甲骨文 (ORCL) 2021 Q1 法說會逐字稿

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

歡迎參加甲骨文（Oracle）2021 年第一季財報電話會議。

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會議交給資深副總裁 Ken Bond。

Thank you, Erica. Good afternoon, everyone, and welcome to Oracle's First Quarter Fiscal Year 2021 Earnings Conference Call. 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. 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. 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 會計年度第一季財報電話會議。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，本次電話會議中提及、於本季購買甲骨文雲端服務或已在甲骨文雲端上線的客戶名單，也將於我們的投資人關係網站提供。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. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today. As a result, we caution you from placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments, for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. 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.

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，我們將提出一些與我們業務相關的重要因素，這些因素可能會影響上述前瞻性陳述。這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與今日所述內容出現重大差異。因此，我們提醒各位不要過度依賴這些前瞻性陳述，並鼓勵各位查閱我們最新的報告（包括 10-K、10-Q 及任何適用之修訂），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，若因新資訊或未來事件而需要修訂這些前瞻性陳述，我們不承擔更新結果或公開發布任何修訂的義務。

Before taking questions, we'll begin with a few prepared remarks. And with that, I'd like to turn the call over to Safra.

在進入提問之前，我們先做幾點準備好的說明。接下來，我想把電話會議交給 Safra。

Thanks, Ken, and good afternoon, everyone. 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.

謝謝你，Ken，各位下午好。在我開始之前，我想先確認各位了解：我們不會就媒體關於 TikTok 的報導發表任何評論，所以不必提問。

So now to Oracle's results. As you can see, we had a great quarter. As usual, I'll review our non-GAAP results using constant dollar growth rates unless I say otherwise. This quarter, revenue was more than $150 million, above the midpoint of guidance, and EPS was $0.07 above the midpoint. 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.

接下來談甲骨文的業績。如各位所見，我們本季表現非常出色。一如往常，除非我另有說明，否則我將以固定匯率（constant dollar）的成長率來檢視我們的非 GAAP 結果。本季營收較財測區間中點高出超過 1.5 億美元，EPS 也較中點高出 0.07 美元。匯率略有助益，但本季的重點在於銷售端的扎實執行，以及對營運的紀律管理；營業利益成長 8%，創下我們 3 年來最佳表現。

As I've said previously, and only briefly interrupted by COVID-19, our mix of business is increasingly favorable. What that means is that our growing businesses are growing faster and are now larger than our declining businesses. Our Fusion SaaS momentum is very strong. 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.

如我先前所說，除了 COVID-19 造成的短暫干擾外，我們的業務組合正變得愈來愈有利。這代表我們成長中的業務成長更快，且其規模如今已大於我們下滑中的業務。我們的 Fusion SaaS 動能非常強勁。我們也看到 Autonomous Database 的成功；現在 Autonomous Database 已可透過 Cloud at Customer 提供，未來表現將持續更上一層樓。

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.

本季雲端服務與授權支援（Cloud Services and License Support）總營收為 69 億美元，較去年成長 2%，占公司總營收的 74%。

GAAP application subscription revenues were $2.8 billion, up 4%. Our Fusion apps were up 26%, with Fusion ERP up 33% and NetSuite ERP up 23%. Fusion HCM was up 22%. And our Fusion retention rate, which are already high, continue to go up.

GAAP 應用程式訂閱營收為 28 億美元，成長 4%。我們的 Fusion 應用成長 26%，其中 Fusion ERP 成長 33%，NetSuite ERP 成長 23%。Fusion HCM 成長 22%。而我們原本就很高的 Fusion 留存率仍持續提升。

GAAP infrastructure subscription revenues were $4.1 billion, up 1%, with database revenue up 3%. Autonomous Database consumption revenue was up 64%, and annualized consumption revenue for OCI was up 130%. License revenues were $886 million, up 8%. So all in, total revenues for the quarter were $9.4 billion, up 2%.

GAAP 基礎架構訂閱營收為 41 億美元，成長 1%，其中資料庫營收成長 3%。Autonomous Database 的用量（consumption）營收成長 64%，OCI 的年化用量營收成長 130%。授權營收為 8.86 億美元，成長 8%。因此，本季總營收為 94 億美元，成長 2%。

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

一如往常，我們持續在支出上保持紀律，本季營業費用實際上下降了 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. 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. Operating margin was 45%, up nearly 300 basis points from 42% last year.

非 GAAP 營業利益為 42 億美元，如我所說，較去年成長 8%，也是我們 3 年來最佳的營業利益成長。我們對這些結果感到非常振奮，我預期第二季也會表現良好，因為我們開始看到營業利益在 EPS 成長中占比提高。營業利益率為 45%，較去年 42% 提升近 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. 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. 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.

本季非 GAAP 稅率為 19.1%，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 0.93 美元，美元計成長 15%，固定匯率成長 14%；即便本季利息費用較去年同期增加 1.2 億美元，仍達成此表現。GAAP 稅率為 13.3%，同樣是因若干一次性項目所致；GAAP EPS 以美元計為 0.72 美元，成長 16%，固定匯率成長 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. We now have more than $42 billion in cash and marketable securities.

