甲骨文 (ORCL) 2021 Q4 法說會逐字稿

Welcome to Oracle's Fourth Quarter 2021 Earnings Conference Call. Now I'd like to turn today's call over to Ken Bond, Senior Vice President.

歡迎參加 Oracle 2021 年第四季度收益電話會議。現在我想把今天的電話轉給高級副總裁 Ken Bond。

Thank you, Erica. Good afternoon, everyone, and welcome to Oracle's fourth quarter and fiscal year 2021 earnings conference call. A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website. Additionally, a list of many customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from our Investor Relations website as well. On the call today are Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz.

謝謝你，艾麗卡。大家下午好，歡迎來到甲骨文第四季度和 2021 財年財報電話會議。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。此外，我們的投資者關係網站也將提供最近購買 Oracle 雲服務或在 Oracle 雲上線的許多客戶的列表。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)；兼首席執行官 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 caution you from 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.

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。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。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。因此，我們提醒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 以及任何適用的修正案，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 these forward-looking statements in light of new information or future events. Before taking any questions, we'll begin with a few prepared remarks. And with that, I'll turn the call over to Safra.

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這些前瞻性陳述。在回答任何問題之前，我們將從一些準備好的評論開始。有了這個，我會把電話轉給 Safra。

Thanks, Ken, and good afternoon, everyone. We are again reporting earnings earlier than last year. And with Fusion ERP, we are now filing our quarterly and annual financial statements faster than any other company in the S&P 500. This is possible because of the highly automated and machine learning-enabled system that helps us complete the accounting of financial transactions much more quickly.

謝謝，肯，大家下午好。我們再次比去年更早地報告收益。借助 Fusion ERP，我們現在提交季度和年度財務報表的速度比標準普爾 500 指數中的任何其他公司都要快。這是可能的，因為高度自動化和支持機器學習的系統可以幫助我們完成財務交易的會計工作迅速地。

As you can see, we had a fantastic quarter, with revenue nearly $200 million above my guidance. Q4 is really a story of every product, every region and every metric exceeding expectation. The credit for the excellent full year results in the quarter goes to our global team of employees who supported our customers without interruption this past year. We were successful by continuing to deliver best-in-class products and services, both infrastructure and applications, to help our customers in their digital transformation, many who've reinvented themselves in real time because of the pandemic.

正如你所看到的，我們有一個很棒的季度，收入比我的指導高出近 2 億美元。第 4 季度實際上是每個產品、每個地區和每個指標都超出預期的故事。本季度出色的全年業績歸功於我們的全球員工團隊，他們在過去的一年裡不間斷地為我們的客戶提供支持。我們成功地繼續提供一流的產品和服務，包括基礎設施和應用程序，以幫助我們的客戶進行數字化轉型，其中許多人因大流行而實時重塑自我。

Now the growth rates we are reporting today are entirely organic, reflecting true

現在我們今天報告的增長率完全是有機的，反映了真實的

(technical difficulty)

（技術難度）

related growth across our product portfolio. Total cloud services and license support revenue for the quarter was $7.4 billion, up 8% in U.S. dollars, 4% in constant currency, driven by Fusion, Autonomous Database and our Gen2 OCI. Application subscription revenues were $3 billion, up 11% in U.S. dollars and 7% in constant currency. Our strategic back-office cloud applications now have an annualized revenue of $4.4 billion and grew 32% in constant currency for the quarter, including Fusion ERP, which was up 42%. NetSuite ERP, up 22%; and Fusion HCM, up 30%. Our back office cloud application revenue is not only bigger than our nearest competitor, but also growing more than twice as fast.

我們產品組合的相關增長。本季度的雲服務和許可支持總收入為 74 億美元，按美元計算增長 8%，按固定匯率計算增長 4%，這主要得益於 Fusion、Autonomous Database 和我們的 Gen2 OCI。應用程序訂閱收入為 30 億美元，按美元計算增長 11%，按固定匯率計算增長 7%。我們的戰略後台雲應用程序現在的年化收入為 44 億美元，本季度按固定匯率計算增長 32%，其中包括增長 42% 的 Fusion ERP。 NetSuite ERP，增長 22%； Fusion HCM 增長 30%。我們的後台雲應用收入不僅比最接近的競爭對手大，而且增長速度是其兩倍多。

Infrastructure subscription revenues were $4.3 billion, up 6% in USD, up 2% in constant currency. Infrastructure cloud services now have an annualized revenue of more than $2.3 billion. OCI consumption revenue, which was up 103% in constant currency, autonomous database, up 56%; and cloud and customer revenue, up 50%.

基礎設施訂閱收入為 43 億美元，按美元計算增長 6%，按固定匯率計算增長 2%。基礎設施雲服務現在的年收入超過 23 億美元。 OCI 消費收入，按固定匯率計算增長 103%，自治數據庫增長 56%；雲和客戶收入增長 50%。

Database subscription revenues, including database support and database cloud services, were up 8% in USD, 4% in constant currency. Customers are adopting OCI because of its unique focus on performance and security at the most competitive price. The highly differentiated Autonomous Database, which is available there and the flexibility of deploying Oracle Cloud, both in our own data center, what we call public cloud, or behind our customers' firewall, Cloud at Customer.

