甲骨文 (ORCL) 2019 Q4 法說會逐字稿

Welcome to Oracle's Fourth Quarter 2019 Earnings Conference Call. Now I'd like to turn today's call over to Ken Bond, Senior Vice President, Investor Relations. Sir, I hand the floor to you.

歡迎參加甲骨文（Oracle）2019 年第四季財報電話會議。現在我想把今天的電話會議交給投資人關係資深副總裁 Ken Bond。先生，交給您發言。

Thank you, Holly. Good afternoon, everyone, and welcome to Oracle's Fourth Quarter and Fiscal Year 2019 Earnings Conference Call.

謝謝你，Holly。各位下午好，歡迎參加甲骨文 2019 年第四季及 2019 會計年度財報電話會議。

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.

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 CEOs Safra Catz and Mark Hurd.

今天出席電話會議的有董事長兼技術長 Larry Ellison，以及執行長 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. 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.

提醒各位，今天的討論將包含前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將提出一些與我們業務相關的重要因素，這些因素可能會影響上述前瞻性陳述。這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與今日所述內容出現重大差異。因此，我們提醒各位不要過度依賴這些前瞻性陳述。並建議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。

And finally, we are not obligating ourselves to revise our results or publicly release any revisions to these forward-looking statements in light of new information or future events.

最後，若因新資訊或未來事件而需要調整，我們並無義務修訂我們的結果或公開發布對這些前瞻性陳述的任何修訂。

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

在進入提問之前，我們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. As you can see, we had a terrific quarter with total revenue growth 1 point above the high end of my guidance and earnings per share $0.07 above the high end of my U.S. dollar guidance. I'll first go over Q4 and recap fiscal year 2019 before moving on to my guidance. I'll then turn the call over to Larry and Mark for their comments.

謝謝，Ken。各位下午好。如各位所見，我們本季表現非常出色：總營收成長比我指引區間上緣高出 1 個百分點，每股盈餘也比我以美元計的指引上緣高出 0.07 美元。我會先回顧第四季並總結 2019 會計年度，接著再談我的指引。之後我會把電話會議交給 Larry 與 Mark 發表他們的看法。

As in prior quarters, I'll review our non-GAAP results using constant dollar growth rates unless I say otherwise. Now the effects of currency movements in Q4 were largely as expected, maybe a smidge more incremental headwind than expected, but that was not a full percentage more. Anyway, total Cloud Services and License Support revenues for the quarter were $6.8 billion, up 3%, while Cloud License and On-Premise License revenues were $2.5 billion, up 15%. In particular, technology license growth was up 19%, making it abundantly clear that customers are investing in the Oracle platform. The key database options necessary to run the Oracle Autonomous Database service grew 21%. I cannot stress enough the stability and growth of our base of customers quarter-after-quarter.

如同前幾季，除非我另有說明，否則我將以固定匯率（constant dollar）的成長率來檢視我們的非 GAAP 結果。第四季匯率變動的影響大致符合預期，可能比預期多一點點的額外逆風，但不到整整多 1 個百分點。總之，本季雲端服務與授權支援（Cloud Services and License Support）營收為 68 億美元，成長 3%；雲端授權與地端授權（Cloud License and On-Premise License）營收為 25 億美元，成長 15%。其中，技術授權成長達 19%，清楚顯示客戶正在投資甲骨文平台。運行 Oracle Autonomous Database 服務所需的關鍵資料庫選項成長 21%。我再怎麼強調都不為過：我們的客戶基礎在每一季都展現穩定與成長。

Our customers are maintaining and expanding their Oracle environment. And in our BYOL, Bring Your Own License model, they have the portability to use their licenses on-premise, in the cloud or via hybrid environment. This popularity is largely because our products are capable of doing things others just can't do, whether it's security, performance or scalability, and in our cloud, autonomous capabilities. As our customers adopt our technologies, whether via licenses or cloud services, our overall customer base is growing and that growth is starting to accelerate.

我們的客戶正在維持並擴大其 Oracle 環境。在我們的 BYOL（Bring Your Own License，自帶授權）模式下，客戶可將其授權靈活移轉使用於地端、雲端或混合環境。這種受歡迎程度主要是因為我們的產品能做到其他人做不到的事，無論是安全性、效能或可擴展性，以及在我們雲端中的自動化（autonomous）能力。隨著客戶採用我們的技術（不論透過授權或雲端服務），我們的整體客戶基礎正在擴大，而這個成長也開始加速。

In addition, the recent interconnect agreement with Microsoft will only help accelerate the transition from on-premise database to the Autonomous Database service.

此外，近期與微軟的互連（interconnect）協議，將進一步加速從地端資料庫轉向 Autonomous Database 服務的過渡。

Now to the numbers. The gross margin for Cloud Services and License Support was 86%. And as we continue to scale and grow, I expect this will go even higher. Total revenues for the quarter were $11.1 billion, up 4% from last year. Non-GAAP operating income was $5.3 billion, up 7% from last year. And the operating margin was 47%, which was up from 46% last year. The non-GAAP tax rate for the quarter was at 16.4%, slightly below our base tax rate of 20% as a result of some discrete items. And EPS was $1.16 in U.S. dollars and up 27% in constant currency and 23% in USD.

接著看數字。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，我預期這個數字還會更高。本季總營收為 111 億美元，較去年成長 4%。非 GAAP 營業利益為 53 億美元，較去年成長 7%。營業利益率為 47%，高於去年同期的 46%。本季非 GAAP 稅率為 16.4%，由於一些一次性項目（discrete items），略低於我們 20% 的基準稅率。每股盈餘（EPS）為 1.16 美元；以固定匯率計成長 27%，以美元計成長 23%。

The GAAP tax rate was 3.3%, also a result of some discrete items. And GAAP EPS was $1.07 in U.S. dollars and up 41% in constant currency, 36% in U.S. dollars.

GAAP 稅率為 3.3%，同樣是一些一次性項目的結果。GAAP 每股盈餘為 1.07 美元；以固定匯率計成長 41%，以美元計成長 36%。

Now moving on to recap the full fiscal year. Total Cloud Services and License Support revenue was $26.7 billion, growing 4%. Total company revenues for the year was $39.5 billion, growing 3% compared to 2% total revenue growth in FY '18. Non-GAAP EPS was USD 3.52, up 19% in constant currency, up 16% in U.S. dollars, driven by operating income growth, share repurchases and lower tax rate. This is mirrored in our operating margin percentage for the full year, which was up slightly to 44% this year.

接下來回顧整個會計年度。雲端服務與授權支援總營收為 267 億美元，成長 4%。公司全年總營收為 395 億美元，成長 3%，相較於 2018 會計年度總營收成長 2%。非 GAAP 每股盈餘為 3.52 美元；以固定匯率計成長 19%，以美元計成長 16%，主要受營業利益成長、庫藏股回購以及較低稅率所帶動。這也反映在我們全年營業利益率上：今年小幅上升至 44%。

As a reminder, our best ever full year operating margin was 47%, and I expect we will surpass that in the coming years as our total revenue growth accelerates and we benefit from greater scale in our business.

提醒各位，我們歷來最佳的全年營業利益率為 47%；我預期在未來幾年，隨著總營收成長加速並受惠於更大的業務規模，我們將超越該水準。

Operating cash flow over the last 4 quarters was $14.6 billion, lower than last year, only because, as you will see at the bottom of our cash flow statement in the 10-K, FY '19 cash tax payments were $1.3 billion higher this year, including the $610 million installment towards the transition tax in Q2 and nearly $540 million in higher tax payments in Q4.

過去 4 個季度的營運現金流為 146 億美元，較去年降低；原因僅在於—如各位將在 10-K 的現金流量表底部所見—2019 會計年度的現金稅款支付較今年多出 13 億美元，其中包含第二季支付的 6.10 億美元過渡稅（transition tax）分期款，以及第四季近 5.40 億美元的較高稅款支付。

Capital expenditures for the year were $1.7 billion. And free cash flow over the last 4 quarters was $12.9 billion. We now have approximately $38 billion in cash and marketable securities. The short-term deferred revenue balance is $8.4 billion, up 3% in constant currency.

全年資本支出為 17 億美元。過去 4 個季度的自由現金流為 129 億美元。我們目前約有 380 億美元的現金及有價證券。短期遞延收入餘額為 84 億美元，以固定匯率計成長 3%。

As we've said before, we're committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and a dividend. This quarter, we repurchased 112 million shares for a total of $6 billion. Over the last 12 months, we have repurchased 734 million shares for a total of $36 billion. Over the last 5 years, we have reduced the shares outstanding by almost 25% with nearly 60% of the total reduction this past year in FY '19.

