甲骨文 (ORCL) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Oracle Corporation second quarter, fiscal year 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待並歡迎參加 Oracle 公司 2025 財年第二季財報電話會議。 （操作員說明）

Thank you. I'd now like to turn the call over to Ken Bond head of Investor relations. You may begin.

謝謝。我現在想將電話轉給投資者關係主管肯·邦德 (Ken Bond)。你可以開始了。

Thank you, Rob. And good afternoon, everyone and welcome to Oracle's second quarter fiscal year 2025 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，羅布。大家下午好，歡迎參加甲骨文 2025 財年第二季財報電話會議。您可以從我們的投資者關係網站查看和下載新聞稿和財務表格的副本，其中包括 GAAP 與非 GAAP 調整表以及其他補充財務資訊。

Additionally, a list of many customers who purchased Oracle Cloud services or went live on Oracle Cloud recently will be available from our investor relations website as well.

此外，我們的投資者關係網站還提供了許多最近購買 Oracle 雲端服務或上線 Oracle 雲端的客戶的清單。

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

今天參加電話會議的是董事長兼技術長 Larry Ellison；和執行長薩弗拉·卡茨。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will present some important factors relating to our business which may potentially affect these forward-looking statements.

提醒一下，今天的討論將包括前瞻性陳述，包括預測、期望、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將介紹一些與我們業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。

And these forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today. As a result, we caution you from 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 complete discussion of these factors and other risks that may affect our future results or the market price of our stock.

這些前瞻性陳述也受到風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。因此，我們提醒您不要過度依賴這些前瞻性陳述，並鼓勵您查看我們最新的報告，包括我們的 10-K 和 10-Q 以及任何適用的修正案，以全面討論這些因素和其他風險。影響我們未來的業績或我們股票的市場價格。

And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Before taking questions, we'll begin with a few prepared remarks.

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。在回答問題之前，我們將先做一些準備好的評論。

And with that, I'd like to turn the call over to Safra.

說到這裡，我想把電話轉給薩夫拉。

Thanks Ken, and good afternoon, everyone. Q2 was another excellent quarter with total revenue at the high end of my constant currency guidance and EPS was actually a cent above the high end. These results are being driven by the fact that our largest revenue component, cloud services and license support now represents 77% of total revenue and is also our fastest growing line item, which in turn is driving the acceleration of overall revenue growth.

謝謝肯，大家下午好。第二季度又是一個出色的季度，總收入處於我的固定匯率指引的高端，每股盈餘實際上比高端高出一美分。這些結果是由以下事實推動的：我們最大的收入組成部分、雲端服務和授權支援現在佔總收入的77%，也是我們成長最快的產品線項目，這反過來又推動了整體收入成長的加速。

We expect cloud revenue to reach $25 billion this fiscal year. This is happening for several reasons. First, our cloud is faster and thus less expensive than other clouds. We remain the preferred cloud for AI workloads as well as for non-GPU cloud infrastructure services.

我們預計本財年雲端收入將達到 250 億美元。發生這種情況有幾個原因。首先，我們的雲端速度更快，因此比其他雲端更便宜。我們仍然是人工智慧工作負載以及非 GPU 雲端基礎設施服務的首選雲端。

In addition, our ability to deploy our cloud in many sizes gives our customers flexibility and our multicloud agreements with Microsoft, Google and AWS provide customers more choice in how they can migrate their Oracle databases to the cloud. And our strategic SaaS applications continue to grow rapidly, and we are also seeing more of our industry based cloud applications come online which immediately contribute to revenue growth.

此外，我們部署多種規模雲端的能力為客戶提供了靈活性，我們與 Microsoft、Google 和 AWS 的多雲協定為客戶在如何將 Oracle 資料庫遷移到雲端方面提供了更多選擇。我們的策略 SaaS 應用程式持續快速成長，我們也看到更多基於行業的雲端應用程式上線，這立即有助於收入成長。

You can see all of this in the momentum in the acceleration of our cloud growth and the 50% growth of our $97 billion RPO number remaining performance obligation. And today, we're telling you again, that revenue growth will accelerate further in the coming quarters.

您可以從我們的雲端加速成長的勢頭以及我們剩餘履約義務中 970 億美元的 RPO 數量增長 50% 的勢頭中看到這一切。今天，我們再次告訴您，未來幾季的營收成長將進一步加速。

Turning to Q2. And I want to remind you that our quarter ended on Saturday a week ago, and here we are announcing our results and that's only possible because we use Oracle fusion. Now as for the numbers, we saw all segments exceeding our internal forecast.

轉向第二季。我想提醒您，我們的季度已於一周前的星期六結束，我們在此宣布我們的業績，而這只有在我們使用 Oracle fusion 的情況下才有可能實現。至於數字，我們看到所有細分市場都超出了我們的內部預測。

Now as the dollar strengthened in the quarter, the 1% currency benefit for total revenue and the $0.02 to $0.03 benefit for EPS that were present in my August guidance retreated with total revenue and EPS in Q2 essentially unaffected by currency movements. As usual, as I go over things today, I'll be discussing our financials using constant currency growth rate and this is how we manage the business.

現在，隨著美元在本季走強，我在8 月的指導中提出的總收入1% 的貨幣收益以及每股收益0.02 至0.03 美元的收益有所回落，而第二季度的總收入和每股收益基本上不受匯率變動的影響。像往常一樣，當我今天回顧事情時，我將使用恆定的貨幣成長率來討論我們的財務狀況，這就是我們管理業務的方式。

So here it goes. Total cloud revenue that SaaS and IAS were up 24% at $5.9 billion, with SaaS revenue of $3.5 billion, up 10% and IAS revenue of $2.4 billion, up 52% on top of the 50% growth reported last year. As a reminder, we exited the advertising business last quarter which had the effect of lowering the total cloud revenue growth by 2% this quarter.

