甲骨文 (ORCL) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to the Oracle Fourth Quarter and Fiscal Year 2023 Earnings Call. Today's call is being recorded. I would now like to turn the conference over to Ken Bond. Please go ahead.

大家好，歡迎參加 Oracle 第四季度和 2023 財年財報電話會議。今天的通話正在錄音。我現在想把會議交給肯·邦德。請繼續。

Thank you, Lisa, and good afternoon, everyone, and welcome to Oracle's Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information can be viewed and downloaded from our Investor Relations website.

謝謝麗莎，大家下午好，歡迎參加 Oracle 第四季度和 2023 財年收益電話會議。您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格的副本，其中包括 GAAP 與非 GAAP 調節表以及其他補充財務信息。

Additionally, a list of many customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from our Investor Relations website. On the call today are Chairman and Chief Technology Officer, Larry Ellison; and Chief Executive Officer, Safra Catz. As a reminder, today's discussion will include forward-looking statements including predictions, expectations, estimates or other information that might cause actual results to differ from what we're talking about today.

此外，我們的投資者關係網站還提供了最近購買 Oracle 雲服務或上線 Oracle 雲的眾多客戶的列表。今天參加電話會議的是董事長兼首席技術官拉里·埃里森 (Larry Ellison)；兼首席執行官 Safra Catz。提醒一下，今天的討論將包括前瞻性陳述，包括預測、期望、估計或其他可能導致實際結果與我們今天討論的內容不同的信息。

Throughout today's discussion, we will present some important factors relating to our business which may potentially affect these forward-looking statements. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

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。這些前瞻性陳述還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 our 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.

因此，我們提醒您不要過分依賴這些前瞻性陳述，並鼓勵您查看我們最新的報告，包括我們的 10-K 和 10-Q 以及任何適用的修正案，以全面討論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。

And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Before taking questions, we'll begin with a few prepared remarks. And with that, I'd like to turn the call over to Safra.

最後，我們沒有義務根據新信息或未來事件修改我們的結果或這些前瞻性陳述。在回答問題之前，我們將先做一些準備好的評論。說到這裡，我想把電話轉給薩夫拉。

Thanks, Ken, and good afternoon, everyone. As you can see, Q4 was another fantastic quarter and the end of a great year. But before I get to the numbers, I'd like to go over our journey to get here. Three years ago, I shared with you that our own business transformation had reached a crossover point as our fast-growing businesses had eclipsed the size of our declining businesses.

謝謝，肯，大家下午好。正如您所看到的，第四季度是另一個精彩的季度，也是偉大的一年的結束。但在討論這些數字之前，我想先回顧一下我們到達這裡的旅程。三年前，我跟大家分享過，我們自己的業務轉型已經到了一個十字路口，快速增長的業務超過了衰退業務的規模。

And as a result, this would inevitably drive revenue growth acceleration going forward. Now I don't blame you for not believing me at the time, fiscal year 2020 growth was 0. Well, as you can see, this has played out with organic revenue growth accelerating significantly, and that's despite the closure of our nearly $0.5 billion Russia business.

因此，這將不可避免地推動未來收入增長加速。現在我不怪你當時不相信我，2020 財年的增長率為 0。好吧，正如你所看到的，這已經隨著有機收入增長顯著加速而顯現出來，儘管我們關閉了近 5 億美元的業務俄羅斯生意。

Since fiscal year 2020 our strategic back-office SaaS business has more than doubled in size and consumption of our Gen 2 Cloud Infrastructure service is now 7x larger. And while competitors have seen their growth rates drop precipitously over the last year, our cloud infrastructure growth rate has essentially doubled from last year to 77% this quarter and with Gen 2 OCI growth even higher. And we're far from done. In fact, I just told my team, I think we're at about the middle of the beginning. Looking ahead, I see even more growth opportunities that should help power future growth acceleration in the future.

自 2020 財年以來，我們的戰略後台 SaaS 業務規模增加了一倍多，我們的第二代云基礎設施服務的消耗現在增加了 7 倍。儘管競爭對手的增長率在去年急劇下降，但我們的雲基礎設施增長率在本季度基本上比去年翻了一番，達到 77%，而且第二代 OCI 的增長率甚至更高。我們還遠未完成。事實上，我剛剛告訴我的團隊，我認為我們正處於起步階段。展望未來，我看到了更多的增長機會，這將有助於推動未來的增長加速。

We remain committed to the fiscal year 2026 target that we shared with you last fall at our Financial Analyst Meeting and our exploding AI demand leaves us significant upside. Our momentum has been driven by 2 fundamental differences from our competition, one, highly differentiated technology; and two, a much better customer experience.

我們仍然致力於實現去年秋天在金融分析師會議上與您分享的 2026 財年目標，而我們爆炸性的人工智能需求給我們帶來了巨大的上升空間。我們的動力來自於與競爭對手的兩個根本差異，一是高度差異化的技術；第二，更好的客戶體驗。

Firstly, our cloud applications are very popular with a growing base of customers in part because we are the most modern, comprehensive and innovative set of apps across back office, CX and industry applications. We implemented AI machine learning capabilities years before anyone was talking about it, and it helps our customers run their businesses every day. To complete the picture, we can serve customers of any size around the world from small businesses on NetSuite to global enterprise on Fusion in all industries, having the best cloud application technology has helped us grow the business to $11 billion in SaaS revenue while expanding gross margins.

首先，我們的雲應用程序受到越來越多客戶的歡迎，部分原因是我們是後台、CX 和行業應用程序中最現代、最全面和最具創新性的應用程序集。我們在人們談論人工智能機器學習功能之前幾年就已經實現了它，它可以幫助我們的客戶每天運營他們的業務。總而言之，我們可以為全球任何規模的客戶提供服務，從 NetSuite 上的小型企業到 Fusion 上的跨國企業，涵蓋各個行業，擁有最好的雲應用技術幫助我們將業務增長到 110 億美元的 SaaS 收入，同時擴大了總收入邊距。

On the infrastructure side, we're seeing more and more media articles reporting on the unique capabilities of OCI and our database technologies. Larry will explain our unique differentiation in a moment. But the result is that customers are choosing to run on Oracle Infrastructure for all their requirements. Be they new services like AI training or services we're known for like database and Java? To complement the technology, we've changed our culture such that we are totally focused on our customers' success.

在基礎設施方面，我們看到越來越多的媒體文章報導 OCI 的獨特功能和我們的數據庫技術。拉里（Larry）稍後將解釋我們獨特的差異化。但結果是客戶選擇在 Oracle 基礎設施上運行來滿足他們的所有需求。它們是人工智能培訓等新服務還是我們眾所周知的數據庫和 Java 等服務？為了補充技術，我們改變了我們的文化，使我們完全專注於客戶的成功。

That partnership spirit starts with engineering as we work hand in hand with companies as they try out our technology and continue all the way through their success with us. There's no question that this close partnership with our customers has led to our success. As part of that, we've also created an organization called Customer Success Services, or CSS. This group ensures the customers get the most value from their Oracle purchases from planning to activation, to implementation, to support to anything else they need to succeed.

這種合作精神始於工程設計，我們與公司攜手合作，讓他們嘗試我們的技術，並與我們一起取得成功。毫無疑問，與客戶的密切合作關係為我們帶來了成功。作為其中的一部分，我們還創建了一個名為客戶成功服務（CSS）的組織。該團隊確保客戶從 Oracle 採購中獲得最大價值，從規劃到激活、實施、支持以及他們成功所需的任何其他事項。

We think this unique approach, which customers already tell us they love ultimately drives overall customer satisfaction, and that results in higher renewal rates, expansion rates and referencing.

