甲骨文 (ORCL) 2018 Q4 法說會逐字稿

Welcome to Oracle's Fourth Quarter 2018 Earnings Conference Call.

歡迎參加 Oracle 2018 年第四季度收益電話會議。

Now I'd like to turn the call over to Ken Bond, Senior Vice President.

現在我想把電話轉給高級副總裁 Ken Bond。

Sir, you may begin.

先生，您可以開始了。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to Oracle's Fourth Quarter and Fiscal Year 2018 Earnings Conference Call.

大家下午好，歡迎來到 Oracle 2018 財年第四季度收益電話會議。

A copy of the press release and financial tables, which includes the GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website.

可以從我們的投資者關係網站查看和下載新聞稿和財務表格的副本，其中包括 GAAP 與非 GAAP 對賬和其他補充財務信息。

On the call today are: Chairman and Chief Technology Officer, Larry Ellison; and CEOs Safra Catz and Mark Hurd.

今天參加電話會議的有： 董事長兼首席技術官拉里·埃里森 (Larry Ellison)；以及首席執行官 Safra Catz 和 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.

提醒一下，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息。

Throughout today's discussion, we will present some important factors relating to our business, which may potentially affect these forward-looking statements.

在今天的討論中，我們將介紹一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。

These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

這些前瞻性陳述還受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與今天所做的陳述存在重大差異。

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.

因此，我們告誡您不要過分依賴這些前瞻性陳述，我們鼓勵您查看我們最近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修訂，以完整討論這些因素和其他可能影響我們未來業績或股票市場價格的風險。

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.

最後，我們沒有義務根據新信息或未來事件修改我們的結果或公開發布對這些前瞻性陳述的任何修訂。

Before taking questions, we'll begin with a few prepared remarks.

在回答問題之前，我們將從一些準備好的評論開始。

And with that, I'd like to turn the call over to Safra.

有了這個，我想把電話轉給 Safra。

Thanks, Ken.

謝謝，肯。

Good afternoon, everyone.

大家下午好。

We had a terrific quarter and a tremendous number of wins in the cloud, with total revenue growth 1 point above the high end of my guidance, and earnings per share $0.05 above the high end of my guidance.

我們有一個很棒的季度，在雲計算領域取得了巨大的勝利，總收入增長比我的指導上限高出 1 個百分點，每股收益比我的指導上限高出 0.05 美元。

Before further discussing our Q4 results, I'd like to comment on updates we've made to our financial reporting, so as to better describe our business since we introduced the BYOL license initiative to our customers.

在進一步討論我們的第四季度業績之前，我想評論一下我們對財務報告所做的更新，以便更好地描述自我們向客戶推出 BYOL 許可計劃以來我們的業務。

BYOL, which is bring your own license, allows customers to move their existing on-premise licenses to the Oracle Cloud so long as they continue to pay support for those licenses.

BYOL，即自帶許可，允許客戶將現有的內部部署許可移動到 Oracle Cloud，只要他們繼續為這些許可支付支持費用。

BYOL also makes it cost effective for customers to buy new licenses even if those licenses are only going to be used in the cloud.

BYOL 還使客戶購買新許可證具有成本效益，即使這些許可證僅會在雲中使用。

So some of our customers are buying new licenses and immediately deploying them in the cloud.

所以我們的一些客戶正在購買新的許可證並立即將它們部署到雲端。

In fact, our largest license sale in the quarter was a cloud license.

事實上，我們本季度最大的許可證銷售是雲許可證。

Other customers, like AT&T in the release, are moving their existing licenses -- excuse me, moving the existing licenses they own to the cloud, while continuing to pay support.

其他客戶，如發布中的 AT&T，正在移動他們現有的許可證——對不起，將他們擁有的現有許可證移動到雲端，同時繼續支付支持費用。

Support for licenses that have been moved to the cloud is Cloud Support.

對已移動到雲的許可證的支持是雲支持。

As a result, our new License revenue is now a combination of new cloud licenses and new on-premise licenses.

因此，我們的新許可證收入現在是新的雲許可證和新的本地許可證的組合。

Our Support Revenue is now a combination of cloud license support revenue and on-premise license support revenue.

我們的支持收入現在是雲許可證支持收入和本地許可證支持收入的組合。

To reflect these changes in our business, we have now labeled new software licenses as Cloud License and On-Premise License.

為了反映我們業務中的這些變化，我們現在將新的軟件許可證標記為雲許可證和本地許可證。

And we've combined cloud SaaS, plus cloud PaaS and IaaS, plus software license updates and product support into Cloud Services and License Support.

我們將雲 SaaS、雲 PaaS 和 IaaS，以及軟件許可更新和產品支持整合到雲服務和許可支持中。

So to say it another way, customers are entering into large database contracts where some of those database licenses are to be deployed on-premise, while other database licenses are used in the cloud.

換句話說，客戶正在簽訂大型數據庫合同，其中一些數據庫許可證將在內部部署，而其他數據庫許可證則在雲中使用。

Previously, all of those license and its related support revenue would have been counted entirely as On-Premise, which clearly, it isn't.

以前，所有這些許可及其相關支持收入都將完全計入內部部署，顯然不是。

In addition, customers that are in the process of moving their existing database licenses to the cloud previously had all of their support revenue counted as On-Premise, again, which it isn't.

此外，正在將現有數據庫許可遷移到雲端的客戶以前將所有支持收入都算作內部部署，但事實並非如此。

We have reflected these revenue reporting updates in our expense reporting as well.

我們也在費用報告中反映了這些收入報告更新。

Our cloud, SaaS and PaaS and IaaS services are all moving into our new second generation data centers based on our bare metal infrastructure with a single unified operations team.

我們的雲、SaaS 和 PaaS 以及 IaaS 服務都將遷移到我們新的第二代數據中心，該數據中心基於我們的裸機基礎設施，擁有一個統一的運營團隊。

Data center expenses there are shared across SaaS, PaaS and IaaS, giving us economies of scale and other efficiencies.

那裡的數據中心費用在 SaaS、PaaS 和 IaaS 之間分擔，為我們提供了規模經濟和其他效率。

We've also consolidated most support functions across our software technologies in the cloud and on-premise.

我們還在雲端和內部部署的軟件技術中整合了大部分支持功能。

Sharing our teams across the different offerings allows for improved asset utilization and has a positive effect on our gross and operating margin.

在不同的產品中共享我們的團隊可以提高資產利用率，並對我們的毛利率和營業利潤率產生積極影響。

Now that we have built a rapidly growing multibillion-dollar cloud business, our management team is focused on 2 principal financial measures to judge our success: First, we expect our overall revenue growth rate to accelerate because our growing cloud revenue is becoming a larger and larger percentage of our total revenue.

現在我們已經建立了一個快速增長的價值數十億美元的雲業務，我們的管理團隊專注於兩個主要的財務指標來判斷我們的成功：首先，我們預計我們的整體收入增長率會加快，因為我們不斷增長的雲收入正在變得越來越大占我們總收入的更大比例。

While any one quarter's results may vary, we expect to increase our revenue growth rate with this year and beyond.

雖然任何一個季度的結果可能會有所不同，但我們預計今年及以後的收入增長率會提高。

Second, we expect that we will once again deliver double-digit EPS growth for the year.

其次，我們預計今年的每股收益將再次實現兩位數的增長。

Okay, turning back to our results.

好的，回到我們的結果。

First, I'll go over Q4 and recap fiscal year 2018 before moving on to my guidance.

首先，在繼續我的指導之前，我將回顧第四季度並回顧 2018 財年。

I'll then turn the call over to Larry and Mark for their comments.

