甲骨文 (ORCL) 2025 Q4 法說會逐字稿

Hello, and welcome to the Oracle Corporation fourth quarter and full year 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Ken Bond, Head of Investor Relations. Please go ahead.

您好，歡迎參加 Oracle 公司 2025 年第四季和全年財報電話會議。（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)。請繼續。

Thank you, Sarah, and good afternoon, everyone, and welcome to Oracle's fourth quarter and 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，莎拉，大家下午好，歡迎參加甲骨文 2025 財年第四季和財報電話會議。您可以從我們的投資者關係網站查看和下載新聞稿和財務表的副本，其中包括 GAAP 與非 GAAP 的對帳和其他補充財務資訊。

Additionally, a list of many customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from our Investor Relations website. On the call today are Chairman and Chief Technology Officer, Larry Ellison; and Chief Executive Officer, Safra Catz.

此外，我們的投資者關係網站將提供許多最近購買了 Oracle 雲端服務或開始使用 Oracle 雲端的客戶的名單。今天參加電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison) 和首席執行官薩弗拉·卡茲 (Safra Catz)。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will 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、預期、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的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。

These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from the statements being made today. As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments for a complete discussion of these factors and other risks 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近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修訂，以全面討論這些因素和其他可能影響我們未來業績或股票市場價格的風險。

And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Before taking questions, we will begin with a few prepared remarks. And with that, I'd like to turn the call over to Safra.

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，我們先講幾句準備好的發言。現在，我想把電話轉給薩夫拉。

Thanks, Ken, and good afternoon, everyone. As you can see, we had an excellent fourth quarter to finish out an amazing year with Q4 total revenue and EPS both exceeding my guidance. We are reporting our fiscal year-end results just 11 days after the last day of the quarter. Using Oracle Fusion, we continue to announce our quarterly and annual financial results faster than any other company in the S&P 500.

謝謝，肯，大家下午好。如您所見，我們以出色的第四季度結束了令人驚嘆的一年，第四季度的總收入和每股收益都超出了我的預期。我們將在本季度最後一天之後僅 11 天報告我們的財政年度結束業績。使用 Oracle Fusion，我們能夠比標準普爾 500 指數中的任何其他公司更快地公佈季度和年度財務表現。

Now a few years ago, I told you that we've reached a tipping point in our cloud transition and expected revenue growth to accelerate, and it has. In Q4, we hit double-digit revenue growth, and it's only going up from here, even as the company gets bigger.

幾年前，我告訴過你們，我們的雲端轉型已經到達了一個轉折點，預計營收成長將會加速，事實也確實如此。在第四季度，我們的營收實現了兩位數成長，隨著公司規模的擴大，營收將持續成長。

Our remaining performance obligations now stand at $138 billion, up $8 billion from last quarter and up 41% from last year, and yet the best is still to come. Our applications business was the first area we moved to the cloud more than a decade ago, and we are now the leader in enterprise back office with SaaS solutions for ERP, financials, EPM, HCM, supply chain and manufacturing.

我們剩餘的履約義務目前為 1,380 億美元，比上一季增加了 80 億美元，比去年同期增加了 41%，但最好的還在後頭。十多年前，我們的應用程式業務是我們第一個轉向雲端的領域，現在我們是企業後台領域的領導者，為 ERP、財務、EPM、HCM、供應鏈和製造業提供 SaaS 解決方案。

With the addition of over 100 AI agents, along with strong bookings and higher renewal rates for our strategic SaaS products, I expect the cloud applications growth rate will accelerate this coming year. Our infrastructure business was the next area to move to the cloud. We made engineering decisions that were much different from the other hyperscalers and that were better suited to the needs of enterprise customers, resulting in lower costs to them and giving them deployment flexibility.

隨著超過 100 名 AI 代理商的加入，以及我們策略性 SaaS 產品的強勁預訂量和更高的續約率，我預計雲端應用程式的成長率將會在來年加速。我們的基礎設施業務是下一個遷移到雲端的領域。我們所做的工程決策與其他超大規模企業截然不同，更適合企業客戶的需求，從而降低他們的成本並賦予他們部署彈性。

OCI has seen exceptional demand for infrastructure services and those contracted noncancelable bookings in RPO give us confidence that OCI revenue will grow over 70% this current year. Included in that is that Oracle Autonomous Database and the AI data platform. Enterprises know that their AI needs demand the most capable database to manage a company's full data set.

OCI 看到了對基礎設施服務的巨大需求，而 RPO 中那些已簽訂的不可取消的訂單讓我們有信心，OCI 今年的收入將增長 70% 以上。其中包括 Oracle 自治資料庫和 AI 資料平台。企業知道他們的人工智慧需求需要最強大的資料庫來管理公司的完整資料集。

Further, with our AI and autonomous features, our customers can bring all their data together, make it available for LLMs and yet have the best security built in. In addition, our customers have the flexibility to run their Oracle databases in OCI, in private clouds or in partner clouds with our multi-cloud offering. But what is clear is that more customers will use the Oracle database to leverage AI. So as a result of the strength in our cloud applications and infrastructure, including database services, we are raising our revenue guidance for fiscal year '26 to over $67 billion, up 16% for the year.

此外，借助我們的人工智慧和自主功能，我們的客戶可以整合所有數據，使其可用於 LLM，同時擁有內建的最佳安全性。此外，我們的客戶可以靈活地在 OCI、私有雲或合作夥伴雲端中透過我們的多雲產品來運行他們的 Oracle 資料庫。但很明顯的是，更多的客戶將使用 Oracle 資料庫來利用人工智慧。因此，由於我們的雲端應用程式和基礎設施（包括資料庫服務）的強大實力，我們將 26 財年的收入預期上調至 670 億美元以上，全年成長 16%。

Now to the results. And as usual, I'll be discussing our financials using constant currency growth rates as it is how we manage the business. Total cloud revenue, SaaS plus IaaS was up 27% at $6.7 billion. And total cloud services and license support revenue for the quarter was $11.7 billion, up 14%. IaaS revenue was $3 billion, up 52% on top of the 42% growth reported last year.

現在來看看結果。像往常一樣，我將使用固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。雲端運算總收入（SaaS 加 IaaS）成長 27%，達到 67 億美元。本季雲端服務和授權支援總收入為 117 億美元，成長 14%。IaaS 營收為 30 億美元，在去年 42% 的成長基礎上成長 52%。

OCI consumption revenue was up 62% and demand continues to dramatically outstrip supply. Our infrastructure cloud services now have an annualized revenue of nearly $12 billion. Cloud database services, which were up 31%, now have annualized revenue of $2.6 billion. Autonomous Database consumption revenue was up 47% on top of the 27% growth reported last year.