我們認為，客戶已經告訴我們他們喜歡這種獨特的方法，最終會提高整體客戶滿意度，從而帶來更高的續訂率、擴展率和引用率。

Now I'll turn to Q4. As always, I'll discuss financials using constant currency growth rates and also provide a full picture -- and also provide a full picture. I'm going to share with you results including and some excluding Cerner, so that you have it all. Total cloud revenues, SaaS plus IaaS was $4.4 billion, up 55% with IaaS revenue of $1.4 billion, up 77% and SaaS revenue of $3 billion, up 47%. Excluding Cerner, total cloud revenue SaaS plus IaaS was up more than 33% at $3.8 billion. Total cloud services and license support revenue for the quarter was $9.4 billion, up 25%, driven again by our strategic cloud applications, autonomous database and our Gen 2 OCI. Application subscription revenues, which include product support were $4.4 billion, up 37%. Application-specific revenues, including support, but excluding Cerner were $3.4 billion, up 11%.

現在我將轉向Q4。與往常一樣，我將使用恆定的貨幣增長率來討論財務狀況，並提供全面的情況 - 並且還提供全面的情況。我將與您分享包括和不包括 Cerner 在內的一些結果，以便您了解全部內容。 SaaS 加 IaaS 的云總收入為 44 億美元，增長 55%，其中 IaaS 收入為 14 億美元，增長 77%，SaaS 收入為 30 億美元，增長 47%。不包括 Cerner，SaaS 加上 IaaS 的云總收入增長了 33% 以上，達到 38 億美元。本季度雲服務和許可支持總收入為 94 億美元，增長 25%，這再次受到我們的戰略云應用程序、自主數據庫和第二代 OCI 的推動。應用程序訂閱收入（包括產品支持）為 44 億美元，增長 37%。特定應用程序的收入（包括支持，但不包括 Cerner）為 34 億美元，增長 11%。

SaaS cloud revenue, again, excluding Cerner was $2.4 billion, was up 17%. Our strategic back-office SaaS applications now have an annualized revenue of $6.6 billion and grew 24%, including Fusion ERP up 28% and NetSuite ERP up 24%.

不包括 Cerner 在內，SaaS 雲收入再次增長 17%，達到 24 億美元。我們的戰略後台 SaaS 應用程序目前年化收入為 66 億美元，增長 24%，其中 Fusion ERP 增長 28%，NetSuite ERP 增長 24%。

Together, our strategic back-office businesses are now larger and have grown faster than our local competitor for 4 straight years.

總的來說，我們的戰略後台業務現在規模更大，並且連續 4 年比我們當地的競爭對手增長得更快。

Infrastructure subscription revenues, which also include support, were $5 billion, up 15%. As mentioned already, infrastructure cloud services revenue was up 77%. Excluding legacy hosting services, infrastructure, cloud services revenue grew 89% with an annualized revenue of $5.2 billion, including OCI consumption revenue, which was up 112%, Cloud at Customer consumption revenue was up 60% and autonomous database was up 47%.

基礎設施訂閱收入（也包括支持）為 50 億美元，增長 15%。如前所述，基礎設施雲服務收入增長了 77%。不包括傳統託管服務、基礎設施，雲服務收入增長 89%，年化收入達 52 億美元，其中 OCI 消費收入增長 112%，Cloud at Customer 消費收入增長 60%，自治數據庫增長 47%。

Database subscription revenues, which include database support, were up 6%, highlighted by cloud database services, which were up 41%. As on-premise databases migrate to the cloud and cloud and customer, we expect these cloud database services will be a third leg of revenue growth and revenue growth acceleration, alongside back-office SaaS and Gen 2 OCI cloud services.

包括數據庫支持在內的數據庫訂閱收入增長了 6%，其中云數據庫服務增長了 41%。隨著本地數據庫遷移到雲、雲和客戶，我們預計這些雲數據庫服務將成為收入增長和收入增長加速的第三條腿，與後台SaaS和第二代OCI雲服務並列。

Software license revenues were $2.2 billion, down 14% following the 25% growth we saw a year ago in Q4. So all in, total revenues for the quarter, including Cerner's revenue contribution of $1.5 billion were $13.8 billion, up 18%.

軟件許可收入為 22 億美元，較去年第四季度增長 25% 下降 14%。總而言之，包括 Cerner 貢獻的 15 億美元收入在內，本季度總收入為 138 億美元，增長 18%。

Shifting to margins. The gross margin percentage for cloud services and license support was 78% as a result of the mix between support and cloud. Last year, Oracle license support revenues with its mid-90s gross margins represented about 62% of cloud services and license support revenue.

轉向邊緣。由於支持與雲的混合，雲服務和許可證支持的毛利率為 78%。去年，Oracle 許可支持收入的毛利率約為 90 年代中期，約占云服務和許可支持收入的 62%。

And now it's down to 53%. But this is happening because our cloud services are growing much, much faster than license support even as license support continues to grow. Most importantly, gross profit dollars of cloud services and license support grew 19% with Cerner, 10%, excluding Cerner in Q4.

現在已降至 53%。但這之所以發生，是因為我們的雲服務的增長速度遠遠快於許可證支持，即使許可證支持持續增長。最重要的是，第四季度雲服務和許可證支持的毛利潤增長了 19%，其中 Cerner 增長了 10%（不包括 Cerner）。

Additionally, I would note that IaaS gross margins improved substantially from last year, and I expect IaaS gross margins will continue to improve. We will -- while we have continued to build data center capacity, we've also seen our margins go higher as these new cloud regions fill up.

此外，我要指出的是，IaaS 毛利率比去年大幅提高，並且我預計 IaaS 毛利率將繼續提高。我們將——在我們繼續建設數據中心容量的同時，我們也看到隨著這些新的雲區域的填滿，我們的利潤率會更高。

Non-GAAP operating income was $6.2 billion, up 12% from last year. The operating margin was 44% as we continue to integrate Cerner as we drive Cerner profitability to Oracle standards and continue to benefit from economies of scale in the cloud, we will not only continue to grow operating income, but we will also grow the operating margin percentages.

非 GAAP 營業收入為 62 億美元，比去年增長 12%。隨著我們繼續整合 Cerner，將 Cerner 的盈利能力提高到 Oracle 標準，並繼續受益於雲中的規模經濟，營業利潤率為 44%，我們不僅將繼續增加營業收入，而且還將提高營業利潤率百分比。

The non-GAAP tax rate for the quarter was 9.2%, and the non-GAAP EPS was USD 1.47, up 8% in USD and 10% in constant currency. The GAAP EPS was $1.19. For the full fiscal year, total company revenue was $50 billion, up 22%, and excluding revenue, total revenue grew 7%. Total application subscriptions grew 35% and 10% excluding Cerner compared to 8% last year and total infrastructure grew 10% compared with 5% growth last year.

本季度非 GAAP 稅率為 9.2%，非 GAAP 每股收益為 1.47 美元，按美元計算增長 8%，按固定匯率計算增長 10%。 GAAP 每股收益為 1.19 美元。整個財年，公司總收入為 500 億美元，增長 22%，剔除收入後，總收入增長 7%。與去年的 8% 相比，應用程序訂閱總數增長了 35% 和 10%（不包括 Cerner），總基礎設施增長了 10%，與去年的 5% 增長相比。

Clearly, our revenue growth continued to accelerate again this year as investments into our cloud businesses are paying off. Total cloud services and license support revenue was $35.3 billion, up 21% and total cloud services by itself were up 50% to $15.9 billion, and excluding Cerner, total cloud services were up 29% to $13.6 billion and with revenue growth acceleration in both strategic back office cloud applications, which were up 27% for the year and cloud infrastructure services, which were up 63% for the year.

