甲骨文 (ORCL) 2015 Q4 法說會逐字稿

Welcome to Oracle's Fourth Quarter 2015 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, Senior Vice President of Investor Relations.

歡迎參加甲骨文（Oracle）2015 年第四季財報電話會議。提醒各位，本次電話會議將錄音以供重播之用。現在我想把電話會議交給投資人關係資深副總裁 Ken Bond。

Thank you, Holly. Good afternoon, everyone, and welcome to Oracle's Fourth Quarter and 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.

謝謝你，Holly。各位下午好，歡迎參加甲骨文第四季及 2015 財年（FY15）財報電話會議。新聞稿與財務表格（其中包含 GAAP 與非 GAAP 的調節表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. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from the statements being made today.

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

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. Finally, we are not obligating ourselves to revise our results or publicly release any revisions to these forward-looking statements in light of new information or future events. Before taking questions, we'll begin with some prepared remarks. With that, I'll turn the call over to Safra.

因此，我們提醒各位不要過度依賴這些前瞻性陳述，並鼓勵各位查閱我們最新的報告（包括 10-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，若因新資訊或未來事件而需要修正，我們並無義務修訂我們的結果或公開發布對這些前瞻性陳述的任何修訂。在進入提問之前，我們將先進行一些準備好的發言。接下來我把電話會議交給 Safra。

Thanks, Ken. I'm going to focus on our non-GAAP results for Q4 and FY15. I'll then review guidance for Q1, and then turn the call over to Larry and Mark for their comments.

謝謝，Ken。我將聚焦於我們第四季與 FY15 的非 GAAP 結果。接著我會回顧第一季的財測指引，然後把電話會議交給 Larry 與 Mark 發表他們的看法。

As you probably remember, I didn't provide US dollar guidance for Q4, given the unusually high volatility in exchange rates. The currency head wind ended up being higher than consensus estimates would reflect, with 8% to software and cloud revenue, as well as the total Company revenue, 9% for hardware revenue, and $0.09 for earnings per share. Currencies continue to move significantly and remain unpredictable, so my comments today generally reflect constant dollar growth rates, which is how we look at the business.

各位可能還記得，由於匯率波動異常劇烈，我在第四季並未提供以美元計的指引。最終匯率逆風高於市場共識估計所反映的水準：對軟體與雲端營收以及公司總營收的影響為 8%，對硬體營收為 9%，對每股盈餘的影響為 0.09 美元。匯率仍在大幅波動且難以預測，因此我今天的評論一般將反映固定匯率（constant dollar）的成長率，這也是我們看待業務的方式。

We are delighted with our results, with the most important thing being that we dramatically over-achieved in the cloud. This is the first Q4 where we had everything together for the cloud. We had the products that we've been working on for a decade, the operations, the sales force, and the references with many happy customers. Having all that in place caused SaaS PaaS bookings to grow more than 200%, our best-ever growth rate for cloud bookings, and more than $125 million higher than our own $300-million goal. For most companies, as their business grows the growth rates go down. In our case, as the business grows, our growth rates are increasing.

我們對本季結果非常滿意，最重要的是我們在雲端業務上大幅超標。這是我們第一次在第四季把雲端所需的一切都整合到位。我們擁有過去十年持續打造的產品、營運能力、銷售團隊，以及許多滿意客戶的成功案例。這些條件到位，使得 SaaS 與 PaaS 訂單（bookings）成長超過 200%，創下我們雲端訂單史上最佳成長率，並且比我們自訂的 3 億美元目標高出超過 1.25 億美元。對多數公司而言，業務規模愈大，成長率通常會下降。但對我們而言，業務規模愈大，成長率反而在提升。

To the numbers. Cloud SaaS and PaaS revenue was -- I'm doing only non-GAAP -- was $419 million, up 34% from last year, and well above the high end of my guidance. As our cloud bookings growth continues to accelerate, so too will our cloud revenue growth. As I just said, bookings grew more than 200%, further adding to the momentum, which is helping drive SaaS and PaaS growth. Now when you translate the $125 million higher from SaaS and PaaS to had it been historically our license business, it probably would have been around $375 million more in license, and it would all have been booked immediately, not ratably over time.

接著看數字。雲端 SaaS 與 PaaS 營收——我僅談非 GAAP——為 4.19 億美元，較去年成長 34%，且明顯高於我指引區間的上緣。隨著我們的雲端訂單成長持續加速，我們的雲端營收成長也將隨之加速。如我剛才所說，訂單成長超過 200%，進一步增添動能，並有助於推動 SaaS 與 PaaS 的成長。若把 SaaS 與 PaaS 高出 1.25 億美元的部分換算成過去我們的授權（license）業務模式，可能相當於約多出 3.75 億美元的授權收入，而且會立即入帳，而不是隨時間按比例認列。

For us, this was actually fantastic news. When bookings ultimately turn into revenue depends of course on many factors, but one thing is clear. Our momentum in the cloud bodes very well for the future. Combined with infrastructure as a service revenue of $160 million, which was up 31%, our total cloud revenue in the quarter was $579 million.

對我們而言，這其實是非常好的消息。訂單最終轉為營收的時間點當然取決於許多因素，但有一點很清楚。我們在雲端的動能對未來非常有利。再加上 1.60 億美元的基礎設施即服務（IaaS）營收（成長 31%），本季雲端總營收為 5.79 億美元。

Engineered systems continued to -- excuse me, sorry. To help you further understand just how well we are doing in the cloud, I thought it would with helpful to compare our cloud billings growth rate to that of our principal cloud competitors. Billings is generally defined as total revenue in the period, plus the sequential change in gross deferred revenue. Our practice at Oracle regarding deferred revenue has always been to net out the build but unpaid invoices from our deferred revenue balance on our balance sheet. I believe that our cloud competitors follow a practice where they disclose only a gross deferred revenue balance, not net for uncollected invoices.

整合式系統（Engineered systems）持續——不好意思，抱歉。為了讓各位更進一步了解我們在雲端表現有多好，我認為把我們的雲端帳單金額（billings）成長率與主要雲端競爭對手相比會很有幫助。Billings 一般定義為期間總營收加上遞延收入總額（gross deferred revenue）的期末相較期初變動。甲骨文在遞延收入的會計處理上，一向是在資產負債表的遞延收入餘額中，扣除已開立但尚未收款的發票（build but unpaid invoices）。我相信我們的雲端競爭對手採用的做法是只揭露遞延收入總額（gross deferred revenue），而不扣除未收款發票。

We've put up a spreadsheet on our website to show you the same thing for comparability. We've calculated Oracle's cloud billings using our competitor's methodology, or the sum of total cloud revenue plus the sequential change in gross deferred revenue. What it shows is that billings grew from $468 million in FY14 fourth quarter to $834 million in this just finished quarter. That's a growth rate of more than 70% in US dollars. Though there may be seasonality to billings numbers, this is dramatically faster than Salesforce's 21% billings growth and Workday's 31% billings growth in their most recently reported quarters. In summary, our cloud business is significantly outpacing the competition.

我們已在網站上放上一份試算表，讓各位能以相同口徑比較。我們依照競爭對手的方法計算甲骨文的雲端 billings，也就是雲端總營收加上遞延收入總額的期末相較期初變動。結果顯示，billings 從 FY14 第四季的 4.68 億美元成長到本次剛結束季度的 8.34 億美元。以美元計算，成長率超過 70%。雖然 billings 數字可能存在季節性，但這仍明顯快於 Salesforce 在其最近一期所報告的 21% billings 成長，以及 Workday 的 31% billings 成長。總結而言，我們的雲端業務正以顯著速度領先競爭對手。

Now, total software revenues were $8.4 billion, with software updates and product support revenues 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 worth $3.1 billion, reflecting the accelerated migration to cloud.

接著，軟體總營收為 84 億美元，其中軟體更新與產品支援營收為 47 億美元，較去年成長 8%。附加銷售（attach）與續約率維持在一貫的高水準，隨著我們不斷擴大的客戶裝機基礎（installed base）持續推動獲利與現金流。新軟體授權營收為 31 億美元，反映向雲端加速遷移。

The shift to cloud was very pronounced in Europe, where new software license sales were most impacted. But Europe was also our fastest growing region for both cloud revenue and bookings, as you would expect from the substitution. Total hardware including hardware support grew 5%, with hardware system product revenue of $818 million, and hardware support revenue of $590 million. Engineered systems continued to be strong, with double-digit bookings growth, and we continue to take share from IBM and HP.

