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.

午安!感謝您的收看。歡迎參加甲骨文公司2022年第四季電話會議。現在，我很高興將今天的會議交給甲骨文高級副總裁肯·邦德（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.

太好了！謝謝你，大衛。大家下午好，歡迎參加甲骨文2022財年第四季及全年業績電話會議。新聞稿和財務報表（包括GAAP與非GAAP的對帳表及其他補充財務資訊）的副本可在我們的投資者關係網站查看和下載。此外，投資人關係網站也將提供近期購買Oracle雲端服務或上線Oracle雲端的眾多客戶名單。

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

今天參加電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison) 和首席執行官薩弗拉·卡茲 (Safra Catz)。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will present some important factors relating to our business, which may potentially affect these forward-looking statements. 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，今天的討論將包含前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將介紹一些與我們業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述也受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。

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，我們提醒您不要過度依賴這些前瞻性陳述，並建議您查閱我們最新的報告，包括我們的10-K和10-Q報表及其任何適用的修訂版，以全面了解這些因素以及其他可能影響我們未來業績或股票市場價格的風險。最後，我們沒有義務根據新資訊或未來事件修改我們的業績或聲明。在回答提問之前，我們將先發表一些準備好的發言。

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

現在，我想將電話轉給 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。如大家所見，我們本季整體表現優異，以固定匯率計算，總營收成長了10%，這是自2011年以來最高的有機成長，比我設定的固定匯率預期上限高出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.

獲利同樣強勁，每股盈餘比預期上限高出0.20美元。第四季顯示我們的業務正在加速成長。越來越多的客戶（其中許多是新加入Oracle的客戶）選擇我們提供更多產品和服務，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.

我們的技術幫助客戶現代化、高效和更高產量。他們在疫情期間見證了這一點，現在更是清晰可見。這些客戶正在成為 Oracle 的更大客戶。 Fusion 客戶正在購買 OCI。 OCI 客戶則在購買 Fusion 和 NetSuite。資料庫客戶正在轉向 OCI 上的自主管理。業界垂直客戶正全心投入 Fusion。我們擁有強勁的發展勢頭。展望未來，儘管宏觀環境不容樂觀，我們仍預期雲端業務的營收成長將在 2023 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.

我們也很高興完成 Cerner 的收購。 Larry 上週在我們的 Oracle 健康策略會議上發表了講話，今天他會向大家詳細介紹。我會補充一些數字。

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，上一季的匯率逆風為5%，遠高於我們上次財報電話會議時的2%至3%。按照我的慣例，我將使用固定匯率成長率來審核我們的非公認會計準則美元業績，以便您能夠清楚地了解我們管理業務的狀況。

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%.

第四季度，雲端服務和授權支援總收入為76億美元，以固定匯率計算再次成長7%，這主要得益於Fusion、NetSuite自治資料庫以及Gen2 OCI。雲端服務總收入（包括IaaS和SaaS）為25億美元，以固定匯率計算成長22%。應用程式訂閱收入為32億美元，以固定匯率計算成長9%。我們策略性的後台雲端應用程式本季的年化營收為54億美元，以固定匯率計算成長24%，其中Fusion ERP成長23%，NetSuite ERP成長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%.

基礎建設訂閱收入為44億美元，以固定匯率計算成長5%。基礎設施雲端服務的年化收入目前超過32億美元，不包括我們傳統的託管服務，基礎設施雲端服務成長了49%，其中包括OCI消費收入成長83%；客戶雲端消費收入成長108%；以及自治資料庫成長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.

授權收入為25億美元，以固定匯率計算成長25%，主要得益於主要應用雲端SaaS公司在雲端使用的資料庫銷售。因此，我們的資料庫業務本季表現出色，資料庫總收入實現了兩位數成長。因此，本季總營收為118億美元，以固定匯率計算成長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.

由於我們持續投入以滿足日益增長的雲端服務需求，營運費用成長了11%。本季度，雲端服務和授權支援的毛利率為82%，毛利成長了4%。全年毛利成長率為4%，高於去年的2%，我預計2023財年將大幅成長。

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.

雖然我們將繼續投資於成長，但隨著雲端業務規模的擴大，我們應該能夠從規模經濟中獲益。請記住，我們未來的基本原則是，在加速雲端收入成長的同時，實現非公認會計準則每股收益的成長。

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.

