甲骨文 (ORCL) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

My name is Abby (inaudible), I will be your conference operator today.

我的名字是艾比（聽不清楚），今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Oracle Corporation third quarter fiscal year '25 earnings conference call.

現在，我歡迎大家參加甲骨文公司25財年第三季財報電話會議。

(Operator Instructions) And I would now like to turn the conference over to Ken Bond, Head of Investor Relations.

（操作員指示）現在，我想將會議交給投資者關係主管肯·邦德 (Ken Bond)。

Mr. Bond, you may begin.

邦德先生，您可以開始啦。

Thank you, Abby.

謝謝你，艾比。

Good afternoon, everyone, and welcome to Oracle's third quarter fiscal year 2025 earnings conference call.

大家下午好，歡迎參加甲骨文2025財年第三季財報電話會議。

A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website.

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 all went live on Oracle club recently will be available from our Investor Relations website.

此外，我們的投資者關係網站將提供最近在 Oracle club 上線的眾多購買 Oracle 雲端服務的客戶名單。

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

今天參加電話會議的有董事長兼技術長 Larry Ellison；兼首席執行官 Safra Catz。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates, or other information that might be considered forward looking.

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.

在今天的討論中，我們將提出一些與我們的業務有關的重要因素，這些因素可能會影響這些前瞻性陳述。

These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

這些前瞻性陳述也受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。

As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these risk factors and other risks that may affect our future results or 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，以全面討論這些風險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 any questions, we will begin with a few prepared remarks.

在回答任何問題之前，我們將先發表一些準備好的演講。

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

現在，我想將電話轉給薩弗拉。

Thanks, Ken, and good afternoon, everyone.

謝謝，肯，大家下午好。

As you can see, this was our strongest booking quarter ever by a huge margin as we added $48 billion to our backlog.

如您所見，這是我們有史以來最強勁的預訂季度，我們的積壓訂單增加了 480 億美元。

Our RPO balance is now $130 billion, up from $97 billion last quarter and up from $80 billion last year.

我們的 RPO 餘額現在為 1300 億美元，高於上一季的 970 億美元和去年的 800 億美元。

That's a growth of 63% year-over-year, and this does not include any contracts with project start dates.

這比去年同期增長了 63%，而且這還不包括任何有專案開始日期的合約。

The RPO figure is the leading indicator of demand for our client services, while our live data center count and power capacity is a leading indicator of the conversion of RPO to revenue.

RPO 數據是我們客戶服務需求的領先指標，而我們即時數據中心數量和電力容量是 RPO 轉化為收入的領先指標。

Speaking of data centers, we marked a milestone this quarter as we crossed into triple digits with our 101st cloud region coming online.

說到資料中心，本季我們迎來了一個里程碑，隨著第 101 個雲端區域上線，我們的資料中心規模已跨入三位數。

It's just a matter of time before we have more cloud regions than all of our competitors combined, reflecting the strategic advantage of our Gen 2 architecture, which offers our customers the most flexibility.

我們的雲端區域數量將超過所有競爭對手的總和，這只是時間問題，這反映了我們的第二代架構的策略優勢，它為我們的客戶提供了最大的靈活性。

From a delivery standpoint, the growth of our power capacity under contract is even higher than the growth in the number of data centers and we expect that our available power capacity will double this calendar year and triple by the end of next fiscal year.

從交付的角度來看，我們合約電力容量的成長甚至高於資料中心數量的成長，我們預計今年我們的可用電力容量將翻一番，到下一財年末將成長三倍。

As we bring more capacity online, our revenues will clearly accelerate.

隨著我們上線更多容量，我們的收入顯然會加速成長。

What we are seeing in the market is that we are the destination of choice for both AI training and inferencing.

我們在市場上看到的是，我們是人工智慧訓練和推理的首選目的地。

This is due to the fact that our Gen 2 cloud is faster, and therefore, cheaper than our competitors and also do to our ultra high-speed networking engineering that we started decades ago and that is now highly relevant for AI.

這是因為我們的第二代雲端比競爭對手更快，因此更便宜，同時也得益於我們幾十年前就開始的超高速網路工程，現在它與人工智慧高度相關。

Taken together we have numerous structural engineering advantages that distinguishes OCI from our competitors.

總而言之，我們擁有眾多的結構工程優勢，使 OCI 從競爭對手中脫穎而出。

And as Larry will discuss in more detail, beyond that, because of the momentum OCI is enjoying, customers are looking at us for many more workloads.

正如 Larry 將更詳細地討論的那樣，除此之外，由於 OCI 的發展勢頭良好，客戶希望我們能夠承擔更多的工作量。

Now shifting to Q3 results.

現在轉向第三季業績。

I'll be discussing our financials using constant currency growth rate as this is how we manage the business.

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。

So here goes.

就這樣吧。

Total cloud revenue at SaaS and IaaS was up 25% at $6.2 billion with SaaS revenue of 3.6% in the quarter, up 10% and IaaS revenue of $2.7 billion, up 51% on top of 49%, which report -- which we reported last year.

SaaS 和 IaaS 的總雲端運算收入成長 25%，達到 62 億美元，其中本季 SaaS 營收成長 3.6%，成長 10%；IaaS 營收為 27 億美元，在去年報告的 49% 基礎上成長 51%。

Now as a reminder, the exit our advertising business last year had the effect of lowering total cloud revenue growth by 2% this quarter.

需要提醒的是，我們去年退出廣告業務導致本季雲端總收入增幅下降了 2%。

Total cloud services and license support revenue for the quarter was $11 billion, up 12%, driven again by OCI our strategic cloud applications and cloud database services.

本季雲端服務和授權支援總收入為 110 億美元，成長 12%，這再次得益於我們策略雲端應用程式和雲端資料庫服務的 OCI。

Infrastructure subscription revenues, which includes license support, were $6.2 billion, up 18%.

包括授權支援在內的基礎設施訂閱收入為 62 億美元，成長 18%。

Record-level AI demand drove Oracle Cloud Infrastructure revenue up 51% in Q3 and that's 54% when you exclude our legacy hosting, both a much higher growth rate than any of our hyperscaler competitors.

創紀錄的人工智慧需求推動 Oracle 雲端基礎設施收入在第三季成長 51%，如果不包括我們的傳統託管業務，這一數字將達到 54%，這兩個數字的成長率都遠高於我們任何超大規模競爭對手。

Our Instructure cloud services now have an annualized revenue of $10.6 billion. OCI

我們的 Instructure 雲端服務目前的年收入為 106 億美元。奧西

consumption revenue was up 57% and Demand continues to dramatically outstrip supply.

消費收入成長了57%，需求持續大大超過供應。

Now we do expect that the component delays that have slowed cloud capacity expansion this year, should ease in Q1 FY26.