向雲端的轉移在歐洲特別明顯，新軟體授權銷售受到的影響最大。但歐洲同時也是我們雲端營收與訂單成長最快的地區，這也符合替代效應下的預期。硬體總營收（含硬體支援）成長 5%，其中硬體系統產品營收為 8.18 億美元，硬體支援營收為 5.90 億美元。整合式系統持續強勁，訂單呈現雙位數成長，我們也持續從 IBM 與 HP 手中取得市占。

For the Company, total revenue for the quarter was $10.7 billion, up 3% from last year. Non-GAAP operating income was $5 billion, and the operating margin was 46%, with currency and MICROS lowering operating margins by 2%. That we're able to maintain our industry-leading operating margins with MICROS, and while growing our cloud business dramatically, is a testimony to the strength of our business model. While we believe our over-achievement in cloud bookings will be much more valuable in both revenue and earnings over time, cloud revenue is recognized ratably, unlike new license, which is recognized up front.

就公司整體而言，本季總營收為 107 億美元，較去年成長 3%。非 GAAP 營業利益為 50 億美元，營業利益率為 46%，其中匯率與 MICROS 使營業利益率降低 2%。我們在納入 MICROS 的情況下，並在雲端業務大幅成長的同時，仍能維持業界領先的營業利益率，這證明了我們商業模式的強韌性。雖然我們相信在雲端訂單上的超標，隨時間推移將在營收與獲利上更具價值，但雲端營收是按期間比例認列，不同於新授權可一次性提前認列。

This shift has the effect of lowering near-term earnings per share, but over time will increase it significantly. For example, a $1-million license deal, which would be recognized up front -- dropped right to the bottom line -- would ultimately result in about $3 million in revenue over 10 years. A $1-million SaaS PaaS booking -- a SaaS booking -- results in $10 million over that same time period. I would not trade the cloud revenue for the license revenue, as cloud revenues and cloud bookings means significantly more in revenues and earnings over time.

這項轉變的效果是降低短期每股盈餘，但隨著時間推移將顯著提高每股盈餘。例如，一筆100萬美元的授權交易原本會在前期一次性認列——直接反映在最終獲利——但最終在10年內約可帶來300萬美元的營收。一筆100萬美元的SaaS／PaaS預訂——也就是SaaS預訂——在同一期間則可帶來1,000萬美元。我不會用雲端營收去交換授權營收，因為雲端營收與雲端預訂意味著隨時間推移將帶來顯著更多的營收與獲利。

The non-GAAP tax rate for the quarter was at 25.5%, and EPS was $0.78 in US dollars, $0.09 lower due to currency. The GAAP tax rate was 25.4%, and the GAAP EPS was $0.62 in US dollars, $0.08 lower due to currency. Both tax rates were significantly higher than my guidance, and were the result of multiple factors, but generally relate to the mix of earnings between the US and other jurisdictions, with the US being a larger percentage of our quarter in recognized revenue than we forecast.

本季非GAAP稅率為25.5%，以美元計的EPS為0.78美元，因匯率因素而降低0.09美元。GAAP稅率為25.4%，以美元計的GAAP EPS為0.62美元，因匯率因素而降低0.08美元。兩項稅率都明顯高於我先前的指引，原因來自多項因素，但整體而言主要與美國與其他司法管轄區之間的獲利組合有關；本季在已認列營收中，美國占比高於我們的預測。

For the FY15, total software and cloud revenues totaled $29.5 billion, growing 5% in constant currency. Cloud SaaS and PaaS were $1.5 billion, growing 34%. Cloud infrastructure as a service was $608 million, growing 36%. New software license was $8.5 billion, and software support was $18.9 billion, growing 8%. Hardware systems revenue was $5.2 billion, growing 1%. Services revenue was $3.5 billion, essentially unchanged from last year. Total revenue grew 4% to $38.3 billion. Our non-GAAP operating margins for the full year was 45%, and non-GAAP earnings per share were $2.77.

在FY15，軟體與雲端營收合計為295億美元，以固定匯率計成長5%。雲端SaaS與PaaS為15億美元，成長34%。雲端基礎設施即服務（IaaS）為6.08億美元，成長36%。新軟體授權為85億美元，軟體支援為189億美元，成長8%。硬體系統營收為52億美元，成長1%。服務營收為35億美元，與去年基本持平。總營收成長4%至383億美元。全年非GAAP營業利益率為45%，非GAAP每股盈餘為2.77美元。

Free cash flow over the last four quarters was $12.9 billion. Capital expenditures continue to be higher, as we provision existing orders and build out SaaS and PaaS -- for SaaS and PaaS growth. As a reminder, our cloud data centers are built using our own engineered systems, so while CapEx is a cost to other cloud providers, a good portion of our CapEx is essentially a hardware sale, which we sell as a cloud subscription.

過去四個季度的自由現金流為129億美元。資本支出持續偏高，因為我們在履行既有訂單並擴建SaaS與PaaS——以支持SaaS與PaaS的成長。提醒一下，我們的雲端資料中心是使用自家工程化系統建置，因此雖然資本支出對其他雲端供應商而言是一項成本，但我們的資本支出中有相當一部分本質上等同於硬體銷售，而我們是以雲端訂閱的方式出售。

We now have $54 billion in cash and marketable securities. Net of debt, our cash position is approximately $12.4 billion. The short-term deferred revenue balance is $7.2 billion, up 9% in constant currency. As we've 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 valuations, as both are critically important.

我們目前持有540億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124億美元。短期遞延營收餘額為72億美元，以固定匯率計增加9%。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，為股東回饋價值。在併購方面，我們仍專注於以合適的估值找到合適的公司，因為兩者都至關重要。

This quarter, we again repurchased 4.6 million shares for a total of $2 billion. Over the last 12 months, we've repurchased more than 193 million shares for a total of $8.1 billion. We paid out dividends of $2.3 billion, for a total that is 8% -- 80% of our free cash flow. The Board of Directors declared a quarterly dividend of 15% -- $0.15 per share.

本季我們再次回購460萬股，總金額20億美元。過去12個月，我們回購超過1.93億股，總金額81億美元。我們發放股利23億美元，使合計回饋達到自由現金流的80%——也就是8成。董事會宣告季度股利為每股0.15美元，增幅15%。

Now to the guidance. We feel very good about our own performance, but of course we are keeping an eye on the macro environment, especially abroad. Additionally, given the continued high volatility in exchange rates, we expect currency will affect results; but as of now, we just don't know how much. I'm going to again provide constant currency guidance, though I would take our results as some idea of what we think currencies are doing right around now. Clearly, customers are migrating to Oracle cloud at even faster rates, and my guidance reflects this accelerating mix shift.

接下來談指引。我們對自身表現感到非常滿意，但當然也會密切關注總體環境，尤其是海外。此外，鑑於匯率持續高度波動，我們預期匯率將影響結果；但截至目前，我們還不知道影響會有多大。我將再次提供固定匯率的指引，不過你們可以把我們的實際結果視為我們對當前匯率走勢的一些判斷。顯然，客戶正以更快速度遷移至Oracle雲端，而我的指引也反映了這種加速的組合轉移。

Since we are starting the new year, I am going to make some changes in my guidance. I am dropping some things, including smaller components of cloud, and I am dropping GAAP guidance, which both best match how we look at the business. All of my guidance today is on a non-GAAP basis and in constant currency. Here goes.

由於我們正開始新的一年，我將對指引做一些調整。我會刪除一些項目，包括雲端中較小的組成部分，並且不再提供GAAP指引；這兩項更符合我們看待業務的方式。我今天提供的所有指引皆以非GAAP基礎並以固定匯率呈現。開始。

SaaS and PaaS revenue is expected to grow between 39% and 43%. Software and cloud revenue, including SaaS, PaaS, IaaS, new software license and software support is expected to grow between 6% and 8%. Total revenue growth is expected to range from 5% to 8%. Non-GAAP EPS in constant currency is expected to be somewhere between $0.56 and $0.59. This assumes a non-GAAP tax rate of 25.5%. Of course, if this quarter's any example, it may end up being very different. With that, I'll turn it over to Mark.

預期SaaS與PaaS營收將成長39%至43%。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6%至8%。總營收成長預期介於5%至8%。以固定匯率計的非GAAP EPS預期約在0.56至0.59美元之間。此假設非GAAP稅率為25.5%。當然，如果本季可作為任何例子，最終結果可能會非常不同。接下來我把時間交給Mark。

Just a couple quick comments, Safra, to add. I think one, Safra told you about the 34% year-on-year SaaS PaaS revenue growth. That was 12% sequential growth, and almost entirely organic. We talked about the billings growth of 70%, now faster than Salesforce or Workday. Bookings at $426 million was 200% plus growth for Q4.

