甲骨文 (ORCL) 2024 Q3 法說會逐字稿

Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Oracle Corporation Third Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions)

午安.我叫克里斯塔，今天我將擔任你們的會議接線生。現在，我歡迎大家參加 Oracle 公司 2024 財年第三季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Ken Bond, Senior Vice President, Investor Relations. Mr. Bond, you may begin your conference.

我現在想將會議交給投資者關係高級副總裁肯·邦德 (Ken Bond)。邦德先生，您可以開始會議了。

Thank you, Krista. Good afternoon, everyone, and welcome to Oracle's Third Quarter Fiscal Year 2024 Earnings Conference Call.

謝謝你，克里斯塔。大家下午好，歡迎參加 Oracle 2024 財年第三季財報電話會議。

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.

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 provide 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. 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, which may affect our future results or the market price of our stock.

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，我們將提供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。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其他風險，這些風險可能會影響我們未來的業績或我們股票的市場價格。

And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events.

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 excellent quarter, with third quarter revenue coming in as expected and EPS $0.02 above the high end of my guidance range.

謝謝，肯，大家下午好。我們又度過了一個出色的季度，第三季度收入符合預期，每股收益比我的指導範圍的上限高出 0.02 美元。

Now before I get into the results of the quarter, I wanted to touch on the strength of our infrastructure cloud business.

現在，在介紹本季業績之前，我想先談談我們基礎設施雲端業務的實力。

OCI has emerged as the largest driver of our overall revenue acceleration, growing much, much faster than our cloud competitors. Customers have figured out that by moving to OCI, they can really get more while paying less. But it's not just the cost that matters to our customers. Beyond the superior price performance of OCI, customers are choosing Oracle and Oracle services for multiple reasons.

OCI 已成為我們整體營收加速成長的最大推動力，其成長速度比我們的雲端競爭對手快得多。客戶已經發現，透過遷移到 OCI，他們確實可以花更少的錢獲得更多的東西。但對我們的客戶來說，重要的不僅僅是成本。除了 OCI 卓越的性價比之外，客戶選擇 Oracle 和 Oracle 服務的原因還有多種。

First, we know better than anyone what it takes to run the full stack of technology that goes into mission-critical workloads. I'm talking about running at enterprise scale with comprehensive security and unparalleled support and that's from decades of experience running the world's most important workloads and optimizing clustering technology, which is critical to artificial intelligence workloads and database services.

首先，我們比任何人都更了解如何運行關鍵任務工作負載的完整技術堆疊。我說的是在企業規模上運行，具有全面的安全性和無與倫比的支持，這來自數十年運行世界上最重要的工作負載和優化集群技術的經驗，這對人工智能工作負載和數據庫服務至關重要。

Secondly, our AI capabilities are unique as they're built in to help customers drive business outcomes. This is more than integrating generative AI across our Fusion and industry cloud applications and Autonomous Database, which we have done. It's also about enabling and refining these AI models with the customers' own data to better understand and serve their operations without them losing control of their own data.

其次，我們的人工智慧功能是獨一無二的，因為它們是為了幫助客戶推動業務成果而內建的。這不僅僅是我們已經完成的將生成式人工智慧整合到我們的 Fusion 和行業雲端應用程式以及自治資料庫中。它還涉及利用客戶自己的數據啟用和完善這些人工智慧模型，以更好地理解和服務他們的運營，同時又不會失去對自己數據的控制。

Third, we provide deployment flexibility for customers based on how they want to run in the cloud. In addition to offering public cloud services, we remain the only vendor which also offers a dedicated and complete cloud of customer, dedicated regions, sovereign clouds and Alloy, our partner cloud. So customers don't have to compromise the services they receive while meeting their deployment needs.

第三，我們根據客戶希望在雲端運作的方式為他們提供部署彈性。除了提供公有雲服務外，我們仍然是唯一一家也提供專用且完整的客戶雲端、專用區域、主權雲端和我們的合作夥伴雲端 Alloy 的供應商。因此，客戶在滿足部署需求的同時不必犧牲他們收到的服務。

And finally, we provide multi-cloud offerings so customers can consume our cloud services in the public cloud of their choice. We offer Oracle database at Azure with Microsoft as well as MySQL HeatWave through multiple clouds, and you can expect more multi-cloud services to come.

最後，我們提供多雲產品，以便客戶可以在他們選擇的公有雲中使用我們的雲端服務。我們與 Microsoft 合作在 Azure 上提供 Oracle 資料庫，並透過多個雲端提供 MySQL HeatWave，您可以期待更多的多雲服務的到來。

Now to Q3 results, which I'd like to point out I had the actual results on day 5 and signed off with my auditors days ago. So I'm just bragging a little bit, but I couldn't help it. I know a lot of CFOs are pretty jealous.

現在到第三季的結果，我想指出的是，我在第五天就得到了實際結果，並在幾天前與我的審計員簽署了協議。所以我只是吹牛一點，但我沒辦法。我知道很多財務長都非常嫉妒。

As I mentioned earlier, total revenue came in at the midpoint of my constant currency guidance and EPS was above the high end of guidance. As was the case when I gave guidance last quarter, currency had a little effect in Q3, but I'll still discuss our results using constant currency growth rates in the few areas that the rates are slightly different. So here are we go.

正如我之前提到的，總收入處於我的恆定匯率指引的中點，每股盈餘高於指引的高端。與我上季度給出指導時的情況一樣，貨幣在第三季度產生了一點影響，但我仍然會在匯率略有不同的少數領域使用恆定貨幣增長率來討論我們的結果。那我們就開始吧。

Cloud revenue, that's SaaS and IaaS, excluding Cerner, was $4.4 billion, up 26%. Including Cerner, total cloud revenue was up 24% at $5.1 billion, with IaaS revenue of $1.8 billion, up 49%, and SaaS revenue of $3.3 billion, up 14%. This quarter marks the first time our total cloud revenue is more than our total license support revenue that we have crossed over.

雲端營收（即 SaaS 和 IaaS，不包括 Cerner）為 44 億美元，成長 26%。包括 Cerner 在內，雲端總營收成長 24%，達到 51 億美元，其中 IaaS 營收為 18 億美元，成長 49%，SaaS 營收為 33 億美元，成長 14%。本季標誌著我們的雲端總收入首次超過許可證支援總收入。

Total cloud services and license support revenue for the quarter was $10 billion, up 11%, driven again by our strategic cloud applications, Autonomous Database and OCI.