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，為股東創造並回饋價值。本季我們回購 1.12 億股，總金額 60 億美元。過去 12 個月，我們回購 7.34 億股，總金額 360 億美元。過去 5 年，我們已將流通在外股數減少近 25%，其中在 2019 會計年度的減少量約占總減少量的近 60%。

In addition, we've paid out dividends of $2.9 billion over the last 12 months and the Board of Directors again declared a quarterly dividend of $0.24 per share.

此外，在過去12個月中，我們已支付29億美元的股利，董事會也再次宣告每股0.24美元的季度股利。

Now to the guidance. My guidance today is a non-GAAP basis and in constant currency. Assuming the current exchange rates remain the same as they are now, currency should have about a 1% negative effect on total revenues and about $0.01 negative effect on EPS. So for Q1, total revenues are expected to grow between 1% to 3% in constant currency. And assuming a 1% currency headwind, total revenues are expected to grow between 0% and 2% in USD.

接下來談展望。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，匯率對總營收約有1%的負面影響，對每股盈餘（EPS）約有0.01美元的負面影響。因此，就第一季而言，以固定匯率計算，預期總營收將成長1%至3%。並且在假設有1%的匯率逆風下，以美元計算，預期總營收將成長0%至2%。

Non-GAAP EPS in constant currency is expected to grow between 14% to 16% and be between $0.81 and $0.83 in constant currency. And assuming the $0.01 headwind, non-GAAP EPS in USD is expected to grow between 12% and 14% and be between $0.80 and $0.82 in USD.

以固定匯率計算的非GAAP EPS，預期將成長14%至16%，並介於0.81至0.83美元（以固定匯率計算）。而在假設有0.01美元逆風下，以美元計算的非GAAP EPS，預期將成長12%至14%，並介於0.80至0.82美元（以美元計算）。

Now this past year, we grew 3%. And for fiscal year 2020, I expect total revenue will grow faster than last year constant currency, of course, and that we will once again report double-digit EPS growth. Total CapEx for fiscal year '20 is expected to be about $2.2 billion, but it could move a little depending on our bookings. My EPS guidance for Q1 and fiscal year '20 assumes our base rate of 20%. However, onetime tax events could cause actual tax rates for any given quarter to vary from our base, both higher or lower. But I expect that in normalizing for these onetime tax events, our tax rate will average around 20% for fiscal year 2020.

而在剛過去的一年，我們成長了3%。對於2020會計年度，我預期以固定匯率計算的總營收成長將快於去年，當然，而且我們將再次呈報雙位數的EPS成長。2020會計年度的資本支出（CapEx）總額預期約為22億美元，但可能會依我們的訂單而略有變動。我對第一季與2020會計年度的EPS指引，假設我們的基準稅率為20%。然而，一次性稅務事件可能使任何特定季度的實際稅率相較於基準出現偏離，可能更高或更低。但我預期在將這些一次性稅務事件正常化後，我們2020會計年度的平均稅率將約為20%。

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

接下來，我把時間交給Mark發表他的評論。

Thanks, Safra. Really we just had a solid quarter from top to bottom. Total revenue was up 4% in constant currency with Cloud License and Support up 3% and EPS up 27% in constant currency.

謝謝你，Safra。我們這一季從上到下都表現穩健。以固定匯率計算，總營收成長4%，其中雲端授權與支援成長3%，而以固定匯率計算的EPS成長27%。

In apps, we had a great momentum. We grew 6% for the year. We're now at $11.5 billion in trailing 12 months' revenue, 92% of that recurs. We continue to grow revenue faster than market. And we have just an enormous opportunity in front of us in ERP and HCM, and I'll talk to that in a second.

在應用軟體方面，我們動能非常強。我們全年成長6%。我們目前過去12個月的營收為115億美元，其中92%為經常性收入。我們持續以快於市場的速度成長營收。而在ERP與HCM方面，我們面前有極為龐大的機會，我稍後會談到。

In SaaS revenue and bookings, let me just give you a few stats to give you some context of what happened. Overall ERP and HCM annualized SaaS revenue is now $2.9 billion or call it $3 billion, and it was up in the high 20s. Fusion apps revenue was plus 36% in Q4 and up 32% for the full year. Fusion HCM was up 25% in Q4, solid growth with nice wins that I'll discuss again in a second. Fusion ERP revenue was up 44% and also up 44% for the full year.

在SaaS營收與訂單方面，我先提供幾個數據，讓大家了解發生了什麼。整體而言，ERP與HCM的年化SaaS營收目前為29億美元，或可說約30億美元，成長在高20%區間。Fusion應用在第四季營收成長36%，全年成長32%。Fusion HCM在第四季成長25%，成長穩健，且有一些漂亮的勝出案例，我稍後會再談。Fusion ERP營收成長44%，全年也成長44%。

NetSuite ERP was up 28% in Q4 as the strong momentum continues. They had strong bookings in the quarter. And I remind you that last Q4, they had 72% growth in bookings. In addition, there was a plus 30% growth in bookings this Q4. And that's what drove this revenue growth. And when we acquired NetSuite, we had roughly 15% growth rates, and those have darn near doubled now since the acquisition.

NetSuite ERP在第四季成長28%，強勁動能持續。他們本季的訂單表現強勁。我也提醒各位，去年第四季他們的訂單成長達72%。此外，今年第四季訂單也成長了30%以上。這正是推動這次營收成長的原因。而當我們收購NetSuite時，成長率約為15%，自收購以來如今幾乎翻倍。

In our verticals, revenue was up 19% and 32% for the year. In our Data as a Service, just to give you some further context within our SaaS business, our challenges related to the broader privacy issues continued and revenue was down 15%.

在我們的垂直產業解決方案中，營收成長19%，全年成長32%。在我們的「資料即服務」（Data as a Service）方面，為了在SaaS業務中提供更多背景，我們與更廣泛的隱私議題相關的挑戰仍在持續，營收下滑15%。

Now I'm going to give you an IDC quote that I have to read as-is, so I can't improvise. But let me give you the quotes, the words and then the close quotes. "Per IDC's latest annual market share results, Oracle gained the most market share globally out of all enterprise applications SaaS vendors 3 years running, in calendar year '16, '17 and '18." And I can't improvise on that quote, although I'd like to. So anyway, we just have strong momentum in the app space. I'll talk to you about some of the wins in a second.

接下來我要引用一段IDC的話，我必須照原文念，所以不能即興發揮。我先把引文內容念出來，然後再結束引號。「根據IDC最新的年度市占結果，Oracle在全球所有企業應用SaaS供應商中，連續3年在市占增長方面居首，涵蓋曆年2016、2017與2018年。」我不能對這段引文即興發揮，雖然我很想。總之，我們在應用領域確實動能強勁。我稍後會談一些勝出案例。

In our infrastructure ecosystem, the GapTech ecosystem was $21.1 billion on a trailing 12 months' basis and Q4 was up 7% with database up mid-single digits, driven by mid-teens database license growth. And let me repeat that, mid-teens database license growth.

在我們的基礎架構生態系中，GapTech生態系以過去12個月計算為211億美元，第四季成長7%；其中資料庫成長在中個位數，主要由資料庫授權成長約十幾%所帶動。我再重複一次，資料庫授權成長約十幾%。

Autonomous Database, and I'm telling you, while the numbers helped us in Q4, they were still small. But the -- if you extrapolate them, they are relatively -- not relatively, they are very significant. More than 5,000 new trials were added in Q4 alone. We've got a great pull-through business with 40% of our Q4 wins, so 40% of the time we win on Autonomous Database, we pull through analytics.

至於自治資料庫（Autonomous Database），我告訴各位，雖然這些數字在第四季對我們有幫助，但規模仍然不大。但是——如果你把它們外推，其影響相當——不是相當，而是非常顯著。僅第四季就新增了超過5,000個新的試用。我們有很好的帶動（pull-through）業務：在我們第四季的勝出案中，有40%——也就是說，我們在自治資料庫勝出的40%情況下，會連帶帶動分析（analytics）。

We're adding many new customers. So of all the customers we're adding with Autonomous Database, and you might think we're replacing just our base, which by the way we'd be glad to do, about 20% of our customers are just brand new to Oracle. They were not an Oracle Database customer when they bought the Autonomous Database. And new workloads are 40%, meaning that I'm an Oracle Database customer, but I'm putting a different workload on the Autonomous Database than I had on the Oracle Database. So we have both new and existing customers doing both.

