甲骨文 (ORCL) 2020 Q1 法說會逐字稿

Welcome to Oracle's First Quarter 2020 Earnings Conference Call. I'd now like to turn today's call over to Ken Bond, Senior Vice President. Ken?

歡迎參加甲骨文（Oracle）2020 年第一季財報電話會議。現在我想把今天的電話會議交給資深副總裁 Ken Bond。Ken？

Thank you, Holly. Good afternoon, everyone. And thank you for joining us on short notice. Welcome to Oracle's First 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 Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz.

謝謝你，Holly。各位下午好。也感謝各位在這麼短的通知時間內加入我們。歡迎參加甲骨文 2020 會計年度第一季財報電話會議。新聞稿與財務表格（其中包含 GAAP 與非 GAAP 的調節表及其他補充財務資訊）可在我們的投資人關係網站上瀏覽並下載。今天與會者包括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 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. And finally, we are not obligating ourselves to revise our results or publicly release any revision to these forward-looking statements in light of new information or future events.

提醒各位，今天的討論將包含前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將提出一些與我們業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。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述內容出現重大差異。因此，我們提醒各位不要過度依賴這些前瞻性陳述。並建議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及其他可能影響我們未來業績或股價的風險。最後，基於新資訊或未來事件，我們不承擔修訂我們的結果或公開發布對這些前瞻性陳述任何修訂的義務。

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

在進入提問之前，我們先做幾點事先準備的說明。接下來，我想把電話會議交給 Safra。

Thanks, Ken, and thank you all for joining us on such very short notice.

謝謝你，Ken，也謝謝各位在這麼非常短的通知時間內加入我們。

Of course, September 11 is an important day for our country and for us at Oracle. Many of you know that we lost 11 of our employees and many friends that day, and we honor all the victims today and every day. May their memories be a blessing to all of us.

當然，9 月 11 日對我們的國家以及對甲骨文而言都是重要的一天。許多人都知道，那一天我們失去了 11 位員工以及許多朋友；我們在今天以及每一天都向所有罹難者致敬。願他們的回憶成為我們所有人的祝福。

We originally planned to hold this call tomorrow. However, as Mark will be taking a leave of absence for health-related reasons, we felt it made sense to share all of our news at once. Mark was extremely engaged with the business through the end of the quarter, but now he needs to focus on his health and taking care of himself. As the 3 of us have always worked as a team on managing Oracle, Larry and I will cover Mark's responsibilities during his absence with support from the rest of our strong management team.

我們原本計畫在明天舉行這通電話會議。然而，由於 Mark 將因健康相關原因請假一段時間，我們認為一次性分享所有消息更為合理。Mark 在本季結束前一直非常投入業務，但現在他需要專注於健康並照顧自己。由於我們三人一向以團隊方式管理甲骨文，Larry 和我將在他休假期間，在其餘強大的管理團隊支持下，承擔 Mark 的職責。

Now switching to the first quarter. I will review our non-GAAP results using constant dollar growth rates unless I state otherwise. And though the effects of the currency movements in Q1 were modestly more than expected with a 1.3% headwind to total revenues and $0.01 headwind to earnings per share, both results were in line with my guidance range. Total Cloud Services and License Support revenues for the quarter were $6.8 billion, up 4% and accounting for nearly 3/4 of total company revenues, and most of all of this revenue is recurring. Cloud and On-Premise License revenues were $812 million, down 6%, coming off 15% license growth last quarter. And as a reminder, because Q1 is normally our smallest quarter, we tend to see more volatility in new software license growth rates in Q1.

現在切換到第一季。除非我另有說明，否則我將以固定匯率（constant dollar）成長率來回顧我們的非 GAAP 結果。雖然第一季匯率變動的影響略高於預期，對總營收造成 1.3% 的不利影響、對每股盈餘造成 0.01 美元的不利影響，但兩項結果皆落在我給出的指引區間內。本季雲端服務與授權支援（Cloud Services and License Support）總營收為 68 億美元，成長 4%，約占公司總營收的近 3/4，而且其中大部分營收為經常性收入。雲端與內部部署授權（Cloud and On-Premise License）營收為 8.12 億美元，下滑 6%，此前上一季授權營收成長 15%。提醒各位，由於第一季通常是我們最小的季度，我們往往會在第一季看到新軟體授權成長率更大的波動。

In terms of ecosystems, GAAP applications ecosystem revenues were $2.8 billion, up 3%, with Fusion apps up nearly 40%, including Fusion ERP up mid-40s and Fusion HCM, up low 30s. NetSuite ERP was up in the mid-20s. Vertical SaaS was up high single digits, while Data Cloud was down in the low teens. On a trailing 12-month basis, more than 90% of our application ecosystem revenue is now recurring. GAAP infrastructure ecosystem revenues were $4.8 billion, up 3%, with total database revenue up similarly highlighted by BYOL and Autonomous Database revenues, both up triple digits, but also small base for now. On a trailing 12-month basis, more than 3/4 of our infrastructure ecosystem is now recurring.

就生態系而言，GAAP 應用生態系營收為 28 億美元，成長 3%；其中 Fusion 應用成長近 40%，包括 Fusion ERP 成長約 40% 中段，以及 Fusion HCM 成長約 30% 初段。NetSuite ERP 成長約 20% 中段。垂直產業 SaaS 成長高個位數，而 Data Cloud 則下滑約 10% 初段。以過去 12 個月（trailing 12-month）計算，我們的應用生態系營收目前有超過 90% 為經常性收入。GAAP 基礎架構生態系營收為 48 億美元，成長 3%；總資料庫營收亦以相近幅度成長，其中 BYOL 與 Autonomous Database 營收皆呈三位數成長，但目前基期仍小。以過去 12 個月計算，我們的基礎架構生態系目前有超過 3/4 為經常性收入。

In terms of geographies, we saw double-digit revenue growth in cloud revenue in all regions with especially strong results in Latin America and Asia Pacific. The gross margin for Cloud Services and License Support was 86%. And as we continue to scale and grow, I expect our cloud gross margins will go higher, driving an acceleration in our gross profit growth.

就地區而言，我們在所有地區的雲端營收皆呈雙位數成長，其中拉丁美洲與亞太地區表現尤為強勁。雲端服務與授權支援的毛利率為 86%。隨著我們持續擴大規模並成長，我預期我們的雲端毛利率將進一步提高，帶動毛利成長加速。

Total revenues for the quarter were $9.2 billion, up 1% from last year; non-GAAP operating income was $3.8 billion, up 4% from last year; and the operating margin was 42%, up from 41% last year. The non-GAAP tax rate for the quarter was at 9.8%, slightly below our base tax rate of 20%, and EPS was USD 0.81 and up 16% in constant dollar and 14% in USD. The GAAP tax rate was 13.9%, and GAAP EPS was USD 0.63 and up 13% in constant currency and 11% in USD.

本季總營收為 92 億美元，較去年成長 1%；非 GAAP 營業利益為 38 億美元，較去年成長 4%；營業利益率為 42%，高於去年的 41%。本季非 GAAP 稅率為 9.8%，略低於我們 20% 的基準稅率；每股盈餘（EPS）為 0.81 美元，以固定匯率計成長 16%，以美元計成長 14%。GAAP 稅率為 13.9%，GAAP EPS 為 0.63 美元，以固定匯率計成長 13%，以美元計成長 11%。

Operating cash flow over the last 4 quarters was $13.8 billion. Over the last 4 quarters, capital expenditures were $1.7 billion, and free cash flow was $12.2 billion. We now have approximately $36 billion in cash and marketable securities, and the short-term deferred revenue balance is $10.9 billion. As we've said before, we're committed to returning value to our shareholders through technical innovation, strategic acquisition, stock repurchases, prudent use of debt and the dividend.

過去 4 個季度的營運現金流為 138 億美元。過去 4 個季度的資本支出為 17 億美元，自由現金流為 122 億美元。我們目前約有 360 億美元的現金與有價證券，短期遞延收入餘額為 109 億美元。如同我們先前所說，我們致力於透過技術創新、策略性併購、股票回購、審慎運用負債以及股利，為股東回饋價值。

This quarter, we repurchased 89 million shares for a total of $5 billion. Over the last 12 months, we've repurchased 611 million shares for a total of $31 billion. And over the last 5 years, we have reduced the shares outstanding by more than 25%. The Board of Directors increased the authorization for share repurchases by an additional $15 billion and again declared a quarterly dividend of $0.24 per share.

