甲骨文 (ORCL) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to Oracle's fourth-quarter 2024 earnings call. Today's call is being recorded. And now, I would like to turn the conference over to Ken Bond. Please go ahead.

大家好，歡迎參加 Oracle 2024 年第四季財報電話會議。今天的通話正在錄音。現在，我想將會議交給肯邦德。請繼續。

Thank you, Krista. Good afternoon, everyone, and welcome to Oracle's fourth-quarter and 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.

謝謝你，克里斯塔。大家下午好，歡迎參加甲骨文2024財年第四季和財報電話會議。您可以從我們的投資者關係網站查看和下載新聞稿和財務表的副本，其中包括 GAAP 與非 GAAP 的對帳和其他補充財務資訊。

Additionally, a list of many customers who purchased Oracle Cloud services or went live on Oracle Cloud recently will be available from the Investor Relations website.

此外，投資者關係網站也將提供許多最近購買 Oracle 雲端服務或開始使用 Oracle 雲端的客戶名單。

On the call today are Chairman and Chief Technology Officer, Larry Ellison; and Chief Executive Officer, Safra Catz. As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates, or other information that might be considered forward-looking.

參加今天電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison)；兼首席執行官 Safra Catz。提醒一下，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的資訊。

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

在今天的討論中，我們將介紹一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述也受到風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。

As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock.

因此，我們提醒您不要過度依賴這些前瞻性陳述，並鼓勵您查看我們最近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修訂，以全面討論這些因素和其他可能影響我們未來業績或股票市場價格的風險。

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

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，我們先準備一些發言稿。現在，我想把電話轉給薩夫拉。

Thanks, Ken, and good afternoon, everyone. Clearly, we had an absolutely incredible quarter. As you know, Oracle's Q4 is known for customers purchasing large software license contracts to power their businesses. But because the pivot to the cloud, this Q4 was power powered by the enormous demand for our cloud services. And they showed up in RPO or remaining performance obligations.

謝謝，肯，大家下午好。顯然，我們度過了一個絕對令人難以置信的季度。眾所周知，Oracle 第四季以客戶購買大型軟體授權合約來支援其業務而聞名。但由於轉向雲端運算，第四季的動力來自於對我們雲端服務的巨大需求。它們出現在 RPO 或剩餘履約義務中。

In Q4, Oracle signed the largest sales contracts in our history, led by huge demand for training large language models as well as record levels of sales for OCI, Autonomous, Fusion, and NetSuite. RPO was $98 billion, up $18 billion from Q3 and up 44% year over year from $68 billion last year. And we are trading one-time, non-recurring license revenue in return for much bigger strategic customer commitments from multi-year cloud revenue, from which we expect to further accelerate our revenue growth rate.

第四季度，甲骨文簽署了歷史上最大的銷售合同，這主要得益於對大型語言模型訓練的巨大需求以及 OCI、Autonomous、Fusion 和 NetSuite 的創紀錄銷售水平。RPO 為 980 億美元，較第三季增加 180 億美元，較去年的 680 億美元年增 44%。我們正在用一次性、非經常性的授權收入來換取多年雲端收入中更大的策略客戶承諾，我們預計這將進一步加快我們的收入成長率。

This is exactly really what we've been targeting. And it bolsters my confidence that our overall revenue, earnings, and cash flow performance, as well as our growth rates, will only get stronger and accelerate. In short, this Q4 marks the full emergence of our high-growth cloud businesses.

這正是我們的目標。這增強了我的信心，我們的整體收入、收益和現金流表現以及成長率只會變得更強勁、更快。簡而言之，第四季標誌著我們高成長雲端業務的全面爆發。

Now I started talking about this tipping point four years ago, and you've seen it continue to play out in our results since then. As a reminder, we accelerated our US dollar revenue growth rate from negative 1% in fiscal year '20 to plus 8% this past year if you exclude Cerner.

四年前我就開始談論這個轉捩點，從那時起，你們就看到它在我們的結果中繼續發揮作用。提醒一下，如果不包括 Cerner，我們的美元收入成長率從 20 財年的負 1% 提高到了去年的正 8%。

In addition, EPS has grown at a 10% compounded annual growth rate over that same period and both operating cash flow and free cash flow, which of course we report on a trailing 12-month basis, were each declining 10% four years ago. This year, they grew 9% and 39%, respectively.

此外，每股盈餘在同一時期以 10% 的複合年增長率成長，而營業現金流和自由現金流（當然，我們報告的是過去 12 個月的數據）四年前均下降了 10%。今年，它們分別成長了9%和39%。

Now, customer conversations are now absolutely only focused on our cloud services as the results clearly show. So let me give you just a couple of -- a few examples. First, as you saw, OpenAI selected Oracle to run deep learning and AI workloads on Oracle Cloud Infrastructure. Like many others, OpenAI chose OCI because it is the world's fastest and most cost-effective AI infrastructure. In total, we signed over 30 AI contracts for over $12 billion this quarter and nearly $17 billion this year.

現在，客戶對話絕對只專注於我們的雲端服務，結果清楚地表明了這一點。那麼讓我給你舉幾個例子。首先，如您所看到的，OpenAI 選擇 Oracle 在 Oracle 雲端基礎架構上執行深度學習和 AI 工作負載。與許多其他公司一樣，OpenAI 選擇 OCI 是因為它是世界上最快、最具成本效益的 AI 基礎設施。總體而言，本季我們簽署了 30 多個人工智慧合同，總價值超過 120 億美元，今年則簽署了近 170 億美元的合約。

Second, we continue to expand our work, helping companies use our Cloud Applications portfolio to reinvent their businesses. As an example, a very large enterprise tech company signed a contract in Q4 for over $600 million where we will be helping them transform their operations with Fusion to enable them to become more agile, faster-growing, and more profitable.

其次，我們繼續擴展工作，幫助企業利用我們的雲端應用程式組合重塑其業務。例如，一家大型企業科技公司在第四季度簽署了一份價值超過 6 億美元的合同，我們將幫助他們利用 Fusion 轉變營運方式，使他們變得更加靈活、發展更快、盈利能力更強。

May I say, in the process, we will replace out many of our competitors' product, these cross-pillar cloud deals or suite deals focused on business process reengineering that incorporate multiple-cloud applications that no one else can offer.

我可以說，在這個過程中，我們將取代許多競爭對手的產品，這些產品跨支柱雲端交易或套件交易專注於業務流程再造，其中包含其他人無法提供的多雲應用程式。

And I would point out, by the way, that today is day 11 of our new fiscal year and we are once again announcing our results not only for the quarter, but the year, and giving guidance, making us faster than any other public company by a long shot. We are able to do this because of Fusion applications, and that is why companies are choosing Fusion and our wonderful teams are showing them the way.

