甲骨文 (ORCL) 2020 Q3 法說會逐字稿

Welcome to Oracle's Third Quarter 2020 Earnings Conference Call. Now I'd like to turn the call over to Ken Bond, Senior Vice President. Sir?

歡迎參加甲骨文（Oracle）2020年第三季財報電話會議。現在我想把電話交給資深副總裁 Ken Bond。先生？

Thank you. Good afternoon, everyone, and welcome to Oracle's Third Quarter 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 our Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz.

謝謝。各位下午好，歡迎參加甲骨文（Oracle）2020會計年度第三季財報電話會議。新聞稿與財務表格（包含 GAAP 與非 GAAP 的調節表及其他補充財務資訊）可於我們的投資人關係網站瀏覽並下載。今天與會者包括我們的董事長兼首席技術長 Larry Ellison，以及執行長 Safra Catz。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will present some important factors relating to our business, which may potentially affect 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 against 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.

提醒各位，今天的討論將包含前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將提出一些與我們業務相關的重要因素，這些因素可能會影響上述前瞻性陳述。這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與今天所作陳述出現重大差異。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我們未來業績或股價的風險。

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.

最後，我們不承擔因新資訊或未來事件而修訂我們的結果或公開發布任何對上述前瞻性陳述修訂內容的義務。

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

在進入問答之前，我們先做幾點準備好的說明。接下來，我想把電話交給 Safra。

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

謝謝你，Ken。如同以往，除非我另有說明，否則我將以固定匯率（constant dollar）成長率來檢視我們的非 GAAP 結果。

As you can see, we had an excellent quarter in Q3 with total revenue growth of 3% in constant currency and EPS of $0.97 in U.S. dollars. Both revenue and EPS were above the midpoint of my guidance even though we saw a strengthening U.S. dollar, which resulted in a negative headwind to total revenue.

如各位所見，我們在第三季（Q3）表現非常出色：以固定匯率計算的總營收成長 3%，每股盈餘（EPS）為 0.97 美元。儘管美元走強對總營收造成負面逆風，營收與 EPS 仍雙雙高於我所提供指引的中位數。

It was really a remarkable quarter with a lot of product and customer momentum in both applications and infrastructure. The quarter demonstrated the acceleration of revenue that I've been forecasting. Our Cloud Services and License Support business, basically our subscription business, which includes SaaS, IaaS and software updates, powered our revenue growth. Those subscription revenues for the quarter were $6.9 billion, up 5%, and accounted for nearly 71% of total company revenues, up from 69% last year. License revenues were $1.2 billion, the same as last year.

這確實是一個非常亮眼的季度，在應用與基礎架構兩方面都展現出強勁的產品與客戶動能。本季也證明了我一直預測的營收加速成長。我們的雲端服務與授權支援業務（基本上就是訂閱業務，包含 SaaS、IaaS 與軟體更新）推動了營收成長。本季訂閱營收為 69 億美元，成長 5%，約占公司總營收的 71%，高於去年同期的 69%。授權營收為 12 億美元，與去年持平。

We are seeing a lot of momentum across our applications portfolio, with GAAP application subscription revenues at $2.8 billion, up 7%. Fusion apps were up 32%, Fusion ERP was up 38% and Fusion HCM was up 27%. NetSuite ERP was up 26%. Vertical SaaS was up single -- high single digits, and data cloud was up low single digits. GAAP infrastructure subscription revenues were $4.1 billion, up 4% with total database revenue up 5%, highlighted by BYOL and Autonomous Database revenues both up over 150% but off a small base.

我們在應用產品組合方面看到強勁動能：GAAP 應用訂閱營收為 28 億美元，成長 7%。Fusion 應用成長 32%，Fusion ERP 成長 38%，Fusion HCM 成長 27%。NetSuite ERP 成長 26%。垂直產業 SaaS 成長為個位數（中高個位數），資料雲成長為低個位數。GAAP 基礎架構訂閱營收為 41 億美元，成長 4%；資料庫總營收成長 5%，其中 BYOL 與 Autonomous Database 營收皆成長超過 150%，但基期較小。

As you can see, we've replaced ecosystem revenues with subscription revenues, which will make it easier for you to see the revenue growth rate of the largest part of our business more clearly. You'll still be able to determine the growth rates for our entire software ecosystem by combining subscription and license revenues.

如各位所見，我們已以訂閱營收取代生態系營收（ecosystem revenues），這將讓各位更容易更清楚地看出我們最大業務部分的營收成長率。各位仍可透過合併訂閱與授權營收，來判斷我們整體軟體生態系的成長率。

Our cloud renewal rates continue to go up. The gross margin for Cloud Services and License Support was 86%, up 1% from last quarter. Both SaaS and IaaS gross margins were up more than 1% from both last quarter and last year. As we continue to get to scale, I expect our cloud gross margins will increase further, driving an acceleration in our gross profit growth.

我們的雲端續約率持續上升。雲端服務與授權支援的毛利率為 86%，較上季提高 1 個百分點。SaaS 與 IaaS 的毛利率相較於上季與去年同期皆提高超過 1 個百分點。隨著我們持續擴大規模，我預期雲端毛利率將進一步提升，帶動毛利成長加速。

Total revenues for the quarter were $9.8 billion, up 3% from last year. Non-GAAP operating income was $4.4 billion, up 3% from last year. The operating margin was 44%, essentially unchanged from last year. The non-GAAP tax rate for the quarter was at 19.1%, slightly below our base tax rate of 20%. EPS was $0.97 in U.S. dollars, up 12% in constant currency and 11% in USD. The GAAP tax rate was 16.4% and GAAP EPS was $0.79 in USD, up 5% in constant currency, 4% in USD. Operating cash flow over the last 4 quarters was $13.9 billion. Capital expenditures were $1.5 billion and free cash flow was $12.4 billion. We now have approximately $26 billion in cash and marketable securities, and the short-term net deferred revenue balance is $7.8 billion, down 1% in constant currency due to timing differences in customer payments. Gross deferred revenue was up over 1% in constant currency and would have been up over 3%, if not for the ASC 606 transition changes.

本季總營收為 98 億美元，較去年同期成長 3%。非 GAAP 營業利益為 44 億美元，較去年同期成長 3%。營業利益率為 44%，與去年基本持平。本季非 GAAP 稅率為 19.1%，略低於我們 20% 的基準稅率。EPS 為 0.97 美元；以固定匯率計算成長 12%，以美元計算成長 11%。GAAP 稅率為 16.4%，GAAP EPS 為 0.79 美元；以固定匯率計算成長 5%，以美元計算成長 4%。過去 4 個季度的營運現金流為 139 億美元。資本支出為 15 億美元，自由現金流為 124 億美元。我們目前約有 260 億美元的現金與有價證券；短期淨遞延營收餘額為 78 億美元，以固定匯率計算下降 1%，主要由於客戶付款時點差異。總遞延營收以固定匯率計算成長超過 1%；若非 ASC 606 轉換變更的影響，原本將成長超過 3%。

Now we remain committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and the dividend. This quarter, we repurchased 73.5 million shares for a total of $4 billion. And over the last 12 months, we have repurchased 366 million shares for a total of $20 billion. And over the last 5 years, we have reduced the shares outstanding by nearly 28%. The Board again declared a quarterly dividend of $0.24 per share. The Board of Directors also authorized an additional $15 billion for the repurchase of Oracle shares.

