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，我想把會議交給肯邦德。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，歡迎參加甲骨文第四季和 2024 財年財報電話會議。您可以從我們的投資者關係網站查看和下載新聞稿和財務表格的副本，其中包括 GAAP 與非 GAAP 調整表以及其他補充財務資訊。

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，投資者關係網站還提供了最近購買 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. As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates, or other information that might be considered forward-looking.

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。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。

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

在今天的討論中，我們將介紹一些與我們業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述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，我們鼓勵您查看我們最新的報告，包括我們的 10-K 和 10-Q 以及任何適用的修正案，以全面討論這些因素和可能影響我們未來業績或我們股票市場價格的其他風險。

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. 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。如您所知，甲骨文第四季因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，由於對大型語言模型訓練的巨大需求以及 OCI、Autonomous、Fusion 和 NetSuite 創紀錄的銷售水平，Oracle 簽署了歷史上最大的銷售合約。 RPO 為 980 億美元，比第三季增加 180 億美元，比去年的 680 億美元年增 44%。我們正在用一次性的、非經常性的許可證收入來換取來自多年雲端收入的更大的策略客戶承諾，我們預計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.

這正是我們一直以來的目標。這增強了我的信心，即我們的整體收入、利潤和現金流表現以及成長率只會變得更強並加速。簡而言之，第四季標誌著我們高成長的雲端業務全面崛起。

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.

現在我四年前開始談論這個轉折點，從那時起你就看到它繼續在我們的結果中發揮作用。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% 加快到了去年的 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，同期每股收益以 10% 的複合年增長率增長，而營運現金流和自由現金流（當然我們是在過去 12 個月的基礎上報告的）在四年前均下降了 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，正如結果清楚地表明的那樣，客戶對話現在絕對只集中在我們的雲端服務上。讓我給你們舉幾個例子。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。本季我們總共簽署了 30 多個人工智慧合同，價值超過 120 億美元，今年接近 170 億美元。

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，我們繼續擴展我們的工作，幫助企業使用我們的雲端應用程式產品組合來重塑他們的業務。舉個例子，一家非常大的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 實現運營轉型，使他們變得更加敏捷、增長更快、利潤更高。

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，在此過程中，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專注於業務流程重組的套件交易，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，我們再次宣布我們的業績，不僅是本季度的業績，而且是全年的業績，並提供指導，使我們比任何其他上市公司都更快遠射。我們能夠做到這一點是因為 Fusion 應用程序，這就是公司選擇 Fusion 的原因，我們優秀的團隊正在為他們指明道路。

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 立即在 10 個地區推出，我們將於 9 月在 Google Cloud 上推出 Oracle Database，客戶可以直接存取部署在 Google Cloud 資料中心的 OCI 上執行的 Oracle 資料庫服務。

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.

那麼是什麼推動了這一點呢？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。客戶已經從最初對 Oracle 雲端的好奇心發展到全面部署。我們擁有所有供應商中最安全、最完整且最具成本效益的企業應用程式和基礎架構雲端技術集。

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，而且還提供靈活的部署模型，例如公有雲、多雲、主權雲、專用雲或客戶要求我們提供的任何其他方式。

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，Oracle 合作夥伴可以成為雲端供應商，與 Oracle 雲端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，並完成我準備好的發言，說明這種優勢和勢頭將如何影響 25 財年及以後的財年。好的。那麼就讓我們開始吧。

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.

在第四季度，美元從我的第四季指引開始走強。因此，我們看到總收入受到 1% 的貨幣阻力，每股盈餘 (EPS) 受到 0.01 美元的貨幣阻力。像往常一樣，我將使用恆定的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.

雲端總營收（即 SaaS 加 IaaS（不包括 Cerner））為 47 億美元，成長 23%；包括 Cerner 在內，雲端總營收成長 20%，達到 53 億美元； SaaS 營收達 33 億美元，成長 10%； IaaS 營收達到 20 億美元，比去年成長 77% 成長 42%。

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%.