所以就這樣了。 SaaS 和 IAS 的雲端總營收成長 24%，達到 59 億美元，其中 SaaS 營收為 35 億美元，成長 10%，IAS 營收為 24 億美元，在去年報告的 50% 的基礎上成長 52%。提醒一下，我們在上個季度退出了廣告業務，這導致本季雲端總收入成長下降了 2%。

Total cloud services and license support for the quarter was $10.8 billion, up 12% driven again by OCI our strategic cloud applications and autonomous database. Infrastructure subscription revenues which include license support worth $6 billion, up 17%. Record level AI demand drove Oracle Cloud infrastructure revenue up 52%. But excluding legacy hosting infrastructure, cloud services revenue was up 55%.

本季雲端服務和授權支援總額為 108 億美元，在 OCI 我們的策略雲端應用程式和自治資料庫的推動下再次成長 12%。基礎設施訂閱收入（包括價值 60 億美元的授權支援）成長了 17%。創紀錄的 AI 需求推動 Oracle 雲端基礎架構營收成長 52%。但不包括遺留託管基礎設施，雲端服務收入成長了 55%。

Our infrastructure cloud services now have an annualized revenue of $9.7 billion. OCI consumption revenue was up 58% as demand continues to outstrip supply. Growth in the AI segment of our infrastructure business was extraordinary, GPU consumption was up 336% in the quarter, and we delivered the world's largest and fastest AI supercomputer scaling up to 65,000, NVIDIA H200 GPUs.

我們的基礎設施雲端服務目前年收入為 97 億美元。由於供不應求，OCI 消費收入成長了 58%。我們基礎設施業務的 AI 部分增長驚人，GPU 消耗在本季度增長了 336%，並且我們交付了世界上最大、最快的 AI 超級計算機，可擴展至 65,000 個 NVIDIA H200 GPU。

Cloud database services which were up 28% and now have an annualized revenue of $2.2 billion. As on premise, databases migrate to the cloud on OCI either directly or through our database at cloud services with Azure, Google, and AWS, we expect the cloud database revenues collectively will be the third leg of revenue growth alongside OCI and strategics SaaS.

雲端資料庫服務成長了 28%，目前年收入為 22 億美元。由於在本地，資料庫可以直接遷移到OCI 上的雲，也可以透過Azure、Google 和AWS 的雲端服務中的資料庫遷移到雲，我們預期雲端資料庫收入將成為繼OCI 和策略性SaaS 之外的收入成長的第三個支柱。

We currently -- we are currently live in 17 cloud regions with database at cloud services and have another 35 planned with Azure, Google, and AWS. Database subscription services which include database license support were up 5%.

目前，我們在 17 個雲端區域中提供資料庫雲端服務，並計劃與 Azure、Google 和 AWS 合作建立另外 35 個雲端區域。包括資料庫授權支援在內的資料庫訂閱服務成長了 5%。

Application subscription revenues which includes product support were $4.8 billion and up 7%. Our strategic back-office SaaS applications now have annualized revenue of $8.4 billion and were up 18%. Software license revenues were up 3% to $1.2 billion including Java which saw excellent growth. So all in total revenues for the quarter were $14.1 billion, up 9% from last year.

包括產品支援在內的應用程式訂閱收入為 48 億美元，成長 7%。我們的策略後台 SaaS 應用程式目前的年收入為 84 億美元，成長了 18%。軟體授權收入成長 3%，達到 12 億美元，其中 Java 成長強勁。因此，該季度的總收入為 141 億美元，比去年增長 9%。

Now, shifting to gross profit and operating income. The gross profit dollars of cloud services and license support grew 9% in Q2, as our cloud businesses continue to scale the gross margins of both cloud applications and cloud infrastructure have each been trending higher.

現在，轉向毛利和營業收入。隨著我們的雲端業務不斷擴大，雲端應用程式和雲端基礎設施的毛利率均呈上升趨勢，雲端服務和許可證支援的毛利在第二季度增長了 9%。

We continue to display expense discipline which of course we're known for, especially with R&D sales and marketing and G&A expenses which collectively continue to grow slower than revenue. A trend that I expect to continue.

我們繼續表現出我們眾所周知的費用紀律，特別是研發銷售和行銷以及一般行政費用，這些費用總體上繼續低於收入成長。我預計這一趨勢將持續下去。

The Q2 operating income grew 10%, and the operating margin was 43%, up 60 basis points from last year. The non-GAAP tax rate for the quarter was actually 20.1% which is higher than my 19% guidance. Even if the higher tax rate lowered EPS by $0.02, we still hit the high end of my constant currency guidance.

第二季營業收入成長10%，營業利益率為43%，較去年上升60個基點。本季的非 GAAP 稅率實際上為 20.1%，高於我的 19% 指引值。即使較高的稅率使每股盈餘降低了 0.02 美元，我們仍然達到了恆定匯率指引的上限。

Absolutely, we did that. The non-GAAP EPS was a $1.47, in US Dollars up 10% in USD and 10% in constant currency. The GAAP EPS was a $1.10 in USD, and that's up 24% in USD and 23% in constant currency.

