甲骨文 (ORCL) 2020 Q4 法說會逐字稿

Welcome to Oracle's Fourth Quarter 2020 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）2020 年第四季財報電話會議。現在我想把今天的會議交給資深副總裁 Ken Bond。

Thank you, Holly. Good afternoon, everyone, and welcome to Oracle's Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information can be viewed and downloaded from our Investor Relations website. On the call today are Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz.

謝謝你，Holly。各位下午好，歡迎參加甲骨文 2020 年第四季暨 2020 會計年度財報電話會議。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。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 revision of 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，包括可能被視為前瞻性的預測、期望、估計或其他資訊。在今天的討論中，我們將說明一些與本公司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 及任何適用的修訂），以完整了解這些因素以及其他可能影響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正，我們並無義務修訂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. 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。接下來我想把會議交給 Safra。

Thanks, Ken, and good afternoon, everyone. I know that many of you listening to this call are still working under unusual circumstances because of the pandemic. A lot has happened since our March 12 earnings call when we were all still conducting business as usual. Within a couple of weeks, the mitigation response to COVID-19 reached levels that few could have imagined. Overall, we found ourselves working with our customers, and we believe we have weathered the pandemic well and we're pleased with our overall performance in the quarter.

謝謝你，Ken。各位下午好。我知道，因為疫情，許多正在收聽本次電話會議的各位仍在不尋常的情況下工作。自 3 月 12 日我們的財報電話會議以來，發生了很多事，當時我們仍如常運作。短短幾週內，針對 COVID-19 的緩解措施升級到幾乎無人能想像的程度。整體而言，我們與客戶並肩合作；我們相信我們已良好度過疫情衝擊，並對本季整體表現感到滿意。

To start, we successfully transitioned our global workforce to working from home and our employees rose to the occasion. They focused on their jobs, building technology, selling technology and, most importantly, helping our customers with some of the challenges that have come with this pandemic. Whether it was supporting systems for federal loan programs with partners or helping states get unemployment checks out or supporting the National Red Cross systems around the world handle the massive volume spikes, or helping HHS, the CDC and other health authorities around the world, or supporting over 100 clinical trials that were hurriedly stood up, we were there to help our customers. And I think we are much closer to them as a result. There are many, many, many more stories like this, and they all underscore how proud I am of our employees and customers as we are all actively engaged in the ongoing fight against COVID-19.

首先，我們成功讓全球員工轉為在家工作，而我們的員工也挺身而出。他們專注於本職工作：打造技術、銷售技術，更重要的是，協助客戶面對這場疫情帶來的各種挑戰。無論是與合作夥伴一起支援聯邦貸款計畫的系統、協助各州發放失業救濟金支票、支援全球各地美國紅十字會（National Red Cross）的系統以因應大量尖峰流量，或是協助 HHS、CDC 以及全球其他衛生主管機關，或支援匆忙建立的 100 多項臨床試驗，我們都在場協助客戶。我認為因此我們與客戶的關係更為緊密。還有非常非常多類似的故事，這些都凸顯了我對我們員工與客戶的自豪，因為我們都正積極投入對抗 COVID-19 的持續戰役。

In addition, we decided to provide training and certification on Oracle Cloud Infrastructure and Autonomous Database through Oracle University free of charge to all who wanted it. We saw a huge surge around the world in demand, with hundreds of thousands of individuals across 150 countries being trained and certified on Oracle's latest technology.

此外，我們決定透過 Oracle University，向所有有意願者免費提供 Oracle Cloud Infrastructure 與 Autonomous Database 的訓練與認證。我們看到全球需求大幅激增，來自 150 個國家的數十萬名個人接受了甲骨文最新技術的訓練並取得認證。

Now we entered Q4 with an enormous pipeline of transactional business. As the quarter progressed, we saw a drop-off in deals, especially in the industries most affected by the pandemic. As countries begin reopening their economies, many of these discussions have already resumed. Since these were not losses to competitors, we believe that most of this business will ultimately be booked. And while some customers have deferred projects, we're also rapidly building new pipeline with customers that are moving their on-premise workloads to the cloud.

我們在第四季開始時，擁有龐大的交易型業務管線。隨著季度推進，我們看到交易案量下滑，尤其是在受疫情影響最嚴重的產業。隨著各國開始重啟經濟，許多討論已經恢復。由於這些並非輸給競爭對手的流失案，我們相信其中大部分業務最終都會入帳。雖然有些客戶延後了專案，但我們也正迅速與將其內部部署（on-premise）工作負載移轉至雲端的客戶建立新的管線。

COVID-19 created challenges that forced companies to reconsider how they work in the cloud, including looking to us as an alternative to AWS and Azure. As we engaged with these customers, they found OCI was more performant than our competitors, more secure, less expensive and easy to use, making OCI now a serious part of the infrastructure discussion. We are also seeing this on the application side of the business as many customers entered the pandemic unprepared and are now showing renewed interest in modern cloud applications with mobility social and machine learning built in.

COVID-19 帶來的挑戰迫使企業重新思考其雲端運作方式，包括將我們視為 AWS 與 Azure 的替代方案。當我們與這些客戶互動時，他們發現 OCI 的效能優於競爭對手、更安全、成本更低且易於使用，使 OCI 現在成為基礎架構討論中不可忽視的一環。我們也在應用程式業務端看到同樣趨勢：許多客戶在疫情來臨時準備不足，如今對具備行動性、社交功能與機器學習內建的現代雲端應用程式再度展現濃厚興趣。

Moving to the numbers, I'll review our non-GAAP results using constant dollar rates unless I say otherwise. Keep in mind for your USD models that the strengthening of the U.S. dollar in the quarter resulted in an unexpected currency headwind as there was a flight to quality, which is the U.S. dollar. The incremental currency headwind was more than $200 million to total revenue and $0.02 to earnings per share, both negative.

接著看數字部分：除非我另有說明，我將以固定匯率（constant dollar rates）口徑回顧我們的非 GAAP 結果。請各位在建立美元模型時留意：本季美元走強，因市場出現「避險資金流向優質資產」而湧向美元，導致意外的匯率逆風。新增的匯率逆風對總營收造成超過 2 億美元的不利影響，並對每股盈餘造成 0.02 美元的不利影響，兩者皆為負面。

Total Cloud Services and License Support revenues for the quarter were $6.8 billion, up 3% from last year and accounted for 66% of total company revenue, up 61% -- up from 61% last year. GAAP application subscription revenues were $2.7 billion, up 3%, with Fusion apps up 31%. Fusion ERP was up 35%, and Fusion HCM was up 29%. NetSuite ERP was up 25% and vertical SaaS was up 7%. GAAP infrastructure subscription revenues were $4.1 billion, up 3%, with database subscription revenue up 6%, which is up from 5% last quarter. License revenues were $2 billion, down 21% after being up 15% last Q4. All in, total revenues for the quarter were $10.4 billion, down 4%.

本季雲端服務與授權支援（Cloud Services and License Support）營收為 68 億美元，較去年成長 3%，占公司總營收的 66%，高於去年的 61%。GAAP 應用程式訂閱營收為 27 億美元，成長 3%，其中 Fusion 應用成長 31%。Fusion ERP 成長 35%，Fusion HCM 成長 29%。NetSuite ERP 成長 25%，垂直產業 SaaS 成長 7%。GAAP 基礎架構訂閱營收為 41 億美元，成長 3%，其中資料庫訂閱營收成長 6%，高於上季的 5%。授權營收為 20 億美元，年減 21%，而去年第四季則年增 15%。合計而言，本季總營收為 104 億美元，年減 4%。

As we saw the pandemic begin to take hold, we acted swiftly to lower our operating expenses by 8%. Non-GAAP operating income was $5.1 billion, down slightly from last year; and the operating margin was 49%, up 2% from last year. As a reminder, to take advantage of very favorable interest rates, we issued $20 billion in debt in the quarter. And the added interest expense, which lowered EPS by $0.03, was not in my early March guidance. The non-GAAP tax rate for the quarter was 16.6%, below our base tax rate of 20% as a result of some discrete items. And EPS was $1.20 in U.S. dollars, up 3% in U.S. dollars, up 5% in constant currency. As I mentioned, currency had a negative $0.02 impact on EPS. The GAAP tax rate was 15.7%, also a result of some discrete items; and GAAP EPS was $0.99 in U.S. dollars, down 8% in USD and down 5% in constant currency.

當我們看到疫情開始擴大影響時，我們迅速採取行動，將營運費用降低 8%。非 GAAP 營業利益為 51 億美元，較去年略降；營業利益率為 49%，較去年提高 2 個百分點。提醒各位，為了把握非常有利的利率環境，我們在本季發行了 200 億美元的債務。而新增的利息費用使 EPS 降低 0.03 美元，這並未包含在我 3 月初的指引中。本季非 GAAP 稅率為 16.6%，因若干一次性項目（discrete items）而低於我們 20% 的基準稅率。以美元計，本季 EPS 為 1.20 美元，美元口徑年增 3%，固定匯率口徑年增 5%。如我所述，匯率對 EPS 造成負面 0.02 美元影響。GAAP 稅率為 15.7%，同樣是若干一次性項目的結果；GAAP EPS 以美元計為 0.99 美元，美元口徑年減 8%，固定匯率口徑年減 5%。

Now for the full fiscal year, total Cloud Services and License Support revenue was $27.4 billion, up 4% and accounting for 70% of total company revenue, up from 68% last year. Total company revenue for the year were $39.1 billion, up slightly in constant currency. Non-GAAP EPS was $3.85 in USD, up 9% and up double digits for the third consecutive year at 11% in constant currency. The full year operating margin percentage was up slightly at 44%, and I expect we will see record margins in the coming years as our revenue growth accelerates and we benefit from greater scale in the cloud. Operating cash flow over the last 4 quarters was $13.1 billion.