我們仍致力於透過技術創新、策略性併購、股票回購、審慎運用負債以及股利，為股東創造價值。本季我們回購 7,350 萬股，總金額 40 億美元。過去 12 個月，我們回購 3.66 億股，總金額 200 億美元。過去 5 年，我們已將流通在外股數減少近 28%。董事會再次宣告每股 0.24 美元的季度股利。董事會亦核准額外 150 億美元，用於回購甲骨文（Oracle）股票。

Now before turning to guidance, I need to say a few words about the impact of the COVID-19 virus. Over the last few weeks, we've observed the growing public concern. We're largely conducting business as usual with some modifications such as using video conferencing and asking our employees to postpone nonessential travel. Likewise, we're seeing other companies take precautionary actions. It's not yet clear what the effect that the virus will have on our customers and suppliers and, as a result, what the impact will be on our business in Q4.

在進入財測之前，我需要先談幾句 COVID-19 病毒的影響。在過去幾週，我們觀察到大眾的擔憂日益升高。我們大致仍照常營運，但做了一些調整，例如使用視訊會議，並要求員工延後非必要差旅。同樣地，我們也看到其他公司採取預防措施。目前仍不清楚病毒將如何影響我們的客戶與供應商，因此也不清楚其對我們第四季（Q4）業務的影響。

So with that backdrop, let me share with you my thinking on the modeling for Q4. The subscription part of our business, cloud and product update, will continue to grow, and we expect minimal impact from the virus in the quarter, given that much of the subscription revenue is already contracted. Last year, the subscription business was 61% of the quarter. Consistent with the trends over the last year, I expect it to be a larger percentage of Q4 this year.

在這樣的背景下，我想與各位分享我對第四季（Q4）模型假設的看法。我們業務中的訂閱部分（雲端與產品更新）將持續成長；鑑於多數訂閱營收已簽約，我們預期本季病毒影響有限。去年訂閱業務占該季度的 61%。依照過去一年的趨勢，我預期今年第四季（Q4）其占比將更高。

In meeting with my executive team, we reviewed the enormous pipeline of transactional business for Q4. As you know, Q4 is typically a seasonally large quarter for software licenses and, to a lesser extent, hardware. Given the uncertainty in the current business climate, I am going to provide a much wider range in my estimate for total revenue.

在與我的高階主管團隊開會時，我們檢視了第四季龐大的交易型業務管線。如各位所知，第四季通常是軟體授權的季節性大旺季，硬體則在較小程度上也是如此。鑑於目前商業環境的不確定性，我將在對總營收的估計中提供更寬的區間。

My guidance today is on a non-GAAP basis and in constant currency. Assuming current exchange rates remain the same as they are now, currency should have no significant effect on revenues or EPS. Now of course, that may change, but that's what it is right now. So for Q4, total subscription revenues are expected to range between 3% to 5% in both constant currency and U.S. dollars. Total revenues are expected to range between negative 2% to positive 2% in both constant currency and U.S. dollars. Non-GAAP EPS is expected to grow between 3% to 9% and be between $1.20 and $1.28 in both constant currency and USD. Total CapEx for FY '20 is expected to be around $2 billion but it could vary.

我今天提供的指引是以非 GAAP 基礎並以固定匯率計算。假設目前匯率維持不變，匯率對營收或每股盈餘（EPS）應不會有重大影響。當然，這可能會改變，但就目前而言是如此。因此，就第四季而言，總訂閱營收預期在固定匯率與美元計價下皆將介於成長 3% 至 5%。總營收預期在固定匯率與美元計價下皆將介於負 2% 至正 2%。非 GAAP 每股盈餘（EPS）預期成長 3% 至 9%，並在固定匯率與美元計價下介於 1.20 美元至 1.28 美元。2020 會計年度的資本支出（CapEx）總額預期約為 20 億美元，但可能會有所變動。

My EPS guidance for Q4 and the FY '20 assumes a base tax rate of 20%. However, onetime tax events could cause actual tax rates for any given quarter to vary from our base tax rate. But I expect that in normalizing for these onetime tax events, our tax rate will average around 20% for fiscal year 2020.

我對第四季與 2020 會計年度的 EPS 指引假設基準稅率為 20%。然而，一次性稅務事件可能導致任何特定季度的實際稅率偏離我們的基準稅率。但我預期在將這些一次性稅務事件正常化後，我們在 2020 會計年度的稅率平均約為 20%。

Now in June, assuming the global economic situation has stabilized, I will share with you the basis for my optimism around our revenue growth acceleration for fiscal year 2021. It will be based on the ever-growing portion of our revenue attributable to our faster-growing subscription business. You saw a bit of it in Q3, and it would have been even more obvious but for the early impact of the virus.

接著在六月，假設全球經濟情勢已趨於穩定，我將與各位分享我對 2021 會計年度營收成長加速抱持樂觀的依據。這將基於我們營收中歸因於成長更快的訂閱業務之比重持續上升。各位在第三季已看到一些端倪；若非病毒的早期影響，這一點會更為明顯。

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. There are 2 key product areas that will determine Oracle's future, cloud ERP applications and Autonomous Database infrastructure. Being #1 in both of these 2 giant market segments will enable the success of our other application and infrastructure products in adjacent market segments. We expect the cloud ERP market segment to be 2 to 3x larger than the prior on-premise ERP software market. We already have a huge lead in the cloud ERP market with over 7,000 Fusion ERP customers and 21,000 NetSuite ERP customers.

謝謝你，Safra。有兩個關鍵產品領域將決定 Oracle 的未來：雲端 ERP 應用，以及 Autonomous Database 基礎架構。在這兩個龐大市場區隔中都成為第一名，將使我們在相鄰市場區隔中的其他應用與基礎架構產品得以成功。我們預期雲端 ERP 市場區隔將比過去的地端（on-premise）ERP 軟體市場大 2 到 3 倍。我們在雲端 ERP 市場已取得巨大領先優勢，擁有超過 7,000 家 Fusion ERP 客戶與 21,000 家 NetSuite ERP 客戶。

Our primary ERP competitors are struggling. SAP never rewrote their ERP applications for the cloud. And today, many of SAP's largest customers are actively working with us to migrate from SAP to Fusion ERP in the cloud. Workday, the other competitor, is seeing very little success in cloud ERP. Workday's ERP market share is tiny compared to ours. What's even more interesting is Workday's lack of success in cloud ERP is also creating opportunities for Oracle in cloud HCM. HCM increasingly is being purchased as a part of an ERP Cloud application suite. As a result, Oracle now has more HCM customers than Workday, and Fusion HCM revenue is growing faster than Workday.

我們的主要 ERP 競爭對手正陷入困境。SAP 從未為雲端重寫其 ERP 應用。而如今，許多 SAP 最大型的客戶正積極與我們合作，將系統從 SAP 遷移到雲端的 Fusion ERP。另一個競爭對手 Workday，在雲端 ERP 的成功非常有限。Workday 的 ERP 市占率與我們相比微不足道。更有趣的是，Workday 在雲端 ERP 的不成功也為 Oracle 在雲端 HCM 創造了機會。HCM 越來越常作為 ERP 雲端應用套件的一部分被採購。因此，Oracle 現在的 HCM 客戶數已超過 Workday，且 Fusion HCM 營收成長速度也快於 Workday。

And we're beginning to see the same integrated suite strategy drive our sales of CX, customer experience, applications in sales, service and marketing. I want to highlight a couple of our multi-pillar wins because these sales demonstrate the power of having an integrated cloud application suite like Fusion. First one, Johnson Controls. They signed a $15 million annual recurring deal that included ERP, Oracle Fusion Cloud ERP, enterprise performance management, supply chain management and CX for marketing, Fusion Marketing, Fusion Service, Fusion Sales, e-commerce and Configure, Price, Quote.