絕對的，我們做到了。非 GAAP 每股盈餘為 1.47 美元，以美元計算成長 10%，以固定匯率計算成長 10%。以美元計算的 GAAP 每股收益為 1.10 美元，以美元計算增長了 24%，以固定匯率計算增長了 23%。

At quarter end, we had $11.3 billion in cash and marketable securities. The short term deferred revenue balance was $9.4 billion, up 8%. With CapEx at $4 billion for the quarter free cash flow was negative $2.7 billion and operating cash flow was positive $1.3 billion.

截至季末，我們擁有 113 億美元的現金和有價證券。短期遞延收入餘額為 94 億美元，成長 8%。本季資本支出為 40 億美元，自由現金流為負 27 億美元，營運現金流為正 13 億美元。

Given the demand that you see in our RPO numbers and the additional demand we see in our pipeline, I expect fiscal year 2025 CapEx will be double what it was in fiscal year FY24. As always, we remain careful to pace and align our CapEx investments appropriately and in line with booking trends. On a trailing 12-month basis, operating cash flow was up 19% at $20.3 billion and free cash flow was $9.5 billion.

考慮到您在我們的 RPO 數據中看到的需求以及我們在管道中看到的額外需求，我預計 2025 財年的資本支出將是 2024 財年的兩倍。像往常一樣，我們仍然謹慎地適當調整我們的資本支出投資，並與預訂趨勢保持一致。過去 12 個月的營運現金流成長 19%，達到 203 億美元，自由現金流為 95 億美元。

Our remaining performance obligation or RPO is now at $97.3 billion, up 50% in constant currency and reflects the growing trend of customers wanting larger and longer contract. As they see firsthand how Oracle Cloud services are benefiting their businesses. Further, our cloud RPO grew near -- our cloud RPO grew nearly 80% and now represents nearly three-fourth of total RPO.

我們的剩餘履約義務或 RPO 目前為 973 億美元，按固定匯率計算增長了 50%，這反映出客戶希望簽訂更大、更長合約的趨勢不斷增長。他們親眼目睹了 Oracle 雲端服務如何使他們的業務受益。此外，我們的雲端 RPO 成長了近 80%，目前佔總 RPO 的近四分之三。

Approximately 39% of the total RPO is expected to be recognized as revenue over the next 12 months. And we continue to see the growth of current RPO accelerate.

預計 RPO 總額的約 39% 將在未來 12 個月內確認為收入。我們繼續看到當前 RPO 的成長加速。

We have now about 98 cloud regions live and many more to follow. That we have more cloud regions than any of the other hyper scalar reflects the strategic advantage of our Gen 2 architecture. We can start a new cloud region with a handful of racks and then scale up with customer demands.

我們現在有大約 98 個雲區域，並且還有更多雲區域正在運行。我們比其他超標量擁有更多的雲端區域，這反映了我們第二代架構的戰略優勢。我們可以用幾個機架啟動一個新的雲端區域，然後根據客戶需求進行擴展。

Additionally, our data centers are highly automated and identical in features and function varying only in scale. This sizing flexibility and deployment optionality of our cloud regions continue to be a significant advantage for us.

此外，我們的資料中心高度自動化，特性和功能相同，僅規模不同。我們的雲端區域的規模靈活性和部署可選性仍然是我們的一個顯著優勢。

As we've said before, we're committed to returning value to our shareholders through technical innovation acquisitions, stock repurchases, prudent use of debt, and a dividend. This quarter, we repurchase nearly a 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 again declared a quarterly dividend of $0.40 per share.

正如我們之前所說，我們致力於透過技術創新收購、股票回購、審慎使用債務和股利來為股東回報價值。本季度，我們回購了近 100 萬股股票，總金額為 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。董事會再次宣布季度股息為每股 0.40 美元。

Before I dive into specific Q3 guidance, I'd like to share some overarching thoughts about the financial benefits I expect we will see over the coming quarters and years. To start, we continue to see excellent demand for our cloud services which you see in our RPO growth.

在深入討論具體的第三季指導之前，我想分享一些關於我預計我們在未來幾個季度和幾年內將看到的財務收益的總體想法。首先，我們繼續看到對我們的雲端服務的巨大需求，您可以在我們的 RPO 成長中看到這一點。

And while this growth is stellar, our pipeline is actually growing even faster and our win rates are growing higher with the recent win at meta being a prime example of why we expect that our RPO balance will climb again Q3. Meta was not booked in the Q2 quarter only in Q3.

雖然這種增長是驚人的，但我們的管道實際上增長得更快，我們的勝率也越來越高，最近在Meta 上的勝利就是我們預計RPO 平衡將在第三季度再次攀升的一個很好的例子。 Meta 在第二季沒有被預訂，只有在第三季才預訂。

In fiscal year 2024, we signed some big deals, and many have begun to generate revenue. We expect that those will continue to ramp higher in the second half and be a key contributor to revenue growth acceleration this year and next. For fiscal year 2025, we remain very confident and committed to full year total revenue growing double digit, and full year total cloud infrastructure growing faster than the 50% reported last year.

2024財年，我們簽署了一些大交易，其中許多交易已經開始產生收入。我們預計這些將在下半年繼續上升，並成為今年和明年營收加速成長的關鍵貢獻者。對於 2025 財年，我們仍然非常有信心，並致力於全年總收入成長兩位數，全年雲端基礎設施總量成長速度快於去年報告的 50%。

Okay. Let me now turn to guidance, which I'll review on a non-GAAP basis. In terms of currency, we've seen a dramatic shift due to significant strengthening of the US dollar. To put this in perspective in Q2 weeks, our expected currency to have a 3% positive effect on EPS for Q3 assuming exchange rates remain the same as they are now. Currency should have a $0.03 negative effect on EPS, and a 2% negative effect on revenue.