過去 4 個季度的營運現金流為 131 億美元，資本支出為 16 億美元，同期自由現金流為 115 億美元。我們目前持有超過 420 億美元的現金及有價證券。

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

短期遞延營收餘額為 99 億美元，以固定匯率計較一年前下降 4%，完全是由於客戶付款時點差異所致。事實上，遞延營收總額（gross deferred revenue）以固定匯率計是增加的，成長 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. This quarter, we repurchased nearly 90 million shares for a total of $5 billion. Over the last 12 months, we've repurchased 361 million shares for a total of $19.2 billion. Over the last 10 years, we have reduced the shares outstanding by 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.

如我們先前所說，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。本季我們回購近 9,000 萬股，總金額 50 億美元。過去 12 個月，我們回購 3.61 億股，總金額 192 億美元。過去 10 年，我們已將流通在外股數減少 40%。此外，過去 12 個月我們發放 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. 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.

接下來是財測指引。同樣地，我今天提供的指引是以非 GAAP 基礎並以固定匯率計。不過，如各位所見，本季匯率極度波動；但假設目前匯率水準維持不變，匯率對第二季總營收將帶來略低於 1% 的正面影響，並可能對 EPS 帶來 0.02 美元的正面影響。

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

因此，預期總營收以美元計將成長 1% 至 3%。由於我們將有略低於 1% 的順風（tailwind），所以以固定匯率計大致相當於 0% 至 2%，但可能偏向區間較高端。

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.

非 GAAP EPS 以固定匯率計預期成長 8% 至 12%，介於 0.96 至 1.00 美元（固定匯率）。但同樣地，這是假設有 0.02 美元的順風，因此以美元計的非 GAAP EPS 預期成長 10% 至 14%，介於 0.98 至 1.02 美元。

Now my EPS guidance for Q2 assumes our base tax rate of 20%. However, as you see, it's usually a little below it; sometimes, it's a little above it. However, onetime cash events could cause the actual tax rates for any given quarter to vary. But I expect, in normalizing for these things, it will average to 20% so that's what I targeted in this guidance.

我目前對第二季的每股盈餘（EPS）指引，是以我們20%的基本稅率為假設。不過，如你所見，實際上通常會略低於這個水準；有時也會略高一些。然而，一次性的現金事件可能會使任何特定季度的實際稅率出現波動。但我預期，在將這些因素正常化之後，平均會回到20%，因此我在這次指引中以20%為目標。

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

接下來我把時間交給Larry，請他發表評論。

Thanks, Safra. Let's see, Oracle occupies a unique position in the cloud market. Oracle is the only cloud vendor that competes in both the enterprise applications market, SaaS; and the infrastructure-as-a-service market, IaaS. Our competitors in SaaS are people like Salesforce and Workday. Our competitors in IaaS are people like Microsoft and Amazon. They're different markets. We're the only one that spans these 2 markets. It's a very interesting dynamic.

謝謝你，Safra。我們來看，Oracle在雲端市場中佔有獨特的位置。Oracle是唯一一家同時在企業應用市場（SaaS）以及基礎設施即服務市場（IaaS）競爭的雲端供應商。我們在SaaS的競爭對手包括Salesforce和Workday等。我們在IaaS的競爭對手包括Microsoft和Amazon等。這是不同的市場。我們是唯一橫跨這兩個市場的公司。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. 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.

我相信，就目前市場而言，我們在雲端的應用層與基礎設施層都擁有最好的技術。分析師一段時間以來已將Oracle Cloud應用在市佔率與客戶滿意度方面評為第1名：我們在人力資本管理（HCM）的客戶滿意度是第1名、在企業資源規劃（ERP）的客戶滿意度也是第1名，我還可以繼續列舉；但有趣的是，這些同樣的分析師也開始注意到Oracle雲端基礎設施即服務業務在技術品質與客戶滿意度方面的表現。

I'd like to read an approved statement from IDC about their recently published survey. 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. In addition, 86% of those surveys said they expect their spend on Oracle IaaS and OCI to increase in the future. 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.

我想朗讀一段IDC對其近期發布調查的核准聲明。在IDC近期發布的2020年Industry CloudPath調查中，該調查針對935位IaaS客戶，詢問他們對包括Oracle、Amazon Web Services、Microsoft、IBM與Google等主要IaaS供應商的滿意度；Oracle IaaS（OCI）獲得所有IaaS供應商中最高的滿意度分數，以及最大的年增分數提升。此外，86%的受訪者表示，他們預期未來在Oracle IaaS與OCI上的支出將會增加。我猜這對在座許多人以及我們許多競爭對手而言，可能是個很大的驚訝；就像不久前Zoom選擇Oracle基礎設施也讓很多人感到意外一樣。

I know the biggest question for investors has been can Oracle preserve its huge market-leading database franchise into this new cloud era. Well, interesting question; obviously, an extremely important question to me and everyone here at Oracle. 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?

我知道投資人最大的問題一直是：Oracle能否在新的雲端時代保住其龐大、領先市場的資料庫特許經營地位。嗯，這是個有趣的問題；顯然，對我以及Oracle在座各位而言，這也是極其重要的問題。但如果Oracle雲端基礎設施（OCI）確如IDC所描述：是市場上最好的IaaS平台、擁有最高客戶滿意度的IaaS平台，而同一個IaaS（OCI）又是全球唯一自治資料庫的基礎，那你認為Oracle資料庫的已安裝基礎會走向哪裡？

What we're beginning to see is that it's just starting to migrate. 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. 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. 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. In fact, there is not a major video conferencing company that isn't talking to Oracle about moving to the Oracle Cloud.