本季的雲端服務和授權支援總額為 102 億美元，成長 10%，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。應用程式訂閱收入（包括產品支援）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%。包括許可證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63%。如果不是持續的供應限制，消費成長將會更高。包括資料庫授權支援在內的資料庫訂閱量成長了 6%，其中雲端資料庫服務成長了 26%，目前年收入達 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，隨著本地資料庫遷移到雲端，無論是直接遷移到 OCI 還是使用 Azure 資料庫或 Google Cloud 資料庫，我們預計這些雲端資料庫服務將成為繼 OCI 和策略步驟之後收入成長的第三條腿。與我們的策略方向一致並反映了客戶對雲端服務的偏好，軟體授權收入下降了 14% 至 18 億美元。總而言之，該季度的總收入為 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%。這是支援與雲混合的結果，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支出，以確保毛利率隨著我們規模的擴大而擴大。不過，到目前為止，雲端服務和許可證支持的毛利在第四季度增加了 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 GAAP 營業收入為 67 億美元，比去年成長 9%。隨著我們繼續提高業務效率，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。

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 稅率比我的指導值 20.1% 高出 1% 以上，非 GAAP 每股收益為 1.63 美元，GAAP 每股收益為 1.11 美元。提醒一下，去年的非 GAAP 稅率為 9.2%，這對本季的 EPS 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.

以固定匯率計算，非 GAAP 稅前收入成長 14%。所以你可以算出，如果去年的稅率與今年相同，淨收入將增長 14%，每股收益將增長 12%，以 CD 計算，以美元計算 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為 394 億美元，成長 11%，這完全是訂閱基礎，佔總收入的近四分之三。

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.

應用程式訂閱總收入成長 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——172 億美元。不包括 Cerner 在內的 SaaS 營收成長了 13%，達到 100 億美元——全年 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.

全年 IaaS 和雲端基礎設施收入成長 60%，達到 68 億美元，消費收入較去年成長 66%。全年非 GAAP 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，我們的剩餘履約義務或 RPO 目前為 980 億美元，按固定匯率計算增加了 44%。如果你好奇的話，不包括 Cerner 的部分增長了 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.

我們在本季簽署了幾筆大型交易，並且還有更多交易正在醞釀中。預計 RPO 總額的約 39% 將在未來 12 個月內確認為收入。這反映出越來越多的客戶希望獲得更大的合同，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，雖然本季我們在資本支出上花費了 35 億美元，但現金流量表中顯示的 28 億美元較低，這僅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.

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。目前，我們在全球擁有 76 個面向客戶的雲端區域，其中包括 47 個公有雲區域，另有 19 個正在建置中。我們在 Azure 網站上有 11 個資料庫，而 Microsoft 即將上線更多位置。

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 網站上運行 12 個 Oracle 資料庫。我們還有 13 個已上線的專用區域和另外 15 個正在規劃中的區域。我們有幾個國家安全區域和歐盟主權區域，對每個區域的需求都在增加。

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，我們已經擁有兩個 Alloy 雲端區域，並計劃再建 11 個。當然，正如我之前提到的，我們還有很多很多雲端客戶安裝，我們雲端區域的規模、靈活性和部署可選性仍然令人難以置信，這對我們在市場上的優勢非常有利。

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 萬股股票，總價值為 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，董事會今天宣布派發每股 0.40 美元的股息。

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.

在討論第一季和 2025 財年的指導之前，我只想讓您了解一些注意事項。首先是在第四季度，我們決定退出廣告業務，該業務在 24 財年的營收已下降至約 3 億美元。另外，我將不再在結果中單獨列出 Cerner 業務。儘管它的收入和營業利潤率將在全年開始溫和成長，但沒有必要再突破它——因為它現在正以成長模式運作。

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.

現在來指導一下。在整個 2025 財年，我預計持續強勁的雲端需求將推動 Oracle 銷售額和 RPO 更高，並導致本財年實現兩位數的營收成長。我還預計，隨著 OCI 產能的增加以滿足需求，連續每季的成長速度都將快於上一季。

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，我們目前的勢頭將繼續下去，因為我們的頻道成長速度甚至比預訂量還要快，而且我們的贏率也會更高。我預計 25 財年雲端基礎設施服務的成長速度將超過我們今年報告的 50%。 '25 財年的資本支出可能是 '24 財年的兩倍 - '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。在本財年之後，我仍然堅定地致力於實現 26 財年的營收、營業利益率和每股盈餘成長的財務目標。然而，鑑於我們強勁的預訂結果，我相信考慮到我們的勢頭，其中一些目標可能過於保守。我們將在 9 月在拉斯維加斯舉行的 Oracle Cloud World 金融分析師會議上為您提供有關所有這些內容的更全面的最新資訊。

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，我將在非公認會計原則的基礎上進行審查。現在，如果貨幣匯率保持不變，貨幣對我的收入應產生 1% 的負面影響，對第一季每股收益產生 0.01 美元或 0.02 美元的負面影響。但眾所周知，實際貨幣影響可能或多或少；我現在就是不懂。

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.