順便說一句，我想指出的是，今天是我們新財年的第 11 天，我們再次宣布的不僅是本季度的業績，還有全年的業績，並給出了指引，這使我們比任何其他上市公司都快得多。我們之所以能夠做到這一點，是因為 Fusion 應用程序，這也是為什麼各大公司選擇 Fusion，而我們的優秀團隊為他們指明了方向。

And third, I'm pleased to announce we signed another multi-cloud partnership this time with Google. OCI and Google Cloud Network Interconnect is available immediately in 10 regions, and we will be live with Oracle Database at Google Cloud in September where customers can get direct access to Oracle Database services running on OCI deployed in Google Cloud data centers.

第三，我很高興地宣布，這次我們與Google簽署了另一項多雲合作關係。OCI 和 Google Cloud Network Interconnect 現已在 10 個地區推出，我們將於 9 月在 Google Cloud 上線 Oracle Database，屆時客戶可以直接存取在 Google Cloud 資料中心部署的 OCI 上運行的 Oracle Database 服務。

So what's driving this? Well, it is all about our comprehensive, highly differentiated, and secure cloud offerings. Customers have progressed from their initial curiosity about Oracle Cloud into full-blown rollouts. We have the most secure, complete, and cost effective set of enterprise applications and infrastructure cloud technologies of any vendor.

那麼，是什麼原因導致這現象的發生呢？嗯，這一切都與我們全面、高度差異化且安全的雲端產品有關。客戶對 Oracle Cloud 已從最初的好奇發展到全面推出。我們擁有所有供應商中最安全、最完整、最具成本效益的企業應用程式和基礎架構雲端技術。

Not only are our cloud technologies vertically integrated to work together, but we offer flexible deployment models like public cloud, multi-cloud, sovereign cloud, dedicated cloud, or any other way our customers ask us to deliver.

我們的雲端技術不僅垂直整合以協同工作，而且我們還提供靈活的部署模型，如公有雲、多雲、主權雲、專用雲或客戶要求我們交付的任何其他方式。

And we also offer Oracle Alloy where Oracle partners become cloud providers, offering customized cloud services alongside the Oracle Cloud.

我們也提供 Oracle Alloy，讓 Oracle 合作夥伴成為雲端供應商，與 Oracle Cloud 一起提供客製化的雲端服務。

Now, I'm now going to dive into the details of Q4 and finish my prepared remarks with how this strength and momentum will impact fiscal year '25 and beyond. Okay. So let's start.

現在，我將深入探討第四季度的細節，並結束我準備好的發言，說明這種優勢和勢頭將如何影響 25 財年及以後。好的。那麼我們就開始吧。

In Q4, the dollar strengthened from the time of my Q4 guidance. So we saw a 1% currency headwind to total revenue and a $0.01 currency headwind to EPS. As usual, I'll be discussing our financials using constant currency growth rate because this is how we manage the business.

第四季度，美元自我發布第四季指引以來一直走強。因此，我們看到總收入受到 1% 的貨幣不利影響，每股收益受到 0.01 美元的貨幣不利影響。像往常一樣，我將使用恆定貨幣成長率來討論我們的財務狀況，因為這是我們管理業務的方式。

Total cloud revenue, that is SaaS plus IaaS, excluding Cerner, was $4.7 billion, up 23%; including Cerner, total cloud revenue was up 20% at $5.3 billion; and SaaS revenue of $3.3 billion, up 10%; and IaaS revenue of $2 billion, up 42% on top of last year's 77% growth.

不包括 Cerner 在內的雲端運算總營收（即 SaaS 加 IaaS）為 47 億美元，成長 23%；包括 Cerner 在內的雲端運算總營收成長 20%，達到 53 億美元； SaaS 營收為 33 億美元，成長 10%； IaaS 營收為 20 億美元，在去年 77% 成長了 77%。

Total cloud services and license support for the quarter was $10.2 billion, up 10%, driven again by our strategic cloud applications, Autonomous database, and OCI. Applications subscription revenues, which includes product support, were $4.6 billion and up 6%.

本季雲端服務和授權支援總額為 102 億美元，成長 10%，這再次得益於我們的策略雲端應用程式、自治資料庫和 OCI。包括產品支援在內的應用程式訂閱收入為 46 億美元，成長 6%。

Our strategic back office SaaS applications now have annualized revenue of $7.7 billion and were up 16%. Infrastructure subscription revenues, which includes license support, were $5.6 billion, up 13%. Infrastructure cloud services revenue was up 42%.

我們的策略後台 SaaS 應用程式目前的年收入為 77 億美元，成長了 16%。包括授權支援在內的基礎設施訂閱收入為 56 億美元，成長 13%。基礎設施雲端服務收入成長42%。

Excluding legacy hosting, OCI Gen 2 Infrastructure cloud services grew 44% with an annualized revenue of [$7.4 billion]. OCI consumption revenue was up 63%. Were it not for continuing supply constraints, consumption growth would have been even higher. Database subscriptions, which includes Database license support, were up 6%, highlighted by cloud database services, which were up 26% and now have an annualized revenue of $2 billion.

不包括傳統託管，OCI Gen 2 基礎設施雲端服務成長了 44%，年化收入為[74億美元]。 OCI消費收入成長了63%。如果不是持續的供應限制，消費成長可能會更高。資料庫訂閱（包括資料庫授權支援）成長了 6%，其中最突出的是雲端資料庫服務，成長了 26%，目前年收入已達 20 億美元。

Very importantly as on-premise databases migrate to the cloud, either to OCI directly or using database at Azure or database at Google Cloud, we expect these cloud database services will be that third leg of revenue growth alongside OCI and strategic step. Consistent with our strategic direction and reflecting customer preference for cloud services, software license revenues were down 14% to $1.8 billion. So all in, total revenues for the quarter were $14.3 billion. That's up 4% if you include Cerner, up 5% excluding Cerner.

非常重要的是，隨著內部資料庫遷移到雲端，無論是直接遷移到 OCI 還是使用 Azure 上的資料庫或 Google Cloud 上的資料庫，我們預計這些雲端資料庫服務將成為與 OCI 和策略步驟並列的第三條營收成長之路。與我們的策略方向一致，並反映客戶對雲端服務的偏好，軟體授權收入下降 14% 至 18 億美元。總體而言，本季總營收為 143 億美元。如果包括 Cerner，則上漲 4%，如果不包括 Cerner，則上漲 5%。

Shifting to margins. The gross margin for cloud services and license support was 77%. This is a result of the mix between support and cloud, in which cloud is growing much faster than support. The gross margin percentages for software support and SaaS are consistent with last year.

轉向邊緣。雲端服務和授權支援的毛利率為77%。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。軟體支援和SaaS的毛利率百分比與去年一致。

While IaaS gross margins improved substantially, gross margins will go higher as more of our cloud regions fill up. We monitor our expenses carefully to ensure gross margin percentages expand as we scale. To that point, though, the gross profit dollars of cloud services and license support grew 8% in Q4.

雖然 IaaS 毛利率大幅提高，但隨著更多雲端區域的填滿，毛利率將會更高。我們仔細監控我們的開支，以確保毛利率百分比隨著規模的擴大而擴大。不過，到目前為止，第四季度雲端服務和授權支援的毛利成長了 8%。

Non-GAAP operating income was $6.7 billion, up 9% from last year. The operating margin was 47%, up from 44% last year as we continue to drive more efficiencies in our business. Looking forward, as we continue to benefit from economies of scale in the cloud, we will not only continue to grow operating income, but we will also expand and the operating margin percentages.

