甲骨文 (ORCL) 2026 Q4 法說會逐字稿

Well, good day, everyone, and welcome to the Oracle Corporation fourth-quarter fiscal year 2026 earnings call. Just a reminder, this call is being recorded. (Operator Instructions)

各位大家好，歡迎參加甲骨文公司 2026 會計年度第四季財報電話會議。提醒各位，本次電話會議將被錄音。(接線員指示)

I would now like to hand the conference over to Mr. Ken Bond. Please go ahead, sir.

現在我想把會議交給 Ken Bond 先生。先生，請開始。

Thank you, Lisa, and good afternoon, everyone. Welcome to Oracle's fourth-quarter and fiscal year 2026 earnings conference call. On the call today are Chief Executive Officer, Mike Sicilia; Chief Executive Officer, Clay Magouyrk; and Chief Financial Officer, Hilary Maxson.

謝謝你，Lisa，各位下午好。歡迎參加甲骨文第四季及 2026 會計年度財報電話會議。今天出席電話會議的有執行長 Mike Sicilia；執行長 Clay Magouyrk；以及財務長 Hilary Maxson。

A copy of the press release, including financial results tables, supplemental financial metrics and guidance are now available from the Investor Relations website. Also is a slide deck being introduced this quarter, which you'll see momentarily, a GAAP to non-GAAP reconciliation, other supplemental financial information, and lists of many customers who purchased Oracle Cloud services or went live on Oracle Cloud recently. These items will be available after today's call.

新聞稿副本（包含財務結果表、補充財務指標與財測指引）現已可於投資人關係網站取得。此外，本季首次推出投影片簡報，您稍後將會看到，其中包含 GAAP 與非 GAAP 的調節表、其他補充財務資訊，以及許多近期購買 Oracle Cloud 服務或已在 Oracle Cloud 上線的客戶名單。上述資料將於今日電話會議後提供。

As a reminder, today's discussion will include forward-looking statements, and we will make some important comments around factors relating to our business. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today.

提醒各位，今天的討論將包含前瞻性陳述，我們也會就與本公司業務相關的因素提出一些重要說明。這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與今日所述內容出現重大差異。

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.

因此，我們提醒各位不要過度依賴這些前瞻性陳述，並鼓勵各位查閱我們最新的報告，包括 10-K、10-Q 以及任何適用的修訂。

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 any questions, we'll begin with a few prepared remarks.

最後，若有新資訊或未來事件發生，我們不承擔修訂我們的結果或這些前瞻性陳述的義務。在開始提問之前，我們將先進行幾段事先準備的說明。

And with that, I'll turn the call to Hilary.

接下來，我把電話交給 Hilary。

Hi everyone, great to be here with you today. And as new CFO, I thought I'd start with a few thoughts on why I'm so excited to join Oracle at this time.

各位好，很高興今天能與大家在此相聚。身為新任財務長，我想先分享幾點，說明為什麼我在這個時間點加入甲骨文感到非常振奮。

I've spent my career all around the world at companies that use technology and data to drive transformation, both internally and for customers. And I believe that the most valuable transformational change sits at the juxtaposition of the physical and virtual worlds across business models from infrastructure to enterprise software.

我的職涯在全球各地的公司歷練，這些公司運用科技與數據推動轉型，無論是內部轉型或為客戶帶來轉型。我相信，最有價值的轉型變革，位於實體世界與虛擬世界的交會點，並橫跨從基礎設施到企業軟體等各種商業模式。

Oracle understands that intersection and is now uniquely positioned for one of the most significant technology transitions we've seen in decades. Very few companies can help customers across the entire technology stack, from the cloud infrastructure that powers AI workloads to the mission-critical applications that run their businesses. Oracle can do both. Plus, this is a company with deep technical expertise, differentiated technology and a long history of helping customers turn technology innovation into tangible business value.

甲骨文理解這個交會點，並且如今在我們數十年來所見最重大的科技轉型之一中，具備獨特的有利位置。能夠協助客戶涵蓋整個技術堆疊的公司屈指可數，從支撐 AI 工作負載的雲端基礎設施，到驅動其業務運作的關鍵任務應用程式。甲骨文兩者都能做到。此外，這是一家擁有深厚技術專長、差異化技術，並長期協助客戶將技術創新轉化為具體商業價值的公司。

And now I've only been here for two months, everything I've seen has reinforced my confidence in the company's strategy, execution and opportunity ahead. I'm excited to be part of the team and look forward to helping Oracle capitalize on the opportunities in front of us to drive return on investment and shareholder value.

我加入至今只有兩個月，但我所看到的一切都進一步強化了我對公司策略、執行力以及未來機會的信心。我很高興能成為團隊的一員，並期待協助甲骨文把握眼前的機會，推動投資報酬與股東價值。

And as we pursue these opportunities, we'll remain focused on disciplined capital allocation, maintaining a strong balance sheet and preserving our investment-grade credit rating.

在追求這些機會的同時，我們將持續專注於嚴謹的資本配置、維持強健的資產負債表，並保有投資等級的信用評等。

With that, let me turn to our Q4 and fiscal year '26 results. And like Ken said, we've introduced a short presentation to accompany our earnings call, so you can follow along with the numbers and key comments we'll make today.

接下來，我來說明我們 2026 會計年度第四季與全年業績。如 Ken 所說，我們在本次財報電話會議中加入了一段簡短簡報，方便各位跟著數字與我們今天將提出的重點說明。

In terms of Q4, it was a record quarter, driven by strength in both our cloud infrastructure and cloud apps business. Revenue was $19.2 billion, up 21% in US dollars.

就第四季而言，這是一個創紀錄的季度，主要由我們雲端基礎設施與雲端應用業務的強勁表現所帶動。營收為 192 億美元，以美元計成長 21%。

Cloud infrastructure revenue grew 93%, reflecting strong demand for both AI workloads and our database services, and cloud apps was up double-digits at plus 10%. And Mike and Clay will give more detail on these businesses in just a moment.