本季雲端服務和授權支援總收入為 100 億美元，成長 11%，這再次受到我們的策略雲端應用程式、自治資料庫和 OCI 的推動。

Application subscription revenues, which includes product support, were $4.6 billion and up 10%. Our strategic back-office SaaS applications now have annualized revenue of $7.4 billion and were up 18%.

應用程式訂閱收入（包括產品支援）為 46 億美元，成長 10%。我們的策略後台 SaaS 應用程式目前的年收入為 74 億美元，成長了 18%。

Infrastructure revenues, which includes license support, were $5.4 billion and up 13%. And infrastructure cloud services revenue was up 49%. Excluding legacy hosting services, OCI Gen2 infrastructure cloud services revenue grew 52% with an annualized revenue of $6.7 billion.

包括授權支援在內的基礎設施收入為 54 億美元，成長 13%。基礎設施雲端服務收入成長了 49%。不包括傳統託管服務，OCI Gen2 基礎設施雲端服務收入成長 52%，年化收入達 67 億美元。

OCI consumption revenue was up 63%. Were it not for some continuing supply constraints, consumption growth would have been even higher.

OCI消費收入成長63%。如果不是一些持續的供應限制，消費成長將會更高。

Database subscription revenue, which includes database license support, were up 5%, highlighted by cloud database services, which were up 34% and now have annualized revenue of $1.9 billion. 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 OCI. Software license revenues were $1.3 billion, down 3%.

資料庫訂閱收入（包括資料庫授權支援）成長了 5%，其中雲端資料庫服務成長了 34%，目前年收入為 19 億美元。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 OCI 之外的收入成長的第三條腿。軟體授權收入為 13 億美元，下降 3%。

So all in, total revenues for the quarter was $13.3 billion, up 7% including Cerner; and up 9%, excluding Cerner.

總而言之，本季總營收為 133 億美元，包括 Cerner 在內，成長了 7%；增長 9%，不包括 Cerner。

Now to margins. The gross margin for cloud services and license support was 77%. This is, as before, a result of the mix between support and cloud in which cloud is growing much faster than support. Support and SaaS gross margin percentages are consistent with last year, while IaaS gross margins improved substantially year-over-year.

現在到邊緣。雲端服務和授權支援的毛利率為77%。和以前一樣，這是支援和雲混合的結果，其中雲的增長速度比支援快得多。支持和 SaaS 毛利率百分比與去年一致，而 IaaS 毛利率則較去年同期大幅提高。

While we continue to build data center capacity, overall gross margins will go higher as more of our cloud regions fill up. We monitor these expenses carefully to ensure gross margin percentages expand as we scale. And to that point, gross profit dollars of cloud services and license support grew 8% in Q3.

在我們繼續建造資料中心容量的同時，隨著更多雲端區域的填滿，整體毛利率將會更高。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。到目前為止，雲端服務和許可證支持的毛利在第三季度增加了 8%。

Non-GAAP operating income was $5.8 billion, up 12% from last year. Operating margin was 44%, up from 42% last year, as we continue to drive more efficiencies in our operating expenses, which continue to trend down as a percentage of revenue.

非 GAAP 營業收入為 58 億美元，比去年成長 12%。營業利益率為 44%，高於去年的 42%，因為我們持續提高營業費用的效率，而營業費用佔收入的比例持續下降。

Looking forward, 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 percentages.

展望未來，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。

The non-GAAP tax rate for the quarter was very close to my guidance at 18.9% and non-GAAP EPS was $1.41 in USD, up 16% in both USD and constant currency. GAAP EPS was $0.85.

本季的非 GAAP 稅率非常接近我的指引值 18.9%，非 GAAP 每股盈餘（以美元計算）為 1.41 美元，以美元和固定匯率計算均成長 16%。 GAAP 每股收益為 0.85 美元。

At the quarter end, we had nearly $9.9 billion in cash and marketable securities and the short-term deferred revenue balance was $8.9 billion, up 4%.

截至季末，我們擁有近 99 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 4%。

Over the last four quarters, operating cash flow was $18.2 billion, up 18%; and free cash flow was $12.3 billion, up 68%. Capital expenditures were $6 billion over the same time period as we continue to see cash flow benefit from our cloud transformation.

過去四個季度，營運現金流為 182 億美元，成長 18%；自由現金流為 123 億美元，成長 68%。同期資本支出為 60 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 $8 billion, with the portion excluding Cerner up 41% in constant currency. We signed several large deals this quarter, and we have many more in the pipeline.

我們的剩餘履約義務 (RPO) 目前超過 80 億美元，其中不包括 Cerner 的部分以固定匯率計算成長了 41%。本季我們簽署了幾筆大型交易，還有更多交易正在醞釀中。

Approximately 43% of our total RPO is expected to be recognized as revenue over the next 12 months, and this reflects the growing trend of customers wanting larger contracts as they see firsthand how Oracle Cloud services are benefiting their businesses. And we expect to have some very nice joint announcements with NVIDIA next week.

預計未來 12 個月內，我們總 RPO 的大約 43% 將被確認為收入，這反映了客戶希望獲得更大合約的趨勢不斷增長，因為他們親眼目睹了 Oracle 雲端服務如何使他們的業務受益。我們預計下週將與 NVIDIA 發布一些非常好的聯合聲明。

Now while we spent $2.1 billion on CapEx this quarter, the $1.7 billion in the cash flow statement is slightly lower just due to the timing of payments. So the $2.1 billion is actually what we spent, and we'll pay for.

雖然本季我們在資本支出上花費了 21 億美元，但由於付款時間的原因，現金流量表中的 17 億美元略低。所以這 21 億美元實際上是我們花費的，我們會支付的。

We are working as quickly as we can to get the cloud capacity built out given the enormity of our backlog and pipeline. I expect the CapEx will be somewhere around $7 billion to $7.5 billion this fiscal year, meaning our Q4 CapEx should be considerably higher.

鑑於我們的積壓和管道數量龐大，我們正在盡快建立雲端容量。我預計本財年的資本支出將在 70 億至 75 億美元左右，這意味著我們第四季的資本支出應該要高得多。

To that point, we now have 68 customer-facing cloud regions live with 47 public cloud regions around the world and another 8 being built. 12 of these public cloud regions interconnect with Azure and more locations with Microsoft are coming online soon. We also have 11 dedicated region slots and 13 more plans, several national security regions and EU sovereign regions live with increasing demand for more of each And finally, we already have 2 Alloy cloud regions live with 5 more planned where Oracle partners become cloud providers offering customized cloud services alongside Oracle Cloud.