再看全年：本會計年度雲端服務與授權支援營收為 274 億美元，成長 4%，占公司總營收的 70%，高於去年的 68%。全年公司總營收為 391 億美元，以固定匯率計略為成長。非 GAAP EPS 以美元計為 3.85 美元，年增 9%；以固定匯率計連續第三年達到雙位數成長，為 11%。全年營業利益率略升至 44%，我預期未來幾年我們將看到創紀錄的利潤率，因為營收成長加速，且我們將受益於雲端規模擴大帶來的效益。過去 4 個季度的營運現金流為 131 億美元。

During Q4, we saw delays in customer payments due to the pandemic as some customers suffered financial hardship. We worked with those customers, and we expect that these payments will be collected in full over the course of this fiscal year. Capital expenditures for the year were $1.6 billion, and free cash flow over the last 4 quarters was $11.6 billion. We now have more than $43 billion in cash and marketable securities. The short-term deferred revenue balance is $8 billion. Now that's down 3% in constant currency due to timing differences in customer payments, which were more pronounced this quarter because of COVID-19. But I want to remind you, gross deferred revenue was up 3% in constant currency.

在第四季期間，由於疫情導致部分客戶面臨財務困難，我們看到客戶付款出現延遲。我們已與這些客戶合作，並預期在本會計年度內將全數收回這些款項。全年資本支出為 16 億美元，過去 4 個季度的自由現金流為 116 億美元。我們目前持有超過 430 億美元的現金與有價證券。短期遞延收入餘額為 80 億美元。以固定匯率計，該數字下降 3%，原因是客戶付款時點差異；而本季因 COVID-19 影響，這種差異更為明顯。但我想提醒各位，遞延收入總額（gross deferred revenue）以固定匯率計仍成長 3%。

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 107 million shares for a total of $5.2 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 nearly 40%. In addition, we have paid out dividends of $3.1 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.24 per share.

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，將價值回饋給股東。本季我們回購了近 1.07 億股，總金額為 52 億美元。過去 12 個月，我們回購了 3.61 億股，總金額為 192 億美元。過去 10 年，我們已將流通在外股數減少近 40%。此外，過去 12 個月我們已發放 31 億美元股利，而董事會也再次宣告每股 0.24 美元的季度股利。

Now before moving to guidance, I'd like to restate what I said on our Q2 and Q3 earnings call, which was that our business is expanding and our revenue is accelerating and our relationships with customers is broadening. But for the timing of the pandemic, we had every reason to believe that this momentum would have carried forward to Q4. And though delayed by a few months, we believe the pandemic has actually focused customers more clearly on the need for the modern technology, which are uniquely at the core of Oracle's offerings.

在進入財測之前，我想重申我在我們 Q2 與 Q3 法說會上所說的：我們的業務正在擴張、營收正在加速成長，且我們與客戶的關係正在擴大。若非疫情的時間點影響，我們完全有理由相信這股動能本會延續到 Q4。儘管延後了幾個月，我們相信疫情其實讓客戶更清楚聚焦於現代化技術的需求，而這些技術正是 Oracle 產品提供的核心且具獨特性。

We are confident in our growth because our mix of business is becoming increasingly favorable. Our revenue is now clearly in one of 3 distinct groups: one growing, one stable and one declining. What I see is that while overall revenue growth has averaged around 1% to 2% over the last few years, underneath, the growing businesses have grown at a 30% compound annual growth rate, the declining businesses averaged almost double-digit decline and our stable businesses were up 1% or 2%. We are now at a point where our growing businesses are now larger than our declining businesses. And this favorable shift will inevitably drive revenue acceleration going forward.

我們對成長充滿信心，因為我們的業務組合正變得愈來愈有利。我們的營收如今明確分為 3 個不同群組：一個成長、一個穩定、以及一個下滑。我看到的是，雖然過去幾年整體營收成長平均約 1% 到 2%，但在此之下，成長型業務以 30% 的年複合成長率成長；下滑型業務平均接近兩位數的衰退；而穩定型業務則成長 1% 或 2%。我們現在已到達一個階段：成長型業務的規模已大於下滑型業務。而這種有利的轉變將不可避免地在未來推動營收加速成長。

Second, I believe our SaaS business momentum will increase as our very large installed base of application customers continue to move to the cloud and as we take share from our on-premise competitors, SAP for one, that do not have a true SaaS offering. Our products are modern, secure, performant, mobile and, importantly, highly referenceable. As more of these ERP workloads move to the cloud, we believe that they will move to Oracle Fusion.

第二，我相信我們的 SaaS 業務動能將會提升，因為我們龐大的既有應用程式客戶基礎將持續移轉至雲端，同時我們也將從缺乏真正 SaaS 產品的本地部署競爭對手（例如 SAP）手中取得市占。我們的產品具備現代化、安全、高效能、行動化，且重要的是，擁有高度可供參考的成功案例。隨著更多 ERP 工作負載移轉至雲端，我們相信它們將會移轉到 Oracle Fusion。

Third, we have 4 decades' worth of Oracle database applications, which have only recently started to move to the cloud. These databases contain the most mission-critical and valuable information of our customers. Now with Autonomous Database, they have a place to go where they get far better technology at a lower price. For those who care about security, performance and cost, the Autonomous Database will be the standard that everyone else is measured against. The Autonomous Database runs on Oracle Cloud Infrastructure in our public cloud and in a customer's own data center with Cloud at Customer. The Autonomous Database is, without question, our most significant database release and will absolutely drive revenue acceleration going forward as it grows.

第三，我們擁有累積 40 年的 Oracle 資料庫應用，而這些應用直到最近才開始移轉至雲端。這些資料庫包含客戶最關鍵任務、最有價值的資訊。如今有了 Autonomous Database，它們有了去處，能以更低的價格獲得更好的技術。對於重視安全、效能與成本的人而言，Autonomous Database 將成為衡量所有其他產品的標準。Autonomous Database 運行於我們公有雲中的 Oracle Cloud Infrastructure，也可透過 Cloud at Customer 運行於客戶自有資料中心。毫無疑問，Autonomous Database 是我們最重要的資料庫版本發佈，並將隨著其成長，在未來絕對推動營收加速成長。

Lastly is the momentum in OCI that I've already mentioned. We're thrilled that once companies see our differentiated OCI technology, they become believers. This is evidenced by the fact that annualized consumption revenue for Gen2 OCI grew over 140% in Q4. By the way, the ACR for Autonomous Database grew nearly 70% in Q4. These 2 are getting to be a large number.

最後是我先前提到的 OCI 動能。我們很高興，一旦企業看見我們具差異化的 OCI 技術，就會成為支持者。這可從以下事實看出：Gen2 OCI 的年化消費收入（ACR）在 Q4 成長超過 140%。順帶一提，Autonomous Database 的 ACR 在 Q4 成長近 70%。這兩項的規模正變得相當可觀。

Across all these product categories, industry analysts are universally recognizing our technology innovation and leadership in the cloud. Pick your favorite independent publisher, whether it's Forrester, Gartner or IDC or any others, you will see Oracle in the upper right of every chart.

在所有這些產品類別中，產業分析師一致認可我們在雲端的技術創新與領導地位。你可以挑選任何你偏好的獨立研究機構，不論是 Forrester、Gartner、IDC 或其他，你都會在每一張圖表的右上角看到 Oracle。

In summary, it's the continuation of leading technologies, favorable mix shifts in our existing businesses and higher growth rates from our growing businesses that give me the confidence that our revenue growth will accelerate this year.

總結來說，正是領先技術的延續、既有業務中有利的組合轉變，以及成長型業務更高的成長率，讓我有信心我們今年的營收成長將會加速。

Now to the guidance. My guidance today is on a non-GAAP basis and in constant currency. Currency is extremely volatile, as you've all seen, and it is clear what happened in Q4. However, assuming current exchange rates remain the same as they are now, though I'm not projecting that, I'm just telling you, currency should have a negative 1% effect on total revenue and $0.01 negative effect on EPS in Q1.

接著談財測。我今天提供的財測是以非 GAAP 基礎並以固定匯率計算。正如各位所見，匯率極度波動，而 Q4 發生的情況也很清楚。不過，假設目前匯率維持不變（我並非在預測，只是告訴各位），匯率在 Q1 對總營收將造成負面 1% 的影響，並對 EPS 造成 0.01 美元的負面影響。

Total revenues are expected to grow from 0% to 2% in constant currency. And assuming a 1% currency headwind, total revenues are expected to grow from negative 1% to positive 1% in USD. Non-GAAP EPS in constant currency is expected to grow 5% to 9% and between $0.85 and $0.89 in constant currency. And assuming a $0.01 headwind, non-GAAP EPS in USD is expected to grow between 4% and 8% and be between $0.84 and $0.88 in USD. My EPS guidance for Q1 assumes a base tax rate of 20%. However, onetime tax events could cause actual tax rates for any given quarter to vary. But expect that in normalizing for these onetime tax events, our tax rate will, in fact, average around 20%. Now given the -- I've taken into account, as much as I can, the uncertainty related to the pandemic. Now I'm not going to be providing guidance for the entire fiscal year 2021, but as I said earlier, I have a high level of confidence that our revenue will accelerate as we move on past COVID-19.

