甲骨文 (ORCL) 2021 Q2 法說會逐字稿

Welcome to Oracle's second 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（Oracle）2021 年第二季財報電話會議。現在我想把今天的會議交給資深副總裁 Ken Bond。

Thank you, Erica, and good afternoon, everyone, and welcome to Oracle's Second Quarter Fiscal Year 2021 Earnings Conference Call.

謝謝你，Erica。各位下午好，歡迎參加甲骨文 2021 會計年度第二季財報電話會議。

A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website. Additionally, a list of customers mentioned on this conference call as well as many others which have purchased Oracle Cloud services or went live on Oracle Cloud recently will also be available from the Investor Relations website.

新聞稿與財務表格（其中包含 GAAP 與非 GAAP 的調節表以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，本次電話會議中提及的客戶名單，以及許多其他已購買 Oracle Cloud 服務或近期已在 Oracle Cloud 上線的客戶，也將可於投資人關係網站取得。

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

今天與會者包括董事長兼首席技術長 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 those 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-Q and 10-K 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的重要因素，這些因素可能影響前述前瞻性陳述。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述內容有重大差異。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-Q 與 10-K 及任何適用的修訂，以完整了解這些因素以及其他可能影響我們未來業績或股價的風險。最後，若有新資訊或未來事件，我們不承擔修訂我們的結果或這些前瞻性陳述之義務。

We'll begin with a few prepared remarks, and then we'll take your questions. However, I want to remind everybody we will not be making any comments regarding TikTok. And with that, I'll turn the call over to Safra. Safra?

我們將先做幾點事先準備的說明，接著回答各位的提問。不過，我想提醒大家，我們不會就 TikTok 發表任何評論。那麼，我把電話交給 Safra。Safra？

Hello. I can't hear anything.

你好。我什麼都聽不到。

Safra, are you on mute?

Safra，你有把麥克風靜音嗎？

Yes, I'm here. Sorry. Thanks, Ken, and good afternoon, everyone. As you can see, we had another excellent quarter. As usual, I'll review our non-GAAP results using constant dollar growth rates, unless I say otherwise.

有，我在。抱歉。謝謝你，Ken。各位下午好。如各位所見，我們又交出一個非常出色的季度。照例，除非我另有說明，我將以固定匯率（constant dollar）的成長率來檢視我們的非 GAAP 業績。

I first want to highlight that since our own migration to Fusion ERP, we've continued to close our books faster and faster. This quarter, we are reporting our results for our entire global operations 10 days after the end of the fiscal quarter. In fact, using Fusion ERP, we submit our 10-K and 10-Q filings faster than any other company in the S&P 500. In fact, 21 days faster than the average. Understanding our business performance sooner is an advantage that we enjoy by use Fusion ERP, and it's one our Fusion customers are rapidly beginning to appreciate.

我首先想強調，自從我們自身遷移至 Fusion ERP 之後，我們持續以更快的速度完成結帳。本季，我們在會計季度結束後 10 天內，即針對我們全球所有營運報告業績。事實上，使用 Fusion ERP，我們提交 10-K 與 10-Q 申報的速度比 S&P 500 的任何其他公司都更快，甚至比平均值快 21 天。透過使用 Fusion ERP 更早掌握我們的業務表現，是我們享有的一項優勢，而我們的 Fusion 客戶也正迅速開始體會到這一點。

On to the quarter. So this quarter, revenue was $40 million above the midpoint of guidance, and EPS beat the high end of guidance by $0.04. The impact of currency movement was in line with guidance, meaning that our outperformance reflects both continuing execution on the sales side and disciplined management of our operations.

接著談本季表現。本季營收較財測區間中點高出 4,000 萬美元，EPS 也較財測上緣高出 0.04 美元。匯率變動的影響符合財測，這表示我們的超預期表現反映了銷售端持續的執行力，以及對營運的嚴謹管理。

Operating income grew 12%, our best result in 8 years. Our total cloud services and license support revenues for the quarter were $7.1 billion, up 4% from last year. Over the last 4 years, we have doubled the percentage of revenue that is being derived from our cloud services. That is what's driving our recurring revenue as a percentage of total revenue higher and higher, now reaching 73% of total company revenue. We anticipate this trend to continue as cloud services continue to grow.

營業利益成長 12%，為 8 年來最佳表現。本季雲端服務與授權支援（license support）總營收為 71 億美元，較去年成長 4%。過去 4 年來，我們來自雲端服務的營收占比已翻倍。這正推動經常性收入占總營收的比重持續攀升，目前已達公司總營收的 73%。隨著雲端服務持續成長，我們預期此趨勢將延續。

GAAP application subscription revenues were $2.9 billion, up 5%, with strategic back-office applications, up 26%, including Fusion ERP, which was up 33%; NetSuite ERP, up 20%; and Fusion HCM, up 24%. Also, retention rates for strategic back-office cloud applications, which are already high, continue to go even higher.

GAAP 應用程式訂閱營收為 29 億美元，成長 5%；其中策略性後台（back-office）應用程式成長 26%，包括 Fusion ERP 成長 33%；NetSuite ERP 成長 20%；以及 Fusion HCM 成長 24%。此外，策略性後台雲端應用程式的留存率原本就很高，且仍持續再提升。

GAAP infrastructure subscription revenues were $4.2 billion, up 3%, with database subscription revenue, up 5%. Consumption revenue was up 64% for Autonomous Database and up 139% for OCI, our cloud Gen 2. License revenues were $1.1 billion, down 5%. So all in, total revenues for the quarter were $9.8 billion, up 2% in USD, up 1% in constant currency. As usual, we've continued to be disciplined in our spending with operating expenses down 7% this quarter.

