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 Emma，今天將擔任你們的會議主持人。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。 （接線生指示）Ken Bond，請開始您的會議。

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，艾瑪。大家下午好，歡迎參加甲骨文2024財年第二季財報電話會議。新聞稿和財務報表（包括GAAP與非GAAP的對帳表及其他補充財務資訊）的副本可在我們的投資者關係網站查看和下載。此外，我們還將在我們的投資者關係網站上提供近期購買或上線Oracle雲端服務的眾多客戶的名單。

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

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

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will present some important factors relating to our business, which may potentially affect these forward-looking statements. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

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

As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we are not obligating ourselves to revise our results or 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，並建議您查閱我們最新的報告，包括我們的10-K和10-Q報表及其任何適用的修訂版，以全面了解這些因素以及其他可能影響我們未來業績或股票市場價格的風險。最後，我們沒有義務根據新資訊或未來事件修改我們的業績或這些前瞻性陳述。

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

在回答提問之前，我們先來準備幾句話。接下來，我想把發言權交給薩弗拉。

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 it's 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，Ken，大家下午好。我們又度過了一個出色的季度。當你查看我們財務表現表的頂部時，有幾點非常清晰。最大的收入，雲端服務和授權支持，現在佔收入的74%，而且是經常性收入，本季成長了10億美元。較小的收入，即非經常性收入，現在僅佔26%。這正是我們所說的會發生的，而且它正在發生。隨著這種情況的持續，總收入的成長將逐年加速。

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 現在是推動我們加速發展的顯著驅動力之一。想像一下，就在三年前，OCI 幾乎從未被提及作為可行的超大規模替代方案。當然，我們知道自己建造了什麼，並且一直在談論它，我們知道這只是時間問題。現在，越來越多的產業分析師開始了解客戶的選擇。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，客戶已經意識到，遷移到 OCI 確實可以事半功倍。此外，鑑於我們獨特的差異化和性價比優勢，我們現在已成為 AI 工作負載的預設選擇。為什麼他們選擇 Oracle 雲端基礎架構？原因有很多，打造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。我們了解第一代雲端的局限性，因此採用了截然不同的設計理念。

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，我們比任何人都更了解營運企業規模、性能和安全性所需的條件。身為領先的企業軟體公司，我們擁有45年的發展歷史，這讓我們對運行關鍵任務系統的具體要求有著獨到的理解。第三，我們認識到客戶需要部署靈活性。我們不像競爭對手只提供公有雲服務，而是唯一一家同時提供專屬客戶雲端、專屬區域雲端、主權雲端以及合作夥伴雲端Alloy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. Now to the Q2 results, 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整個產業。鑑於所有這些成功案例和爆炸性增長的需求，我們正在盡快建立雲端容量。現在來看看第二季的業績，總營收處於我基於固定匯率預測的中點，每股盈餘處於預測的高端。需要提醒的是，匯率的影響比我們三個月前給的預測低了1個百分點。

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%.

不包括Cerner，雲端總收入（即SaaS和IaaS）為41億美元，成長25%。包含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%，這再次得益於我們的策略雲端應用程式、自主資料庫和第二代OCI。包括支援在內的應用程式訂閱收入為45億美元，成長9%。我們策略性的後台SaaS應用程式目前的年化收入為71億美元，成長19%。

Infrastructure subscription revenues, which includes 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%.

包括授權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55%，年化收入達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4%，其中Exadata資料庫雲端服務收入成長40%，自治資料庫營收成長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，我們預期這些雲端資料庫服務將與策略性SaaS和第二代OCI一起，成為營收成長的第三支柱。軟體授權收入為12億美元，與去年23%的成長相比，下降了19%。因此，本季總營收為129億美元，包括Cerner在內成長了4%，不包括Cerner則成長了6%。

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.