本季我們回購了 8,900 萬股，總額 50 億美元。過去 12 個月，我們回購了 6.11 億股，總額 310 億美元。而在過去 5 年中，我們已將流通在外股數減少超過 25%。董事會將股票回購授權額度再增加 150 億美元，並再次宣告每股 0.24 美元的季度股利。

My guidance today is on a non-GAAP basis and in constant currencies. Assuming current exchange rates remain the same as they are now, currency should have a 1% negative effect on total revenue and $0.01 negative on EPS. Of course, that could change. So for Q2, total revenues are expected to grow 1% to 3% in constant currency. And assuming a 1% currency headwind, total revenues are expected to grow from 0 to 2% in U.S. dollars. Non-GAAP EPS in constant currency is expected to grow between 10% to 12% and be between $0.88 and $0.90 in constant currency. And assuming the $0.01 headwind, non-GAAP EPS in U.S. dollars is expected to grow between 1 -- 9% and 11% and be between USD 0.87 and USD 0.89.

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，匯率對總營收應有 1% 的負面影響，對 EPS 則有 0.01 美元的負面影響。當然，這可能會改變。因此，就第二季而言，總營收預期以固定匯率計成長 1% 至 3%。並在假設 1% 匯率不利影響下，總營收以美元計預期成長 0% 至 2%。非 GAAP EPS 以固定匯率計預期成長 10% 至 12%，並介於 0.88 美元至 0.90 美元（固定匯率）。並在假設 0.01 美元不利影響下，非 GAAP EPS 以美元計預期成長 9% 至 11%，並介於 0.87 美元至 0.89 美元。

For fiscal 2020 and the third consecutive fiscal quarter, I expect that we will report double-digit EPS growth in constant currency. Total CapEx for fiscal year '20 is expected to be around $2.2 billion, but it could move a little depending on our bookings and how much we need to invest to accommodate them. My EPS guidance for Q2 and fiscal '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.

就2020會計年度以及連續第三個會計季度而言，我預期我們將以固定匯率口徑呈報兩位數的每股盈餘（EPS）成長。2020會計年度的資本支出（CapEx）總額預期約為22億美元，但可能會因我們的訂單（bookings）以及為了因應這些訂單所需的投資多寡而略有變動。我對第二季與2020會計年度的EPS指引假設基礎稅率為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礎稅率。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%。

I'm turning the call over to Larry for his comments who will spend a little time highlighting some of the key wins we had during the quarter with emphasis on back-office applications and then talk about autonomous database.

接下來我把電話會議交給Larry發表他的評論；他會花點時間重點說明本季度我們取得的一些關鍵勝利，特別著重於後台應用，然後再談自動駕駛資料庫（autonomous database）。

Thank you, Safra. As you're already aware, our back-office applications business has been reporting excellent growth for a number of quarters now. And we have a massive opportunity ahead of us in both ERP and HCM. Not only do we have an enormous installed base of existing ERP and HCM customers who can operate to the cloud, but more than half of the current ERP and HCM market is served by companies who have no SaaS upgrade path. These companies' products are vulnerable to being replaced, and we're in the process of replacing them. Our investments in Fusion has not only enabled our strong back-office results over the last few years, but they've positioned us to become not just the biggest back-office player in the cloud, which we already are, but the biggest back-office player, period. Cloud, on-premises, all of it.

謝謝你，Safra。如各位已經知道的，我們的後台應用業務已連續多個季度呈報出色的成長。而且在ERP與HCM兩個領域，我們面前有極為龐大的機會。我們不僅擁有龐大的既有ERP與HCM客戶裝機基礎可轉向雲端，此外，目前ERP與HCM市場中有一半以上是由沒有SaaS升級路徑的公司所服務。這些公司的產品容易被取代，而我們正處於取代它們的過程中。我們對Fusion的投資不僅促成了過去幾年強勁的後台業績，也讓我們具備條件，不只是成為雲端最大的後台玩家（我們已經是），更要成為最大的後台玩家——不論在哪裡。雲端、地端（on-premises），全部都是。

So with that, here are some key Fusion ERP wins from Q1: DP World; Shaw Communications; Bangkok Bank of Thailand, who's upgrading their e-business suite with our Fusion Financials Cloud Service and our Fusion Financial Enterprise Performance Management; Envision Healthcare, where we beat Workday, and we're replacing Envision Healthcare's legacy system, which is an Infor Lawson system; Express Scripts, who's in the process of migrating from Hyperion on-premise to the Fusion EPM in the cloud, this is their first cloud application; Lyft, who's operating a portion of their ERP system that was -- started out as NetSuite but is now Fusion as they plan for growth going forward; media newsroom, another competitive win against Workday; National Oilwell Varco, in a nice expansion, both their EPM and supply chain management, that we closed last year, so they're just -- they're adding more products, they're adding more of our overall Fusion suite; NGL Energy Partners has also bought our Fusion ERP suite and supply chain management; Penn National Gaming is an online gaming company, and that was a competitive win against the unnamed German company located at a town called Waldorf; Standard Group Limited, a large garment manufacturer, where we beat that same Waldorf German company; Southern Company is a utility that was running E-Business Suite and PeopleSoft, E-Business Suite Financials and PeopleSoft HCM, and they're moving to the Fusion Cloud suite overall, Financials HCM, everything.

因此，以下是第一季一些關鍵的Fusion ERP贏單：DP World；Shaw Communications；泰國盤谷銀行（Bangkok Bank of Thailand），其正以我們的Fusion Financials Cloud Service與Fusion Financial Enterprise Performance Management升級其E-Business Suite；Envision Healthcare，我們擊敗Workday，並正在取代Envision Healthcare的舊有系統（Infor Lawson系統）；Express Scripts，正從地端Hyperion遷移至雲端的Fusion EPM，這是他們的第一個雲端應用；Lyft，他們的ERP系統有一部分在運行——最初是NetSuite，現在是Fusion，以因應未來成長規劃；media newsroom，另一個對Workday的競爭性勝利；National Oilwell Varco，一次漂亮的擴張案，包含其EPM與供應鏈管理，我們去年就已簽下，所以他們只是——在增加更多產品、擴大採用我們整體Fusion套件；NGL Energy Partners也購買了我們的Fusion ERP套件與供應鏈管理；Penn National Gaming是一家線上博弈公司，這是一個對位於名為Waldorf小鎮的未具名德國公司的競爭性勝利；Standard Group Limited，一家大型成衣製造商，我們擊敗了同一家Waldorf德國公司；Southern Company是一家公用事業公司，原本使用E-Business Suite與PeopleSoft（E-Business Suite Financials與PeopleSoft HCM），他們正全面移轉到Fusion Cloud套件，財務、HCM，全部。

Continuing, we've got some great additional just HCM wins. BAE Systems chose Fusion HCM to upgrade their HR technology and standardize on the cloud. Dubai Holdings, where we're expanding our relationship by adding both Fusion HCM and Taleo for recruiting. Envision Healthcare is adding infusion HCM to the already-purchased Fusion ERP suite. A very large transportation entity in the U.K., an airport, who is a long-term E-Business Suite customer, is moving from on-premise to the Fusion suite in the cloud. Here's a company everyone's always heard of and probably has visited many times, McDonald's. McDonald's chose our HCM. They chose our payroll. And they -- this was a battle between us and Workday. We won. And we're displacing their on-premise legacy system. Nestlé; Southwest Gas, where we're displacing SAP, and we beat Workday as Southwest Gas decided to move from SAP on-premise to the cloud, and they picked us. The University of Texas, and we're actually engaged with them on not only providing cloud technology but also consulting support to migrate them from PeopleSoft on-premise to the Fusion HCM in the cloud.