好的。現在讓我談談指導意見，我將在非公認會計準則的基礎上對其進行審查。就貨幣而言，由於美元大幅走強，我們看到了巨大的轉變。從第二季的角度來看，假設匯率與現在保持不變，我們預期貨幣將對第三季的每股盈餘產生 3% 的正面影響。貨幣對每股盈餘 (EPS) 產生 0.03 美元的負面影響，對收入產生 2% 的負面影響。

However, as the dollar strengthened, it may not hold out the whole quarter and may be different.

然而，隨著美元走強，它可能不會持續整個季度，而且可能會有所不同。

All right. Total revenues are expected to grow from 9% to 11% in constant currency and are expected to grow from 7% to 9% in USD at today's exchange rate. Total cloud revenue is expected to grow from 25% to 27% in constant currency and is expected to grow from 23% to 25% in USD.

好的。以固定匯率計算，總收入預計將從 9% 增長至 11%，按當前匯率計算，預計總收入將從 7% 增長至 9%。以固定匯率計算，雲端總收入預計將從 25% 成長至 27%，以美元計算預計將從 23% 成長至 25%。

non-GAAP EPS is expected to grow between 7% to 9% and be between a $1.50 and $1.54 in constant currency. non-GAAP EPS is expected to grow between 4% to 6% and be between a [$1.47 and $1.51 in USD]. I should mention that my Q3, EPS guidance is negatively impacted by a $0.05 -- by $0.05 due to an investment loss in another company that we are a partial owner of.

非 GAAP 每股盈餘預計將成長 7% 至 9%，以固定匯率計算將在 1.50 美元至 1.54 美元之間。非 GAAP 每股盈餘預計將成長 4% 至 6%，並介於 [1.47 至 1.51 美元（美元）] 之間。我應該要提到的是，我的第三季每股盈餘指引受到了 0.05 美元的負面影響——由於我們部分擁有的另一家公司的投資損失，受到了 0.05 美元的負面影響。

Lastly, my EPS guidance for Q3 assumes a base tax rate of 19%. However, like in Q2 onetime tax events and other things can cause actual tax rates to vary.

最後，我對第三季 EPS 的指導假設基本稅率為 19%。然而，就像第二季的一次性稅務事件和其他事情可能會導致實際稅率發生變化。

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

接下來，我將把它交給拉里徵求他的意見。

Thank you, Safra. Oracle Cloud infrastructure trains several of the world's most important generative AI models. Our major AI customers include Open AI; xAI; NVIDIA; Cohere; and most recently Meta with their large-scale Llama models.

謝謝你，薩弗拉。 Oracle 雲端基礎架構訓練了多個世界上最重要的生成式 AI 模式。我們主要的人工智慧客戶包括Open AI； xAI；英偉達；連貫；最近，Meta 推出了大型 Llama 模型。

Oracle continues to win large AI training workloads because we're faster and less expensive than the other infrastructure clouds. And we just extended our AI performance advantage by delivering the largest and fastest AI supercomputer in the world, scaling up to 65,000, NVIDIA H200 GPUs.

Oracle 持續贏得大量人工智慧培訓工作負載，因為我們比其他基礎設施雲端更快、更便宜。我們剛剛透過提供世界上最大、最快的 AI 超級電腦（最多可擴展至 65,000 個 NVIDIA H200 GPU）來擴展我們的 AI 效能優勢。

The Oracle Cloud trains dozens of AI models and embeds hundreds of AI agents in cloud applications. Oracle AI agents, automate drug design, image and genomic analysis for cancer diagnostics, audio updates to electronic health records for patient care, satellite image analysis to predict and improve agricultural output, fraud and money laundering detection, dual factor biometric computer log ins, and real time video weapons detection in schools.

Oracle Cloud 訓練了數十個 AI 模型，並將數百個 AI 代理程式嵌入到雲端應用程式中。 Oracle AI 代理，自動化藥物設計、用於癌症診斷的圖像和基因組分析、用於患者護理的電子健康記錄的音頻更新、用於預測和提高農業產出的衛星圖像分析、欺詐和洗錢檢測、雙因素生物辨識電腦登錄，以及學校中的即時視訊武器檢測。

Furthermore, the vector capabilities of the new AI version of our database Oracle 23 AI enables our customers to easily use their existing data in their existing databases to augment and specialize the training of industry standard generative AI models like ChatGPT, Groq and Llama. The Oracle Cloud and the Oracle 23 AI vector database makes it easy for our customers to build their own AI agents and use their own data to reap the benefits of the AI revolution.

此外，我們資料庫Oracle 23 AI 的新AI 版本的向量功能使我們的客戶能夠輕鬆使用現有資料庫中的現有數據，以增強和專業化行業標準生成式AI 模型（如ChatGPT、Groq 和Llama）的訓練。 Oracle Cloud 和 Oracle 23 AI 向量資料庫使我們的客戶可以輕鬆建立自己的 AI 代理並使用自己的資料來獲得 AI 革命的好處。

Oracle is training AI models and developing AI agents that will improve the rate of scientific discovery and economic development and corporate growth throughout the world. The scale of this opportunity is unimaginable. As Safra said, this fiscal year, total Oracle Cloud revenue should top $25 billion, and this is just the beginning of the beginning. Thank you.