數據庫訂閱收入（包括數據庫支持和數據庫雲服務）按美元計算增長 8%，按固定匯率計算增長 4%。客戶之所以採用 OCI，是因為它以最具競爭力的價格獨特地關注性能和安全性。那裡提供高度差異化的自治數據庫以及部署 Oracle 雲的靈活性，無論是在我們自己的數據中心，我們稱之為公共雲，還是在我們客戶的防火牆後面，即 Cloud at Customer。

License revenues were $2.1 billion, up 9% in USD, 5% in constant currency. So all in, total revenues for the quarter were $11.2 billion, up 8% in USD, 4% in constant currency. Operating expenses were up 6% in constant currency this quarter as we made significant investments in our cloud business. And while you can see some of the ROI in FY '21's revenue growth, we expect the most of the return will be realized in FY '22 and beyond.

許可收入為 21 億美元，按美元計算增長 9%，按固定匯率計算增長 5%。因此，本季度總收入為 112 億美元，按美元計算增長 8%，按固定匯率計算增長 4%。由於我們對雲業務進行了大量投資，本季度的運營費用按固定匯率計算增長了 6%。雖然您可以在 21 財年的收入增長中看到一些投資回報率，但我們預計大部分回報將在 22 財年及以後實現。

Non-GAAP operating income was $5.4 billion, up 6% in USD and the operating margin was 49%. The non-GAAP tax rate for the quarter was 10.7% and below our base tax rate of 20% as a result of some discrete items that hit in the quarter. EPS was $1.54, up 29% in USD, and up 22% in constant currency. By the way, GAAP EPS was $1.37, up 39% in USD, 31% in constant currency.

非 GAAP 營業收入為 54 億美元，按美元計算增長 6%，營業利潤率為 49%。本季度的非美國通用會計準則稅率為 10.7%，低於我們 20% 的基本稅率，這是因為本季度出現了一些離散項目。每股收益為 1.54 美元，按美元計算增長 29%，按固定匯率計算增長 22%。順便說一下，GAAP 每股收益為 1.37 美元，按美元計算增長 39%，按固定匯率計算增長 31%。

Now for the full fiscal year, total cloud services and license support revenue was $28.7 billion, up 5% in USD, up 3% in constant currency. Total company revenues for the year were $40.5 billion, up 4%, USD; 2% in constant currency. FY '21 recurring cloud services and license support revenue as a percentage of total revenue now represents 71% of total company revenue, up from 70% last year and we anticipate this trend to continue as cloud services grow and accelerate. Non-GAAP EPS for the year was $4.67, up 21% in USD, up 18% in constant currency, marking the fourth consecutive year of double-digit earnings growth.

現在整個財年，雲服務和許可支持總收入為 287 億美元，按美元計算增長 5%，按固定匯率計算增長 3%。公司全年總收入為 405 億美元，增長 4%，美元；固定匯率的 2%。 21 財年經常性雲服務和許可支持收入佔總收入的百分比現在占公司總收入的 71%，高於去年的 70%，我們預計隨著雲服務的增長和加速，這一趨勢將繼續下去。全年非美國通用會計準則每股收益為 4.67 美元，按美元計算增長 21%，按固定匯率計算增長 18%，連續第四年實現兩位數的盈利增長。

The full year operating margin percentage was 47%, actually, our best result in 7 years and up 245 basis points from 44% last year. Operating cash flows over the last 4 quarters was a record $15.9 billion, up 21% in USD. Our free cash flow was also a record $13.8 billion, up 19% in USD with capital expenditures of $2.1 billion during the year.

全年營業利潤率為 47%，實際上是我們 7 年來最好的結果，比去年的 44% 高出 245 個基點。過去 4 個季度的運營現金流達到創紀錄的 159 億美元，按美元計算增長 21%。我們的自由現金流也達到創紀錄的 138 億美元，按美元計算增長 19%，年內資本支出為 21 億美元。

For the quarter -- back to the quarter, operating cash flow was $4.8 billion, up 34% in USD, and free cash flow was $4.1 billion, up 30% from last year. As an aside, free cash flow would have been about 30 -- $300 million lower as some CapEx targeted for Q4 was actually spent in the last 2 weeks, so in early June. We now have more than $46 billion in cash and marketable securities. The short-term deferred revenue balance was $8.8 billion, up 10% in USD, 5% in constant currency. The remaining performance obligation, or RPO, balance is $41.3 billion, up 8% in constant currency due to strong bookings. Approximately 60% is expected to be recognized as revenue over the next 12 months.

本季度——回到本季度，運營現金流為 48 億美元，按美元計算增長 34%，自由現金流為 41 億美元，比去年增長 30%。順便說一句，自由現金流將減少約 30 - 3 億美元，因為一些針對第四季度的資本支出實際上是在過去兩週內支出的，所以在 6 月初。我們現在擁有超過 460 億美元的現金和有價證券。短期遞延收入餘額為 88 億美元，按美元計算增長 10%，按固定匯率計算增長 5%。由於預訂強勁，剩餘履約義務或 RPO 餘額為 413 億美元，按固定匯率計算增長 8%。大約 60% 預計將在未來 12 個月內確認為收入。

As you've heard me say many times before, we are committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, repaying of debt and the dividend. This quarter, we repurchased 107 million shares for a total of 8 billion. Over the last 12 months, we've repurchased 329 million shares for a total of 21 billion. Over the last 10 years, we have reduced the shares outstanding by more than 44%. In addition, we paid out dividends of $3.1 billion over the last 12 months. And the Board of Directors declared a quarterly dividend of $0.32 per share.