以固定匯率計算，第一季的總營收預計將從 6% 成長至 8%，以目前的貨幣狀況，以美元計算，預計將從 5% 成長至 7%。以固定匯率計算，雲端總收入預計將從 21% 成長到 23%，以美元計算將從 20% 成長到 22%。非 GAAP 每股盈餘預計將成長 11% 至 15%，以固定匯率計算將在 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 每股盈餘預計將成長 10% 至 14%，介於 1.31 美元至 1.35 美元之間，但這次以美元計算。我對第一季 EPS 的指導假設基本稅率為 20%。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。

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。但接下來，讓我請拉里徵求他的意見。

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。我首先要重複薩夫拉說過的話。第四季度，Oracle 全公司的 RPO 成長了 44%，達到 980 億美元。僅在人工智慧方面，我們就與 30 個不同的客戶簽署了價值 125 億美元的新人工智慧業務合約。這些驚人的 RPO 數字為 44% 和 980 億美元，這是由 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，這裡有一些名字：NVIDIA、微軟、Google、xAI、OpenAI、Cohere 等等。換句話說，全球最大的雲端公司和全球最成功、最有成就的人工智慧公司都選擇使用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的第二代雲端基礎設施是不同的。 OCI 的（聽不清楚）主網路傳輸資料的速度要快得多。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他雲端快幾倍，而成本只是其他雲端的一小部分。

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。沒有其他人在雲端中擁有這種程度的自主權。消除人工勞動就消除了人為錯誤。幾乎所有雲端安全漏洞都始於人為錯誤，消除人為錯誤的可能性是確保您的雲端資料不會被竊取的唯一方法。

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都在使用 OCI，因為它更快、更便宜且更安全。說起來容易，做起來卻不容易。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，如果可以的話請向觀眾提問。我們將開始通話的問答部分。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

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。來自我的祝賀。這些都是非常令人印象深刻的數字。 Safra，您能否嘗試幫助我們彌補強勁的 RPO 數字以及我們需要如何考慮將其轉化為收入？這只是容量函數嗎？或者您需要在客戶方面或技術方面提供什麼？只是幫助我們彌合這些差距。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。當我們將容量上線時，無論在世界各地什麼地方上線，這些工作負載都會過去。許多工程工作都是提前完成的，以便這些客戶知道如何操作。

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，但是更大的工作量，他們只是在等待我們上線並提供給他們。確實是這個水平。我們正在根據我們的空閒時間安排他們。而且，正如我所提到的，我們獲得更多交易的途徑就是提高產能、生存並向前發展。

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

所以在某種程度上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，這不是問題。這只是時間表。當事物上線時，當資料中心上線時，或當我們交付電腦時，他們就變得——這非常簡單。這裡沒有魔法。這些客戶提前進行了大量的分析和工程設計，並對我們進行了測試或與我們的競爭對手進行了競爭，並選擇了我們——已經了解我們的工作方式，他們只是在等待我們為他們提供更多的能力。

Good. Very good. Thank you.

好的。非常好。謝謝。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

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，也向我表示祝賀。 Larry，很高興看到 OCI 的驚人勢頭，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導者正在向您尋求，希望與 Oracle 合作。能談談 OCI 的創新路線圖，特別是你們的人工智慧服務嗎？為什麼我們應該期望甲骨文不僅在今天而且在未來幾年在這個市場上繼續獲勝？

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 中，我們已經討論了一段時間我們建立非常小型資料中心的能力，你可以將其放入托運人、潛水艇或完整的雲端、完整的 Oracle 雲端中，我們很快就會擁有六個標準半機架可​​進入傳統資料中心。

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，幾乎我們的任何一位客戶都可以選擇在其資料中心擁有完整的 Oracle 雲，其中包含雲端中的每項服務。他們可以將其規模擴大到非常大。因此，我們談論這樣一個事實：我們可以從小規模做起，這是我們與競爭對手之間的巨大區別。因此，我們實際上可以逐個客戶地重複一遍，小國家，我們可以做到。

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——我想我們簡要地談到了最後一個電話，我們可以停在哪裡——這是一個 70 兆瓦的數據中心，我們可以將八架 747 飛機並排停放在數據中心內。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，在上個季度，我們在一段時間內出售了大約一半的資料中心。因此，我們現在正在使 200 兆瓦的資料中心上線。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，一直到 200 兆瓦的資料中心，非常適合訓練超大型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。這不是取得領先的問題，只是在人工智慧方面取得領先，但你還必須保持你的模型最新。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更大。那裡——有些已經非常接近我們的那裡，比如說 1 吉瓦，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.