甲骨文正在訓練人工智慧模型並開發人工智慧代理，以提高全球科學發現、經濟發展和企業成長的速度。這個機會的規模是難以想像的。正如薩夫拉所說，本財年，甲骨文雲總收入應突破250億美元，而這只是開始。謝謝。

Thank you, Larry. Rob, if you could please pull the audience for questions.

謝謝你，拉里。羅布，如果可以的話請請觀眾提問。

(Operator Instructions) Mark Moerdler, Bernstein.

（操作員說明）Mark Moerdler，伯恩斯坦。

Thank you very much for taking my question and congratulations on the quarter. I'd like to gain better insight into OCI. OCI is designed differently from its larger peer’s deliverable in just 10 and shortly, three racks of servers.

非常感謝您提出我的問題並對本季表示祝賀。我想更深入地了解 OCI。 OCI 的設計與其較大的同行不同——只需 10 台伺服器即可交付，不久之後即可交付 3 台伺服器。

You explain how the architectural difference impacts how you build and deliver OCI racks and how it will impact how many data center regions you could have compared to your peers. And then how might this affect your CapEx growth over the next five years? Thanks.

您將解釋架構差異如何影響您建置和交付 OCI 機架的方式，以及與同行相比它將如何影響您可以擁有的資料中心區域數量。那麼這將如何影響您未來五年的資本支出成長？謝謝。

Okay. Well, all the data centers are the same racks. So you could think of this completely modular. We have a basic rack and to build a region takes six racks the smallest region we can build. So our racks, started under 50 kilowatts and our biggest data center. So -- so our basic small data centers, 50 kilowatts and our data centers with the largest data center we're currently building now is 1.6 gigawatts.

好的。好吧，所有資料中心都是相同的機架。所以你可以認為這是完全模組化的。我們有一個基本機架，建造一個區域需要六個機架，這是我們可以建造的最小區域。因此，我們的機架啟動功率低於 50 千瓦，是我們最大的資料中心。因此，我們的基本小型資料中心為 50 千瓦，我們的資料中心目前正在建造的最大資料中心為 1.6 吉瓦。

So that's quite a range, 50 -- 50 megawatts to 11.6 gigawatts. And when we build them and we put them in inventory, the racks are pretty much the same. So it's very easy for us to manufacture these it's lower cost to manufacture these, the inventory is less because they're all kind of the same.

所以這是一個相當大的範圍，50 - 50 兆瓦到 11.6 吉瓦。當我們建造它們並將它們放入庫存時，貨架幾乎是一樣的。因此，我們製造這些產品非常容易，製造成本較低，庫存也較少，因為它們都是相同的。

Furthermore, every cloud region has all of our services. They all have all, but they have all the same services. So it's easy for customers. We don't have to provision like our competitors do. Our competitors have some of their services in some regions and some of their services in other regions. We have all of our services in all of our regions, even though we are both smaller in terms of the smallest region and larger in terms of our largest region than our competitors.

此外，每個雲端區域都有我們所有的服務。他們都有一切，但他們提供的服務都是一樣的。所以對客戶來說很容易。我們不必像競爭對手一樣提供服務。我們的競爭對手在某些地區提供一些服務，在其他地區也提供一些服務。儘管我們的最小區域比競爭對手小，最大區域比競爭對手大，但我們在所有區域都提供所有服務。

When all of our racks are the same and all of our services are the same. They become very easy, or I should say easier to automate, they're all identical. We have one suite of automation tools that works in all 100 of our current regions. And it makes it possible because of the high degree of automation to run not dozens of regions, but hundreds or even theoretically, thousands of regions are individual customers are dedicating their own region.

當我們所有的機架都是相同的並且我們所有的服務都是相同的。它們變得非常容易，或者我應該說更容易自動化，它們都是相同的。我們擁有一套自動化工具，適用於目前所有 100 個區域。由於高度自動化，它使得運作不是幾十個區域，而是數百個甚至理論上數千個區域成為可能，每個客戶都專用於自己的區域。

Individual customer are buying complete Oracle regions and installing them. If you what seems like it would be on premise though it is a full Oracle Cloud region just happens to be in a dedicated data center to that customer.

個人客戶正在購買完整的 Oracle 區域並安裝它們。如果你看起來像是在本地，儘管它是一個完整的 Oracle 雲端區域，但恰好位於該客戶的專用資料中心中。

We are selling a lot of those as well. So it allows us to address a market that our competitors can't reach. So standardization, automation and the small, -- from the smallest to the largest data centers give us a huge advantage in competing in this marketplace.

我們也出售很多這樣的產品。因此，它使我們能夠進入競爭對手無法進入的市場。因此，標準化、自動化和小型——從最小到最大的資料中心為我們在這個市場的競爭中帶來了巨大的優勢。

On the CapEx side that what we can do since our competitors always have to land with extremely large footprints before they can even get started. We can land with smaller footprints, have consumption and expand as customers need it.

在資本支出方面，我們可以做什麼，因為我們的競爭對手在開始之前總是必須以極大的足跡著陸。我們可以用更小的佔地面積落地，根據客戶的需求進行消費和擴張。

And this allows us to really match our Capital expenditure with ultimately our revenue because it only we don't have to spend a long time with empty centers because we literally can start small and just fill them up as our customers are consuming. And I think this is really something that is expressed also in the profitability of our cloud and keeps showing up because of that.

這使我們能夠真正將資本支出與最終收入相匹配，因為這樣我們就不必在空置的中心上花費很長時間，因為我們實際上可以從小規模開始，然後在客戶消費時將其填滿。我認為這確實也體現在我們雲端的獲利能力上，並因此不斷顯現。

It's extremely helpful. I really do appreciate it. Thank you.

