甲骨文 (ORCL) 2022 Q2 法說會逐字稿

Welcome to Oracle's Second Quarter 2022 Earnings Conference Call.

歡迎參加 Oracle 2022 年第二季財報電話會議。

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

現在我想將電話轉給高級副總裁肯·邦德 (Ken Bond)。

Thank you, Erica, and good afternoon, everyone, and welcome to Oracle's Second Quarter Fiscal Year 2022 Earnings Conference Call.

謝謝你，艾莉卡，大家下午好，歡迎參加甲骨文 2022 財年第二季財報電話會議。

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.

您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的副本，其中包括 GAAP 與非 GAAP 的對帳和其他補充財務資訊。

Additionally, a list of many customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from the Investor Relations website following this call.

此外，本次電話會議結束後，投資人關係網站將提供許多最近購買 Oracle 雲端服務或開始使用 Oracle 雲端的客戶名單。

On the call today are Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz.

參加今天電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison) 和首席執行官薩弗拉·卡茲 (Safra Catz)。

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. As a result, we would 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 amendment, for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we're not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events.

提醒一下，今天的討論將包含前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將介紹一些與我們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。這些前瞻性陳述也受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。因此，我們提醒您不要過度依賴這些前瞻性陳述，並建議您查看我們最新的報告，包括我們的10-K和10-Q報表及其任何適用的修訂版，以全面了解這些因素以及其他可能影響我們未來業績或股票市場價格的風險。最後，我們沒有義務根據新資訊或未來事件修改我們的業績或這些前瞻性陳述。

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

在回答提問之前，我們先來準備幾句話。現在，我想把發言權交給薩弗拉。

Thanks, Ken, and good afternoon, everyone. I'm pleased to report another quarter of increasing revenue growth as the fastest-growing parts of the business continue to become a larger percentage of our business. We had a fantastic quarter as total revenue grew 6% in constant currency, above the high end of my guidance, with broad-based outperformance across the company. Q3 revenue growth looks like it will continue even higher, but let me save that for the guidance discussion.

謝謝，肯，大家下午好。我很高興地宣布，隨著業務中成長最快的部分在我們業務中所佔的比例不斷上升，本季的營收成長再次呈現成長態勢。我們本季表現優異，總營收以固定匯率計算成長了6%，高於我預期的上限，全公司業績普遍優異。第三季的營收成長看起來還會繼續更高，但我想把這個問題留到以後討論預期時再說。

Earnings were also strong with non-GAAP EPS $0.09 above the high end of my constant currency guidance. We achieved this outperformance despite the U.S. dollar strengthening since I gave guidance as we saw a currency headwind of nearly $100 million to revenue and $0.01 to EPS. So the USD results, which are excellent and above guidance, are even stronger than they appear.

獲利表現同樣強勁，非公認會計準則每股盈餘 (Non-GAAP EPS) 比我設定的固定匯率指引高出 0.09 美元。儘管自我發布指引以來美元走強，但匯率因素導致營收和每股盈餘分別下跌近 1 億美元和 0.01 美元，我們仍然取得了優異的業績。因此，美元業績優異且高於指引，實際表現甚至比表面看起來還要強勁。

Before I go through the numbers, though, I wanted to comment on what we are seeing in the market that is driving our accelerating revenue growth. As I've mentioned on previous calls, we have a highly differentiated strategy from our competitors where we are the only company able to offer the combination of applications and infrastructure in the cloud. We have best-of-breed capabilities in both infrastructure and apps, like HR and ERP, but also a highly differentiated set of industry-specific cloud SaaS applications. And of course, our second-generation cloud with autonomous database are unique in their performance, security and dependability. And because we have decades of experience in mission-critical systems, our customers can depend on us being up and available when they need us.

不過，在介紹這些數字之前，我想先談談我們在市場上看到的、推動我們收入加速成長的因素。正如我在之前的電話會議中提到的，我們與競爭對手有著高度差異化的策略，我們是唯一一家能夠在雲端提供應用程式和基礎設施組合的公司。我們在基礎設施和應用程式（例如人力資源和ERP）方面都擁有一流的能力，同時也擁有一套高度差異化的行業專用雲端SaaS應用程式。當然，我們配備自主資料庫的第二代雲端平台在效能、安全性和可靠性方面也獨樹一格。而且，由於我們在關鍵任務系統方面擁有數十年的經驗，我們的客戶可以信賴我們，當他們需要我們時，我們隨時待命。

Our unique capabilities are attracting customers, especially as they consider how to conduct their own digital transformation in the complex industries in which they compete. They want us to know as much about their business as they do, whether it's telco, financial services, utilities, retail and many others and to partner with them to modernize. Once a company thinks beyond simple dev test and other rudimentary cloud workloads and move their technology focus to mission-critical projects, they invariably turn to Oracle.

我們獨特的能力正在吸引客戶，尤其是在他們正在思考如何在複雜的競爭產業中進行數位轉型時。他們希望我們能夠像他們一樣了解他們的業務，無論是電信、金融服務、公用事業、零售或其他許多行業，並與他們合作現代化。一旦一家公司不再局限於簡單的開發測試和其他基本的雲端工作負載，而是將技術重點轉向關鍵任務項目，他們必然會選擇 Oracle。

Our focus on customer success is driving more references and new opportunities with both existing customers and with entirely new accounts. And of course, we, ourselves, are an Oracle Fusion full suite user, and I'm sure it is not lost on any of you and it's not lost on our prospects and customers that we are announcing our results 9 days after the quarter closed because of our systems and their embedded processes.

我們專注於客戶成功，這為現有客戶和新客戶帶來了更多參考和新機會。當然，我們自己也是 Oracle Fusion 全套產品的用戶，我相信各位、我們的潛在客戶和客戶都知道，由於我們的系統及其內建流程，我們會在季度結束後 9 天公佈業績。

Okay, back to the numbers. And from here on, I'll review our non-GAAP results using constant dollar growth rates, Unless I say otherwise.

好的，回到數字上。從現在開始，除非我另有說明，我將使用固定美元成長率來評估我們的非公認會計準則績效。

So total Cloud Services and License Support revenues for the quarter were $7.6 billion, up 6% in constant currency and accounted for 73% of total company revenue. Total cloud revenues, when annualized, are now $10.7 billion and grew 22% with cloud bookings growing faster than our cloud revenue growth rate. And as a result, we expect cloud revenue will accelerate further and exit the fiscal year in the mid-20s, potentially higher.

本季雲端服務和授權支援總收入為76億美元，以固定匯率計算成長6%，占公司總營收的73%。以年率計算，雲端服務總收入目前為107億美元，成長22%，其中雲端預訂量的成長速度快於我們的雲端收入成長率。因此，我們預期雲端收入將進一步加速成長，在本財年結束時達到25%左右，甚至可能更高。

GAAP application subscription revenues were $3.1 billion, up 8% organically in constant currency and our highest growth rate in 4 years. Fusion Apps were up 30% with strategic back-office applications now having annualized revenue of $4.9 billion and growing 30%, including Fusion ERP, up 35%; Fusion HCM, up 25%; and NetSuite ERP, up 28%.

根據美國通用會計準則 (GAAP)，應用程式訂閱收入達 31 億美元，以固定匯率計算自然成長 8%，創下四年來最高成長率。 Fusion Apps 成長 30%，其中策略後台應用程式年化營收達 49 億美元，成長 30%，其中 Fusion ERP 成長 35%，Fusion HCM 成長 25%，NetSuite ERP 成長 28%。

GAAP infrastructure subscription revenues were $4.4 billion, up 5%. And excluding legacy hosting services, infrastructure cloud services grew more than 50%. I expect the infrastructure revenue growth rate will continue to ramp higher through the fiscal year.

根據美國通用會計準則 (GAAP)，基礎設施訂閱收入為 44 億美元，成長 5%。除傳統託管服務外，基礎設施雲端服務成長超過 50%。我預計本財年基礎設施收入成長率將持續攀升。

OCI consumption revenue, which includes autonomous database, was up 86% in constant currency. And total cloud customer revenue was up 45%.

包括自治資料庫在內的OCI消費收入以固定匯率計算成長了86%。雲端客戶總收入成長了45%。

Database subscription revenues, including database support and data-based cloud services, were up 3% in constant currency. License revenues were $1.2 billion, up 16%, amongst our very best quarters over the last 10 years. And license growth was not dependent on any mega deals. We saw excellent performance in technology, our vertical businesses as well as North America and Latin American regions.

資料庫訂閱收入（包括資料庫支援和基於數據的雲端服務）以固定匯率計算成長了3%。許可證收入達到12億美元，成長16%，是我們過去十年來表現最好的季度之一。許可證收入的成長並非依賴任何大型交易。我們在科技、垂直業務以及北美和拉丁美洲地區都取得了優異的表現。

So all in, total revenues for the quarter were $10.4 billion, up 6% in constant currency.