而我們也開始看到同樣的整合套件策略，帶動我們在 CX（客戶體驗）應用（涵蓋銷售、服務與行銷）的銷售。我想強調幾個多支柱（multi-pillar）的勝出案例，因為這些銷售展現了像 Fusion 這樣的整合式雲端應用套件的威力。第一個是 Johnson Controls。他們簽下了一筆每年 1,500 萬美元的年度經常性合約，內容包含 ERP（Oracle Fusion Cloud ERP）、企業績效管理、供應鏈管理，以及用於行銷的 CX：Fusion Marketing、Fusion Service、Fusion Sales、電子商務與 Configure, Price, Quote。

Skanska similarly bought Fusion ERP, Fusion EPM and Fusion HCM -- Fusion Supply Chain and HCM in the cloud. So we're seeing a lot of multi-pillar deals where they buy most of or all of the Fusion suite. We had a lot of ERP and EPM wins in the cloud. We won Unisys, ERP, EPM, SCM and CX. We -- S&P Global bought ERP. United Services Automobile Association bought ERP. RECO bought ERP. SCL Health bought both ERP and HCM. Adecco bought ERP. The Institute of Electrical and Electronics Engineering bought ERP and HCM. United Airlines bought ERP. Snap bought ERP. CDK Global bought both ERP and SCM.

Skanska 同樣採購了 Fusion ERP、Fusion EPM 與 Fusion HCM——也就是雲端的 Fusion 供應鏈與 HCM。因此我們看到許多多支柱交易，客戶會購買 Fusion 套件的大部分或全部。我們在雲端拿下了許多 ERP 與 EPM 的勝出案。我們贏得了 Unisys：ERP、EPM、SCM 與 CX。我們——S&P Global 採購了 ERP。United Services Automobile Association 採購了 ERP。RECO 採購了 ERP。SCL Health 同時採購了 ERP 與 HCM。Adecco 採購了 ERP。電機電子工程師學會（IEEE）採購了 ERP 與 HCM。United Airlines 採購了 ERP。Snap 採購了 ERP。CDK Global 同時採購了 ERP 與 SCM。

We had a number of SCMs -- a number of supply chain wins in the quarter. Big one was Dow Chemical, bought Fusion Supply Chain. National Oilwell's bought Fusion Supply Chain. RECO bought Supply Chain in addition to ERP. Unisys bought Supply Chain. Citrus World bought Supply Chain. ConAgra, Supply Chain. UC Health bought Supply Chain. National Convenience Distributors bought Supply Chain and so did Total S.A. buy Supply Chain. As I said, selling the suite has enabled us to sell a lot more HCM as a part of the suite.

本季我們在 SCM——也就是供應鏈方面——拿下了多筆勝出案。其中一筆大案是 Dow Chemical，採購了 Fusion Supply Chain。National Oilwell 採購了 Fusion Supply Chain。RECO 除了 ERP 之外也採購了 Supply Chain。Unisys 採購了 Supply Chain。Citrus World 採購了 Supply Chain。ConAgra，Supply Chain。UC Health 採購了 Supply Chain。National Convenience Distributors 採購了 Supply Chain，Total S.A. 也採購了 Supply Chain。如我所說，銷售整套套件讓我們能在套件中一併賣出更多 HCM。

CSX bought HCM. UC Health bought HCM, along with Supply Chain, ERP and EPM. Nemours bought ERP and Supply Chain and replaced their Workday HCM with Oracle Fusion HCM. Molina Healthcare bought HCM. Sensium Technologies bought HCM. Ford Motor Company dramatically expanded their Oracle Fusion HCM Cloud implementation, as did Kaiser Health, another big expansion of their -- Kaiser's Fusion HCM Cloud implementation. Keurig Dr Pepper bought our CX products, marketing, Fusion Sales, Fusion service. IKEA expanded dramatically their implementation of Fusion service. Micro Focus bought Fusion Marketing, Fusion service, Fusion Sales and Fusion e-commerce. Banco de Chile bought Fusion Marketing and Fusion Service.

CSX 採購了 HCM。UC Health 採購了 HCM，並同時採購了 Supply Chain、ERP 與 EPM。Nemours 採購了 ERP 與 Supply Chain，並以 Oracle Fusion HCM 取代其 Workday HCM。Molina Healthcare 採購了 HCM。Sensium Technologies 採購了 HCM。Ford Motor Company 大幅擴大其 Oracle Fusion HCM Cloud 的導入規模；Kaiser Health 也同樣如此，另一項大型擴充——Kaiser 的 Fusion HCM Cloud 導入擴充。Keurig Dr Pepper 採購了我們的 CX 產品：行銷、Fusion Sales、Fusion Service。IKEA 大幅擴大其 Fusion Service 的導入。Micro Focus 採購了 Fusion Marketing、Fusion Service、Fusion Sales 與 Fusion 電子商務。Banco de Chile 採購了 Fusion Marketing 與 Fusion Service。

Comcast bought Fusion Sales. Cargill bought Fusion Marketing. Thermo Fisher bought Configure, Price, Quote. Motorola bought Configure, Price, Quote. And [Participia] bought Fusion Marketing, Fusion Sales and Fusion e-commerce. Okay, that's the application part of our business.

Comcast 採購了 Fusion Sales。Cargill 採購了 Fusion Marketing。Thermo Fisher 採購了 Configure, Price, Quote。Motorola 採購了 Configure, Price, Quote。而 [Participia] 採購了 Fusion Marketing、Fusion Sales 與 Fusion 電子商務。好的，以上就是我們業務中的應用部分。

I'm going to spend -- I'm going to give you a little more detail about our infrastructure business being driven by our database business. Our Autonomous -- our new Autonomous Database. Oracle has long been the market share leader in the database business. This quarter, our overall database business, both cloud and on-premise, grew 5%, with our cloud database business growing in triple digits. We have an enormous technology advantage with our Autonomous Database. And we expect our database growth rates to accelerate from that 5% number we experienced this past quarter as customers transition from legacy databases to the Autonomous Database in the cloud.

我將花點時間——我會更詳細說明我們的基礎設施業務如何由我們的資料庫業務所驅動。我們的 Autonomous——我們全新的 Autonomous Database。Oracle 長期以來一直是資料庫業務的市占率領導者。本季我們整體資料庫業務（包含雲端與地端）成長 5%，其中雲端資料庫業務以三位數百分比成長。我們在 Autonomous Database 上擁有巨大的技術優勢。隨著客戶從傳統資料庫轉移到雲端的 Autonomous Database，我們預期資料庫成長率將會從本季的 5% 進一步加速。

I'm going to give you quite a bit of detail on a number of these wins that we think are strategic and very important to give you a sense of how much momentum our infrastructure business is beginning to pick up. Nomura in Japan made a $20 million commitment to the Oracle Cloud. They are moving their production systems handling mission-critical transactions to the Oracle Cloud. These are the applications that service a number of large-scale financial institutions. It's a very big commitment from Nomura.