這非常有幫助。我真的很感激。謝謝。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Thanks for taking my question. It's impressive to see OCI growth 52% and even database as a service up 28%. So as you execute on your multi cloud strategy, can you provide some color on the database migration to cloud or even database as service traction? And what are you hearing from customer as they prepare to migrate On-Prem database to cloud? And how should we think about the contribution to revenue going forward?

感謝您提出我的問題。 OCI 成長了 52%，資料庫即服務成長了 28%，令人印象深刻。因此，當您執行多雲策略時，您能否提供有關資料庫遷移到雲端甚至資料庫即服務牽引的一些資訊？當客戶準備將本地資料庫遷移到雲端時，您從他們那裡聽到了什麼？我們該如何看待未來對收入的貢獻？

(multiple speakers) All right. Let me start. As I mentioned, and as you caught in my talking 28% it's now annualized revenue, just the cloud database services of $2.2 billion. And imagine most of -- that is mostly it nearly entirely OCI without even the database app at AWS and Azure and Google. That also though has grown from zero to 100 million plus run rate already past 100 million and will be hundreds of millions probably as an exit.

（多個發言者） 好的。讓我開始吧。正如我所提到的，正如您所注意到的，我所說的 28% 現在是年化收入，即 22 億美元的雲端資料庫服務。想像一下大多數情況——幾乎完全是 OCI，甚至沒有 AWS、Azure 和 Google 的資料庫應用程式。不過，這也從零增長到了 1 億，並且運行率已經超過 1 億，並且可能作為退出而達到數億。

So these cloud regions have only started opening, as I mentioned though, we do now have 17 open and twice as many openings. So I think what you're going to see is the database as it moves as it moves to the cloud is really only at the beginning.

所以這些雲區域才剛開始開放，正如我所提到的，我們現在有 17 個開放的區域，而且開放數量是之前的兩倍。因此，我認為您將看到資料庫在遷移到雲端時實際上才剛剛開始。

In addition, though I want to remind you that clouded customers, and our alloy partners are also contributing to this. And we have an enormous pipeline of customers who want to bring their databases to the cloud. But one of, -- but a number of them want to do it in their own dedicated regions that are just their own for either regulatory reasons or sovereignty reasons. Again and offering that only we have that none of our competitors have.

此外，我想提醒您的是，雲端客戶和我們的合金合作夥伴也為此做出了貢獻。我們擁有大量希望將資料庫遷移到雲端的客戶。但其中之一，但其中許多人希望在自己的專用區域進行這項工作，這些區域出於監管原因或主權原因而屬於他們自己。再次強調，只有我們擁有，而我們的競爭對手都沒有。

Yeah. Again, Microsoft is the only partner where we, -- where the contract is more than a year old. So Google is much more recent than AWS, even more recent than Google. So we're at the very beginning of multi cloud. And as Safra said, it's going to exit well over $100 million in its first year.

是的。同樣，微軟是我們唯一的合作夥伴，合約已經簽訂一年多了。所以Google比 AWS 更新，甚至比Google更新。所以我們正處於多雲的起步階段。正如 Safra 所說，第一年的退出金額將遠遠超過 1 億美元。

The first year starting when we got AWS when we had all three, it will be a multibillion dollar business and it'll be a combination of AWS and Google and Azure plus all of these cloud at customer dedicated region cloud at customer.

從我們獲得AWS 開始的第一年，當我們擁有這三者時，這將是一項價值數十億美元的業務，它將是AWS、Google 和Azure 以及所有這些雲在客戶專用區域雲的組合。

We're going to have hundreds of those regions. We with the demand for from individual customers, large banks, telecommunication companies, building half a dozen or so data centers, they want us to build a half a dozen data centers sometimes more inside their own dedicated facilities.

我們將擁有數百個這樣的區域。我們根據個人客戶、大型銀行、電信公司的需求，建造六個左右的資料中心，他們希望我們建造六個資料中心，有時甚至更多在他們自己的專用設施內。

So they'll run the Oracle Cloud in dedicated regions. And again, we'll end up with hundreds of those and it clearly is going to be a multi, -- a very large, rapidly growing multibillion dollar business for us.

因此他們將在專用區域運行 Oracle 雲端。再說一次，我們最終將擁有數百個這樣的公司，這顯然將是一個多元化的業務，對我們來說，這是一個非常龐大、快速成長的數十億美元的業務。

That's great color. Thanks, Larry and Safra.

那顏色真棒。謝謝拉里和薩弗拉。

Thank you. Ken, I think I misspoke. Could you actually say the line correctly that I was supposed to say about guidance?

謝謝。肯，我想我說錯了。你真的能正確地說出我應該說的有關指導的那句話嗎？

Sure, absolutely. non-GAAP EPS is expected to grow between 4% to 6% and be between $1.47 and $1.51 in US Dollar. Thank you.

當然，絕對。非 GAAP 每股盈餘預計將成長 4% 至 6%，以美元計算將在 1.47 美元至 1.51 美元之間。謝謝。

-- I don't know what I said exactly, but that is correct.

——我不知道我到底說了什麼，但這是正確的。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you. And congrats on the continued acceleration at scale. Larry as Oracle leads with larger and larger GPU clusters. There's healthy industry debate around scaling laws with Elon Musk allegedly pushing the envelope of what's possible.