Safra，我再補充幾點簡短的評論。第一，我想Safra已告訴各位SaaS／PaaS營收年增34%。這相當於季增12%，而且幾乎完全是有機成長。我們談到帳單金額（billings）成長70%，現在比Salesforce或Workday更快。第四季預訂金額為4.26億美元，成長超過200%。

Let me give you some customer numbers. We added 1,217 SaaS customers in the quarter new. 760 customers expanded. By pillar, HCM added 312 new customers in the quarter, 933 for the year, three times Workday's total customer growth over the last four quarters. In customer experience, we added 657 customers in Q4 -- 1,900, almost 1900, for the year. In ERP we added 380 customers in Q4 and 888 for the year. Our install base is now almost 1,100 ERP customers in the cloud, nearly 10X the size of Workday. Let me add, we really never see SAP.

我提供一些客戶數據。本季我們新增1,217家SaaS新客戶。有760家客戶擴大採用。按支柱來看，HCM本季新增312家客戶，全年新增933家，為Workday過去四個季度總客戶成長的三倍。在客戶體驗方面，我們在第四季新增657家客戶——全年1,900家，接近1900家。在ERP方面，我們第四季新增380家客戶，全年新增888家。我們的裝機基礎目前在雲端的ERP客戶已接近1,100家，規模幾乎是Workday的10倍。再補充一句，我們幾乎從未看到SAP。

In PaaS, we added 1,419 customers in Q4. Let me just repeat, that was 1,419 customers in one quarter. We booked over $100 million and grew 100% sequentially. We're now at scale. Our cloud revenue is already above a $2.3 billion run rate. We added $858 million in ARR this year, $858 million. Using the conversion that Safra used a little while ago, that would be almost $2.5 billion in license. We expect to sell between $1.5 billion and $2 billion in ARR next year. We're now growing faster than both Salesforce and Workday, and we expect revenue growth next year could be as high in SaaS PaaS as 60%.

在PaaS方面，我們在第四季新增1,419家客戶。我再重申一次，單一季度就新增了1,419家客戶。我們預訂金額超過1億美元，且季增100%。我們現在已達到規模化。我們的雲端營收年化運行率已超過23億美元。今年我們新增ARR 8.58億美元，8.58億美元。依照Safra稍早使用的換算方式，這相當於接近25億美元的授權。我們預期明年將銷售15億至20億美元的ARR。我們現在的成長速度已超過Salesforce與Workday兩者，並且我們預期明年SaaS／PaaS的營收成長率最高可能達到60%。

Now I've given you a lot of numbers to reflect on, but when you look at customer counts, booking, revenue, the result is the same. We're doing what you very rarely ever see happen in our industry. We are getting bigger and our growth rate is expanding. We will be the world's largest enterprise cloud Company. With that, let me turn it over to Larry.

我現在已經給了各位很多數字可以思考，但當你看客戶數、訂單、營收時，結果都是一樣的。我們正在做一件在我們這個產業中非常罕見的事。我們正在變得更大，而且我們的成長率還在擴大。我們將成為全球最大的企業雲端公司。接下來，我把時間交給 Larry。

Thank you, Mark. Mark gave you a lot of interesting numbers, and I'd like to drill into a couple of them. First, I'd like to look at our sales growth rates of cloud applications, SaaS, and platform services, PaaS. I'm intentionally leaving out our cloud infrastructure business so I can do an apples-to-apples comparison with Salesforce.com, which does not sell infrastructure as a service.

謝謝你，Mark。Mark 提供了很多有趣的數字，我想深入談其中幾個。首先，我想看看我們雲端應用、SaaS，以及平台服務 PaaS 的銷售成長率。我刻意不談我們的雲端基礎設施業務，這樣才能與 Salesforce.com 做同類比較，因為 Salesforce.com 不提供基礎設施即服務。

Okay. Last year in FY15, as Mark just said, we sold $858 million of new SaaS and PaaS business. About half of that, $426 million, was sold in Q4. That's a year-over-year Q4 sales growth rate of over 200%. More importantly, the $426 million is more SaaS and PaaS new business than has ever been sold by any cloud services Company in a single quarter. It's a record. Clearly, our cloud business has entered a hyper growth phase.

好。去年 FY15，如同 Mark 剛才所說，我們賣出了 8.58 億美元的新 SaaS 與 PaaS 業務。其中約一半、4.26 億美元，是在第四季售出。這代表第四季年對年銷售成長率超過 200%。更重要的是，這 4.26 億美元是任何雲端服務公司在單一季度中，史上賣出最多的 SaaS 與 PaaS 新業務。這是一項紀錄。很明顯，我們的雲端業務已進入超高速成長階段。

This year in FY16, we plan on selling between $1.5 billion and $2 billion of new SaaS and PaaS business. In other words, we plan to sell at least twice as much as we sold last year. That's at least 50% more new business than Salesforce.com will sell in their current fiscal year. If we exceed our plan like we did this Q4, we could book twice as much new business as Salesforce.com. Now, I don't think that's likely that we'll sell double what Salesforce.com sells, but it's definitely possible.

今年 FY16，我們計畫銷售 15 億到 20 億美元的新 SaaS 與 PaaS 業務。換句話說，我們計畫至少賣出去年兩倍的規模。這至少比 Salesforce.com 在其目前會計年度將賣出的新業務多 50%。如果我們像這次第四季一樣超越計畫，我們可能會認列到的新增訂單（book）是 Salesforce.com 的兩倍。我不認為我們很可能真的賣到 Salesforce.com 的兩倍，但絕對有可能。

Second, let's look at the impact these record sales rates have on SaaS and PaaS revenue. In Q4 of FY15, our SaaS and PaaS revenue grew 35% in constant currency. Because our cloud sales has dramatically accelerated, our SaaS and PaaS revenues are planned to grow at 60% in FY16, unaided by any new acquisitions. Our cloud service -- our cloud business is much bigger than Workday, and we will grow faster than Workday will this year. Our cloud SaaS and PaaS revenue is still second to Salesforce.com, but we're growing much faster than they are. It won't be long before we pass them.

第二，讓我們看看這些破紀錄的銷售速度對 SaaS 與 PaaS 營收的影響。在 FY15 的第四季，我們的 SaaS 與 PaaS 營收以固定匯率計成長 35%。由於我們的雲端銷售大幅加速，我們規劃 FY16 的 SaaS 與 PaaS 營收成長 60%，且不依賴任何新的併購。我們的雲端服務——我們的雲端業務規模遠大於 Workday，而且今年我們的成長會比 Workday 更快。我們的雲端 SaaS 與 PaaS 營收目前仍僅次於 Salesforce.com，但我們的成長速度遠快於他們。我們超越他們不會太久。

How and why is this happening? Our SaaS growth is due to the rapid acceptance of our new generation of Fusion application. We now have over 1,000 Fusion ERP customers, around 10 times more than Workday. Mark said that once. I'm going to say it twice -- around 10 times more than Workday. Workday says they never see SAP in the cloud ERP market. That's the one thing Oracle and Workday agree on. It's between us, Oracle and Workday, in the mid-market and the high end of the cloud ERP market, and we are winning big-time. We are the clear number one in cloud ERP, and we are number one or number two in most other SaaS categories, including HCM, sales, service, marketing, EPM, supply chain, and so on. We have a lot more SaaS applications than any other enterprise SaaS company.

這是如何、又為何會發生？我們的 SaaS 成長來自市場快速接受我們新一代的 Fusion 應用。我們現在已有超過 1,000 家 Fusion ERP 客戶，大約是 Workday 的 10 倍。Mark 說過一次。我要再說第二次——大約是 Workday 的 10 倍。Workday 說他們在雲端 ERP 市場從來沒看到 SAP。這是 Oracle 和 Workday 唯一有共識的一件事。在中型市場與高階的雲端 ERP 市場，競爭就在我們——Oracle——與 Workday 之間，而我們正大幅領先、贏得漂亮。我們是雲端 ERP 明確的第一名，而在多數其他 SaaS 類別中我們也排名第一或第二，包括 HCM、銷售、服務、行銷、EPM、供應鏈等等。我們的 SaaS 應用數量比任何其他企業級 SaaS 公司都多得多。

Our PaaS growth is due to the huge pent-up demand for the Oracle database and Java middleware as a service. Our customers can now move their Oracle databases and Java applications to the cloud with the push of a button. That's why our PaaS business is growing even faster than our SaaS business. Things are good for Oracle in the cloud.