接著，我們還有一些非常出色、額外的HCM贏單。BAE Systems選擇Fusion HCM來升級其人資技術並在雲端上標準化。Dubai Holdings，我們透過同時新增Fusion HCM與Taleo招募系統來擴大合作關係。Envision Healthcare在已購買的Fusion ERP套件之上，再加購Fusion HCM。英國一家非常大型的運輸機構——一座機場——作為長期E-Business Suite客戶，正從地端移轉到雲端的Fusion套件。接下來是一家大家都聽過、也很可能去過很多次的公司：麥當勞（McDonald's）。麥當勞選擇了我們的HCM。他們也選擇了我們的薪資（payroll）。而且——這是一場我們與Workday之間的對決。我們贏了。我們正在取代他們地端的舊有系統。雀巢（Nestlé）；Southwest Gas，我們正在取代SAP，並且擊敗Workday，因為Southwest Gas決定從SAP地端移轉到雲端，並選擇了我們。德州大學（The University of Texas），我們實際上不僅與他們合作提供雲端技術，也提供顧問支援，協助他們從PeopleSoft地端遷移到雲端的Fusion HCM。

And it's just not a bunch of customer wins that marks our success. Industry analysts, including IDC, are taking notice as they survey their customers. In the 2019 SaaS/PaaS survey that IDC released in May of 2019, it surveyed over 1,500 of their SaaS customers on their experience with all SaaS vendors, including Oracle, SAP, Salesforce, Workday, Microsoft, all of them. Oracle SaaS had the highest rating among all SaaS vendor survey, period. So you can see, we're at the beginning of a back-office upgrade cycle that will benefit our applications ecosystem for years to come. We're already overwhelmingly the largest ERP system in the cloud. And again, it won't be long before we're just the largest ERP supplier, period.

而標誌我們成功的不只是大量的客戶贏單。產業分析師（包括IDC）在調查其客戶時也注意到了。在IDC於2019年5月發布的2019年SaaS/PaaS調查中，他們針對超過1,500名SaaS客戶，就其與所有SaaS供應商（包括Oracle、SAP、Salesforce、Workday、Microsoft等）的使用經驗進行調查。Oracle SaaS在所有SaaS供應商的調查評分中名列最高，毫無疑問。因此各位可以看到，我們正處於一個後台升級循環的起點，這將在未來多年讓我們的應用生態系受益。我們已經是雲端中規模壓倒性最大的ERP系統。而且同樣地，用不了多久，我們就會成為最大的ERP供應商——不論在哪裡。

The second area I'd like to talk about is the Autonomous Database because we think this is a game changer. All right, game changer, interesting term. It sounds like a cliché, a little bit of marketing hype. Let me explain how important this is. Autonomous technology is the key element that differentiates a second-generation cloud from a first-generation cloud. Now in the first-generation cloud, your real benefit was you were going to rent computers, and you only pay for what you use. And the benefit of a second generation -- and not so great benefit, obviously, the first-generation cloud, pay for what you use when you use it. Second-generation cloud, not only do we deliver the benefits of pay per use, we also take the human labor out of running the cloud. That's an even bigger economic savings. Sharing computers and renting computers is not as costly as paying for the labor to run those computers. So from an economic advantage, a second-generation autonomous cloud is much less expensive to run than a first-generation cloud. But that's not what's really important. What's really important is the second-generation autonomous cloud prevents data theft, which you can never do in a first-generation manual cloud.

我想談的第二個領域是自動駕駛資料庫（Autonomous Database），因為我們認為這將改變遊戲規則。好，改變遊戲規則，一個有趣的詞。聽起來像是陳腔濫調，帶點行銷炒作。讓我解釋這有多重要。自動化技術是區分第二代雲端與第一代雲端的關鍵要素。在第一代雲端中，你真正的好處是租用電腦，而且只為使用的部分付費。而第二代的好處——當然第一代雲端的好處也不差，就是在使用時按用量付費。第二代雲端不僅提供按用量付費的好處，我們也把運行雲端所需的人力勞動移除。那帶來更大的經濟節省。共享電腦、租用電腦的成本，並不像支付人力去運行那些電腦那麼高。因此從經濟優勢來看，第二代自動駕駛雲端的運行成本遠低於第一代雲端。但那並不是最重要的。真正重要的是，第二代自動駕駛雲端可以防止資料竊取，而這在第一代的人工雲端中是永遠做不到的。

Let me point out how reasonable Amazon was when they refused to accept responsibility for the configuration errors made by the people at Capital One. They have a policy, so you have control of your data. You have control of your system. You are responsible for running your system. And if you make mistakes, it's on you, it's not on us. That is not an unreasonable position. When you have a totally manual system and your users are responsible for configuring the system, when your users are responsible for backing the system up, when your users are responsible for encrypting the data, when your users are responsible for patching the systems, user errors can lead to catastrophic results.

讓我指出，當亞馬遜拒絕為 Capital One 人員所犯的組態設定錯誤承擔責任時，他們的立場有多麼合理。他們有一項政策，所以你的資料由你掌控。你的系統由你掌控。你負責營運你的系統。如果你犯錯，那是你的責任，不是我們的責任。這並不是不合理的立場。當你有一個完全手動的系統，而你的使用者負責設定系統、負責備份系統、負責加密資料、負責為系統打補丁時，使用者錯誤可能導致災難性的結果。

In a manual system, there's no way to prevent that. In an autonomous system, the Capital One data breach could never have happened because the Oracle Autonomous Database doesn't let a human being configure the system, it configures itself automatically. The Oracle Autonomous Database system doesn't ask human beings to patch it, to close security holes. The system automatically patches itself while running. The Oracle Database doesn't ask if you want to back it up or if you want to encrypt your data, it does all of this automatically while it's running. The only way you can prevent data theft is to eliminate human error. The only way you can do that was with an autonomous database, and we have one, and our competitors don't. This is a very big deal.

在手動系統中，沒有辦法防止這種情況。在自主系統中，Capital One 的資料外洩不可能發生，因為 Oracle 自主資料庫不讓人類去設定系統，而是由系統自動完成設定。Oracle 自主資料庫系統不需要人類去打補丁、去封堵安全漏洞。系統會在運行中自動為自己打補丁。Oracle 資料庫不會詢問你是否要備份或是否要加密資料；它會在運行中自動完成所有這些工作。防止資料被竊的唯一方法，就是消除人為錯誤。做到這一點的唯一方式就是使用自主資料庫；我們有，而競爭對手沒有。這非常重要。

What's the greatest thing about autonomous driving? I was looking forward to autonomous driving. Then they've seen the threat to Uber and all this other stuff. But okay, that's all interesting. The greatest thing about autonomous driving, it's going to reduce human pilot error and cut down on accidents by 90%, 95%, 98%, 99%. It's going to save lives. It's going to stop -- come close to eliminating pilot error. The Oracle Autonomous Database, the Oracle self-driving database, prevents users from making catastrophic mistakes, resulting in data loss. And there is no way to do it in a manual cloud, end of story. That's what I mean by game changer. You want to prevent data theft, you better be prepared to pay less because we take the labor out, huge cost savings, and we -- there are no human beings involved, and they can't make those common mistakes.

自動駕駛最棒的是什麼？我一直很期待自動駕駛。後來他們看到對 Uber 的威脅以及其他種種。不過好吧，那些都很有意思。自動駕駛最棒的一點是，它將降低人為駕駛錯誤，並把事故減少 90%、95%、98%、99%。它將拯救生命。它將阻止——幾乎消除駕駛錯誤。Oracle 自主資料庫，也就是 Oracle 的自駕資料庫，能防止使用者犯下災難性錯誤而導致資料遺失。而在手動雲端中不可能做到這一點，故事就到此為止。這就是我所說的顛覆性改變。你想防止資料被竊，就得準備好付更少的錢，因為我們把人力拿掉了，成本大幅節省，而且——沒有任何人介入，他們也就無法犯那些常見錯誤。

All right. So we're still early on in the Autonomous Database in terms of -- it's only been around -- we announced it in Open World 2017 2 years ago and really showed up in 2018, and now we're beginning to get some traction with this exciting new technology. It's proving to be the most exciting and successful new product offering in the history of our company.

