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 2020 年第四季度收益電話會議。現在我想把今天的電話轉給高級副總裁 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，霍莉。大家下午好，歡迎參加 Oracle 2020 財年第四季度收益電話會議。可以從我們的投資者關係網站查看和下載新聞稿和財務表格的副本，其中包括 GAAP 與非 GAAP 對賬和其他補充財務信息。今天參加電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison)；兼首席執行官 Safra Catz。

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

提醒一下，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息。在今天的討論中，我們將介紹一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述還受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與今天所做的陳述存在重大差異。因此，我們提醒您不要過分依賴這些前瞻性陳述，我們鼓勵您查看我們最近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修正案，以完整討論這些因素和可能影響我們未來業績或我們股票市場價格的其他風險。最後，我們沒有義務根據新信息或未來事件修改我們的結果或公開發布對這些前瞻性陳述的任何修訂。

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

在回答問題之前，我們將從一些準備好的評論開始。有了這個，我想把電話轉給 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，肯，大家下午好。我知道，由於大流行，你們中的許多人仍在不尋常的情況下工作。自 3 月 12 日的財報電話會議以來，發生了很多事情，當時我們都照常開展業務。在幾週內，對 COVID-19 的緩解反應達到了幾乎無法想像的水平。總的來說，我們發現自己正在與客戶合作，我們相信我們已經很好地度過了這場大流行病，我們對本季度的整體表現感到滿意。

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，我們成功地將全球員工隊伍轉變為在家工作，我們的員工也應運而生。他們專注於自己的工作、構建技術、銷售技術，最重要的是，幫助我們的客戶應對這場大流行病帶來的一些挑戰。無論是支持與合作夥伴的聯邦貸款計劃系統，還是幫助各州進行失業檢查，還是支持世界各地的國家紅十字會系統處理大量數量激增，還是幫助 HHS、CDC 和世界各地的其他衛生當局，或者支持100多項臨床試驗匆匆忙忙地站了起來，我們在那裡幫助我們的客戶。我認為我們因此離他們更近了。像這樣的故事還有很多很多，它們都強調了我為我們的員工和客戶感到自豪，因為我們都在積極參與與 COVID-19 的持續鬥爭。

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，我們決定通過 Oracle 大學向所有需要的人免費提供有關 Oracle 雲基礎設施和自治數據庫的培訓和認證。我們看到全球需求激增，150 個國家/地區的數十萬人接受了 Oracle 最新技術的培訓和認證。

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.

現在我們帶著大量的交易業務進入了第四季度。隨著本季度的推進，我們看到交易量有所下降，尤其是在受疫情影響最嚴重的行業。隨著各國開始重新開放經濟，其中許多討論已經恢復。由於這些不是競爭對手的損失，我們相信大部分業務最終都會被預訂。雖然一些客戶推遲了項目，但我們也正在與正在將本地工作負載轉移到雲端的客戶一起快速構建新的管道。

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 帶來的挑戰迫使公司重新考慮他們在雲中的工作方式，包括將我們視為 AWS 和 Azure 的替代品。當我們與這些客戶接觸時，他們發現 OCI 比我們的競爭對手性能更高、更安全、成本更低且易於使用，這使得 OCI 現在成為基礎架構討論的重要組成部分。我們也在業務的應用程序方面看到了這一點，因為許多客戶在沒有做好準備的情況下進入了大流行，並且現在對內置移動社交和機器學習的現代云應用程序表現出新的興趣。

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.

轉向數字，除非另有說明，否則我將使用固定美元匯率審查我們的非 GAAP 結果。請記住，對於您的美元模型，美元在本季度的走強導致了意想不到的貨幣逆風，因為資金流向了優質貨幣，即美元。增加的貨幣逆風對總收入造成超過 2 億美元，對每股收益造成 0.02 美元，均為負數。

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%.

本季度雲服務和許可支持總收入為 68 億美元，比去年增長 3%，占公司總收入的 66%，比去年的 61% 增長 61%。 GAAP 應用訂閱收入為 27 億美元，增長 3%，其中 Fusion 應用增長 31%。 Fusion ERP 增長了 35%，Fusion HCM 增長了 29%。 NetSuite ERP 上漲 25%，垂直 SaaS 上漲 7%。 GAAP 基礎設施訂閱收入為 41 億美元，增長 3%，數據庫訂閱收入增長 6%，高於上一季度的 5%。許可收入為 20 億美元，繼去年第四季度增長 15% 後下降 21%。總而言之，本季度的總收入為 104 億美元，下降了 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.

當我們看到大流行開始蔓延時，我們迅速採取行動將運營費用降低了 8%。非美國通用會計準則營業收入為 51 億美元，比去年略有下降；營業利潤率為 49%，比去年增長 2 個百分點。提醒一下，為了利用非常優惠的利率，我們在本季度發行了 200 億美元的債券。增加的利息支出使每股收益降低 0.03 美元，這不在我 3 月初的指導中。由於一些離散項目，本季度的非美國通用會計準則稅率為 16.6%，低於我們 20% 的基本稅率。每股收益為 1.20 美元，按美元計算增長 3%，按固定匯率計算增長 5%。正如我所提到的，貨幣對每股收益產生了 0.02 美元的負面影響。 GAAP 稅率為 15.7%，也是一些離散項目的結果； GAAP 每股收益按美元計算為 0.99 美元，按美元計算下降 8%，按固定匯率計算下降 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.