總體而言，本季總營收為 104 億美元，以固定匯率計算成長 6%。

Operating expenses were up 6% this quarter. The gross margin for Cloud Services and License Support was 84%, and gross profit dollars grew 5% in constant currency. I expect the full year growth in gross profit dollars for Cloud Services and License Support will be similar to or better than last year.

本季營運費用成長了6%。雲端服務和許可證支援業務的毛利率為84%，以固定匯率計算，毛利成長了5%。我預計，雲端服務和許可證支援業務的全年毛利成長將與去年持平，甚至更好。

Non-GAAP operating income was $4.9 billion, up 7% from last year, and the operating margin was 47%.

非公認會計準則營業收入為 49 億美元，比去年成長 7%，營業利益率為 47%。

The non-GAAP tax rate for the quarter was 19.2%, slightly higher than our base rate of 19%. And earnings per share was $1.21 in U.S. dollars, up 14% in U.S. dollars, up 15% in constant currency.

本季非公認會計準則稅率為19.2%，略高於我們19%的基準稅率。每股盈餘為1.21美元，以美元計算成長14%，以固定匯率計算成長15%。

During the quarter, we recognized GAAP acquisition-related and other expenses totaling $4.7 billion which substantially consisted of litigation-related charges that will not recur. They relate to a dispute that arose when we hired my former co-CEO in 2010. As a result of this onetime charge, GAAP net income was a negative $1.2 billion. The GAAP tax rate was 16.6% due to some discrete item, and the GAAP loss was $0.46 per share.

本季度，我們確認了總計47億美元的GAAP收購相關及其他費用，其中大部分是不會再次發生的訴訟相關費用。這些費用與我們在2010年聘用我的前任聯合執行長時所產生的糾紛有關。由於這筆一次性費用，GAAP淨利為負12億美元。由於部分單項項目，GAAP稅率為16.6%，GAAP虧損為每股0.46美元。

Operating cash flow for the last 4 quarters was $10.3 billion, and our free cash flow over the same period was $7.1 billion. Both results were negatively affected by the litigation charges I mentioned.

過去四個季度的營運現金流為103億美元，同期的自由現金流為71億美元。這兩項業績都受到了我之前提到的訴訟費用的負面影響。

Capital expenditures for the last 4 quarters were $3.1 billion, and CapEx for Q2 alone was $925 million. And we're on track to invest $4 billion in CapEx this year.

過去四個季度的資本支出為31億美元，光是第二季的資本支出就高達9.25億美元。我們今年的資本支出預計將達到40億美元。

We now have nearly $23 billion in cash and marketable securities. The short-term deferred revenue balance is nearly $8 billion, up slightly in constant currency from a year ago due to timing differences in customer payments, with gross deferred revenue growing 5% in constant currency.

我們目前擁有近230億美元的現金和有價證券。短期遞延收入餘額接近80億美元，由於客戶付款的時間差異，以固定匯率計算，較去年同期略有增長；總遞延收入按固定匯率計算增長了5%。

The remaining performance obligation or RPO balance is $37.2 billion, up 11% in constant currency, due to strong bookings. Approximately 59% is expected to be recognized as revenue over the next 12 months.

剩餘履約義務或RPO餘額為372億美元，由於訂單強勁，以固定匯率計算成長11%。預計約59%將在未來12個月內確認為收入。

As we've said so many times before, we're committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and a dividend. This quarter, we repurchased 77 million shares for a total of $7 billion. And over the last 10 years, we've reduced the shares outstanding by 47% at an average price that's about half the current share price. The Board of Directors increased the authorization for share repurchases by an additional $10 billion. We've paid out dividends of $3.4 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.32 per share.

正如我們之前多次強調的那樣，我們致力於透過技術創新、策略性收購、股票回購、謹慎使用債務和股息來回報股東。本季度，我們回購了7,700萬股，總價值70億美元。在過去10年中，我們已將流通股數量減少了47%，平均價格約為目前股價的一半。董事會已將股票回購授權金額額外增加了100億美元。過去12個月，我們已支付了34億美元的股息，董事會再次宣布季度股息為每股0.32美元。

Now the guidance. I'm going to start by reiterating our expectation that full year 2022 revenue growth will accelerate from 2021 for all the reasons we've already seen so far this year. Given the strong performance in the first half, I now expect that we will see full year total revenue finish solidly in the mid-single digits, led by cloud revenue growth exiting the year in the mid-20s. Cloud is fundamentally a more profitable business compared to on-premise, and I expect that our operating margins this year will be the same or better than pre-pandemic levels of 44%.

現在來看看業績指引。首先，我想重申我們的預期：由於今年迄今已經看到的所有原因，2022年全年營收成長將比2021年有所加速。鑑於上半年的強勁表現，我預計全年總收入將穩定在個位數左右，其中雲端收入的成長將帶動年末達到25%左右。從根本上講，雲端業務比本地部署業務利潤更高，我預計今年我們的營業利潤率將與疫情前44%的水平持平或更高。

Let me now turn to my guidance for Q3, which I'll provide on a non-GAAP basis. The U.S. dollar strengthened dramatically in November. I know you all saw that. And assuming currency exchange rates remain the same as they are now, which we have no idea if they will or not, I expect we will see a currency headwind of 3% for revenue and $0.05 for EPS in Q3. Total revenue for Q3 is expected to grow between 6% to 8% in constant currency and grow between 3% to 5% in USD. Clearly, the midpoint of the range is 7%, and that is higher than the 6% we just reported in Q2 and higher than the 2% we reported in Q1. So everything is trending in the right direction. Cloud Service and License Support revenue for Q3 is expected to grow between 6% to 8% in constant currency and grow between 3% to 5% in USD.

現在，我來談談我對第三季的展望，我將以非公認會計準則 (Non-GAAP) 為基礎。美元在 11 月大幅走強，我知道大家都看到了這一點。假設匯率保持不變（我們不確定是否會如此），我預計第三季營收將面臨 3% 的匯率逆風，每股盈餘將下降 0.05 美元。預計第三季總營收以固定匯率計算將成長 6% 至 8%，以美元計算將成長 3% 至 5%。顯然，該區間的中間值是 7%，高於我們剛剛報告的第二季的 6%，也高於我們報告的第一季的 2%。所以一切都在朝著好的方向發展。預計第三季雲端服務和授權支援收入按固定匯率計算將成長 6% 至 8%，以美元計算將成長 3% 至 5%。

Non-GAAP EPS for Q3 is expected to grow between 2% and 6% in constant currency and between -- be between $1.19 and $1.23 in constant currency. Non-GAAP EPS for the quarter is expected to grow between negative 2% and positive 2% in USD and be between $1.14 and $1.18 in USD. My EPS guidance for Q3 assumes a base tax rate of 19%. However, onetime tax events could cause actual tax rates for any given quarter to be higher or lower. But I expect that in normalizing for these onetime events, our non-GAAP tax rates will average around 19% or so.

預計第三季非公認會計準則每股收益（以固定匯率計算）將成長2%至6%，即在1.19美元至1.23美元之間。預計本季非公認會計準則每股收益（以美元計算）將成長-2%至+2%，介於1.14美元至1.18美元之間。我對第三季每股收益的預期是基於19%的基準稅率。然而，一次性稅務事件可能會導致任何季度的實際稅率有所調整。但我預計，在將這些一次性稅務事件標準化後，我們的非公認會計準則稅率平均將在19%左右。

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

說完這些，我會把問題交給拉里來徵求他的意見。

Thank you, Safra.

謝謝你，薩弗拉。

All right. I'm going to discuss Oracle's cloud ERP status and strategy. So how big is our on-premise ERP business today? I mean, a lot of the people -- a lot of the companies, like Microsoft, did a great job of moving their entire Microsoft Office install base into the cloud to dramatically increase the size of their cloud business. Unfortunately, we didn't have the same option or opportunity, so I think -- to me, I think you're going to find this interesting.

好的。我將討論 Oracle 的雲端 ERP 現況和策略。那麼，我們目前的本地 ERP 業務規模有多大？我的意思是，很多公司，例如微軟，都成功地將他們的整個 Microsoft Office 安裝基礎遷移到雲端，從而大幅提升了他們的雲端業務規模。不幸的是，我們沒有同樣的選擇或機會，所以我認為，你們會覺得這很有趣。

So how big is our on-premise business today? Well, we had 7,500 customers in Oracle on-premise. Their ERP, made up of E-Business Suite, PeopleSoft and JD Edwards. Only 1,000 of those 7,500 have moved to Fusion Cloud ERP. Now we have not lost any of these customers to competitors. We expect all the remaining 6,500 to move to Fusion ERP, but it hasn't happened yet. That's all upside. That's all upside, and I think a lot of people don't really realize that how -- so now let's migrate over and look at how big is our cloud ERP business today. Well, round number is $5 billion a year revenue, and we have 8,500 Fusion customers. But remember, only 1,000 of those 8,500 came from our old on-premise business. 6,500, plenty to come.