正如你之前多次聽到我所說的那樣，我們致力於通過技術創新、戰略收購、股票回購、償還債務和分紅來回報股東。本季度，我們回購了 1.07 億股，總計 80 億股。在過去的 12 個月裡，我們回購了 3.29 億股股票，總計 210 億美元。在過去 10 年中，我們已將流通股減少了 44% 以上。此外，我們在過去 12 個月支付了 31 億美元的股息。董事會宣布派發每股 0.32 美元的季度股息。

Now to the guidance. Let me first start with my confidence in the continuation of our revenue growth acceleration for fiscal year 2022. As I've said many times over the last 2 years, our overall revenue growth is continuing to accelerate as our fast-growing cloud business becomes a larger portion of our total revenue. I see total revenue for fiscal 2022 growing faster than fiscal '21, with constant currency revenue growth somewhere in mid-single digits. Given our increasing confidence in revenue growth and our unique and differentiated position in the market, we are going to invest back in the business at a greater rate so we can further accelerate the top line.

現在到指導。首先讓我談談我對 2022 財年收入繼續加速增長的信心。正如我在過去兩年中多次說過的那樣，隨著我們快速增長的雲業務成為我們總收入的較大部分。我認為 2022 財年的總收入增長速度快於 21 財年，貨幣收入增長保持在中等個位數。鑑於我們對收入增長的信心越來越大，以及我們在市場上獨特和差異化的地位，我們將以更快的速度重新投資於該業務，以便我們能夠進一步加快營收。

We also see cloud as being fundamentally a more profitable business compared to on-premise. And as everyone knows, our annual non-GAAP margins of 47%, and that's what we run the business at, are in fact the highest non-GAAP margins of all of our competitors and we believe that now is the right time to increase our investment to capture market share. As such, we expect to roughly double our cloud CapEx spend in FY 2022 to nearly $4 billion. We are confident that the increased return in the cloud business more than justifies this increased investment and our margins will expand over time.

我們還認為，與內部部署相比，雲從根本上說是一種更有利可圖的業務。眾所周知，我們每年 47% 的非 GAAP 利潤率，這就是我們經營業務的水平，實際上是我們所有競爭對手中最高的非 GAAP 利潤率，我們相信現在是增加我們的利潤的合適時機投資以佔領市場份額。因此，我們預計 2022 財年的雲資本支出將增加一倍左右，達到近 40 億美元。我們相信，雲業務回報的增加足以證明增加投資的合理性，而且我們的利潤率將隨著時間的推移而擴大。

Let me now turn to my guidance for Q1. I'll review this on a non-GAAP basis and assuming currency exchange rates remain the same as they are now, currency should be about 2% to 3% positive on total revenue and $0.03 positive on EPS in Q1. However, currency fluctuates and the actual impact could be different.

現在讓我談談我對第一季度的指導。我將在非 GAAP 基礎上對此進行審查，並假設貨幣匯率與現在保持不變，貨幣對第一季度總收入的影響應該為 2% 至 3%，對每股收益的影響為 0.03 美元。但是，貨幣會波動，實際影響可能會有所不同。

Total revenues for Q1 are expected to grow from 3% to 5% in USD and are expected to grow 1% to 3% in constant currency. Cloud service and license support revenue growth for Q1 will be about the same as Q4 at 4% in constant currency and then climb through the year. As a result of the increased investment in the quarter, non-GAAP EPS in USD is expected to grow between 2% and 6% and be between $0.94 and $0.98 in USD. Non-GAAP EPS growth in constant currency is expected to be anywhere from negative to positive 2% and be between $0.91 and $0.95 in constant currency. Now my EPS guidance assumes a base tax rate of 19%. However, onetime events could cause actual rates for any given quarter to vary, but I expect to normalize for these onetime events, our tax rate will average around 19-or-so.

按美元計算，第一季度的總收入預計將從 3% 增長到 5%，按固定匯率計算預計增長 1% 到 3%。第一季度的雲服務和許可支持收入增長將與第四季度大致相同，按固定匯率計算為 4%，然後全年攀升。由於本季度投資增加，以美元計算的非 GAAP 每股收益預計將增長 2% 至 6%，以美元計算為 0.94 美元至 0.98 美元。按固定匯率計算，非 GAAP 每股收益增長預計為負 2% 至正 2%，按固定匯率計算在 0.91 美元至 0.95 美元之間。現在我的 EPS 指導假設基本稅率為 19%。然而，一次性事件可能會導致任何給定季度的實際稅率發生變化，但我預計這些一次性事件將正常化，我們的稅率將平均在 19 左右。

Finally, we want to thank our employees around the world for working so hard and staying focused on our customers and partners during this pandemic. And we also want to spend -- send particular thanks and warmest wishes to our employees in COVID hotspots who've been hit particularly hard in months and with whom we have been working very hard to support them, including providing vaccination. We just want to thank all of you and congratulate you all on a successful year and year-end, you've all been remarkable. So thank you.

最後，我們要感謝我們在世界各地的員工在這場大流行期間辛勤工作並始終專注於我們的客戶和合作夥伴。我們還想向我們在 COVID 熱點地區的員工致以特別的感謝和最熱烈的祝福，他們幾個月來受到的打擊特別嚴重，我們一直在與他們一起努力支持他們，包括提供疫苗接種。我們只想感謝你們所有人，並祝賀你們度過了一個成功的一年和年終，你們都非常出色。所以謝謝。

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

有了這個，我會把它交給拉里徵求他的意見。

Thanks, Safra, and great job. Your team delivered a spectacular Q4. Clearly, our strategy to develop cloud applications with cloud infrastructure is now beginning to drive top line revenue growth to go along with years of consistent double-digit earnings per share growth. Our strategy is as easy to explain as it is technically challenging to implement. That's a good thing, but if it wasn't hard to do, others would be able to do it.