OCI 消費收入成長了 62%，需求持續大大超過供應。我們的基礎設施雲端服務現在的年收入接近120億美元。雲端資料庫服務成長了 31%，目前年收入已達 26 億美元。自治資料庫消費收入在去年報告的 27% 增幅基礎上又成長了 47%。

As on-premise databases migrate to the cloud, either on OCI directly or through our database at cloud services with Azure, Google, or AWS, we expect that cloud database revenues collectively will be the third driver of revenue growth alongside OCI and strategic SaaS. We are currently live in 23 cloud regions with database at cloud services and have another 47 planned. Database subscription revenues, which include database license support, were up 7%. Infrastructure subscription revenues in the quarter, which includes license support, were $6.7 billion, up 19%.

隨著內部資料庫遷移到雲端，無論是直接在 OCI 上，還是透過我們在 Azure、Google 或 AWS 上的雲端服務資料庫，我們預計雲端資料庫收入將與 OCI 和策略 SaaS 一起成為營收成長的第三大驅動力。我們目前在 23 個雲端區域上線資料庫，並計劃在另外 47 個雲端區域上線。包括資料庫授權支援在內的資料庫訂閱收入成長了 7%。本季基礎設施訂閱收入（包括授權支援）為 67 億美元，成長 19%。

SaaS revenue was $3.7 billion, up 11%. Application subscription revenues, which include support, were $5 billion, up 8%. Our strategic back-office SaaS applications now have annualized revenues of $9.3 billion, and they were up 20%. Software license revenues were up 8% to $2 billion. So all in, total revenues for the quarter were $15.9 billion, up 11% from last year. Operating income grew 7%. Non-GAAP EPS was $1.70 in US dollars, while GAAP EPS was USD1.19 in US dollars.

SaaS營收為37億美元，成長11%。包括支援在內的應用程式訂閱收入為 50 億美元，成長 8%。我們的策略後台 SaaS 應用程式目前的年收入為 93 億美元，成長了 20%。軟體授權收入成長 8%，達到 20 億美元。總體而言，本季總營收為 159 億美元，比去年同期成長 11%。營業收入成長7%。非公認會計準則每股收益為 1.70 美元，而公認會計準則每股收益為 1.19 美元。

The non-GAAP tax rate for the quarter was 9.7%, higher than 19.7%, which was higher than my 19% guidance. For the full fiscal year, total company revenue was $57.4 billion, up 9%. Total cloud services and license support revenue, which is entirely subscription-based and accounts for 77% of total revenue was $44 billion, up 12%.

本季非公認會計準則稅率為 9.7%，高於 19.7%，也高於我的 19% 預期。整個財年，公司總營收為 574 億美元，成長 9%。雲端服務和授權支援總收入完全基於訂閱，佔總收入的 77%，為 440 億美元，成長 12%。

Total application subscription revenue grew 7% and infrastructure subscription revenues grew 17%. Total cloud services were up 24% to $24.5 billion. IaaS or cloud infrastructure revenue, was up 51% to $10.2 billion for the quarter with consumption revenue up 59% from last year. SaaS revenue was up 10% to $14.3 billion for the year. Non-GAAP EPS for the full year was USD6, up 9% and the full year operating income grew 9%.

總應用程式訂閱收入成長 7%，基礎設施訂閱收入成長 17%。雲端服務總額成長 24%，達到 245 億美元。本季度，IaaS（即雲端基礎設施收入）成長 51%，達到 102 億美元，消費收入較去年同期成長 59%。全年 SaaS 營收成長 10%，達到 143 億美元。全年非公認會計準則每股收益為 6 美元，成長 9%，全年營業收入成長 9%。

As mentioned, remaining performance obligation at the end of Q4 is now $138 billion, up 41% in USD. Further, our cloud RPO grew 56% on top of the 80% growth last year and now represents nearly 80% of total RPO and approximately 33% of total RPO is expected to be recognized as revenue over the next 12 months. For the year, operating cash flow was up 12% at $20.8 billion, and free cash flow was a negative $400 million with $21.2 billion of CapEx. Operating cash flow for Q4 was $6.2 billion, while free cash flow was a negative $2.9 billion with CapEx of $9.1 billion.

如上所述，第四季末剩餘履約義務現為 1,380 億美元，以美元計算成長 41%。此外，我們的雲端 RPO 在去年 80% 的成長基礎上又成長了 56%，目前佔總 RPO 的近 80%，預計未來 12 個月內總 RPO 的約 33% 將確認為營收。全年經營現金流成長 12%，達到 208 億美元，自由現金流為負 4 億美元，資本支出 212 億美元。第四季的營運現金流為 62 億美元，而自由現金流為負 29 億美元，資本支出為 91 億美元。

The vast majority of our CapEx investments are for revenue-generating equipment that is going into data centers and not for land or buildings. I expect that FY26 CapEx will be higher at over $25 billion as we work to meet demand from our backlog. As we bring more capacity online, our revenue and profit growth will further accelerate.

我們的資本支出絕大部分用於購買進入資料中心的創收設備，而不是土地或建築物。我預計，隨著我們努力滿足積壓訂單的需求，26 財年的資本支出將更高，超過 250 億美元。隨著我們上線更多產能，我們的收入和利潤成長將進一步加速。

At quarter end, we had $11.2 billion in cash and marketable securities. The short-term deferred revenue balance was $9.4 billion. We are committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and a dividend. This quarter, we repurchased a little over 1 million shares for a total of $150 million. And over the last 10 years, we've reduced shares outstanding by more than a third at an average share price of just over $54.

截至本季末，我們擁有 112 億美元現金和有價證券。短期遞延收入餘額為94億美元。我們致力於透過技術創新、策略性收購、股票回購、謹慎使用債務和股利為股東帶來回報。本季度，我們回購了100多萬股，總額為1.5億美元。在過去的 10 年裡，我們已將流通股數量減少了三分之一以上，平均股價略高於 54 美元。

In addition, we have paid out dividends of $4.7 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.50 per share. Since it's the beginning of FY26, I'd like to comment on the financial acceleration we expect to see in the coming years.

此外，我們在過去 12 個月內支付了 47 億美元的股息，董事會再次宣布每股 0.50 美元的季度股息。由於現在是 26 財年的開始，我想評論一下我們預計未來幾年將出現的財務加速。

Between our 138 billion RPO and even larger pipeline, we have a clear line of sight to future revenue growth. So for fiscal year 2026, I expect that total cloud revenue will grow over 40% in constant currency, up from 24% in FY25. I expect that cloud infrastructure revenue will grow over 70%, up from 51% in FY25. I expect total revenue will be at least $67 billion, up 16% in constant currency and up more than $1 billion from our prior guidance. RPO is likely to grow more than 100% in fiscal '26. And lastly, I expect we will exceed the revenue growth target we previously provided for FY27.

