甲骨文 (ORCL) 2024 Q2 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oracle Corporation's Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Ken Bond, you may begin your conference.

午安.我叫艾瑪，今天我將擔任你們的會議操作員。現在，我歡迎大家參加甲骨文公司 2024 年第二季財報電話會議。 （操作員指示）Ken Bond，您可以開始會議了。

Thank you, Emma. Good afternoon, everyone, and welcome to Oracle's Second Quarter Fiscal Year 2024 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 our Investor Relations website.

謝謝你，艾瑪。大家下午好，歡迎參加 Oracle 2024 財年第二季財報電話會議。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 調整表以及其他補充財務資訊。此外，我們的投資者關係網站也提供了最近購買 Oracle 雲端服務或上線 Oracle 雲端的眾多客戶的清單。

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是董事長兼技術長 Larry Ellison；兼首席執行官 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. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

提醒一下，今天的討論將包括前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將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 these forward-looking statements in light of new information or future events.

因此，我們提醒您不要過度依賴這些前瞻性陳述，我們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和可能影響我們未來業績或我們股票市場價格的其他風險。最後，我們沒有義務根據新資訊或未來事件修改我們的結果或這些前瞻性陳述。

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

在回答問題之前，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. We had another great quarter. When you look at the top of our financial results table, a few things are very clear. The largest number, Cloud Services and License Support is now 74% of the revenue, and its recurring revenue and it's the one growing by $1 billion this quarter. The smaller numbers, which are not recurring, now account for only 26%. This is exactly what we told you would happen and it's happening. And as this continues, total revenue growth will accelerate every year.

謝謝，肯，大家下午好。我們又度過了一個美好的季度。當您查看我們的財務業績表頂部時，有幾件事就非常清楚了。其中最大的數字是雲端服務和許可證支持，目前佔其收入的 74%，其經常性收入本季增加了 10 億美元。較小的數字（不重複出現）目前僅佔 26%。這正是我們告訴你將會發生的事情，而且它正在發生。隨著這種情況的持續下去，總收入的成長將每年加速。

To that point, OCI is now one of the clear drivers of our acceleration. Imagine just 3 years ago, OCI was rarely, if ever, mentioned as a viable hyperscale alternative. Of course, we knew what we had built and we kept talking about it, and we knew it was only a matter of time. And now more industry analysts are catching on to what customers are choosing. For example, just last week, we were recognized as a leader in the 2023 Gartner Magic Quadrant for Strategic Cloud Platform Services.

就這一點而言，OCI 現在是我們加速發展的明顯驅動力之一。想像一下，就在 3 年前，OCI 很少被提及（如果有的話）作為可行的超大規模替代方案。當然，我們知道我們建造了什麼，我們一直在談論它，我們知道這只是時間問題。現在，更多的產業分析師正在了解客戶的選擇。例如，就在上週，我們被評為 2023 年 Gartner 策略雲端平台服務魔力像限的領導者。

Our financial results reflect that customers have figured out that by moving to OCI, they really can get more while paying less. On top of that, we are now the default choice for AI workloads, given our unique differentiation and price performance capabilities. Why specifically are they coming to Oracle cloud infrastructure? Well, it's a combination of several things, creating the second-generation cloud enabled us to building much better, more scalable and more efficient cloud. We understood the limitations of the first generation and engineered very differently.

我們的財務表現反映出，客戶已經發現，透過轉向 OCI，他們確實可以用更少的錢獲得更多的收益。最重要的是，鑑於我們獨特的差異化和性價比能力，我們現在已成為人工智慧工作負載的預設選擇。他們為何選擇 Oracle 雲端基礎架構？嗯，這是多種因素的結合，創建第二代雲端使我們能夠建立更好、更具可擴展性和更有效率的雲端。我們了解第一代產品的局限性，並以截然不同的方式進行設計。

Second, we know what it takes to run an enterprise scale, performance and security better than, I'd say, anyone else. Our 45-year history as the leading enterprise software company gives us unique knowledge of what exactly is required to run mission-critical systems. Third, we recognized that customers need deployment flexibility. Rather than just offer public cloud services like our competitors, we are the only vendor which also offers dedicated Cloud at Customer, dedicated regions, sovereign clouds and Alloy, our partner cloud.

其次，我想說，我們比其他任何人都知道如何才能更好地運行企業規模、性能和安全性。作為領先的企業軟體公司，我們擁有 45 年的歷史，這使我們對運行關鍵任務系統的確切要求有獨特的了解。第三，我們認識到客戶需要部署彈性。我們不像我們的競爭對手只提供公有雲服務，而是唯一一家也提供客戶專用雲端、專用區域、主權雲和 Alloy（我們的合作夥伴雲端）的供應商。

And then finally, our belief in the importance of multi-cloud offerings will be industry-changing as these collaborations roll out. With all this success and exploding demand, we are working as quickly as we can to get the cloud capacity built out with total revenue at the midpoint of my constant currency guidance and EPS at the high end of guidance. Now as a reminder, currency was 1 point less helpful than when we gave guidance 3 months ago.

最後，隨著這些合作的展開，我們對多雲產品重要性的信念將改變產業。憑藉所有這些成功和爆炸式的需求，我們正在盡快建立雲端容量，總收入處於我的恆定匯率指導的中點，每股收益處於指導的高端。現在提醒一下，貨幣的幫助比我們 3 個月前提供指導時少了 1 點。

Total cloud revenue, that's SaaS plus IaaS, excluding Cerner, was $4.1 billion, up 25%. Including Cerner, total cloud revenue was up 24% at $4.8 billion, with IaaS revenue at $1.6 billion, up 50% and SaaS revenue of $3.2 billion, up 14%. Total Cloud Services and License Support revenue for the quarter was $9.6 billion, up 11%, driven again by our strategic cloud application, autonomous database and our Gen2 OCI. Application subscription revenues, which include support, were $4.5 billion, up 9%. Our strategic back-office SaaS applications now have an annualized revenue of $7.1 billion and were up 19%.

雲端總收入（即 SaaS 加上 IaaS（不包括 Cerner））為 41 億美元，成長 25%。包括 Cerner 在內，雲端總營收成長 24%，達到 48 億美元，其中 IaaS 營收為 16 億美元，成長 50%，SaaS 營收為 32 億美元，成長 14%。本季雲端服務和授權支援總收入為 96 億美元，成長 11%，這再次受到我們的策略雲端應用程式、自主資料庫和 Gen2 OCI 的推動。應用程式訂閱收入（包括支援）為 45 億美元，成長 9%。我們的策略後台 SaaS 應用程式目前年收入為 71 億美元，成長了 19%。

Infrastructure subscription revenues, which include License Support, were $5.2 billion, up 12%. Infrastructure cloud services revenue was up 50%. Excluding legacy hosting services, Gen2 infrastructure Cloud Services revenue grew 55% with an annualized revenue of $6 billion. OCI consumption revenue was up 71%. Database subscription revenues, which include database license support, were up 4%, highlighted by Exadata database cloud services revenue, which was up 40% and autonomous database up 26%.

包括許可證支援在內的基礎設施訂閱收入為 52 億美元，成長 12%。基礎設施雲端服務收入成長50%。不包括傳統託管服務，第二代基礎設施雲端服務收入成長了 55%，年收入達 60 億美元。 OCI消費收入成長71%。包括資料庫授權支援在內的資料庫訂閱收入成長了 4%，其中 Exadata 資料庫雲端服務收入成長了 40%，自主資料庫成長了 26%。

Very importantly, as on-premise databases migrate to the cloud, we expect these cloud database services will be the third leg of revenue growth alongside strategic SaaS and Gen2 OCI. Software license revenues were $1.2 billion, down 19% in a tough comparison to last year where it was up 23%. So all in, total revenues for the quarter were $12.9 billion, up 4%, including Cerner, actually up 6% excluding Cerner.

