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.

歡迎參加甲骨文 2021 年第四季財報電話會議。現在，我想將今天的電話會議交給資深副總裁 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，Erica。大家下午好，歡迎參加甲骨文2021財年第四季及全年業績電話會議。新聞稿和財務報表（包含GAAP與非GAAP的對帳表及其他補充財務資訊）的副本可在我們的投資者關係網站查看和下載。此外，我們還將在我們的投資者關係網站上提供近期購買或上線Oracle雲端服務的眾多客戶名單。今天參加電話會議的有：董事長兼技術長拉里·艾里森；執行長薩弗拉·卡茲。

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，今天的討論將包含前瞻性陳述，例如預測、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。

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資訊或未來事件修改我們的業績或這些前瞻性陳述。在回答任何問題之前，我們將先準備幾句話。然後，我將把電話轉給薩夫拉。

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，Ken，大家下午好。我們再次提前公佈了財報。借助 Fusion ERP，我們現在提交季度和年度財務報表的速度比標普 500 指數中的任何其他公司都要快。這得益於高度自動化和機器學習的系統，它幫助我們更快地完成財務交易的會計。

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.

如你所見，我們度過了一個精彩的季度，營收比我的預期高出近2億美元。第四季度，每一款產品、每個地區和每項指標都超出預期。本季出色的全年業績歸功於我們全球的員工團隊，他們在過去一年中不間斷地為客戶提供支援。我們之所以取得成功，是因為我們持續提供一流的產品和服務（包括基礎設施和應用程式），幫助我們的客戶進行數位轉型，其中許多客戶因疫情而即時重塑自我。

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

我們今天報告的成長率完全是有機的，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.

相關產品組合的成長。本季雲端服務和授權支援總收入為 74 億美元，以美元運算成長 8%，以固定匯率運算成長 4%，這主要得益於 Fusion、自治資料庫和我們的 Gen2 OCI。應用程式訂閱收入為 30 億美元，以美元計算成長 11%，以固定匯率計算成長 7%。我們策略性的後台雲端應用程式本季的年化收入為 44 億美元，以固定匯率運算成長 32%，其中包括 Fusion ERP，成長 42%；NetSuite ERP，成長 22%；以及 Fusion HCM，成長 30%。我們的後台雲端應用程式收入不僅超過了我們最接近的競爭對手，而且成長速度是其兩倍多。

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%.

基礎建設訂閱收入為43億美元，以美元計算成長6%，以固定匯率計算成長2%。基礎設施雲端服務的年化收入目前超過23億美元。 OCI消費收入以固定匯率計算成長103%，自治資料庫成長56%，雲端和客戶收入成長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.

資料庫訂閱收入（包括資料庫支援和資料庫雲端服務）以美元計算成長8%，以固定匯率計算成長4%。客戶之所以選擇OCI，是因為它以最具競爭力的價格獨特地專注於性能和安全性。 OCI擁有高度差異化的自治資料庫，並且能夠靈活地部署Oracle雲，無論是在我們自己的資料中心（我們稱之為公有雲）還是在客戶的防火牆後（Cloud at Customer）部署。

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.

授權收入為21億美元，以美元計算成長9%，以固定匯率計算成長5%。因此，本季總營收為112億美元，以美元計算成長8%，以固定匯率計算成長4%。由於我們對雲端業務進行了大量投資，本季營運支出以固定匯率計算成長了6%。雖然您可以看到21財年營收成長的部分投資回報，但我們預期大部分回報將在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.

非公認會計準則 (Non-GAAP) 營業收入為 54 億美元，以美元計算成長 6%，營業利潤率為 49%。本季非公認會計準則稅率為 10.7%，低於我們 20% 的基準稅率，這歸因於本季一些單獨項目的影響。每股收益為 1.54 美元，以美元計算成長 29%，以固定匯率計算成長 22%。順便提一下，公認會計準則每股收益為 1.37 美元，以美元計算成長 39%，以固定匯率計算成長 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.

就整個財年而言，雲端服務和授權支援總收入為287億美元，以美元計算成長5%，以固定匯率計算成長3%。公司全年總營收為405億美元，以美元計算成長4%，以固定匯率計算成長2%。 21財年經常性雲端服務和授權支援收入占公司總收入的71%，高於去年的70%。我們預計，隨著雲端服務的成長和加速，這一趨勢將持續下去。非公認會計準則每股收益為4.67美元，以美元計算成長21%，以固定匯率計算成長18%，連續第四年實現兩位數獲利成長。

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.