我們開始看到的是：它才剛開始遷移。而且它正同時遷移到Oracle公有雲（唯一能取得自治資料庫的地方）以及Oracle Cloud at Customer——抱歉，更正一下，另一個能取得Oracle自治資料庫的地方——並且把Oracle Cloud Infrastructure整體一起納入。客戶選擇Oracle Cloud Infrastructure與Oracle自治資料庫，有幾個非常基本且非常明顯的原因：更好的安全性、更高的可靠性、更佳的效能，以及顯著更低的成本，成本遠遠低於AWS。這也是為什麼人們——我會談到——像8x8這樣的另一個視訊會議系統，正把業務完全從AWS搬到Oracle Cloud。事實上，沒有任何一家主要的視訊會議公司不在與Oracle洽談遷移到Oracle Cloud。

Vim is a perfect example of why customers are choosing Oracle Cloud Infrastructure. We see the benefits of choosing OCI in Zoom's results. Zoom's recent earnings were stunning. Zoom may be the fastest company ever to have their company name become a verb. At Oracle, we love to Zoom as most of our employees continue to work from home. 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.

Vim就是一個完美的例子，說明客戶為何選擇Oracle Cloud Infrastructure。我們也從Zoom的成果中看到了選擇OCI的好處。Zoom近期的財報表現令人驚艷。Zoom可能是史上最快讓公司名稱變成動詞的公司。在Oracle，我們很愛用Zoom，因為我們大多數員工仍持續在家工作。而且我們也很高興看到，Zoom使用Oracle Cloud Infrastructure服務，帶動營收在連續季度出現三位數成長，從去年第四季到今年第一季。

OCI cloud data centers are opening all over the world at a record pace. We now have 26 OCI regions live around the world, edging out Amazon AWS, which currently has 24 regions. And we'll be adding at least another 10 regions in the next 9 months. We're not slowing down. We're speeding up. Oracle Database Cloud at Customer is functionally identical to the Oracle Database and the Public Cloud. That's why we're seeing the migrations going both places. They're going to Database Cloud at Customer, which is a unique Oracle offering, and they're going directly into our Public Cloud. The price is the same in both cases, the Database is fully serverless and elastic in both cases. You only pay for what you use in both cases, and there are no upfront fees in both cases.

OCI雲端資料中心正以創紀錄的速度在全球各地開設。我們目前在全球已有26個OCI區域上線，略微超越Amazon AWS目前的24個區域。而在接下來9個月內，我們至少還會再新增10個區域。我們沒有放慢腳步。我們正在加速。Oracle Database Cloud at Customer在功能上與Oracle Database以及公有雲完全相同。這就是為什麼我們看到遷移同時往兩個方向進行。他們會遷移到Database Cloud at Customer（這是Oracle獨有的產品），也會直接遷移到我們的公有雲。兩種情況下價格相同；兩種情況下資料庫都是完全無伺服器（serverless）且具彈性伸縮。兩種情況下你都只需為使用量付費，而且兩種情況下都沒有前期費用。

We are seeing very rapid adoption of Oracle Database Cloud at Customer among our very largest customers, and this is just the beginning. In 2018, we delivered the world's first autonomous database. And the Oracle Autonomous Database is still the world's only autonomous database. Then in 2019, we introduced the world's first autonomous operating system. And today, Oracle Autonomous Linux is still the world's only autonomous operating system.

我們看到Oracle Database Cloud at Customer在我們最大型客戶之間的採用速度非常快，而這才剛開始。2018年，我們交付了全球第一個自治資料庫。而Oracle自治資料庫至今仍是全球唯一的自治資料庫。接著在2019年，我們推出了全球第一個自治作業系統。而今天，Oracle Autonomous Linux仍是全球唯一的自治作業系統。

Now in 2020, we've introduced Oracle Autonomous Data Guard, which effectively eliminates site downtime. 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. 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. To use Autonomous Data Guard, there's nothing to learn and nothing to do. You just have to turn on a single switch. Only Oracle offers this autonomous reliability feature.

現在在2020年，我們推出了Oracle Autonomous Data Guard，能有效消除站點停機時間。如果執行你應用程式的資料中心因任何原因停擺，Autonomous Data Guard會立即且自動——立即且自動——將該應用程式切換到另一個資料中心。不需要任何人工介入就能讓你的應用程式不中斷地持續運行，也不需要任何人工勞務來建置與設定Autonomous Data Guard。要使用Autonomous Data Guard，沒有任何東西需要學，也沒有任何事情需要做。你只要打開一個開關即可。只有Oracle提供這項自治可靠性功能。

Another unique OCI offering is our dedicated region, Gen2 Cloud at Customer. Customers can now put our entire Gen2 public cloud behind their firewall in their data center, all of it. 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. And we manage it and maintain it for the customer. You get all the benefits of the cloud, but it's in your data center behind your firewall. 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.