非公認會計準則 (Non-GAAP) 營業收入為 56 億美元，較去年成長 8%，營業利潤率為 47%，再次高於所有競爭對手。儘管我們一直在積極投資以促進成長，但我們始終保持財務紀律。本季的非公認會計準則稅率為 10.1%，低於 19% 的基準稅率，這得益於第四季部分稅務問題的解決。

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.

每股盈餘為1.54美元，以固定匯率計算成長7%，以美元計算持平。美國通用會計準則每股收益為1.16美元，以固定匯率計算下降8%，以美元計算下降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，讓我來回顧一下整個財年，儘管我偶爾會公佈一些全年數據。整個財年，公司總營收為424億美元，以固定匯率計算成長7%，創下十多年來的最高年增長率。應用總收入成長8%，去年同期為5%；基礎設施總收入成長7%，去年同期為2%。顯然，由於對雲端業務的投資正在獲得回報，我們今年的營收成長加速。

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.

全年雲端服務和授權支援總收入為302億美元，成長6%。雲端服務總額成長22%，達到108億美元。非公認會計準則每股收益為4.9美元，以美元計算成長5%，以固定匯率計算成長8%。全年營業利益率為46%，較疫情前水準成長2%，略有下降，較去年同期下降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.

過去四季的營運現金流為95億美元，自由現金流為50億美元，全年資本支出為45億美元。本季，營運現金流為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.

截至季末，我們擁有近220億美元的現金和有價證券，但由於Cerner關閉，這一數字有所下降。短期遞延收入餘額為84億美元，以固定匯率計算略有成長。剩餘履約義務或RPO餘額為466億美元，由於訂單強勁，以固定匯率計算增加了17%。預計約57%將在未來12個月內確認為收入。

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，我們致力於透過技術創新、策略性收購、股票回購、謹慎使用債務和股息來回報股東。本季度，我們回購了800萬股，總額達6億美元。此外，我們在過去12個月內派發了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.

隨著第四季末完成對 Cerner 的收購，實際上，我估計上週我們增加了約 158 億美元的債務。我們預計將維持投資等級信用評級，這意味著目前我們將專注於減少債務餘額，同時繼續以現有水準進行股票回購。此外，我認為股息不會受到任何影響。一旦債務水準下降，我們將重新審視股票回購水準。

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.

現在談談業績指引。我們對業務發展動能非常樂觀。我們也意識到，目前宏觀不確定性正在增加。此外，自從我們3月份停止在俄羅斯的業務並在該地區做出其他調整以來，我們已從過去從這些客戶獲得的業績指引中剔除了每季約1億美元的部分。

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.

綜合考慮所有這些因素，我預計我們今年成長了22%的雲端業務在2023財年將實現超過30%的自然成長（以固定匯率計算）。雲端服務和許可證支援也將加速成長，並有望實現兩位數的有機成長。正如我之前所說，我們的基本原則是在加速雲端收入成長的同時實現每股盈餘的成長。鑑於我們對有機收入成長的信心日益增強，我們將繼續審慎地重新投資於該業務，您已經可以從我們的業績中看到回報。

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.

今年的營收成長率從21財年的2%加速至7%。顯然，市場對我們雲端服務的需求強勁，我們打算抓住這項機會。因此，我預計23財年的資本支出將會增加，以滿足需求。我們預計在2023財年，除了目前涵蓋20個國家的38個雲端服務區域外，還將新增6個服務區域。

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.

我也想分享我們將如何經營 Cerner，因為這將影響他們未來對 Oracle 的貢獻。我們已經在積極建構和實施世界一流的醫療雲端功能。 Larry 會詳細介紹。這意味著我們正在審查他們的整個產品組合，以確定哪些領域可以採用 Oracle 技術而非第三方產品，並將其遷移到 OCI。這些措施將為客戶提供更穩定、更安全、更具創新性的產品組合，同時減少對第三方產品的使用。隨著這些變革的實施，我們仍然有信心讓 Cerner 的營收和利潤成長得比他們自己單打獨鬥時更快。

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.

現在讓我談談我的業績展望。我將以非公認會計準則 (Non-GAAP) 為基礎，回顧第一季業績。如果匯率保持不變，匯率因素應該會對第一季總收入產生 3% 至 4% 的負面影響，並對每股盈餘產生 0.05 至 0.06 美元的負面影響。不過，實際匯率影響可能有所不同。

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以固定匯率計算將增長 20% 至 22%，以今天的匯率計算，以美元計算將增長 17% 至 19%，與過去的收購一樣，因為考慮到轉型，對 Cerner 收入貢獻的保守性有所增加。

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.