現在談談利潤率。雲端服務和許可證支援業務的毛利率為78%。這是由於支援業務和雲端服務的組合，其中雲端服務的成長速度遠快於支援業務，支援業務和SaaS業務的利潤率與去年持平，而IaaS業務的毛利率則大幅提升。隨著我們繼續擴大資料中心容量，隨著這些新的雲端服務區域的填滿，毛利率也會隨之上升。我們密切監控這些費用，以確保毛利率百分比隨著業務規模的擴大而不斷提升。

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，雲端服務和授權支援業務的毛利在第二季度成長了10%。非公認會計準則 (Non-GAAP) 營業收入為55億美元，較去年成長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運算的規模經濟效益，並推動Cerner的獲利能力達到甲骨文的標準，我們不僅將繼續增加營業收入，還將提高營業利潤率。本季非公認會計準則稅率為19%，非公認會計準則每股收益(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%。公認會計準則每股收益(以美元計算)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.

截至本季末，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%。過去四個季度，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，我們持續看到雲端轉型帶來的現金流效益。

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成長了11%。我們仍在與眾多正在醞釀中的公司簽署大型交易。預計未來12個月內，RPO總額中約有48%將確認為收入。第二季的資本支出為11億美元，因為我們將持續提升產能以滿足預訂量和客戶日益增長的需求。鑑於我們龐大的待交付項目和積壓訂單，我預計本財年的資本支出將在80億美元左右，這意味著隨著我們上線更多產能，下半年的資本支出將大幅增加。

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，我們目前已上線 66 個面向客戶的雲端區域，其中 45 個公有雲區域遍佈全球，另有 6 個正在建置中。其中 12 個公有雲區域與 Azure 互聯，從明年開始，客戶將能夠在 Azure 內部的 OCI 上執行 Oracle 資料庫。此外，我們也已上線 10 個專用雲區域，並計劃新增 13 個，此外還有 9 個國家安全雲區域和 2 個歐盟主權雲區域，並且每個區域的需求都在不斷增長。

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，我們計劃在 7 個 Alloy 雲端區域內，Oracle 合作夥伴將作為雲端供應商，在 Oracle 雲端的基礎上提供客製化的雲端服務。當然，我們也有大量的 Cloud at Customer 安裝。我們雲端區域的規模和靈活性——規模靈活性和部署可選性——將繼續為我們在市場上帶來優勢。

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、謹慎使用債務和股息來回報股東。本季度，我們回購了400萬股，總額達4.5億美元。此外，我們在過去12個月內派發了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業績指引，我將一如既往地以非公認會計準則 (non-GAAP) 為基礎進行評估。如果匯率不變，匯率對總收入和每股盈餘的影響應該很小。然而，實際匯率影響可能會有所不同。因此，我提供的所有數據均基於固定匯率和美元計算。包括 Cerner 在內的總收入預計將成長 6% 至 8%。不包括 Cerner 在內的總收入預計將成長 8% 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在內的雲端運算總收入預計將成長26%至28%。非公認會計準則每股收益預計將成長10%至14%，達到1.35美元至1.39美元。我對第三季每股收益的預期是基於19%的基準稅率。然而，一次性稅務事件可能會導致實際稅率發生變化。最後，我將繼續堅定地致力於實現我們2026財年的營收、營業利潤率和每股盈餘成長的財務目標。現在，請Larry發表意見。

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Safra。 Oracle雲端基礎架構和產生式人工智慧的需求逐季持續成長。 Oracle的剩餘履約義務總額（RPO）現已達到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正在擴建現有的66個雲端資料中心，並新建100個雲端資料中心。我們必須新建100個雲端資料中心，因為合約需求比我們目前的供應能力高出數十億美元。

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，且正以前所未有的速度成長。未來幾週，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廣泛，不僅受到生成式人工智慧 (Generic AI) 客戶的推動，也受到購買軟體和 Oracle 雲端資料中心的民族國家，以及購買專用雲端資料中心（專用 Oracle 雲端資料中心）的大型銀行、電信公司和工業公司的推動。

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.