雲端基礎設施營收成長 93%，反映 AI 工作負載與我們資料庫服務的強勁需求；雲端應用則以兩位數成長，上升 10%。Mike 與 Clay 稍後將對這些業務提供更多細節。

Our non-GAAP operating income increased 22% in US dollars to $8.6 billion, driven by our strong revenue progression. Our operating margin increased slightly with our gross margin declining driven by impacts from ramping up our data centers and the acceleration in our infrastructure revenue. This was more than offset in the quarter by a reduction in operating costs and for us that's the lines in our P&L starting with sales and marketing due to efficiency actions in our cost structure.

我們的非 GAAP 營業利益以美元計成長 22%，達 86 億美元，主要受惠於強勁的營收成長。營業利益率小幅上升；同時，由於資料中心擴建爬坡以及基礎設施營收加速帶來的影響，毛利率有所下滑。但在本季，這些影響被營運成本下降所抵銷；對我們而言，這反映在損益表中自銷售與行銷等項目開始，源自我們成本結構中的效率提升措施。

Our non-GAAP EPS reached $2.11, an increase of 24% in US dollars for the quarter, currently due to a one-time net gain on investment. Excluding this, our non-GAAP EPS increased by 20%.

本季非 GAAP 每股盈餘（EPS）達到 2.11 美元，以美元計成長 24%，主要是因為一次性投資淨收益。若排除該項影響，非 GAAP EPS 成長 20%。

Turning to the full year, we surpassed revenues of $67 billion for the first time, which translated into strong non-GAAP operating income of $29 billion, up 16% in US dollars for the year.

就全年而言，我們營收首次突破 670 億美元，並帶動全年非 GAAP 營業利益達 290 億美元，以美元計年增 16%。

Our non-GAAP EPS was up 27% in US dollars to $7.63, including one-time gains on investment. Excluding these gains, our non-GAAP EPS was $6.83. For the full year, our gross margin stepped down around 5 points, as expected, as we start to see the impact from the build-out of our infrastructure business and the acceleration in its revenues, primarily offset by lower operating costs as a percentage of revenue driven by operating efficiencies.

我們的非 GAAP EPS 以美元計成長 27% 至 7.63 美元，其中包含一次性投資收益。若排除這些收益，非 GAAP EPS 為 6.83 美元。就全年來看，毛利率如預期下滑約 5 個百分點，因我們開始看到基礎設施業務建置擴張及其營收加速所帶來的影響；這些影響主要由營運效率帶動、使營運成本占營收比重下降而獲得抵銷。

All of this translated into strong cash flow from operations of $32 billion, up 54%. We did continue with our program of capital investments tied to unlocking the strong growth opportunities in front of us. Our net cash outlay for capital expenditures for the full year was $48 billion, taking into account repayments and timing impacts of around $8 billion.

上述表現帶動營運活動現金流達 320 億美元，成長 54%。我們也持續推動資本投資計畫，以把握眼前強勁的成長機會。全年資本支出（CapEx）的淨現金支出為 480 億美元，其中已考量約 80 億美元的償還與時點影響。

You can see the table showing the details of net cash outlay for CapEx in our press release. We think this measure is important to better understand our funding needs.

您可在新聞稿中的表格看到 CapEx 淨現金支出的詳細資訊。我們認為這項衡量指標很重要，有助於更好地理解我們的資金需求。

And our remaining performance obligations, or RPO, finished at $638 billion, up 363%. This unprecedented level of RPO provides exceptional visibility into our future revenue growth, all supported by long-term contractual customer commitments and reflects the strong customer demand we see across both AI infrastructure and cloud services.

我們的剩餘履約義務（RPO）期末為 6,380 億美元，成長 363%。如此前所未見的 RPO 水準，為我們未來營收成長提供了極佳的能見度；其背後由客戶長期合約承諾所支撐，也反映我們在 AI 基礎設施與雲端服務兩方面所見到的強勁客戶需求。

To give a bit more detail on our RPO, we expect 12% to be recognized in the next 12 months and another 34% between 13 and 36 months. And these percentages are both expected to accelerate over the coming quarters based on our current long-term outlook.

為了更進一步說明 RPO，我們預期其中 12% 將在未來 12 個月內認列，另有 34% 將在第 13 至 36 個月間認列。基於我們目前的長期展望，這兩個百分比預期將在未來幾季加速提升。

Mike and Clay will now get into a bit more detail on our cloud businesses, and then I'll be back with our outlook for fiscal year '27 and Q1.

接下來 Mike 與 Clay 將更深入說明我們的雲端業務，之後我會回來分享 2027 會計年度與第一季的展望。

Thank you, Hilary, and welcome to Oracle. So I'm going to cover our cloud apps and cloud database business in a bit more detail, both of which performed quite well in Q4.

謝謝你，Hilary，歡迎來到 Oracle。接下來我會更詳細地說明我們的雲端應用與雲端資料庫業務，這兩項在第四季的表現都相當出色。

We're on the front end of one of the most interesting clients in the technology business. Our customers are now focused on how to leverage AI in their own businesses. They want AI to increase productivity, enhance customer service, and create real competitive advantages. They want to do it quickly and within their existing budget envelope.

我們正站在科技產業中最令人振奮的客戶需求浪潮前端。我們的客戶現在聚焦於如何在自身業務中運用 AI。他們希望 AI 能提升生產力、強化客戶服務，並創造真正的競爭優勢。他們也希望能快速完成，且在既有的預算範圍內做到。

Oracle's unique advantage is that we deliver the applications, the data, the infrastructure, the AI tooling, and the industry expertise together. That combination invariably puts us at the center of customer conversations, whether they're existing Oracle customers or not. And our customers have moved past the experiment stage of AI. They are ready to implement enterprise-grade, complete agentic solutions to help run their businesses.

