甲骨文 (ORCL) 2021 Q3 法說會逐字稿

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

歡迎參加甲骨文（Oracle）2021 年第三季財報電話會議。現在我想把電話交給資深副總裁 Ken Bond。

Thank you, Erica. Good afternoon, everyone, and welcome to Oracle's Third Quarter 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 customers mentioned on this customer conference call as well as many others which have purchased Oracle Cloud services or went live on Oracle Cloud recently will be also available from the Investor Relations website. On the call today are Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz.

謝謝你，Erica。各位下午好，歡迎參加甲骨文 2021 會計年度第三季財報電話會議。新聞稿與財務表格（包含 GAAP 與非 GAAP 的調節表及其他補充財務資訊）可於我們的投資人關係網站瀏覽並下載。此外，本次客戶電話會議中提及的客戶名單，以及其他許多已購買甲骨文雲端服務或近期已在甲骨文雲端上線的客戶，也將可於投資人關係網站取得。今天與會者包括董事長兼技術長 Larry Ellison，以及執行長 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. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements being made today. As a result, we caution you against placing undue reliance on these forward-looking statements. And we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events.

提醒各位，今天的討論將包含前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將提出一些與本公司業務相關、可能影響這些前瞻性陳述的重要因素。前瞻性陳述存在風險與不確定性，可能導致實際結果與今日所作陳述有重大差異。因此，我們提醒各位不要過度依賴這些前瞻性陳述。並建議各位查閱我們最新的報告，包括 10-K、10-Q 及任何適用的修訂，以完整了解這些因素及其他可能影響我們未來業績或股價的風險。最後，基於新資訊或未來事件，我們不承擔修訂我們的結果或這些前瞻性陳述的義務。

We'll begin with a few prepared remarks, and then I'll turn the call over to Safra. Safra?

我們將先做幾點事先準備的說明，接著我會把電話交給 Safra。Safra？

Thanks, Ken, and good afternoon, everyone. We are again reporting earnings 10 days after the end of the fiscal quarter, faster than any other company in the S&P 500. Fusion Cloud ERP enables us to understand our business performance sooner and with greater insight, which is an advantage our customers are rapidly beginning to appreciate. As you can see, we had a great quarter and executed well against our growth plan. Revenue was in line with our USD guidance, while EPS beat the midpoint of guidance by $0.05.

謝謝你，Ken，各位下午好。我們再次在會計季度結束後 10 天就公布財報，比標普 500 指數中的任何其他公司都更快。Fusion Cloud ERP 讓我們能更早、並以更深入的洞察了解業務表現，這項優勢正快速受到客戶的重視。如各位所見，我們本季表現非常出色，並且很好地執行了我們的成長計畫。營收符合我們以美元計的指引，而每股盈餘（EPS）較指引中位數高出 0.05 美元。

Our total cloud services and license support revenue for the quarter was $7.3 billion, up 5% in U.S. dollars, 2% in constant currency, driven by Fusion, Autonomous Database and our Gen2 OCI cloud. Recurring revenue as a percentage of total revenue now represents 72% of total company revenue, and we anticipate this trend to continue as cloud services grow. Applications subscription revenues were $3 billion, up 5% in U.S. dollars, 3% in constant currency. Our strategic back office cloud applications now have annualized revenue of $4 billion and grew 24% this quarter, including Fusion ERP, up 27%; NetSuite ERP, up 22%; and Fusion HCM, up 21%.

本季雲端服務與授權支援總營收為 73 億美元，以美元計年增 5%，以固定匯率計年增 2%，成長動能來自 Fusion、自主資料庫（Autonomous Database）以及我們的第二代 OCI 雲端。經常性收入占總營收的比重目前為 72%，隨著雲端服務成長，我們預期此趨勢將持續。應用程式訂閱營收為 30 億美元，以美元計年增 5%，以固定匯率計年增 3%。我們的策略性後台雲端應用目前年化營收達 40 億美元，本季成長 24%，其中包括 Fusion ERP 成長 27%；NetSuite ERP 成長 22%；以及 Fusion HCM 成長 21%。

Infrastructure subscription revenues were $4.3 billion, up 4% in U.S. dollars, up 2% in constant currency. Infrastructure cloud services now have an annualized revenue of more than $2 billion, including OCI consumption revenue, which was up 123%. Autonomous Database was up 55%. Cloud customer consumption revenue was up over 200% but on small numbers. Database subscription revenues, including database support and database cloud services, were up 6% in U.S. dollars and up 3% in constant currency. License revenues were $1.3 billion, up 4% in U.S. dollars and unchanged in constant currency. So all in, total revenues for the quarter were $10.1 billion, up 3% in U.S. dollars, up slightly in constant currency.

基礎架構訂閱營收為 43 億美元，以美元計年增 4%，以固定匯率計年增 2%。基礎架構雲端服務目前年化營收超過 20 億美元，其中包含 OCI 用量型營收，年增 123%。自主資料庫成長 55%。雲端客戶用量型營收成長超過 200%，但基期較小。資料庫訂閱營收（包含資料庫支援與資料庫雲端服務）以美元計年增 6%，以固定匯率計年增 3%。授權營收為 13 億美元，以美元計年增 4%，以固定匯率計持平。綜合而言，本季總營收為 101 億美元，以美元計年增 3%，以固定匯率計小幅成長。

Operating expenses were down this quarter, and non-GAAP operating income was $4.8 billion, up 6% from last year. Q3 operating margin was 47% in USD, up 300 basis points from 44% last year and our best Q3 result in more than 10 years. The non-GAAP tax rate for the quarter was 16.7%, slightly below our base tax rate as a result of some discrete items. EPS was $1.16 in U.S. dollars, up 20% in U.S. dollars, up 16% in constant currency. GAAP EPS was $1.68 in USD, up 113% and up 104% in constant currency. In the quarter, the GAAP income statement was impacted by a onetime net tax benefit of approximately $2.3 billion related to the transfer of certain assets between subsidiaries. To facilitate comparison across periods, we have excluded the effect of this event from our non-GAAP calculation.

本季營業費用下降，非 GAAP 營業利益為 48 億美元，較去年成長 6%。第三季營業利益率以美元計為 47%，較去年 44% 提升 300 個基點，並創下 10 多年來最佳的第三季表現。本季非 GAAP 稅率為 16.7%，因若干一次性項目而略低於我們的基準稅率。每股盈餘（EPS）為 1.16 美元，以美元計年增 20%，以固定匯率計年增 16%。GAAP 每股盈餘為 1.68 美元，年增 113%，以固定匯率計年增 104%。本季 GAAP 損益表受到約 23 億美元的一次性淨稅務利益影響，該利益與在子公司之間移轉特定資產有關。為便於跨期間比較，我們已在非 GAAP 計算中排除該事件的影響。

Next, operating cash flow over the last 4 quarters was $14.7 billion, with capital expenditures of $1.9 billion and free cash flow in excess of $12.8 billion over the same period. For the quarter, operating cash flow was $3.7 billion, up 23%. And free cash flow was $3.3 billion, up 26% from last year. We now have nearly $36 billion in cash and marketable securities. The short-term deferred revenue balance was down in constant currency at $8.1 billion, while the short-term gross deferred revenue was up 4% in constant currency. As you know, the difference between the 2 growth rates is due entirely to timing differences in customer payments.