我會就其中多項我們認為具策略性且非常重要的勝利提供相當多細節，讓各位感受到我們的基礎設施業務正開始累積多大的動能。日本的野村（Nomura）對 Oracle Cloud 做出 2,000 萬美元的承諾。他們正把處理關鍵任務交易的正式生產系統移轉到 Oracle Cloud。這些是服務多家大型金融機構的應用程式。這是野村非常重大的承諾。

Fiserv similarly made an $8 million commitment to move their payments applications into Oracle's Gen2 infrastructure. They'll be using both our public cloud and our Cloud at Customer. This allows Fiserv to gain tremendous ongoing cost savings as they benchmark our cloud versus the clouds from competitors. WorkForce Software is the SaaS -- made a $4 million commitment. They're moving their SaaS application to the Oracle Gen2 public cloud. Their application helps customers digitally manage time and labor. They will move out of their own data centers to the Oracle Gen2 public cloud because after a good deal of testing, they got better performance from the Oracle public cloud, better security and a huge reduction in cost for them.

Fiserv 同樣做出 800 萬美元的承諾，將其支付應用程式移入 Oracle 的 Gen2 基礎設施。他們將同時使用我們的公有雲以及 Cloud at Customer。這讓 Fiserv 在將我們的雲與競爭對手的雲進行基準比較後，能獲得可觀且持續的成本節省。WorkForce Software 這家 SaaS——做出 400 萬美元的承諾。他們正把其 SaaS 應用程式移到 Oracle Gen2 公有雲。他們的應用程式協助客戶以數位方式管理工時與勞動力。他們將從自有資料中心遷出至 Oracle Gen2 公有雲，因為在大量測試後，他們在 Oracle 公有雲上獲得更佳效能、更高安全性，且成本大幅降低。

Gap has made a $6 million annual commitment to the Oracle Cloud. They're moving their retail applications. Their most critical workloads will move into the Oracle public cloud. And they will leverage our new interconnect with Microsoft Azure and the Azure public cloud. Manhattan Associates is moving their warehouse and asset management system, their SaaS application into our cloud, and they're expanding that business. T-Mobile is moving into our Gen2 public cloud for their mission-critical Lendlease application to manage financing mobile device sales for both T-Mobile and now Sprint.

Gap 每年對 Oracle Cloud 做出 600 萬美元的承諾。他們正移轉其零售應用程式。他們最關鍵的工作負載將移入 Oracle 公有雲。並且他們將運用我們與 Microsoft Azure 以及 Azure 公有雲之間的新互連。Manhattan Associates 正把其倉儲與資產管理系統（其 SaaS 應用程式）移入我們的雲，並且正在擴大該業務。T-Mobile 正將其關鍵任務的 Lendlease 應用程式移入我們的 Gen2 公有雲，用於管理 T-Mobile 以及現在的 Sprint 的行動裝置銷售融資。

This one is really interesting. Depository Trust Clearing Corporation (sic) [Depository Trust & Clearing Corporation] 98% of all global trades go through -- global trades through any accredited brokerage firm, settle and clear using Depository Trust & Clearing Corporation's repository trading system. DTCC is migrating their multi-terabyte Amazon AWS Redshift system out of Amazon and into our public cloud using the Oracle Autonomous Database. They're also moving their analytics from Amazon to the Oracle Analytics suite.

這個案例非常有意思。存管信託與清算公司（sic）[Depository Trust & Clearing Corporation]——全球所有交易中有 98% 會透過——任何經認可的券商進行的全球交易，都是使用存管信託與清算公司的存放庫交易系統來完成交割與清算。DTCC 正將其多 TB 規模的 Amazon AWS Redshift 系統自 Amazon 遷出，並使用 Oracle Autonomous Database 遷入我們的公有雲。他們也正把分析工作從 Amazon 移轉到 Oracle Analytics 套件。

Sonoco, international provider of diversified consumer packaging products, is migrating their e-business suite, their product life cycle management, integration, analytics, all of that to our public cloud. National Bank of Canada is migrating all of their Oracle databases running on IBM pSeries to Oracle's Generation 2 Cloud at Customer.

Sonoco（多元化消費性包裝產品的國際供應商）正將其 e-business suite、產品生命週期管理、整合、分析等全部遷移到我們的公有雲。加拿大國家銀行（National Bank of Canada）正將其在 IBM pSeries 上運行的所有 Oracle 資料庫遷移到 Oracle 的第二代 Cloud at Customer。

Norfolk Southern has decided to move their entitle warehousing environment away from Teradata and away from Microsoft SQL Server to the Oracle database in our Gen2 public cloud. They will also use the Oracle Analytics Cloud for visualization. I just wanted again to give you some ideas of the big wins that we're getting. And with customers moving away from Microsoft SQL Server, away from AWS, away from Workday and into using our -- into our cloud using both our applications and our infrastructure. It has been a very exciting quarter for us. We had some huge wins.

Norfolk Southern 已決定將其整個資料倉儲環境從 Teradata、以及從 Microsoft SQL Server 轉移到我們 Gen2 公有雲中的 Oracle 資料庫。他們也將使用 Oracle Analytics Cloud 進行視覺化。我再次想讓各位了解我們正在取得的一些重大勝利。隨著客戶從 Microsoft SQL Server、從 AWS、從 Workday 轉出，並開始使用我們的——進入我們的雲，同時使用我們的應用與基礎設施。對我們而言，這是一個非常令人振奮的季度。我們拿下了一些非常大的案子。

And with that, I'll turn it back to Safra (sic) [Ken].

接下來，我把時間交回給 Safra（sic）[Ken]。

Thank you, Larry. Operator, if we could please queue up the audience for questions, please?

謝謝你，Larry。接線員，麻煩請開始安排聽眾提問，謝謝？

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

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

I was just wondering, Safra, Larry, if you could talk a little bit about the rebound that you mentioned that you can start seeing show up in the numbers, in particular, around your database business. I know in Q1, you called out a little bit of dislocation, and it looks like things are starting to progress in the direction that you've been telling us about. But is there anything you could share with us to kind of give us more detail about what exactly you think is driving this? Is it things like OCI, for example, as well? And then how -- Safra, you mentioned that you might be able to share with us in May when you get a little more stability in the picture from a macro perspective kind of how you see this progressing, but any high-level thoughts you would be comfortable sharing with us now about kind of the acceleration that you're seeing in terms of how we should think about it going forward?

我想請問一下，Safra、Larry，你們是否可以談談你們提到的反彈——你們開始在數字上看到的回升，特別是圍繞在你們的資料庫業務。我知道在第一季你們提到了一些錯位（dislocation），而看起來事情正開始朝你們一直告訴我們的方向推進。但你們是否能分享一些內容，讓我們更清楚了解你們認為究竟是什麼在驅動這個變化？例如像 OCI 這類因素也有影響嗎？另外，Safra，你提到可能在 5 月、當你從總體環境角度看到更穩定的情況時，或許能與我們分享你如何看待這個進展；但就目前而言，你是否願意先分享一些高層次的看法，關於你們所看到的加速——以及我們未來應該如何思考？

Okay. So I will start and then, Larry, you can add what you'd like. Obviously, the power of having great products is what overwhelms everything. And the momentum we have with Autonomous Database and the more and more success, all of these projects start as small projects and expand very dramatically. Our average consumption rate is just increasing dramatically, and it's the result of Autonomous Database being incredibly powerful and very, very popular with our customers.