顯然，隨著對雲業務的投資得到回報，今年我們的收入增長繼續加速。雲服務和許可支持總收入為 353 億美元，增長 21%，雲服務本身總收入增長 50%，達到 159 億美元，不包括 Cerner，雲服務總收入增長 29%，達到 136 億美元，戰略和業務領域的收入增長加速後台雲應用程序全年增長 27%，雲基礎設施服務全年增長 63%。

Non-GAAP EPS was USD 5.12 , up 4% in USD and up 10% in constant currency. The full year operating margin percentage was 42%. At quarter end, we had nearly $10.2 billion in cash and marketable securities, and the short-term deferred revenue balance was $9 billion, up 9%.

非 GAAP 每股收益為 5.12 美元，按美元計算增長 4%，按固定匯率計算增長 10%。全年營業利潤率為42%。截至季度末，我們擁有近 102 億美元的現金和有價證券，短期遞延收入餘額為 90 億美元，增長 9%。

Operating cash flow for the quarter was up 42% at $5.6 billion, while free cash flow was up 46% at $3.7 billion. Now over the last 4 quarters, operating cash flow was $17.2 billion, up 80% from last year as we're now seeing cash flow benefits from our cloud transformation.

本季度運營現金流增長 42%，達 56 億美元，自由現金流增長 46%，達 37 億美元。在過去 4 個季度中，運營現金流為 172 億美元，比去年增長 80%，因為我們現在看到了雲轉型帶來的現金流收益。

With capital expenditures of $8.7 billion this year, free cash flow was $8.5 billion, up from $5 billion last year, and I expect that we will see very good results in our fiscal '24 free cash flow.

今年的資本支出為 87 億美元，自由現金流為 85 億美元，高於去年的 50 億美元，我預計我們將在 24 財年的自由現金流中看到非常好的結果。

The remaining performance obligations or RPO balance is $67.9 billion, up 47% in constant currency due to strong cloud bookings as well as Cerner. I would also note that organic RPO with 15% in constant currency as a result of our customers burning through their commitments at a heightened rate.

由於強勁的雲預訂和 Cerner，剩餘履約義務或 RPO 餘額為 679 億美元，按固定匯率計算增長 47%。我還要指出的是，由於我們的客戶以更高的速度兌現了他們的承諾，按固定匯率計算，有機 RPO 為 15%。

I expect that you'll see this number run up as customers reload and new customers sign up. Approximately 49% of total RPO is expected to be recognized as revenue over the next 12 months. CapEx was $1.9 billion in Q4 and $8.7 billion for fiscal year 2023 as we continue to build capacity for existing bookings and our customers' growing needs.

我預計隨著客戶重新加載和新客戶註冊，您會看到這個數字不斷增加。預計 RPO 總額的大約 49% 將在未來 12 個月內確認為收入。隨著我們繼續為現有預訂和客戶不斷增長的需求建設能力，第四季度的資本支出為 19 億美元，2023 財年的資本支出為 87 億美元。

Our investment strategy for adding capacity remains to build many, many identical cloud region. Our starting point is smaller, which allows us to go where competitors cannot and this continues to be an advantage for us. Given the demand we have and see in our pipeline, I've increased our CapEx projection, and I now expect the fiscal 2024 will be similar to this year's CapEx. I also expect our Gen 2 OCI business will have another excellent year of revenue growth as existing centers fill up and new centers come online.

我們增加容量的投資策略仍然是構建許多很多相同的雲區域。我們的起點較小，這使我們能夠到達競爭對手無法到達的地方，這仍然是我們的優勢。考慮到我們在管道中的需求，我提高了我們的資本支出預測，我現在預計 2024 財年的資本支出將與今年的資本支出類似。我還預計，隨著現有中心的滿員和新中心的上線，我們的第二代 OCI 業務將迎來又一個收入增長的出色年份。

As always, we remain careful to pace our investments appropriately and in line with booking trends, which is why our gross margins are up in our cloud. We now have 42 public cloud regions around the world with another 7 being built, 12 of these public regions interconnect with Microsoft Azure, giving customers true multi-cloud capabilities.

一如既往，我們仍然謹慎地適當調整我們的投資節奏，並與預訂趨勢保持一致，這就是我們的雲毛利率上升的原因。目前，我們在全球擁有 42 個公有云區域，另外 7 個公有云區域正在建設中，其中 12 個公有云區域與 Microsoft Azure 互連，為客戶提供真正的多雲能力。

We have many, many cloud customer implementations, 10 dedicated regions and 9 more plans. And lastly, we have 9 national security regions live with immense demand for more. 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 the dividend.

我們有很多很多雲客戶實施、10 個專用區域和另外 9 個計劃。最後，我們有 9 個國家安全區域，對更多區域的需求巨大。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、審慎使用債務和股息來為股東回報價值。

This year -- this fiscal year, we repurchased 17 million shares for a total of $1.3 billion. In addition, we paid out dividends of $3.7 billion over the last 12 months as the Board of Directors declared a quarterly dividend of $0.40 per share.

今年——本財年，我們回購了 1700 萬股股票，總金額為 13 億美元。此外，我們在過去 12 個月內支付了 37 億美元的股息，董事會宣布季度股息為每股 0.40 美元。

Now to guidance. And as I've said before, our fundamental principle is to grow EPS while substantially increasing cloud revenue growth. Let me turn to my guidance for Q1, which I'll review on a non-GAAP basis, like everything else.

現在來指導一下。正如我之前所說，我們的基本原則是增加每股收益，同時大幅提高雲收入增長。讓我談談我對第一季度的指導，就像其他所有事情一樣，我將在非公認會計原則的基礎上進行審查。

If currency exchange rates remain as they are now, currency should have a 0% to 1% positive effect on total revenue and a $0.01 positive effect on EPS in Q1. However, actual currency impact may be different. Total revenues for Q1, including Cerner, are expected to grow from 7% to 9% in constant currency and are expected to grow from 8% to 10% in USD at today's exchange rate.

如果貨幣匯率保持現在的水平，貨幣對第一季度的總收入應該有 0% 到 1% 的積極影響，對每股收益有 0.01 美元的積極影響。然而，實際的貨幣影響可能有所不同。按固定匯率計算，包括 Cerner 在內的第一季度總收入預計將從 7% 增長至 9%，按當前匯率計算，預計將從 8% 增長至 10%。

Additional upside depends on how fast we can put out even more capacity to our customers. Total cloud revenue, again, excluding Cerner is expected to grow from 28% to 30% in constant currency and USD 29 to USD 31. Non-GAAP EPS is expected to grow between 8% to 12% and be between $1.11 and $1.15 in constant currency.

額外的優勢取決於我們為客戶提供更多產能的速度。同樣，不包括 Cerner 的云總收入預計將從 28% 增長至 30%（按固定匯率計算），從 29 美元增長至 31 美元。非 GAAP 每股收益預計增長 8% 至 12%，按不變匯率計算在 1.11 美元至 1.15 美元之間。貨幣。

Non-GAAP EPS is expected to grow between 9% to 13% and be between USD 1.12 and USD 1.16. My EPS guidance assumes a base tax rate of 19.5%. However, as you see nearly every quarter, onetime tax events could cause actual tax rates to vary. Now before I finish, let me also give you some initial thoughts on fiscal year 2024.

非 GAAP 每股收益預計增長 9% 至 13%，介於 1.12 美元至 1.16 美元之間。我的 EPS 指導假設基本稅率為 19.5%。然而，正如您幾乎每個季度看到的那樣，一次性稅務事件可能會導致實際稅率發生變化。在結束之前，我想向大家介紹一些關於 2024 財年的初步想法。

As I described, and Larry will elaborate in depth. We are seeing unprecedented demand for our cloud services and especially our AI services. As a result, I expect cloud revenue, excluding Cerner, will continue growing at least similar rates to what we experienced in fiscal 2023 even though our base is much bigger and may be higher.