接著，過去 4 個季度的營運現金流為 147 億美元，資本支出為 19 億美元，同期自由現金流超過 128 億美元。就本季而言，營運現金流為 37 億美元，年增 23%。自由現金流為 33 億美元，較去年成長 26%。我們目前持有接近 360 億美元的現金與有價證券。短期遞延收入餘額以固定匯率計下降至 81 億美元，而短期遞延收入總額以固定匯率計成長 4%。如各位所知，這兩個成長率之間的差異完全是由客戶付款時點差異所致。

The remaining performance obligation, or RPO, balance is $35.3 billion, up 2% in constant currency versus last year. Approximately 61% is expected to be recognized as revenue over the next 12 months, up from 60% a year ago. As we've said before, we're committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and a dividend. And this quarter, we repurchased more than 64 million shares for a total of $4 billion. In addition, the Board of Directors increased the quarterly dividend 33% from $0.24 to $0.32 per share. The Board of Directors also authorized an additional $20 billion for the repurchase of Oracle shares.

剩餘履約義務（RPO）餘額為 353 億美元，較去年以固定匯率計成長 2%。其中約 61% 預計將在未來 12 個月內認列為營收，高於一年前的 60%。如同我們先前所說，我們致力於透過技術創新、策略性併購、股票回購、審慎運用負債以及股利，為股東創造並回饋價值。本季我們回購超過 6,400 萬股，總金額為 40 億美元。此外，董事會將季度股利提高 33%，由每股 0.24 美元提高至每股 0.32 美元。董事會亦核准額外 200 億美元，用於回購甲骨文股票。

As I mentioned last quarter, we experienced capacity constraints for OCI cloud services as customer workloads expanded dramatically. In addition, we continue to land many new customers including ISVs, and we have some very large users coming online shortly that will require significant amounts of capacity. As a result, we're investing aggressively this quarter, this Q4, both OpEx and CapEx to prepare for this increase in cloud consumption and associated revenue in FY '22. As such, we are going to target a 49% operating margin for Q4. This will enable us to continue to deliver double-digit earnings growth, once again, in FY '22 for the fifth year in a row.

如我在上一季所提到的，隨著客戶工作負載大幅擴張，我們在 OCI 雲端服務方面遭遇了產能限制。此外，我們持續拿下許多新客戶（包括 ISV），而且有一些非常大型的用戶即將上線，將需要大量的產能。因此，我們在本季、也就是本會計年度第四季（Q4），正積極加大投資，包括營運費用（OpEx）與資本支出（CapEx），以因應 FY '22 雲端使用量的提升及其帶來的相關營收。因此，我們將 Q4 的營業利益率目標訂為 49%。這將使我們能在 FY '22 再次實現雙位數的獲利成長，並且是連續第五年。

Now to the guidance. Again, my guidance today is on a non-GAAP basis and assumes current exchange rates remain the same as they are now, which is a 4% positive effect on total revenue and $0.07 positive effect on EPS in Q4. It will look -- it may look like a positive effect of $0.08 to EPS due to rounding, but it's $0.07. However, actual currency impact could be different, so here it goes.

接下來談財測指引。再次說明，我今天提供的指引是以非 GAAP 基礎編製，並假設目前匯率維持不變；在 Q4，這將對總營收帶來 4% 的正面影響，並對每股盈餘（EPS）帶來 0.07 美元的正面影響。由於四捨五入，看起來可能像是對 EPS 有 0.08 美元的正面影響，但實際是 0.07 美元。不過，實際的匯率影響可能不同，以下是指引內容。

Total revenues are expected to grow from 5% to 7% in U.S. dollars and are expected to grow 1% to 3% in constant currency. Cloud service and license support will grow faster than in Q3 as well as strategic back office cloud applications. As a result of the increased investment in the quarter, non-GAAP EPS in USD is expected to grow 7% to 11% and be between $1.28 and $1.32 in USD. Non-GAAP EPS in constant currency is expected to be flat to up 4% and be between $1.20 and $1.24 in constant currency. CapEx for Q4 is expected to be $1 billion. My EPS guidance for Q4 assumes a base rate of 19%. However, onetime tax events could cause actual tax rates for any given quarter to vary. But I expect that in the normalizing for these onetime tax events, our tax rate will average around 19% or so.

總營收預期以美元計將成長 5% 至 7%，以固定匯率計預期成長 1% 至 3%。雲端服務與授權支援的成長將快於 Q3，策略性後台雲端應用亦然。由於本季投資增加，以美元計的非 GAAP EPS 預期成長 7% 至 11%，介於 1.28 美元至 1.32 美元。以固定匯率計的非 GAAP EPS 預期持平至成長 4%，介於 1.20 至 1.24（固定匯率）。Q4 的資本支出（CapEx）預期為 10 億美元。我對 Q4 的 EPS 指引假設基準稅率為 19%。然而，一次性稅務事件可能使任何單一季度的實際稅率有所波動。但我預期在將這些一次性稅務事件影響正常化後，我們的稅率平均約在 19% 左右。

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

接下來，我把時間交給 Larry 發表他的評論。

Thank you, Safra. Three months ago, Bob Evans posted an article on the Cloud Wars website in which he quotes SAP's CFO Luka Mucic making the following statement at an investors conference, and I quote, "I have checked and we have not lost a single ERP customer to Oracle." In other words, after personally checking, SAP's Chief Financial Officer could not find a single example of an SAP ERP customer moving to Oracle Fusion ERP. Not one. Perhaps he should have checked a little bit more carefully.

謝謝你，Safra。三個月前，Bob Evans 在 Cloud Wars 網站發表了一篇文章，文中引用 SAP 的 CFO Luka Mucic 在一場投資人會議上的以下說法，我引用原話：「我已經查核過，我們沒有失去任何一位 ERP 客戶給 Oracle。」換句話說，在親自查核之後，SAP 的財務長找不到任何一個 SAP ERP 客戶轉移到 Oracle Fusion ERP 的例子。一個都沒有。也許他應該查得更仔細一些。

In Q3 alone, we signed contracts totaling hundreds of millions of dollars to migrate several very large SAP ERP customers to Oracle Fusion ERP. But this was not just a recent Q3 event. This has been going on for a couple of years. I'm now going to go and present a list of over 100 companies and government agencies that have already moved from SAP ERP to Fusion ERP or are currently in the process of doing so.

僅在 Q3，我們就簽下總額達數億美元的合約，將數家非常大型的 SAP ERP 客戶遷移至 Oracle Fusion ERP。但這不只是最近 Q3 才發生的事。這已經持續了好幾年。我現在要提出一份名單，列出超過 100 家企業與政府機構，這些單位已經從 SAP ERP 轉移到 Fusion ERP，或正在轉移的過程中。

I've divided the list of SAP customers who are moving to Oracle Fusion ERP into 2 distinct groups. I want to be very precise here. The first group is moving their entire company to the Fusion ERP suite, including core financials. That's Oracle wall to wall. The second group has started deploying Fusion ERP applications but has not yet put in the entire suite and may still be running SAP financials in some places. They've begun the migration, but they're not committed to doing the entire suite as yet or they're not in the process of doing the entire suite as yet. Okay. So let me go to start the list.