現在我們確實預計，導致今年雲端容量擴張放緩的組件延遲現象將在2026財年第一季得到緩解。

So pretty soon.

很快。

Growth in the AI segment of our infrastructure business was extraordinary consumption revenue is now nearly 3.5x the size of last year's.

我們的基礎設施業務人工智慧領域的成長非常顯著，消費收入現在幾乎是去年的 3.5 倍。

Cloud database services, which were up 28% and now have annualized revenue of $2.3 billion, Autonomous Database consumption revenue was up 42% on top of the 32% growth reported last year.

雲端資料庫服務成長 28%，目前年收入為 23 億美元，自治資料庫消費收入在去年報告的 32% 增幅的基礎上又成長了 42%。

So again, we have acceleration as we get bigger as on-premise databases migrate to the cloud either on OCI directly through public cloud, cloud customer or BRCC, or through our database cloud service with Azure, Google or AWS.

因此，隨著內部資料庫直接透過公有雲、雲端客戶或 BRCC 遷移到 OCI 雲端，或透過我們與 Azure、Google 或 AWS 的資料庫雲端服務遷移到雲端，我們的規模也隨之擴大，從而實現了加速。

We expect the cloud database revenue effectively, will be the third driver of revenue growth alongside OCI and strategic seats.

我們預計雲端資料庫收入將有效地成為與OCI和策略席位並列的第三大收入成長動力。

We are currently live in 18 cloud regions with database at cloud services with our partners and have another 40 planned with Azure, Google and AWS.

我們目前與合作夥伴一起在 18 個雲端區域提供資料庫雲端服務，並計劃與 Azure、Google 和 AWS 在另外 40 個雲端區域開展合作。

Now finally, database subscription revenues, which includes license support, were up 6%.

最後，包括授權支援在內的資料庫訂閱收入成長了 6%。

Application subscription revenues, which, again, include product support, were $4.8 billion and up 6% too.

應用程式訂閱收入（再次包括產品支援）為 48 億美元，成長 6%。

Our strategic back-office SaaS applications now have annualized revenue of $8.6 billion and were up 8%.

我們策略性的後台 SaaS 應用程式的年收入目前已達到 86 億美元，成長了 8%。

Software license revenues were down 8% to $1.1 billion.

軟體授權收入下降8%至11億美元。

So all in, total revenues for the quarter were $14.1 billion, up 8% from last year.

總體而言，本季總營收為 141 億美元，比去年成長 8%。

Now shifting to gross profit and operating income, the gross profit dollars of cloud services and license support grew 10% and in Q3.

現在轉向毛利和營業收入，雲端服務和授權支援的毛利成長了 10%，並且在第三季。

We continue to focus on operating expense discipline, which collectively continue to grow slower expense discipline.

我們繼續關注營運費用紀律，總體而言，費用紀律的成長速度持續放緩。

So expenses continue to grow slower than revenue, a trend that I expect will continue.

因此，支出的成長速度仍然低於收入的成長速度，我預期這個趨勢將會持續下去。

The Q3 operating income grew 9% and the operating margin was 44%, up slightly from last year.

第三季營業收入成長9%，營業利益率為44%，較去年同期略有上升。

The non-GAAP tax rate for the quarter was 19.9%, which was higher than my 19% guidance and lowered EPS by $0.02.

本季的非 GAAP 稅率為 19.9%，高於我的 19% 預期，每股收益下降 0.02 美元。

And EPS currency headwind ended up at $0.04 more than I thought would be hurt by currency as currency continued to strengthen.

由於貨幣持續走強，每股收益貨幣逆風最終比我認為的貨幣損失高出 0.04 美元。

The non-GAAP EPS was USD1.47, up 4% in USD, up 7% in constant currency.

非公認會計準則每股收益為 1.47 美元，以美元計算成長 4%，以固定匯率計算成長 7%。

The GAAP EPS was USD1.02, up 20% in USD, up 25% in constant currency.

以美元計算，GAAP EPS 為 1.02 美元，以固定匯率計算成長 20%，以固定匯率計算成長 25%。

At quarter end, we had $17.8 billion in cash and marketable securities.

截至季末，我們擁有 178 億美元現金和有價證券。

The short-term deferred revenue balance was $9 billion, up 3% and operating cash flow for Q3 was $5.9 billion, slightly more than our $5.9 billion in CapEx as we front-loaded some purchases into the quarter.

短期遞延收入餘額為 90 億美元，成長 3%，第三季營運現金流為 59 億美元，略高於我們的 59 億美元資本支出，因為我們將一些採購預先計入本季。

given the demand that you see in our RPO growth and the additional demand we see in our pipeline, I expect fiscal year 2025 CapEx will be a little more than double what it was last year at around $16 billion.

考慮到我們 RPO 成長中看到的需求以及我們在通路中看到的額外需求，我預計 2025 財年的資本支出將比去年增加一倍多，達到約 160 億美元。

As always, we remain careful to pace and align our CapEx investments appropriately and in line with booking trends.

像往常一樣，我們將繼續謹慎調整我們的資本支出投資，並使其與預訂趨勢保持一致。

On a trailing 12-month basis, operating cash flow was up 14% at $20.7 billion, and free cash flow was $5.8 billion.

在過去 12 個月中，營運現金流成長 14%，達到 207 億美元，自由現金流為 58 億美元。

As I mentioned, remaining performance obligations or RPO is now $130 billion, up 6% in constant currency, and it reflects the growing trend of customers wanting larger and longer contracts as they see firsthand how Oracle Cloud services are benefiting their businesses.

正如我所提到的，剩餘履約義務或 RPO 現在為 1300 億美元，按固定匯率計算增長了 6%，這反映了客戶希望簽訂更大、更長合約的成長趨勢，因為他們親眼看到 Oracle 雲端服務如何使他們的業務受益。

Further, our cloud RPO grew over 90% and now represents more than 80% of total RPO and approximately 31% of that total RPO number is expected to be recognized as revenue over the next 12 months.

此外，我們的雲端 RPO 成長了 90% 以上，現在佔總 RPO 的 80% 以上，並且預計未來 12 個月內總 RPO 數中的約 31% 將確認為收入。

Now we are and remain committed to returning value to our shareholders through technical innovation, acquisitions, repurchases, prudent use of debt and the dividend.

現在，我們將繼續致力於透過技術創新、收購、回購、審慎使用債務和股利來為股東帶來價值回報。

This quarter, we repurchased nearly 1 million shares for a total of $150 million and over the last 10 years, we've reduced the shares outstanding by more than 1/3 at an average price of $54 a share.