那麼，我們目前的本地部署業務規模有多大？嗯，我們有 7,500 個 Oracle 本地部署客戶。他們的 ERP 系統包括 E-Business Suite、PeopleSoft 和 JD Edwards。這 7,500 位客戶中，只有 1,000 個遷移到了 Fusion Cloud ERP。現在，我們沒有流失任何客戶。我們預計剩下的 6,500 位客戶都會遷移到 Fusion ERP，但目前還沒有發生。這都是好事。這都是好事，我想很多人還沒有真正意識到這一點——所以現在讓我們遷移過來，看看我們目前的雲端 ERP 業務規模有多大。嗯，大概是每年 50 億美元的收入，我們有 8,500 位 Fusion 客戶。但請記住，這 8,500 個客戶中只有 1,000 個來自我們之前的本地部署業務。 6,500 個，未來還會有很多。

So 7,500 of these 8,500 were not running Oracle ERP before we came out with our cloud product. Those are all new customers, add to that the 28,000 new NetSuite customers. So Oracle has a total of 35,500 cloud ERP customers that are new to Oracle. Only 1,000 of our on-premise install base has migrated so far. Let me repeat that. 35,500 net new cloud ERP customers we got in the last few years, only 1,000 from our installed base. That's going to be coming to us later on.

所以，這8,500家客戶中，有7,500家在我們推出雲端產品之前沒有運行過Oracle ERP。這些都是新客戶，再加上28,000家新的NetSuite客戶。所以，Oracle總共有35,500家雲端ERP新客戶。到目前為止，我們的本地安裝客戶群中只有1000家遷移了過來。讓我再說一次。過去幾年我們淨新增了35,500家雲端ERP客戶，其中只有1,000家來自我們的現有客戶群。這些客戶以後會陸續增加。

So how fast is cloud ERP revenue growing about? So growing about 30% a year. And so let's look out 5 years and ask the question: How big will we be in 5 years? And I think the number is going to be approaching $20 billion in cloud ERP, where the majority of those customers are not people who are migrating -- our customers that are migrating from Oracle's on-prem business, but they're migrating from other people's on-prem business. Whether it's a small company like Infor or a large company like SAP or a variety of other companies, the vast majority of our cloud ERP customers are not coming from our installed base. They're coming from someone else's installed base. And again, yes, 85% of our current -- that we have are from someone else's installed base.

那麼雲端 ERP 的營收成長速度大概是多少？每年約成長 30%。那麼，讓我們展望 5 年，並思考這個問題：5 年後我們的規模會有多大？我認為雲端 ERP 的規模將接近 200 億美元，其中大多數客戶並非從 Oracle 本地業務遷移而來——我們的客戶是從其他公司的本地業務遷移而來。無論是像 Infor 這樣的小公司，還是像 SAP 這樣的大公司，還是其他各種公司，我們絕大多數的雲端 ERP 客戶都不是來自我們的現有客戶群。他們來自其他公司的現有客戶群。沒錯，我們目前 85% 的客戶都來自其他公司的現有客戶群。

So what are our margins in this 5 year -- let's say, we're estimating $20 billion cloud ERP business. Well, it's scale. At that scale, that's about an 85% margin in that business. And as Safra pointed out earlier in her comments, the cloud business is inherently much more profitable and much more predictable than our old on-premise business. So we expect 5 years from now -- and again, these are just estimates. But based on our based on growth rates and the size of our current business, we expect to have about 30,000 -- 5 years from now, 30,000 Fusion customers, plus 100,000 NetSuite customers, bringing in $20 billion at 85% margins.

那麼，我們未來五年的利潤率是多少呢？假設我們預期雲端 ERP 業務的利潤率為 200 億美元。這關乎規模。以這個規模，該業務的利潤率約為 85%。正如 Safra 先前的評論中指出的那樣，雲端業務本質上比我們之前的本地部署業務利潤更高，也更可預測。因此，我們預期五年後——再次強調，這些只是估算值。但根據我們的成長率和目前業務規模，我們預計五年後將擁有約 3 萬個 Fusion 客戶，外加 10 萬個 NetSuite 客戶，帶來 200 億美元的收入，利潤率為 85%。

All right. So what's happening? I mean, how are we winning so many new customers? Where are they coming from? Who are we competing? Well, we have -- really, we only have 2 significant customers -- 2 competitors, 2 significant competitors: SAP and Workday. I've said this before. SAP did not build a true cloud product, and I'm going to explain what a true cloud product is in just a minute. But SAP, because they didn't build the cloud product, they bought some edge products around the cloud, but they didn't actually rebuild their software for the cloud. That's the same old 35-year-old software they've been selling forever. Their goal is simply to hold on to their installed base, but they are losing customers to us. This -- for example, this quarter Petronas, oil and gas -- big oil and gas customer moved over -- we have -- I gave a long presentation about a couple of us taking already a couple of hundred pretty good-sized SAP customers. But -- so we're doing very well against SAP and continue to do it well, SAP, winning Petronas and others this quarter.

好的。那麼發生了什麼事？我的意思是，我們是如何贏得這麼多新客戶的？他們來自哪裡？我們的競爭對手是誰？嗯，我們只有兩個重要的客戶——兩個競爭對手，兩個重要的競爭對手：SAP 和 Workday。我之前說過。 SAP 沒有建立真正的雲端產品，我馬上會解釋什麼是真正的雲端產品。但是，SAP 並沒有建立雲端產品，他們只是購買了一些圍繞雲端的邊緣產品，但實際上並沒有為雲端重建他們的軟體。他們一直在銷售的還是老一套 35 年前的軟體。他們的目標只是保住現有客戶群，但他們的客戶正在流失到我們這裡。例如，本季度，石油和天然氣巨頭 Petronas 轉向了我們——我已經做了一個很長的演講，講述了我們幾個公司已經獲得了幾百個相當規模的 SAP 客戶。但是——我們在與 SAP 的競爭中表現非常出色，並且繼續保持良好的勢頭，SAP 本季度贏得了 Petronas 和其他公司的勝利。

But Workday is very interesting because Workday does have a cloud product, and they've done quite well in HCM, but they have very few live. Try to find -- try to go and find live Workday ERP customers. Try to find any. So we're winning almost everything in cloud ERP. We're beating Workday -- I don't know, 98% of the time, we beat Workday. We -- and we're taking customers from SAP's installed base. They're still winning -- holding on to more of their base than we're taking, but we're making inroads.

但Workday非常有趣，因為Workday確實有雲端產品，而且他們在HCM領域做得很好，但他們的活躍客戶卻很少。試著去尋找－試著去尋找活躍的Workday ERP客戶。試著找任何客戶。所以我們在雲端ERP領域幾乎贏得了所有客戶。我們正在擊敗Workday——我不知道，98%的情況下，我們都擊敗了Workday。我們正在從SAP的現有客戶群中搶走客戶。他們仍然在贏球——他們保有的客戶群比我們搶走的還要多，但我們正在取得進展。

So again, what's going on? Why are we winning? Well, we're winning because we have a true cloud product that is very, very feature-rich and very, very -- has a very low cost of ownership. So it's enormously capable, and it's not expensive compared with the old on-premise systems.

那麼，究竟是怎麼回事？我們為什麼會贏？因為我們擁有一款真正的雲端產品，它功能非常豐富，而且擁有非常低的擁有成本。它功能強大，而且與傳統的本地系統相比價格並不昂貴。

Our implementations, I mean, we've got implementations of medium, large companies that sometimes take 6 months. Now don't get me wrong. Someone like Bank of America took a few years. That was an SAP customer that we won, and that was just doing the Merrill Lynch division, took a few years. And then hopefully, we're going to continue to make progress at Bank of America. So we have -- in general, it's much faster and lower cost to implement our cloud product than to implement, let's say, SAP or even Workday. But much -- a gigantic difference with SAP.

我們的實施，我的意思是，我們為中大型公司實施過，有時只需要6個月。別誤會我的意思。像美國銀行這樣的公司花了幾年時間。那是我們贏得的SAP客戶，當時只是負責美林證券部門，花了幾年時間。希望我們能在美國銀行繼續取得進展。所以，總的來說，實施我們的雲端產品比實施SAP或Workday要快得多，成本也低得多。但SAP確實有很大的不同。

Very easy to use. We have the user interface. There's 2 aspects. There's the computer interface that works on mobile phones and tablets and things like that, and then we have a voice digital assistant. You talk to our applications. You talk to all of our applications. You ask for reports. You ask questions. And I think it's like Alexa for the enterprise. All our apps run on smartphones, tablets, desktops, every app. Not a handful of apps are mobile. Every single app runs on smartphones, tablets, desktops. Every single app has a voice interface.