我把正在轉移到 Oracle Fusion ERP 的 SAP 客戶名單分成兩個明確的群組。我在這裡要非常精確。第一個群組是把整家公司全面移轉到 Fusion ERP 套件，包括核心財務。也就是 Oracle 全面覆蓋、從頭到尾。第二個群組已開始部署 Fusion ERP 應用，但尚未導入完整套件，且在某些地方可能仍在使用 SAP 財務。他們已開始遷移，但目前尚未承諾要導入完整套件，或尚未在進行完整套件的導入。好。那我開始列名單。

TTX Company, an industrial manufacturer of railcars in North America, replaced out all of SAP ERP with Oracle Fusion, including financial accounting, procurement -- let's see, enterprise performance management, supply chain, HCM, everything, with the Fusion cloud, complete replacement of SAP ERP to Fusion ERP. G4S plc, a security services firm and that's the world's largest security company by revenue, complete replacement of SAP R/3 with Oracle ERP and Oracle HCM.

TTX Company，一家北美鐵路車廂的工業製造商，以 Oracle Fusion 全面取代 SAP ERP，包括財務會計、採購——還有企業績效管理、供應鏈、HCM，所有一切都用 Fusion 雲端，將 SAP ERP 完整替換為 Fusion ERP。G4S plc，一家保全服務公司，也是以營收計全球最大的保全公司，以 Oracle ERP 與 Oracle HCM 全面取代 SAP R/3。

First Solar, North America's only remaining maker of solar panels in the United States, replaced SAP's S/4HANA, Ariba, Concur, third-party apps, all of SAP ERP with Oracle Fusion ERP, Oracle Fusion EPM, Oracle Fusion HCM and supply chain management. Transit Wireless, a North American telco, completely replaced out SAP R/3 with Oracle Fusion ERP and Oracle Fusion HCM.

First Solar，美國境內北美僅存的太陽能板製造商，以 Oracle Fusion ERP、Oracle Fusion EPM、Oracle Fusion HCM 與供應鏈管理，取代 SAP 的 S/4HANA、Ariba、Concur、第三方應用，以及所有 SAP ERP。Transit Wireless，一家北美電信公司，以 Oracle Fusion ERP 與 Oracle Fusion HCM 完全取代 SAP R/3。

West Sussex County Council, complete SAP replacement with Oracle ERP, Oracle HCM and Oracle EPM. ERP, [ML], HCM -- EPM is Oracle Enterprise Performance Management. Complete wall to wall Oracle at West Sussex County Council. No more SAP. CEMEX, a concrete company in Mexico, completely replaced SAP with Oracle ERP and supply chain. Niagara Bottling, a North American beverage manufacturer private label bottled water, replaced SAP with Oracle ERP, supply chain, transportation management, et cetera.

West Sussex County Council，以 Oracle ERP、Oracle HCM 與 Oracle EPM 完全取代 SAP。ERP、[ML]、HCM——EPM 指的是 Oracle 企業績效管理（Oracle Enterprise Performance Management）。West Sussex County Council 全面採用 Oracle，從頭到尾。不再使用 SAP。CEMEX，一家墨西哥的混凝土公司，以 Oracle ERP 與供應鏈完全取代 SAP。Niagara Bottling，一家北美飲料製造商（自有品牌瓶裝水），以 Oracle ERP、供應鏈、運輸管理等取代 SAP。

New Zealand Inland Revenue, complete SAP R/3 replacement with Oracle ERP and Oracle HCM. University of the Andes in Latin America, the #1 university in Colombia, complete replacement of -- had SAP for 10 years, replaced it with Oracle ERP, HCM, EPM, supply chain, sales, everything. Bip&Drive, a travel and transportation company in EMEA, electronic toll payment provider for the roadways in Spain, again, replaced -- was offered a free S/4HANA upgrade, instead chose Oracle Fusion Cloud.

紐西蘭稅務局（New Zealand Inland Revenue），以 Oracle ERP 與 Oracle HCM 完全取代 SAP R/3。拉丁美洲安地斯大學（University of the Andes），哥倫比亞排名第一的大學——使用 SAP 10 年後，改以 Oracle ERP、HCM、EPM、供應鏈、銷售等全面取代，涵蓋所有項目。Bip&Drive，一家 EMEA 的旅遊與運輸公司、也是西班牙道路電子收費支付服務提供商，同樣地——原本被提供免費的 S/4HANA 升級，但改選擇 Oracle Fusion Cloud。

GE Grid Software, an industrial manufacturer, software for utilities and power transmissions, complete SAP replacement with Oracle ERP Fusion Cloud. Postcon, let's see, the second largest mail carrier in Germany, SAP complete replacement of RP, replaced them with Oracle Fusion ERP and the cloud plus supply chain management. Birmingham City Council, complete SAP replacement using Oracle ERP, Oracle HCM. They're the biggest city council in the U.K.

GE Grid Software，一家工業製造商，提供公用事業與電力輸電的軟體，以 Oracle ERP Fusion Cloud 完全取代 SAP。Postcon，讓我看看，德國第二大郵件承運商，SAP 的完整替換——把 RP 全部換成 Oracle Fusion ERP 與雲端，並加上供應鏈管理。Birmingham City Council，以 Oracle ERP、Oracle HCM 完全取代 SAP。他們是英國最大的市議會。

Metro Pacific Tollways Corporation, a toll road developer in Asia, SAP replacement -- got rid of SAP and replaced it with Oracle ERP and Oracle EPM. Africa World Airways (sic) [Africa World Airlines] replaced SAP with Oracle ERP, EPM, HCM, sales, service and marketing. Batelco, that's the Bahrain Telecom Company, they have been running SAP for a decade, and they moved to Fusion Cloud ERP, EPM and SCM. The -- let's see, a European logistics and applied engineering group. Actually the name -- they don't want their name specifically mentioned. They're the largest private company in Belgium. And they completely replaced SAP R/3, and they thought the cost of moving to S/4HANA in the cloud was much too high and they instead went with Oracle Fusion ERP.

Metro Pacific Tollways Corporation，亞洲的收費公路開發商，進行 SAP 替換——移除 SAP 並以 Oracle ERP 與 Oracle EPM 取代。Africa World Airways（原文如此）[Africa World Airlines] 以 Oracle ERP、EPM、HCM、銷售、服務與行銷取代 SAP。Batelco，也就是巴林電信公司，他們已運行 SAP 長達十年，並轉移至 Fusion Cloud ERP、EPM 與 SCM。這家——我看看，一家歐洲的物流與應用工程集團。其實名稱——他們不希望特別提及公司名稱。他們是比利時最大的私人公司。他們完全替換了 SAP R/3，並認為遷移到雲端 S/4HANA 的成本過高，因此改採用 Oracle Fusion ERP。

Tical Logistica, a logistics company in Latin America, had SAP replaced with Oracle ERP, SCM and sales. FedEx had SAP ERP in some places and Oracle ERP in some places. They've replaced out all of the -- they're in the process of replacing out all of the SAP ERP and standardizing on Oracle Fusion ERP and supply chain management. Grupo Bimbo had SAP in some divisions and Oracle in other divisions. They're replacing out all of the SAP and standardizing on Oracle Fusion ERP and supply chain management.