好的。我先開始，然後 Larry 你可以補充你想說的部分。顯然，擁有卓越產品的力量足以凌駕一切。我們在 Autonomous Database 上的動能，以及越來越多的成功案例——這些專案一開始都是小型專案，之後會非常顯著地擴大。我們的平均使用量（consumption）成長非常顯著，而這正是因為 Autonomous Database 極其強大，並且在客戶之間非常、非常受歡迎。

In addition, the database itself, database license, the technology business, which I had mentioned earlier in the year, we had a little reorg in North America, a few things like that. That is really chugging. In fact, it probably would have been even better but for this coronavirus showing up at the end of the quarter. Basically, the last week in February, market was down a lot, and so I expected but for this coronavirus for Q4 to be really impressive. By assuming that we have some stability in the economy globally, I will be sharing with you the fact that it's a bigger and bigger number. That consumption revenue is going way, way up. And that this entire subscription side of the business, the infrastructure subscription side of the business is just getting bigger and grows and grows. So overall, good products, good services lead to success for our customers and then adoption takes care of itself. I don't know, Larry, if you want to add anything to that.

此外，資料庫本身、資料庫授權、也就是技術業務——我在年初曾提到，我們在北美做了一些小幅重整（reorg）之類的調整。那部分現在真的在加速運轉。事實上，如果不是這次冠狀病毒在季度末出現，表現可能會更好。基本上，2 月最後一週市場大幅下跌，所以我原本預期若非這次冠狀病毒，第四季會非常亮眼。在假設全球經濟能有一定穩定性的前提下，我會與各位分享：這個數字正變得越來越大。使用量（consumption）收入正在大幅、大幅上升。而整個訂閱型業務——基礎設施訂閱型業務——正變得越來越大，並且持續成長、持續成長。所以整體而言，好的產品、好的服務帶來客戶的成功，接著採用（adoption）自然就會水到渠成。我不知道，Larry，你是否想補充什麼。

Yes. I want to amplify on what Safra means by great products. So Autonomous Database really is a unique product. There is no human labor. Therefore, there's no human error. So it's a combination of -- Autonomous Database costs a lot less to run because human beings don't do the driving. The Autonomous Database drives itself. So there's no labor associated with running the Autonomous Database. And if there's no human labor, humans can't make mistakes that cause security vulnerabilities. That's one big thing.

是的。我想進一步闡述 Safra 所說的優秀產品。所以，自主資料庫（Autonomous Database）確實是一個獨特的產品。它不需要人工操作。因此，也就沒有人工錯誤。所以這是一種組合——自主資料庫的運行成本低得多，因為不需要人來駕駛。自主資料庫會自我驅動。因此，運行自主資料庫不涉及任何人力成本。而如果沒有人工操作，人就不會犯錯而造成安全漏洞。這是一個很大的重點。

But another big thing that people may not know about Autonomous Database, it is both serverless and elastic. What I mean by that is when your application isn't running on the Oracle public cloud, you don't pay for any CPUs. You got no CPUs dedicated to you. When your application isn't running, you're not paying for servers. That is not true of Amazon's databases. If you have Redshift, you pay for the Redshift processors. If you have their MySQL implementation, you pay for those processors. We're not only serverless, we're instantaneously elastic. So if you suddenly need to go from 2 servers or 2 cores to 20 cores. We do that instantaneously while the database is still running. And then when you don't -- no longer need the 20 cores, we automatically go back to the 2.

但關於自主資料庫，還有另一個大家可能不知道的重要點：它同時是無伺服器（serverless）且具彈性（elastic）。我的意思是，當你的應用程式沒有在 Oracle 公有雲上運行時，你不需要為任何 CPU 付費。你沒有任何 CPU 專屬配置給你。當你的應用程式不在運行時，你也不需要為伺服器付費。這在 Amazon 的資料庫上並不成立。如果你用 Redshift，你要為 Redshift 的處理器付費。如果你用他們的 MySQL 實作，你也要為那些處理器付費。我們不僅是無伺服器，我們還能即時彈性伸縮。所以如果你突然需要從 2 台伺服器或 2 個核心擴到 20 個核心。我們可以在資料庫仍在運行時即時做到。然後當你不再需要 20 個核心時，我們會自動回到 2 個核心。

So it literally is the promise of the cloud. It's serverless when it's not running, and it's fully elastic so you only pay for what you use. What this has translated to is people benchmark us. They actually bring an application to Oracle and they bring an application to AWS. They are shock to find that we are much, much less expensive than AWS even though we're more secure and we're faster. And once they discover that, once they do a trial and they do a comparison and they discover that, they're picking us. And some of the interesting ones that are picking us are some of the SaaS application providers, and that's their business. Their business is to run applications. And they try all of the different clouds. And we are the most secure cloud, the highest-performing cloud, but maybe most importantly, the most economical cloud. So we're winning more and more business, and we expect this trend to continue.

所以這真的就是雲端的承諾。不運行時是無伺服器，且完全彈性伸縮，讓你只為使用量付費。這帶來的結果是，人們會拿我們來做基準測試。他們真的會把同一個應用程式帶到 Oracle，也帶到 AWS。他們震驚地發現，即使我們更安全、速度更快，我們的成本卻比 AWS 低很多很多。而一旦他們發現這點——做了試用、做了比較並確認後——他們就會選擇我們。一些很有意思、正在選擇我們的客戶，是某些 SaaS 應用服務供應商，而那就是他們的本業。他們的業務就是運行應用程式。他們會試遍各種不同的雲。而我們是最安全的雲、效能最高的雲，但也許最重要的是，最具經濟效益的雲。所以我們正在贏得越來越多的業務，我們也預期這個趨勢會持續。

And our next question is from the line of Brad Zelnick with Crédit Suisse. Brad?

下一個問題來自 Crédit Suisse 的 Brad Zelnick。Brad？

Larry or Safra, I just wanted to ask a question about the hardware business, which I know isn't typically in focus for most investors, but I know many customers have been anxiously anticipating the availability of Autonomous Database to be supported on Cloud at Customer. So my question is, can you give us any sort of update on the impact that supply constraints might be having on the hardware business? And in any way, can that impact the availability of Autonomous to be shipping on Cloud at Customer?

Larry 或 Safra，我想問一個關於硬體業務的問題。我知道這通常不是多數投資人關注的焦點，但我也知道，許多客戶一直非常期待 Autonomous Database 能在 Cloud at Customer 上獲得支援並可用。所以我的問題是：你們能否更新一下，供應受限可能對硬體業務造成了什麼影響？以及這是否會以任何方式影響 Autonomous 在 Cloud at Customer 上出貨的可用性？

So there was a little bit of an impact actually in Q3 as certain components were in short supply. And so in fact, once again, Q3 would have been even higher but for some shortages in components to our suppliers and to our suppliers' suppliers as a result of the coronavirus in China. I think that we're trying to work through all of that, and we'll see what the availability is in Q4. We think we -- some impact may continue, but my guidance on this does include our ability to deliver some but not all of what we could possibly sell in Q4.

