甲骨文 (ORCL) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to Oracle's Fourth Quarter 2022 Conference Call. It's now my pleasure to hand today's conference over to Oracle's Senior Vice President, Ken Bond.

下午好。謝謝你的支持。歡迎參加甲骨文 2022 年第四季度電話會議。現在，我很高興將今天的會議交給 Oracle 的高級副總裁 Ken Bond。

Great. Thank you, David. Good afternoon, everyone, and welcome to Oracle's Fourth Quarter and Fiscal Year 2022 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. Additionally, a list of many customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from the Investor Relations website.

偉大的。謝謝你，大衛。大家下午好，歡迎參加甲骨文 2022 年第四季度和財年收益電話會議。可以從我們的投資者關係網站查看和下載新聞稿和財務表的副本，其中包括 GAAP 與非 GAAP 對賬和其他補充財務信息。此外，投資者關係網站上還將提供最近購買 Oracle 雲服務或在 Oracle 雲上上線的許多客戶的列表。

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

今天的電話會議是董事長兼首席技術官拉里·埃里森（Larry Ellison）；和首席執行官，薩夫拉卡茨。

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. And these forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

提醒一下，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息。在今天的討論中，我們將介紹一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述也受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異。

As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we are not obligating ourselves to revise our results or statements [due to] new information or future events. Before taking questions, we'll begin with a few prepared remarks.

因此，我們告誡您不要過度依賴這些前瞻性陳述，我們鼓勵您查看我們最近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修訂，以全面討論這些因素和其他可能影響我們未來業績或我們股票市場價格的風險。最後，我們沒有義務因新信息或未來事件而修改我們的結果或聲明。在提問之前，我們將從一些準備好的評論開始。

And with that, I'd like to turn the call over to Saf.

有了這個，我想把電話轉給 Saf。

Thanks, Ken, and good afternoon, everyone. As you can see, we had an excellent quarter across the board, with total revenue growing 10% in constant currency, the highest organic growth we've seen since 2011, and $240 million above the high end of my constant currency guidance.

謝謝，肯，大家下午好。如您所見，我們整個季度都表現出色，總收入按固定匯率計算增長了 10%，這是我們自 2011 年以來看到的最高有機增長，並且比我的固定匯率指導的高端高出 2.4 億美元。

Earnings were equally strong as the EPS was $0.20 above the high end of guidance. What Q4 demonstrates is that our business is accelerating. A growing list of customers, many new to Oracle, are choosing us for more products and services as they understand the benefits of Oracle technology.

收益同樣強勁，每股收益比指導的高端高 0.20 美元。第四季度表明我們的業務正在加速發展。越來越多的客戶（其中許多是 Oracle 的新客戶）選擇我們以獲得更多產品和服務，因為他們了解 Oracle 技術的優勢。

Our technology helps make our customers modern, efficient and more productive. And they got to see that during the pandemic, and now it's very clear. Those customers are then becoming larger Oracle customers. Fusion customers are buying OCI. OCI customers are buying Fusion and NetSuite. Database customers are moving to autonomous on OCI. Industry vertical customers are going all in on Fusion. We have real momentum all around. Going forward and despite the macro environment, we continue to expect the revenue growth in our cloud business will accelerate substantially in fiscal year '23.

我們的技術幫助我們的客戶實現現代化、高效和生產力。他們必須在大流行期間看到這一點，現在非常清楚。這些客戶隨後將成為更大的甲骨文客戶。 Fusion 客戶正在購買 OCI。 OCI 客戶正在購買 Fusion 和 NetSuite。數據庫客戶正在轉向 OCI 上的自治。行業垂直客戶正在全力投入 Fusion。我們到處都有真正的動力。展望未來，儘管存在宏觀環境，我們仍然預計我們的雲業務收入增長將在 23 財年大幅加速。

We are also excited about completing the Cerner acquisition. Larry spoke at our Oracle health strategy session last week, and he'll give you more details today. And I'll fill in with some numbers.

我們也對完成對 Cerner 的收購感到興奮。 Larry 上週在我們的 Oracle 健康戰略會議上發表了講話，他今天將為您提供更多詳細信息。我會填寫一些數字。

As you can see in the financial statements, the currency headwind this past quarter was 5%, which was considerably higher than the 2% to 3% it was during our last earnings call. Following my regular custom, I'll be reviewing our non-GAAP USD results using constant currency growth rates so you have a clear view of the business as we manage it.

正如您在財務報表中看到的那樣，上個季度的貨幣逆風為 5%，遠高於我們上次財報電話會議期間的 2% 至 3%。按照我的慣例，我將使用恆定的貨幣增長率審查我們的非公認會計原則美元結果，以便您在我們管理業務時清楚地了解業務。

Now for Q4, total cloud services and license support revenue for the quarter was $7.6 billion, up 7% in constant currency again, driven by Fusion, NetSuite Autonomous Database and, of course, Gen2 OCI. Total cloud revenues, that's IaaS plus SaaS, was USD 2.5 billion, up 22% in constant currency. Application subscription revenues were $3.2 billion, up 9% in constant currency. Our strategic back-office cloud applications now have an annualized revenue of $5.4 billion and grew 24% in constant currency this quarter, including Fusion ERP up 23% and NetSuite ERP up 30%.

現在到第四季度，該季度的雲服務和許可證支持總收入為 76 億美元，在 Fusion、NetSuite 自治數據庫以及 Gen2 OCI 的推動下再次增長 7%。雲計算總收入（即 IaaS 加 SaaS）為 25 億美元，按固定匯率計算增長 22%。應用程序訂閱收入為 32 億美元，按固定匯率計算增長 9%。我們的戰略後台雲應用程序現在的年化收入為 54 億美元，本季度按固定匯率計算增長了 24%，其中 Fusion ERP 增長了 23%，NetSuite ERP 增長了 30%。

Infrastructure subscription revenues were $4.4 billion, up 5% in constant currency. Infrastructure cloud services now have an annualized revenue of more than $3.2 billion, and excluding our legacy hosting services, infrastructure cloud services grew 49%, including OCI consumption revenue, which was up 83%; Cloud at Customer consumption revenue, which was up 108%; and Autonomous Database, which was up 29%.

基礎設施訂閱收入為 44 億美元，按固定匯率計算增長 5%。基礎設施雲服務現在的年化收入超過 32 億美元，不包括我們的傳統託管服務，基礎設施雲服務增長了 49%，其中 OCI 消費收入增長了 83%； Cloud at Customer 消費收入增長 108%；和自治數據庫，增長了 29%。

License revenues were $2.5 billion, up 25% in constant currency led by database sales for use in the cloud by major application cloud SaaS companies. As a result, our database business had an exceptional quarter, with total database revenue up double digits. So all in, total revenue for the quarter were $11.8 billion, up 10% in constant currency.

許可證收入為 25 億美元，在主要應用程序云 SaaS 公司在雲中使用的數據庫銷售帶動下，按固定匯率計算增長 25%。結果，我們的數據庫業務取得了一個特殊的季度，數據庫總收入增長了兩位數。因此，本季度總收入為 118 億美元，按固定匯率計算增長 10%。

Operating expenses were up 11% as we continue to invest to meet growing demand for our cloud services. For the quarter, the gross margin for cloud services and license support was 82%, and the gross profit dollars grew 4%. The full year growth of this gross profit was 4%, higher than the 2% we saw last year, and I expect it will be significantly higher in FY '23.