Oracle 的獨特優勢在於，我們能把應用程式、資料、基礎架構、AI 工具，以及產業專業知識一併交付。這樣的組合，無論客戶是否為既有 Oracle 客戶，都會讓我們自然而然成為客戶對話的核心。而我們的客戶也已經走過 AI 的實驗階段。他們已準備好導入企業級、完整的代理式（agentic）解決方案，來協助營運其業務。

Over the past year, we have delivered more than 1,000 AI agents across our application suites. These agentic-based offerings can reason, decide, and execute work across processes. So the quickest, most affordable and most productive way customers can begin consuming AI is just to continue using Oracle's applications since every three months they get more and more of the AI features built for them and ready to go.

在過去一年，我們已在各大應用套件中交付超過 1,000 個 AI 代理。這些以代理為基礎的產品能在流程之間進行推理、決策並執行工作。因此，客戶開始使用 AI 最快、最實惠且最具生產力的方式，就是持續使用 Oracle 的應用程式，因為每三個月他們就會獲得更多為其打造、可立即啟用的 AI 功能。

This is a major shift in enterprise software, and Oracle is uniquely positioned to lead it. And you can see it in our Q4 results. Oracle Cloud Applications generated revenues of $4.1 billion, which is up 10%. And our SaaS deferred revenue was up 16% in the quarter. Across the company, we took thousands of customers live last quarter, over $300 million in Fusion alone.

這是企業軟體的一項重大轉變，而 Oracle 具備獨特條件引領這股趨勢。你也可以從我們第四季的成果看出來。Oracle 雲端應用營收達 41 億美元，年增 10%。而我們的 SaaS 遞延收入在本季年增 16%。全公司層面，上季我們讓數千家客戶正式上線，僅 Fusion 就超過 3 億美元。

Exelon adopted our utilities platform to manage operations. Wright County Sheriff's Office went live with our public safety suite, Westfield Insurance implemented Fusion ERP, and Piraeus Bank went live with the Oracle Banking, just to name a few. All of these customers upgraded to a better and modern applications platform that also comes with AI built right in.

Exelon 採用我們的公用事業平台來管理營運。Wright County 警長辦公室啟用我們的公共安全套件，Westfield Insurance 導入 Fusion ERP，而比雷埃夫斯銀行（Piraeus Bank）也上線 Oracle Banking，僅舉幾例。這些客戶都升級到更好、更現代化的應用平台，而且平台內建 AI。

In Q4, we also continued our electronic health record deployment at the United States Department of Veterans Affairs. In Q4, we added four VA medical centers in Michigan and in early June added another four VA medical centers in Ohio. Oracle now supports 14 VA medical centers serving 29,000 clinicians and 500,000 veterans across the United States.

在第四季，我們也持續在美國退伍軍人事務部（VA）推進電子病歷（EHR）部署。第四季我們在密西根州新增四個 VA 醫療中心，並於六月初在俄亥俄州再新增四個 VA 醫療中心。Oracle 目前支援全美 14 個 VA 醫療中心，服務 29,000 名臨床人員與 50 萬名退伍軍人。

And while now part of our Q4 bookings, the United States Government Office of Personnel Management today announced an agency-wide award to Oracle for Fusion HCM. So this is obviously a strong start for us in our FY27 applications business.

此外，雖然這已納入我們第四季的訂單（bookings），美國政府人事管理局（Office of Personnel Management）今日宣布，已向 Oracle 授予全機關範圍的 Fusion HCM 合約。因此，這顯然為我們 FY27 的應用業務帶來強勁開局。

In addition to discussions around AI within our applications, I'm also having very interesting conversations with our customers around leveraging their own proprietary data sets with AI. Much of this data already sits in an Oracle database or is generated by Oracle applications.

除了在應用程式內的 AI 討論之外，我也正與客戶進行非常有意思的對話，探討如何用 AI 來運用他們自有的專屬資料集。其中許多資料早已存放在 Oracle 資料庫中，或由 Oracle 應用程式所產生。

In addition to discussions around AI within our applications, I'm also having very interesting conversations with our customers around leveraging their own proprietary data sets with AI.

除了在應用程式內的 AI 討論之外，我也正與客戶進行非常有意思的對話，探討如何用 AI 來運用他們自有的專屬資料集。

For many enterprises, inferencing against decades of rich operations data is where the benefits of AI compound exponentially.

對許多企業而言，針對數十年累積的豐富營運資料進行推論（inferencing），正是 AI 效益呈指數級累積的關鍵所在。

Oracle's full-stack offerings allow customers to get up and running quickly, leveraging AI together with their private data sets. This is why Claro, a major telecommunications provider in Latin America, chose OCI, field services applications. And our AI Data Platform to automate customer service for their 30 million subscribers this quarter. UK National Health Services shared business services. Oles, the Brazilian retailer, and QXO, the fastest-growing building products distributor in the United States, combines AI-ready Oracle infrastructure or database products with Oracle applications to move their businesses forward, again, just to name a few.

Oracle 的全堆疊產品讓客戶能快速上線，將 AI 與其私有資料集一同運用。這也是為什麼拉丁美洲大型電信業者 Claro 在本季選擇 OCI、現場服務（field services）應用，以及我們的 AI 資料平台，為其 3,000 萬名用戶自動化客戶服務。英國國民保健署（NHS）的共享商務服務（shared business services）、巴西零售商 Oles，以及美國成長最快的建材產品經銷商 QXO，也都將具備 AI 就緒的 Oracle 基礎架構或資料庫產品與 Oracle 應用結合，以推動其業務向前發展——同樣僅舉幾例。

Last quarter, we also released a long list of new AI functionality in the Oracle database. Here are just two examples. The Oracle AI Agent Memory is a library that helps developers build agents that can remember, reason, and act with enterprise context.

上季我們也在 Oracle 資料庫中發布了一長串新的 AI 功能。這裡僅舉兩個例子。Oracle AI Agent Memory 是一個函式庫，協助開發者打造能在企業情境下進行記憶、推理與行動的代理。

Oracle Deep Data Security has data access rules at the database level. This protects against both unauthorized access. It limits precisely what data a user and any AI agent acting on their behalf can see or act upon.