本季度，我們回購了近 100 萬股，總額達 1.5 億美元，過去 10 年中，我們以每股 54 美元的平均價格將流通股減少了三分之一以上。

In addition, we have paid out dividends of $4.4 billion over the last 12 months, and the Board of Directors increased the quarterly dividend 25% from $0.40 in to $0.50 per share today.

此外，我們在過去 12 個月內支付了 44 億美元的股息，董事會將季度股息提高了 25%，從每股 0.40 美元提高到今天的每股 0.50 美元。

Before I dive into Q4 specific guidance, I'd like to comment on the financial acceleration we expect to see in the coming years.

在深入討論第四季度的具體指引之前，我想先評論一下我們預計未來幾年將出現的財務加速。

We now have a clear light of sight to our future revenue growth.

我們現在對未來的收入成長有了清晰的認識。

We remain very confident and committed to total cloud infrastructure revenue for fiscal year 2025 growing faster than the 50% reported last year and it will be even faster for fiscal year 2026, likely a lot faster.

我們仍然非常有信心並致力於實現 2025 財年雲端基礎設施總收入的成長速度超過去年報告的 50%，而 2026 財年的成長速度將更快，可能快得多。

Our confidence in meeting our $6 billion revenue target for FY26 is now stronger revenue than ever and represents around a 15% growth rate.

我們有信心實現 2026 財年 60 億美元的營收目標，現在的營收比以往任何時候都更強勁，成長率約為 15%。

And more importantly, I now expect that our fiscal year '27 growth rate will be around 20%, which is even higher than I previously guided.

更重要的是，我現在預計我們 27 財年的成長率將在 20% 左右，這甚至高於我之前的預期。

Let me now turn to my guidance for Q4, which I'll review on a non-GAAP basis and assuming exchange rates remain the same as they are now, currency should have a cent to $0.02 negative effect on EPS and a 1% negative effect on revenue.

現在讓我談談我對第四季度的指導，我將在非 GAAP 基礎上進行審查，並假設匯率保持不變，貨幣將對每股收益產生 1 美分到 0.02 美元的負面影響，對收入產生 1% 的負面影響。

However, as usual, currency impact may be different.

然而，與往常一樣，貨幣影響可能會有所不同。

So focus in on constant currency.

因此，請關注恆定貨幣。

Total revenues are expected to grow from 9% to 11% in constant currency and are expected to grow from 8% to 10% and in USD at today's exchange rate.

以固定匯率計算，預計總收入將成長 9% 至 11%，以今日匯率計算，以美元計算，預計總收入將成長 8% 至 10%。

Total cloud revenue is expected to grow from 24% to 28% in constant currency is expected to grow from 25 to 27 in USD.

以固定匯率計算，預計總雲端運算收入將成長 24% 至 28%，以美元計算，預計從 25 成長至 27。

Non-GAAP EPS is expected to grow from 0 to 2% and be between $1.62 and $1.66 in constant currency.

非公認會計準則每股收益預計將成長 0 至 2%，以固定匯率計算介於 1.62 美元至 1.66 美元之間。

Non-GAAP EPS is expected to grow between negative 1, positive 1 and be between $1.61 and $1.65 in USD.

預計非 GAAP EPS 將成長在負 1 和正 1 之間，介於 1.61 美元至 1.65 美元之間。

I should mention that my Q4 EPS guide is negatively impacted by $0.03 plus due to losses recognized from an investment in another company.

我應該提到，由於對另一家公司的投資確認了損失，我的第四季度每股收益指南受到了 0.03 美元以上的負面影響。

Lastly, my EPS guidance for Q4 assumes a base rate of 19%.

最後，我對第四季的每股盈餘預測假設基準利率為 19%。

However, as you saw in this quarter, onetime tax events could cause actual tax rates to vary and usually do.

然而，正如您在本季看到的那樣，一次性稅收事件可能會導致實際稅率發生變化，而且通常如此。

And finally, I'm sure this isn't lost on anyone, but we are reporting earnings just 10 days after the close of the quarter, and that's also because there was a weekend.

最後，我相信大家都知道這一點，但我們在本季結束後僅 10 天就報告了收益，這也是因為當時正值週末。

Using Fusion, we continue to file our quarterly and annual financial statements faster than any other company in the S&P 500.

使用 Fusion，我們繼續以比標準普爾 500 指數中的任何其他公司更快的速度提交季度和年度財務報表。

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

現在，我將把話題交給拉里，請他發表評論。

Thank you, Safra.

謝謝你，薩弗拉。

Well, as Safra pointed out, some of our existing businesses, AI training and multi-cloud database are experiencing hyper growth.

正如薩夫拉所指出的那樣，我們的一些現有業務、人工智慧培訓和多雲資料庫正在經歷高速成長。

We are in the process of building a gigantic 64,000 GPU, liquid-cooled NVIDIA GB 200 cluster for AI training.

我們正在建立一個巨大的 64,000 GPU、液冷 NVIDIA GB 200 集群，用於 AI 訓練。

Our multi-cloud business at Amazon, Google and Microsoft grew 200% in the last three months alone.

光是過去三個月，我們在亞馬遜、谷歌和微軟的多雲業務就成長了 200%。

But in addition to these rapidly growing existing businesses, new customers and new businesses are migrating to the Oracle Cloud at an unprecedented rate.

但除了這些快速成長的現有業務之外，新客戶和新業務正在以前所未有的速度遷移到 Oracle 雲端。

In Q3, we signed a multibillion-dollar contract with AMD to build a cluster of 30,000 of their latest MI355x GPUs and all 4 of the leading cloud security companies: CrowdStrike, Cyber Reason, [Nuvo Digital] and Palo Alto, they all decided to move to the Oracle Cloud.

在第三季度，我們與 AMD 簽署了一份價值數十億美元的合同，以構建一個由 30,000 個最新的 MI355x GPU 組成的集群，並且所有 4 家領先的雲安全公司：CrowdStrike、Cyber​​ Reason、[Nuvo Digital] 和 Palo Alto，他們都決定遷移到 Oracle Cloud。

But perhaps most importantly, Oracle has developed a new product called the AI data platform that enables our huge installed base of database customers to use the latest AI models from OpenAI and AI and meta to analyze all of the data they have stored in their millions of existing Oracle databases.

但也許最重要的是，Oracle 開發了一款名為 AI 資料平台的新產品，該產品使我們龐大的資料庫客戶群能夠使用 OpenAI 和 AI 的最新 AI 模型和元來分析他們儲存在數百萬個現有 Oracle 資料庫中的所有資料。

By using Oracle version 23 AI's better capabilities, customers can automatically put all of their existing data into the vector format that is understood by AI models.