其實在第三季（Q3）確實有一點影響，因為某些元件供應短缺。因此，事實上，如果不是因為元件短缺——從我們的供應商到供應商的供應商——受到中國新冠疫情影響，Q3 本來還會更高。我想我們正在努力把這些問題逐步解決，至於第四季（Q4）的供應可用性如何，我們還要再觀察。我們認為可能還會有一些影響，但我在這方面的指引已經納入：我們在 Q4 能交付部分、但不是全部我們可能賣得出去的量。

Yes. I'd like to comment as well. Our Exadata cloud -- database Cloud at Customer product is actually made up of the same components as conventional servers. Therefore, we can reallocate the parts away from the conventional servers into the Exadata machines. So -- and the Exadata machines are much higher value because they have a much larger software component to them when we sell them, and the Exadata machines are Gen2 Cloud at Customer. So I think you'll see us -- if we have to do some reallocation away from plain old commodity servers into our Exadata machines, and thereby, if there is a shortfall, it should be in the lower -- the less expensive commodity servers, less profitable commodity servers and the high-value, high-margin Cloud at Customer servers, we're going to do -- work very, very hard to meet all of those orders.

是的。我也想補充一下。我們的 Exadata Cloud——也就是資料庫 Cloud at Customer 產品——其實是由與傳統伺服器相同的元件所組成。因此，我們可以把零組件從傳統伺服器重新分配到 Exadata 機器上。所以——而 Exadata 機器的價值高得多，因為我們在銷售時其中包含更大比例的軟體成分，而且 Exadata 機器是第二代（Gen2）Cloud at Customer。所以我想你們會看到我們——如果必須把零組件從一般的商品型伺服器轉去 Exadata 機器；因此若真的出現供應缺口，應該會發生在較低端——也就是較便宜、獲利較低的商品型伺服器上；而對於高價值、高毛利的 Cloud at Customer 伺服器，我們會非常、非常努力去滿足所有訂單。

And our next question is from the line of Phil Winslow from Wells Fargo.

下一個問題來自 Wells Fargo 的 Phil Winslow。

Congrats on a great Q3. I just wanted to focus in on the apps business. Obviously, Safra, you called out the acceleration there but also some pretty strong growth rates, ERP Cloud, 38%, HCM Cloud Fusion, 27%. So 2 questions here. First, what's actually driving this growth? Is this your existing customers flipping over from on-premise to the cloud? Or is it net new customers to Oracle? And I guess a question for Larry, too. What are you hearing about sort of why customers are choosing you? Or how much is the breadth of your ERP suite impact that buying decision?

恭喜第三季（Q3）表現很出色。我想把焦點放在應用程式（apps）業務上。顯然，Safra，你提到那邊有加速，同時也有相當強勁的成長率：ERP Cloud 38%、HCM Cloud Fusion 27%。所以這裡有兩個問題。第一，究竟是什麼在驅動這些成長？這是你們既有客戶從地端（on-premise）轉到雲端嗎？還是 Oracle 的淨新增客戶？另外也想問 Larry。你聽到客戶選擇你們的原因是什麼？或者你們 ERP 套件的廣度在多大程度上影響了採購決策？

So let me just say -- sorry. First of all, let me just answer your exact question, which is, yes, yes, yes, yes. Is it new customers? Yes. Is it upgrading customers from e-business suite? Yes. Is it taking customers from our biggest competitors? Yes. Is it replacing out some of our SaaS competitors? Yes. It is all those things. All right. Now I'll let Larry talk. Go ahead.

我先說一下——抱歉。首先我直接回答你的問題：是、是、是、是。是新客戶嗎？是。是把 e-business suite 的客戶升級上來嗎？是。是從我們最大的競爭對手那裡搶客戶嗎？是。是替換掉我們的一些 SaaS 競爭對手嗎？是。就是以上所有因素。好。現在我讓 Larry 來談。請。

Yes. Well, again, this is back to the maturity of our product, the combination of we think we have the best technology. Our products are built on top of our database, which is faster and more secure than other databases, so we think our applications inherit those capabilities. But our applications are also built on top of technologies like our voice digital assistant. So we have -- so when we do a demonstration against Workday, and Workday has long claimed to have a better UI than Oracle, and they'll show their computer interface. And we'll say, "I don't think they have a better UI," and you just talk to your smartphone and you get your reports and you do your transactions by talking -- by saying Oracle and not Alexa, you say, "Oracle, how many vacation days do I have? Oracle, I'd like to schedule a 1-week vacation starting August 17."

是的。嗯，再次回到我們產品的成熟度，以及我們認為我們擁有最佳技術的組合。我們的產品是建立在我們的資料庫之上；我們的資料庫比其他資料庫更快、更安全，所以我們認為我們的應用程式也繼承了這些能力。但我們的應用程式也建立在像是我們的語音數位助理這類技術之上。所以我們——當我們對 Workday 做示範時，Workday 長期宣稱他們的 UI 比 Oracle 更好，他們會展示他們的電腦介面。而我們會說：「我不認為他們有更好的 UI」，你只要對著你的智慧型手機說話，就能取得報表、完成交易——你是說 Oracle 而不是 Alexa，你會說：「Oracle，我還有幾天休假？Oracle，我想從 8 月 17 日開始安排 1 週的休假。」

And so we make our applications much more accessible with a much more modern user interface, taking away -- showing the technology difference between us and a company like Workday. The biggest advantage we have against Workday and SAP, I would argue, is that our applications are built on top of our infrastructure. SAP doesn't have an infrastructure cloud. Workday doesn't have an infrastructure cloud. Workday doesn't have a digital -- a voice digital assistant. Workday doesn't have an autonomous database. Workday doesn't have integrated machine learning to detect fraud and to detect security intrusions. They don't have those technologies. Our applications inherit all of those advantages, and it allows us to compete very effectively against them from demonstration to deployment.

因此，我們透過更現代化的使用者介面，讓我們的應用程式更容易使用、可及性更高，並凸顯我們與像 Workday 這類公司之間的技術差異。我認為，我們相較於 Workday 與 SAP 最大的優勢在於：我們的應用程式是建構在我們自己的基礎架構之上。SAP 沒有基礎架構雲。Workday 沒有基礎架構雲。Workday 沒有數位——語音數位助理。Workday 沒有自治資料庫。Workday 沒有整合式機器學習來偵測詐欺並偵測安全入侵。他們沒有那些技術。我們的應用程式承襲了所有這些優勢，使我們能從展示到部署都非常有效地與他們競爭。

And finally, we have this very, very broad suite where it's going to be very difficult for a company like Workday to build out everything from CX to HCM to ERP and supply chain and manufacturing. So it's very difficult for a small company to do that. And it's very difficult finally for SAP to do that because they haven't started yet. They haven't started writing for the cloud. So we're winning everywhere in applications. We have a suite. We have the most modern technology. We have the best security and the best performance. We're doing very well, very, very well against all of our application -- competitors in the back office and HCM and ERP. And we're making some progress against Salesforce though they are a -- but they're a very formidable competitor in the front office. That's a different competitive dynamic.

