甲骨文 (ORCL) 2019 Q3 法說會逐字稿

Welcome to Oracle's Third Quarter 2019 Earnings Conference Call.

歡迎參加甲骨文（Oracle）2019 年第三季財報電話會議。

Now I'd like to turn today's call over to Ken Bond, Senior Vice President.

現在我想把今天的電話會議交給資深副總裁 Ken Bond。

Thank you, operator. Good afternoon, everyone, and welcome to Oracle's Third Quarter Fiscal Year 2019 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.

謝謝，接線員。各位下午好，歡迎參加甲骨文 2019 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。

On the call today are Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz and Mark Hurd.

今天出席電話會議的有董事長暨技術長 Larry Ellison，以及共同執行長 Safra Catz 與 Mark Hurd。

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.

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，我們將提出一些與本公司業務相關的重要因素，這些因素可能會影響上述前瞻性陳述。

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 amendment 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.

這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與今日所述有重大差異。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 與 10-Q 以及任何適用的修訂），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，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這些前瞻性陳述之修訂的義務。

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，我們將先做幾點準備好的說明。接下來，我想把電話會議交給 Safra。

Thanks, Ken. Good afternoon, everyone. I'll first go over Q3 results before moving on to guidance. I'll then turn the call over to Mark and Larry. As in prior quarters, I'll review our non-GAAP results using constant dollar growth rates, unless I say otherwise.

謝謝你，Ken。各位下午好。我會先回顧第三季（Q3）業績，接著說明財測指引。之後我會把電話會議交給 Mark 和 Larry。如同前幾季，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。

Total Cloud Services and License Support revenue for the quarter was $6.7 billion, up 4% in constant currency, and now accounts for nearly 70% of total company revenue, largely recurring revenue. As in past quarters, we are seeing robust double-digit growth rates for total cloud revenue in all regions, with especially strong growth in Asia Pacific.

本季雲端服務與授權支援（Cloud Services and License Support）營收為 67 億美元，以固定匯率計成長 4%，目前約占公司總營收近 70%，且主要為經常性收入。如同過去幾季，我們在所有地區的總雲端營收皆呈現強勁的兩位數成長，亞太地區成長尤為突出。

In terms of product categories, ERP grew in the mid-30s and the verticals grew in the high 30s. Our software business, which is the totaling of Cloud Services and License Support revenue with Cloud License and On-Premise License revenue, is 82% of total revenue and it grew 3% in constant currency.

就產品類別而言，ERP 成長約 30% 多（mid-30s），垂直產業（verticals）成長約 30% 高段（high 30s）。我們的軟體業務（即雲端服務與授權支援營收加上雲端授權與地端授權營收）占總營收的 82%，以固定匯率計成長 3%。

Our software business has remained extremely stable and resilient as we have made the transition to faster-growing SaaS business that entailed trading nonrecurring upfront license revenue for recurrent long-term subscription revenue.

在我們轉型至成長更快的 SaaS 業務過程中（以一次性、前期的非經常性授權收入換取長期、經常性的訂閱收入），我們的軟體業務仍維持極為穩定且具韌性。

Through adoption of autonomous database and OCI, we're now shifting the focus for our infrastructure business to the cloud. As a percentage of our total software business, cloud is now more than double what it was just 3 years ago and provides us with the ability to accelerate overall software revenue growth as this mix shift continues.

透過採用自治資料庫（autonomous database）與 OCI，我們正將基礎架構業務的重心轉向雲端。以我們整體軟體業務的占比來看，雲端目前已是 3 年前的兩倍以上；隨著此產品組合轉移持續進行，雲端也讓我們有能力加速整體軟體營收成長。

GAAP applications total revenue were $2.8 billion, up 7%, and GAAP infrastructure total revenue were $5.1 billion, up 2%. The gross margin for Cloud Services and License Support was 86%, essentially the same as last year with continuing improvement in SaaS gross margins, stability in software support gross margins and continued investment in Oracle cloud infrastructure. Once our cloud business is at scale, I expect our gross margins will go significantly higher.

GAAP 應用程式總營收為 28 億美元，成長 7%；GAAP 基礎架構總營收為 51 億美元，成長 2%。雲端服務與授權支援的毛利率為 86%，與去年基本持平；其中 SaaS 毛利率持續改善、軟體支援毛利率保持穩定，同時我們也持續投資甲骨文雲端基礎架構。一旦我們的雲端業務達到規模，我預期毛利率將顯著提高。

Total revenue for the quarter was $9.6 billion, up 3% from last year. Non-GAAP operating income was $4.3 billion, up 5% from last year, and the operating margin was 44%, up from 43% last year.

本季總營收為 96 億美元，較去年成長 3%。非 GAAP 營業利益為 43 億美元，較去年成長 5%；營業利益率為 44%，高於去年的 43%。

This quarter last year was greatly impacted by the change in the U.S. tax book, so comparing the GAAP numbers is not very meaningful after pretax income. The non-GAAP tax rate for the quarter was 20%, up from 16% catch-up rate last year, and non-GAAP EPS was $0.87 in USD, and up 12% in constant currency. This quarter, the GAAP tax rate was 11% and GAAP EPS was $0.76.

去年同季受到美國稅制會計處理變更的重大影響，因此在稅前利益之後比較 GAAP 數字並不太有意義。本季非 GAAP 稅率為 20%，高於去年 16% 的一次性追溯調整（catch-up）稅率；非 GAAP 每股盈餘（EPS）為 0.87 美元，以固定匯率計成長 12%。本季 GAAP 稅率為 11%，GAAP EPS 為 0.76 美元。

Operating cash flow over the last 4 quarters is $14.8 billion. Over the last 4 quarters, capital expenditures were $1.6 billion and free cash flow was $13.2 billion, down 1% due to timing differences of tax payments and working capital items.

過去 4 個季度的營運現金流為 148 億美元。過去 4 個季度資本支出為 16 億美元，自由現金流為 132 億美元，因稅款支付與營運資金項目的時間差異而下滑 1%。

We have more than $40 billion in cash and marketable securities. The short-term deferred revenue balance is $8 billion, up 5% in constant currency. The remaining performance obligations, or what I'll refer to as contract backlog, will be in the Q, and is now $31.5 billion, of which approximately 62% will be recognized as revenue over the next 12 months.

我們持有超過 400 億美元的現金與有價證券。短期遞延收入餘額為 80 億美元，以固定匯率計成長 5%。剩餘履約義務（remaining performance obligations），或我稱之為合約積壓（contract backlog），將在 Q 中揭露，目前為 315 億美元，其中約 62% 將在未來 12 個月內認列為營收。

Since we remain committed to returning value to shareholders through acquisitions, internal investments and a return of capital with stock repurchases and dividends, this quarter, we repurchased 206 million shares for a total of $10 billion. Over the last 12 months, we repurchased 728 million shares and reduced the absolute shares outstanding by nearly 16%. And the Board of Directors increased the quarterly dividend 26% from $0.19 to $0.24 per share.

由於我們仍致力於透過併購、內部投資，以及以庫藏股回購與股利等資本回饋方式為股東創造價值，本季我們回購了 2.06 億股，總金額 100 億美元。過去 12 個月，我們回購了 7.28 億股，使流通在外股數的絕對數量減少近 16%。董事會並將季度股利提高 26%，由每股 0.19 美元提高至每股 0.24 美元。

Turning to currency. I expect the strengthening U.S. dollar will continue with a currency headwind of 3% for Q4 revenue and a $0.03 headwind to earnings per share.