Oracle Deep Data Security 在資料庫層級建立資料存取規則。這可防範未經授權的存取。並能精準限制使用者以及任何代表其行動的 AI 代理可查看或可操作的資料範圍。

All of these innovations I've just described and many more are available in our cloud, our partners' clouds and in our customers' environments. In Q4, our cloud database business revenue grew by 29%. With multi-cloud growing much faster. Multi-cloud revenue was up 404% year over year, and bookings were up 325% year over year.

我剛才描述的所有創新，以及更多功能，都可在我們的雲端、合作夥伴的雲端，以及客戶自有環境中使用。第四季，我們的雲端資料庫業務營收成長 29%。其中多雲（multi-cloud）成長更快。多雲營收年增 404%，訂單年增 325%。

One example of an enterprise using a wide range of Oracle technologies and Vodafone would turn to us in Q4 to consolidate and modernize their operations. Vodafone selected OCI Dedicated Region and their data centers, our multi-cloud database offering, and a partner cloud and our applications to reduce costs and run their processes faster, in some cases up to 60% faster.

其中一個例子是 Vodafone 這類企業廣泛採用 Oracle 技術，並在第四季找上我們以整合並現代化其營運。Vodafone 選擇了 OCI Dedicated Region 佈署於其資料中心、我們的多雲資料庫產品（在合作夥伴雲上），以及我們的應用程式，以降低成本並加速流程運行，在某些情況下速度可提升至多 60%。

Finally, we are working with our customers to deliver quick ROI within their AI budgets. To do so, we are simplifying how customers consume and pay for agentic capabilities. Our new agentic pricing aligns with customer value. Now, much of our AI innovation in our core applications continues to be included at no extra charge. However, customers can also purchase additional Agenta capacity in a simple, predictable way by purchasing bundles of tokens that can be used across our application suites.

最後，我們正與客戶合作，在其 AI 預算內交付快速的投資報酬（ROI）。為此，我們正在簡化客戶使用與付費代理式能力的方式。我們新的代理式定價與客戶價值對齊。目前，我們核心應用中的許多 AI 創新仍持續以不加價方式提供。不過，客戶也可以透過購買可跨應用套件使用的代幣（token）組合，以簡單、可預測的方式購買額外的 Agenta 容量。

We're also introducing outcome-based commercial models that align pricing directly to the value derived. For example, interview agents that are priced based on the number of candidates screened or hospitality upsale agents priced on the percentage of end consumer upsale transactions.

我們也正在推出以成果為基礎的商業模式，讓定價直接與所獲得的價值連結。例如，面試代理可依篩選的候選人數量計價；或旅宿加購（upsale）代理則依終端消費者加購交易的百分比計價。

In Q4, we started a limited rollout of our token bundles and had 33 customers like Aon Services Corporation and Liberty Energy, free purchase tokens that have access to more advanced reasoning and models. All of this helps our customers control their costs. And align their spending with the value being generated.

在第四季，我們開始小規模推出代幣組合，並已有 33 家客戶（如 Aon Services Corporation 與 Liberty Energy）購買代幣，以存取更進階的推理能力與模型。這些作法都有助於客戶控管成本。並讓支出與所產生的價值對齊。

And with that, I will turn it over to Clay.

接下來，我把時間交給 Clay。

Thanks, Mike.

謝謝，Mike。

Okay, you just heard from Mike about our applications and database businesses. Oracle has been in these businesses for decades, and they continue to impress us because of their ability to continually grow aggregate margin dollars through a combination of durable differentiation and increasing market size. I want to share how we see our infrastructure business in that same category and the evidence that enforces that belief.

好，剛才大家聽 Mike 介紹了我們的應用與資料庫業務。Oracle 在這些業務領域深耕數十年，之所以持續令人印象深刻，是因為它們能透過持久的差異化與市場規模擴大相結合，不斷提升整體毛利金額。我想分享我們如何將基礎架構業務也視為同一類別，以及支持這項信念的證據。

Okay, differentiation comes in many forms, technological innovation, supply chain execution, operational ability, and more. We created OCI as the most highly secure, highest performance, most flexible, lowest cost infrastructure available anywhere. We deliver that through innovation across all layers, from deploying the smallest and the largest clouds to inventing technologies like Acceleron that provide the highest performance and lowest cost networks.

好的，差異化有很多形式：技術創新、供應鏈執行、營運能力等等。我們打造 OCI，作為在任何地方都能取得的、最安全、效能最高、最具彈性、成本最低的基礎設施。我們透過跨越各層的創新來實現這一點，從部署最小到最大的雲端，到發明像 Acceleron 這樣可提供最高效能、最低成本網路的技術。

We combine the power of OCI and Fusion applications to implement an incredibly efficient and flexible supply chain. We architect across data center design, power distribution, data hall layout, and networking to deliver the most efficient and the most flexible infrastructure available to anywhere. Oracle has a long track record of durable differentiation.

我們結合 OCI 與 Fusion 應用的力量，打造極其高效率且具彈性的供應鏈。我們在資料中心設計、電力配電、機房（data hall）配置與網路等面向進行整體架構設計，以交付在任何地方都能取得的、最高效率且最具彈性的基礎設施。Oracle 長期以來在持久的差異化方面有著卓越的紀錄。

This is because we know the real differentiator is the organization, the people, the company itself that can adapt to new requirements, invent solutions, and deliver them to customers. OCI has been the fastest-growing cloud provider for years, and now with AI infrastructure, we've shown to everyone the power of the organization we've built, the technology we've created and the value we're delivering to customers. OCI is continually releasing new services, hardware, networks and cloud regions to ensure we are always the best place for our customers' infrastructure workloads.