以固定匯率計算，預期總營收成長 0% 到 2%。若假設有 1% 的匯率逆風，以美元計算，預期總營收成長介於負 1% 到正 1%。以固定匯率計算，非 GAAP EPS 預期成長 5% 到 9%，並介於 0.85 至 0.89 美元。若假設有 0.01 美元的逆風，以美元計算，非 GAAP EPS 預期成長介於 4% 到 8%，並介於 0.84 至 0.88 美元。我對 Q1 的 EPS 指引假設基礎稅率為 20%。然而，一次性稅務事件可能使任何單一季度的實際稅率有所波動。但預期在將這些一次性稅務事件正常化後，我們的稅率確實將平均約 20%。此外，關於疫情相關的不確定性，我已在能力所及範圍內盡量納入考量。我不會提供整個 2021 會計年度的財測，但如我先前所說，我對於在走過 COVID-19 之後，我們的營收將加速成長具有高度信心。

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. Look, this quarter, we announced new customer relationships with Zoom and 8x8. They were great wins, but there were many others. And before I start listing the additional wins, I want to explain why we're winning.

謝謝你，Safra。各位，這一季我們宣布與 Zoom 與 8x8 建立新的客戶合作關係。這些是很棒的勝利，但還有許多其他案例。在我開始列舉更多勝利之前，我想先解釋我們為什麼能贏。

Oracle Cloud Infrastructure is the world's only second-generation autonomous cloud. Autonomous software technology, the Oracle Autonomous Database, Oracle Autonomous Linux, autonomy is the defining technology that separates our Gen2 Cloud from Amazon's, Microsoft's and Google's Generation 1 Cloud. Autonomous self-driving computer systems eliminate human labor and, thus, eliminate human error. There is nothing for humans to learn and nothing for humans to do. Eliminating human labor dramatically lowers the cost of running an autonomous system. Eliminating human error dramatically increases data security and system reliability. All of the big data losses at Amazon were caused by human error. There is no opportunity for any human error if your data is stored in an Oracle autonomous system. This is a very big deal.

Oracle Cloud Infrastructure 是全球唯一的第二代自治雲。自治軟體技術——Oracle Autonomous Database、Oracle Autonomous Linux——「自治」是將我們的 Gen2 Cloud 與 Amazon、Microsoft 與 Google 的第一代雲區隔開來的關鍵技術。自治的自駕式電腦系統消除人力，因此也消除人為錯誤。人類不需要學習任何東西，也不需要做任何事。消除人力可大幅降低運行自治系統的成本；消除人為錯誤可大幅提升資料安全與系統可靠性。Amazon 所有重大的資料損失都是由人為錯誤造成。如果你的資料儲存在 Oracle 的自治系統中，就不存在任何人為錯誤的機會。這非常重要。

The Oracle Autonomous Database provisions itself, configures itself, encrypts the data itself, patches itself and updates itself, automatically scales itself up and down and continuously tunes itself as the database grows and user access patterns change. And it does all of those things while the system is running. There's no downtime required to patch. There's no downtime required to installing new version. There's no downtime required to double the number of processors that you're currently using or reduce the number of processors to have. It all happens while the system is running. Oracle Autonomous Linux is the world's only autonomous operating system, which provides 99.995% availability while maintaining itself with continuous security and monitoring, continuous patching and remediation while the system is running.

Oracle Autonomous Database 能自行佈建、自行設定、自行加密資料、自行修補並自行更新，會隨需求自動向上或向下擴縮，並在資料庫成長與使用者存取模式改變時持續自我調校。而且它在系統運行期間就能完成所有這些事情。修補不需要停機；安裝新版本不需要停機；將你目前使用的處理器數量加倍或減少也不需要停機。一切都在系統運行時發生。Oracle Autonomous Linux 是全球唯一的自治作業系統，在系統運行期間透過持續的安全與監控、持續修補與修復來維持自身，同時提供 99.995% 的可用性。

Furthermore, soon, all the popular OCI services, compute, storage, et cetera, will be truly serverless and elastic. The other guys don't have this. The Oracle OCI will have elastic compute, elastic storage, all the popular -- all of the popular things will be truly serverless and elastic, scaling itself up and down automatically while you are running. So we keep the promise of the cloud where customers only pay for what you use. Quite often in other clouds, you have to reserve compute capacity. And even if you don't use it, you have to pay for it. That's not the case. That's less and less the case in the Oracle Autonomous Cloud.

此外，很快地，所有熱門的 OCI 服務——運算、儲存等等——都將真正做到無伺服器（serverless）與彈性伸縮。其他人沒有這個。Oracle OCI 將具備彈性運算、彈性儲存，所有熱門——所有熱門的功能都將真正無伺服器且具彈性，在你運行時自動向上或向下擴縮。因此我們兌現雲端的承諾：客戶只需為使用量付費。在其他雲端中，你往往必須預留運算容量，即使你沒有使用，也必須付費。但在 Oracle Autonomous Cloud 中並非如此，而且這種情況將愈來愈少。

Okay. The Oracle Public Cloud now has 24 OCI Gen2 regions live. Soon, we will have more regions live than AWS, which is currently at a count of 25. We will, this fiscal year, add another 14 Gen2 OCI regions, allowing more customers to run in a public cloud without compromising data locality or data sovereignty requirements. For customers who are wanting or needing to run their applications in their own data center behind their own firewall, we uniquely offer Oracle Cloud at Customer, either for just the Oracle database or for all of our OCI cloud services, including our SaaS applications. None of the other cloud vendors have this kind of cloud customer offering.

好的。Oracle 公有雲目前已有 24 個 OCI Gen2 區域上線。不久之後，我們上線的區域數將超過 AWS（目前為 25 個）。在本會計年度，我們將再新增 14 個 Gen2 OCI 區域，讓更多客戶能在不犧牲資料在地性或資料主權要求的前提下，於公有雲上運行。對於希望或需要在自家資料中心、並在自有防火牆後方運行其應用程式的客戶，我們獨家提供 Oracle Cloud at Customer，可僅用於 Oracle 資料庫，或涵蓋我們所有 OCI 雲端服務（包含我們的 SaaS 應用程式）。其他雲端供應商都沒有這種 Cloud at Customer 的方案。

To summarize, Oracle's Gen2 autonomous, serverless, elastic cloud infrastructure delivers better performance, higher security at a much lower cost than AWS, Azure or the Google Cloud. And that's why we won Zoom and that's the other -- and some of the other deals I'm about to tell you about.

總結來說，Oracle 的 Gen2 自主式、無伺服器、具彈性伸縮的雲端基礎架構，相較於 AWS、Azure 或 Google Cloud，能以更低的成本提供更佳效能與更高安全性。這也是我們贏得 Zoom 的原因，以及我接下來要告訴各位的其他一些交易。

Okay. Let's start with Zoom. Demand for Zoom services has increased almost 20x since January. Zoom needed additional cloud capacity immediately. Within hours of the first Oracle deployment, OCI supported hundreds of thousands of simultaneous meeting participants. Usage has continued to ramp where Oracle now supports millions of simultaneous meeting participants. Zoom selected OCI because of our advantages in price, performance, scalability, reliability and cloud security. Every day, our Zoom conferences move more than 8 petabytes through the OCI network. That's an extraordinary amount of data. We've been able to scale and help Zoom scale as demand grew.

好的。先從 Zoom 開始。自 1 月以來，Zoom 服務需求幾乎成長了 20 倍。Zoom 需要立即擴充雲端容量。在首次部署 Oracle 的數小時內，OCI 就支援了數十萬名同時與會者。使用量持續攀升，目前 Oracle 已支援數百萬名同時與會者。Zoom 選擇 OCI，是因為我們在價格、效能、可擴展性、可靠性與雲端安全方面具備優勢。每天，我們的 Zoom 會議透過 OCI 網路傳輸超過 8 PB 的資料。這是極其龐大的資料量。隨著需求成長，我們得以擴充並協助 Zoom 一同擴充。

Okay. Another win in addition to Zoom, 8x8, a great example of our sales process. The customer began by moving some services to OCI for performance enhancements. 8x8 was very surprised by the extent of their performance gains by moving out of AWS -- moving part of their system out of AWS and into OCI. They were so surprised by the performance gains they achieved and the cost savings they achieved that they decided to move all of their services out of AWS and into Oracle. Once OCI demonstrated much better performance at a much better price, that sealed the deal for 8x8 and its growing base of 20 million monthly active users.

好的。除了 Zoom 之外，另一個勝利案例是 8x8，這是我們銷售流程的絕佳範例。客戶一開始先將部分服務移至 OCI 以提升效能。8x8 對於把部分系統從 AWS 移出、轉到 OCI 後所獲得的效能提升幅度感到非常驚訝。他們對所達成的效能提升與成本節省之大感到驚喜，因此決定將所有服務從 AWS 遷移到 Oracle。一旦 OCI 以更好的價格展現出明顯更佳的效能，就促成了 8x8 這筆交易，並支撐其成長中的每月 2,000 萬活躍用戶基礎。

Another win, the Omani Information Technology and Communications Group, a 3-year contract. They built a dedicated OCI Gen2 Cloud at Customer data center in Oman, offering OCI services, OCI Public Cloud services, to all the different government agencies within Oman. This means they'll be able to have the full benefits of the public cloud, OCI Gen2 Public Cloud, again without compromising their data locality or their data sovereignty requirements.