正如我所描述的，拉里將深入闡述。我們看到對雲服務，尤其是人工智能服務的前所未有的需求。因此，我預計雲收入（不包括 Cerner）將繼續以至少與 2023 財年相似的速度增長，儘管我們的基數更大並且可能更高。

As our high-growth cloud revenues are becoming a larger, larger portion of total revenue, we are seeing an acceleration of our total revenue growth. I expect this trend will continue in fiscal 2024. And of course, we also expect to deliver a higher non-GAAP operating margin percentage this coming year as well.

隨著我們高增長的雲收入在總收入中所佔的比例越來越大，我們看到總收入增長正在加速。我預計這一趨勢將在 2024 財年繼續下去。當然，我們也預計來年也能實現更高的非 GAAP 營業利潤率。

Okay. Before I hand off to Larry, I want to take a moment to thank our customers for making fiscal year 2023, such an enormous success. You've been wonderful partners, and we thank you for your trust in us. And I want to thank our employees for being focused on advancing our customers' missions so spectacularly. Some of you are new, and many of you have been with us for years. In fact, even decades, and I think you all see that our best days are in fact ahead of us. Thank you for your loyalty and for your incredibly hard work. And thank you, Larry, our CTO, our Chairman and our Founder, for leading with brilliance determination and vision and allowing us to all be part of this incredible journey, which is just getting started. So thanks, Larry. And with that, I'll turn it over to you for your comments.

好的。在交給 Larry 之前，我想花點時間感謝我們的客戶，感謝他們使 2023 財年取得瞭如此巨大的成功。你們是很棒的合作夥伴，我們感謝你們對我們的信任。我要感謝我們的員工如此專注地推進客戶的使命。你們中的一些人是新來的，而許多人已經在我們這里工作多年了。事實上，甚至幾十年，我想你們都看到我們最好的日子實際上就在前方。感謝您的忠誠和辛勤工作。感謝我們的首席技術官、董事長和創始人拉里，您以卓越的決心和遠見來領導，讓我們所有人都成為這一令人難以置信的旅程的一部分，而這才剛剛開始。謝謝，拉里。至此，我會將其轉交給您徵求意見。

Thank you, Safra. The hardware and software and Oracle's Gen 2 Cloud is fundamentally different than other hyperscalers clouds. The CPUs and GPUs we rent to customers are interconnected using an ultra-high-performance RDMA network, plus a dedicated set of cloud control computers that manage security and data privacy. Oracle's unique set of hardware and software building blocks enable our Gen 2 Cloud to deliver much higher performance than any of our cloud competitors. And in the cloud, since you pay by the minute, if you run twice as fast and we do, you pay half as much. What is especially interesting in today's world is that all of Oracle's cloud data centers have a high bandwidth, low latency RDMA network. That is perfectly optimized for building the large-scale GPU clusters that are used to train generative large language models. And NVIDIA themselves are doing AI development in the Oracle Gen 2 Cloud. And we are partnering with NVIDIA to build the world's largest high-performance computer and AI computer with 16,000 GPUs.

謝謝你，薩弗拉。 Oracle Gen 2 雲的硬件和軟件與其他超大規模雲根本不同。我們向客戶租用的 CPU 和 GPU 使用超高性能 RDMA 網絡進行互連，以及一組用於管理安全和數據隱私的專用雲控制計算機。 Oracle 獨特的硬件和軟件構建模塊集使我們的第二代云能夠提供比任何云競爭對手更高的性能。在雲中，由於您按分鐘付費，如果您的運行速度是我們的兩倍，那麼您只需支付一半的費用。當今世界特別有趣的是，Oracle 的所有云數據中心都擁有高帶寬、低延遲的 RDMA 網絡。它針對構建用於訓練生成性大型語言模型的大規模 GPU 集群進行了完美優化。 NVIDIA 自己也在 Oracle Gen 2 Cloud 中進行 AI 開發。我們正在與 NVIDIA 合作打造世界上最大的高性能計算機和人工智能計算機，擁有 16,000 個 GPU。

The extreme high performance and related cost savings of running generative AI workloads in our Gen 2 Cloud has made Oracle the #1 choice among cutting-edge AI development companies, including MosaicML, Adept AI, Cohere, Model Lab, Character, hyperreal, [SliceX,] vector space bio, Falcon Ray, Respeecher, Altair, InfoWorld, Twelve Labs, Latent Space, plus many, many others.

在我們的第二代云中運行生成式 AI 工作負載所帶來的極高性能和相關成本節省，使 Oracle 成為尖端 AI 開發公司中的第一選擇，這些公司包括 MosaicML、Adept AI、Cohere、Model Lab、Character、hyperreal、[SliceX] ,] 矢量空間生物、Falcon Ray、Respeecher、Altair、InfoWorld、十二實驗室、Latent Space 以及許多其他的。

In the aggregate, our generative AI cloud customers have recently signed contracts to purchase more than $2 billion of capacity in Oracle's Gen 2 Cloud. One last thing, in partnership with Cohere, Oracle is launching a generative AI cloud service for Enterprise customers. This new service protects the privacy of our Enterprise customers' training data, enabling those customers to safely use their own private data to train their own private specialized large language models.

總的來說，我們的生成式人工智能雲客戶最近簽署了購買超過 20 億美元的 Oracle 第二代云容量的合同。最後一件事是，Oracle 與 Cohere 合作，為企業客戶推出生成式 AI 雲服務。這項新服務可以保護我們企業客戶的訓練數據的隱私，使這些客戶能夠安全地使用自己的私有數據來訓練自己的私有專用大語言模型。

Oracle's obligation development teams were early adopters of this new AI cloud service. We used our own private data to improve and extend the training of existing Cohere large language models. This supplementary training resulted in 2 new specialized large language models, one for medical professionals and one for first responders.

Oracle 的義務開發團隊是這種新的 AI 雲服務的早期採用者。我們使用自己的私有數據來改進和擴展現有 Cohere 大語言模型的訓練。這項補充培訓產生了兩種新的專業大型語言模型，一種用於醫療專業人員，一種用於急救人員。

Specialized large language models will be instrumental in helping highly trained professionals use their precious time more efficiently. As I said, Cohere and Oracle are working together to make it very, very easy for Enterprise customers to train their own specialized large language models while protecting the privacy of their training data.

專門的大型語言模型將有助於幫助訓練有素的專業人員更有效地利用他們的寶貴時間。正如我所說，Cohere 和 Oracle 正在共同努力，讓企業客戶非常非常輕鬆地訓練自己的專業大型語言模型，同時保護其訓練數據的隱私。

Over the next few years, lots of companies are going to train their own specialized large language models. Our partner Cohere is also using the Oracle Gen 2 Cloud for training their own large language models. In health care alone, specialized large language models will speed the discovery of new life-saving drugs, improve the quality of patient care and increase access to health care by lowering costs, a technology revolution is dawning. Back to you, Safra.

在接下來的幾年裡，許多公司將訓練自己的專業大型語言模型。我們的合作夥伴 Cohere 也使用 Oracle Gen 2 Cloud 來訓練他們自己的大型語言模型。僅在醫療保健方面，專門的大語言模型將加速新救生藥物的發現，提高患者護理質量，並通過降低成本來增加獲得醫療保健的機會，一場技術革命正在來臨。回到你身邊，薩弗拉。

I think we're going to take some questions. Ken?

我想我們要回答一些問題。肯？

Yes. Thank you, Safra. Thank you, Larry. Lisa, if we could please prepare the audience for Q&A.

是的。謝謝你，薩弗拉。謝謝你，拉里。麗莎，請讓觀眾做好問答準備。

(Operator Instructions) We'll take our first question from John DiFucci with Guggenheim.