非常容易使用。我們有用戶介面。它分為兩個方面。一個是可以在手機、平板電腦等裝置上使用的電腦介面，另一個是語音數位助理。你可以與我們的應用程式對話。你可以與我們所有的應用程式對話。你可以請求報告。你可以提問。我覺得它就像是企業版的Alexa。我們所有的應用程式都可以在智慧型手機、平板電腦、桌上型電腦上運作。行動應用程式數量不少。每個應用程式都可以在智慧型手機、平板電腦和桌上型電腦上運行。每個應用程式都有一個語音介面。

We have -- and this is what I mean by a true cloud product. We deliver a new version of Oracle Cloud ERP to 100% of our customers, all 8,500 customers, for Fusion. every 3 months. That's right. They get a new version with some -- hundreds or sometimes even thousands of new features. Every 3 months, they get that.

我們有——這就是我所說的真正的雲端產品。我們每三個月為所有 8,500 位 Fusion 客戶（所有客戶）提供 Oracle Cloud ERP 的新版本。沒錯。他們會獲得一個包含數百甚至數千個新功能的新版本。每三個月，他們都會獲得一個新版本。

Now why is that important? Well, I mean, because our customers want -- specifically in different industry, they don't want -- they don't all want the same new feature, depending on the industry you're in, depending on your size, depending on the country you're in, your 3 most important new features, new features you must have are different among a lot of different customers.

為什麼這很重要？嗯，我的意思是，因為我們的客戶想要——特別是在不同的行業，他們不想要——他們不都想要相同的新功能，這取決於你所在的行業，取決於你的規模，取決於你所在的國家，你必須擁有的3個最重要的新功能，對於許多不同的客戶來說，你必須擁有的新功能是不同的。

So in the old days with SAP, customers built this themselves. They went out and hired Accenture or somebody else, IBM Services when it was IBM Services, to build these features for them. Now the new model is -- you don't customize your product. You don't have to. Give us your list of new features that you need, and we'll build them and put them in the next release. And we can build them faster than you can. And you might have to wait 3 months or 4 months or 5 months before you get them a new version, but you get them quickly. And we're the ones that build them. And they're part of the standard product. They are not some customization that you have to maintain forever. So they're not expensive. In fact, they're free. They come with the product.

以前，SAP 是客戶自己建置的。他們會去聘請埃森哲或其他公司，例如 IBM 服務部門（當時還是 IBM 服務部門），來為他們建立這些功能。現在的新模式是—您無需自訂您的產品，完全沒必要。只需提供您需要的新功能列表，我們就會建立這些功能，並將其添加到下一個版本中。而且我們的建造速度比您更快。您可能需要等待 3 個月、4 個月或 5 個月才能獲得新版本，但您很快就能拿到。而且，這些功能是我們建構的。它們是標準產品的一部分，而不是需要您永久維護的客製化功能。所以它們並不昂貴。事實上，它們是免費的，是產品自備的。

This is radically different than what SAP offers in their -- in what they call their cloud product, which I say is not a true cloud product because they don't have new versions every 3 months. They don't have new versions every 3 years in their so-called cloud product. You make all the same modifications you used to make by hiring people and customize. That's not the new model. That's not how it works in a real cloud system. That's a fundamental -- and every time they go in and modify the system, what if they make a mistake? What if they have a bug? That's going to make the system less reliable and more expensive, potentially slower. That doesn't happen with real cloud systems. We, the vendor, are responsible for enhancing it and then testing it on a regular cadence and responding to their requirements and delivering things to them in months, not years.

這與 SAP 在其所謂的雲端產品中提供的產品截然不同，我認為這不是真正的雲端產品，因為他們沒有每 3 個月發布新版本。他們所謂的雲端產品也沒有每 3 年發布新版本。你還是要透過僱用人員和進行客製化來做以前做過的所有修改。這不是新模式。這不是真正的雲端系統的工作方式。這是一個基本原則——每次他們修改系統時，如果他們犯了錯誤怎麼辦？如果他們有 bug 怎麼辦？這會使系統變得不那麼可靠，更昂貴，甚至可能更慢。這在真正的雲端系統中不會發生。我們，作為供應商，負責增強它，然後定期測試它，回應他們的需求，並在幾個月而不是幾年內向他們交付產品。

We're also on schedule to deliver some unprecedented new technology. We -- won't be long before when our customers upgrade every 3 months, they upgrade. And sometimes, they're down for an hour or so, and we're going to -- we're on schedule to deliver 0 downtime upgrades. So it won't be long now when our customers move to the new version. There'll be no downtime. Nobody else has this. Nobody else is working on.

我們也按計劃交付一些前所未有的新技術。不久之後，我們的客戶每三個月就會升級一次系統。有時，他們的系統會宕機一小時左右，而我們計劃按計劃交付零宕機升級。所以，我們的客戶很快就能遷移到新版本，不會有任何當機。目前還沒有其他人擁有過這種技術，也沒有其他人在開發這種技術。

And soon, all of our applications will be on the autonomous self-tuning maximum security database. I've said this before, what's the most important thing about the autonomous database? The money you save because there's no human labor. No, actually, the money -- it's good. The money you have to save because there's no human labor is good. But no human labor, no human errors, no security risks, no stolen data. Almost all of the -- not all, but almost all of the data that's been hacked out of other clouds has been happening because some human being made a mistake, left the port open, created a vulnerability. You can't do that with the autonomous database because human beings don't touch it. It is -- just like a self-driving car is safer than a car driven by a human being. A self-driving database is much safer and more secure than a database that is managed by human beings who make mistakes and cause problems.

很快，我們所有的應用程式都將運行在自主可控、可自我調整、安全性最高的資料庫上。我之前說過，自主資料庫最重要的一點是什麼？是因為無需人工，所以可以節省金錢。不，實際上，是節省資金——這本身是件好事。因為無需人工，所以可以節省資金，這當然是好事。但是，無需人工，就不會有人為錯誤，就不會有安全風險，也不會有資料被盜。幾乎所有——不是全部，但幾乎所有從其他雲端平台被駭客入侵的數據，都是因為有人犯了錯誤，留下了端口，造成了漏洞。自主資料庫不會發生這種情況，因為沒有人會碰它。就像自動駕駛汽車比人類駕駛的汽車更安全一樣。自動駕駛資料庫比由人類管理的資料庫更安全、更可靠，因為人類會犯錯並導致問題。

Okay. So I'll stop there, and I'm going to slightly turn a little bit and describe what's going on in the marketplace kind of on an -- from an industry perspective. Fusion ERP has been around -- out for a while, and we are beginning to roll up entire industries. We're adding the features for banking. I think on an earlier quarterly call, I said our 2 largest investment strategic industries, going forward, in ERP would be banking and health care. Not -- maybe not just ERP, but for the company in total will be banking and health care, and we're doing extremely well in those industries. Some of our live banking and financial service customers include JPMorgan, Bank of America, Bank of New York Mellon, HSBC, State Street, NatWest, Santander, Macquarie. I can go on and on and on with a long list of banks all over the world. But also, we have insurance customers: USAA, Nationwide, AAA and again -- and a lot more. I'm not going to list everybody. In fact, we provide a printed list at the end of every quarter of our -- all the new wins we had in the quarter.

好的。我就講到這裡，稍微轉話題，從產業角度描述市場動態。 Fusion ERP 已經推出一段時間了，我們正在開始涵蓋整個產業。我們正在增加銀行業的功能。我記得在之前的季度電話會議上，我說過，未來我們在 ERP 領域最大的兩個策略投資產業是銀行業和醫療保健業。不，也許不僅僅是 ERP，而是整個公司都將專注於銀行業和醫療保健業，我們在這些行業中做得非常出色。我們現有的銀行和金融服務客戶包括摩根大通、美國銀行、紐約梅隆銀行、匯豐銀行、道富銀行、美國西敏寺銀行、桑坦德銀行和麥格理銀行。我可以列舉出世界各地眾多銀行的名單。此外，我們還有保險客戶：USAA、Nationwide、AAA 等等。我就不一一列舉了。事實上，我們在每個季度末都會提供一份印刷的清單——列出我們在該季度取得的所有新勝利。

And we had a lot of new logos in banking and financial services in Q2. We won Barclays. That was another big bank that we won. First Bank. In insurance, we won Ameritas, MoneyGram. And we had some major go-lives, huge go-lives at MetLife, Blackstone and Assurant. We're doing very well in financial services and specifically banking.

