甲骨文 (ORCL) 2021 Q1 法說會逐字稿

Welcome to Oracle's First Quarter 2021 Earnings Conference Call.

歡迎參加 Oracle 2021 年第一季度收益電話會議。

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

現在我想把今天的電話轉給高級副總裁 Ken Bond。

Thank you, Erica.

謝謝你，艾麗卡。

Good afternoon, everyone, and welcome to Oracle's First Quarter Fiscal Year 2021 Earnings Conference Call.

大家下午好，歡迎參加 Oracle 2021 財年第一季度收益電話會議。

A copy of the press release and financial tables, which includes the GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website.

可以從我們的投資者關係網站查看和下載新聞稿和財務表格的副本，其中包括 GAAP 與非 GAAP 對賬和其他補充財務信息。

Additionally, a list of customers being mentioned on this conference call, which have purchased Oracle Cloud Services or went live on Oracle Cloud this quarter, will also be available from our Investor Relations website.

此外，本季度已購買 Oracle 雲服務或在 Oracle 雲上線的客戶名單也將在我們的投資者關係網站上提供。

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

今天參加電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison)；兼首席執行官 Safra Catz。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking.

提醒一下，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息。

Throughout today's discussion, we will present some important factors relating to our business, which may potentially affect these forward-looking statements.

在今天的討論中，我們將介紹一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。

These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

這些前瞻性陳述還受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與今天所做的陳述存在重大差異。

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.

因此，我們告誡您不要過分依賴這些前瞻性陳述，我們鼓勵您查看我們最近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修正案，以全面討論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 publicly release any revisions to these forward-looking statements in light of new information or future events.

最後，我們沒有義務根據新信息或未來事件修改我們的結果或公開發布對這些前瞻性陳述的任何修訂。

Before taking questions, we'll begin with a few prepared remarks.

在回答問題之前，我們將從一些準備好的評論開始。

And with that, I'd like to turn the call over to Safra.

有了這個，我想把電話轉給 Safra。

Thanks, Ken, and good afternoon, everyone.

謝謝，肯，大家下午好。

Before I start, I want to make sure you understand that we will be making no comments regarding the press reports about TikTok, so there's no need to ask.

在我開始之前，我想確保你明白我們不會對有關 TikTok 的媒體報導發表任何評論，所以沒有必要問。

So now to Oracle's results.

現在來看 Oracle 的結果。

As you can see, we had a great quarter.

如您所見，我們有一個很棒的季度。

As usual, I'll review our non-GAAP results using constant dollar growth rates unless I say otherwise.

像往常一樣，除非另有說明，否則我將使用不變的美元增長率來審查我們的非 GAAP 結果。

This quarter, revenue was more than $150 million, above the midpoint of guidance, and EPS was $0.07 above the midpoint.

本季度，收入超過 1.5 億美元，高於指導的中點，每股收益比中點高 0.07 美元。

Currency helped a little, but this quarter was all about solid execution on the sales side and disciplined management of our operations as operating income grew 8%, our best result in 3 years.

貨幣有所幫助，但本季度主要是銷售方面的穩健執行和我們運營的嚴格管理，營業收入增長了 8%，這是 3 年來最好的結果。

As I've said previously, and only briefly interrupted by COVID-19, our mix of business is increasingly favorable.

正如我之前所說，只是被 COVID-19 短暫打斷，我們的業務組合越來越有利。

What that means is that our growing businesses are growing faster and are now larger than our declining businesses.

這意味著我們成長中的業務比我們衰退的業務增長得更快，現在規模更大。

Our Fusion SaaS momentum is very strong.

我們的 Fusion SaaS 勢頭非常強勁。

We're seeing the success of Autonomous Database, which will continue to get even better now that we have Autonomous Database available on Cloud at Customer.

我們看到了自治數據庫的成功，它會繼續變得更好，因為我們在客戶的雲上提供了自治數據庫。

Our total Cloud Services and License Support revenues for the quarter were $6.9 billion, up 2% from last year, and accounted for 74% of total company revenue.

我們本季度的雲服務和許可支持總收入為 69 億美元，比去年增長 2%，占公司總收入的 74%。

GAAP application subscription revenues were $2.8 billion, up 4%.

GAAP 應用程序訂閱收入為 28 億美元，增長 4%。

Our Fusion apps were up 26%, with Fusion ERP up 33% and NetSuite ERP up 23%.

我們的 Fusion 應用增長了 26%，其中 Fusion ERP 增長了 33%，NetSuite ERP 增長了 23%。

Fusion HCM was up 22%.

Fusion HCM 上漲了 22%。

And our Fusion retention rate, which are already high, continue to go up.

我們已經很高的 Fusion 留存率還在繼續上升。

GAAP infrastructure subscription revenues were $4.1 billion, up 1%, with database revenue up 3%.

GAAP 基礎設施訂閱收入為 41 億美元，增長 1%，其中數據庫收入增長 3%。

Autonomous Database consumption revenue was up 64%, and annualized consumption revenue for OCI was up 130%.

自治數據庫消費收入增長 64%，OCI 年化消費收入增長 130%。

License revenues were $886 million, up 8%.

許可收入為 8.86 億美元，增長 8%。

So all in, total revenues for the quarter were $9.4 billion, up 2%.

因此，本季度總收入為 94 億美元，增長 2%。

As usual, we have continued to be disciplined in our spending, with operating expenses actually down 3% this quarter.

與往常一樣，我們繼續嚴格控制支出，本季度運營支出實際上下降了 3%。

Non-GAAP operating income was $4.2 billion and, as I said, up 8% from last year, and our best operating income growth in 3 years.

非 GAAP 營業收入為 42 億美元，正如我所說，比去年增長 8%，是我們 3 年來最好的營業收入增長。

Obviously, we're thrilled with these results, and I expect that Q2 will be good as we're beginning to see our operating income become a bigger part of our EPS growth.

顯然，我們對這些結果感到興奮，我預計第二季度會很好，因為我們開始看到我們的營業收入成為我們每股收益增長的更大一部分。

Operating margin was 45%, up nearly 300 basis points from 42% last year.

營業利潤率為 45%，比去年的 42% 上升了近 300 個基點。

The non-GAAP tax rate for the quarter was 19.1%, slightly below our base tax rate of 20% as a result of some discrete items.

由於一些離散項目，本季度的非美國通用會計準則稅率為 19.1%，略低於我們 20% 的基本稅率。

And EPS was $0.93 in U.S. dollars, up 15% in U.S. dollars, 14% in constant currency, and that is despite an interest expense being $120 million higher year-over-year for the quarter.