另一個勝利案例是阿曼資訊科技與通訊集團（Omani Information Technology and Communications Group），一份為期 3 年的合約。他們在阿曼建置了專屬的 OCI Gen2 Cloud at Customer 資料中心，向阿曼境內各政府機關提供 OCI 服務、OCI 公有雲服務。這表示他們將能享有公有雲（OCI Gen2 公有雲）的完整效益，同時不會犧牲其資料在地性或資料主權要求。

Another win, Jefferies, the world's largest -- the world's ninth largest investment firm, plan to move over 500 workloads to Oracle's Gen2 public cloud. Jefferies picked Oracle over both AWS and Azure. They are also using OCI to extend their Fusion HCM applications.

另一個勝利案例是 Jefferies（全球第九大投資公司），計畫將超過 500 個工作負載遷移至 Oracle 的 Gen2 公有雲。Jefferies 在 AWS 與 Azure 之間選擇了 Oracle。他們也使用 OCI 來延伸其 Fusion HCM 應用程式。

Another win, General Authority of Civil Aviation in Saudi Arabia, Cloud at Customer. In the customer's own words, "The key factors that were considered when we chose Exadata Cloud at Customer was cost reduction by approximately 50% while being in compliance with government requirements for data sovereignty. Additionally, with Autonomous Database on Exadata Cloud at Customer, our team could save time and effort and focus on business innovation by leveraging its self-driving, self-securing, self-repairing characteristics of the Oracle Autonomous Database."

另一個勝利案例是沙烏地阿拉伯民航總局（General Authority of Civil Aviation），採用 Cloud at Customer。用客戶自己的話說：「我們選擇 Exadata Cloud at Customer 時所考量的關鍵因素，是在符合政府資料主權要求的同時，將成本降低約 50%。此外，透過在 Exadata Cloud at Customer 上的 Autonomous Database，我們的團隊可藉由 Oracle Autonomous Database 的自動駕駛、自我防護、自我修復特性，節省時間與人力，並將重心放在業務創新上。」

Quest Diagnostics. Quest is the world leader in diagnostic testing, and they continue to invest in the Oracle Cloud to support the ongoing battle against the coronavirus pandemic. Quest expanded its current Exadata Cloud at Customer environment so that the company could migrate its MyQuest portal in anticipation of dramatically increased COVID-19 antibody testing. Quest also upgraded its existing Exadata on-premises environment to new -- the new Gen2 Exadata Cloud at Customer to support both corporate and line-of-business business functions.

Quest Diagnostics。Quest 是診斷檢測領域的全球領導者，並持續投資 Oracle Cloud，以支援對抗新冠疫情的持續戰役。Quest 擴充了其現有的 Exadata Cloud at Customer 環境，使公司能遷移其 MyQuest 入口網站，以因應 COVID-19 抗體檢測需求可能大幅增加。Quest 也將其既有的 Exadata 內部部署環境升級至新的 Gen2 Exadata Cloud at Customer，以支援公司層級與各業務線的業務功能。

Another win, Santander Bank. Santander is consolidating their databases on Oracle's Exadata Cloud at Customer and adopting our Autonomous Database to support the bank's digital transformation.

另一個勝利案例是 Santander 銀行。Santander 正將其資料庫整合至 Oracle 的 Exadata Cloud at Customer，並採用我們的 Autonomous Database，以支援該行的數位轉型。

Another OCI win, TD Bank Group in Canada. TD Bank made a multiyear commitment to use Oracle's Public Cloud, including Oracle's Gen2 Cloud Infrastructure, along with Oracle SaaS, data integration and autonomous data warehouse to move their financial reporting systems from an on-premise configuration to a public cloud deployment.

另一個 OCI 勝利案例是加拿大的 TD Bank Group。TD Bank 做出多年期承諾，使用 Oracle 公有雲（包含 Oracle 的 Gen2 雲端基礎架構），並搭配 Oracle SaaS、資料整合與自主式資料倉儲，將其財務報表系統從內部部署架構遷移至公有雲部署。

Verizon Business Group, a 4-year contract. Verizon has already moved over 25 mission- and business-critical workloads to the OCI Gen2 Public Cloud, serving its customers around the globe. These workloads process more than 200,000-plus IOPS, I/Os per second, with 120 terabytes of data. Verizon uses the Oracle Cloud Infrastructure with Exadata cloud services, including RAC and Data Guard, and Verizon plans to dramatically increase its commitment to the Oracle public cloud and move more and more workloads over to Oracle.

Verizon Business Group，一份為期 4 年的合約。Verizon 已將超過 25 個任務關鍵與業務關鍵的工作負載遷移至 OCI Gen2 公有雲，為全球客戶提供服務。這些工作負載處理超過 200,000+ IOPS（每秒 I/O），並包含 120 TB 的資料。Verizon 使用搭配 Exadata 雲端服務的 Oracle Cloud Infrastructure（包含 RAC 與 Data Guard），並計畫大幅提高其對 Oracle 公有雲的投入，將越來越多工作負載遷移至 Oracle。

Another win, Cybereason, a 4-year contract. Using the OCI Public Cloud to run its own SaaS platform to provide their customers with end point protection, response and analytics as a service. Cybereason will be using Oracle's BareMetal service plus the Autonomous Database to run their analytics.

另一個勝利案例是 Cybereason，一份為期 4 年的合約。使用 OCI 公有雲來運行其自有 SaaS 平台，為客戶提供端點防護、回應與分析即服務（as a service）。Cybereason 將使用 Oracle 的 BareMetal 服務加上 Autonomous Database 來運行其分析工作負載。

Another OCI win, a very large European auto manufacturer. This customer is looking for a highly elastic, high-performance compute environment in the cloud to reduce their capital cost and introduce deployment flexibility. They will run computational fluid dynamics to simulate car crashes in the OCI Public Cloud to support their car development and scale up -- and they expect to scale up using many thousands of cores by the end of this year.

另一個 OCI 勝利案例是一家非常大型的歐洲汽車製造商。該客戶正在尋找雲端中高度彈性、具高效能的運算環境，以降低資本成本並提升部署彈性。他們將在 OCI 公有雲上運行計算流體力學（CFD）以模擬車禍碰撞，支援車輛研發並進行擴充——他們預期在今年年底前將擴充到使用數千個核心。

Another win, SGS, formerly Societe Generale, a 3-year contract, moving multiple workloads to OCI Gen2 Public Cloud, including a 34,000-user E-Business Suite application with the goal of lowering costs while improving security, reliability and performance. This win has opened doors to the next phase of SGS' transition to the public cloud, focused on pairing Microsoft Azure with Oracle's OCI Gen2 Public Cloud.

另一個勝利案例是 SGS（前身為 Societe Generale），一份為期 3 年的合約，將多個工作負載遷移至 OCI Gen2 公有雲，其中包含一個 34,000 名使用者的 E-Business Suite 應用程式，目標是在降低成本的同時提升安全性、可靠性與效能。這次勝利也為 SGS 轉向公有雲的下一階段打開大門，重點在於將 Microsoft Azure 與 Oracle 的 OCI Gen2 公有雲進行搭配。

Another win, Synacor, 3-year contract. They are migrating some of their production SaaS businesses to OCI, which enables them to shut down a number of their data centers. In May, they expanded their initial contract as they continued migrating existing and new SaaS environments to Oracle's Cloud Infrastructure.

另一個勝利案例是 Synacor，一份為期 3 年的合約。他們正將部分生產環境的 SaaS 業務遷移至 OCI，使其得以關閉多座資料中心。5 月，他們在持續將既有與新的 SaaS 環境遷移至 Oracle Cloud Infrastructure 的同時，擴大了最初的合約。

Sky.One, a 3-year contract. Sky.One is a Brazilian ISV that, again, has their own SaaS applications. After running on both AWS and the Oracle Cloud, they found that Oracle's cloud gave their customers much better performance at a much lower cost. As a result, they are moving all of their workloads to the Oracle Cloud.

Sky.One，一份為期 3 年的合約。Sky.One 是一家巴西 ISV，同樣擁有自家的 SaaS 應用程式。在同時運行於 AWS 與 Oracle Cloud 之後，他們發現 Oracle 的雲端能以更低成本為其客戶帶來更好的效能。因此，他們正將所有工作負載遷移至 Oracle Cloud。

Another one, another win for Infrastructure, Manappuram Finance in India, a 5-year contract. They decided to move entirely to the Oracle Public Cloud in our Mumbai Gen2 data center with our newly launched hybrid Gen2 -- Hyderabad Gen2 data center as their disaster recovery site.

還有一個、基礎架構的另一個勝利案例：印度的 Manappuram Finance，一份為期 5 年的合約。他們決定全面遷移至 Oracle 公有雲，部署於我們孟買的 Gen2 資料中心，並以我們新啟用的混合式 Gen2——海得拉巴 Gen2 資料中心作為其災難復原站點。

And I'll stop with -- and then the last infrastructure win I'll talk about is Altair, a 3-year contract, 5x the size of their initial contract, and they're migrating more of their high-performance compute and commercial workloads to OCI.

