更好的產品。因此我認為從 HCM 的角度來看，正面交鋒之下，在美國有一些激烈的競爭。我認為隨著市場對我們的認知提升、我們銷售團隊的教育訓練更到位、以及我們的客戶案例（references）更強，我們現在在美國贏下超過一半的案子。

Outside the United States, our win rate goes up actually exponentially because of the breadth of our distribution in those markets. So that's how I would characterize Workday.

在美國以外，我們的勝率其實呈指數型上升，因為我們在那些市場的通路覆蓋非常廣。這就是我對 Workday 的描述。

Also, any deal that comes up that's multi-pillar, so in many cases you wind up with an ERP competitive environment that then actually many times can drag in HR. So we think competitively, Heather, the fact that we have ERP and EPM in the cloud, in SaaS with a strong lead also benefits our HCM business, as well. So out-engineering, out distributed in almost all the world, as I described, big lead in ERP, EPM where I would not describe Workday as extremely competitive.

另外，任何出現多支柱（multi-pillar）的案子，在很多情況下，你會先遇到 ERP 的競爭環境，而這往往也會把 HR 一起帶進來。所以我們認為在競爭上，Heather，我們在雲端的 ERP 與 EPM（以 SaaS 形式）具有明顯領先，也同樣有利於我們的 HCM 業務。也就是說，在工程能力上勝出、在全球幾乎所有地區的通路更廣，如我所述；在 ERP、EPM 方面有很大領先，而我不會把 Workday 描述為非常有競爭力。

Salesforce I think is perhaps different. Salesforce is clearly the incumbent in most accounts, not Oracle. We're, frankly, the guy coming up with a challenger capability. And we now bring a suite of capability with marketing in addition to sales automation.

我認為 Salesforce 可能不太一樣。Salesforce 在多數客戶帳戶中顯然是既有供應商（incumbent），不是 Oracle。坦白說，我們是帶著挑戰者能力進場的那一方。而我們現在除了銷售自動化之外，還帶來包含行銷在內的一整套能力。

And we do a lot of things that they don't do. We really come to the customer with a different approach. As opposed to trying to help the customer basically report what the sales force is bidding on, we actually come to market trying to help the sales force, being our customers' sales forces, sell more stuff, all the way from automating a marketing campaign to the actual process by which they communicate to the customer, get information about the customer, and actually go through a whole engineering and selling process with the customer.

而且我們做了很多他們做不到的事。我們確實以不同的方法面向客戶。相較於只是協助客戶基本上去回報銷售團隊正在競標什麼，我們進入市場時是要幫助銷售團隊——也就是我們客戶的銷售團隊——賣出更多產品，從自動化行銷活動到他們與客戶溝通的實際流程、取得客戶資訊，並且真正與客戶一起走完整個工程化與銷售流程。

And this is proven. You've heard it with our numbers. Our sales automation solutions in the quarter were superb. Marketing had a fantastic quarter. We are the leader in marketing.

而這已被證明。你已經從我們的數字聽到了。我們本季的銷售自動化解決方案表現非常出色。行銷業務也有一個非常棒的季度。我們是行銷領域的領導者。

We are challenging very aggressively in sales automation and we expect to give them a run for their money in every sales automation deal in the planet. But our differentiation, Heather, comes from bringing a suite of capability to help our customers' sales organizations sell.

我們在銷售自動化方面正以非常積極的姿態迎戰，我們預期在全球每一筆銷售自動化交易中都要讓他們不好過。但我們的差異化之處，Heather，在於我們帶來一整套能力，協助客戶的銷售組織完成銷售。

And, Heather, as far as sequential growth in support, in constant currency it's up sequentially between 1% and 2%. The only change you see in the tables is as a result of currency. So sequentially up in software license updates and product support.

而且，Heather，就支援業務的季比成長而言，以固定匯率計算，季比上升約1%到2%。你在表格中看到的唯一變化是匯率所致。因此，軟體授權更新與產品支援在季比上都有所成長。

Great. Thanks. Thank you very much.