或許最有趣的是，其他超大規模企業和雲端服務供應商也紛紛將他們的雲端與 Oracle 雲端資料中心共置並連結。客戶不希望雲變成封閉的花園。作為我們聯合多雲計畫的一部分，未來幾個月內，我們將啟用 20 個與 Microsoft Azure 共置並連接的全新 Oracle 雲端資料中心。這 20 個全新多雲資料中心將容納超過 2,000 個滿載 Exadata 資料庫雲端伺服器機架，旨在滿足市場對 Oracle 雲端資料庫的迫切需求。

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成本運營，因為我們所有的資料中心都架構相同、高度自動化，擁有相同的高效能 RDMA 網路、自主服務和應用程式。 Oracle 雲端資料中心僅在規模上有所不同。此外，一些民族國家已下令在其境內建造多個主權資料中心，以便將其政府、醫療保健和商業工作負載遷移到 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.

一些全球最大的銀行、電信和工業公司也與我們簽約，建立專屬於他們的 Oracle 雲端資料中心，以便他們將工作負載遷移到 Oracle 雲端資料中心。這些公司包括野村證券、沃達豐、義大利電信移動、沙烏地電信、一家韓國大型企業集團以及美國大型國防承包商。這些只是其中幾個例子，展現了市場對 Oracle 高度差異化的第二代雲端基礎架構和資料中心技術日益增長的多樣化需求。回到你這裡，Ken。

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

謝謝拉里。艾瑪，我們可以向觀眾提問嗎？

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

（操作員指示）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?

很高興今天下午能和您聊天。您介意談談您對 OCI 未來發展軌跡的看法嗎？您認為積壓訂單將如何影響收入？或者，您能否評論一下，您預測的成長潛力是否是由於更多 GPU 和更多 AI 積壓訂單轉化為收入而產生的？

Larry, you want me to take it or you?

拉里，你想讓我拿還是你自己拿？

No. Either one, Safra, you tell me.

不，無論哪一個，薩弗拉，你告訴我。

How about 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 handed 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.

我開始吧？那麼，我們預計OCI下一步會如何發展呢？坦白說，唯一的限制因素是我們能否快速交付並填滿資料中心。光是本季度，如果我們的容量夠大，就能實現數億美元的收入。所以，現實情況是，隨著我們業務的推進，我們有很多活動部件，正如你們從我們這裡聽到的，我們有大量容量即將上線。

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引中所看到的，我們預期OCI將實現天文數字般的成長，坦白說。它是如此大規模應用的理想基礎設施，當然，隨著更多GPU的出現，我們可以將其投入使用，我們的需求將無限大。拉里，你還有什麼想說的嗎？

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。我之前提到過，接下來幾週我們將簽署兩份價值約10億美元的合約。我的意思是，積壓訂單正在以天文數字的速度成長。我想這是薩弗拉用到的詞，而且很準確。 OCI本季成長了50%，這沒什麼特別的。我認為OCI的規模會更大，實際上，隨著這些資料中心的上線，我相信成長率會超過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 we'll 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.

我們認為我們可以非常快速地建立許多這樣的資料中心。順便說一句，我再次強調，這不僅僅是人工智慧的需求。還有大量積壓的數據——雲端資料庫的需求。海外對主權雲端的需求龐大，因為政府一直無法遷移他們的工作負載，其中許多是政府的Oracle工作負載。他們無法將工作負載遷移到雲端。我的意思是，在日本，我們實際上有5、6、7家大公司，我們將為他們分別建造至少2個Oracle資料中心。所以，需求非常巨大。我們可以相對較快地建造資料中心，我預計OCI的成長率在未來幾年將超過50%。

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

是的，我們目前沒有受到任何需求限制。

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

您的下一個問題來自古根漢美術館的約翰·迪富奇 (John DiFucci)。

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 those AI super clusters, and I know that's not the only AI workloads you're doing, but that sounds like some pretty exciting stuff.