隨著我們繼續投資以滿足對雲服務不斷增長的需求，運營費用增長了 11%。本季度，雲服務和許可支持的毛利率為 82%，毛利潤美元增長 4%。這一毛利潤的全年增長率為 4%，高於我們去年看到的 2%，我預計 23 財年將顯著提高。

Though we will continue to invest in growth, we should benefit from economies of scale of running our cloud business as it gets larger. You should keep in mind that our fundamental principle going forward is to grow non-GAAP EPS while accelerating cloud revenue growth.

儘管我們將繼續投資於增長，但隨著雲業務規模的擴大，我們應該受益於運營雲業務的規模經濟。您應該記住，我們前進的基本原則是在加速雲收入增長的同時增加非公認會計準則每股收益。

Non-GAAP operating income was $5.6 billion, up 8% from last year, and the operating margin was 47%, once again higher than all of our competitors. And even while we've been investing aggressively for growth, we've maintained our financial discipline. The non-GAAP tax rate for the quarter was 10.1% and below our base tax rate of 19% as we received a benefit from the resolution of some tax matters in Q4.

Non-GAAP 營業收入為 56 億美元，比去年增長 8%，營業利潤率為 47%，再次高於所有競爭對手。即使我們一直在積極投資以實現增長，我們也一直保持財務紀律。本季度的非公認會計原則稅率為 10.1%，低於我們 19% 的基本稅率，因為我們從第四季度的一些稅務問題的解決中受益。

EPS was USD 1.54, up 7% in constant currency, unchanged in USD. GAAP EPS was $1.16, down 8% in constant currency, down 15% in USD.

每股收益為 1.54 美元，按固定匯率計算增長 7%，美元持平。 GAAP EPS 為 1.16 美元，按固定匯率計算下降 8%，按美元計算下降 15%。

Now for the -- let me go through the full fiscal year, though I've given you some full year numbers so far every once in a while. For the full fiscal year, total company revenues were $42.4 billion, up 7% in constant currency and our highest annual growth rate in more than 10 years. Total applications revenue grew 8% compared to 5% last year, and total infrastructure revenue grew 7% compared to 2% growth last year. Clearly, our revenue growth accelerated this year as investments into our cloud businesses are paying off.

現在，讓我回顧一下整個財政年度，儘管到目前為止我每隔一段時間都會給你一些全年的數字。整個財年，公司總收入為 424 億美元，按固定匯率計算增長 7%，是我們 10 多年來最高的年增長率。應用程序總收入增長 8%，而去年增長 5%，基礎設施總收入增長 7%，而去年增長 2%。顯然，隨著對雲業務的投資獲得回報，我們今年的收入增長加速。

Total cloud services and license support revenue for the year was $30.2 billion, up 6%. Total cloud services were up 22% to $10.8 billion. Non-GAAP EPS was 4.9 -- was USD 4.90, up 5% in USD, up 8% in constant currency. The full year operating margin percentage was 46%, up 2% from prepandemic levels and down a little bit -- down 1% from last year.

全年雲服務和許可支持總收入為 302 億美元，增長 6%。雲服務總額增長 22% 至 108 億美元。非公認會計原則每股收益為 4.9 - 為 4.90 美元，按美元計算增長 5%，按固定匯率計算增長 8%。全年營業利潤率為 46%，較疫情前水平上升 2%，但略有下降——較去年下降 1%。

Operating cash flow over the last 4 quarters was $9.5 billion, and free cash flow was $5 billion, with capital expenditures of $4.5 billion during the year. For the quarter, operating cash flow was $4 billion and free cash flow was $2.6 billion.

過去四個季度的經營現金流為 95 億美元，自由現金流為 50 億美元，年內資本支出為 45 億美元。本季度，經營現金流為 40 億美元，自由現金流為 26 億美元。

At quarter end, we had nearly $22 billion in cash and marketable securities, but that's lower now that Cerner has closed. The short-term deferred revenue balance was $8.4 billion, up slightly in constant currency. The remaining performance obligation or RPO balance is $46.6 billion, up 17% in constant currency due to strong bookings. Approximately 57% is expected to be recognized as revenue over the next 12 months.

在季度末，我們擁有近 220 億美元的現金和有價證券，但現在 Cerner 已經關閉，這一數字更低。短期遞延收入餘額為 84 億美元，按固定匯率計算略有上升。由於預訂量強勁，剩餘的履約義務或 RPO 餘額為 466 億美元，按固定匯率計算增長 17%。預計未來 12 個月將確認約 57% 的收入。

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 8 million shares for a total of $600 million. In addition, we paid out dividends of $3.5 billion over the last 12 months, and the Board of Directors declared a quarterly dividend of $0.32 per share.

正如我們之前所說，我們致力於通過技術創新、戰略收購、股票回購、謹慎使用債務和分紅來為股東回報價值。本季度，我們以總計 6 億美元的價格回購了 800 萬股股票。此外，我們在過去 12 個月支付了 35 億美元的股息，董事會宣布季度股息為每股 0.32 美元。

With the completion of the Cerner acquisition, which happened after the end of Q4. Actually, I guess last week, we've added about $15.8 billion of debt. And we anticipate retaining our investment-grade credit rating, meaning that for the time being, we're going to focus on reducing our debt balance while continuing our share repurchases at current levels. In addition, I don't believe the dividend will be impacted at all. Once the debt level has declined, we'll reexamine share repurchase levels.

隨著對 Cerner 的收購完成，這發生在第四季度末之後。實際上，我猜上週我們已經增加了大約 158 億美元的債務。我們預計將保留我們的投資級信用評級，這意味著目前我們將專注於減少債務餘額，同時繼續以當前水平回購股票。此外，我認為股息根本不會受到影響。一旦債務水平下降，我們將重新檢查股票回購水平。

Now to the guidance. We feel very optimistic about our business momentum. And we also recognize that there is increasing macro uncertainty right now. In addition, since we ceased operations in Russia in March and made other adjustments in the region, we have factored out around $100 million per quarter from guidance that we used to receive from these customers.

現在來指導。我們對我們的業務發展勢頭感到非常樂觀。我們也認識到，目前宏觀不確定性正在增加。此外，由於我們在 3 月份停止了在俄羅斯的業務並在該地區進行了其他調整，因此我們從過去從這些客戶那裡收到的指導中扣除了大約 1 億美元/季度。

Taking all that into account, I do expect our cloud business, which grew 22% this year, will organically grow more than 30% in constant currency in FY '23. Cloud service and license support will also see growth acceleration and could well see double-digit organic growth. As I said earlier, our fundamental principle is to grow EPS while accelerating cloud revenue growth. Given our increasing confidence in organic revenue growth, we will continue to prudently invest back in the business, and you can already see the returns in our performance.

考慮到所有這些，我確實預計我們今年增長 22% 的雲業務將在 23 財年以固定匯率計算有機增長超過 30%。雲服務和許可證支持也將加速增長，並很可能實現兩位數的有機增長。正如我之前所說，我們的基本原則是在加速雲收入增長的同時增加每股收益。鑑於我們對有機收入增長的信心日益增強，我們將繼續審慎地投資於業務，您已經可以看到我們業績的回報。

Revenue growth accelerated from 2% in FY '21 to 7% this year. Clearly, there's strong demand for our cloud services, and we intend to capitalize it -- to capitalize on it. As such, I expect our CapEx spend will be higher in FY '23 to meet the demand. We expect to add another 6 regions in fiscal 2023 in addition to the 38 cloud regions across 20 countries that we have already serving our customers.