很好。謝謝。非常感謝。

Our next question will come from the line of Brad Reback with Stifel Nicolaus.

下一個問題來自Stifel Nicolaus的Brad Reback。

Hello. Just one quick question, Safra. Can you give us a sense of what the FX impact was on cash flow in the quarter?

你好。Safra，我只有一個簡短問題。你能否讓我們了解本季外匯對現金流的影響有多大？

About half of the decline in cash flow, a little bit more, I think, was actually entirely currency. And a little of it, frankly, was tax payments that under circumstances in some jurisdictions where you pay and then you discuss it. And then a little of it actually ended up being an inventory build-up that we're doing right now, about $100 million of inventory buildup in preparation for all of the engineered systems that go out in Q4. So we do the buildup of the pieces in Q3. I know you asked about currency, but currency's about half of it.

現金流下滑大約有一半，甚至略多一些，我認為其實完全是匯率造成的。另外有一小部分，坦白說，是稅款支付——在某些司法管轄區，你先繳納，之後再去協商。還有一小部分則是我們目前正在進行的庫存增加，大約增加了1億美元的庫存，為第四季出貨的所有工程系統做準備。所以我們在第三季先把零組件備起來。我知道你問的是匯率，但匯率大約占了一半。

Great. Thanks very much.

很好。非常感謝。

And our next question will come from Kash Rangan with Bank of America-Merrill Lynch.

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

Hi. Thank you very much. Mark, could you talk about the engineered systems business? Certainly growth of 15% is outpacing the market. But how is the split of business between the quarter rack, half rack, full rack? Or if you want to look at it based on the products -- Exadata, Exalogic, Exalytics. How is that shaping out?

嗨。非常感謝。Mark，你能談談工程系統業務嗎？15%的成長顯然跑贏市場。但在季內，業務在quarter rack、half rack、full rack之間的分布如何？或者如果你想按產品來看——Exadata、Exalogic、Exalytics——目前的走勢如何？

Where do you think the mix shift in this business is going to look like the next 12 months or so? What I'm really trying to get an angle on is, could the business get better as a result of greater 12c adoption, as well? Thank you.

你認為未來12個月左右，這項業務的組合轉移會是什麼樣子？我真正想掌握的是，隨著12c採用率提高，這項業務是否也可能因此變得更好？謝謝。

There was a lot of questions tied up there, so let me try to hit as many as I can. First, I think to your point, when you look at our competitive results in high-end servers we're gaining a ton of share. , o just to make sure you said growing a bit faster. All of our competitors, really, in this space are highly negative.

你剛才把很多問題綁在一起了，我盡量回答越多越好。首先，我認為如你所說，從我們在高階伺服器的競爭結果來看，我們正在大幅提升市占。所以只是確認一下，你是說成長稍微快一些。我們在這個領域的所有競爭對手，基本上都呈現大幅負成長。

And as we talked about, growth was 15% in the quarter. It is spread between, I would say, a solid Exadata quarter, all the way around. We grew in Exadata. And this is going against -- I know you know this, Kash -- fairly tough comparisons with the success of Exadata last year.

如同我們談到的，本季成長為15%。我會說這個成長分布在各方面，從Exadata本季表現扎實開始。我們的Exadata有成長。而且這是在——我知道你也清楚，Kash——面對去年Exadata成功所帶來的相當艱難的比較基期之下達成的。

But we had very strong performance on some of our new engineered systems. So, it was pretty well disbursed. We had strong growth on SuperCluster in the quarter. We had strong growth in our Oracle database appliance. We had strong growth in our big data alliance, which is our Hadoop Oracle appliance that we brought to market. Our Zero Data, one of my favorite named products that we have in the Company, the Zero Data loss recovery appliance contributed growth in the quarter.