然後我會將電話轉給 Larry 和 Mark，徵求他們的意見。

As in prior quarters, I'll review our non-GAAP results using constant dollar growth rates, unless I say otherwise.

與前幾個季度一樣，除非我另有說明，否則我將使用不變的美元增長率來審查我們的非 GAAP 結果。

This quarter, currency movements resulted in a 2% tailwind on revenue, which was approximately $140 million less than when guidance was given.

本季度，貨幣變動導致收入下降 2%，比給出指導時減少約 1.4 億美元。

And currency movements had a $0.02 positive impact to non-GAAP EPS, which was $0.01 less than the $0.03 which I guided to.

貨幣變動對非 GAAP 每股收益產生了 0.02 美元的積極影響，比我指導的 0.03 美元低 0.01 美元。

Regardless, we've exceeded the high end of both ranges.

無論如何，我們已經超過了這兩個範圍的高端。

Total Cloud Services and License Support revenues for the quarter were $6.8 billion, up 5% in constant currency, 7% in U.S. dollars.

本季度雲服務和許可支持總收入為 68 億美元，按固定匯率計算增長 5%，按美元計算增長 7%。

Under our prior reporting structure, in Q4, what we previously called Total Cloud revenues were $1,700,000,000.

根據我們之前的報告結構，在第四季度，我們之前所說的云總收入為 1,700,000,000 美元。

I cannot stress enough the stability and growth of our installed base of customers quarter after quarter.

我怎麼強調我們已安裝客戶群的穩定性和增長一個季度又一個季度都不為過。

Our customers are maintaining and expanding their Oracle environment because they have portability to use our licensed software on-premise, in the cloud or via hybrid environment.

我們的客戶正在維護和擴展他們的 Oracle 環境，因為他們可以在本地、雲端或通過混合環境使用我們的許可軟件。

This is largely because our products are capable of doing things others just can't do, whether that's security, performance, scalability or the autonomous features that only our database has.

這主要是因為我們的產品能夠做其他人做不到的事情，無論是安全性、性能、可擴展性還是只有我們的數據庫才具備的自治功能。

As our customers adopt our technologies, whether via licenses or cloud services, our overall customer base is growing, and that growth is starting to accelerate.

隨著我們的客戶採用我們的技術，無論是通過許可還是雲服務，我們的整體客戶群都在增長，而且這種增長開始加速。

The gross margin for Cloud Services and License Support was 86%, and as we continue to scale and grow, I expect this will go even higher.

雲服務和許可支持的毛利率為 86%，隨著我們繼續擴大規模和增長，我預計這會更高。

Total revenues for the quarter were $11.3 billion, up 1% from last year.

本季度總收入為 113 億美元，比去年增長 1%。

Non-GAAP operating income was $5.3 billion, up 4% from last year.

非 GAAP 營業收入為 53 億美元，比去年增長 4%。

And the operating margin was 47%, which was up from 46% last year.

營業利潤率為 47%，高於去年的 46%。

The non-GAAP tax rate for the quarter was at 19.2%, slightly below our base tax rate of 20%.

本季度的非美國通用會計準則稅率為 19.2%，略低於我們 20% 的基本稅率。

And EPS was USD 0.99, up 11%, and up 9% in constant currency.

EPS 為 0.99 美元，增長 11%，按固定匯率計算增長 9%。

The GAAP tax rate was 17.7% and GAAP EPS was USD 0.82, up 8%, and up 5% in constant currency.

GAAP 稅率為 17.7%，GAAP 每股收益為 0.82 美元，增長 8%，按固定匯率計算增長 5%。

Now moving on to the full fiscal year.

現在進入整個財政年度。

Total Cloud Services and License Support revenue was $26.3 billion, growing 7%.

雲服務和許可支持總收入為 263 億美元，增長 7%。

Total company revenues for the year grew 3% to $39.9 billion.

公司全年總收入增長 3% 至 399 億美元。

Non-GAAP EPS was USD 3.12, up 11% in constant currency, and up 14% in USD.

非美國通用會計準則每股收益為 3.12 美元，按固定匯率計算增長 11%，按美元計算增長 14%。

This was largely driven by the acceleration in operating income growth, which was up 9% in USD, 6% in constant currency.

這主要是由於營業收入增長加速，按美元計算增長 9%，按固定匯率計算增長 6%。

This is mirrored in our operating margin for the full year, which was up from 43% last year to 44% this year.

這反映在我們全年的營業利潤率上，從去年的 43% 上升到今年的 44%。

As a reminder, our best ever full year operating margin was 47%, and I expect we will surpass that in the coming years as our total revenue growth accelerates and we benefit from greater scale in our business.

提醒一下，我們有史以來最好的全年營業利潤率為 47%，我預計隨著我們的總收入增長加速以及我們從更大的業務規模中受益，我們將在未來幾年超過這一水平。

Operating cash flow over the last 4 quarters was a record $15.4 billion, up 9% in USD.

過去 4 個季度的運營現金流達到創紀錄的 154 億美元，按美元計算增長 9%。

Capital expenditures for the year were $1.7 billion.

這一年的資本支出為 17 億美元。

And free cash flow over the last 4 quarters was $13.7 billion, up 13% in USD.

過去 4 個季度的自由現金流為 137 億美元，按美元計算增長 13%。

We now have approximately $67.3 billion in cash and marketable securities.

我們現在擁有大約 673 億美元的現金和有價證券。

Net of debt, our cash position is approximately $6.6 billion.

扣除債務後，我們的現金頭寸約為 66 億美元。

The short-term deferred revenue balance is $8.4 billion, up 2% in constant currency.

短期遞延收入餘額為 84 億美元，按固定匯率計算增長 2%。

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.

正如我們之前所說，我們致力於通過技術創新、戰略收購、股票回購、謹慎使用債務和派息來為股東回報價值。

This quarter, we repurchased 106 million shares for a total of $5 billion.

本季度，我們以總計 50 億美元的價格回購了 1.06 億股股票。

Over the last 12 months, we have repurchased 238 million shares for a total of $11.5 billion.

在過去的 12 個月裡，我們以總計 115 億美元的價格回購了 2.38 億股股票。

Since FY '11, when we ramped up the share purchase program, we have reduced the shares outstanding by more than 20%.

自 11 財年以來，當我們加強股票購買計劃時，我們已將已發行股票減少了 20% 以上。

In addition, we have paid out dividends of $3.1 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.19 per share.

此外，我們在過去 12 個月支付了 31 億美元的股息，董事會再次宣布每股 0.19 美元的季度股息。

Now to the guidance.

現在到指導。

First of all, we will be adopting the new accounting standard, ASC 606, with a full retrospective view starting in Q1.

首先，我們將採用新的會計準則 ASC 606，並從第一季度開始進行全面回顧。

We will also provide you with the prior year results reflecting ASC 606 so that you can compare it.

我們還將為您提供反映 ASC 606 的前一年結果，以便您進行比較。

Secondly, my EPS guidance for both Q1 and FY '19 assumes a base tax rate of 20%.

其次，我對 19 財年第一季度和 FY'19 的 EPS 指導假設基本稅率為 20%。

However, onetime tax events could cause actual tax rates for any given quarter to vary from our base rate, but I expect that in normalizing for these one-time events, our tax rate will average around 20% for fiscal year of 2019.

然而，一次性稅收事件可能會導致任何給定季度的實際稅率與我們的基本稅率不同，但我預計在對這些一次性事件進行標準化後，我們 2019 財年的平均稅率將在 20% 左右。

Importantly, in regard to Q1 guidance, exchange rates have moved from a 3% revenue tailwind to now being a 1% headwind from the last time I gave guidance.

重要的是，關於第一季度的指導，匯率已經從我上次給出指導時的 3% 收入順風變為現在 1% 的逆風。

That is a 4% negative move, which impacts revenue in Q1 by about $300 million.