在我們的 1,380 億 RPO 和更大的通路之間，我們對未來的營收成長有著清晰的預期。因此，對於 2026 財年，我預計雲端運算總營收將以固定匯率成長 40% 以上，高於 2025 財年的 24%。我預計雲端基礎設施收入將成長 70% 以上，高於 25 財年的 51%。我預計總收入將至少達到 670 億美元，以固定匯率計算成長 16%，比我們之前的預期高出 10 億美元以上。RPO 預計在 26 財年將成長 100% 以上。最後，我預計我們將超過先前為 2027 財年設定的營收成長目標。

Beyond FY27, I'm even more confident in our ability to meet and likely exceed our previously provided FY29 targets, we will provide a more fulsome update on our long-range financial targets at the Financial Analyst Meeting at Oracle Cloud World in Las Vegas in October.

除了 FY27 之外，我對我們達到並可能超越我們先前提供的 FY29 目標的能力更加有信心，我們將在 10 月在拉斯維加斯舉行的 Oracle Cloud World 財務分析師會議上提供有關我們長期財務目標的更全面的更新。

Now let me turn to my guidance for Q1, which I'll review on a non-GAAP basis. Now assuming currency exchange rates remain the same as they are now, currency should have a $0.02 positive effect on EPS and a flat to 1% positive effect on revenue depending on rounding. However, of course, the actual currency impact may be different. Total revenues are expected to grow from 11% to 13% in constant currency are expected to grow from 12% to 14% in US dollars. Total cloud revenue is expected to grow from 26% to 30% in constant currency and US dollars.

現在讓我談談我對第一季的指導，我將以非 GAAP 為基礎進行審查。現在假設貨幣匯率保持不變，貨幣應該對每股盈餘產生 0.02 美元的正面影響，並根據四捨五入對收入產生持平至 1% 的正面影響。不過，當然，實際的貨幣影響可能會有所不同。以固定匯率計算，預計總收入將成長 11% 至 13%，以美元計算，預計總收入將成長 12% 至 14%。以固定匯率和美元計算，預計雲端運算總收入將成長 26% 至 30%。

Non-GAAP EPS is expected to grow between 4% to 6% and be between $1.44 and $1.48 in constant currency. Non-GAAP EPS is expected to grow between 5% to 7% and be between USD1.46 and USD1.50. Lastly, my EPS guidance assumes a base tax rate of 19%. However, onetime tax events could cause actual tax rates to vary. We had a great year.

非公認會計準則每股收益預計將成長 4% 至 6%，以固定匯率計算將介於 1.44 美元至 1.48 美元之間。非公認會計準則每股收益預計將成長5%至7%，目標價位在1.46美元至1.50美元之間。最後，我的每股盈餘預測是基於基準稅率19%的假設。然而，一次性稅收事件可能會導致實際稅率發生變化。我們度過了美好的一年。

And this year, the one we're in now, will be better. Oracle is well on its way to being not only the world's largest cloud application company, but also one of the world's largest cloud infrastructure companies. And with that, I'll turn it over to Larry for his comments.

而我們正經歷的今年將會更好。Oracle 不僅正在成為全球最大的雲端應用程式公司，而且還正在成為全球最大的雲端基礎設施公司之一。說完這些，我會把話題交給拉里來徵求他的意見。

Thank you, Safra. Oracle's future is bright in this new era of cloud computing. Oracle will be the number one cloud database company. Oracle will be the number one cloud applications company, and Oracle will be the number one builder and operator of cloud infrastructure data centers. We will build and operate more cloud infrastructure data centers than all of our cloud infrastructure competitors combined.

謝謝你，薩弗拉。在雲端運算新時代，Oracle 的未來一片光明。Oracle將成為第一大雲端資料庫公司。Oracle 將成為頭號雲端應用程式公司，Oracle 將成為頭號雲端基礎設施資料中心的建造者和營運商。我們將建置和營運比所有雲端基礎設施競爭對手總和還要多的雲端基礎設施資料中心。

First, database. Most of the world's most valuable data is stored in an Oracle database. All of those databases are moving to the cloud. Oracle's Cloud, Microsoft's Azure cloud, Amazon's Cloud or Google's Cloud. Oracle runs everywhere.

首先，資料庫。世界上大多數最有價值的資料都儲存在 Oracle 資料庫中。所有這些資料庫都在轉移到雲端。Oracle 的雲端、微軟的 Azure 雲端、亞馬遜的雲端或谷歌的雲端。Oracle 隨處運作。

The latest vector version of the Oracle Database, Oracle 23 AI, is an AI data platform, the only database that can make all of the customer's data immediately available to all of the popular AI large language models while maintaining complete data privacy for the customer. As use of AI increases, so will Oracle's database market share. Oracle will be the largest and most profitable cloud applications company in the world.

Oracle 資料庫的最新向量版本 Oracle 23 AI 是一個 AI 資料平台，是唯一能讓客戶的所有資料立即提供給所有流行的 AI 大型語言模型，同時又能為客戶保持完全資料隱私的資料庫。隨著人工智慧的應用增加，Oracle 的資料庫市佔率也將隨之增加。Oracle將成為全球最大、獲利能力最強的雲端應用公司。

Oracle developed suites of integrated AI agent-based applications for ERP, for EPM, supply chain, manufacturing, human resources and customer engagement, plus industry applications for health care, banking, utilities, retail, hospitality and many other industries.

Oracle 為 ERP、EPM、供應鏈、製造、人力資源和客戶參與開發了基於整合 AI 代理的應用程式套件，以及針對醫療保健、銀行、公用事業、零售、酒店和許多其他行業的行業應用程式。

We use the most modern application generators and AI database technology to build our application suite. And then we add AI and analytics using OpenAI, XAI, Google, Llama and other popular LLMs on top of that application data. No other company is even attempting to build the depth and breadth of AI-based applications that we have already built. Oracle will build more cloud infrastructure data centers than all of our infrastructure competitors combined. All of our OCI data centers from the smallest low-cost data center to the largest gigawatt AI training data center include all Oracle OCI capabilities.

我們使用最現代的應用程式生成器和 AI 資料庫技術來建立我們的應用程式套件。然後，我們在應用程式資料上使用 OpenAI、XAI、Google、Llama 和其他流行的 LLM 添加 AI 和分析。沒有其他公司嘗試建立我們已經建立的基於人工智慧的應用程式的深度和廣度。Oracle 將建置比所有基礎架構競爭對手總和還要多的雲端基礎架構資料中心。我們所有的 OCI 資料中心，從最小的低成本資料中心到最大的千兆瓦 AI 訓練資料中心，都包含所有 Oracle OCI 功能。

A large percentage of those capabilities are autonomous. So labor costs are minimized and human error is dramatically reduced. Oracle is already prospering in this new era of cloud computing and AI, and it's just the beginning. Back to you, Safra.

這些能力中很大一部分是自主的。因此，勞動成本被最小化，人為錯誤也大大減少。甲骨文已經在雲端運算和人工智慧的新時代蓬勃發展，而這只是個開始。回到你身邊，薩弗拉。

Thank you, Larry. Before we go to the Q&A, just to repeat one number. FY25 cloud infrastructure revenue was up 51% to $10.2 billion for the year with consumption revenue up 59% from last year. Sarah, if you could please poll the audience for questions.