現在整個財年，雲服務和許可支持總收入為 274 億美元，增長 4%，占公司總收入的 70%，高於去年的 68%。公司全年總收入為 391 億美元，按固定匯率計算略有增長。非 GAAP 每股收益按美元計算為 3.85 美元，增長 9%，按固定匯率計算連續第三年增長兩位數，達到 11%。全年營業利潤率略微上升至 44%，我預計隨著我們的收入增長加速以及我們受益於雲計算規模的擴大，未來幾年我們將看到創紀錄的利潤率。過去 4 個季度的運營現金流為 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.

在第四季度，由於一些客戶陷入財務困境，我們看到客戶付款因大流行而延遲。我們與這些客戶合作，我們預計這些付款將在本財年全額收取。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。我們現在擁有超過 430 億美元的現金和有價證券。短期遞延收入餘額為 80 億美元。現在，由於客戶付款的時間差異，按固定匯率計算下降了 3%，由於 COVID-19，本季度這種差異更為明顯。但我想提醒你，按固定匯率計算，遞延總收入增長了 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.

正如我們之前所說，我們致力於通過技術創新、戰略收購、股票回購、謹慎使用債務和派息來為股東回報價值。本季度，我們以總計 52 億美元回購了近 1.07 億股股票。在過去的 12 個月裡，我們以總計 192 億美元的價格回購了 3.61 億股股票。在過去 10 年中，我們已將已發行股票減少了近 40%。此外，我們在過去 12 個月支付了 31 億美元的股息，董事會再次宣布每股 0.24 美元的季度股息。

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.

現在，在轉向指導之前，我想重申我在第二季度和第三季度財報電話會議上所說的話，即我們的業務正在擴大，我們的收入正在加速增長，我們與客戶的關係正在擴大。但就大流行的時間而言，我們完全有理由相信這種勢頭會延續到第四季度。儘管推遲了幾個月，但我們相信這種流行病實際上使客戶更清楚地關注了對現代技術的需求，而現代技術是 Oracle 產品的獨特核心。

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.

我們對我們的增長充滿信心，因為我們的業務組合變得越來越有利。我們的收入現在顯然屬於三個不同的群體之一：一個增長，一個穩定，一個下降。我看到的是，雖然過去幾年整體收入增長平均在 1% 到 2% 左右，但在背後，增長的業務以 30% 的複合年增長率增長，而下降的業務平均下降近兩位數，我們的穩定的業務增長了 1% 或 2%。我們現在正處於這樣一個時刻，我們成長中的業務現在大於我們衰退中的業務。這種有利的轉變將不可避免地推動收入加速前進。

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.

其次，我相信我們的 SaaS 業務勢頭將會增加，因為我們龐大的應用程序客戶群繼續遷移到雲端，並且我們從我們的內部部署競爭對手（例如 SAP）那里奪取份額，他們沒有真正的 SaaS 產品。我們的產品現代、安全、高性能、可移動，而且重要的是，具有很高的參考價值。隨著越來越多的 ERP 工作負載遷移到雲端，我們相信它們也會遷移到 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 4 個十年的 Oracle 數據庫應用程序，這些應用程序最近才開始遷移到雲端。這些數據庫包含我們客戶的最關鍵和最有價值的信息。現在有了自治數據庫，他們有了一個去處，可以以更低的價格獲得更好的技術。對於那些關心安全性、性能和成本的人來說，自治數據庫將成為衡量其他人的標準。自治數據庫在我們的公有云中的 Oracle 雲基礎設施上運行，並在客戶自己的數據中心與 Cloud at Customer 中運行。毫無疑問，自治數據庫是我們最重要的數據庫版本，並且隨著它的增長絕對會推動收入加速前進。

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.

最後是我已經提到的 OCI 的勢頭。我們很高興，一旦公司看到我們差異化的 OCI 技術，他們就會成為信徒。 Gen2 OCI 的年化消費收入在第四季度增長超過 140% 就證明了這一點。順便說一下，自治數據庫的 ACR 在第四季度增長了近 70%。這 2 個越來越多。

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，行業分析師普遍認可我們在雲中的技術創新和領導地位。選擇你最喜歡的獨立出版商，無論是 Forrester、Gartner 還是 IDC 或任何其他公司，你都會在每個圖表的右上角看到 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.

總而言之，正是領先技術的延續、我們現有業務的有利組合轉變以及我們不斷增長的業務的更高增長率，讓我相信我們今年的收入增長將加速。

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.