到目前為止，我們現在擁有 68 個面向客戶的雲端區域，其中全球有 47 個公有雲區域，另外 8 個正在建置中。其中 12 個公有雲區域與 Azure 互連，更多與 Microsoft 的位置即將上線。我們還有11 個專用區域插槽和另外13 個計劃，幾個國家安全區域和歐盟主權區域對每個區域的需求不斷增長最後，我們已經有2 個合金雲區域，還有5 個計劃，其中Oracle 合作夥伴成為雲端供應商提供客製化雲端服務以及 Oracle 雲端。

And of course, we have also many, many, many cloud customer installations. As I mentioned earlier, the sizing, flexibility and deployment optionality of our cloud regions continues to be an incredible advantage for us in the marketplace.

當然，我們還有很多很多的雲端客戶安裝。正如我之前提到的，我們的雲端區域的規模、靈活性和部署可選性仍然是我們在市場上的令人難以置信的優勢。

And as we've said before, we're committed to returning value to our shareholders through technical innovation, acquisitions, stock repurchases, prudent use of debt and a dividend. And this quarter, we repurchased 4 million shares for a total of $450 million. In addition, we paid out dividends of $4.4 billion over the last 12 months, and the Board of Directors declared a quarterly dividend of $0.40 per share today.

正如我們之前所說，我們致力於透過技術創新、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，總金額為 4.5 億美元。此外，我們在過去 12 個月內支付了 44 億美元的股息，董事會今天宣布季度股息為每股 0.40 美元。

Now before I dive into Q4 guidance, I'd like to share some thoughts on what I see for the next 12 months or so. As demand for our cloud services continues getting stronger, our pipeline is growing even faster and our win rates are going higher as well. As our supply constraints ease, revenue growth rates will accelerate higher as our capacity expands and we get into fiscal year '25.

現在，在深入討論第四季度指導之前，我想分享一些我對未來 12 個月左右的看法的想法。隨著對我們雲端服務的需求持續強勁，我們的管道成長得更快，我們的勝率也更高。隨著我們供應限制的緩解，隨著我們產能的擴大以及進入 25 財年，收入成長率將會加快。

I should also say that we continue to expect FY '24, of which we are now in the fourth quarter, total revenue, excluding Cerner, will accelerate from last year as it has for the past 3 years and will likely be significantly higher in FY '25. In addition, Cerner, which is a significant headwind this year, we expect to return to growth next year. And finally, I remain firmly committed to our FY '26 financial goals for revenue, operating margin and EPS growth. However, some of these goals might prove to be too conservative given our momentum.

我還應該說，我們繼續預計 24 財年（現在是第四季度）總收入（不包括 Cerner）將比去年加速，就像過去 3 年一樣，並且本財年可能會顯著更高'25。此外，Cerner 今年是一個重大逆風，我們預計明年將恢復成長。最後，我仍然堅定地致力於實現 26 財年收入、營業利潤率和每股盈餘成長的財務目標。然而，考慮到我們的勢頭，其中一些目標可能被證明過於保守。

Let me now turn to my guidance for Q4, which I'll review on a non-GAAP basis as always. And if currency exchange rates remain the same as they are now, currency should have little effect on total revenue and EPS. However, of course, actual currency impact may be different. So at least right now, all the numbers are the same for constant currency and USD.

現在讓我談談第四季度的指導，我將一如既往地在非公認會計原則的基礎上進行審查。如果貨幣匯率保持與現在相同，貨幣對總收入和每股盈餘的影響應該很小。然而，當然，實際的貨幣影響可能有所不同。因此，至少目前，固定貨幣和美元的所有數字都是相同的。

Total revenues, including Cerner, are expected to grow from 4% to 6%. Total revenue, excluding Cerner, are expected to grow 6% to 8%. The total cloud revenue, excluding Cerner, is expected to grow from 22% to 24% as more capacity comes online in Q4. The EPS growth rate will be affected by the compare as our Q4 tax rate last year was 9.2%, which I believe most of you have already accounted for in your models. And my EPS guidance for Q4 assumes a base tax rate of 19%. As always, onetime tax events could cause actual tax rates to vary from my guidance like they did last year. So with that, non-GAAP EPS is expected to be down 2% to flat and be between $1.62 and $1.66.

包括 Cerner 在內的總收入預計將從 4% 增長到 6%。不包括 Cerner 的總收入預計將成長 6% 至 8%。隨著第四季更多容量上線，不包括 Cerner 的雲端總收入預計將從 22% 成長到 24%。 EPS成長率將受到比較的影響，因為我們去年第四季的稅率是9.2%，我相信你們大多數人已經在模型中考慮到了這一點。我對第四季每股收益的指導假設基本稅率為 19%。像往常一樣，一次性稅務事件可能會導致實際稅率與我的指導有所不同，就像去年一樣。因此，非 GAAP 每股盈餘預計將下降 2%，持平，介於 1.62 美元至 1.66 美元之間。

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

接下來，我將把它交給拉里徵求他的意見。

Thank you, Safra.

謝謝你，薩弗拉。

Well, Oracle signed another big Generation 2 cloud infrastructure contract with NVIDIA in Q3. Oracle's Gen2 AI infrastructure business is booming. That's become pretty clear to everybody. But in addition to selling infrastructure for training AI large language models, Oracle is also completely reengineering its industry-specific applications to take full advantage of generative artificial intelligence. The best example of this is in health care where Oracle did not just add a bit of AI around the edges of existing applications. Instead, we developed completely new applications using our APEX application generator and our Autonomous Database. These all new applications use generative AI throughout the application.

甲骨文在第三季與 NVIDIA 簽署了另一份大型第二代雲端基礎設施合約。甲骨文的第二代人工智慧基礎設施業務正在蓬勃發展。這對每個人來說都變得非常清楚。但除了銷售用於訓練人工智慧大型語言模型的基礎設施外，甲骨文還徹底重新設計其特定行業的應用程序，以充分利用生成人工智慧。最好的例子是在醫療保健領域，甲骨文不僅僅在現有應用程式的邊緣添加了一些人工智慧。相反，我們使用 APEX 應用程式產生器和自治資料庫開發了全新的應用程式。這些所有新應用程式在整個應用程式中都使用生成式人工智慧。

The best example is in health care where our new ambulatory clinic system is being delivered to customers this Q4. This completely new application features a voice interface called the clinical digital assistant. The clinical digital assistant listens to a doctor's consultations with a patient and automatically generates prescriptions, doctors' orders, doctors' notes, then automatically update the patient's electronic health records. The clinical digital assistant's voice interface makes our new health care systems dramatically easier to use and saves hours of doctors' precious time every day, which now can be spent with patients rather than typing into a computer.