我們正在新增許多新客戶。因此，在我們透過自治資料庫新增的所有客戶中，你可能會以為我們只是替換既有客群——順帶一提，我們也很樂意這麼做——但約有20%的客戶對Oracle而言是全新客戶。他們在購買自治資料庫之前，並不是Oracle Database的客戶。而新工作負載占40%，意思是：我本來就是Oracle Database客戶，但我在自治資料庫上部署的是不同於我在Oracle Database上使用的工作負載。因此，新客戶與既有客戶兩者都在進行這兩種情況。

Now to Safra's point, and she hit it briefly, I want to hit it just a little harder. In the key database options that you need to run autonomous, so these being rack and multi-tenant and Active Data Guard if you want the SLA, our license growth was up 21%. So what do you think the market is growing, 2, 3, 3.4, whatever number you think from your favorite analyst, this was a huge share gain customer for us -- or share gain quarter for us in database. It was a solid quarter. We exceeded our revenue target and saw 27% EPS growth. Our bookings growth climbed with our renewal rates, meaning our continuing renewal rates of existing customers gives us confidence that our cloud apps business will also just continue to strengthen from here.

回到Safra的重點，她剛才簡要提到，我想再更強調一點。在你要運行自治功能所需的關鍵資料庫選項上——例如機架（rack）、多租戶（multi-tenant），以及若你要SLA所需的Active Data Guard——我們的授權成長達21%。所以你認為市場成長是多少，2%、3%、3.4%，或你從你最喜歡的分析師那裡看到的任何數字，這對我們而言都是資料庫業務一個巨大的市占提升客戶——或說是市占提升的一季。這是一個穩健的季度。我們超越了營收目標，並看到EPS成長27%。我們的訂單成長隨著續約率攀升，這表示既有客戶持續的續約率讓我們有信心，雲端應用業務也將從此持續走強。

Now I thought I'd give you just a couple of key wins we had during the quarter. And I'm going to try and give you a little more color of the typical size of the companies we're selling to. I might even try and give you a little bit about who we replaced in the deal and give you some rhythm, so you get a feel for all of this. Some of our key wins, and I'll focus on some back office wins, Argo Insurance (sic) [Group], about a $2 billion company; Coronado Curragh, a mining company in Australia, $2.3 billion company. Diebold Nixdorf, that's an interesting one, because I used to compete with them when I was at NCR. Diebold bought Nixdorf. And Diebold was an EBS customer. Nixdorf was an SAP customer. They combined the 2, and they will be going to Oracle Cloud ERP. The whole Diebold Nixdorf will run on Oracle Cloud ERP.

現在我想跟各位分享本季我們取得的幾個關鍵勝利。我也會試著讓各位更了解我們銷售對象公司的一般規模。我甚至會試著談一點我們在交易中取代了誰，並提供一些節奏感，讓各位對整體情況有個感覺。我們的一些關鍵勝利，我會聚焦在一些後台（back office）的勝利：Argo Insurance（原文如此）[Group]，約20億美元規模的公司；Coronado Curragh，一家澳洲的礦業公司，23億美元規模。Diebold Nixdorf 這個案子很有意思，因為我以前在 NCR 的時候曾和他們競爭。Diebold 收購了 Nixdorf。而 Diebold 原本是 EBS 客戶。Nixdorf 則是 SAP 客戶。他們把兩者合併後，將會轉向 Oracle Cloud ERP。整個 Diebold Nixdorf 都將在 Oracle Cloud ERP 上運行。

NG, out of Brazil, about $1.3 billion, they bought ERP supply chain and procurement, fantastic win for us. And they were running on TOTVS, a Brazilian ERP company. And so they are net new to Oracle. Exterion, which is a $1 billion company, bought our whole -- really our whole ERP suite, ERP planning, supply chain, procurement. They did it against a background of basically having a little bit of everything. They had a little bit of EBS, a little bit of SAP and a little bit of Microsoft and replaced it all with the Oracle Cloud.

NG，來自巴西，約13億美元規模，他們購買了 ERP 供應鏈與採購，對我們來說是非常棒的一場勝利。他們原本使用 TOTVS，一家巴西的 ERP 公司。因此他們對 Oracle 來說是全新客戶（net new）。Exterion，是一家10億美元規模的公司，購買了我們整套——其實是我們完整的 ERP 套件：ERP 規劃、供應鏈、採購。他們是在原本系統非常混雜的背景下做出這個決定。他們同時有一點 EBS、一點 SAP、還有一點 Microsoft，最後全部以 Oracle Cloud 取代。

Now this company you may never have heard of, Helmerich & Payne, the reason I've heard of them is their stock symbol on The New York Stock Exchange was HP. And for years, I wanted their stock symbol. And they are about a $1.6 billion company. And while I never got the stock symbol from them, we have replaced Epicor with Oracle Cloud ERP at Helmerich & Payne.

接下來這家公司你可能從未聽過：Helmerich & Payne。我之所以聽過他們，是因為他們在紐約證券交易所的股票代號是 HP。多年來，我一直想要他們的股票代號。他們約16億美元規模。雖然我從來沒從他們那裡拿到股票代號，但我們在 Helmerich & Payne 以 Oracle Cloud ERP 取代了 Epicor。

So anyway, that would just give you some idea on that. Ferguson, which is one of the largest plumbing wholesale and distribution companies, they're a $21 billion company. They bought ERP, EPM, supply chain, procurement, just a tremendous, tremendous win for us and very looking to partner with them. Santander in the U.S., another tremendous win for us. Wright Medical, which was very competitive. Emerson Electric, Rutgers University, which has deployed not only all of our financials and ERP, but are deploying our new student scheduling system, which deals with all of commissions and -- not commissions, but grants and discounting, very difficult stuff to deal with in higher ed. So a very key win for us in the quarter.

總之，這應該能讓各位對此有些概念。Ferguson，是最大的管材批發與配送公司之一，規模210億美元。他們購買了 ERP、EPM、供應鏈、採購，對我們而言是非常非常重大的勝利，我們也非常期待與他們合作夥伴關係。美國的 Santander，對我們來說也是另一個巨大的勝利。Wright Medical，競爭非常激烈。Emerson Electric、Rutgers University（羅格斯大學），不僅部署了我們所有的財務與 ERP，也正在部署我們新的學生排課系統，該系統涵蓋所有的佣金與——不是佣金，而是補助（grants）與折扣（discounting），在高等教育領域這些都非常難處理。因此這是我們本季非常關鍵的一場勝利。

A great HCM win at Waste Management. Waste Management is a $13 billion company in Houston. This is HCM, payroll, talent, some amount of ERP. Tiffany, I'm sure all of you bought something from Tiffany for some important occasion, Tiffany will be running on our HCM location.

在 Waste Management（廢棄物管理公司）方面，我們拿下了一個很棒的 HCM 勝利。Waste Management 是一家位於休士頓、規模130億美元的公司。這包含 HCM、薪資、人才管理，以及部分 ERP。Tiffany，我相信各位都曾在某個重要場合從 Tiffany 買過東西；Tiffany 將會在我們的 HCM 上運行。

Okay. I'm getting a sign to stop here, but it was a very good quarter in terms of just quality logos. And I think what I was -- let me just try to do one -- maybe a couple of other things for you just to give you some flavor. So we get asked this in Q&A a lot.

好的。我收到提示要在這裡先停一下，但就優質客戶標誌（logos）的角度來看，這確實是非常好的一季。我想我剛才——讓我再試著做一件——也許再補充一兩點，讓各位更有感覺。我們在問答環節常常被問到這個問題。

I'm just reading down the list. And of what I'm looking at is about 150 on my page, I'd say 120 bought more than one module from us. And if I read the competitors or the incumbents that got replaced, they start SAP, EBS, EBS, TOTVS, Microsoft, Epicor, Epicor, Infor, Lawson, Infinium, Microsoft, EBS, I mean, I could go on and on. But that will give you a flavor that we're getting as many, and I didn't do this accounting exactly, but as many of our logos from outside of the traditional Oracle user base as we are from the Oracle user base.

我只是照著清單往下讀。我這頁大概有150個，我會說其中約120個向我們購買了不只一個模組。如果我讀出被取代的競爭對手或既有供應商，會是 SAP、EBS、EBS、TOTVS、Microsoft、Epicor、Epicor、Infor、Lawson、Infinium、Microsoft、EBS……我的意思是，我可以一直列下去。但這能讓各位感受到：我們拿到的客戶標誌中，來自傳統 Oracle 使用者基礎之外的數量，和來自 Oracle 使用者基礎內的數量一樣多——雖然我沒有精確計算。

With that, I'll turn it over to Larry.