非公認會計準則營業收入為 67 億美元，比去年成長 9%。由於我們持續提高業務效率，營業利潤率為 47%，高於去年的 44%。展望未來，隨著我們繼續受益於雲端運算的規模經濟，我們不僅將繼續增加營業收入，而且還將擴大營業利潤率百分比。

The non-GAAP tax rate came out over a 1% higher than my guidance at 20.1%, and non-GAAP EPS was USD1.63, and GAAP EPS was USD1.11. As a reminder, the non-GAAP tax rate last year was 9.2% and this had an adverse effect on this quarter's EPS growth.

非 GAAP 稅率為 20.1%，比我的預期高出 1% 以上，非 GAAP EPS 為 1.63 美元，GAAP EPS 為 1.11 美元。提醒一下，去年非公認會計準則稅率為 9.2%，這對本季的每股盈餘成長產生了不利影響。

Non-GAAP pre-tax income grew 14% in constant currency. So you can figure out that had we have the same tax rate last year as this year, net income would have grown 14% and EPS would have been up 12% in CD, 11% in USD.

非公認會計準則稅前收入以固定匯率計算成長 14%。因此，你可以算出，如果去年的稅率與今年相同，淨收入將成長 14%，每股盈餘 (CD) 將成長 12%，美元將成長 11%。

For the full fiscal year, total company revenue was $53 billion, up 6%. Total cloud services and license support revenue, which is entirely subscription base and accounts for nearly three-quarters of total revenue was $39.4 billion, up 11%.

整個財年，公司總營收為 530 億美元，成長 6%。雲端服務和授權支援總收入（完全基於訂閱）佔總收入的近四分之三，為 394 億美元，成長 11%。

Total Application subscription revenue grew 9% and Infrastructure subscription revenue grew 13%. Total cloud services, excluding Cerner were up 26% to $17.1 billion -- $17.2 billion. SaaS revenue, excluding Cerner, was up 13% to $10 billion -- $10.4 billion for the year.

總應用程式訂閱收入成長 9%，基礎設施訂閱收入成長 13%。不包括 Cerner 在內的雲端服務總額成長了 26%，達到 171 億美元至 172 億美元。不包括 Cerner 在內的 SaaS 營收成長 13%，達到 100 億美元，全年營收為 104 億美元。

IaaS and Cloud Infrastructure revenue was up 60% to $6.8 billion for the year, with consumption revenue up 66% from last year. Non-GAAP EPS for the full year was USD5.56, up 9% in USD. And the full-year operating margin percentage was 44%, up from 42% last year.

今年 IaaS 和雲端基礎設施收入成長 60%，達到 68 億美元，消費收入比去年成長 66%。全年非公認會計準則每股收益為5.56美元，以美元計算成長9%。全年營業利益率為 44%，高於去年的 42%。

At quarter-end, we had nearly $10.7 billion in cash and marketable securities. The short-term deferred revenue balance was $9.3 billion, up 4%. Over the last four quarters, operating cash flow was $18.7 billion, up 9% and free cash flow was $11.8 billion, up 39%.

截至季末，我們擁有近 107 億美元的現金和有價證券。短期遞延收入餘額為93億美元，成長4%。過去四個季度，營運現金流為 187 億美元，成長 9%，自由現金流為 118 億美元，成長 39%。

Capital expenditures were $6.9 billion. As I mentioned, our remaining performance obligations or RPO is now $98 billion, up 44% in constant currency. And the portion excluding Cerner, if you're curious, was up 60%.

資本支出為 69 億美元。正如我所提到的，我們剩餘的履約義務或 RPO 現在為 980 億美元，以固定匯率計算增加了 44%。如果你好奇的話，不包括 Cerner 的部分則上漲了 60%。

We signed several large deals in this quarter and we have many more -- many, many more in the pipeline. Approximately 39% of 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 plan are benefitting their businesses. Now, while we spent $3.5 billion on CapEx this quarter, the $2.8 billion shown in the cash flow statement is lower simply as a result of timing of payments.

我們在本季度簽署了幾項大型交易，並且還有更多的交易正在籌備中。預計未來 12 個月內，RPO 總額的約 39% 將確認為收入。這反映了客戶希望獲得更大合約的成長趨勢，因為他們親眼目睹了 Oracle 雲端服務計劃如何使他們的業務受益。現在，雖然我們本季的資本支出為 35 億美元，但現金流量表中顯示的 28 億美元較低，僅是由於付款時間的原因。

We are working as quickly as we can to get cloud capacity built out given the enormity of our backlog and pipeline. At this moment, we have 76 customer-facing cloud regions live with 47 public cloud regions around the world, and another 19 being built. We have 11 database at Azure sites live and more locations with Microsoft coming online soon.

考慮到我們積壓的工作和管道數量龐大，我們正在盡快建立雲端容量。目前，我們在全球擁有 76 個面向客戶的雲端區域和 47 個公有雲區域，另有 19 個正在建置中。我們在 Azure 網站上擁有 11 個資料庫，而 Microsoft 的更多位置即將上線。

We will have 12 Oracle Database at Google Cloud sites live this year. We also have 13 dedicated regions live and 15 more planned. We have several national security regions and EU sovereign regions live with increasing demand for more of each.

今年，我們將在 Google Cloud 網站上線 12 個 Oracle 資料庫。我們還擁有 13 個專用區域，並計劃新增 15 個。我們有幾個國家安全區域，歐盟主權區域的需求也日益增加。

And finally, we already have two Alloy cloud regions live with 11 more planned. Of course, we also have many, many, many cloud customer installations as I mentioned earlier, the sizing and flexibility and -- the size and flexibility and deployment optionality of our cloud regions continues to be incredible -- incredibly advantageous for us in the marketplace.

最後，我們已經有兩個 Alloy 雲區域上線，並且計劃再增加 11 個。當然，正如我之前提到的，我們也有很多很多的雲端客戶安裝，我們的雲端區域的規模和靈活性以及部署可選性仍然令人難以置信，這對我們在市場上來說是非常有利的。

This quarter, we purchased 1.25 million shares for a total of $150 million. In addition, we paid out dividends of $4.4 billion over the last 12 months, and the Board of Directors today declared a dividend of $0.40 per share.

本季度，我們購買了 125 萬股，總計 1.5 億美元。此外，我們在過去 12 個月內支付了 44 億美元的股息，董事會今天宣布每股股息 0.40 美元。

Before I discuss my guidance for Q1 and fiscal 2025, I do just want you to have a couple of notes. The first is that in Q4, we decided to exit the advertising business, which had declined to about $300 million in revenue in fiscal year '24. Also, I will no longer be breaking out the Cerner business in my results. And even though it will begin to grow modestly throughout the year in both revenue and operating margin, it's not necessary to break it out anymore and -- because it is now operating in a growth mode.