收入增長從 21 財年的 2% 加速到今年的 7%。顯然，對我們的雲服務有強烈的需求，我們打算利用它——利用它。因此，我預計我們的資本支出將在 23 財年更高，以滿足需求。除了我們已經為客戶提供服務的 20 個國家/地區的 38 個雲區域外，我們預計在 2023 財年再增加 6 個區域。

I also want to share how we will be running Cerner since it will impact their contribution to Oracle going forward. We are already working actively to build and implement world-class health care cloud capabilities. Larry will go over that. This means that we are reviewing their entire product portfolio to identify areas where we can include Oracle technology rather than third-party products as well as moving them to OCI. These efforts will deliver a more stable, secure and innovative product portfolio for customers while using less third-party products. We remain confident in our ability to grow Cerner's top line and bottom line faster than they were able to do so on their own as these changes are implemented.

我還想分享我們將如何運行 Cerner，因為這將影響他們對 Oracle 未來的貢獻。我們已經在積極努力構建和實施世界一流的醫療保健雲功能。拉里會解決這個問題。這意味著我們正在審查他們的整個產品組合，以確定我們可以包含 Oracle 技術而不是第三方產品的領域，並將它們轉移到 OCI。這些努力將為客戶提供更穩定、安全和創新的產品組合，同時使用更少的第三方產品。隨著這些變化的實施，我們仍然相信我們有能力以比他們自己更快的速度增長 Cerner 的收入和利潤。

Now let me turn to my guidance. I'll review Q1 on a non-GAAP basis, and if currency exchange rates remain the same as they are now, currency should have a 3% to 4% negative impact on total revenue and maybe $0.05 to $0.06 negative effect on EPS in Q1. However, actual currency impact may be different.

現在讓我轉向我的指導。我將在非公認會計原則的基礎上審查第一季度，如果貨幣匯率與現在保持不變，貨幣應該對總收入產生 3% 到 4% 的負面影響，並且可能對第一季度的每股收益產生 0.05 美元到 0.06 美元的負面影響.但是，實際的貨幣影響可能會有所不同。

Total revenues for Q1, including Cerner, are expected to grow from 20% to 22% in constant currency and are expected to grow 17% to 19% in USD at today's exchange rate, as with past acquisitions, as added conservatism for the Cerner revenue contribution to account for the transition.

包括 Cerner 在內的第一季度總收入預計將從固定貨幣的 20% 增長到 22%，按今天的匯率計算，預計將增長 17% 到 19%，與過去的收購一樣，因為 Cerner 收入增加了保守主義對過渡的貢獻。

For Q1, cloud -- total cloud, excluding Cerner, is expected to grow from 25% to 28% in constant currency and is expected to grow from 22% to 25% in USD. As I mentioned above, for fiscal year 2023, total cloud, excluding Cerner, is expected to grow over 30% in constant currency. Total cloud growth in Q1, including Cerner, is expected to grow from 47% to 50% in constant currency, 44% to 47% in USD.

對於第一季度，雲計算——不包括 Cerner 在內的總雲計算預計將從固定貨幣的 25% 增長到 28%，並預計從美元的 22% 增長到 25%。正如我上面提到的，在 2023 財年，不包括 Cerner 在內的總雲量預計將增長 30% 以上。包括 Cerner 在內的第一季度云總增長預計將從固定貨幣的 47% 增長到 50%，以美元計算從 44% 增長到 47%。

Non-GAAP EPS is expected to grow between 6% to 10% and be between $1.09 and $1.13 in constant currency. Non-GAAP EPS is expected to grow between 1% to 5% and be between $1.04 and $1.08 in USD. And as I've said before, Cerner will be accretive to earnings this year, including Q1.

非公認會計原則每股收益預計將增長 6% 至 10%，按固定匯率計算在 1.09 美元至 1.13 美元之間。非 GAAP 每股收益預計將增長 1% 至 5%，以美元計在 1.04 美元至 1.08 美元之間。正如我之前所說，Cerner 今年的收益將會增加，包括第一季度。

My EPS guidance for Q1 assumes a base tax rate of 19%. However, onetime tax events could cause actual tax rates for any given quarter to vary.

我對第一季度的每股收益指導假設基本稅率為 19%。但是，一次性稅務事件可能會導致任何給定季度的實際稅率發生變化。

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

有了這個，我會把它交給拉里徵求他的意見。

Thank you, Safra. As Safra said, our plan is to accelerate cloud revenue growth while continuing to grow earnings per share. First, let me provide some detail on how we plan to accelerate cloud revenue growth. It all starts with our 2 most important verticals: health care and financial services.

謝謝你，薩夫拉。正如 Safra 所說，我們的計劃是加速雲收入增長，同時繼續增加每股收益。首先，讓我詳細介紹一下我們計劃如何加速雲收入增長。這一切都始於我們最重要的兩個垂直領域：醫療保健和金融服務。

In health care, we're in the process of building a complete suite of applications for the entire health care ecosystem, starting with health care providers like hospitals and clinics. We're modernizing Cerner's clinical systems by adding capabilities like a voice user interface and applications like disease-specific AI models for cancer and other diseases. We're including an IoT device network to improve patient diagnostics and monitoring.

在醫療保健方面，我們正在為整個醫療保健生態系統構建一整套應用程序，從醫院和診所等醫療保健提供者開始。我們正在通過添加語音用戶界面等功能以及針對癌症和其他疾病的特定疾病 AI 模型等應用程序，對 Cerner 的臨床系統進行現代化改造。我們包括一個物聯網設備網絡，以改善患者診斷和監測。

We're adding administrative systems, including managing the incredibly complex contract workforce that hospitals have as doctors are not full-time employees nor are nurses. We are going to help recruiting, scheduling and paying those contract workers according to their contracts.

我們正在增加行政系統，包括管理醫院擁有的極其複雜的合同勞動力，因為醫生既不是全職員工，也不是護士。我們將根據合同幫助招聘、安排和支付這些合同工。

Inventory at hospitals are enormously -- is enormously complicated. Inventories aren't in a central location. You find inventory in nurses' stations outside operating rooms, outside the intensive care unit. There's inventory everywhere. Managing that inventory is very complicated. We're adding RFID tags and maps on handheld phones to help people find what they're looking for quickly.

醫院的庫存非常龐大——非常複雜。庫存不在中心位置。您可以在手術室外、重症監護病房外的護士站找到庫存。到處都是庫存。管理庫存非常複雜。我們正在手持電話上添加 RFID 標籤和地圖，以幫助人們快速找到他們正在尋找的東西。

For payers, including insurance companies and governments, we're automating payment authorization and billing systems. For pharmaceutical companies, we're integrating our clinical trial system directly into the hospital clinical system, making clinical trials easier to start and faster to complete.

對於包括保險公司和政府在內的付款人，我們正在自動化支付授權和計費系統。對於製藥公司，我們正在將我們的臨床試驗系統直接集成到醫院臨床系統中，使臨床試驗更容易啟動和更快完成。

We can do all of this and more because we're building these health care applications using the latest, most productive technologies in the cloud, namely the Oracle Autonomous Database and the APEX low-code programming language. Using these tools, security and reliability are built in the technology platform, not the application.

我們可以做到這一切以及更多，因為我們正在使用雲中最新、最高效的技術（即 Oracle 自治數據庫和 APEX 低代碼編程語言）構建這些醫療保健應用程序。使用這些工具，安全性和可靠性建立在技術平台中，而不是應用程序中。

In our financial services vertical, we're working with major money center banks and leading logistics companies to automate B2B commerce from directly within the Oracle ERP cloud. For example, when a hospital wants to buy an X-ray machine, that hospital simply enters a purchase request for the X-ray machine into their Oracle ERP procurement system. The procurement system then sends that order directly to the selling company's Oracle ERP order management system and automatically originates a corresponding loan request from that hospital's preferred bank. The company selling the X-ray machine uses their Oracle ERP order management system to check product availability and submit a shipping request to their preferred logistics provider to automatically quote a delivery date to the buyer.