每股收益為 0.93 美元，按美元計算增長 15%，按固定匯率計算增長 14%，儘管本季度利息支出同比增加 1.2 億美元。

The GAAP tax rate was 13.3%, also a result of some discrete items, and GAAP EPS was $0.72 in U.S. dollars, up 16% and up 15% in constant currency.

GAAP 稅率為 13.3%，也是一些離散項目的結果，GAAP 每股收益按美元計算為 0.72 美元，增長 16%，按固定匯率計算增長 15%。

Operating cash flow over the last 4 quarters was $13.1 billion with capital expenditures of $1.6 billion and free cash flow of $11.5 billion over that same period.

過去 4 個季度的運營現金流為 131 億美元，同期資本支出為 16 億美元，自由現金流為 115 億美元。

We now have more than $42 billion in cash and marketable securities.

我們現在擁有超過 420 億美元的現金和有價證券。

The short-term deferred revenue balance is $9.9 billion, down 4% in constant currency from a year ago due entirely to timing differences in customer payments.

短期遞延收入餘額為 99 億美元，按固定匯率計算比一年前下降 4%，這完全是由於客戶付款的時間差異。

Gross deferred revenue was, in fact, up in constant currency, and it was up 2%.

事實上，按固定匯率計算，遞延收入總額增長了 2%。

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.

正如我們之前所說，我們致力於通過技術創新、戰略收購、股票回購、謹慎使用債務和派息來為股東回報價值。

This quarter, we repurchased nearly 90 million shares for a total of $5 billion.

本季度，我們以總計 50 億美元的價格回購了近 9000 萬股股票。

Over the last 12 months, we've repurchased 361 million shares for a total of $19.2 billion.

在過去的 12 個月裡，我們以總計 192 億美元的價格回購了 3.61 億股股票。

Over the last 10 years, we have reduced the shares outstanding by 40%.

在過去 10 年中，我們已將流通股減少了 40%。

In addition, we've paid out dividends of $3 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.24.

此外，我們在過去 12 個月內支付了 30 億美元的股息，董事會再次宣布季度股息為 0.24 美元。

Now to the guidance.

現在到指導。

Again, my guidance today is on a non-GAAP basis and in constant currency.

同樣，我今天的指導是基於非 GAAP 基礎和固定貨幣。

Now currency, though, is extremely volatile as you can see in what happened in this quarter and -- but assuming current exchange rates remain the same as they are now, currency should have a slightly less than 1% positive impact on total revenue and potentially $0.02 positive effect on EPS for Q2.

不過，正如您在本季度發生的情況所見，現在的貨幣非常不穩定——但假設當前匯率與現在保持不變，貨幣對總收入的積極影響應該略低於 1%，並且可能對第二季度每股收益產生 0.02 美元的積極影響。

So with that, total revenues are expected to grow between 1% to 3% in U.S. dollars.

因此，以美元計算，總收入預計將增長 1% 至 3%。

And because we will have slightly under a 1% tailwind, so in constant currency, that kind of rounds into 0 to 2% but probably at the higher side.

而且因為我們會有略低於 1% 的順風，所以以固定匯率計算，這種情況會變成 0% 到 2%，但可能會偏高。

Non-GAAP EPS in constant currency is expected to grow 8% to 12% between $0.96 and $1 in constant currency, but again, that's assuming a $0.02 tailwind, so non-GAAP EPS in USD is expected to grow 10% to 14% and to be between $0.98 and $1.02 in U.S. dollars.

以固定匯率計算的非 GAAP 每股收益預計將在 0.96 美元至 1 美元之間增長 8% 至 12%，但同樣，這是假設有 0.02 美元的順風，因此以美元計算的非 GAAP 每股收益預計將增長 10% 至 14%，並且以美元計算在 0.98 美元到 1.02 美元之間。

Now my EPS guidance for Q2 assumes our base tax rate of 20%.

現在，我對第二季度的 EPS 指導假設我們的基本稅率為 20%。

However, as you see, it's usually a little below it; sometimes, it's a little above it.

但是，如您所見，它通常略低於它；有時，它略高於它。

However, onetime cash events could cause the actual tax rates for any given quarter to vary.

但是，一次性現金事件可能會導致任何給定季度的實際稅率發生變化。

But I expect, in normalizing for these things, it will average to 20% so that's what I targeted in this guidance.

但我預計，在對這些事情進行標準化時，平均會達到 20%，這就是我在本指南中的目標。

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

有了這個，我會把它交給拉里徵求他的意見。

Thanks, Safra.

謝謝，薩夫拉。

Let's see, Oracle occupies a unique position in the cloud market.

且看，甲骨文在雲市場佔據著獨一無二的地位。

Oracle is the only cloud vendor that competes in both the enterprise applications market, SaaS; and the infrastructure-as-a-service market, IaaS.

Oracle 是唯一一家在企業應用程序市場 SaaS 中競爭的雲供應商；基礎設施即服務市場 IaaS。

Our competitors in SaaS are people like Salesforce and Workday.

我們在 SaaS 領域的競爭對手是像 Salesforce 和 Workday 這樣的人。

Our competitors in IaaS are people like Microsoft and Amazon.

我們在 IaaS 方面的競爭對手是像微軟和亞馬遜這樣的人。

They're different markets.

他們是不同的市場。

We're the only one that spans these 2 markets.

我們是唯一一家跨越這兩個市場的公司。

It's a very interesting dynamic.

這是一個非常有趣的動態。

I believe we have the best technology in the market today at both the applications layer and the infrastructure layer of the cloud.

我相信我們在雲的應用程序層和基礎設施層都擁有當今市場上最好的技術。

While analysts have ranked Oracle Cloud applications #1 in both market share and customer satisfaction for some time: we're #1 in customer satisfaction in HCM, we're #1 in customer satisfaction in ERP, I can go on, but what's interesting is that those same analysts are beginning to take notice of the technical quality and customer satisfaction associated with Oracle's cloud Infrastructure-as-a-Service business.

雖然分析師將 Oracle 雲應用程序在市場份額和客戶滿意度方面排名第一：我們在 HCM 客戶滿意度方面排名第一，我們在 ERP 客戶滿意度方面排名第一，我可以繼續，但有趣的是是這些分析師開始注意到與 Oracle 的雲基礎設施即服務業務相關的技術質量和客戶滿意度。

I'd like to read an approved statement from IDC about their recently published survey.

我想閱讀 IDC 關於他們最近發布的調查的批准聲明。

In the 2020 Industry CloudPath survey that IDC recently released where it surveyed 935 IaaS customers, on their satisfaction with top IaaS vendors, including Oracle, Amazon Web Services, Microsoft, IBM and Google, Oracle IaaS, OCI, received the highest satisfaction score and the biggest year-over-year score increase of all IaaS vendors.