另一項獨特的OCI產品是我們的專屬區域（Dedicated Region），也就是Gen2 Cloud at Customer。客戶現在可以把我們完整的Gen2公有雲放在他們資料中心的防火牆後面，全部都可以。不只是把Oracle資料庫放在你的防火牆後面，而是我們公有雲中的每一項服務：運算、儲存、Fusion應用，再加上自治資料庫、Autonomous Linux、Autonomous Data Guard，全部都有。而且我們會為客戶進行管理與維護。你能獲得雲端的所有好處，但它就在你資料中心的防火牆後面。沒有任何人——不是Amazon、不是Microsoft、不是Google，除了Oracle之外沒有任何人——能在客戶資料中心的防火牆後面提供完整的公有雲。

Our strategic services are growing rapidly. Autonomous revenue grew -- Autonomous Database revenue grew 64% in annualized consumption. Our Gen2 OCI consumption rate was 130%. We're clearly growing faster than the market, and we're taking market share in the process.

我們的策略性服務正在快速成長。自治營收成長——自治資料庫營收以年化消費額計算成長了64%。我們的Gen2 OCI消費成長率為130%。我們顯然成長速度快於市場，並在此過程中取得市佔率。

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

那麼，我把時間交回給 Ken。

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

謝謝你，Larry。Erica，麻煩你請把觀眾排隊準備提問，我們現在進入問答環節。

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

(接線員指示) 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. I'd like to ask about the guidance. While Q1 was strong, the economic disruption of COVID-19 is not yet over, and yet you're guiding what looks strongly. Can you give us some more color on why you feel so confident? And specifically, are you modeling an increased strength in Database, SaaS, ERP and HCM? How big a factor is Gen2 cloud in the guidance? Any information would be appreciated.

恭喜本季表現強勁，尤其是在授權與毛利率方面。我想問一下你們的財測指引。雖然第一季很強，但 COVID-19 造成的經濟擾動尚未結束，而你們給出的指引看起來仍然相當強勁。能否多提供一些背景，說明你們為何如此有信心？具體來說，你們是否在模型中假設 Database、SaaS、ERP 與 HCM 的強勢會進一步提升？Gen2 雲在指引中占多大因素？任何資訊都將不勝感激。

Sure. Thanks for the question. So it's really following the path that we were on before COVID really hit in March. And so we were -- what is going on is very basically an extrapolation of what's happening in the business. So the things that are going very well and are growing and are getting larger and larger is everything associated with the cloud. And that does have implications on license because options grew not only -- Database options grew not only double digits but actually 20-something percent. And Analytics also grew because, as you know, with Oracle licenses, you can bring them to our cloud.

當然。謝謝你的問題。這基本上是沿著我們在 COVID 於 3 月真正衝擊之前所走的路徑在前進。所以，我們所看到的情況，本質上就是把業務正在發生的事情外推。目前進展非常好、持續成長且規模愈來愈大的，是所有與雲相關的一切。這也會影響授權，因為選購項目（options）成長了——不只是——Database 的選購項目不僅是雙位數成長，實際上是 20% 多的成長。Analytics 也成長了，因為如你所知，Oracle 的授權可以帶到我們的雲上使用。

But in addition, Exadata and some of our Oracle-specific hardware that's very strategic still continues to do well. 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. 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. This business continues to get smaller, and so it's completely overwhelmed by the businesses that are growing faster.

此外，Exadata 以及我們一些非常具策略性的 Oracle 專屬硬體仍持續表現良好。但真正最亮眼的，是我們的 SaaS 業務規模大且成長快速，而現在 OCI 以及我們的 Database Cloud 產品與服務也在成長，且規模愈來愈大。因此，由於我們的年度消耗型收入（annual consumption revenue）成長超過 100%，這種——這現在已經壓過了我們某些業務的影響——我舉個例子，本地端（on-premise）顧問服務。這項業務持續縮小，因此完全被成長更快的業務所掩蓋。

And commitment to our database is incredibly strong. More and more of our customers want to bring their Oracle databases to the Oracle Cloud. 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. So that's really what's going on. I'm not seeing into the future. 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.

而且客戶對我們資料庫的承諾非常強。愈來愈多客戶希望把他們的 Oracle 資料庫搬到 Oracle Cloud。當然，還有 Larry 提到的那些案例：我們的 Oracle Cloud Infrastructure Gen2 實在太好——更便宜、效能更高且更安全——因此愈來愈多應用程式想要遷移到那裡。所以，事情大致就是這樣。我不是在預測未來。我基本上是在看底層正在發生什麼，而隨著我們雲端業務的既有客戶基礎（installed base）持續成長，這是一個非常容易的外推。

Our next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Great. And I'll echo my congrats to the company as well. I want to ask about 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. And I appreciate it's only really become available in the last few months. But maybe for Larry, from a product market fit perspective, could you explain why this is such a big deal? 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?