透過使用 Oracle 23 AI 版本更強大的功能，客戶可以自動將所有現有資料轉換為 AI 模型可以理解的向量格式。

This allows those AI models to learn, understand and analyze every aspect of your company or government agency, instantly unlocking the value in your data while keeping your data private and secure.

這使得這些人工智慧模型能夠學習、理解和分析您公司或政府機構的各個方面，立即釋放您資料中的價值，同時確保您的資料隱私和安全性。

This AI inferencing will be another great large new business for Oracle.

人工智慧推理將成為 Oracle 的另一項重大新業務。

Back to you, Ken.

回到你身邊，肯。

Thank you, Larry.

謝謝你，拉里。

Abby, please poll the audience for questions.

艾比，請向觀眾徵詢問題。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指示）德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Congrats on just remarkable booking strength.

恭喜您擁有非凡的預訂實力。

Larry, I'm hoping you can expand more on Stargate because this is just a massive scale American first venture with Oracle joined by undisputed AI leaders like OpenAI and NVIDIA and they chose you over several other choices in the market.

拉里，我希望你能更詳細地介紹《星際之門》，因為這是美國首次與甲骨文合作的大規模合資企業，此外還有 OpenAI 和 NVIDIA 等無可爭議的人工智慧領導者，他們在市場上選擇了你而不是其他幾個選擇。

What is Oracle's unique value add here?

Oracle 在此的獨特增值是什麼？

What can Oracle do that others can't?

Oracle 能做什麼而其他人不能做的？

Well, I think it's actually very simple.

嗯，我認為這其實非常簡單。

The capability we have is to build these huge AI clusters with technology that actually runs faster and more economically than our competitors.

我們的能力是利用比競爭對手運行速度更快、更經濟的技術來建構這些龐大的人工智慧叢集。

So it really is a technology advantage we have over them.

因此我們確實比他們擁有技術優勢。

If you run faster and you pay by the hour, you cost less.

如果您跑得更快並且按小時付費，則費用會更低。

So that technology advantage translates to an economic advantage, which allows us to win a lot of these huge deals.

因此，技術優勢轉化為經濟優勢，使我們贏得了許多巨額交易。

And it's not just the Stargate deal, which is in our future, by the way. we got to over $130 billion in RPO without any transactions from Stargate.

順便說一句，這不僅僅是《星際之門》的交易，這也是我們的未來。我們在沒有星際之門任何交易的情況下就實現了超過 1300 億美元的 RPO。

So again, Stargate looks to be the biggest project -- AI training project out there.

所以，星際之門看起來是最大的項目——人工智慧訓練項目。

And we expect that will allow us to grow our RPO even higher in the coming quarters.

我們預計這將使我們在未來幾季的 RPO 成長得更高。

And we do expect Stargate of our first large Stargate contract fairly soon.

我們確實期待著星際之門很快就與我們簽訂第一份大型星際之門合約。

Larry, if I could maybe just sneak in a very quick one for Safra.

拉里，我能不能偷偷地為薩夫拉說一句話。

When Stargate does hit as it is a related party.

當星際之門確實襲擊時，它是一個相關方。

Is there anything that you can share with us as to how we should expect it might flow through the financials?

您能和我們分享一下它對財務的影響嗎？

Well, it through us in any unique way.

嗯，它以任何獨特的方式通過我們。

They will place contracts with us, and they'll come right through.

他們會和我們簽訂合同，然後就會立即完成。

So I'll be explaining it to you once it's fully laid out, but it's not going to make your work harder.

所以，一旦它完全闡述清楚，我就會向你解釋，但這不會使你的工作變得更加困難。

We're going to be very, very clear on as the contracts come through us.

我們將非常非常清楚地了解合約的具體內容。

It won't be as much of a change as you think it's just going to be even larger numbers.

改變不會像你想像的那麼大，只不過數字會變得更大。

Derick Wood, TD Cowen.

德里克·伍德（Derick Wood），TD Cowen。

Safra and Larry, congrats on a strong bookings quarter.

薩弗拉和拉里，祝賀你們本季的預訂量強勁。

I wanted to drill into the growth under current around OCI, especially in light of such a huge RPO number that didn't even include Stargate.

我想深入了解 OCI 目前的成長情況，尤其是考慮到如此龐大的 RPO 數字（甚至不包括星際之門）。

In some quarters, we hear about particular demand for AI contracts certainly seems to be a lot of favorable developments going on there.

在某些方面，我們聽說對人工智慧合約的特殊需求似乎確實有許多有利的發展。

But other times, we hear about emerging adoption in multi-cloud and database on hyperscalers and we can hear about strength in dedicated as well with sovereign clouds and alloy.

但其他時候，我們會聽到超大規模雲端和資料庫的新興採用，我們還可以聽到有關專用雲以及主權雲和合金的優勢。

I guess as you look at Q3 bookings and pipeline trends, can you give us a sense as to how demand is unfolding across those three different environments and how you feel about the growth durability and really the infrastructure capacity serviceability of each of these vectors.

我想，當您查看第三季的預訂和通路趨勢時，您能否讓我們了解這三種不同環境中的需求是如何展開的，以及您對每個向量的成長持久性和基礎設施容量可服務性的看法。

Well, I mean the reality is that everything is chugging on all fronts.

嗯，我的意思是現實情況是各方面的事情都在順利進行。

So multi-cloud, I gave you some of the numbers.

因此，對於多雲，我給了你一些數字。

These numbers -- I was just looking year-over-year because we only started really having revenue originally a year ago.

這些數字——我只是查看了同比數據，因為我們一年前才開始真正有收入。

It's more than 10 times what it was just a year ago and the numbers are exploding.

與一年前相比，這一數字增長了 10 倍多，並且呈爆炸式增長。

As I told you, we've got 18 lives, but 40 coming online.

正如我所說的，我們有 18 條生命，但上線後會有 40 條生命。

So that is going unbelievably well.

一切進展順利。

OCI, public cloud going spectacularly, Cloud@Customer really going well and all the pieces around and we're starting -- there are whole parts that are only now rolling out which are sovereign clouds disconnected clouds.

OCI、公有雲發展勢頭迅速、Cloud@Customer 進展順利，周圍的所有部分都已開始，有些部分現在才開始推出，即主權雲和斷開連接的雲。

And so we've laid out quite a lot of capacity, and it's starting to fill up.

我們已經規劃了相當多的容量，並且它們開始填滿了。

So bookings are going very, very well, and it's turning into revenue.

因此預訂情況非常非常好，並且正在轉化為收入。

So pretty much it's -- we're going on all cylinders for us.

所以基本上是——我們正在全力以赴。

We're happy when customers come directly to us with their database workloads, but we're also happy when they do -- they come to us through our partners, Azure, AWS and GCP.