接著談匯率。我預期美元走強將持續，第四季（Q4）營收將面臨 3% 的匯率逆風，並對每股盈餘造成 0.03 美元的逆風影響。

Okay, so with that, let me turn to the guidance. So for Q4, total revenues are expected to grow 1% to 3% in constant currency and 0 to negative 2% in U.S. dollars. Non-GAAP EPS in constant currency is expected to grow between 15% to 19%, and be between $1.08 and $1.12 in constant currency, so we will deliver double-digit non-GAAP EPS growth for fiscal year 2019.

好的，接下來我說明財測指引。第四季總營收預期以固定匯率計成長 1% 至 3%；以美元計則為 0% 至負 2%。非 GAAP EPS 以固定匯率計預期成長 15% 至 19%，並介於 1.08 至 1.12 美元（固定匯率口徑）；因此我們將在 2019 會計年度實現兩位數的非 GAAP EPS 成長。

Taking into account the $0.03 currency headwind, non-GAAP EPS for Q4 in USD is expected to grow between 12% and 16%, and be between $1.05 and $1.09 in USD.

考量 0.03 美元的匯率逆風後，第四季以美元計的非 GAAP EPS 預期成長 12% 至 16%，並介於 1.05 至 1.09 美元。

My EPS guidance 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 onetime tax events, our tax rate will average around 20%.

我的 EPS 指引假設基準稅率為 20%。然而，一次性稅務事件可能使任何特定季度的實際稅率偏離我們的基準稅率。但我預期在排除一次性稅務事件並進行常態化後，我們的稅率平均約為 20%。

And with that, I'll turn the call over to Mark for his comments.

接下來，我把電話會議交給 Mark 發表他的評論。

Thanks, Safra. Thanks. Solid quarter for us, from top to bottom. Total revenue was up 3% in constant currency with Cloud Services and License Support, up 4% and EPS 12% -- plus 12% in constant currency.

謝謝你，Safra。謝謝。對我們而言，這是一個從上到下都很扎實的季度。以固定匯率計算，總營收成長3%；其中雲端服務與授權支援成長4%；每股盈餘（EPS）成長12%——以固定匯率計算同樣成長12%。

In our apps ecosystem, we continued our momentum, growing at 7% and that was an acceleration for us, and over $11 billion in trailing 12-months revenue and 92% of that is now recurring. We continue to grow revenue faster than market, and we have an enormous opportunity ahead of us in ERP and HCM.

在我們的應用程式生態系中，我們延續動能，成長7%，這對我們而言是加速成長；過去12個月的營收超過110億美元，其中92%如今為經常性收入。我們持續以快於市場的速度成長，而在ERP與HCM方面，我們面前有極為龐大的機會。

In terms of SaaS revenue and bookings, Fusion apps were up 35%. By the way, our overall ERP and HCM annualized SaaS revenue is now $2.8 billion, and that's up in the mid-20s. Again, Fusion apps, 35% up, Fusion ERP where revenue was up 47% organically. NetSuite revenue was up 28%. Bookings were up actually even higher in the mid-30s.

就SaaS營收與訂單（bookings）而言，Fusion應用程式成長35%。順帶一提，我們整體ERP與HCM的年化SaaS營收目前為28億美元，成長約在20%中段。再說一次，Fusion應用程式成長35%，其中Fusion ERP的營收有機成長47%。NetSuite營收成長28%。訂單實際上更高，約在30%中段。

Our vertical revenue was up 38%, and our annualized revenue in the verticals is now over $800 million.

我們的垂直產業營收成長38%，而我們在垂直產業的年化營收目前已超過8億美元。

I'm going to read you a quick quote from IDC, and I have to read it precisely or I'll get cards and letters. So let me just make sure I do this exactly as it's written.

我想快速念一段IDC的引述，而且我必須精準照念，否則我會收到抗議信。所以讓我確保我完全依照原文來念。

"Per IDC's latest annual market share results, Oracle is the #1 enterprise applications vendor in North America based on market share and revenue, surpassing Salesforce.com and SAP." We've seen this momentum building, so this is not any surprise to us, so I think it's always better when you can see it in real numbers from somebody other than us.

「根據IDC最新的年度市占結果，Oracle以市占率與營收計算，為北美排名第一的企業應用軟體供應商，超越Salesforce.com與SAP。」我們早已看到這股動能在累積，所以這對我們並不意外；我認為，能從我們以外的第三方以實際數字呈現，總是更好。

Let me switch briefly to infrastructure. Our GAAP tech ecosystem is $21 billion on a trailing 12-months basis and Q3 was up 2%. In Autonomous Database, our momentum continues to build. We now have 4,000 new trials that were added in Q3 alone, nearly 1,000 paying customers. We're adding many new customers and we're seeing great pull-through and with 20% of our autonomous data warehouse trials also using analytics. We now have over 35 referenceable customers and we expect to be greater than 100 soon.

我先簡短切換到基礎架構。我們的GAAP技術生態系以過去12個月計算為210億美元，第三季成長2%。在自治資料庫（Autonomous Database）方面，我們的動能持續增強。僅第三季就新增4,000個新試用，且有將近1,000位付費客戶。我們持續新增許多新客戶，也看到很好的帶動效應；此外，我們的自治資料倉儲試用中，有20%也同時使用分析功能。我們目前已有超過35家可作為參考案例的客戶，並預期很快會超過100家。

Cloud customer revenue was up triple digits for the fourth consecutive quarter. So overall, a solid quarter, as we hit our revenue targets and saw a 12% EPS growth. The strength of our bookings growth along with climbing renewal rates gives me the confidence that our cloud apps business is only going to strengthen from here and going forward, given the visibility we have into the revenue backlog, which Safra touched on a bit earlier.

雲端客戶營收已連續第四個季度呈現三位數成長。整體而言，這是一個扎實的季度：我們達成營收目標，並看到EPS成長12%。訂單成長的強勁表現，加上續約率攀升，讓我有信心我們的雲端應用業務從現在起、以及未來只會更強；考量到我們對營收待履約（backlog）的可見度，Safra稍早也提到了一些。

Looking forward, I do expect FY '20 revenue growth will be higher than FY '19. And EPS this year will be certainly -- grow double digits, as Safra mentioned.

展望未來，我預期2020財年的營收成長將高於2019財年。而今年的EPS也必然會——如Safra所提到——達到兩位數成長。

I'm going to give you a few customer wins as well, try to give you a flavor for what happened in the quarter for us. Now most of these didn't affect our revenue, most of these, obviously are, all really bookings that occurred in the quarter, but I thought I'd give you some context about some people in our user base as well as outside our user base.

我也會分享幾個客戶得標案例，讓各位感受一下我們這一季的情況。其中多數並未影響我們的營收；顯然，這些大多都是本季發生的訂單，但我想也提供一些背景，涵蓋我們既有用戶群以及用戶群之外的一些客戶。

So for example, Tromp Group in the Netherlands E-Business Suite migration; MasterBrand Cabinets in the U.S. in E-Business Suite migration; thyssenkrupp in Germany in E-Business Suite migration; Willis Towers Watson E-Business Suite migration. I gave you those, just a few of those examples. Those are core, sort of, E-Business Suite, Black & Veatch was another one, engineering company, core, sort of, E-Business Suite customers as we see this acceleration of our user base move into the cloud. Got a couple PeopleSoft ERP migrations, Amica Mutual in the quarter, Depaul University. And then a slew of wins again. And I referenced that a lot of the ERP user base that's out there today is outside of our user base or even our traditional on-premise competitor from, if you will, the old days.