我最後要談的基礎架構勝利案例是 Altair，一份為期 3 年的合約，規模是其初始合約的 5 倍，他們正將更多高效能運算與商業工作負載遷移至 OCI。

There are a lot more infrastructure deals in the fourth quarter, which was a spectacular quarter for OCI and Infrastructure, but I don't have time to name them all. So right now, I'm going to move on to cloud application wins.

第四季還有更多基礎架構交易，對 OCI 與基礎架構而言那是一個非常亮眼的季度，但我沒有時間一一點名。因此現在我將轉到雲端應用程式的勝利案例。

Currently, Oracle is the cloud ERP market and technology leader with over 7,100 Fusion ERP customers and nearly 22,000 NetSuite customers. We have taken a huge lead in the cloud ERP market because our largest competitor, SAP, never rewrote their ERP applications for the cloud. Gartner lists Fusion, Oracle Fusion, at the very top of their ERP ranking, with SAP in the lower half, listed with the lower half of competitors. This is a dramatic change from a few years ago.

目前，Oracle 是雲端 ERP 市場與技術領導者，擁有超過 7,100 家 Fusion ERP 客戶，以及近 22,000 家 NetSuite 客戶。我們在雲端 ERP 市場取得巨大領先，因為我們最大的競爭對手 SAP 從未為雲端重寫其 ERP 應用程式。Gartner 將 Fusion（Oracle Fusion）列在其 ERP 排名的最頂端，而 SAP 則位於較低半部，與其他較低半部的競爭者並列。相較於幾年前，這是一個戲劇性的改變。

Workday has a cloud ERP system, but most of their successes come in HCM. And more and more customers these days are purchasing HCM as a part of an overall ERP purchase, an ERP decision. We've now seen our Fusion HCM growth rates -- as a result of the fact that HCM purchase decisions are now getting bundled with ERP purchase decisions, we've seen our HCM Fusion growth rates surpass Workday's HCM growth rates. We are already, by far, the biggest cloud ERP player, and it looks like we're going to be able to leverage our advantage in ERP and our scale in ERP to also become the biggest cloud HCM player.

Workday 有雲端 ERP 系統，但他們大多數的成功來自 HCM。而且如今越來越多客戶在整體 ERP 採購（也就是 ERP 決策）的一部分中購買 HCM。我們現在看到 Fusion HCM 的成長率——由於 HCM 的採購決策現在正與 ERP 的採購決策綁在一起——我們看到我們的 HCM Fusion 成長率已超越 Workday 的 HCM 成長率。我們已經是迄今為止最大的雲端 ERP 業者，而且看起來我們將能夠運用我們在 ERP 的優勢與規模，也成為最大的雲端 HCM 業者。

Before I go on to the key ERP and HCM wins this quarter, I'd like to highlight a few Fusion customers that went live in Q4 during the pandemic.

在我繼續談本季關鍵的 ERP 與 HCM 勝利案例之前，我想先強調幾個在疫情期間於第四季上線的 Fusion 客戶。

First was JPMorgan Chase. JPMorgan Chase in this past quarter went live in 100 countries with over 256,000 employees on Oracle Cloud, HCM and Recruiting. JPMorgan Chase has already moved over 2 million of their recruiting candidates to the new Oracle Cloud Recruiting system.

第一個是摩根大通（JPMorgan Chase）。摩根大通在上一季於 100 個國家上線，超過 256,000 名員工使用 Oracle Cloud 的 HCM 與招募（Recruiting）。摩根大通已經將超過 200 萬名招募候選人移轉到新的 Oracle Cloud Recruiting 系統。

Maybe the most interesting one, Goldman Sachs. Goldman Sachs initially purchased Workday HCM, but their implementation was not successful. Thereafter, Goldman Sachs acquired Oracle Cloud HCM, and they went live a little over a month ago. It's interesting to note that both Gartner and Forrester Research rate Oracle HCM much higher than Workday. Don't believe me. Go look at the reports. They're online.

也許最有意思的是高盛（Goldman Sachs）。高盛最初購買了 Workday HCM，但導入並不成功。之後，高盛改採用 Oracle Cloud HCM，並在一個多月前上線。值得注意的是，Gartner 與 Forrester Research 都將 Oracle HCM 的評等排得比 Workday 高得多。不信的話，去看報告。都在網路上。

Okay. So where we really distinguished ourselves, in addition to capabilities and also other things, was in customer satisfaction. Look at the Gartner report. Look at the Forrester report. Our customer sat rating is 5.0 right at the top, and Workday is right in the middle with 3.0, far behind us.

好。那麼我們真正脫穎而出的地方，除了功能與其他因素之外，就是客戶滿意度。看看 Gartner 報告。看看 Forrester 報告。我們的客戶滿意度評分是 5.0，位居最頂端，而 Workday 在中間只有 3.0，遠遠落後於我們。

Another company that went live during the pandemic was Mount Sinai Hospital and the Icahn School of Medicine. They went live with Oracle Cloud HCM amid the COVID-19 pandemic to support more than 26,000 frontline employees with more modern accessible tools that they could use at home. They replaced a 30-year-old HR and payroll system.

另一家在疫情期間上線的機構是西奈山醫院（Mount Sinai Hospital）與伊坎醫學院（Icahn School of Medicine）。他們在 COVID-19 疫情期間上線 Oracle Cloud HCM，以更現代、可在家使用的工具支援超過 26,000 名第一線員工。他們取代了一套使用 30 年的 HR 與薪資系統。

All right. Those were go-lives that happened during the pandemic, and I think they're very interesting.

好。以上是在疫情期間完成上線的案例，我覺得非常有意思。

Okay. We also added a lot of customers in ERP, in EPM and supply chain management. First one, KPM Netherlands bought Fusion ERP. They're going to start a complete back-office transformation of nearly 2,000 applications going from multiple vendors' ERP systems to Oracle Fusion ERP, standardizing on Oracle Fusion ERP.

好。我們也在 ERP、EPM 與供應鏈管理新增了許多客戶。第一個，KPM Netherlands 購買了 Fusion ERP。他們將啟動一項完整的後台轉型，將近 2,000 個應用程式從多家供應商的 ERP 系統轉移到 Oracle Fusion ERP，並以 Oracle Fusion ERP 作為標準。

A large global networking company is leveraging Oracle's digital supply chain with a single data model to achieve end-to-end view of innovate to commercialize, manufacture to fulfill and design to recycle operations.

一家大型全球網路公司正運用 Oracle 的數位供應鏈與單一資料模型，以達成端到端的視圖，涵蓋從創新到商業化、從製造到履約，以及從設計到回收的營運。

Another is a large global insurance provider where we beat Workday for an ERP replacement. Workday was the incumbent in HCM, but we were able to win the ERP deal even though they were already there in HCM. The customer chose Oracle because of our accounting hub and our global capabilities. They also bought Fusion Procurement and Fusion Project Management.

另一個是一家大型全球保險供應商，我們在 ERP 汰換案中擊敗 Workday。Workday 在 HCM 是既有供應商，但即使他們已在 HCM 端，我們仍然贏得了 ERP 合約。客戶選擇 Oracle 是因為我們的會計中樞（accounting hub）與全球化能力。他們也購買了 Fusion Procurement 與 Fusion Project Management。

A large multinational conglomerate in Asia signed a $13 million ARR deal. We'll be rolling out ERP, supply chain management, HCM to their over 200,000 employees and multiple subsidiaries worldwide in a wide-ranging program to modernize their corporate systems and remove tens of millions of dollars of operating costs.

亞洲一家大型跨國企業集團簽下 1,300 萬美元 ARR 的合約。我們將把 ERP、供應鏈管理與 HCM 推廣到其超過 200,000 名員工以及全球多家子公司，透過一項大規模計畫來現代化其企業系統，並移除數千萬美元的營運成本。

Another win in the quarter, an ERP win in the quarter, was Westpac New Zealand. They'll be using Oracle Cloud ERP and Oracle Cloud EPM to reduce cost and complexity of their current environment while meeting local banking standards to operate independently from their parent in Australia.

本季另一個勝利——一個本季的 ERP 勝利——是紐西蘭西太平洋銀行（Westpac New Zealand）。他們將使用 Oracle Cloud ERP 與 Oracle Cloud EPM，在符合當地銀行業標準、並能獨立於其澳洲母公司運作的同時，降低現有環境的成本與複雜度。

Okay. I'm going to stop doing ERP and supply chain wins and move to HCM wins. Okay, first, we won Kroger. North America's largest grocery is replacing their SAP system with Fusion HCM. The key enablers that allowed us to win this deal were our capabilities around all of HCM can operate from the smartphone, AI, machine learning integrated into the application, chatbots integrated into HCM and all of our modern SaaS applications and our Oracle voice digital assistant. You can do a lot of things, expense reporting, calling up reports using a voice interface on your mobile phone. What makes a huge difference between us and our other cloud competitors is our Oracle voice digital assistant.