這是一個 4% 的負面變動，對第一季度的收入產生了約 3 億美元的影響。

It also impacts EPS negatively by $0.03.

它還對 EPS 產生了 0.03 美元的負面影響。

So for my guidance, total revenues are expected to grow 1% to 3% in constant currency.

因此，根據我的指導，按固定匯率計算，總收入預計將增長 1% 至 3%。

Non-GAAP EPS in USD is expected to grow between 9% and 13%.

以美元計算的非 GAAP 每股收益預計將增長 9% 至 13%。

I'll do the math for you, that's between $0.67 and $0.69.

我會為您計算一下，介於 0.67 美元和 0.69 美元之間。

And non-GAAP EPS in constant currency is expected to grow between 11% and 15%.

以固定匯率計算的非 GAAP 每股收益預計將增長 11% 至 15%。

And again, doing the math, that's $0.68 to $0.70.

再一次，做數學，這是 0.68 美元到 0.70 美元。

For the full year, we expect to have a higher revenue growth rate than FY '18 and to, once again, deliver double-digit non-GAAP EPS growth.

對於全年，我們預計收入增長率將高於 18 財年，並再次實現兩位數的非 GAAP 每股收益增長。

Total CapEx for FY '19 is expected to be similar to FY '18's CapEx of $1.7 billion, but it could be a little higher, depending on bookings.

19 財年的總資本支出預計將與 18 財年的 17 億美元資本支出相似，但可能會更高一些，具體取決於預訂情況。

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

有了這個，我會把它交給馬克徵求他的意見。

Thanks, Safra.

謝謝，薩夫拉。

I thought for a change I'd just start by listing off cloud wins in Q4.

我想到了一個改變，我只是從在第四季度列出雲勝利開始。

Let's start with ERP.

讓我們從 ERP 開始。

Let me just run through some of these brands: BAE; Baylor University; Cerberus Capital Management; Con Ed; Cox Communications; Danaher; Facebook; General Dynamics; Genuine Auto Parts; Intel; Johnson & Johnson; Kohl's Department Stores; Land O'Lakes; Marsh & McLennan; Mount Sinai Health System; Pernod Ricard; Scholastic Corporation; Siemens; Cleveland Clinic; Time, Inc.; United Parcel.

讓我簡單介紹一下其中一些品牌：BAE；貝勒大學；賽伯樂資本管理公司；聯編；考克斯通訊；丹納赫； Facebook;通用動力；原裝汽車零件；英特爾;強生公司；科爾百貨；藍多湖；馬什和麥克倫南；西奈山衛生系統；保樂力加；學術公司；西門子;克利夫蘭診所；時代公司；聯合包裹。

These can be modules.

這些可以是模塊。

In many cases, we're replacing in for SAP.

在許多情況下，我們正在為 SAP 替換 in。

Some cases, upgrading our user [base.] This was a fantastic ERP quarter, and not just in volume, but the quality of the brand.

在某些情況下，升級我們的用戶 [base]。這是一個很棒的 ERP 季度，不僅在數量上，而且在品牌質量上。

Let me turn to HCM.

讓我轉向 HCM。

Before I go into detail, let me just say, every win is versus Workday, full SOP: Akamai; AT&T; Baylor University.

在詳細介紹之前，我只想說，每一次勝利都是針對 Workday 的，完整的 SOP：Akamai；美國電話電報公司貝勒大學。

As you can tell, that was a dual ERP HCM win.

如您所知，這是 ERP HCM 的雙重勝利。

You'll hear a few of those: City of Jacksonville; Con Ed; Delta Dental; First Data; Grupo Televisa; Ingersoll-Rand; Juniper; Lawrence Berkeley National Lab; ManpowerGroup; Mount Sinai Health System, again, a dual win if you will; Noble Energy; Providence St.

您會聽到其中的一些：傑克遜維爾市；聯編；三角洲牙科；第一數據；電視集團；英格索蘭；杜松；勞倫斯伯克利國家實驗室；萬寶盛華集團；西奈山衛生系統，如果你願意的話，也是雙贏的；高貴的能量；普羅維登斯街

Joseph Health; Sumitomo Heavy Industries; Sherwin-Williams; Time, Inc.; Toyota Motor; University of Wisconsin; DeBra Technologies.

約瑟夫健康；住友重工；宣偉；時代公司；豐田汽車；威斯康星大學；德布拉科技。

A lot of wins.

很多勝利。

And I'm -- I have more, I just don't have time.

而我——我還有更多，我只是沒有時間。

It was that sort of quarter for us.

對我們來說就是這樣的一個季度。

As it relates to platform, 2 very significant ISVs have gone live in production with us.

就平台而言，2 個非常重要的 ISV 已經與我們一起投入生產。

One, Manhattan Industries.

一，曼哈頓工業。

And one of the largest networking ISVs of the world have made significant commitments to production and non-production workloads that are now live on our cloud.

世界上最大的網絡 ISV 之一對現在位於我們雲上的生產和非生產工作負載做出了重大承諾。

We beat AWS head-to-head on price, performance and breadth of services for these wins.

我們在價格、性能和服務廣度方面與 AWS 正面交鋒，贏得了這些勝利。

There's a little bit of mention of AT&T.

有一點提到了 AT&T。

I thought I'd give you an update on AT&T.

我想我會向您介紹 AT&T 的最新情況。

AT&T, of course, is moving thousands of terabytes of data to the Oracle cloud.

當然，AT&T 正在將數千 TB 的數據轉移到 Oracle 雲中。

We have begun to migrate thousands of these databases as we speak.

就在我們說話的時候，我們已經開始遷移數以千計的這些數據庫。

We expect within the fiscal year to have the AT&T data centers all connected to the Oracle cloud, migrating this massive data set.

我們希望在本財年內將 AT&T 數據中心全部連接到 Oracle 雲，遷移這個龐大的數據集。

We expect this, of course, to be the first of many that we've started to sign in Q4.

當然，我們希望這是我們在第四季度開始簽署的眾多協議中的第一個。

I mentioned a couple of the ISVs, but the importance of the progress is to be noted.

我提到了幾個 ISV，但需要注意進展的重要性。

Just a few numbers to close up.

只需幾個數字即可關閉。

In the apps ecosystem, 91% now of our trailing 12-month revenue is recurring.

在應用生態系統中，我們過去 12 個月的收入中有 91% 是經常性收入。

The apps ecosystem is now bigger than 11 billion.

應用生態系統現已超過 110 億。

It's up 11% year-over-year.

同比增長 11%。

And as I think, a year ago, I mentioned that I expected our apps ecosystem to grow roughly double digits.

正如我所想，一年前，我提到我預計我們的應用程序生態系統將增長大約兩位數。

It did.

它做了。

It did a little better than that.

它做得比那好一點。

We're growing faster than the market.

我們的增長速度快於市場。

And while I list all of these wins, most of these wins that I list are not coming from our user base.

雖然我列出了所有這些勝利，但我列出的這些勝利中的大多數並不是來自我們的用戶群。

Our user base, while heavily now represented in our pipeline, Larry had a very important announcement last week, but it is still not the bulk of what is in our cloud, and that opportunity is yet ahead of us.

我們的用戶群，雖然現在在我們的管道中佔有重要地位，但 Larry 上週發布了一個非常重要的公告，但它仍然不是我們雲中的大部分內容，而且這個機會還在我們面前。

Some numbers on SaaS.

SaaS 上的一些數字。

Overall ERP and HCM revenue was $2.2 billion for the year.

全年 ERP 和 HCM 總收入為 22 億美元。

Fusion apps up 62% for the year.