很好。我也同樣向公司致上恭喜。我想問 Cloud at Customer。顯然，市場對它能讓非常大型的客戶採用 Autonomous Database、並在防火牆後享有 OCI 的所有優勢感到非常興奮。我也理解它其實是在過去幾個月才真正開始提供。但也許請 Larry 從產品市場契合（product market fit）的角度，說明為什麼這是一件大事？另外請 Safra 說明是否有任何領先指標可供參考，例如積壓訂單（backlog）或其他，幫助我們理解這些產品的前瞻需求——我想這也支撐了你對整體業務加速的信心？

Yes. I think I can explain it very clearly. So we've been working on Oracle Autonomous Database for several years. As I mentioned in my preamble, we came up with Oracle Autonomous Database in 2018. 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. So the Oracle Autonomous Database was available in our public cloud and has been for 3 years, and it keeps getting better and better. But if you're a big on-premise customer, you didn't have the late -- assets to our latest and greatest database. It was a very strange situation for Oracle that our latest technology was not available to the vast majority of our customers.

是的。我想我可以非常清楚地解釋。我們已經在 Oracle Autonomous Database 上投入了好幾年。如我在開場所提到的，我們在 2018 年推出了 Oracle Autonomous Database。但如果你是本地端使用者，直到幾個月前，你都沒有辦法取得 Oracle Autonomous Database。因此，Oracle Autonomous Database 在我們的公有雲上已提供 3 年，而且持續變得愈來愈好。但如果你是大型本地端客戶，你就無法取得——最新——我們最新、最強的資料庫資產。對 Oracle 來說，這是一個非常奇怪的狀況：我們最新的技術竟然無法提供給絕大多數客戶使用。

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. And we think the growth here is going to be explosive. 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. And version 2 is kind of the extreme opus that we learned a lot. And version 2 is really a plug-and-play. It goes in very, very fast. And it's very simple to use, incredibly reliable. And we expect this to be one of the great stories this fiscal year. We think this is going to be triple-digit growth, Oracle Database Cloud at Customer.

突然之間，透過 Cloud at Customer、透過 Database Cloud at Customer，以非常低的價格，你就能取得 Oracle Autonomous Database，以及我們在資料庫中提供的所有最新、最強功能，並把它部署到你自己的資料中心、防火牆之後。我們認為這裡的成長將會是爆發性的。我們曾經有第 1 版——我就——完全揭露，我們有過第 1 版，但安裝相當困難、使用也不容易。而第 2 版可以說是我們吸取大量經驗後的極致之作。第 2 版真的是即插即用。部署速度非常、非常快。而且使用非常簡單、可靠性極高。我們預期這會成為本財年最重要的故事之一。我們認為 Oracle Database Cloud at Customer 將會有三位數成長。

And the other thing is it's just going to preserve our database franchise. 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. And once in Autonomous Database, they're not going anywhere.

另外一點是，這也將保護我們的資料庫基本盤（franchise）。有兩種方式——人們會做出升級的選擇，從目前使用的 Oracle 版本升級並遷移到 Autonomous Database。一旦進入 Autonomous Database，他們就不會再離開。

Our next question is from Heather Bellini with Goldman Sachs.

下一個問題來自 Goldman Sachs 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. 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? And also, can you share with us what type of workloads and applications are seeing the most traction with it? Or is it really broad-based?

我想問 Safra，OCI 這一季表現非常好，而且顯然在你提到的 Zoom 等客戶帶動下，成長相當亮眼。你能否談談，當客戶加速遷移上雲時，你們在 OCI 方面看到的銷售管線（pipeline）動能？另外，你能否分享一下，哪些類型的工作負載與應用在 OCI 上獲得最多牽引力？還是其實是全面性的？

Okay. Let me start, but I know Larry is going to want to say a few things about this. 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. 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. And they've literally waited. 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. And so I can see their intentions when they're buying those options to bring those database workloads.

好的。我先開始回答，但我知道 Larry 也會想就此補充幾點。首先，你必須了解，我們的 Fusion 客戶同時也在使用 OCI，這表示他們想自行開發的所有應用、所有建立在 Oracle Database 上的客製化內容，也都會部署在 OCI 上。此外，也請注意，許多資料庫客戶一直留在本地端，等待我們推出 OCI Gen2——它的能力夠強、安全性夠高、可擴展性也夠，足以承載他們的核心關鍵資產（crown jewels）。他們真的一直在等。而且我知道、我也能看到某種程度的未來，因為他們常常會做我們所稱的 BYOL（bring your own license，自帶授權），但他們往往需要選購項目（options）。因此，當他們購買那些選購項目以便把資料庫工作負載帶上雲時，我就能看出他們的意圖。

Now it is falling into the same categories that you've seen historically with us. 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. And so we see that. Now some of them are putting it into public cloud. Many of them, actually many more than I would have expected, and then others, are doing Cloud at Customer. And this second generation of Cloud at Customer, now with Autonomous Database, is just so powerful for our customers. So we're talking about app customers, database customers, custom applications.

現在它正落入你過去在我們身上歷來看到的相同類別。通訊產業、金融服務產業，所有那些在 Oracle 上執行非常重要的高效能應用的產業，他們一直在等著把它們放到 OCI 上。所以我們看到了這點。現在其中一些把它放到公有雲。很多，實際上比我原先預期的多得多，另外一些則是在做 Cloud at Customer。而這一代第二代的 Cloud at Customer，現在搭配 Autonomous Database，對我們的客戶來說就是如此強大。所以我們談的是應用程式客戶、資料庫客戶、客製化應用。

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. And since you pay by the minute, the day, the hour, it's much, much cheaper. So we compete at every level of the stack, and it's really very, very, very broad-based for us.