最好的例子是醫療保健領域，我們的新門診系統將於第四季度交付給客戶。這個全新的應用程式具有稱為臨床數位助理的語音介面。臨床數位助理聽取醫師對病患的諮詢，自動產生處方、醫囑、醫師筆記，然後自動更新病患的電子健康紀錄。臨床數位助理的語音介面使我們的新醫療保健系統更加易於使用，並節省了醫生每天數小時的寶貴時間，現在可以將這些時間花在與患者相處上，而不是在電腦上打字。

The delivery of our new AI-centric health care cloud applications, including the ambulatory clinic system, the clinical digital assistant and the health data intelligence system, will enable the rapid modernization of our customers' health care systems and transform Oracle Health and Cerner into a high-growth business for years to come.

我們新的以人工智慧為中心的醫療保健雲端應用程式的交付，包括門診系統、臨床數位助理和健康數據智慧系統，將使我們客戶的醫療保健系統快速現代化，並將 Oracle Health 和 Cerner 轉變為未來幾年業務將維持高成長。

Ken, back to you.

肯，回到你身邊。

We don't hear you, Ken.

我們聽不到你的聲音，肯。

Thank you, Larry. Sorry about that. Krista, if you could please poll the audience for questions, and if we can proceed from there.

謝謝你，拉里。對於那個很抱歉。克里斯塔，如果可以的話，請向觀眾提問，我們是否可以從那裡開始。

(Operator Instructions) Your first question comes from the line of John DiFucci from Guggenheim Securities.

（操作員說明）您的第一個問題來自古根漢證券公司的 John DiFucci。

Safra, the Infrastructure as a Service growth of 49% implies a Herculean increase in new business coming online, new ARR, the way we model it anyway. It's something I just thought you wouldn't be able to do this quarter given how much you had to do, though we realize we don't know the timing of when deals come online. But last quarter, you said you were going to reallocate resources to focus on some of these very large OCI deals to get them implemented earlier, so you start to get revenue earlier. Is that what happened this quarter? Is that what we're seeing? Or is that still to come?

Safra，基礎設施即服務成長了 49%，意味著新上線業務、新 ARR 的巨大成長，無論如何我們都是如此建模的。我只是認為考慮到你必須做的事情，你本季無法做到這一點，儘管我們意識到我們不知道交易上線的時間。但上個季度，您表示將重新分配資源，並專注於其中一些非常大的 OCI 交易，以便更早實施這些交易，這樣您就可以更早開始獲得收入。這是本季發生的事情嗎？這就是我們所看到的嗎？或者這還會到來嗎？

Honestly, John, that is still to come. So this is just pretty much our regular-way business. That's what you're seeing. We have enormous amounts of demand. I tried to make that clear last quarter. And we have more capacity coming online, but we have tried to focus on much larger chunks of data center capacity and electricity and all of that. And that's all to come. This is really our regular-way business and our customers just growing. And a whole bunch of new customers, by the way. I think there are many, many customers who have come on that haven't gotten capacity yet. We've got at least 40 new AI bookings that are over $1 billion that haven't come online yet.

老實說，約翰，那還沒到來。所以這幾乎是我們的常規業務。這就是你所看到的。我們有大量的需求。上個季度我試著澄清這一點。我們有更多的容量上線，但我們試圖專注於更大的資料中心容量和電力等等。這就是接下來的一切。這確實是我們的常規業務，我們的客戶正在不斷成長。順便說一句，還有一大群新客戶。我認為有很多很多已經上來的客戶還沒有獲得容量。我們至少有 40 個價值超過 10 億美元的新 AI 訂單尚未上線。

Let me add. Oracle is building data centers at a record level. And a lot of people, I think, are aware that we can build fairly small data centers to get started when we want to. The unique thing about Oracle's data centers, they're all identical, except for scale. We do not have custom data centers. They all have all the Oracle services. One of the things that's unusual about them, they're all completely automated. They come up on their own and they kind of run their selves. I mean, look, we do have a bunch of people working on these data centers. But they're highly automated.

讓我補充一下。甲骨文正在以創紀錄的水平建設資料中心。我認為，很多人都意識到，我們可以建立相當小的資料中心，以便在需要時開始使用。 Oracle 資料中心的獨特之處在於，除了規模之外，它們都是相同的。我們沒有客製化資料中心。他們都擁有所有 Oracle 服務。它們的不同尋常之處之一是它們都是完全自動化的。他們自己出現，自己運行。我的意思是，看，我們確實有很多人在這些資料中心工作。但它們是高度自動化的。

Our operating system is autonomous Linux. Our database is Oracle Autonomous Database. Our new heatwave database, Microsoft and MySQL HeatWave is highly automated. And therefore, every time they build a data center, it's like the data center we built before, except for one thing: scale. We can go very small. We can get a full cloud data center with all the services [wrapped].

我們的作業系統是自治的Linux。我們的資料庫是Oracle自治資料庫。我們的新 heatwave 資料庫 Microsoft 和 MySQL HeatWave 是高度自動化的。因此，他們每次建立資料中心時，都和我們之前建立的資料中心一樣，除了一件事：規模。我們可以做得很小。我們可以獲得一個包含所有服務的完整雲端資料中心[包裝]。

But this is what I want to point out. We're also building the largest data centers in the world that we know of. We're building an AI data center in the United States where you could park 8 Boeing 747s, nose to tail, in that one data center. So we are building large numbers of data centers. And some of those data centers are smallish, but some of those data centers are the largest AI data centers in the world. So we're bringing on enormous amount of capacity over the next 24 months because the demand is so high. We need to do that to satisfy our existing set of customers.

但這正是我想指出的。我們也正在建造據我們所知世界上最大的資料中心。我們正在美國建立一個人工智慧資料中心，您可以在其中停放 8 架波音 747，從頭到尾。所以我們正在建造大量的資料中心。其中一些資料中心規模較小，但其中一些資料中心是世界上最大的人工智慧資料中心。由於需求如此之高，我們將在未來 24 個月內增加大量產能。我們需要這樣做來滿足我們現有的客戶群。

To give you an idea, one more thing in terms of the data centers, we're building 20 data centers from Microsoft and Azure. They just ordered 3 more data centers this quarter. They're adding to that already. And there are other multi-cloud agreements that are being signed. There are a number of multi-cloud agreements in Japan where computer manufacturers in Japan are adopting our cloud and will be reselling our cloud as partners. And we think NRI is already doing that, but there are a number of other companies that are going to be doing that. So that's something we're seeing, demand for data centers of people who want to buy Alloy and then resell our cloud services with their proprietary cloud services on top of it. We're seeing that.