當客戶帶著他們的資料庫工作負載直接來找我們時，我們會感到高興，但是當他們透過我們的合作夥伴 Azure、AWS 和 GCP 來找我們時，我們也會感到高興。

So for us, we don't care.

所以對我們來說，我們不在乎。

It's -- they get exactly the same capability at the -- and it's truly ideal.

它們獲得了完全相同的能力，這確實是理想的。

Now the customers can get our database everywhere.

現在客戶可以在任何地方取得我們的資料庫。

They can install an Oracle cloud region on their premises.

他們可以在其場所安裝 Oracle 雲端區域。

They can get Oracle from Azure.

他們可以從 Azure 取得 Oracle。

They can get Oracle from Google.

他們可以從谷歌獲得 Oracle。

They can get Oracle from AWS.

他們可以從 AWS 取得 Oracle。

They obviously get a good Oracle from OCI.

他們顯然從 OCI 獲得了良好的 Oracle。

And that Oracle database is becoming more and more capable.

Oracle 資料庫的功能正變得越來越強大。

It does store most of the world's valuable data.

它確實儲存了世界上大部分有價值的數據。

It is by far the largest database installed base in the world, with nothing remotely close.

它是迄今為止世界上最大的資料庫安裝基數，沒有任何資料庫能與之媲美。

And most of those databases are still on-premise, but now they're beginning to migrate to the cloud.

大多數資料庫仍在本地，但現在它們開始遷移到雲端。

And one of the big drivers of them migrating to the cloud is the autonomous version of the database.

他們遷移到雲端的一大驅動力是資料庫的自主版本。

And now perhaps just as importantly the AI data platform, which allows you to take all of your listing data all of your existing data and make it available to any of the leading AI models, say, rock, JBT, Lama, all of them can immediately take advantage of your existing data and your existing database and turn it into insights and actions and agents directly, again, on your private data while keeping that private data private.

現在，也許同樣重要的是人工智慧數據平台，它允許您獲取所有清單數據、所有現有數據，並將其提供給任何領先的人工智慧模型，例如 rock、JBT、Lama，所有這些模型都可以立即利用您現有的數據和現有的數據庫，並將其轉化為洞察力、行動和代理直接處理您的私人數據，同時保持這些私人數據的私密性。

And that has been the missing link in companies and government agencies taking full trained on all of the public data that's available on the Internet.

而這正是公司和政府機構對網路上所有公共資料進行全面培訓所缺少的環節。

Now that's a huge amount of information and makes for brilliant but the AI is not -- does not have a lot of information about your company or your government agency because that data is not available on the Internet.

現在，這是大量的信息，而且非常出色，但人工智慧卻沒有關於您的公司或政府機構的大量信息，因為這些數據在互聯網上不可用。

That is not data that the AI model was trained on -- now with the Oracle Database, 23 AI.

這不是 AI 模型訓練的資料——現在有了 Oracle 資料庫，就有 23 AI。

The AI model can look at your data train itself on that data and provide you with, again, inside actions on your existing data while keeping it private.

人工智慧模型可以查看您的數據，並根據這些數據進行自我訓練，並再次為您提供現有數據的內部操作，同時確保其隱私。

You don't have to share it with anybody.

您不必與任何人分享它。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

And echoing the congratulations for unbelievable bookings number.

並對令人難以置信的預訂數量表示祝賀。

I guess maybe, Larry opine on the current kind of state of the AI training versus inferencing opportunity.

我想也許 Larry 對目前的人工智慧訓練與推理機會的現狀發表了看法。

You have potentially investors worried about diminishing returns to training, even some of your hyperscaler peers seemingly walking back on some of their CapEx commitments.

潛在的投資人擔心培訓收益遞減，甚至一些超大規模同業似乎也放棄了部分資本支出承諾。

What are you seeing out there with respect to training versus inference, both in the incremental bookings that you're adding in the pipeline?

就您在頻道中新增的增量預訂而言，您在訓練和推理方面看到了什麼？

And maybe just how Oracle is differentiated on the inferencing side versus both hyperscalers and Neo clubs, particularly with this AI data platform product that you just announced?

也許 Oracle 在推理方面與超大規模企業和 Neo 俱樂部有何差異，特別是您剛剛宣布的這款 AI 數據平台產品？

Okay.

好的。

Well, obviously, our training business is getting bigger and bigger and bigger, very rapidly, as evidenced by our RPO.

顯然，我們的培訓業務正在迅速壯大，我們的 RPO 就是明證。

But it wasn't just AI training that drove the RPO up. the AI inferencing, the potential of AI inferencing and think about all of the Oracle databases out there that, that data in those databases are going to train AI models.

但推動RPO上升的不僅是AI訓練。人工智慧推理，人工智慧推理的潛力，想想所有的 Oracle 資料庫，這些資料庫中的資料將用於訓練人工智慧模型。

The AI models are only useful if they're familiar with the data -- your data, the AI models have to understand your products, your customers, your service requests, your financials.

人工智慧模型只有熟悉數據才有用——您的數據，人工智慧模型必須了解您的產品、您的客戶、您的服務請求和您的財務狀況。

So you have to make all that data available to the AI models in those databases.

所以你必須讓所有資料都可供這些資料庫中的 AI 模型使用。

This has not -- this is -- we're right at the beginning of that.

這還沒有——這是——我們正處於這個過程的開始。

And again, on top of those Oracle databases now, we ourselves, because when the application built business, have built lots and lots of agents on top of the Oracle -- on the Oracle databases and made those agents a part of our applications, modernizing and automating our applications.

再說一次，現在在這些 Oracle 資料庫之上，我們自己，因為當應用程式建立業務時，已經在 Oracle 之上建立了大量代理 - 在 Oracle 資料庫上，並使這些代理程式成為我們應用程式的一部分，使我們的應用程式現代化和自動化。

But customers need to do the exact same thing as they build software inside of their government agency where they build software inside, again, AI agents inside of their company.

但是客戶需要做與他們在政府機構內部建立軟體完全相同的事情，他們在公司內部建立軟體，同樣，在公司內部建立人工智慧代理。

And how are they -- what is -- how do they go about doing that?

那麼他們是怎樣的──他們是怎麼做到的呢？

Well, they go about doing that is training the AI models on their data on their data that is currently in an Oracle database.

他們這樣做是為了使用目前位於 Oracle 資料庫中的資料來訓練 AI 模型。

And we make that very easy.

我們讓這一切變得非常容易。

You push a button -- the new version of the Oracle Database 23 AI with vector capabilities allow you to convert your data into vector format that's understood by the AI models.

按下一個按鈕——具有向量功能的 Oracle Database 23 AI 的新版本可讓您將資料轉換為 AI 模型可以理解的向量格式。

Nobody else has that.