GAAP 基礎架構訂閱營收為 42 億美元，成長 3%；其中資料庫訂閱營收成長 5%。用量型（consumption）營收方面，自主資料庫（Autonomous Database）成長 64%，而我們的第二代雲端 OCI 成長 139%。授權營收為 11 億美元，下滑 5%。綜合而言，本季總營收為 98 億美元，以美元計成長 2%，以固定匯率計成長 1%。照例，我們在支出上持續保持紀律，本季營業費用下降 7%。

Non-GAAP operating income was $4.6 billion, up 12% from last year. Obviously, we're delighted with this result as we're continuing to see operating income become a bigger part of our EPS growth.

非 GAAP 營業利益為 46 億美元，較去年成長 12%。顯然，我們對此結果非常滿意，因為我們持續看到營業利益在 EPS 成長中占比愈來愈大。

I continue to have a very high level of confidence that our revenue growth will accelerate as our cloud business continues to become a much bigger portion of total revenue. The operating margin percentage was 47%, up more than 450 basis points from 42% last year and, as I said, our best result since 2012.

我仍然非常有信心，隨著雲端業務在總營收中的占比持續提高，我們的營收成長將加速。營業利益率為 47%，較去年 42% 提升超過 450 個基點；如我所說，這是自 2012 年以來的最佳表現。

The non-GAAP tax rate for the quarter was 18.7%, slightly below our base tax rate of 20% as a result of some discrete items. EPS was $1.06 in USD, up 19%, and up 17% in constant currency, despite interest income being $120 million lower than last year and interest expense being $135 million higher than last year. The GAAP tax rate was 17.8% as a result of some discrete items, and GAAP EPS was $0.80 in USD, up 16% and up 13% in constant currency.

本季非 GAAP 稅率為 18.7%，因若干一次性項目（discrete items）而略低於我們 20% 的基準稅率。以美元計 EPS 為 1.06 美元，成長 19%；以固定匯率計成長 17%，儘管利息收入較去年少 1.2 億美元，且利息費用較去年多 1.35 億美元。GAAP 稅率因若干一次性項目為 17.8%，GAAP EPS 以美元計為 0.80 美元，成長 16%；以固定匯率計成長 13%。

Operating cash flow over the last 4 quarters was $14 billion, with capital expenditures of $1.8 billion and free cash flow in excess of $12.1 billion over the same period.

過去 4 個季度的營運現金流為 140 億美元，資本支出為 18 億美元，同期自由現金流超過 121 億美元。

Q2 operating cash flow was $1.4 billion compared to $0.5 billion last year, with collections especially strong this quarter from a bigger book of business and, to a lesser extent, delayed payments received from customers affected by the pandemic. We now have nearly $39 billion in cash and marketable securities.

第二季營運現金流為 14 億美元，去年同期為 5 億美元；本季收款特別強勁，主要來自更大的業務量，並在較小程度上來自受疫情影響客戶的延後付款回收。我們目前擁有近 390 億美元的現金與有價證券。

The short-term deferred revenue balance is unchanged at $8.1 billion. However, the short-term gross deferred revenue grew 6% in U.S. dollars. The difference between the 2 growth rates is due entirely to timing differences in customer payments.

短期遞延收入餘額維持不變，為 81 億美元。然而，短期遞延收入總額（gross deferred revenue）以美元計成長 6%。這兩個成長率之間的差異完全來自客戶付款時點的差異。

As we've said before, we are committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and the dividend. This quarter, we repurchased more than 68 million shares for a total of $4 billion. Over the last 12 months, we have repurchased 338 million shares for a total of $18.2 billion. Over the last 10 years, we have reduced the shares outstanding by nearly 42%. In addition, we've paid out dividends of nearly $3 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.24.

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，為股東創造回報。本季我們回購超過 6,800 萬股，總額 40 億美元。過去 12 個月，我們回購 3.38 億股，總額 182 億美元。過去 10 年，我們已將流通在外股數減少近 42%。此外，過去 12 個月我們發放近 30 億美元股利，董事會也再次宣告每季股利為 0.24 美元。

Now to the guidance. Again, my guidance today is on a non-GAAP basis and in constant currency. Assuming the current exchange rates remain the same as they are now, currency should have a 1% positive impact on total revenue, maybe even a little bit more like 1.5-ish and potentially, a $0.03 positive effect on EPS for Q3. Total revenues are expected to grow from 1% to 3% in constant currency and are expected to grow between 2% to 4% in USD. Non-GAAP EPS in constant currency is expected to grow 10% to 14% and be between $1.06 and $1.10 in constant currency, and non-GAAP EPS in USD is expected to grow between 13% and 17% and be between $1.09 and $1.30 in USD.

接著是財測。同樣地，我今天提供的財測以非 GAAP 基礎並以固定匯率計。假設目前匯率維持不變，匯率對總營收應有 1% 的正面影響，甚至可能略高一些、約 1.5% 左右；並且對第三季 EPS 可能有 0.03 美元的正面影響。總營收預期以固定匯率計成長 1% 至 3%，以美元計預期成長 2% 至 4%。非 GAAP EPS 以固定匯率計預期成長 10% 至 14%，並介於 1.06 至 1.10 美元（固定匯率）；非 GAAP EPS 以美元計預期成長 13% 至 17%，並介於 1.09 至 1.30 美元。

My EPS guidance for Q3 assumes our base tax rate of 20%, but however, as you can see, onetime tax events could cause actual rates for any given quarter to vary. But I expect that in normalizing for these onetime tax events, our tax rate will average this year at 20% or so.