謝謝，Safra，幹得好。您的團隊交付了出色的 Q4。顯然，我們使用雲基礎設施開發雲應用程序的戰略現在開始推動收入增長，以及多年來持續的兩位數每股收益增長。我們的策略很容易解釋，但實施起來在技術上具有挑戰性。這是一件好事，但如果不難做到，其他人也能做到。

Our strategy and applications depends on Oracle becoming the world's largest provider of cloud ERP systems. Then building upon that strong ERP foundation, we're going to expand into manufacturing, CRM and industry-specific applications. We are successfully executing this strategy. Oracle Fusion and NetSuite are now the world's 2 most popular cloud ERP systems. SAP, the leader in on-premise ERP, never rewrote their ERP system for the cloud. This has caused hundreds of customers to abandon SAP and migrate to Oracle Fusion ERP. That's already happened. But over the coming months, several more major banks and utilities and a lot of other companies will complete their Oracle Fusion implementation projects and go live on Fusion ERP. Oracle is taking massive amounts of share away from SAP ERP. It's crucial to our future.

我們的戰略和應用程序取決於 Oracle 成為全球最大的雲 ERP 系統提供商。然後，在強大的 ERP 基礎上，我們將擴展到製造、CRM 和行業特定的應用程序。我們正在成功執行這一戰略。 Oracle Fusion 和 NetSuite 現在是全球最受歡迎的 2 個雲 ERP 系統。本地 ERP 領域的領導者 SAP 從未為雲重寫他們的 ERP 系統。這導致數百名客戶放棄 SAP 並遷移到 Oracle Fusion ERP。那已經發生了。但在接下來的幾個月裡，更多的主要銀行和公用事業公司以及許多其他公司將完成他們的 Oracle Fusion 實施項目並開始使用 Fusion ERP。甲骨文正在從 SAP ERP 中奪走大量份額。這對我們的未來至關重要。

While our Fusion and NetSuite businesses have long been growing, we have also developed a complete new generation of cloud application suites. Our new manufacturing systems fully support and manage automated robotic factories. No one else does that. Our new cloud CRM applications help you sell more by fully automated Internet advertising, lead generation and qualification. Nobody else does that. And we're launching cloud application suites for 2 new industries, health care and state and local government. Our health care initiative is an outgrowth of the national public health management systems that we built to manage the COVID-19 vaccine clinical trials and vaccine distribution in the United States and in other countries around the world.

在我們的 Fusion 和 NetSuite 業務長期增長的同時，我們還開發了完整的新一代云應用程序套件。我們的新製造系統全面支持和管理自動化機器人工廠。沒有其他人這樣做。我們新的雲 CRM 應用程序通過完全自動化的互聯網廣告、潛在客戶生成和資格認證幫助您銷售更多產品。沒有其他人這樣做。我們正在為 2 個新行業推出雲應用程序套件，即醫療保健以及州和地方政府。我們的醫療保健計劃是我們為管理美國和世界其他國家/地區的 COVID-19 疫苗臨床試驗和疫苗分發而建立的國家公共衛生管理系統的產物。

In summary, our cloud application portfolio is more complete than other apps vendors and better integrated because almost all of our applications were developed internally, not acquired. Our infrastructure strategy depends on AI technology, specifically, neural networks and machine learning, that we use to develop second-generation autonomous cloud services, such as the Oracle Autonomous Database, the Oracle Autonomous Linux operating system and an array of autonomous cybersecurity defense bots that automatically identify and neutralize cyber attacks. All of Oracle's cloud applications then run within the defensive perimeter of Oracle's autonomous cloud infrastructure, the most reliable and secure platform in the world. And that's increasingly important in a world plagued by cyber warfare, data theft and ransomware.

總而言之，我們的雲應用程序組合比其他應用程序供應商更完整，集成度更高，因為我們幾乎所有的應用程序都是內部開發的，而不是收購的。我們的基礎設施戰略依賴於人工智能技術，特別是神經網絡和機器學習，我們用它們來開發第二代自治雲服務，例如 Oracle 自治數據庫、Oracle 自治 Linux 操作系統和一系列自治網絡安全防禦機器人自動識別和消除網絡攻擊。然後，Oracle 的所有云應用程序都在 Oracle 自主雲基礎設施的防禦範圍內運行，這是世界上最可靠、最安全的平台。在一個飽受網絡戰、數據盜竊和勒索軟件困擾的世界中，這一點變得越來越重要。

Oracle's autonomous database and other autonomous services eliminate human labor. No human labor means no human error or opportunity for human mischief. Autonomy makes computer systems and cars much safer and more reliable. The Oracle Autonomous Database offers 99.995% availability. That means only a few minutes of downtime a year. And we have 0 downtime security patching and upgrades, available today for infrastructure and very soon available for all of our applications.