現在到指導。我今天的指導是基於非 GAAP 基礎和固定貨幣。正如你們所見，貨幣極度不穩定，第四季度發生的事情一目了然。然而，假設當前匯率與現在保持不變，雖然我沒有預測，但我只是告訴你，貨幣應該對第一季度的總收入產生 1% 的負面影響，對 EPS 產生 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.

按固定匯率計算，總收入預計將從 0% 增長到 2%。假設 1% 的貨幣逆風，預計總收入將從負 1% 增長到正 1%（以美元計算）。按固定匯率計算的非 GAAP 每股收益預計將增長 5% 至 9%，按固定匯率計算將在 0.85 美元至 0.89 美元之間。假設逆風為 0.01 美元，以美元計算的非 GAAP 每股收益預計將增長 4% 至 8%，以美元計算為 0.84 美元至 0.88 美元。我對第一季度的 EPS 指導假設基本稅率為 20%。但是，一次性稅收事件可能會導致任何給定季度的實際稅率發生變化。但預計在將這些一次性稅收事件正常化後，我們的稅率實際上將平均在 20% 左右。現在考慮到——我已經盡可能多地考慮了與大流行病相關的不確定性。現在我不打算為整個 2021 財年提供指導，但正如我之前所說，我非常有信心隨著 COVID-19 的過去，我們的收入將加速增長。

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

有了這個，我會把它交給拉里徵求他的意見。

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，薩夫拉。看，本季度，我們宣布了與 Zoom 和 8x8 的新客戶關係。他們是偉大的勝利，但還有很多其他的勝利。在我開始列出額外的勝利之前，我想解釋一下我們獲勝的原因。

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 是世界上唯一的第二代自治雲。自治軟件技術、Oracle 自治數據庫、Oracle 自治 Linux 自治是將我們的第二代云與亞馬遜、微軟和谷歌的第一代云區分開來的決定性技術。自主的自動駕駛計算機系統消除了人工勞動，從而消除了人為錯誤。人無事可學，人無事可做。消除人工大大降低了運行自治系統的成本。消除人為錯誤可顯著提高數據安全性和系統可靠性。亞馬遜所有的大數據丟失都是由人為錯誤造成的。如果您的數據存儲在 Oracle 自治系統中，則不會出現任何人為錯誤。這是一件大事。

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 自治數據庫會自行提供、自行配置、自行加密數據、自行修補和自我更新、自動擴展和縮減自身，並隨著數據庫的增長和用戶訪問模式的變化不斷調整自身。它在系統運行時完成所有這些事情。無需停機即可打補丁。安裝新版本不需要停機。無需停機即可將您當前使用的處理器數量增加一倍或減少處理器數量。這一切都發生在系統運行時。 Oracle Autonomous Linux 是世界上唯一的自治操作系統，它提供 99.995% 的可用性，同時在系統運行時通過持續的安全和監控、持續的補丁和修復來維護自身。

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，所有流行的 OCI 服務、計算、存儲等都將真正實現無服務器和彈性。其他人沒有這個。 Oracle OCI 將擁有彈性計算、彈性存儲，所有流行的東西——所有流行的東西都將是真正的無服務器和彈性的，在你運行時自動擴展和收縮。因此，我們信守雲的承諾，客戶只需為您使用的內容付費。通常在其他雲中，您必須保留計算能力。即使您不使用它，您也必須為此付費。事實並非如此。在 Oracle 自治雲中，這種情況越來越少。

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 公有云現在擁有 24 個 OCI Gen2 區域。很快，我們將擁有比 AWS 更多的區域，AWS 目前有 25 個。本財年，我們將再增加 14 個 Gen2 OCI 區域，允許更多客戶在公共雲中運行，而不會損害數據局部性或數據主權要求。對於希望或需要在自己的防火牆後面的數據中心運行應用程序的客戶，我們為客戶提供獨特的 Oracle 雲服務，無論是針對 Oracle 數據庫還是針對我們所有的 OCI 雲服務，包括我們的 SaaS 應用程序。其他雲供應商都沒有這種雲客戶產品。

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.

總而言之，與 AWS、Azure 或 Google Cloud 相比，Oracle 的 Gen2 自治、無服務器、彈性雲基礎設施以更低的成本提供更好的性能和更高的安全性。這就是我們贏得 Zoom 的原因，這就是另一個——以及我將要告訴你的其他一些交易。

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。讓我們從縮放開始。自 1 月以來，對 Zoom 服務的需求增長了近 20 倍。 Zoom 立即需要額外的雲容量。在首次部署 Oracle 後的幾個小時內，OCI 就支持了數十萬同時與會者。使用量持續增加，Oracle 現在支持數百萬同時參加會議的人。 Zoom 選擇 OCI 是因為我們在價格、性能、可擴展性、可靠性和雲安全方面的優勢。每天，我們的 Zoom 會議都會通過 OCI 網絡移動超過 8 PB 的數據。這是一個非常大的數據量。隨著需求的增長，我們已經能夠擴展並幫助 Zoom 擴展。

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，8x8 之外的另一個勝利，這是我們銷售流程的一個很好的例子。客戶首先將一些服務轉移到 OCI 以提高性能。 8x8 對他們從 AWS 中遷移出來的性能提升程度感到非常驚訝——將他們的部分系統從 AWS 中遷移到 OCI 中。他們對所取得的性能提升和成本節約感到非常驚訝，因此他們決定將所有服務從 AWS 遷移到 Oracle。一旦 OCI 以更優惠的價格展示出更好的性能，就敲定了 8x8 及其不斷增長的 2000 萬月活躍用戶群的交易。

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.