Fusion 應用程序全年增長 62%。

Fusion ERP was up 60% organically, 68% for the year.

Fusion ERP 有機增長 60%，全年增長 68%。

Fusion HCM was up 72% for the year.

Fusion HCM 全年增長了 72%。

I want to make sure I say this number carefully.

我想確保我小心地說出這個數字。

NetSuite bookings in the quarter were up 62% in constant currency.

按固定匯率計算，本季度的 NetSuite 預訂量增長了 62%。

This reflects the investment we've made in go-to-market that we started a year ago.

這反映了我們一年前開始的上市投資。

That began to reflect itself in the performance in the back half of the year.

這開始反映在今年下半年的業績中。

This will lead to accelerated NetSuite revenue in 2019.

這將導致 2019 年 NetSuite 收入加速增長。

Our tech ecosystem is now greater than $21 billion and up 5% for the year, with the database ecosystem up 6%, and accelerating in Q4 with an exit growth rate of 7%.

我們的技術生態系統現在價值超過 210 億美元，全年增長 5%，其中數據庫生態系統增長 6%，並在第四季度加速增長，退出增長率為 7%。

BYOL is clearly resonating with customers.

BYOL 顯然引起了客戶的共鳴。

Q4 database new license revenue was up 9%, and autonomous database is now beginning to show up in our pipeline.

第 4 季度數據庫新許可收入增長了 9%，自治數據庫現在開始出現在我們的管道中。

And we're pleased with our license revenue for our key database options, which are necessary to run the autonomous database, were up mid-teens in the quarter.

我們對運行自主數據庫所必需的關鍵數據庫選項的許可收入在本季度增長了 15% 感到滿意。

Our next-generation PaaS grew 45% for the year with now total revenue of $1.1 billion.

我們的下一代 PaaS 今年增長了 45%，目前總收入為 11 億美元。

I'll close by just saying I think we're executing well on what is a growing pipeline in both apps and autonomous database, a 5% top line growth and 14% EPS growth in FY '18.

最後，我只想說我認為我們在應用程序和自治數據庫的不斷增長的管道上執行得很好，18 財年收入增長 5%，每股收益增長 14%。

To Safra's point, looking forward into FY '19, revenue growth is expected to grow -- to go -- is expected to be higher than FY '18, and EPS will grow double digits for the year.

就 Safra 的觀點而言，展望 19 財年，收入增長預計將增長——繼續——預計將高於 18 財年，全年每股收益將增長兩位數。

Again, with that, I'll turn it over to Larry.

再一次，我會把它交給拉里。

Thank you, Mark.

謝謝你，馬克。

We've just about finished enabling all of our SaaS, PaaS and IaaS cloud services to run alongside each other in our new second-generation bare metal data centers.

我們即將完成使我們所有的 SaaS、PaaS 和 IaaS 雲服務能夠在我們新的第二代裸機數據中心中彼此並行運行。

This consolidation of all 3 categories of cloud services, SaaS, PaaS and IaaS into a single standard data center, allows us to share assets while giving significant -- while giving a significant economies of scale.

將所有 3 類雲服務（SaaS、PaaS 和 IaaS）整合到一個單一的標準數據中心，使我們能夠共享資產，同時提供重要的——同時提供重要的規模經濟。

As a result, we expect continued expansion of our cloud margin.

因此，我們預計我們的雲利潤率將繼續擴大。

But just as important, to have SaaS, PaaS and IaaS in the same data center makes it easier for our Fusion customers to extend those SaaS applications using our latest PaaS and IaaS technologies and capabilities.

但同樣重要的是，在同一個數據中心擁有 SaaS、PaaS 和 IaaS 可以讓我們的 Fusion 客戶更輕鬆地使用我們最新的 PaaS 和 IaaS 技術和功能來擴展這些 SaaS 應用程序。

As an example, we recently demonstrated how one of our customers used our mobile service, our cloud global service, our cloud voice service and our cloud machine learning service to extend our Fusion HCM system with an Amazon Alexa voice interface for vacation requests and vacation approval.

例如，我們最近展示了我們的一位客戶如何使用我們的移動服務、我們的雲全球服務、我們的雲語音服務和我們的雲機器學習服務，通過 Amazon Alexa 語音接口擴展我們的 Fusion HCM 系統，用於休假請求和休假批准.

We've developed these new technologies, machine learning, voice and mobile, so we could voice-enable all of our applications.

我們開發了這些新技術、機器學習、語音和移動技術，因此我們可以為所有應用程序啟用語音。

And we're putting those voice systems, a combination of chat bots, voice, all machine learning-driven, we're putting those voice interfaces as the next generation of our UI for Fusion ERP and Fusion HCM.

我們將這些語音系統，聊天機器人的組合，語音，所有機器學習驅動，我們將這些語音界面作為我們 Fusion ERP 和 Fusion HCM 的下一代 UI。

The technologies that we use to add to voice interfaces to Fusion HCM and Fusion ERP are available as PaaS services in our cloud to our customers.

我們用於將語音接口添加到 Fusion HCM 和 Fusion ERP 的技術在我們的雲中作為 PaaS 服務提供給我們的客戶。

So if there's something they want to add to Fusion ERP or HCM, they could do it using the same tools we use to build the applications in the first place.

因此，如果他們想要向 Fusion ERP 或 HCM 添加某些內容，他們可以使用我們最初用於構建應用程序的相同工具來完成。

We think that's a big deal.

我們認為這很重要。

We think having SaaS, PaaS and IaaS all integrated together in the same data center is a key differentiator between Oracle and our cloud competitors, most of whom are focused primarily on SaaS only or primarily on IaaS only.

我們認為將 SaaS、PaaS 和 IaaS 全部集成在同一個數據中心是 Oracle 和我們的雲競爭對手之間的一個關鍵區別，他們中的大多數主要只關注 SaaS 或只關注 IaaS。

With that, I guess, we'll open it up for questions.

有了這個，我想，我們會打開它來提問。

Thank you, Larry.

謝謝你，拉里。

Operator, if you please prepare the audience for Q&A.

接線員，請讓聽眾做好問答準備。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from Brad Zelnick with Crédit Suisse.

（操作員說明）我們的第一個問題來自 Crédit Suisse 的 Brad Zelnick。

Mark, I think it's fair to say everyone's very surprised by 9% database license growth in the quarter.

馬克，我認為公平地說每個人都對本季度 9% 的數據庫許可增長感到非常驚訝。

I want to make sure I heard that right, and that overall database ecosystem growth accelerated in Q4, and this is even without autonomous database fully available just yet.

我想確保我沒聽錯，整個數據庫生態系統的增長在第四季度加速，甚至在自治數據庫還沒有完全可用的情況下也是如此。

So my question, how much of this is just customers purchasing ahead and buying into the strategic road map?

所以我的問題是，其中有多少只是客戶提前購買併購買戰略路線圖？

Or are there other factors we should consider?

或者還有其他我們應該考慮的因素嗎？

First of all, you got those numbers right, so I'm glad, because I -- it means I said it right.

首先，你說對了這些數字，所以我很高興，因為我——這意味著我說對了。

And we did see acceleration in the quarter.

我們確實看到了本季度的加速。

And I think it's all of the above.

我認為就是以上所有。

And again, it's back to the point of we've had good demand sort of across the board.

再一次，這又回到了我們對全面需求的看法。

And the other point I tried to make, and I went through the numbers relatively quickly, was the option number.

我試圖提出的另一點是選項編號，我相對較快地瀏覽了這些數字。

The option number in the quarter was mid-double digits, the necessary options to enable autonomous database.

本季度的選項數量為中兩位數，是啟用自治數據庫的必要選項。

And I think, Brad, that's again a key number, and back to the fact that this represents to us whether that shows up in cloud revenue or license revenue.