（操作員說明）我們將接受古根海姆的約翰·迪福奇提出的第一個問題。

My question first, I think it's mainly for Safra, but maybe Larry has some thoughts too. It's somewhat surprising to see the acceleration across all your cloud businesses when others, whether that the other hyperscalers or even other cloud-based vendors are seeing just the opposite effects in this environment today, in today's environment, and that's important.

首先我的問題，我認為這主要是針對薩夫拉的，但也許拉里也有一些想法。令人有些驚訝的是，當其他人（無論是其他超大規模提供商，甚至其他基於雲的供應商）在當今的環境中看到相反的效果時，看到所有云業務的加速，這很重要。

We get the better performance at a lower price. That makes a lot of sense. But at least in I've been around quite a while, I guess. And usually, in tough environments, we see people just freeze. But that's not what's happening here.

我們以更低的價格獲得更好的性能。這很有意義。但我想至少我已經在這里呆了一段時間了。通常，在惡劣的環境中，我們看到人們只是僵住了。但這不是這裡發生的事情。

So the question in addition to what I just said, better performance at lower price. Why? Is there anything else outside of like Oracle even that would -- who would choose your cloud business accelerating when other pretty good companies are doing just the opposite?

所以問題除了我剛才說的之外，就是以更低的價格獲得更好的性能。為什麼？除了甲骨文之外，還有誰會選擇加速你的雲業務，而其他相當優秀的公司卻在做相反的事情呢？

Let me take a start at it and Larry, you add in here. First of all, the OCI -- the fact that OCI is just growing and accelerating is because customers want to spend less, and they also need to do more. They need to stay competitive, they need to stay agile.

讓我開始吧，拉里，你在這裡補充一下。首先，OCI——OCI 正在增長和加速的事實是因為客戶希望花更少的錢，而且他們還需要做更多的事情。他們需要保持競爭力，需要保持敏捷。

And so our technology, whether it's our application which allow them to spend a lot less and make better decisions running their business. So that's very, very natural. So our Fusion, there's just so many things about Fusion that is -- that are so compelling, it costs less, it just helps them run their business. But then you go to OCI, where some of these customers are coming from our competitors.

因此，我們的技術，無論是我們的應用程序，都可以讓他們花更少的錢並在運營業務時做出更好的決策。所以這是非常非常自然的。所以我們的 Fusion，Fusion 有很多東西——非常引人注目，成本更低，它只是幫助他們經營業務。但是你去 OCI，其中一些客戶來自我們的競爭對手。

And as Larry said, Imagine -- Larry talked about the workload being twice as fast on OCI. But imagine it's 10x as fast or 100x faster or as it is common in some cases, 1,000x faster. So imagine what that bill looks like. So we have compelling technology at a much lower price, and that's without a doubt, causing our customers to move to us more quickly. I don't know, Larry, if you want to add into that.

正如拉里所說，想像一下 - 拉里談到 OCI 上的工作負載速度是原來的兩倍。但想像一下它的速度提高了 10 倍或 100 倍，或者像某些情況下常見的那樣快 1,000 倍。想像一下該法案是什麼樣子的。因此，我們以低得多的價格擁有令人信服的技術，毫無疑問，這使我們的客戶更快地轉向我們。拉里，我不知道你是否想補充這一點。

Well, I'm just going to be a little more specific because Safra says -- I said -- if we run twice as fast we cost twice as much. But no, we do cost half as much, half as much. We run twice as fast, we cost half as much.

好吧，我只是要說得更具體一點，因為薩弗拉說——我說過——如果我們跑得快一倍，我們的成本就會翻倍。但不，我們的成本確實是一半，一半。我們跑得快兩倍，成本卻減半。

But sometimes, we do run a lot more than twice as fast. And we cost a lot less than half as much. We announced a new database, the new version of MySQL with a fast query processor called HeatWave. And we have customers moving from Amazon Aurora, where they're experiencing 1,000x speed versus Aurora. We're 1,000x faster in query processing than Amazon version of MySQL, an open source database that we added a fast query processor to.

但有時，我們的跑步速度確實是原來的兩倍以上。而且我們的成本還不到一半。我們發布了一個新的數據庫，即新版本的 MySQL，帶有名為 HeatWave 的快速查詢處理器。我們有客戶從 Amazon Aurora 遷移過來，他們體驗到的速度是 Aurora 的 1,000 倍。我們的查詢處理速度比 Amazon 版本的 MySQL（我們添加了快速查詢處理器的開源數據庫）快 1,000 倍。

We're much, much cheaper. And that's one example. In a lot of cases, it's much more than 2:1. We can build GPUs that other people can't build because we have a fast network. We use this very fast RDMA network, and we started with that. In our Gen 2 Cloud, we had nothing but our entire network was a super fast network, which means most of the applications, most of the things you run in the Oracle Cloud are going to be much faster than our competitors' clouds because they don't use that kind of network.

我們便宜得多。這就是一個例子。在很多情況下，這個比例遠大於 2:1。我們可以構建其他人無法構建的 GPU，因為我們擁有快速的網絡。我們使用這個非常快的 RDMA 網絡，並以此為起點。在我們的第二代云中，我們什麼都沒有，但我們的整個網絡是一個超快的網絡，這意味著您在 Oracle 雲中運行的大多數應用程序、大多數內容將比我們競爭對手的雲快得多，因為它們不不要使用那種網絡。

So we have huge cost advantages, huge cost advantages across a broad portfolio of applications. Let me throw one thing. It costed one-tenths to implement Fusion ERP versus SAP's new ERP system with HANA. So the cost of implementing our applications are dramatically lower than our competitors. So we have a lot of people moving to the AWS to our cloud for infrastructure services, a lot of people continuing to move from SAP to Fusion.

因此，我們在廣泛的應用組合中擁有巨大的成本優勢。讓我扔一件事。與採用 HANA 的 SAP 新 ERP 系統相比，實施 Fusion ERP 的成本僅為十分之一。因此，實施我們的應用程序的成本比我們的競爭對手低得多。因此，我們有很多人遷移到 AWS 到我們的雲來獲取基礎設施服務，很多人繼續從 SAP 遷移到 Fusion。

We're seeing that migration and we're taking a lot of market share from our competitors. That's why we're doing better, and they're not doing quite as well.

我們看到了這種遷移，並且從競爭對手那里奪走了大量市場份額。這就是為什麼我們做得更好，而他們卻做得不好。

We'll take our next question from Brad Zelnick with Deutsche Bank.

我們將回答德意志銀行的 Brad Zelnick 提出的下一個問題。

Great. And congrats on a strong finish to the year. Larry, Oracle is somewhat unique and being a leader in both infrastructure and applications. And when we look back, I don't know, maybe 5 years from now, how much of the generative AI opportunity will have been captured on the infrastructure side of your business versus within apps? And I'm not just thinking strategic back-office apps, I'm thinking front office, Cerner and all these verticals as well.

偉大的。並祝賀今年取得圓滿成功。 Larry，Oracle 在某種程度上是獨一無二的，並且是基礎設施和應用程序領域的領導者。當我們回顧過去時，我不知道，也許 5 年後，您的企業的基礎設施方面與應用程序內部將捕獲多少生成式人工智能機會？我不僅僅考慮戰略性的後台應用程序，我還考慮前台、Cerner 和所有這些垂直領域。

Yes, absolutely. It's very hard to answer that question. A long time ago, said the biggest difference between -- the biggest strategic difference between Oracle's Cloud and everyone else's cloud, is actually not be our RDMA network. That's a technical difference. The biggest strategic difference is that we do both -- we use our infrastructure and build applications with it.

是的，一點沒錯。這個問題很難回答。很早以前就說過，Oracle的雲和大家的雲最大的戰略區別，其實不是我們的RDMA網絡。這是技術上的差異。最大的戰略差異是我們兩者都做——我們使用我們的基礎設施並用它構建應用程序。

So we learn a lot about how we can improve our infrastructure by building lots of applications, enterprise-scale applications on top of our infrastructure. So we have this continuous feedback loop. We're building applications, obtaining insights, making imprudence in our productivity.