然後還有一些應用程式，原本只是在某些競爭對手的雲端服務上執行；當它們這麼做時，就像 Zoom 做的、像 8x8，以及一大堆其他真的大量使用網路、大量使用運算、可能使用大量儲存、可能有大量輸出流量（egress）、來回把資料進出搬運的，他們會意識到 Oracle 不僅效能更好。而且因為你是按分鐘、按天、按小時付費，所以便宜得多、便宜非常多。所以我們在堆疊的每一層都在競爭，對我們來說覆蓋面真的非常、非常、非常廣。

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

我不知道，Larry，你是否想談談——再補充一些？

Yes. I'll add a little bit of color. When Safra says our customers waited for us, let me add a little more information. A lot of those customers actually tried to run Oracle with AWS. They tried. It just didn't work very well. So they've decided maybe they should wait. And so they did. So they did try. They looked around, they experimented, but the vast, vast, vast majority didn't work very well. We have an Exadata cloud service. We have -- Autonomous Database is not available any place but the Oracle Cloud. Exadata database service isn't available any place but the Oracle Cloud. We're much better at -- you'd expect us to be much better at running Oracle applications than anybody else, and we are. And a significant percentage of enterprise applications, I don't know, 40% -- 30%, 40% are Oracle applications. 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. That's one fact. So they tried, didn't work. So they're coming to us.

是的。我補充一點背景。當 Safra 說我們的客戶一直在等我們時，我再補充一些資訊。其中很多客戶其實試過在 AWS 上跑 Oracle。他們試過。只是效果不太好。所以他們決定也許應該等一等。於是他們就等了。所以他們確實有嘗試。他們四處看看、做實驗，但絕大、絕大、絕大多數都運作得不太好。我們有 Exadata 雲端服務。我們有——Autonomous Database 除了 Oracle Cloud 之外，任何地方都沒有提供。Exadata 資料庫服務除了 Oracle Cloud 之外，任何地方都沒有提供。我們在——你會預期我們在執行 Oracle 應用方面會比任何人都更擅長，而我們確實如此。而企業應用中有相當高比例，我不知道，40%——30%、40% 是 Oracle 應用。所以那是一個巨大的既有裝機基礎，我們認為它將會移轉到 Oracle——我們開始看到它正在移轉到 Oracle Cloud。這是一個事實。所以他們試過，但不太行。所以他們就來找我們。

Next thing. A lot of our application customers, we've got well over 7,000 customer -- Fusion application customer -- 7,000 Fusion ERP customers. Now those customers are beginning to build data warehouses around their ERP data. Everyone does. And they're building those data warehouses using Autonomous Database and Oracle Analytics and the Oracle Cloud using Oracle infrastructure services. The Oracle Analytics Cloud is in Oracle infrastructure services, in OCI service. The Autonomous Database in OCI service. So our application customers, pretty much all of our medium and large application customers will become, in the not-too-distant future, infrastructure customers. A lot -- again, and you've got to add them onto it. So these are people that are SaaS customers that are going to become infrastructure customers.

下一件事。我們很多應用客戶，我們有遠超過 7,000 家客戶——Fusion 應用客戶——7,000 家 Fusion ERP 客戶。現在這些客戶開始圍繞他們的 ERP 資料建立資料倉儲。每個人都會這麼做。而他們使用 Autonomous Database、Oracle Analytics，以及在 Oracle Cloud 上、使用 Oracle 基礎架構服務來建置這些資料倉儲。Oracle Analytics Cloud 在 Oracle 基礎架構服務中，也就是在 OCI 服務裡。Autonomous Database 也在 OCI 服務裡。所以我們的應用客戶，幾乎所有中大型應用客戶，在不久的將來都會成為基礎架構客戶。很多——再一次，你必須把他們也加進來。所以這些是 SaaS 客戶，將會成為基礎架構客戶。

On-premise database customers are going to become infrastructure customers, either in the form of Cloud at Customer or Public Cloud. Then there are the surprises like Zoom and 8x8. And -- but there are more surprises like that. I think Zoom is a great example because it proves that the Oracle Cloud is secure, reliable, high performant and economical. They picked it because there's nothing to do with the Oracle Database. It has nothing to do with them being a SaaS customer. That was just purely an evaluation of our cloud versus Microsoft's versus Google's versus Amazon's.

本地部署（on-premise）的資料庫客戶將會成為基礎架構客戶，形式可能是 Cloud at Customer 或公有雲。然後還有像 Zoom 和 8x8 這樣的驚喜。而且——但還會有更多這樣的驚喜。我認為 Zoom 是個很好的例子，因為它證明 Oracle Cloud 是安全、可靠、高效能且具成本效益的。他們選擇它，完全與 Oracle Database 無關。也與他們是否為 SaaS 客戶無關。那純粹是對我們的雲端與微軟、Google、Amazon 的雲端做出的評估。

And another example of that is high-performance computing, car companies simulating crashes. 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? Well, because we're much faster, therefore -- we're much, much faster. And therefore, they get the simulations done faster, but they've got to be willing to pay less. Almost every car -- well, maybe that's too strong. 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. And this is all new business, like the video conferencing business.