在我討論第一季和 2025 財年的指導之前，我確實想讓您了解幾點。首先，在第四季度，我們決定退出廣告業務，該業務的收入在 2024 財年已下降至約 3 億美元。此外，我將不再在我的業績中單獨列出 Cerner 業務。儘管全年其收入和營業利潤率都會開始小幅成長，但沒有必要再將其單獨列出——因為它現在正處於成長模式。

Now to guidance. Throughout fiscal year 2025, I expect continued strong cloud demand to push Oracle sales and RPO even higher and result in double-digit revenue growth this fiscal year. I also expect that each successive quarter should grow faster than the previous quarter as OCI capacity increases to meet demand.

現在來指導。在整個 2025 財年，我預期持續強勁的雲端需求將推動 Oracle 的銷售額和 RPO 進一步提升，並導致本財年的營收達到兩位數成長。我還預計，隨著 OCI 產能增加以滿足需求，每個季度的成長速度都應該比上一季更快。

We believe our momentum, our current momentum will continue as our pipeline is growing even faster than bookings and our win rates are going higher as well. I expect fiscal year '25 Cloud Infrastructure services to grow faster than the 50% we reported this year. CapEx In fiscal year '25 will probably be double what it is in fiscal year '24 -- what it was in fiscal year '24.

我們相信，我們的勢頭，我們目前的勢頭將會持續下去，因為我們的頻道成長速度甚至比預訂速度更快，而且我們的贏率也在不斷提高。我預計 25 財年的雲端基礎設施服務成長速度將超過我們今年報告的 50%。25 財年的資本支出很可能是 24 財年的兩倍──也就是 24 財年的兩倍。

Okay. Beyond this fiscal year, I remain firmly committed to our fiscal year '26 financial goals for revenue, operating margins, and EPS growth. However, given our strong bookings results, I believe some of these goals might prove to be too conservative given our momentum. We are going to provide you a more fulsome update on all of this at the Financial Analyst Meeting at Oracle Cloud World in Las Vegas in September.

好的。除了本財年之外，我仍將堅定地致力於實現我們 26 財年的營收、營業利潤率和每股盈餘成長等財務目標。然而，考慮到我們強勁的預訂業績，我認為其中一些目標可能因我們的發展勢頭而顯得過於保守。我們將於 9 月在拉斯維加斯舉行的 Oracle Cloud World 財務分析師會議上為您提供有關所有這些內容的更全面的更新。

Okay. Let me now turn to my guidance for Q1, which I'll review on a non-GAAP basis. Now if currency exchange rates remain the same as they are now, currency should have a negative 1% effect on my revenue and either $0.01 or $0.02 negative on EPS in Q1. However, as you all know, actual currency impact may be more or less; I just can't get that now.

好的。現在讓我談談我對第一季的指導，我將以非 GAAP 為基礎進行審查。現在，如果貨幣匯率保持不變，貨幣將對我的收入產生負 1% 的影響，並對第一季的每股收益產生負 0.01 美元或 0.02 美元的影響。然而，眾所周知，實際的貨幣影響可能更大或更小；我現在就是不明白。

Total revenue for Q1 are expected to grow from 6% to 8% in constant currency and using the currency situation as it is now, they're expected to grow from 5% to 7% in USD. Total cloud revenue is expected to grow from 21% to 23% in constant currency and 20% to 22% in USD. Non-GAAP EPS is expected to grow between 11% to 15% and be between $1.33 and $1.37 in constant currency.

預計第一季總營收以固定匯率計算將成長 6% 至 8%，以目前的匯率狀況，以美元計算將成長 5% 至 7%。預計雲端運算總收入以固定匯率計算將成長 21% 至 23%，以美元計算將成長 20% 至 22%。非公認會計準則每股收益預計將成長 11% 至 15%，以固定匯率計算將介於 1.33 美元至 1.37 美元之間。

Non-GAAP EPS is expected to grow between 10% to 14% and be between USD1.31 and USD1.35, but this time in USD. My EPS guidance for Q1 assumes a base tax rate of 20%. And as always, one-time tax events could cause the actual tax rates to vary from my guidance.

非 GAAP EPS 預計將成長 10% 至 14%，介於 1.31 美元至 1.35 美元之間，但這次是以美元計算。我對第一季的每股盈餘預測假設基準稅率為 20%。像往常一樣，一次性稅收事件可能會導致實際稅率與我的指導不同。

Okay. I know that was long. But with that, let me turn it to Larry for his comments.

好的。我知道那很長。但說到這裡，請允許我向拉里徵求他的意見。

Thank you, Safra. I'm going to start by repeating something Safra said. In Q4, Oracle's company-wide RPO increased 44% to $98 billion. In AI alone, we signed contracts with 30 different customers for $12.5 billion in new AI business. These astonishing RPO numbers 44% and $98 billion were driven by massive increases in sales of Oracle Cloud Infrastructure, OCI.

謝謝你，薩弗拉。首先我要重複一下薩夫拉說過的話。第四季度，Oracle 全公司的 RPO 成長了 44%，達到 980 億美元。光是在人工智慧領域，我們就與 30 個不同的客戶簽訂了價值 125 億美元的新人工智慧業務合約。這些驚人的 RPO 數字（44% 和 980 億美元）是由 Oracle 雲端基礎架構 (OCI) 銷售額的大幅成長所推動的。

So who are the companies choosing to use Oracle Cloud Services and Oracle data centers? Well, here are a few names: NVIDIA, Microsoft, Google, xAI, OpenAI, Cohere, and dozens more. In other words, the world's largest cloud companies and the world's most successful and accomplished AI companies choose to use Oracle Cloud services and data centers.

那麼，哪些公司選擇使用 Oracle 雲端服務和 Oracle 資料中心呢？嗯，這裡有幾個名字：NVIDIA、微軟、Google、xAI、OpenAI、Cohere 等等。換句話說，世界上最大的雲端公司和世界上最成功、最有成就的人工智慧公司選擇使用 Oracle 雲端服務和資料中心。

So why are they working with Oracle? Because Oracle's Gen 2 Cloud Infrastructure is different. OCI's (inaudible) main network moves data much faster. And when you charge by the minute, faster also means less expensive. OCI trains large language models several times faster and at a fraction of the cost of other clouds.

那他們為什麼要與 Oracle 合作呢？因為 Oracle 的第二代雲端基礎架構有所不同。OCI（聽不清楚）的主網路傳輸資料的速度更快。當您按分鐘收費時，更快也意味著更便宜。OCI 訓練大型語言模式的速度比其它雲快幾倍，而且成本只是其一小部分。

OCI's critical cloud software, the operating system and the database are fully autonomous. At OCI, human beings do not run the operating system or the database. Autonomous software robots do. No one else has this level of autonomy in the cloud. Eliminating human labor eliminates human error. Almost all cloud security breaches begin with human error, eliminating the possibility of human error is the only way to make certain your cloud data is not stolen.