其他人都沒有這個。

Nobody else has that.

其他人都沒有這個。

So you can easily now train the AI models on your data for inferencing, obviously, and for building of agents, you can do that automatically with the Oracle Database.

因此，您現在可以輕鬆地在資料上訓練 AI 模型以進行推理，顯然，對於代理程式的構建，您可以使用 Oracle 資料庫自動完成。

We are the only one with that capability.

我們是唯一擁有這種能力的人。

So we think inferencing in the end is a much bigger opportunity than AI training.

因此，我們認為，推理最終比人工智慧訓練有更大的機會。

And there are literally millions of Oracle databases all over the world that will and that data, all of those millions of databases, all of that data will be used to train AI models.

而且，全世界有數百萬個 Oracle 資料庫，所有這些資料庫的所有資料都將用於訓練 AI 模型。

And on top of that, they'll build agents and applications.

除此之外，他們還將建立代理和應用程式。

We think, again, that -- I mean it's -- we don't have these 1 or 2 or 10 huge contracts for training because there aren't that many people building frontier models, but there are hundreds of thousands of our customers that will be consuming those AI models and training those same AI models on their private data and then running agents and applications on top of all of that.

我們再次認為——我的意思是——我們沒有 1 個、2 個或 10 個巨額的培訓合同，因為沒有那麼多人構建前沿模型，但有數十萬的客戶將使用這些 AI 模型並在他們的私人數據上訓練相同的 AI 模型，然後在所有這些模型上運行代理和應用程序。

That's a much bigger market than AI training for us.

對我們來說，這是一個比人工智慧訓練更大的市場。

Super helpful.

超有幫助。

And maybe just Safra, how to think about RPO trends and trending over the course of the next few quarters in light of that?

也許只是 Safra，有鑑於此，如何看待 RPO 趨勢以及未來幾季的趨勢？

I think there are going to be lumpiness as you can see, but we actually expect some extremely significant numbers coming within the next few months also.

正如您所看到的，我認為會出現一些波動，但實際上我們預計未來幾個月內也會出現一些極其顯著的數字。

So there's just a lot of demand folks there is a lot of demand where people want to lock in and schedule into our cloud.

所以，人們對鎖定和安排雲端的需求很大。

So we're going to see we're going to see increases in RPO.

因此我們將會看到 RPO 的增加。

But remember, our remaining performance obligation, we also burned down some of it through the quarter as capacity goes online, but I expect that number to be extremely large.

但請記住，我們的剩餘履約義務，隨著產能上線，我們也在本季度消耗了其中的一部分，但我預計這個數字將非常大。

This is the norm, but I expect it actually to continue to be very large amazingly.

這是常態，但我預計它實際上會繼續保持驚人的規模。

John DiFucci, Guggenheim.

古根漢的約翰·迪富奇。

You said you were live on 33 cloud regions and another 40 planned with Azure

您說您已經在 33 個雲端區域上線，並且計劃在 Azure 上線另外 40 個雲端區域

--

--

No, 18 Multi cloud.

不，18 多雲。

I got it.

我得到了它。

Yes, I got you way ahead of yourself.

是的，我讓你領先了不少。

I'm sorry, ever.

我很抱歉，永遠。

But anyway, I know you said you had another 40 planned Azure, AWS and Google, this quarter, we saw a big uptick like in discussions between partners and large enterprise regarding Oracle database pick your hyperscaler like the discussions seem to be in like happening in mass, but not the deals yet.

但無論如何，我知道您說過您計劃與 Azure、AWS 和 Google 合作另外 40 家公司，本季度，我們看到合作夥伴和大型企業之間關於 Oracle 資料庫選擇超大規模器的討論大幅增加，就像討論似乎正在大規模進行，但尚未達成交易。

And one of the things a limiting factor and talk partners was that some of these global enterprises needed it to be global because the global enterprises.

其中一個限制因素和合作夥伴是，其中一些全球性企業需要實現全球化，因為它們是全球性企業。

Those 40, I guess, does that get you there for that?

我想，那 40 個能幫你達成這個目標嗎？

And when -- like when do those 40s get deployed?

那麼這些 40 型飛彈什麼時候部署？

Are they going to be deployed over the next year?

他們明年會被部署嗎？

Or is it going to be over the next, I don't know, about how long does that take?

或者接下來會結束，我不知道，大約需要多長時間？

Well, of course, we're not in full control of that, but everyone's notated to get them as quickly as possible because, as you know, the way the revenue flows through, it flows through to our partner or our host and then we -- and then they pay us.

嗯，當然，我們並不能完全控制這一點，但每個人都應該盡快得到它們，因為如你所知，收入流的方式是，它流向我們的合作夥伴或我們的主機，然後我們 - 然後他們付錢給我們。

So they're very, very motivated to get it as quickly as possible because that is holding up revenue for them until they can deploy it.

因此，他們非常非常希望盡快獲得它，因為這可以保留他們的收入，直到他們能夠部署它。

It's been moving very quickly.

它移動得非常快。

They accelerated recently.

最近它們加速了。

And as you can imagine, there's some significant competition between those three hyperscalers to grab those workloads before their competitor takes them.

你可以想像，這三家超大規模企業之間存在著激烈的競爭，他們都在爭相搶佔競爭對手的工作負載。

So it is moving quickly.

因此它進展很快。

And -- but there is enormous demand, again, enormous demand, but that capacity is not always within our control.

而且 — — 但需求是巨大的，再次強調，需求是巨大的，但這種能力並不總是在我們的控制範圍內。

So but they're very, very motivated to get it going because when those customers move, they often bring a lot of additional workload connected to the database into their cloud would often directly into OCI also.

但他們非常非常積極地推動這項進程，因為當這些客戶遷移時，他們通常會將大量與資料庫相關的額外工作負載帶入雲端中，並且通常也會直接帶入 OCI。

And of course, we are the fourth competitor for them. at the same time.

當然，我們是他們的第四個競爭對手。同時。

So I don't have the exact dates of someone in my organization, no doubt it does, but we do expect it in short order to be a lot more deployed very quickly, and demand is extremely high.

因此，我不知道我們組織中某個人的具體日期，毫無疑問確實如此，但我們確實希望它能在短時間內得到更多部署，而且需求非常高。

Can I help help on this.

我可以幫忙嗎？

So everyone needs a primary and a backup data center in North America.

所以每個人都需要在北美有一個主資料中心和一個備用資料中心。

Everyone needs a primary and a backup data center in Europe, typically Western Europe.

每個人都需要在歐洲（通常是西歐）有一個主資料中心和一個備用資料中心。

And everyone needs a primary -- not everyone and a lot of people need primary and backups in Asia.