我對第三季的每股盈餘（EPS）指引是假設我們的基本稅率為20%；但如你所見，一次性稅務事件可能會使任何特定季度的實際稅率有所波動。不過，我預期在將這些一次性稅務事件正常化後，我們今年的稅率平均約為20%。

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. We just completed a great quarter, but the quarter would have been even better if we would have had more -- and we would have had more revenue growth if we had not been capacity constrained in OCI during Q2. There was more demand than we have supply. To remedy this capacity shortfall, we are adding OCI capacity and building new OCI data centers as fast as we can. We are now up to 29 regional data centers around the world, more than AWS. OCI added customers and grew revenue at a rate well in excess of 100% year-over-year in Q2. The Oracle Autonomous Database was up over 60%.

謝謝你，Safra。我們剛完成了一個很棒的季度，但如果我們能有更多——而且如果第二季在OCI方面沒有受到產能限制，我們本來可以做得更好——我們的營收成長也會更高。需求大於供給。為了補足這個產能缺口，我們正盡可能快速地增加OCI產能並興建新的OCI資料中心。我們目前在全球已有29個區域資料中心，比AWS還多。OCI在第二季新增客戶，營收年增率遠超過100%。Oracle Autonomous Database成長超過60%。

We also introduced several new OCI managed services during the quarter. The most interesting of these new OCI managed services is for the popular open source database, MySQL, featuring an all-new, Oracle-developed, massively parallel query accelerator called [Heat Wave]. MySQL plus Heat Wave processes queries hundreds of times faster, hundreds of times faster than the current version of MySQL by itself and other MySQL-compatible databases, such as Amazon's Aurora. MySQL plus Heat Wave is so much faster, so much easier to use and less expensive than PostgreS, Redshift, Snowflake or any other database available on Amazon AWS.

我們也在本季度推出了數項新的OCI託管服務。其中最有意思的一項，是針對廣受歡迎的開源資料庫MySQL所推出的服務，搭載全新、由Oracle開發的大規模平行查詢加速器，稱為[Heat Wave]。MySQL加上Heat Wave處理查詢的速度，比目前單獨的MySQL版本以及其他相容MySQL的資料庫（例如Amazon的Aurora）快上數百倍。MySQL加上Heat Wave不僅更快、更容易使用，成本也比PostgreS、Redshift、Snowflake或Amazon AWS上任何其他可用的資料庫更低。

The amazing thing about Heat Wave is that you don't have to move your data out of MySQL and build a separate data warehouse to get the huge performance gains. You simply take any existing MySQL or Aurora database, run that exact same database on the new MySQL version that includes Heat Wave , and immediately, your queries run hundreds of times faster. You don't have to change a single line of code. It can't get any easier to use than that.

Heat Wave最令人驚豔的是，你不必把資料移出MySQL、也不必建立獨立的資料倉儲，就能獲得巨大的效能提升。你只要把任何既有的MySQL或Aurora資料庫，原封不動地在包含Heat Wave的新MySQL版本上執行，查詢就會立刻快上數百倍。你不需要改動任何一行程式碼。使用上不可能比這更簡單。

Now I'd like to change subject and talk about our multibillion-dollar application businesses in the cloud. Fusion EPS -- Fusion ERP grew 33% in Q2 to over 7,500 customers. NetSuite grew 21% to over 24,000 customers. We have the top-rated ERP products on both Gartner and IDC.

現在我想換個話題，談談我們在雲端的數十億美元級應用業務。Fusion EPS——Fusion ERP在第二季成長33%，客戶數超過7,500家。NetSuite成長21%，客戶數超過24,000家。我們在Gartner與IDC上都擁有評價最高的ERP產品。

There is no large-scale enterprise application business in the cloud that's growing as fast as we are. In the coming months, our cloud ERP market leadership will become even more obvious when we announce that several major large-scale SAP ERP customers are leaving SAP and moving to our Fusion ERP cloud. Oracle is the clear market leader in cloud ERP.

在雲端領域，沒有任何大型企業應用業務的成長速度能像我們一樣快。在接下來幾個月，當我們宣布數家大型、規模化的SAP ERP客戶正離開SAP並轉移到我們的Fusion ERP雲端時，我們在雲端ERP市場的領導地位將會更加明顯。Oracle是雲端ERP的明確市場領導者。

Finally, I'd like to talk about our all-new, cloud-based national electronic health record system and health management application suite that Oracle built in response to the COVID-19 pandemic. This system has already been used to register more than 0.5 million people for clinical trials run in the United States for COVID-19 vaccines and therapeutics, such as monoclonal antibodies.

最後，我想談談我們全新、以雲端為基礎的全國電子病歷系統，以及Oracle因應COVID-19疫情所打造的健康管理應用套件。這套系統已用於在美國為COVID-19疫苗與治療（例如單株抗體）的臨床試驗，登記超過50萬人。

Last month, in partnership with the Tony Blair Institute, we used this same exact national electronic health record system to manage the distribution of yellow fever vaccine in Africa. 7,000 people in Ghana were vaccinated during the first week of the program. We're very proud of that.

上個月，我們與Tony Blair Institute合作，使用同一套全國電子病歷系統來管理非洲黃熱病疫苗的配送計畫。該計畫第一週就在迦納為7,000人完成接種。我們對此感到非常自豪。

We are currently in discussions with dozens of countries around the world to adopt Oracle's new national electronic health record system to modernize their national public health infrastructure, thus enabling efficient COVID-19 vaccine management therapeutic monitoring and diagnostic testing.

我們目前正與全球數十個國家洽談，採用Oracle新的全國電子病歷系統，以現代化其國家公共衛生基礎建設，從而實現高效率的COVID-19疫苗管理、治療監測與診斷檢測。

Normally, at this point, I'd begin to read a list of notable new customers that we acquired during the quarter. But our new more efficient track will be to provide you with a list of those customers attached to our detailed financial quarterly numbers. So immersively, you will be able to read the list for yourself and no longer will you have to endure me reading it to you.