為了提供您一個想法，就資料中心而言，我們正在建立 20 個來自 Microsoft 和 Azure 的資料中心。他們本季剛剛又訂購了 3 個資料中心。他們已經在增加這一點了。還有其他多雲協議正在簽署。日本有許多多雲協議，日本的電腦製造商正在採用我們的雲，並將作為合作夥伴轉售我們的雲。我們認為 NRI 已經在這樣做了，但還有許多其他公司也會這樣做。這就是我們所看到的，人們對資料中心的需求，他們想要購買 Alloy，然後轉售我們的雲端服務以及他們專有的雲端服務。我們正在看到這一點。

So some of our largest customers all over the world want their own Oracle region. They don't want to share a public cloud. They want a cloud region dedicated, or actually multiple cloud regions dedicated, to that bank or that technology company or that telecom company. So they're building their own data centers. Those are Oracle cloud data centers. They're all identical. So we're able to automate and run those with not a lot of additional labor costs. It's a huge advantage for us.

因此，我們在世界各地的一些最大客戶都希望擁有自己的 Oracle 區域。他們不想共享公有雲。他們想要一個專用於該銀行、該技術公司或該電信公司的雲端區域，或實際上是多個專用的雲端區域。所以他們正在建造自己的資料中心。這些是 Oracle 雲端資料中心。它們都是相同的。因此，我們能夠自動化並運行這些，而無需大量額外的勞動成本。這對我們來說是一個巨大的優勢。

Listen, what you put up this quarter in Infrastructure as a Service, it just looks pretty impressive, but it sounds like there's a lot more to come.

聽著，您本季在基礎設施即服務中提出的內容，看起來非常令人印象深刻，但聽起來還有更多的內容即將推出。

John, my last comment would be the growth in RPO is what's to come. And RPO is obviously growing faster than revenue because we can't meet the demand. That's the measure of demand. The $80 billion RPO is quite an acceleration of demand. So demand is not slowing down, it's actually increasing quite a bit.

約翰，我的最後一個評論是 RPO 的成長即將到來。而且 RPO 的成長速度顯然快於收入，因為我們無法滿足需求。這就是需求的衡量標準。 800 億美元的 RPO 是相當大的需求加速。所以需求並沒有放緩，實際上還在增加。

Your next question comes from the line of Raimo Lenschow from Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. I wanted to talk a little bit about Cerner. In the announcement, you talked about most of Cerner now is running out of your OCI. Well, first of all, very quick turnarounds here, so well done. What's kind of the implications for that both from running efficiency but also innovation on the platform?

我也表示祝賀。我想談談塞納。在公告中，您談到了 Cerner 的大部分內容現在已經耗盡了您的 OCI。嗯，首先，這裡的周轉非常快，做得很好。運作效率和平台創新對此有何影響？

Well, two things. One is we saved a huge amount of money moving them into our standard data center, right, because our OCI clock costs are much lower than the cost of the Cerner-dedicated data center in Kansas City.

嗯，有兩件事。一是我們節省了大量資金，將它們轉移到我們的標準資料中心，對吧，因為我們的 OCI 時脈成本比堪薩斯城 Cerner 專用資料中心的成本低得多。

Also, the big thing that we're excited about is OCI is highly secure. It's got a highly secure perimeter. And therefore, those applications are much less vulnerable to ransomware or other kind of attacks than if they were in a different kind of data centers. So we're very happy that these are now secured.

此外，令我們興奮的一件大事是 OCI 高度安全。它有一個高度安全的周邊。因此，與位於不同類型的資料中心中的應用程式相比，這些應用程式更不容易受到勒索軟體或其他類型的攻擊。所以我們很高興這些現在得到了保護。

The third thing is now that they're in our cloud, we're able to update those applications on a regular 3-month cadence. So we're able to modernize those customers that are in the cloud on a regular basis and start delivering our brand-new applications, the completely rewritten Cerner application first for ambulatory clinics and then eventually for acute care hospitals. The ambulatory clinic system is coming out this quarter. And we're able to automatically deliver that system to existing customers. It's not a reimplementation. It is literally an update to what they've already got running in the Oracle Cloud. Even though it's an all new application, I don't want to get into too much technical detail, but it uses the same underlying data schema. So we literally can bring up the new application without the customer having to go through any implementation process. We can do it just as an update.

第三件事是，現在它們位於我們的雲端中，我們能夠定期每 3 個月更新一次這些應用程式。因此，我們能夠定期對雲端中的客戶進行現代化改造，並開始提供全新的應用程序，完全重寫的 Cerner 應用程序，首先用於門診診所，然後最終用於急診醫院。門診系統將於本季推出。我們能夠自動將該系統交付給現有客戶。這不是重新實現。這實際上是對他們已經在 Oracle 雲端中運行的內容的更新。儘管它是一個全新的應用程序，我不想了解太多的技術細節，但它使用相同的底層資料模式。因此，我們實際上可以推出新的應用程序，而客戶無需經歷任何實施過程。我們可以將其作為更新來完成。

Like, when we ship a new version of Fusion to an existing Fusion customer, we can now ship a new version of an all-new version of the Cerner application to a Cerner customer in OCI. So it allows us to modernize their infrastructure very, very rapidly, deliver the clinical digital assistant make, the system easy to use, save doctors' time, deliver a lot more value, put in the diagnostic imaging systems, the health data intelligence system, deliver all of that automatically on a regular 3-month cadence. So it allows us to modernize the Cerner base very, very quickly while keeping them safe from ransomware.

例如，當我們向現有 Fusion 客戶交付新版本的 Fusion 時，我們現在可以向 OCI 中的 Cerner 客戶交付全新版本的 Cerner 應用程式的新版本。因此，它使我們能夠非常非常迅速地實現基礎設施現代化，提供臨床數位助理產品，該系統易於使用，節省醫生的時間，提供更多價值，投入診斷成像系統、健康數據智能係統，以3 個月的定期節奏自動交付所有這些內容。因此，它使我們能夠非常非常快速地對 Cerner 基地進行現代化改造，同時確保它們免受勒索軟體的侵害。

Your next question comes from the line of Ben Reitzes from Melius Research.

您的下一個問題來自 Melius Research 的 Ben Reitzes。

Larry and Safra, can you talk a little bit about CapEx? Your guidance implies an almost doubling of CapEx in the fourth quarter. And then what kind of trajectory is needed for the next fiscal year given this RPO growth? What kind of uptick is needed? And Larry, if you don't mind, if you can give some color on GPU availability and how that plays in versus data center requirements in terms of that spending.