但我們在一些新的工程系統上表現非常強勁。因此，整體分布相當平均。本季SuperCluster成長強勁。我們的Oracle資料庫一體機（database appliance）成長強勁。我們的大數據聯盟（big data alliance）成長強勁，也就是我們推出市場的Hadoop Oracle一體機。我們的Zero Data——這是公司裡我最喜歡的產品名稱之一——Zero Data Loss復原一體機也在本季貢獻了成長。

So, the suite of products that we brought to market in engineered systems as a group had a really strong quarter. And while some of the numbers are small coming off of a baseline, they all contributed and they are all growing, and in aggregate we grew 15%. So, I think our pipelines are up overall and so we feel great about the quarter engineered systems delivered, and great about our pipeline.

所以，我們在工程系統這個產品套件中推出的一整組產品，本季表現非常強勁。雖然其中一些數字是從較小的基期起步，但它們都做出了貢獻、也都在成長，合計之下我們成長了15%。因此，我認為我們整體的銷售管線也在上升，所以我們對本季工程系統的交付表現感到非常滿意，也對我們的管線很有信心。

And the hardware refresh as it relates to 12c mainstream adoption, could you get a benefit there?

那麼，與12c主流採用相關的硬體更新，是否能帶來一些好處？

Listen, we've seen a strong uptake of -- well, I shouldn't say -- let me say it another way, the beginnings of the uptake of 12c. I believe that also helps. And it also helps in the context of what we see as 12c and the emergence of private clouds that exist within our customers where you see many of these architectural moves to these engineered systems, as well.

聽著，我們已經看到——嗯，我不該這麼說——我換個說法：我們已經看到12c開始被強勁採用的跡象。我相信這也會帶來幫助。而且在我們所看到的情境下，12c以及在客戶內部出現的私有雲，也會推動許多架構性轉移，進一步導向這些工程系統。

Wonderful. Thank you very much.

太好了。非常感謝。

Our next question will come from the line of Rick Sherlund with Nomura.

下一個問題來自Nomura的Rick Sherlund。

Thanks, Larry, two questions. First is we talked to companies that are native to the SaaS market. They indicate that they'll continue to win business because they have an inherent advantage being natively built for the cloud with ease of implementation and ease of use. And I wonder if you could comment on how you think you stack up now and future releases of Fusion, if there's more to be done on that front. And then, secondly, you talked about In-Memory and 12.1 --.

謝謝你，Larry，我有兩個問題。第一個是，我們與一些原生於SaaS市場的公司交流過。他們表示，他們將持續贏得業務，因為他們天生就為雲端打造，具備先天優勢，包括易於導入與易於使用。我想請你評論一下，你認為我們目前的競爭力如何，以及Fusion未來版本是否還需要在這方面做更多工作。第二，你提到了In-Memory以及12.1——。

Can I interrupt you on that one? Was the question -- people are saying SAP was natively built for the cloud?

我可以在這裡打斷你一下嗎？你的問題是——有人說SAP是原生為雲端打造的？

No, these are the native SaaS companies I'm talking about.

不是，我指的是那些原生SaaS公司。

The native SaaS Company. Okay, I misunderstood. Got it. Let me just answer the first part of your question now.

原生SaaS公司。好，我誤會了。明白了。我先回答你問題的第一部分。

We made a big announcement almost 10 years ago that we're rebuilding all of our applications for the cloud. Now, it wasn't called the cloud 10 years ago, it was called SaaS. We said we're rebuilding everything on this thing called Fusion, which meant we're going to rebuild our middleware for the cloud, build our applications on top of our cloud middleware, and change our database for the cloud, make it multi-tenant, make it In-Memory, do all of those things. We started a project 10 years ago to rewrite everything.

我們在將近10年前做過一個重大宣布：我們要為雲端重建所有應用程式。當然，10年前不叫雲端，當時叫SaaS。我們說要在一個叫Fusion的東西上重建所有內容，意思是：我們要為雲端重建中介軟體，在雲端中介軟體之上打造應用程式，並為雲端改造資料庫，使其支援多租戶（multi-tenant）、支援In-Memory，完成所有這些事情。我們在10年前啟動了一個專案，重寫所有東西。

Fusion ERP -- every single line of code is brand new. Fusion HCM, every single line of code is brand new. I can go on and on with all of these. They are completely rewritten for the cloud.