通常在這個時間點，我會開始念一份本季度我們取得的知名新客戶名單。但我們新的、更有效率的做法，是把這些客戶名單附在我們更詳細的季度財務數字中。如此一來，你就能自行閱讀名單，也不必再忍受我逐一念給你聽。

So with that, I'll turn it back over to Ken.

那麼，我把時間交回給Ken。

Thank you, Larry. Erica, if we could queue up, I'll start off the Q&A. And just a reminder no questions on TikTok. Thank you.

謝謝你，Larry。Erica，如果可以請排隊，我將開始Q&A。也提醒一下：不要問TikTok相關問題。謝謝。

(Operator Instructions) Our first question comes from Heather Bellini with Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的Heather Bellini。

Great. Safra, I wanted to go back to your comments from June. On your Q4 call, you talked about what was going on under the hood of your constant currency revenue growth, and you mentioned that the growing businesses were growing at a 30% CAGR, the declining businesses at about a double-digit decline and the stable ones were up 1% to 2%. I'm just wondering, taking a look today and kind of how you're thinking about the future, how is the pandemic changing these growth rates, if at all, especially as OCI and things like Cloud at Customer become even bigger areas of focus for customers?

很好。Safra，我想回到你在6月的評論。在你們第四季電話會議上，你談到你們以固定匯率計算的營收成長背後的情況，並提到成長中的業務以30%的年複合成長率（CAGR）成長、下滑中的業務約為兩位數的下滑，而穩定的業務則成長1%到2%。我想請教的是，從今天的角度以及你對未來的看法來看，疫情是否、以及如何改變了這些成長率？特別是當OCI以及像Cloud at Customer這類產品成為客戶更大的關注重點時？

So the pandemic affects us, in some ways, negatively; in some ways, positively, simply because of our size and the breadth of our customer base affects them differently. And so obviously, our hospitality customers have had a very difficult time of it in the main. Some of our retail customers have done horribly. Some have done very, very well.

疫情對我們的影響在某些方面是負面的、在某些方面是正面的，主要是因為我們的規模以及客戶基礎的廣度，使得不同客戶受到的影響不同。很明顯地，我們的旅宿業客戶大多經歷了非常艱難的時期。我們的一些零售客戶表現很糟，但也有一些表現非常、非常好。

What has become very clear to our customers is that those that are digitally forward and that can work also under -- with a lot of automation using a digital tool, using our technology, using the cloud, they are faring far, far better. And as a result, we see change occurring. And you can see it in our ERP SaaS numbers, in our HCM numbers, NetSuite numbers, you can just see that those numbers continue to do very, very well.

對我們的客戶而言，已經非常清楚的是：那些數位化程度領先、能在高度自動化下運作、能使用數位工具、使用我們的技術、使用雲端的企業，表現要好得多。因此，我們看到變化正在發生。你可以從我們的ERP SaaS數據、HCM數據、NetSuite數據中看出來——這些數字持續表現非常、非常好。

And then, of course, our Gen 2 cloud, whether it's compute where many of our customers are using way more than they expected to and, as Larry said, just blowing out our internal forecast such that we will need a few more weeks to really catch up with our demand while we're also expanding globally simultaneously. So we actually believe that this remains very consistent. Obviously, there was uncertainty before because of the pandemic. At this point, I think it's very clear that our business is accelerating. Our stable businesses remain stable. And our shrinking businesses, whether it's nonstrategic hardware or other things, those continue to get smaller.

然後，當然還有我們的第二代雲端（Gen 2 cloud），無論是運算資源或其他方面，許多客戶的使用量都遠超出他們原先預期；正如Larry所說，這也大幅超出我們內部預測，以至於在我們同時進行全球擴張之際，還需要再多幾週才能真正追上需求。所以我們其實相信，這一切仍然非常一致。顯然，疫情之前存在不確定性；但在此刻，我認為非常清楚的是，我們的業務正在加速。我們的穩定業務仍然穩定。而我們的萎縮業務，不論是非策略性硬體或其他項目，則持續縮小。

But generally, the overall revenue number will be showing acceleration even in this pandemic, and I almost feel badly saying, maybe it helped ultimately because many of our customers have realized the importance of using technology to deal with their customers, their employees, their suppliers.

但整體而言，即使在疫情期間，總營收數字也將呈現加速成長。我幾乎有點不好意思這麼說——也許疫情最終反而有所幫助，因為許多客戶已經意識到：運用科技來面對他們的客戶、員工與供應商的重要性。

Great. Thank you. And happy holidays to you and your families.

很好，謝謝你。也祝你和家人佳節愉快。

Thank you. You too, Heather.

謝謝。你也是，Heather。

Our next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自瑞士信貸（Crédit Suisse）的Brad Zelnick。

Great. Congrats on a good quarter and strong guidance. Larry, I've got maybe a bigger question -- a bigger picture question for you. I know you appreciate there are generational aspects to IT where, most often, the winner in the last generation isn't the winner in the next. But under your leadership and vision and Safra's operational discipline, Oracle has been an industry leader for over 4 decades by thinking strategically about the future. And today, we hear amazing feedback on Oracle's latest innovations, the actual underlying technology like OCI and Autonomous. And by that alone, it would seem the future is bright for Oracle. But we've also seen in the past that the best technology doesn't always win. What gives you confidence that Oracle can remain successful and appeal to a younger generation, many who think cloud-first and want to move really, really fast?