在 IDC 近期發布的 2020 Industry CloudPath 調查中，對 935 家 IaaS 客戶進行了調查，他們對 Oracle、Amazon Web Services、Microsoft、IBM 和 Google 等頂級 IaaS 供應商的滿意度最高，Oracle IaaS、OCI 的滿意度得分最高，所有 IaaS 供應商中同比增幅最大的。

In addition, 86% of those surveys said they expect their spend on Oracle IaaS and OCI to increase in the future.

此外，86% 的受訪者表示，他們預計未來在 Oracle IaaS 和 OCI 上的支出會增加。

I suspect this comes as a big surprise to many of you and many of our competitors, just as Zoom picking Oracle infrastructure surprised a lot of people in the recent past.

我懷疑這會讓你們中的許多人和我們的許多競爭對手感到非常驚訝，就像 Zoom 在最近選擇 Oracle 基礎設施讓很多人感到驚訝一樣。

I know the biggest question for investors has been can Oracle preserve its huge market-leading database franchise into this new cloud era.

我知道投資者最大的問題是甲骨文能否在這個新的雲時代保持其巨大的市場領先數據庫特許經營權。

Well, interesting question; obviously, an extremely important question to me and everyone here at Oracle.

嗯，有趣的問題；顯然，這對我和 Oracle 的每個人來說都是一個極其重要的問題。

But if Oracle Cloud Infrastructure, OCI, is, in fact, as IDC describes it: the best IaaS platform in the market, the IaaS platform with the highest customer satisfaction, and that same IaaS, OCI, is the foundation for the world's only autonomous database, where do you think the Oracle database -- installed base is going to go?

但是，如果 Oracle Cloud Infrastructure，OCI，實際上正如 IDC 所描述的那樣：市場上最好的 IaaS 平台，客戶滿意度最高的 IaaS 平台，而同樣的 IaaS，OCI，是世界上唯一自治的基礎數據庫，您認為 Oracle 數據庫的安裝基礎將走向何方？

What we're beginning to see is that it's just starting to migrate.

我們開始看到的是它才剛剛開始遷移。

And it's migrating to both the Oracle Public Cloud, the only place you could get the Autonomous Database, and Oracle Cloud at Customer -- excuse me, the only other place you can get the Oracle Autonomous Database, and Oracle Cloud Infrastructure all together.

它正在遷移到 Oracle 公共雲，這是您可以獲得自治數據庫的唯一地方，以及客戶處的 Oracle 雲——對不起，這是您可以獲得 Oracle 自治數據庫和 Oracle 雲基礎設施的唯一其他地方。

Customers are picking Oracle Cloud Infrastructure and the Oracle Autonomous Database for a few very basic and very obvious reasons: much better security, much better reliability, much better performance and dramatically lower cost, much, much lower cost than AWS.

客戶選擇 Oracle Cloud Infrastructure 和 Oracle Autonomous Database 有幾個非常基本和非常明顯的原因：更好的安全性、更好的可靠性、更好的性能和顯著降低的成本，比 AWS 成本低得多。

And that's why people are -- and I'll talk about being -- people like 8x8, another video conferencing system, are moving entirely from AWS onto the Oracle Cloud.

這就是為什麼人們 - 我將談論 - 像另一個視頻會議系統 8x8 這樣的人正在完全從 AWS 遷移到 Oracle 雲。

In fact, there is not a major video conferencing company that isn't talking to Oracle about moving to the Oracle Cloud.

事實上，沒有一家大型視頻會議公司不與 Oracle 討論遷移到 Oracle 雲的事宜。

Vim is a perfect example of why customers are choosing Oracle Cloud Infrastructure.

Vim 是客戶選擇 Oracle 雲基礎設施的一個完美示例。

We see the benefits of choosing OCI in Zoom's results.

我們在 Zoom 的結果中看到了選擇 OCI 的好處。

Zoom's recent earnings were stunning.

Zoom 最近的收益驚人。

Zoom may be the fastest company ever to have their company name become a verb.

Zoom 可能是有史以來最快的將公司名稱變成動詞的公司。

At Oracle, we love to Zoom as most of our employees continue to work from home.

在 Oracle，我們喜歡 Zoom，因為我們的大多數員工繼續在家工作。

And we love that Zoom's usage of Oracle Cloud Infrastructure services delivered triple-digit revenue growth in sequential quarters, from Q4 last year to Q1 this year.

我們很高興 Zoom 使用 Oracle 雲基礎設施服務在連續幾個季度實現了三位數的收入增長，從去年第四季度到今年第一季度。

OCI cloud data centers are opening all over the world at a record pace.

OCI 雲數據中心正以創紀錄的速度在全球開放。

We now have 26 OCI regions live around the world, edging out Amazon AWS, which currently has 24 regions.

我們現在在全球擁有 26 個 OCI 區域，擊敗了目前擁有 24 個區域的亞馬遜 AWS。

And we'll be adding at least another 10 regions in the next 9 months.

在接下來的 9 個月裡，我們將至少再增加 10 個區域。

We're not slowing down.

我們並沒有放慢腳步。

We're speeding up.

我們正在加速。

Oracle Database Cloud at Customer is functionally identical to the Oracle Database and the Public Cloud.

客戶處的 Oracle 數據庫雲在功能上與 Oracle 數據庫和公有云相同。

That's why we're seeing the migrations going both places.

這就是為什麼我們看到遷移在兩個地方進行。

They're going to Database Cloud at Customer, which is a unique Oracle offering, and they're going directly into our Public Cloud.

他們將進入客戶數據庫雲，這是一個獨特的 Oracle 產品，他們將直接進入我們的公共雲。

The price is the same in both cases, the Database is fully serverless and elastic in both cases.

兩種情況下的價格相同，數據庫在兩種情況下都是完全無服務器和彈性的。

You only pay for what you use in both cases, and there are no upfront fees in both cases.

在這兩種情況下，您只需為使用的內容付費，並且在這兩種情況下都沒有預付費用。

We are seeing very rapid adoption of Oracle Database Cloud at Customer among our very largest customers, and this is just the beginning.

我們看到我們最大的客戶對 Oracle 數據庫雲的採用非常迅速，而這僅僅是個開始。

In 2018, we delivered the world's first autonomous database.

2018 年，我們交付了世界上第一個自治數據庫。

And the Oracle Autonomous Database is still the world's only autonomous database.

並且 Oracle 自治數據庫仍然是世界上唯一的自治數據庫。

Then in 2019, we introduced the world's first autonomous operating system.

然後在 2019 年，我們推出了世界上第一個自主操作系統。

And today, Oracle Autonomous Linux is still the world's only autonomous operating system.