我認為，布拉德，這又是一個關鍵數字，回到這個事實，即這對我們來說是出現在雲收入還是許可收入中。

You see it start to show up in both numbers.

您會看到它開始出現在兩個數字中。

For example, we had a really cool win in the quarter that I just ran out of time to mention it, Ford.

例如，我們在本季度取得了非常棒的勝利，我只是沒有時間提及它，福特。

Ford was literally a BYOL customer or a BYOL transaction in the context of it was a combination of license deal and cloud deal that in the sense of cloud, the way we would have historically reported cloud revenue at the same time.

從字面上看，福特是 BYOL 客戶或 BYOL 交易，它是許可交易和雲交易的組合，在雲的意義上，我們在歷史上會同時報告雲收入的方式。

And again, as I mentioned in my prepared comments, you're just, Brad, beginning to see the beginning of autonomous database.

再一次，正如我在準備好的評論中提到的，布拉德，你只是開始看到自治數據庫的開始。

While we've been talking about it, we went really GA with autonomous database data warehouse in the beginning of Q4, so it's just beginning to show up in our pipeline.

雖然我們一直在談論它，但我們在第 4 季度初真正實現了自治數據庫數據倉庫的 GA，所以它才剛剛開始出現在我們的管道中。

So to all of your points, the numbers in Q4 show numerically the progress.

因此，就您的所有觀點而言，第四季度的數字以數字方式顯示了進度。

And certainly, what we begin to see now in our pipeline is now the technology is literally rolling out.

當然，我們現在開始在我們的管道中看到的是該技術正在真正推出。

We're in hundreds and hundreds of trials and proof of concepts, and those are of course the beginning stage of all of this.

我們正在進行成百上千的試驗和概念驗證，而這些當然是所有這一切的開始階段。

So that -- we're pretty encouraged, and certainly the fact that it showed up in Q4 numbers is encouraging as well.

所以——我們非常受鼓舞，當然，它出現在第四季度的數字中也令人鼓舞。

Excellent.

出色的。

Just a quick follow-up for Safra.

只是對 Safra 的快速跟進。

Safra, it's great to see double-digit EPS growth back on the table for fiscal '19.

Safra，很高興看到 19 財年每股收益實現兩位數增長。

Can you just remind us what your assumptions are that get you there, particularly on the buyback?

你能否提醒我們你的假設是什麼讓你到達那裡，特別是在回購方面？

I don't usually give guidance on the buyback, but we view our stock as very inexpensive, and we're -- we view it as something in the range of where we've been lately.

我通常不會就回購提供指導，但我們認為我們的股票非常便宜，而且我們認為它在我們最近的範圍內。

Our next question comes from the line of Sarah Hindlian with Macquarie.

我們的下一個問題來自 Sarah Hindlian 與 Macquarie 的對話。

My first -- my question is for Larry.

我的第一個問題是給拉里的。

Larry, what you're talking about is AT&T is clearly rolling out.

拉里，你說的是 AT&T 顯然正在推出。

But the one thing I want to understand better, I'd like to understand a little bit better customer demand and adoption trends, too.

但是我想更好地了解一件事，我也想更好地了解客戶需求和採用趨勢。

But I'd also like to hear a little bit about how more regular annual database updates versus what I would consider historically to be more large and monolithic upgrades, if that can actually change any software buying patterns of the customer and if that's something you're starting to see or thinking about?

但我也想听聽一些關於更定期的年度數據庫更新與我過去認為的更大規模和整體升級的比較，如果這真的可以改變客戶的任何軟件購買模式，如果那是你的東西重新開始看到或思考？

Well, let's see.

好的，我們等著瞧。

I think, we used to have a real -- let's say, a few years ago, you could expect a major database release every 2.5 years.

我想，我們曾經有一個真正的——比方說，幾年前，你可以期望每 2.5 年發布一次主要的數據庫。

Something like that was the cycle.

這樣的事情就是循環。

Clearly, we're -- and when a new database release came out, that often spurred a certain degree of buying.

顯然，我們 - 當新的數據庫版本發佈時，通常會刺激一定程度的購買。

Now we're -- we -- keep in mind, we still have a major database release coming out periodically, but it's going to come out in the -- because of the cloud now, it comes out a bit more frequently, and a lot of -- the autonomous features are being added very rapidly.

現在我們 - 我們 - 請記住，我們仍然有一個主要的數據庫版本會定期發布，但它會在 - 因為現在有云，它會更頻繁地發布，並且很多——自主功能的添加速度非常快。

For example, we came out with -- I guess, we went GA, as Mark pointed out, GA and autonomous database at the beginning of Q4.

例如，我們提出了——我想，正如馬克指出的那樣，我們在第四季度初推出了 GA 和自治數據庫。

We will have our simple -- autonomous transactional OLTP system, we will call it something -- or a combination of OLTP and data warehouse integrated coming out in the next month or so.

我們將在下個月左右推出我們的簡單——自治事務性 OLTP 系統，我們將其命名為——或者 OLTP 和數據倉庫集成的組合。

And then, a couple of months after that, we're going to have the high-performance, high-reliability OLTP system coming out.

然後，在那之後的幾個月，我們將推出高性能、高可靠性的 OLTP 系統。

So some of the -- the autonomous features are coming out at a more rapid rate than some of the more mature features in the database.

因此，與數據庫中一些更成熟的功能相比，一些自主功能的出現速度更快。

Those features that are aimed primarily at the cloud are going to be delivered at a higher rate -- I don't -- I hope that answers your question, than we have historically...

那些主要針對雲的功能將以更高的速度交付——我沒有——我希望這能回答你的問題，比我們歷史上......

Yes, that does.

是的，確實如此。

Yes, that does.

是的，確實如此。

I appreciate it.

我很感激。

Our next question comes from the line of Phil Winslow with Wells Fargo.

我們的下一個問題來自 Phil Winslow 與 Wells Fargo 的對話。

Just a question to the team here.

只是在這裡向團隊提問。

On the Q1 call, you talked about the legacy IaaS business versus the new IaaS business.

在第一季度電話會議上，您談到了傳統 IaaS 業務與新 IaaS 業務的對比。

And then, on the Q3 call, you talked about your legacy SaaS versus the newer SaaS products.

然後，在第三季度的電話會議上，您談到了您的舊版 SaaS 與較新的 SaaS 產品。

And Mark, obviously, you gave some color on the newer ones in your prepared remarks.

馬克，很明顯，你在準備好的評論中給新的一些顏色。

But hoping you'd just give us a little more detail, sort of just the trends that you're seeing there, call it new versus legacy IaaS and SaaS.

但希望你能給我們提供更多細節，比如你在那裡看到的趨勢，稱之為新的與傳統的 IaaS 和 SaaS。

And how are you thinking about sort of the criss-cross points there with the newer businesses that are growing quickly, sort of get big enough and keep growing fast enough to sort of offset whatever you're seeing on the legacy front?

你如何看待那些快速增長的新業務的交叉點，變得足夠大並保持足夠快的增長以抵消你在遺留方面看到的任何東西？

Is it for me or for Mark?

是給我的還是給馬克的？

Jump ball.

跳球。

Well...

出色地...

I'm taller, so I'll start.

我比較高，所以我會開始。

But I think you hit it right, Phil.

但我認為你做對了，菲爾。

I mean, listen, just to give you an example, I gave you 2 wins.

我的意思是，聽著，舉個例子，我給了你 2 場胜利。

I named Manhattan and a new ISV that's, I think, I used the term big networking company.

我將 Manhattan 和一個新的 ISV 命名為，我想，我使用了大型網絡公司這個詞。

That's a brand-new app to the Oracle cloud.