例如：荷蘭的Tromp Group進行E-Business Suite遷移；美國的MasterBrand Cabinets進行E-Business Suite遷移；德國的thyssenkrupp進行E-Business Suite遷移；Willis Towers Watson進行E-Business Suite遷移。我先舉這幾個例子。這些都是核心的、算是E-Business Suite客戶；另外還有Black & Veatch，一家工程公司，也是核心的E-Business Suite客戶。我們看到用戶群加速移轉到雲端。我們也拿下幾個PeopleSoft ERP遷移案，本季包括Amica Mutual、Depaul University。接著又是一連串的得標。我也提到，現今市場上很大一部分ERP用戶其實在我們用戶群之外，甚至是——如果你願意這麼說——來自舊時代的傳統地端競爭對手。

ON semiconductor, nice win in the quarter. Packaging Corporation of America, again, outside of our user base for the quarter. Eaton, another manufacturer. Atradius Crédito in the Netherlands. I could go on, which, in the sake of time, I won't, although I'll mention Ashford Hospitality. These are, again, outside our user base that are brand-new customers to Oracle in the area of ERP.

ON Semiconductor，本季一個不錯的得標。Packaging Corporation of America，同樣是本季來自我們用戶群之外。Eaton，另一家製造商。荷蘭的Atradius Crédito。我還可以繼續列舉，但為了時間我就不一一說了，不過我會提到Ashford Hospitality。這些同樣是我們用戶群之外、在ERP領域成為Oracle全新客戶的案例。

In HCM, Abu Dhabi Airports; ADT; Alorica; Banco Davivienda; BLOM BANK; Great Canadian Gaming. We had a really nice win in a company called DeNova Healthcare. This again was not inside our user base. These were attritional Lawson customer, where we actually get multipillar ERP back-office and HCM connected together.

在HCM方面：Abu Dhabi Airports；ADT；Alorica；Banco Davivienda；BLOM BANK；Great Canadian Gaming。我們也在一家名為DeNova Healthcare的公司拿下非常漂亮的案子。這同樣不是我們既有用戶群內的客戶。這些原本是逐步流失的Lawson客戶，而我們實際上拿下多支柱（multipillar）的ERP後台與HCM整合在一起的方案。

So anyway, I'll stop there in the sake of time, but just a really, again, very impressive set of customers and a good mix of net new logos as well as movement from our user base. We had a pretty good quarter and it was some really quality names on the platform side. Fair Isaac, Generali shared services in Italy; JOANN Stores; Trans -- Trenitalia; Unicorp, I mean, some really nice beginnings of what you're seeing as we move toward gen 2 cloud and Autonomous Database.

總之，為了節省時間我就先到這裡；但再次強調，這是一組非常令人印象深刻的客戶組合，既有全新標誌（net new logos），也有來自我們用戶群的移轉，搭配得很好。我們這一季表現相當不錯，在平台端也有一些非常高品質的客戶名稱。Fair Isaac、義大利的Generali共享服務；JOANN Stores；Trans -- Trenitalia；Unicorp——也就是說，當我們邁向第二代雲端與自治資料庫時，你所看到的確實是一些很好的開端。

I did want to make a couple of quick comments on our growing relationship with The Gap. So it's a global retailer as, I think, most of you know, with revenue of greater than $16 billion, and we've been working with The Gap in their transformation to what's really a multi-cloud environment but using many, many Oracle Technologies, and they include really everything we got: SaaS, PaaS, delivering innovation, reliability and scalability at every turn. And as part of even the things they're using in the private cloud, those are all really enabled by Exadata, and we're really thrilled to be Gap's strategic partner in their efforts to spin up their new retail brands and stores faster.

我也想就我們與The Gap日益深化的合作關係做幾點簡短說明。如各位多數人所知，這是一家全球零售商，營收超過160億美元；我們正與The Gap合作，協助其轉型為實質上的多雲環境，同時使用大量Oracle技術，幾乎涵蓋我們所有產品：SaaS、PaaS，在每個環節提供創新、可靠性與可擴展性。而且就連他們在私有雲中使用的部分，也都是由Exadata所支援；我們非常高興能成為Gap的策略夥伴，協助他們更快地推出新的零售品牌與門市。

And so that's the few quick wins for the quarter. So overall, good solid quarter for us on the income statement side, but also in the quality of these bookings that we're describing or that I've been describing.

以上就是本季幾個快速的得標案例。整體而言，從損益表角度來看，這一季對我們是穩健且扎實的；同時，這些我們正在描述、或我一直在描述的訂單品質也很高。

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

接下來我把時間交給Larry。

Thank you, Mark. Oracle's future rests on 2 strategic businesses: cloud applications and Cloud Infrastructure. The growth in our cloud applications business has been driven by our Fusion Suite and NetSuite.

謝謝你，Mark。Oracle的未來建立在兩項策略性業務之上：雲端應用與雲端基礎架構。我們雲端應用業務的成長，主要由Fusion Suite與NetSuite所帶動。

Both the Fusion Suite of applications and NetSuite are growing very, very rapidly, and Mark gave you the numbers. As the names imply, both Fusion and NetSuite are integrated suites of applications, including sales, service, human resources, financials, supply chain and manufacturing applications. No other cloud services provider has such a comprehensive suite of applications covering both the front office and the back office.

Fusion Suite 應用程式與 NetSuite 都在非常、非常快速地成長，Mark 已經給了各位數字。顧名思義，Fusion 與 NetSuite 都是整合式的應用套件，涵蓋銷售、服務、人力資源、財務、供應鏈以及製造等應用。沒有任何其他雲端服務供應商擁有如此全面的應用套件，同時涵蓋前台與後台。

Most customers want their cloud services provider to make their applications work together. Customers do not like to be responsible for the complex process of integrating lots of different applications, running on lots of different vendors' clouds. We think our integrated suite approach to the cloud applications business is a primary reason for the very rapid growth in our cloud applications market share.

大多數客戶希望他們的雲端服務供應商能讓各項應用彼此協同運作。客戶不喜歡自己負責整合許多不同應用的複雜流程，而這些應用又運行在許多不同供應商的雲端上。我們認為，在雲端應用業務上採取整合式套件的方法，是我們雲端應用市占率能非常快速成長的主要原因。

The introduction of our Gen 2, highly secure infrastructure, featuring the Oracle Autonomous Database has been very well received. During Q3, we had nearly 1,000 paying Autonomous Database customers and over 4,000 active trials. Our infrastructure technology is highly differentiated from AWS. Each one of our cloud computers has a separate security processor and memory to insulate customers from intruding upon each other. And it also makes our cloud control code inaccessible by customers. No other cloud services provider offers this kind of protection across their entire public cloud.

我們推出的第 2 代（Gen 2）高安全性基礎架構，並以 Oracle Autonomous Database 為特色，獲得非常好的回響。在第三季（Q3），我們有將近 1,000 位付費的 Autonomous Database 客戶，以及超過 4,000 個活躍試用。我們的基礎架構技術與 AWS 有高度差異化。我們每一台雲端電腦都配備獨立的安全處理器與記憶體，以隔離客戶、避免彼此入侵。同時也讓我們的雲端控制程式碼對客戶不可存取。沒有任何其他雲端服務供應商能在其整個公有雲上提供這種等級的防護。

The Oracle Autonomous Database is the only database that can respond to a security threat by automatically patching itself while it's still running your application. No downtime is required. No other database has this capability.