在我們的金融服務垂直領域，我們正在與主要的貨幣中心銀行和領先的物流公司合作，直接在 Oracle ERP 雲中實現 B2B 商務自動化。例如，當一家醫院想要購買 X 光機時，該醫院只需將 X 光機的採購請求輸入到其 Oracle ERP 採購系統中。然後，採購系統將該訂單直接發送到銷售公司的 Oracle ERP 訂單管理系統，並自動從該醫院的首選銀行發出相應的貸款請求。銷售 X 光機的公司使用他們的 Oracle ERP 訂單管理系統來檢查產品可用性，並向他們首選的物流供應商提交發貨請求，以自動向買家報價交貨日期。

The entire B2B commerce process is automated within the Oracle Cloud: purchasing, selling, loan origination, shipping, billing and payments. Automating B2B commerce is yet another huge opportunity for Oracle. We already have over 30,000 cloud ERP customers, including many of the world's most important banks and leading logistics companies. Let's take a moment to look at the progress we continue to make in our Oracle ERP cloud, starting with health care.

整個 B2B 商務流程在 Oracle 雲中實現自動化：採購、銷售、貸款發放、運輸、計費和付款。自動化 B2B 商務是甲骨文的又一巨大機遇。我們已經擁有超過 30,000 家云 ERP 客戶，其中包括許多世界上最重要的銀行和領先的物流公司。讓我們花點時間看看我們在 Oracle ERP 雲中繼續取得的進展，從醫療保健開始。

We've got a very strong position in health care with the providers, including Kaiser, Mayo Clinic, Cleveland Clinic, Mount Sinai, Northwell Health, Tenet, Atrium Health, Highmark Health, Humana, Cigna and many others. In Q4, we closed UnitedHealthcare, a win over SAP. We won the NHS, the U.K.'s second major move to the cloud. We won New South Wales Ministry of Health in Australia for ERP and SCM. We won WellSpan, a regional provider in Pennsylvania with 8 hospitals. We won Abcam, a U.K. life sciences company, increasing their footprint in ERP and SCM. Going live in Q4 were the Cleveland Clinic with ERP and SCM. UC Health for ERP and SCM, Pfizer on Enterprise Performance Management. U.K. Health went live, Atrium Health went live, all in Q4.

我們在醫療保健提供者方面擁有非常強大的地位，包括 Kaiser、Mayo Clinic、Cleveland Clinic、Mount Sinai、Northwell Health、Tenet、Atrium Health、Highmark Health、Humana、Cigna 等。在第四季度，我們關閉了 UnitedHealthcare，戰勝了 SAP。我們贏得了 NHS，這是英國向雲計算的第二次重大舉措。我們贏得了澳大利亞新南威爾士州衛生部的 ERP 和 SCM。我們贏得了 WellSpan，這是賓夕法尼亞州一家擁有 8 家醫院的區域供應商。我們贏得了英國生命科學公司 Abcam，擴大了他們在 ERP 和 SCM 領域的足跡。第四季度上線的是帶有 ERP 和 SCM 的克利夫蘭診所。用於 ERP 和 SCM 的 UC Health，關於企業績效管理的輝瑞。 U.K. Health 上線了，Atrium Health 上線了，都在第四季度。

In financial services, our other really big vertical. We have -- as I said earlier, we have a very strong position with the money center banks with ERP. Bank of America uses Fusion applications. JPMorgan Chase uses Fusion application. So does Santander, Bank of New York Mellon, HSBC, Lloyds, Macquarie, Credit Suisse, UBS, Crédit Agricole, SMFB, TD Bank, Societe Generale, Vanguard, State Street. I can go on and on, but let me go to the results in Q4.

在金融服務領域，我們的另一個非常大的垂直領域。我們有 - 正如我之前所說，我們在貨幣中心銀行的 ERP 中擁有非常強大的地位。美國銀行使用 Fusion 應用程序。摩根大通使用 Fusion 應用程序。桑坦德銀行、紐約梅隆銀行、匯豐銀行、勞埃德銀行、麥格理、瑞士信貸、瑞銀、法國農業信貸銀行、SMFB、道明銀行、法國興業銀行、先鋒銀行、道富銀行也是如此。我可以繼續說下去，但讓我看看第四季度的結果。

In Q4, we won at Citibank and a big ERP win against SAP. We won at Chubb. We won at PNC, the sixth largest bank in the United States. We won at SMBC, the largest Japanese-owned bank in the United States. We won Oversea-China Banking Corp. (sic) [Oversea-Chinese Banking Corporation]. We won Mizuho, the third largest bank in Japan. TIAA, Desjardins, Mitsui Sumitomo also in Japan. GNP, Mexico -- one of Mexico's largest financial services company. We have a very, very strong position in financial services. That's one of the key groups of partners that we're working to automate B2B commerce, along with the logistics companies.

在第四季度，我們在花旗銀行獲勝，並在 ERP 上大勝 SAP。我們在 Chubb 贏了。我們在美國第六大銀行 PNC 獲勝。我們在美國最大的日資銀行 SMBC 獲勝。我們贏得了 Oversea-China Banking Corp. (sic) [Oversea-Chinese Banking Corporation]。我們贏得了日本第三大銀行瑞穗。 TIAA、Desjardins、三井住友也在日本。 GNP，墨西哥——墨西哥最大的金融服務公司之一。我們在金融服務領域擁有非常非常強大的地位。這是我們與物流公司一起致力於實現 B2B 商務自動化的關鍵合作夥伴群體之一。

In retail, we won -- but we already have Kohl's, Office Depot, Macy's, Kroger, Albertsons, Tesco, McDonald's, Chipotle, Tiffany, Saks, Williams-Sonoma, Walmart, CBS. But in Q4, we added to that list. We added Lowe's and Albertsons and Sherwin-Williams and Abercrombie & Fitch. We had major go lives at Macy's, Nextdoor and the Co-op stores, all in retail.

在零售業，我們贏了——但我們已經擁有 Kohl's、Office Depot、Macy's、Kroger、Albertsons、Tesco、麥當勞、Chipotle、Tiffany、Saks、Williams-Sonoma、Walmart、CBS。但在第四季度，我們添加到了該列表中。我們添加了 Lowe's 和 Albertsons 以及 Sherwin-Williams 和 Abercrombie & Fitch。我們在 Macy's、Nextdoor 和 Co-op 商店進行了大型活動，全部都是零售。

In communications, where we're already present at AT&T, Orange, MTN, Bharti Airtel, Rogers, Wind Tre, Telecom Italia, KPN and SAC. We won Virgin Media. We had a major expansion at AT&T, an ERP SCM expansion. We won a major expansion, ERP and EPM, at Verizon. Very, very strong quarter in telecommunications with a huge go live for -- at KPN, the Dutch telecom company in ERP and SCM.

在通信領域，我們已經在 AT&T、Orange、MTN、Bharti Airtel、Rogers、Wind Tre、Telecom Italia、KPN 和 SAC 開展業務。我們贏得了維珍傳媒。我們在 AT&T 進行了一次重大擴展，即 ERP SCM 擴展。我們在 Verizon 贏得了重大擴展，即 ERP 和 EPM。非常非常強勁的電信季度，在荷蘭電信公司 KPN 的 ERP 和 SCM 中獲得了巨大的上線。

Service wins, we already have PwC, KPMG, Booz Allen, TrueBlue, Securitas, Waste Management, Skanska, McDermott, Jacobs. We won, in Q4, BDO, Verisk Analytics and the [Medatilo Group]. Go lives in Q4 in services included Pricewaterhouse, ManpowerGroup, TriNet and Republic Services.