好。所以就自主資料庫而言，我們仍處於早期階段——它推出至今也才——我們在 2017 年的 OpenWorld 上宣布，兩年前，並在 2018 年真正亮相；現在我們開始在這項令人振奮的新技術上取得一些進展。事實證明，這是我們公司史上最令人興奮、也最成功的新產品。

So here -- I'm sorry, I'm missing -- all right, so here's some recent data. In Q1, we added more than 3,700 new Autonomous Database trials. We now have over 2,000 customers, paying customers, for the Autonomous Database. We're seeing incredible pull-through with the Autonomous Database. And you come to Oracle -- the Oracle Cloud to use the Autonomous Database, and then you use a variety of other services. About 45% of the people who are using Autonomous Database are also using our Oracle Analytics Cloud. By the way, they're also using Microsoft analytics, they're using Cognos, they're using a variety of other tools. But primarily, they're using Oracle Analytics.

所以這裡——抱歉，我漏了——好，這裡是一些近期數據。在第一季，我們新增了超過 3,700 個自主資料庫的新試用。我們現在有超過 2,000 位自主資料庫的客戶——付費客戶。我們看到自主資料庫帶來驚人的帶動效應。你來到 Oracle——Oracle Cloud 使用自主資料庫，接著你也會使用各式各樣的其他服務。約有 45% 使用自主資料庫的人也在使用我們的 Oracle Analytics Cloud。順帶一提，他們也在使用 Microsoft 的分析工具、使用 Cognos，以及各種其他工具。但主要而言，他們使用的是 Oracle Analytics。

We've added many customers to Autonomous Database that weren't Oracle customers at all. 13% of the people using Autonomous Database had never bought a database from Oracle Corporation. 43% of the workloads that are going on to Autonomous Database are net new. They're not moving them from on-premise to the Autonomous Database, but half of them move from on-premise to Autonomous Database. Almost the other half, 43%, are just net-new applications.

我們為自主資料庫新增了許多原本完全不是 Oracle 客戶的客戶。使用自主資料庫的人當中，有 13% 從未向 Oracle 公司購買過資料庫。導入自主資料庫的工作負載中，有 43% 是淨新增。他們不是把工作負載從內部部署搬到自主資料庫；但其中有一半是從內部部署移到自主資料庫。幾乎另外一半，也就是 43%，則只是全新的應用程式。

We've had some fabulous wins in the quarter. Obviously, I'm not going to mention -- we have over 500 wins, Autonomous Database wins, in the quarter. I'm not going to mention all 500. But 7-Eleven is moving all their point-of-sale data to the Autonomous Data warehouse, Cargojet Canada, Johnson Controls, LATAM Airlines is moving their on-premise data centers to OCI to get the advantage and security of the Autonomous Database. Siemens Energy, Stanley Black & Decker, getting much faster data reporting on their analytics. Oh, yes, and one more company, moving to the Autonomous Database is Uber.

本季我們拿下了一些非常漂亮的勝利。顯然，我不會一一提——本季我們有超過 500 個勝利案，也就是自主資料庫的勝利案。我不會把 500 個全部都講。但 7-Eleven 正把他們所有的銷售點（POS）資料移到自主資料倉儲；Cargojet Canada、Johnson Controls、LATAM Airlines 正把他們的內部部署資料中心移到 OCI，以取得自主資料庫的優勢與安全性。Siemens Energy、Stanley Black & Decker 也在分析方面獲得更快速的資料報表。喔，對了，還有一家公司也正在移轉到自主資料庫，那就是 Uber。

And with that, let's turn it back to the operator.

接下來，我們把時間交還給主持人。

Thank you, Larry. Holly, before we go to the Q&A, just a couple of clarifications because I had a couple of e-mails on this. The non-GAAP tax rate for the quarter was 19.8%. And then for fiscal year 2020, we expect for the full year, this will be our third consecutive year of double-digit earnings growth.

謝謝你，Larry。Holly，在進入問答之前，我先做幾點釐清，因為我收到幾封關於這件事的電子郵件。本季的非 GAAP 稅率為 19.8%。另外，對於 2020 會計年度，我們預期全年將是我們連續第三年達成兩位數的盈餘成長。

With that, Holly, why don't we turn up to Q&A?

那麼，Holly，我們來進入問答環節，好嗎？

(Operator Instructions) Our first question will come from the line of John DiFucci, Jefferies.

(主持人指示) 我們的第一個問題來自 Jefferies 的 John DiFucci。

I'm sure I speak for everyone just to briefly say that our thoughts and prayers are with Mark and his family at this time. But also knowing Mark for years, I'm sure he'd like us to sort of get back to business, so I'll move right to question here.

我相信我代表大家簡短地說，我們此刻的思念與祈禱與 Mark 及其家人同在。但也因為我認識 Mark 多年，我相信他會希望我們某種程度上回到正事上，所以我直接進入問題。

So there was -- Cloud Services and License Support was strong this quarter, but License was not as strong as we modeled it anyway. And I realize it's a seasonally slow first quarter, and you said it follows the strongest and yes, really strong fourth quarter, as strong as we've seen in quite some time. But is there anything else you can share on that line? Any further color? For instance, BYOL has got a lot of traction, right? And could that cause your financials just to start to trend more seasonally sort of like it used to? I mean it started to get a little more even, it's still seasonal but a little more even. Should we be starting to think of seasonality, how Oracle used to be even more seasonal? Or we're also hearing, you guys, you hear it, too, you hear from some other companies that talk about macro pressure. Are you seeing any of that at all? I'm just curious, any color would be helpful.

所以，這一季——雲端服務與授權支援表現強勁，但授權收入並沒有像我們建模時那麼強。我知道第一季季節性本來就偏淡，而且你也說這是在最強、是的，確實非常強的第四季之後——那是我們相當長一段時間以來所見最強的第四季。但在那條線上，你還能分享其他資訊嗎？有沒有更多細節？例如，BYOL 已經獲得很大動能，對吧？那是否會讓你們的財務表現開始更趨向季節性、像以前那樣？我的意思是，它開始變得更平均一些，仍然有季節性但更平均。我們是否應該開始重新思考季節性——Oracle 以前其實更具季節性？或者我們也聽到——你們也聽到——有些公司談到總體環境壓力。你們有看到任何那樣的情況嗎？我只是好奇，任何補充說明都會很有幫助。

Sure. That's easy, John. It was actually something very, very simple. First of all, outside of North America, our license was up, up quite a bit, in fact, internationally. What we had done in North America is we did do a split in the sales force. We've been telegraphing that we were doing that before we split the North America tech sales force between selling cloud, a group selling cloud; and a group selling new licenses. So the group selling new license was a new group, and so I expect that they will more than recover during the year. But that is the only weakness we had, and it was simply just a slow start as we reorg-ed the North America tech sales force since we split it. So there's no macro issue. There's no actual regular issue. And of course, the thing is that in Q1, small numbers make a big difference, and so they just kind of outsized. But no, we don't see anything, and that's really all it was.

當然。這很簡單，John。其實是非常、非常簡單的一件事。首先，在北美以外，我們的授權（license）成長很多，事實上在國際市場成長相當顯著。我們在北美做的事情是，我們確實把銷售團隊做了拆分。在我們把北美技術銷售團隊拆分為：一組賣雲端（cloud）的團隊，以及一組賣新授權（new licenses）的團隊之前，我們就一直在對外釋放訊息說我們會這麼做。因此，負責銷售新授權的那一組是新成立的團隊，所以我預期他們在今年之內會不只把缺口補回來。但那就是我們唯一的弱點；只是因為我們拆分後對北美技術銷售團隊進行重組（reorg），起步稍微慢了一點。所以沒有總體經濟（macro）問題。也沒有任何實質的常態性問題。當然，重點是第一季基期小，數字小就會造成很大的差異，所以看起來就被放大了。但不，我們沒有看到任何異常，事情就是這樣而已。

Okay. That's really -- that's helpful, Safra, and that makes sense and sort of we're hearing things about that. And just a quick follow-up maybe for Larry. Larry, last quarter, you had really strong results in the database options and most especially the ones related to the Autonomous Database. I'm just curious, in this quarter, again, a seasonally softer first quarter, but can you talk about the options themselves? And I'm thinking more about things like -- my favorite is multi-tenancy, but there's others that are important, too.