Oracle Autonomous Database 是唯一能在仍持續執行您的應用程式時，透過自動修補自身來回應安全威脅的資料庫。不需要停機。沒有任何其他資料庫具備這項能力。

Oracle Technology leadership in cloud infrastructure and database plus our market leadership in cloud applications makes us very optimistic about our future.

Oracle 在雲端基礎架構與資料庫的技術領先地位，加上我們在雲端應用的市場領導地位，讓我們對未來非常樂觀。

I'll turn it back to you, operator.

我把時間交還給您，接線員。

Operator, if we could move to the Q&A portion of the call, please?

接線員，我們可以進入本次電話會議的問答（Q&A）部分了嗎？

(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。

Mark, I wanted to ask a question of you. Last month, when we were together at our tech conference, you reiterated that fiscal second half '19 sales growth would accelerate on a constant-currency basis versus the first half. And I'm not trying to be nitpicky but I think it doesn't look like it's accelerating much. So I was just wondering if anything changed. And I also wanted to ask about fiscal '20, which you've just mentioned that fiscal '20 constant-currency revenue growth would be higher than fiscal '19. I guess what I'm wondering is should we be thinking that, that constant currency growth acceleration that you're referring to for fiscal '20 is similar to the type of acceleration on the second half of fiscal '19? Or could it be more meaningful?

Mark，我想請教你一個問題。上個月我們在技術研討會一起時，你重申 2019 財年下半年在固定匯率基礎上的銷售成長會較上半年加速。我不是想吹毛求疵，但看起來好像加速幅度不大。所以我想知道是否有任何事情改變了。我也想問 2020 財年，你剛提到 2020 財年固定匯率的營收成長會高於 2019 財年。我想問的是，我們是否應該認為你所指的 2020 財年固定匯率成長加速，會類似於 2019 財年下半年相對上半年的那種加速？還是可能更有意義（幅度更大）？

Yes, so let's go back to it. I think '19 will grow faster than '18. Second half is, whatever adjective is around it, grow faster than first half. FY '20, faster than '19. When you get in underneath at what are the drivers, at a big level, first, our growing businesses are becoming a bigger part of our total than our other businesses. So as an example, just one example, cloud ERP gets bigger, hardware gets smaller, obviously, those have offsetting effects. In addition, we have the things that attach with that, for example, our consulting services business now in on-premise has been declining, but our cloud consulting is inclining as does our overall bookings. So as a result, these just offset each other. Within it, clearly, I've given you the numbers on certain parts of our apps as the example of ERP and HCM, which are just growing substantively. Larry's comments about Autonomous Database are 2 huge drivers of growth as we go forward. So I think all of those statements, '19 versus '18, second half, first half, '19 to '20 are all where you're going to see acceleration of top line growth in CD.

是的，我們回到這點來看。我認為 2019 財年會比 2018 財年成長更快。下半年，不管用什麼形容詞，會比上半年成長更快。2020 財年會比 2019 財年更快。當你深入看驅動因素，在更高層次上，首先，我們成長中的業務在總體中占比正變得比其他業務更大。舉例來說，只是一個例子，雲端 ERP 變大、硬體變小，顯然兩者會有相互抵銷的效果。此外，還有與之連動的項目，例如我們的顧問服務業務在地端（on-premise）目前在下滑，但雲端顧問服務在上升，我們整體的訂單（bookings）也是如此。因此，這些彼此會互相抵銷。在其中，很明顯地，我已經提供了我們某些應用部分的數字，例如 ERP 與 HCM，這些都在顯著成長。Larry 對 Autonomous Database 的評論，是我們未來成長的兩個巨大驅動力。所以我認為，所有這些說法——2019 對 2018、下半年對上半年、以及 2019 到 2020——都會是你看到以固定匯率（CD）計的營收成長加速之處。

Your next question comes from John DiFucci with Jefferies and company.

下一個問題來自 Jefferies 的 John DiFucci。

So your aggregate results have been, I guess, relatively steady might be the right way to characterize it. And during this period, I think investors really appreciate the share buybacks and the dividend, nice dividend increase this quarter. I guess, I want to sort of follow on with that line of thinking, Mark, and this uptick in fiscal '20. And you talked a lot about your cloud apps and we get a lot of information on that, but can you talk a little bit about what extent the database options might be a driver to some of that revenue acceleration? And how big is the middleware business at this point?

你們的整體表現，我想，用相對穩定來形容可能比較貼切。在這段期間，我認為投資人非常欣賞你們的庫藏股回購與股利，本季股利也有不錯的調升。我想沿著這個思路追問一下，Mark，關於 2020 財年的這個上升趨勢。你談了很多雲端應用，我們也拿到很多相關資訊，但你能否談談資料庫選項（database options）在多大程度上可能成為推動部分營收加速的驅動因素？另外，目前中介軟體（middleware）業務有多大？

I'll start. I'll let Larry comment also a bit on the off-trends. I think, first, just when we get into on the database side, I mean, the big move here is to autonomous. I think we tried to give you some numbers of the level of interest. The level of -- the increase in interest coming from even Q -- end of Q1, early Q2 into Q3 was just -- John, it was just substantive. It won't show up in our revenue numbers yet, but I'm talking about in terms of trials and people testing, and now, frankly, people buying. And what we've even seen is what's really nice, somebody buying something for as small as 15, 20, 25K as their first move into Autonomous Database, and actually, even within the quarter making a second purchase that turns into 200K, 250K. These are really encouraging early signs for us. And then to the point that you bring up, we just don't get the database, we get analytics, we get other services that come with it. So as we continue to convert trials into real usage, real usage into expansion, this becomes a core key driver as we move forward. I'll let Larry follow on with other parts of the options.

我先回答。我也會請 Larry 針對一些非趨勢性的部分補充。我想，首先談到資料庫這邊，最大的轉變就是走向 Autonomous。我們試著提供一些數字，說明市場關注的程度。即使從第一季末、第二季初到第三季，關注度的提升——John——是非常顯著的。這還不會立刻反映在我們的營收數字上，但我指的是試用（trials）、人們在測試，以及坦白說，現在也開始購買。而我們看到很棒的一點是，有人第一次採用 Autonomous Database 可能只買 15K、20K、25K 這麼小的金額，甚至在同一季內又做了第二次採購，金額變成 200K、250K。這些對我們而言都是非常令人鼓舞的早期跡象。而且如你提到的重點，我們不只是拿到資料庫，我們也會拿到分析（analytics）以及其他隨附的服務。因此，隨著我們持續把試用轉成實際使用、把實際使用轉成擴張，這將成為我們往前走的一個核心關鍵驅動力。我讓 Larry 接著補充其他選項的部分。

As people use Autonomous Database in the public cloud, they typically got and buy the multitenant option and the Real Application Cluster option, which are required options for Autonomous Database. So there's no question that the introduction of Autonomous Database and the consumption of Autonomous Database as that accelerates, will increase the license purchases of those 2 options.

當人們在公有雲使用 Autonomous Database 時，他們通常會取得並購買多租戶（multitenant）選項與 Real Application Cluster（RAC）選項，而這兩個都是 Autonomous Database 的必要選項。因此毫無疑問，Autonomous Database 的推出，以及 Autonomous Database 的使用量隨著加速成長，將會增加這兩個選項的授權購買。

And just the second part of my question, you used to talk about middleware and how it was -- on-premise middleware stuff wasn't growing all that -- or is declining. I'm just curious, can you tell us even just roughly how big that is at this point? Because Mark, you sort of alluded to some of these other businesses that weren't growing or getting smaller and smaller.