我們的 PaaS 成長來自市場對 Oracle 資料庫與 Java 中介軟體「即服務」的龐大累積需求。我們的客戶現在只要按一下按鈕，就能把他們的 Oracle 資料庫與 Java 應用搬到雲端。這就是為什麼我們的 PaaS 業務成長甚至比 SaaS 更快。Oracle 在雲端的表現非常好。

Thank you, Larry. Before we go to the Q&A, Holly, if we could have one quick clarification. Share repurchases in Q4 were 46 million shares. With that, I'll turn it over to you.

謝謝你，Larry。在進入問答之前，Holly，我們能否先快速澄清一點。第四季的庫藏股回購為 4,600 萬股。接下來我把時間交給你。

All right.

好的。

(Operator Instructions)

（接線員指示）

Your first question comes from the line of Jason Maynard with Wells Fargo.

第一個問題來自 Wells Fargo 的 Jason Maynard。

Hi. Good afternoon, guys. Look, Oracle wasn't the first and won't be the last software Company to go through this shift from selling up-front perpetual to ratable subscription licensing. The metrics that we were used to are obviously changing, and you guys gave a lot of color around the current quarter. What I hope maybe we could do is drill down a little bit more on the longer-term impact of the model and customer lifetime value. I know in your 10-year example you generate more revenue with subscription. Can you guys talk a little bit about what you think the ball park break-even point is on a hypothetical deal; what happens to margins over this time; and ultimately, how this is going to impact cash flow? Thanks.

嗨。各位下午好。你看，Oracle 不是第一家、也不會是最後一家經歷從一次性永久授權（up-front perpetual）轉向按期認列的訂閱授權（ratable subscription licensing）這種轉型的軟體公司。我們過去習慣的衡量指標顯然正在改變，而你們也針對本季提供了很多細節說明。我希望我們或許可以再更深入一點談談這種模式對長期影響以及客戶終身價值（customer lifetime value）。我知道在你們的 10 年例子中，採用訂閱會帶來更多營收。你們能否談談：在一筆假設性的交易中，大概的損益兩平點（break-even point）會落在哪裡；在這段期間毛利率/利潤率會如何變化；以及最終這將如何影響現金流？謝謝。

I'll repeat what Safra said. Let's take a $1-million deal. If it's licensed over a 10-year period, you get the $1 million up front for the license, and you get 20% a year for 10 years. That's another $2 million for over a 10-year period. You get a total of $3 million. After the cost of sales, it's very profitable business. Most of that $3 million -- again, after the cost of sales -- is profit. In a $1-million SaaS or PaaS deal, you don't get anything up front, but you have to pay the commissions. Then you only get -- and that $1-million deal is worth $10 million, or more than three times as much as the license deal over a 10-year period, over triple the value. But the accounting is entirely different. The accounting you take it ratably over that 10-year period. You have to pay the commissions up front and recognize the expenses up front, and then you get 10 years.

我重申 Safra 說過的話。我們以一筆 100 萬美元的交易為例。如果是 10 年期的授權，你會在一開始就收到 100 萬美元的授權費，然後每年再收 20%，連續 10 年。這在 10 年期間另外是 200 萬美元。總共你會收到 300 萬美元。扣除銷售成本後，這是非常高獲利的生意。這 300 萬美元中的大部分——同樣是在扣除銷售成本之後——都是利潤。但在一筆 100 萬美元的 SaaS 或 PaaS 交易中，你一開始拿不到任何款項，卻必須先支付業務佣金。接著你才會收到——而那筆 100 萬美元的交易在 10 年期間的價值是 1,000 萬美元，或超過授權交易的三倍，價值超過三倍。但會計處理完全不同。會計上你必須在那 10 年期間按期平均認列。你得先支付佣金並先行認列費用，然後再在 10 年期間逐步取得收入。

Now what's the profitability on SaaS and PaaS? This is going to shock you. It's about the same as the license and support. It's stunningly profitable. Infrastructure as a service is very different. Again, I'm talking about SaaS and PaaS. Infrastructure as a service, the margins aren't nearly so high. We make money in infrastructure as a service, but you can see what Amazon's profit margins are on infrastructure as a service. We think it can be a profitable business when you get to scale.

那 SaaS 與 PaaS 的獲利能力如何？這會讓你很震驚。大約和授權與維護（license and support）差不多。獲利高得驚人。基礎設施即服務則非常不同。再次強調，我談的是 SaaS 與 PaaS。基礎設施即服務的利潤率就沒那麼高。我們在基礎設施即服務上也能賺錢，但你可以看看 Amazon 在基礎設施即服務上的利潤率是多少。我們認為當規模做起來之後，它可以成為一門有利可圖的生意。

But SaaS and PaaS is very similar to license. That $1 million, which turned into something less than $3 million in profit after you get to scale in license, turns into something less than $10 million in profit -- say $9 million in profit -- over the 10-year period of -- that you're providing the service. It's a much better business for us in terms of revenue, margin. The revenue goes way up. The profits go way up, and the margins are approximately the same.

但 SaaS 和 PaaS 與授權模式非常相似。那 100 萬美元，在授權模式下當你達到規模後會變成不到 300 萬美元的利潤；而在你提供服務的 10 年期間，則會變成不到 1,000 萬美元的利潤——例如 900 萬美元的利潤。就營收與毛利率而言，這對我們來說是更好的生意。營收會大幅上升。利潤會大幅上升，而毛利率大致相同。

I think we have a huge advantage, Jason, that some of our competitors don't have. We make most of the components for the cloud service ourself.

我認為我們有一個巨大的優勢，Jason，這是一些競爭對手所沒有的。我們自己製造雲端服務的大多數元件。

Yes. Again, Salesforce paid us a lot of money for their platform. They buy Exadatas from us to run their data center. They buy the Oracle database. They paid a lot of money for the Oracle database. By the way, we just signed an Oracle database deal, so SAP could run concurrent. We signed an Oracle database deal -- this is all in the last 12 months -- so SAP can run Ariba. We signed an Oracle database deal so SAP could run SuccessFactors. We get a really good deal on the Oracle database, on Java middleware, on Exadata, and all of those things. Our expense profile is very, very different.

是的。再說一次，Salesforce 為他們的平台付了我們很多錢。他們向我們購買 Exadata 來運行他們的資料中心。他們購買 Oracle 資料庫。他們為 Oracle 資料庫付了很多錢。順帶一提，我們剛簽了一筆 Oracle 資料庫的合約，讓 SAP 可以跑 Concur。我們簽了一筆 Oracle 資料庫的合約——這些都發生在過去 12 個月內——讓 SAP 可以跑 Ariba。我們簽了一筆 Oracle 資料庫的合約，讓 SAP 可以跑 SuccessFactors。我們在 Oracle 資料庫、Java 中介軟體、Exadata 以及所有這些方面都拿到非常好的條件。我們的成本結構非常、非常不同。

By the way, it's interesting. SAP does not use HANA in the cloud very much. I know that because they keep paying us -- again this quarter. They pay us for Oracle Perfect and Concur, and Oracle for Ariba, and Oracle for SuccessFactors. If they're using HANA for anything, I don't know about it.

順帶一提，這很有意思。SAP 在雲端並沒有大量使用 HANA。我知道這點，因為他們一直付錢給我們——這一季也是。他們為 Oracle 的 PeopleSoft 和 Concur 付費，為 Ariba 用 Oracle 付費，也為 SuccessFactors 用 Oracle 付費。如果他們用 HANA 做任何事情，我並不知情。

Jason, to add one thing. As you talked about the conversion from license to ratable, I gave this set last quarter, but I'll give it again for this quarter. Last quarter I think I said that 82% of our cloud SaaS deals were actually not Oracle customers of an application when they acquired or contracted for our SaaS application. This quarter it was over 60. These are -- this is not just a conversion of Oracle customers, Oracle application customers to SaaS. This is a lot of green field new market share for Oracle, as well.

Jason，再補充一點。你提到從授權轉為可攤銷（ratable）的轉換，我上季給過這組數字，但這一季我再說一次。上季我想我說過，我們雲端 SaaS 交易中有 82% 的客戶，在購買或簽約我們的 SaaS 應用時，其實並不是 Oracle 應用的既有客戶。這一季超過 60%。這不只是把 Oracle 客戶、Oracle 應用客戶轉成 SaaS。這同樣也為 Oracle 帶來大量綠地（greenfield）的新市場份額。

Great. I appreciate the commentary. Thanks, guys.