Larry 和 Safra，您能談談資本支出嗎？您的指導意味著第四季度的資本支出幾乎翻倍。那麼考慮到 RPO 的成長，下一財年需要什麼樣的軌跡呢？需要什麼樣的提升？ Larry，如果您不介意的話，您能否對 GPU 的可用性以及它在支出方面與資料中心要求的關係提供一些說明。

So for fiscal year '25, I'm looking at about $10 billion in CapEx because it also involved not only some big centers but it also involves expansion of existing centers. So we've already got some areas that we'll be filling out. So at least preliminarily, we're looking at $10 billion for next year.

因此，對於 25 財年，我預計資本支出約為 100 億美元，因為它不僅涉及一些大型中心，還涉及現有中心的擴建。所以我們已經有了一些需要填寫的區域。因此，至少初步而言，我們明年的目標是 100 億美元。

And then it's not too complicated to figure out the math here when I'm looking at somewhere between 7% and 7.5% for the full year, and you've got all the numbers for 1, 2 and 3 at this point. And I would include for Q3 the one we just are announcing, I would add in the amount we haven't paid yet as the CapEx number for this quarter, okay? And then I guess Larry gets the second question. But anyway, so 2.1% for this quarter and you've got Q1 and Q2, and I'm going to be somewhere between 7% and 7.5% for the full year, which is actually a little bit lower than I thought, but we were able to do pretty well. You know how we spend very carefully.

當我查看全年 7% 到 7.5% 之間的某個位置時，計算這裡的數學並不太複雜，此時您已經獲得了 1、2 和 3 的所有數字。我會將我們剛剛宣布的第三季度納入其中，我會添加我們尚未支付的金額作為本季度的資本支出數字，好嗎？然後我猜拉里會問第二個問題。但無論如何，本季度的成長率為2.1%，並且有第一季度和第二季度，全年的成長率將在7% 到7.5% 之間，這實際上比我想像的要低一點，但我們我們能夠做得很好。你知道我們花錢非常謹慎。

And Larry, how is the GPU availability in terms of you hitting your goals and vis-a-vis the other bottlenecks that could be out there?

Larry，就您實現目標以及可能存在的其他瓶頸而言，GPU 可用性如何？

Can I take at least part of this? The GPU, we are good. We are actually very good in our GPU access and capabilities, so building the computers, and it's much more making sure we've got the power on that.

我可以至少拿一部分嗎？ GPU，我們很好。實際上，我們在 GPU 存取和功能方面非常擅長，因此建立計算機，更重要的是確保我們擁有這方面的能力。

Yes. As Safra says, we have a great relationship with NVIDIA. They are a customer of ours as well as us being a customer of theirs, and we work very closely together. So that's going pretty well. The scale of some of these data centers is breathtaking. The one we're building in Salt Lake, again, you can park 8 747s, nose to tail. We can give you a video of this thing under construction. I mean, it's breathtaking.

是的。正如 Safra 所說，我們與 NVIDIA 有著良好的關係。他們是我們的客戶，我們也是他們的客戶，我們合作非常密切。所以一切進展順利。其中一些資料中心的規模令人驚嘆。我們在鹽湖城建造的那座飛機同樣可以停放 8 輛 747，從頭到尾。我們可以給你一段正在建設中的影片。我的意思是，這真是令人嘆為觀止。

So there's a tremendous amount of demand. The data centers take longer to build than we would like. That said, we are getting very good at building them quickly and getting the building and the power and the communication links in. We're doing faster than we ever have in the past. And the thing is, once we deliver the hardware, the hardware comes up very, very quickly because the process of bringing up the hardware is now all automated. It's very different than it used to be. So we're able to bring additional capacity online very quickly if we have the electric power and the communication links. So the long pole in the tent is actually building the structure, connecting the electricity and connecting the communication links.

所以需求量很大。資料中心的建造時間比我們希望的要長。也就是說，我們非常善於快速建造它們，並獲得建築物、電力和通訊鏈路。我們的速度比過去更快。事實是，一旦我們交付了硬件，硬體就會非常非常快地出現，因為硬體的啟動過程現在已經全部自動化了。這與以前有很大不同。因此，如果我們有電力和通訊鏈路，我們就能夠非常快速地提供額外的容量。所以帳篷裡的長桿其實是在搭建結構，連接電力，連接通訊鏈路。

Your next question comes from the line of Derrick Wood from TD Cowen.

您的下一個問題來自 TD Cowen 的 Derrick Wood。

Larry, just within the last few months, you guys have enabled Oracle Database in OCI to be run on top of Azure, which seems like a fairly significant development. Can you talk about what the customer reception has been around this announcement, how you think it could change the arc of new investments on the Oracle database platform and what this means for potentially unlocking a stronger adoption cycle for Autonomous Database?

Larry，就在過去的幾個月裡，你們讓 OCI 中的 Oracle 資料庫能夠在 Azure 上運行，這似乎是一個相當重要的發展。您能否談談客戶對該公告的反應如何？您認為它將如何改變 Oracle 資料庫平台上的新投資弧線，以及這對於開啟更強大的自治資料庫採用週期意味著什麼？

Well, I think it is the key to unlocking a stronger adoption cycle for moving Oracle to the cloud in general and specifically the migration to Autonomous Database. Oracle, we expect the multi-cloud initiative to continue to expand. We're seeing it expand in Japan, but we expect it to expand amongst other hyperscalers to adopt a similar multi-cloud approach where we build OCI regions inside of and coexisting with their existing cloud infrastructure.

嗯，我認為這是開啟更強大的採用週期的關鍵，以將 Oracle 遷移到雲，特別是遷移到自治資料庫。甲骨文，我們預計多雲計畫將繼續擴大。我們看到它在日本擴張，但我們預計它會在其他超大規模企業中擴張，採用類似的多雲方法，我們在現有的雲端基礎設施內部建立 OCI 區域並與其共存。

We think the era of walled gardens is coming to an end where it used to be, "Okay, I'm going to move all my stuff to AWS," or "I'm going to move all my stuff to Azure." What customers really want is the ability to use multiple clouds and for those multiple clouds to talk to one another. And I mean, in the era of the Internet and now cloud computing, it is really called cloud computing. It's not called a bunch of separate clouds. So we expect multi-cloud to become the norm and Oracle to be available everywhere.