而時至今日，Oracle Autonomous Linux 仍然是世界上唯一的自治操作系統。

Now in 2020, we've introduced Oracle Autonomous Data Guard, which effectively eliminates site downtime.

現在是 2020 年，我們推出了 Oracle Autonomous Data Guard，它有效地消除了站點停機時間。

If the data center running your application goes down for any reason, Autonomous Data Guard immediately switches and automatically -- immediately and automatically switches that application over to another data center.

如果運行您的應用程序的數據中心因任何原因宕機，Autonomous Data Guard 會立即自動切換——立即自動將該應用程序切換到另一個數據中心。

No human intervention is required to keep your application running without interruption, and no human labor is required to set up and configure Autonomous Data Guard.

無需人工干預即可讓您的應用程序不間斷運行，也無需人工來設置和配置自治數據衛士。

To use Autonomous Data Guard, there's nothing to learn and nothing to do.

要使用 Autonomous Data Guard，無需學習也無需做任何事情。

You just have to turn on a single switch.

你只需要打開一個開關。

Only Oracle offers this autonomous reliability feature.

只有 Oracle 提供這種自治的可靠性特性。

Another unique OCI offering is our dedicated region, Gen2 Cloud at Customer.

另一個獨特的 OCI 產品是我們的專用區域，Gen2 Cloud at Customer。

Customers can now put our entire Gen2 public cloud behind their firewall in their data center, all of it.

客戶現在可以將我們的整個 Gen2 公共雲放在他們數據中心的防火牆後面，全部。

It's not just the Oracle Database behind your firewall, it's every service that's in our public cloud: compute, storage, Fusion applications, plus the Autonomous Database, Autonomous Linux, Autonomous Data Guard, everything.

不僅僅是防火牆後面的 Oracle 數據庫，還有我們公有云中的每項服務：計算、存儲、融合應用程序，以及自治數據庫、自治 Linux、自治數據衛士，等等。

And we manage it and maintain it for the customer.

我們為客戶管理和維護它。

You get all the benefits of the cloud, but it's in your data center behind your firewall.

您可以獲得云的所有好處，但它位於防火牆後面的數據中心。

No one, not Amazon, not Microsoft, not Google, nobody but Oracle can give customers a complete public cloud in their data center behind their firewall.

沒有人，不是亞馬遜，不是微軟，不是谷歌，除了甲骨文，沒有人可以在他們防火牆後面的數據中心為客戶提供一個完整的公共雲。

Our strategic services are growing rapidly.

我們的戰略服務正在迅速增長。

Autonomous revenue grew -- Autonomous Database revenue grew 64% in annualized consumption.

自治收入增長——自治數據庫收入年化消費增長 64%。

Our Gen2 OCI consumption rate was 130%.

我們的 Gen2 OCI 消耗率為 130%。

We're clearly growing faster than the market, and we're taking market share in the process.

我們的增長速度顯然快於市場，並且我們在這個過程中佔據了市場份額。

With that, I'll turn it back to Ken.

有了這個，我會把它轉回給肯。

Thank you, Larry.

謝謝你，拉里。

Erica, if you could please queue up the audience for questions, we'll go to Q&A now.

埃里卡，如果你可以請聽眾排隊提問，我們現在進入問答環節。

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

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

Congratulations on the strong quarter and especially on license and margins.

祝賀強勁的季度，尤其是許可證和利潤率。

I'd like to ask about the guidance.

我想問一下指導。

While Q1 was strong, the economic disruption of COVID-19 is not yet over, and yet you're guiding what looks strongly.

雖然第一季度表現強勁，但 COVID-19 的經濟破壞尚未結束，但您正在引導看似強勁的趨勢。

Can you give us some more color on why you feel so confident?

你能給我們更多關於你為什麼如此自信的顏色嗎？

And specifically, are you modeling an increased strength in Database, SaaS, ERP and HCM?

具體來說，您是否正在為數據庫、SaaS、ERP 和 HCM 方面的增強實力建模？

How big a factor is Gen2 cloud in the guidance?

Gen2 雲在指南中的影響有多大？

Any information would be appreciated.

任何信息，將不勝感激。

Sure.

當然。

Thanks for the question.

謝謝你的問題。

So it's really following the path that we were on before COVID really hit in March.

因此，它確實遵循了我們在 3 月份 COVID 真正爆發之前所走的道路。

And so we were -- what is going on is very basically an extrapolation of what's happening in the business.

所以我們 - 發生的事情基本上是對業務中發生的事情的推斷。

So the things that are going very well and are growing and are getting larger and larger is everything associated with the cloud.

因此，一切進展順利、不斷發展、越來越大的事物都是與雲相關的。

And that does have implications on license because options grew not only -- Database options grew not only double digits but actually 20-something percent.

這確實對許可證有影響，因為選項不僅增長了——數據庫選項不僅增長了兩位數，而且實際上增長了 20% 左右。

And Analytics also grew because, as you know, with Oracle licenses, you can bring them to our cloud.

Analytics 也在增長，因為如您所知，借助 Oracle 許可，您可以將它們帶到我們的雲中。

But in addition, Exadata and some of our Oracle-specific hardware that's very strategic still continues to do well.

但除此之外，Exadata 和我們的一些非常具有戰略意義的 Oracle 特定硬件仍然繼續表現良好。

But really, the big barn beaters are the fact that our SaaS business is large and growing quickly, and now, OCI and our Database Cloud products and services are growing and they're getting larger and larger.

但實際上，最大的挑戰是我們的 SaaS 業務規模龐大且增長迅速，現在，OCI 和我們的數據庫雲產品和服務正在增長，而且規模越來越大。

And so because we've got annual consumption revenue growing over 100%, and this kind of -- this now overwhelms the fact that some of our businesses -- I'll give you an example, on-premise consulting.

因此，因為我們的年度消費收入增長超過 100%，而且這種 - 這現在壓倒了我們的一些業務這一事實 - 我給你舉個例子，內部諮詢。

This business continues to get smaller, and so it's completely overwhelmed by the businesses that are growing faster.

該業務繼續變小，因此它完全被增長更快的業務所淹沒。

And commitment to our database is incredibly strong.

對我們數據庫的承諾非常強大。

More and more of our customers want to bring their Oracle databases to the Oracle Cloud.

我們越來越多的客戶希望將他們的 Oracle 數據庫帶到 Oracle 雲中。

And then, of course, you have the cases that Larry talked about where our just Oracle Cloud Infrastructure Gen2 is just so good and so much cheaper and so performant and secure that more and more applications want to come to that.

然後，當然，你有 Larry 談到的案例，我們的 Oracle Cloud Infrastructure Gen2 非常好，價格便宜得多，性能和安全性也很高，以至於越來越多的應用程序希望採用這種方式。

So that's really what's going on.