很好。恭喜你們交出一個不錯的季度以及強勁的指引。Larry，我有一個可能更大的問題——更宏觀的問題想請教你。我知道你理解IT產業存在世代更迭的特性：多數時候，上一個世代的贏家不一定會是下一個世代的贏家。但在你的領導與願景，以及Safra的營運紀律之下，Oracle透過對未來的策略性思考，四十多年來一直是產業領導者。今天，我們也聽到對Oracle最新創新的驚人回饋，包含像OCI與Autonomous等底層技術。僅就這些而言，Oracle的未來似乎一片光明。但我們也曾在過去看到，最好的技術不一定總能勝出。是什麼讓你有信心Oracle能持續成功，並吸引更年輕的一代——他們多半採取cloud-first思維，並且希望以非常、非常快的速度前進？

All right. Well, let me start in 2 areas. I've always said there are 2 key aspects of Oracle's future, one is the Autonomous Database, which is a cloud-only product. It works with Cloud and Cloud at Customer. So it is certainly cloud first. It is the only database that really does both transaction processing and query processing. So query processing were much faster than Snowflake, the market's current darling. And in transaction processing, we're much faster than anybody. So we have a single unified database that is fully autonomous. It never goes down. It patches itself. Nobody else is making claims anything like that.

好的。那我先從兩個面向開始。我一直說 Oracle 未來有兩個關鍵面向：其一是 Autonomous Database（自治資料庫），這是一個僅限雲端的產品。它可搭配 Cloud 與 Cloud at Customer 運作。因此它當然是雲端優先。它是唯一真正同時涵蓋交易處理與查詢處理的資料庫。所以在查詢處理方面，我們比市場目前的寵兒 Snowflake 快得多。而在交易處理方面，我們比任何人都快。因此我們擁有一個單一、統一且完全自治的資料庫。它永遠不會停機。它會自動修補。沒有其他人提出過類似的主張。

So we have a vast leadership in -- plus we have, by far, the largest installed base. And our database business continues to grow. Some of our other businesses, our middleware businesses, have declined, but our database business continued to grow throughout the move to the cloud. So we're very confident we're going to hold on to our database franchise. We're convinced that -- I mean, they really don't have any strong competition.

因此我們擁有巨大的領先優勢——再加上我們迄今為止擁有最大的既有安裝基礎。而我們的資料庫業務仍在持續成長。我們其他一些業務，例如中介軟體業務，曾經下滑，但在轉向雲端的整個過程中，我們的資料庫業務仍持續成長。因此我們非常有信心能守住我們的資料庫版圖。我們確信——我的意思是，他們真的沒有任何強而有力的競爭對手。

One of -- and you can see there's not a lot of strong competition from Amazon because what's going on with Snow -- if you're curious what's happening with Snowflake, Snowflake is a decent product, a good product, I think. And it's just killing Redshift over at Amazon. So it's doing extremely well. But it doesn't remotely compare to Oracle's Autonomous Database. It doesn't do transactions at all. And in fact, query processing is not even close to assess as the Oracle database. So we're -- but it's much better than what Amazon has. And when it's competing inside of AWS, it does very well. It will kill Redshift. Redshift is not very good. So we think we have a huge lead in database. And -- but no one's trying to do what we're doing. I mean none of the stuff patches itself. None of the stuff never goes down. That's true. The -- okay, that's holding on to our database franchise.

其中一點——你也可以看到，來自 Amazon 的強勁競爭其實不多，因為 Snow 那邊正在發生的事——如果你對 Snowflake 的情況好奇，Snowflake 是個不錯的產品，是個好產品，我認為。而它正在 Amazon 那邊把 Redshift 打得很慘。所以它表現非常好。但它完全無法與 Oracle 的 Autonomous Database 相提並論。它根本不做交易處理。而且事實上，查詢處理也遠遠比不上 Oracle 資料庫。所以我們——但它確實比 Amazon 自己的東西好很多。而當它在 AWS 內部競爭時，它表現得非常好。它會擊垮 Redshift。Redshift 並不是很好。所以我們認為我們在資料庫方面有巨大的領先。而且——但沒有人在嘗試做我們正在做的事。我的意思是，沒有任何東西會自己修補。沒有任何東西能永遠不會停機。這是真的。——好，這就是守住我們的資料庫版圖。

The next thing is ERP. SAP forgot to move their ERP system to the cloud. They just built -- they decided instead to go compete with Oracle with HANA. They don't have a cloud product. We have -- if you look at Gartner and SAP, SAP asked to be moved off the Gartner list because SAP was in the lower left-hand corner. They're not even considered a cloud system by Gartner SAP for ERP. So we are -- we have dominant -- we have over 30,000 customers in the cloud, running our cloud ERP systems. Who's second? Workday with a few hundred? I mean it's not close. And that's the largest applications business. That's the largest applications business on-premise, and it will be the largest applications business in the cloud, and we're the overwhelming technology and market leader. So I think those 2 lynchpins, the Autonomous Database and the Oracle ERP in the cloud secure our future.

下一個是 ERP。SAP 忘了把他們的 ERP 系統搬到雲端。他們只是建——他們反而決定去用 HANA 與 Oracle 競爭。他們沒有雲端產品。我們有——如果你看 Gartner 與 SAP，SAP 要求從 Gartner 名單上移除，因為 SAP 在左下角。他們甚至不被 Gartner 視為 ERP 的雲端系統，SAP 的 ERP 不算。所以我們——我們具有主導地位——我們在雲端有超過 30,000 家客戶在運行我們的雲端 ERP 系統。第二名是誰？Workday 只有幾百家？我的意思是，差距非常大。而那是最大的應用軟體業務。那也是最大的地端（on-premise）應用軟體業務，而且它也將成為雲端最大的應用軟體業務，而我們是壓倒性的技術與市場領導者。所以我認為這兩個支柱——自治資料庫與雲端上的 Oracle ERP——確保了我們的未來。

Now add to that, OCI, which is new for us, we've never been a platform company. We -- Linux is a platform. In the old on-premise days, Linux was a platform, Windows was the most famous platform. There was HP-UX and IBM [Metazone] offering. So there were a lot of platforms. We weren't ever in that business. We were portable and ran on lots of different platforms. Now we have our own platform for the first time. And our platform is competing very well against AWS and Microsoft, and we think we have way better technology on our platform than the other guys. And we're winning lots and lots of customers to our platform. That's an all-new initiative for us to go into the platform business.