第一季度，雲端運算業務（不包括Cerner）整體雲端運算業務預計以固定匯率計算成長25%至28%，以美元計算成長22%至25%。如我上文所述，2023財年，不包括Cerner在內的整體雲端運算業務以固定匯率計算預計將成長30%以上。第一季度，包括Cerner在內的整體雲端運算業務以固定匯率計算預計將成長47%至50%，以美元計算預計將成長44%至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.

非公認會計準則每股收益預計成長6%至10%，以固定匯率計算，每股收益介於1.09美元至1.13美元之間。非公認會計準則每股收益預計將成長1%至5%，以美元計算，每股收益介於1.04美元至1.08美元之間。正如我之前所說，Cerner今年（包括第一季）的獲利將實現成長。

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.

我第一季的每股盈餘預測假設基準稅率為19%。然而，一次性稅務事件可能會導致特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.

說完這些，我會把話題交給拉里來徵求他的意見。

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.

謝謝薩弗拉。正如薩弗拉所說，我們的計劃是加速雲端收入成長，同時繼續提高每股盈餘。首先，讓我詳細介紹一下我們計劃如何加速雲端收入成長。這一切都從我們最重要的兩個垂直領域開始：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.

在醫療保健領域，我們正在為整個醫療保健生態系統建立一整套應用程序，首先從醫院和診所等醫療服務提供者開始。我們正在透過添加語音使用者介面等功能以及針對癌症和其他疾病的疾病特定人工智慧模型等應用程式來更新 Cerner 的臨床系統。我們還將包括一個物聯網設備網絡，以改善患者的診斷和監測。

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，包括管理醫院極其複雜的合約工，因為醫生和護士都不是全職員工。我們將根據合約協助招聘、安排和支付這些合約工的工資。

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.

醫院的庫存管理極為複雜。庫存並不集中存放。手術室外的護理站、加護病房外，都能找到庫存。庫存無處不在。管理這些庫存非常複雜。我們正在為手持手機添加RFID標籤和地圖，幫助人們快速找到所需物品。

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方，我們正在實現支付授權和計費系統的自動化。對於製藥公司，我們正在將臨床試驗系統直接整合到醫院臨床系統中，使臨床試驗更容易啟動並更快完成。

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.

我們之所以能夠做到這一切，甚至更多，是因為我們正在使用雲端最新、最高效的技術——Oracle 自治資料庫和 APEX 低程式碼程式語言——來建立這些醫療保健應用程式。使用這些工具，安全性和可靠性建構在技術平台之上，而不是應用程式。

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.

在金融服務垂直領域，我們正與各大貨幣中心銀行和領先的物流公司合作，直接在 Oracle ERP 雲端中實現 B2B 商務自動化。例如，當一家醫院想要購買一台 X 光機時，該醫院只需在其 Oracle ERP 採購系統中輸入 X 光機的採購申請。採購系統隨後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起相應的貸款申請。銷售 X 光機的公司使用其 Oracle ERP 訂單管理系統檢查產品庫存，並向其首選的物流供應商提交出貨申請，以便自動向買家報出交貨日期。

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 雲端中自動化：採購、銷售、貸款發放、運輸、計費和付款。 B2B 商務自動化對 Oracle 來說又是另一個巨大的機會。我們已擁有超過 30,000 家雲端 ERP 客戶，其中包括許多全球最重要的銀行和領先的物流公司。讓我們從醫療保健領域開始，回顧一下我們在 Oracle ERP 雲端領域持續取得的進展。

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.

我們在醫療保健領域佔有非常強勢的地位，合作夥伴包括凱撒醫療、梅奧診所、克利夫蘭診所、西奈山、諾斯韋爾健康、Tenet、Atrium Health、Highmark Health、Humana、信諾集團等眾多公司。第四季度，我們擊敗 SAP，拿下了聯合健康保險。我們贏得了 NHS，這是英國第二次向雲端運算邁進的重大舉措。我們贏得了澳洲新南威爾斯州衛生部的 ERP 和 SCM 服務。我們贏得了擁有 8 家醫院的賓州區域供應商 WellSpan。我們贏得了英國生命科學公司 Abcam，擴大了他們在 ERP 和 SCM 領域的影響力。克利夫蘭診所、加州大學健康中心和輝瑞公司都在第四季度上線了 ERP 和 SCM 服務。

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.