好的。這真的——這很有幫助，Safra，而且很合理，我們也確實聽到一些相關的說法。再快速追問一下，可能給 Larry。Larry，上個季度你們在資料庫選項（database options）方面的表現非常強勁，尤其是與 Autonomous Database 相關的那些。我只是好奇，在這一季，同樣是季節性較疲弱的第一季，你能談談這些選項本身的情況嗎？我想更聚焦在像是——我最喜歡的是多租戶（multi-tenancy），但也還有其他同樣重要的選項。

I think multi-tenancy, in memory, all of the database options that are used with the Autonomous Database, I think, are selling very, very well. Again, the reorg in North America had a great impact on that because those are license sales, and then they bring those licenses to the cloud. So people buy multi-tenant. They buy rack. They buy in memory. They then pick up those options and their existing licenses up, and they move them to the cloud. So some of those sales were delayed because of the reorg, but we think the demand is enormous. And we think the leading indicator is just the number of trials we've signed up in Q1. So our cloud sales force, in terms of the cloud activity, we had incredible cloud activity. And we expect -- again, we signed more than 500 deals, Autonomous Database deals, in Q1. 3,700 new trials, the 500 signed paying customers, more of them, and we expect to double that in Q2. So we expect to go from well over 1,000 paying customers and that pipeline to just start building. That is the best early indicator. And that will drive not only cloud revenue but also license revenue because of the options.

我認為多租戶、記憶體內（in-memory），以及所有與 Autonomous Database 搭配使用的資料庫選項，我覺得都賣得非常、非常好。同樣地，北美的重組對此影響很大，因為那些是授權銷售（license sales），然後客戶再把那些授權帶到雲端。所以人們會買多租戶。他們會買 rack。他們會買 in-memory。接著他們把這些選項以及既有授權一併帶上，然後搬到雲端。因此其中一些銷售因為重組而延後，但我們認為需求非常龐大。而我們認為領先指標就是我們在第一季簽下的試用（trials）數量。所以就雲端活動而言，我們的雲端銷售團隊有非常驚人的雲端活動量。而我們預期——同樣地，我們在第一季簽了超過 500 筆 Autonomous Database 的交易。新增 3,700 個試用，500 個已簽約付費客戶，而且還會更多；我們預期在第二季把這個數字翻倍。所以我們預期付費客戶數會從遠超過 1,000 開始，並讓那個管線（pipeline）開始持續累積。那是最好的早期指標。而這不僅會帶動雲端營收，也會因為這些選項而帶動授權營收。

Our next question will come from the line of Brad Zelnick, Crédit Suisse.

我們的下一個問題來自 Brad Zelnick，瑞士信貸（Crédit Suisse）。

Great. I'll start just by echoing John's sentiment and wish Mark a very speedy recovery. But getting on with business, I wanted to dig in a little bit to the great momentum that you're seeing in cloud ERP? And you gave a lot of color, Larry, in your comments, but perhaps if you can help us understand what the demand patterns look like amongst existing customers migrating versus new logo business that you're able to attract. And as well, that market has always been a fragmented market. And is there any evidence that you might be benefiting from consolidation finally in ERP which has so many players that's in the long tail?

太好了。我先呼應 John 的心情，祝 Mark 早日康復。回到業務本身，我想更深入了解一下你們在雲端 ERP 看到的強勁動能。Larry，你在評論中提供了很多細節，但也許你能幫我們理解一下需求型態：在既有客戶遷移（migrating）與你們能吸引到的新客戶（new logo）業務之間，各自的占比與趨勢是什麼？另外，這個市場一直都很分散。是否有任何跡象顯示，你們可能終於在 ERP 這個長尾、玩家眾多的市場中，受惠於產業整併（consolidation）？

Well, I think -- let me talk about some of the easiest consolidations. We're picking on Lawson. We actually have sales territories which are Lawson Healthcare sales territories. So we go out there -- the Lawson Healthcare customers, and we've rolled up a bunch of those. I'd say about 1/3 of their customers, of Lawson Healthcare customers, are in our pipeline -- either already converted or in our pipeline. So we expect to win all of those. We've just added some new sales territories, which are Lawson retail territories, which is a combination of our Fusion Financials and our retail merchandising products. And we think -- we -- that's also a very vulnerable company that Infor really -- well, they tried. A lot of people have tried to build cloud systems. It's not easy. I can attest to that. I have lots of scars. But I mean Fusion took 10 years to get going. I mean it's a big deal. And NetSuite, that overnight success took 20 -- been in business over 20 years. Salesforce has been in business over 20 years. It takes a while to build these very complicated systems. And Lawson doesn't really have anything, so we're taking a bunch of their customers.

嗯，我想——我先談一些最容易的整併案例。我們鎖定 Lawson。我們實際上有一些銷售區域是 Lawson Healthcare 的銷售區域。所以我們出去——針對 Lawson Healthcare 的客戶，我們已經拿下（roll up）了其中一批。我會說大約有 1/3 的 Lawson Healthcare 客戶，已經在我們的管線裡——不是已經轉換（converted），就是在我們的管線中。所以我們預期會把那些全部拿下。我們剛新增了一些新的銷售區域，也就是 Lawson 零售（retail）區域，這是把我們的 Fusion Financials 與零售商品管理（retail merchandising）產品結合起來。而我們認為——我們——那也是一家非常脆弱的公司，Infor 其實——嗯，他們試過。很多人都試過要打造雲端系統。這不容易。我可以證明這點。我身上有很多傷疤。但我是說，Fusion 花了 10 年才真正上軌道。這是一件大事。而 NetSuite，那個一夜成功其實花了 20——他們經營超過 20 年了。Salesforce 也經營超過 20 年了。要打造這些非常複雜的系統需要時間。而 Lawson 其實沒有什麼像樣的東西，所以我們正在拿下他們的一大批客戶。

But the one that's extraordinary is that SAP really does not have a true cloud system. SAP is doing some hosting, they don't have a true cloud systems. And now we're seeing kind of some of their larger -- not the very largest companies, but some of their medium, large companies go ahead and pick us, and we're converting them. But we are in conversations with their very largest -- SAP's very, very largest customers. We're in the middle of converting one of their very, very largest customers. And we think that, of course, is the huge opportunity. We think we -- right now, Oracle and SAP has about half the European market. I'm sorry, it's a very long answer. We have about half -- the 2 of us have about half of the European market. And the other half of the European market, as you say, highly fragmented. We started out by targeting the highly fragmented guys who are really weak and vulnerable, but we think the opportunity exists to roll it all up.

但真正非同尋常的是，SAP 其實沒有真正的雲端系統。SAP 做的是一些託管（hosting），他們沒有真正的雲端系統。而現在我們看到他們一些較大型——不是最大型的公司，但一些中大型企業開始選擇我們，我們正在把他們轉換過來。不過我們也正在與他們最大型——SAP 非常、非常大型的客戶對話。我們正在轉換他們其中一個非常、非常大型的客戶。而我們認為那當然是巨大的機會。我們認為——目前 Oracle 和 SAP 大約占了歐洲市場的一半。抱歉，這回答很長。我們大約占一半——我們兩家合計大約占了歐洲市場的一半。而歐洲市場的另一半，如你所說，非常分散。我們一開始先鎖定那些高度分散、而且真的很弱、很脆弱的業者，但我們認為機會在於把它全部整併起來（roll it all up）。

If you look at our market -- I mean I'm almost afraid to mention what our market share in ERP and the cloud is. What is it, 95%?

如果你看我們的市場——我是說，我幾乎有點不敢提我們在 ERP 與雲端的市占率是多少。是多少，95%？

A lot.

很多。

I mean I don't know. I mean just I'm guessing, but I don't know because I don't know of any other cloud ERP system other than NetSuite and Fusion. So maybe 95% is low. I mean it sound a little crazy. But SAP really did not rewrite their code. They really don't have a cloud system. And we have an opportunity to go after them and just put that aside, and then that whole other half of the ERP marketplace, which is companies that a lot of people have never heard of. And yes, I think we can consolidate virtually all of that. I mean I don't know how to describe it. It's a crazy opportunity. You don't see this happen very often.