Tical Logistica，一家拉丁美洲的物流公司，以 Oracle ERP、SCM 與銷售取代 SAP。FedEx 在某些地點使用 SAP ERP，在某些地點使用 Oracle ERP。他們已經替換掉所有——他們正在替換所有 SAP ERP，並標準化採用 Oracle Fusion ERP 與供應鏈管理。Grupo Bimbo 在某些事業部使用 SAP，在其他事業部使用 Oracle。他們正在替換所有 SAP，並標準化採用 Oracle Fusion ERP 與供應鏈管理。

Western Digital, complete replacement. They had SAP -- Western Digital had SAP at SanDisk. They had SAP at HGST. Replaced all of that out and have standardized on Oracle Fusion ERP in the cloud. DP World, they had SAP S/4HANA, SAP HR R/3. They eliminated all of that. They're -- by the way, they're an EMEA marine terminal operator. They're located in EMEA. They're global. They replaced out all of their SAP and standardized on Oracle Fusion ERP in the cloud. Cohu, they're a semiconductor test and handling equipment company in North America. They had a combination of Oracle ERP and SAP ERP, replaced out all of the SAP ERP and have standardized on Oracle.

Western Digital，全面替換。他們有 SAP——Western Digital 在 SanDisk 使用 SAP。他們在 HGST 使用 SAP。把這些全部替換掉，並已標準化採用雲端的 Oracle Fusion ERP。DP World，他們有 SAP S/4HANA、SAP HR R/3。他們把這些全部淘汰。順帶一提，他們是 EMEA 的海運碼頭營運商。他們位於 EMEA。他們是全球性企業。他們替換掉所有 SAP，並標準化採用雲端的 Oracle Fusion ERP。Cohu，他們是北美的半導體測試與搬運設備公司。他們同時使用 Oracle ERP 與 SAP ERP，替換掉所有 SAP ERP，並標準化採用 Oracle。

This one is interesting. They don't want their name mentioned. They're a huge European -- North American and European manufacturer of ATMs. And they've replaced out all of SAP in the German subsidiary -- well, actually throughout the world. And they standardized on Fusion ERP, SCM and HCM, and they've added Oracle performance management, Fusion performance management. Let's see. Another company whose name doesn't want to be mentioned. Let's see. They're a high tech manufacturer in North America. They replaced out SAP R/3, ERP, HCM and standardized on Oracle Fusion in the cloud.

這個很有意思。他們不希望提及公司名稱。他們是一家規模龐大的歐洲——北美與歐洲的 ATM 製造商。他們在德國子公司——其實是全球範圍內——替換掉所有 SAP。並標準化採用 Fusion ERP、SCM 與 HCM，且新增了 Oracle 績效管理（Fusion 績效管理）。我看看。另一家公司也不希望提及名稱。我看看。他們是北美的一家高科技製造商。他們替換掉 SAP R/3、ERP、HCM，並標準化採用雲端的 Oracle Fusion。

albelli group, they are a manufacturer of photo products in the U.K. They're replacing SAP with, guess what, Fusion ERP. CONSOL Energy, utilities company in Pittsburgh, replaced out SAP with Oracle Fusion in the cloud. Enbridge. Enbridge is an oil and gas multinational based in Calgary, Canada, replaced out all of SAP with Oracle Fusion ERP.

albelli group，他們是英國的相片產品製造商。他們正在以——你猜怎麼著——Fusion ERP 取代 SAP。CONSOL Energy，匹茲堡的公用事業公司，以雲端的 Oracle Fusion 取代 SAP。Enbridge。Enbridge 是一家總部位於加拿大卡加利的跨國油氣公司，以 Oracle Fusion ERP 取代所有 SAP。

Gemini Industries -- Gemini Energy. They're in LAD. They're an energy transmission system, the largest in Brazil, with substations all across Brazil, replaced SAP with Fusion ERP. GoodStorage in Latin America, a self-storage company in Brazil, again, got rid of SAP, put in Fusion ERP. Grupo Globo. They're a media and entertainment -- Latin America's largest media and entertainment company, replaced SAP with Oracle ERP and HCM, standardized on Oracle ERP and HCM.

Gemini Industries——Gemini Energy。他們在 LAD。他們是能源輸電系統，為巴西最大，變電站遍布巴西各地，以 Fusion ERP 取代 SAP。拉丁美洲的 GoodStorage，一家位於巴西的自助倉儲公司，同樣移除 SAP，導入 Fusion ERP。Grupo Globo。他們是媒體與娛樂——拉丁美洲最大的媒體與娛樂公司，以 Oracle ERP 與 HCM 取代 SAP，並標準化採用 Oracle ERP 與 HCM。

IQVIA, complete SAP replacement. They're a manufacturing pharmaceutical company in North America. They've moved away from SAP, standardizing on Fusion in the cloud. Corian, a health care company in EMEA, long-term care nursing homes, 300,000 senior citizens across Western Europe, replaced SAP with Oracle Fusion.

IQVIA，全面替換 SAP。他們是北美的製藥製造公司。他們已從 SAP 轉移，並標準化採用雲端的 Fusion。Corian，EMEA 的一家醫療保健公司，長期照護護理之家，遍及西歐、服務 30 萬名高齡者，以 Oracle Fusion 取代 SAP。

NatWest Group. NatWest Group includes NatWest, ABN AMRO, Royal Bank of Scotland, Ulster Bank and more. They had a combination of Oracle ERP and SAP ERP. They're replacing out all of the SAP ERP and standardizing on Oracle Fusion in the cloud. Wind Tre. Wind Tre is a telecommunications company, the largest mobile operator in Italy. Again, completely replacing out SAP with Oracle Fusion ERP, SCM and EPM.

NatWest Group。NatWest Group 包括 NatWest、ABN AMRO、Royal Bank of Scotland、Ulster Bank 等。他們同時使用 Oracle ERP 與 SAP ERP。他們正在替換所有 SAP ERP，並標準化採用雲端的 Oracle Fusion。Wind Tre。Wind Tre 是一家電信公司，為義大利最大的行動營運商。同樣地，完全以 Oracle Fusion ERP、SCM 與 EPM 取代 SAP。

Okay. Now I'm going to go into the second group of companies, and these are companies that have started putting in Oracle Fusion modules but have yet -- they have not replaced core financials as yet. So they're buying our supply chain. They're buying our procurement. They're buying our transportation management. They're buying our global trade management. But they have not yet bought Oracle Financials, so I want to be very specific. But they are buying lots and lots of Fusion products.