我們在第二季在銀行和金融服務領域推出了許多新標誌。我們贏得了巴克萊銀行，這也是我們贏得的另一家大型銀行，還有第一銀行。在保險領域，我們贏得了Ameritas和速匯金。此外，我們也與大都會人壽、黑石和安信龍等公司進行了重要的專案上線，規模非常大。我們在金融服務領域，尤其是銀行業務表現非常出色。

Health care, the other industry I identified as being strategic and above the -- and on par with banking in terms of the importance of our -- to our future. So large health care customers include Kaiser, Cleveland Clinic, Providence St. Jo. I would say that we have a lot of health care wins around the world, but I'd say our health care wins are concentrated more in North America as compared with banking. New health care wins this quarter: Mayo Clinic, the #1 hospital in the United States; Highmark Health; Syneos Health; and PPD. Again, I can go on and on. But again, we print those out for you, and you can read them at your leisure.

醫療保健是另一個我認為具有戰略意義的行業，其重要性甚至高於銀行業，甚至與銀行業不相上下。因此，大型醫療保健客戶包括凱撒醫療、克利夫蘭診所和普羅維登斯聖約翰醫院。我想說，我們在全球擁有許多醫療保健客戶，但我認為與銀行業相比，我們的醫療保健客戶更集中在北美。本季醫療保健領域新增的客戶包括：美國排名第一的梅奧診所；Highmark Health；Syneos Health；以及PPD。我還可以繼續列舉下去。不過，我們已將這些客戶列印出來，方便您隨時閱讀。

Let me talk about one other industry before I give my closing remarks, and that's logistics customers. We've become very, very strong with logistics customers. FedEx was a key win from us, takeaway from SAP. UPS. We have UPS, DHL, FedEx, DP World, TTS. I can go on and on. We have most of the big logistics companies around the world. And FedEx, which is -- a lot of our companies aren't through rolling out Oracle Fusion ERP. But Fedex, for example, is now live in 98 countries.

在結束演講之前，我想談談另一個行業，那就是物流客戶。我們在物流客戶方面已經非常強大。聯邦快遞是我們贏得的關鍵客戶，也是我們與SAP合作的成果。 UPS也擁有UPS、DHL、聯邦快遞、DP World和TTS等客戶。我可以繼續列舉下去。全球大多數大型物流公司都與我們合作。聯邦快遞，我們的許多客戶還沒有部署Oracle Fusion ERP。但以聯邦快遞為例，目前它已在98個國家/地區上線。

We're winning in lots of other industries as well, but I wanted to highlight these 3 industries because they are essential to our plan to add major new capabilities to our cloud ERP system.

我們也在許多其他行業中取得了成功，但我想強調這 3 個行業，因為它們對於我們為雲端 ERP 系統添加主要新功能的計劃至關重要。

Before I describe these capabilities, I have a confession to make. We are not -- I don't believe it. We are not on our way to building a $20 billion cloud ERP business in 5 years. I think it's going to be a lot bigger than that. Let me explain why.

在描述這些功能之前，我必須承認一點。我們——我並不相信。我們並沒有在五年內打造出一個價值 200 億美元的雲端 ERP 業務。我認為它會比這更大。讓我來解釋一下原因。

As more and more companies adopt and run Oracle Cloud ERP, I ask the question: What does a B2B procurement transaction look like? In other words, how does it work when one Oracle Cloud ERP system is talking to another Oracle Cloud ERP system and placing an order? We are working in concert with our banking and logistics partners to originate purchase financing, products shipped, delivery tracking, invoicing and payments right inside the 2 transacting Oracle Cloud ERP procurement system. Oracle Cloud ERP will soon bring an entirely new level of automation to B2B commerce, one that very much resembles the ease of doing business and efficiency of B2C e-commerce.

隨著越來越多的公司採用並運行 Oracle 雲端 ERP，我不禁思考：B2B 採購交易究竟是什麼樣的？換句話說，當一個 Oracle 雲端 ERP 系統與另一個 Oracle 雲端 ERP 系統通訊並下訂單時，它是如何運作的？我們正與銀行和物流合作夥伴攜手合作，在兩個相互關聯的 Oracle 雲端 ERP 採購系統中發起採購融資、產品出貨、交付追蹤、開立發票和付款。 Oracle 雲端 ERP 很快將為 B2B 商務帶來全新的自動化水平，使其與 B2C 電子商務的便利性和高效性非常相似。

This new ERP automation system, all these new capabilities will dramatically simplify our customers' procurement and supply chain processes. And as such, it represents a huge new opportunity for Oracle to grow its cloud ERP ecosystem.

這個新的 ERP 自動化系統及其所有新功能將顯著簡化我們客戶的採購和供應鏈流程。因此，它為 Oracle 發展其雲端 ERP 生態系統帶來了巨大的新機會。

Thank you. Back to Safra.

謝謝。回到Safra。

Thanks, Larry. I think Ken is going to take questions. So...

謝謝，拉里。我想肯會回答問題。所以…

Yes. Erica, if you could queue the audience, please?

是的。 Erica，請你幫忙安排觀眾的排隊，好嗎？

(Operator Instructions) Our first question comes from the line of Brad Zelnick with Deutsche Bank.

（操作員指示）我們的第一個問題來自德意志銀行的布拉德澤爾尼克。

Great,and congrats on a great quarter with accelerating growth. Larry, you shared quite a bit with us, really, really helpful. But I wanted to ask you about OCI because we continue to hear great things from customers. And I think people understand Oracle's cloud is hyper secure, highly automated, and there's real price/performance advantage.

太好了，恭喜您本季取得了出色的業績，實現了加速成長。 Larry，您分享了很多，真的非常有幫助。我想問您關於OCI的問題，因為我們不斷聽到客戶對我們產品的高度評價。我認為大家也都了解Oracle雲端的超高安全性、高度自動化，並且具有真正的性價比優勢。

But as we think about your product's road map and what it takes for Oracle to capture more than its fair share of the broader public cloud market, how much are you investing in breadth versus depth? Because we just see in this quarter alone, like the partnership with Airtel in India, Orange in West Africa, new regions in Singapore, UAE, France, and I'm probably missing some. But clearly, there's demand. Otherwise, I know Safra wouldn't be making these investments. But when a new competitor posts -- Larry, when your main competitor posts over 200 services up the stack, how far should we expect to see you build up the stack competing on functionality versus continuing to go broad with what you already have?

但是，當我們思考你們的產品路線圖，以及甲骨文如何在更廣泛的公有雲市場中佔據超過其應有的份額時，你們在廣度和深度上的投入分別是多少？因為僅在本季度，我們就看到與印度Airtel、西非Orange以及新加坡、阿聯酋、法國等新地區的合作，我可能還遺漏了一些。但顯然，需求是有的。否則，我知道Safra不會進行這些投資。但是，當一個新的競爭對手發佈時——拉里，當你的主要競爭對手在堆疊上發布了超過200個服務時，我們應該預期看到你們在多大程度上構建堆疊，在功能上展開競爭，而不是繼續在已有的基礎上進行廣泛的拓展？

Well again, we have a bunch of things the other guys don't have. We have applications. So -- but I know you don't want to talk about OCI. You want to talk about infrastructure. We think of those as 2 separate businesses. But of course, they're not. I mean, everyone who is running Oracle ERP is building data warehouses on top of their ERP data. They're mashing it up maybe with Salesforce data. They're doing all of these things. They're doing a combination of big application customers. Bank of America, for example, is doing a combination of running our apps and building bespoke apps around those. So this is a huge opportunity for us that our other infrastructure customers -- other infrastructure providers don't have.

再說一次，我們有很多其他人沒有的東西。我們有應用程式。所以——但我知道你不想談OCI。你想談基礎設施。我們認為它們是兩個獨立的業務。但當然，它們不是。我的意思是，每個運行Oracle ERP的人都在他們的ERP資料之上建立資料倉儲。他們可能正在將其與Salesforce資料進行整合。他們正在做所有這些事情。他們正在與大型應用程式客戶合作。例如，美國銀行正在運行我們的應用程序，並圍繞這些應用程式建立客製化應用程式。所以這對我們來說是一個巨大的機會，我們的其他基礎設施客戶——其他基礎設施提供者沒有。

We've often had the discussion: Do we want to support 10 databases? Or do we want to support 30 databases? And do we want to have every single service that, let's say, an Amazon has? And I think our view is we want to have some really good choices but not every single choice on the menu. We want to have all of the popular databases but not some of the obscure databases, so we are not going to try to feature-match every single thing they do.