OCI 的關鍵雲端軟體、作業系統和資料庫是完全自主的。在 OCI，人類並不會運行作業系統或資料庫。自主軟體機器人可以做到。沒有其他人在雲端中擁有這種程度的自主權。消除人工就消除了人為錯誤。幾乎所有的雲端安全漏洞都是由人為錯誤開始的，消除人為錯誤的可能性是確保您的雲端資料不被盜的唯一方法。

That's it. The most important technology companies in the world are using OCI because it's faster, less expensive, and more secure. Easy to say, not easy to do. Back to you, Ken.

就是這樣。世界上最重要的科技公司正在使用 OCI，因為它更快、更便宜、更安全。說起來容易做起來不容易。回到你身邊，肯。

Thank you, Larry. Krista, if you could please poll the audience for questions. We'll begin the Q&A portion of the call.

謝謝你，拉里。克里斯塔，請你向觀眾提問。我們將開始電話會議的問答部分。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you. Congrats from me. These are very impressive numbers. Safra, can you try to help us bridge the strong RPO number and how we need to think about feeding that into revenue? Is that just the capacity function? Or is there anything on the customer side that you need to deliver or the technology side you need to deliver? Just help us to bridge the gap on those. Thank you.

完美的。謝謝。我向你表示祝賀。這些數字非常令人印象深刻。Safra，您能否嘗試幫助我們彌補強大的 RPO 數字以及我們需要如何考慮將其轉化為收入？那隻是容量函數嗎？或者您需要在客戶端或技術端交付什麼？只需幫助我們彌合這些差距即可。謝謝。

It's all about capacity. It is -- as we bring the capacity online, wherever it's going online around the world is when those workloads are coming over. A lot of the engineering work is done in advance so that those customers know how they can operate.

一切都與容量有關。是的——當我們將容量上線時，無論它在世界何處上線，這些工作負載都會隨之而來。許多工程工作都是提前完成的，以便客戶知道如何操作。

They bring smaller workloads, but the bigger workloads, they're just waiting for us to go online and make it available to them. It is really that level. We are scheduling them on our availability. And, as I mentioned, our pipeline to take more deals is all about us just getting the capacity up and live and moving forward.

他們帶來的工作量較小，但更大的工作量，他們只是在等待我們上線並提供給他們。確實就是那個水平。我們正在根據自己的時間表。而且，正如我所提到的，我們達成更多交易的管道只是為了提高產能、保持活力並向前邁進。

So it's just a mechanical problem in a way.

所以從某種程度上來說這只是一個機械問題。

Yeah. Well, it's not a problem. It's just the schedule. As things come online, as the data centers go live, or as we deliver the computers, they're just getting -- it's just very straightforward. There's no magic here. These customers have done a lot of the analysis and the engineering in advance and have tested us or competed us against our competitors and have chosen us very -- already understanding how we work, and they're just waiting for us to give them more capacity.

是的。嗯，沒問題。這只是時間表。隨著事物上線，隨著數據中心投入使用，或者隨著我們交付計算機，他們就會得到 - 這非常簡單。這裡沒有什麼魔法。這些客戶已經提前做了大量的分析和工程設計，對我們進行了測試或與我們的競爭對手進行了競爭，並且非常了解我們的工作方式而選擇了我們，他們只是在等待我們為他們提供更多的容量。

Good. Very good. Thank you.

好的。非常好。謝謝。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you very much and congrats from me as well. Larry, it's great to see the amazing momentum in OCI, especially given it's a competitive market and the leading names in AI are coming to you, wanting to partner with Oracle. Can you talk about the innovation road map for OCI and your AI services in particular? And why we should expect Oracle to keep on winning not just today, but over the next several years to come in this market?

偉大的。非常感謝您，我也向您表示祝賀。拉里，很高興看到 OCI 的驚人發展勢頭，特別是考慮到這是一個競爭激烈的市場，而且人工智慧領域的領先企業紛紛向你尋求與甲骨文的合作。您能談談 OCI 的創新路線圖以及您的 AI 服務嗎？為什麼我們應該期望 Oracle 不僅在今天，而且在未來幾年內繼續在這個市場上獲勝？

Okay. Well, I think in OCI, we've talked for a while about our ability to build very small data centers, one you could put in a shipper, a submarine, or a full cloud, a full Oracle Cloud, we will soon have in six standard half racks to go into a conventional data center.

好的。嗯，我認為在 OCI，我們已經討論了一段時間我們建立非常小型的資料中心的能力，你可以把它放在托運人、潛水艇或完整的雲端中，一個完整的 Oracle 雲端中，我們很快就會有六個標準的半機架進入傳統的資料中心。

So virtually any one of our customers could choose to have the full Oracle Cloud in their data center with every service, every service in the cloud. And they could scale that up quite extraordinarily large. So we talk about the fact that we can start very small and that's a huge difference between us and our competitors. So we can actually put it again customer by customer, small countries, we can do.

因此，實際上我們的任何一位客戶都可以選擇在其資料中心內使用完整的 Oracle Cloud，其中包含雲端中的每項服務。而且他們可以將其擴大到相當大的規模。因此，我們談論的事實是，我們可以從小處著手，這是我們與競爭對手之間的巨大差異。因此，我們實際上可以再次逐一客戶地進行操作，對於小國來說，我們可以這樣做。

What we haven't talked so much about is we're also building the largest data centers in the world. We talked about -- I think we talked briefly about one last call, where we can park -- it's a 70-megawatt data center where we can park eight 747s nose to tail in the data center. It's a huge AI training data center.

我們還沒有談論太多的是，我們還在建立世界上最大的資料中心。我們談到了——我想我們簡要討論了最後一次通話，我們可以在哪裡停車——這是一個 70 兆瓦的數據中心，我們可以將八架 747 飛機首尾相連地停放在數據中心。這是一個巨大的人工智慧訓練資料中心。

Well, we're also building a 200-megawatt data center. In fact, this past quarter, we sold about half of that data center for the -- for a period of time. So we're now bringing 200-megawatt data centers online. So we are literally building the smallest, most portable, most affordable cloud data centers all the way up to 200-megawatt data centers ideal for training very large language models and keeping them up to date.

嗯，我們還在建造一個 200 兆瓦的資料中心。事實上，上個季度，我們出售了該資料中心大約一半的股份。因此我們現在正在上線 200 兆瓦的資料中心。因此，我們實際上正在建立最小、最便攜、最實惠的雲端資料中心，直至 200 兆瓦的資料中心，非常適合訓練非常大的語言模型並使其保持最新。

This AI race is going to go on for a long time. It's not a matter of getting ahead, just simply getting ahead in AI, but you also have to keep your model current. And that's going to take larger and larger data centers. And some of the data centers we have -- that we're planning are actually even bigger. There -- some are getting very close to our there, say, 1 gigawatt, which is a pretty good-sized city or one enormous AI cloud training data center.