沒有其他人能夠跨越這個範圍。在每種情況下，我們都擁有令人難以置信的快速網路。我們正在建造的資料中心包括發電廠以及直接將電力傳輸到資料中心和液體冷卻。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.

這就是我們一段時間以來一直在做的事情。這就是我們將繼續做的事情。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。非常感謝你，拉里。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

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。 Larry 和 Safra，令人印象深刻的是，你們的 OCI 提升速度如此之快，因為你們現在在 11 個資料中心都可用。現在，透過 Google 合作夥伴，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靈活性時，我們什麼時候才能看到與 AWS 的類似合作夥伴關係？其次，我們應該如何看待這些合作夥伴正在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（多個發言者）

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。嗯，我們相信為客戶提供選擇。客戶想要選擇。客戶正在使用多個雲，不僅是基礎設施雲，而且他們可能擁有 Salesforce 應用程式或 Workday 應用程式。他們現在在業務中使用多個雲端。

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，所有雲端都相互關聯，這一點非常重要。因此，我們很高興能夠與 Microsoft 建立聯繫，並在其內部（就在 Azure 內部）建置 OCI 資料中心。因此，電腦彼此相鄰，可以最大限度地減少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。我們很樂意使用 AWS 做同樣的事情。我們認為我們應該與每個人相互聯繫。這就是我們在多雲策略中嘗試做的事情。我認為這就是客戶想要的。所以我樂觀地認為這就是世界最終解決的方式。

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.

我們將取消這些將資料從一個雲端轉移到另一個雲端的費用，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，並混合和匹配他們想要使用的任何服務，並輕鬆無縫地完成。

Yeah.

是的。

Thank you.

謝謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

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.

大家好。感謝您提出問題。我想更深入地了解你們為 OCI 提供了多少種部署模型，因為考慮到對 OCI 的保守態度，當我們開始考慮主權雲、GovCloud 和更多私有雲時，這種情況似乎變得特別不同。人工智慧和資料隱私。

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.

那麼我們如何考慮在銷售週期中提供了多大的優勢呢？也許在下半年 RPO 的 300 億美元以上的巨額資金中，但也只是評論一下未來機會的大小。

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——甲骨文擁有的每個中型本地客戶都可以擁有一個私有的——完整的甲骨文雲，他們沒有鄰居。他們是該 Oracle 雲端的唯一用戶，我們可以將其安裝在他們現有的資料中心中。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.

現在我們有公有雲，我們有很多公有雲區域。我們喜歡公有雲。但是，如果您非常保守，並且希望絕對最大限度地提高安全性，而這對您來說很重要，那麼我們可以放置一個雲，一個完整的 Oracle 雲，然後我們運行它。我們為——再說一次，這是一個 Oracle 區域付費。我們放入 Oracle Cloud 區域，讓我取個名字。

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，三星有兩個雲端區域。我們可以用兩個雲端區域組成名稱，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，我們是唯一能讓您選擇擁有 Oracle 運作的公有雲的全部功能、我們的所有服務、我們的每項服務的公司。您無需為硬體付費，只需為使用的內容付費，將該模型直接放在您的場所中，您就可以使用它，並且雲端中沒有其他人。

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.

我們能做到這一點。沒有人能做到這一點。我們可以把它們放在船隻和潛艇上，沒有其他人可以做到，因為我們可以從非常非常小的地方開始。除了規模之外，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。它們是完全自動化的。

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，我們花了更長的時間才推出雲端的原因之一是因為我們建造的東西與競爭對手的完全不同。這使我們能夠使用相同的自動化軟體從非常小到非常大。我認為我們的一些競爭對手，他們是大型資料中心，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，而在其他資料中心則不可用。他們不是——他們採取了與我們非常不同的方法。我們的優勢在於看到了其他人所做的事情，我們走了一條不同的路。我們花了更長的時間，但我們認為在安全方面我們的情況更好。

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做得更好。順便說一句，這意味著縮小和放大尺寸的能力。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。因為，正如拉里所說，因為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某種程度的主權或某種程度的斷開連接，但他們實際上並沒有擁有所有服務。對我們來說，我們如此成功的原因是，無論是斷開連接還是主權或其他什麼，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方式部署它，並且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，他們不希望公有雲中的資料外洩。他們希望將其主權歸於他們的國家。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也更好。

Oh, much.