Fusion ERP——每一行程式碼都是全新的。Fusion HCM——每一行程式碼都是全新的。我可以一直列下去。它們都是為雲端徹底重寫的。

Our database was not completely rewritten, we added specific features to the database to make it work properly in the cloud, the most prominent of which is the multi-tenancy feature. We think we put multi-tenancy at the right level of the stack in the database rather than multi-tenancy in the application, which creates real security problems which I'm not going to go into.

我們的資料庫並沒有完全重寫；我們在資料庫中加入了特定功能，使其能在雲端環境中正確運作，其中最重要的就是多租戶功能。我們認為，把多租戶放在資料庫這一層的堆疊位置是正確的，而不是把多租戶放在應用程式層，因為那會造成真正的安全性問題，我在這裡就不展開了。

We think we have a huge advantage over someone like Workday that doesn't have a database. Workday built their own little database and that's what you're buying into when you buy Workday. We built our own little database. It's called Oracle.

我們認為，相較於像Workday這種沒有資料庫的公司，我們有巨大的優勢。Workday自己做了一個小型資料庫，你買Workday其實就是買進他們那個資料庫。我們也做了自己的小型資料庫。它叫Oracle。

Workday has its own programming technology. We use this programming technology called Java. And we built everything from scratch. I'm telling you, every single line of code in Fusion HCM is new for the cloud. Every single line of code for Fusion ERP is new for the cloud.

Workday 有其自有的程式技術。我們使用這種稱為 Java 的程式技術。而且我們從零開始打造所有東西。我跟你說，Fusion HCM 的每一行程式碼都是為雲端全新撰寫的。Fusion ERP 的每一行程式碼也都是為雲端全新撰寫的。

And those new cloud applications are based on, by far, the strongest platform. Workday doesn't even have a platform that they sell. They have no platform. They have a platform that they use internally. Salesforce has a platform that we also think is non-competitive with our platform.

而那些全新的雲端應用是建立在迄今為止最強的平台之上。Workday 甚至沒有一個對外販售的平台。他們沒有平台。他們有的是一個內部使用的平台。Salesforce 有一個平台，而我們也認為那個平台與我們的平台相比並不具競爭力。

So, you're going to have to be very specific of what advantages these small companies think they have over us in the cloud when we have, I think, very clearly the strongest platform based on industry standards and years and years of experience. We've adapted that for the cloud.

所以，當我們擁有我認為非常明確、基於產業標準以及多年多年經驗所打造的最強平台時，你必須非常具體地說明這些小公司在雲端自認為相較於我們有哪些優勢。我們已經把那套平台調整以適用於雲端。

Give you an example how strong our cloud platform is. Salesforce.com uses our cloud platform. Nestle uses our cloud platform. In fact, every single cloud company of size, the top 10, 9 of them use our database in the cloud. Workday is the only one that doesn't. But tell me again the advantages they think they have.

我舉個例子說明我們的雲端平台有多強。Salesforce.com 使用我們的雲端平台。雀巢（Nestle）使用我們的雲端平台。事實上，所有具規模的雲端公司，前 10 大裡有 9 家在雲端使用我們的資料庫。Workday 是唯一沒有使用的那一家。但請再告訴我一次，他們自認為有哪些優勢。

Ease of implementation and ease of use.

導入容易、使用容易。

I don't -- easy to implement, it's easy to say. We're getting our ERP customers -- can you tell me ease of implementation of what? We think our cloud ERP is the best of breed in cloud ERP. We think our cloud HCM is now the best of breed in cloud HCM in the areas of user interface, which is usually what the people mean by ease of use.