這是因為我們知道，真正的差異化在於組織本身——能夠適應新需求、發明解決方案並交付給客戶的人才與公司。多年來，OCI 一直是成長最快的雲端供應商；而如今在 AI 基礎設施方面，我們向所有人展現了我們所建立的組織力量、我們所創造的技術，以及我們為客戶帶來的價值。OCI 持續推出新服務、硬體、網路與雲端區域，以確保我們始終是客戶承載基礎設施工作負載的最佳選擇。

Cloud infrastructure has become a very large market because of the ever-growing demand for server-side computing. AI infrastructure makes the existing cloud infrastructure market look small. Everything we see shows this market size is trillions of dollars per year. Combined with our previously outlined 30% to 40% margin profile, OCI should grow into an extremely large and extremely profitable business.

由於伺服器端運算需求持續成長，雲端基礎設施已成為一個非常龐大的市場。AI 基礎設施讓既有的雲端基礎設施市場看起來相形見絀。我們所看到的一切都顯示，這個市場規模每年以兆美元計。結合我們先前所概述的 30% 至 40% 利潤率輪廓，OCI 應可成長為一個極其龐大且極其獲利的業務。

These beliefs are supported by compelling and multiplying amounts of evidence. We signed $67 billion in AI infrastructure contracts this quarter, the majority of which was either bring your own hardware or prepaid. This increases our combination of bring your own hardware or prepaid customer contracts to $75 billion with those contracts having no degradation in margin compared to our other contracts.

這些信念有大量且持續增加的有力證據支持。本季我們簽下 670 億美元的 AI 基礎設施合約，其中大多數為自備硬體（BYOH）或預付款模式。這使我們自備硬體或預付款客戶合約的合計金額提高至 750 億美元，而且這些合約的利潤率相較於我們其他合約並未出現任何下滑。

Customers are showing they chose OCI to deliver their infrastructure even when they are bringing the capital themselves. Design, delivery, and operation of this large-scale infrastructure is extremely demanding.

客戶正在表明，即使資本由他們自行投入，他們仍選擇 OCI 來交付其基礎設施。這種大規模基礎設施的設計、交付與營運極具挑戰。

Q4 finalizes an impressive FY26, where we delivered more than 1.2 gigawatts to customers. Our pace of delivery continues to accelerate, with our FY27 Q1 delivery approaching 1 gigawatt, nearly the same capacity as we've delivered in the previous four quarters combined.

Q4 為令人印象深刻的 FY26 劃下句點，我們向客戶交付了超過 1.2 吉瓦的容量。我們的交付速度持續加快，FY27 Q1 的交付量接近 1 吉瓦，幾乎等同於我們前四個季度合計交付的容量。

There will be many winners in AI, and our strategy is to have them all as customers. We continue to diversify across our largest customers. With four customers contracting for more than $8 billion this quarter. Our infrastructure is fundamentally multi-tenant, and we continually allocate capacity between customers.

AI 將會有許多贏家，而我們的策略是讓他們全部都成為我們的客戶。我們持續在最大客戶群中進行多元化布局。本季有四位客戶各自簽約金額超過 80 億美元。我們的基礎設施在本質上是多租戶（multi-tenant）的，我們也持續在客戶之間配置產能。

In Q4, 35,000 GPUs from 59 separate customers were up for renewal. 49% of those customers renewed for 92% of those GPUs. That doesn't mean though that 8% of those GPUs are either. Most of those GPUs themselves were subsequently sold to other customers in the same quarter.

在 Q4，有來自 59 位不同客戶的 35,000 顆 GPU 到期需續約。其中 49% 的客戶續約，涵蓋了 92% 的 GPU。但這並不代表剩下那 8% 的 GPU 就會閒置。其中多數 GPU 隨後在同一季度被售予其他客戶。

Our global GPU utilization rate is 97.5%. It's also clear that AI is here to stay. AI is delivering value on multiple fronts, but the most clear and obvious is agentic coding. This is an area where we have a front row seat as both the provider and the consumer. Agentic coding tools has completely changed that Oracle operates, and we see no slowdown in our own demand for such capabilities. The same is true for all the customers and partners we work with. The demand for AI infrastructure in this domain alone is enormous, ignoring the many other growth areas.

我們全球 GPU 使用率為 97.5%。同時也很清楚，AI 將長期存在。AI 在多個面向創造價值，但最清楚、最直接的就是代理式（agentic）程式碼撰寫。在這個領域，我們同時身為供應商與使用者，因此擁有第一排的視角。代理式程式碼撰寫工具已徹底改變 Oracle 的運作方式，而我們對這類能力的自身需求看不到任何放緩。我們合作的所有客戶與夥伴也同樣如此。僅就此一領域而言，對 AI 基礎設施的需求就極為龐大，更不用說其他眾多成長領域。

Now, before I end, let's look at a summary of our five largest sites and the significant progress we're seeing across all of them.

在我結束之前，讓我們先看一下我們五個最大據點的摘要，以及我們在所有據點上所看到的重大進展。

To begin, let's look at Abilene, Texas. Abilene, Texas, today has delivered 42% of the total capacity. An additional 35% of capacity will be delivered in the next 90 days, with the remainder delivering in the subsequent quarter.

首先，來看德州阿比林（Abilene）。目前德州阿比林已交付總容量的 42%。未來 90 天內將再交付額外 35% 的容量，其餘部分將在下一季度交付。

Moving forward to Shackelford, Texas. We contracted this in August of 2025. Customer delivery begins in the first half of FY 2027. Sorry, the first half of calendar year 2027. 115 megawatts of power capacity is already available online, more than one month ahead of schedule.

接著看德州沙克爾福德（Shackelford）。我們於 2025 年 8 月簽下該合約。客戶交付將於 FY2027 上半年開始。抱歉，是在 2027 曆年上半年開始。已有 115 兆瓦的電力容量上線可用，比原定時程提前超過一個月。

If we take a look at Dona Ana County, New Mexico, we contracted this in September of 2025. Customer delivery begins in the first half of calendar year '27 as well. Power design is based on gigawatts of clean, energy-efficient bloom fuel cells.