另一個例子是高效能運算，汽車公司在做撞擊模擬。那為什麼有人會到 Oracle Cloud 做高效能運算，而不是去 Google、去微軟或去 AWS？因為我們快得多，因此——我們快非常、非常多。因此他們能更快完成模擬，但他們也得願意付更少的錢。幾乎每一家汽車公司——嗯，也許這樣說太強。全球大約一半的汽車公司現在不是在使用我們的高效能運算，就是在評估我們的高效能運算，因為我們相對競爭對手的基準測試表現非常好。而這些全都是新業務，就像視訊會議業務一樣。

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. And it's so good, we're winning business everywhere. So -- and again -- and these are very early days. Gen2 OCI is relatively new, and Gen2 Cloud at Customer is even newer. And these are both fabulous products that I think are going to do extremely well over the next few years.

所以 OCI 團隊在打造第二代方面做得非常出色，從微軟做了什麼、Google 做了什麼、Amazon 做了什麼中學習，然後打造下一代。而且它好到我們在各處都在贏得業務。所以——而且再說一次——這些都還是非常早期的階段。Gen2 OCI 相對較新，而 Gen2 Cloud at Customer 更是更新。而這兩者都是極佳的產品，我認為在未來幾年會表現得非常好。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自 Barclays 的 Raimo Lenschow。

Congrats from me as well. 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. 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. You were up where everyone kind of was down quite significantly. 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.

我也表示祝賀。原本我想問 TikTok 的企業版，但你說我不該問 TikTok，所以現在換個問題。那個——你能否談談——我們談到了雲端的強勁表現，但本季另一個特別突出的點是，你在授權（license）方面相較同業表現好很多。在大家都顯著下滑的情況下，你們卻是成長的。你提到了一些驅動因素，但也許你可以再更深入地拆解一下，因為這真的非常突出，是我們在產業中不常看到的。

Can I -- I'd like to comment on that because I think our license business is really misunderstood. People think our -- they see license business and they translate in their brain, license means on-premise. That is not true for us. It may be true for everybody else, by the way; probably is true for everybody else, but it's not true for us. We have this thing called Bring Your Own License to the cloud. We encourage our customers to buy licenses -- buy more licenses. 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.

我可以——我想評論一下，因為我認為大家對我們的授權業務有很大的誤解。人們看到授權業務，就在腦中把它翻譯成：授權就等於本地部署（on-premise）。對我們來說並非如此。順帶一提，對其他所有人可能是如此；大概對其他所有人都是真的，但對我們不是。我們有一個叫做「Bring Your Own License」到雲端的機制。我們鼓勵客戶購買授權——買更多授權。而我們的主張是：你可以在你的資料中心本地部署執行這些授權，或者你也可以把這些授權帶到雲端，在雲端執行資料庫時獲得大幅折扣。

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. That is not correct. 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. And a lot of people are doing this. So again, don't translate license to mean not cloud. A lot of the license is, in fact, cloud as well as on-premise.

因此，你不能看著我們的成長以及我們的資料庫授權業務，就說那是舊的——是舊式內部部署（on-premise）業務的復甦。那是不正確的。這些客戶中有很多——當我們看到 ULA 以及這些大型資料庫合約時，人們之所以購買更多授權，很多——不是全部，但大多數——是因為他們具備把這些授權帶到我們的公有雲、帶到 Cloud at Customer 的彈性，並因此獲得大幅折扣、取得好處、拿到更好的價格。而且很多人都在這麼做。所以再說一次，不要把「授權」翻譯成「不是雲」。很多授權其實同時涵蓋雲端以及內部部署。

It's driven -- in fact, it's driven by their plan to move to the cloud. 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. But I will also tell you then, that is available also in analytics and in some of the other technology licenses. So analytics is very strong, the database option is extremely strong, very much pointing in the direction of moving to the cloud. So that's really what is driving it. It's not -- it's generally not going to be staying on-premise. 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. And that's really what's going on here, and it's really quite clear.

它其實是由他們移轉到雲端的計畫所驅動。而這點非常、非常清楚，因為他們正在購買特定的選項；如我所說，這一季選項的數量呈現非常高比例的成長，因為這真的是在為他們移轉到雲端做準備。但我也要告訴你，這同樣也適用於分析（analytics）以及其他一些技術授權。所以分析非常強勁，資料庫選項極其強勁，非常明確地指向移轉到雲端的方向。所以真正驅動它的就是這個。它不是——一般而言不會是要繼續留在內部部署。當然，有些會留在內部部署，有些也會無限期留在內部部署，但許多公司將會是混合式（hybrid），或採用 Cloud at Customer，或當然是在公有雲上。這就是這裡正在發生的事，而且其實相當清楚。

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

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

Congrats on a strong quarter. I wanted to ask about the hardware side of the business. This is the first quarter we've seen without negative growth in a long time. And to see you hitting 70% gross margin, pretty impressive and far sooner than what we would have thought. 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? And how should we generally think about the directional trends from here in both -- in terms of growth and margins?