我不——說「容易導入」很容易。我們正在爭取 ERP 客戶——你能告訴我到底是什麼的導入容易嗎？我們認為我們的雲端 ERP 是雲端 ERP 中的同級最佳（best of breed）。我們認為我們的雲端 HCM 現在在使用者介面等領域也是雲端 HCM 的同級最佳，而這通常就是人們所說的「使用容易」。

Adaptive technology, which makes the implementation very rapid -- we have very rapid implementations, very low cost implementations, we think are competitive with anyone out there. In fact, one of the reasons why our consulting business keeps getting smaller is because our applications implementations take so much less time and effort.

自適應技術讓導入非常快速——我們的導入非常迅速、成本非常低，我們認為在市場上可與任何人競爭。事實上，我們顧問業務之所以持續縮小，其中一個原因就是我們的應用導入所需的時間與投入少了很多。

Okay. Larry, the second question was with In-Memory capabilities. Do you think it's possible that we see a lot more innovation in terms of the type of business processes that we can automate with this next generation of apps in the cloud?

好的。Larry，第二個問題是關於記憶體內（In-Memory）能力。你認為我們是否可能會看到更多創新，尤其是在雲端下一代應用能自動化的商業流程類型方面？

I think a lot of things that used to take a long time will take less time. Manufacturers will run MRP much faster than they used to. People that used to get reports overnight will get those reports instantaneously. So, they'll have access to more information.

我認為很多過去需要很長時間的事情，將會花更少時間。製造商執行 MRP 的速度會比以前快得多。過去要隔夜才能拿到報表的人，將能即時取得那些報表。因此，他們將能取得更多資訊。

There's some very interesting applications in terms of security for immediate detection of intrusion. Being able to analyze the data so quickly, we actually can do a better job in security. That's one of the big things that we've been working on for some time. I think there are a lot of existing applications that you used to wait overnight for, you'll get that data instantaneously. And then there will be a host of new applications.

在安全性方面，有一些非常有趣的應用，例如即時偵測入侵。由於能如此快速地分析資料，我們實際上可以把安全性做得更好。這是我們已經投入一段時間在做的重大事項之一。我認為有很多既有應用，以前你得等到隔夜，現在你會即時取得那些資料。接著也會出現一大批新的應用。

But how revolutionary that will be, I think this is going to happen -- people will discover these new applications over a fairly long period of time. So, as excited as we are about In-Memory databases, and we have by far the fastest In-Memory database in the world, but again, the first benefit is to make the existing apps run much faster. And that will happen right away. The second benefit will trickle in over the years as smart people discover new ways to build applications they never thought -- that just weren't possible before the In-Memory Database.

至於那會有多革命性，我認為會是這樣——人們會在相當長的一段時間內逐步發掘這些新應用。所以，儘管我們對記憶體內資料庫感到非常興奮，而且我們擁有迄今為止全球最快的記憶體內資料庫，但同樣地，第一個好處是讓既有應用跑得快很多。而這會立刻發生。第二個好處會在未來幾年逐步顯現，因為聰明的人會發現新的方式來打造應用——在記憶體內資料庫出現之前，那些方式根本不可能做到。

Thank you.

謝謝。

Our next question will come from the line of Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Thanks very much. Mark, just two quick questions. First, I wanted to follow up on your earlier comments regarding the customer experience pillar. Specifically, can you talk about your position today versus 12 months ago in terms of your visibility actually with the chief marketing officers? Obviously you guys have extremely strong relationships with CIOs but I'm wondering how your relationships on the marketing side with the CMOs has changed over the last 12 months.

非常感謝。Mark，我只有兩個簡短問題。第一個，我想延續你先前對「客戶體驗」支柱的評論。具體來說，你能談談相較於 12 個月前，你們今天在與行銷長（CMO）實際接觸的能見度方面處於什麼位置嗎？顯然你們與 CIO 的關係非常強，但我想了解過去 12 個月你們在行銷端與 CMO 的關係有何變化。

And then, secondarily, can you talk about just your industry solution trends and how they're doing, and how important having some of that domain expertise is in terms of differentiating you all versus some of your competitors that don't have that deep expertise in certain verticals? Thanks.