所以這就是正在發生的事情。

I'm not seeing into the future.

我沒有看到未來。

I'm basically looking at what's going on under the covers, and it's a very easy extrapolation as our installed bases of our cloud businesses continue to grow.

我基本上是在看幕後發生的事情，隨著我們雲業務的安裝基礎不斷增長，這是一個非常容易的推斷。

Our next question comes from Brad Zelnick with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Great.

偉大的。

And I'll echo my congrats to the company as well.

我也會對公司表示祝賀。

I want to ask about Cloud at Customer.

我想問一下Cloud at Customer。

Clearly, there's a lot of excitement for how it can enable very large customers to adopt Autonomous Database and have all the benefits of OCI behind the firewall.

顯然，它如何使非常大的客戶能夠採用自治數據庫並在防火牆後享受 OCI 的所有優勢，這令人非常興奮。

And I appreciate it's only really become available in the last few months.

我很感激它在最近幾個月才真正可用。

But maybe for Larry, from a product market fit perspective, could you explain why this is such a big deal?

但也許對於拉里來說，從產品市場契合度的角度來看，你能解釋一下為什麼這很重要嗎？

And for Safra, are there any leading indicators you can point to, maybe backlog or anything else, to help us understand the leading demand for these products and which I assume it supports your confidence in the overall business accelerating?

對於 Safra，您是否有任何領先指標可以指出，可能是積壓或其他任何東西，以幫助我們了解對這些產品的領先需求，我認為它支持您對整體業務加速的信心？

Yes.

是的。

I think I can explain it very clearly.

我想我可以解釋得很清楚了。

So we've been working on Oracle Autonomous Database for several years.

所以我們多年來一直致力於 Oracle 自治數據庫。

As I mentioned in my preamble, we came up with Oracle Autonomous Database in 2018.

正如我在序言中提到的，我們在 2018 年提出了 Oracle 自治數據庫。

But if you're an on-premise user, there was no way to get access to the Oracle Autonomous Database until a couple of months ago.

但是，如果您是本地用戶，直到幾個月前才能訪問 Oracle 自治數據庫。

So the Oracle Autonomous Database was available in our public cloud and has been for 3 years, and it keeps getting better and better.

所以 Oracle 自治數據庫在我們的公共雲中可用，並且已經使用了 3 年，而且它一直在變得越來越好。

But if you're a big on-premise customer, you didn't have the late -- assets to our latest and greatest database.

但是，如果您是內部部署的大客戶，那麼您就沒有我們最新最好的數據庫的最新資產。

It was a very strange situation for Oracle that our latest technology was not available to the vast majority of our customers.

對於 Oracle 來說，我們的絕大多數客戶都無法使用我們的最新技術，這是一個非常奇怪的情況。

All of a sudden, with Cloud at Customer, with Database Cloud at Customer, at very low prices, you can get Oracle Autonomous Database and all the latest and greatest features we offer in the database and have it delivered to your data center behind your firewall.

突然之間，借助客戶雲和客戶數據庫雲，您可以以非常低的價格獲得 Oracle 自治數據庫以及我們在數據庫中提供的所有最新和最強大的特性，並將其交付到防火牆後面的數據中心.

And we think the growth here is going to be explosive.

我們認為這裡的增長將是爆炸性的。

We had a version 1. I'll just -- full disclosure, we had a version 1 of this that was rather difficult to install and difficult to use.

我們有一個版本 1。我只是——完全公開，我們有一個版本 1，它很難安裝和使用。

And version 2 is kind of the extreme opus that we learned a lot.

第 2 版是我們學到了很多的極端作品。

And version 2 is really a plug-and-play.

版本 2 確實是即插即用的。

It goes in very, very fast.

它進入非常非常快。

And it's very simple to use, incredibly reliable.

而且它使用起來非常簡單，非常可靠。

And we expect this to be one of the great stories this fiscal year.

我們預計這將成為本財年最偉大的故事之一。

We think this is going to be triple-digit growth, Oracle Database Cloud at Customer.

我們認為這將是三位數的增長，客戶的 Oracle 數據庫雲。

And the other thing is it's just going to preserve our database franchise.

另一件事是它只會保留我們的數據庫專營權。

There's 2 ways that -- people are going to make the choice to upgrade and move from their current version of Oracle to Autonomous Database.

有兩種方式——人們將選擇升級並從當前版本的 Oracle 遷移到自治數據庫。

And once in Autonomous Database, they're not going anywhere.

一旦進入自治數據庫，它們就不會去任何地方。

Our next question is from Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

I guess Safra, OCI had a great quarter, and obviously, it's had really impressive growth with customers like Zoom that you highlighted.

我猜 Safra，OCI 有一個很棒的季度，而且顯然，它與你強調的像 Zoom 這樣的客戶有非常令人印象深刻的增長。

Can you talk to us a little bit about the pipeline momentum you're seeing with OCI as customers accelerate their migrations to the cloud?

隨著客戶加速遷移到雲，您能否與我們談談您在 OCI 上看到的管道勢頭？

And also, can you share with us what type of workloads and applications are seeing the most traction with it?

另外，您能否與我們分享哪些類型的工作負載和應用程序最受關注？

Or is it really broad-based?

還是真的基礎廣泛？

Okay.

好的。

Let me start, but I know Larry is going to want to say a few things about this.

讓我開始吧，但我知道 Larry 會想就此說幾句。

So first of all, you have to understand that our Fusion customers are also on OCI, which means that all of the applications that they want to build themselves, all custom things that are on the Oracle Database, they're going to be putting them on OCI also.

所以首先，您必須了解我們的 Fusion 客戶也在 OCI 上，這意味著他們想要自己構建的所有應用程序，Oracle 數據庫上的所有自定義內容，他們將把它們放在在 OCI 上也。

In addition, just realize that many of our database customers stayed on-premise and waited for us to have OCI Gen2, which is powerful enough, secure enough and scalable enough for their crown jewels.

此外，只需意識到我們的許多數據庫客戶都留在本地並等待我們擁有 OCI Gen2，它足夠強大、足夠安全且可擴展性足以滿足他們的皇冠上的寶石。

And they've literally waited.

他們真的在等待。

And I know, and I have visibility into sort of the future, because often they want to do what we call BYOL, bring your own license, but they often need options.

我知道，而且我對未來有一定的了解，因為他們通常想做我們所說的 BYOL，帶上自己的許可證，但他們通常需要選擇。

And so I can see their intentions when they're buying those options to bring those database workloads.

因此，當他們購買這些選項以帶來這些數據庫工作負載時，我可以看到他們的意圖。

Now it is falling into the same categories that you've seen historically with us.