非常重要的是，隨著本地資料庫遷移到雲端，我們預計這些雲端資料庫服務將成為繼策略 SaaS 和 Gen2 OCI 之外的收入成長的第三條腿。軟體授權收入為 12 億美元，與去年成長 23% 相比下降了 19%。總而言之，本季總營收為 129 億美元，成長 4%（包括 Cerner 在內），實際成長 6%（不包括 Cerner）。

Now shifting to margins. The gross margin for Cloud Services and License Support was 78%. This is because of the mix between Support and Cloud, in which Cloud is growing much faster than Support, Support and SaaS margins are consistent with last year, while IaaS gross margins improved substantially. While we continue to build data center capacity, gross margins go higher as these new cloud regions fill up. We monitor these expenses carefully to ensure gross margin percentages expand as we scale.

現在轉向邊緣。雲端服務和許可證支援的毛利率為 78%。這是因為支援和雲端之間的混合，其中雲端的成長速度遠遠快於支持，支援和SaaS的利潤率與去年一致，而IaaS的毛利率則大幅提高。在我們繼續建造資料中心容量的同時，隨著這些新的雲端區域的填滿，毛利率也會上升。我們仔細監控這些費用，以確保毛利率隨著我們規模的擴大而擴大。

To this point, the gross profit dollars of Cloud Services and License Support grew 10% in Q2. Non-GAAP operating income was $5.5 billion, up 7% from last year. The operating margin was 43%, up from 41% last year. As we continue to benefit from economies of scale in the cloud and drive Cerner profitability to Oracle standards, we will not only continue to grow operating income but we will also expand the operating margin. The non-GAAP tax rate for the quarter was 19%, and non-GAAP EPS was $1.34 in USD, up 11% in USD and up 9% in constant currency. GAAP EPS was $0.89 in USD.

截至目前，雲端服務和許可證支援的毛利在第二季度增加了 10%。非 GAAP 營業收入為 55 億美元，比去年成長 7%。營業利益率為 43%，高於去年的 41%。隨著我們繼續受益於雲端中的規模經濟並將 Cerner 的獲利能力提高到 Oracle 標準，我們不僅將繼續增加營業收入，而且還將擴大營業利潤率。本季非 GAAP 稅率為 19%，非 GAAP 每股盈餘（以美元計算）為 1.34 美元，以美元計算成長 11%，以固定匯率計算成長 9%。以 GAAP 計算的每股收益為 0.89 美元。

At quarter end, we had nearly $8.7 billion in cash and marketable securities, and the short-term deferred revenue balance was $8.9 billion, up 1%. Over the last 4 quarters, operating cash flow was $17 billion, up 13%, and free cash flow was $10.1 billion, up 20%. Capital expenditures were $6.9 billion over the same period as we continue to see cash flow benefit from our cloud transformation.

截至季末，我們擁有近 87 億美元的現金和有價證券，短期遞延收入餘額為 89 億美元，成長 1%。過去 4 個季度，營運現金流為 170 億美元，成長 13%，自由現金流為 101 億美元，成長 20%。同期資本支出為 69 億美元，我們持續看到現金流受益於我們的雲端轉型。

Our remaining performance obligation, or RPO, is now over $65 billion, with the portion excluding Cerner up 11% in constant currency. We continue to sign large deals with many in the pipeline. Approximately 48% of total RPO is expected to be recognized as revenue over the next 12 months. CapEx was $1.1 billion in Q2 as we continue to build capacity for bookings and our customers' growing needs. Given the enormity of our pipeline and backlog, I expect CapEx will be somewhere around $8 billion this fiscal year, meaning our second half CapEx will be considerably higher as we bring online more capacity.

我們的剩餘履約義務 (RPO) 目前超過 650 億美元，其中不包括 Cerner 的部分以固定匯率計算增加了 11%。我們繼續與許多正在醞釀中的大型交易簽署。預計 RPO 總額的約 48% 將在未來 12 個月內確認為收入。隨著我們繼續增強預訂能力並滿足客戶不斷增長的需求，第二季的資本支出為 11 億美元。考慮到我們龐大的管道和積壓訂單，我預計本財年的資本支出將約為 80 億美元，這意味著隨著我們在線上提供更多產能，我們下半年的資本支出將大幅提高。

To that point, we now have 66 customer-facing cloud regions live, with 45 public cloud regions around the world and another 6 being built. 12 of these public cloud regions interconnect with Azure, and starting next year, customers will be able to run Oracle Database at Azure on OCI inside Azure. We also have 10 dedicated regions live and 13 more planned, 9 national security regions and 2 EU sovereign regions live with increasing demand for more of each.

到目前為止，我們現在擁有 66 個面向客戶的雲端區域，其中全球有 45 個公有雲區域，另外 6 個正在建置中。其中 12 個公有雲區域與 Azure 互連，從明年開始，客戶將能夠在 Azure 內部的 OCI 上執行 Azure 上的 Oracle 資料庫。我們還有 10 個專用區域和 13 個規劃區域、9 個國家安全區域和 2 個歐盟主權區域，並且對每個區域的需求都在增加。

And finally, we have 7 Alloy cloud regions planned where Oracle partners become cloud providers offering customized cloud services alongside the Oracle Cloud. And of course, we also have so many, many, many Cloud at Customer installations. The sizing and flexibility -- the sizing flexibility and deployment optionality of our cloud regions continues to be advantageous for us in the marketplace.

最後，我們規劃了 7 個 Alloy 雲端區域，Oracle 合作夥伴將在其中成為雲端供應商，與 Oracle 雲端一起提供客製化雲端服務。當然，我們還有很多很多的客戶雲端安裝。規模和靈活性—我們的雲端區域的規模靈活性和部署選擇性仍然對我們在市場上具有優勢。

And finally, 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 4 million shares for a total of $450 million. And in addition, we paid out dividends of $4.1 billion over the last 12 months. And the Board of Directors declared a quarterly dividend of $0.40 per share.

最後，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、審慎使用債務和股利來為股東回報價值。本季度，我們回購了 400 萬股股票，總價值 4.5 億美元。此外，我們在過去 12 個月內支付了 41 億美元的股息。董事會宣布季度股息為每股 0.40 美元。

Now let me turn to my guidance for Q3, which I will review, as always, on a non-GAAP basis. If currency exchange rates remain the same as they are now, currency should have little effect on total revenue and EPS. However, the actual currency impact may be different. So because of that, all the numbers I give you are the same for constant currency and USD. Total revenues, including Cerner, are expected to grow from 6% to 8%. Total revenues, excluding Cerner, are expected to grow from 8% to 10%.

現在讓我談談我對第三季的指導，我將一如既往地在非公認會計原則的基礎上進行審查。如果貨幣匯率與現在保持相同，貨幣對總收入和每股盈餘的影響應該很小。然而，實際的貨幣影響可能有所不同。因此，對於固定貨幣和美元，我給您的所有數字都是相同的。包括 Cerner 在內的總收入預計將從 6% 增長至 8%。不包括 Cerner 在內的總收入預計將從 8% 增長至 10%。

Total cloud revenue, excluding Cerner, is expected to grow from 26% to 28%. Non-GAAP EPS growth is expected to grow between 10% and 14% and be between $1.35 and $1.39. My EPS guidance for Q3 assumes a base tax rate of 19%. However, onetime tax events could cause actual tax rates to vary. Finally, I remain firmly committed to our fiscal '26 financial goals for revenue, operating margins and EPS growth. And with that, let me turn it over to Larry for his comments.