這場人工智慧競賽將會持續很長一段時間。這不是取得進步的問題，只是在人工智慧領域取得進步，但你也必須讓你的模型保持最新。而這將需要越來越大的資料中心。我們正在規劃的一些資料中心實際上甚至更大。有些已經非常接近我們的水平，例如 1 千兆瓦，這是一個相當大的城市或一個巨大的人工智慧雲端訓練資料中心。

No one else can span this range. And in every case, we have unbelievably fast networks that are part of this. The data centers we're building include the power plants and the transmission of the power directly into the data center and liquid cooling. And because these modern data centers are moving from air cooled to liquid cooled, and you have to engineer them from scratch.

沒有人能夠跨越這個範圍。在每種情況下，我們都擁有速度快得令人難以置信的網路。我們正在建造的資料中心包括發電廠、電力直接傳輸到資料中心以及液體冷卻。由於這些現代資料中心正在從風冷轉向液冷，因此您必須從頭開始設計它們。

And that's what we've been doing for some time. And that's what we'll continue to do. And currently, we are leading the pack and being able to deliver that quality and that scale of data center.

這正是我們一段時間以來一直在做的事情。我們將繼續這樣做。目前，我們處於領先地位，能夠提供這種品質和規模的資料中心。

Amazing. Thank you so much, Larry.

驚人的。非常感謝，拉里。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank you. Larry and Safra, it's impressive to see how fast you ramped OCI as you're now available in 11 data centers. And then now with this Google partners, we'll have Oracle Database at Google Cloud. So I have two questions: one is, as you embark on offering this multi-cloud flexibility to customer, when can we see a similar partnership with AWS? And second is, how should we think about these partners is helping your customers migrate their on-prem Oracle workloads to cloud?

謝謝。拉里和薩夫拉，看到你們如此快速地提升 OCI 令人印象深刻，因為現在你們已經在 11 個資料中心提供服務。現在，透過與 Google 合作夥伴的合作，我們將在 Google Cloud 上擁有 Oracle 資料庫。所以我有兩個問題：一是，當您開始向客戶提供這種多雲彈性時，我們何時可以看到與 AWS 的類似合作關係？其次，我們應該如何看待這些合作夥伴來幫助您的客戶將其本地 Oracle 工作負載遷移到雲端？

I don't know, Larry, you wanted (multiple speakers)

我不知道，拉里，你想要（多位發言者）

No. I could start. Well, we believe in giving customers choice. And customers want choice. Customers are using multiple clouds, not only infrastructure cloud, but they might have Salesforce applications or Workday applications. They use multiple cloud in their business right now.

不。我可以開始了。嗯，我們相信應該給顧客選擇。而客戶則想要選擇。客戶正在使用多個雲，不僅是基礎架構雲，可能還有 Salesforce 應用程式或 Workday 應用程式。他們現在在業務中使用多種雲端。

So it's very important, we think, that these -- that all the clouds become interconnected. So we're thrilled to have the connection with Microsoft and be building OCI data centers inside of it -- right inside of Azure. So the computers are next to each other to minimize network costs and network latency, which is all good things.

因此，我們認為，讓所有雲端相互連接非常重要。因此，我們很高興能與微軟建立聯繫並在其中建立 OCI 資料中心——就在 Azure 內部。因此，電腦彼此相鄰，以最大限度地降低網路成本和網路延遲，這都是好事。

We're doing the same thing with Google. We would love to do the same thing with AWS. We think we should be interconnected to everybody. And that's what we're attempting to do in our multi-cloud strategy. I think that's what customers want. So I'm optimistic that's the way the world will settle out.

我們正在與谷歌做同樣的事情。我們很樂意利用 AWS 做同樣的事情。我們認為我們應該與每個人互聯互通。這就是我們在多雲策略中嘗試做的事情。我認為這就是顧客想要的。因此我樂觀地認為世界將會以這種方式安定下來。

We'll get rid of these fees for moving data from cloud to cloud and all the clouds will be interconnected, and customers can pick their favorite service from their favorite cloud and mix and match whatever they want to use and do it easily and seamlessly.

我們將取消將資料從雲端移動到雲端的費用，並且所有雲端都將互連，客戶可以從他們最喜歡的雲端中選擇他們最喜歡的服務，並混合搭配他們想要使用的任何內容，並且輕鬆無縫地完成。

Yeah.

是的。

Thank you.

謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey, guys. Thanks for taking the question. I wanted to dive a bit deeper on just precisely how many deployment models you guys are offering for OCI because it feels as though that is getting particularly differentiated as we start to think of sovereign cloud, GovCloud, more private cloud, given the conservative posture for AI and data privacy.

嘿，大家好。感謝您回答這個問題。我想更深入地了解你們為 OCI 提供了多少種部署模型，因為當我們開始考慮主權雲、GovCloud、更多私有雲時，考慮到對人工智慧和資料隱私的保守態度，感覺這些模型變得特別有差異。

So how do we think about how much of an advantage that is providing in sales cycles? And maybe in that massive $30 billion-plus in the second half RPO, but also just comment on the magnitude of that opportunity going forward.

那麼我們如何看待這在銷售週期中提供多大的優勢呢？也許下半年的 RPO 規模將超過 300 億美元，但也只是對未來這一機會的規模進行評論。

I'm going to take a swing at this one. We can -- every medium-sized on-premise customer that Oracle has could have a private -- full Oracle Cloud where they have no neighbors. They are the only user of that Oracle Cloud, and we can install that in their existing data centers. Nobody else can do that. You have to move to the public cloud.

我要嘗試這個。我們可以——Oracle 的每個中型本地客戶都可以擁有一個私人的——完整的 Oracle 雲，在那裡他們沒有鄰居。他們是 Oracle Cloud 的唯一用戶，我們可以在他們現有的資料中心安裝它。沒有人能做到這一點。您必須遷移到公有雲。

Now we have public cloud, we have a lot of public cloud regions. We love the public cloud. But if you're very conservative and you want to absolutely maximize security and that's important to you, we can put in a cloud, a full Oracle Cloud, and we run it. We pay for the -- again, it's an Oracle region. We put in Oracle Cloud region and let me just make up a name.

現在我們有了公有雲，我們有很多公有雲區域。我們喜歡公有雲。但如果你非常保守，並且想要最大限度地提高安全性，而且這對你來說很重要，我們可以引入雲，一個完整的 Oracle 雲，然後我們來運行它。我們付錢——再次強調，這是一個 Oracle 區域。我們放入 Oracle Cloud 區域，讓我隨便取個名字。

Samsung, we could build a cloud region for Samsung. In fact, two cloud regions is for Samsung. We could do two cloud regions making up names, General Motors, Ford, anybody, any company. Those are pretty big companies, but much smaller companies as well.

三星，我們可以為三星建立一個雲端區域。事實上，兩個雲端區域是針對三星的。我們可以用兩個雲端區域來命名，通用汽車、福特、任何人、任何公司。這些都是相當大的公司，但也有小得多的公司。

So we're the only ones that give you an option to have the full capability of a public cloud run by Oracle, all of our services, every single one of our services. You don't pay for the hardware, you just pay for what you use, put that model directly on your premises, and you can use it, and no one else is in that cloud.