服務獲勝，我們已經擁有普華永道、畢馬威、博思艾倫、TrueBlue、Securitas、Waste Management、Skanska、McDermott、Jacobs。我們在第四季度贏得了 BDO、Verisk Analytics 和 [Medatilo Group]。 Go 在第四季度的服務包括普華永道、萬寶盛華、TriNet 和共和服務。

In the public sector, we had a major win at the State of Missouri, wall-to-wall at the State of Missouri ERP, SCM, HCM with -- that was a win over Workday, SAP and everybody else. We won at the Scottish government. We won the U.K. Home Office. We won a state at Switzerland, [Brod]. We won a general organization for social insurance in Saudi Arabia. We won a deal with the police department in the State of Victoria in Australia. We had major go lives in a public sector in the City of St. Louis and Norfolk County, U.K.

在公共部門，我們在密蘇里州取得了重大勝利，在密蘇里州的 ERP、SCM、HCM 上取得了巨大的勝利——這是對 Workday、SAP 和其他所有人的勝利。我們贏得了蘇格蘭政府。我們贏得了英國內政部。我們在瑞士贏得了一個州，[布羅德]。我們贏得了沙特阿拉伯社會保險的綜合組織。我們與澳大利亞維多利亞州的警察局達成了一項協議。我們在英國聖路易斯市和諾福克縣的公共部門進行了重大的生活。

In hospitality, where we already have Marriott, Hilton, Caesars, MGM, Loews, Royal Caribbean and Park Hotel. We added Airbnb for ERP expansion, a win over Workday, and Intercontinental Hotels and Resorts.

在酒店業，我們已經擁有萬豪、希爾頓、凱撒、米高梅、洛斯、皇家加勒比和公園酒店。我們添加了 Airbnb 用於 ERP 擴展、戰勝 Workday 和洲際酒店及度假村。

Logistics. Again, this is our other big group of partners in our major effort to automate B2B commerce from within the Oracle ERP cloud. We have a very strong position globally in logistics. Our customers include UPS, FedEx, DHL, Swift, Schneider, Union Pacific, Yellow. We added An Post, the postal service of Ireland. The go lives included DHL, UPS and Deutsche Post.

後勤。同樣，這是我們在 Oracle ERP 雲中實現 B2B 商務自動化的另一大合作夥伴。我們在全球物流領域擁有非常強大的地位。我們的客戶包括 UPS、FedEx、DHL、Swift、Schneider、Union Pacific、Yellow。我們添加了愛爾蘭郵政服務 An Post。 Go live 包括 DHL、UPS 和德國郵政。

In higher ed, we're already installed at Princeton, Cambridge, Julliard, Vanderbilt, UCLA, University of Chicago, Edinburgh, Rutgers, Baylor, UCSD and lots and lots of others. We added the University of Maine, East Tennessee State, Villanova and the State University of New York at Stony Brook.

在高等教育中，我們已經安裝在普林斯頓大學、劍橋大學、茱莉亞音樂學院、范德比爾特大學、加州大學洛杉磯分校、芝加哥大學、愛丁堡大學、羅格斯大學、貝勒大學、加州大學聖地亞哥分校和許多其他大學。我們添加了緬因大學、東田納西州立大學、維拉諾瓦大學和紐約州立大學石溪分校。

Other notable wins in the quarter on high tech, we won Teradata. We won a big win at a Toyota Motor, an ERP win, at DENSO. Again, let's see what else we got, Berry Global. Let's see, with the [App Team] was a another ERP win. In energy, Technip Energies.

本季度在高科技方面的其他顯著勝利，我們贏得了 Teradata。我們在豐田汽車贏得了巨大的勝利，在電裝贏得了 ERP 勝利。再一次，讓我們看看我們還有什麼，Berry Global。讓我們看看，[App Team] 是另一個 ERP 勝利。在能源方面，Technip Energies。

Okay. So it was a very, very strong quarter. We're very excited about our momentum in ERP and how we can expand ERP from what it was in -- when it was an on-premise system to what it can be in terms of B2B commerce automation now that it's a cloud system.

好的。所以這是一個非常非常強勁的季度。我們對我們在 ERP 方面的發展勢頭以及我們如何將 ERP 從原來的狀態擴展——當它是一個內部部署系統到現在它是一個雲系統的 B2B 商務自動化方面它可以是什麼——感到非常興奮。

With that, I'm going to turn it back to Safra.

有了這個，我將把它轉回 Safra。

Thank you, Larry. David, if you please poll the audience for questions, we'll go to the Q&A portion of the call.

謝謝你，拉里。大衛，如果您請聽眾提問，我們將轉到電話的問答部分。

(Operator Instructions) We'll take our first question from Mark Murphy with JPMorgan.

（操作員說明）我們將回答摩根大通的 Mark Murphy 提出的第一個問題。

Congratulations on the double-digit growth in the quarter. So Larry, your vision of a national health records database is very compelling. It would be a profound benefit to society. Just considering that several trillion dollars are spent on health care, what do you see as the size of the opportunity for Oracle and Cerner if you solve that particular problem?

祝賀本季度實現兩位數增長。所以拉里，你對國家健康記錄數據庫的願景非常引人注目。這將對社會產生深遠的影響。僅考慮數万億美元用於醫療保健，如果您解決了這個特定問題，您認為甲骨文和 Cerner 的機會有多大？

Well, the national health records database solves 2 problems, and it allows patients, in the case of an emergency, to have their caregivers get immediate access to all of their health records, which will deliver way better outcomes for people. The other is public health officials will get much better information about the state of health in their country. So I mean the amount of -- having this knowledge, it's -- we dramatically improve health care, but we also save an enormous amount of money by doing that.

好吧，國家健康記錄數據庫解決了兩個問題，它允許患者在緊急情況下讓他們的護理人員立即訪問他們的所有健康記錄，這將為人們帶來更好的結果。另一個是公共衛生官員將獲得有關其國家健康狀況的更好信息。所以我的意思是——擁有這些知識——我們極大地改善了醫療保健，但我們也通過這樣做節省了大量資金。

I don't know if you remember when we sent that hospital ship in New York City because the officials in New York thought they were about to run out of the hospital beds. It turns out they were wrong. We didn't run out of hospital beds, but they didn't know. They don't have -- public health officials don't have access to that kind of information. They're a bit flying -- it was very clear there are -- in a lot of cases, they were flying blind during the pandemic.

我不知道你是否記得我們在紐約市派出那艘醫院船，因為紐約的官員認為他們的病床即將用完。事實證明他們錯了。我們沒有用完病床，但他們不知道。他們沒有——公共衛生官員無法獲得這類信息。他們有點飛——很明顯有——在很多情況下，他們在大流行期間盲目地飛行。

By providing this information, we save a lot of lives, and we save a lot of money. The scale of the opportunity is gigantic because it's not -- people think of it as a national opportunity. It's a global opportunity. Every country -- I mean if you look at Western Europe, the Western Europe's budgets are dominated by health care. If they can save lives and save money by putting in modern information systems, they'll do it, and they'll do it quickly. It's clearly going to be our largest business.

通過提供這些信息，我們挽救了很多生命，也節省了很多錢。機會的規模是巨大的，因為它不是——人們認為它是一個全國性的機會。這是一個全球性的機會。每個國家——我的意思是，如果你看看西歐，西歐的預算都以醫療保健為主。如果他們可以通過安裝現代信息系統來挽救生命和節省資金，他們就會這樣做，而且他們會很快做到。這顯然將成為我們最大的業務。

Next, we'll go to Keith Weiss with Morgan Stanley.