現在它屬於您在歷史上與我們一起看到的相同類別。

The communications industry, the financial services industry, all of the industries that have very important high-performance applications that run on Oracle, they've been waiting to put them at OCI.

通信行業、金融服務行業，所有擁有在 Oracle 上運行的非常重要的高性能應用程序的行業，他們一直在等待將它們放在 OCI 上。

And so we see that.

所以我們看到了。

Now some of them are putting it into public cloud.

現在他們中的一些人正在將其放入公共雲中。

Many of them, actually many more than I would have expected, and then others, are doing Cloud at Customer.

他們中的許多人，實際上比我預期的要多得多，然後是其他人，正在客戶處進行雲計算。

And this second generation of Cloud at Customer, now with Autonomous Database, is just so powerful for our customers.

第二代 Cloud at Customer 現在帶有自治數據庫，對我們的客戶來說非常強大。

So we're talking about app customers, database customers, custom applications.

所以我們談論的是應用程序客戶、數據庫客戶、自定義應用程序。

And then there are applications that otherwise just run at some of the competing cloud services that when they do, just like Zoom did, like 8x8, a whole bunch of others that really use a lot of network, a lot of compute, may use a lot of storage, may have a lot of egress, back and forth taking data in and out, they realize that Oracle is both more performant.

還有一些應用程序，否則它們只會在一些競爭性雲服務上運行，當它們運行時，就像 Zoom 所做的那樣，比如 8x8，一大堆其他真正使用大量網絡、大量計算的應用程序，可能會使用很多存儲，可能有很多出口，來回進出數據，他們意識到 Oracle 的性能更高。

And since you pay by the minute, the day, the hour, it's much, much cheaper.

而且由於您按分鐘、天數、小時付費，因此便宜得多。

So we compete at every level of the stack, and it's really very, very, very broad-based for us.

所以我們在堆棧的每個級別上競爭，這對我們來說真的非常、非常、非常廣泛。

I don't know, Larry, if you want to talk about -- add some more to that.

我不知道，拉里，如果你想談談——再補充一些。

Yes.

是的。

I'll add a little bit of color.

我會添加一點顏色。

When Safra says our customers waited for us, let me add a little more information.

當 Safra 說我們的客戶在等我們時，讓我補充一點信息。

A lot of those customers actually tried to run Oracle with AWS.

許多這些客戶實際上試圖在 AWS 上運行 Oracle。

They tried.

他們嘗試了。

It just didn't work very well.

只是效果不是很好。

So they've decided maybe they should wait.

所以他們決定也許他們應該等待。

And so they did.

他們也這樣做了。

So they did try.

所以他們確實嘗試了。

They looked around, they experimented, but the vast, vast, vast majority didn't work very well.

他們環顧四周，他們進行了試驗，但絕大多數都效果不佳。

We have an Exadata cloud service.

我們有一個 Exadata 雲服務。

We have -- Autonomous Database is not available any place but the Oracle Cloud.

我們有——除了 Oracle 雲之外，自治數據庫在任何地方都不可用。

Exadata database service isn't available any place but the Oracle Cloud.

Exadata 數據庫服務只能在 Oracle Cloud 上使用。

We're much better at -- you'd expect us to be much better at running Oracle applications than anybody else, and we are.

我們更擅長——您會期望我們比其他任何人都更擅長運行 Oracle 應用程序，而我們確實做到了。

And a significant percentage of enterprise applications, I don't know, 40% -- 30%, 40% are Oracle applications.

還有很大一部分企業應用程序，我不知道，40% - 30%，40% 是 Oracle 應用程序。

So that's just a gigantic installed base that we think is going to be moving to the Oracle -- we're starting to watch it move to the Oracle Cloud.

所以這只是我們認為將轉移到 Oracle 的巨大安裝基礎——我們開始觀察它轉移到 Oracle 雲。

That's one fact.

這是一個事實。

So they tried, didn't work.

所以他們嘗試了，沒有用。

So they're coming to us.

所以他們來找我們。

Next thing.

接下來的事情。

A lot of our application customers, we've got well over 7,000 customer -- Fusion application customer -- 7,000 Fusion ERP customers.

我們的很多應用程序客戶，我們有超過 7,000 個客戶——Fusion 應用程序客戶——7,000 個 Fusion ERP 客戶。

Now those customers are beginning to build data warehouses around their ERP data.

現在，這些客戶開始圍繞他們的 ERP 數據構建數據倉庫。

Everyone does.

每個人都這樣。

And they're building those data warehouses using Autonomous Database and Oracle Analytics and the Oracle Cloud using Oracle infrastructure services.

他們正在使用自治數據庫和 Oracle Analytics 構建這些數據倉庫，並使用 Oracle 基礎設施服務構建 Oracle 雲。

The Oracle Analytics Cloud is in Oracle infrastructure services, in OCI service.

Oracle Analytics Cloud 在 Oracle 基礎設施服務中，在 OCI 服務中。

The Autonomous Database in OCI service.

OCI 服務中的自治數據庫。

So our application customers, pretty much all of our medium and large application customers will become, in the not-too-distant future, infrastructure customers.

因此，在不久的將來，我們的應用程序客戶，幾乎所有中型和大型應用程序客戶都將成為基礎設施客戶。

A lot -- again, and you've got to add them onto it.

很多——同樣，您必須將它們添加到它上面。

So these are people that are SaaS customers that are going to become infrastructure customers.

所以這些人是 SaaS 客戶，他們將成為基礎設施客戶。

On-premise database customers are going to become infrastructure customers, either in the form of Cloud at Customer or Public Cloud.

本地數據庫客戶將成為基礎設施客戶，無論是客戶雲還是公有云。

Then there are the surprises like Zoom and 8x8.

然後是像 Zoom 和 8x8 這樣的驚喜。

And -- but there are more surprises like that.

而且 - 但還有更多這樣的驚喜。

I think Zoom is a great example because it proves that the Oracle Cloud is secure, reliable, high performant and economical.

我認為 Zoom 是一個很好的例子，因為它證明了 Oracle 雲是安全、可靠、高性能和經濟的。

They picked it because there's nothing to do with the Oracle Database.

他們選擇它是因為它與 Oracle 數據庫無關。

It has nothing to do with them being a SaaS customer.

這與他們是 SaaS 客戶無關。

That was just purely an evaluation of our cloud versus Microsoft's versus Google's versus Amazon's.

這純粹是對我們的雲、微軟的、谷歌的、亞馬遜的雲的評估。

And another example of that is high-performance computing, car companies simulating crashes.