另外關於我問題的第二部分，你們以前會談到中介軟體，以及地端的中介軟體業務並沒有成長那麼多——或是在下滑。我只是好奇，你能否告訴我們，即使只是大概，目前那塊業務規模有多大？因為 Mark，你剛剛有提到一些其他沒有成長、或是越來越小的業務。

We never break that out, John. So to my knowledge, unless -- I'm not going to break -- I'm not going to start breaking it today. But clearly, middleware is moving, if you will, from, like everything else, from on-premise into the cloud. We've got a full suite of services in the cloud, but we're not going to break it out into a discrete business today.

John，我們從不把那部分拆分揭露。所以就我所知，除非——我不會拆——我今天也不會開始拆分揭露。但很明顯地，中介軟體也正在移轉，就像其他所有東西一樣，從地端轉到雲端。我們在雲端有完整的一套服務，但我們今天不會把它拆成一個獨立的業務來揭露。

Yes, I can tell you a couple of parts in middleware are doing quite well. I mean, I think it's a mixed story. I think analytics are doing very well in the cloud, as Mark mentioned, 20% of Autonomous Database goes up with analytics and, John, we had a very good quarter.

是的，我可以告訴你，中介軟體裡有幾個部分表現相當不錯。我的意思是，我認為這是一個好壞參半的情況。我認為分析在雲端表現非常好，正如 Mark 提到的，自主資料庫有 20% 的成長來自分析；而且，John，我們這一季表現非常好。

By the way, I guess, one last point while -- since we did do a little bit of that. Security is faster growing businesses as we can have within the context of the middleware business as well. So again, the problem with middleware, it's not a thing. It's multiple products within it. Some, like many things we've talked about, many things growing fast and things declining simultaneously.

順帶一提，我想再補充最後一點——既然我們也稍微提到了。在中介軟體業務的範疇內，資安也是我們能擁有的成長更快的業務之一。所以再說一次，中介軟體的問題在於，它不是單一的一個東西。它裡面包含多個產品。有些——就像我們談過的許多事情一樣——有些成長很快，同時也有些在下滑。

Your next question comes from Phil Winslow with Wells Fargo.

下一個問題來自 Wells Fargo 的 Phil Winslow。

I just want to build on John's question there about the reacceleration ahead of us in database. When I think about what really differentiates Oracle and cloud, it's the Gen 2 OCI that we continue to get kind of increasingly positive data points on but then also adding autonomous platform on top of it. And so my question is with the TOMS data warehouse being out for a year and the transactional processing being out since August, how should we think about those 2 kind of combined to the reacceleration on top of ACI? And you mentioned the 1,000 customers and 4,000 trials, what is actually the driver of people shifting over? Is it speed? Is it cost? Is it performance? Just some more color on that would be great, so timing and then why.

我想延續 John 剛才關於資料庫未來再加速的問題。當我思考真正讓 Oracle 與雲端有所區隔的因素時，我想到的是我們的第二代 OCI，我們持續看到越來越多正面的數據點；另外也包括在其上加入自主平台。所以我的問題是，TOMS 資料倉儲已經推出一年，而交易處理自去年 8 月推出以來，我們應該如何看待這兩者結合後，如何在 ACI 之上帶動再加速？另外你提到 1,000 位客戶與 4,000 次試用，實際上驅動人們轉移過來的因素是什麼？是速度嗎？是成本嗎？是效能嗎？如果能再多一些說明就太好了——也就是時程，以及為什麼。

I'll let Larry start.

我先讓 Larry 開始回答。

Okay. All right, so the driver is many different things. Some of our customers were stunned that they can get a database up and running in 5 minutes. So we've been collecting references and studying the 1,000 customers and the 4,000 trials, and what they find encouraging about the Autonomous Database. Certainly, we'll call it productivity improvements. The fact that they can go from not having a database, not having a hardware, literally log on to our cloud, create an instance, get -- move their data and be up and running and doing useful things in 5 minutes is proving to be a shock to a lot of our customers. So getting things up and running quickly. Productivity has been a very big issue. We've got 1 customer who's done a series of tests. They were an AWS user, and I know we have these ads that promise cut your AWS bill in half. They found that we were running 11.5x faster than they were running in AWS, and they cut their bill by 80%. So a lot -- so that's -- and these are university researchers, so they're very, very cost sensitive and they felt it was worthwhile making the move just because we were much less expensive. Autonomous Database was way less expensive than Redshift or Aurora at Amazon. Some people, they had an existing data warehouse and it was just the compatibility, being able to take an existing data warehouse, not spooling up a new one in 5 minutes, but taking an existing data warehouse, lifting it and shifting it over. So we're seeing all 3 of those use cases. Productivity -- motivators, I should say. Productivity, compatibility and cost, all driving the usage of Autonomous Database.

好的。好，那麼驅動因素有很多不同面向。有些客戶對於他們能在 5 分鐘內把資料庫建好並開始運作感到非常震驚。所以我們一直在蒐集案例、研究那 1,000 位客戶與 4,000 次試用，看看他們覺得自主資料庫哪些地方令人振奮。當然，我們可以稱之為生產力提升。他們從沒有資料庫、沒有硬體，真的只要登入我們的雲端、建立一個執行個體、把資料搬過去，5 分鐘內就能上線並開始做有用的事情——這對很多客戶來說是個衝擊。所以，快速上線。生產力一直是非常大的議題。我們有一位客戶做了一系列測試。他們原本是 AWS 使用者；我知道我們有那些廣告說可以把你的 AWS 帳單砍半。他們發現我們的運行速度比他們在 AWS 上快 11.5 倍，而且帳單降低了 80%。所以很多——所以這就是——而且他們是大學研究人員，所以對成本非常、非常敏感，他們覺得僅僅因為我們便宜很多，就值得搬遷。自主資料庫比 Amazon 的 Redshift 或 Aurora 便宜得多。有些人則是因為他們已有既有的資料倉儲，主要是相容性——能把既有資料倉儲直接搬移過來；不是在 5 分鐘內新建一個，而是把既有的資料倉儲 lift and shift 過來。所以我們看到這三種使用情境。我應該說是三種動機。生產力、相容性與成本，都在驅動自主資料庫的使用。

So I'd say that we've never had a release in the database area where we could actually talk to a CEO about what was in the release and the CEO would go, I completely get it. I mean it's not like we're talking about partitioning or something like that. When you talk about the fact that this database patches itself, our customers at the CEO level now understand what a patch is. They understand why it's so important, why it's so strategic. They, in many cases, have to discuss it with their audit committees. And the fact that now patching goes from a problem to where they pass that to us and it gets done instantaneously, we have many customers who said, if this thing did nothing but that, I would migrate to Autonomous Database. If the fact that -- you add to the fact to Larry's point that this database tunes itself, creates all its own index, is it actually it's labor less and can you reapply talent to another area. If it did nothing but that, it would be valuable. If it did nothing but give you better security and give you price and performance, and so this is a release that the reason you're seeing the trials and the level why you hear our enthusiasm the way it is, is the customer response is just extremely high because it just makes business sense. This isn't something sold 5 levels down or 4 levels down in the order. This can be sold at the top of the company, if you will, at the CEO level. So it's why it's such an exciting release test because at this point it has so many business benefits to our customers as opposed to maybe the fact that you would think of traditionally many of our benefits being, if you will, technical. It's different explaining to a CEO what multitenant is and what in-memory is than frankly the benefits I've just described.