最後，我們擁有非常、非常廣泛的產品套件，像 Workday 這樣的公司要把從 CX 到 HCM 到 ERP、供應鏈與製造等所有東西都建起來，將會非常困難。所以對一家小公司而言，要做到這點非常困難。而對 SAP 來說，最終也非常困難，因為他們還沒開始。他們還沒開始為雲端撰寫（開發）。因此我們在應用程式領域到處都在贏。我們有一整套套件。我們擁有最現代的技術。我們有最好的安全性與最佳效能。我們在後台、HCM 與 ERP 等應用程式競爭對手面前表現非常好、非常非常好。我們對 Salesforce 也取得了一些進展，雖然他們是——但他們在前台是一個非常強勁的競爭對手。那是不同的競爭態勢。

And our next question is from the line of Raimo Lenschow with Barclays Capital.

我們的下一個問題來自 Barclays Capital 的 Raimo Lenschow。

Can you talk a little bit, like we're obviously in uncertain times but you guys have been in uncertain times before. So can you maybe contrast a little bit Oracle today with its recurring revenue stream whether there's -- where we were in 2008, where this -- and where we were in 2001? And then also talk a little bit about what you see on renewals around the database but also the cloud.

你能不能談一下：我們顯然正處於不確定的時期，但你們以前也經歷過不確定的時期。所以你能否稍微對比一下，今天的 Oracle 以經常性收入來源來看，與 2008 年時我們所處的位置——以及 2001 年時我們所處的位置？另外也請談談你們在資料庫以及雲端的續約方面看到的情況。

Yes. So as I pointed out in my opening remarks, the percentage of our revenue that is recurring, which is generally the support business and our cloud business, which is -- just continues year after year building off a growing base is a very, very large percentage. This past quarter in Q3, it was 71% of the quarter. By the way, in Q1, it will be a very large percentage because there isn't a big chunk. And in this next quarter is the quarter that it is historically, Q4, it's historically the lowest as a percentage because our transactional business is the biggest. Last year, it was 61%. Assuming it does, at least what this quarter did, and I expect it to be actually a little bit more, it would be about 63% at a minimum because this was 2 points. I expect it to actually be more.

是的。如我在開場致詞中指出的，我們收入中屬於經常性收入的比例——通常是支援業務與雲端業務——會在不斷成長的基礎上年復一年持續累積，且占比非常、非常高。上一季在第三季（Q3），它占當季的 71%。順帶一提，在第一季（Q1）它也會是非常高的比例，因為沒有一大塊（一次性）項目。而接下來這一季，歷史上第四季（Q4）在比例上通常是最低的，因為我們的交易型業務占比最大。去年是 61%。假設它至少能達到本季的水準，而我預期實際上會更高，那麼最低大約會是 63%，因為本季是多了 2 個百分點。我預期實際上會更多。

So we have much less variability in -- especially like I remember 2001 when the Internet bubble imploded. That was just a totally different world. At that point, our license revenue was a very large percentage of our business. And at that point, it dropped very significantly because it had been, some would say, inflated or very high during the Internet bubble because of those kind of companies. Our business now is strategic and central to the operations of our customers, whether it's our SaaS products on which they run their businesses or it's the infrastructure and the database. The database is very strong, and it remains strong. Our tech business is very strong. And now that we've gotten everything sort of organized correctly in the past few months, it's really starting to show the power of our business.

因此，我們的波動性小得多——尤其是我記得 2001 年網路泡沫破裂時。那完全是不同的世界。當時，我們的授權收入占我們業務的比例非常高。而在那個時點，它大幅下滑，因為有人會說，在網路泡沫期間，由於那類公司，它被推高或處於非常高的水準。而我們現在的業務對客戶營運而言是策略性且核心的，不論是他們用來營運企業的我們的 SaaS 產品，或是基礎架構與資料庫。資料庫非常強勁，而且仍然強勁。我們的技術業務非常強勁。而且在過去幾個月我們把一切大致整理到正確狀態之後，現在真的開始展現我們業務的威力。

Yes. I'd like to add a couple of comments. One is just to reiterate what Safra said, our business is much -- is not a onetime license business very much anymore. This past quarter, 71% of the business that we had in the quarter was contracted before the quarter began. So these are just ongoing subscriptions. That's very close to accurate.

是的。我想補充幾點。第一點是重申 Safra 所說的，我們的業務已經不太是一次性的授權業務了。上一季，我們當季 71% 的業務在該季開始前就已簽約。所以這些只是持續性的訂閱。這非常接近精確。

The other comment is -- we've got all this recurring business. The other comment is our business model has changed radically in that we used to have lots and lots of small offices spread all over the place. And we've gone away from those small offices spread all over the place to a hub model, where we have a big office in Austin, Texas, big office in California. We have these hubs, and we do digital selling. We do digital support. We're communicating with you across the Internet. We do demonstrations where we're not necessarily there. We're just -- we're demonstrating our products to you, selling our products to you. We're doing implementation consulting out of India. We're doing implementation consulting out of the Philippines where the people aren't going on site.

另一點是——我們有這麼多經常性業務。另一點是，我們的商業模式已徹底改變：過去我們在各地有非常非常多的小型辦公室。而我們已從遍布各地的小辦公室轉向樞紐（hub）模式，例如在德州奧斯汀有大型辦公室、在加州也有大型辦公室。我們有這些樞紐，並進行數位化銷售。我們做數位化支援。我們正透過網際網路與你們溝通。我們做展示時不一定需要到現場。我們只是——向你們展示我們的產品、把產品賣給你們。我們在印度提供導入顧問服務。我們在菲律賓提供導入顧問服務，人員不需要到客戶現場。

So our model, our business model, selling and services are more and more provided digitally. Our revenue model, more and more of it is subscription-based and reoccurring. So our business has changed radically from the time of the Internet bubble, from 2001, from 2008. It's a very different situation.

因此，我們的模式、我們的商業模式，在銷售與服務方面越來越多以數位方式提供。我們的營收模式也越來越多是以訂閱為基礎、並且是經常性收入。所以相較於網路泡沫時期、相較於 2001 年、相較於 2008 年，我們的業務已徹底改變。這是非常不同的情況。

And our next question is a line from Mark Moerdler from Sanford Bernstein.

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

Congratulations on the quarter. You increased your buyback authorization this quarter. How should we think about how you will use the buyback given the market downturn? Also, how should we think about your ability to support the dividend, expand the dividend, given the economic downturn? It seems to be a very positive statement you're making. I'd like to get whatever color you can on that.

恭喜本季表現。你們本季提高了股票回購授權額度。在市場下行的情況下，我們應該如何看待你們將如何使用回購？另外，在經濟下行的情況下，我們應該如何看待你們支持股利、提高股利的能力？你們似乎正在做出非常正面的表態。我想聽聽你們能提供的任何補充說明。

There's no question we can support our dividend with ease, okay? And any kind of increased dividend, we could support that. Also, I mean our business is very strong, as is obvious. It generates very large amounts of cash. We believe, as you can tell, I'm not going to comment on future buyback, but obviously, you can tell we have been buying back our stock. We think it's an incredible deal. It's basically gone on clearance sale in the past few days, and we think it's an enormous -- it's a fantastic investment. And it reduces the number of outstanding shares or otherwise known as partners we have to share our very good profits with.