第二個，你能談談你們的產業解決方案趨勢、目前表現如何，以及在與某些在特定垂直領域沒有那麼深厚專業的競爭對手相比時，擁有部分領域專業知識（domain expertise）對於差異化有多重要嗎？謝謝。

Sure. In marketing, we've made a significant investment between the acquisitions of Responsys and Eloqua, respectively, where they're the leader in B2C marketing and B2B marketing. We've added BlueKai. We've added Compendium. We've just added a really nice Company in Datalogix.

當然。在行銷方面，我們透過分別收購 Responsys 與 Eloqua 進行了重大投資；它們分別是 B2C 行銷與 B2B 行銷的領導者。我們加入了 BlueKai。我們加入了 Compendium。我們剛剛又加入了一家很不錯的公司 Datalogix。

And BlueKai and Datalogix with their data capabilities now differentiate us just not on the marketing automation process and what you do with CMOs and automating that process but also in the underpinning datasets that CMOs get access to. So, we have become the biggest and the most popular in SaaS marketing.

而 BlueKai 與 Datalogix 的資料能力，讓我們的差異化不僅在於行銷自動化流程、以及你與 CMO 一起做什麼並將該流程自動化，還在於 CMO 能夠存取的底層資料集。因此，我們已成為 SaaS 行銷領域規模最大、也最受歡迎的業者。

And that, frankly, to your point, Kirk, has called us to now, as we've done with our sales forces, point our IE sales force directly at a buyer and that buyer is a CMO. Very similar to what we do in HR where we call on the head of HR. In marketing we call on the head of marketing.

而且坦白說，Kirk，正如你所說，這也促使我們像對銷售團隊所做的一樣，讓我們的 IE 銷售團隊直接對準買方，而那個買方就是 CMO。這非常類似於我們在人資領域拜訪人資主管。在行銷領域，我們拜訪行銷主管。

I think the best testimony to our success and our relationships are our numbers. Our growth in marketing in the quarter was over 200%. And when you look at our competitors, whether those be Adobe, the acquisition that salesforce.com made, you just see that we are simply growing faster and we are taking market share in marketing SaaS.

我認為對我們成功與關係最好的證明就是我們的數字。我們本季行銷業務的成長超過 200%。而當你看我們的競爭對手，不論是 Adobe，或是 salesforce.com 所做的收購，你都會看到我們就是成長得更快，而且我們正在行銷 SaaS 領域取得市占。

So that's what I would describe in marketing. You had another question. Would you refresh me on what that was?

所以，這就是我對行銷的描述。你還有另一個問題。你能提醒我那是什麼嗎？

Sure. Just your industry solutions, just how they're doing and how important that is in terms of differentiating yourselves versus competitors. Thanks.

當然。就是你們的產業解決方案——它們表現如何，以及在與競爭對手相比時，這對你們差異化有多重要。謝謝。

Frankly, we've got so much going on in the Company, we probably ought to talk about them more. They had a very good quarter in Q3, as they've had over the past several quarters. Obviously, our position in retail was extremely strategic to our customers. And we've now added MICROS which brought with it a great depth in hospitality and food and beverage. So our retail suite of expertise is now not just in general merchandising, but across food and beverage and hospitality, as well.

坦白說，我們公司正在進行的事情太多了，我們可能應該更常談談它們。它們在第三季（Q3）表現非常好，過去幾季也是如此。顯然，我們在零售領域的地位對客戶而言極具策略性。而我們現在又加入了 MICROS，帶來了在旅宿與餐飲方面非常深厚的專業。因此，我們在零售套件的專業如今不僅涵蓋一般商品零售，也涵蓋餐飲與旅宿等領域。

We had a very strong quarter in banking. And our expertise now in banking, we've grown our sales force, our ability now to help banks in compliance, in any money laundering. Many of the issues that our banking customers are facing today has become a tremendous asset for us.