這是 Oracle 雲的全新應用程序。

Brand-new.

全新。

Remember, brand-new app to Oracle, let me start with that.

請記住，Oracle 的全新應用程序，讓我從它開始。

App wasn't running on Oracle, we've moved it to Oracle as well as to the Oracle Cloud.

應用程序未在 Oracle 上運行，我們已將其移至 Oracle 以及 Oracle Cloud。

So you have a couple of different dynamics here.

所以你在這裡有幾個不同的動態。

Yes, there's some legacy stuff and what you would think of as the traditional reporting that we use, but we're in the top of the first inning of all this.

是的，有一些遺留的東西，你會認為我們使用的是傳統報告，但我們在所有這一切的第一局中處於領先地位。

To Larry's point, we released autonomous database in April.

就 Larry 的觀點而言，我們在 4 月份發布了自治數據庫。

It's showing up in trials and POCs, not in the numbers even that you're seeing here.

它出現在試驗和 POC 中，而不是你在這裡看到的數字中。

We're getting new ISV wins that are just net new to Oracle, in addition to bringing our existing customers to Oracle.

除了將我們現有的客戶帶到 Oracle 之外，我們還贏得了新的 ISV，這對 Oracle 來說是全新的。

So again, we're in the law of small numbers here relative to the entire company that have tremendous upside here.

因此，相對於在這裡具有巨大優勢的整個公司而言，我們在這里處於少數人的法則中。

But the key thing for us has been getting our products in the market, the next generation that I mentioned that I gave you a statistic on, the 45% growth rate in our next-gen PaaS infrastructure business and -- for the year.

但對我們來說，關鍵是讓我們的產品進入市場，我提到的下一代，我給了你一個統計數據，我們下一代 PaaS 基礎設施業務的增長率為 45%，而且——今年。

And that's obviously the next gen of it, and that's at the very embryonic stage, Phil, of the beginning of this.

這顯然是它的下一代，菲爾，這還處於萌芽階段。

So -- and these wins are now just these trials and POCs, the example of the ISVs, they've yet to really just to start to boost revenue because you've got to start with the work and then you start moving to production.

所以 - 這些勝利現在只是這些試驗和 POC，ISV 的例子，他們還沒有真正開始增加收入，因為你必須從工作開始，然後你開始轉向生產。

In fact, [they have] already moved -- just begun to move a couple of their customers to the Oracle Cloud as part of this.

事實上，[他們] 已經開始——作為其中的一部分，剛剛開始將他們的幾個客戶轉移到 Oracle 雲。

So we're at the very early phase of this, and the lines will cross obviously relatively soon here.

所以我們正處於這個階段的早期階段，而且這些線顯然很快就會在這裡交叉。

Our next question comes from the line of Heather Bellini with Goldman Sachs & Co.

我們的下一個問題來自高盛公司的 Heather Bellini。

I wanted to ask a little bit about BYOL and Oracle Cloud infrastructure.

我想問一些關於 BYOL 和 Oracle 雲基礎設施的問題。

And Mark and Larry, I know you guys touched on this a little bit in your prepared remarks, but can you give us a sense of where we are in the migration to BYOL?

Mark 和 Larry，我知道你們在準備好的發言中稍微提到了這一點，但是您能否讓我們了解一下我們在遷移到 BYOL 的過程中所處的階段？

And I guess, in particular, can you give us a sense of the momentum within your enterprise accounts using these technology rights in the cloud?

我想，特別是，您能否讓我們了解您的企業帳戶在雲中使用這些技術權利的勢頭？

And how do you see the slope of this adoption curve as you look ahead?

展望未來，您如何看待這條採用曲線的斜率？

Well, I think, again, maybe the most interesting fact in the quarter was our very largest deal in terms of the new license purchase was we know the intent of this particular customer, and the intent was to deploy 100% of it in the cloud immediately.

好吧，我再次認為，也許本季度最有趣的事實是我們在新許可證購買方面的最大交易是我們知道這個特定客戶的意圖，並且意圖是將其 100% 部署在雲中立即地。

So we're seeing -- and I guess we've mentioned AT&T 35x now on the call as an example.

所以我們看到了——我想我們現在在電話會議上提到了 AT&T 35x 作為例子。

But they're an example of a very -- one of our largest customers that really has an intent to move the majority of their Oracle data into the cloud.

但他們是我們最大的客戶之一的一個例子，他們真的有意將他們的大部分 Oracle 數據遷移到雲中。

That's just a gigantic swing, but AT&T's unusual because they're such a large -- had so many large Oracle databases.

這只是一個巨大的波動，但 AT&T 不同尋常，因為它們非常大——擁有如此多的大型 Oracle 數據庫。

But many of our other customers, now that we have BYOL, can move their Oracle database license off to on -- from on-premise into our cloud, and they just pay basically for the incremental infrastructure cost, and they continue paying support on what becomes a cloud license.

但是我們的許多其他客戶，既然我們有了 BYOL，就可以將他們的 Oracle 數據庫許可從本地轉移到我們的雲中，他們基本上只需支付增量基礎設施成本，並且他們繼續支付支持什麼成為雲許可證。

That's a very attractive value proposition for our customers.

這對我們的客戶來說是一個非常有吸引力的價值主張。

And we see -- large numbers of our largest customers are very interested in beginning that migration process.

我們看到——我們的大量最大客戶對開始遷移過程非常感興趣。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Can I double click on licenses again?

我可以再次雙擊許可證嗎？

The -- you have tough comps because Q4 last year was strong on licenses.

- 你有艱難的競爭，因為去年第四季度在許可證方面很強大。

So -- and I know last quarter, you kind of talked about some delays on the apps, on the vertical apps side.

所以——我知道上個季度，你談到了應用程序的一些延遲，在垂直應用程序方面。

So can you talk a little bit about like how we got to the number that we have there now between bring your own licenses, but also how to play dumb on the upside?

那麼，您能否談談我們如何在自帶許可證之間達到現在的數量，以及如何在上行方面裝傻？

Well, without sounding trite, we just sold more.

好吧，聽起來並不老套，我們只是賣得更多。

And I think, at the end, it's a combination of what we said.

我認為，最後，這是我們所說內容的結合。

I mean, you're exactly right.

我的意思是，你完全正確。

Q4 last year was a very good, strong quarter for us.

去年第四季度對我們來說是一個非常好的、強勁的季度。

So it was, if you will, a tough comp.

所以，如果你願意的話，這是一個艱難的比賽。

But to Safra's opening comments, the quarter was strong for us really across every line.

但對於 Safra 的開場評論，本季度對我們來說確實在各個方面都很強勁。

I mean, the only thing that really hurt us in the quarter, to be honest with you, if you look at the income statement, was currency.

我的意思是，老實說，如果你看損益表，本季度唯一真正傷害我們的是貨幣。

We went in expecting to get 3 points, we got 2. We wound up being on top of that.

我們本來希望得到 3 分，但我們得到了 2 分。我們最終領先了。

And so it was just a solid quarter, and I really don't have any, Raimo, discrete stories to tell you to give you more flavor.

所以這只是一個穩定的季度，我真的沒有任何，Raimo，離散的故事可以告訴你給你更多的味道。

I -- obviously, the database ecosystem was strong, and clearly, the options within -- we accelerated database growth in the quarter.

我 - 顯然，數據庫生態系統很強大，而且很明顯，我們在本季度加快了數據庫增長的選擇。

Database options within the context of it, particularly those that enable autonomous data warehouse were strong in the quarter.

在此背景下的數據庫選項，特別是那些支持自主數據倉庫的選項在本季度表現強勁。

Our apps license did decline, right, in the quarter.

我們的應用程序許可證確實在本季度下降了。

We expected that.