所以我會說，我們在資料庫領域從未有過一次發佈，能讓我們真的跟 CEO 談發佈內容，而 CEO 會說：我完全懂。我的意思是，這不像我們在談分割（partitioning）之類的東西。當你談到這個資料庫會自動打補丁時，我們的客戶在 CEO 層級現在也理解什麼是補丁。他們理解為什麼這麼重要、為什麼這麼具策略性。很多情況下，他們必須跟審計委員會討論這件事。而現在補丁從一個問題，變成他們把它交給我們、而且能即時完成；我們有很多客戶說，就算這個產品只做到這一點，我也會遷移到自主資料庫。再加上 Larry 提到的，這個資料庫會自我調校、自己建立所有索引；實際上它更省人力，讓你可以把人才重新配置到其他領域。就算只做到這些，它也很有價值。就算它只帶來更好的安全性、以及更好的價格與效能——因此你看到試用數與我們的熱情之所以如此高，是因為客戶回饋極其正面，因為這在商業上就是合理的。這不是在組織裡往下 5 層或 4 層去賣的東西。如果你願意這麼說，它可以在公司最高層、在 CEO 層級就賣得動。所以這也是為什麼這是一個如此令人興奮的發佈測試：因為到這個階段，它對客戶有非常多商業效益，而不是像傳統上你可能會認為我們很多效益是偏技術面的。向 CEO 解釋什麼是多租戶（multitenant）與什麼是記憶體內（in-memory），跟坦白說我剛描述的這些效益相比，是不一樣的。

Well, knowing how much we spend on patching, I've got a lead for your CRMs with them.

嗯，知道我們在打補丁上花了多少錢，我可以替你們的 CRM 團隊提供一條線索。

I'll stop -- I won't get too specific into your situation, but you're a good use case with a very large bank with a tremendous amount of Oracle that, frankly, in many ways, done a fantastic job, but still has a window that has to be closed. And this -- in terms of patch deployment, then this is one vehicle to -- certainly, a vehicle and the only vehicle I'm aware of to get that done.

我就不——不會把你的情況講得太具體，但你是一個很好的使用案例：一家非常大的銀行，擁有大量的 Oracle；坦白說，在很多方面做得非常出色，但仍然有一個必須關閉的時間窗口。而在補丁部署方面，這就是一種工具——當然是一種工具，而且是我所知道唯一能把這件事完成的工具。

Well, Safra can give me some quote entertainment for that reference, that'd be great.

好吧，如果 Safra 能為那個案例給我一些可引用的「娛樂性」引言，那就太好了。

Your next question comes from Raimo Lenschow with Barclays.

下一個問題來自 Barclays 的 Raimo Lenschow。

I wanted to go back to the apps ecosystem. Mark, can you talk to us on NetSuite because that's accelerated again this quarter? And I was just wondering, like, look, when we talked about a few quarters ago, it was like we tried to bring it over 20, but now we're in the high 20s. Was there anything special going on? Or is that kind of -- is there anything in terms of new run rate that we need to be aware of?

我想回到應用程式生態系。Mark，你能跟我們談談 NetSuite 嗎？因為它這一季又再度加速成長。我只是想知道，像是——你看，幾季前我們談到時，好像是我們試著把它拉到 20% 以上，但現在已經到接近 30% 的高段。是否有什麼特別的事情正在發生？或者就新一輪的 run rate 而言，有沒有什麼我們需要留意的？

Well, I mean, as I've said on multiple calls in a row, they've been doing very well. I mean, this started tremendous acceleration we had last Q4 when their bookings growth was over 70%. And you're just beginning to see that turn into now revenue. So I believe the new rate is sustainable. And I actually think we can do better. And our strategy has been very simple, and -- but I know I've said it before, but it's been, frankly, no more complicated than adding salespeople internationally and domestically. We've done both to, if you will, localize the product for more countries. We've done many new countries that we've now released. In addition to that, we've been building out more verticals, what we call SuiteSuccess, where we actually bundled in the implementation with what we sell. And that's very, very popular with our customers. And so I think the team has also done a marvelous job executionally. And it's -- I know I say my comments pretty quick, but as much as the revenue grew in the quarter, our bookings actually grew faster than the revenue. And so we're very excited about NetSuite. We have been excited about NetSuite, and I think they will continue to perform. And I actually think we can do better than even what I've just described today.

嗯，我的意思是，正如我在連續多次電話會議上所說的，他們表現一直非常好。我的意思是，這始於我們在去年第四季看到的驚人加速，當時他們的預訂成長超過 70%。而你現在才剛開始看到這些逐步轉化為營收。所以我相信新的成長速度是可持續的。而且我其實認為我們可以做得更好。我們的策略一直非常簡單——我知道我以前說過——但坦白說，並不比在國際與國內增加銷售人員更複雜。我們兩者都做了，以便（如果你願意這麼說）為更多國家在地化產品。我們已經新增並發布了許多新的國家。除此之外，我們也在擴展更多垂直領域，也就是我們所稱的 SuiteSuccess，我們實際上把導入實施與我們銷售的產品打包在一起。而這在客戶之間非常、非常受歡迎。因此我認為團隊在執行面也做得非常出色。而且——我知道我講得很快——但就像本季營收成長那樣，我們的預訂其實成長得比營收更快。所以我們對 NetSuite 感到非常興奮。我們一直都對 NetSuite 感到興奮，我認為他們會持續有好表現。而且我其實認為，我們甚至可以比我今天剛描述的還要做得更好。

Your next question comes from Michael Turits with Raymond James.

下一個問題來自 Raymond James 的 Michael Turits。

So you've been seeing accelerating growth in cloud, ERP and HCM and other areas of cloud. Is that growing -- accelerating enough and becoming a big enough piece of the business that we can now start to see an acceleration in the cloud business overall, which has had some other headwinds?

所以你們在雲端、ERP 與 HCM 以及其他雲端領域看到成長加速。這樣的成長——加速得夠快、而且在業務中占比夠大嗎？使得我們現在可以開始看到整體雲端業務的加速？畢竟雲端業務還面臨一些其他逆風。

I mean, I guess I'll start. As I said in my comments, ERP and HCM are becoming a bigger and bigger part of our business. I mean, today, our annual SaaS revenues, ERP and HCM is approaching $3 billion. It's growing sort of mid-20s. And I think it's going to get nothing but better than better. Again, I don't want to get too positive. Only in the context that we're beginning to see acceleration in some key parts. So we're very focused on our competitors by brand and by industry. We deploy our sales force against those brands and against those industries as well as into our own user base. And the reason I read the references the way I read them was so you'd get a flavor that both our own user base is beginning to move in bigger numbers as well as the fact that we get competitive. Remember, most of that user base is not sitting with us or our traditional on-premise competitor. So yes, I mean, clearly it's a point to what I made earlier, and I'll stop after this to say that our growing businesses are becoming bigger and bigger, and you start putting the growth rates I'm describing on numbers like $3 billion, and you can do your own math. And so we're very confident, and feel very good about our position in those businesses.