接下來我把時間交給 Larry。

Thank you, Mark. As Mark said, in Q4, we saw a surge in database license sales. We also saw very rapid growth in sales of those database options required to run our Autonomous Database. We continue to gain overall database market share as we migrate our database users to the cloud.

謝謝你，Mark。如 Mark 所說，在第四季，我們看到資料庫授權銷售大幅成長。我們也看到為了運行我們的 Autonomous Database（自治資料庫）所需的那些資料庫選項（options）銷售快速成長。隨著我們將資料庫使用者遷移到雲端，我們持續提升整體資料庫市場占有率。

In the quarter, we added over 5,000 new Autonomous Database trials in our Gen 2 public cloud. Our new Gen 2 Cloud infrastructure offers customers a compelling array of advanced technology features, including our self-driving database that automatically encrypts all your data, backs itself up, tunes itself, upgrades itself and automatically patches itself when a security threat is detected. It does all of this autonomously, while running without the need for any human intervention and without the need for any downtime. No other cloud infrastructure provides anything close to these autonomous features.

本季，我們在 Gen 2 公有雲新增了超過5,000個 Autonomous Database 試用。我們新的 Gen 2 雲端基礎架構為客戶提供一系列極具吸引力的先進技術功能，包括我們的自駕資料庫（self-driving database）：它會自動加密所有資料、自行備份、自行調校、自行升級，並在偵測到安全威脅時自動修補。它能在完全自治的情況下完成所有這些工作，不需要任何人工介入，也不需要任何停機時間。沒有任何其他雲端基礎架構能提供接近這些自治功能的能力。

Thank you, Larry. Holly, if we can start with the Q&A portion of the call please.

謝謝你，Larry。Holly，我們可以開始電話會議的問答部分嗎？

(Operator Instructions) And our first question comes from the line of Michael Turits, Raymond James.

（接線員指示）我們的第一個問題來自 Raymond James 的 Michael Turits。

Strong quarter in a lot of ways, and database obviously stood out. But I'd like to ask about the recent Azure partnership. In general, your strategy has been to make sure that on-premise Oracle workloads move to Oracle Cloud. Does this Azure partnership represent an opening to Oracle workloads running on other clouds? Or is it more directed at just getting Azure services integrated with Oracle Cloud workloads?

本季在很多方面都很強勁，而資料庫顯然特別突出。但我想問一下近期與 Azure 的合作夥伴關係。整體而言，你們的策略一直是確保內部部署（on-premise）的 Oracle 工作負載移轉到 Oracle Cloud。這個 Azure 合作是否代表 Oracle 工作負載可以在其他雲上運行的一個開端？還是它更偏向於讓 Azure 服務與 Oracle Cloud 的工作負載整合？

It really is -- most customers have Microsoft technology and Oracle technology. So they might have a Microsoft analytics suite and their data in an Oracle database. And we want to make it as easy as possible for you to run those Microsoft analytics in Azure, accessing the Oracle Database in the Oracle Public Cloud. And we built these high-speed interfaces and make -- we made -- we glued the technologies together, but we also have unified the customer experience. So the customers -- it feels to the customer, like they're working in one cloud, but they have 2 suites of products and technologies they have access to and they can interconnect those things. But no, the Oracle Database is still running in the Oracle Cloud and the Microsoft analytic technology is running in the Microsoft cloud. They are just talking to each other at high speed and highly reliable.

其實是——大多數客戶同時擁有 Microsoft 技術與 Oracle 技術。所以他們可能有一套 Microsoft 的分析套件，而資料放在 Oracle 資料庫裡。我們希望讓你能盡可能容易地在 Azure 上運行那些 Microsoft 分析，同時存取位於 Oracle 公有雲中的 Oracle Database。我們建立了這些高速介面，並且——我們把這些技術黏合在一起，但也統一了客戶體驗。所以對客戶而言，感覺就像在同一朵雲裡工作，但他們可以使用兩套產品與技術，並能把它們互相連接。但不是，Oracle Database 仍然運行在 Oracle Cloud，而 Microsoft 的分析技術運行在 Microsoft 的雲端。它們只是以高速且高度可靠的方式彼此溝通。

Thank you. Next question, please.

謝謝。請下一題。

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

我們的下一個問題將由 Bernstein Research 的 Mark Moerdler 提出。

Congrats on the strong quarter. I'd like to focus my question on the database business and especially Autonomous Database. Mark, Safra, thanks for the data you gave on autonomous on the call, but can you give us some more color on how we should think about the database biz revenue going forward? Is autonomous adoption hitting the stride, so we can visibly see it in license revenue on a quarter-by-quarter basis? And what's this impact going forward on cloud (inaudible) ?

恭喜本季表現強勁。我想把問題聚焦在資料庫業務，特別是自駕式資料庫（Autonomous Database）。Mark、Safra，謝謝你們在電話會議上提供的自駕式資料庫相關數據，但能否再多補充一些細節，讓我們了解未來該如何看待資料庫業務的營收走勢？自駕式資料庫的採用是否已進入加速期，以至於我們能在每季的授權營收中清楚看到反映？以及這對未來雲端（聽不清）會有什麼影響？

Okay. Let me give you what I think is maybe the most interesting thing we can say about this. We have 2 ways of forecasting our Autonomous Database business. One is the traditional way, where the field comes out with quarterly forecasts, we put together annual plans. And that's in fact what we relied upon for years in terms of giving you guidance. But now that we're in the cloud business, we have some interesting additional data, not around field sales, if you will, bookings for selling our cloud services and our technology, but rather we have real data about consumption inside of our cloud. And we started collecting the consumption data, because to add capacity to the cloud -- Safra said, depending on bookings, we might have to spend more money. Let me be a little bit more precise. It's not even bookings that drive it. Bookings that lead to increased consumption triggers our just-in-time provisioning of our hardware into our public clouds. And right now, we're getting signals from our usage in our Gen 2 Cloud that is signaling much faster Autonomous Database growth than we're seeing from our sales forecast. It's just kind of interesting, but encouraging.

好的。我來分享我認為也許是我們能說的最有意思的一點。我們有兩種方式來預測自駕式資料庫業務。一種是傳統方式，由前線團隊提出季度預測，我們再彙整成年計畫。事實上，多年來我們在提供你們指引時一直依賴這種方式。但現在我們進入雲端業務後，我們有一些有趣的額外數據：不是來自前線銷售（如果你願意這麼說）對雲端服務與技術的銷售訂單（bookings），而是來自我們雲端內部的實際用量（consumption）數據。我們開始蒐集用量數據，是因為要為雲端增加容量——Safra 說過，視訂單情況，我們可能需要花更多錢。我再更精確一點。其實甚至不是訂單本身在驅動。是那些會導致用量增加的訂單，才會觸發我們在公有雲中進行即時（just-in-time）的硬體佈建。而目前，我們從第二代雲（Gen 2 Cloud）的使用情況收到的訊號顯示，自駕式資料庫的成長速度遠快於我們從銷售預測看到的。這點很有意思，也令人鼓舞。

And our next question is going to come from the line of Brad Zelnick, Crédit Suisse.

我們的下一個問題將由 Crédit Suisse 的 Brad Zelnick 提出。

It's great seeing the business accelerating like this. My question is for Larry. Larry, it's so nice to see the early success in Autonomous Database and demand for database options. But as we think about the long-term prospects of the database business, in years past, a lot of your success was tied to the ISV ecosystem, and it would seem the future is increasingly about embracing software developers. First, would you agree with that statement? And how do you see Oracle attracting developers to your database and OCI more broadly?