Oracle 的自治數據庫和其他自治服務消除了人工勞動。沒有人工勞動意味著沒有人為錯誤或人為惡作劇的機會。自治使計算機系統和汽車更安全、更可靠。 Oracle 自治數據庫提供 99.995% 的可用性。這意味著每年只有幾分鐘的停機時間。我們有零停機安全補丁和升級，今天可用於基礎設施，很快可用於我們所有的應用程序。

Economics is also important. OCI has, by far, the best cost performance of any infrastructure hyperscaler. That's why so many service providers like Zoom have chosen to expand into OCI. OCI's cost performance is continuously getting better. Our new version of MySQL, the world's most popular open-source database, just got between 10 and 100x faster. And when you charge by the minute, every minute you don't use is money saved.

經濟學也很重要。到目前為止，OCI 在所有基礎架構超大規模應用程序中具有最佳性價比。這就是為什麼像 Zoom 這樣的許多服務提供商都選擇擴展到 OCI。 OCI的性價比不斷提高。我們新版本的 MySQL 是世界上最受歡迎的開源數據庫，速度提高了 10 到 100 倍。當您按分鐘收費時，您不用的每一分鐘都可以省錢。

Our new ARM microprocessors from technology partner Ampere delivers much better compute cost performance than either Intel or AMD and by far, the lowest energy usage of any server microprocessor in the world. So our latest infrastructure technologies are good for our applications, good for your budget, good for the health of the planet and very good for Oracle's future.

我們來自技術合作夥伴 Ampere 的新型 ARM 微處理器提供比英特爾或 AMD 更好的計算成本性能，並且是迄今為止世界上所有服務器微處理器中能耗最低的。因此，我們最新的基礎設施技術有利於我們的應用程序，有利於您的預算，有利於地球的健康，也有利於 Oracle 的未來。

Back to you, Safra.

回到你身邊，薩夫拉。

Thank you, Larry. Erica, if you could please now prepare the audience pool for questions.

謝謝你，拉里。埃里卡，如果可以的話，現在請準備好聽眾提問。

(Operator Instructions) Our first question comes from Mark Moerdler with Bernstein Research.

（操作員說明）我們的第一個問題來自 Bernstein Research 的 Mark Moerdler。

Congratulations on the -- to the team on a clean, nice quarter. I'd like to try to get some more color on the drivers of the success of the Oracle Cloud ERP solution. Can you give us some more sense of how much of Oracle Fusion ERP is from new Oracle ERP customers? How much is international versus the U.S.? How much is large enterprise? Where is the sweet spot? Any color you can give to get a sense of what's really driving the growth, and how much of that is new to versus existing customers would be very helpful.

祝賀 - 團隊有一個乾淨，漂亮的季度。我想嘗試更多地了解 Oracle 雲 ERP 解決方案成功的驅動因素。您能否讓我們更清楚地了解有多少 Oracle Fusion ERP 來自新的 Oracle ERP 客戶？國際對美國多少錢？大企業多少錢？甜蜜點在哪裡？您可以給出任何顏色來了解真正推動增長的因素，以及其中有多少是新客戶與現有客戶相比，這將非常有幫助。

Yes. This is Larry. There are more new customers than upgrades from on-premise ERP with Oracle Fusion. So it's probably about 60-40, or in the 60s, it's probably not quite 2:1, new customers, but most of the -- a majority of the business is coming from new customers. We're also upgrading our installed base of the E-Business Suite and PeopleSoft and JD Edwards to Fusion. But again, more revenue is coming from new customers, in for customers, people like that, they're coming from our on-premise installed base. So that's really the trend. And we think that trend is actually going to accelerate in favor of new customers because the SAP migration phenomena is relatively recent in the last 12 months, over the last 2 years, but it's really accelerating now in the last 12 months. So we think that's going to hold.

是的。這是拉里。新客戶多於使用 Oracle Fusion 從本地 ERP 升級的客戶。所以它可能大約是 60-40，或者在 60 年代，它可能不是 2：1，新客戶，但大部分 - 大部分業務來自新客戶。我們還將電子商務套件、PeopleSoft 和 JD Edwards 的安裝基礎升級到 Fusion。但同樣，更多的收入來自新客戶，對於客戶，像這樣的人，他們來自我們的內部安裝基礎。所以這確實是趨勢。我們認為這種趨勢實際上會加速，有利於新客戶，因為 SAP 遷移現像在過去 12 個月、過去 2 年中相對較新，但在過去 12 個月中確實在加速。所以我們認為這會持續下去。

So another way to look at it is, it's a very -- as people migrate to Oracle Fusion ERP and smaller companies migrate to NetSuite ERP, these are both enormous businesses. Fusion ERP, I mean, certainly much bigger than $10 billion -- and NetSuite's bigger than $10 billion

因此，另一種看待它的方式是，當人們遷移到 Oracle Fusion ERP 和較小的公司遷移到 NetSuite ERP 時，它們都是巨大的業務。 Fusion ERP，我的意思是，肯定比 100 億美元大得多——而 NetSuite 的價值超過 100 億美元

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probably bigger than $20 billion as these businesses mature.

隨著這些業務的成熟，可能超過 200 億美元。

Yes. And as far as where it's happening, I have to tell you, it is so broad-based. It is a worldwide phenomenon for us. Our Fusion, NetSuite are just chugging along. It was an incredible Q4 and Q1 looks enormous. So imagine bookings are way up, and there's just a lot of success. We have so many customers that have gone live. So we have references from some of the largest companies in the world to really small or medium-sized companies that it's pretty consistent, almost any prospect can find many companies just like it already being incredibly successful.