我們經常討論：我們想支援 10 個資料庫嗎？還是 30 個資料庫？我們想擁有亞馬遜的所有服務嗎？我認為我們的觀點是，我們希望提供一些真正好的選擇，但不是菜單上的每個選項。我們希望擁有所有流行的資料庫，而不是一些鮮為人知的資料庫，所以我們不會試圖在功能上與它們的每項功能保持一致。

We will, however, have development environments they don't have at all. So if you're building data warehouses on top of Fusion ERP or on top of Fusion HCM or on top of NetSuite, we have a whole set of tools that makes that easy for you over on the infrastructure side of our business. So we have some -- we do -- we have all the popular stuff around. I mean, obviously, you have Kubernetes and the like. But -- and we have PostgreSQL and the popular databases. We have MySQL, but our version of MySQL is much better than Amazon's version of MySQL. It's much faster, I mean, more than 10x faster because of HeatWave. We have this query optimizer they don't have at all.

然而，我們將擁有他們根本沒有的開發環境。所以，如果您要在 Fusion ERP、Fusion HCM 或 NetSuite 上建置資料倉儲，我們有一整套工具，可以讓您在我們業務的基礎架構方面輕鬆完成這項工作。我們有一些——我們確實有——所有流行的工具。我的意思是，顯然，你們有 Kubernetes 之類的。但是——我們也有 PostgreSQL 和流行的資料庫。我們有 MySQL，但我們的 MySQL 版本比亞馬遜的 MySQL 版本好得多。它的速度要快得多，我的意思是，由於 HeatWave，速度要快 10 倍以上。我們有一個他們根本沒有的查詢優化器。

So our idea is to look at the most popular products, to have recommended development environments and recommended systems and be able to do things they can't do at all.

因此，我們的想法是專注於最受歡迎的產品，擁有推薦的開發環境和推薦系統，並能夠做它們根本做不到的事情。

I think one other -- let me mention one of the fundamental differences in our strategy versus their strategy. They are building a small number of very, very large data centers. Our strategy is to build a large number of smaller, less expensive data centers. We think that improves reliability dramatically. We won't have this giant data center going down. It reduces the blast radius of what happens when things go down. Less goes down. It allows us to go into sovereign nations, in some smaller countries that they can't -- never afford to put a data center in. And we can now put 1 but 2 primary and a backup data center in sovereign countries that care about data sovereignty. We can put a complete cloud. I don't mean just database cloud. I mean, a complete cloud at a customer like NRI in Japan, and we did that. With that, we put in a primary and a backup.

我想說一下我們策略與他們的根本區別之一。他們只建造少量非常大的資料中心。而我們的策略是建造大量規模較小、成本較低的資料中心。我們認為這能顯著提高可靠性。我們不會讓這個巨型資料中心癱瘓。這能減少故障發生時的影響範圍。更少的故障。這使我們能夠進入主權國家，在一些他們根本負擔不起資料中心建設費用的小國。現在，我們可以在那些重視資料主權的主權國家，建造一個或兩個主資料中心和一個備用資料中心。我們可以建造一個完整的雲端。我指的不僅僅是資料庫雲。我的意思是，我們為像日本NRI這樣的客戶建立一個完整的雲端。我們就是這樣做的。我們建造了一個主資料中心和一個備用資料中心。

So we can -- if people want to run a cloud, if a large financial institution wants to run our cloud inside their firewall, inside their data center, we can do that. And how will that cloud differ from the cloud that we run in the public? It won't differ at all. We can make that small enough. We can it into their data center. Nobody else can do this.

所以我們可以——如果人們想要運行雲，如果一家大型金融機構想在他們的防火牆內、資料中心內運行我們的雲，我們都能做到。那個雲端與我們在公有雲中運行的雲有什麼不同？完全沒有差別。我們可以把它做得夠小。我們可以把它放到他們的資料中心。沒有其他人能做到這一點。

So we think we -- and then let me close with a note that I'm going to paraphrase from a very large telecommunications company who uses our cloud and all the other 3 North American clouds: Google, Amazon and Microsoft. And the note basically said the one thing we've noticed about Oracle, Oracle's Cloud, is that it never ever goes down. We can't say that about any of the other clouds. We think this is a critical differentiator, availability.

所以我們認為——最後，我想引用一家大型電信公司的話作為結束語。這家公司使用我們的雲端以及其他三大北美雲端平台：Google、亞馬遜和微軟。這家公司的話基本上是說，我們注意到甲骨文雲的一個特點是它永遠不會宕機。其他任何雲端平台都無法做到這一點。我們認為這是一個關鍵的區別因素，那就是可用性。

Another critical differentiator is security, where we have -- where the only way you can achieve security, I promise you this is true, is through autonomy. If you have human beings deploying and tinkering with your systems, they can make mistakes that expose your data. The only way we've been able to solve that problem is to get human beings out of the equation. No human beings, no human error, no human malice.

另一個關鍵的差異在於安全性。我們實現安全性的唯一途徑，我向你們保證，就是透過自主性。如果讓人類部署和修改你的系統，他們可能會犯錯，從而洩露你的資料。我們解決這個問題的唯一方法就是將人類排除在外。沒有人為，沒有人為錯誤，沒有人為惡意。

So we think we have a bunch of differentiators, and we'll be able to compete very, very effectively with security, reliability, combination of apps and infrastructure autonomy and a bunch of other things the other guys just will not be able to do.

因此，我們認為我們擁有許多差異化優勢，並且能夠在安全性、可靠性、應用程式和基礎設施自主性的組合以及其他人無法做到的其他一些方面非常有效地競爭。

All right. That's super helpful. Congrats.

好的。這太有幫助了。恭喜。

I will not ever going to ask you that long again ever.

我永遠不會再問你那麼長時間了。

Brad, you're not going to believe this. I've got more to add to that answer. So first of all, you missed a few data centers, not the least of which is Israel, France and another one in Italy. So -- but the real answer is the fact that I'm sure you've seen Gartner's scorecard where we actually passed Google this year and are higher than where Microsoft, who's been in this longer than us, was a year ago. But in addition, that scorecard doesn't even measure the capabilities we have in handling very large databases, which, of course, we do uniquely of all the other hyperscalers. So it's all very interesting, but we have things, in addition to application in the infrastructure world, that they cannot handle. And that has just put us in an incredible position, and that's why customers are coming to us. All right, I will stop right there.

布拉德，你肯定不會相信。我還有一些補充。首先，你漏掉了幾個資料中心，其中最重要的一個是以色列、法國和義大利的資料中心。所以——但真正的答案是，我相信你已經看過Gartner的記分卡了，我們今年實際上超過了谷歌，而且比一年前微軟的排名還要高，而微軟在這個領域比我們更早。此外，這份記分卡甚至沒有衡量我們處理超大型資料庫的能力，當然，我們在處理超大型資料庫方面的能力是其他所有超大規模資料中心中獨一無二的。所以這一切都非常有趣，但除了基礎設施領域的應用程式之外，我們還有一些他們無法處理的東西。這讓我們處於一個非常有利的位置，這也是客戶選擇我們的原因。好吧，我就講到這裡。

Our next question comes from Raimo Lenschow with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Raimo Lenschow。

Congrats from me as well. I wanted to go back to ERP, and I apologize for that. But I remember when I used to work in the industry, Larry, is that changing an ERP system was like volunteering for a root canal treatment. Kind of you kind of try to avoid it as much as possible. But if I look at the numbers now, NetSuite had the strongest growth I've seen for forever, I think. Fusion ERP is accelerating. So what's going on in the industry in terms of kind of like the pressure or the willingness to do it now? Congrats again.

我也祝賀你。我之前想回歸ERP，對此我深感抱歉。拉里，我記得以前在這個行業工作的時候，更換ERP系統就像自願去做根管治療一樣。你會盡量避免這種情況。但如果我現在看看數據，我認為NetSuite的成長速度是我見過的最強的。 Fusion ERP正在加速發展。那麼，就目前的壓力或意願而言，這個行業目前的情況如何？再次恭喜你。

Yes. Thank you very much. I think we spend a lot of time in automating or install -- installing the product, making it very easy to configure, having -- I think our -- the consulting infrastructure, the implementers around our products now are much more experienced. The products have gotten much better. Our -- the people have got more experience. The customers themselves have gotten more experience. So the cost of putting one of these things in has dropped precipitously. The time it takes to put it in, obviously related to the cost, has also dropped precipitously. The -- there's just no comparison to the way it used to be the way it is now.

是的，非常感謝。我認為我們花了很多時間在產品的自動化安裝上，使其配置變得非常簡單，而且我認為我們擁有諮詢基礎設施，現在我們產品的實施人員經驗更加豐富。產品已經變得更好了。我們的員工累積了更多經驗。客戶本身也累積了更多經驗。因此，安裝這些產品的成本急劇下降。安裝時間（顯然與成本相關）也急劇下降。現在的情況與過去完全無法相比。

Well, the way it used to be, a customer bought his own unique computer configuration and added some modifications to the ERP system and installed it over a period of -- I mean, it wasn't unusual back in the day for an SAP implementation to take 5 to 7 years. Now I know it sounds crazy, but some of them -- and cost billions of dollars.