偉大的。謝謝。並祝賀規模的持續加速。 Larry 身為 Oracle 的領導者，擁有越來越大的 GPU 叢集。業界圍繞著擴展法律展開了健康的辯論，據稱伊隆·馬斯克正在挑戰可能性的極限。

I'm curious to hear your perspective as to whether there's diminishing returns on the amount of compute thrown at model training and Oracle's ongoing leadership in AI infrastructure and GPU super clusters. Thanks.

我很想聽聽您對模型訓練的運算量回報是否遞減以及 Oracle 在 AI 基礎設施和 GPU 超級叢集方面持續領先的看法。謝謝。

Well, there's two elements to speeding up training. One is building larger and larger GPU clusters made up of faster and faster GPUs. So it's a GPU cluster itself. The second element something Oracle has been very, very focused on is building networks that rapidly move large volumes of data into those GPU clusters.

嗯，加速訓練有兩個要素。一是建立越來越大的 GPU 集群，由越來越快的 GPU 組成。所以它本身就是一個GPU叢集。 Oracle 非常非常關注的第二個要素是建立網絡，將大量資料快速移動到這些 GPU 叢集中。

As you make these GPU clusters larger and faster, it's putting more and more demands on the network to be able to move huge amounts of data into those GPU clusters. So the GPU clusters, I'm sitting there waiting for the data. If they're sitting there, waiting for the data. It becomes very inefficient.

隨著這些 GPU 叢集變得更大、更快，對網路提出了越來越多的要求，以便能夠將大量資料移至這些 GPU 叢集中。所以GPU集群，我坐在那裡等待數據。如果他們坐在那裡等待數據。它變得非常低效。

You pay if you're paying by the minute and half the time, half of thirty seconds, you don't have the data available. Obviously, that's a scaling problem. I -- and that's an economic problem and that's a performance problem.

如果您按分鐘和一半的時間（三十秒的一半）付費，則您沒有可用的數據。顯然，這是一個擴展問題。我──這是一個經濟問題，也是績效問題。

Oracle differentiate itself in its data centers by investing heavily in building networks. And by the way, switch software, all sorts of network software and network hardware to move data more quickly, we think will be -- The demand is really as the GPU questions get bigger and faster the demand. The critical thing is for us to be able to move the data faster.

Oracle 透過大力投資建置網路來使其資料中心脫穎而出。順便說一句，我們認為，透過切換軟體、各種網路軟體和網路硬體來更快地移動數據，這種需求實際上是隨著 GPU 問題變得越來越大、越來越快而產生的。關鍵是我們能夠更快地移動數據。

And we are investing heavily in that, and we think we're going to maintain our advantage there and that will as we make our networks faster. The AI training will get faster. If we don't, if no one makes the networking faster, then I think there's a potential bottleneck, but we're trying to avoid that bottleneck by speeding up our networking.

我們正在這方面投入巨資，我們認為我們將保持我們在這方面的優勢，並且隨著我們使我們的網路更快。 AI訓練將會變得更快。如果我們不這樣做，如果沒有人使網路變得更快，那麼我認為存在潛在的瓶頸，但我們正在嘗試透過加快網路速度來避免該瓶頸。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect. Thank you. Can I shift gear a little bit and go back to the SaaS part of the business? And if you look there, if you look at your growth rates, I mean, we're at kind of a late-stage point of the cycle where people usually don't look at that back-office systems, but you guys putting up like really solid growth numbers there, you are outgrowing the peers. Can you talk a little bit of what's going on there? Thank you.

完美的。謝謝。我可以稍微改變一下方向，回到業務的 SaaS 部分嗎？如果你看看那裡，如果你看看你的成長率，我的意思是，我們正處於週期的後期階段，人們通常不會關注後台系統，但你們把就像那裡真正可靠的成長數字一樣，你的成長速度超過了同行。你能談談那裡發生的事情嗎？謝謝。

Actually, I don't agree with you that folks aren't looking at their back-office systems. In fact, I think there's enormous amount of pressure to be more efficient for many companies. They, -- the competition is fierce in almost, in basically all industries right now.

事實上，我不同意你的觀點，人們不關注他們的後台系統。事實上，我認為許多公司都面臨著提高效率的巨大壓力。他們——現在幾乎所有行業的競爭都很激烈。

And as companies, when they look at us, for example, that's why I always point out that it's what is it day nine and that includes three weekends, three weekend days since our quarter closed, that just shows how efficient you can be in running your operations.

例如，作為公司，當他們看著我們時，這就是為什麼我總是指出現在是第九天，其中包括三個週末，自我們季度結束以來的三個週末，這只是表明您在運行方面的效率如何您的操作。

And a lot of company executives actually come up to me and say we need to do that. We need to do more and spend a lot less doing it. And we see enormous, -- it really enormous pipeline in customers who understand that they can first automate and simplify their own businesses to spend less.

事實上，很多公司高層來找我說我們需要這樣做。我們需要做得更多，花更少的錢。我們看到了巨大的——這確實是巨大的客戶管道，他們明白他們可以首先自動化和簡化自己的業務以減少支出。

So they can invest in the things that differentiate them. But there's also enormous interest in using their data for AI and using those systems. We have, I don't know, dozens and dozens of AI agents that can really help companies spend a lot less and really do a better job serving their customers.

因此，他們可以投資於使自己與眾不同的事物。但人們也對將他們的數據用於人工智慧和使用這些系統產生了巨大的興趣。我不知道，我們有幾十個人工智慧代理，它們確實可以幫助公司減少開支，並更好地為客戶服務。

So we find enormous interest in this area and no one has the capability and the data and the AI capability that Oracle can bring to a customer. So actually, I think it's been one of the most exciting times in back office and in front office too, we have even our front office systems also taking advantage of so many of our capabilities for our customers.