全年營業利益率達47%，實際上是我們七年來的最佳業績，較去年的44%上升了245個基點。過去四個季度的營業現金流創下159億美元的新高，以美元計算成長了21%。我們的自由現金流也創下138億美元的新高，以美元計算增加了19%，全年資本支出為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.

回顧本季，營運現金流為48億美元，以美元計算成長34%，自由現金流為41億美元，較去年成長30%。此外，由於部分計劃用於第四季度的資本支出實際上已在過去兩週（即6月初）支出，因此自由現金流本應比去年同期減少約3000萬至3億美元。我們目前擁有超過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，以美元計算成長10%，以固定匯率計算成長5%。剩餘履約義務（RPO）餘額為413億美元，由於訂單強勁，以固定匯率計算成長8%。預計約60%的RPO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.

正如我之前多次提到的，我們致力於透過技術創新、策略性收購、股票回購、償還債務和股息來回報股東。本季度，我們回購了1.07億股，總計80億股。過去12個月，我們回購了3.29億股，總計210億股。過去10年，我們的流通股減少了44%以上。此外，過去12個月，我們派發了31億美元的股息。董事會宣布季度股息為每股0.32美元。

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.

現在談談業績指引。首先，我對2022財年營收成長的持續加速充滿信心。正如我過去兩年多次強調的那樣，隨著快速成長的雲端業務在我們總收入中所佔的比重不斷上升，我們的整體營收成長正在持續加速。我預計2022財年的總營收成長率將高於21財年，以固定匯率計算，營收成長率將達到中等個位數。鑑於我們對營收成長的信心不斷增強，以及我們獨特且差異化的市場地位，我們將以更大的速度重新投資於雲端業務，以進一步加速營收成長。

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.

我們也認為，雲端業務從根本上來說比本地部署業務更有利可圖。眾所周知，我們47%的非公認會計準則年度利潤率（這也是我們營運業務的基準），實際上是所有競爭對手中最高的。我們相信，現在是增加投資以搶佔市場份額的最佳時機。因此，我們預計2022財年的雲端資本支出將大致翻一番，達到近40億美元。我們相信，雲端業務的回報成長足以證明增加投資的合理性，並且我們的利潤率將隨著時間的推移而成長。

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，我來談談我對第一季的展望。我將以非公認會計準則 (Non-GAAP) 為基礎進行評估，假設匯率保持不變，那麼第一季的匯率變動應該會對總收入帶來約 2% 至 3% 的正向影響，對每股盈餘帶來 0.03 美元的正向影響。然而，匯率波動會導致實際影響有所不同。

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.

預計第一季總營收以美元計算將成長 3% 至 5%，以固定匯率計算則預期成長 1% 至 3%。第一季雲端服務和授權支援收入增幅將與第四季大致相同，以固定匯率計算為 4%，之後全年將持續攀升。由於本季投資增加，非 GAAP 美元每股收益預計將成長 2% 至 6%，即 0.94 至 0.98 美元。以固定匯率計算的非 GAAP 每股盈餘增幅預計在負 2% 至正 2% 之間，即 0.91 至 0.95 美元。現在，我的每股盈餘指引假設基準稅率為 19%。然而，一次性事件可能會導致任何特定季度的實際稅率發生變化，但我預計這些一次性事件會使稅率正常化，平均稅率將在 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，我們要感謝全球各地的員工，感謝他們在疫情期間辛勤工作，並始終專注於我們的客戶和合作夥伴。我們也要特別感謝那些在疫情熱點地區工作的員工，並向他們致以最誠摯的祝福。幾個月來，他們受到了特別嚴重的打擊，我們一直與他們密切合作，為他們提供支持，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新年，祝你們年末一切順利，你們都做得非常出色。謝謝你們。

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

說完這些，我會把話題交給拉里來徵求他的意見。

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，您做得太棒了！您的團隊在第四季度取得了輝煌的成績。顯然，我們利用雲端基礎設施開發雲端應用的策略現在開始推動營收成長，並持續多年保持兩位數的每股收益成長。我們的策略解釋起來很容易，但實施起來卻極具技術挑戰性。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.