金融服務是我們另一個非常重要的垂直領域。正如我之前所說，我們在貨幣中心銀行中擁有非常強大的ERP應用地位。美國銀行使用Fusion應用程式。摩根大通使用Fusion應用程式。桑坦德銀行、紐約梅隆銀行、匯豐銀行、勞埃德銀行、麥格理銀行、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、先鋒集團和道富銀行也都在使用Fusion應用程式。我可以繼續列舉下去，但首先讓我先談談第四季的業績。

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.

第四季度，我們贏得了花旗銀行的青睞，並在 ERP 領域擊敗了 SAP。我們贏得了丘博的青睞。我們贏得了美國第六大銀行 PNC 的青睞。我們贏得了美國最大的日資銀行三井住友銀行的青睞。我們贏得了華僑銀行的青睞。我們贏得了日本第三大銀行瑞穗的青睞。我們也贏得了日本的 TIAA、德斯雅爾丹銀行和三井住友銀行。墨西哥國民銀行（GNP）是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強大的地位。金融服務是我們與物流公司合作實現 B2B 商務自動化的關鍵合作夥伴群之一。

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.

在零售領域，我們贏了——但我們已經有了科爾士百貨、歐迪辦公、梅西百貨、克羅格、艾伯森、樂購、麥當勞、Chipotle、蒂芙尼、薩克斯、Williams-Sonoma、沃爾瑪和哥倫比亞廣播公司。但在第四季度，我們又增加了新的客戶。我們增加了勞氏、艾伯森、宣偉和阿貝克隆比&費奇。我們在梅西百貨、Nextdoor和合作商店都進行了大規模上線，這些都涉及零售領域。

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.

在通訊領域，我們已經與AT&T、Orange、MTN、Bharti Airtel、Rogers、Wind Tre、義大利電信、KPN和SAC展開合作。我們贏得了維珍傳媒。我們在AT&T進行了大規模擴張，包括ERP和SCM的擴張。我們在Verizon進行了大規模擴張，包括ERP和EPM。電信業務本季表現非常強勁，荷蘭電信公司KPN在ERP和SCM方面取得了巨大的成功。

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.

服務致勝，我們已經贏得了普華永道、畢馬威、博思艾倫、TrueBlue、Securitas、Waste Management、Skanska、McDermott 和 Jacobs 等公司的支持。在第四季度，我們贏得了 BDO、Verisk Analytics 和 Medatilo Group 等公司的支持。 Go 第四季上線的服務包括普華永道、萬寶盛華、TriNet 和 Republic Services。

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，我們在密蘇裡州取得了重大勝利，全面涵蓋了密蘇裡州的ERP、SCM和HCM——戰勝了Workday、SAP和其他所有公司。我們贏得了蘇格蘭政府的訂單。我們贏得了英國內政部的訂單。我們贏得了瑞士的一個州的訂單。我們贏得了沙烏地阿拉伯一個社會保險綜合組織的訂單。我們贏得了澳洲維多利亞州警察局的訂單。我們在英國聖路易市和諾福克郡的公共部門取得了重大進展。

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、Loews、皇家加勒比和公園酒店。為了擴展ERP系統，我們新增了Airbnb，以擊敗Workday，並加入了洲際酒店及度假村。

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.

物流。同樣，這是我們在 Oracle ERP 雲端中實現 B2B 商務自動化的重要努力中的另一個主要合作夥伴群體。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、施耐德、聯合太平洋和 Yellow。我們也新增了愛爾蘭郵政 An Post。上線的合作夥伴包括 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.

在高等教育領域，我們與普林斯頓大學、劍橋大學、茱莉亞學院、范德堡大學、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、加州大學聖地牙哥分校等許多大學建立了合作關係。我們也新增了緬因大學、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.

本季我們在高科技領域的其他顯著成果包括：贏得了Teradata。我們贏得了豐田汽車的重大訂單，以及電裝的ERP訂單。 Berry Global，讓我們再看看我們還取得了哪些進展。我們與[應用團隊]合作，又贏得了ERP訂單。在能源領域，我們贏得了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 ERP 的發展勢頭感到非常興奮，也很高興看到 ERP 能夠從最初的本地系統擴展到現在的雲端系統，實現 B2B 商務自動化。

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

有了它，我將把它交還給 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，如果你能向觀眾提問，我們就可以進入問答環節了。

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

（操作員指示）我們將回答摩根大通的馬克墨菲提出的第一個問題。

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?