接下來，我們將與摩根士丹利一起去 Keith Weiss。

Congratulations on a really solid quarter. So Safra, you mentioned on the conference call that you guys are putting up this type of result. Even on the backdrop, that's not the most stable kind of macro backdrop. And we're seeing a lot of other software companies seeing slipped deals, seeing issues with the consumer, Internet companies lowering their spend. Do you guys seem to be working through this very well? Can you give us some color into how you're doing it? Is it better execution? Is the Oracle value proposition going through more clearly? Can you help us understand where you're able to put up the bigger beat when a lot of guys are working with skinnier beat that you [said all] during this period?

祝賀一個非常穩定的季度。所以Safra，你在電話會議上提到你們正在提出這種類型的結果。即使在背景上，這也不是最穩定的宏觀背景。我們看到許多其他軟件公司看到交易失敗，看到消費者問題，互聯網公司降低支出。你們似乎很好地解決了這個問題？你能給我們一些關於你是如何做到的嗎？是不是更好的執行？甲骨文的價值主張是否更加清晰？你能幫助我們了解當很多人都在使用你在這段時間[全部]說的更瘦的節拍時，你能在哪裡提出更大的節拍嗎？

Okay. Well, first of all, you have to understand, we're a very big company. We have thousands -- hundreds of thousands of existing customers. Our products also are so compelling that often customers save money by moving to OCI. They -- also many of our customers realized during the pandemic that they absolutely had to have modern systems. Those companies that didn't have modern systems barely survived through the pandemic. They have to have a digital connection with their customers, with their employees, with their suppliers.

好的。嗯，首先，你必須明白，我們是一家非常大的公司。我們有成千上萬的現有客戶。我們的產品也非常引人注目，以至於客戶經常通過遷移到 OCI 來節省資金。他們——我們的許多客戶在大流行期間也意識到，他們絕對必須擁有現代系統。那些沒有現代系統的公司幾乎沒有在大流行中倖存下來。他們必須與客戶、員工和供應商建立數字聯繫。

Those are the kinds of products we have. And when customers move, let's say, from Amazon to us, they -- the moment they try us, they realize, woah, this is better and more economical. And of course, for Oracle workloads, you can't get anywhere close to what we can do. So we have a lot of things working in our favor. Our products, of course, our Fusion products are superb. I mean we have so many customers. This call is not long enough to reach them.

這些是我們擁有的產品。當客戶從亞馬遜轉移到我們這裡時，他們一嚐試我們，就會意識到，哇，這更好，更經濟。當然，對於 Oracle 工作負載，您無法接近我們的能力。所以我們有很多對我們有利的事情。我們的產品，當然，我們的 Fusion 產品是一流的。我的意思是我們有很多客戶。這個電話不夠長，無法聯繫到他們。

And of course, NetSuite is, again, industry-leading, like Fusion, for a different part of the market, incredible momentum. And now we -- by the way, as I mentioned, there's about $100 million a quarter that is just the Russia-Ukraine region, that we stopped charging our customers in Ukraine when they were invaded even though we continue to help them. And of course, we suspended everything in Russia.

當然，NetSuite 再次像 Fusion 一樣處於行業領先地位，對於市場的不同部分而言，其發展勢頭令人難以置信。現在我們 - 順便說一句，正如我所提到的，僅俄羅斯 - 烏克蘭地區就有大約 1 億美元，當我們在烏克蘭的客戶受到入侵時，我們停止向他們收取費用，即使我們繼續幫助他們。當然，我們暫停了俄羅斯的一切。

So we just are just trying to meet our customers' needs. The biggest issue is having enough to meet demand. And I'm actually very happy with the way we managed the supply chain this past quarter, and I'm hoping that it will be -- it will continue to get better because that will give us more capacity and more capability to deliver to our customers. So I mean we just have so much momentum. We have so many happy customers.

所以我們只是在努力滿足客戶的需求。最大的問題是有足夠的資源來滿足需求。實際上，我對上個季度我們管理供應鏈的方式非常滿意，我希望它會——它會繼續變得更好，因為這將使我們有更多的能力和能力向我們的顧客。所以我的意思是我們有這麼多的動力。我們有很多滿意的客戶。

And they're just -- new customers are just buying more. You get into the cycle that's very virtuous, and people really build confidence in our capability to execute. And also, the overall economic message and offering that we're giving, we've always tried to give a compelling financial offering. And I think that's really resonating in these times.

他們只是 - 新客戶只是購買更多。你進入了一個非常良性的循環，人們真的對我們的執行能力建立了信心。而且，我們提供的整體經濟信息和產品，我們一直試圖提供引人注目的金融產品。我認為這在這些時代真的引起了共鳴。

Next, we'll go to Brad Zelnick with Deutsche Bank.

接下來，我們將與德意志銀行一起去 Brad Zelnick。

Congrats on the great results. Larry, we picked up a meaningful uptick in the number of large enterprise agreements or ULAs that customers are doing with Oracle and, in particular, to satisfy their database needs, both on-premise and also in the cloud. Do you have any telemetry or other insights into customer behavior to see where they're deploying these licenses? And can you talk about why BYOL is so important to your strategy and the longevity of Oracle database?

祝賀偉大的結果。 Larry，我們發現客戶與 Oracle 簽訂的大型企業協議或 ULA 的數量顯著增加，特別是為了滿足他們的數據庫需求，無論是在本地還是在雲中。您是否對客戶行為有任何遙測或其他見解，以了解他們在何處部署這些許可證？您能否談談為什麼 BYOL 對您的戰略和 Oracle 數據庫的壽命如此重要？

And maybe just for Safra as well, that license number was so strong. And in your prepared remarks, you mentioned license growth was led by database use in the cloud by major app cloud SaaS companies. Just wondering if there's any more color you can provide there.

也許只是對 Safra 來說，那個許可證號碼是如此強大。在你準備好的評論中，你提到許可證增長是由主要應用程序云 SaaS 公司在雲中使用數據庫導致的。只是想知道您是否可以在那裡提供更多顏色。

Yes. With the exception of Workday, most of the big application companies, maybe conspicuously, salesforce.com, is a very large Oracle user. And they license our database for use in their cloud. But they're not the only ones. There are a lot of SaaS companies that use our database in the cloud. And that keeps our license business very, very strong. Our database license business is very, very strong.

是的。除 Workday 外，大多數大型應用程序公司，也許是很明顯的 salesforce.com，都是一個非常大的 Oracle 用戶。他們授權我們的數據庫在他們的雲中使用。但他們不是唯一的。有很多 SaaS 公司在雲中使用我們的數據庫。這使我們的許可業務非常非常強大。我們的數據庫許可業務非常非常強大。

Don't confuse a license for on-premise. Some licenses classically are used on premise, but a lot of the new licenses that we're selling allow our customers to take those licenses and run them in the cloud, whether it's our cloud or other people's clouds or, in the case of Salesforce, in their own cloud. So it's -- the Oracle database is still the #1 database in the world by a significant margin. And it's the #1 database in the cloud when you start counting all of the SaaS companies that use the Oracle Database.

不要混淆內部部署的許可證。一些許可證傳統上是在內部使用的，但是我們銷售的許多新許可證允許我們的客戶獲取這些許可證並在雲中運行它們，無論是我們的雲還是其他人的雲，或者就 Salesforce 而言，在他們自己的雲端。所以它——Oracle 數據庫仍然是世界上排名第一的數據庫。當您開始計算所有使用 Oracle 數據庫的 SaaS 公司時，它是雲中排名第一的數據庫。

Next, we'll go to Mark Moerdler with Bernstein Research.