我們的策略和應用取決於甲骨文能否成為全球最大的雲端 ERP 系統供應商。基於強大的 ERP 基礎，我們將拓展至製造業、客戶關係管理 (CRM) 和產業特定應用領域。我們正在成功執行這項戰略。 Oracle Fusion 和 NetSuite 現在是全球最受歡迎的兩大雲端 ERP 系統。作為本地 ERP 領域的領導者，SAP 從未為雲端重寫其 ERP 系統。這導致數百名客戶放棄 SAP 並遷移到 Oracle Fusion ERP。這種情況已經發生。但在接下來的幾個月裡，更多大型銀行、公用事業公司以及許多其他公司將完成其 Oracle Fusion 實施項目，並開始使用 Fusion ERP。甲骨文正在從 SAP ERP 手中奪走大量市場份額。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.

我們的 Fusion 和 NetSuite 業務長期以來一直在不斷發展，同時，我們也開發了全新一代的雲端應用套件。我們的全新製造系統全面支援和管理自動化機器人工廠。這是目前為止獨一無二的。我們全新的雲端 CRM 應用程式透過完全自動化的網路廣告、潛在客戶開發和資格認證，協助您提升銷售量。這是目前為止獨一無二的。此外，我們還將為兩個新產業——醫療保健以及州和地方政府——推出雲端應用套件。我們的醫療保健計劃源於我們為管理美國及世界其他國家的 COVID-19 疫苗臨床試驗和疫苗分發而構建的國家公共衛生管理系統。

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，我們的雲端應用程式組合比其他應用程式供應商更完整，整合度也更高，因為我們幾乎所有的應用程式都是內部開發的，而不是收購的。我們的基礎設施策略依賴人工智慧技術，具體來說是神經網路和機器學習，我們利用這些技術開發第二代自主雲端服務，例如 Oracle 自治資料庫、Oracle 自治 Linux 作業系統以及一系列能夠自動識別和抵禦網路攻擊的自主網路安全防禦機器人。所有 Oracle 雲端應用程式都在 Oracle 自治雲端基礎架構的防禦邊界內運行，這是全球最可靠、最安全的平台。在網路戰、資料竊取和勒索軟體肆虐的當今世界，這一點日益重要。

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 自治資料庫和其他自治服務消除了人工勞動。無需人工勞動意味著杜絕人為錯誤或人為破壞的機會。自治使電腦系統和汽車更加安全可靠。 Oracle 自治資料庫提供 99.995% 的可用性，這意味著每年僅幾分鐘的停機時間。此外，我們還提供零停機時間安全修補程式和升級，現已面向基礎設施推出，並將很快面向所有應用程式推出。

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.

經濟效益也很重要。迄今為止，OCI 在所有基礎設施超大規模提供者中擁有最佳的性價比。正因如此，像 Zoom 這樣的眾多服務提供者選擇擴展到 OCI。 OCI 的性價比正在持續提升。我們新版 MySQL（全球最受歡迎的開源資料庫）的速度提升了 10 到 100 倍。而且，按分鐘計費，您不用的每一分鐘都意味著節省成本。

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.

我們由技術合作夥伴 Ampere 提供的全新 ARM 微處理器，其運算成本效能遠超英特爾或 AMD，並且是迄今為止全球能耗最低的伺服器微處理器。因此，我們最新的基礎設施技術不僅有利於我們的應用程序，也有利於您的預算，有利於地球的健康，更有利於 Oracle 的未來。

Back to you, Safra.

回到你身邊，薩弗拉。

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

謝謝拉里。艾麗卡，請你現在準備觀眾提問的時間。

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

（操作員指示）我們的第一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

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.

恭喜團隊取得了一個乾淨俐落的季度業績。我想進一步了解Oracle雲ERP解決方案成功的驅動因素。您能否進一步說明一下，Oracle Fusion ERP中有多少來自新的Oracle ERP客戶？國際客戶和美國客戶分別佔比多少？大型企業客戶佔比多少？最佳增長點在哪裡？您能否提供一些信息，以幫助我們了解成長的真正驅動力，以及新客戶和現有客戶分別佔比多少？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，我是 Larry。新客戶數量比從 Oracle Fusion 本地 ERP 升級的客戶數量還多。所以新客戶數量大概是 60% 到 40% 左右，或是 60% 左右，可能不是 2:1，但大部分業務都來自新客戶。我們也將 E-Business Suite、PeopleSoft 和 JD Edwards 的現有客戶群升級到 Fusion。不過，更多的收入來自新客戶，對於像我這樣的客戶來說，他們來自我們的本地客戶群。所以這才是真正的趨勢。我們認為這種趨勢實際上會加速，有利於新客戶的成長，因為 SAP 遷移現像在過去 12 個月，也就是過去兩年出現得比較晚，但在過去 12 個月裡，它正在真正加速發展。所以，我們認為這種趨勢將會持續下去。

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

所以從另一個角度來看，這是一個非常巨大的市場——隨著人們遷移到 Oracle Fusion ERP，小公司遷移到 NetSuite ERP，它們都將成為巨大的業務。我的意思是，Fusion ERP 的規模肯定遠超過 100 億美元——而 NetSuite 的規模也遠遠超過 100 億美元。

[Audio Gap]

[音頻間隙]

probably bigger than $20 billion as these businesses mature.