我們預料到了。

But frankly, it was actually relatively stable.

但坦白說，其實還是比較穩定的。

So one, if you will, because the user base is still the scale that it is, our apps license was declining, but better than I expected within the context of that decline, if that makes sense.

所以，如果你願意的話，因為用戶群仍然是它的規模，我們的應用程序許可證正在下降，但在下降的背景下比我預期的要好，如果這是有道理的話。

And so it just -- obviously, the quality of the brands on the bookings side, which don't show up in actually the income statement, was just, I don't want to say it was unexpected.

所以它 - 顯然，預訂方面的品牌質量實際上並沒有出現在損益表中，只是，我不想說這是出乎意料的。

It was just pleasant to see it all come through.

很高興看到這一切都通過了。

And I just want to double-click on the NetSuite booking.

我只想雙擊 NetSuite 預訂。

The NetSuite booking, while it is what we hoped, it's so great to see because it's been such a fabulous acquisition for us.

NetSuite 預訂，雖然這是我們所希望的，但看到它真是太好了，因為它對我們來說是一次非常棒的收購。

The team has done a great job.

該團隊做得很好。

We've invested.

我們投資了。

And it showed up numerically in the bookings and that will show up in the revenue as we go forward to '19.

它以數字形式出現在預訂中，並且隨著我們前進到 19 年，這將出現在收入中。

So as I go through the quarter, and we haven't mentioned our expense structure, we just -- we've got a lot of leverage there as well, and so just as I look through the line just from an operating perspective, it was a very solid quarter.

所以當我經歷這個季度時，我們沒有提到我們的費用結構，我們只是 - 我們在那裡也有很多槓桿作用，所以就像我從運營角度來看這條線一樣，它這是一個非常穩定的季度。

Maybe more than you wanted in your question, Raimo.

Raimo，也許比你在問題中想要的更多。

Well, also, Raimo, let me just add, we launched BYOL at the very end of Q2.

好吧，Raimo，讓我補充一點，我們在第二季度末推出了 BYOL。

And this really opened up a lot of EULAs and PULAs for our customers who are very interested in being able to deploy in the cloud and on-premise.

這確實為我們的客戶打開了很多 EULA 和 PULA，他們對能夠在雲中和本地進行部署非常感興趣。

It's of particular value to them.

這對他們來說特別有價值。

And so there are literally billions of dollars involved in these agreements.

因此，這些協議實際上涉及數十億美元。

And many, many customers.

還有很多很多客戶。

It is very widespread and it really showed up in Q4.

它非常普遍，它確實出現在第四季度。

And it shows up in all the quarters, but of course, after BYOL, it really showed up in Q4.

它出現在所有季度，當然，在 BYOL 之後，它真正出現在第四季度。

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

我們的下一個問題來自 Kirk Materne 與 Evercore ISI 的合作。

Kirk?

柯克？

Kirk, we can't hear you.

柯克，我們聽不到你的聲音。

Kirk, going once, twice.

柯克，去一次，兩次。

Operator, next question please.

接線員，請問下一個問題。

Our next question comes from the line of Michael Turits with Raymond James.

我們的下一個問題來自 Michael Turits 和 Raymond James 的台詞。

I think it's probably a question for either Mark or for Larry.

我認為這可能是 Mark 或 Larry 的問題。

Can you talk a little bit about how customer demand for database in the cloud is evolving, both for new workloads and for existing workloads, and how the balance is working out by whether or not they're choosing BYOL or Database as a Service?

您能否談談客戶對雲中數據庫的需求是如何演變的，包括新工作負載和現有工作負載，以及他們是選擇 BYOL 還是選擇數據庫即服務如何平衡？

Well, they're overwhelmingly -- at least against early days, because BYOL has only been around a couple of quarters, it's overwhelmingly BYOL because -- for new workloads and for shifting existing workloads.

好吧，他們是壓倒性的——至少在早期是這樣，因為 BYOL 只出現了幾個季度，它是壓倒性的 BYOL 因為——用於新的工作負載和轉移現有的工作負載。

I mean, Oracle has -- a majority of the world's databases are Oracle databases.

我的意思是，Oracle 擁有——世界上大多數數據庫都是 Oracle 數據庫。

We're larger than IBM and Microsoft combined, who are second and third.

我們比分列第二和第三的 IBM 和微軟加起來還要大。

And we have a lot more to -- and we have much bigger databases than they have and all of that.

我們還有很多事情要做——我們擁有比他們更大的數據庫等等。

So there's just a huge inventory of information inside of these databases that needs -- and we have huge customers who would like -- that own licenses for all of this stuff.

因此，這些數據庫中只有大量信息需要——而且我們有大量客戶願意——擁有所有這些東西的許可證。

And they want to move -- not move all of it at once.

他們想要移動——而不是一次全部移動。

I mean, AT&T has actually made a commitment to move all of it in a relatively short term.

我的意思是，AT&T 實際上已經承諾在相對較短的時間內將其全部轉移。

Other customers are moving, but not as rapidly.

其他客戶也在移動，但沒有那麼快。

And they are buying additional options for their existing licenses, so they can move into the cloud and take advantage of autonomous services.

他們正在為其現有許可證購買額外的選項，以便他們可以遷移到雲中並利用自主服務。

So let me explain the situation.

所以讓我解釋一下情況。

So you want to move 10% of your databases from on-premise into the cloud and you want to use the autonomous database.

因此，您希望將 10% 的數據庫從內部部署遷移到雲端，並且您希望使用自治數據庫。

Well, the autonomous database requires that you have the multi-tenant option and the real application cluster option.

好吧，自治數據庫要求您具有多租戶選項和真正的應用程序集群選項。

So you might have database -- you might have some database licenses but might not have licensed those options.

所以你可能有數據庫——你可能有一些數據庫許可，但可能沒有許可這些選項。

So you go ahead and enter into, what, a EULA or PULA, PULA one of these large license agreements.

因此，您繼續並簽訂 EULA 或 PULA，PULA 這些大型許可協議之一。

You add these additional options and maybe additional database licenses, and then when you have those additional options, you then -- that makes it possible for you to take advantage of the autonomous database services.

您添加這些額外的選項，可能還有額外的數據庫許可證，然後當您擁有這些額外的選項時，您就可以利用自治數據庫服務。

Though if you don't want to use the autonomous services, you can still move your database into our cloud, you just don't get the autonomous features.

雖然如果您不想使用自治服務，您仍然可以將您的數據庫移動到我們的雲中，但您只是無法獲得自治功能。

But most people are very excited about the autonomous features because it at once lowers labor costs and secondly, dramatically improves security and reliability because there's no pilot error, there's no opportunity for mischief by taking out the labor.

但大多數人對自主功能感到非常興奮，因為它立即降低了勞動力成本，其次，大大提高了安全性和可靠性，因為沒有飛行員失誤，沒有機會通過取消勞動力進行惡作劇。

So not only do you save a lot of money by eliminating the labor, again, you have a much more secure and much more reliable system.

因此，您不僅可以通過消除人工來節省大量資金，而且您還擁有一個更安全、更可靠的系統。

Again, no pilot error, no mischief.

同樣，沒有飛行員失誤，沒有惡作劇。

So they're entering these EULAs.

所以他們正在進入這些 EULA。

They're buying additional options and then they're moving their licenses over.

他們正在購買額外的選項，然後他們正在轉移他們的許可證。

We've been at this for a very, very long time.

我們在這方面已經很長時間了。

New workloads, all the new workloads of that -- for any given year is small compared to the 25, 30 years inventory of data that we've accumulated since we've been in this business.

新的工作量，所有新的工作量——與我們從事這項業務以來積累的 25 年、30 年的數據清單相比，任何一年的工作量都很小。

So again, overwhelmingly existing databases, not new workloads.