另一個贏的是阿曼信息技術和通信集團，一份3年的合同。他們在阿曼的客戶數據中心構建了專用的 OCI Gen2 雲，為阿曼境內所有不同的政府機構提供 OCI 服務、OCI 公共雲服務。這意味著他們能夠再次享受公共雲 OCI Gen2 公共雲的全部優勢，而不會損害其數據本地性或數據主權要求。

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.

另一項勝利是，全球最大的投資公司 Jefferies 計劃將 500 多個工作負載遷移到 Oracle 的 Gen2 公共雲。 Jefferies 選擇了 Oracle 而不是 AWS 和 Azure。他們還使用 OCI 來擴展他們的 Fusion HCM 應用程序。

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."

另一個勝利是沙特阿拉伯民航總局的 Cloud at Customer。用客戶自己的話來說，“我們在客戶處選擇 Exadata 雲時考慮的關鍵因素是成本降低了大約 50%，同時符合政府對數據主權的要求。此外，在客戶處使用 Exadata 雲上的自治數據庫，我們的通過利用 Oracle 自治數據庫的自我驅動、自我保護、自我修復特性，團隊可以節省時間和精力並專注於業務創新。”

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.

探索診斷。 Quest 是診斷測試領域的全球領導者，他們繼續投資 Oracle 雲，以支持正在進行的抗擊冠狀病毒大流行的鬥爭。 Quest 擴展了其當前的 Exadata Cloud at Customer 環境，以便該公司可以遷移其 MyQuest 門戶，以應對 COVID-19 抗體測試的大幅增加。 Quest 還將其現有的 Exadata 本地環境升級為新的——新的 Gen2 Exadata Cloud at Customer，以支持企業和業務線業務功能。

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.

另一場胜利，桑坦德銀行。 Santander 正在 Customer 的 Oracle Exadata Cloud 上整合他們的數據庫，並採用我們的自治數據庫來支持銀行的數字化轉型。

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 贏家是加拿大的 TD Bank Group。 TD Bank 多年來承諾使用 Oracle 的公有云（包括 Oracle 的 Gen2 雲基礎設施）以及 Oracle SaaS、數據集成和自主數據倉庫，將其財務報告系統從本地配置遷移到公有云部署。

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 商業集團，一份為期 4 年的合同。 Verizon 已經將超過 25 個任務和業務關鍵型工作負載遷移到 OCI Gen2 公共雲，為其全球客戶提供服務。這些工作負載處理超過 200,000 次 IOPS，即每秒 I/O 次數，以及 120 TB 的數據。 Verizon 使用 Oracle Cloud Infrastructure 和 Exadata 雲服務，包括 RAC 和 Data Guard，Verizon 計劃大幅增加對 Oracle 公共雲的承諾，並將越來越多的工作負載轉移到 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，Cybereason，一份 4 年的合同。使用 OCI 公共雲運行自己的 SaaS 平台，為客戶提供端點保護、響應和分析即服務。 Cybereason 將使用 Oracle 的 BareMetal 服務和自治數據庫來運行他們的分析。

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 獲勝，一家非常大的歐洲汽車製造商。該客戶正在雲中尋找高彈性、高性能的計算環境，以降低資本成本並引入部署靈活性。他們將運行計算流體動力學來模擬 OCI 公共雲中的車禍，以支持他們的汽車開發和擴展——他們預計到今年年底將使用數千個核心進行擴展。

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.

SGS（前法國興業銀行）的另一項勝利是一份為期 3 年的合同，將多個工作負載轉移到 OCI Gen2 公共雲，包括一個 34,000 名用戶的電子商務套件應用程序，其目標是降低成本，同時提高安全性、可靠性和性能。此次勝利為 SGS 向公共雲過渡的下一階段打開了大門，重點是將 Microsoft Azure 與 Oracle 的 OCI Gen2 公共雲配對。

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，Synacor，3 年合同。他們正在將一些生產 SaaS 業務遷移到 OCI，這使他們能夠關閉許多數據中心。 5 月，隨著他們繼續將現有和新的 SaaS 環境遷移到 Oracle 的雲基礎設施，他們擴大了最初的合同。

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3年的合同。 Sky.One 是一家巴西 ISV，同樣擁有自己的 SaaS 應用程序。在 AWS 和 Oracle 雲上運行後，他們發現 Oracle 的雲以低得多的成本為客戶提供了更好的性能。因此，他們正在將所有工作負載轉移到 Oracle 雲中。

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.