好。現在我要進入第二組公司：這些公司已開始導入 Oracle Fusion 模組，但尚未——他們尚未替換核心財務。所以他們在採購我們的供應鏈。他們在採購我們的採購（Procurement）。他們在採購我們的運輸管理。他們在採購我們的全球貿易管理。但他們尚未採購 Oracle Financials，所以我想非常明確地說明。不過他們正在採購非常多的 Fusion 產品。

GN airlines; Apollo Tyres; Akamai, an adhesive solutions company in the U.K.; Aarhus Kommune, they're a municipality in Central Denmark. Caesars Enterprise Services. To give you an idea, they bought procurement and supply chain, big hospitality company obviously in North America.

GN airlines；Apollo Tyres；Akamai，英國的一家黏著解決方案公司；Aarhus Kommune，他們是丹麥中部的一個市政單位。Caesars Enterprise Services。讓你有個概念，他們採購了採購與供應鏈——顯然是北美一家大型旅宿（Hospitality）公司。

Cepheid, a Danaher, a product life -- they bought product life cycle management. They're a health care company. Department of Education and Training in Australia bought procurement. DHL with an SAP replacement in some countries. So some countries are still running SAP. But the new implementations that are going in are -- in other countries, not in Germany as yet, in other countries are Oracle Fusion ERP.

Cepheid，一家 Danaher 旗下公司——他們採購了產品生命週期管理。他們是一家醫療保健公司。澳洲教育與培訓部採購了採購（Procurement）。DHL 在某些國家進行 SAP 替換。因此有些國家仍在運行 SAP。但正在導入的新實施——在其他國家（目前還不包括德國）——採用的是 Oracle Fusion ERP。

Dow bought supply chain management and transportation management. FEMSA bought -- replaced all of SAP in some of their subsidiaries and bought supply chain warehouse management, supply chain planning, ERP, again, and in some subsidiaries, all of ERP including accounting, procurement, all of that. Fujitsu Services, a manufacturer in Japan, again, the parent is running SAP financials, but subs all over the world are moving to Oracle Fusion ERP.

陶氏買了供應鏈管理與運輸管理。FEMSA 買了——在其部分子公司中把 SAP 全部替換掉，並購買了供應鏈倉儲管理、供應鏈規劃、ERP，再次強調；而在某些子公司，則是整套 ERP，包括會計、採購等全部。Fujitsu Services，一家日本製造商，同樣地，母公司在跑 SAP 財務模組，但全球各地的子公司正在轉向 Oracle Fusion ERP。

Keurig Dr Pepper, again, bought supply chain. Guardian bought all of -- a financial services company in North America, bought all of ERP. Honda bought -- still runs SAP financials, but just recently bought Fusion supply chain, Fusion transportation management and is moving to -- from on-premise to the cloud. [Invetech], again, a North American company, again, parent still running SAP financials, but the subs are running Oracle Fusion.

Keurig Dr Pepper，同樣地，買了供應鏈。Guardian 買了全部的——一家北美的金融服務公司，買了整套 ERP。Honda 買了——仍在跑 SAP 財務模組，但最近剛買了 Fusion 供應鏈、Fusion 運輸管理，並且正從——從地端部署轉向雲端。[Invetech]，同樣地，一家北美公司，同樣地，母公司仍在跑 SAP 財務模組，但子公司在跑 Oracle Fusion。

Jackson Life, Lakshmi Cement. I'm not -- I'm going to read these faster now. Juniper Networks, Lloyds Bank, Move, Inc., Munich Re. The largest food company in the world bought -- just bought Oracle performance management. News America Marketing; Olam International; PG&E; [PORCELANOSA]; Republic Services; SAC Wireless, a Nokia company; Samsonite; PUMA; Santander Bank; (inaudible); Therma-Tru Doors.

Jackson Life、Lakshmi Cement。我不——我現在要讀快一點。Juniper Networks、Lloyds Bank、Move, Inc.、Munich Re。全球最大的食品公司買了——剛買了 Oracle 績效管理。News America Marketing；Olam International；PG&E；[PORCELANOSA]；Republic Services；SAC Wireless，一家 Nokia 旗下公司；Samsonite；PUMA；Santander Bank；（聽不清）；Therma-Tru Doors。

Okay. I'm going to stop right there or I'll take up all of the time. You won't be able to ask Safra questions. Okay. I don't want to do that.

好。我就先停在這裡，不然我會把時間都占完。你們就沒辦法問 Safra 問題了。好。我不想那樣。

Okay. All right. So again, the list is actually longer than the 100-plus companies -- I did read over 100 companies, as I'm sure you're painfully aware of. The list is actually longer than the 100 companies I've just read. Some of our most important wins at our very largest companies in regulated industries, such as banking and utilities, who are currently in the process of migrating from SAP ERP to Fusion ERP prefer not to be publicly named on this call for obvious reasons. They don't want -- even though they are often a reference for us, private reference where people are considering the same move, they don't want to be on -- their name on this call because they want to maintain the best possible relations with SAP as they -- even though they are in the process of transitioning away from SAP.

好。好吧。所以再說一次，這份名單其實比 100 多家公司還長——我確實讀了超過 100 家公司，我相信你們也很痛苦地意識到了。這份名單其實比我剛剛讀的那 100 家公司還要長。我們在受監管產業（例如銀行與公用事業）中、在我們最大型公司的一些最重要勝利案，這些客戶目前正在從 SAP ERP 遷移到 Fusion ERP，出於顯而易見的原因，偏好不要在這通電話中公開點名。他們不想——即使他們常常是我們的參考客戶、在有人考慮做同樣轉換時提供私下參考，他們也不希望——他們的名字出現在這通電話上，因為他們希望在——即使他們正處於從 SAP 轉出的過程中——仍能與 SAP 維持盡可能最好的關係。

All right. So I'd like to make one last point and then turn it back over to Safra. Specifically, to try to answer one key question: How come so many customers are moving from SAP ERP to Fusion ERP? This has never happened before, a major migration between ERP vendors. Well, if you want to know the answer, read the Gartner report comparing Oracle ERP to SAP ERP. Please don't take my word for it. Read the report. It's very short, and it's to the point. Gartner ranks Oracle Fusion ERP far in front. I mean far like you can't find a Magic Quadrant where there's more -- a bigger gap between #1 and #2. And so Gartner ranks Oracle Fusion ERP far in front of all the other cloud ERP systems.