謝謝你，拉里。在我們進入問答環節之前，我先重複一個數字。2025 財年雲端基礎設施營收年增 51%，達到 102 億美元，消費收入較去年同期成長 59%。莎拉，請你向觀眾提問。

(Operator Instructions) Mark Moerdler, Bernstein.

（操作員指示）馬克·莫德勒，伯恩斯坦。

Larry, Safra and the whole Oracle family, congratulations on the strong quarter and the strong year. You've been promising and are now starting to deliver extraordinary growth acceleration, something we've not seen at other very large software companies. Yet there's a lack of understanding across the street of your AI business. Can you give us color or break out any numbers to help investors understand the durability and profitability of the AI business?

拉里、薩夫拉以及整個甲骨文大家庭，祝賀本季和本年度業績強勁成長。你們一直承諾並且現在開始實現非凡的成長加速，這是我們在其他大型軟體公司從未見過的。然而，人們對你的人工智慧業務缺乏了解。您能否提供我們一些細節或數字來幫助投資人了解人工智慧業務的持久性和獲利能力？

Okay. Well, the interesting thing is a lot of people are talking about that they have all the data. So these other companies say they have all the data, so they can do AI really well. They can build all these AI agents on top of all of that data. The only problem with that statement is they don't have all the data we do. We have most of the world's valuable data. The vast majority of it is in an Oracle database. And the latest version of the Oracle database is an AI-centric piece of technology, a vector database called Oracle 23 AI.

好的。嗯，有趣的是，很多人都在談論他們擁有所有數據。因此其他公司聲稱他們擁有所有數據，因此他們可以很好地進行人工智慧。他們可以在所有數據的基礎上建立所有這些人工智慧代理。該聲明的唯一問題是他們沒有我們所擁有的所有數據。我們擁有世界上大部分有價值的數據。其中絕大部分位於 Oracle 資料庫中。而Oracle資料庫的最新版本，則是以AI為中心的技術，名為Oracle 23 AI的向量資料庫。

So what it does is it allows -- it's the key enabler for companies to use AI. Using AI, I mean, the current AI models are trained on the Internet, otherwise known as publicly available data. Do you think JPMorgan Chase makes all of their internal data publicly available? Do you think these AI models train on JPMorgan Chase's data?

所以它的作用是允許——它是公司使用人工智慧的關鍵推動因素。使用人工智慧，我的意思是，目前的人工智慧模型是在網路上訓練的，也稱為公開可用的資料。您認為摩根大通會將其所有內部數據公開嗎？您認為這些人工智慧模型是基於摩根大通的資料進行訓練的嗎？

Companies want to be able to use AI models on top of their own data. That is essential. Oracle applications make the -- all of the data inside the Oracle applications available to AI models like Grok or ChatGPT, by the way, all the rest of them from Google, from whomever from Meta Llama, all of us, we have all of those LLM are in our cloud or in the Oracle Cloud.

公司希望能夠在自己的數據上使用人工智慧模型。這很重要。Oracle 應用程式讓 Oracle 應用程式內的所有資料都可供 Grok 或 ChatGPT 等 AI 模式使用，順便說一下，其餘所有資料都來自 Google、來自 Meta Llama，我們所有人，我們所有的 LLM 都在我們的雲端或 Oracle 雲端中。

So this is our value proposition. Our database takes all of your data. Our applications take all of your application data and make that data available the most popular AI models like if you like ChatGPT, you use ChatGPT. If you like Grok, you use Grok, you use that in the Oracle Cloud. We are the key enabler for enterprises to use their own data and models. No one else is doing that.

這就是我們的價值主張。我們的資料庫保存了您的所有資料。我們的應用程式會取得您的所有應用程式數據，並將這些數據提供給最受歡迎的 AI 模型，例如，如果您喜歡 ChatGPT，您就可以使用 ChatGPT。如果您喜歡 Grok，那麼您可以使用 Grok，您可以在 Oracle Cloud 中使用它。我們是企業使用自己的數據和模型的關鍵推動者。沒有人這樣做。

That makes sense.

這很有道理。

It's a huge -- this is not a small point. This is why our database business is going to grow dramatically. Think about it. You have to put all of your data into a database. So that database must be highly secure. It must be scalable. It must be economical. It must be reliable, 7 days a week, 24 hours a day. It has to be fall tolerant. It can never break.

這是一個巨大的——這不是一個小問題。這就是我們的資料庫業務將大幅成長的原因。想一想。您必須將所有資料放入資料庫。所以該資料庫必須高度安全。它必須是可擴展的。它必須是經濟的。它必須可靠，每週 7 天，每天 24 小時。它必須具有耐摔性。它永遠不會破裂。

That's how Oracle got popular in the first place. But then it has to hold the data in a way that's consumable by the AI models. In other words, the data has to be vectorized and searchable by the AI models and you use that data to train up those models on your data. Who else is doing that. Let me answer the question, nobody.

這就是 Oracle 最初流行起來的原因。但它必須以人工智慧模型可以使用的方式保存資料。換句話說，資料必須被向量化並可供 AI 模型搜索，然後您可以使用這些資料來訓練這些模型。還有誰在做那件事。我來回答一下這個問題吧，沒人。

John DiFucci, Guggenheim.

古根漢美術館的約翰·迪富奇。

Thank you. Hi Larry and Safra. Safra, your quote in that press release that you repeated on this call about next year was pretty amazing and a strong statement as I've seen you make. And I've known you a long time. So putting that in print means a lot to me because I know it means a lot to you. Can you help us unpack that statement a bit, for instance, is Stargate part of the more than 70% growth you expect in IAS in fiscal '26.

謝謝。嗨，拉里和薩弗拉。薩弗拉，您在這次電話會議中重複的關於明年的新聞稿中的言論非常精彩，而且正如我所見，這是一個強有力的聲明。我認識你很久了。所以把它印出來對我來說意義重大，因為我知道這對你來說意義重大。您能否幫助我們稍微解釋一下這一說法，例如，《星際之門》是否是您預計 26 財年 IAS 將成長 70% 以上的一部分。

And we don't know the timing of Stargate or even your financial share. Like we know there's big numbers out there, but not how much of it yours or you're going to be involved. But as target also in the RPO growth of more than 100% in fiscal '26. And any other color beyond Stargate to help us get our heads around those massive growth numbers for IAS would be helpful.

我們不知道《星際之門》的具體時間，甚至不知道您的財務份額。就像我們知道那裡有大量的數字，但不知道其中有多少屬於你或你將參與其中。但目標也是在 26 財年實現 RPO 成長率超過 100%。除了星際之門之外的任何其他顏色都可以幫助我們理解 IAS 的巨大成長數字。

Thanks, John. And yes, we have known each other a very long time, longer than ever to admit. So the reality is that Stargate is still information the work, there are a lot of partnerships we are in the middle of right now that are all part of this enormous growth rate. We are the destination for everyone who wants AI workloads, who want database workloads and want applications. We are really -- and all of that together comes in to our RPO.