因此，我們是唯一為您提供由 Oracle 運行的公有雲的全部功能、我們所有的服務、我們的每項服務的選擇。您無需為硬體付費，只需為您使用的內容付費，將該模型直接放在您的場所，您就可以使用它，而沒有其他人在該雲端。

We can do that. No one else can do it. We can put them on ships and on submarines, no one else can do it because we can start very, very small. All Oracle Clouds are identical, except for scale. All Oracle Clouds have all Oracle services. All Oracle Clouds are fully automated because they're identical. They're fully automated.

我們可以做到。沒有人能做到這一點。我們可以將它們放在船舶和潛艇上，沒有其他人可以做到這一點，因為我們可以從非常小的規模開始。除規模外，所有 Oracle 雲端都是相同的。所有 Oracle 雲端都擁有所有 Oracle 服務。所有 Oracle 雲端都是完全自動化的，因為它們是相同的。它們是全自動的。

So one of the reasons we took a little bit longer to get our cloud out was because we built something quite different than what our competitors have. And that allows us to go from very small to very large, using the same automation software. I think some of our competitors, they're large data centers, some are quite different than other data centers.

因此，我們花費更長時間推出雲端運算的原因之一是，我們建構的東西與競爭對手的完全不同。這樣，我們就可以使用相同的自動化軟體，從非常小規模發展到非常大規模。我認為我們的一些競爭對手是大型資料中心，有些與其他資料中心有很大不同。

They might have different -- some services might be available on some data centers and not in others. They're not -- they did a very different approach to what we did. We had the advantage of seeing what all the other guys did and we took a different road. It took us a bit longer, but we think we're better off in terms of security.

它們可能有所不同——某些服務可能在某些資料中心可用，而在其他資料中心不可用。他們不是——他們採取了與我們截然不同的方法。我們的優勢在於能夠看到其他人的做法，而我們採取了不同的道路。雖然我們花的時間更長一些，但我們認為在安全性方面我們做得更好了。

We're better off in terms of scalability. By the way, that means the ability to go down in size and up in size. It allows us to get to every corner of the globe and provide a level of privacy for your data that other cloud providers cannot provide.

我們在可擴展性方面表現得更好。順便說一句，這意味著尺寸可以縮小或增大。它使我們能夠到達全球的每個角落，並為您的資料提供其他雲端提供者無法提供的隱私等級。

Yeah. And because, as Larry said, because whatever the deployment model is, you don't have to compromise. Some of our competitors may offer some level of sovereignty or some level of disconnected, but they don't actually have all the services. For us, and the reason we've been so successful is whether it's disconnected or sovereign or whatever it is, the customer always gets everything all services, not just some services.

是的。正如拉里所說，無論部署模型是什麼，您都不必妥協。我們的一些競爭對手可能會提供一定程度的主權或一定程度的斷開連接，但他們實際上並沒有提供所有服務。對我們來說，我們之所以如此成功，是因為無論是斷開連線還是主權服務還是其他什麼，客戶總是可以獲得所有服務，而不僅僅是某些服務。

And they get to deploy it any way they want, and they get the security or the regulatory requirements. Sovereignty may be very critical. And for most governments, they don't want their data in the public cloud out and about. They want to have it sovereign to their country. And so no compromises, no compromises on the services and no compromises on security.

他們可以按照自己想要的任何方式進行部署，並獲得安全性或監管要求。主權可能非常關鍵。對大多數政府來說，他們不希望自己的資料在公有雲中被洩露。他們希望這個國家擁有主權。因此，不妥協，不妥協服務，不妥協安全。

It also sounds like you guys have a better price in most cases.

聽起來在大多數情況下你們的價格更優惠。

Oh, much.

噢，太多了。

So thanks, again, and congrats on a good quarter.

再次感謝，並祝賀本季業績良好。

Much. Because we're so much faster, when you use our cloud, it is new. It's modern, but it also has technical advantages and so it runs your workload so much more quickly. And when you pay by the minute, the second, the hour, if your workload ends in 1/10 time, you pay a 1/10th the price. That's very hard to compete with.

很多。因為我們的速度非常快，所以當您使用我們的雲端時，它是全新的。它很現代，但也有技術優勢，因此它可以更快地運行您的工作負載。當您按分鐘、秒、小時付費時，如果您的工作量在 1/10 的時間內結束，您只需支付 1/10 的價格。這是很難競爭的。

One last comment -- maybe one last comment. The other thing is our cloud was designed not for hundreds of regions, but for thousands or possibly even tens of thousands of data centers and regions. That's the -- that's why we had to put in a high degree of automation. There is no way we could run these data centers manually.

最後一則評論——也許是最後一則評論。另一件事是，我們的雲端不是為數百個地區設計的，而是為數千個甚至數萬個資料中心和地區設計的。這就是我們必須實現高度自動化的原因。我們無法手動運行這些資料中心。

There are too many of them, and we're building them to do fast. We couldn't hire people fast enough and train people fast enough. And the risk of them making a mistake, an error is the risk -- well, they start exposing our customers' data. So they are highly automated. It's a little bit like I apply to myself, and comparing it to the satellites that Elon Musk puts in the sky.

它們的數量太多了，我們正在快速建造它們。我們無法夠快地招募員工，也無法夠快地培訓員工。他們犯錯的風險，錯誤就是風險──他們開始洩漏我們客戶的資料。所以它們是高度自動化的。這有點像我應用於自己，並將其與伊隆馬斯克發射到天空的衛星進行比較。

StarLink has -- they're more -- he has more satellites than everyone else in the world combined because, again, it's a very different -- it's a satellite system, Starlink, that's designed for a very large number of satellites that are highly automated. And same model lots and lots of them, 100% or nearly 100% automation to run these clouds.

StarLink 擁有——它們更多——它擁有的衛星比世界上其他所有人加起來的還要多，因為，再說一次，它非常不同——它是一個衛星系統，Starlink，專為大量高度自動化的衛星而設計。並且許多雲都採用相同的模型，以 100％ 或接近 100％ 的自動化來運行。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yes. Thanks very much and I'll echo the congrats on the cloud momentum. Larry, Safra, I was wondering if you could just expand a bit on the OpenAI announcement this afternoon. Just what that entails in terms of how you'll be working with them or Microsoft? Are there certain workloads they'll be working on with you directly? Can you just give us whatever additional color you can on that deal? Obviously, very excited. Thanks.

是的。非常感謝，我會對雲端運算的發展動能表示祝賀。拉里、薩弗拉，我想知道你們能否稍微詳細談談今天下午 OpenAI 的公告。就您與他們或微軟的合作方式而言，這意味著什麼？他們是否會直接與您合作處理某些工作量？您能否向我們提供關於該交易的更多詳細資訊？顯然，非常興奮。謝謝。

Well. Go ahead. No, you can. Go ahead.

出色地。前進。不，你可以。前進。

Okay. All right. Well, we're building a very, very large data center, very big -- about half of a huge data center. We're building for them, lots of NVIDIA chips, the new NVIDIA chips, the new NVIDIA interconnect, liquid cooled, and they're primarily for training. I mean node inference things. It's we're doing masses and masses of training.