很好。感謝你的評論。謝謝各位。

Yes, again, I'm going to follow up on what Mark just said. The SaaS market is much bigger than the licensed market. As Mark is saying, we can go much further down market, get to customers we could never get to before, because the SaaS service is much easier to consume for a mid-sized company than buying a computer, opening a data center, hiring a bunch of people, and running licensed software. We think the available market is dramatically larger.

是的，我再跟進一下 Mark 剛才說的。SaaS 市場比授權市場大得多。如同 Mark 所說，我們可以更深入下沉到中小型市場，觸及以前永遠無法觸及的客戶，因為對一家中型公司而言，使用 SaaS 服務比起買電腦、建資料中心、雇一堆人並運行授權軟體要容易得多。我們認為可服務市場規模大幅更大。

The global mid-market is now available to us, unlike it would have been in the traditional license model. It's very exciting.

全球中型市場現在對我們而言是可觸及的，這在傳統授權模式下並非如此。這非常令人振奮。

Next question, please.

請下一題。

Your next question will come from the line of Michael Turits with Raymond James.

下一個問題來自 Raymond James 的 Michael Turits。

Hi, guys. Good afternoon. I wanted to drill down on the cloud numbers, especially how they stood up relative to license. On license you missed in the quarter, as consensus, by about 273. Obviously that's very much due to that shift over to cloud in terms of accounting structure, term structure. Is it all due to that, or is there some impact -- anything negative that we should read fundamentally into license, and that's in either database apps and middleware?

嗨，各位。下午好。我想深入了解雲端的數字，特別是相對於授權表現如何。就授權而言，你們本季相對於市場共識少了大約 273。顯然這很大程度是因為在會計結構、合約期限結構上轉向雲端。這完全都是因為這個原因嗎？還是授權在基本面上有任何影響——有沒有任何負面訊號是我們應該解讀的，無論是在資料庫、應用或中介軟體？

First of all, I didn't give guidance regarding license. Whatever number you put in your spreadsheet, we didn't make that number, okay?

首先，我沒有對授權給出指引。不管你在試算表裡填了什麼數字，我們都沒有做到那個數字，好嗎？

No, I just meant relative to consensus, that's all.

不，我只是指相對於市場共識而已。

Okay, relative to all of you who have a lot of spreadsheets. However, the reality is I think that you can see the most instruction from what happened in Europe. Our Europe new license was down a lot. Our Europe cloud was huge. It was for them, they focused all in, they went all in on pushing cloud, and that's where the focus went. Other than that, I think if we're going to talk about spreadsheets that I did not actually guide you to, in currency, I think you all missed the boat there, too, a bit. But that's okay. We got another quarter now.

好，相對於你們這些有很多試算表的人。不過，現實是我認為你們可以從歐洲發生的情況中得到最多的啟示。我們歐洲的新授權下滑很多。我們歐洲的雲端非常強勁。對他們而言，他們把重心全部放在推動雲端上，他們全力投入，而焦點就轉到那裡。除此之外，如果我們要談我其實沒有引導你們的那些試算表數字，以匯率來看，我認為你們在那方面也有點看走眼。但沒關係。我們現在又有下一季了。

But the truth is that, yes, our customers are focusing on cloud as are our sales force. We have a lot of references. When a customer comes to us to the extent that they are a good candidate for cloud, which they are, we are going to be talking about cloud. We're going to be selling cloud. We would much rather have a cloud booking for -- as I said, for $1 million -- than we would for a license deal, which I book all the way right up front, drops right to the bottom line. We would much rather have a cloud booking for $1 million than a new license dollar, and we're pushing that conversion quickly.

但事實是，是的，我們的客戶正把重心放在雲端，我們的銷售團隊也是。我們有很多參考案例。當客戶來找我們時，只要他們適合上雲——而他們確實適合——我們就會談雲端。我們會賣雲端。如我所說，我們寧可拿到 100 萬美元的雲端訂單——而不是一筆授權交易；授權我會在一開始就全部入帳，直接落到損益底線。我們寧可拿到 100 萬美元的雲端訂單，也不願意拿到 100 萬美元的新授權，我們正快速推動這個轉換。

Just a little bit more. No region missed its CD forecast with the exception of Europe. Just to be clear, CD forecast that you're -- when you're talking about dollars from a CD perspective, every region executed as we expected in license, with the exception of Europe. Europe had a phenomenal cloud quarter inclusive of probably one of the most exciting financials in the cloud deal we've seen at HSBC. Some very exciting transactions in Europe, and they definitely made the shift. But to whatever you have in your numbers on a local basis, no region missed its CD forecast in license with the exception of Europe that had a material shift to the cloud in the quarter, including some pretty exciting deals like what I just described.

再補充一點。除了歐洲之外，沒有任何區域未達成其 CD 預測。說清楚一點，從 CD 的角度——當你談的是以 CD 觀點的金額時——除了歐洲之外，每個區域在授權方面的執行都如我們預期。歐洲本季雲端表現極為出色，其中包括我們在 HSBC 看到的、可能是最令人振奮的雲端交易財務條件之一。歐洲有一些非常令人振奮的交易，他們確實完成了轉向。但就你們在本地口徑的那些數字而言，除了歐洲之外，沒有任何區域在授權方面未達成其 CD 預測；歐洲在本季出現了顯著轉向雲端的情況，其中包括我剛才描述的那類相當令人振奮的交易。

Okay, helpful. Thanks very much.

好的，很有幫助。非常感謝。

Thank you.

謝謝。

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

下一個問題來自 Goldman Sachs 的 Heather Bellini。

Great, thank you. Safra, I know our spreadsheets are nowhere near as good as yours are, but just to follow up a little bit, Q4 used to be -- you would always characterize it as Mardi Gras for Oracle from a license revenue perspective. Now that this transition seems to be happening so swiftly, it would -- in Q1 you would always have this big sequential drop-off.

很好，謝謝。Safra，我知道我們的試算表遠遠比不上你的，但我想再追問一下：從授權營收的角度來看，Q4 過去——你總是把它形容為 Oracle 的「狂歡節」（Mardi Gras）。現在這個轉型似乎進行得非常迅速，過去在 Q1 你們總會出現很大的季對季下滑。

I know you don't specifically talk about license revenue, but given we're all trying to get a hang of how to think about the Company's seasonality going forward, should we think about Q4, the dynamic for Q4, seasonality is going to become a little more muted, continue to become more muted, as you have this success transitioning? Then again, Q1, which used to be a quarter where license revenue used to have such a big sequential decline, maybe Q1 gets a little bit easier? Is there any way you can help us think about the seasonal changes?

我知道你不會特別談授權營收，但鑑於我們都在試著掌握未來該如何看待公司季節性，對於 Q4 的動態、Q4 的季節性，我們是否應該認為會變得比較不那麼明顯，並且隨著你們成功轉型而持續趨於平緩？然後同樣地，Q1 過去是授權營收季對季下滑很大的季度，也許 Q1 會變得比較容易一些？你能否以任何方式幫助我們思考這些季節性變化？

Yes, you are on it. Heather, you have got it actually exactly nailed correctly. The reality is that cloud is growing sequentially, generally, regardless. So Q1 in revenues, Q1 cloud is not going to be a giant drop-off from Q4. My team here is telling me it's going up. (laughter) I just gave the guidance. Yes, so Heather, you have that right. The seasonality for the whole Company is muted.

是的，你說得沒錯。Heather，你其實完全抓對了。現實情況是，雲端業務通常會按季持續成長，基本上不受其他因素影響。所以以營收來看，第一季的雲端營收不會相較第四季出現大幅下滑。我這邊的團隊告訴我它還在上升。(笑聲) 我剛才才給了指引。是的，所以Heather，你的理解是對的。整個公司的季節性波動已經被弱化了。

It is still true that our -- that from a bookings point of view and things like that, Q4 is Mardi Gras, and it's still Mardi Gras. But revenue smoothes out. New license, which was always just so enormous in Q4 takes a giant drop-off, it becomes less and less important. In total revenue, the seasonality smoothes out a bit. But of course, our new license numbers are still very big numbers. But in Q1 they're a much smaller percentage of the total than they are in Q4.

從預訂（bookings）的角度以及類似指標來看，第四季仍然是「狂歡節」（Mardi Gras），而且依然是狂歡節。但營收會被平滑化。新授權（new license）過去在第四季一向非常龐大，現在會出現大幅下滑，且其重要性愈來愈低。在總營收中，季節性會稍微被抹平一些。但當然，我們的新授權金額仍然是非常大的數字。只是第一季它占總額的比重，會比第四季小得多。

I do think it's worth noting, Heather, that in Q4 for us on a cloud bookings basis, we came in with a forecast that we had, which was what we talked about at the end of Q3 with the conference call, and every week this forecast got better, every week. There was not a single -- I gave you an example of one deal, but there is no gargantuan transaction in there. They is no dominant region. There is no dominant pillar. It is consistent by pillar, by geography, and it was a very consistent, steady move every week as we advanced through Q4.