謝謝，約翰。是的，我們認識很久了，久到難以承認。所以現實情況是，星際之門仍在進行資訊工作，我們現在正處於許多合作之中，它們都是這一巨大增長率的一部分。對於所有想要 AI 工作負載、資料庫工作負載和應用程式的人來說，我們都是他們的目標。我們確實如此——所有這些都融入了我們的 RPO 中。

We have so much in pipeline right now that -- and of course, we have so much in RPO, meaning those are noncancelable contracts, and we see the demand I am still in a position where our supply is not meeting our demand.

我們目前有太多的待辦事項 — — 當然，我們在 RPO 中也有很多待辦事項，這意味著這些都是不可取消的合同，而且我們看到需求仍然處於供應無法滿足需求的狀態。

We actually currently are still waiving off customers from -- or scheduling them out into the future so that we have enough supply to meet demand. This is a situation that we have not seen in our history, and the numbers themselves are so enormous. And the reason is because our technology is different. As Larry has said on previous calls, the cloud we built runs faster and has more capabilities than our competitors to -- and that are built for enormous amounts of data. And so we are very much the destination of choice.

實際上，我們目前仍在免除客戶的訂單——或將訂單安排到未來，以便我們有足夠的供應來滿足需求。這是我們歷史上從未見過的情況，而且數字本身是如此巨大。原因在於我們的技術不同。正如拉里在之前的電話會議上所說，我們構建的雲端比我們的競爭對手運行速度更快、更強大——而且是為處理大量數據而構建的。因此我們是最受歡迎的目的地。

As Stargate forms, that will contribute into all of this, but some of our partners, many of our partners, some of them will be in Stargate, some are outside of Stargate, we really are working with many companies right now and have enormous pipeline as a result.

隨著星際之門的形成，這將為所有這一切做出貢獻，但我們的一些合作夥伴，我們的許多合作夥伴，其中一些將在星際之門內，一些在星際之門之外，我們現在確實正在與許多公司合作，並因此擁有龐大的渠道。

So let me give you a couple of -- let me chime in here also a little bit. Let me surprise you with -- there are huge contracts that have nothing to do with even AI. We got a gigantic contract from Temu that would have been unprecedented except for all the other gigantic contracts we've also been getting. But Temu is a very large company that's growing extremely rapidly. And they are basically moving their infrastructure to the Oracle Cloud.

因此，讓我給你幾個——讓我在這裡也插上一點。讓我感到驚訝的是——有些巨額合約甚至與人工智慧無關。我們從 Temu 獲得了一份巨額合同，如果沒有我們已經獲得的其他巨額合同，這將是前所未有的。但 Temu 是一家規模非常大且發展極其迅速的公司。他們基本上正在將其基礎設施遷移到 Oracle Cloud。

That was a very big contract. We're seeing huge growth in multi-cloud from the data centers we've already built and the data -- I mean, it's revenues that obviously did since we already built. And -- but the future -- the growth rate in multi-cloud is astonishing. In other words, our database is now moving very rapidly to the cloud. I think because -- a few reasons because the database has now all these AI capabilities, but also, quite frankly, now people can get it in whatever cloud they want.

那是一個非常大的合約。我們看到，從我們已經建成的資料中心和資料來看，多雲領域正在發生巨大的成長——我的意思是，自從我們建成以來，收入顯然已經成長了。但未來，多雲的成長率是驚人的。換句話說，我們的資料庫現在正在非常迅速地向雲端轉移。我認為是因為——有幾個原因，因為資料庫現在具有所有這些 AI 功能，而且坦白說，現在人們可以在他們想要的任何雲端中獲得它。

If you're dedicated to using Microsoft Azure, you can get the Oracle database in Microsoft Azure. The fully capable Oracle database in Microsoft Assure with all our fanciest features, including the new AI features. You can get it at Google, you can get it on Amazon, you can get it to the Oracle Cloud.

如果您致力於使用 Microsoft Azure，您可以在 Microsoft Azure 中取得 Oracle 資料庫。Microsoft Assure 中功能齊全的 Oracle 資料庫具有我們所有最出色的功能，包括新的 AI 功能。您可以在 Google 上取得它，可以在 Amazon 上取得它，也可以在 Oracle Cloud 上取得它。

It's all the same in every place. And that's given our customers a lot of comfort that Oracle is not only where they store all of their current data that they want to keep using the Oracle database and expand their use of the Oracle database and move all of that data to the cloud as quickly as they can, and they're now able to do it at the place -- the cloud that they're choosing. So the database business is growing rapidly.

無論在哪裡都一樣。這給我們的客戶帶來了很大的安慰，因為 Oracle 不僅是他們儲存所有當前資料的地方，他們還希望繼續使用 Oracle 資料庫，擴展他們對 Oracle 資料庫的使用，並儘快將所有資料移動到雲端，現在他們可以在他們選擇的雲端進行這些操作。因此資料庫業務正在快速成長。

The -- this next generation of companies like ByteDance, TikTok, which obviously, we do business with them. Temu is another, but Uber, I mean there are just lots of these companies. A bunch of the security companies have moved to the Oracle Cloud. It's a multi -- it's growth coming from many, many different directions.

字節跳動、TikTok 等下一代公司，我們顯然與它們有業務往來。Temu 是另一家，但 Uber，我的意思是有很多這樣的公司。許多安全公司已經遷移到 Oracle Cloud。這是一種多方面的成長——它的成長來自許多不同的方向。

So if I could just -- so Stargate is just part of it. There's a lot of things happening here. And -- but I just wanted -- just to clarify, it sounds like it's part of RPO, but is it also part of that 70% in IS revenue growth, too?

所以如果我可以的話——星際之門只是其中的一部分。這裡發生了很多事。而且 — — 但我只是想 — — 澄清一下，這聽起來像是 RPO 的一部分，但它也是 IS 收入增長 70% 的一部分嗎？

Well -- go ahead, Safra.

好吧——繼續吧，薩夫拉。

Stargate is not formed yet, but some of our business with OpenAI, which is one of our partners in Stargate is part of our future very much so. But you understand, we work with OpenAI. We -- those are still small numbers in the scheme of everything else we're doing, but it will ultimately be bigger.

星際之門尚未形成，但我們與星際之門合作夥伴之一 OpenAI 的部分業務是我們未來的重要組成部分。但你明白，我們與 OpenAI 合作。我們——與我們所做的其他一切相比，這些數字仍然很小，但最終會變得更大。

Okay. Next question, please -- let me add one little thing. If Stargate turns out to be everything is advertised, then we've understated our RPO growth.

好的。請問下一個問題——請容許我補充一點。如果《星際之門》的一切都如廣告宣傳的那樣，那麼我們就低估了我們的 RPO 成長。

Correct.