另一個例子是高性能計算，汽車公司模擬碰撞。

Now why would anyone go to the Oracle Cloud to do high-performance computing when you can go to Google or you can go to Microsoft or you can go to AWS?

現在，當你可以去谷歌、微軟或 AWS 時，為什麼會有人去 Oracle Cloud 做高性能計算呢？

Well, because we're much faster, therefore -- we're much, much faster.

好吧，因為我們快得多，所以——我們快得多。

And therefore, they get the simulations done faster, but they've got to be willing to pay less.

因此，他們可以更快地完成模擬，但他們必須願意支付更少的費用。

Almost every car -- well, maybe that's too strong.

幾乎每輛車——好吧，也許那太強了。

Half the car companies around the world are now either using our high-performance computing or evaluating our high-performance computing because we benchmark so well against the competition.

全球有一半的汽車公司現在要么在使用我們的高性能計算，要么在評估我們的高性能計算，因為我們在競爭中表現出色。

And this is all new business, like the video conferencing business.

這是全新的業務，例如視頻會議業務。

So the OCI team did a spectacular job of building a second generation, learning from what Microsoft did, what Google did, what Amazon did and then building the next generation.

因此，OCI 團隊在構建第二代方面做得非常出色，他們學習了微軟所做的、谷歌所做的、亞馬遜所做的，然後構建了下一代。

And it's so good, we're winning business everywhere.

這太好了，我們到處都在贏得業務。

So -- and again -- and these are very early days.

所以 - 再一次 - 現在還很早。

Gen2 OCI is relatively new, and Gen2 Cloud at Customer is even newer.

Gen2 OCI 相對較新，Gen2 Cloud at Customer 甚至更新。

And these are both fabulous products that I think are going to do extremely well over the next few years.

我認為這些都是非常棒的產品，在未來幾年內會做得非常好。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well.

我也祝賀你。

Originally, I wanted to ask about the enterprise edition of TikTok, but you said I shouldn't ask about TikTok so a different question now.

本來想問抖音企業版的，你說不該問抖音，現在換個問題。

The -- could you maybe discuss -- like, we talked about the strength in cloud, but the other thing that stood out this quarter was how much better you did compared to your peers on the license side.

你能不能討論一下——比如，我們談到了雲的優勢，但本季度另一件突出的事情是，與許可證方面的同行相比，你的表現要好得多。

You were up where everyone kind of was down quite significantly.

你在每個人都大幅下跌的地方上漲。

And you touched on some of the drivers, but maybe you could double-click on some of that again because that stands really out as something that we haven't seen in the industry.

你談到了一些驅動因素，但也許你可以再次雙擊其中的一些，因為這確實是我們在業內從未見過的東西。

Can I -- I'd like to comment on that because I think our license business is really misunderstood.

我能不能——我想對此發表評論，因為我認為我們的許可業務真的被誤解了。

People think our -- they see license business and they translate in their brain, license means on-premise.

人們認為我們的 - 他們看到許可業務並在他們的大腦中翻譯，許可意味著內部部署。

That is not true for us.

這對我們來說不是真的。

It may be true for everybody else, by the way; probably is true for everybody else, but it's not true for us.

順便說一句，其他人可能也是如此。對其他人來說可能是這樣，但對我們來說不是這樣。

We have this thing called Bring Your Own License to the cloud.

我們有一個叫做將您自己的許可證帶到雲端的東西。

We encourage our customers to buy licenses -- buy more licenses.

我們鼓勵我們的客戶購買許可證——購買更多的許可證。

And our pitch is you can run those licenses in your data center on-premise or you can bring those licenses to the cloud and get big discounts running database in the cloud.

我們的建議是您可以在本地數據中心運行這些許可證，或者您可以將這些許可證帶到雲端並獲得在雲端運行數據庫的大幅折扣。

So you cannot look at our growth and our database license business and say that's the old -- a revival of the old on-premise business.

所以你不能看看我們的增長和我們的數據庫許可業務，並說這是舊的 - 舊的內部部署業務的複興。

That is not correct.

那是不正確的。

A lot of these people, we have -- when we see -- ULAs and these big contracts for database, the reason people are buying more licenses, a lot of them -- not all of them but a majority of them -- is because they have the flexibility of bringing those licenses to our Public Cloud, to Cloud at Customer and getting big discounts, getting a benefit, getting better prices by doing that.

很多這樣的人，我們有——當我們看到——ULA 和這些數據庫的大合同，人們購買更多許可證的原因，很多——不是全部，而是大多數——是因為他們可以靈活地將這些許可證帶到我們的公共雲、客戶處的雲中，並通過這樣做獲得很大的折扣、利益和更好的價格。

And a lot of people are doing this.

很多人都在這樣做。

So again, don't translate license to mean not cloud.

再次重申，不要將許可證翻譯成非雲。

A lot of the license is, in fact, cloud as well as on-premise.

事實上，很多許可證都是雲和內部部署的。

It's driven -- in fact, it's driven by their plan to move to the cloud.

它是驅動的——事實上，它是由他們遷移到雲的計劃驅動的。

And that is very, very clear because they're buying the specific options which, as I said, the options number, a very high percentage growth this quarter, because it's really in preparation for their move to the cloud.

這非常非常清楚，因為他們正在購買特定的選項，正如我所說，選項數量本季度的增長率非常高，因為它確實是在為他們遷移到雲端做準備。

But I will also tell you then, that is available also in analytics and in some of the other technology licenses.

但我也會告訴你，這也適用於分析和其他一些技術許可。

So analytics is very strong, the database option is extremely strong, very much pointing in the direction of moving to the cloud.

所以分析非常強大，數據庫選項非常強大，非常指向遷移到雲的方向。

So that's really what is driving it.

所以這才是真正的驅動力。

It's not -- it's generally not going to be staying on-premise.

它不是 - 它通常不會留在內部。

Some, of course, stays on-premise and some will stay on-premise indefinitely, but many companies will be either hybrid or will be Cloud at Customer or, of course, in the public cloud.

當然，有些會保留在內部部署，有些會無限期保留在內部部署，但許多公司要么是混合型的，要么是客戶雲，當然還有公共雲。

And that's really what's going on here, and it's really quite clear.

這就是這裡發生的事情，而且非常清楚。

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

我們的下一個問題來自 Derrick Wood 和 Cowen and Company。

Congrats on a strong quarter.

祝賀一個強勁的季度。

I wanted to ask about the hardware side of the business.

我想問一下業務的硬件方面。

This is the first quarter we've seen without negative growth in a long time.

這是我們在很長一段時間內看到的第一個沒有出現負增長的季度。

And to see you hitting 70% gross margin, pretty impressive and far sooner than what we would have thought.