既然Ben問到了成長問題，我或許可以先暫時擱置一下，談談另一部分，也就是利潤方面。正如Larry所說，你們正在擴大產能，Safra也提到了資本支出的成長。 Clay也談到了建立這些AI超級叢集所需的時間，我知道這不是你們目前唯一在做的AI工作，但這聽起來相當令人興奮。

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.

獲得收入需要時間。我知道你們也看到了像優步這樣的核心OCI交易的成長，而且你們實際上會隨著時間的推移從中獲得收入。但是，在這兩種情況下，我們應該如何看待雲端運算毛利率的長期變化呢？這裡面有很多事情發生。

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，我很高興你問了這個問題。因為我們展示的其中一條產品線，雖然我會提供更多細節，但我展示的數字是雲端和支援業務的混合。顯然，由於支持業務的運作方式以及我們如此龐大的規模，它的利潤非常豐厚。

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.

但事實上，我們的雲端業務也非常獲利。我們的SaaS雲端業務利潤豐厚。我們的IaaS和OCI業務也不斷成長，獲利能力也在提升。因此，它的目標毛利率遠高於你的預期，因為你可能把它與一些更專注於雲端業務的公司進行比較，而這些公司最終並沒有從中賺到那麼多錢。隨著我們的業務成長，我們的毛利率百分比也在上升。

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，我們投入了大量資金，而且我們還會繼續投入，但我們的盈利能力持續增長，因為最糟糕的時刻是數據中心擠滿了電腦，第一天卻沒有任何租戶，但這實際上不是我們的工作方式。是的，我們有建築空間，但我們是分塊發展，不像其他一些公司，他們必須全面建設，把所有東西都放進去，才能獲得一分錢的收入。這不是我們的工作方式。

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?

我們越來越多地從小規模開始，逐步擴大規模，這使我們能夠更好地平衡支出和收入。這是因為我們擁有第一代所不具備的工程部署彈性。拉里，你還有什麼要補充的嗎？

Yes, I do. I think one 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，我認為有一點非常重要。我們的自動化程度比老舊的資料中心高得多。舉個例子，Oracle Cloud，為了運行Oracle Cloud，我們必須追蹤所有客戶，了解他們的使用情況。我們必須擁有運行在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。我們不需要任何與這些資料庫相關的人工。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，當我們啟動新的雲端時，你只需將其插入，啟動過程基本上是自動化的。資料中心不需要大量的人員來啟動它，當然也不需要大量的人員每天在資料中心運行它。我們專注於自治服務。我們的Linux，我們的作業系統，是完全自治的。運行它不需要任何人工。當然，建立軟體需要人工，但運行軟體則不需要。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.

所以，我們的模式與我們的舊資料中心或競爭對手的資料中心截然不同。我們可以運作這些設施。我們可以相對快速地啟動它們，並且能夠以非常低廉和高效的成本運行它們。關於自主運作的最後一點是，由於它是自動化的，錯誤會少得多，安全漏洞也會少得多，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?

Safra，請容許我回顧你剛才說的一件事。我們可以假設OCI的毛利率逐季持續成長嗎？

Yes.

是的。

Okay, and then...

好的，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?

確實增長了很多，對吧？最後，拉里剛才談到資料庫，薩弗拉，我經常聽到你說，我們正處於資料庫向雲端遷移的初期。我知道你們現在的資料庫都在雲端，但本地部署的遷移，這基本上還沒完成？

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 one possibility.

是的，它確實還在路上。我們說的是，它到來時，價值數百億美元。所以，它已經開始到來，但我們還沒有做好準備，可以大規模地接受它。客戶必須適應它，而且多雲也必須真正推廣，這將是另一個因素。所以客戶將會有很多優秀的選擇。他們可以選擇公有雲，可以選擇OCI，也可以選擇他們的雲端客戶。在Azure上使用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.