另一個，印度 Manappuram Finance 的 Infrastructure 的另一個勝利，一份為期 5 年的合同。他們決定將我們新推出的混合 Gen2 -- Hyderabad Gen2 數據中心作為他們的災難恢復站點，完全遷移到我們孟買 Gen2 數據中心的 Oracle 公共雲。

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.

我會停止 - 然後我要談論的最後一個基礎設施勝利是 Altair，一份為期 3 年的合同，是他們初始合同的 5 倍，他們正在遷移更多的高性能計算和商業OCI 的工作負載。

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.

第四季度有更多的基礎設施交易，這對 OCI 和基礎設施來說是一個引人注目的季度，但我沒有時間一一列舉。所以現在，我將繼續贏得云應用程序。

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 ERP 市場和技術的領導者，擁有超過 7,100 個 Fusion ERP 客戶和近 22,000 個 NetSuite 客戶。我們在雲 ERP 市場取得了巨大的領先地位，因為我們最大的競爭對手 SAP 從未為雲重寫他們的 ERP 應用程序。 Gartner 將 Fusion、Oracle Fusion 列在他們 ERP 排名的最前面，而 SAP 在下半部分，與競爭對手的下半部分一起列出。與幾年前相比，這是一個巨大的變化。

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 有一個雲 ERP 系統，但他們的大部分成功都來自 HCM。如今，越來越多的客戶購買 HCM 作為整體 ERP 採購的一部分，即 ERP 決策。我們現在已經看到了我們的 Fusion HCM 增長率——由於 HCM 採購決策現在與 ERP 採購決策捆綁在一起，我們已經看到我們的 HCM Fusion 增長率超過了 Workday 的 HCM 增長率。到目前為止，我們已經是最大的雲 ERP 玩家，看起來我們將能夠利用我們在 ERP 方面的優勢和我們在 ERP 方面的規模，成為最大的雲 HCM 玩家。

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.

在我繼續討論本季度關鍵的 ERP 和 HCM 勝利之前，我想強調一些在大流行期間在第四季度上線的 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.

首先是摩根大通。摩根大通在上個季度在 100 個國家/地區上線，在 Oracle Cloud、HCM 和 Recruiting 上擁有超過 256,000 名員工。摩根大通已經將超過 200 萬名招聘候選人轉移到新的 Oracle 雲招聘系統。

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.

也許最有趣的是高盛。 Goldman Sachs 最初購買了 Workday HCM，但他們的實施並不成功。此後，Goldman Sachs 收購了 Oracle Cloud HCM，並在一個多月前上線。有趣的是，Gartner 和 Forrester Research 對 Oracle HCM 的評價都遠高於 Workday。別相信我。去看看報導。他們在線。

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.

好的。因此，除了能力和其他方面，我們真正與眾不同的地方在於客戶滿意度。查看 Gartner 報告。查看 Forrester 報告。我們的客戶評分為 5.0，位居榜首，而 Workday 以 3.0 位居中間，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.

另一家在大流行期間上線的公司是西奈山醫院和伊坎醫學院。在 COVID-19 大流行期間，他們開始使用 Oracle 雲 HCM，為 26,000 多名一線員工提供他們可以在家中使用的更現代的可訪問工具。他們取代了已有 30 年曆史的人力資源和薪資系統。

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

好的。那些是在大流行期間發生的上線，我認為它們非常有趣。

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.

好的。我們還在 ERP、EPM 和供應鏈管理方面增加了很多客戶。第一個，KPM Netherlands 收購了 Fusion ERP。他們將開始將近 2,000 個應用程序從多個供應商的 ERP 系統轉移到 Oracle Fusion ERP 的完整後台轉型，從而在 Oracle Fusion ERP 上實現標準化。

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.

一家大型全球網絡公司正在利用具有單一數據模型的 Oracle 數字供應鏈來實現從創新到商業化、從製造到實現以及從設計到回收操作的端到端視圖。

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提供商，我們擊敗了 Workday 更換了 ERP。 Workday 是 HCM 的現任者，但我們能夠贏得 ERP 交易，即使他們已經在 HCM 中了。客戶選擇 Oracle 是因為我們的會計中心和全球能力。他們還收購了 Fusion Procurement 和 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署了一項價值 1300 萬美元的 ARR 交易。我們將在廣泛的計劃中向他們超過 200,000 名員工和全球多家子公司推出 ERP、供應鏈管理和 HCM，以實現他們的企業系統現代化並消除數千萬美元的運營成本。

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.

本季度的另一場胜利，即本季度的 ERP 勝利，是新西蘭西太平洋銀行。他們將使用 Oracle 雲 ERP 和 Oracle 雲 EPM 來降低當前環境的成本和復雜性，同時滿足當地銀行業標準以獨立於其澳大利亞母公司運營。

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.