再看新墨西哥州多納安娜郡（Dona Ana County）。我們於 2025 年 9 月簽下該合約。客戶交付同樣將於 2027 曆年上半年開始。電力設計以吉瓦等級的潔淨、高能效 Bloom 燃料電池為基礎。

We look at Saline, Michigan. We contracted this in October of 2025. Customer delivery begins in the second half of 2027. The network core is ahead of schedule and delivered at the end of this calendar year.

接著看密西根州薩林（Saline）。我們於 2025 年 10 月簽下該合約。客戶交付將於 2027 年下半年開始。網路核心進度超前，並將於今年曆年年底交付。

And then to the final site I want to touch on, Port Washington, Wisconsin. This was contracted in September of 2025, and delivery begins in the second half of calendar year '27.

最後一個我想提到的據點是威斯康辛州華盛頓港（Port Washington）。該合約於 2025 年 9 月簽訂，交付將於 2027 曆年下半年開始。

I think you can see from all of these pictures the massive progress that we're making across a very large number of sites. It's an incredible time to be in technology and to have the privilege of doing that at a company like Oracle. It's especially fun to have an inside view of the birth of a new business that can join the likes of our applications and database businesses. Hopefully, these beliefs and the data points give you some insight into why we are so excited about OCI and where that's going to take Oracle.

我想你可以從這些照片中看到，我們在大量據點上正取得巨大的進展。這是投身科技的絕佳時刻，而能在像 Oracle 這樣的公司從事這些工作是一種榮幸。能夠從內部視角見證一項新業務的誕生，並有機會與我們的應用與資料庫業務並列，尤其令人振奮。希望這些信念與數據點能讓你更了解，為什麼我們對 OCI 以及它將帶領 Oracle 前往的方向如此興奮。

And with that, I'm going to hand it back to Hillary.

接下來，我把時間交還給 Hillary。

Before I get to our fiscal year '27 and Q1 guidance, I'd like to share some comments on our funding expectations. We already mentioned throughout the call the compelling opportunities we see at Oracle based on our portfolio positioning, and our strong Q4 results reflect this well.

在我談到 FY2027 與 Q1 的財測指引之前，我想先分享一些關於我們資金籌措預期的看法。我們在本次電話會議中已多次提到，基於我們的產品組合定位，我們在 Oracle 看見了極具吸引力的機會，而我們強勁的 Q4 業績也很好地反映了這一點。

Customer demand and our growing visibility into future revenues is what underpins the long-term financial outlook we shared at our most recent Analyst Day of plus 31% revenue CAGR and plus 28% EPS CAGR through our fiscal year 2030.

客戶需求，以及我們對未來營收能見度的提升，是我們在最近一次分析師日所分享之長期財務展望的基礎：至 FY2030 為止，營收年複合成長率（CAGR）超過 31%，每股盈餘（EPS）年複合成長率超過 28%。

In order to unlock this unique growth opportunity, we started a program of capital investments. We'll continue those investments in our fiscal year 2027 with an expected net cash outlay for capital expenditures of around $70 billion. This includes customer prepayments and timing impacts expected at around $20 billion to $25 billion, so our reported CapEx will be higher by this amount. Importantly, these investments are being driven by committed customer demand reflected in our record RPO, giving us confidence in our long-term outlook as well as strong returns on the capital we're deploying.

為了釋放這個獨特的成長機會，我們啟動了一項資本投資計畫。我們將在 FY2027 持續這些投資，預期資本支出（CapEx）的淨現金支出約為 700 億美元。其中包含約 200 億至 250 億美元的客戶預付款與時點影響，因此我們所報告的 CapEx 將因這個金額而更高。重要的是，這些投資是由已承諾的客戶需求所驅動，並反映在我們創紀錄的 RPO（剩餘履約義務）中，這也讓我們對長期展望以及所部署資本的強勁報酬充滿信心。

As Clay already mentioned, this demand is allowing us to garner customer prepayments and bring your own hardware at similar or better margins than the rest of our contracts.

正如 Clay 已經提到的，這項需求讓我們能夠取得客戶預付款，並以與我們其他合約相近或更佳的利潤率推動「自備硬體」（BYOH）。

To support our capital investments program, we expect to raise around $40 billion in debt and equity in our fiscal year '27, and that includes our already announced $20 billion at-the-market equity issuance. We don't anticipate raising additional debt funding in calendar year 2026.

為了支持我們的資本投資計畫，我們預期在 2027 財政年度透過債務與股權籌資約 400 億美元，其中包含我們已宣布的 200 億美元「按市價發行」（ATM）的股權發行。我們不預期在 2026 曆年再額外舉債。

To our fiscal year 2027 guidance, you can start to see the strong translation of our RTO into revenues with expected growth in our total revenues of plus 34% in constant currency, surpassing the five-year revenue CAGR included in our long-term outlook.

就我們對 2027 財政年度的指引而言，你們已可開始看到我們的 RTO 強勁轉化為營收：在固定匯率下，我們預期總營收成長 34%，並將超越我們長期展望中所包含的五年營收複合年成長率（CAGR）。

Our fiscal year 2027 gross margins will step down due to timing for the ramp-up of our data center projects into their full revenue contribution plus impacts from mix.

由於資料中心專案擴建時程、尚未完全貢獻營收的時間差，以及產品組合影響，我們 2027 財政年度的毛利率將會下滑。

While these investments are creating pressure on the near term to gross margins in our infrastructure business, we expect margin performance in infrastructure to improve rapidly as we reach full contractual revenue levels at our data centers.

雖然這些投資在短期內對我們基礎設施業務的毛利率造成壓力，但隨著我們的資料中心達到合約約定的完整營收水準，我們預期基礎設施的利潤率表現將快速改善。

Operating costs, we expect to be slightly negative year-over-year in dollar terms due to efficiency actions, driving improved operating leverage. Net-net, we expect our non-GAAP EPS for the year to be $8.05, up 18% in constant currency, excluding the net one-time.