接下來，我們將前往 Bernstein Research 的 Mark Moerdler。

Congratulations on the strong quarter and the very positive commentary and guidance. I'd like to drill a little more on this question of people's concerns. With the increasing concerns of recession by many, can you tell me what you're seeing for the apps part of the business and more specifically for ERP? What I'm trying to understand is how will the shift in ERP to the cloud be impacted by any economic slowdown or won't it be. How should we think about that?

祝賀強勁的季度以及非常積極的評論和指導。關於人們關心的這個問題，我想再深入一點。隨著許多人對經濟衰退的擔憂日益增加，您能告訴我您對業務應用程序部分的看法，更具體地說是 ERP 的情況嗎？我想了解的是，ERP 向雲的轉變將如何受到任何經濟放緩的影響，或者不會。我們應該怎麼想？

Well, I'm not sure I would call it -- I'm sorry, Safra. Please go ahead.

好吧，我不確定我會這麼稱呼它——對不起，薩夫拉。請繼續。

No. You go ahead, Larry. You go ahead.

不，你繼續，拉里。你先走。

Yes. Okay. I'm not sure I'd call it countercyclical, but the cloud systems cost a lot less than the on-premise systems to run. So -- and they give you much better information. They allow you to control expenses better. They don't cost that much to implement because you pay for them over time. So we -- what we're seeing is a -- let's take a look at NetSuite, which is the low end of the market, and you think those would be the companies to be most affected by the recession.

是的。好的。我不確定我是否會稱之為反週期，但云系統的運行成本比本地系統低得多。所以 - 他們給你更好的信息。它們使您可以更好地控制費用。它們的實施成本並不高，因為您會隨著時間的推移為它們付費。所以我們 - 我們看到的是 - 讓我們看看 NetSuite，它是市場的低端，你認為這些公司將是受經濟衰退影響最大的公司。

It's not JPMorgan Chase. They'll keep building -- they'll keep putting in new systems. But some smaller entrepreneur-led companies, you think that the recession we get them. They -- we got the most revenue we ever got from NetSuite this past quarter and the highest growth rate that we've ever gotten from NetSuite this past quarter. They are accelerating into the recession because we think the benefits are enormous and it equips the companies to compete more effectively. And again, we don't see that business slowing down, quite the contrary. We see our ERP business, both Fusion and NetSuite, accelerating, this in spite of the macroeconomic situation.

這不是摩根大通。他們將繼續建設——他們將繼續安裝新系統。但是一些較小的企業家主導的公司，你認為我們得到他們的經濟衰退。他們——上個季度我們從 NetSuite 獲得的收入最多，上個季度我們從 NetSuite 獲得的增長率最高。他們正在加速進入衰退，因為我們認為好處是巨大的，它使公司能夠更有效地競爭。再一次，我們沒有看到業務放緩，恰恰相反。儘管宏觀經濟形勢嚴峻，我們看到我們的 ERP 業務（包括 Fusion 和 NetSuite）都在加速發展。

Safra?

薩夫拉？

Yes. I think people don't realize how exorbitantly expensive it is to run those large SAP systems. They have data centers associated with them. They have hundreds, sometimes thousands, of technicians to run them. They're old, they're clunky, and moving to Fusion ERP is -- it's just a totally different world and costs. So the costs are tiny in comparison. I think people sort of forget that. And this applies really to all on-premise systems but even more so to those old SAP systems.

是的。我認為人們沒有意識到運行這些大型 SAP 系統是多麼昂貴。他們有與之相關的數據中心。他們有數百甚至數千名技術人員來運行它們。它們老舊、笨重，遷移到 Fusion ERP 是——這只是一個完全不同的世界和成本。所以相比之下成本是微乎其微的。我認為人們有點忘記了這一點。這確實適用於所有本地系統，但更適用於那些舊的 SAP 系統。

And our cloud offering in that area really is unrivaled, frankly unrivaled. And we -- our win rates just continue. And we're very optimistic about it, and we've sold a lot. A lot is still being implemented, and we expect that you'll see that in the numbers while our customers end up spending less than what they used to spend with on-premise.

我們在該領域的雲產品確實是無與倫比的，坦率地說是無與倫比的。而我們——我們的勝率還在繼續。我們對此非常樂觀，我們已經賣出了很多。很多事情仍在實施中，我們希望您會在數字中看到這一點，而我們的客戶最終花費的費用少於他們過去在本地花費的費用。

Perfect. I really appreciate it. And again, congratulations.

完美的。對此，我真的非常感激。再次恭喜。

Next, we'll go to Phil Winslow with Crédit Suisse.

接下來，我們將與瑞士信貸一起前往菲爾溫斯洛。

Last quarter, Safra, you expected organic revenue growth to reach double digits next fiscal year. And so congratulations on reaching that double-digit milestone this quarter. Now within today's results, 2 numbers really stood out to us. First was the upside to license revenue. And then second was your commentary about total database revenue growing in the double digits.

上個季度，Safra，您預計下一財年的有機收入增長將達到兩位數。恭喜本季度達到兩位數的里程碑。現在在今天的結果中，有兩個數字對我們來說確實很突出。首先是許可收入的好處。其次是您對數據庫總收入以兩位數增長的評論。

So my question is, Safra, Larry, can you give us more color on what's driving that reacceleration in license revenue in particular? Even as cloud revenue inflected to its highest growth rate in more than 4 years, is this BYOL bringing the heat? Is this Autonomous Database growing -- getting big enough and growing fast enough to lift the overall number, et cetera? And is this the broad-based demand that you mentioned on the Q3 call? Or is this more big deal driven?

所以我的問題是，Safra，Larry，你能否給我們提供更多關於是什麼推動了許可收入的重新加速？即使在雲收入拐點至 4 年多以來的最高增長率的情況下，這種 BYOL 是否帶來了熱度？這個自治數據庫是否正在增長——變得足夠大並且增長速度足夠快以提升整體數量等等？這是您在第三季度電話會議上提到的廣泛需求嗎？或者這是更大的交易驅動？

So it's a little of both. You see, first of all, large enterprises understand that having an unlimited agreement for some period of time, an unlimited agreement gives them unbelievable flexibility. Any large customer, large database user that does not have an unlimited agreement with us is really not optimizing for their spend because it gives them incredible flexibility they can use on premise for as long as they need it. They can move to the cloud and get a much lower price in the cloud with BYOL, and they can move back and forth. And it just gives them the kind of flexibility. Those agreements are the ultimate sort of the foundation of so much of what goes on.

所以兩者兼而有之。你看，首先，大型企業明白在一段時間內擁有無限協議，無限協議給了他們難以置信的靈活性。任何與我們沒有無限協議的大客戶、大型數據庫用戶實際上並沒有優化他們的支出，因為它為他們提供了令人難以置信的靈活性，他們可以在需要時在本地使用。他們可以遷移到雲端並通過 BYOL 在雲中獲得更低的價格，並且他們可以來回移動。它只是給了他們那種靈活性。這些協議是許多事情的最終基礎。

In addition, of course, in technology, we also have our leading Java business, which, on-premise, is an extensive use and, in the cloud, is at no charge. So customers can be motivated to bring their Java to the Oracle Cloud and to use it at no charge -- their Java program and to use it at no charge.