Heather，我認為值得一提的是，我們第四季在雲端預訂（cloud bookings）方面，達成了我們原先的預測，也就是我們在第三季財報電話會議結束時所談到的那個預測，而且這個預測每一週都在變得更好、每一週都是。沒有任何一筆——我曾舉過一筆交易作為例子——但其中並沒有任何「超巨型」交易。沒有任何單一主導的區域。也沒有任何單一主導的支柱（pillar）。無論按支柱或按地理區域來看都很一致，而且在我們推進第四季的過程中，每一週都是非常一致、穩健的提升。

Thank you very much.

非常感謝。

Your next question will come from the line of Kash Rangan with Merrill Lynch.

下一個問題來自美林（Merrill Lynch）的Kash Rangan。

Hi, guys. I'm not going to ask you a spreadsheet question, but I want to ask about databases. Any commentary on the new license sales of database, directionally, how it trend? Also, an update on 12c adoption, what percentage of the base is on 12c, and any quantification you can provide on the options? That will be good, thank you.

嗨，各位。我不會問你們試算表的問題，但我想問資料庫。能否評論一下資料庫新授權銷售的情況，從方向性來看趨勢如何？另外，請更新一下12c的採用情況，目前有多少比例的客戶基礎已經在用12c？以及你們能否對各項選購功能（options）提供任何量化資訊？那就太好了，謝謝。

12c was good in the quarter. I think we gave you a comparison last quarter. But if we compared it to 11, we've been about 50% faster in feature adoptions of 12c than we were with 11, so it was very strong. If you went by region, you saw tremendous performance in database in North America, even in license. You saw that really consistently across the regions, except for the shift that we saw in Europe. But the adoption speed of 12c was quite strong in the quarter, as it was in Q3.

本季12c表現不錯。我想我們上季給過你們一個比較。但如果拿它跟11相比，12c在功能採用（feature adoption）的速度大約比11快了50%，所以非常強勁。若按區域來看，你會看到北美的資料庫表現非常出色，即使是在授權（license）方面也是如此。除了我們在歐洲看到的那個轉變之外，各區域的表現其實都相當一致。但本季12c的採用速度相當強勁，和第三季一樣。

Kash, let me give you a little -- kind of an interesting commentary, I think, on the relationship between PaaS and database adoption on premise. We're the only Company that says, hey, you should -- what you run in the cloud and what you run on premise should be compatible, so that you can push a button and move a workload from your private cloud to the Oracle public cloud and back again; or you can do development test in the public cloud and do production in your private cloud on premise, if you want to.

Kash，我想補充一點——我認為很有意思——關於PaaS與內部部署（on premise）資料庫採用之間關係的評論。我們是唯一一家會說：嘿，你在雲端跑的東西，和你在內部部署跑的東西應該要相容，這樣你就可以按一下按鈕，把工作負載從你的私有雲移到Oracle公有雲，再移回來；或者你也可以在公有雲做開發測試，而在你的私有雲／內部部署做正式生產（production），如果你想要的話。

That has -- we think over time that's going to dramatically accelerate the adoption of features, certain features of our database on premise, because they're getting those features in the cloud. They're getting multi-tenancy in the cloud. They're getting the in-memory database features in the cloud, and they'll want to have an exact analog in their private cloud on premise. I think that's going to actually help, keeping our customers current with the latest features in the database.

我們認為，隨著時間推進，這將會大幅加速客戶在內部部署資料庫上採用某些功能的速度，因為他們在雲端已經拿到那些功能了。他們在雲端取得了多租戶（multi-tenancy）。他們在雲端取得了記憶體內資料庫（in-memory database）的功能，並且會希望在其內部部署的私有雲中也有完全對應的版本。我認為這其實會有助於讓我們的客戶持續使用資料庫的最新功能。

Wonderful. Safra, any commentary on the license growth rate for databases?

太好了。Safra，關於資料庫授權成長率，你有什麼評論嗎？

I want to talk to you actually about the options that did best. As you would expect, everything around security, many of our customers are realizing the security options that we have, which are really very critical. Obviously, cyber-hacks and all those things are -- and also in-sites rest are something they are finally really focused on. Database security options were up very significantly, like around 30%, that kind of level. Many of our customers are looking now at the multi-tenant option, which is available with our newest product, and that is doing very well. That means that our customers are moving even themselves into their own private cloud to manage more efficiently. That is -- was very good for us this year -- this quarter.

我其實想跟你談談表現最好的那些選購功能（options）。如你所預期，所有與資安相關的項目都表現很好；許多客戶正在意識到我們的資安選項確實非常關鍵。顯然，網路攻擊（cyber-hacks）以及所有那些事情——還有靜態資料（data at rest）等——是他們終於真正開始聚焦的重點。資料庫資安選項大幅成長，大概在30%左右，差不多是那個水準。許多客戶現在也在看多租戶選項（multi-tenant option），這是我們最新產品提供的功能，而且表現非常好。這代表我們的客戶甚至也在把自己移到他們自己的私有雲，以更有效率地管理。這——對我們今年——這一季來說非常好。

Thank you.

謝謝。

Next question, please.

下一個問題，請。

Your next question will come from the line of John DiFucci with Jefferies.

下一個問題來自Jefferies的John DiFucci。

Thank you for taking my question. I guess we understand and appreciate the emphasis here on the cloud business, but I'd like to ask a question on what I guess is still the overwhelming majority of your revenue today, and that's -- I'm talking about the on-premise software business. How should we be thinking about your enterprise customer base? What is their behavior like? Where do you think it's going to be moving forward from here?

謝謝讓我提問。我想我們理解也很認同你們在這裡對雲端業務的強調，但我想問一個關於目前仍占你們營收絕大多數的業務——也就是內部部署（on-premise）軟體業務——的問題。我們應該如何看待你們的企業客戶基礎？他們的行為模式是什麼？你認為從現在往後會如何發展？

In the past, I think we've heard both Safra and Mark talk about the sustainability of the [Cebol] maintenance train? I guess as enterprise has moved to the cloud, is this move largely -- as your customers -- I know, Mark, you addressed this a little bit. Are they -- are your customers largely replacing on-premise technology, or is it primarily for new implementations today and into the future? I'm sorry for the long question. But I guess what I'm trying to get to is how should we think about the current support stream from that on-premise software, the current support maintenance into the future?

過去我想我們聽過Safra和Mark都談到「[Cebol]」維護列車（maintenance train）的可持續性？我想問的是，隨著企業轉向雲端，這個轉移在很大程度上——就你們的客戶而言——我知道Mark你稍微提過。他們——你們的客戶主要是在用雲端取代內部部署技術，還是主要用於新的導入（new implementations），不論是現在或未來？抱歉問題有點長。但我想問的核心是：我們應該如何看待來自內部部署軟體的現有支援收入流（support stream），也就是目前的支援維護（support maintenance）在未來的走勢？

Firstly, it's very important that you understand, our support base continues to grow. When we sell new licenses at all, any new license, that increases our base. We do continue to sell billions of dollars of new licenses. Our renewal rates, by the way, remain extremely high, very high, historically high rates. Many of our customers are not necessarily -- are not canceling support and moving everything to the cloud overnight. They are adding cloud capabilities.

首先，你必須非常清楚一點：我們的支援基礎（support base）持續在成長。只要我們賣出任何新授權，任何新授權，都會擴大我們的基礎。我們確實仍在持續銷售數十億美元的新授權。順帶一提，我們的續約率仍然極高，非常高，處於歷史高檔水準。我們的許多客戶並不是——並不會一夜之間取消支援、把所有東西都搬到雲端。他們是在增加雲端能力。

What happens, invariably, is even when they add something in the cloud that they did on premise, they have other uses for many of our licenses that they've had before. We would like them over time, frankly, if we had our way, to move everything to the cloud. That would mean probably revenue rates significantly larger than we are now. But our customers, our base continues to grow, our customer base continues to grow, and our support numbers continue to go up -- up obviously 8% just this quarter.