好。所以我想再補充最後一點，然後把時間交回給 Safra。具體來說，試著回答一個關鍵問題：為什麼這麼多客戶正在從 SAP ERP 轉到 Fusion ERP？以前從未發生過這種情況：在 ERP 供應商之間的大規模遷移。嗯，如果你想知道答案，去讀 Gartner 的報告，比較 Oracle ERP 與 SAP ERP。請不要只聽我說。去讀那份報告。它很短，而且切中要點。Gartner 把 Oracle Fusion ERP 排在非常前面。我的意思是，前面到你找不到一個魔力象限（Magic Quadrant）能看到 #1 和 #2 之間有更——更大的差距。因此 Gartner 把 Oracle Fusion ERP 排在所有其他雲端 ERP 系統之前，遙遙領先。

But what's surprising is SAP isn't #2. SAP isn't #3. SAP isn't listed among the leaders. SAP is listed among the laggards. Gartner -- if you read the text, Gartner points out, and I quote, "SAP's own reference customers scored SAP in the lower half of cloud ERP vendors." I'm going to read that again. "SAP's own reference customers scored SAP in the lower half of cloud ERP vendors." SAP, the once dominant on-premise ERP market leader, is currently not competitive in the cloud ERP market. How could that have happened? Because SAP never rewrote their ERP system for the cloud. It's that same 30-year-old code. They never rewrote their ERP system for the cloud, and it's too late for them to start now.

但令人驚訝的是，SAP 不是 #2。SAP 不是 #3。SAP 沒有被列在領導者之列。SAP 被列在落後者之列。Gartner——如果你讀文字內容，Gartner 指出，我引用原文：「SAP 自己的參考客戶給 SAP 的評分落在雲端 ERP 供應商的後半段。」我再讀一次。「SAP 自己的參考客戶給 SAP 的評分落在雲端 ERP 供應商的後半段。」SAP，曾經在地端 ERP 市場占主導地位的領導者，目前在雲端 ERP 市場並不具競爭力。怎麼會變成這樣？因為 SAP 從未為雲端重寫他們的 ERP 系統。還是那套 30 年前的程式碼。他們從未為雲端重寫 ERP 系統，而現在才開始也已經太晚了。

I'll turn it back over to Safra.

我把時間交回給 Safra。

Thank you, Larry. Erica, if you could please poll the audience for questions?

謝謝你，Larry。Erica，能否請你對聽眾進行提問投票？

(Operator Instructions) Our first question comes from Michael Turits with KeyBanc Capital.

（接線員指示）我們的第一個問題來自 KeyBanc Capital 的 Michael Turits。

Great. I'd like to switch over to your database. You've made meaningful improvements in both cloud and customer at OCI 2, which were both -- 1 of the 2 are required for ADB. So are those improvements enough that we're now starting to see the upgrades to ADB? And are you able to monetize those upgrades to the point where we'll start to see database growth acceleration?

很好。我想切換到你們的資料庫話題。你們在 OCI 2 的雲端與客戶兩方面都做了有意義的改進，而這兩者——其中 1 個或 2 個是 ADB 所必需的。所以這些改進是否已經足夠，讓我們現在開始看到升級到 ADB？而你們是否能把這些升級變現到一個程度，使我們開始看到資料庫成長加速？

The answer is I think there's no question you're going to see a lot of database growth -- a lot of database acceleration starting next year, which we're a quarter away from. But we'll be fine in Q4. Again, Autonomous Database is growing pretty rapidly. But we expect it really to explode next year, and I really do mean very, very rapid growth next year. I'm not really ready to disclose our plans as to why I think it's going to suddenly spike, but we expect very, very rapid database growth next year.

答案是，我認為毫無疑問，你們會看到大量的資料庫成長——從明年開始會看到大量的資料庫加速，而明年距離現在只差一個季度。但我們在第四季也會表現得很好。再說一次，自主資料庫（Autonomous Database）成長相當快。但我們預期它明年會真正爆發，我的意思確實是明年會有非常、非常快速的成長。我還不太準備披露我們的計畫、也就是為什麼我認為它會突然飆升，但我們預期明年資料庫會有非常、非常快速的成長。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自 JPMorgan 的 Mark Murphy。

This SAP replacement wave, it feels like kind of a historic moment because that kind of activity, it's usually so rare, and these -- the logos are pretty large that you're mentioning. So when we see...

這波 SAP 替換浪潮，感覺像是一個歷史性的時刻，因為那種活動通常非常罕見，而且你提到的——這些客戶標誌（logos）規模都相當大。所以當我們看到……

Absolutely. I'm sorry for interrupting. The really spectacular logos are not (inaudible) though, FedEx, there are -- some of them are pretty spectacular in there. But we have some that are much larger and much -- and absolutely shocking. And I've been alluding to this, but sometimes, we're in the middle of an 18-month implementation and the customer doesn't want to be mentioned. If I could mention them all, it would be -- it's front page news. I mean it's a very big deal.

完全同意。抱歉我打斷一下。那些真正非常驚人的大客戶標誌其實不是（聽不清），不過像 FedEx，裡面確實有——有些相當驚人。但我們還有一些規模更大、而且更——而且絕對令人震驚的案例。我一直在暗示這點，但有時候我們正處於一個為期 18 個月的導入中，客戶不希望被提及。如果我能把它們全部講出來，那會是——頭版新聞。我的意思是，這是一件非常重大的事。

Yes, I agree with you. It's an historic event. It is -- I think a long time ago I said there are 2 technologies that will drive Oracle's future. One is Autonomous Database, and the other is ERP. We expect -- we are -- again, reading the Gartner report, we are so dominant. Our product is so much better than anyone else's product in the cloud. We expect to get a significant number, more than half of SAP's customers, we'll get. But keeping our own, plus getting a lot from the smaller companies like Infor and Lawson.

是的，我同意你的看法。這是一個歷史性事件。我認為——我很久以前就說過，有兩項技術將驅動 Oracle 的未來。我們預期——我們再次閱讀 Gartner 報告後，我們的主導地位非常明顯。我們的產品在雲端比任何其他人的產品都好得多。我們預期會拿下相當可觀的數量，超過 SAP 客戶的一半，我們都會拿下。同時保住我們自己的客戶，並且從 Infor、Lawson 這類較小的公司那裡拿到很多客戶。

So Larry, the ones that we see, which aren't too shabby, you mentioned DHL and Honda and Lloyds Bank. Is that a precursor to moving to Oracle core financials eventually? And I'm just wondering which of Oracle's strengths is really catalyzing that wave of replacements?

所以 Larry，我們看到的那些案例其實也不差，你提到了 DHL、Honda 和 Lloyds Bank。這是否是最終會轉移到 Oracle 核心財務（core financials）的前兆？我也想請教，Oracle 的哪些優勢真正促成了這一波替換潮？

Okay. So there are 2 lists. One -- the first half of the list that I read, and they're about equal-sized lists, were people that already moved from SAP financials to Oracle financials. The second list were people that had partially moved to Oracle but still were running SAP financials in some places. In other words, we don't consider it a complete win until we replace out -- if we just sell procurement and supply chain and manufacturing and things like that but they still run SAP financials, we don't consider that a complete win. That's what we call our surround strategy.