不包括 Cerner 的雲端總收入預計將從 26% 成長至 28%。非 GAAP 每股盈餘預計將成長 10% 至 14%，即 1.35 美元至 1.39 美元。我對第三季 EPS 的指導假設基本稅率為 19%。然而，一次性稅務事件可能會導致實際稅率發生變化。最後，我仍然堅定地致力於我們 26 財年的營收、營業利潤率和每股盈餘成長的財務目標。接下來，讓我將其轉交給拉里徵求他的意見。

Thank you, Safra. The demand for Oracle Cloud Infrastructure and generative AI is consistently increasing quarter after quarter. Oracle's total remaining performance obligations, or RPO, has now reached $65 billion, slightly more than our annual revenue. In response to the sharply increasing demand, Oracle is in the process of expanding 66 of our existing cloud data centers and building 100 new cloud data centers. We have to build 100 additional cloud data centers because there are billions of dollars more in contracted demand than we currently can supply.

謝謝你，薩弗拉。對 Oracle 雲端基礎架構和生成式 AI 的需求逐季持續成長。 Oracle 的剩餘履約義務總額 (RPO) 目前已達 650 億美元，略高於我們的年收入。為了因應急劇增長的需求，Oracle正在擴建66個現有的雲端資料中心，並建造100個新的雲端資料中心。我們必須額外建造 100 個雲端資料中心，因為合約需求比我們目前的供應量多出數十億美元。

Cloud infrastructure demand is huge and growing at an unprecedented rate. In the next few weeks, we expect to sign a couple more billion-dollar cloud infrastructure contracts. Gartner recently named Oracle OCI as a leader in cloud platform and infrastructure services. The demand for cloud infrastructure services and new Oracle Cloud data centers is broad-based, driven not only by generative AI customers but also by nation states buying software and Oracle cloud data centers, plus large banks, telecommunications companies, and industrial companies buying dedicated cloud data centers, dedicated Oracle Cloud data centers.

雲端基礎設施需求龐大，並且以前所未有的速度成長。在接下來的幾週內，我們預計將簽署更多價值數十億美元的雲端基礎設施合約。 Gartner 最近將 Oracle OCI 評為雲端平台和基礎架構服務的領導者。對雲端基礎設施服務和新的Oracle 雲端資料中心的需求基礎廣泛，不僅受到生成型AI 客戶的推動，而且受到購買軟體和Oracle 雲端資料中心的國家以及購買專用雲端的大型銀行、電信公司和工業公司的推動。資料中心、專用 Oracle 雲端資料中心。

And perhaps most interestingly, demand from other hyperscalers and other cloud service providers co-locating and connecting their clouds with Oracle Cloud data centers. Customers don't want clouds to be walled gardens. In the next few months, we will turn on 20 new Oracle Cloud data centers co-located with and connected to Microsoft Azure as a part of our joint multi-cloud initiative. These 20 new multi-cloud data centers will house over 2,000 full racks of Exadata database machines designed to meet pent-up demand for the Oracle Cloud database.

也許最有趣的是，其他超大規模企業和其他雲端服務供應商將其雲端與 Oracle 雲端資料中心共置並連接的需求。客戶不希望雲成為有圍牆的花園。在接下來的幾個月中，作為我們聯合多雲計畫的一部分，我們將啟用 20 個與 Microsoft Azure 共置並連接的新 Oracle 雲端資料中心。這 20 個新的多雲資料中心將容納 2,000 多個全機架 Exadata 資料庫機器，旨在滿足對 Oracle 雲端資料庫的壓抑需求。

We are able to build new data centers rapidly and operate them inexpensively because all of our data centers are architecturally identical, highly automated with an identical high-performance RDMA network, autonomous services and applications. Oracle Cloud data centers vary only by scale. Again, several nation states have ordered multiple sovereign data centers to be built within their country so that they can move their government, health care and commercial workloads to the Oracle Cloud. These new countries include Japan, Italy, Saudi Arabia, Bangladesh, New Zealand, and others.

我們能夠快速建立新的資料中心並以低廉的成本運作它們，因為我們所有的資料中心都具有相同的架構，高度自動化，具有相同的高效能 RDMA 網路、自主服務和應用程式。 Oracle 雲端資料中心僅因規模而異。同樣，一些國家已下令在本國建立多個主權資料中心，以便將政府、醫療保健和商業工作負載轉移到 Oracle 雲端。這些新國家包括日本、義大利、沙烏地阿拉伯、孟加拉、紐西蘭等。

Some of the world's largest banks, telecommunications and industrial companies have also contracted with us to build Oracle Cloud data centers dedicated entirely to them so that they can migrate their workloads to an Oracle Cloud data center. These companies include Nomura, Vodafone, Telecom Italia Mobile, Saudi Telecom, a huge Korean conglomerate and a huge U.S. defense contractor. These are but a few examples that demonstrate the diversity of the growing demand for Oracle's highly differentiated Gen2 cloud infrastructure and data center technology. Back to you, Ken.

全球一些最大的銀行、電信和工業公司也與我們簽訂了合同，專門為他們建立 Oracle 雲端資料中心，以便他們可以將工作負載遷移到 Oracle 雲端資料中心。這些公司包括野村證券、沃達豐、義大利行動電信、沙烏地電信、一家大型韓國企業集團和一家大型美國國防承包商。這些只是幾個例子，證明了對 Oracle 高度差異化的 Gen2 雲端基礎架構和資料中心技術日益增長的需求的多樣性。回到你身邊，肯。

Thank you, Larry. Emma, if we could please poll the audience for questions.

謝謝你，拉里。艾瑪，如果可以的話請向觀眾提問。

(Operator Instructions) Your first question today comes from the line of Ben Reitzes with Melius Research.

（操作員說明）您今天的第一個問題來自 Melius Research 的 Ben Reitzes。

It's great to be speaking with you this afternoon. Do you mind going through your thoughts on the OCI trajectory from here and how you feel backlog will play out into revenue? And perhaps you can comment also, is the acceleration potential that you guided for due to getting more GPUs and more AI backlog moving into revenue?

很高興今天下午與你交談。您介意從這裡開始回顧一下您對 OCI 軌蹟的看法以及您認為積壓將如何轉化為收入嗎？也許您也可以評論一下，您所指導的加速潛力是否會因為獲得更多 GPU 和更多 AI 積壓而轉化為收入？

Larry, you want me to take it or you?

拉里，你要我接還是你接？

No. Either one, Safra, you tell me.

不，任何一個，薩夫拉，你告訴我。

How would I get started? So where do we expect OCI to go from here? Frankly, the only limiting factor is our ability to get the data centers, hand it over and filled up fast enough. This quarter alone, we're talking about hundreds of millions of dollars that we would have been able to recognize if our capacity was available. So the reality is, as we roll out and we've got just so many moving parts, as you can hear from us, we have a lot of capacity coming online.

我該如何開始？那麼我們期望 OCI 下一步將走向何方呢？坦白說，唯一的限制因素是我們獲得資料中心、移交資料中心並足夠快地填滿的能力。僅本季度，我們就談了數億美元，如果我們的產能可用的話，我們本可以認識到這些收入。所以現實是，當我們推出時，我們有很多移動部件，正如您從我們那裡聽到的，我們有大量的在線容量。

And as you can see in my CapEx guidance, we expect OCI to just grow astronomically, frankly. It is the ideal infrastructure for so much use and, of course, also as more GPUs become available and we can put those in, we have just a really unlimited amount of demand. Larry, I don't know if you want to say anything else?

正如您在我的資本支出指南中所看到的，坦白說，我們預計 OCI 將實現天文數字成長。它是適合如此多用途的理想基礎設施，當然，隨著更多 GPU 可用並且我們可以將其放入，我們的需求量實際上是無限的。拉里，我不知道你還想說什麼嗎？

Yes. Well, again, in the next few weeks, I mentioned we're going to sign 2 additional contracts right around $1 billion each. I mean, the backlog is growing astronomically. I think it's the word Safra used and that's accurate. There's no reason why -- OCI grew 50% this quarter. I think OCI is going to get much bigger and actually, the growth rate will be above 50%, I believe, as these data centers come online.