在營運成本方面，由於效率提升措施，我們預期以美元計將較去年同期略為下降，進而帶動營運槓桿改善。總結而言，我們預期本年度非 GAAP 每股盈餘（EPS）為 8.05 美元；在固定匯率下成長 18%，並排除淨一次性項目。

Gains we booked in fiscal year '26 from Ampere and Bloom Energy. I'll finish with guidance for our Q1 2027. In Q1, we'd expect growth in total revenues of between 27% and 29% in US dollars. Of that, we expect growth in cloud revenues of between 58% and 64%.

也就是我們在 2026 財政年度因 Ampere 與 Bloom Energy 所認列的收益。我最後補充我們對 2027 財政年度第一季（Q1）的指引。在 Q1，我們預期以美元計的總營收成長介於 27% 至 29%。其中，我們預期雲端營收成長介於 58% 至 64%。

In non-GAAP EPS, we expect between $1.72 and $1.76, up between 17% and 20% in US dollars, and we anticipate revenues and earnings will accelerate in the second-half of the year as we bring further megawatts online at our data centers to fulfill customer demand.

在非 GAAP 每股盈餘方面，我們預期介於 1.72 至 1.76 美元；以美元計成長介於 17% 至 20%。此外，隨著我們在資料中心上線更多兆瓦以滿足客戶需求，我們預期下半年營收與獲利將加速成長。

I look forward to speaking further with all of you over the next few weeks and months leading into our Q1 and at our next Oracle Investor Day scheduled for October 28 in Las Vegas.

我期待在接下來幾週與幾個月、在我們 Q1 之前，以及在 10 月 28 日於拉斯維加斯舉行的下一次 Oracle 投資人日上，與各位進一步交流。

With that, I'll turn the call back to Ken for the Q&A.

接下來我把電話交回 Ken 進行問答。

Thank you, Hilary. Lisa, if you'd please poll the audience for any questions they might have.

謝謝你，Hilary。Lisa，麻煩你請聽眾提出他們可能有的問題。

(Operator Instructions) John DiFucci, Guggenheim Securities.

（接線員指示）Guggenheim Securities 的 John DiFucci。

Thank you. My question is a question that I've dealt with all this quarter. And Clay, that was a ton of information you gave, which is helpful, really helpful. But there's one little nuance here. You spent a little bit more this quarter on CapEx than we expected. And that's sort of the topic a little bit, it adds into it. We all know that component costs have gone up a lot, especially memory, it's grown significantly, right? And even though you said that most 3Q and 4Q contracts are large-scale, AI contracts that were prepaid for GPUs, you have a lot of other contracts.

謝謝。我的問題是我這一整季都在處理的問題。Clay，你提供了大量資訊，非常有幫助，真的很有幫助。但這裡有一個小細節。你們本季在資本支出（CapEx）上的花費比我們預期多一些。這也算是相關主題的一部分。我們都知道零組件成本大幅上升，尤其是記憶體，漲幅很明顯，對吧？即便你說第 3 季和第 4 季的大多數合約都是大型 AI 合約，且 GPU 已預付，但你們還有很多其他合約。

This has been an issue for a lot of software companies and large cloud companies. I don't think it's as much of an issue for you, given my understanding of how you construct your contracts. But can you explain that to investors when it comes to these very long-term contracts between you and the end customer and the suppliers?

這一直是許多軟體公司與大型雲端公司的問題。以我對你們合約架構的理解，我不認為這對你們是那麼大的問題。但你能否向投資人解釋一下：在你們與終端客戶以及供應商之間這些非常長期的合約中，這件事是如何運作的？

Yeah, good question, John, good to talk to you again as always.

是的，這是個好問題，John，也很高興再次和你交流，一如往常。

Look, I'll answer, I think, that in two parts. In terms of the capital expenditures, at least from what we're seeing in Q4, any increase in CapEx that is not due to component prices from our perspective, that's largely around timing, right? I mean, part of my job is to figure out ways to actually accelerate CapEx.

我想我會分兩部分回答。就資本支出而言，至少從我們在第 4 季看到的情況來看，任何不是由零組件價格所導致的 CapEx 增加，從我們的角度主要是時點問題，對吧？我的工作之一就是想辦法實際加速 CapEx。

Taylor has a tough life. My job is to try to spend the money a little bit faster so I can get ramp revenue sometimes. So I don't see that as related to component prices. Now, talking about component prices in general, look, I think everyone knows that memory prices have definitely gone up, SSD prices, hard drive prices, et cetera. So one of the things that we do, John, is it's actually quite simple.

Taylor 的日子很不好過。我的工作是試著把錢花得快一點，這樣有時候就能更快拉升營收。所以我不認為這和零組件價格有關。至於一般性的零組件價格，大家都知道記憶體價格確實上漲了，SSD 價格、硬碟價格等等也是。所以我們做的一件事，John，其實很簡單。

When we're selling stuff at a time period where we have certainty, whether that be certainty because the capacity is already deployed or we have certainty because we have locked prices across the spectrum, whether it be space and power costs, energy costs, people costs, component costs, when we know those costs, we will then do fixed price contracts, times that we don't know those costs.

當我們在一個我們對成本有把握的期間銷售產品時——不論是因為產能已部署，或是因為我們已在各個面向鎖定價格（例如機房空間與電力成本、能源成本、人力成本、零組件成本）——當我們知道這些成本時，我們就會簽固定價格合約；而在我們不知道這些成本的時候則不會。

Because it's out too far in the future or we have too much supply chain risk, whether that be due to just the way the world works or a lack of things being locked in, we then do not do fixed price contracts with our customers and we have a mechanism whereby those costs end up being floating.