好的。所以有兩份名單。第一份——我剛剛讀的名單前半段，而且兩份名單的規模大致相當——是已經從 SAP 財務系統遷移到 Oracle 財務系統的客戶。第二份名單是已經部分遷移到 Oracle，但在某些地方仍在運行 SAP 財務系統的客戶。換句話說，如果我們只是賣採購、供應鏈、製造等產品，但他們仍然跑 SAP 財務，我們不認為那是完全勝利。這就是我們所謂的「包圍（surround）策略」。

But once you start using our cloud products and compare that with SAP's on-premise products, we think the vast majority of these companies that have started the journey will finish the journey and don't want financials in the cloud, just like they have supply chain in the cloud and procurement in the cloud. So yes, we expect companies -- we've already seen companies migrate off the second list. They buy procurement. They buy supply chain, and they say, "Okay. I like that. I'm now going to buy financials." So yes, we expect all of this -- or excuse me, the vast majority of those customers to eventually standardize on Fusion Cloud ERP for everything.

但一旦你開始使用我們的雲端產品，並把它與 SAP 的地端（on-premise）產品相比較，我們認為這些已經啟程的公司絕大多數都會完成這段旅程，並且會希望把財務也搬到雲端，就像他們已經把供應鏈放到雲端、把採購放到雲端一樣。所以是的，我們預期這些公司——我們也已經看到一些公司從第二份名單中遷移出來。他們先買採購。他們買供應鏈，然後他們說：「好。我喜歡這個。我現在要買財務。」因此是的，我們預期所有這些——或者更正一下，這些客戶中的絕大多數，最終都會在所有方面標準化採用 Fusion Cloud ERP。

Our next question is from Mark Moerdler with Sanford Bernstein.

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

Appreciate the additional color that Safra gave on the call. I'd like to turn to OCI Gen 2. We've been hearing about security concerns from consumer Internet companies. To what extent has OCI security technology helped you win business with these companies? And is consumer Internet a big driver for OCI Gen 2? Also, to be clear, this is not about TikTok. It's about all the other consumer Internet company opportunities.

感謝 Safra 在電話會議上提供的額外說明。我想把話題轉到 OCI Gen 2。我們一直聽到消費型網際網路公司對安全性的疑慮。OCI 的安全技術在多大程度上幫助你們贏得這些公司的業務？消費型網際網路是否是 OCI Gen 2 的一個重要驅動力？另外，先說清楚，這不是在談 TikTok。而是在談所有其他消費型網際網路公司的機會。

Yes. Well, I think there are 2 things that are interesting about OCI. One -- on the security front. One is we believe security should always be turned on. In other words, there is no light switch: security on, security off. We have these things called Max Security Zones in OCI where you cannot turn security off. Max security is always turned on. It's a safe place to go inside of OCI. No one has anything like this where security is always turned on. You cannot turn it off. You cannot open up a link -- a network link that puts your infrastructure and your data in jeopardy. That's one thing. So security is always on.

是的。我認為 OCI 有兩件有趣的事。第一——在安全方面。我們相信安全性應該永遠是開啟的。換句話說，沒有什麼開關：安全開、安全關。我們在 OCI 裡有一種叫做「最高安全區（Max Security Zones）」的功能，你無法把安全關掉。最高安全永遠是開啟的。這是在 OCI 內部一個安全的去處。沒有任何人有類似這種「安全永遠開啟」的機制。你不能把它關掉。你不能打開一個連結——一個網路連結——讓你的基礎設施和資料陷入風險。這是一點。所以安全永遠是開啟的。

The second thing is autonomy is very interesting because the Oracle Autonomous Database -- by the way, Oracle Autonomous Database is not the only autonomous product we have. We have Autonomous Linux that is the foundation operating system inside of the OCI network. Oracle Autonomous Linux, Oracle Autonomous Database, has no human labor associated with it. Okay. So everybody says, well, that's a huge cost savings. It is, but that's not the most important benefit. The most important benefit, if there's no human labor, there is no human error. If there's no human labor, there is no human mishap. There's no opportunity for an insider to corrupt the system. There's no opportunity for a user to misconfigure a system that creates a security vulnerability that will lead to the loss of data.

第二點是自治（autonomy）非常有意思，因為 Oracle 自治資料庫——順帶一提，Oracle 自治資料庫不是我們唯一的自治產品。我們有自治 Linux（Autonomous Linux），它是 OCI 網路內部的基礎作業系統。Oracle 自治 Linux、Oracle 自治資料庫，都不需要任何人工操作。好。所以大家都說，嗯，這是巨大的成本節省。確實如此，但那不是最重要的好處。最重要的好處是，如果沒有人工操作，就沒有人工錯誤。如果沒有人工操作，就不會有人為失誤。就沒有內部人員破壞系統的機會。也沒有使用者把系統設定錯誤、造成安全漏洞並導致資料遺失的機會。

So we think one of the most attractive aspects of OCI other than its high performance, low cost, all of -- everyone likes to pay less, and they do with OCI. But we do a better job of securing your data than any other cloud vendor. We've seen that be the decisive feature in winning a lot of these deals with ISVs and end user customers.

因此我們認為，OCI 最吸引人的面向之一，除了高效能、低成本之外——大家都喜歡付得更少，而他們在 OCI 上確實如此。但我們在保護你的資料方面，比任何其他雲端供應商做得更好。我們看到這一點在與許多 ISV 以及終端使用者客戶的交易中，成為決定勝負的關鍵特性。

Our next question comes from Phil Winslow with Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Phil Winslow。

Congrats on a strong quarter. I just wanted to focus in on the license line. It was up 4% as reported, flat constant currency off of what was actually the toughest comp for this fiscal year. I wonder if you can provide some context on sort of what is driving that, particularly sort of relative to the strength that you're also seeing in the cloud side? Is this Oracle database? Is this the add-ons to the Oracle database? Any sort of more color there and then also, in particular, sort of in conjunction with the cloud? That would be great.

恭喜本季表現強勁。我想聚焦在授權（license）這一行。按報告口徑成長 4%，以固定匯率計算則持平，而去年同期其實是本財年最艱難的比較基期。我想請你提供一些背景，究竟是什麼在驅動這個表現，特別是相對於你們在雲端端也看到的強勁動能？這是 Oracle 資料庫本身嗎？還是 Oracle 資料庫的附加元件（add-ons）？能否再多給一些細節，尤其是與雲端結合的部分？那就太好了。

Sure. Let me take that. So the Oracle database remains very strong, and what's good about the Oracle database is you can also bring your own license to the cloud. So it's both on-premise and in the cloud can be used there, and it remains very, very strong. The installed base of the Oracle database continues to grow, and that is, of course, our central piece.

當然。我來回答。Oracle 資料庫仍然非常強勁，而 Oracle 資料庫的好處是，你也可以把自有授權（bring your own license）帶到雲端使用。所以無論是地端還是雲端都可以使用，而且它依然非常、非常強勁。Oracle 資料庫的既有裝機基礎（installed base）持續成長，而這當然是我們的核心組成。

Now in addition, Java on-premise continues to do very well as more and more companies continue to invest in Java and trust Java for their own applications. And in addition, our vertical applications, some of our industry applications, still require on-premise license for the customers' use. We also have cloud services in many of these verticals. But especially in telecommunications, as many of the communications companies move to 5G, we are a very central part of their transition to 5G and need our license in that -- in those areas. So database tops, doing incredibly well; Java, doing very, very well; and our vertical applications. And then pretty much everything else, of course, as you know, is offered just in the cloud.