很高興看到業務以這樣的速度加速成長。我的問題要問 Larry。Larry，很高興看到自駕式資料庫的早期成功，以及市場對資料庫選項的需求。但當我們思考資料庫業務的長期前景時，過去你們的許多成功與 ISV 生態系密切相關，而未來似乎愈來愈在於擁抱軟體開發者。首先，你同意這個說法嗎？你如何看待 Oracle 吸引開發者使用你們的資料庫，以及更廣泛的 OCI？

Well, I think you're saying the same thing. Why is it attractive to -- why is it good to attract developers, because developers write applications and the most important applications are ISV applications, which are used across the board. So I don't think anything has changed at all. Developers were always, if you will, the foundation of our business. We have over 1 million developers in our ecosystem already. And most ISVs, most of the current ISVs in the cloud use the Oracle Database. I mean, everything the Salesforce.com runs pretty much is running on the Oracle Database. Everything that SAP acquired to run in the cloud runs on the Oracle Database. Now I know SAP said they're going to move to HANA, but they said that 6 years ago, haven't quite gotten there yet. Anyway, the -- we go after developers -- and in fact, yesterday, we were putting the finishing touches of a program we're going to be announcing to developers at Oracle OpenWorld, which is basically free services to developers, forever, if you will. So developers and college entrepreneurs can -- this is free service. We'll be able to provide this free service that will let developers to start on the Oracle Cloud, build their applications and graduate from being maybe a solo entrepreneur some place in a dorm in MIT to eventually being an entrepreneur starting a company and then becoming an ISV. That's the cycle we want to sign up people early, and we have all sorts of cloud programs we're putting in place to be able to do that.

嗯，我想你其實是在說同一件事。為什麼吸引開發者很有吸引力——為什麼吸引開發者是好事——因為開發者會寫應用程式，而最重要的應用程式是 ISV 的應用程式，會被各行各業廣泛使用。所以我不覺得有任何改變。開發者一直都是（如果你願意這麼說）我們業務的基礎。我們的生態系裡已經有超過 100 萬名開發者。而且多數 ISV、目前在雲端的多數 ISV 都使用 Oracle Database。我的意思是，Salesforce.com 執行的幾乎所有東西基本上都跑在 Oracle Database 上。SAP 收購後用來在雲端運行的所有東西也都跑在 Oracle Database 上。我知道 SAP 說他們要轉到 HANA，但他們 6 年前就這麼說了，至今還沒完全做到。總之——我們會去爭取開發者——事實上，昨天我們正在完成一項計畫的最後細節，我們將在 Oracle OpenWorld 對開發者宣布，基本上是提供給開發者的免費服務，某種意義上是永久免費。所以開發者與大學生創業者可以——這是免費服務。我們將能提供這項免費服務，讓開發者可以從 Oracle Cloud 起步、建立他們的應用程式，並從可能只是某個 MIT 宿舍裡的單打獨鬥創業者，逐步成長為創辦公司、最後成為 ISV 的創業者。這就是我們想要的循環：我們希望早期就讓大家加入，我們也正在建立各式各樣的雲端計畫來做到這一點。

Thank you. Next question please.

謝謝。請下一個問題。

Our next question will come from the line of John DiFucci, Jefferies.

我們的下一個問題將由 Jefferies 的 John DiFucci 提出。

I'm going to follow up with another database. I know apps was good too, but I can't help myself, have been waiting for this. Maybe...

我想再追問一個資料庫相關問題。我知道應用程式（apps）也表現不錯，但我忍不住，我一直在等這個。也許……

Us too. We've been working for this for a long time, and it's great to see it's just begin to show up in the numbers.

我們也是。我們為此努力了很長一段時間，很高興看到它才剛開始在數字上反映出來。

It is. And the timing is kind of odd, Larry, because many infrastructure companies this quarter have struggled lately. And as you probably know, the logical conclusion from the investment community was that we'd see some relative weakness out of Oracle. But your constant currency infrastructure growth was better than it's been in -- I mean since you've been doing this, like over the last -- I went back looking back to fiscal '16. And in this quarter, the constant currency growth was better than it's been since -- over that time period.

確實如此。而且時點有點奇妙，Larry，因為本季許多基礎架構公司最近都面臨挑戰。如你所知，投資界的邏輯推論是我們會看到 Oracle 相對疲弱。但你們以固定匯率計算的基礎架構成長率，比你們過去——我是說自從你們開始做這件事以來——都要好；我回頭看到了 2016 財年。而在這一季，固定匯率成長率比那段期間以來任何時候都更好。

I guess, Larry, you mentioned the options, and that's something we've been sort of waiting for and looking for. I guess, can you give a little more detail on that? And then maybe even more generally, maybe Mark, if you can give us some detail on comments on the general broad-based infrastructure IT demand out there? We're not -- we don't just cover Oracle, right? We're just trying to figure out what's going on out there.

我想，Larry，你提到了那些選項（options），這也是我們一直在等待並關注的。你能否再多提供一些細節？然後更一般性地，也許 Mark 你能否就目前整體、廣泛的基礎架構 IT 需求談談看法？我們不——我們不只覆蓋 Oracle，對吧？我們只是想弄清楚外面到底發生了什麼。

Okay. So let me -- there are 2 options that I think Mark mentioned them that are absolutely required to use Autonomous Database. One is the multi-tenancy option. This is the one where you can take an existing application, it could be an ISV, you could take an existing application that was never built to be multi-tenant, you move it to the Oracle Database, you don't change a thing and you suddenly have a multi-tenant database. So that's one thing that's required for Autonomous Database. The other thing is this real application clustering. Real application clustering refers to the fact that we use multiple computers to run every database instances. So in case one of those computers should fail, there's -- our systems are fault tolerant, they keep running. So the Autonomous Database never breaks. Let me say that again, never breaks.

好的。我先說——我想 Mark 提到的有兩個選項，是使用自駕式資料庫絕對必須具備的。第一個是多租戶（multi-tenancy）選項。這個選項讓你可以把既有的應用程式——可能是 ISV 的——把一個從未為多租戶設計的既有應用程式移到 Oracle Database 上，你什麼都不用改，立刻就擁有一個多租戶資料庫。所以這是自駕式資料庫所必需的一項。另一項是即時應用叢集（Real Application Clustering）。即時應用叢集指的是：我們使用多台電腦來運行每一個資料庫實例。因此如果其中一台電腦故障——我們的系統具備容錯能力，會持續運行。所以自駕式資料庫永遠不會中斷。我再說一次，永遠不會中斷。

Ladies and gentlemen, stand by. And our next question is going to come from the line of Heather Bellini, Goldman Sachs.

各位女士先生，請稍候。我們的下一個問題將由 Goldman Sachs 的 Heather Bellini 提出。

Heather, can you hold on for a moment. Heather, can you hear me okay? I apologize everybody. Larry, what'd you like to do? Would you like to continue on or...

Heather，你可以稍等一下嗎。Heather，你聽得到我說話嗎？各位我很抱歉。Larry，你想怎麼做？你想繼續進行，還是……

Yes. I would like to answer the question.

是的。我想回答這個問題。

John, did you get any of Larry's answers?

John，你有聽到 Larry 的任何回答嗎？

John we'll get you back on the line and we'll kind of figure out -- apologies for these logistics.

John，我們會讓你重新接回線上，我們會大概把情況弄清楚——對於這些後勤安排，抱歉。

We were talking about the options. So let me -- I'm sorry. And I'll cycle back and repeat my answer. So the answer, there are 2 options required for Autonomous Database. One is the multi-tenancy option, and that allows, let's say, an existing ISV to take an application that was never meant for the cloud, move it to our Autonomous Database with the multi-tenancy option, and suddenly, without changing their application, their application becomes a multi-tenant cloud application. That's one key feature and we've seen sales of that skyrocket. The other key feature of Autonomous Database that's required to use Autonomous Database is this feature called rack. Rack is the ability to use multiple computers to run a single application or a single database instance.

我們剛才在談選項。所以讓我——抱歉。我會回過頭把我的答案再說一遍。所以答案是，Autonomous Database 需要 2 個選項。其中一個是多租戶（multi-tenancy）選項，這讓例如既有的 ISV 可以把一個原本不是為雲端設計的應用程式，移到我們具備多租戶選項的 Autonomous Database 上，然後在不更改其應用程式的情況下，該應用程式立刻就成為多租戶的雲端應用程式。這是一個關鍵功能，我們看到這方面的銷售量暴增。Autonomous Database 的另一個必備關鍵功能，是一個叫做 rack 的功能。Rack 是能夠使用多台電腦來執行單一應用程式或單一資料庫執行個體的能力。

So in case one of those computers should fail, we tolerate that failure and the application keeps running, because we have multiple computers. You might have one. You might have 2, 3, 4. But you lose 1 or 2, you still have 2, 3, 4 left, whatever you -- however you configure the system. We will only configure Autonomous Database with multiple computers. Autonomous Database never fails. You must have the rack option to ensure that. Rack options are growing more rapidly than you would expect, being driven again by consumption of the Autonomous Database. So we're seeing very, very rapid adoption. In fact, it's -- and another thing -- to add a little color to this, initial transaction, a lot of our existing customers might come on with a very small project, let's say, a $30,000 ARR project. And within 60, 90, 120 days, that becomes $120,000 project. And after another few months, it becomes $0.5 million project. So we're really optimistic about this business. And the optimism -- and I'm just back to what I said earlier, the optimism was not in Safra's guidance, which is based on sales forecast. The thing that I find fascinating are the consumption data curves, which shows our consumption rate growing much faster than the fields currently anticipating. To me, that's just wonderfully encouraging, and hopefully, this is the beginning of the trend. We'll find out soon.