我的意思是我不知道。我的意思是我只是猜測，但我不知道，因為我所知道的雲端 ERP 系統，除了 NetSuite 和 Fusion 之外沒有別的。所以也許 95% 還算低。我的意思是這聽起來有點瘋狂。但 SAP 真的沒有重寫他們的程式碼。他們真的沒有雲端系統。而我們有機會去追擊他們，先把這點放一邊，然後還有 ERP 市場的另一半，也就是很多人從未聽過的那些公司的那一半。而且是的，我認為我們幾乎可以把那一切都整併起來。我的意思是我不知道該怎麼形容。這是一個瘋狂的機會。你不會常常看到這種事發生。

Our next question will come from the line of Phil Winslow, Wells Fargo.

我們的下一個問題來自 Phil Winslow（富國銀行）。

And I just wanted to echo, Mark, just wishing you the speediest recovery and all the best. And to the team, congrats on a solid start to the year. I just wanted to follow up on John's question on the database. One of the questions I get from investors is sort of the trajectory of database because, obviously, we're getting some metrics from you guys that's showing an inflection in terms of customers and also just trials out there. How do you think about just, I guess, the shape of the curve of database growth going forward with all these different levers?

我也想呼應一下，Mark，祝你早日康復、一切順利。也恭喜團隊今年開局穩健。我想接續 John 關於資料庫的問題。投資人常問我的其中一個問題，是資料庫業務的發展軌跡，因為很明顯地，我們從你們提供的一些指標看到客戶數以及外部試用（trials）都有出現拐點。面對這些不同的槓桿，你們如何看待未來資料庫成長曲線的形狀？

Okay. Well, because the growth rate is so extraordinary, we don't -- we're not forecasting it. I mean when Safra gives you a forecast, she's not forecasting some -- this incredibly steep growth curve in Autonomous Database. So we're giving you, I would say, a conservative point of view, especially in terms of Autonomous Database. And -- but again, this is the case where we have a technology that nobody else has. A, we are the dominant database supplier on the planet right now. We're bigger than IBM and Microsoft combined. In the previous battles, in the previous war on-premise, we were bigger than Microsoft and IBM combined, our 2 biggest competitors.

好的。嗯，因為成長率非常驚人，我們不——我們沒有在做預測。我的意思是，當 Safra 給你一個預測時，她並不是在預測 Autonomous Database 會出現某種——如此陡峭的成長曲線。所以我會說，我們給的是一個保守的觀點，尤其是在 Autonomous Database 方面。而——但再說一次，這是一種我們擁有而別人沒有的技術。A，我們目前是全球占主導地位的資料庫供應商。我們的規模比 IBM 和 Microsoft 加起來還大。在先前的戰役、先前的戰爭——也就是地端（on-premise）時代——我們就比 Microsoft 和 IBM 加起來還大，而他們是我們兩個最大的競爭對手。

The cloud -- there are a bunch of open source cloud databases, and a lot of more specialized, I mean there are probably a dozen of them or more for that matter. But none of them are autonomous. None of them are secure. None of them task themselves while running. None of them give you 99.995% availability. I mean they're -- we're 100x more reliable. I mean seriously, 100x more reliable than these guys. We have the only system that we can pretty much ensure that your data can't be stolen because you're -- because you can't make pilot errors. You can't commit -- you can't make mistakes because that's -- all those decisions are automated.

雲端——有一堆開源的雲端資料庫，還有很多更專門化的，我的意思是，可能有十幾個甚至更多。但它們沒有一個是自治的（autonomous）。沒有一個是安全的。沒有一個能在運行時自我調校。沒有一個能提供 99.995% 的可用性。我的意思是——我們可靠性高出 100 倍。我是認真的，比這些傢伙可靠 100 倍。我們擁有唯一一個系統，幾乎可以確保你的資料不會被偷走，因為你——因為你不可能犯下操作失誤（pilot errors）。你不會——你不會犯錯，因為——所有那些決策都已自動化。

So it's another -- I mean so we're sitting in 2 markets that we have an opportunity of completely dominating and owning. One is ERP, where we've been in it for a while and you actually can see the data, you can actually see the curve, and the curve's -- we have enough years of data that you can see the slope of the curve, and you can do these market share studies. There are always analyst reports and all that. And we've made great progress in that, and you can see it.

所以這又是另一個——我的意思是，我們正處在兩個市場中，而我們有機會完全主導並擁有它們。一個是 ERP，我們已經做了一段時間，而且你其實可以看到數據，你真的可以看到曲線；而且曲線——我們有足夠多年的數據，你可以看出曲線的斜率，並且可以做這些市占率研究。總是會有分析師報告之類的。而我們在那方面取得了很大進展，你也看得到。

In the Autonomous Database, all you can do is listen to me talk about this extraordinary technology. And we're so early on in the curve, we've got such little data in the curve. I understand -- and even we're playing let's wait and see what this turns out to be. But we have this gigantic installed base that's, I think, going to go with Autonomous Database. But it's not just that, it's not safe to go to any other database. That's a pretty good differentiator. And it's our second extraordinary opportunity. ERP back-office in the cloud, Autonomous Database in the cloud, we're successful in those 2 markets, it should be enough to make a living.

在 Autonomous Database 方面，你所能做的就是聽我談這項非凡的技術。而我們在曲線上還非常早期，曲線上的數據非常少。我理解——甚至我們自己也在採取「先觀察看看會變成什麼」的態度。但我們有一個龐大的既有裝機基礎（installed base），我認為會轉向 Autonomous Database。但不只是如此，轉去任何其他資料庫都不安全。這是一個相當不錯的差異化。而這是我們第二個非凡的機會。雲端的 ERP 後台、雲端的 Autonomous Database，如果我們在這兩個市場成功，應該就足以維持生計。

Our next question will come from the line of Heather Bellini, Goldman Sachs.

我們的下一個問題來自 Heather Bellini（高盛）。

Great. And again, I'm going to echo everyone's thoughts for Mark and thoughts over to him and his family. Just wanted to ask 2 quick questions. One, if I could, Safra, I know John DiFucci asked some questions about the environment. You talked about the North American sales reorg. I was wondering just you've seen a lot of results since August, early August, come in where maybe results haven't been as good as people thought. I'm just wondering if you're seeing -- if you saw any elongation in the sales cycles, if there's anything you can share with us there just globally from what you've been seeing. And then secondly, just a question related to OCI and -- I know obviously, Open World's next week. There'll be a lot of partners to talk to. But a lot of the partners we've been speaking to of late have talked about a real pickup in momentum there. I'm just wondering if you can share with us what you're seeing.

很好。我也再次呼應大家對 Mark 的關心，並把祝福送給他和他的家人。我想問兩個簡短的問題。第一個，如果可以的話，Safra，我知道 John DiFucci 問了一些關於環境的問題。你談到了北美銷售組織重整。我想問的是，自從 8 月、8 月初以來，你們看到很多結果出來，可能表現沒有大家原先想的那麼好。我只是想知道你們是否看到——是否看到銷售週期拉長（elongation），以及就你們在全球所看到的情況，有沒有什麼可以跟我們分享。第二個問題是關於 OCI——我知道當然 OpenWorld 下週就要開始。會有很多合作夥伴可以交流。但我們最近和不少合作夥伴談到，他們說那邊的動能確實有明顯回升。我想知道你們能否分享一下你們所看到的情況。

Sure. Actually, we feel like we've got a lot of momentum here at Oracle. The issue regarding markets, either abroad or in the United States, we're not seeing it. The -- we're on very, very positive momentum from a product cycle point of view. Our Fusion products are basically killing it. That's doing amazingly. Autonomous Database and the whole OCI is so compelling. And we are on the field, and we are expanding globally that we have just so much good news happening around the world that we're not seeing the weaknesses. And so to the extent that there are, we just have a lot of company product momentum ourselves. I know that I will not be able to hold Larry back from answering your second question, so I'm just unleashing him in advance of Open World. Go ahead, Larry.