所以這只是一個絕對的開始，因為記住，Oracle 資料庫不是玩具。它是一個關鍵任務系統。如果它在公司裡消失，整個地球都會陷入停滯。所以這一切即將到來，而這只是個開始。所以你看看 OCI 的情況。沒有人相信這是可能的。現在我們到了這裡，緊跟在後的是資料庫。這將會是一番景象。

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.

對於拉里的評論，我就不多說了，但對於拉里的評論，數據庫毛利率，考慮到它的自主性，我們應該預計它會與 OCI 核心基礎設施即服務的毛利率有所不同。

Yes, absolutely.

是的，絕對是。

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, 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.

是的，自治——我不想細說，但自治資料庫就是其中之一，自治。它不需要任何人工。但它也是唯一一個完全彈性的資料庫。換句話說，如果你不使用它，就沒有人會使用它。我的意思是，沒有核心，沒有核心被佔用，它會被放回池中。所以，如果你作為客戶沒有使用資料庫，那麼實際上就沒有核心被佔用。這與亞馬遜的資料庫非常不同，亞馬遜的資料庫需要分配資源，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 小時不間斷運行。我們只在您使用時才收取費用。我們只消耗您在使用時所用到的部分。否則，這些資源會流向其他客戶。這完全不同。這使得我們的毛利率大幅提高。

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

抱歉，問題分成了好幾個部分，不過還是謝謝你。

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

您的下一個問題來自伯恩斯坦的馬克莫德勒 (Mark Moerdler)。

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?

我想稍微換個話題，談談Cerner，大家其實不太注意它。 Cerner的授權收入一直在下降，這可能是為了為轉向SaaS的客戶做準備。但甲骨文還沒有一個完整的、多租戶、可擴展的Cerner SaaS解決方案。所以，我想問幾個問題。我們該如何考慮它的上市時機？

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.

這不對。 Cerner 有好幾塊業務。我相信大約一半的客戶會遷移——一半的 Millennium 客戶。你可以把 Cerner 想像成像 Epic 一樣的醫院自動化公司。這是一款名為 Millennium 的產品，大約一半的客戶將在明年二月遷移到 OCI。所有現有客戶中，有一半將使用 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's HealtheIntent and that's for public health. That's for population-scale, public health management. Again, 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東西，這些東西最初是在 Cerner 開始的，現在已經完成了。現在我們完全重寫了它——嗯，我們正在進行中，明年就會完成。但它大部分已經重寫了，現在就可以使用了，它叫做我們的健康和數據智慧平台。它之前被稱為 Cerner 的 HealtheIntent，是用於公共衛生的，用於人口規模的公共衛生管理。同樣，它銷往美國各州、澳洲各州和歐洲國家。它用於管理人口健康。

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.

記得在新冠疫情期間，當時我們並不知道紐約的病房快用完了，但實際上並沒有，只是因為沒有人追蹤我們的病房庫存，所以沒人知道。沒有全國性的數據。沒人知道昨天有多少人感染了新冠。我們當時沒有全國性的數據。我們有全國範圍的數據。它完全是SaaS模式，現在就可以使用。所以，Cerner的一些產品——一些產品——正在上線。 Cerner的其他產品進展比較緩慢，但它們都將進入OCI，而且它們都在迅速從授權模式轉向訂閱模式。

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?

這很有幫助。這開始回答我之前的問題：我們該如何考慮過渡的時機？您說 Millennium 會採用 OCI 系統。那會是完全 SaaS 的版本嗎？其他解決方案什麼時候才能完全 SaaS 化？隨著許可證和維護轉移到雲端（也就是 SaaS 平台），我們應該如何看待收入的成長？

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 and 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 架構，但不會是全新的——我們正在重寫——我們只是在逐步替換 Millennium 的一部分，而不是大規模的升級和改造，而是逐步升級和現代化 Millennium，不同的部分將從明年開始提供。因此，隨著 Millennium 遷移到 OCI，Cerner 的客戶將獲得 Millennium 的新功能和效能。再次強調，到二月份，一半的客戶將使用 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 a bunch 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 in national governments and state governments.