因此，萬一其中一台電腦故障，我們可以容忍該故障，應用程式仍可持續運作，因為我們有多台電腦。你可能有 1 台。你可能有 2、3、4 台。但你少了 1 或 2 台，你仍然還有 2、3、4 台可用——取決於你如何配置系統。我們只會以多台電腦來配置 Autonomous Database。Autonomous Database 永不故障。你必須有 rack 選項來確保這一點。Rack 選項的成長速度比你預期更快，同樣是由 Autonomous Database 的使用量（consumption）所帶動。所以我們看到非常、非常快速的採用。事實上——再補充一點背景——初始交易時，我們很多既有客戶可能先以一個很小的專案開始，例如一個年經常性收入（ARR）3 萬美元的專案。而在 60、90、120 天內，就會變成 12 萬美元的專案。再過幾個月，就會變成 50 萬美元的專案。所以我們對這項業務非常樂觀。而這份樂觀——回到我先前說的——並沒有反映在 Safra 的指引中，因為那是基於銷售預測。我覺得很有意思的是使用量數據曲線，顯示我們的使用率成長遠快於目前業務團隊所預期。對我而言，這非常令人振奮，也希望這是趨勢的開始。我們很快就會知道。

Okay, Holly, if we could now move ...

好的，Holly，如果我們現在可以繼續……

I think Mark had a follow on. Didn't you have a question for Mark as well?

我想 Mark 有個追問。你不是也有個問題要問 Mark 嗎？

I did. Just a general demand. Can you hear me?

有的。只是關於整體需求。你聽得到我嗎？

Yes. We can hear you, John.

是的。我們聽得到你，John。

Okay. Yes. It was just -- we're seeing a lot of funky stuff out there for infrastructure software. And I'm just wondering -- I mean you guys just have a broad customer base. Just like wondering what you're seeing in general? Are you seeing any -- I mean your business was strong, but there's a lot of companies that have struggled recently. Are you seeing anything, any changes out there for infrastructure demand in general beyond Oracle even?

好的。是的。只是——我們看到基礎架構軟體市場上有很多怪現象。我只是想知道——你們的客戶基礎很廣。想請問你們整體上看到的是什麼？你們的業務表現很強，但最近有很多公司表現吃力。除了 Oracle 之外，你們是否看到整體基礎架構需求有任何變化？

Yes. I mean we have new hot products. I mean that's the difference. I think that again, I won't speak to everybody, but when you go out with the Autonomous Database, Larry talked about a lot of different factors, but from a business perspective, we very rarely had a product that we can go talk to somebody at a senior level and say how would you like to get more secure, save money and get better performance all at the same time.

是的。我的意思是，我們有新的熱門產品。這就是差異所在。我想同樣地，我不代表所有人發言，但當你帶著 Autonomous Database 出去時，Larry 談了很多不同因素，但從商業角度來看，我們很少有一個產品能在高階層級跟對方溝通，並說：你是否想同時更安全、省錢、而且效能更好。

How would you like to outsource the security detection and patchings responsibilities to somebody who does this for a living, so you never have to read the name of your company above the fold on the front page talking about how much data you just lost. All right. So we expect -- yes, I'm going to let Mark talk. I'm sorry.

你是否想把資安偵測與修補（patching）的責任外包給以此為業的人，讓你再也不必在頭版上方看到你公司名字，報導你剛丟了多少資料。好。所以我們預期——是的，我會讓 Mark 來談。抱歉。

Well, this is a really simple message. This is different from saying, we've got a new partitioning. It's just a very different approach for us. And so we've got new products. You know about the strengths, John, you mentioned in cloud apps. And we benefit from a set of competitors that are in different stages of maturation, most of which are weak. And we've got great products and what we are just now bringing out in Autonomous Database. And so I think that's a bit different just in terms of the various product cycle that we're in versus what other people might be in.

嗯，這其實是一個非常簡單的訊息。這不同於說，我們有一個新的分割（partitioning）。這對我們而言是非常不同的做法。因此我們有新產品。你也知道我們的強項，John，你提到雲端應用。而我們也受惠於一群競爭對手正處於不同的成熟階段，其中大多數都很弱。我們有很棒的產品，以及我們現在才剛推出的 Autonomous Database。所以我認為，這在某種程度上反映了我們所處的產品週期，與其他人可能所處的週期不同。

Yes. Let me then close with -- I couldn't agree more with Mark. Our really good hot new products like Autonomous Database, Fusion, cloud application suite, NetSuite are selling really well. In fact, they are accelerating. They're doing extremely well. Quite frankly, we have some other product lines that we're quite naturally downsizing like some of the acquired Sun hardware, there are some older on-premise software products that aren't really doing well. Mark mentioned data cloud because of all the privacy issues. So yes, there are some of our businesses that are not, if you will, hot. But the good news is the hot businesses are now bigger than the not-so-hot businesses and that's determining our future.

是的。那我最後總結——我完全同意 Mark。我們真正又好又熱門的新產品，例如 Autonomous Database、Fusion、雲端應用套件、NetSuite，賣得非常好。事實上，它們正在加速成長。表現極為出色。坦白說，我們也有一些其他產品線正在很自然地縮減，例如部分併購自 Sun 的硬體；也有一些較舊的地端（on-premise）軟體產品表現不佳。Mark 提到資料雲（data cloud），因為有各種隱私議題。所以是的，我們有些業務並不是——如果你要說——熱門。但好消息是，熱門業務現在已經比不那麼熱門的業務更大，而這正在決定我們的未來。

By the way, what Larry said is right, I think it's worth noting. Our SPARC business declined 24%, 25% this quarter. Our NetSuite business grew, as we described, in the high 20s. And they don't cancel out. NetSuite is now bigger. But when we look at the aggregate growth rate of the company, it's made up of negative 25s and plus 27s, like what I just described. And so it does create the phenomenon that Larry described.

順帶一提，Larry 說得沒錯，我覺得值得注意。我們的 SPARC 業務本季下滑了 24%、25%。我們的 NetSuite 業務如我們所述，成長在 20% 後段。而它們並不會互相抵消。NetSuite 現在更大。但當我們看公司的整體成長率時，它是由負 25% 和正 27% 這樣的組合所構成，就像我剛才描述的。因此就會出現 Larry 所描述的現象。

Again, it looked like -- and I swear this will be the last part of the answer to your question. The -- it does look like the top line is moving up modestly. But underneath that, there is really a lot of activity. You have these very -- these modern businesses like Autonomous Database, Fusion, NetSuite growing very rapidly, taking share, clear #1s in the overall marketplace. (inaudible) is dominant #1 in cloud ERP. And you have these other businesses that are melting away and we just don't care. We're focused on our star products, and our star products are now driving our top line higher.

再說一次，看起來——我發誓這會是我對你問題回答的最後一段。——看起來營收（top line）只是小幅上升。但在這之下，其實有非常多的活動。你有這些非常——這些現代化的業務，例如 Autonomous Database、Fusion、NetSuite，成長非常快、正在搶占市占，並且在整體市場中是明確的第一名。(聽不清) 在雲端 ERP 是主導性的第一名。同時你也有其他一些業務正在逐漸消退，而我們並不在意。我們專注於我們的明星產品，而我們的明星產品現在正推動我們的營收走高。

And our next question will come from Heather Bellini, Goldman Sachs.

接下來的提問將由高盛的 Heather Bellini 提出。

Okay. So I guess, I should spend a little bit of time on the app segment, given everyone has been focusing on the infrastructure segment so far. It obviously looks like that was another strong quarter there. I was wondering, Mark, if you could share with us in terms of how the SaaS business is performing, if you could look out next year -- I mean, you had tougher comps in the fiscal year that just ended, right, as the anniversary of NetSuite went on. When you think about the type of acceleration we can see, can you walk us through kind of the puts and takes in terms of the types of acceleration we might be able to see in that business? And also I wanted to ask you, I mean, SAP is going through where they are trying to get customers to replatform. How much of an opportunity is that for you to go and potentially win back some of those customers or to win some of those customers for the first time? So wondering kind of the competitive environment, I guess, between Workday and SAP and how you're seeing that play out given some of the announcements from SAP?