現在再加上 OCI，這對我們來說是新的，我們從來不是一家平台公司。我們——Linux 是一個平台。在過去地端時代，Linux 是平台，Windows 是最知名的平台。還有 HP-UX 與 IBM [Metazone] 的產品。所以當時有很多平台。我們從未做那門生意。我們是可攜式的，能在許多不同平台上運行。現在我們第一次擁有自己的平台。而我們的平台與 AWS 和 Microsoft 競爭得非常好，而且我們認為我們的平台技術比其他人好得多。我們正在贏得非常非常多的客戶採用我們的平台。這對我們而言是全新的倡議：進入平台業務。

So again, we're moving from #2 to #1 in cloud applications. Again, we have the fastest-growing, cloud -- large-scale cloud applications business on the planet. Who has a multibillion-dollar cloud business that's growing at 33%? I mean maybe there's somebody, I don't know who it is. Who has anything like autonomous database technology? And who has a cloud platform that's being picked by some of the most sophisticated technology companies on earth over AWS and Microsoft? So I guess those are the 3 pieces: OCI, Autonomous Database and Fusion ERP in the cloud that gives me confidence that we're going to get our fair share of the new generation of cloud applications and infrastructure.

所以再說一次，我們正從雲端應用的第 2 名走向第 1 名。同樣地，我們擁有全球成長最快、規模最大的雲端應用業務。誰有一個數十億美元規模、且以 33% 成長的雲端業務？我的意思是，也許有人有，但我不知道是誰。誰擁有像自治資料庫那樣的技術？又有誰的雲端平台能被地球上一些最成熟的科技公司選擇，用來取代 AWS 和 Microsoft？所以我想這三塊就是：OCI、Autonomous Database，以及雲端上的 Fusion ERP，這讓我有信心我們將在新一代雲端應用與基礎設施中取得我們應得的份額。

Our next question comes from Mark Moerdler with Bernstein Research.

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

Congrats on the quarter. Larry, following up on the last questions, if you don't mind. Given that the world is going to start to vaccinate and we would expect that IT focus could be more on on-premise in the cloud and work from home, I'd like to get a better understanding of what you're seeing and what you're expecting to Autonomous Database running in the cloud and Cloud at Customer, when do you think we see that big inflection we've been hoping for that could drive revenue acceleration?

恭喜本季表現。Larry，如果你不介意，我想延續上一個問題。鑑於全球將開始接種疫苗，我們預期 IT 的重心可能會更回到地端與雲端，以及居家辦公，我想更了解你們目前看到的情況，以及你們對於在雲端與 Cloud at Customer 上運行的 Autonomous Database 的預期：你認為我們何時會看到我們一直期待、可能推動營收加速的那個重大拐點？

Yes. So again, the interesting thing about Cloud at Customer, the change in our business model. So you've got to remember, when we sign a huge Cloud at Customer deal and we deliver a bunch of Exadata to a customer, we recognized, let's see, how much revenue, nothing, versus selling a bunch of Exadata. So what's happened -- remember, we're going from selling Exadata machine to delivering them for free and then charging, if you will, rental or usage on the machines as we go from selling hardware to selling Exadata Cloud at Customer.

是的。所以再說一次，Cloud at Customer 有趣之處在於我們商業模式的改變。所以你必須記得，當我們簽下一筆很大的 Cloud at Customer 合約，並交付一批 Exadata 給客戶時，我們認列了——讓我想想——多少營收？零，對比於直接賣出一批 Exadata。現在發生的是——記得，我們正從銷售 Exadata 機器，轉變為免費交付它們，然後在我們從賣硬體轉為賣 Exadata Cloud at Customer 的過程中，按月向機器收取（如果你願意這麼說）租賃費或使用費。

So our accounting model, you say, well, wow, Oracle's revenue is flat. Well, flat, maybe not so bad, actually it's growing somewhat. But keep in mind, where we used to get paid for Exadata machines right away, we now deliver them at Cloud at Customer, and we have to wait to get those monthly revenues over a 4-year period. So what you're seeing is this change in model, and Cloud at Customer is already doing pretty well. It's just there's a huge lag. There's histories. From the time -- there's a lag from the time we start selling a bunch of these things until all the revenue starts coming in.

所以在我們的會計模型下，你會說，哇，Oracle 的營收是持平的。嗯，持平其實也不算太糟，實際上還有些成長。但請記住，以前我們賣 Exadata 機器可以立刻收款，現在我們在 Cloud at Customer 交付它們，必須在 4 年期間等待每月營收逐步進來。所以你看到的是這種模式的改變，而 Cloud at Customer 其實已經做得相當不錯。只是存在很大的落後效應。這有歷史因素。從我們開始賣出一大批這些東西到所有營收開始進來之間，是有時間差的。

So that's what's going on right now where it's already a very successful product. We're selling a lot of them. Our sales are accelerating, but there's this time lag between sales and the revenue, very different than selling a database license or selling an Exadata machine. As we move to the new model, it's a more profitable model long term, but it doesn't have the instantaneous impact. So there's this time lag. And that's what you're seeing.

所以這就是目前正在發生的事：它已經是一個非常成功的產品。我們賣了很多。我們的銷售正在加速，但銷售與營收之間存在這個時間落差，這與賣資料庫授權或賣 Exadata 機器非常不同。當我們轉向新模式時，長期來看它是更有利潤的模式，但它不會帶來即時的影響。所以就有這個時間落差。而你現在看到的就是這個。

Our next question is from Michael Turits with Keybanc.