恭喜本季實現兩位數成長。拉里，你關於國家健康記錄資料庫的願景非常引人注目。這將對社會產生深遠的影響。考慮到醫療保健領域已花費數萬億美元，你認為如果解決了這個問題，甲骨文和Cerner將面臨多大的機會？

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.

嗯，國家健康記錄資料庫解決了兩個問題。首先，它允許患者在緊急情況下，讓護理人員立即存取他們的所有健康記錄，這將為人們帶來更好的結果。其次，公共衛生官員將獲得有關其國家健康狀況的更好資訊。我的意思是，擁有這些知識，我們不僅顯著改善了醫療保健，而且還節省了大量資金。

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.

我不知道你是否還記得，我們派遣了那艘醫療船前往紐約市，因為紐約的官員們以為他們的病床快用完了。結果他們錯了。我們並沒有用完病床，只是他們不知道。他們沒有——公共衛生官員無法獲得這類資訊。他們有點盲目——很明顯——在很多情況下，他們在疫情期間都是盲目行動。

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.

透過提供這些信息，我們挽救了許多人的生命，也節省了大量資金。這個機會的規模龐大，因為它並非──人們通常認為這是一個國家級的機會。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，西歐的預算主要用於醫療保健。如果他們能夠透過引入現代資訊系統來挽救生命並節省資金，他們就會這麼做，而且會迅速採取行動。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，我們請摩根士丹利的 Keith Weiss 發言。

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?

恭喜你們取得如此穩健的季度業績。薩弗拉，你在電話會議上提到你們取得了這樣的表現。即使在宏觀經濟情勢並不穩定的情況下，我們也看到許多其他軟體公司的交易出現下滑，消費者業務出現問題，網路公司也削減了支出。你們似乎正在很好地應對這些挑戰嗎？能否詳細介紹一下你們是如何做的？執行力是否更好？甲骨文的價值主張是否得到更清晰的詮釋？能否解釋一下，在這段時間裡，當很多公司都在以比你所說的更微弱的業績進行運營時，你們為何能夠取得更大的業績？

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。首先，你必須明白，我們是一家非常大的公司。我們擁有成千上萬的現有客戶。我們的產品也非常引人注目，客戶通常可以透過遷移到OCI來節省成本。而且，我們的許多客戶在疫情期間意識到，他們絕對需要擁有現代化的系統。那些沒有現代化系統的公司在疫情期間幾乎無法生存。他們必須與客戶、員工和供應商建立數位連接。

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.

這些就是我們的產品。當客戶從亞馬遜遷移到我們這裡時，他們——在嘗試我們的那一刻，就會意識到，哇，這更好，更經濟。當然，對於Oracle的工作負載，你根本無法接近我們的能力。所以我們有很多優勢。我們的產品，當然，我們的Fusion產品非常出色。我的意思是，我們擁有如此多的客戶。這通電話不夠長，無法聯絡他們。

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 和 Fusion 一樣，在不同的市場領域也處於行業領先地位，發展勢頭驚人。順便說一句，正如我所提到的，光是在俄羅斯-烏克蘭地區，我們每季的收入就達到約 1 億美元。烏克蘭客戶遭受入侵後，我們停止了對他們的收費，儘管我們仍在繼續為他們提供幫助。當然，我們也暫停了在俄羅斯的所有業務。

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產能來滿足需求。我對我們上個季度管理供應鏈的方式非常滿意，我希望情況會越來越好，因為這將賦予我們更大的產能和更強大的交付能力。所以，我的意思是，我們發展勢頭強勁。我們擁有許多滿意的客戶。

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.

而且新客戶購買量還在持續成長。這就形成了一個良性循環，人們也真正對我們的執行力建立了信心。此外，我們傳遞的整體經濟訊息和產品，我們始終致力於提供引人入勝的金融產品。我認為這在當今時代確實引起了共鳴。

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

接下來我們請到德意志銀行的布拉德‧澤爾尼克 (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?