我們在銀行業也有非常強勁的一季。而我們在銀行業的專業方面，我們擴大了銷售團隊，如今能協助銀行在法遵、反洗錢等方面。我們銀行客戶今天面臨的許多議題，已成為我們的一項巨大資產。

We've had a good quarter and we continue to have good success in communications. And without going through each one of them, they do give us strong differentiation because, when we sell in these industries, we're talking to business buyers, and we're talking to retailers, we're talking to CEOs, we're talking to head of merchandising.

我們這一季表現不錯，而且我們在溝通方面也持續取得良好成效。不逐一細談每一項，這些確實帶來強而有力的差異化，因為當我們在這些產業銷售時，我們面對的是業務端買家，也會與零售商對話，與執行長對話，與商品採購／陳列主管對話。

I think next week Larry and I will be at a conference, our Industry Connect conference, and we'll have roughly 2,000 of our customers there and they will be business buyers. They will not be what you would think of as typically CIOs. They will be people on the business side. And it gives us a reach into our customers that, frankly, we wouldn't have without the investment we've made in our GBUs.

我想下週 Larry 和我會出席一場會議，也就是我們的 Industry Connect 大會，屆時大約會有 2,000 位客戶到場，而他們將是業務端買家。他們不會是你通常所認為的那種 CIO。他們會是業務端的人。而這讓我們能夠觸及客戶的層面，坦白說，若沒有我們在 GBUs 上所做的投資，我們是不可能做到的。

And our final question today will come from the line of Ross MacMillan with RBC Capital Markets.

我們今天最後一個問題，將由 RBC Capital Markets 的 Ross MacMillan 提問。

Thank you. Mark, I had two quick questions. We've seen two quarters in a row of hardware growth in constant currency and you mentioned double-digit growth in engineered systems. But I'm curious on the core M&T server lines and storage and what's happening there, and your visibility into the entire hardware bucket growth being sustainable going forward. And then I'd love also your thoughts on large company appetite to move core ERP to the cloud, especially as we think outside of North America in the international sphere. Thanks.

謝謝。Mark，我有兩個簡短問題。我們看到硬體在固定匯率下連續兩季成長，而你也提到工程化系統有雙位數成長。但我想了解核心的 M&T 伺服器產品線與儲存的情況，以及你對整體硬體大類成長在未來能否持續的能見度。另外我也想聽聽你對大型企業將核心 ERP 移轉到雲端的意願看法，特別是當我們把視角放到北美以外的國際市場時。謝謝。

Thank you. To your point, engineered systems, I already went through it. It is now a significant amount of our hardware portfolio and grew 15%, and, while down, is a smaller piece of our hardware portfolio, being the M series of SPARC. T was down in the quarter. Again, all offset by the growth we've seen in engineered systems.

謝謝。就你提到的工程化系統，我剛才已經說過了。它現在已是我們硬體產品組合中相當重要的一部分，成長了 15%；而 SPARC 的 M 系列雖然仍是我們硬體組合中的一部分，但占比更小，且呈現下滑。T 系列本季下滑。同樣地，這些都被我們在工程化系統所看到的成長所抵銷。

Storage grew in the quarter. We had significant, very strong growth in ZFS, if you will, our network attached storage product. That is not a new story, our ZFS growth, and I predict that will continue as we go forward.

儲存本季成長。我們的 ZFS（也就是我們的網路附加儲存產品）有顯著且非常強勁的成長。ZFS 的成長並不是新鮮事，我預期未來仍會持續。

We have just released a new SAN product, FS1, that came to us through the Pillar acquisition that our engineering team has done a super job for us. That represents, really, a whole new storage market for us now to go compete head up against EMC. So, I believe going forward you will see a continuation of storage growth, the continuation of ZFS, a along with now FS1, a continued growth in engineered systems. And we'll continue to push refreshing our SPARC base, as we have and as we go forward.