嗯，以前的情況是，客戶會購買自己獨特的電腦配置，對 ERP 系統進行一些修改，然後安裝完畢，整個過程需要一段時間——我的意思是，在過去，SAP 的實施需要 5 到 7 年的時間並不罕見。現在我知道這聽起來很瘋狂，但有些 SAP 系統——甚至花了數十億美元。

Now for a medium-sized company, 6 months is not unreasonable to get you live on -- maybe not your entire business, but financials and procurement and a big chunk of your business, we can get live very, very quickly at a very, very low cost. So it's just a totally different world.

現在，對於一家中型公司來說，6個月的時間足以讓公司恢復營運——或許不是全部業務，但財務、採購以及很大一部分業務，我們可以以非常低的成本非常快速地讓公司恢復營運。所以，這是一個完全不同的世界。

And then the other thing I'm going to mention one more time. Customers are not encouraged to go ahead and build their own extensions. If you need an extension, tell us what you need, and maybe we can schedule it in the next quarter or 2 in the upcoming releases. That's a fundamentally different model. It's so much less expensive to have us do it for nothing than to try to do it yourself.

還有一件事我還要再提一次。我們不鼓勵客戶自行建立擴充功能。如果您需要擴展，請告訴我們您的需求，我們或許可以安排在下一季或下一兩季的即將發布的版本。這是一種完全不同的模式。讓我們免費幫您做這件事比您自己嘗試做便宜得多。

Our next question comes from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Really impressive quarter. I think Brad had a really good point earlier that investors are more and more looking at sort of your CapEx intentions and looking at data center count, frankly, as a leading indicator of growth for Oracle. So I was hoping you could update us on that.

這個季度真的令人印象深刻。我認為布拉德之前說的很有道理，投資人越來越關注你的資本支出意向，坦白說，資料中心數量是甲骨文成長的領先指標。所以，我希望你能更新一下這方面的情況。

And maybe digging into the data center side, capacity expansion isn't just in data center expansion. You could expand within data centers as well. Can you help us think about how we should think about overall capacity to deliver through both data center expansion and expanding those existing data centers to really capture all of these investments that you're making?

深入研究資料中心方面，容量擴展不僅限於資料中心本身。您也可以在資料中心內部進行擴充。您能否幫助我們思考一下，我們應該如何考慮透過資料中心擴展和現有資料中心的擴展來提供整體容量，以真正獲得您所做的所有投資？

I guess I'll take that. I'll get started with that. Well, first of all, the public database and data centers are the ones that we announced that are up and running. Of course, we have many in the offing. We also have, as Larry talked about, private regions for certain customers.

我想我會接受這個。我先從這個開始。首先，公共資料庫和資料中心是我們宣布已經啟動並運行的。當然，我們還有很多即將推出的。正如拉里所提到的，我們也為某些客戶提供私有區域。

But in addition, we've made very significant investment in government, especially United States government-focused data centers. And I'm sure you've seen that we've been invited to submit for the JWCC. We also have data centers at different levels of security for different government requirements in other countries. And those, we don't generally announce, so you don't see those.

此外，我們對政府，尤其是美國政府的資料中心進行了非常重大的投資。我相信您已經看到，我們已受邀提交JWCC的申請。我們在其他國家也擁有不同安全等級的資料中心，以滿足不同政府的需求。這些資料中心通常不會公佈，所以您看不到。

What you do see is the fact that we have invested ahead of revenue and we invest when we see revenue potential. We have been rolling out on track, so we feel very good about it. We have just continued to make sure we have capacity for customers, and some customers start in one data center. And when we open in their countries, they move to those. And that's working out for us. We have a lot of demand worldwide, and we're -- you're going to see us make these investments, as I've guided, for the whole year.

您所看到的是，我們的投資先於收入，並且只有在看到收入潛力時才會投資。我們的部署一直按計劃進行，所以我們對此感到非常滿意。我們一直在確保為客戶提供足夠的容量，有些客戶最初只在一個資料中心運作。當我們在他們國家/地區開設資料中心時，他們就會遷移到這些資料中心。這對我們而言非常有效。我們在全球範圍內擁有巨大的需求，而且您將看到我們按照我的指導，在全年進行這些投資。

Okay, Super helpful.

好的，非常有幫助。

Our next question comes from Mark Moerdler with Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Mark Moerdler。

I'm going to follow up on discussion on OCI Gen2. Oracle's dedicated regions seem to be reasonably unique offerings and a different spin on the hybrid cloud which the largest hyperscale providers are not offering. Can you explain how you're able to deliver this successfully and with good margins? And what -- why others cannot? And can you give us any sense of how large do you see that opportunity?

我將繼續討論 OCI Gen2。 Oracle 的專用區域似乎是相當獨特的產品，而且是混合雲的不同版本，而大型超大規模供應商目前尚未提供這種版本。您能否解釋一下，您是如何成功實現這一目標並獲得良好利潤的？為什麼其他公司做不到？您能否告訴我們，您認為這個機會有多大？

Yes. I'll take a crack at that one. Well, everyone says we were late to the party, so we saw what everyone else built. In fact, we built 2 versions of our cloud, right? We built version 1, which we weren't very happy with. And then we built Gen2 -- our Gen2 cloud.

是的，我來試試。嗯，大家都說我們來晚了，所以我們看看其他人做了什麼。實際上，我們建立了兩個版本的雲，對吧？我們建立了第一個版本，但我們對它不太滿意。然後我們建構了第二代——我們的第二代雲。

And one of the things that we decided -- as we had a chance to rearchitect it, we were sensitive to -- we needed special high -- super high security zones for government. We need to build a lot of data centers. And we -- and the magic to building a lot of data centers is twofold. One is compressing the software to a smallish number of servers, but that's really not it. It's really the -- being able to operate all -- a lot of smaller data centers without people or with very few people.

我們決定的一件事——在我們有機會重新建造它的時候，我們很敏感地意識到——我們需要為政府設立特殊的高——超高安全區域。我們需要建造許多資料中心。而建造大量資料中心的魔力在於雙重。其一是將軟體壓縮到較少數量的伺服器上，但這並非全部。真正的魔力在於──能夠在無人或極少人員的情況下運作所有──許多小型資料中心。

Think about what Elon Musk did with his satellite system. Why was he able to build a low Earth orbiting satellite system and nobody else? A lot of other people have tried, but no one else could because he figured out -- he built a software to manage thousands of satellites. No one else could do it. NASA couldn't do it. Other people couldn't do it. That's why they kind of failed in the past.

想想伊隆馬斯克對他的衛星系統做了什麼。為什麼他能建造一個低地球軌道衛星系統，而其他人卻不行？很多人都嘗試過，但沒有人成功，因為他想通了──他開發了一個軟體來管理數千顆衛星。其他人做不到。 NASA做不到。其他人也做不到。這就是他們過去失敗的原因。

We -- the -- our automation software for rolling out and managing a large number of data centers is a very different software that you would build for managing a small number of super large data center where you had a lot of people. So we've relied much more heavily on automation to do this. And Safra doesn't talk about it because it wasn't easy. It took us a while. And we were worried -- and we've made a bunch of commitments. And the only way we can meet all those commitments was to have fully automated, lights-out data center, cloud data centers. And we -- the team did a fantastic job prioritizing that automation, and that automation software is what allows us to have a large number of data centers rather than a small number of large data centers. It's just a different -- it's a different suite of software to do it, to manage it.

我們用於部署和管理大量資料中心的自動化軟體與用於管理少數超大型資料中心（需要大量人員）的軟體截然不同。因此，我們更加依賴自動化來實現這一點。薩夫拉沒有談論它，因為這並不容易。這花了我們一段時間。我們很擔心，也做了許多承諾。而我們能夠履行所有這些承諾的唯一方法是擁有完全自動化、無人值守的資料中心和雲端資料中心。我們團隊在優先考慮自動化方面做得非常出色，正是自動化軟體讓我們能夠擁有大量資料中心，而不是少數大型資料中心。它只是一套不同的軟體來實現和管理它。

Larry, I wanted to comment also on the private data centers that are truly -- a full cloud but at customers. So that's just...

拉里，我還想評論一下那些真正意義上的私有資料中心——一個完整的雲，但面向客戶。所以…

Yes. A lot of people talk about it. They talk about it. I think it's hilarious. I mean, I hear people talk about hybrid cloud. So a hybrid cloud means they're someone's public cloud, and then whatever you have in your data center is the hybrid. This is ridiculous. That's not a cloud. People say, "Well, that's the most common cloud there is, whatever you got, plus some link to a public cloud." That is not a hybrid cloud.