我的意思是，我想我先開始。正如我在評論中所說，ERP 和 HCM 正在成為我們業務中越來越大的一部分。我的意思是，目前我們的年度 SaaS 營收中，ERP 和 HCM 正接近 30 億美元。其成長大約在 20% 中段。而我認為只會越來越好、越來越好。再說一次，我不想表現得太過樂觀。只是就我們開始在一些關鍵部分看到加速這個脈絡而言。所以我們非常聚焦於按品牌與按產業來看我們的競爭對手。我們把銷售團隊部署到那些品牌與那些產業，同時也面向我們自己的用戶基礎。而我之所以用那種方式讀出那些客戶引用，是希望你能感受到：一方面我們自己的用戶基礎開始以更大的數量在移轉；另一方面我們也在競爭中贏得客戶。記住，那個用戶基礎的大多數並不是在我們這裡，也不是在我們傳統的本地部署競爭對手那裡。所以是的，我的意思是，這顯然呼應了我先前提到的觀點；我講到這裡就停一下：我們成長中的業務正變得越來越大，而當你把我描述的成長率套用在像 30 億美元這樣的數字上，你可以自己算一算。因此我們非常有信心，並且對我們在這些業務中的地位感到非常良好。

Thanks, Mark. And if I get a follow-up quick one for Safra. Safra, you've managed to keep CapEx low even with the OCI investment. Any reason to expect a change in that trajectory, where we'd be spending more capital?

謝謝，Mark。如果我可以再快速追問 Safra 一個問題。Safra，即使有 OCI 的投資，你仍然把資本支出（CapEx）維持在低位。有任何理由預期這個趨勢會改變、也就是我們會投入更多資本嗎？

No. I expect it to be very similar this next quarter to this past quarter. And for the year, it's basically the same. Just a little bit less than last year. So that's kind of what we're looking at. Of course, if there's a huge opportunity, we may push the gaps a little more. But you have to understand that our SaaS operation is really, really coming and we're getting enormous economies of scale there. That's why the margins keep improving, and so we're able to sort of do it all within the same investment envelope so far.

沒有。我預期下一季會與上一季非常相近。而就全年而言，基本上也是一樣。只是比去年略少一點。所以這就是我們目前的預期。當然，如果出現很大的機會，我們可能會把投資額度再往上推一些。但你必須理解，我們的 SaaS 營運真的、真的正在起飛，而且我們在那裡獲得了巨大的規模經濟。這就是為什麼毛利率持續改善，因此到目前為止，我們能夠在同一個投資框架內把所有事情都做成。

Your next question comes from Mark Moerdler with Bernstein Research.

下一個問題來自 Bernstein Research 的 Mark Moerdler。

I'm going to do something I haven't done in a while, I'm going to take a bit of a liberty and ask 2 questions. The first is for Safra. You talked a bit on the call about cash flow, which has grown double digits, but was down roughly 1%, and you gave some color on the call, but can you talk a little bit more about the underlying factors here? Was timing or your definition of when you recognize cash flow having an impact? Are there other things that are impacting that cash? And then I have a follow-up for Mark.

我要做一件我好一陣子沒做的事：我想稍微破例問兩個問題。第一個給 Safra。你在電話會議中談到一些現金流，雖然是雙位數成長，但卻大約下降了 1%；你也在會議中提供了一些說明，但你能否再多談一點背後的因素？是時點因素，或是你們對何時認列現金流的定義對此有影響嗎？還有其他因素在影響那部分現金嗎？然後我還有一個要追問 Mark 的問題。

I mean, there are 2 things going on. If you look just at the quarter, it's nothing but cash collections, timing of cash collections. Nothing more really than that to focus in on. If you look at year-to-date, which you may look at in one of the other schedules, it's that and some tax payments. And that's really the 2 things going on. So nothing special going on. It happens every once in a while. If you look back previous years, you will see that, and it's a very Q3 thing, frankly because, by then, we're collecting up a lot of previous quarters' bookings -- billings, excuse me, so that's really it. Nothing special.

我的意思是，有兩件事同時在發生。如果只看本季，那就只是現金收款、收款時點的問題。真的沒有其他更需要聚焦的因素。如果你看年初至今（你可能會在其他附表中看到），那就是這個因素再加上一些稅款支付。基本上就是這兩件事。所以沒有什麼特別的狀況。這種情況偶爾會發生。如果你回看前幾年，你會看到類似情形；而且坦白說，這很像是第三季的特徵，因為到那時我們正在收取許多前幾季的預訂——更正，是開立帳單（billings）所對應的款項，所以就是這樣。沒有什麼特別的。

Okay, perfect. And then as a follow-up to Mark, given some color on the Autonomous Database, like, can you specifically discuss the types of workloads that are driving adoption of autonomous, and especially new clients, for -- autonomous revenue clients to the Oracle Database?

好的，完美。接著追問 Mark：你們對 Autonomous Database 提供了一些說明；你能否具體談談，是哪些類型的工作負載在推動 Autonomous 的採用？特別是對於——把 Oracle Database 的新客戶帶進來的 autonomous 營收客戶？

Larry?

Larry？

I think the question police ought to get you for announcing you're going to ask 2 questions as opposed to just doing it.

我覺得問題警察應該要抓你，因為你先宣布你要問兩個問題，而不是直接就問。

Sorry, Mark. I decided to be polite about it.

抱歉，Mark。我決定禮貌一點先說明。

Yes. No, that was very thoughtful. I don't know, maybe, Larry, you want to start in on that one?

是的。不，那很貼心。我不知道，也許 Larry，你想先從這題開始？

Sure, I mean, there are a lot -- database does a lot of different things. The researchers that I mentioned earlier that are moving from AWS for big cost savings, they're doing a combination of machine learning and computer vision to look at tissue samples and detect anomalous cells. Cancer based kit are using computers to diagnose cancer and that's a combination of machine learning and the Autonomous Database. And that's an all-new application. So there are several people that are coming in with all-new applications in the cloud. Especially the ones moving from AWS. Then there are traditional on-premise customers, who are simply taking one of their millions of Oracle databases, there are millions of these things out there and just lifting one of those databases either transaction processing and the associated application, either transaction processing application or a data warehousing application, just lifting it intact, moving the data over and moving the application over to compute, moving the data over to Autonomous Database, and running the same exact thing in the cloud. They're experiencing, sometimes shocking performance improvements also. I know we had 1 customer that moved from on-premise into the cloud and the cloud system ran many times faster than their on-premise system. Then there are customers that are moving new -- existing big Oracle customers that are moving new developments. The new applications that they're developing from developing them on-premise, they move test and development into the cloud. And they are the ones that, again, the general reaction there is they're much, much more productive getting running. It's much cheaper to do test and development, much more responsive, much more productive to move test and development from their on-premise infrastructure to the cloud infrastructure. So online transaction and processing, lifting and shifting applications, data warehousing lifting and shifting, test and development, moving from AWS, there are lots of different use cases.

當然，我的意思是，資料庫能做很多——資料庫能做各式各樣不同的事情。我先前提到那些為了大幅節省成本而從 AWS 遷移的研究人員，他們結合機器學習與電腦視覺來觀察組織樣本並偵測異常細胞。以癌症為基礎的套件正在使用電腦來診斷癌症，這是機器學習與自治資料庫的結合。而那是一種全新的應用。所以有不少人帶著全新的雲端應用進來。特別是那些從 AWS 遷移過來的。接著還有傳統的內部部署客戶，他們只是把自己數以百萬計的 Oracle 資料庫之一——外面確實有數百萬個這樣的資料庫——把其中一個資料庫（不論是交易處理及其相關應用，交易處理應用，或是資料倉儲應用）原封不動地搬移：把資料搬過去、把應用搬到運算資源上，把資料搬到自治資料庫上，然後在雲端跑完全相同的東西。他們也正在經歷有時甚至令人震驚的效能提升。我知道我們有一位客戶從內部部署搬到雲端後，雲端系統的速度比他們的內部部署系統快了很多倍。然後還有客戶在做新的——既有的大型 Oracle 客戶在把新的開發移過來。他們正在開發的新應用，原本在內部部署環境開發，現在把測試與開發移到雲端。而他們同樣的普遍反應是：啟動與運行的生產力高出非常、非常多。把測試與開發從內部部署基礎設施移到雲端基礎設施，成本更低、回應更快、生產力更高。所以，線上交易處理、應用的 lift-and-shift、資料倉儲的 lift-and-shift、測試與開發、從 AWS 遷移——有很多不同的使用案例。

Just a couple of quick follow-ons, one, I'm doing this off the top of my head, Mark, but I'm roughly right. 20% of our customers in autonomous data warehouse or in TOMS Database right now are net new to Oracle, we did not have them before, net new. And 80% are in our user base, roughly 70%, 75%, there's net no competition at all and the transaction is simply, as Larry described, a migration. 75% are actually into the LOB as opposed to IT, which I look at is very good news as well. So we've got a lot of underpinning improving dynamics -- in my opinion, they're improving dynamics, in terms of net new customers in addition to moving of our database and certainly, analytical data warehousing is probably the biggest individual driver of anything we've got.