是的。嗯，在接下來的幾周里，我再次提到我們將簽署另外 2 份合同，每份合約價值約為 10 億美元。我的意思是，積壓的訂單正在以天文數字成長。我認為這是薩弗拉使用的詞，而且是準確的。沒有理由——OCI 本季成長了 50%。我認為 OCI 將會變得更大，實際上，隨著這些資料中心上線，我相信成長率將超過 50%。

We think we can build a lot of these data centers very quickly. By the way, again, I emphasize it's not just gen AI demand. There's huge pent up data -- of Cloud database demand. There is huge demand overseas for sovereign clouds where people -- governments haven't been able to move their workloads and a lot of those are government Oracle workloads. They haven't been able to move their workloads to the cloud. I mean, there are literally, I don't know, 5, 6, 7 large companies in Japan that will be building at least 2 data centers, Oracle data centers each. So again, the demand is extraordinary. We can build the data centers relatively fast, and I expect the OCI growth rate to be over 50% for a few years.

我們認為我們可以很快建立很多這樣的資料中心。順便說一句，我再次強調這不僅僅是人工智慧的需求。雲端資料庫需求中有大量被壓抑的資料。海外對主權雲有著巨大的需求，而人們和政府卻無法轉移他們的工作負載，其中許多都是政府的 Oracle 工作負載。他們無法將工作負載轉移到雲端。我的意思是，我不知道，日本有 5、6、7 家大公司會建造至少 2 個資料中心，每個都是 Oracle 資料中心。再說一遍，需求非常大。我們可以相對較快地建造資料中心，我預計未來幾年OCI成長率將超過50%。

Yes, we're not demand-limited in any way right now.

是的，我們現在並沒有以任何方式限制需求。

Your next question comes from the line of John DiFucci with Guggenheim.

你的下一個問題來自約翰·迪福奇與古根漢的對話。

So since Ben asked about the growth, and maybe I'll take a step back on the other part of all this and that's the profit side, per Larry's comments, you're building out a lot of capacity and Safra's comments with the CapEx growth. But Clay has also spoken about the time it takes to build out hose AI super clusters, and I know that's not the only AI workloads you're doing, but that sounds like some pretty exciting stuff.

因此，既然本詢問了增長問題，也許我會退後一步討論這一切的其他部分，那就是利潤方面，根據拉里的評論，你正在建設大量的產能，而薩夫拉對資本支出增長的評論。但 Clay 也談到了建立軟管 AI 超級叢集所需的時間，我知道這不是您正在做的唯一 AI 工作負載，但這聽起來像是一些非常令人興奮的東西。

And it takes time before you get revenue. I realize you're also seeing ramp-up of those, what I'll call, core OCI deals like Uber, and you actually get revenue from them over time. But how should we think about cloud gross margins over time in this context with both those things? A lot happening here.

獲得收入之前需要時間。我意識到你也看到了這些（我稱之為核心 OCI 交易，如 Uber）的成長，並且隨著時間的推移，你實際上可以從它們中獲得收入。但是，在這種情況下，我們應該如何考慮隨著時間的推移雲毛利率呢？這裡發生了很多事情。

Yes, and I'm really glad you asked. I'm really glad you asked because one of the lines that we show you, even though I'd give you more detail is, I show you a number that is a mix of Cloud and Support. And obviously, Support is extremely profitable because of the structure of the way it works and because we are at such a large scale.

是的，我真的很高興你問這個問題。我真的很高興您提出這個問題，因為我們向您展示的其中一行內容（儘管我會向您提供更多詳細信息）是，我向您展示了一個混合了雲端和支援的數字。顯然，支持是非常有利可圖的，因為它的工作方式結構以及我們的規模如此之大。

But the reality is that our cloud businesses are also very profitable. Our SaaS cloud business is very profitable. And our IaaS, our OCI business is improving profitability as it grows. And so the target gross margins for it are much higher than I think you expect because you're probably comparing it to some of the more pure-play cloud folks who somehow don't end up making as much money in all of this. As we grow, our gross margin percentage goes up.

但現實是，我們的雲端業務也非常有利可圖。我們的SaaS雲端業務非常有利可圖。我們的 IaaS、OCI 業務隨著其成長而提高獲利能力。因此，它的目標毛利率比我想像的要高得多，因為你可能會將其與一些更純粹的雲端公司進行比較，而這些人最終並沒有在這一切中賺到那麼多錢。隨著我們的成長，我們的毛利率不斷上升。

So yes, we make a lot of investments and we'll be making a lot of investments, but our profitability continues to go up because once the worst moment is at the moment where the data center is full of computers and you don't have any tenants that first day, but that's not actually how we work. Yes, we have the floor space but we grow in pieces, unlike some of the others that they have to do a full-out build out and put everything there before they have a penny of revenue. That's not how we work.

所以，是的，我們進行了大量投資，我們將進行大量投資，但我們的盈利能力繼續上升，因為一旦最糟糕的時刻就是數據中心充滿計算機而你沒有第一天就有任何租戶，但這實際上並不是我們的工作方式。是的，我們有佔地面積，但我們是分段發展的，與其他一些公司不同，他們必須進行全面建設，並將所有東西都放在那裡，然後才能獲得一分錢的收入。我們不是這樣工作的。

And more and more of our -- so we start small and build up, and that allows us to match our spending with the revenues much better. And that's because we have that engineering deployment flexibility that the first-generation folks don't have. I don't know, Larry, if you want to add anything to that?

我們的支出越來越多，所以我們從小規模開始，逐步擴大規模，這使我們能夠更好地匹配我們的支出與收入。這是因為我們擁有第一代所沒有的工程部署彈性。拉里，我不知道你還想補充什麼？

Yes, I do. I think 1 thing is very important. We're much more highly automated than the older data centers. So to give you an idea, Oracle Cloud, to run Oracle Cloud, we have to keep track of all of our customers, how much they're using. We have to have a variety of databases and applications that run the cloud. Those databases are all the autonomous databases. We have no labor associated with those databases. It's all completely automated.

是的，我願意。我認為1件事非常重要。我們的自動化程度比舊資料中心高得多。因此，為了讓您了解 Oracle Cloud 運行 Oracle Cloud，我們必須追蹤所有客戶以及他們的使用量。我們必須擁有運行雲端的各種資料庫和應用程式。這些資料庫都是自治資料庫。我們沒有與這些資料庫相關的勞動力。這一切都是完全自動化的。

Our installations, when we bring up a new cloud, you plug it in and the process of bringing it up is largely automated. There aren't lots and lots of people in the data center to bring it up, and there are -- certainly aren't lots and lots of people in the data center to run it every day. We focus on autonomous services. Our Linux, our operating system, is fully autonomous. There's no labor associated with running it. There's certainly labor associated with building the software but not running the software. It doesn't cost us more to run 100 data centers than it cost us to run 10 in terms of data -- DBAs or people running Oracle Autonomous Linux.

我們的安裝，當我們推出新的雲端時，您將其插入，並且啟動過程基本上是自動化的。資料中心裡沒有很多很多人來提出它，而且資料中心裡當然也沒很多很多人每天運行它。我們專注於自主服務。我們的 Linux，我們的作業系統，是完全自主的。運行它不需要任何人工。當然，建構軟體需要耗費大量人力，但運行軟體則不然。就資料（DBA 或運行 Oracle Autonomous Linux 的人員）而言，運行 100 個資料中心的成本並不比運行 10 個資料中心的成本高。

So we have a very different model than our old data centers or our competitors' data centers. We can run these things. We can bring them up relatively quickly, and we can run them very inexpensively and efficiently. One last thing about being autonomous, the fact that it's automated, there are far fewer errors and there are far fewer security vulnerabilities because the system is completely self-driving.

因此，我們的模型與我們的舊資料中心或競爭對手的資料中心非常不同。我們可以運行這些東西。我們可以相對較快地啟動它們，並且可以非常便宜且有效率地運行它們。關於自動化的最後一件事是，它是自動化的，錯誤少得多，安全漏洞也少得多，因為系統是完全自動駕駛的。

If I might, Safra, go back to something you said. Is it fair to assume that OCI gross margins have consistently grown over time quarter to quarter?