是的。至於它發生的地方，我必須告訴你，它的基礎非常廣泛。對我們來說，這是一個世界性的現象。我們的 Fusion 和 NetSuite 進展順利。這是一個令人難以置信的第四季度，第一季度看起來很大。想像一下，預訂量一路攀升，而且取得了很大的成功。我們有很多已經上線的客戶。因此，我們從世界上一些最大的公司到真正的中小型公司的參考資料都是非常一致的，幾乎任何潛在客戶都可以找到許多公司，就像它已經取得了令人難以置信的成功一樣。

And I think that, frankly, the pandemic taught many of our prospects and customers that moving quickly is really required these days. I think that folks used to think moving quickly is risky. I think they really saw that they had to move to much more modern flexible digital businesses. And that we are the destination for them for the back office, without a doubt.

而且我認為，坦率地說，大流行告訴我們的許多潛在客戶和客戶，如今確實需要快速行動。我認為人們曾經認為快速行動是有風險的。我認為他們真的看到他們必須轉向更加現代靈活的數字業務。毫無疑問，我們是他們後台辦公室的目的地。

I'd like to add 1 thing. We almost never lose a competitive ERP deal in the cloud. Virtually never.

我想補充一件事。我們幾乎從未在雲中失去過具有競爭力的 ERP 交易。幾乎從來沒有。

And our next question is from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

And congratulations on another year of 20% -- or a year 20% plus earnings growth. And frankly, nice to see the stock starting to reflect the durability of earnings growth you guys have seen over the past couple of years, so it's nice to see that.

祝賀又一年實現了 20% 的增長——或者一年超過 20% 的盈利增長。坦率地說，很高興看到這隻股票開始反映你們在過去幾年中看到的盈利增長的持久性，所以很高興看到這一點。

I wanted to dig in a little bit on the infrastructure side of the equation. In particular, OCI. Another quarter of, I think you said, 103% growth in OCI consumption. Can you dig in a little bit on sort of what are the workloads that are being done on OCI? Is this just all Oracle database workloads? We know there's a lot of those out there that just run so well on OCI. Or is there a broader perspective of the big workloads that guys are bringing over, not looking for commentary on any specific customer, but just broadly, what do you see in this space? Where do you guys do well? Where do you win with OCI?

我想深入了解等式的基礎設施方面。特別是 OCI。另一個季度，我想你說過，OCI 消費增長了 103%。您能否深入了解一下在 OCI 上完成的工作負載是什麼？這只是所有 Oracle 數據庫工作負載嗎？我們知道其中有很多在 OCI 上運行得非常好。或者是否對人們帶來的大工作量有更廣泛的看法，不是尋找對任何特定客戶的評論，而是廣泛地，你在這個領域看到了什麼？你們哪裡做得好？ OCI 的優勢在哪裡？

Okay. I mean it's really easy to remember. About half of it's database, half of it is everything else. So on the everything else, I mean, the database you understand, they're lifting and shifting existing database workloads and developing new Oracle database workloads on OCI. The other thing varies from things like Zoom, who have moved over, but also in simulations, and we're very, very good at running simulation software. So almost -- so a large number of car companies have moved all of their fast simulations to the Oracle Cloud because we do it faster and cheaper than any other cloud.

好的。我的意思是它真的很容易記住。大約一半是數據庫，一半是其他一切。因此，在其他一切方面，我的意思是，你了解的數據庫，他們正在提升和轉移現有的數據庫工作負載，並在 OCI 上開發新的 Oracle 數據庫工作負載。另一件事與 Zoom 之類的東西不同，他們已經搬過來了，但也在模擬方面，我們非常非常擅長運行模擬軟件。幾乎 - 大量汽車公司已將他們所有的快速模擬轉移到 Oracle 雲，因為我們比任何其他雲更快、更便宜。

So we have actually a pretty balanced portfolio right now, where we have the Oracle database contributing to half of the workloads running on -- running in OCI and the other half is a variety of new customers doing new applications, not database related.

因此，我們現在實際上擁有一個相當平衡的產品組合，其中 Oracle 數據庫貢獻了一半的工作負載——在 OCI 中運行，另一半是各種新客戶在做新的應用程序，而不是與數據庫相關的。

Yes, and Keith, thank you. First of all, thank you for that. The reality is that any customer that is really focused on performance, security, like Larry mentions and cost, which happens to show up in many, many workloads. One of the areas we're doing particularly well are ISVs, who are obviously experts at running their workloads. They're in the business. And they are coming to us extensively, because they're really studying the benefits that we bring them. And of course, as I mentioned and as we never stopped mentioning, security with what's going on these days. You really have to be in a cloud that is basically obsessed with security while still giving you incredible performance at lower cost.

是的，還有基思，謝謝。首先，謝謝你。現實情況是，任何真正關注性能、安全性（如 Larry 提到的）和成本的客戶，恰好會出現在很多很多工作負載中。 ISV 是我們做得特別好的領域之一，他們顯然是運行其工作負載的專家。他們在做生意。他們廣泛地來找我們，因為他們真的在研究我們給他們帶來的好處。當然，正如我提到的，而且我們從未停止提及，這些天發生的事情的安全性。你真的必須在一個基本上痴迷於安全的雲中，同時仍然以更低的成本為你提供令人難以置信的性能。

I mean, once we are given a try, what happens is the workload comps, 1 workload comps, and it's usually followed by many others. And so it's -- we've got a lot of momentum, let's say.