我們的下一個問題來自 Keybanc 的 Michael Turits。

Congrats on the quarter. Larry, you talked a lot about ERP, and that's been a lot of where the messaging has been around Fusion apps. But this has been a really strong year even during COVID, around front office. Can you talk a little bit about your CX business and whether or not you could see acceleration there and particularly how some of your AI capabilities are playing into that, if they are?

恭喜本季表現。Larry，你談了很多 ERP，而這也一直是 Fusion 應用的主要訊息重點。但即使在 COVID 期間，這一年在前台（front office）方面也非常強勁。你能談談你們的 CX 業務，以及你是否可能看到那裡加速成長，特別是你們的一些 AI 能力如何在其中發揮作用（如果有的話）？

Yes. Well, they are actually because we're making -- actually, I've been directly involved with a major push in CX. And we've come out with several new CX products, one of which is our product and references system where we have a product references database that we sell, and we have an AI engine that sits on top of it. And what it does, it tells -- it interfaces to our sales automation system. And it tells customers or it tells salespeople what product they should be selling this particular customer next. It's got a recommendations engine. And it will tell -- it will also tell the salesperson what are the best references when you're selling customer A Fusion ERP. And then it will actually -- go out and find those references and prepare a micro -- a website, a micro site for that prospect to go to.

是的。嗯，確實有，因為我們正在——其實，我一直直接參與 CX 的一項重大推進。我們推出了幾個新的 CX 產品，其中之一是我們的產品與參考案例系統：我們有一個產品參考案例資料庫對外銷售，並在其上方放了一個 AI 引擎。它的作用是——它會與我們的銷售自動化系統介接。它會告訴客戶，或告訴業務人員，下一步應該向這位特定客戶銷售哪一個產品。它有一個推薦引擎。而且它還會告訴——它也會告訴業務人員，當你向客戶 A 銷售 Fusion ERP 時，哪些參考案例是最好的。然後它實際上會——去找出那些參考案例，並為該潛在客戶準備一個微型——一個網站、微型網站，讓對方可以前往查看。

So we are enhancing our sales automation which, heretofore, sales automation really has not been about automating sales. Sales automation, which was pioneered by salesforce.com, sales automation is all about opportunity management and forecasting. Our new sales automation is all about giving salespeople tools, enabling them to sell more. It automatically generates proposals. It automatically generates reference list. It automatically generates micro sites. It automatically generates recommendations of what the salesperson should be selling to this customer next, what module. So these are the kind of products, what we call automated lead generation and qualification built into the selling system, the product reference system.

因此，我們正在強化我們的銷售自動化；過去所謂的銷售自動化，其實並不是在自動化銷售。由 salesforce.com 開創的銷售自動化，主要是機會管理與預測。我們新的銷售自動化，重點在於提供業務人員工具，讓他們能賣得更多。它會自動產生提案；自動產生參考客戶清單；自動產生微型網站；並自動產生建議，告訴業務人員下一步應該向這位客戶銷售什麼、哪一個模組。因此，這些就是我們所稱的自動化潛在客戶開發與資格審核，內建於銷售系統與產品參考系統中的產品。

We also have another new product that's coming out in CX, which we think is very important, which is the ability to launch an advertising campaign from a computer console without going through ad agencies. It's funny, this disintermediates the ad business, so that you can, again, target -- let's say, we're selling Fusion ERP to an oil company, a large oil company, and we want to advertise to people in that oil company, the decision makers, the CEO, the CFO, people in accounting, all of that, we can then launch an ad campaign targeting those people and with references for Fusion ERP. So rather than when they log on to look at Google News, rather than them seeing ads for Nike shoes where they were recently browsing the website, they're going to see ads for Oracle Fusion ERP. So we have an ad system.

我們在 CX 方面也將推出另一項新產品，我們認為非常重要：能夠從電腦主控台直接啟動廣告活動，而不必透過廣告代理商。這很有趣，因為這等於去中介化了廣告業務；也就是說，你可以再次進行精準鎖定——例如，我們要把 Fusion ERP 賣給一家大型石油公司，並希望向該石油公司的決策者投放廣告，包括 CEO、CFO、會計部門的人員等等；我們就能啟動一個鎖定這些人的廣告活動，並提供 Fusion ERP 的參考案例。因此，當他們登入查看 Google News 時，他們看到的將不再是因為最近瀏覽過網站而出現的 Nike 鞋廣告，而是 Oracle Fusion ERP 的廣告。所以我們有一套廣告系統。

So we're doing a bunch of that -- by the way, no one is doing this but us. We're the only one that's doing this ability to target people and launch ads from a console. We're the only ones that -- I mean people do it on the consumer side but not on the B2B side. We're doing that on the B2B side. We're the only ones that are using the recommendation engine the way that we are not only to recommend what to sell next but who the best references are and actually preparing the micro site for the prospects to examine those references.

所以我們正在做很多這類事情——順帶一提，除了我們之外沒有人在做。我們是唯一能從主控台鎖定特定人群並投放廣告的公司。我們也是唯一——我的意思是，消費端有人在做，但 B2B 端沒有——我們是在 B2B 端做這件事。我們也是唯一以我們這種方式使用推薦引擎的公司：不僅推薦下一步該賣什麼，還推薦最佳的參考客戶是誰，並且實際為潛在客戶準備好微型網站，讓他們檢視那些參考案例。

So I think the CX is a huge opportunity for us. The fact that we have CX linked to our ERP, we have front office linked to our ERP, linked to our HCM system, it's a huge advantage that we have front office, we have HCM, we have back office, we link it all together. It's much more valuable when you have all the front office and back-office data in a single database. It allows you to do the kind of innovative things we're doing in the front office. So again, that's -- you're going to see a major improvement in our portfolio in the front office over the coming months.