隨著這些業務的成熟，其規模可能會超過 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。至於它發生在哪裡，我必須告訴你，它的影響範圍非常廣泛。對我們來說，這是一個全球現象。我們的Fusion和NetSuite都在穩定發展。第四季表現令人難以置信，第一季看起來也非常出色。想像一下，訂單量大幅成長，這真是個巨大的成功。我們有很多客戶已經上線了。因此，我們擁有來自全球一些大型公司和中小型公司的推薦，這種推薦相當一致，幾乎任何潛在客戶都能找到許多像我們一樣已經取得了巨大成功的公司。

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.

坦白說，我認為這場疫情讓我們的許多潛在客戶和客戶意識到，如今快速行動至關重要。我認為人們過去認為快速行動是有風險的。我認為他們真正意識到，他們必須轉向更現代化、更靈活的數位業務。毫無疑問，我們是他們後台部門的理想之選。

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

我想補充一點。我們幾乎從未在雲端失去任何有競爭力的 ERP 交易。幾乎從未。

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.

恭喜公司又一年獲利成長20%——或者說，一年獲利成長20%以上。坦白說，很高興看到股價開始反映出過去幾年獲利成長的持久性，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?

我想深入探討一下基礎設施方面的問題。特別是OCI。我記得您說過，OCI的消耗量在本季成長了103%。您能否詳細談談OCI上正在處理的工作負載有哪些？全部都是Oracle資料庫的工作負載嗎？我們知道有很多Oracle資料庫的工作負載在OCI上運作得很好。或者，您能從更廣泛的角度來看待這些公司帶來的大型工作負載？我並不希望針對任何特定客戶發表評論，只是大致了解一下，您如何看待這個領域？你們在哪些方面做得好？ OCI在哪些方面勝出？

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。這真的很容易記住。大約一半是資料庫，另一半是其他東西。所以，說到其他東西，我的意思是資料庫，他們正在提升和遷移現有的資料庫工作負載，並在 OCI 上開發新的 Oracle 資料庫工作負載。另一件事與 Zoom 等公司不同，他們已經遷移過來，但也在模擬方面，我們非常非常擅長運行模擬軟體。所以幾乎——所以很多汽車公司已經將他們所有的快速模擬遷移到了 Oracle 雲，因為我們比任何其他雲都更快、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，我們現在實際上有一個相當平衡的產品組合，其中 Oracle 資料庫佔 OCI 上運行的工作負載的一半，另一半是各種新客戶在開發新的應用程序，與資料庫無關。

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Keith，謝謝你。首先，謝謝你。事實上，任何真正關注性能、安全（就像Larry提到的）和成本的客戶，這些因素在許多工作負載中都會反映出來。我們做得特別好的領域之一是ISV，他們顯然是運作工作負載的專家。他們從事這個行業。他們大量地來找我們，因為他們正在認真研究我們能為他們帶來的好處。當然，正如我之前提到的，而且我們也一直在強調，考慮到目前的情況，安全性也至關重要。你真的需要一個對安全性極為重視的雲，同時也能以更低的成本提供令人難以置信的效能。

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，就會出現工作量對比，一個工作量對比，然後通常會接著出現很多其他的。所以，可以說，我們擁有很大的動力。

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.

我想強調一點。我已經說過了，但我還想再說一遍，那就是Oracle正在開發新的工作負載，尤其是在基因組學領域，許多新的資料庫已經遷移到Oracle和OCI，用於追蹤諸如COVID-19基因變異之類的資料。還有很多類似的數據。您將看到一系列公告發布，我們正在積極進軍醫療保健領域，我們資料庫的一個重要新應用是追蹤病原體的基因組學。這些資料庫都是在Oracle自治資料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?