所以，我們取得了很大的進展。同時，我們正在為Millennium添加許多新產品，例如公共衛生產品。我們也為製藥公司增加了一系列新產品。我們正在為醫院添加一些產品，用於追蹤庫存和管理員工。實際上，甲骨文的健康部門擁有面向整個醫療保健生態系統的產品，包括付款方（包括政府、保險公司）、醫療服務提供者（包括門診診所和醫院）、製藥公司、研究公司以及國家和州政府的公共衛生部門。

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，我們的產品涵蓋整個醫療保健生態系統，其覆蓋範圍比 Cerner 以往的規模大得多。所以我們瞄準的市場比 Cerner 當時的規模要大得多。所以我們預計 Cerner 將會是一個成長故事，我想這就是我的意思。

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

太好了。這就是我的問題所在。

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。所以我想告訴你，我認為整個財年，Cerner 的業績將下降 1 到 2 個百分點，但僅此而已。它將在本財年結束。從那時起，它將成為一個成長故事。所以它不會再拖累 Oracle 的成長，對吧？

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

您的下一個問題來自瑞穗的 Siti Panigrahi。

Larry and Safra, many mission-critical workloads still run on 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，許多關鍵任務工作負載仍在 Oracle 資料庫上運行，而且你們的維護收入來源穩定。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，這就是你們所說的雲端運算成長的第三階段。你們現在在 Azure 資料中心內也擁有 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?

我的問題是，多雲時代如何改變您對 Oracle 資料庫的展望？您從資料庫客戶那裡了解到，他們對於將 Oracle 資料庫遷移到 OCI 或 Azure 雲端平台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，為什麼不先從這個開始呢？不，是的，我同意。你先說吧。

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, mini computers. And a variety -- 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。別忘了，Oracle 最初是首批可隨處運作的資料庫之一。我們曾在 IBM 大型主機上運作。我們也曾在個人電腦上運作。我們也曾在數位裝置上運行，如果你還記得的話，還有小型電腦。當然，還有各種各樣的 HP 小型電腦。我們曾在每台電腦的所有作業系統上運作。

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，他們非常高興地看到，他們不僅可以在 OCI 獲得 Oracle 資料庫，還可以從微軟獲得相同的功能。我們正在 Azure 內部為微軟建置資料中心。而決定在這 20 個資料中心安裝 2000 台 Exadata 機器的適當數量的，並不是我們，而是微軟。需求量龐大。他們想要相同的服務——而且我們的客戶也希望獲得與使用 Oracle 時相同的靈活性。他們想要使用 Oracle，他們想要過渡。但如果他們使用微軟雲，他們希望在微軟雲端中運行最佳、最新、最強大的 Oracle 版本。

They want to do that in other clouds as well. Some of them it's 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 in that 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.

他們也希望在其他雲端平台也能實現這一點。在某些雲端平台中，這一點非常重要——例如，在日本，將一些資料保留在日本非常重要。 Oracle 資料庫的功能之一是運行東京證券交易所。它在一個由野村證券研究公司運營的專用資料中心運行，野村證券研究公司透過 Oracle 雲端為日本市場提供金融服務，即 Oracle Gen2 雲端服務。在日本，還有許多其他合作夥伴也朝著同樣的方向發展。

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's 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 data.

所以他們過去——在日本，他們曾經從野村證券（Nomura）、富士通（Fujitsu）、日立（Hitachi）或NEC（NEC）購買Oracle資料庫。他們想要那個Oracle資料庫。所有這些公司都自然而然地會建立自己的OCI專用區域，並在這些區域銷售產品並提供支援。這就是我們所賦予的靈活性，這是其他人無法做到的。我們可以為合作夥伴建立這些區域。我們可以為主權國家建立這些區域。我們可以為那些不希望自己的數據與任何其他人的數據混合的大公司建立這些區域。

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的每個部分，但他們不希望在他們的區域內有任何其他人。他們希望它完全屬於他們自己。我們可以做到這一點。其他人做不到。

Your next question comes from the line...