正確的。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Safra, Larry, great to be speaking with you today. Nice presentation. Your CapEx in the quarter was much higher than expected. I mean, $5 billion more than we expected to get to the $21 billion. And now you're thinking about it going to $25 billion .

薩弗拉，拉里，很高興今天能與你們交談。精彩的演講。您本季的資本支出遠高於預期。我的意思是，比我們預期的 210 億美元多了 50 億美元。現在你正在考慮將其增至 250 億美元。

Just wanted a little more color on what it was spent on? How is it helping you yield more revenue? And how do you know $25 billion is the right number for this year? And Larry usually have some pretty good color on architecture when you answer this question, so I'm looking forward to that as well.

只是想更詳細地了解這筆錢的用途？它如何幫助您獲得更多收入？那你怎麼知道 250 億美元是今年的正確數字呢？當回答這個問題時，拉里通常會對建築有一些非常好的見解，所以我也期待這一點。

Okay. So let me start and let Larry make it perfect. The reality is that, as I mentioned on the call, our CapEx is usually about equipment. We're not -- we have building partners who charge us rent once they finish constructing things. And when we all of a sudden have higher CapEx, it means we are filling out data centers and we are buying components to build our computers, which are different than other people, and we are putting them on the floor.

好的。那麼讓我開始吧，讓拉里把它做得完美。事實是，正如我在電話中提到的，我們的資本支出通常與設備有關。我們不是——我們有建築合作夥伴，他們在建築完成後向我們收取租金。當我們的資本支出突然增加時，這意味著我們正在填充資料中心，我們正在購買組件來建立我們與其他人不同的計算機，並將它們放到地板上。

We had an opportunity to buy up and for deployment, and so we did, and we are putting out as much capacity as we possibly can as quickly as we can. I do believe that the $25 billion next year may turn out to be understated. So it is all to meet demand. We don't order, we don't build unless we've got orders for our capacity to be built out. And we have so much in orders right now that I actually expect -- I believe I said on the call, over $25 billion this next quarter. And that is, again, to match demand.

我們有機會購買並進行部署，所以我們這樣做了，我們正在盡快提供盡可能多的產能。我確實認為明年的 250 億美元可能被低估了。所以這一切都是為了滿足需求。除非我們接到了需要建造產能的訂單，否則我們不會訂購，也不會建造。我們現在的訂單非常多，我實際上預計——我相信我在電話會議上說過，下個季度的訂單將超過 250 億美元。這又是為了滿足需求。

Let me add -- we recently got an order that said we'll take all the capacity you have, wherever it is. It could be in Europe, it could be an Asia, we'll just take everything. I mean we might not order like that before. The -- we had to move things around, and we did the best we could to give them the capacity they needed. The demand is astronomical.

讓我補充一下——我們最近收到一項命令，說我們將佔用你們所有的容量，無論它在哪裡。它可能在歐洲，也可能在亞洲，我們會把一切都拿走。我的意思是我們以前可能不會這樣訂購。我們必須移動一些東西，我們盡最大努力為他們提供所需的容量。需求量是天文數字。

We have to -- but we have to do this methodically. The reason demand continues to outstrip supply is, we can only build these data centers, build these computers so fast. And we're also doing a lot of engineering around high-speed networking. You'll see us making -- we are making large engineering investments to speed up the networking, the reliability of the network and lower the cost of the networking. So we're doing a bunch of things -- we are doing a bunch of things to lower our CapEx costs.

我們必須這樣做——但我們必須有條不紊地進行。需求持續超過供應的原因是我們只能如此快速地建造這些資料中心、建造這些電腦。我們也在高速網路方面進行大量工程研究。您會看到我們正在進行大量的工程投資，以加快網路速度、提高網路可靠性並降低網路成本。因此，我們正在做很多事情——我們正在做很多事情來降低我們的資本支出成本。

But even if we do that, CapEx is going to go up because the demand right now seems almost insatiable. I mean I don't know how to describe it. I've never seen anything remotely like this. I mean people are calling up and asking us, please, can you find us more capacity. We'll take it wherever it's in Malaysia, we'll take it -- fine. We'll take it there. We got some wherever.

但即使我們這樣做，資本支出也會上升，因為目前的需求似乎幾乎是無法滿足的。我的意思是我不知道該如何描述它。我從來沒有見過類似這樣的事。我的意思是人們打電話詢問我們，請問您能為我們找到更多的容量嗎？我們會把它帶到馬來西亞的任何地方，我們都會把它帶到那裡——很好。我們會把它帶到那裡。無論在哪裡我們都能得到一些。

Are you having trouble getting GPUs?

您在取得 GPU 時遇到困難嗎？

No.

不。

No, not right now. No.

不，現在還不行。不。

Got it. Appreciate it.

知道了。非常感謝。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Congratulations on a strong Q4 and impressive guidance. I want to go back to the cloud database, mainly you have massive database on on-prem. So what are you hearing from customers in terms of migrating to cloud. Now you have multi-cloud strategy, you have dedicated alloyed customer. And Safra, what's your expectation on the cloud database revenue contribution are driving that 70% growth of OCI in fiscal '26?

恭喜您第四季業績強勁成長並取得令人印象深刻的業績指引。我想回到雲端資料庫，主要是因為您在本地擁有大量的資料庫。那麼，關於遷移到雲，您從客戶那裡聽到了什麼？現在您有了多雲策略，有了專門的合金客戶。Safra，您對雲端資料庫營收貢獻將推動 OCI 在 26 財年實現 70% 的成長有何預期？

Okay. Let me just start. So first of all, the database business is really healthy, really growing. In fact, you even see it in the number that I think folks didn't think was possible, which is in license. You should understand that when our customers are buying more licenses that actually means often that they want to use the bring your own license pricing to go to the cloud.

好的。讓我先開始吧。首先，資料庫業務確實很健康，而且正在成長。事實上，你甚至可以看到人們認為不可能的數字，這是許可的。您應該明白，當我們的客戶購買更多許可證時，這實際上意味著他們希望使用自帶許可證定價來進入雲端。

So database support is up, is solid. License is up, all the cloud metrics, autonomous, consumption, Oracle Cloud, all of multi-cloud is basically using up all capacity that gets put out there. So the Oracle database is on fire. And it is only the beginning.

因此資料庫支援已經啟動，並且穩定。許可證已到期，所有雲端指標、自主、消費、Oracle 雲端、所有多雲基本上都用完了所有可用的容量。所以Oracle資料庫火了。而這只是一個開始。

I want to remind you what a significant and large business it is and the bulk of it is still on-premise. As Larry said, now that you can have it in any of the clouds you like with the at database, you know, at Oracle in all the other clouds also beyond just OCI or you can deploy it at cloud at customer another place where the numbers are enormous in growth rates.