薩弗拉，如果可以的話，請回到你說過的話。假設 OCI 毛利率逐季度持續成長是否公平？

Yes.

是的。

Okay, and then...

好吧，然後...

It's grown a lot.

它長大了很多。

Grown a lot, okay. And then finally, the -- what Larry just said about the database, Safra, I've heard you say at times, we're at the beginning of the beginning of the transition of the database to cloud. So I know you have database in the cloud today but that migration of the on-prem, that's still to come pretty much?

長大了很多，好吧。最後，拉里剛剛談到資料庫，薩弗拉，我有時聽到你說，我們正處於資料庫向雲端過渡的開始階段。所以我知道您現在在雲端擁有資料庫，但是本地的遷移仍然會發生嗎？

Yes, it is really still to come. It is -- we're talking about tens of billions of dollars when it comes over. So we -- it's starting to come but we haven't been in the place to receive it all en masse. And customers have to get comfortable with it, and also multi-cloud has to really roll out and that's going to be another piece of it. So customers are going to have so many excellent choices. They can go in the public cloud, they can go in OCI. They can go in their cloud customer. They can go in OCI at Azure is 1 possibility.

是的，它確實還沒到來。當它到來時，我們正在談論數百億美元。所以我們——它已經開始到來，但我們還沒有到齊地接受它的地步。客戶必須適應它，而且多雲也必須真正推出，這將是另一部分。因此，客戶將有很多出色的選擇。他們可以進入公有雲，也可以進入 OCI。他們可以進入他們的雲端客戶。他們可以進入 Azure 的 OCI 是一種可能性。

So there's just -- it is the absolute beginning because remember, the Oracle database is not a toy. It's a mission-critical system. If it just disappeared at companies, the whole planet would come to a standstill. And so this is coming and it's just the beginning. So you see what's going on with OCI. No one believed us this was possible. Now here we're at and then right behind it is going to come the database. And that's going to be something.

所以，這絕對是一個開始，因為請記住，Oracle 資料庫不是一個玩具。這是一個關鍵任務系統。如果它在公司中消失，整個地球就會陷入停滯。所以這一切即將到來，而這只是一個開始。所以你可以看到 OCI 發生了什麼。沒有人相信我們這是可能的。現在我們就到了這裡，緊跟在後的是資料庫。這將會是一些事情。

And for Larry's comments, and I'll stop talking, but for Larry's comments, the database gross margins, given the autonomous nature of it, we should expect that to be different than the OCI core infrastructure-as-a-service gross margin?

對於 Larry 的評論，我將停止談論，但對於 Larry 的評論，數據庫毛利率，鑑於其自主性，我們應該期望它與 OCI 核心基礎設施即服務毛利率有所不同？

Yes, absolutely.

是的，一點沒錯。

Yes, the autonomous -- I don't want to go into detail, but the autonomous database is one, autonomous. There's no labor associated with it. But it's also the only database that's fully elastic. In other words, if you're not using it, no one's using it. I mean, there are no cores, there's no cores occupied. It goes back into the pool. So if you as a customer aren't doing something with the database, literally no cores are occupied. It's very different than an Amazon database where you allocate.

是的，自治——我不想詳細說明，但自治資料庫就是一個，自治的。沒有與之相關的勞動。但它也是唯一完全有彈性的資料庫。換句話說，如果你不使用它，就沒有人使用它。我的意思是，沒有核心，沒有核心被佔用。它又回到了池子裡。因此，如果您作為客戶沒有對資料庫執行某些操作，則實際上不會佔用任何核心。它與您分配的亞馬遜資料庫非常不同。

I always need 64 cores or 64 processors to run my database, and that's 7 days a week, 24 hours a day. We only charge you for what you use when you're using it. We only consume and -- what you use when you're using it. Otherwise, it goes to other customers. It's totally different. That allows us to have dramatically higher gross margins.

我總是需要 64 個核心或 64 個處理器來運行我的資料庫，而且每週 7 天、每天 24 小時。我們僅根據您使用時的用量向您收費。我們只消費和——當你使用它時你使用它。否則，它就會流向其他客戶。這是完全不同的。這使我們能夠獲得顯著更高的毛利率。

Sorry for the several-part question, but thank you.

很抱歉問了這個由多個部分組成的問題，但謝謝您。

Your next question comes from the line of Mark Moerdler with Bernstein.

你的下一個問題來自馬克·莫德勒（Mark Moerdler）和伯恩斯坦（Bernstein）的對話。

I want to change gears a little bit and turn to Cerner, which people don't really focus on that much. Cerner license revenue has been down likely in preparation for customers shifting to SaaS. But Oracle doesn't yet have a full multitenant, scalable Cerner SaaS solution. So what I'd like to ask is a couple of parts. How should we think about the timing of, one, the availability of -- yes?

我想稍微改變一下方向，轉向 Cerner，但人們並不太注意它。 Cerner 授權收入可能會下降，為客戶轉向 SaaS 做準備。但 Oracle 還沒有完整的多租戶、可擴充的 Cerner SaaS 解決方案。所以我想問的是幾個部分。我們應該如何考慮，第一，可用性的時機——是的？

That's not correct, so Cerner has several pieces. And I believe about half of the customers will be moved -- half of the Millennium customers. You can think of Cerner as just automating hospitals like Epic. And that's a product called Millennium, and about half of those customers will move to OCI by February. Half of all existing customers will be in Oracle OCI.

這是不正確的，所以 Cerner 有幾件作品。我相信大約一半的客戶將會被感動——一半的千禧年客戶。你可以將 Cerner 視為像 Epic 這樣的自動化醫院。這是一款名為 Millennium 的產品，大約一半的客戶將在 2 月之前轉向 OCI。所有現有客戶的一半將屬於 Oracle OCI。

But we've also developed something that began at Cerner and we have finished. Now we completely rewritten it -- well, we're in the process, we will finish next calendar year. But it is largely rewritten and available right now, something called our Health and Data Intelligence Platform. And it was known as Cerner as HealtheIntent and that's for public health. That's for population-scale, public health management. Again, if it's sold to U.S. states. It's sold to Australian states. It's sold to European countries. It's for managing population health.

但我們也開發了一些從 Cerner 開始的東西，現在我們已經完成了。現在我們完全重寫了它——嗯，我們正在這個過程中，我們將在明年完成。但它現在已經很大程度上被重寫並可用，稱為我們的健康和數據智慧平台。它被稱為 Cerner 或 HealtheIntent，這是為了公共衛生。這是針對人口規模的公共衛生管理。再說一遍，如果它賣給美國各州。它被賣到澳洲各州。它銷往歐洲國家。這是為了管理人口健康。

Remember during COVID, when we didn't know New York thought they were running out of hospital rooms but they really weren't but no one knew because no one kept track of our inventory of hospital rooms. There's no national view. No one knew how many people contracted COVID yesterday. We didn't have that national view. We have that national view. It is fully SaaS and it is available right now. So some of the pieces -- some of the Cerner pieces are coming online. Other Cerner pieces are moving more gradually, but they're all going into OCI, and they're all very quickly moving from a license basis to a subscription basis.

還記得在新冠疫情期間，當時我們不知道紐約以為他們的病房已經用完，但事實並非如此，但沒有人知道，因為沒有人追蹤我們的病房庫存。沒有國家觀念。沒有人知道昨天有多少人感染了新冠病毒。我們沒有那種全國性的觀點。我們有這樣的國家觀點。它是完全的 SaaS，並且現在就可以使用。因此，Cerner 的一些作品即將上線。 Cerner 的其他作品正在逐步發展，但它們都將進入 OCI，它們都很快從授權基礎轉變為訂閱基礎。

So that's very helpful. So that starts to answer the question I was asking was how should we think about the timing of the transition? Millennium, you're saying, is going to be in OCI. Is that going to be a fully SaaS version? When will the rest of the solutions be fully SaaS? And how should we think about the revenue lift as the license and maintenance moves to the cloud -- to SaaS?