通常會發生的是，即使他們把原本在內部部署做的某些事情加到雲端上，他們仍然會把先前持有的許多授權用在其他用途上。坦白說，從長期來看，如果照我們的想法，我們希望他們把所有東西都移到雲端。那可能意味著營收水準會顯著高於我們現在。但我們的客戶基礎持續成長，我們的客戶數也持續增加，而我們的支援數字也持續上升——光是本季就明顯成長了8%。

Yes, listen, I think what Safra said is right. We had 8% CD growth for the quarter. Renewal rates were very strong -- again, if you will, flat year over year, meaning they were very good. Again, I'll try to go through this again to be clear. Most of the new things that we sold, or most of what we sold in the cloud, was incremental in terms of certainly SaaS applications. I think, again, the way to think through this is you're going to have a very large on- premise environment -- I think for a long period of time. But workloads are shifting to the cloud, and that is an opportunity for us as we maintain our on-prem base, but frankly grow our market share through this shift to the cloud. We can see it, and it's exciting with it.

是的，聽著，我認為 Safra 說得對。我們本季 CD 成長 8%。續約率非常強勁——同樣地，如果你願意這麼看，年對年持平，代表表現非常好。同樣地，我會再把這點講一遍以求清楚。我們賣出的多數新東西，或我們在雲端賣出的多數內容，就 SaaS 應用而言，確實是增量的。我想，再次，思考這件事的方式是：你將會有一個非常龐大的地端（on-premise）環境——我認為會維持很長一段時間。但工作負載正在轉移到雲端，這對我們而言是個機會：在維持我們地端基礎的同時，坦白說，也能透過這波轉向雲端來提升市占率。我們看得到，而且這令人振奮。

Remember, John too, when we win a SaaS application, we gain all the hardware, all the operating systems, all the database, and all the middleware. When we gain PaaS, we gain all the database, all the operating system, and all the hardware, as well. I think you're going to see on-prem. I think our position on-prem is actually strengthening on a relative basis to what's in the market, and we are now growing faster with these numbers. I don't know how many ways to go through these numbers to show the market share we're gaining, and the speed by which we're accelerating our market position in the cloud. I think we have a chance to get both.

John，也請記得，當我們贏下一個 SaaS 應用時，我們會拿下所有硬體、所有作業系統、所有資料庫，以及所有中介軟體。當我們拿下 PaaS 時，我們也會拿下所有資料庫、所有作業系統，以及所有硬體。我認為你會看到地端。我認為我們在地端的相對市場地位其實正在強化，而以這些數字來看，我們現在成長得更快。我不知道還要用多少種方式來解讀這些數字，才能顯示我們正在取得的市占率，以及我們在雲端加速提升市場地位的速度。我認為我們有機會兩者兼得。

Let me just add -- briefly summarize what Mark said. Our support base, our installed base on premise is going up 8%, and will continue to go up, while our cloud business is experiencing hyper growth, 50% of revenue growth, 60% revenue growth, maybe more than that.

我補充一下——簡要總結 Mark 說的。我們的支援基礎、我們地端的裝機基礎成長 8%，而且會持續成長；同時，我們的雲端業務正經歷超高速成長，營收成長 50%、60%，甚至可能更高。

Next question, please.

下一個問題，請。

Okay. Great, thanks.

好的。太好了，謝謝。

Your next question will come from the line of Brent Thill with UBS.

下一個問題來自 UBS 的 Brent Thill。

Thanks. Safra, in Q4 did you see a greater percentage of deals in the pipeline than maybe were forecasted to go as a perpetual license that made the shift to a cloud model, and therefore, that was the weight on the license I think relative to what we all were looking for, there was a big delta there? Just curious if you have any commentary? Maybe for Mark, as it relates to some of the cloud initial deal side, is in duration of these contracts. If you could maybe point at what you're seeing in terms of some of the contract values that you're seeing throughout the year, and any changing characteristics there, that would be helpful?

謝謝。Safra，在第四季，你們是否看到管線中的交易有更高比例（相較於原先預測）原本會以永久授權（perpetual license）成交，但後來轉向雲端模式，因此相對於我們原本的預期，授權收入受到拖累、出現很大的落差？想請問你是否有任何評論？另外給 Mark，就雲端初始交易（initial deal）而言，合約期間（duration）是怎麼樣的？如果你能指出你們全年看到的一些合約金額（contract values）趨勢，以及是否有任何特性上的變化，會很有幫助。

No, that isn't how it works. It's not that -- by the time a deal itself is actually listed in the forecast, it's already qualified as to what it's going to be. What the reality is that conversion rates move in the cloud were very high, and they were to some extent took -- were the big focus. That is what we push in the forecast call every week. That's what we're talking about all the time, and that's what was very clear.

不，不是那樣運作的。不是那樣——當一筆交易真正被列入預測時，它已經被確認（qualified）會是什麼類型。實際情況是，雲端交易的轉換率（conversion rates）非常高，而且在某種程度上——那是主要焦點。這就是我們每週預測電話會議上推動的重點。我們一直在談的就是這個，而且這點非常清楚。

In the forecast overall there are many different shape deals and types of deals, and what exactly will close in the quarter I never know. I have to use my own conversion and closing historical rates. This quarter showed a marked move towards converting the cloud deals. Those did very well. They far exceeded where we thought they would go. That's how it worked out. Obviously it doesn't show up in the revenues, because we don't book them up front like licenses.

整體預測中有許多不同形態與類型的交易，而本季究竟哪些會成交，我從來無法確定。我必須使用我自己的轉換率與結案（closing）歷史比率。本季顯示出明顯轉向去轉換雲端交易。那些表現非常好。它們遠遠超出我們原先的預期。結果就是如此。顯然它不會立刻反映在營收上，因為我們不像授權那樣在前期一次入帳。

To your second question, productivity and ASP, your point about pricing both inclined. Our productivity per rep and our average deal size in cloud went up in the quarter. It went up a bit sequentially, as well as it went up year over year.

針對你的第二個問題，生產力與 ASP，你提到的定價點兩者都有所上升。本季我們每位業務代表的生產力，以及雲端的平均交易規模都有提升。不僅季對季略有上升，年對年也有上升。

There is an important other dynamic that when you look at our cloud business you've got several factors going on, Brent. You've got one -- frankly the products are just better. They're just getting better and they're more mature. Our sales people, we have more of them, and they have longer tenure. They're also simply better trained than they were just even a year or two years ago. The combination of this is what's driven the performance in the cloud. Make no mistake about it, there is a keen sales focus on growing our cloud business. Our cloud business is important for all the reasons that we've already talked through.

Brent，當你看我們的雲端業務時，還有另一個重要的動態：有好幾個因素同時在發生。第一——坦白說，產品就是更好。它們持續變得更好，也更成熟。我們的業務人員更多，而且任職年資更長。他們也只是更受過訓練，相較於一年前甚至兩年前。這些因素的組合推動了雲端的表現。毫無疑問，我們在銷售上高度聚焦於成長雲端業務。我們的雲端業務很重要，原因我們先前都已經談過。

Now, one other point that we haven't brought up that I think I'd add to it is when you look at where we're heading with the cloud, we're going into a year now where we now get frankly more of our portfolio available in the cloud. We've done just what we described in Q4, which these numbers that everybody's all excited about -- frankly, with not our entire product line available to us in the cloud, and not even all of the products that we have localized to all of our geographies. You have a set of factors occurring next fiscal year, this coming -- the year we're in -- where now we have yet more sales people with more tenure, with more references, with now more of our products on line, if you will, in more geographies.

另外還有一點我們先前沒提到，我想補充的是：當你看我們雲端的發展方向，我們正進入新的一年——坦白說，我們會有更多產品組合能在雲端提供。我們在第四季做到我們所描述的那些——也就是大家都很興奮的這些數字——坦白說，是在我們並非全產品線都能在雲端提供、甚至也不是所有產品都已在所有地區完成在地化的情況下達成的。在下一個會計年度、也就是接下來——我們正在進行的這一年——會有一系列因素同時發生：我們會有更多任職更久的業務人員、更多客戶案例（references）、以及更多產品上線（如果你願意這麼說）到更多地區。

Thank you.

謝謝。

Your next question comes from the line of Raimo Lenschow with Barclays.

下一個問題來自 Barclays 的 Raimo Lenschow。

Thanks for taking my question. Two quick ones. First, Safra, if I look at sales and marketing, they came in a little bit higher than we had expected. Can you talk a little bit about the dynamics there? Are you actually paying out more on cloud provisions, et cetera, or is it just that Q4 actually was very successful, and we can't see it in revenue because it was over cloud? Then for Larry, a question on PaaS. What are the use cases that you see on PaaS? Is it all test and development, or are people actually putting popular production workloads over onto your cloud already? Thank you.