我想提醒您，這是多麼重要和龐大的業務，並且大部分業務仍在本地進行。正如拉里所說，現在您可以在任何您喜歡的雲端中使用資料庫，您知道，在 Oracle 的所有其他雲端中，不僅僅是 OCI，您還可以在客戶的雲端中部署它，另一個成長率巨大的地方。

So consumption going way up, more licensing, more bookings and a lot of demand. And the database side of the world for all the reasons we said is just a superb business and extremely compelling, especially to the extent you want to leverage artificial intelligence.

因此消費量大幅上升，許可證增加，預訂增加，需求增加。基於我們所說的所有原因，資料庫領域是一個極好的行業，而且極具吸引力，特別是在你想要利用人工智慧的範圍內。

You asked for a number or an easy number to figure out so let's say, 10% -- or $10 billion of our support revenue -- our database support revenue, moves to the cloud. So that becomes at least $50 billion because it includes all the computers and all the networking and all of that. So the support was just 20% of the license fee. So you move $10 billion of our database to the cloud, it becomes at least $50 billion in cloud revenue. It's almost as big as Oracle as now.

您要求一個數字或一個容易計算的數字，那麼假設我們的支援收入的 10%（或 100 億美元）——我們的資料庫支援收入，轉移到雲端。因此，這一數字至少為 500 億美元，因為它包括了所有電腦、所有網路等等。因此支援費用僅佔許可費的 20%。因此，如果你將價值 100 億美元的資料庫遷移到雲端，它將帶來至少 500 億美元的雲端收入。它幾乎和現在的 Oracle 一樣大。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Congrats as well. The one subject we haven't really talked about was applications, but with all the excitement around OCI, like I think you don't get enough credit on applications. Can you talk a little bit about what's going on there because I had to go back in my model quite a bit to see 22% growth on Fusion and the outlook looks really strong as well, and you talked about accelerating growth there. With all the worries about tariffs and stuff like that, I kind of I'm surprised to see kind of these very, very good numbers from you. Can you maybe talk about that a little bit?

也恭喜你。我們還沒有真正討論過的一個主題是應用程序，但是由於 OCI 周圍的所有興奮，我認為你在應用程式方面沒有獲得足夠的重視。您能否稍微談談那裡發生的事情，因為我必須回顧我的模型，看到 Fusion 成長了 22%，而且前景看起來也非常強勁，而且您談到了那裡的加速成長。儘管人們對關稅等問題感到擔憂，但我還是有點驚訝地看到你們公佈瞭如此出色的數據。您能稍微談論一下這個嗎？

Sure. Tariffs have no impact really at all to play in this. What it does allow our customers to do is do what I do when I announced a year on day 11 is to be much more really -- much better run and have a better idea of where their business is and how it's doing and to do more and spend a lot less.

當然。關稅實際上對此沒有任何影響。它確實允許我們的客戶做我在第 11 天宣布新年時所做的事情，那就是更加有效地運營，更好地了解他們的業務在哪里以及它是如何運作的，並且做更多的事情並且花費更少。

What you're seeing now, and it hasn't been obvious in the numbers because, as you know, we have our strategic SaaS products, and we break that down for you in the release to some extent. And those are going gangbusters. And we've had other things in the numbers that have made you not be able to really see.

您現在所看到的，在數字上並不明顯，因為如您所知，我們有策略性的 SaaS 產品，並且我們在發佈時會在一定程度上為您分解。這些都取得了巨大成功。而且數字中還有其他東西讓你無法真正看清。

We have some nonstrategic products. And in addition, we've also had an advertising business, which we are now lapping. I stopped even mentioning it because what's the difference, a few hundred million. But the reality is what you're starting to see is our strategic SaaS products as they roll out in our customer sites and as they ramp up, they're very, very popular. They're obviously compelling because only if you're in the cloud, can you use the AI capabilities.

我們有一些非策略性產品。此外，我們還有廣告業務，目前正在拓展。我什至不再提及此事，因為這有什麼區別呢？幾億而已。但現實情況是，您開始看到我們的策略性 SaaS 產品在我們的客戶網站上推出，隨著它們的普及，它們非常非常受歡迎。它們顯然很引人注目，因為只有在雲端，你才能使用人工智慧功能。

See many customers are still on-premise ERP products those can't really use the advanced agentic and AI capabilities. So if you want to use that and many do for automation and to do more spend less, you've got to move to Fusion or NetSuite and those are just very, very compelling and it's just now starting to show through the noise.

看到許多客戶仍在使用內部部署 ERP 產品，這些產品無法真正使用先進的代理和 AI 功能。因此，如果您想使用它（許多人都這樣做是為了實現自動化，以更少的投入做更多的事情），您必須轉向 Fusion 或 NetSuite，而這些產品非常非常引人注目，現在才剛開始顯現出來。

I would add -- let me add one thing, which is companies don't really enjoy buying applications from five different vendors and then making all of those applications work together. So some companies, not all, but some companies are saying, Oracle, you build these integrated suites of applications, and they're all -- and they are AI agent-based applications.

我想補充一點，那就是公司並不真正喜歡從五個不同的供應商那裡購買應用程序，然後讓所有這些應用程式協同工作。因此，有些公司（不是全部，但有些公司）說，Oracle，你建立了這些整合的應用程式套件，它們都是 - 而且它們是基於 AI 代理的應用程式。

So they're modern applications, they're modern cloud applications. And -- but all of your applications are engineered to work with one another. So our ERP and EPM supply chain manufacturing, human resources, customer engagement, all those apps are designed as a single suite of applications to run an enterprise or government agency.

所以它們是現代應用程序，它們是現代雲端應用程式。並且—但您的所有應用程式都設計為可以相互協作。因此，我們的 ERP 和 EPM 供應鏈製造、人力資源、客戶參與，所有這些應用程式都被設計為一套單獨的應用程式來運作企業或政府機構。

And all those pieces then work together. So there's no cost of integrating those applications. So we're seeing a lot of companies buying -- basically saying, I'm going to go all Oracle. I'm going to buy the complete Oracle suite for ERP, EPM, supply chain manufacturing, a lot of people don't have manufacturing, supply chain, human report sources and customer engagement, they're picking us -- they pick our back-office applications, they'll sometimes pick our front office applications over Salesforce as a result of that. And our customer engagement applications are getting better and better.

然後所有這些部分就會協同工作。因此整合這些應用程式沒有任何成本。因此，我們看到很多公司都在購買——基本上是說，我要全部購買 Oracle。我將購買用於 ERP、EPM、供應鏈製造的完整 Oracle 套件，許多人沒有製造、供應鏈、人力報告來源和客戶參與，他們選擇我們 - 他們選擇我們的後台應用程序，因此他們有時會選擇我們的前台應用程式而不是 Salesforce。我們的客戶參與應用程式也越來越好。

we continue to invest in this. And our intent is to give our -- some of our biggest customers a one-stop shop where they can buy the entire suite to run their enterprise from us. And that gets rid of a lot of headaches.