我們認為圍牆花園的時代即將結束，過去的情況是“好吧，我要把我所有的東西搬到 AWS”，或者“我要把我所有的東西搬到 Azure”。客戶真正想要的是能夠使用多個雲端並讓這些多個雲端相互通訊。我的意思是，在網路時代和現在的雲端運算時代，它真的叫做雲端運算。它不被稱為一堆獨立的雲。因此，我們預期多雲將成為常態，Oracle 將隨處可用。

And back to what you said, we think that will preserve our franchise and database where we've been the #1 database in the IT ecosystem for a very long time. We think that's going to preserve that franchise and expand it because the Autonomous Database is a unique piece of technology, and there is nothing like it in the world. And maybe the most interesting thing, no one else is working on anything like that. No one else is even trying to duplicate the Autonomous Database. So we think it will become a very successful product in every cloud.

回到您所說的，我們認為這將保留我們的特許經營權和資料庫，長期以來我們一直是 IT 生態系統中排名第一的資料庫。我們認為這將保留並擴大該專營權，因為自治資料庫是一項獨特的技術，世界上沒有類似的技術。也許最有趣的事情是，沒有其他人在做這樣的事情。甚至沒有其他人試圖複製自治資料庫。所以我們認為它將成為每個雲端中非常成功的產品。

Your next question comes from the line of Kirk Materne from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on an incredible bookings quarter. Larry, I was wondering if you could just talk a little bit about the interest level on Alloy in international markets where there might be a bit of a premium on data sovereignty, maybe how that's impacting the growth opportunity for OCI when we look out towards the balance of calendar '24?

恭喜預訂季度取得令人難以置信的成績。拉里，我想知道您是否可以談談國際市場上合金的興趣水平，在這些市場中，數據主權可能會有點溢價，也許當我們展望未來時，這會如何影響 OCI 的增長機會日曆'24 的餘額？

Well, I think Japan is maybe the most interesting market where we had early success with NRI. They run the Tokyo Stock Exchange. Now what NRI has is a couple of Oracle cloud regions, which they resell in the financial services community inside of Japan. And one of their applications is a major stock exchange, the Tokyo Stock Exchange. So think about how many clouds run stock exchanges. That would be ours. It's got to be highly secure. It can never go down. It's going to have extremely high transaction rates. We can do that. And the success of NRI has caused the other computer companies in Japan to become very, very interested in also reselling our cloud. And we also have the ability that they can add on some of their own technology to our cloud so that our cloud is open. So you can plug in other things to the cloud.

嗯，我認為日本可能是最有趣的市場，我們在 NRI 方面取得了早期成功。他們經營東京證券交易所。現在，NRI 擁有幾個 Oracle 雲端區域，他們在日本境內的金融服務社群中轉售這些雲端區域。他們的應用之一是主要的證券交易所，東京證券交易所。因此，想想有多少雲端在運行證券交易所。那將是我們的。它必須是高度安全的。它永遠不會下降。它將具有極高的交易率。我們能做到這一點。 NRI 的成功使得日本的其他電腦公司也對轉售我們的雲端非常非常感興趣。而我們也有能力讓他們可以把他們自己的一些技術加到我們的雲端上，這樣我們的雲端是開放的。這樣您就可以將其他東西插入雲端。

So imagine a big computer company in Japan, adopting the Oracle Cloud, reselling Autonomous Database, reselling all of our technologies. Because we only make one kind of cloud. They're all the same and they have all of the services. But then that company can add their own services for their customers. We think all of the cloud companies in Japan are going to adopt OCI. Plus a lot of big companies, the big car companies in Japan, want their own. The phone companies in Japan will want their own. The technology companies in Japan will want their own Oracle regions because they're sovereign, because they're highly secure and because they're highly cost effective. So we think this allows us to enter a variety of new markets.

因此，想像日本的大型電腦公司，採用 Oracle 雲，轉售自治資料庫，轉售我們所有的技術。因為我們只做一種雲。他們都是一樣的，並且擁有所有的服務。但隨後該公司可以為其客戶添加自己的服務。我們認為日本所有的雲端公司都將採用 OCI。再加上很多大公司，日本的大汽車公司，都想要自己的。日本的電話公司希望擁有自己的電話。日本的科技公司希望擁有自己的 Oracle 區域，因為它們是主權的，因為它們高度安全，而且因為它們具有很高的成本效益。所以我們認為這使我們能夠進入各種新市場。

Pretty much every government is going to want a sovereign cloud and a dedicated region for that government. So we see a number of countries. It's funny, we talk about winning business with companies. For the first time, we're beginning to win business for countries, for sovereign clouds, where the national government and the state governments are moving to that Oracle OCI region. And of course, it's got to be at least two of them for redundancy and disaster recovery. So we have a number of countries where we're negotiating sovereign regions with the national government.

幾乎每個政府都想要一個主權雲和一個政府專用區。所以我們看到了很多國家。有趣的是，我們談論贏得公司業務。我們第一次開始為國家、主權雲端贏得業務，其中國家政府和州政府正在遷移到 Oracle OCI 區域。當然，為了冗餘和災難恢復，必須至少有兩個。因此，我們正在與許多國家的國家政府就主權地區問題進行談判​​。

We see that time and time again, major companies, governments, computer suppliers reselling our Alloy cloud. The demand for our cloud regions is extraordinarily high. I believe -- well, this is a funny prediction but okay -- we'll end up with more data centers in cloud regions than all the other hyperscalers combined.

我們一次又一次地看到大公司、政府、電腦供應商轉售我們的 Alloy 雲端。對我們雲端區域的需求非常高。我相信——嗯，這是一個有趣的預測，但沒關係——我們最終會在雲端區域擁有比所有其他超大規模資料中心加起來還要多的資料中心。

So just to make sure you have all the numbers between Alloy and dedicated regions, we've got 13 lives, we've got 18 under construction and we've signed 5 new ones just this past quarter. So for us, there's just a list we're going through and trying to get them all because they are such a unique capability and in such high demand.

因此，為了確保您掌握 Alloy 和專用區域之間的所有數字，我們有 13 個生命，我們有 18 個正在建設中，並且我們在上個季度簽署了 5 個新生命。因此，對我們來說，我們正在瀏覽一個列表，並試圖獲得所有這些功能，因為它們是一種獨特的功能，而且需求量很大。

And let me just add one last thing. Microsoft does not compete for this business. AWS does not compete for this business. Google does not compete for this business. We're the only ones in this business.

讓我補充最後一件事。微軟不參與這項業務的競爭。 AWS 不參與這項業務的競爭。谷歌不參與這項業務的競爭。我們是這個行業唯一的人。

Our final question today comes from Brad Zelnick from Deutsche Bank.