我的意思是，一旦我們嘗試了，就會發生工作負載補償，1 個工作負載補償，並且通常緊隨其後的是許多其他人。所以它 - 我們有很大的動力，比方說。

And I want to emphasize one thing. I said it, but I want to say it again, is there are new Oracle workloads being developed, especially in the area of genomics, where there have been a number of new databases moved to Oracle and OCI, that track things like the genetic variants of COVID-19. And there are a number of these things. And you'll see a whole series of announcements coming out, where we've moved aggressively into health care and one of the big new applications for our database is just -- is tracking the genomics of pathogens. And those databases are being developed right on Oracle Autonomous Database from scratch.

我想強調一件事。我說過了，但我想再說一遍，是否正在開發新的 Oracle 工作負載，特別是在基因組學領域，那裡有許多新數據庫轉移到 Oracle 和 OCI，用於跟踪諸如遺傳變異之類的事情COVID-19。還有很多這樣的事情。你會看到一系列公告的發布，我們已經積極進入醫療保健領域，我們數據庫的一個重要的新應用程序就是——追踪病原體的基因組學。這些數據庫是在 Oracle 自治數據庫上從頭開始開發的。

Our next question comes from Derrick Wood with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Derrick Wood。

Congrats as well on a strong quarter. I've got one for Safra and one for Larry. Safra, in the past, you've talked about the potential revenue opportunity for the app space, if you were to migrate everybody to SaaS. So I wanted to ask about the database side and in particular, Exadata. Can you give us a sense of what the revenue potential or uplift could be if you shifted all Exadata customers to Cloud at Customer? And how you feel about the strength of those motions heading into the new fiscal year?

也祝賀一個強勁的季度。我有一份給 Safra，一份給 Larry。 Safra，過去，如果您要將所有人遷移到 SaaS，您曾談到應用程序領域的潛在收入機會。所以我想詢問有關數據庫方面的問題，尤其是 Exadata。如果您將所有 Exadata 客戶轉移到 Cloud at Customer，您能否告訴我們收入潛力或提升可能是什麼？您如何看待進入新財政年度的這些議案的力度？

And then for Larry, I mean as you guys push the drive adoption of Autonomous Database, should we think of Cloud at Customer being the biggest vehicle for adoption? Or what routes to market do you see working best?

然後對於 Larry，我的意思是當你們推動自治數據庫的驅動採用時，我們是否應該將客戶處的雲視為最大的採用工具？或者您認為哪種營銷途徑最有效？

Okay. Let me get it started, and then Larry can finish. So Derrick, I'm glad you asked, because when customers move from running their own dozen or 100 Exadatas, when it's time for a refresh or a new set, we prefer that they go to Cloud at Customer and -- or have a dedicated region. However, just so that you know since you all focus on the numbers, you have to understand that when we sell hardware, regular way, we recognize all that revenue once it's delivered, all that hardware is delivered.

好的。讓我開始吧，然後拉里可以完成。所以 Derrick，我很高興你問這個問題，因為當客戶不再運行他們自己的 12 或 100 個 Exadata 時，當需要更新或新的設置時，我們更希望他們在 Customer 上使用 Cloud - 或者有一個專門的地區。但是，您要知道，因為大家都關注數字，所以您必須了解，當我們以常規方式銷售硬件時，我們會在交付後確認所有收入，所有硬件都已交付。

But when we install Cloud at Customer, Exadata Cloud at Customer or dedicated region, we don't recognize that revenue upfront. And so -- and you don't even see that, that is all happening right now in our income statement and yet we're still growing. So as a general matter, first of all, it is much -- even though we believe we make around 3x, maybe more in revenue, in the case of Cloud at Customer, versus selling -- just selling the hardware, it can be anywhere from 3 to 5x, the customer actually ends up spending less because we manage their entire estate. We update their databases, et cetera, depending on what services they're using, and they get the benefit of always having capacity, always having the most up-to-date system, the most secure system and patched and fully managed by us. So though, ultimately, they give us significantly more money, 3 to 5x as much, in fact, they end up spending much less to maintain that estate. So for -- it's kind of a win-win because we're much more efficient, fully automated and saves them the immense amount of labor it takes to run these very critical production systems.

但是，當我們在客戶或專用區域安裝雲、Exadata 雲時，我們不會預先確認該收入。所以——你甚至看不到，這一切都在我們的損益表中發生，但我們仍在增長。因此，作為一般性問題，首先，它是很多——儘管我們相信我們賺了大約 3 倍，也許更多的收入，在客戶雲的情況下，而不是銷售——只是銷售硬件，它可以在任何地方從 3 倍到 5 倍，客戶實際上最終花費更少，因為我們管理他們的整個資產。我們根據他們使用的服務更新他們的數據庫等等，他們受益於始終擁有容量、始終擁有最新的系統、最安全的系統以及打補丁和完全由我們管理。因此，儘管最終他們給了我們更多的錢，是原來的 3 到 5 倍，但事實上，他們最終花在維護財產上的錢要少得多。所以對於 - 這是一種雙贏，因為我們效率更高，完全自動化並為他們節省了運行這些非常關鍵的生產系統所需的大量勞動力。

Okay. I guess Larry's question, what was it again, Derrick?

好的。我想 Larry 的問題是，又是什麼，Derrick？

It was around Autonomous Database and what's kind of the route to market to drive adoption. Is Cloud at Customer really the biggest vehicle? Or are there other routes that are working well, too?