好的。好的。嗯，我們正在建造一個非常非常大的資料中心，非常大——大約是一個大型資料中心的一半。我們正在為他們製造大量 NVIDIA 晶片、新型 NVIDIA 晶片、新型 NVIDIA 互連晶片、液冷晶片，它們主要用於訓練。我指的是節點推理的事情。我們正在進行大量的訓練。

And I don't know, that's what we're doing and the training goes beyond languages because now these systems are -- even the call -- even though they're called large language models, they really -- part -- the proper name is probably neural networks, they're neural networks, and they're trained not just with language, but masses of images as well.

我不知道，這就是我們正在做的事情，訓練超越了語言，因為現在這些系統——甚至被稱為——儘管它們被稱為大型語言模型，但它們實際上——部分——正確的名稱可能是神經網絡，它們是神經網絡，它們不僅用語言進行訓練，還用大量圖像進行訓練。

For example, Oracle is very involved with taking biopsy slides and using microscopes to read biopsy slides, recording those images, and then using AI to diagnose cancer from these biopsies. It's one of the projects we're working on the medical side of our business. And these large language models, strangely enough, are also looking at biopsies.

例如，Oracle 非常注重獲取活檢切片並使用顯微鏡讀取活檢切片、記錄這些影像，然後使用 AI 根據這些活檢診斷癌症。這是我們在業務醫療方面正在進行的項目之一。奇怪的是，這些大型語言模型也在研究切片。

They're not just reading things, language. They're also looking at images and interpreting images. So that is actually a bigger and more complicated problem than understanding language. That's what's so exciting about -- again, second time I mentioned Elon and an Elon company. Tesla is very close to getting full service driving authorized in China.

他們不只是閱讀事物，還有語言。他們也在觀察圖像並解釋圖像。所以這其實是一個比理解語言更大、更複雜的問題。這就是令人興奮的地方——我第二次提到了伊隆和伊隆的公司。特斯拉即將獲得中國全方位服務駕駛授權。

I'm not speaking at it. It's cool. I think the Chinese government is moving along the full self-driving -- full self-driving in China. In order to train a car to do full self-driving, you train it on vast amounts of images because the car has to look at these images and then decide what it's going to do next.

我不是說它。這很酷。我認為中國政府正在推動全面自動駕駛——中國的全面自動駕駛。為了訓練汽車實現完全自動駕駛，你需要用大量的圖像來訓練它，因為汽車必須查看這些圖像，然後決定下一步要做什麼。

That's what it does. It doesn't speak, it responds to what it sees. That's a very different problem than answering a question posed in any language. So everyone is going to be training their models on imaging. That's a huge amount of additional data. It's a huge amount of additional training and we're right in the middle of it.

這就是它的作用。它不會說話，它只是對所見之物做出反應。這與回答用任何語言提出的問題都是非常不同的問題。所以每個人都將對他們的成像模型進行訓練。這是大量的附加數據。這是大量的額外訓練，我們正處於其中。

Thank you.

謝謝。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

Thank you for taking my question. My question, I think, is for Safra. Safra, the IaaS revenue growth has been really impressive, and it has been for a while here, but perhaps even more so the last couple of quarters, especially is the backlog given its scale. And this may be somewhat of an obvious question for you, but it's based on my conversation with investors.

感謝您回答我的問題。我認為我的問題是針對薩夫拉的。Safra 表示，IaaS 營收成長確實令人印象深刻，而且這種勢頭已經持續了一段時間，但最近幾季可能更為明顯，尤其是考慮到其規模，積壓訂單也隨之增加。對您來說，這可能是一個顯而易見的問題，但這是基於我與投資者的對話。

There's two high-profile topics that I want to make sure we understand what the contribution has been today versus next year. And that's Oracle database at Azure and AI in general. We've heard a lot of conversation about the former when we speak to partners and customers in the field.

有兩個備受關注的主題，我想確保我們了解今天和明年的貢獻。這就是 Azure 和 AI 中的 Oracle 資料庫。當我們與該領域的合作夥伴和客戶交談時，我們聽到了很多關於前者的討論。

And you've spoken a lot about the latter today. So beyond conversation volume, can you talk a little bit more about what the contribution of these two topics has been to that impressive IaaS revenue growth in this quarter versus what we should expect that contribution to be in fiscal '25?

今天你已經談了很多關於後者的事情。那麼，除了對話量之外，您能否再多談談這兩個主題對本季度令人印象深刻的 IaaS 收入增長的貢獻以及我們預期 25 財年的貢獻？

Okay. I would tell you that both of them, both -- whether it's database at Azure or even the AI workloads as they come on board, they are all incremental to anything you saw so far in our revenues, okay? The database at Azure, those centers are just going live now. So even though we are selling quite a bit of ARR there, these are small and growing very, very fast.

好的。我想告訴你，無論是 Azure 的資料庫，還是加入的 AI 工作負載，它們都是我們迄今為止的收入的增量，好嗎？Azure 的資料庫，這些中心現在才剛上線。因此，儘管我們在那裡銷售了相當多的 ARR，但規模仍然很小，而且成長非常快。

So the revenue in Q4 of, let's say, Azure was very small. Q1 will be 10 times as much. Q2 will be potentially 30 times as much. So it is extremely incremental to our current run rate. By the way, that is also true to -- we've already -- we have revenue -- AI revenue so far. Yes, we do, and we've been announcing those.

因此，可以說 Azure 第四季的營收非常少。Q1將會是這個數字的10倍。Q2 可能會是這個數字的 30 倍。因此，它對我們目前的運行率而言具有極大的增量。順便說一句，這也是事實——我們已經——我們有收入——到目前為止的人工智慧收入。是的，我們有，而且我們已經宣布了這些。

These contracts that we are signing -- that we've signed at the end of Q3 and that are signed at the end of Q4 are so much larger in size that they will be incremental to everything you saw this past year, literally, incremental added by quite a bit. So it is going to be -- this is a very exciting time, obviously. And everything is incremental to what you've seen so far because it dwarfs it in many ways.

我們正在簽署的這些合約——我們在第三季末簽署的合約和在第四季末簽署的合約在規模上要大得多，它們將是你去年看到的所有合約的增量，確切地說，增量增加了相當多。所以這顯然將會是一個非常令人興奮的時刻。而且，與您目前所見的相比，一切都是漸進的，因為它在許多方面都使它相形見絀。

That is really clear, and it really speaks to, I think, what you started talking about a long time ago, especially a lot more publicly, geez, I don't know, the fall of '22, but thanks. That's really clear.

這確實很清楚，而且我認為它確實說明了你很久以前就開始談論的事情，尤其是公開談論的事情，天哪，我不知道，22 年秋天，但還是謝謝。這確實很清楚。

Thank you.

謝謝。

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

謝謝你，約翰。本次電話會議的電話回放將在投資者關係網站上提供 24 小時。感謝您今天加入我們。說完這些，我將把電話轉回給克里斯塔來結束演講。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，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。