每個人都需要一個主伺服器——但不是每個人，在亞洲，很多人都需要主伺服器和備份伺服器。

So that's six data centers.

一共有六個資料中心。

So once we get to a primary and backup in North America and Europe and in Asia for let's us say, Google, we're ready to roll.

因此，一旦我們在北美、歐洲和亞洲確定了谷歌的主要和備用網絡，我們就可以開始行動了。

Most of the impediments are out of the way.

大部分障礙物都已消除。

So -- but then it's just a matter of building the people that want -- that are Japanese national companies.

所以 — — 但接下來這只是一個創建人們想要的 — — 日本民族公司的問題。

That's for the multinationals or the multinationals that works.

這對跨國公司或有效的跨國公司來說是可行的。

And then there's obviously the Japanese domestic market in the German domestic market and so on and so forth.

然後顯然還有日本國內市場、德國國內市場等等。

But I think by the time we get to 40, which is around -- close enough to say, 12 months from now, the -- as Safra said, it's not entirely in our control because AWS has to provide us with the space because we're literally embedding the OCI data centers inside of AWS inside of Google and inside of Azure.

但我認為，當我們達到 40 個時，也就是大約 12 個月後，正如 Safra 所說，這並不完全在我們的控制範圍內，因為 AWS 必須為我們提供空間，因為我們實際上是將 OCI 資料中心嵌入到 AWS 內部、Google 內部和 Azure 內部。

But we expect this is growing extraordinarily fast, and we think we'll be able to meet most of the needs of customers that need for prime back up around the world. certainly in the coming months.

但我們預計這一市場將以極快的速度成長，我們認為我們將能夠滿足全球大多數需要主要備份的客戶的需求。肯定會在接下來的幾個月。

And then it's just going to be adding capacity country by country.

然後我們會逐國逐步增加產能。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

I'll add my congrats on the ARPO and booking strength this quarter.

我要對本季的 ARPO 和預訂實力表示祝賀。

Larry, you mentioned some of the agents you've been building out on top of your application platform earlier.

拉里，您之前提到過您在應用平台上建立的一些代理。

I was just wondering, are you now starting to see the demand for those technologies or those functionality that agents are bringing starting to have an impact on your strategic SaaS business?

我只是想知道，您現在是否開始看到代理商帶來的這些技術或功能的需求開始對您的策略 SaaS 業務產生影響？

And perhaps the pace of conversions from any legacy on-prem systems that still might be out there?

也許任何仍存在的傳統內部部署系統的轉換速度？

Okay.

好的。

So I would say, I mean, our biggest differentiator when we're competing in the health care field, our biggest differentiator is the quality of our AI agents that we have a lot of AI agents in health care.

所以我想說，我們在醫療保健領域競爭時最大的區別在於我們的人工智慧代理的質量，我們在醫療保健領域擁有大量人工智慧代理。

One, we listen when a doctor consults with a patient, we listened to that consultation and we record all the prescriptions, all the doctors' orders, all the doctors' notes, we automatically.

首先，當醫生諮詢患者時，我們會傾聽，我們會聽取諮詢意見，並自動記錄所有處方、所有醫囑、所有醫生的筆記。

We provide the doctor a prior meeting with the patient, a summary of the patients, their latest lab tests and vital -- when the doctor is finished a meeting with the patient has given all these orders prescriptions and come to diagnostic conclusions, we automatically update the electronic health records, taking a huge burden of the position.

我們為醫生提供與患者的先前會面資訊、患者情況總結、最新的實驗室檢查結果和生命體徵——當醫生結束與患者的會面、開出所有這些醫囑、並得出診斷結論後，我們會自動更新電子健康記錄，從而減輕醫生的負擔。

They don't have to type any of this stuff in.

他們不需要輸入任何這些內容。

We just listened the interface to our system is voice, primarily voice which is all AI and -- but the whole system is with AI agents.

我們剛剛聽說我們系統的介面是語音，主要是語音，也就是全是人工智慧——但整個系統都是人工智慧代理。

Let me give you another one, another AI agent that we're in the process of building.

讓我給你舉另一個我們正在建構的 AI 代理。

It is -- the doctors have to -- the hospitals have to get permission to prescribe an expensive cancer drug or to do a heart transplant or something like that or knee transplant.

是的，醫生必須——醫院必須獲得許可才能開出昂貴的抗癌藥物或進行心臟移植或膝關節移植等手術。

They have to get prior authorization from the payer, the insurance company in the United States or the government like the NHS in the U.K. And there's this negotiation.

他們必須事先獲得付款人（例如美國的保險公司或英國的 NHS 等政府）的授權。

You send your patient's electronic health records to the insurer.

您將病患的電子健康記錄傳送給保險公司。

Insurer looks at that, analyzes that and says, yes, this person is authorized to use Herceptin or a cancer drug or not.

保險公司會查看、分析這些數據，然後判斷此人是否被授權使用赫賽汀或抗癌藥物。

But that's all done manually on the phone.

但這一切都是透過手機手動完成的。

But our AI agents, we read the insurance policies.

但是我們的人工智慧代理可以讀懂保險政策。

We read all the electronic health records.

我們閱讀了所有的電子健康紀錄。

We actually make mention whether this is a reimbursable drug or this is a reimbursable surgery.

我們實際上提到了這是否是可報銷的藥品或是否是可報銷的手術。

We do that and we automate that entirely make it completely electronic.

我們做到了這一點，並將其完全自動化，使其完全電子化。

This saves billions of dollars in the health care field and makes a huge difference and determines whether they're going to buy our system or buy some other -- some alternative systems.

這在醫療保健領域節省了數十億美元，產生了巨大的影響，並決定了他們是購買我們的系統還是購買其他替代系統。

So I know people are saying, what's the dollar impact when you're selling the agents?

所以我知道人們會問，當你出售代理商時，對美元的影響是什麼？

Well, the dollar impact is we sell in country, an entire health system.

嗯，對美元的影響是我們在國內銷售整個醫療系統。

Based on whether our agents and our health software is better than our competitors and saves them money.

基於我們的代理商和健康軟體是否比我們的競爭對手更好並能為他們節省金錢。

So it's not just it's not money really attributable to AI agents in health care.

因此，這不僅僅是醫療保健領域人工智慧代理所獲得的金錢收入。

It's the fact we're selling more and more health care systems because that we have a lot of AI agents embedded in them, which helps -- which produces better outcomes for patients and saves governments and payers money.

事實上，我們銷售的醫療保健系統越來越多，因為我們在其中嵌入了大量人工智慧代理，這有助於為患者帶來更好的治療結果，並為政府和付款人節省金錢。

And the same applies to our Fusion applications which have sense of embedded agents, whether it's in supply chain, financials H, we have literally dozens of agents already in bid in our applications, unlike our competitors who are talking about it, we actually have them already built and deployed it.