好。我先停止談 ERP 與供應鏈的勝利案例，轉到 HCM 的勝利。好，第一個，我們拿下了 Kroger。北美最大的雜貨零售商正以 Fusion HCM 取代他們的 SAP 系統。讓我們贏得這筆交易的關鍵推動因素包括：整個 HCM 都能在智慧型手機上運作的能力、整合在應用程式中的 AI 與機器學習、整合到 HCM 的聊天機器人、我們所有現代化的 SaaS 應用，以及我們的 Oracle 語音數位助理。你可以用手機上的語音介面做很多事，例如費用報銷、呼叫報表。讓我們與其他雲端競爭對手產生巨大差異的是我們的 Oracle 語音數位助理。

Another HCM win was at Petronas in Malaysia. Once again, there, we're replacing SAP with Fusion HCM.

另一個 HCM 勝利是在馬來西亞的 Petronas。同樣地，我們在那裡以 Fusion HCM 取代 SAP。

A very large U.S. managed health care company, they acquired Fusion HCM to replace 40 separate systems managing HR activities. These silos of disconnected data result in a loss of visibility of their most valuable resource, their enterprise workforce.

一家非常大型的美國受管理醫療（managed health care）公司，採用了 Fusion HCM 以取代 40 套分別管理人資活動的系統。這些彼此不連通的資料孤島，導致他們對最有價值的資源——企業員工隊伍——的可視性降低。

Other significant HCM wins in the quarter were the United Nations, Norfolk County Council, the University of Texas and MD Anderson Cancer Center. There were lots more, but I'm going to stop right here and turn it back over to Safra.

本季其他重要的 HCM 勝利包括聯合國、諾福克郡議會（Norfolk County Council）、德州大學（University of Texas）以及 MD Anderson 癌症中心。還有很多，但我就先到這裡，把時間交回給 Safra。

Okay. Ken?

好。Ken？

Thank you, Larry. Holly, if we could move to the Q&A portion of the call now?

謝謝你，Larry。Holly，我們現在可以進入電話會議的問答部分嗎？

(Operator Instructions) Our first question is going to come from the line of Brad Zelnick, Credit Suisse.

（接線員指示）我們的第一個問題來自 Brad Zelnick，瑞士信貸（Credit Suisse）。

Larry, you talked about OCI quite a bit in your prepared remarks, but I don't think we can hear too much about the success you're having. In particular, the traction outside your typical customer base, with wins like Zoom and 8x8 in the quarter, very impressive. Can you talk more about the impact that the pandemic might be having on your Cloud Infrastructure business? And any change in your confidence level there based on what you're seeing?

Larry，你在事先準備的發言中談了很多 OCI，但我想我們怎麼聽都不嫌多，因為你們的成功非常亮眼。尤其是你們在典型客戶群之外的進展，本季像 Zoom 和 8x8 這樣的贏單，非常令人印象深刻。你能否多談談疫情可能對你們雲端基礎設施業務帶來的影響？以及基於你目前看到的情況，你對那邊的信心程度是否有任何改變？

Well, I think what we're seeing is now that some people are actually trying -- the people -- the first group of people that are coming to OCI are people who are in the business of providing their application. It's not -- I mean it's great we have Verizon. We have end-user customers like Verizon, a very big success. They came to OCI. I think they tried a number of other clouds and they found OCI is better than other clouds. Zoom found that OCI was faster and cheaper, which makes a big deal in their business, right? So they had to expand capacity, but they prefer paying less and getting more when they run on someone else's cloud. So if your business is to build an application in the cloud, and you're going to use someone else's cloud, we think OCI is where they're -- a lot of them are going to end up once they try our cloud.

嗯，我想我們看到的是，現在有些人真的開始嘗試——來到 OCI 的第一批人，是那些以提供其應用程式為業務的人。這不是——我的意思是，我們有 Verizon 很棒。我們也有像 Verizon 這樣的終端用戶客戶，是非常大的成功案例。他們來到 OCI。我想他們試過好幾家其他雲端，然後發現 OCI 比其他雲端更好。Zoom 發現 OCI 更快也更便宜，這對他們的業務影響很大，對吧？所以他們必須擴充容量，但當他們在別人的雲上運行時，他們更願意付更少、得到更多。所以如果你的業務是在雲端建置應用程式，而且你要使用別人的雲，我們認為 OCI 會是——很多人在試用我們的雲之後最終會落腳的地方。

Not everyone believes that -- most people don't believe that Oracle has the fastest cloud and the lowest-cost cloud. But when you come here and try it, that's exactly what you find out. And you're just seeing the beginning of that happening. And I think a bunch of people were shocked that Zoom picked Oracle. Zoom -- I think Zoom was shocked also. I think Zoom was shocked when they looked at the results after they moved their application to Oracle. And we were faster, much faster, and we were much less expensive and we were more secure. So we think as people compare our cloud, our infrastructure, our second-generation infrastructure, to AWS and Azure and the rest, they're going to pick our cloud. They just have to come look as opposed to just assuming, "Hey, AWS is bigger so they must be better. Azure is bigger so they must be better." Once they look, we win.

不是每個人都相信——大多數人不相信 Oracle 擁有最快的雲與最低成本的雲。但當你來這裡試用，你就會發現事實正是如此。而你現在看到的只是這件事開始發生的開端。我想很多人對 Zoom 選擇 Oracle 感到震驚。Zoom——我想 Zoom 自己也很震驚。我想 Zoom 在把他們的應用移到 Oracle 之後，看了結果也很震驚。我們更快，快很多；我們便宜得多；而且我們更安全。所以我們認為，當人們把我們的雲、我們的基礎設施、我們的第二代基礎設施，拿來與 AWS、Azure 以及其他業者比較時，他們會選擇我們的雲。他們只需要來看一看，而不是只是假設「嘿，AWS 規模更大，所以一定更好。Azure 規模更大，所以一定更好。」一旦他們看了，我們就會贏。

And I think as far as our end users are concerned, Verizon is a perfect example of someone who tried other clouds and then tried Oracle, found that Oracle could do a lot more for a lot less money than they could get done with AWS or Azure. We have a lot of customers. We've got to get them in, and we've got to get them looking. We've got to get them trying our cloud and comparing that to the results of AWS. And we think we're going to get the lion's share of our installed base, our database installed base, moving to our cloud. If I'm right, if that's right, our Infrastructure Cloud business is gigantic. We have hundreds of thousands of database customers, including all the largest companies and governments on the planet Earth.

而且我認為就我們的終端用戶而言，Verizon 是一個完美例子：他們試過其他雲，然後試了 Oracle，發現 Oracle 能以更少的錢做到更多事情，這是 AWS 或 Azure 做不到的。我們有很多客戶。我們必須把他們帶進來，讓他們來看。我們必須讓他們試用我們的雲，並把結果與 AWS 的結果做比較。我們認為，我們將讓我們既有客戶基礎中的最大份額——我們的資料庫既有客戶基礎——移轉到我們的雲。如果我說得對，如果這是對的，那我們的基礎設施雲業務將會非常巨大。我們有數十萬名資料庫客戶，包括地球上所有最大的企業與政府。

Our next question is going to come from the line of Heather Bellini, Goldman Sachs.

我們的下一個問題將來自高盛（Goldman Sachs）的 Heather Bellini。

I wanted to talk a little bit about the launch of Cloud at Customer Gen2 that you mentioned with Autonomous Database. And with the ability now to be able to run autonomous on-premise, can you give us a sense for how you see this accelerating adoption of Autonomous? And then I just was wondering, when you factor in both now that it's available in the cloud, on OCI and on-premise, how much of a tailwind, Safra, is this factored into your view that you think that revenue growth could accelerate in fiscal year '21? Is this one of the biggest levers to that -- to your estimations there?

我想稍微談一下您提到與 Autonomous Database 一起推出的 Cloud at Customer Gen2。現在具備能在內部部署（on-premise）運行 Autonomous 的能力，您能否讓我們了解，您如何看待這將加速 Autonomous 的採用？另外我也想請教，當您把它現在同時可在雲端、在 OCI 以及在內部部署使用這些因素都納入考量時，Safra，這對於您認為 2021 會計年度營收成長可能加速的看法而言，這股順風（tailwind）被納入多少？這是否是推動您估算的最大槓桿之一？

Let me just answer the end of that, and then, Larry, I think you should cover it in much more detail. I have not counted on that in my underlying assumptions, but I do believe that it is going to be incredibly successful. And as our initial customers are using it, this is, I believe, a very, very important, very differentiated capability that only we have. And so though I've not relied on it for this -- for the acceleration, I do believe that it will be an incredible tailwind for us, and not just this year but really for years to come. Anyway, Larry, why don't you comment on Cloud at Customer and Autonomous Database?

我先回答最後那一部分，然後 Larry，我想你應該更詳細地說明。我在我的基本假設中並沒有把這點算進去，但我確實相信它會非常成功。而且從我們的初期客戶正在使用的情況來看，我認為這是一項非常、非常重要且高度差異化、只有我們才具備的能力。因此，雖然我沒有依賴它來作為這次加速的依據，但我相信它將成為我們極大的順風，不僅是今年，實際上會在未來多年持續帶來助力。總之，Larry，你要不要談談 Cloud at Customer 與 Autonomous Database？

Okay. So when we pivoted strongly to the cloud, we did a lot of database development for the public cloud, and the most conspicuous thing that came out of our development team was the Autonomous Database. But it only ran in the public cloud. And we had this huge installed base -- we have this huge installed base, hundreds of thousands of customers. Most of the world's valuable data is in an Oracle Database. But that's sitting on-premise. And the large bank wanted to use our latest technology, the Oracle Autonomous Database, the only place they could buy it was in the public cloud, they couldn't get it. They could not get it in their data center in Cloud at Customer. We didn't have it. So for years, several years, our on-premise customers had no access to our latest database technology. Amazing.