當然。其實，我們覺得 Oracle 這邊有很強的動能。至於市場的問題，不管是在海外或在美國，我們沒有看到。從產品週期的角度來看，我們正處在非常、非常正向的動能之中。我們的 Fusion 產品基本上表現非常強勢。那做得非常出色。Autonomous Database 以及整個 OCI 都非常有吸引力。而且我們在第一線，我們也在全球擴張；我們在世界各地有非常多好消息正在發生，所以我們沒有看到那些疲弱。因此，即便存在一些疲弱，我們自身也有大量的產品動能。我知道我沒辦法阻止 Larry 回答你的第二個問題，所以我就在 OpenWorld 之前先把他放出來。請吧，Larry。

Okay. So next week at Open World, we're going to be talking about -- we started with Autonomous Database in 2018. We continued to make improvements there and speeding it up. And -- but we're not stopping at Autonomous Database. At Open World, we'll be announcing a whole bunch of new autonomous services. No one is doing this. But we're not talking about Autonomous Database. So you're going to see a bunch of arguments where we take that same machine learning technology to develop other autonomous services. And we're on our way. I mean it's our goal to deliver the world's first and only completely autonomous cloud, the most important thing in keeping your data sites. But we'd like -- I mean you really should have an autonomous operating system. You should have a bunch of autonomous services in that to operate that cloud, so human beings aren't given the opportunity to make mistakes, and people can concentrate on building applications rather than managing the plumbing of the cloud, which is complicated and error prone and expensive.

好的。所以下週在 OpenWorld，我們會談到——我們在 2018 年從自動駕駛資料庫（Autonomous Database）開始。我們持續在那裡做改進並加速。而且——但我們不會止步於自動駕駛資料庫。在 OpenWorld，我們將宣布一大堆新的自動駕駛服務。沒有人在做這件事。但我們今天不是在談自動駕駛資料庫。所以你們會看到一系列論點：我們把同樣的機器學習技術用來開發其他自動駕駛服務。而我們正在路上。我的意思是，我們的目標是交付全球第一個、也是唯一一個完全自動駕駛的雲端；在維護你的資料站點方面，這是最重要的事。但我們希望——我的意思是，你真的應該要有一個自動駕駛作業系統。你應該在其中擁有一整套自動駕駛服務來運作那個雲端，如此一來就不會讓人有機會犯錯，大家也能把精力放在打造應用程式，而不是管理雲端的管線工程；那很複雜、容易出錯，而且昂貴。

So we want to take -- get rid of the expense, get rid of the errors. Starting with Autonomous Database, you'll see a bunch more announcements of new autonomous services in OCI. And OCI is definitely on a roll. If people come to look at Autonomous Database, they look around in the Oracle Cloud and they see our analytics, our compute, I can talk about all these other things, but we have -- we really have a second-generation cloud that's highly differentiated from our friends in Amazon or Google.

所以我們想要——去除成本、去除錯誤。從自動駕駛資料庫開始，你們會看到我們在 OCI 上宣布更多新的自動駕駛服務。而 OCI 的確正勢如破竹。如果人們來看自動駕駛資料庫，他們在 Oracle Cloud 逛一圈，看到我們的分析、運算，我可以談所有這些其他東西，但我們——我們確實擁有第二代雲端，與我們在 Amazon 或 Google 的朋友相比，高度差異化。

Our next question will come from the line of Mark Moerdler, Bernstein.

下一個問題來自 Bernstein 的 Mark Moerdler。

Again, I echo everyone else. Please tell Mark that our thoughts are with him and his family. Larry, Safra, given autonomous adoption commentary, how good it's going, can you give us some more color based off this quarter on how the revenue lift is occurring as customers moving to the Autonomous Database based on what you're seeing in sales that is going now, how that's trending? And any sense to how to think about how large Autonomous Database revenue is, any color would be appreciated.

我再次呼應大家。請轉告 Mark，我們的心與他及其家人同在。Larry、Safra，鑑於你們對自動駕駛採用的評論、進展有多好，能否基於本季再多提供一些細節：就你們目前在銷售端所看到的，客戶轉向自動駕駛資料庫時，營收提升是如何發生的、趨勢如何？以及對於自動駕駛資料庫營收規模該如何思考，有任何補充說明都會很有幫助。

Well, our approach -- I mean sometimes they're critical of Amazon. Sometimes, I'm just -- I try to learn from what they do. I mean they were the innovator in cloud, and I give them credit for that. And I think the strategy of land and expand, which is what Amazon has used in marketing their products, so you get in for one project and you're successful on that project then you go to the next project, it's been very different than the way Oracle has been selling in the past. We have adopted with Autonomous Database. We've adopted that land, start small, get in there on a project that demonstrates how great this technology is, and then get another project and another project after that. So we've adopted this land-and-expand approach. And we have many examples where people have been successful in their first projects and have moved on to 2 more, moved on to -- and then moved on to 10 more after that.

嗯，我們的做法——我的意思是，有時候他們會批評 Amazon。有時候，我只是——我試著從他們做的事情中學習。我的意思是，他們是雲端的創新者，這點我給他們肯定。而我認為「先落地、再擴張」（land and expand）的策略——也就是 Amazon 在行銷其產品時所使用的方式：你先用一個專案切入，該專案成功後再做下一個專案——這與 Oracle 過去的銷售方式非常不同。我們在自動駕駛資料庫上採用了這種方式。我們採用了那種先落地、從小開始：先在某個專案中切入，展示這項技術有多出色，然後再做下一個專案、再下一個專案。所以我們採用了這種「落地並擴張」的方法。而我們有很多例子：人們在第一個專案成功後，又接著做了 2 個，接著——然後之後又做了 10 個。

So we see -- again, the opportunity is gigantic. The fact that we have 4 -- that we added 4,000 -- almost 4,000 trials, short of 4,000 trials, in Q1 is an example of how we're really getting traction now, and the word is getting out about how good the Autonomous Database is, how big is it as an overall market.

所以我們看到——再次強調，機會非常巨大。我們有 4——我們在第一季新增了 4,000——接近 4,000 次試用，差一點到 4,000 次試用，這就是一個例子，說明我們現在真的開始取得動能，而且市場正在傳開：自動駕駛資料庫有多好；至於它在整體市場中有多大。

It's brilliant. The reality is that most of our customers have been waiting for us. They've not brought those critical, large and security-conscious workloads. They've not brought them to the cloud so far. They didn't bring them to the other vendors. The other vendors are all actually having trouble in the enterprise with these important workloads. They have been waiting for us. And so as they've started to bring smaller workloads in, they can start quite small. And then their next buy is 10x the size, and the opportunities often 1,000x the size. And that's what we're starting to see. How long will it take? I don't know. We're not -- we're trying to just go with it. You have to understand that many of these can also go, just pay as you go, they're never forecasted. A customer just tries it, and before you know it, it's expanding. The opportunity is literally enormous because many of these workloads, they can't go to the cloud any other way. Those that have tried have been either unsuccessful or it's been both expensive and risk their security situation.

這很精彩。現實是，我們的大多數客戶一直在等我們。他們尚未把那些關鍵的、大型且高度重視安全的工作負載帶上雲端。到目前為止，他們沒有把它們帶到雲端。他們也沒有把它們帶到其他供應商那裡。其他供應商其實都在企業端處理這些重要工作負載時遇到困難。他們一直在等我們。因此，當他們開始把較小的工作負載搬上來時，他們可以從很小的規模開始。然後他們下一次採購就會是 10 倍規模，而機會往往是 1,000 倍規模。而這正是我們開始看到的情況。需要多久？我不知道。我們不——我們只是試著順勢而為。你必須理解，其中很多也可以採用隨用隨付，它們從來不會被預測到。客戶只是先試用，然後不知不覺就擴張了。機會確實非常龐大，因為許多這類工作負載，沒有其他方式能上雲。那些嘗試過的，不是失敗，就是既昂貴又讓其安全狀況承受風險。

So this is a very, very powerful moment for us. We're not going to overplay it here. We're just going to ride along with it. You're going to hear at Open World from some of these customers. And it's very much like originally, when we start to talk to you about our Engineered Systems where a customer would try a little bit, they'll try 1 a quarter. And before you know it, they had dozens, and they grew. Now this is the next level for those critical workloads that only can work in our cloud.