這非常有幫助。這開始回答我提出的問題：我們該如何考慮過渡的時機？你是說，千禧年將在 OCI 中。這將是一個完整的 SaaS 版本嗎？其餘解決方案什麼時候才能完全實現 SaaS？隨著授權和維護轉移到雲端（即 SaaS），我們應該如何看待收入的提升？

So it will be fully in OCI and SaaS but it will not be the new -- we are rewriting -- we're replacing Millennium a piece at a time, not a big lift in shift, but we are upgrading and modernizing Millennium a piece at a time and different pieces will be available starting next year. And so Cerner customers will be getting new features and capabilities as a part of a Millennium -- as Millennium moves to OCI. And again, half the customers will be in OCI by February.

因此，它將完全採用 OCI 和 SaaS，但它不會是新的——我們正在重寫——我們一次替換 Millennium 的一部分，不是一個很大的轉變，但我們正在升級和現代化 Millennium 的一部分從明年開始，將同時推出不同的作品。因此，隨著 Millennium 轉向 OCI，Cerner 客戶將獲得新的特性和功能，作為 Millennium 的一部分。到二月份，一半的客戶將加入 OCI。

So we're making a lot of progress. At the same time, we're adding a lot of new products to Millennium, like the public health products. But we're also adding much of new products for pharmaceutical companies. We're adding additional products for hospitals to keep track of their inventory, for hospitals to manage their workforce. Really, what we think of as our health division in Oracle has products for the entire health care ecosystems, payers, including governments, including insurance companies, providers, including ambulatory clinics and hospitals, pharmaceutical companies, research companies and public health departments, national governments and state governments.

所以我們正在取得很大進展。同時，我們正在為千禧年添加許多新產品，例如公共衛生產品。但我們也為製藥公司增加了許多新產品。我們正在為醫院添加更多產品來追蹤其庫存，以便醫院管理其員工隊伍。事實上，我們認為甲骨文的健康部門擁有面向整個醫療保健生態系統、付款人（包括政府）（包括保險公司）、提供者（包括門診診所和醫院）、製藥公司、研究公司和公共衛生部門、國家政府的產品。和州政府。

So we are -- we have products for the entire health care ecosystem which is a much larger footprint than Cerner ever had. So we are going after a much larger market than Cerner was. So we expect Cerner to be a growth story, I guess that's what I'm getting at.

所以我們——我們擁有適用於整個醫療保健生態系統的產品，其足跡比 Cerner 以往的足跡大得多。因此，我們正在尋找比塞納更大的市場。所以我們希望賽納成為一個成長故事，我想這就是我的意思。

Great. That's where I'm going with the question.

偉大的。這就是我要提出的問題。

Yes. So let me just tell you, I think for the year -- for the full fiscal year, Cerner will be sort of negative 1 to 2 points but that will be it. It will end this fiscal year. And from then on, it will be a growth story. So it will no longer be a drag on Oracle's growth, okay?

是的。所以讓我告訴你，我認為今年——整個財年，Cerner 會下降 1 到 2 個百分點，但僅此而已。它將在本財年結束。從那時起，這將是一個成長的故事。這樣就不再拖累Oracle的成長了好嗎？

Perfect. Thank you so much. I really appreciate it. That was very helpful.

完美的。太感謝了。對此，我真的非常感激。這非常有幫助。

Your next question comes from the line of Siti Panigrahi with Mizuho.

你的下一個問題來自 Siti Panigrahi 和 Mizuho 的線。

Larry and Safra, many mission-critical workloads still run an Oracle database and you have a sticky maintenance revenue stream. And we expect Oracle will start migrating those database workloads to OCI, which will bring 3x revenue uplift, which you call in the third leg of cloud growth. You also have now OCI inside Azure data center.

Larry 和 Safra，許多任務關鍵型工作負載仍然運行 Oracle 資料庫，並且您擁有黏性維護收入流。我們預計 Oracle 將開始將這些資料庫工作負載遷移到 OCI，這將帶來 3 倍的收入成長，您將其稱為雲端成長的第三階段。現在，您在 Azure 資料中心內還擁有 OCI。

So my question is, how does this being multi-cloud change your outlook for Oracle database? And what are you hearing from your database customer in terms of their comfort and preparedness to move their Oracle databases to the cloud, either OCI or Azure?

所以我的問題是，多雲如何改變您對 Oracle 資料庫的看法？您從資料庫客戶那裡了解到，他們對於將 Oracle 資料庫遷移到雲端（OCI 或 Azure）的意願和準備程度如何？

Larry, why don't you start with this? No, yes, I do. You go.

拉里，為什麼不從這個開始呢？不，是的，我願意。你去。

Okay. Our customers are very happy with the idea. Remember, Oracle started as one of the first databases that ran everywhere. We ran on IBM mainframes. We ran on personal computers. We ran on digital equipment, if you remember them, many computers. And HP mini computers. We ran on every operating system on every computer.

好的。我們的客戶對這個想法非常滿意。請記住，Oracle 最初是第一個無處不在的資料庫之一。我們在 IBM 大型主機上運作。我們在個人電腦上運作。我們運行的是數位設備，如果你還記得的話，有很多計算機。還有惠普迷你電腦。我們在每台電腦上的每個作業系統上運行。

Now in cloud, they're very happy to see that they can not only get the Oracle database at OCI, they can also get the identical capability from Microsoft. Microsoft, we are building data centers for Microsoft inside Azure. And Microsoft, it wasn't us that decided 2,000 was the right number of Exadata machines to install in those 20 data centers. That was Microsoft. The demand is enormous. They want the same -- plus our customers want the same flexibility they've always had with Oracle. They want to use Oracle, they want to transition. But if they're using the Microsoft cloud, they want to run the best and latest and greatest version of Oracle in the Microsoft Cloud.

現在在雲端中，他們很高興看到他們不僅可以從 OCI 獲得 Oracle 資料庫，還可以從 Microsoft 獲得相同的功能。微軟，我們正在 Azure 內為微軟建置資料中心。而 Microsoft，並不是我們決定在這 20 個資料中心安裝 2,000 台 Exadata 機器的正確數量。那是微軟。需求是巨大的。他們想要同樣的——而且我們的客戶想要他們在 Oracle 中一直擁有的同樣的靈活性。他們想要使用 Oracle，他們想要轉型。但如果他們使用 Microsoft 雲，他們希望在 Microsoft 雲端中運行最好、最新、最好的 Oracle 版本。

They want to do that in other clouds as well. Some of them is very important to have it. In Japan, for example, it's very important for some of that data remaining in Japan. One of the things the Oracle database does is it runs the Tokyo Stock Exchange. And it does that in a dedicated data center run by Nomura Research who supplies financial services and Oracle Cloud, Oracle Gen2 Cloud Services to the Japanese market. There are a number of other partners in Japan that are going in that same direction.

他們也想在其他雲中做到這一點。其中一些是非常重要的。例如，在日本，部分資料保留在日本非常重要。 Oracle 資料庫的作用之一是運作東京證券交易所。它是在野村研究公司營運的專用資料中心中實現的，野村研究公司向日本市場提供金融服務和 Oracle 雲端、Oracle Gen2 雲端服務。日本還有許多其他合作夥伴也朝著同樣的方向前進。

So they used to -- in Japan, they used to buy the Oracle database from Nomura or they used to buy it from Fujitsu or they bought it from Hitachi or they bought it from NEC. They wanted that Oracle database. It is quite natural for all of those companies to build their own -- have their own dedicated regions of OCI and sell to their -- and support their customers out of those regions. That's the flexibility we allow that something that nobody else can do. We can build these regions for our partners. We can build these regions for sovereign states. We can build these regions for large companies that want to have -- that don't want their data commingled with anyone else's.