我們剛推出一款新的 SAN 產品 FS1，這是透過收購 Pillar 而取得的，我們的工程團隊為此做得非常出色。這實際上代表我們現在進入了一個全新的儲存市場，能夠正面與 EMC 競爭。因此，我相信未來你會看到儲存成長的延續、ZFS 的延續，再加上現在的 FS1、工程化系統的持續成長。而我們也會持續推動 SPARC 基礎的更新換代，就像我們一直在做的，並且會繼續下去。

As it relates to ERP, and you asked specifically about international markets, just for example in the quarter, just to give you some flavor for this, we closed ERP SaaS deals at FEMSA in Mexico, at Saudi Telecom, at BAE Systems, at Hawaiian Airlines, at KPMG. These are all certainly very strong brands that are going to ERP and ERP and cloud. And at least 75% of what I just named are outside the United States.

至於 ERP，而你特別問到國際市場，舉例來說，本季我們在墨西哥的 FEMSA、Saudi Telecom、BAE Systems、Hawaiian Airlines、KPMG 都簽下了 ERP SaaS 交易，讓你感受一下。這些都是非常強的品牌，正在導入 ERP，以及 ERP 與雲端。而我剛才提到的至少有 75% 都在美國以外。

So, we've had very strong -- back to just the cloud context, which probably is at the core of the questions, I think I said a couple quarters ago we're just going to get better and better at this. And while the numbers are faster than I predicted, and I wish I could have predicted them better two or three quarters ago, our sales force has simply just gotten more productive. They're better educated with better products. And they now have references in virtually every single discipline and pillar that we sell in almost every country that we sell.

所以，我們表現非常強勁——回到雲端的脈絡，這大概是問題的核心。我想我在幾季前說過，我們只會在這方面越做越好。雖然數字成長比我預期更快，而且我希望兩三季前能更準確地預測，但我們的銷售團隊確實只是變得更有效率。他們受過更好的訓練，手上也有更好的產品。而且他們現在幾乎在我們所銷售的每一個領域與支柱上、在我們銷售的幾乎每一個國家，都有可供引用的客戶案例。

And so what's happening, it's very interesting. We're getting bigger, and we're growing faster as we're getting bigger. And it's because of a multitude of these issues that I'm describing that have all now tilted our way after, frankly, two, two and-a-half years of hard work of getting our customers -- similar to the last question -- who now know their functional buyer. They know the chief marketing officer. They know the chief human resource officer.

所以正在發生的事情非常有意思。我們規模變大了，而且在變大的同時成長更快。這是因為我所描述的多項因素共同作用；坦白說，在經過兩年到兩年半的努力之後，這些因素現在都開始朝對我們有利的方向傾斜——也呼應上一個問題——我們的客戶現在知道他們的職能端買家是誰。他們認識行銷長。他們認識人資長。

Our products have now gotten extremely mature and we've got references. And I think now that we add PaaS to our cloud offerings -- and I probably should have said this earlier -- I've been doing this a long time and I've really never seen a pipeline grow as fast as our PaaS pipeline has grown. We really released this at OpenWorld in October and the speed of our pipeline growth -- you see it just in the conversion to bookings. Safra and I get to see it in the benefit of the pipeline. And it is just exciting times for Oracle. Back to Ken.

我們的產品現在已經非常成熟，而且我們也有可供引用的案例。我認為，當我們把 PaaS 加入雲端產品組合——我可能應該更早提到——我做這行很久了，真的從未看過像我們的 PaaS 銷售管線成長得這麼快。我們其實是在 10 月的 OpenWorld 才正式發布，而管線成長的速度——你從轉換成訂單（bookings）的表現就看得出來。Safra 和我也能從管線帶來的效益中看見。對 Oracle 來說，這真是令人振奮的時刻。回到 Ken。

Thank you, Mark. A telephonic replay of this conference call will be available for 24 hours. Dial in information can be found in the press release issued earlier today. Please call the Investor Relations department with any follow-up questions from this call. And we look forward to speaking to you. Thank you for joining us today. With that, I'll turn the call back to the operator for closing.

謝謝你，Mark。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。如對本次電話會議有任何後續問題，請聯絡投資人關係部門。我們期待與各位再次交流。感謝各位今天加入。接下來我把電話交回接線員作結束。

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。