恭喜您取得的優異成績。 Larry，我們發現客戶與 Oracle 簽訂的大型企業協議（ULA）數量顯著上升，特別是為了滿足他們在本地和雲端的資料庫需求。您是否有任何關於客戶行為的遙測數據或其他洞察，以了解他們在哪裡部署這些許可證？您能否談談為什麼 BYOL 對您的策略和 Oracle 資料庫的長遠發展如此重要？

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Safra的許可證數量也如此強勁。您在準備好的發言中提到，許可證數量的成長主要由主要應用程式雲SaaS公司在雲端中使用資料庫所驅動。您能否提供更多資訊？

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。除了Workday，大多數大型應用程式公司，如salesforce.com，都是Oracle的大型用戶。他們授權我們的資料庫在他們的雲端中使用。但他們並非唯一授權使用者。有很多SaaS公司在雲端使用我們的資料庫。這使得我們的授權業務非常強勁。我們的資料庫授權業務非常強勁。

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.

不要將許可證與本地部署混淆。有些許可證通常用於本地部署，但我們銷售的許多新許可證允許客戶使用這些許可證並在雲端運行，無論是我們的雲端、其他人的雲，還是像 Salesforce 一樣，在他們自己的雲端中。因此，Oracle 資料庫仍然是全球排名第一的資料庫，而且遙遙領先。如果算上所有使用 Oracle 資料庫的 SaaS 公司，它仍然是雲端排名第一的資料庫。

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

接下來我們來談談伯恩斯坦研究公司的馬克‧莫德勒 (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?

恭喜您本季業績強勁，並獲得了非常積極的評論和預期。我想就大家關心的問題再深入探討。鑑於許多人對經濟衰退的擔憂日益加劇，您能否談談您對應用業務，尤其是 ERP 業務的看法？我想了解的是，經濟放緩是否會對 ERP 向雲端的轉變產生影響？我們該如何看待這個問題？

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

嗯，我不確定我會不會這樣稱呼它——抱歉，薩弗拉。請繼續。

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

不，你繼續吧，拉里。你繼續吧。

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。我不確定我是否應該稱之為反週期，但雲端系統的運作成本遠低於本地系統。所以——它們能提供更完善的資訊。它們能讓你更能控制開支。它們的實施成本並不高，因為你可以分期付款。所以我們——我們看到的是——讓我們來看看NetSuite，它是低端市場，你認為這些公司會是受經濟衰退影響最大的公司嗎？

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。他們會繼續建造——他們會繼續安裝新系統。但一些規模較小的企業家主導的公司，你認為經濟衰退會為我們帶來好處。他們——上個季度我們從NetSuite獲得了有史以來最高的收入，也實現了有史以來最高的成長率。他們正在加速進入經濟衰退，因為我們認為這帶來的好處巨大，而且它能讓公司更有效地競爭。而且，我們並沒有看到這項業務放緩，恰恰相反。儘管宏觀經濟狀況不佳，但我們看到我們的ERP業務（包括Fusion和NetSuite）都在加速成長。

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 系統的成本有多高。這些系統需要配套的資料中心，需要數百甚至數千名技術人員來運作。這些系統老舊、笨重，遷移到 Fusion ERP 則完全是另一個世界，成本也高。所以相較之下，Fusion ERP 的成本微不足道。我認為人們似乎忘記了這一點。所有本地部署系統都存在這個問題，但那些老舊的 SAP 系統更是如此。

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.

我們在該領域的雲端服務確實是無與倫比的，坦白說，無與倫比。我們的成功率還在持續成長。我們對此非常樂觀，而且已經賣出了許多產品。許多產品仍在實施中，我們預期您會在數據中看到這一點，而我們的客戶最終的支出將低於他們過去在本地部署上的支出。

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

太棒了！非常感謝。再次恭喜你。

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

接下來，我們來談談瑞士信貸的菲爾溫斯洛 (Phil Winslow)。

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.

Safra，上個季度，您預計下一財年的有機收入成長將達到兩位數。恭喜您本季實現了兩位數的里程碑。在今天的業績中，有兩個數字讓我們印象深刻。首先是授權收入的成長。其次是您之前提到的資料庫總收入將達到兩位數成長。

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，您能否更詳細地解釋一下，是什麼推動了許可證收入的再次加速成長？即使雲端收入達到了4年多以來的最高成長率，BYOL（自備授權）是否帶來了壓力？自治資料庫（Autonomous Database）是否正在成長－規模夠大、成長速度夠快，足以提升整體營收等等？這是您在第三季電話會議上提到的廣泛需求嗎？還是更多的是受到重大交易的驅動？

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。首先，大型企業明白，簽訂一段時期的無限期協議，能為他們帶來難以置信的彈性。任何沒有與我們簽訂無限期協議的大客戶、大型資料庫用戶，實際上並沒有優化他們的支出，因為這賦予了他們極大的靈活性，他們可以根據需要在本地使用。他們可以遷移到雲端，透過 BYOL 獲得更低的雲端價格，並且可以來回遷移。這賦予了他們這種靈活性。這些協議是許多事情發生的最終基礎。

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.