哦，很多。

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

再次感謝，並恭喜本季表現良好。

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。因為我們的速度快得多，所以當您使用我們的雲端時，它就是新的。它很現代化，但也具有技術優勢，因此可以更快地運行您的工作負載。當你按分鐘、秒、小時付費時，如果你的工作量以 1/10 的時間結束，你就支付 1/10 的價格。這是很難與之競爭的。

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區域設計的，而是為數千甚至數萬個資料中心和區域設計的。這就是為什麼我們必須實現高度自動化。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.

它們太多了，我們正在建造它們以加快速度。我們無法足夠快地僱用人員和培訓人員。他們犯錯誤的風險，錯誤就是風險——好吧，他們開始暴露我們客戶的資料。所以它們是高度自動化的。這有點像我應用到自己身上，並將其與埃隆·馬斯克(Elon Musk)放在天空中的衛星進行比較。

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.

星鏈擁有——它們更多——他擁有的衛星比世界上其他所有人加起來還要多，因為，再一次，這是一個非常不同的——它是一個衛星系統，星鏈，是為大量衛星而設計的，這些衛星高度自動化。而且很多很多相同的模型，100% 或接近 100% 自動化地運行這些雲。

Kirk Materne, Evercore ISI.

柯克·馬特納，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，我也會對雲動力表示祝賀。 Larry、Safra，我想知道你們能否對今天下午的 OpenAI 公告進行一些擴展。您將如何與他們或 Microsoft 合作？他們是否會直接與您合作處理某些工作負載？您能為我們提供該交易中任何額外的顏色嗎？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——大約是一個巨大資料中心的一半。我們正在為他們建立大量 NVIDIA 晶片、新的 NVIDIA 晶片、新的 NVIDIA 互連、液冷，它們主要用於訓練。我的意思是節點推理的事情。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——甚至是呼叫——即使它們被稱為大型語言模型，它們確實——部分——正確的名稱可能是神經網絡，它們是神經網絡，它們不僅接受語言訓練，還接受大量圖像訓練。

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 積極參與獲取活檢切片並使用顯微鏡讀取活檢切片、記錄這些影像，然後使用人工智慧從這些活檢中診斷癌症。這是我們在醫療方面開展的業務項目之一。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.

他們不只是閱讀東西、語言。他們還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——我再次提到伊隆和伊隆公司。特斯拉非常接近在中國獲得全面服務駕駛授權。

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沿著完全自動駕駛的方向前進——在中國實現完全自動駕駛。為了訓練汽車進行完全自動駕駛，您需要使用大量圖像來訓練它，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，只會對所看到的做出反應。這與回答用任何語言提出的問題是一個非常不同的問題。所以每個人都會在成像方面訓練他們的模型。這是大量的額外數據。這是大量的額外培訓，而我們正處於其中。

Thank you.

謝謝。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

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。我想我的問題是針對薩夫拉的。 Safra，IaaS 營收成長確實令人印象深刻，而且這種成長已經有一段時間了，但在過去幾個季度可能更是如此，尤其是考慮到其規模而積壓的情況。這對你來說可能是一個顯而易見的問題，但它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.

我想確保我們了解兩個備受矚目的主題，即今天與明年的貢獻是什麼。這就是 Azure 上的 Oracle 資料庫和一般的 AI。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。因此，除了討論量之外，您能否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對 25 財年的預期貢獻？

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 的資料庫還是人工智慧工作負載，它們都比你迄今為止在我們的收入中看到的任何內容都增加，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，但這些 ARR 規模很小，而且成長非常非常快。

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，Azure 在第四季的營收非常小。 Q1 將是原來的 10 倍。第二季可能會是這個數字的 30 倍。因此，它對我們目前的運行率來說是極大的增量。順便說一句，到目前為止，我們已經有收入了，人工智慧收入也是如此。是的，我們這樣做，並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和第四季度末簽署的合約的規模要大得多，以至於它們將是您去年看到的所有內容的增量，從字面上看，是增量添加的相當多。所以，顯然，這是一個非常令人興奮的時刻。一切都比你迄今為止所看到的有所增加，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.

這真的很清楚，我認為它確實說明了您很久以前就開始談論的內容，尤其是更公開的內容，天哪，我不知道，22 年秋天，但謝謝。這真的很清楚。

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。投資者關係網站將 24 小時提供本次電話會議的電話重播。感謝您今天加入我們。然後，我會將電話轉回給克里斯塔以結束。

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。