此外，當然，在技術方面，我們還擁有領先的 Java 業務，該業務在本地廣泛使用，在雲中是免費的。因此，可以激勵客戶將他們的 Java 帶到 Oracle 雲並免費使用它——他們的 Java 程序並免費使用它。

So we have a lot of things that incent bringing your Oracle databases to our cloud and, of course, all your Java work to our cloud. So both of those are absolutely critical for our license numbers to be as strong as they are. And the Oracle Database, I've been following Oracle for, well, since the '80s. And I always -- we always hear about some new product that's about to overtake Oracle. And the reality is that the Oracle Database is beyond the gold standard.

因此，我們有很多東西可以將您的 Oracle 數據庫帶到我們的雲中，當然，您的所有 Java 工作也可以放到我們的雲中。因此，這兩者對於我們的許可證號碼與它們一樣強大是絕對關鍵的。還有 Oracle 數據庫，我從 80 年代就一直關注 Oracle。而且我總是——我們總是聽說一些即將超越甲骨文的新產品。現實情況是，Oracle 數據庫超出了黃金標準。

If you really need work done and if you want to protect your most critical data and you want to use large amounts of it, it is going to be the Oracle Database that is head and shoulders above every other product. And invariably, some folks try other things. When they get bigger, they always come back to the Oracle Database. It is irreplaceable because of its technical capabilities that are so far superior. And that becomes very, very, very clear to customers and more and more of them license -- continue their license and extend those unlimited agreements, whether for on-premise and in the cloud. It's not either or. It's both, and that is the best use of it.

如果您確實需要完成工作，並且如果您想要保護最關鍵的數據並且想要使用大量數據，那麼 Oracle 數據庫將比其他所有產品都領先。並且總是有一些人嘗試其他事情。當它們變得更大時，它們總是會回到 Oracle 數據庫。它是不可替代的，因為它的技術能力是迄今為止優越的。這對客戶來說變得非常、非常、非常清楚，並且越來越多的客戶獲得許可——繼續他們的許可並擴展這些無限制的協議，無論是在本地還是在雲中。這不是或。兩者兼而有之，這是最好的用途。

I'll add one thing to that, which is the Oracle Autonomous Database is interesting because it's autonomous. In other words, it doesn't require human beings to run it like database administrators, things like that. Recently, inside of Oracle, inside of our cloud, virtually every database going up for -- to run our cloud, the Autonomous Database because people don't want to hire database administrators inside of Oracle Corporation, it's just much cheaper to run.

我將對此添加一件事，那就是 Oracle 自治數據庫很有趣，因為它是自治的。換句話說，它不需要人類像數據庫管理員那樣運行它。最近，在甲骨文內部，在我們的雲內部，幾乎每個數據庫都在為運行我們的雲，自治數據庫，因為人們不想在甲骨文公司內部僱用數據庫管理員，它的運行成本要低得多。

And I think in that sense, the Autonomous Database is countercyclical. You do save a huge amount of money just by moving from conventional the Oracle Database to the Autonomous Database. It's actually more secure, more reliable and cost way less to run. You don't need a bunch of experts running it. You don't need anyone to run it.

我認為從這個意義上說，自治數據庫是反週期的。只需從傳統的 Oracle 數據庫遷移到自治數據庫，您就可以節省大量資金。它實際上更安全、更可靠且運行成本更低。你不需要一堆專家來運行它。你不需要任何人來運行它。

There is a programming language called APEX, which uses -- it's a low-code programming environment where you use 10% the amount of programmers that you would use if you were programming in our other programming language called Java. And APEX is also becoming very popular inside of Oracle to build applications. I see this as 2 interesting trends as people using more modern technology to dramatically reduce their labor costs, which I think will play very well in the next couple of years in this economy.

有一種稱為 APEX 的編程語言，它使用 - 它是一種低代碼編程環境，您使用的程序員數量是使用另一種稱為 Java 的編程語言編程時使用的程序員數量的 10%。並且 APEX 在 Oracle 內部也變得非常流行，用於構建應用程序。我認為這是兩個有趣的趨勢，因為人們使用更現代的技術來顯著降低勞動力成本，我認為這將在未來幾年在這個經濟體中發揮很好的作用。

And our final question comes from Kirk Materne with Evercore ISI.

我們的最後一個問題來自於 Evercore ISI 的 Kirk Materne。

Congrats on a good quarter. Safra, can you just give any additional color on the CapEx outlook for fiscal '23 relative to what we saw this year? And then just to clarify on the buyback, I just want to make sure I heard it correctly. Is the pace of buyback that we saw this last quarter still reasonable for the near term, even with the incremental debt from Cerner?

祝賀一個好季度。 Safra，相對於我們今年看到的情況，您能否就 23 財年的資本支出前景提供任何額外的顏色？然後只是為了澄清回購，我只是想確保我沒聽錯。即使在 Cerner 增加債務的情況下，我們在上個季度看到的回購步伐在短期內是否仍然合理？

Yes. Let me hit the buyback first because I know I gave you quite a word sandwich there at the end. I was losing steam. We bought back $600 million this past quarter. I think we bought back about $600 million the previous quarter. I expect to do about the same this quarter. Usually, I don't give you the number in advance. But since previous quarter, to those 2, we did $7 billion and a couple of $8 billion. We're not going to be at that level. We'll be at the $600 million for a few quarters until I see where our debt levels are. And so $600 million a quarter is probably what I'm targeting. It could be a little bit more potentially, but that's kind of where I'm at.

是的。讓我先進行回購，因為我知道最後我給了你一個相當多的詞三明治。我失去了動力。我們在上個季度回購了 6 億美元。我認為我們在上一季度回購了大約 6 億美元。我預計本季度也會這樣做。通常，我不會提前給你電話號碼。但自上一季度以來，對於這兩個，我們做了 70 億美元和幾個 80 億美元。我們不會達到那個水平。在我看到我們的債務水平之前，我們將在幾個季度內達到 6 億美元。因此，我的目標可能是每季度 6 億美元。它可能更具潛力，但這就是我所處的位置。

And then on CapEx, okay. So you noticed how I mentioned how many regions we have. We have just put out -- put up so many regions over the past 1.5 years or 2. I think we now have more than Amazon, or we're -- I think we do already have more than Amazon already. We are going to build another 6, and we're going to expand the ones that we have because they are being used so extensively. In many cases, they are spoken for.

然後是資本支出，好吧。所以你注意到我提到我們有多少個地區。我們剛剛推出——在過去的 1.5 年或 2 年裡設立了這麼多地區。我認為我們現在擁有的不僅僅是亞馬遜，或者我們是——我認為我們已經擁有超過亞馬遜。我們將建造另外 6 個，並且我們將擴展我們擁有的那些，因為它們被廣泛使用。在許多情況下，他們被代言。

And so I expect CapEx, which was where it was this year. I think it will be a little bit more than what it was this year, next year. I'll be giving a little bit more detailed guidance as I see it playing out over the year. But we have so much -- I mean we have so much cloud demand that I am going to continue to spend in capital expenditure. But I do believe that as a percentage of our revenue growth, I think I'll start really feeling those economies of scale and increasing my gross margins and my operating margin significantly.

所以我期待資本支出，這是今年的情況。我認為它會比今年，明年多一點。當我看到它在一年中發揮作用時，我將提供一些更詳細的指導。但是我們有這麼多——我的意思是我們有這麼多的雲需求，我將繼續在資本支出上花費。但我確實相信，作為我們收入增長的百分比，我想我會開始真正感受到這些規模經濟，並顯著提高我的毛利率和營業利潤率。

A telephonic replay of this conference call will be available for 24 hours on the Investor Relations website. Thanks for joining us today. With that, I'll turn it back to David for closing.

本次電話會議的電話重播將在投資者關係網站上 24 小時提供。感謝您今天加入我們。有了這個，我會把它轉回給大衛關閉。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。