因此，我們了解瞭如何通過在基礎設施之上構建大量應用程序、企業級應用程序來改進我們的基礎設施。所以我們有這個持續的反饋循環。我們正在構建應用程序，獲取見解，從而輕率地提高了我們的生產力。

We have a new programming language. We are the -- we have a Java and we love Java. We use it a lot for building applications, but we have this other low-code application development tool called APEX, and we're now building a lot of our applications in APEX.

我們有一種新的編程語言。我們擁有 Java，我們熱愛 Java。我們經常使用它來構建應用程序，但我們還有另一個名為 APEX 的低代碼應用程序開發工具，我們現在正在 APEX 中構建很多應用程序。

And our productivity gains are, again, a factor of 10, and we build the applications in 1/10 at a time or 1/10 the amount of people or at 1/10 the cost. But these are not typical low-code applications. These are applications that can scale to millions of users and all over the world.

我們的生產力再次提高了 10 倍，並且我們每次構建應用程序的成本是 1/10，或者是 1/10 的人員數量，或者是 1/10 的成本。但這些不是典型的低代碼應用程序。這些應用程序可以擴展到全球數百萬用戶。

So those low-code applications are for small projects. We use them for application we've rolled out globally. And we've made our underlying infrastructure, the program -- the APEX development environment, the underlying APEX database, which is the Oracle Autonomous Database has made our application developers dramatically more productive. It's one of the reasons why we bought into the idea that we could rewrite a whole suite of medical applications in a very, very short period of time that we could redo Cerner very, very quickly because of these underlying tools.

所以那些低代碼應用程序適用於小型項目。我們將它們用於我們在全球範圍內推出的應用程序。我們已經製作了底層基礎設施、程序——APEX 開發環境、底層 APEX 數據庫，即 Oracle 自治數據庫，使我們的應用程序開發人員的工作效率顯著提高。這就是為什麼我們相信我們可以在非常非常短的時間內重寫一整套醫療應用程序的原因之一，因為有了這些底層工具，我們可以非常非常快地重做 Cerner。

Let me close with one last thing. We're -- again, we use AI technology to make our database better and it's an autonomous database. You don't need DBAs. It recovers itself. It updates itself. It adds more space. It is -- it really is a self-driving database. We've use AI technology to do that. We've used AI technology throughout our cloud, where our cloud is self-healing.

讓我以最後一件事作為結束語。我們再次使用人工智能技術來改善我們的數據庫，它是一個自治數據庫。您不需要 DBA。它會自行恢復。它會自行更新。它增加了更多的空間。它確實是一個自動駕駛數據庫。我們已經使用人工智能技術來做到這一點。我們在整個雲中使用了人工智能技術，我們的雲具有自我修復能力。

We repair bugs while the cloud is running. We have an autonomous Linux operating system that's different than all of the other Linuxes. You can patch it online, it patches itself online. It repairs itself online. So again, by being in those 2 businesses, applications and underlying infrastructure.

我們在雲運行時修復錯誤。我們擁有一個與所有其他 Linux 不同的自治 Linux 操作系統。你可以在線修補它，它會在線修補自己。它會在線自行修復。再說一次，通過涉足這兩項業務、應用程序和底層基礎設施。

We, again, use our infrastructure and make it better to make our applications better. And we gain insights as what we need to do with our -- what we need to add to our infrastructure to make the applications better. So infrastructures make the applications better, applications make the infrastructure better. We're the only company with that continuous feedback loop. And I think it gives us a huge competitive advantage in technology. It's why we have technologies that other people don't have.

我們再次利用我們的基礎設施並使其變得更好，從而使我們的應用程序變得更好。我們獲得了關於我們需要做什麼——我們需要添加到我們的基礎設施中以使應用程序變得更好的見解。因此，基礎設施使應用程序變得更好，應用程序使基礎設施變得更好。我們是唯一一家擁有持續反饋循環的公司。我認為這給我們帶來了巨大的技術競爭優勢。這就是為什麼我們擁有其他人沒有的技術。

Take our next question from Siti Panigrahi with Mizuho.

請回答 Siti Panigrahi 和 Mizuho 提出的下一個問題。

Congrats on a great quarter. I want to dig into the application part of the business, very impressive SaaS growth, especially in Fusion apps and cloud ERP in this macro environment. So what are you hearing from your customer in terms of migrating to the SaaS application and what's driving that? And also the cloud world last year, you talked about the opportunity in combining horizontal application with vertical offering. So how is that helping SaaS growth?

恭喜您度過了一個出色的季度。我想深入研究業務的應用程序部分，SaaS 的增長非常令人印象深刻，尤其是在這個宏觀環境中的 Fusion 應用程序和雲 ERP。那麼，您從客戶那裡聽到了關於遷移到 SaaS 應用程序的哪些信息以及推動這一趨勢的因素是什麼？還有去年的雲世界，您談到了將水平應用程序與垂直產品相結合的機會。那麼這對 SaaS 的增長有什麼幫助呢？

Okay. Well, I will tell you that there's no question, our secret weapon is the fact that we have vertical applications also. Many of our customers end up wanting to buy a vertical application and fusion together and it's industry by industry.

好的。好吧，我會告訴你，毫無疑問，我們的秘密武器是我們也有垂直應用程序。我們的許多客戶最終希望購買垂直應用程序並將其融合在一起，並且是逐個行業的。

We will be posting online probably some of our wins for the quarter, but what you'll see is when we have existing customers in a segment and a vertical application in that we truly are, without a doubt, the most popular whether it's health care with all of our existing customers, whether they be Cerner customers, the fact that we have ERP and -- the ERP and HCM, SCM, all of our horizontal application, CX, as well as the vertical applications, it makes us very tough to beat. And new health care wins are going to be listed many, many, many go-lives, the same in financial services, retail, hospitality, these whole segments end up wanting to buy their entire solution from us.

我們將在網上發布本季度的一些成果，但您會看到，當我們在某個細分市場和垂直應用程序中擁有現有客戶時，毫無疑問，無論是醫療保健，我們確實是最受歡迎的與我們所有現有的客戶合作，無論他們是 Cerner 客戶，事實上我們擁有 ERP 以及 ERP 和 HCM、SCM、我們所有的橫向應用程序、CX 以及垂直應用程序，這使我們非常難以打。新的醫療保健勝利將被列出很多很多，在金融服務、零售、酒店業也是如此，這些整個細分市場最終希望從我們這裡購買他們的整個解決方案。

And that really makes us also very sensitive to their needs, and we can fill them much better. So that's been a big winner for us. And I will tell you that our customers also when they move from on-premise, they realize that they're moving into the 21st century with a much better system but also a much lower cost system that also is kept current every 90 days, new capabilities become available. They'll never have to do that big implementation every 5 years like some of the older companies who say their cloud, but aren't actually cloud, they're just hosted. So our products are just so differentiated all around that there -- we're just building momentum around the world.

這確實使我們對他們的需求也非常敏感，我們可以更好地滿足他們。所以這對我們來說是一個大贏家。我會告訴您，我們的客戶在從本地遷移時也意識到，他們正在進入 21 世紀，擁有更好的系統，而且成本低得多，並且每 90 天更新一次，新的系統能力變得可用。他們永遠不需要像一些老牌公司那樣每 5 年進行一次大型實施，他們聲稱他們的雲，但實際上不是雲，他們只是託管。因此，我們的產品在各地都非常與眾不同——我們正在世界各地建立勢頭。

Let me just add one example to Safra's comments, which I think are right on. But -- there's an interesting example. We -- everyone knows, we compete with Workday in HCM or HR, whatever. When we bought Cerner, we decided that we were going to take our HCM system, our HR system, and specialize it, add features specifically for the health care industry.