毫無疑問，我們可以輕鬆支持我們的股利，好嗎？任何形式的股利增加，我們都能支持。此外，我們的業務非常強勁，這點很明顯。它產生非常大量的現金。我們認為——如你所見，我不會評論未來的回購，但顯然你也看得出來，我們一直在回購自家股票。我們認為這是非常划算的交易。過去幾天它基本上像是在清倉特賣，我們認為這是一項巨大的——非常棒的投資。而且它會減少流通在外股數，或者也可說是減少我們必須與之分享我們非常可觀利潤的「合夥人」數量。

So our business has hit an obvious inflection. I've mentioned that it would accelerate in the second half. I never would have imagined that we would have the kind of reaction worldwide by companies and governments. So I really -- I've done my best at modeling what Q4 will look like. To the extent that next year is -- that this stabilizes, I believe we will be just continuing on in our -- we've changed our model and it's becoming obvious. So I think our stock is obviously a bargain. It was a bargain before, and we are authorized to buy back, and we will let you know after we have done it.

因此，我們的業務已經到達一個明顯的拐點。我提過下半年會加速。我從未想像我們會在全球範圍內獲得企業與政府如此強烈的反應。所以我真的——我已盡我所能去建模第四季會是什麼樣子。如果明年——如果這一切趨於穩定，我相信我們將會在我們的——我們已經改變了我們的模式，而且這一點正變得很明顯。所以我認為我們的股票顯然很便宜。之前就很便宜，而且我們已獲授權進行回購；在我們完成之後會告知各位。

And our final question comes from Michael Turits with Raymond James.

我們的最後一個問題來自 Raymond James 的 Michael Turits。

Nice to see strong results, particularly in a tough time. I want to come back to applications. Applications accelerated this quarter and Fusion apps continue to grow at high rates. Is there anything left in terms of headwinds that could keep you from seeing further acceleration in app subscription this year and next? And where do you think that growth rate could end up for this year?

很高興看到強勁的業績，尤其是在艱難的時期。我想回到應用程式業務。本季應用程式加速成長，而 Fusion 應用也持續以高成長率成長。就今年與明年而言，是否還有任何逆風可能讓你們無法在應用訂閱上看到進一步加速？你認為今年的成長率最終可能落在什麼水準？

The business is fantastic, okay? It's obviously accelerating. The base of the business keeps growing. We are winning. We are winning constantly. The products are -- get stronger every quarter, and it really ultimately is well on its way. Larry, I'm sorry, I interrupted you.

業務非常棒，好嗎？顯然正在加速。業務的基礎持續擴大。我們正在贏。我們一直在贏。產品——每一季都更強，而最終確實正朝著正軌快速前進。Larry，抱歉，我打斷你了。

No. I was going to say, in applications, the new news is, I mentioned it last quarter, that we are engaged with lots, more than 10 of SAP's very largest customers in terms of doing -- actually looking at taking a couple of divisions of these very large companies. And we're talking about American companies, Asian companies, German companies, large German companies that are giving us divisions to put Fusion into. And there is -- one company has given us multiple divisions because the question they're trying to answer is, "Can I replace all of SAP throughout my company with Fusion? And you're just doing one division in my company, it isn't enough. I need you to do multiple divisions within my company."

不。我本來想說，在應用程式方面，新的消息是——我上季提過——我們正與許多、超過 10 家 SAP 最大型的客戶合作，進行——實際上是在評估把這些超大型公司的幾個事業部門交給我們，導入 Fusion。我們談的是美國公司、亞洲公司、德國公司，大型德國公司，他們把事業部門交給我們來導入 Fusion。而且——有一家公司給了我們多個事業部門，因為他們想回答的問題是：「我能否在整個公司用 Fusion 取代所有 SAP？」而你只在我公司做一個事業部門是不夠的。我需要你在我公司內做多個事業部門。

So we have lots of examples of that, believe it or not, with the most famous companies in the world. SAP -- it is astonishing to me that SAP's largest customers are now looking at moving away from SAP because SAP never moved to the cloud. They never rewrote their applications. Ask them a very simple question. Is that code the same code you had 35 years ago? SAP's programming language, by the way, SAP's -- they're still programming in a language called ABAP. It's their proprietary programming. We program in Java, but they program in ABAP. This is a 35-year-old technology. They never rewrote for the cloud. Their largest customers are aware of that. They are looking at us, and I have never seen -- except in the early days when we had the first commercial relational database and Oracle grew its franchise, which really created our brand, the Oracle brand, I've never seen an opportunity like this to take out the winner of the on-premise ERP wars. They beat us in the on-premise wars, and it looks like -- and they missed the cloud entirely. So the scale of this opportunity is enormous. We're getting real deals signed with their largest customers. We're implementing divisions and their largest customers will -- we have a -- by this summer, some huge SAP customers going live, live on Oracle Fusion applications that we'll be announcing this summer. It's not that we just started working with them, we started working with them 18 months ago. And we're taking their first division, it will be live this summer. So the scale of this opportunity is just enormous. And that's going to help drive our growth -- our applications growth higher than we ever dreamed it could be.

所以我們有很多這樣的例子，信不信由你，都是世界上最知名的公司。SAP——令我震驚的是，SAP 最大的客戶現在正在考慮離開 SAP，因為 SAP 從未轉向雲端。他們從未重寫他們的應用程式。問他們一個很簡單的問題。那段程式碼是不是跟你們 35 年前的一樣？順帶一提，SAP 的程式語言——SAP——他們仍在使用一種叫 ABAP 的語言來開發。那是他們的專有程式語言。我們用 Java 開發，但他們用 ABAP。這是 35 年前的技術。他們從未為雲端重寫。他們最大的客戶也意識到這一點。他們正在看向我們；而我從未見過——除了早期我們擁有第一個商用關聯式資料庫、Oracle 擴大其版圖並真正建立我們品牌（Oracle 品牌）的那段時期之外——我從未見過像這樣的機會，可以把內部部署 ERP 大戰的贏家拉下來。他們在內部部署戰爭中打敗了我們，而看起來——他們完全錯過了雲端。所以這個機會的規模非常龐大。我們正與他們最大的客戶簽下真正的合約。我們正在導入各個事業部門；而他們最大的客戶將——我們有——到今年夏天，一些非常大型的 SAP 客戶將正式上線，上線使用 Oracle Fusion 應用，我們會在今年夏天對外宣布。不是我們才剛開始跟他們合作，我們在 18 個月前就開始合作了。我們正在接手他們的第一個事業部門，將在今年夏天上線。所以這個機會的規模就是如此巨大。而這將有助於推動我們的成長——讓我們的應用程式成長高於我們曾經夢想的水準。

And with that, I would like to turn the call back over to Ken Bond for any closing remarks.

接下來，我想把電話交回給 Ken Bond，請他做任何結語。

Sure. Thank you. 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 for any follow-up questions from this call, and we look forward to speaking with you. With that, let me turn it back to the operator for closing.

好的。謝謝。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今日稍早發布的新聞稿中找到。如對本次電話會議有任何後續問題，請致電投資人關係部門，我們期待與各位交流。接下來，讓我把電話交回給接線員作結。

Thank you for joining today's Oracle's Third Quarter 2020 Earnings Conference Call. We appreciate your participation. You may now disconnect.

感謝您參加今日 Oracle 2020 會計年度第三季財報電話會議。我們感謝您的參與。您現在可以掛線。