看到你達到 70% 的毛利率，這非常令人印象深刻，而且比我們想像的要快得多。

So does this tell us that you're mostly through bleeding off the commodity pieces and that the majority of growth is driven by Exadata and Cloud at Customer?

那麼，這是否告訴我們，您主要是通過削減商品部分，而大部分增長是由客戶的 Exadata 和雲驅動的？

And how should we generally think about the directional trends from here in both -- in terms of growth and margins?

我們應該如何從這裡總體上考慮方向趨勢——就增長和利潤率而言？

Yes.

是的。

So the hardware growth is entirely dominated by our strategic hardware products, which is really most focused around Exadata.

因此，硬件增長完全由我們的戰略硬件產品主導，這些產品實際上最關注 Exadata。

Revenue in Exadata was up 15%; bookings in our strategic hardware, also up very, very high double digits.

Exadata 的收入增長了 15%；我們戰略硬件的預訂量也增長了非常非常高的兩位數。

And we have actually an enormous Exadata backlog, really the largest -- it's actually double what it was -- more than double what it was last year.

我們實際上有一個巨大的 Exadata 積壓，真的是最大的 - 它實際上是它的兩倍 - 是去年的兩倍多。

And the reality is that this segment is very, very strong.

而現實是，這個細分市場非常非常強大。

We -- it has now gotten large enough.

我們——它現在已經足夠大了。

And the issue for us in Q4, as I mentioned, was really around supply chain.

正如我所提到的，我們在第四季度面臨的問題實際上是圍繞供應鏈的。

And that's taking a while to resolve itself, but we were able to make and ship a lot of Exadatas but we have an enormous backlog still behind that.

這需要一段時間才能自行解決，但我們能夠製造和運送大量 Exadata，但我們仍有大量積壓工作。

And so that's really what's dominating.

所以這才是真正的主導。

And of course, what that points to is a commitment by our customers to Oracle.

當然，這表明我們的客戶對 Oracle 的承諾。

You don't buy an Exadata to run anything but Oracle database application -- database systems.

您購買 Exadata 不是為了運行 Oracle 數據庫應用程序——數據庫系統。

And that commitment to the Oracle platform has really shown up in this area.

對 Oracle 平台的承諾已經真正體現在這一領域。

Cloud at Customer is not recognized upfront.

Cloud at Customer 未預先識別。

Cloud at Customer is not recognized in the hardware line at all.

Cloud at Customer 在硬件產品線中根本不被認可。

In fact, it is recognized in the cloud line when they go online and they consume credit, so -- cloud credit.

其實就是在他們上網的時候在雲線上認出來，消費信用，所以——雲信用。

So it doesn't show up in that on-premise hardware line at all.

所以它根本不會出現在本地硬件產品線中。

Our final question comes from Phil Winslow with Wells Fargo.

我們的最後一個問題來自富國銀行的 Phil Winslow。

Congrats on a great start to the fiscal year.

祝賀本財年開局良好。

Just wanted to focus on applications, we haven't really talked about that a lot on this call.

只是想專注於應用程序，我們在這次電話會議上並沒有真正談論太多。

Obviously, you gave out some really strong numbers with Fusion Cloud.

顯然，您使用 Fusion Cloud 給出了一些非常強大的數字。

Safra, you talked about some of the puts and takes in the overall business.

Safra，你談到了整個業務中的一些看跌期權和收益。

And I wonder if you could talk about those sort of applications specifically.

我想知道您是否可以具體談談這些應用程序。

Sure.

當然。

I mean really, when you think of our application business, you really have to think about Fusion, and especially Fusion ERP, HCM, our back office; you have to think about NetSuite.

我的意思是，當你想到我們的應用程序業務時，你真的必須考慮 Fusion，尤其是我們的後台 Fusion ERP、HCM；你必須考慮 NetSuite。

Those are the fastest-growing segments.

這些是增長最快的部分。

And you have to take into account that we have some other things in that business that are smaller, and some of them are from acquisitions.

你必須考慮到我們在該業務中還有其他一些規模較小的東西，其中一些來自收購。

And that is the less strategic part of our business.

這是我們業務中戰略性較低的部分。

And as that gets smaller, it's sometimes replaced by Fusion.

隨著它變小，它有時會被 Fusion 取代。

That's why that business is really doing very, very well because the ERP -- everything Fusion, Fusion ERP, HCM, this whole area really growing quickly.

這就是為什麼該業務確實做得非常非常好，因為 ERP——所有 Fusion、Fusion ERP、HCM，整個領域都在快速增長。

I mean what you see is many of our customers, both E-Business Suite, SQL stuff, JD Edwards customers.

我的意思是你看到的是我們的許多客戶，包括電子商務套件、SQL 東西、JD Edwards 客戶。

But we also see a new phenomena, which is, historically, it would be hard to push a door of an SAP customer, an SAP on-premise customer, too.

但我們也看到了一個新現象，從歷史上看，SAP 客戶，SAP 內部部署客戶也很難推門而入。

But now we find that many of those doors are not only can be -- basically are already open for us.

但現在我們發現其中許多門不僅可以——基本上已經為我們打開了。

So as the only provider of ERP in the cloud for large -- medium, large companies, the Fusion products are really taking off.

因此，作為唯一一家為大中型公司提供雲端 ERP 的供應商，Fusion 產品真正起飛了。

And so we've been replacing not only our own products and other companies, but we've made a significant foothold in SAP customers simply because they're really very frustrated with their -- with the vendors that they have installed on-premise.

因此，我們不僅一直在更換我們自己的產品和其他公司，而且我們在 SAP 客戶中取得了重要的立足點，僅僅是因為他們對他們在本地安裝的供應商真的非常失望。

So this business for us is an enormous opportunity, and it's really just chugging on all cylinders worldwide, in fact.

所以這項業務對我們來說是一個巨大的機會，事實上，它真的只是在全球範圍內開足馬力。

Thank you, Safra, and thank you, Phil.

謝謝 Safra，謝謝 Phil。

A telephonic replay of this conference call will be available for 24 hours.

此電話會議的電話重播將持續 24 小時。

Dial-in information can be found in the press release issued earlier today.

撥入信息可在今天早些時候發布的新聞稿中找到。

Please call the Investor Relations department with any follow-up questions from this call, and we look forward to speaking with you.

如有任何後續問題，請致電投資者關係部門，我們期待與您交談。

Thank you for joining us today.

感謝您今天加入我們。

And with that, I'll turn the call back to Erica for closing.

有了這個，我會把電話轉回埃里卡關閉。

Thank you for joining today's Oracle's First Quarter 2021 Earnings Conference Call.

感謝您參加今天的 Oracle 2021 年第一季度收益電話會議。

We appreciate your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。