它圍繞自治數據庫以及推動採用的市場途徑是什麼。 Cloud at Customer 真的是最大的工具嗎？或者還有其他運作良好的路線嗎？

Well, Autonomous Database only runs in the cloud. It does not run on-premise. It doesn't run on -- even at the Exadata appliance. It runs on customer or public cloud. So right now, the public cloud is the most popular route for Autonomous Database and Cloud at Customer is becoming more popular as people scale up. So -- but right now, the most popular way to use Autonomous Database is in the OCI public cloud.

好吧，自治數據庫只在雲端運行。它不在內部運行。它不運行——即使是在 Exadata 設備上。它在客戶或公共雲上運行。所以現在，公共雲是自治數據庫最流行的途徑，隨著人們規模的擴大，客戶雲變得越來越流行。所以——但現在，使用自治數據庫最流行的方式是在 OCI 公共雲中。

Our next question is from Kirk Materne with Evercore ISI.

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

I was wondering, Safra, could you just talk about sort of the performance in Europe this quarter? It looks like it bounced back nicely. And I guess, along those same lines, can you just talk about cloud adoption on certain (inaudible)

我想知道，Safra，你能談談本季度在歐洲的表現嗎？看起來它反彈得很好。而且我想，按照同樣的思路，你能談談某些（聽不清）的雲採用嗎？

Just maybe what you're seeing in the -- I assume you guys, just probably leading the charge. But what you're seeing in other regions, just following maybe close behind it.

也許你們在中看到的——我想你們可能只是帶頭衝鋒。但是你在其他地區看到的，可能緊隨其後。

Sure. So first of all, I have 2 new leaders in Europe, Middle East, Africa and have a very refreshed and new and really successful management team in Europe, and they are pretty much firing on all cylinders. It is extremely broad throughout Europe, Middle East, all of EMEA. I also tell you incredible strength worldwide. Latin America, doing phenomenally. Japan, doing phenomenally. As a result, JPAC doing very, very well, and of course, led by North America.

當然。所以首先，我在歐洲、中東、非洲有 2 位新領導，在歐洲有一個非常成功的新管理團隊，他們幾乎全速前進。它在整個歐洲、中東和整個歐洲、中東和非洲地區都非常廣泛。我還告訴你全世界不可思議的力量。拉丁美洲，表現出色。日本，表現出色。結果，JPAC 做得非常非常好，當然，由北美領導。

I have to tell you, it's been an amazing year. It was a phenomenal quarter, but truly an amazing year worldwide. And I'm more than satisfied, I am delighted by the results of the team. And for me, this was my first full year with the field. So I really applaud the team for doing a spectacular job worldwide.

我必須告訴你，這是了不起的一年。這是一個了不起的季度，但在全球範圍內確實是了不起的一年。我非常滿意，我對團隊的結果感到高興。對我來說，這是我在這個領域的第一個完整年。所以我真的很讚賞這個團隊在全球範圍內所做的出色工作。

Our final question comes from Raimo Lenschow with Barclays.

我們的最後一個問題來自巴克萊銀行的 Raimo Lenschow。

Safra, the one thing that was interesting that we didn't really talk that much about is your RPO and RPO growth. Can you talk about it again? Because like the growth there is actually even better than I see on the revenue line. And that to me, suggests that this wasn't just Q4. It looks like things are coming together broad-based in the coming quarters as well.

Safra，我們沒有真正談論太多的一件有趣的事情是您的 RPO 和 RPO 增長。你能再談談嗎？因為就像增長一樣，實際上比我在收入線上看到的還要好。對我來說，這表明這不僅僅是第四季度。在接下來的幾個季度裡，事情似乎也將廣泛地融合在一起。

Yes, Raimo, you are so right. Q4, but really, it's just coming together all around, the RPO. I'm glad you

是的，雷莫，你說得對。第 4 季度，但實際上，它只是圍繞著 RPO。我很高興你

(technical difficulty)

（技術難度）

really, really strong bookings are -- were truly enormous. Obviously, they don't show up in the income statement right away, but they -- the future is just so positive. And you might have heard me, I was hinting to that in my comments and one of the reasons we're so comfortable leaning into our investment because we really want to make sure we've got the capacity to take on the enormous amount of bookings that are flying in and that both were contracted during the year and are going online. And so we'll be recognized over this next year and beyond. But there is just an enormous backlog for us of customers that are going live and that will start consuming and we're very optimistic. So thank you so much for asking, and I'm glad you noticed that.

真的，非常強勁的預訂是 - 真的是巨大的。顯然，它們不會立即出現在損益表中，但它們 - 未來是如此積極。你可能聽說過我，我在評論中暗示了這一點，這也是我們如此樂於投入投資的原因之一，因為我們真的想確保我們有能力接受大量預訂正在飛來，並且都在年內簽約並且正在上線。因此，我們將在明年及以後得到認可。但是，對於我們正在上線的客戶來說，只有大量積壓，這些客戶將開始消費，我們非常樂觀。非常感謝你的提問，我很高興你注意到了這一點。

Thank you, Safra. If there are any questions coming out of this call, please feel free to call the Investor Relations hotline. Otherwise, I'll turn the call back to Erica for closing.

謝謝你，薩夫拉。如果對本次電話會議有任何疑問，請隨時撥打投資者關係熱線。否則，我會將電話轉回給 Erica 以關閉。

Thank you for joining today's Oracle's Fourth Quarter 2021 Earnings Conference Call. We appreciate your participation. You may now disconnect.

感謝您參加今天的 Oracle 2021 年第四季度收益電話會議。感謝您的參與。您現在可以斷開連接。