好的。我將停止做 ERP 和供應鏈勝利，轉向 HCM 勝利。好吧，首先，我們贏了克羅格。北美最大的雜貨店正在用 Fusion HCM 替換他們的 SAP 系統。讓我們贏得這筆交易的關鍵推動因素是我們圍繞所有 HCM 的能力可以通過智能手機、人工智能、集成到應用程序中的機器學習、集成到 HCM 中的聊天機器人以及我們所有的現代 SaaS 應用程序和我們的 Oracle 語音數字助理進行操作。您可以做很多事情，費用報告，使用手機上的語音界面調用報告。我們與其他雲競爭對手之間的巨大差異是我們的 Oracle 語音數字助手。

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

HCM 的另一項勝利是在馬來西亞的 Petronas。再一次，我們用 Fusion HCM 取代了 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.

一家非常大的美國管理醫療保健公司，他們收購了 Fusion HCM 以替換 40 個管理 HR 活動的獨立系統。這些斷開連接的數據孤島導致他們最寶貴的資源，即企業員工的可見性喪失。

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.

本季度其他重要的 HCM 勝利包括聯合國、諾福克郡議會、德克薩斯大學和 MD 安德森癌症中心。還有很多，但我要在這裡停下來，然後將其轉回給 Safra。

Okay. Ken?

好的。肯？

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

謝謝你，拉里。 Holly，我們現在是否可以轉到電話的問答部分？

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

（操作員說明）我們的第一個問題將來自瑞士信貸的 Brad Zelnick。

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?

拉里，你在準備好的發言中談了很多 OCI，但我認為我們不能聽到太多關於你所取得的成功的消息。特別是在典型客戶群之外的牽引力，在本季度贏得了 Zoom 和 8x8 之類的勝利，非常令人印象深刻。您能否更多地談談大流行可能對您的雲基礎設施業務產生的影響？根據你所看到的，你的信心水平有什麼變化嗎？

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.

好吧，我認為我們現在看到的是一些人實際上正在嘗試 - 人 - 來到 OCI 的第一批人是從事提供應用程序業務的人。這不是——我的意思是我們有 Verizon 真是太好了。我們擁有像 Verizon 這樣的最終用戶客戶，取得了巨大的成功。他們來到了OCI。我認為他們嘗試了許多其他雲，並且發現 OCI 比其他雲更好。 Zoom 發現 OCI 更快、更便宜，這對他們的業務很重要，對吧？因此他們不得不擴大容量，但他們更願意在別人的雲上運行時支付更少並獲得更多。因此，如果您的業務是在雲中構建應用程序，並且您打算使用其他人的雲，我們認為 OCI 就是他們所在的地方——他們中的很多人一旦嘗試了我們的雲就會結束。

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——大多數人不相信甲骨文擁有最快的雲和成本最低的雲。但是當你來到這裡嘗試時，你就會發現這正是。而你只是看到了這種情況的開始。我認為很多人對 Zoom 選擇甲骨文感到震驚。 Zoom——我想 Zoom 也很震驚。我認為 Zoom 在將應用程序遷移到 Oracle 後查看結果時感到震驚。我們的速度更快，速度更快，成本更低，也更安全。所以我們認為，當人們將我們的雲、我們的基礎設施、我們的第二代基礎設施與 AWS 和 Azure 等進行比較時，他們會選擇我們的雲。他們只需要來看看，而不是僅僅假設，“嘿，AWS 更大，所以他們必須更好。Azure 更大，所以他們必須更好。”一旦他們看，我們就贏了。

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.

我認為就我們的最終用戶而言，Verizon 是一個完美的例子，它嘗試了其他雲，然後又嘗試了 Oracle，發現 Oracle 可以用比 AWS 或 Azure 更少的錢做更多的事情.我們有很多客戶。我們必須讓他們進來，我們必須讓他們看看。我們必須讓他們試用我們的雲並將其與 AWS 的結果進行比較。我們認為我們將獲得我們安裝基礎的最大份額，我們的數據庫安裝基礎，轉移到我們的雲。如果我是對的，如果那是對的，我們的基礎設施雲業務是巨大的。我們擁有數十萬數據庫客戶，包括地球上所有最大的公司和政府。

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?

我想談談您在自治數據庫中提到的 Customer Gen2 Cloud 的推出。現在有了能夠在內部運行自主運行的能力，你能告訴我們你如何看待這種加速採用自主的嗎？然後我只是想知道，當你考慮到它現在可以在雲、OCI 和內部部署中使用時，有多少順風，Safra，你認為你認為收入增長可能會加速21 財年？這是最大的槓桿之一——根據你的估計嗎？

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?