好的。我想我應該花一點時間談談應用程式（app）部門，因為到目前為止大家都一直把焦點放在基礎架構部門。很明顯那邊又是一個表現強勁的季度。Mark，我想請你分享一下 SaaS 業務的表現；如果往明年看——我的意思是，你們剛結束的這個會計年度比較基期更具挑戰，對吧，因為 NetSuite 併購的周年效應已經走過。當你思考我們在那項業務可能看到的加速幅度時，你能否帶我們梳理一下，哪些因素會推動或抵銷（puts and takes）這種加速、以及我們可能看到的加速類型？另外我也想問，SAP 正在推動客戶重新上平台（replatform）。這對你們而言有多大的機會，去可能贏回其中一些客戶，或是第一次贏得其中一些客戶？所以我想了解一下競爭環境——我想是在 Workday 與 SAP 之間——以及在 SAP 一些公告之後，你們看到的競爭態勢如何發展？

Okay. Well, that question would take me like an hour to get.

好的。嗯，這個問題我可能要花一個小時才能回答完。

How about the abridged version?

那來個精簡版如何？

The abridged version. I think, to your point, SAP is forcing all their customers to a new platform by beginning of 2025. That forces all their customers to move and all the changes, not just the changes they've just made, but all the changes they made to the code have to be remade to the code. And what that means is they have to roll up a big new bill to move to this thing Larry called earlier, HANA. And it's a big damn bill. And so the poor CIO or CFO, whoever this guy is, has to show up to the Board and says to the Board of Directors, we've got a $500 million bill to move to HANA. And you all on the phone are smart. My guess is the Board members says something clever like what's HANA. And the guy goes, well, it's a platform. And the guy goes, well, what's a platform? And he goes, well, it's a new thing we run our ERP on. The guy goes, oh, okay. And it costs $500 million? And the guy goes, oh, yes. And he goes what do we get for it? And he goes, well, we get some new plumbing and we get some new this. I just think that meeting goes very badly. And somewhere in the meeting, the customer goes who else have you talked to? Do we have an alternative? Could we not do it? Could we go with somebody else?

精簡版。我認為，如你所說，SAP 正在要求他們所有客戶在 2025 年初之前轉到一個新平台。這迫使所有客戶都得搬遷，而且所有變更——不只是他們剛做的變更，而是他們對程式碼做過的所有變更——都必須在新程式碼上重新做一遍。這代表他們得為搬到 Larry 先前提到的那個東西——HANA——開出一張很大的新帳單。而且是一張他媽的超大帳單。所以可憐的 CIO 或 CFO，不管是誰，得去董事會報告，對董事會說：我們要花 5 億美元把系統搬到 HANA。而你們在電話上的各位都很聰明。我猜董事會成員會說些很機靈的話，比如：HANA 是什麼？那個人就說：嗯，它是一個平台。對方又說：那平台是什麼？他說：嗯，就是我們用來跑 ERP 的新東西。對方說：喔，好。那要 5 億美元？他說：喔，是的。對方說：那我們得到什麼？他說：嗯，我們得到一些新的管線（plumbing），還有一些新的這個那個。我覺得那場會議會進行得非常糟。而在會議的某個時刻，客戶會問：你還跟誰談過？我們有替代方案嗎？我們可不可以不做？我們能不能改用別家？

So yes, I mean, I think it's an incredibly interesting strategy on their part to put all their customers at play. Do we get calls from customers that we haven't been called or talked to in 20 years? The answer is yes. And is it because -- and remember, Heather, you know this that when we sold to customers 15 years ago, they never really talked to SAP after that and vice versa, because you're expected to stay with these ERP systems forever. So yes, some percent of their base will move as a result of just this, because it's a lot of money for not getting much, real simple. And the rest of the...

所以是的，我的意思是，我認為他們把所有客戶都放到競爭檯面上，這是一個非常有意思的策略。我們會不會接到一些客戶的來電——那些我們已經 20 年沒接觸、也沒談過的客戶？答案是會。而且原因是——Heather，你也知道——我們 15 年前賣給客戶之後，他們基本上就不太會再跟 SAP 聊，反過來也一樣，因為大家都預期 ERP 系統會用一輩子。所以是的，他們的客戶基礎中會有一部分因此而轉移，因為花很多錢卻得不到太多回報，就這麼簡單。而其餘的……

Anything on Workday?

那 Workday 呢？

I thing Workday does -- again, my sense of Workday is they do a decent job in upmarket HCM where they can divorce the HCM buyer from the ERP buyer. When the ERP buyer and the HCM buyer are aligned and combined, they're really in a position with no chance, because they don't have much of a financials product. And I know they hyped it and they talk about it and all that, but at the end of the day, they're just not competitive. So for us, the market really is for us to keep moving ahead. It's a lot -- I don't know what our market share must be in cloud financials now, but it must be plus 90%, 92%, 93%, 94%. So yes, do I think we can accelerate? I think the greatest story you can see here is the NetSuite story that we doubled the rate. And if I didn't say enough things about NetSuite, because I'm sure the NetSuite team is listening. Let me say, NetSuite, NetSuite, NetSuite. They have just done a fabulous job and they are doing a fabulous job not just growing internationally, but growing domestically. A lot of this performance in NetSuite is just pure U.S. domestic performance, more salespeople, more industries, micro industries that we build for, better execution. And so between NetSuite and Fusion, we've just had a really good run. I won't tell you everything is perfect, which is really good news. With these numbers, we can do better. We can do better. And I think we're just getting our stride. So I feel very good about it, Heather.

我認為 Workday 的表現——再說一次，我對 Workday 的感覺是，他們在高端市場（upmarket）的 HCM 做得還不錯，因為他們能把 HCM 的採購決策者與 ERP 的採購決策者切割開來。但當 ERP 的買方與 HCM 的買方是對齊且合一時，他們基本上就沒有機會，因為他們的財務產品並不強。我知道他們大力宣傳、也一直談這件事等等，但說到底，他們就是不具競爭力。所以對我們而言，市場機會就是持續往前推進。我們在雲端財務（cloud financials）的市占率現在應該是多少我不確定，但肯定是 90% 以上，92%、93%、94%。所以是的，我認為我們能加速嗎？我覺得你在這裡能看到最精彩的故事是 NetSuite 的故事：我們把成長速度翻倍了。如果我對 NetSuite 說得還不夠多，因為我確定 NetSuite 團隊正在聽，那我再說一次：NetSuite、NetSuite、NetSuite。他們做得非常出色，而且不只是國際成長做得很好，國內成長也做得很好。NetSuite 這次很多表現其實就是純粹的美國本土表現：更多業務人員、更多產業、我們為其打造的微型產業（micro industries）、更好的執行力。所以在 NetSuite 與 Fusion 之間，我們確實跑出了一段非常好的成績。我不會告訴你一切都完美——這其實是個好消息。以這些數字來看，我們還能做得更好。我們能做得更好。我覺得我們才剛進入節奏。所以我對此感覺非常好，Heather。

And as Fusion becomes a higher percentage, Fusion ERP is growing so quickly and it becomes a bigger percentage, it just kind of overwhelms everything else.

而且隨著 Fusion 的占比提高，Fusion ERP 成長非常快、占比變得更大，它就會在某種程度上壓過其他所有東西。

Yes that's the mix change. I mean that's what you're seeing really in this quarter is the beginning of the fact that our hot rapidly growing products are now bigger than some of those products, again, like Sun SPARC that are in decline. And we kind of cross -- those 2 curves have crossed one another. Fusion is an international product in a lot of countries. And now we've moved NetSuite to a lot of countries. And quite frankly, we haven't really started to get the benefit of that just yet. So that's going to kick in this fiscal year and that will have a big impact.

是的，那就是組合變化（mix change）。我的意思是，你們在這一季真正看到的，是我們那些火熱、快速成長的產品，現在已經比一些正在下滑的產品（例如 Sun SPARC）更大了。而我們某種程度上——那兩條曲線已經彼此交叉。Fusion 在很多國家都是一個國際化產品。而現在我們也把 NetSuite 推向很多國家。坦白說，我們還沒有真正開始享受到那帶來的效益。所以那會在這個會計年度開始發酵，並且會帶來很大的影響。

Our next question is going to come from the line of Phil Winslow, Wells Fargo.

接下來的提問將由富國銀行的 Phil Winslow 提出。

Congrats on a great finish to the year. A lot of time has been spent on platform and applications. I wanted to focus on infrastructure and hope you can give us an update on just what you're seeing on the Oracle Cloud Infrastructure too. What's the feedback from customers? How do we think about sort of where we are in the adoption life cycle? And then one question I get from investors is how should we think about OCI 2 relative to the announcement with Microsoft, if there is any sort of impact there?