恭喜本季表現強勁。我想問一下硬體業務這一塊。這是我們很長一段時間以來第一次看到沒有負成長的季度。而且看到你們達到 70% 的毛利率，相當令人印象深刻，也比我們原先預期的時間點早得多。那麼，這是否意味著你們大致已經完成了把大宗商品型（commodity）產品逐步退出，而成長主要由 Exadata 與 Cloud at Customer 所帶動？另外，從這裡往後，我們應該如何整體看待成長與毛利率的方向性趨勢？

Yes. So the hardware growth is entirely dominated by our strategic hardware products, which is really most focused around Exadata. Revenue in Exadata was up 15%; bookings in our strategic hardware, also up very, very high double digits. 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. And the reality is that this segment is very, very strong. We -- it has now gotten large enough. And the issue for us in Q4, as I mentioned, was really around supply chain. 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. And so that's really what's dominating.

是的。所以硬體成長完全由我們的策略性硬體產品所主導，而這主要聚焦在 Exadata。Exadata 的營收成長 15%；我們策略性硬體的訂單（bookings）也以非常、非常高的雙位數成長。而且我們其實有龐大的 Exadata 未交貨訂單（backlog），真的是最大——實際上是去年的兩倍——比去年多出一倍以上。而現實是，這個區塊非常、非常強勁。我們——它現在已經成長到足夠大的規模。而我先前提到，我們在第四季的問題其實主要在供應鏈。這需要一些時間才能解決，但我們仍然能夠生產並出貨大量 Exadata，不過在那之後我們仍有龐大的未交貨訂單。所以真正主導的就是這個。

And of course, what that points to is a commitment by our customers to Oracle. You don't buy an Exadata to run anything but Oracle database application -- database systems. And that commitment to the Oracle platform has really shown up in this area. Cloud at Customer is not recognized upfront. Cloud at Customer is not recognized in the hardware line at all. In fact, it is recognized in the cloud line when they go online and they consume credit, so -- cloud credit. So it doesn't show up in that on-premise hardware line at all.

當然，這也指向我們客戶對 Oracle 的承諾。你買 Exadata，不會用來跑 Oracle 資料庫應用——資料庫系統以外的任何東西。而對 Oracle 平台的承諾在這個領域確實展現出來了。Cloud at Customer 並不是在一開始就認列。Cloud at Customer 也完全不會在硬體項下認列。事實上，它是在雲端項下認列，當他們上線並開始消耗額度時——也就是雲端額度（cloud credit）。所以它完全不會出現在內部部署硬體那一條線上。

Our final question comes from Phil Winslow with Wells Fargo.

我們最後一個問題來自 Wells Fargo 的 Phil Winslow。

Congrats on a great start to the fiscal year. Just wanted to focus on applications, we haven't really talked about that a lot on this call. Obviously, you gave out some really strong numbers with Fusion Cloud. Safra, you talked about some of the puts and takes in the overall business. And I wonder if you could talk about those sort of applications specifically.

恭喜會計年度有個很棒的開局。我想把焦點放在應用軟體上，我們在這通電話裡其實沒有談太多。很明顯地，你們公布了 Fusion Cloud 一些非常強勁的數字。Safra，你談到整體業務中的一些拉鋸因素（puts and takes）。我想知道你是否可以更具體談談應用軟體這一塊。

Sure. 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. Those are the fastest-growing segments. 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. And that is the less strategic part of our business. And as that gets smaller, it's sometimes replaced by Fusion. 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.

當然。我的意思是，當你思考我們的應用業務時，你真的必須想到 Fusion，尤其是 Fusion ERP、HCM、我們的後台（back office）；你也必須想到 NetSuite。那些是成長最快的區塊。而且你必須把我們在該業務中一些較小的項目也納入考量，其中有些來自併購。那是我們業務中較不具策略性的部分。而當那部分變小時，有時會由 Fusion 取而代之。這就是為什麼那個業務表現非常、非常好，因為 ERP——所有 Fusion、Fusion ERP、HCM，這整個領域都在快速成長。

I mean what you see is many of our customers, both E-Business Suite, SQL stuff, JD Edwards customers. 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. But now we find that many of those doors are not only can be -- basically are already open for us. So as the only provider of ERP in the cloud for large -- medium, large companies, the Fusion products are really taking off. 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. So this business for us is an enormous opportunity, and it's really just chugging on all cylinders worldwide, in fact.

我的意思是，你看到的是我們許多客戶，包括 E-Business Suite、SQL 相關、JD Edwards 的客戶。但我們也看到一個新的現象：過去要敲開 SAP 客戶、SAP 內部部署客戶的大門是很難的。但現在我們發現，很多那些門不僅——基本上已經為我們打開了。因此，作為唯一能為中大型企業提供雲端 ERP 的供應商，Fusion 產品真的正在起飛。所以我們不僅在替換我們自己的產品以及其他公司的產品，我們也在 SAP 客戶中建立了顯著的立足點，原因很簡單：他們對自己內部部署所安裝的——那些供應商——真的非常挫折。所以對我們而言，這項業務是一個巨大的機會，而且事實上在全球各地都以全速運轉、持續推進。

Thank you, Safra, and thank you, Phil. 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.

謝謝你，Safra，也謝謝你，Phil。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。若對本次電話會議有任何後續問題，請致電投資人關係部門，我們也期待與各位再度交流。

Thank you for joining us today. And with that, I'll turn the call back to Erica for closing.

感謝各位今天加入我們。接下來，我會把電話交回給 Erica 進行結語。

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

感謝各位參加今天的 Oracle 2021 會計年度第一季財報電話會議。我們感謝各位的參與。各位現在可以掛線。