讓我只回答最後的問題，然後，拉里，我認為你應該更詳細地介紹它。我在我的基本假設中沒有指望這一點，但我確實相信它會取得令人難以置信的成功。當我們的初始客戶正在使用它時，我相信這是一種非常非常重要、非常差異化的能力，只有我們擁有。因此，儘管我沒有為此而依賴它——為了加速，我確實相信這對我們來說將是一個令人難以置信的順風，不僅是今年，而且真的是未來幾年。不管怎樣，Larry，你為什麼不評論 Cloud at Customer 和 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。所以當我們大力轉向雲時，我們為公共雲做了很多數據庫開發，而我們開發團隊最引人注目的是自治數據庫。但它只在公共雲中運行。我們擁有龐大的安裝基礎——我們擁有龐大的安裝基礎，數十萬客戶。世界上大部分有價值的數據都在 Oracle 數據庫中。但這是在內部部署的。大銀行想使用我們的最新技術，Oracle 自治數據庫，他們唯一可以買到的地方是公共雲，他們買不到。他們無法在 Customer Cloud 的數據中心獲取它。我們沒有。因此，多年來，我們的本地客戶無法訪問我們最新的數據庫技術。驚人的。

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.

所以現在在為公共雲開發所有這些並不斷改進 Oracle 自治數據庫、Oracle 自治事務處理系統、Oracle 自治數據倉庫之後，我們終於開始通過我們的雲將其提供給我們的本地客戶客戶 Exadata——客戶服務產品中的 Exadata Cloud。所以現在我們所有的本地客戶，大銀行，大政府機構，想要在本地升級數據庫的小客戶，現在都可以使用 Cloud at Customer。我們讓他們獲得最新技術變得非常有吸引力。我們擁有 - 沒有前期資本成本來獲得這個東西。這就像購買公有云，只是我們將數據庫雲（客戶雲）以大量 Exadata 機器的形式放在您的數據中心。然後我們通過網絡為您管理它，它連接到我們的公共雲，我們為您管理它。

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.

再一次，發生的事情是，多年來，我們安裝的內部部署客戶無法訪問我們最新的數據庫技術，我們最好的數據庫技術，自治數據庫。現在突然之間，他們做到了。我們認為這將是一個巨大的轉變，對我們來說是一個偉大的產品。我們非常興奮。順便說一句，Gen2 與 Gen1 Cloud at Customer 相比的另一個優點是，Gen2 Cloud at Customer 經過精心設計，非常易於安裝和使用。你把它插上電源，它就可以工作了。所以我們認為這是一個易於使用的系統。使用該系統無需預付資金。我們認為這將對我們所有的本地客戶，無論大小，都有吸引力，並且在您擁有自己的數據中心和您的長期共存期間，它將簡化他們從本地到公共雲的過渡擁有共同運行的公共雲。我們認為這將成為我們有史以來最大和最熱門的新產品之一，客戶自治數據庫雲。

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.

我真的很高興每個人都平安無事，現在這絕對很重要。我想把重點放在應用程序業務上，尤其是 Safra，鑑於你對業務增長部分的評論大於收縮部分。您能否詳細說明一下您在應用軟件中看到的趨勢？也許，特別是，我很想知道您是否看到客戶從本地遷移到雲中的任何加速，並且非常感謝任何顏色和見解。

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.

絕對地。因此，我們在這項業務中有許多驅動因素，基本上正在加速我們產品的採用。首先，我們有越來越多的可參考客戶，從小到大，正如你聽到拉里所說的那樣。所以我們有很多很多參考資料，這使得說服新客戶繼續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取得了很多成功——他們使用的是內部部署的產品，實際上無法訪問云。因此，我們在舊勞森基地等方面取得了令人難以置信的成功。此外，E-Business Suite 客戶是一個龐大的安裝基礎，最近才開始升級，我們的安裝基礎中只有大約 6% 的絕對 ERP 升級到雲。因此，儘管他們在財務方面有所作為，但現在他們真正開始了——隨著他們建立信心，尤其是隨著越來越多的客戶採用 Fusion ERP，他們中的許多人一直在等待，直到他們可以做到這一點。

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.

順便說一下，其中一件非常重要的事情是業務供應鏈方面的發布。我們的許多客戶都是製造商，他們想要——他們喜歡擁有一套。他們想要一整套，當然，我們的財務和 HCM。但是另外，他們想要一個成熟的供應鏈產品，現在我們在供應鏈方面有很多參考，當然也包括我們自己。所以勢頭真的增加了。順便說一句，現在其中的一部分是，一旦客戶開始使用我們，我們的許多客戶就會隨著時間的推移而增長。所以他們將從一些模塊開始。與去年同期相比，他們與我們一起將安裝量增加至少 20% 是很常見的。所以我們有很多不同的關係驅動因素。因此，一些採用 HCM，一些承擔更多部門，一些則引入額外的功能。

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.