再補充幾點很快的延伸，一是我現在是憑印象在講，Mark，但大致上是對的。目前在自治資料倉儲或 TOMS Database 的客戶中，大約 20% 是 Oracle 的淨新增客戶，我們以前沒有他們，是淨新增。而 80% 來自我們的既有用戶基礎；大約 70%、75% 的案子完全沒有競爭，交易本質上就只是如 Larry 所描述的遷移。其中 75% 實際上是由業務單位（LOB）而非 IT 端推動，我認為這也是非常好的消息。所以我們有很多底層的改善動能——以我看來是改善中的動能——不僅有淨新增客戶，也有我們資料庫的遷移；而且可以說，分析型資料倉儲大概是我們所有項目中最大的單一驅動因素。

And your next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Brad Zelnick。

My question is for Mark. Mark, as we think about the traction you're seeing in cloud ERP and where the demand is coming from, there's the massive on-premise install base opportunity, but I think some might not appreciate that more than half the market is the long tail of niche legacy vendors that most people haven't even heard of. Can you just give us a sense for your success in displacing that long tail? How much you think you're participating there versus the more usual suspects?

我的問題是問 Mark 的。Mark，當我們思考你們在雲端 ERP 看到的動能以及需求來源時，除了龐大的內部部署安裝基礎機會之外，我想有些人可能沒有意識到，市場有一半以上其實是由多數人甚至沒聽過的利基型傳統供應商所構成的長尾。你能否談談你們在取代這些長尾供應商方面的成功程度？你認為你們在那一塊的參與度有多高，相較於那些更常見的主要競爭者？

By the way, I think that's exactly right, what you said. So I think it's common thought that the ERP market on-premise is dominated by 2 vendors: Oracle and the company from Germany. And those 2 vendors together have less than 50% of the market. We have more Fortune 500 customers, for example. They have many big customers, but the blizzard of implementations -- or there's a blizzard of companies that have the more than 50% market share, 54%, 55%, most of them have moved into private equity. They're not even public companies. They're on their second or third turn through private equity. They've got no migration plan to the cloud. They've got 2G -- I could go on and on with all of these. And that's why as I mentioned earlier, we actually line up our development resources and our sales resources, very focused on these competitors. They would have names like, I mentioned a couple, like McCormack & Dodge, if you've heard of them. IBM, believe it or not, actually has got an old ERP system. There's a company called Deltek, I mean, there's a company called Lawson, a company called [ETHICA], there's tens and tens of these to your point, and these are old, old pieces of code. These need to move. They need to move to a more modern platform and they are, perhaps, as attractive as any other market. And in fairness, our user base actually knows our cloud road map. They actually have confidence in our R&D. They know we're going to be there to migrate them when they want to be there. They actually have less of a sense of urgency, in many cases, to move than the companies you're describing, Brad, because they're in much more desperate situations without a road map, without knowing how they're going to get from here to there, knowing their competitors are beginning to move. So we have as much success today, and if you ask one of our salespeople, would you rather have one of these competitive territories where you're going after one of these niche vendors, or would you rather have an E-Business Suite territory, many of our salespeople say, "Give me that competitive territory," because there's an absolute need to move as quick as you can. So yes, it's an incredibly attractive market and it's why you hear us keep talking about it so much because the additional fact is when we sell ERP, we continue to see an attach rate to HCM, and, frankly, an attach rate to even some of our other apps in the CX and front office area as well, so it's why we're so focused on that opportunity.

順帶一提，我認為你說得完全正確。所以一般的看法是，ERP 的內部部署市場由兩家供應商主導：Oracle 和那家來自德國的公司。而這兩家加起來的市占率不到 50%。例如，我們有更多的《財富》500 大客戶。他們也有很多大型客戶，但還有一大堆實作——或者說，有一大群公司合計拿走了超過 50% 的市占，54%、55%，其中大多數都已經被私募股權收購。他們甚至不是上市公司。他們已經在私募股權手上轉手第二次或第三次了。他們沒有遷移到雲端的計畫。他們有 2G——我可以把這些一直講下去。也因此，如我先前提到的，我們其實把研發資源與銷售資源排得很清楚，專注在這些競爭對手上。他們可能有一些名字，例如我提過幾個，像 McCormack & Dodge，如果你聽過的話。IBM，信不信由你，其實也有一套老的 ERP 系統。還有一家叫 Deltek 的公司，我是說，還有一家叫 Lawson 的公司，一家叫 [ETHICA] 的公司，正如你所說，有數十家、數十家這樣的供應商，而這些都是非常、非常老的程式碼。這些都需要移動。它們需要移到更現代的平台上，而它們或許跟任何其他市場一樣具有吸引力。公平地說，我們的用戶基礎其實了解我們的雲端路線圖。他們對我們的研發有信心。他們知道當他們想遷移時，我們會在那裡協助他們遷移。因此在很多情況下，他們移動的急迫感反而比你所描述的那些公司更低，Brad，因為那些公司處境更為迫切：沒有路線圖、不知道要如何從這裡走到那裡，同時也看到他們的競爭對手開始在移動。所以我們今天同樣很成功；如果你問我們的某位業務，你寧可要一個這種競爭型的戰區——去攻這些利基供應商——還是寧可要一個 E-Business Suite 的戰區，很多業務會說：「給我那個競爭型戰區」，因為那裡有絕對的需求要盡快移動。所以是的，這是一個極具吸引力的市場，也因此你會聽到我們一直談它；另外一個事實是，當我們賣 ERP 時，我們持續看到 HCM 的附加銷售率（attach rate），而且坦白說，在 CX 與前台（front office）領域的一些其他應用上也有附加銷售率，所以我們才會如此聚焦在這個機會上。

I will now turn the call back over to Ken Bond.

我現在把電話會議交回給 Ken Bond。

Okay, great. Thank you. A telephone replay of this conference call will be available for 24 hours. Dial-in information can be found in the press release issued earlier today. Please call the Investor Relations department with any follow-up questions from this call, and we look forward to speaking with you. Thank you for joining us today. With that, I'll turn the call back to the operator for closing.

好的，很好。謝謝。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今天稍早發布的新聞稿中找到。若對本次會議有任何後續問題，請致電投資人關係部門，我們也期待與各位再度交流。感謝各位今天的參與。接下來我會把電話交回接線員作結束。

Thank you for joining today's Oracle's Third Quarter 2019 Earnings Conference Call. We appreciate your participation. You may now disconnect.

感謝各位參加今天的 Oracle 2019 會計年度第三季財報電話會議。我們感謝各位的參與。各位現在可以掛線。