同樣的情況也適用於我們的 Fusion 應用程序，它具有嵌入式代理的感覺，無論是在供應鏈還是財務 H 中，我們的應用程序中已經有數十個代理在競標，與談論它的競爭對手不同，我們實際上已經構建並部署了它們。

But I can make one more statement.

但我可以再做最後一次聲明。

It's going to be since our applications are going to be primarily AI agents.

這是因為我們的應用程式主要是人工智慧代理。

Again, I say the applications themselves will migrate to be basically a bunch of the connected AI agents.

再次強調，我說過，應用程式本身將遷移到基本上是一堆連接在一起的人工智慧代理。

It really -- you're not going to be able to separate how much of this -- how much did you make on the AI agents and how much did you make on the rest of the applications.

真的——你無法區分你在人工智慧代理上賺了多少錢以及你在其餘應用程式上賺了多少錢。

All of our applications are becoming AI agents.

我們所有的應用程式都正在成為人工智慧代理。

(inaudible), if I could just ask a really quick follow-up.

（聽不清楚），我可以快速問一個後續問題嗎？

Is this the tipping point for any customer that hasn't moved to the cloud to have to get there now to get this functionality, talking some partners, it feels like anybody that's been holding out is now ready to go because they can't get any of this functionality if they're still on-prem.

對於尚未遷移到雲端的任何客戶來說，這是否是一個轉折點，他們必須立即遷移到雲端才能獲得此功能？

Yes.

是的。

I mean this motivator, the ability to have your system do so much of Europe.

我指的是這種激勵因素，也就是讓你的系統能夠處理歐洲如此多事務的能力。

As I was signing off with my finance and audit committee and talking with my Chief Accounting Officer, they have the entire description of the balance sheet issue, all the different balance sheet parts all done because of our products.

當我與財務和審計委員會簽署並與我的首席會計官交談時，他們對資產負債表問題進行了完整的描述，所有不同的資產負債表部分都是因為我們的產品而完成的。

That is such a time saver and so much incredible productivity and insight that you're disadvantaged if you do not use this.

這可以節省大量時間，並帶來令人難以置信的生產力和洞察力，如果您不使用它，那麼您就會處於不利地位。

And that's why I know every quarter, I mention again, we're announcing.

這就是為什麼我知道每個季度，我都會再次提到，我們都會宣布。

Of course, it's Monday.

當然，今天是星期一。

I couldn't announce Sunday or a Saturday or of course, Friday, something you do only if you have bad news.

我不能在周日、週六，當然還有周五宣布消息，因為只有在有壞消息的時候才會這麼做。

I mean, I had to announce the 10th.

我的意思是，我必須宣布 10 號。

And imagine so much of the work that my teams do is enabled because of these advanced technologies.

想像一下，我的團隊所做的許多工作都是由於這些先進的技術而實現的。

And it's your way to get there.

這是你到達那裡的方法。

Ultimately, everyone is going to come to it and it should be motivating them because it is such a massive not only productivity improvement.

最終，每個人都會參與其中，這應該會激勵他們，因為這不僅是生產力的巨大提高。

And as a result, lower cost, but it also gives you incredible insight into your business.

因此，不僅成本較低，還能讓您深入了解您的業務。

It's really amazing.

這真是太神奇了。

Mark Moerdler, Bernstein Research.

伯恩斯坦研究公司 (Bernstein Research) 的馬克‧莫德勒 (Mark Moerdler) 。

And really, congratulations on how incredibly well this is being executed.

真的，恭喜你，這項計畫執行得如此出色。

We know Oracle spends less on CapEx per dollar of IaaS pass revenue. than your larger hyperscale cloud provider peers.

我們知道 Oracle 每美元 IaaS 收入的資本支出較少。比大型超大規模雲端供應商同行更勝一籌。

But how should we understand why CapEx is lower?

但我們如何理解資本支出為何較低？

And how should we think about the trajectory of CapEx given the strength of RPO and especially the strength of OCI and OCI AI?

考慮到 RPO 的優勢，尤其是 OCI 和 OCI AI 的優勢，我們該如何看待資本支出的軌跡？

Okay.

好的。

Well, I'll take a crack at that.

好吧，我會嘗試一下。

So we can start our data center smaller competitors.

因此，我們可以啟動我們資料中心規模較小的競爭對手。

And then we based on demand.

然後我們根據需求。

So building these data centers are expensive, and they're really expensive if they're not full or they're not at least half full.

因此，建造這些資料中心的成本非常昂貴，如果這些資料中心沒有滿載或至少沒有半滿，那麼成本就真的很昂貴。

So we tend to start small and then add capacity as demand arises.

因此，我們傾向於從小規模開始，然後隨著需求的增加而增加產能。

And that allows us to have higher utilization.

這使我們能夠提高利用率。

That's one thing.

這是一回事。

The other thing is we have a high degree of standardization and automation inside of our cloud.

另一件事是我們的雲端內部具有高度的標準化和自動化。

So operating in the cloud also gives us better margins.

因此，在雲端營運也能為我們帶來更好的利潤。

Now that, you will not see that on cap.

現在，你將不會在帽子上看到它。

We will not see that on CapEx.

我們不會在資本支出上看到這種情況。

That will be on operating profit.

這將計入營業利潤。

But it's really the combination of starting smaller that affects and growing with demand that affects CapEx and then overall margins, the fact that we have a high degree of automation which lowers our labor cost dramatically.

但實際上，從小規模起步，隨著需求的成長而成長，這會影響資本支出，進而影響整體利潤率，而我們高度的自動化則大大降低了我們的勞動成本。

By the way, more importantly than -- more important than lowering our labor costs, with no labor, there's no human error, there is no human mischief.

順便說一句，更重要的是——比降低我們的勞動成本更重要的是，沒有勞動力，就不會出現人為錯誤，也不會出現人為的惡作劇。

So we're much more reliable and much more secure because we don't have a lot of human beings in our data centers.

所以我們更可靠，更安全，因為我們的資料中心沒有太多的人手。

Thank you, Safra.

謝謝你，薩弗拉。

Thank you, Larry.

謝謝你，拉里。

Thank you, Mark.

謝謝你，馬克。

A telephonic replay of this conference call will be available for 24 hours on our Investor Relations website.

本次電話會議的電話重播將在我們的投資者關係網站上提供 24 小時。

Thank you for joining us today.

感謝您今天加入我們。

And with that, I'll now turn the call back to Abby for closing.

說完這些，我現在將電話轉回給艾比結束演講。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。

You may now disconnect.

您現在可以斷開連線。