我會告訴你，這種流行病實際上對他們中的一些人來說非常非常有趣，因為他們得到了在雲中的直接好處之一。也就是說，對於我們的 HCM 客戶，我們免費推出了健康和安全，這是 HCM 中的一個模塊。在與一些合作夥伴的合作中，我們的許多客戶採用並開始使用它，以便他們能夠更好地支持他們的員工度過這一大流行病，這樣他們就可以幫助他們並幫助跟踪他們並在必要時幫助他們。當然，在本地不可能有這樣的事情。正是這些事情，我們可以推出新功能，這是像 SAP 一樣在內部部署但託管與實際上處於可以推出新功能的軟件即服務模型之間的巨大區別無需您召集龐大的系統集成商團隊來安裝它。因此，我們現在在這項業務中有很大的發展勢頭。

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。我想補充一下 Safra 所說的話。我們推出了新模塊。這是 Oracle 在我們的雲中提供的東西。但隨後我們的客戶能夠在家中訪問該新模塊。所以事實上所有這些雲系統都可以在家裡訪問，很明顯，它們可以在你的智能手機上訪問，所以它們比上一代技術更容易訪問。這對人們能夠繼續在家外工作產生了巨大的影響。如果您是一名會計師並且正在使用 Oracle 財務系統，則沒有理由上車開車去辦公室。您在家庭辦公室的筆記本電腦上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。我的意思是這些功能不僅 - 它們是現代的。他們是移動的。你可以找到他們。但不僅如此，您還可以通過語音與他們合作，這是一個完全現代的用戶界面，功能更強大。我的意思是，21 世紀的技術在這場大流行期間派上用場，與其中一些客戶正在使用的 20 世紀的老東西之間，簡直是天壤之別。這就是為什麼在他們開始與我們合作並建立信心的那一刻，他們意識到這對他們未來的成功非常、非常重要和關鍵。

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

我們今天的最後一個問題將來自 Sanford Bernstein 的 Mark Moerdler。

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，我的理解是公司沒有讓員工休假。他們沒有解僱任何人。你對你的員工很好。您的許可證銷售量有所下降。然而你卻在利潤率上大獲全勝。你能給我們一些顏色來說明是什麼推動瞭如此大的利潤率改善嗎？

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.

好吧，我想你知道我們在花錢方面非常謹慎的歷史由來已久。在這次大流行期間，很明顯，沒有人到處飛。只有我們必須去某個地方的重要員工才會進行任何形式的旅行。我們完全搬到了在家工作。所以我們沒有 T&E 費用。此外，當然，由於佣金，我們的補償費用也有所下降。這很清楚。我們真的只是在繼續投資於我們的未來的同時仔細觀察我們的支出。我們非常非常看好這些產品的實力。我不能說夠了。因此，我們也對我們的領域能夠散開並與我們的潛在客戶分享這一點的能力感到非常樂觀。因此，我們希望確保我們擁有一支非常強大的技術團隊和一個非常強大的領域。所以我們只是做了合理的明智之舉。每個人，整個高級管理團隊——拉里和我不認為這是功勞，這真的是整個管理團隊的功勞，他們對額外支出更加謹慎，我們能夠將其納入其中。

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.

我也想發表評論，我要為此添加一點顏色。我認為 Safra 是——我完全同意 Safra 所說的一切。我們——我認為我們在控制開支方面一直做得很好，這是我們在那裡執行得很好的另一個例子。我認為同樣重要，甚至更重要的是，我們盈利的業務越來越大，而我們盈利能力較差的業務卻越來越小。因此，Safra 在電話會議的早期就談到了什麼，我們有一些業務正在衰退，我們不太關心。我的意思是，我們不在乎 SPARC 服務器的銷量是否低於我們最初購買 Sun 時的銷量。有很多業務——我們有存儲系統。我們有許多利潤率較低的業務正在下滑。我們有很多正在崛起的業務，比如 Fusion HCM、Fusion ERP、Fusion SCM、我們的基礎設施、OCI Gen2 自治數據庫。這些是利潤率更高的產品。

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，隨著我們的一些利潤率較低的業務變得更小，而我們的利潤率更高的業務變得更大，這真的是——正在發生的是一種混合轉變，一種根本性的混合轉變。而且我認為，由於這種組合變化，你應該看到繁榮時期的利潤率擴張和蕭條時期的利潤率保護。我認為混合變化是一個非常大的問題，並且解釋了很多原因，即使在 - 如果你看看甲骨文，總的來說，在過去的幾年裡，有人會說，“天哪，他們的收入增長不是很強勁，但他們的底線增長非常驚人。好吧，他們必須削減成本，削減成本，再削減成本。”那不是真的。我們的組合正在改變。我們盈利的業務越來越大。我們利潤較低的業務越來越小。這使我們能夠提高盈利能力並保持利潤率，即使在收入受到挑戰時也是如此。

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.

我並不是要從團隊中拿走任何東西，他們在旅行中非常注意每一分錢。顯然，我們旅行的次數減少了。我們住在更少的酒店和所有這些東西里。但這實際上是這兩件事的結合，Safra 在我們如何管理費用方面概述的一切，加上這種產生重大影響的組合變化，使我們能夠在非常艱難的季度實現盈利。

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，拉里。此電話會議的電話重播將持續 24 小時。撥入信息可在今天早些時候發布的新聞稿中找到。如有任何後續問題，請致電投資者關係部門，我們期待與您交談。再次感謝您今天加入我們。

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

有了這個，我會把電話轉回給霍莉結束。

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.

謝謝你。再次感謝您參加今天的 Oracle 2020 年第四季度收益電話會議。您現在可以斷開連接。