好的。當我們大幅轉向雲端時，我們為公有雲做了大量的資料庫開發，而我們開發團隊最顯著的成果就是 Autonomous Database。但它只能在公有雲上運行。而我們有龐大的既有安裝基礎——我們有龐大的既有安裝基礎，數十萬名客戶。全球最有價值的大多數資料都在 Oracle Database 裡。但那是放在內部部署。大型銀行想使用我們最新的技術——Oracle Autonomous Database——但他們唯一能買到的地方是在公有雲，他們拿不到。他們無法在自己的資料中心、透過 Cloud at Customer 取得它。我們當時沒有。所以多年來、好幾年，我們的內部部署客戶都無法使用我們最新的資料庫技術。令人驚訝。

So now after developing all of this for the public cloud and continuously improving the Oracle Autonomous Database, the Oracle autonomous transaction process system, the Oracle autonomous data warehouse, we finally have gotten around to making it available to our on-premise customers via our Cloud at Customer Exadata -- Exadata Cloud at Customer service offering. And so now all of our on-premise customers, big banks, big government agencies, smaller customers who want to upgrade their databases on-premise, can now use Cloud at Customer. And we make it very attractive for them to get access to the latest technology. We own -- there's no upfront capital cost to get this thing. It's just like buying Public Cloud except we put the Database Cloud, the Cloud at Customer, in your data center in the form of a number of Exadata machines. And then we manage it for you across the network, across -- it's attached to our Public Cloud and we manage it for you.

所以現在，在為公有雲開發了這一切並持續改進 Oracle Autonomous Database、Oracle 自主交易處理系統（autonomous transaction processing system）、Oracle 自主資料倉儲（autonomous data warehouse）之後，我們終於讓它能透過我們的 Cloud at Customer Exadata——Exadata Cloud at Customer 服務方案——提供給內部部署客戶。因此現在我們所有的內部部署客戶，包括大型銀行、大型政府機構，以及想在內部部署升級資料庫的較小客戶，都可以使用 Cloud at Customer。我們也讓他們能以非常有吸引力的方式取得最新技術。我們承擔——取得這套東西不需要任何前期資本支出（upfront capital cost）。它就像購買公有雲一樣，只是我們把 Database Cloud、Cloud at Customer，以多台 Exadata 機器的形式放在你的資料中心。然後我們透過網路為你管理它——而且它連接到我們的公有雲，我們會為你管理。

Again, what's happened is, for years, our installed base on-premise customers had no access to our latest database technology, our best database technology, Autonomous Database. Now all of a sudden, they do. We think this is going to be a gigantic shift and a great product for us. We're very excited. And by the way, the other thing that's great about Gen2 versus Gen1 of Cloud at Customer, Gen2 Cloud at Customer has been engineered to be amazingly easy to install and use. You kind of plug it in, and it just works. So we think it's an easy-to-use system. There's no capital upfront to use the system. We think it's going to be attractive to all of our on-premise customers, large and small, and it will ease their transition from on-premise and into the public cloud during that long period of coexistence when you have your own data centers and you have a public cloud both operating together. We think it's going to be one of our biggest and hottest new products ever, Autonomous Database Cloud at Customer.

再說一次，過去多年來，我們既有的內部部署客戶都無法使用我們最新的資料庫技術、我們最好的資料庫技術——Autonomous Database。現在突然之間，他們可以了。我們認為這將是一個巨大的轉變，並且會是我們非常出色的產品。我們非常興奮。順帶一提，Gen2 相較於 Gen1 的 Cloud at Customer 另一個很棒的地方是，Gen2 Cloud at Customer 的工程設計讓安裝與使用變得極其容易。你幾乎就是把它插上去，它就能運作。因此我們認為這是一套容易使用的系統。使用這套系統不需要任何前期資本支出。我們認為它會對我們所有內部部署客戶——不論大型或小型——都很有吸引力，並且在那段長期共存的期間（你同時有自己的資料中心，也有公有雲一起運作）中，能讓他們更順利地從內部部署過渡到公有雲。我們認為這將會是我們史上最大、最熱門的新產品之一：Autonomous Database Cloud at Customer。

And our next question is going to come from the line of Sarah Hindlian-Bowler.

我們的下一個問題將來自 Sarah Hindlian-Bowler。

I'm really glad that everybody is safe and well, definitely important right now. I'd like to pivot and focus on the applications business, especially, Safra, given your commentary around growing parts of the business getting larger than the shrinking parts. Can you elaborate a little bit on what trends you're seeing in application software? And perhaps, in particular, I'm interested in knowing if you're seeing any accelerations in customer migrations from on-premise into your cloud, and just any color and insights will be greatly appreciated.

我很高興大家都平安健康，這在現在絕對很重要。我想轉個方向，聚焦在應用程式業務上，尤其是 Safra，考量到你提到業務中成長的部分正在變得比萎縮的部分更大。你能否更詳細說明你在應用軟體方面看到哪些趨勢？另外，特別是我想了解，你是否看到客戶從內部部署遷移到你們雲端的速度有任何加快？任何補充說明與洞見都將非常感謝。

Absolutely. So we have a number of drivers in this business that basically is accelerating the adoption of our products. First of all, we have more and more referenceable customers, both small to very large, as you heard Larry talk about it. So we have many, many references, which makes it far easier to convince new customers to go ahead and choose us. Secondly, we have a lot of success upgrading on-premise customers that are -- that use products that are on-premise with really no possible way to reach the cloud. And so we've been incredibly successful with the old Lawson base and all that. In addition, the E-Business Suite customers, which is a massive installed base, has only recently started to upgrade, and only about 6% of our installed base has upgraded to the cloud in absolute ERP. So though they picked up pieces around financial, now they're really starting -- as they build confidence and especially as larger and larger customers have adopted Fusion ERP, many of them have just been waiting until they could do that.

當然可以。所以在這項業務中，我們有多項驅動因素，基本上正在加速我們產品的採用。首先，正如你聽到 Larry 談到的，我們有越來越多可作為參考案例（referenceable）的客戶，從小型到非常大型都有。因此我們有非常、非常多的成功案例，這讓說服新客戶選擇我們變得容易得多。其次，我們在升級內部部署客戶方面非常成功——那些使用內部部署產品、幾乎沒有任何可能性上雲的客戶。因此我們在舊有 Lawson 客群以及相關領域取得了極大成功。此外，E-Business Suite 客戶（這是一個龐大的既有安裝基礎）也只是最近才開始升級，而在絕對 ERP（absolute ERP）方面，我們的既有安裝基礎中只有約 6% 已升級到雲端。所以雖然他們先在財務等部分採用一些功能，但現在他們真的開始——隨著信心建立，尤其是越來越多大型客戶採用 Fusion ERP，許多人一直在等待直到他們能夠這麼做。

And one of the things, by the way, that was very important was the releases on the supply chain side of the business. Many of our customers are manufacturers, and they wanted to -- they like having a suite. They wanted a full suite, of course, our financials and HCM. But in addition, they wanted a mature supply chain product, and now we have many references in supply chain, of course, including ourselves. And so the momentum has really increased. Now part of that, by the way, is that once customers start with us, many of our customers grow over time. So they'll start with some module. And year-over-year, it is very common that they will grow their installation at least 20% with us. So we have a lot of different drivers to the relationship. So some adopt HCM, some take on more divisions, some roll in additional capabilities.

另外，順帶一提，有一件非常重要的事是供應鏈（supply chain）端的版本發佈。我們許多客戶是製造商，他們希望——他們喜歡擁有一套整合套件（suite）。他們當然想要完整套件，包括我們的財務與 HCM。但除此之外，他們也想要成熟的供應鏈產品，而現在我們在供應鏈方面已有許多參考案例，當然也包括我們自己。因此動能確實大幅提升。現在其中一部分原因是，一旦客戶從我們開始採用，很多客戶會隨時間成長。所以他們可能先從某個模組開始。而逐年（year-over-year）來看，他們很常見會把在我們這裡的部署規模至少擴大 20%。因此我們與客戶關係有許多不同的驅動因素。有些採用 HCM，有些擴展到更多事業部，有些則導入額外的能力。

And I'll tell you, this pandemic has actually been very, very interesting for some of them because they got one of the immediate benefits of being in the cloud. And that is, for our HCM customers, we rolled out, at no charge, health and safety, which is a module in HCM. And in working with some partners, many of our customers adopted it and to start using it so that they could better support their employees through this pandemic, and so that they could assist them and help keep track of them and help them where necessary. Of course, nothing like that could have been possible on-premise. And it's those kind of things where we can just roll out new capabilities, which is the big difference between being on-premise but hosted like SAP and being actually in a software-as-a-service model where new functionality can just be rolled out for you without you calling in a giant system integrator team to put it in. So we have a lot of momentum right now in this business.