恭喜今年收官表現非常出色。大家花了很多時間談平台與應用。我想把焦點放在基礎架構上，希望你們能更新一下你們在 Oracle 雲端基礎架構（OCI）方面看到的情況。客戶的回饋是什麼？我們該如何思考我們目前在採用生命週期（adoption life cycle）中的位置？另外投資人常問我的一個問題是：我們該如何看待 OCI 2 相對於你們與微軟的那項公告——如果有的話——是否會帶來任何影響？

Well, OCI 2, we have 2 infrastructure products. We had what we now call OCI Classic, which really is frozen and we're moving all of our customers -- almost moved all of our customers to our Gen 2 Cloud. Our Gen 2 Cloud is dramatically better, I think, not only than our Gen 1 Cloud, but other people's, the existing clouds. We have -- without going through a lot on this, we have an architecture where we have 2 separate computers in each computer that you rent, if you will. And we have the Intel computer that you rent and then we have another processor with separate memory that has all of our cloud control code. So that's very different than Amazon or Google or Azure as an architecture. That's true with every single computer in our Gen 2 Cloud is really 2 computers, the one that the customer uses and another one that we use to manage the cloud and encrypt the data and encapsulate the messaging and virtualize the messaging and do all of that. The -- it's impossible for a cloud customer to get at our code and hack it. And it's also impossible for our programmers to look at our customers' data. So we did this. We redid our architecture, because we decided that existing architectures, infrastructure architectures had just too many vulnerabilities. And so we bit the bullet, said, okay, we're going to freeze OCI Classic, we're going to invest in Gen 2 that gives us this much more secure, much more reliable platform. And in fact, it'll be much faster. It's also much faster. We have much faster networking, I'm not going into all of that. But this is a huge differentiator between us and everybody else. And customers are beginning to see that. They are beginning to understand the architectural differences. A lot of the world security agencies are now coming to us and saying, hey, this looks really good, we're going to go with this, not Amazon or somebody else because of these architectural distinctions. Also, a bunch of people are running high-performance workloads on our cloud. We have a much fancier network. We have RDMA capability built into our network that the other guys don't have. That's because we redid that. We didn't have it in Gen 1, we have it in Gen 2. It allows us to run large machine learning workloads, rendering, simulations, all sorts of high-performance computing way better than our competitors. So there are a bunch of applications we just do better and people are beginning to notice and they are beginning to move and buy.

嗯，OCI 2，我們有 2 個基礎架構產品。我們有現在稱為 OCI Classic 的產品，基本上已經凍結不再發展，我們正把所有客戶——幾乎已把所有客戶——遷移到我們的 Gen 2 雲端。我認為我們的 Gen 2 雲端顯著更好，不僅比我們的 Gen 1 雲端更好，也比其他人的、現有的雲端更好。我們有——不細講太多——一種架構：在你租用的每一台電腦中，實際上有 2 台彼此分離的電腦。其中一台是你租用的 Intel 電腦，然後我們還有另一個具備獨立記憶體的處理器，承載我們所有的雲端控制程式碼。所以這在架構上與 Amazon、Google 或 Azure 非常不同。在我們的 Gen 2 雲端中，每一台電腦都確實是 2 台電腦：一台供客戶使用，另一台由我們用來管理雲端、加密資料、封裝訊息、將訊息虛擬化，以及完成所有這些工作。——雲端客戶不可能接觸到我們的程式碼並加以駭入。而且我們的程式設計人員也不可能查看客戶的資料。所以我們這麼做了。我們重新設計了架構，因為我們認為既有的架構、基礎架構架構存在太多弱點。因此我們下定決心，說好，我們要凍結 OCI Classic，投資於 Gen 2，讓我們擁有更安全、更可靠的平台。而且事實上，它也會快得多。它也確實快得多。我們的網路速度快很多，我就不展開講了。但這是我們與其他所有人之間的一個巨大差異化因素。客戶也開始看見這一點。他們開始理解這些架構上的差異。現在許多全球的安全機構都來找我們，說，嘿，這看起來非常好，因為這些架構上的區別，我們會選擇這個，而不是 Amazon 或其他人。另外，也有一大批人在我們的雲端上跑高效能工作負載。我們有更先進的網路。我們的網路內建 RDMA 能力，其他人沒有。這是因為我們重新設計了它。Gen 1 沒有，Gen 2 有。它讓我們能夠執行大型機器學習工作負載、渲染、模擬，以及各種高效能運算，表現遠勝競爭對手。所以有一大批應用我們就是做得更好，大家開始注意到，也開始遷移並採購。

And our final question for today comes from Raimo Lenschow, Barclays.

我們今天的最後一個問題來自 Barclays 的 Raimo Lenschow。

I wanted to go back to NetSuite strength, Mark, and you talked already a lot about it in terms of geographic and going deep into industry. But I just wanted to see like how sustainable is that? So where are we in that innings in terms of going against certain countries or going against certain industries? Like is that kind of where the initial investment is coming through now and then we are done? Or are we on the beginning of a journey here?

我想回到 NetSuite 的強勁表現，Mark，你已經從地理擴張以及深入各產業的角度談了很多。但我想了解的是，這種動能有多可持續？也就是說，在拓展特定國家或特定產業方面，我們現在處於哪個階段？這是否代表最初的投資現在開始見效，然後我們就完成了？還是說我們其實才剛開始這段旅程？

First, Raimo, I think one thing that I'll add to Larry's Gen 2 point is customers love Gen 2. And it's got a great thing, it works really well. It's reliable. It scales. We're hiring people in our engineering group, continuing to expand. And so just to add to Phil's point, I mean, it is very well received by our sales force, our field and it's been fantastic. On NetSuite, yes, we're just at the beginning. To Larry's point, we really haven't seen the acceleration internationally that we've seen domestically. So we are adding salespeople internationally. We've done that. We've got some more to do. So there is growth there. We are adding more countries. There is more to do there. And we are adding what we call sweet success, which is where we take an industry -- not even an industry, a micro industry. So instead of taking retail, we would take retail bookstores and campus bookstores and universities, and we would refine the solution for campus bookstores and then put a consulting offer around it that we would deliver, so it's a complete one-stop shop for the customer. And we're continuing to build those out. So we've increased R&D yet again to do more of those, increased our sales force yet again to get after more customers. And our expectation is that we continue to drive significant growth in NetSuite.

首先，Raimo，我想在 Larry 的 Gen 2 觀點上補充一點：客戶很喜歡 Gen 2。它有個很棒的特點，就是運作得非常好。它很可靠。它可擴展。我們正在工程團隊持續招募人員、繼續擴編。所以再補充 Phil 的觀點，我的意思是，我們的銷售團隊、前線與各地團隊對它的反應非常好，表現非常出色。至於 NetSuite，是的，我們才剛開始。如同 Larry 所說，我們在國際市場尚未看到像在國內市場那樣的加速成長。因此我們正在國際市場增加銷售人員。我們已經這麼做了。我們還需要再做更多。所以那裡仍有成長空間。我們正在新增更多國家。那裡也還有很多工作要做。此外，我們也在增加我們所稱的 sweet success，也就是我們聚焦某個產業——甚至不是產業，而是微型產業。因此我們不只是做零售，而是做零售書店、校園書店與大學；我們會針對校園書店精煉解決方案，並圍繞它提供我們會交付的顧問服務方案，讓客戶得到完整的一站式服務。我們也在持續擴建這些方案。因此我們再次提高了研發投入以做更多這類方案，也再次擴增了銷售團隊以爭取更多客戶。我們的預期是，將持續推動 NetSuite 的顯著成長。

Okay. Thank you, Mark. A telephonic replay of this conference call will be available for 24 hours. Dial-in information can be found in the press release issued earlier today. Please call the Investor Relations department for any follow-up questions from the call. We look forward to speaking with you. Thank you for joining today.

好的。謝謝你，Mark。本次電話會議的電話重播將提供 24 小時。撥入資訊可在今日稍早發布的新聞稿中找到。如對本次電話會議有任何後續問題，請致電投資人關係部門。我們期待與各位再次交流。感謝各位今天的參與。

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

接下來，我把電話交回給 Holly 進行結語。

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

謝謝，也感謝各位參加今天的 Oracle 2019 會計年度第四季財報電話會議。我們感謝各位的參與。各位現在可以掛線。