當然，在技術方面，我們也有領先的 Java 業務，它在本地部署中應用廣泛，在雲端則免費。因此，客戶可以放心地將他們的 Java 遷移到 Oracle 雲端並免費使用——他們的 Java 程式也完全免費。

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，我們有許多因素激勵您將 Oracle 資料庫遷移到我們的雲端中，當然，所有 Java 工作也遷移到我們的雲端。因此，這兩項因素對於我們保持如此強勁的許可證數量至關重要。至於 Oracle 資料庫，我從 80 年代就開始關注 Oracle 了。我們總是聽說有新產品即將超越 Oracle。事實上，Oracle 資料庫已經超越了黃金標準。

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.

如果您真的需要完成工作，並且想要保護最關鍵的數據，並且需要使用大量數據，那麼 Oracle 資料庫將是您的不二之選，因為它比其他所有產品都更勝一籌。當然，有些人也會嘗試其他產品。當他們的業務規模擴大時，他們總是會回歸到 Oracle 資料庫。它無可取代，因為它擁有卓越的技術能力。這一點客戶非常清楚，越來越多的客戶會選擇繼續使用他們的許可證，並延長那些無限期的協議，無論是在本地還是在雲端。這不是非此即彼的選擇，而是兩者兼顧，這才是 Oracle 資料庫的最佳用途。

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.

我要補充一點，Oracle 自治資料庫之所以有趣，是因為它是自主的。換句話說，它不需要像資料庫管理員那樣人工操作。最近，在 Oracle 內部，在我們的雲端中，幾乎所有資料庫都運行在我們的雲端中，也就是自治資料庫，因為人們不想在 Oracle 公司內部僱用資料庫管理員，運作起來更便宜。

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來說，自治資料庫是逆週期的。只要從傳統的Oracle資料庫遷移到自治資料庫，就能節省一大筆錢。它實際上更安全、更可靠，運行成本也更低。你不需要一群專家來運行它，也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.

有一種名為 APEX 的程式語言，它使用低程式碼程式設計環境，所需的程式設計師數量僅為使用另一種語言 Java 的 10%。而且，APEX 在 Oracle 內部也越來越流行，用於建立應用程式。我認為這是兩個有趣的趨勢，人們正在使用更先進的技術來大幅降低勞動力成本，我認為這在未來幾年的經濟狀況下將發揮巨大作用。

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

我們的最後一個問題來自 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?

恭喜您本季表現良好。 Safra，您能否就23財年的資本支出前景，相對於今年的情況，提供一些補充資訊？然後，我想澄清一下回購事宜，確保我理解的沒錯。即使考慮到Cerner的增量債務，上個季度的回購速度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。我先說說回購，因為我知道最後我跟你講了一堆廢話。我當時有點兒力不從心。上個季度我們回購了6億美元。我記得上一季我們回購了大約6億美元。我預計本季也會回購差不多。通常我不會提前告訴你具體數字。但從上一季到這兩個季度，我們回購了70億美元，還有幾次甚至達到了80億美元。我們不會一直維持這個水準。在接下來的幾個季度裡，我們會一直維持在6億美元這個水平，直到我了解我們的債務水平。所以我的目標可能是每季6億美元。也可能更高一些，但目前的情況就是這樣。

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，好的。您注意到我提到了我們有多少區域。在過去的一年半或兩年裡，我們已經建立了許多區域。我認為我們現在擁有的區域比亞馬遜還多，或者說，我認為我們已經擁有的區域已經多了。我們計劃再建立6個區域，並且還會擴展現有的區域，因為它們的使用範圍非常廣泛。在很多情況下，它們已經被佔用了。

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.

因此，我預期資本支出與今年持平。我認為明年會比今年略高一些。我會根據全年的實際情況提供更詳細的指導。但我們的雲端需求如此之大，我將繼續加大資本支出。但我相信，作為我們收入成長的一部分，我將開始真正感受到規模經濟效應，並大幅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回放將在投資者關係網站上提供24小時的回放。感謝您今天的參與。現在，請David致詞結束。

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

今天的電話會議到此結束。您可以掛斷電話了。