您的下一個問題來自…

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。這意味著，無論你想以何種方式獲得 Oracle，你都能獲得。這有點像回到未來。我們認為，這對需求——對資料庫需求——的影響，我們已經看到了。最後，我想說 2000 位 Exadata 代表。就其所能容納的客戶數量而言，這是一個驚人的數字。這意味著，在如此多的硬體上，你可以容納數萬名客戶。這還只是微軟一家公司，對吧？

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.

我想問一下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。您看到了哪些更新或進展，或者可以分享您在 [Cohere] 方面的一些合作嗎？或者您能分享一些來自該領域的早期反饋，這些反饋是否有助於實現增量價值捕獲，無論這些反饋是否已經開始產生共鳴，無論是遷移活動增加、市場份額增長，還是應用程序組合中盈利機會的增加。

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 that 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，我們到處都在使用它。或許最令人震驚的是我們的新功能——我之前在 Cerner 提到過，我們正在做很多 Cerner 在現在的 Oracle Health 中從未做過的事情。其中之一就是我們新的電信模組可以總結醫生和患者之間的問診，並自動為醫生撰寫病歷。事實上，這是我們第一次做到這一點。現在，我們的大型語言模型無需抄寫員即可產生摘要，醫生只需幾分鐘即可編輯。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 and 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 just the immediate AI processing of the biopsy image, they find out weeks sooner or whether they have to go on chemotherapy or whether they're cancer-free.

當然，我們把它用在各個方面，從簡單的產品描述或職位描述，所有這些，你們都讀到了。我們實際上已經實施了這些，並將它們交付給客戶。但即使在一些最具挑戰性的領域，在藥物設計中，我們也與製藥公司合作取得了成功。但是，實際上，不用抄寫員就能寫出醫生的筆記，這讓許多人感到震驚。另一個領域，就從活檢（僅憑活檢圖像）診斷癌症而言，我們能夠非常非常快速地做到這一點，患者比他們原本能提前幾週知道——他們可以通過立即通過活檢圖像的人工智能處理，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.

我們正在與一家名為Imagene的以色列合作夥伴合作進行這項工作。所以，我們看到這項技術的應用範圍非常廣泛，從複雜的醫療保健和健康科學，到企業中常見的一些日常任務，這項技術對於提高員工和公司的效率和競爭力仍然至關重要。

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?

明白了。那麼從獲利的角度來看，Copilot 的獲利方式和微軟類似嗎？或者，您設想最終如何從該模型中獲得一些增量價值？

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 ambulatory clinics. We run -- we have diagnostic databases for image [processing] 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.

嗯，我們認為，我們內部——記住，我們和微軟有點不同。我們擁有更多企業應用，例如在醫療保健領域—我們進行臨床試驗。我們運營醫院。我們運營門診。我們運作－我們有診斷資料庫，用於影像[處理]資料庫，常規血液檢測資料庫等等。所以我們的盈利實際上處於價值鏈的最高端，也就是說，我們實際上向合作夥伴提供應用程序，用於癌症診斷、記錄醫生筆記、處理醫囑、自動生成處方、提醒患者訂閱，從而確保患者遵醫囑。

Right now without -- I don't want -- again, 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——再說一遍，我不能在這上面花太多錢。現在，醫生不知道病人是否已經續藥了。醫生沒有收到通知，病人也沒有收到通知。提醒他們。我們正在做所有這些事情。我們正在用人工智慧做很多事情——這就是人工智慧的高價值端，它可以防止病人再次入院，而這在人員痛苦和金錢方面會造成巨大的損失。