此外，Java 本地部署（on-premise）業務持續表現非常出色，因為越來越多公司持續投資 Java，並信任 Java 用於其自有應用程式。另外，我們的垂直應用（部分產業應用）仍需要客戶使用本地部署授權。我們在許多這些垂直領域也提供雲端服務。但特別是在電信領域，隨著許多通訊公司邁向 5G，我們是其轉型至 5G 的核心一環，並且在那些領域需要我們的授權。因此，資料庫業務表現最亮眼、Java 表現非常非常好，以及我們的垂直應用。然後幾乎其他所有產品，當然如你所知，都是僅以雲端形式提供。

Our final question comes from Brad Zelnick with Crédit Suisse.

我們最後一個問題來自瑞士信貸（Crédit Suisse）的 Brad Zelnick。

Congrats as well on a great quarter. Larry, it's so great to hear every single one of those SAP wins, especially since investors think of SAP's customer relationships as being so deep. So clearly, by displacing them in so many accounts, it speaks volumes to the quality of your product and trust that these companies place with Oracle. So my question is this, why now and why from a product perspective? You mentioned Gartner's take. But since Oracle has always competed on having better product, what have you been doing product-wise that's enabled you to pull ahead of them like this? And what do you need to continue to do product-wise to remain ahead?

也恭喜你們交出一個非常出色的季度。Larry，聽到每一個 SAP 的勝利案例都令人振奮，尤其因為投資人認為 SAP 與客戶的關係非常深厚。因此，能在這麼多客戶帳戶中取代他們，充分說明你們產品的品質，以及這些公司對 Oracle 的信任程度。所以我的問題是：為什麼是現在？從產品角度來看又是為什麼？你提到了 Gartner 的觀點。但既然 Oracle 一直以更好的產品來競爭，你們在產品方面做了哪些事，讓你們能像這樣超越他們？而你們在產品方面還需要持續做什麼，才能保持領先？

So well, we started 10 years ago to build Fusion Financials for the cloud, to rewrite all -- we have PeopleSoft ERP, JD Edwards ERP and of course, Oracle E-Business Suite. We had these 3 separate on-premise ERP systems because -- and we decided a decade ago to rewrite all of that for the cloud. And SAP, unbelievably, they just -- I mean -- and by the way, we did a very good job. We started a decade ago. And we did, I think, a very good job redoing -- a big job, to say the least, redoing our ERP products for the cloud.

嗯，我們在 10 年前就開始為雲端打造 Fusion Financials，將所有內容重寫——我們有 PeopleSoft ERP、JD Edwards ERP，當然還有 Oracle E-Business Suite。我們之所以有這 3 套獨立的本地部署 ERP 系統，是因為——而我們在十年前決定把這一切都為雲端重寫。而 SAP，令人難以置信地，他們就是——我是說——順帶一提，我們做得非常好。我們在十年前就開始了。而且我認為，我們在為雲端重新打造——至少可以說是一項龐大的工程——重做我們的 ERP 產品方面，做得非常好。

That said, SAP chose not to rewrite their ERP products. Instead, they made a bunch of acquisitions. They bought Concur. They bought Ariba. They bought SuccessFactors. But they never -- and we made some acquisitions also, by the way. We bought Taleo and other -- right now and other things. But we rewrote everything for the cloud. SAP instead embedded their own database called HANA and focused on this new database and never really rewrote their ERP code for the cloud. I mean it's just an unbelievable error. They worked on a new database. And the thing we're competing with, so-called S/4HANA in the cloud, that's what SAP calls it, is not a cloud product at all. It is the 35-year-old ABAP -- this is written in a programming language called ABAP. Oracle Fusion is written entirely in Java, and it's entirely rewritten over the last decade. SAP stuff is literally 30 years old, the same stuff that they've always had that they now will host for you.

話雖如此，SAP 選擇不重寫他們的 ERP 產品。相反地，他們進行了一連串併購。他們買了 Concur。他們買了 Ariba。他們買了 SuccessFactors。但他們從未——順帶一提，我們也做了一些併購。我們買了 Taleo，以及其他——現在還有其他一些東西。但我們把所有東西都為雲端重寫了。SAP 則是把他們自家的資料庫 HANA 內嵌進去，並把重心放在這個新資料庫上，卻從未真正為雲端重寫他們的 ERP 程式碼。我的意思是，這真是難以置信的錯誤。他們把精力放在一個新資料庫上。而我們正在競爭的所謂雲端 S/4HANA——這是 SAP 的稱呼——根本不是雲端產品。它是 35 年歷史的 ABAP——這是用一種叫 ABAP 的程式語言寫的。Oracle Fusion 完全以 Java 撰寫，並在過去十年中徹底重寫。SAP 的東西字面上就是 30 年前的老東西，就是他們一直以來的那套，現在只是替你代管（host）而已。

So I would say we did a competent job rewriting for the cloud. SAP just entirely missed the boat. So SAP really is more responsible for our leadership position than we are. The -- again, they never rewrote their application for the cloud. It's unbelievable what's happened, and their customers are noticing. We offer a new release of our ERP system every 90 days. We offer new features and functions. That's how the cloud works. You're on the cloud. You get new features and functions. You're on this 90-day cadence. We give you more features and more capabilities every 90 days. SAP has nothing like that. It's not a cloud system. It simply is, okay, you can get the old -- you can get the SAP S/4HANA and you can get it hosted by somebody, but they don't even have a cloud. They never built a cloud. That's what happened. It's amazing.

所以我會說，我們在為雲端重寫方面做得稱職。SAP 則是完全錯過了這班車。因此，SAP 對我們的領先地位其實比我們自己還更「有功」。再說一次，他們從未為雲端重寫他們的應用。這件事的發展令人難以置信，而他們的客戶也注意到了。我們每 90 天就會推出一次 ERP 系統的新版本。我們提供新的特性與功能。這就是雲端的運作方式。你在雲端上。你就能獲得新的特性與功能。你是以 90 天為一個節奏。我們每 90 天就給你更多功能與更多能力。SAP 完全沒有類似的機制。那不是雲端系統。它只是，好吧，你可以取得舊的——你可以取得 SAP S/4HANA，然後讓某個人替你代管，但他們甚至沒有雲端。他們從未建立雲端。事情就是這樣。這真的很驚人。

Thank you, Larry. A telephonic replay of this conference call will be available for the next 24 hours. Dial-in information can be found in the press release issued earlier today. Please call the Investor Relations department with any follow-up questions from this call, and we look forward to speaking with you. Thank you for joining us today. And with that, I'll turn the call back to Erica for closing.

謝謝你，Larry。本次電話會議的電話重播將在接下來 24 小時內提供。撥入資訊可在今日稍早發布的新聞稿中找到。若對本次電話會議有任何後續問題，請聯絡投資人關係部門，我們也期待與各位再度交流。感謝各位今天的參與。接下來我會把電話交回給 Erica 進行結語。

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

感謝各位參加今日 Oracle 2021 會計年度第三季財報電話會議。我們感謝各位的參與。各位現在可以掛線。