所以他們過去－在日本，他們曾經從野村證券（Nomura）購買Oracle資料庫，或是向富士通（Fujitsu）購買，或是從日立（Hitachi）購買，或是從NEC購買。他們想要 Oracle 資料庫。對於所有這些公司來說，建立自己的 OCI 專用區域並向其銷售並支援這些區域之外的客戶是很自然的事情。這就是我們允許的彈性，這是其他人無法做到的。我們可以為我們的合作夥伴建造這些區域。我們可以為主權國家建構這些地區。我們可以為那些想要的大公司建立這些區域，這些公司不希望自己的數據與其他人的數據混合。

They want a public cloud. They want a full OCI. They want every part of OCI, but they don't want anyone else in that -- in their region. They want it to be theirs and theirs alone. We can do that. Nobody else can.

他們想要一個公有雲。他們想要一個完整的 OCI。他們想要 OCI 的每一個部分，但他們不希望任何其他人參與其中——在他們的地區。他們希望它屬於他們，而且只屬於他們。我們能做到這一點。其他人都做不到。

Your next question comes from the line...

你的下一個問題來自於…

Let me summarize. That means literally any way you want to get Oracle, any way you want to get Oracle, you will be able to get it. It will be a little bit back to the future. And we think the impact on demand -- on database demand, we're seeing it already. Let me close with 2,000 Exadata reps. That's a stunning number in terms of how many customers you could put on that. That's tens of thousands of customers you can put on that much hardware. And that's Microsoft alone, okay.

讓我總結一下。這實際上意味著您想要以任何方式獲得 Oracle，無論您想要以何種方式獲得 Oracle，您都將能夠獲得它。會稍微回到未來。我們認為對需求的影響——對資料庫需求的影響，我們已經看到了。讓我以 2,000 名 Exadata 代表作為結束語。就您可以吸引多少客戶而言，這是一個驚人的數字。您可以為數以萬計的客戶配備這麼多的硬體。這只是微軟的事，好吧。

Your next question comes from the line of Alex Zukin with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Alex Zukin。

I wanted to ask around some of the gen AI functionality inside of the applications portfolio, specifically Fusion and NetSuite. Any update or uptick that you're seeing or can share around some of your partnerships around Cohere? Maybe any early feedback from the field that informs incremental value capture, whether or not it's starting to resonate either in the form of increased migration activity, increased market share gains or increased monetization opportunities around the application portfolio.

我想詢問應用程式組合中的一些新一代人工智慧功能，特別是 Fusion 和 NetSuite。您看到或可以分享關於 Cohere 的一些合作夥伴關係的任何更新或上升嗎？也許來自該領域的任何早期反饋都可以為增量價值捕獲提供信息，無論它是否開始以增加遷移活動、增加市場份額收益或增加圍繞應用程序組合的貨幣化機會的形式產生共鳴。

Yes. Well, we're using it every place. Perhaps the most stunning is our new -- again, I mentioned at Cerner earlier that we're doing a lot of things that Cerner never did in what is now called Oracle Health. One of those things is our new telecommunications module summarizes a consultation between a doctor and a patient and writes the doctor's notes for the doctor automatically. In fact, for the first time, we've done it. We now have our large language model generating the summary without a scribe, but the doctor can edit in a couple of minutes. So it's actually succeeded in doing one of the very hardest tasks we assigned it.

是的。嗯，我們在每個地方都使用它。也許最令人驚嘆的是我們的新產品——我之前在 Cerner 中再次提到，我們正在做很多 Cerner 從未在現在稱為 Oracle Health 中做過的事情。其中之一是我們的新電信模組會總結醫生和患者之間的諮詢，並自動為醫生寫下醫生筆記。事實上，我們是第一次做到這一點。現在，我們的大型語言模型無需抄寫員即可產生摘要，但醫生可以在幾分鐘內進行編輯。所以它實際上成功地完成了我們分配給它的最艱鉅的任務之一。

And of course, we're using it in everything from as simple as doing product descriptions or job descriptions, all of those, you've read about all of those. We've actually got those implemented, are delivering those to customers. But even in some of the most challenging areas, in drug design. We're having success with pharmaceutical companies. But with -- actually writing the doctor's notes without a scribe has shocked a great many people. And well, another area, in terms of diagnosing cancer from biopsy, just biopsy images, being able to do that very, very quickly where the patient knows weeks sooner than they would otherwise -- that they get the news weeks sooner from the -- just maybe AI processing the biopsy image, they find out weeks sooner or whether they have to go on chemotherapy or whether they're cancer-free.

當然，我們在所有事情上都使用它，從簡單的產品描述或工作描述，所有這些，你已經讀過所有這些。我們實際上已經實施了這些措施，並將其交付給客戶。但即使在一些最具挑戰性的領域，例如藥物設計。我們與製藥公司合作取得了成功。但是，在沒有抄寫員的情況下實際寫出醫生的筆記讓很多人感到震驚。嗯，另一個領域，就透過活檢診斷癌症而言，只需活檢圖像，能夠非常非常快地做到這一點，患者比其他情況提前幾週知道——他們可以提前幾週從——也許只是人工智慧處理活檢影像，他們會提前幾週知道他們是否需要接受化療或是否沒有癌症。

And we're doing that with an Israeli partner called Imagene. So no, we're seeing a huge uptake of this technology, everything from complex health care and health science to more mundane tasks that you find throughout an enterprise that's still very important in making your employees and your company more efficient and more competitive.

我們正在與以色列合作夥伴 Imagene 合作進行這項工作。所以不，我們看到這項技術得到了廣泛的應用，從複雜的醫療保健和健康科學到您在整個企業中發現的更平凡的任務，這對於提高您的員工和公司的效率和競爭力仍然非常重要。

Got it. And then from a monetization standpoint, do you -- is this monetizing in a Copilot way similar to Microsoft? Or how do you envision ultimately seeing some of the incremental value captured inside of the model?

知道了。然後從貨幣化的角度來看，這種以副駕駛方式貨幣化的方式與微軟類似嗎？或者您如何設想最終看到模型內部捕獲的一些增量價值？

Well, we think inside of our -- we're -- remember, we're a little bit different than Microsoft. We have a lot more enterprise applications, for example, in health care in -- we run clinical trials. We run hospitals. We run the ambulatory clinics. We run -- we have diagnostic databases for image [costing] databases, conventional blood testing databases, all of those. So our monetization is really at the highest end of the value chain, which is we actually supply the application with our partner that does cancer diagnosis, that does the doctor's notes, that does the doctor's orders, that actually automatically generates the prescriptions, that reminds the patient to take the subscription so you get compliance.

好吧，我們的內心認為——我們——記住，我們與微軟有點不同。我們有更多的企業應用程序，例如在醫療保健領域——我們進行臨床試驗。我們經營醫院。我們經營行動診所。我們運行——我們有圖像[成本計算]資料庫的診斷資料庫、傳統的血液檢測資料庫，所有這些。因此，我們的貨幣化實際上處於價值鏈的最高端，即我們實際上向我們的合作夥伴提供應用程序，該應用程序進行癌症診斷，執行醫生的筆記，執行醫生的命令，實際上自動生成處方，提醒患者接受訂閱，以便您獲得依從性。

Right now without -- I don't want -- I can't spend too much on it. Right now, doctors don't know if patients have refilled their prescriptions. The doctors aren't notified and the patients aren't notified. Reminding them. We're doing all of that. We're doing a bunch of things with -- and that's the high value end of AI, when you're preventing someone from being rehospitalized, which has a huge cost in terms of human suffering and money.