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，不僅可以作為我們應用程式的一部分，還可以作為我們基礎設施的一部分，因為我們提供的獨特功能之一是，當客戶使用我們的產品時，他們基本上可以在某些模型中使用他們的私人資料——讓他們學習，但最終控制他們的資料。這適用於許多不同類型的應用程序，這也是我們提供的額外服務。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 的觀點非常正確，我們在醫療保健領域擁有自己的應用程序，但我們的合作夥伴和其他公司也來找我們，希望使用我們的 AI 來豐富他們的應用程式。我們會保護他們的資料隱私，並允許他們豐富自己的應用程式。我之前提到的 Imagene 公司，它不是我們開發的癌症診斷的應用程式。那是一家以色列公司，他們正在開發癌症診斷應用程序，但他們正在使用我們的 AI 來開發他們的醫療保健應用程式。因此，我們透過 Imagene 實現盈利，幫助他們建立 AI 應用程序，我們也開發了許多我們自己的應用程式。當然，Safra 是對的。這是兩者的結合。

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

今天的最後一個問題來自德意志銀行的布拉德‧澤爾尼克 (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.

拉里，甲骨文花了幾年時間才達到66個雲端資料中心，而您現在正在談論建造100個新資料中心的計劃，坦白說，這似乎非常雄心勃勃。您看到了哪些我們可能沒有註意到的東西？薩弗拉，您能否談談實現這一目標的資本要求和時間表，尤其是考慮到本季的資本支出略低於我們的預期。

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 one 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.

好吧。如果微軟下單20個雲端資料中心呢？我們看到的就是這樣。但正如你所說，一家公司有60個。順便說一句，這有點不太對。我的意思是，我們有66個雲區域，有時我們會把它們當成同義詞使用。它們並不總是——它們不是——資料中心和區域不一定是1:1對應的。

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雲端內部建立OCI資料中心。這就是我們所看到的。我們根據直接客戶需求建立我們自己的公共區域。然後，我們正在建立合作夥伴區域，例如微軟的20個資料中心。兩者加起來就是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 decide, 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，其中一個問題是，這個數字不包含許多客戶雲端（Cloud at Customers），這些雲端最初規模很小，現在很多公司決定要自己的區域。所以他們之前有一個客戶雲端（Cloud at Customer），規模較小，他們決定不建造了。現在我想要一個自己的專用區域。我明白了。這很有效。我已經省了數百萬、數千萬，有時甚至數億美元。現在我想要自己的區域。

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，這確實是真的。上個季度，我們沒有投入盡可能多的產能，因為我們不得不在現場進行一些電話會議來決定如何分配，是先建一個小型的、可用的、我可以在季度內確認收入的產能，還是先建一個更大的產能，等到有更大的產能可用時再移交給我。

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.

所以，正如我之前暗示的，我們正在討論需求。我們本季的產能有數億美元，只是閒置著等著被利用，而我們已經做出了一些部署選擇，因為我們需要更多，需要更大的產能。我們決定專注於更大的部分，而不是只考慮小部分或小部分，並努力公平對待我們的客戶，與他們合作以滿足他們的需求。

Let me give you one 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.

舉個例子，薩弗拉描述的是，我們為馬斯克的公司 xAI 提供了足夠的 NVIDIA GPU，用於推出他們名為 Grok 的大型語言模型的第一個版本，也就是第一個可用版本。他們成功啟動並運行了 Grok。但是，他們想要的 GPU 數量遠遠超過我們提供的。我們提供了不少 GPU，但他們想要的更多，我們正在努力為他們提供更多。

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.

所以，我們很快就滿足了客戶的需求。他們能夠使用，但隨著構建全球最強大的大型語言模型的熱潮興起，他們的需求量急劇增加。我們正在竭盡全力，在本季度為客戶提供我們所能提供的一切，並在接下來的每個季度大幅提升我們的能力，為他們提供越來越強大的容量。

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。本次電話會議的電話回放將在我們投資者關係網站上提供24小時的回放。感謝您今天的電話會議。接下來，我將把電話轉回艾瑪，由她來結束這次電話會議。

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。感謝您的參與。您可以掛斷電話了。