所以這對我們來說是一個非常、非常強勁的時刻。我們不會在這裡過度渲染。我們只會順勢而行。你們會在 OpenWorld 聽到其中一些客戶的分享。這很像最初我們開始跟你們談我們的整合式系統（Engineered Systems）時：客戶會先小試一下，每季買 1 台。然後不知不覺，他們就有了數十台，並且持續成長。而現在，這是下一個層級——針對那些只能在我們雲端運作的關鍵工作負載。

And our last question for today is going to come from the line of Raimo Lenschow, Barclays.

而我們今天最後一個問題將來自 Barclays 的 Raimo Lenschow。

Hey, let me echo as well, all our prayers are with Mark and his family. Just going back, 2 quick questions. One number question, which was on deferred, Safra, in theory, that should grow. Can you just maybe talk a little bit about why that declined this quarter? But then the bigger question was more for me around ERP. Larry, you talked about like you saw some medium-sized SAP customers starting to look. And is it -- kind of in terms of going bigger, is it kind of a question of functionality and capability or more around referenceability? Because if I look at your -- you just deleveraged full quarter's numbers. You closed the quarter in 11, 12 days and were able to deliver that, which is kind of a record I've seen. And you guys are using Oracle Fusion. So it's really power -- it seems like a very powerful solution. So I'm just wondering what's holding it back at this point.

嗨，我也呼應一下，我們所有的祈禱都與 Mark 及其家人同在。回到正題，兩個簡短問題。第一個是數字問題，關於遞延（deferred），Safra，理論上那應該會成長。你能否稍微談談為什麼本季反而下降？但更大的問題是關於 ERP。Larry，你提到你看到一些中型的 SAP 客戶開始在觀望。而就往更大型客戶推進而言，這主要是功能與能力的問題，還是更多是可作為參考案例（referenceability）的問題？因為如果我看你們——你們剛把整季的數字去槓桿化（deleveraged）。你們在 11、12 天內就結帳關帳並能交付，這算是我見過的紀錄。而你們自己也在用 Oracle Fusion。所以它真的很強——看起來是非常強大的解決方案。所以我只是想知道，現階段到底是什麼在拖慢它。

Well, first, I'd like to thank you for noticing the amazing close we did on Fusion Financials, and we actually -- I got to tell you, the team, I think is pretty happy with this result and realize that all of our customers should be easily doing the same thing. So first, yes, this was a very quick close, but we've got the technology and the people to do it.

嗯，首先，我想感謝你注意到我們在 Fusion Financials 上做出的驚人快速結帳成果；而且我得告訴你，團隊對這個結果相當滿意，也認為我們所有客戶都應該能夠輕鬆做到同樣的事。所以首先，是的，這次結帳非常迅速，但我們具備相應的技術與人員來做到這一點。

Let me just answer your deferred revenue comment. So I just want you to understand, gross deferred revenue is actually up 3%, okay? But we net it to a bunch of things that ultimately are simply timing changes related to collections. And so that's really the only thing. There's nothing unusual, next quarter, you may see something different. It's literally a matter of when we pay some things, and that kind of shows up in the operating cash flow. But in deferred revenue, it's simply timing of collections. There's a little bit impacted by currency, but the gross deferred revenue number is actually up 3%. It's just netted down, and it's just a matter of the timing of our collections, so nothing to see here.

我先回應你關於遞延收入的評論。我想讓你了解，遞延收入總額其實成長了 3%，好嗎？但我們把它淨額化到一堆項目上，而這些最終都只是與收款相關的時點變動。所以就只有這個原因。沒有任何不尋常之處；下個季度你可能會看到不同的情況。這完全取決於我們何時支付某些款項，而這類情況會反映在營運現金流中。但在遞延收入方面，單純就是收款時點的問題。有一點點受到匯率影響，但遞延收入總額確實是成長 3%。只是被淨額化往下調，這只是我們收款時點的問題，所以沒什麼好擔心的。

Okay. The question about SAP, what are our big SAP customers waiting for before they make a decision to move to Oracle. It's been very interesting. We've -- I've spent a lot of time in Germany and talking to some customers, and they want to move. I mean I talked to several very large customers saying, "We'd like to move to the cloud. We'd like to move to Fusion." Because, I mean, some of the -- I mean moving to another SAP system -- and I mean some of these guys are facing bills of $1 billion to migrate -- for this SAP upgrade, all of the consultants. So I mean it's a big pill to swallow to do the upgrade HANA, what they call, S/4HANA in the cloud, except it's not really a cloud.

好的。關於 SAP 的問題：我們的大型 SAP 客戶在決定轉移到 Oracle 之前，究竟在等什麼？這一直很有意思。我們——我花了很多時間在德國，並與一些客戶交流，他們其實想要轉移。我的意思是，我和幾家非常大型的客戶談過，他們說：「我們想上雲端。我們想轉到 Fusion。」因為，坦白說，轉到另一套 SAP 系統——而且其中一些客戶為了這次 SAP 升級、加上所有顧問費用，面臨高達 10 億美元的遷移帳單。所以要吞下這顆大藥丸去做他們所謂的 HANA 升級、也就是雲端上的 S/4HANA（但其實並不是真正的雲端），代價非常高。

And for no benefit.

而且沒有任何好處。

And for -- virtually, it's the same code you had before. It really is pretty much the same code you had before. So the customers really want to do it. What they're waiting for is one really large customer who's already done it. They are worried. They don't want to be first. No one wants -- none of these big -- these customers are conservative. They don't want to be first. We are in the middle of one of their largest customers, converting them to Fusion. And as soon as we can talk about that publicly and use that as a reference, which will be -- probably will take another 6 months before we can do that, maybe less. But that's close, it's pretty close before they're live, and several of their divisions are on Fusion.

而且——幾乎——它就是你以前那套程式碼。真的幾乎就是你以前那套程式碼。所以客戶其實很想做。他們在等的是：有一家已經做成功的、非常大型的客戶。他們會擔心。他們不想當第一個。沒有人想——這些大型——這些客戶都很保守。他們不想當第一個。我們正在進行他們其中一家最大客戶的專案，把他們轉到 Fusion。一旦我們能公開談論這件事並把它作為參考案例——這可能還需要大約 6 個月我們才能做到，也許更短。但已經很接近了，離上線相當近，而且他們有好幾個事業部已經在用 Fusion。

Almost every business leader I talk to in Germany wants to make the migration, they just have to be assured that it will work. Now we're going to get -- we've won some deals in the high and at mid-market against SAP incumbents, and they're in the process of converting. And we can get them converted much faster and get them live much faster than we can -- this one jumped in, this one of the largest enterprises on earth that we're converting. But as we get a few of these references, we think people -- customers want to use modern technology, they want to move to the cloud. And we can -- they can do that with Fusion, and they cannot do it with SAP. So we think it's a huge opportunity for us, but we have to have a core of references before these big guys are going to move.

我在德國幾乎跟每一位企業領導人談到，他們都想做遷移，只是需要確信它一定能運作。現在我們將會——我們已經在高端與中端市場，從 SAP 既有客戶手上贏下一些案子，而他們正在轉換的過程中。而且我們能讓他們轉換得更快、上線得更快；相較之下，我們正在轉換的這一家——全球最大企業之一——進度就沒辦法那麼快。但當我們累積幾個這樣的參考案例後，我們認為大家——客戶想用現代化技術，他們想上雲端。他們可以用 Fusion 來做到，而用 SAP 做不到。所以我們認為這對我們是巨大的機會，但在這些大客戶願意轉移之前，我們必須先建立一批核心的參考案例。

Thank you, Larry. A telephonic replay of this conference call would 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. We look forward to speaking with you. Thank you for joining us today on short notice. And with that, I'll turn the call back to Holly for closing.

謝謝你，Larry。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今日稍早發布的新聞稿中找到。若對本次電話會議有任何後續問題，請致電投資人關係部門。我們期待與各位交流。感謝各位在短時間通知下參與今天的會議。接下來我把電話交回給 Holly 進行結語。

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

感謝各位參加今天的 Oracle 2020 會計年度第一季電話法說會。我們非常感謝各位的參與。您現在可以掛線。