謝謝讓我提問。兩個簡短問題。第一個，Safra，如果我看銷售與行銷費用，它比我們預期的略高一些。你能談談其中的動態嗎？你們是否因雲端佣金（provisions）等而支付更多，或只是第四季其實非常成功，但因為是雲端，所以我們在營收上看不出來？第二個給 Larry，關於 PaaS 的問題。你看到的 PaaS 使用情境（use cases）是什麼？是否全部都是測試與開發（test and development），還是人們其實已經把熱門的正式環境（production）工作負載放到你們的雲端上了？謝謝。

What you're seeing in the sales and marketing percentage is that, again, since we're not recognizing the revenue up front, like with license -- though we have commissions and things like that with cloud -- there's also additional sales expenses that are recognized immediately, but they don't have the corresponding revenue like new license does. You're just seeing timing differences more than anything else, and that's impacting a number of our ratios, clearly.

你在銷售與行銷占比上看到的情況是：同樣地，因為我們不像授權那樣在前期認列營收——雖然雲端也有佣金等——但也有額外的銷售費用會立即認列，卻沒有像新授權那樣對應的營收。你看到的主要是時點差異，這也明顯影響了我們多項比率。

In PaaS, we have a number of things going on. Yes, your point about dev test is correct. This is a lot of dev test use cases for PaaS; but there's more going on in PaaS than just database as a service and just dev test. We have released our first really BI solution into the market, which is now -- a visual analyzer -- which now goes head up against Tableau. We had good success with that product in Q4.

在 PaaS 方面，我們有幾件事同時在進行。是的，你提到的開發測試（dev test）是正確的。PaaS 有很多是 dev test 的使用情境；但 PaaS 不僅僅是資料庫即服務（database as a service）與 dev test，還有更多內容。我們已將第一個真正的 BI 解決方案推向市場，也就是——一個視覺化分析器（visual analyzer）——現在正面對決 Tableau。我們在第四季該產品取得了不錯的成功。

Again, our competitors are shifting now, as opposed to in BI on-premise, where we would have competed with Cognos or Business Objects. We now compete with Tableau. That's in our PaaS results that we've described. Also, Java as a service was strong in the quarter. The collection of those services were 30%, 40% of our PaaS bookings, and yes, dev test, other than that dev test, is certainly a very big use case for our customers.

再者，我們的競爭對手現在也在轉變；相較於過去在 BI 本地部署（on-premise）時，我們會與 Cognos 或 Business Objects 競爭。我們現在改為與 Tableau 競爭。這反映在我們先前所描述的 PaaS 業績之中。此外，本季 Java as a service 表現強勁。這些服務合計占我們 PaaS 訂單的 30%、40%；而且是的，dev test（開發/測試）——除了 dev test 之外——確實也是我們客戶非常重要的使用情境。

Perfect. Thanks so much.

太好了。非常感謝。

Next question, please.

請下一題。

Your last question will come from the line of Philip Winslow with Credit Suisse.

最後一題將由 Credit Suisse 的 Philip Winslow 來提問。

Thanks, guys, for taking my questions. I think we've hit a lot on the software side of the business and cloud, but we haven't really touched on hardware much. You guys came in actually a little bit above the mid-point of your constant currency guidance on hardware this quarter. Wondering if you could comment on the trends you're seeing there -- engineered systems versus the non-engineered business? Safra, I know you didn't give a specific guidance for the hardware business, but how are you guys thinking about that going forward?

謝謝各位回答我的問題。我想我們在軟體業務與雲端方面談了很多，但硬體幾乎還沒談到。你們本季硬體在固定匯率（constant currency）指引上，實際表現略高於中位數。想請你們評論一下目前看到的趨勢——工程化系統（engineered systems）相較於非工程化業務（non-engineered business）如何？Safra，我知道你沒有對硬體業務給出明確指引，但你們未來對硬體業務的看法是什麼？

Engineered systems, bookings grew double digits in the quarter, very strong. We had over 1,500 -- I'm doing this off the top of my head -- 1,500, 1,600 incremental systems in the quarter, so very strong in the engineered systems side. We had very strong growth in North America, very good performance out of one of our Oracle database appliance products. SuperCluster was very strong in the quarter. We grew in storage in the quarter. This is really -- we're going through a shift in storage now. We released our SAN product, FS1, in the quarter, which saw some bookings. This is really the first quarter we got any bookings out of FS1, our ZFS product. Somebody's renamed that, but I have -- ZS1. I wish they wouldn't do that to me, but they've renamed it ZS1.

工程化系統方面，本季訂單（bookings）以雙位數成長，非常強勁。本季我們新增了超過 1,500 套——我憑記憶說——大約 1,500、1,600 套增量系統，因此工程化系統端非常強。北美成長非常強勁，我們某一款 Oracle 資料庫一體機（database appliance）產品表現非常好。SuperCluster 本季也非常強。本季我們的儲存（storage）也有成長。這其實——我們現在正經歷儲存產品的轉型。本季我們推出了 SAN 產品 FS1，也帶來了一些訂單。這真的是我們 FS1（我們的 ZFS 產品）首次在單季取得任何訂單。有人把它改名了，但我記得——ZS1。我真希望他們別這樣搞我，但他們把它改名成 ZS1。

Actually ZS4, and they shouldn't rename it because it's hard to remember. (laughter)

其實是 ZS4，他們真的不該改名，因為很難記。（笑聲）

I missed the naming thing, or we would -- but anyway, so we had good growth in that thing (laughter), as well. Then we had server performance that was declines in the quarter. Then the growth in the other products that I've described netted to the growth rate that we described. Let's face it, we are the only hardware Company growing in the industry.

我錯過了命名那段，不然我們就——但總之，那個產品我們也有不錯的成長（笑聲）。接著伺服器（server）表現本季是下滑。而我剛描述的其他產品成長，合計後抵銷並形成我們所說的那個成長率。坦白說，我們是業界唯一仍在成長的硬體公司。

When you look at the market share numbers, they sort of get to be staggering. We've taken over the -- this is not a question you asked, but I'm going to say it anyway. In the United States, when you look at servers above $15,000, the number one Company in market share now is Oracle. I believe that will occur region by region by region, because of the strength of not just our hardware product line, but the alignment of our software portfolio with it. It was a good quarter for us in hardware, and I would expect that trend to continue.

當你看市占率數據時，會覺得相當驚人。我們已經拿下——這不是你問的問題，但我還是要說。在美國，若看單價高於 15,000 美元的伺服器，目前市占第一的公司是 Oracle。我相信這會一個區域接一個區域地發生，因為不僅我們硬體產品線很強，我們的軟體產品組合與之的整合/對齊也很強。本季硬體對我們而言是個好季度，我預期這個趨勢會持續。

Very similar to John's question. I don't think we're telling you that there isn't an on-premise market. Please don't take that message from what we described. I think the fact that you can take a workload from your on-premise data center and now move it seamlessly to the cloud and back and forth to a data center gives us a tremendous advantage. The configuration we have in the cloud, the configuration we have on-premise now can be identical -- the ability to move workloads back and forth, use that on our hardware and your data center, use that on the very same hardware perhaps in the cloud. We're the only Company in the industry that can do this. I think this bodes very well for our hardware business -- granted, in a declining market, but I believe Oracle will gain market share in that declining market.

這跟 John 的問題非常類似。我不認為我們是在告訴你本地部署市場不存在。請不要從我們的描述中得到那樣的訊息。我認為，你可以把工作負載從本地資料中心無縫移到雲端，並且在雲端與資料中心之間來回移動，這給了我們巨大的優勢。我們在雲端的配置、以及我們現在在本地部署的配置可以完全相同——能夠讓工作負載來回移動；你可以在我們的硬體與你的資料中心上使用，也可能在雲端用同樣的硬體來使用。我們是業界唯一能做到這件事的公司。我認為這對我們的硬體業務非常有利——即使是在一個下滑的市場中，但我相信 Oracle 會在這個下滑市場中提升市占率。

Got it. Thanks, guys.

了解。謝謝各位。

Thank you.

謝謝。

Thank you, Phil. A telephonic replay of this 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 with you. Thank you for joining us today. With that, I'll turn the call back to the operator for closing.

謝謝你，Phil。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今日稍早發布的新聞稿中找到。若對本次電話會議有任何後續問題，請聯絡投資人關係部門，我們也期待與您再度交流。感謝您今天的參與。接下來我把電話交回接線員作結束。

Once again, we'd like to thank you for your participation on today's conference call. You may now disconnect.

再次感謝各位參與今天的電話會議。您現在可以掛線。