因此我認為 CX 對我們而言是巨大的機會。我們的 CX 與 ERP 連結，前台與 ERP 連結，也與我們的 HCM 系統連結；我們擁有前台、HCM、後台，並把它全部串在一起，這是我們的巨大優勢。當你把所有前台與後台資料放在同一個資料庫中時，其價值會高得多。這讓你能在前台做出我們正在做的那種創新事情。所以再說一次——在接下來幾個月，你將會看到我們前台產品組合有重大改善。

Our final question comes from Raimo Lenschow with Barclays.

我們最後一個問題來自 Barclays 的 Raimo Lenschow。

Congrats from me as well. You guys have been very good and disciplined. So you wouldn't kind of build data centers just for the sake of building data center. So if I look at the momentum here, like 14 new this year, at 29 now, going up to 38 in a few months. Can you talk a little bit about what you're seeing there? What's kind of driving that momentum because that's super impressive.

我也要恭喜你們。你們一直非常出色且自律。所以你們不會只是為了建資料中心而建資料中心。若我看這裡的動能，例如今年新增 14 個、目前 29 個，幾個月內要增加到 38 個。你能談談你們看到的情況嗎？是什麼在推動這股動能？因為這真的非常令人印象深刻。

Larry, do you want to take it?

Larry，你要回答嗎？

Safra, do you want to...

Safra，你要……

Well, let me -- you go ahead, Larry. Go ahead.

嗯，讓我——你先說吧，Larry。你先。

All right. We're just seeing demand for our products all over the world. Our data -- we're going to 1 data center, an OCI data center, that runs not only all of our technology, like Autonomous Database and our high-performance computing, all of that stuff, but it runs all of our applications as well. So we're seeing demand for these products all over the world, and we are going into more countries. We've decided -- our strategy is, because we have a large existing business, we have a large existing installed base, we believe we just have to get into more countries than someone -- than Amazon, let's say, because we have to serve those countries where we have a large installed base, like Indonesia, let's say, which is a very big country, but a lot of people don't have data centers in Indonesia.

好。我們只是看到全球各地對我們產品的需求。我們的資料——我們正在走向一種資料中心，也就是一個 OCI 資料中心，它不僅運行我們所有的技術，例如 Autonomous Database 與我們的高效能運算等等，還運行我們所有的應用程式。因此我們看到全球各地對這些產品都有需求，而我們也正在進入更多國家。我們已決定——我們的策略是，因為我們有龐大的既有業務與既有裝機基礎，我們相信我們必須進入比某些公司——例如 Amazon——更多的國家，因為我們必須服務那些我們擁有大量裝機基礎的國家，例如印尼；印尼是一個非常大的國家，但很多人並沒有在印尼設置資料中心。

Israel, I mean, it's very important to get a good data center in Israel. Some of the cloud companies has been late to get there. We think that's a very important marketplace. So we think we have been building as fast as we can, but we've been trying not to build ahead of demand. And we were doing a pretty good job actually until this last quarter where demand was actually turned out to exceed our ambitions, where our plan for growth, though it's a very ambitious plan, still on the demand side, we have some large customers that just wanted more capacity than we could supply. And that bit us in Q2. Hopefully, it will be -- as Safra said, we're probably a month or 2 away from correcting that and getting ahead of that curve. But we just see right now there's more demand than we can supply. So we're going -- as I said, what are we doing? We're going as fast as we possibly can.

以色列——我的意思是，在以色列建立一個好的資料中心非常重要。有些雲端公司在進入那裡方面比較晚。我們認為那是一個非常重要的市場。所以我們認為我們已經在盡可能快地建置，但也一直努力不要超前需求。其實直到上一季我們都做得相當好；但在這個上一季，需求結果超出了我們的預期——我們的成長計畫雖然非常積極，但在需求端，我們有一些大型客戶想要的容量超過了我們能供應的。這在第二季影響了我們。希望——如 Safra 所說——我們大概再過 1 到 2 個月就能修正這個問題並走在曲線之前。但我們現在看到的是需求大於供給。所以我們要——如我所說，我們在做什麼？我們正以我們所能做到的最快速度前進。

Yes. Let me just add a couple of things. One is we have upped our capital spending plans because the demand is so strong that we've increased it by probably this next quarter, probably be 50% higher than this last one just to keep everything going and growing. I also want to point out that some of our customers do not want to go into a big public data center but for different reasons, regulatory reasons or others, one have Cloud at Customer, and that's very important that we are able to offer that. And in addition, some of them have extremely a large requirement and are basically a private region. Those aren't in the numbers you were mentioning as far as data center build-outs, but that's another area where we are expanding and consumption is increasing at very, very large rate. So we're very busy here just keeping up with demand.

是的。我再補充幾點。第一，我們已提高資本支出計畫，因為需求非常強勁；我們把它提高了，可能在下一季會比上一季高出約 50%，以便讓一切持續運轉並成長。我也想指出，有些客戶不想進入大型公共資料中心，原因各不相同，可能是法規或其他因素；我們有 Cloud at Customer，而這一點非常重要，因為我們能提供這樣的選項。此外，有些客戶的需求極其龐大，基本上就是一個私有區域（private region）。這些不包含在你提到的資料中心建置數量中，但那也是我們正在擴張的另一個領域，而且使用量正以非常、非常高的速度成長。所以我們這邊非常忙，主要是在努力跟上需求。

Thank you, Safra. A telephonic replay of this conference call will be available for 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. Appreciate you joining us today. With that, I'll turn the call back to Erica for closing.

謝謝你，Safra。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今日稍早發布的新聞稿中找到。如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次交流。感謝各位今天加入我們。接下來我把電話交回 Erica 進行結語。

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

感謝各位參加今日的 Oracle 2021 會計年度第二季財報電話會議。感謝各位的參與。您現在可以掛線。