現在沒有——我不想——我不能在上面花太多錢。目前，醫生不知道患者是否已重新配藥。醫生沒有得到通知，患者也沒有得到通知。提醒他們。我們正在做這一切。我們正在做很多事情——這就是人工智慧的高價值目標，當你阻止某人重新住院時，這會在人類痛苦和金錢方面造成巨大成本。

Now we have multiple ways, by the way, to monetize it not only as part of our application but also as part of our infrastructure because one of the unique capabilities we allow is for customers, when they use our product, to basically use their private data in some of these models to -- for them to learn but then to ultimately keep control of their data. And this is applicable in many, many different types of applications and this is a service we provide in addition. So there's just a lot...

順便說一句，現在我們有多種方式將其貨幣化，不僅作為我們應用程式的一部分，而且作為我們基礎設施的一部分，因為我們允許的獨特功能之一是客戶在使用我們的產品時，基本上可以使用他們的私有功能其中一些模型中的資料可供他們學習，但最終可以控制他們的資料。這適用於許多不同類型的應用程序，這是我們另外提供的一項服務。所以有很多...

Safra's making a very good point in that we have our own applications in health care, but we have partners and other companies that come to us to use our AI to enrich their applications. And we keep their data private and allow them to enrich their applications. That company I mentioned earlier, Imagene, that's not our application that does the cancer diagnosis. That's an Israeli company that's doing that, but they're using our AI to develop their health care application. So in the -- and their -- so we monetize through Imagene, enabling them to build their AI application, and we also build a lot of our own. So of course, Safra is right. It's a combination of the 2.

Safra 的觀點非常好，我們在醫療保健領域擁有自己的應用程序，但我們也有合作夥伴和其他公司來找我們使用我們的人工智慧來豐富他們的應用程式。我們將他們的數據保密，並允許他們豐富他們的應用程式。我之前提到的 Imagene 公司不是我們進行癌症診斷的應用程式。這是一家以色列公司正在這樣做，但他們正在使用我們的人工智慧來開發他們的醫療保健應用程式。因此，我們透過 Imagene 獲利，使他們能夠建立自己的人工智慧應用程序，我們也建立了許多自己的應用程式。所以當然，薩夫拉是對的。它是 2 的組合。

Your last question today comes from the line of Brad Zelnick with Deutsche Bank.

你們今天的最後一個問題來自德意志銀行的 Brad Zelnick。

Larry, it's taken Oracle several years to reach 66 cloud data centers, and you're now talking about plans to build 100 new ones, which frankly seems very ambitious. What is it that you're seeing that maybe we don't see? And then related perhaps, Safra, if you can speak to the capital requirements and time frame for that, especially in light of CapEx this quarter that was a bit less than we had expected.

Larry，甲骨文花了幾年時間才達到 66 個雲端資料中心，而你現在正在談論建造 100 個新資料中心的計劃，坦白說，這似乎非常雄心勃勃。你看到的、也許我們看不見的是什麼？然後，薩夫拉，如果您能談談資本要求和時間框架，特別是考慮到本季的資本支出略低於我們的預期，那麼也許相關。

Well, okay. How about Microsoft puts an order for 20 -- in an order for 20 cloud data centers? That's what we're seeing. When 1 company -- as you say, we have 60. By the way, that's a little bit -- that's not quite right. I mean, we have 66 cloud regions and we sometimes use those synonymously. They're not always -- they don't -- a data center and region don't necessarily translate 1:1.

哦，那好吧。 Microsoft 訂購 20 個雲端資料中心怎麼樣？這就是我們所看到的。當只有 1 家公司時——正如你所說，我們有 60 家公司。順便說一句，這有點——不太正確。我的意思是，我們有 66 個雲區域，有時我們會同義地使用這些區域。資料中心和區域並不總是 1:1 轉換。

But the -- yes, when someone comes along and orders 20, then that creates a lot of opportunity for us to build more data centers and get more OCI customers because we're building OCI data centers inside of Azure Cloud. So those are the things we're seeing. We're building our own public regions based on direct customer demand. And then we're building partner regions like the 20 data centers from Microsoft. The combination of the 2 adds up to 100.

但是，是的，當有人來訂購 20 個時，這為我們創造了許多機會來建立更多資料中心並獲得更多 OCI 客戶，因為我們正在 Azure 雲端內部建置 OCI 資料中心。這些就是我們所看到的。我們正在根據客戶的直接需求建立我們自己的公共區域。然後我們正在建造合作夥伴區域，例如 Microsoft 的 20 個資料中心。 2 的總和加起來是 100。

Yes. And also, one of the things is in that number, it doesn't include the many, many Cloud at Customers which started small and now companies have decided they want their own region. So they had a Cloud at Customer, which is smaller and they decided, no, no, no. Now I want a dedicated region of my own. I get it. This is working. I've saved millions, tens of millions, sometimes hundreds of millions. Now I want my own.

是的。而且，其中一件事是這個數字，它不包括很多很多的 Cloud at Customer，這些公司從小規模起步，現在公司決定他們想要自己的區域。因此，他們在客戶處建立了一個較小的雲，但他們決定，不，不，不。現在我想要一個屬於我自己的專用區域。我得到它。這是有效的。我省了數百萬、數千萬，有時甚至數億。現在我想要我自己的。

Also, really the -- it is absolutely true. We did not bring up as much capacity as we could have used this past quarter because we had to make some audible calls on the field to decide how to allocate whether to build something small, which was available, which I could have recognized revenue in right in the quarter, or instead to go much bigger and to wait until some larger capacity was going to be available to hand over to me.

而且，真的——這絕對是真的。上個季度我們沒有提供盡可能多的產能，因為我們必須在現場進行一些聲音呼籲，以決定如何分配是否建造一些小型的、可用的、我可以正確確認收入的設施。在本季度，或者改為擴大規模，等到有更大的產能交給我。

So as I think I've hinted and we're talking about demand, had we had capacity this quarter in the hundreds of millions of dollars more that was just sitting there waiting to take it, and we have made some deployment choices because we need more and we need it bigger. Instead of taking small pieces or smaller pieces, we decided to focus on the bigger parts and tried to also treat our customers fairly and work with them to meet their needs.

因此，正如我想的那樣，我已經暗示過，我們正在談論需求，如果我們本季度擁有數億美元的容量，只是坐在那裡等待它，並且我們已經做出了一些部署選擇，因為我們需要更多，我們需要更大。我們決定專注於較大的部件，而不是採用小部件或較小的部件，並嘗試公平對待我們的客戶並與他們合作以滿足他們的需求。

Let me give you 1 example of that, what Safra is describing is we got enough NVIDIA GPUs for Elon Musk's company, xAI, to bring up the first version, the first available version of their large language model called Grok. They got that up and running. But boy, did they want a lot more. Boy, did they want a lot more GPUs than we gave them. We gave them quite a few but they wanted more, and we are in the process of getting them more.

讓我舉一個例子，Safra 所描述的是，我們為 Elon Musk 的公司xAI 提供了足夠的NVIDIA GPU，以推出第一個版本，即他們名為Grok 的大型語言模型的第一個可用版本。他們啟動並運行了它。但天哪，他們還想要更多嗎？天哪，他們想要的 GPU 比我們給他們的 GPU 多得多嗎？我們給了他們很多，但他們想要更多，我們正在為他們提供更多。

So the demand, we got that up pretty quickly. They were able to use it, but they want dramatically more as there's this gold rush towards building the world's greatest large language model. And we are doing our best to keep -- give our customers what we can this quarter and then dramatically increase our ability to give them more and more capacity each succeeding quarter.

因此，我們很快就滿足了需求。他們能夠使用它，但隨著構建世界上最偉大的大型語言模型的淘金熱的興起，他們想要更多。我們正在盡最大努力保持——本季度為我們的客戶提供我們所能提供的服務，然後大幅提高我們的能力，在接下來的每個季度為他們提供越來越多的容量。

Okay. Thank you, Brad. 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 Emma for closing.

好的。謝謝你，布拉德。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，我會將電話轉回艾瑪以結束通話。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連線。