我告訴你，這次疫情對其中一些客戶而言其實非常、非常有意思，因為他們立即體會到上雲的一項直接好處。也就是，對於我們的 HCM 客戶，我們免費推出了健康與安全（health and safety），這是 HCM 裡的一個模組。並且在與一些合作夥伴合作下，我們許多客戶採用了它並開始使用，以便在這次疫情期間更好地支持員工，協助他們、追蹤他們的狀況，並在必要時提供幫助。當然，這種事情在內部部署環境下是不可能做到的。正是這類我們可以直接推出新能力的事情，構成了很大的差異：介於內部部署但以託管方式運行（像 SAP 那樣），以及真正處於軟體即服務（software-as-a-service）模式——在 SaaS 模式下，新功能可以直接為你推出，而不需要你叫來一支龐大的系統整合商團隊來導入。因此我們目前在這項業務上有很強的動能。

Yes. And I'd like to add to what Safra said. We rolled out the new module. That's something that Oracle made available in our cloud. But then our customers were able to access that new module at home. So the fact that all of these cloud systems are accessible at home, obviously, they're accessible on your smartphone, so they're just much more accessible than the previous generation of technology. And that's made a huge difference where people are able to continue operating out of their homes. If you're an accountant and you're using an Oracle financial system, there's no reason to get in your car and drive to the office. You have the same exact tools sitting in your home office, on your laptop computer.

是的。而且我想補充一下 Safra 剛才說的。我們推出了新的模組。那是 Oracle 在我們的雲端中提供的新功能。但接著，我們的客戶就能在家中存取那個新模組。因此，所有這些雲端系統都能在家中存取，當然也能在智慧型手機上存取，所以它們比上一代技術更容易使用、可及性更高。這帶來了巨大的差異，讓人們能夠繼續在家中運作。如果你是一名會計師，使用的是 Oracle 財務系統，就沒有理由開車去辦公室。你在家中辦公室的筆記型電腦上，就擁有完全相同的工具。

Yes. I mean these capabilities are not only -- they're modern. They're mobile. You can get to them. But not only that, you can work with them by voice, a totally modern UI, much more capable. I mean it is literally night and day between 21st century technology, which came in incredibly handy during this pandemic, and the old 20th century stuff some of these customers are using. And that's why the moment they get started with us and build the confidence, they realize that this is very, very important and critical for their success going forward.

是的。我的意思是，這些能力不僅是——它們很現代化，也很行動化。你可以存取它們。但不只如此，你還可以用語音與它們互動，搭配完全現代化的使用者介面（UI），功能強大得多。我的意思是，這真的是天壤之別：21 世紀的技術在這次疫情期間派上了極大的用場，而一些客戶仍在使用的舊式 20 世紀產品則完全不同。這也是為什麼他們一旦開始與我們合作並建立信心，就會意識到這對他們未來的成功非常、非常重要且關鍵。

And our last question for the day will come from the line of Mark Moerdler, Sanford Bernstein.

我們今天最後一個問題將來自 Mark Moerdler 的線路，Sanford Bernstein。

Safra, my understanding was the company didn't furlough employees. They didn't lay anyone off. You treated your employees well. Your license sales were down a bit. And yet you beat big on margin. Can you give us some color on exactly what's driving such a big margin improvement?

Safra，據我了解，公司沒有讓員工停薪留職，也沒有裁員。你們善待員工。你們的授權銷售略有下滑，但你們的利潤率卻大幅超預期。你能否提供一些說明，究竟是什麼在推動如此顯著的利潤率改善？

Well, I think you know that we have a very long history of being very careful about how we spend money. And during this pandemic, obviously, there were no people flying around. Only our essential employees that had to go in to somewhere did any kind of traveling at all. We had moved entirely to work from home. And so we didn't have T&E expenses. In addition, of course, our compensation expenses were down because of commissions. That's clear. And we really just tried to carefully watch our spending while continuing to invest in our future. We are very, very optimistic about the strength of these products. I cannot say that enough. And as a result, we're also very optimistic about the capability of our field to kind of fan out and share this with our prospects. And so we want to make sure we have a very strong technical team in place and a very strong field. So we just did what are the reasonable smart things to do. Everyone, the entire senior management team -- Larry and I don't take the credit, it is really the credit of the entire management team that just got a lot more careful about extraneous spending, and we were able to bring this in.

嗯，我想你知道，我們在如何花錢方面一向非常謹慎，這有很長的歷史。在這次疫情期間，顯然沒有人到處飛行。只有那些必須到某些地方工作的必要員工才有任何出差行程。我們已完全轉為在家工作。因此我們沒有差旅與交際（T&E）費用。此外，當然，我們的薪酬費用也因為佣金而下降。這很明顯。我們只是努力在持續投資未來的同時，仔細控管支出。我們對這些產品的實力非常、非常樂觀。我怎麼強調都不為過。因此，我們也非常樂觀，相信我們的一線團隊有能力擴大觸及並把這些優勢分享給潛在客戶。所以我們希望確保有非常強的技術團隊，以及非常強的一線團隊。我們只是做了合理且明智的事情。整個高階管理團隊——Larry 和我不居功，真正的功勞屬於整個管理團隊；大家對非必要支出變得更加謹慎，因此我們得以把這些成果做出來。

I'd like to comment also, I'm going to add a little color to that. I think Safra is -- I totally agree with everything Safra said. We were -- I think we've always been actually pretty good about controlling our expenses, and this is another example where we executed very well there. I think just as important, maybe even more important, is the fact that our profitable businesses are getting bigger, while our less profitable businesses are getting smaller. So the mix, what Safra was talking about very early on in the call, we have some businesses that are in decline that we don't care much about. I mean we don't care that the SPARC servers are selling less than when we first bought Sun. There are a bunch of businesses -- we have storage systems. We have a number of businesses that are in decline that were lower-margin businesses. And we have a bunch of businesses that are on the rise like Fusion HCM, like Fusion ERP, Fusion SCM, our Infrastructure, OCI Gen2 Autonomous Database. These are much higher profit margin products.

我也想評論一下，我再補充一些背景。我認為 Safra——我完全同意 Safra 所說的一切。我們——我想我們一直以來在控制費用方面其實做得相當不錯，而這又是一個我們執行得非常好的例子。我認為同樣重要、甚至可能更重要的是：我們高獲利的業務正在變大，而較低獲利的業務正在變小。所以在組合（mix）方面，也就是 Safra 在電話會議一開始談到的，我們有一些正在下滑、我們並不太在意的業務。我的意思是，我們不在意 SPARC 伺服器的銷量比我們剛收購 Sun 時更少。有一堆業務——我們有儲存系統。我們有多項正在下滑的業務，而那些都是較低毛利的業務。同時，我們也有一堆正在成長的業務，例如 Fusion HCM、Fusion ERP、Fusion SCM、我們的基礎架構、OCI Gen2 Autonomous Database。這些都是利潤率高得多的產品。

So as some of our lower-margin businesses get smaller and our higher-margin businesses get bigger, it's really -- what's going on is a mix shift, a fundamental mix shift. And I think you should see margin expansion in good times and margin conservation in bad times because of this mix change. I think the mix change is a very big deal and explains a lot of why even though over the -- if you look at Oracle, and by and large, over the last several years, someone will say, "Golly, their top line growth has not been very strong, but their bottom line growth has been spectacular. Well, they just must be cutting costs and cutting costs and cutting costs." That is not true. Our mix is changing. Our profitable businesses are getting bigger. Our less profitable businesses are getting smaller. That's allowing us to improve our profitability and hold on to our margins, even when the top line is challenged.

因此，當我們一些較低利潤率的業務縮小、而較高利潤率的業務擴大時，真正發生的是——組合轉移（mix shift），一個根本性的組合轉移。我認為，因為這個組合變化，你應該會在景氣好的時候看到利潤率擴張，在景氣不好的時候看到利潤率得以守住。我認為這個組合變化非常重要，並能解釋很多現象：即使在——如果你看 Oracle，總體而言，在過去幾年，有人會說：「天啊，他們的營收成長並不強，但獲利成長卻非常驚人。他們一定只是一直在削減成本、削減成本、再削減成本。」那不是真的。我們的組合正在改變。我們高獲利的業務正在變大。我們較低獲利的業務正在變小。這讓我們能提升獲利能力，並在營收成長承壓時仍能維持利潤率。

I don't mean to take away anything from the team who did a wonderful job of watching every penny in traveling. Obviously, we traveled less. We were in fewer hotels and all of those things. But it's really the combination of those 2 things, everything that Safra outlined in terms of how we manage our expenses, plus this mix change that had a big impact and allowed us to deliver an earnings beat in a very tough quarter.

我並不是要抹煞團隊在差旅方面精打細算、把每一分錢都看得很緊所做的出色工作。顯然，我們出差更少了，住飯店也更少了，以及所有這些。但真正的原因是這兩件事的結合：Safra 所概述的我們如何管理費用，再加上這個組合變化，產生了很大的影響，讓我們在一個非常艱難的季度仍能交出超預期的獲利表現。

Thank you, Larry. 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. Thank you again for joining us today.

謝謝你，Larry。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今天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，請致電投資人關係部門，我們期待與各位再度交流。再次感謝各位今天的參與。

With that, I'll turn the call back to Holly for closing.

接下來，我把電話交回給 Holly 作結語。

Thank you. Once again, we'd like to thank you for participating in today's Oracle Quarter 4 2020 Earnings Conference Call. You may now disconnect.

謝謝。再次感謝各位參與今天的 Oracle 2020 會計年度第四季（Q4）財報電話會議。各位現在可以掛線。