因此，我們對這一領域產生了巨大的興趣，但沒有人擁有 Oracle 可以為客戶帶來的能力、數據和人工智慧能力。所以實際上，我認為這也是後台和前台最令人興奮的時刻之一，我們甚至前台系統也為客戶利用了我們的許多功能。

So this has been a great time. And in fact, our booking trends which you don't see yet in revenues because we wait until they're implemented, our booking trends have taken a market step up. We were going over those just today and they've accelerated from last year quite significantly.

所以這是一段美好的時光。事實上，我們的預訂趨勢在收入中還看不到，因為我們等到它們實施後，我們的預訂趨勢已經在市場上取得了進展。我們今天剛回顧了這些，它們比去年有了顯著的加速。

Great. Thank you.

偉大的。謝謝。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

Yes, thanks very much. And congrats on the results. Safra, you talked a little bit about the pipeline strength at the end of your prepared comments. Can you just talk about your line of sight in terms of capacity coming online so that you all can recognize some of the revenue that's associated with the demand that you're seeing specifically around on the OCI side. Thanks.

是的，非常感謝。並對結果表示祝賀。 Safra，您在準備好的評論末尾談到了管道強度。您能否談談您對上線容量的看法，以便大家都能認識到與 OCI 方面的需求相關的一些收入。謝謝。

Yes. So the second half of this year is and especially, well, the second half we're in it is going to see a lot of capacity come online that we've been waiting for and that we've been working on. So we expect that you're going to see that turning into revenues, this is everything accelerating even more.

是的。因此，今年下半年，尤其是下半年，我們將看到大量我們一直在等待、一直在努力的產能上線。因此，我們預計您會看到一切都在加速轉化為收入。

And in addition, though we also expect our RPO to start moving up the actual base RPO number, which is of course up 50% year-over-year. But the number itself, we expect it to spike in this quarter and for the end of the year.

此外，我們也預期我們的 RPO 將開始提高實際的基本 RPO 數字，當然會比去年同期成長 50%。但我們預計這個數字將在本季和年底激增。

So we expect both capacity to come online for our customers, which it is. And so it'll burn down some of our RPO, but we also simultaneously expect to sign a number of very large contracts to that will make our RPO number go up too.

因此，我們希望這兩種容量都能為我們的客戶上線，事實也確實如此。因此，這會消耗我們的一些 RPO，但我們同時也希望簽署一些非常大的合同，這將使我們的 RPO 數字也有所上升。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

Thank you. Safra, you've shown us, I'm going to switch gears a little bit and go down to the bottom line here versus the top line. You've shown us for years that Oracle is not going to do what I'll call empty business that, that you don't make good profit on. It's been a while, but you've previously said that OCI gross margins have improved consistently.

謝謝。薩夫拉，你已經向我們展示了，我要稍微改變一下態度，從頂線到底線。多年來，你們已經向我們表明，甲骨文不會做我所說的空洞業務，即你們無法從中獲得豐厚利潤。已經有一段時間了，但您之前曾說過 OCI 毛利率持續改善。

And I think you just mentioned it again your prepared remarks and I think the last time you actually threw out a number was a while ago, but it was in the low-30s for gross margins for OCI and that was several quarters ago. Can you give us an update on the progress of that? Especially given the massive growth you're seeing.

我想你剛剛再次提到了你準備好的言論，我想你上次真正拋出一個數字是在不久前，但 OCI 的毛利率處於 30 左右，那是幾個季度前的事了。您能否向我們介紹一下該專案的最新進展？特別是考慮到您所看到的巨大增長。

It's really amazing, but we are continuing to benefit from a number of things in OCI. So our gross margin percentage continues to improve. And I know that many of you think that GPU business or OCI based infrastructure business, it is not as profitable and yet our margins in that business just continue to improve because of the number of things that Larry mentioned, for example, the way we run our cloud, the way we set up our cloud, everything is automated, everything is run because we are a software company to the core, we're always optimizing our software capabilities which give us really enormous leverage.

這確實令人驚奇，但我們繼續從 OCI 的許多方面受益。所以我們的毛利率繼續提高。我知道你們中的許多人認為 GPU 業務或基於 OCI 的基礎設施業務的利潤率不高，但由於 Larry 提到的很多事情，例如我們的運作方式，我們在該業務中的利潤率不斷提高我們的雲，我們建立雲端的方式，一切都是自動化的，一切都是運作的，因為我們本質上是一家軟體公司，我們總是在優化我們的軟體功能，這給了我們巨大的影響力。

The -- our operating margins in OCI again improved and it's just going to, it's been really fantastic. So they improve in OCI, our SaaS margins improved, everything is improving with scale for us even in, -- even as we're investing. So we just, -- it just continues to improve.

我們 OCI 的營業利潤率再次提高，而且這確實是太棒了。因此，他們在 OCI 方面有所改善，我們的 SaaS 利潤率有所提高，即使在我們進行投資時，一切都在隨著規模而改善。所以我們只是——它只是繼續改進。

That's great to hear and we continue to watch closely. So thank you.

很高興聽到這個消息，我們將繼續密切關注。所以謝謝你。

Thank you John, a telephonic replay of this conference call will be available for 24 hours on our investor relations website. Thank you for joining us the call today.

謝謝 John，我們的投資者關係網站將 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的電話會議。

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

這樣，我會將電話轉回給 Rob 以結束通話。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。