同樣，絕大多數是現有數據庫，而不是新的工作負載。

Overwhelmingly BYOL as opposed to database services.

絕大多數是 BYOL，而不是數據庫服務。

Now we're getting some new exciting new workloads, don't get me wrong.

現在我們得到了一些令人興奮的新工作負載，請不要誤會我的意思。

The new workloads are very important to us.

新的工作負載對我們來說非常重要。

There are lots of cool startups, and we're going after those aggressively, and we're getting a lot of those.

有很多很酷的初創公司，我們正在積極追逐這些公司，而且我們得到了很多這樣的公司。

I know Mark mentioned earlier that a lot of our customers are not -- a lot of our new customers in the cloud are not existing Oracle customers.

我知道馬克之前提到過，我們的很多客戶都不是——我們在雲中的很多新客戶都不是現有的 Oracle 客戶。

So obviously, those are new workloads, and we're getting a lot of those.

很明顯，這些是新的工作負載，我們得到了很多這樣的工作負載。

But you said, where is the majority of it?

但是你說，它的大部分在哪裡？

The majority of it is inside of our installed base.

其中大部分在我們的客戶群中。

They're using their existing licenses.

他們正在使用現有的許可證。

They're buying additional options.

他們正在購買額外的選擇。

They're moving into the autonomous database in the Oracle Cloud.

他們正在遷移到 Oracle 雲中的自治數據庫。

Our final question comes from the line of John DiFucci with Jefferies and Company.

我們的最後一個問題來自 Jefferies and Company 的 John DiFucci。

And my question, I think, is probably best fit for Safra.

我認為我的問題可能最適合 Safra。

So Safra, we understand how the separation of cloud and on-premise sales sort of gets blurred with the flexibility you allow your customers with BYOL.

所以 Safra，我們了解雲和本地銷售的分離如何隨著您允許客戶使用 BYOL 的靈活性而變得模糊。

So I think, from a high level, we all understand why you changed the way you report.

所以我認為，從更高的層面上，我們都理解你為什麼改變了你的報告方式。

But how do you get investors comfortable that this also is not obfuscating any cloud weakness?

但是，您如何讓投資者放心，這也沒有掩蓋任何云計算的弱點？

Especially like when I look -- and I know we don't have a long-term deferred revenue, but the deferred revenue looks a little bit -- it was below what we were looking for.

特別是當我看時——我知道我們沒有長期遞延收入，但遞延收入看起來有點——低於我們的預期。

I'm just trying to anticipate questions I'm going to be hit with tomorrow.

我只是想預測明天會遇到的問題。

And frankly, looking at your stock, I mean when you put the headline numbers, the stock popped.

坦率地說，看看你的股票，我的意思是當你輸入標題數字時，股票就暴漲了。

And I know you may not be looking at it minute by minute, but then when the details came out, it actually dropped.

而且我知道您可能不會一分鐘一秒地查看它，但是當細節出現時，它實際上已經下降了。

So I think that might be something, one of the reasons anyway.

所以我認為這可能是原因之一。

All right.

好的。

So let's cover everything.

因此，讓我們涵蓋所有內容。

So first of all, there is no hiding.

所以首先，沒有隱藏。

I told you the cloud number, $1.7 billion.

我告訴過你雲計算的數字，17 億美元。

You can do the math.

你可以算一下。

You see we are right where we said we'd be, no surprises.

你看我們就在我們說過的地方，沒有驚喜。

Margins up sequentially, shows business is doing well.

利潤率依次上升，表明業務表現良好。

Cloud billings, strong.

雲帳單，強大。

Nice and strong.

又好又強。

You can hear that.

你可以聽到。

You can hear it from what we're talking about as far as net deferrals.

就淨延期而言，您可以從我們談論的內容中聽到。

Gross referrals are actually up 5%.

總推薦量實際上上升了 5%。

So this is just a collection thing with timing, and you'll see that quarter to quarter, especially Q1 from Q4.

所以這只是一個有時間的集合，你會看到一個季度到一個季度，尤其是第四季度的第一季度。

So this is not -- nothing surprised here.

所以這並不— 沒什麼好驚訝的。

We don't have any bad news.

我們沒有任何壞消息。

In fact, what we're telling you is, in fact, that the way to understand our business better, especially with so many customers taking licenses and support that -- licenses that are supported, that we were counting and calling on-premise.

事實上，我們要告訴你的是，事實上，更好地了解我們的業務的方式，特別是有這麼多客戶獲得許可和支持 - 支持的許可，我們正在計算並調用內部部署。

When in fact, they are not deploying them on-premise, it would be -- it's simply not so.

事實上，他們並沒有在內部部署它們，但事實並非如此。

And so we want to explain to you and make sure you understand and have enough understanding of the business to see that our customers are both buying licenses and using licenses they have, which are currently being recorded as on-premise and support.

因此，我們想向您解釋並確保您了解並對業務有足夠的了解，以了解我們的客戶既購買許可證又使用他們擁有的許可證，這些許可證目前被記錄為內部部署和支持。

They're using those, in fact, in the cloud.

事實上，他們正在雲中使用這些。

And that's something that's, of course, what they were designed for, frankly, and what we're very excited about.

坦率地說，這當然是它們的設計目的，也是我們非常興奮的事情。

So I think between all the information I've given you, it's quite clear that we had a superb quarter and we're expecting the same next quarter.

因此，我認為在我提供給您的所有信息中，很明顯我們有一個出色的季度，我們預計下個季度也會如此。

That's helpful, Safra.

這很有幫助，薩夫拉。

But if you could just remind us when you refer to gross deferrals versus net deferrals, I know that you, Oracle, is probably more conservative than, I think, any company we cover in your reporting of deferred revenue.

但是，當你提到總遞延與淨遞延時，如果你能提醒我們，我知道你，甲骨文，可能比我認為我們在遞延收入報告中涵蓋的任何公司都更保守。

But if you could hit that quickly, that would be great.

但如果你能打得那麼快，那就太好了。

Yes.

是的。

I mean, from the gross deferrals, what we do is we subtract the uncollected, which is obviously a very big number at the end of Q4.

我的意思是，從總延期中，我們所做的是減去未收款，這在第四季度末顯然是一個非常大的數字。

Think about it.

想想看。

So that's all that's going on there.

這就是那裡發生的一切。

John, just Mark.

約翰，只有馬克。

I'd add, there is just no story in the gross short-term deferral story.

我要補充的是，總的短期延期故事中沒有任何故事。

Exactly.

確切地。

I mean, this is a nothing burger.

我的意思是，這是一個什麼都沒有的漢堡。

And I'm telling you that the gross deferrals were right on where we thought.

我告訴你，總延期是正確的，我們認為。

This is, just to -- there's just nothing here.

這就是——這裡什麼都沒有。

Okay.

好的。

That's really helpful.

這真的很有幫助。

Thank you, John.

謝謝你，約翰。

A telephonic replay of this conference call will be available for 24 hours.

此電話會議的電話重播將持續 24 小時。

Dial-in information can be found in the press release issued earlier today.

撥入信息可在今天早些時候發布的新聞稿中找到。

Please call the Investor Relations department with any follow-up questions from this call and we look forward to speaking with you.

如有任何後續問題，請致電投資者關係部門，我們期待與您交談。

Thank you for joining us today.

感謝您今天加入我們。

And with that, I'll turn it back to the operator for closing.

有了這個，我會把它轉回給運營商關閉。

Thank you for joining today's Oracle Fourth Quarter 2018 Earnings Conference Call.

感謝您參加今天的 Oracle 2018 年第四季度收益電話會議。

We appreciate your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。