也恭喜您本季業績強勁。我有兩個祝賀，一個是薩弗拉，一個是拉里。薩弗拉，您之前談過，如果把所有客戶遷移到SaaS平台，應用程式領域將面臨巨大的收入機會。所以我想問資料庫方面，特別是Exadata。您能否介紹一下，如果把所有Exadata客戶遷移到Cloud at Customer，收入潛力或成長會有多大？您如何看待這些措施在新財年中的力度？

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，當你們推動自治資料庫的採用時，我們是否應該將客戶雲端視為最大的採用載體？或是您認為哪些市場途徑最有效？

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。我先開始，然後Larry可以結束。 Derrick，很高興你問到這個問題，因為當客戶不再運行十幾台或上百台Exadata，需要更新或購買新設備時，我們更傾向於讓他們遷移到客戶雲，或者擁有一個專用區域。但是，既然大家都關注數字，你們必須明白，當我們以常規方式銷售硬體時，所有硬體交付後，我們才會確認所有收入。

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，當我們安裝客戶雲端、Exadata 客戶雲端或專用區域時，我們不會預先確認這部分收入。所以——你甚至看不到，這一切都發生在我們的損益表中，但我們仍在成長。所以總的來說，首先，雖然我們認為客戶雲端的收入大約是銷售硬體的 3 倍，甚至更多，但客戶最終的支出實際上更少，因為我們管理著他們的全部資產。我們會根據他們使用的服務更新他們的資料庫等等，他們受益於始終擁有容量、始終擁有最新系統、最安全的系統，並由我們進行修補程式修復和全面管理。所以，儘管最終他們為我們帶來了更多收益，是原來的 3 到 5 倍，但實際上，他們最終在維護這些資產方面的支出要少得多。因此，這是一種雙贏的局面，因為我們的效率更高、完全自動化，並為他們節省了運行這些關鍵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。我想這是拉里的問題了，德瑞克，你又問了什麼？

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?

會議圍繞著自治資料庫展開，探討如何透過市場化途徑推動其採用。客戶雲端真的是最大的載體嗎？還是還有其他有效的途徑？

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.

自治資料庫只能在雲端運行，無法在本地運行。它甚至無法在 Exadata 設備上運行。它只能在客戶雲端或公有雲上運作。所以目前，公有雲是自治資料庫最受歡迎的路徑，而隨著人們規模的擴大，客戶雲也越來越受歡迎。所以，目前，使用自治資料庫最受歡迎的方式是在 OCI 公有雲上。

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)

Safra，您能談談本季歐洲市場的表現嗎？看起來歐洲市場反彈勢頭良好。順著這個思路，您能談談某些雲端應用的情況嗎？ （聽不清楚）

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.

也許你們看到的是──我想你們可能引領了潮流。但你們在其他地區看到的是，你們可能緊跟在後。

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。首先，我在歐洲、中東和非洲都有兩位新領導，並且在歐洲擁有一支煥然一新、非常成功的管理團隊，他們幾乎全速前進。我們的業務範圍非常廣泛，遍及歐洲、中東和非洲地區。我還想說，我們在全球範圍內擁有令人難以置信的實力。拉丁美洲表現非凡。日本也同樣出色。因此，JPAC 也表現得非常出色，當然，北美市場也引領著我們。

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.

我必須告訴你們，這是令人驚嘆的一年。這是一個非凡的季度，但在全球範圍內，這確實是令人驚嘆的一年。我非常滿意，對團隊的成果感到非常高興。對我來說，這是我在這個領域工作的第一個完整年份。因此，我由衷地讚揚團隊在全球範圍內的出色表現。

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，有一件有趣的事情我們並沒有過多討論，那就是你們的RPO和RPO成長。能再談一下嗎？因為那裡的成長實際上比我看到的收入成長還要好。對我來說，這表明這不僅僅是第四季度的情況。看起來未來幾季的情況也會全面好轉。

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

是的，Raimo，你說得太對了。第四季度，但實際上，RPO 的各個方面都在整合。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.

預訂量真的非常強勁——非常巨大。當然，這些預訂量不會立即體現在損益表中，但未來前景一片光明。您可能已經聽到了，我之前的評論中就暗示過這一點，這也是我們如此放心投資的原因之一，因為我們真的想確保我們有能力承接大量的訂單，這些訂單既包括今年簽訂的訂單，也包括即將上線的訂單。因此，我們的業績將在明年及以後得到確認。但我們還有大量的客戶訂單即將上線，他們很快就會開始消費，我們對此非常樂觀。非常感謝您的提問，很高興您注意到了這一點。

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，Safra。如果您對本次電話會議有任何疑問，請隨時致電投資者關係熱線。否則，我會將電話轉回給 Erica 來結束本次電話會議。

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 年第四季財報電話會議。感謝您的參與。現在您可以斷開連線了。