是的。很多人都在談論它。他們一直在談論它。我覺得這很滑稽。我的意思是，我聽到人們談論混合雲。混合雲意味著它們是某個公司的公有雲，然後你資料中心裡的所有東西都是混合雲。這太荒謬了。那根本不是雲。人們會說：「嗯，那是最常見的雲，無論你有什麼，再加上一些與公有雲的連結。」 那根本不是混合雲。

We offer the identical hardware, the identical automation software. We'll put a region. It will -- it runs all of our apps, runs all of our services, 100% of them. And we'll put it in your data center. We can do that now because we can run that -- we can run -- we have the automation software to run that on your floor behind your firewall. We can build that. So it's true.

我們提供相同的硬體和相同的自動化軟體。我們會部署一個區域，它將運行我們所有的應用程式和服務，100% 的運行。我們會把它部署到您的資料中心。我們現在可以做到這一點，因為我們可以運行它——我們可以運行——我們有自動化軟體，可以在您的防火牆後面運行它。我們可以建構它。所以這是真的。

So our notion of a hybrid cloud is basically the same thing, but it's located on your data center floor behind your firewall with high-speed network interconnects where you're comfortable and feel safe, safer than if you were in the public cloud. That's the only hybrid-ey thing about it. Otherwise, it's exactly the same thing. You can move a workload from the public -- from a public cloud into your private region and then back out of your product region back in the public cloud. They are identical in every way, except for the security protection and firewalls in your private data center. That's a real hybrid cloud. The other guys don't have it.

所以，我們對混合雲的概念基本上相同，但它位於資料中心樓層，防火牆後面，並配有高速網路互連，讓您感到舒適和安全，比在公有雲中更安全。這是它唯一的混合之處。除此之外，它完全一樣。您可以將工作負載從公有雲（即公有雲）遷移到您的私有雲區域，然後再從您的產品區域遷移回公有雲。除了私有資料中心的安全保護和防火牆之外，它們在所有方面都完全相同。這才是真正的混合雲。其他公司沒有這種技術。

That makes a lot of sense. I really do appreciate it, and congratulation on the strong quarter.

這很有道理。我真的很感激，也祝賀你本季業績強勁。

Our final question comes from Phil Winslow with Credit Suisse.

我們的最後一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on a great quarter and outlook. In a quarter where a lot of numbers jumped out, I mean, the one that jumped out to me the most was the license growth year-over-year. I had to go back 9 years in my model to find a quarter that was actually higher than this. And obviously when I think about license for Oracle, I was assuming it's being driven by the database business. And then when you think about that...

恭喜您本季取得了優異的業績，並展望了美好的前景。本季有許多數據令人矚目，其中最讓我印象深刻的是許可證年增。我不得不在我的模型中追溯9年前，才找到一個比這更高的季度。顯然，當我想到Oracle的許可證時，我假設它是由資料庫業務驅動的。然後，當你想到這一點時…

By the way, I'm really glad you said that. That's what it is. I mean, think about it. I mean, Marc Benioff over at Salesforce.com, they run their business -- their cloud business entirely on Oracle.

順便說一句，我很高興你這麼說。就是這樣。想想看。 Salesforce.com 的馬克貝尼奧夫，他們的業務——他們的雲端業務——完全依靠 Oracle 來運作。

Now we -- people say, well, that's not cloud revenue. You just license that revenue. Well, it's the Oracle database running all of Salesforce's cloud, and we don't count -- and you're right. We don't count that as cloud revenue. We count that as license revenue. But is that a modern cloud application? I think so. But again, the license stuff is being driven by the use of our database in some very large clouds.

現在有人說，那不算雲端收入。你只是授權許可收入。好吧，那是運行 Salesforce 所有雲端服務的 Oracle 資料庫，我們不算——你說得對。我們不把那算作雲端收入。我們算是授權許可收入。但那算現代雲端應用嗎？我想是的。不過，授權許可收入是由我們資料庫在一些非常大的雲端服務中的使用所驅動的。

That's great. Well, that partially answers one of my questions. But when you think about that license and your example of their -- for example, like Salesforce, together with just the cloud services and the acceleration you see there, I mean, just that overall business seem to accelerate during Q2 here and even versus Q1. And when I think about some of the other smaller competitors in the space, they've seen an acceleration as well.

太好了。嗯，這部分回答了我的一個問題。但是，考慮到那個許可證，以及你舉的他們的例子——比如Salesforce，再加上雲端服務，以及你看到的加速成長，我的意思是，整體業務似乎在第二季度，甚至比第一季都加速了。而當我想到這個領域其他一些規模較小的競爭對手時，他們也看到了加速成長。

So I guess, Larry, my question is there seems to be something going on in the data world, the data infrastructure stack. And obviously, when Oracle moves at these -- at your scale at these percentages, there definitely seems to be something going on. So what is that? And how do you think about the sustainability of those drivers?

所以，Larry，我的問題是，資料世界，資料基礎設施堆疊，似乎正在發生一些變化。顯然，當Oracle以這些比例——以你們的規模——採取行動時，肯定正在發生一些變化。那麼，這是什麼變化呢？您如何看待這些驅動因素的可持續性？

Larry, it's either you or me. We're going to talk about data. I mean, listen, this is not new news in that what is going on is getting insights from data, being able to capture large amounts of data and analyzing it. And of course, that's coming and so much of it is in Oracle. We're the ones who can handle high performance, high-reliability requirements. And the Oracle database continues to grow.

拉里，要嘛你，要嘛我。我們來談談數據。我的意思是，聽著，這並不是什麼新鮮事，因為我們正在做的是從數據中獲取洞察力，能夠捕獲大量數據並進行分析。當然，這些正在發生，而且其中很大一部分是在 Oracle 中實現的。我們是能夠滿足高性能、高可靠性需求的人。而且 Oracle 資料庫還在持續成長中。

But in addition, we have the other technologies that are also doing very well. Java continues to be incredibly strong, and it's leading application development environment. So -- but remember, when people buy the Oracle database licenses, they can bring those to our cloud, and that's a very economical way to operate.

除此之外，我們還有其他表現良好的技術。 Java 依然表現強勁，並且是領先的應用程式開發環境。所以，請記住，當人們購買 Oracle 資料庫授權時，他們可以將其帶到我們的雲端，這是一種非常經濟的運作方式。

And really, what's going on is huge amounts of data growing exponentially. And when it's important data, especially data you want to use for analysis, for data warehousing, for transactions, you're going to pick Oracle 9 times out of 10. And so this is great for us. And of course, as more businesses just digitize, this just draws more of our technology.

事實上，海量數據正在呈指數級增長。當數據很重要時，尤其是用於分析、資料倉儲和交易的數據，十有八九會選擇 Oracle。這對我們來說非常好。當然，隨著越來越多的企業數位化，這也會吸引更多我們的技術。

Yes. And I would say that as SAP moves their applications to S/4HANA in the cloud, and they do what I call hosting and they call cloud, the vast majority of those SAP databases do not run HANA. Way over -- 95% of them still run Oracle. It's a big business for us, even when it migrates to the cloud. I mean, Amazon has customers who have taken their Oracle database licenses, and they're running those Oracle database licenses in the cloud. So license does not mean on-premise, and license does not mean the cloud. It can -- it's a bit of a -- it's a mixed bag, right? Some of that license revenue and most of the new license revenue is on its way to the cloud.

是的。我想說的是，隨著 SAP 將其應用程式遷移到雲端的 S/4HANA，他們所做的就是我所說的託管和雲，絕大多數 SAP 資料庫並不運行 HANA。超過 95% 的資料庫仍然運行 Oracle。即使遷移到雲端，這對我們來說也是一筆大生意。我的意思是，亞馬遜有一些客戶已經獲得了 Oracle 資料庫許可證，他們在雲端執行這些 Oracle 資料庫許可證。因此，許可證並不意味著本地部署，許可證也不意味著雲端。這有點——有點——好壞參半，對吧？部分許可證收入和大部分新許可證收入正在流向雲端。

Okay. Great. Thank you, Larry.

好的。太好了。謝謝你，拉里。

A telephonic replay of this conference call will be available for 24 hours on the Investor Relations website.

本次電話會議的電話回放將在投資者關係網站上提供 24 小時。

Thank you for joining us today. And with that, I'll turn the call back to Erica for closing.

感謝大家今天的參與。接下來，我將把節目轉回給 Erica，請她做最後發言。

Thank you for joining today's Oracle's Second Quarter 2022 Earnings Conference Call. We appreciate your participation. You may now disconnect.

感謝您參加今天的 Oracle 2022 年第二季財報電話會議。感謝您的參與。您現在可以斷開連線了。