今天我們的最後一個問題來自德意志銀行的 Brad Zelnick。

Larry, my question actually follows on your answer to Kirk's question because I think it's so important. In talking to one of your GSI partners, we heard about a global public sector solution that they referred to as government in a box where Oracle, in partnership with the likes of Starlink, the Tony Blair project, are building solutions on top of OCI, including [apps and tech], and even Cerner, to literally run entire countries' digital operations. So hoping you can add in a little bit more color about what you're doing here, how big an opportunity it is because it just seems like such a powerful example of the entire Oracle Cloud stack coming together in a very meaningful way.

拉里，我的問題實際上是在你對柯克問題的回答之後提出的，因為我認為這非常重要。在與您的一位GSI 合作夥伴交談時，我們聽說了一種全球公共部門解決方案，他們將其稱為“政府盒子”，其中Oracle 與Starlink、Tony Blair 項目等合作，正在OCI 之上構建解決方案，包括[應用程式和技術]，甚至 Cerner，來真正管理整個國家的數位業務。因此，希望您能夠為您在這裡所做的事情添加更多的色彩，這是多麼大的機會，因為它似乎是整個 Oracle 雲端堆疊以非常有意義的方式組合在一起的強大示例。

Well, it's very interesting, and we've gone into the national government and state government applications in a very, very big way. To give you an idea, a little glimpse of what we're doing, we can deliver these cloud regions to medium-sized countries. So for example, Serbia is standardizing on these Oracle cloud regions for the national government. We're automating their health care. People know that we're in the health care business. What they might not know is, in cooperation with Starlink, we're able to deliver an Internet service for the entire country, the rural part of the country.

嗯，這非常有趣，我們已經在很大程度上進入了國家政府和州政府的應用程式。為了讓您了解我們正在做的事情，我們可以將這些雲端區域提供給中等規模的國家。例如，塞爾維亞正在為國家政府標準化這些 Oracle 雲端區域。我們正在使他們的醫療保健自動化。人們知道我們從事醫療保健行業。他們可能不知道的是，透過與星鏈合作，我們能夠為整個國家、該國的農村地區提供網路服務。

By the way, we can deliver the Internet, and we have delivered the Internet, let's say, in Kenya or Rwanda, very inexpensively using Starlink and our sovereign cloud regions to backhaul the Internet traffic. So you can bring every school in Serbia online, there's Internet connectivity. Their rural doesn't matter, every school, every hospital. It is true of Rwanda. That's true of Kenya. We can do it very, very cost effectively.

順便說一句，我們可以提供互聯網，而且我們已經在肯亞或盧安達提供了互聯網，使用星鍊和我們的主權雲區域回傳互聯網流量，成本非常低。因此，您可以使塞爾維亞的每所學校都連網，有網路連線。他們的農村並不重要，每所學校，每家醫院。盧旺達也是如此。肯亞就是如此。我們可以非常非常有效地做到這一點。

And one of the applications we have for agriculture, we actually do a national map of the country where we can show you each of the farms in the country. This farm is growing coffee, this farm is growing maize, which part of the fields are getting enough nitrogen, which part of the fields are getting enough water, what corrective actions you need to take to increase your agricultural output. We're doing that again in concert with Elon Musk and SpaceX to do this kind of mapping, to provide this. And these maps are AI assistant, help them plan their agricultural output and predict their agricultural output, predict markets, the logistics of the agricultural output, doing all of those things as next-generation national applications. And it is one of the most exciting things we're doing.

我們在農業方面的應用之一是，我們實際上製作了一個國家的國家地圖，我們可以向您展示該國的每個農場。這個農場正在種植咖啡，這個農場正在種植玉米，哪部分田地獲得了足夠的氮，哪部分田地獲得了足夠的水，您需要採取哪些糾正措施來增加農業產量。我們將再次與伊隆馬斯克和 SpaceX 合作進行此類映射，以提供此服務。這些地圖是人工智慧助手，幫助他們規劃農業產出並預測農業產出，預測市場、農業產出的物流，將所有這些事情作為下一代國家應用程式來完成。這是我們正在做的最令人興奮的事情之一。

Of course, we do procurement and accounting and human resources and recruiting for the government. We do all of those applications. But in some of the newer applications regarding food security, making sure all the schools are online, that rural schools are online, that rural hospitals are online, it's automating those rural hospitals, it's automating their vaccination program, their health care program across the board. These next-generation applications are very attractive.

當然，我們為政府做採購、會計、人力資源和招募。我們負責所有這些應用程式。但在一些有關糧食安全的新應用中，確保所有學校都在線，農村學校都在線，農村醫院都在線，它正在自動化這些農村醫院，它正在自動化他們的疫苗接種計劃，他們的醫療保健計劃全面自動化。這些下一代應用程式非常有吸引力。

I'll tell you one other crazy thing that we do, another generative AI application. If you want to join the EU, it took Serbia 8 years to harmonize their laws to be able to join the EU. Albania is facing the same thing. But with generative AI, we can read the entire corporate system, the Albanian laws, and actually harmonize their laws with the EU and probably more like 18 months to 2 years rather than the 8 years it took Serbia.

我會告訴你我們所做的另一件瘋狂的事情，另一件生成式人工智慧應用程式。如果想加入歐盟，塞爾維亞花了8年時間協調他們的法律才能夠加入歐盟。阿爾巴尼亞也面臨同樣的事情。但有了生成式人工智慧，我們可以閱讀整個公司體系、阿爾巴尼亞法律，並實際上使他們的法律與歐盟協調一致，可能需要18 個月到2 年的時間，而不是塞爾維亞花了8 年的時間。

So there are all sorts of interesting new AI applications out there that you probably never heard of before, at least I hadn't heard of before, until this last 12 months, that we've worked on and we're now in the process of delivering.

因此，有各種有趣的新人工智慧應用程序，你可能以前從未聽說過，至少我以前從未聽說過，直到過去 12 個月，我們一直在研究這些應用程序，現在我們正在開發中交付。

Really amazing stuff, Larry. Congrats. On Safra, really great to see the firm reiteration of your fiscal 2016 targets.

真是太棒了，拉里。恭喜。在 Safra 上，很高興看到你們堅定地重申 2016 財年目標。

Thank you.

謝謝。

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 today.

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。

With that, I'll turn the call back to Krista for closing.

這樣，我會將電話轉回給克里斯塔以結束。

Thank you, everyone. This does conclude today's conference call. Thank you for your participation, and you may now disconnect.

謝謝大家。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。