讓我在 Safra 的評論中添加一個例子，我認為這是正確的。但是——有一個有趣的例子。眾所周知，我們在 HCM 或 HR 等方面與 Workday 競爭。當我們收購 Cerner 時，我們決定將我們的 HCM 系統、HR 系統進行專業化，添加專門針對醫療保健行業的功能。

Now it turns out managing a workforce in a hospital is very complex because the nurses might be -- have private patients at home that they're seeing. They might work for 2 or 3 different hospitals. They might do some work in clinics as well. So scheduling these people who have multiple jobs. Doctors may have teaching assignments in universities. They -- obviously, they travel, and they also -- they have their own office hours, they have a private practice in addition to working at the hospital. Scheduling these professionals is very, very tricky. Recruiting the professionals is very, very tricky. Paying them when you're working 3 days a week, 1 away, 2 days, the next week, 6 days the following week,; paying them can be very complex.

現在事實證明，管理醫院的勞動力非常複雜，因為護士可能會在家裡照顧私人病人。他們可能為 2 到 3 家不同的醫院工作。他們也可能在診所做一些工作。所以要安排這些身兼數職的人。醫生可能在大學擔任教學任務。他們——顯然，他們旅行，而且他們也——他們有自己的辦公時間，除了在醫院工作之外，他們還有私人診所。安排這些專業人員是非常非常棘手的。招聘專業人士是非常非常棘手的。當您每週工作 3 天、外出工作 1 天、工作 2 天、下週工作、下週工作 6 天時向他們付款；向他們支付費用可能非常複雜。

So we have had a major effort in our HCM system, the Oracle Fusion HCM system and adding all the features that hospitals need to manage their professional staff. Now there's no way we would have done that unless we had our focus in the health care industry.

因此，我們在 HCM 系統、Oracle Fusion HCM 系統上做出了重大努力，並添加了醫院管理專業人員所需的所有功能。除非我們把重點放在醫療保健行業，否則我們不可能做到這一點。

So we not only have all the Cerner health care apps for hospitals. We've specialized our ERP system for hospitals. We specialized our HCM. We're managing the hospital workforce. We've done a bunch of things around the health care industry. We are -- one of the things we want to do is we're the largest provider of clinical trial software. We -- but the clinical -- the results of the clinical trial goes to a government regulator. And we're now working with the government regulators to develop the software that allows them to take the clinical trial output in digital form and get it through the regulatory process much faster at a much lower cost.

因此，我們不僅擁有適用於醫院的所有 Cerner 醫療保健應用程序。我們專門為醫院設計了 ERP 系統。我們的 HCM 專業化。我們正在管理醫院的員工隊伍。我們圍繞醫療保健行業做了很多事情。我們想做的事情之一是我們成為最大的臨床試驗軟件提供商。我們——但臨床——臨床試驗的結果會提交給政府監管機構。我們現在正在與政府監管機構合作開發軟件，使他們能夠以數字形式獲取臨床試驗結果，並以更低的成本更快地通過監管流程。

So we're looking at the entire health care ecosystem and trying to automate both sides of the transaction, the pharmaceutical company that's designing the drug, the hospitals that are testing the drug and the regulators that are approving the drug, should all be digitized, and we are well on our way to doing that because of our investment in Cerner. And now what it's blossomed into an investment across the entire health care ecosystem.

因此，我們正在研究整個醫療保健生態系統，並試圖實現交易雙方的自動化，設計藥物的製藥公司、測試藥物的醫院以及批准藥物的監管機構，都應該數字化，由於我們對 Cerner 的投資，我們正在順利實現這一目標。現在它已發展成為整個醫療保健生態系統的投資。

We'll take our next question from Raimo Lenschow with Barclays.

我們將回答巴克萊銀行 Raimo Lenschow 的下一個問題。

Could I switch gear a little bit, a question for Safra. Safra, we now have Cerner as part of Oracle. Where are we on the cost on the synergy capture and cost takeout? And so are we -- do you see we were done there? Or are we kind of still at the beginning of a journey?

我可以稍微換一下裝備嗎，這是薩夫拉的問題。 Safra，我們現在讓 Cerner 成為 Oracle 的一部分。我們在協同效應捕獲和成本削減方面的成本處於什麼位置？我們也是——你看到我們已經完成了嗎？或者我們還處於旅程的開始階段嗎？

Thank you. I actually feel like we're still at the beginning, if you want to know the truth. We wanted to stabilize the operation. We definitely didn't want to risk breaking anything. You will be seeing some more significant changes, and we have legal entity combination imminently, and that actually gives us a lot more flexibility regarding the way we operate the business. And we are just at the very beginning of it. Their margins are nowhere close to the way we run our company.

謝謝。如果你想知道真相的話，我實際上覺得我們還處於開始階段。我們希望穩定運營。我們絕對不想冒險破壞任何東西。您將看到一些更重大的變化，我們即將進行法人實體合併，這實際上為我們的業務運營方式提供了更大的靈活性。我們才剛剛開始。他們的利潤率與我們經營公司的方式相差甚遠。

And we are right at the -- I'd say we're at the beginning-ish sort of at the beginning of the middle at most. We've got a long way to go on just operationally, and we've got a lot of work going on, on the development side as we bring our technical capabilities into the product and move them into the Oracle Cloud, there are a lot of savings as we do that also.

我們正處於——我想說，我們最多正處於中間的開始階段。僅在運營方面，我們還有很長的路要走，而且我們還有很多工作要做，在開發方面，當我們將我們的技術能力帶入產品並將其轉移到 Oracle 雲中時，有很多工作要做我們也這樣做，節省了開支。

We'll take our next question from Mark Moerdler with Bernstein Research.

我們將回答伯恩斯坦研究公司的馬克·莫德勒 (Mark Moerdler) 提出的下一個問題。

Congratulations on the quarter and, frankly, on the guidance. I'd like to get a better understanding about the underpinning of the OCI Gen 2 business. Specifically, can you give us some color on the customer concentration, industry concentration, both in the existing customer base as well as the pipeline and how you think that's going to change over time?

祝賀本季度，坦率地說，祝賀指導。我想更好地了解 OCI Gen 2 業務的基礎。具體來說，您能否向我們介紹一下現有客戶群和渠道中的客戶集中度、行業集中度，以及您認為隨著時間的推移，這些情況將如何變化？

I don't know, Larry, if you want to take a stab at it. The reality is that our customers run from very small to very large. As a general matter, we've -- as a general matter, we are a small percentage of their IT costs when they get started and sometimes a small percentage of their cloud spending. And as they try us out, they move larger percentages of their business off of other clouds or from on-premise. We're at the very beginning of this movement, especially on the database side as more and more of our customers -- our big customers often have cloud customer or dedicated regions is sort of their ultimate goal for their most critical database workloads where the absolute beginning of that with most of our customers. With -- it's basically what we find is if you give us a chance, it is so much better, so much more cost effective, of course, so much more secure that customers very quickly realize how advantageous it is to move.

我不知道，拉里，你是否想嘗試一下。現實情況是，我們的客戶規模從小到大。一般來說，我們在他們開始時只佔他們 IT 成本的一小部分，有時甚至只佔他們雲支出的一小部分。當他們嘗試我們時，他們將更大比例的業務從其他雲或本地轉移。我們正處於這一運動的開始階段，特別是在數據庫方面，因為我們的客戶越來越多——我們的大客戶通常擁有云客戶或專用區域，這是他們最關鍵的數據庫工作負載的最終目標，其中絕對我們的大多數客戶都是這樣開始的。基本上，我們發現如果你給我們一個機會，它會更好，更具成本效益，當然，也更安全，客戶很快就會意識到搬家有多麼有利。

It's all industries. Many -- as you -- some of you know, auto companies are doing their simulations with us. It's really -- it's across industries, across sizes. It's very, very diversified. Larry, I don't know if you have additional comments.