我們將繼續對此進行投資。我們的目的是為我們的一些最大客戶提供一站式服務，他們可以從我們這裡購買經營其企業的整套產品。這就能解決很多麻煩。

Everything is in the same database, everything comes with the same AI data platform with it, all the analytics are there. Everything is there. You don't have to do the system integration. You don't have to fit the -- buy a bunch of pieces and make them work together. That has been our strategy for some time, and that's all coming together as a bunch of companies are not successfully navigating this difficult -- admittedly difficult transition from on-premise to the cloud.

一切都在同一個資料庫中，一切都帶有同一個 AI 資料平台，所有的分析都在那裡。一切都在那裡。您不必進行系統整合。您不必購買一堆零件並讓它們一起工作。這一直是我們的策略，而這一切都是因為許多公司未能成功完成從本地到雲端的這一艱難的轉變而產生的。

There have been a lot of companies that have not done it very well. And they are casualties and we're picking up a lot of their users. So the application business is very, very promising. And then I add Oracle Health and Oracle Banking, Oracle retail, hospitality, the different industries on top of that. There's no other apps company that is trying to build such a broad-based integrated suite of AI cloud application.

有很多公司在這方面做得併不好。他們遭受了損失，而我們接收了許多他們的用戶。所以應用程式業務非常非常有前景。然後我添加了 Oracle Health 和 Oracle Banking、Oracle 零售、酒店業以及其上的不同行業。沒有其他應用程式公司試圖建立如此廣泛的整合式 AI 雲端應用程式套件。

Who's closest -- there's no one doing it, no one attempting to do what we're doing.

誰最接近——沒有人做這件事，也沒有人嘗試做我們正在做的事情。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

And congrats. Safra, Larry, the things you've been telling us would happen are clearly happening and it's amazing. As we go forward, Larry, Oracle has always had the advantage of being the only vendor with enterprise-grade technology from apps, all the way down to infrastructure -- and since the Sunday is optimized even down to the silicon, why does the full stack nature of what you do remain important as we enter this new era of computing.

恭喜你。薩弗拉、拉里，你們告訴我們的事情顯然正在發生，這真是太神奇了。拉里，隨著我們不斷前進，甲骨文一直擁有作為唯一一家擁有從應用程序到基礎設施的企業級技術的供應商的優勢——而且由於週日甚至對矽片進行了優化，為什麼在我們進入這個新的計算時代時，你所做的事情的全棧性質仍然很重要。

Well, such an interesting question because I think, to some degree, people bought our biggest weakness is that we were just spread too thin. We're trying to do infrastructure, I mean, database initially, infrastructure and then applications on top of that infrastructure. But what made our database so good? I can argue that we made some good technology decisions. But the other thing that made our database so good is we had -- we developed apps on top of our own database.

嗯，這是一個很有趣的問題，因為我認為，在某種程度上，人們認為我們最大的弱點就是我們分散得太弱了。我們正在嘗試建立基礎設施，我的意思是，首先是資料庫，然後是基礎設施，最後是該基礎設施之上的應用程式。但是什麼使我們的資料庫如此優秀呢？我可以說我們做了一些正確的技術決策。但是，使我們的資料庫如此出色的另一個原因是我們在自己的資料庫上開發了應用程式。

And in the same company, you have people using the database to develop applications and the people -- the people are developing that database. And if the applications found features missing from the database, they've on capabilities they wish were in the database that would make their applications better more reliable, more secure, we gain those insights by building those applications. Building applications allowed us to understand how to build database better, building great databases made it much easier to build the cloud.

在同一家公司中，有人使用資料庫來開發應​​用程序，有人正在開發資料庫。如果應用程式發現資料庫中缺少某些功能，他們就希望資料庫中具有這些功能，以使他們的應用程式更好、更可靠、更安全，我們透過建立這些應用程式來獲得這些見解。建立應用程式使我們能夠更好地了解如何建立資料庫，建立優秀的資料庫使得建立雲端變得更加容易。

There are a lot of databases that run the cloud. You become -- there's a database of our users, all of our resources are in databases. So the autonomous data -- the Oracle Autonomous Database is one of the reasons our cloud -- at some point, we're going to recresting our cloud from Gen 2 cloud to the autonomous cloud. Right now, that would be too aggressive. We're not fully autonomous.

有很多資料庫在雲端上運行。你成為－我們有使用者的資料庫，我們所有的資源都在資料庫中。因此，自主資料——Oracle 自治資料庫是我們雲端的原因之一——在某個時候，我們將把我們的雲端從第二代雲端重新還原到自治雲。目前來看，這種做法過於激進。我們還沒有完全自主。

But we're getting there. And because we were able to use a lot of our existing database technology, specifically the autonomous database technology to make our cloud more scalable, more reliable. And by the way, when you eliminate human labor, when you have an autonomous database, you eliminate human labor, you save money, but you also eliminate human error and human mishap. So it makes your cloud much more secure.

但我們正朝著這個目標前進。因為我們能夠使用許多現有的資料庫技術，特別是自主資料庫技術，使我們的雲端更具可擴展性、更可靠。順便說一句，當你消除人力時，當你擁有一個獨立的資料庫時，你就消除了人力，節省了資金，同時也消除了人為錯誤和人為事故。因此它使您的雲端更加安全。

One of the reasons our cloud is more secure, one of the reasons our cloud is faster is because we have an autonomous database that runs it. So having all of these levels of technology allows us to solve a technical problem at the right layer of the technology.

我們的雲端更安全、更快的原因之一是我們擁有一個運行它的自主資料庫。因此，擁有所有這些級別的技術使我們能夠在正確的技術層面上解決技術問題。

Should we solve the problem in the network fabric, should we solve the problem with our cloud computer controller, something we have with other people that we've embedded different hardware to run the cloud. We added -- we have different hardware architecture to make it more secure and more reliable. So we've done innovation in the network.

我們是否應該解決網路結構中的問題，我們是否應該解決雲端電腦控制器的問題，我們與其他人合作嵌入了不同的硬體來運行雲端。我們補充說——我們有不同的硬體架構，使其更安全、更可靠。所以我們在網路方面進行了創新。

We've done innovation in our host computing. We have an autonomous nonstop Linux operating system that we built, the autonomous database that manages all the data in the cloud and so on. Being able to solve problems at different layers of the technology, understanding the different layers of the technology allows us to build an integrated solution that is faster, cheaper, more reliable than what our competitors can do.

我們在主機運算方面進行了創新。我們擁有自主建構的不間斷Linux作業系統、管理雲端所有資料的自主資料庫等等。能夠解決技術不同層面的問題，了解技術的不同層面使我們能夠建立比競爭對手更快、更便宜、更可靠的整合解決方案。

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

本次電話會議的電話回放將在我們的投資者關係網站上提供 24 小時。感謝您今天加入我們。這樣，我將把電話轉回給莎拉來結束通話。

Thank you. This concludes today's conference. Thank you for joining. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的加入。您現在可以斷開連線。