都是各行各業啊許多——正如你們——你們中的一些人知道，汽車公司正在與我們一起進行模擬。這確實是跨行業、跨規模的。它非常非常多樣化。 Larry，不知道您是否還有其他意見。

Yes. I'll just like maybe the most interesting industry that's adopting the Oracle Cloud are people who are in the technology business. So the -- a lot of our customers are I mean, their business -- I mean, Zoom in the early day, Oracle. It wasn't long ago, we were talking about Zoom and still very excited about Zoom. And they came to us, one of our earliest very, very large customers.

是的。我認為採用 Oracle 雲的最有趣的行業可能是技術行業的人員。所以，我的意思是，我們的很多客戶都是他們的業務，我的意思是，早期的 Zoom，甲骨文。不久前，我們還在談論 Zoom，並且仍然對 Zoom 感到非常興奮。他們來到我們這裡，成為我們最早的非常非常大的客戶之一。

And a lot of their business is just running an app, if you will, an application on the cloud. And a huge amount of their expense is running that application in the cloud and doing it efficiently. And where we're most obvious, I mean NVIDIA is an extraordinary company, but -- Cohere is a great company.

他們的很多業務只是在雲上運行一個應用程序（如果你願意的話）。他們的大量費用用於在雲中運行該應用程序並高效運行。最明顯的是，我的意思是 NVIDIA 是一家非凡的公司，但 Cohere 是一家偉大的公司。

But a lot of their expense is running the AI training in the cloud. And when it's that much of your expense having -- if we're a lot faster, they do a lot of due diligence about the technology. The -- and it became very apparent. A lot of the early adopters, if you will, and this is -- we're still in the early stages. A lot of the early adopters at scale of the Oracle Cloud were highly technical companies like a Zoom or an NVIDIA, and I can name a bunch of others or a highly technical industry like phone companies, telecommunication companies where they see the advantages, not only -- by the way, the performance and cost advantages. Another thing that we're very proud of is we're -- because of our network we're highly reliable. And because of the autonomy, we're highly reliable.

但他們的大部分費用都花在了在雲端進行人工智能訓練。當你的開支如此之大時——如果我們速度更快，他們就會對技術進行大量的盡職調查。這——這一點變得非常明顯。如果你願意的話，很多早期採用者都是——我們仍處於早期階段。 Oracle 雲的許多早期採用者都是像 Zoom 或 NVIDIA 這樣的高科技公司，我可以舉出很多其他公司或像電話公司、電信公司這樣的高科技行業，他們不僅看到了這些優勢，而且還看到了 Oracle 雲的優勢。 ——順便說一下性能和成本優勢。另一件令我們非常自豪的事情是——由於我們的網絡，我們非常可靠。由於自主權，我們非常可靠。

If -- for example, the Oracle Autonomous Database doesn't lose your data because you can't make a pilot. You usually use a lot of the data losses done is caused by pilot error. Well, with the Oracle Autonomous Database, there are no driver. The driver is the system. It's a self-driving database. So you can't make a human error that causes you to lose data. So it's very -- where a phone company has to be up 24 hours a day, where a bank really is not supposed to lose your data where a huge percentage of your expenses are your own cloud expenses, and you're a technology company delivering technology services from somebody else's cloud. All -- in those areas is where we've seen adoption of Oracle at scale.

例如，如果 Oracle 自治數據庫不會因為您無法進行試點而丟失您的數據。你平時使用所做的很多數據丟失都是由於飛行員失誤造成的。嗯，對於 Oracle 自治數據庫，沒有驅動程序。驅動程序是系統。這是一個自動駕駛數據庫。因此，您不會因人為錯誤而導致數據丟失。因此，電話公司必須每天 24 小時在線，銀行確實不應該丟失您的數據，您的開支很大一部分是您自己的雲費用，而您是一家提供服務的技術公司。來自其他人的雲的技術服務。所有這些領域我們都看到了 Oracle 的大規模採用。

And the less technical companies are now beginning their journey of looking more closely at the Oracle Cloud. And when they do look closely, we compare very favorably with the other clouds.

技術含量較低的公司現在開始更仔細地研究 Oracle 雲。當他們仔細觀察時，我們與其他雲相比非常有利。

We'll take the last question from Kirk Materne of Evercore ISI.

我們將回答 Evercore ISI 的 Kirk Materne 提出的最後一個問題。

Just a quick one for Safra, if I could. Safra, obviously, a very strong free cash flow quarter. We've gotten some questions from investors wondering about the CapEx this quarter, where you saw some efficiencies, how you're able to keep CapEx flat going into next year given the fact that you're going to seeing this great demand for OCI. Could you double-click on that a little bit for us?

如果可以的話，請為薩夫拉快速介紹一下。薩夫拉顯然是一個非常強勁的自由現金流季度。我們收到了一些投資者的問題，他們想知道本季度的資本支出，您在哪些方面看到了一些效率，考慮到您將看到對 OCI 的巨大需求，您如何能夠在明年保持資本支出持平。您能為我們雙擊一下嗎？

Yes. I mean this past year was a big CapEx number as compared to usual. And we put out a lot of capacity. It is getting filled up and getting used up. And I think we're getting real economies. In addition, one of the things you don't realize is that our underlying infrastructure -- for example, I'll give you one example, our underlying infrastructure becomes more and more efficient.

是的。我的意思是，與往常相比，過去一年的資本支出數字很大。我們投入了大量的產能。它正在被填滿並被用完。我認為我們正在實現真正的經濟。另外，你沒有意識到的一件事是，我們的底層基礎設施——比如我給你舉一個例子，我們的底層基礎設施變得越來越高效。

Even under -- the best example actually is under Fusion as we've move to OCI, we are also moving to autonomous database serverless which, again, gives us added capacity. So we're only constantly, constantly becoming more efficient. Our original landing was 12 racks, we're moving to 10 racks to have all the services. We're just continuing to sort of miniaturize our capabilities and it's giving us enormous efficiencies and cost savings. So staying the same as this year. Again, if it just becomes overwhelming, it may go higher.

即使在 - 最好的例子實際上是在 Fusion 下，因為我們已經轉向 OCI，我們也在轉向自治數據庫無服務器，這再次為我們提供了額外的容量。所以我們只能不斷地、不斷地變得更有效率。我們最初的著陸點有 12 個機架，現在我們將遷移到 10 個機架以提供所有服務。我們只是繼續將我們的能力小型化，這給我們帶來了巨大的效率和成本節約。所以還是和今年一樣。同樣，如果它變得勢不可擋，它可能會更高。

But I think we've got it very much in hand. We've laid out a lot and this past year. And I think if we stay where we're at, we're going to be able to fit a lot more workloads in -- within that envelope straightforwardly.

但我認為我們已經掌握了一切。去年我們已經做了很多準備。我認為，如果我們保持現狀，我們將能夠直接在這個範圍內容納更多的工作負載。

Thank you, Safra. Thank you, Kirk. A telephonic replay of this conference call will be available for 24 hours on our Investor Relations website. Thank you for joining us on the call today. And with that, I'll turn the call back to Lisa for closing.

謝謝你，薩弗拉。謝謝你，柯克。我們的投資者關係網站將提供 24 小時電話會議的電話重播。感謝您今天加入我們的電話會議。然後，我會將電話轉回麗莎以結束通話。

Thank you. And that does conclude today's presentation. Thank you for your participation, and you may now disconnect.

謝謝。今天的演講到此結束。感謝您的參與，您現在可以斷開連接。