如果是因為時間點太久遠，或我們承擔太多供應鏈風險——不論是因為世界運作方式，或是因為缺乏可鎖定的條件——那我們就不會與客戶簽固定價格合約，而是透過一套機制讓這些成本最終採浮動方式反映。

I don't like it when costs go up. Our customers don't like it when costs go up. And honestly, I don't think our suppliers do. I think they'd love to be able to deal with everything we want. But when the costs do go up, we have, I think, a very robust set of mechanisms that ensure that Oracle is not sitting there with reduced margins.

我不喜歡成本上升。我們的客戶也不喜歡成本上升。老實說，我也不認為我們的供應商喜歡。我想他們會希望能滿足我們想要的一切。但當成本確實上升時，我們有一套我認為非常健全的機制，確保 Oracle 不會因此承受利潤率下滑。

That is really helpful. It makes a ton of sense. And if I could, just a quick one. Hillary kind of alluded to what I'm going to ask, but this is a second question I get a ton of questions on. You have long-term targets out there. You're a new CFO, right? And congrats. It's great to have you on the line. But can you just comment on those long-term targets at all?

這真的很有幫助。非常合理。如果可以的話，我再快速問一個。Hillary 有稍微提到我接下來要問的，但這也是我被問很多次的第二個問題。你們對外有長期目標。你是新任 CFO，對吧？也恭喜你。很高興你在線上。但你能否對那些長期目標做任何評論？

I know you've only been there a couple of months.

我知道你到任才幾個月。

I think and that was the intention of putting it in this slide. I think that we're reconfirming those long-term targets in the sense of the CAGRs that we put into the slide today. So we feel comfortable with that. And you can see the RPO building to the level that you can start to have a lot of belief, I think, in those long-term targets exactly. So full reconfirmation from my side on the long-term targets.

我想——而這也是我們把它放在這張投影片上的用意——我們是在重申這些長期目標，具體而言就是我們今天投影片中所列的複合年成長率（CAGR）。

All very clear. Thank you very much. Nice job, guys.

一切都非常清楚。非常感謝。各位做得很好。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Great. Thank you so much for taking the question. And Hilary, welcome to Oracle.

很好。非常感謝讓我提問。Hilary，歡迎加入甲骨文。

Hilary, as you come to Oracle from a capital-intensive business in another industry, how would you suggest that investors evaluate Oracle's progress and returns during this period of heavy investment?

Hilary，您從另一個產業的資本密集型業務加入甲骨文，在這段高投資期間，您會建議投資人如何評估甲骨文的進展與報酬？

Yeah, so the way I think about it, and as we said in the earnings call, we feel the returns for the infrastructure business, so that CPU and GPU business are quite strong.

是的，我的看法是——也如我們在財報電話會議中所說——我們認為基礎設施業務的報酬，也就是CPU與GPU業務的報酬，相當強勁。

Probably from a back of envelope standpoint, the way I think about return from that business model is in return on invested capital. And what we see is return on invested capital in the high 20s at a steady state. So once the revenues have ramped for large projects at the project level, and that doesn't. Take into account upsides like who knows if the GPUs don't need to be replaced over the long-term and things like that, just purely in the steady state when we're at the steady state of the contracts that we have.

大概用粗略估算的角度來看，我會用投入資本報酬率（ROIC）來思考這種商業模式的回報。我們看到在穩態情境下，ROIC大約在接近30%的高20%區間。也就是一旦大型專案在專案層級的營收爬升到位之後——而且這還不。把一些上行因素算進去，例如誰知道GPU長期是否不需要更換之類的——純粹是在穩態下、在我們現有合約達到穩態時的情況。

And as we're generally able to preserve and improve margins, in the case of things like bring your own hardware, the ROIC structures, the ROIC for those types of structures will be even higher. And again, that backup envelope, I'm just calculating return on invested capital as after tax operating margin plus depreciation divided by gross investment, so total gross CapEx at the project level.

而且由於我們通常能夠維持並提升毛利率，在像是「自帶硬體」（bring your own hardware）這類情況下，這些結構的ROIC架構、也就是這類結構的ROIC會更高。同樣地，這個粗略估算，我只是把投入資本報酬率計算為：稅後營業利潤率加上折舊，除以總投資額，也就是在專案層級的總資本支出（gross CapEx）。

Maybe that gives you a little bit of an idea, and of course, we're happy to talk more about that over the next couple of quarters.

希望這能讓你稍微有些概念；當然，我們也很樂意在接下來幾個季度再更深入討論。

That's really helpful, Hilary. Thank you and congrats to the whole team on the execution this quarter. Nice job to everybody.

這真的很有幫助，Hilary。謝謝你，也恭喜整個團隊本季的執行成果。大家都做得很好。

Mark Mordler from Bernstein.

Bernstein 的 Mark Mordler。

Thank you very much for taking my question and also congrats on the quarter. And Hilary, welcome and we're really looking forward to working with you. Clay and Hillary, with so many vendors entering the market to deliver AI data centers, including the Neo Cloud, SpaceX, which is now going to build data centers in space, et cetera, where does Oracle see itself in the competitive landscape? And how do you see that increase in capacity impacting your ability to, one, retain customers, renew contracts, two, capture new customers, and three, maintain or improve margins?

非常感謝讓我提問，也恭喜本季表現。Hilary，歡迎加入，我們也非常期待與你合作。Clay 和 Hilary，隨著許多供應商進入市場提供AI資料中心，包括 Neo Cloud、SpaceX（現在也要在太空建資料中心）等等，甲骨文如何看待自己在競爭版圖中的位置？而你們如何看待產能增加對你們以下能力的影響：第一，留住客戶、續約合約；第二，取得新客戶；第三，維持或提升利潤率？

Thank you.

謝謝。

Yeah, thanks, Mark. Look, I think that first, I think it's very important that we stay focused on customers. So the nice thing is that I think whether you see it from existing RPO or increased contracts that we're getting, yes, there's a lot of things happening in the market. But we have a large diverse set of customers, both very large and also smaller customers. And what I spend all of my time doing is I wake up every day and I go, how do I make sure those customers are as happy as possible with us?

好的，謝謝你，Mark。我認為首先，非常重要的是我們要持續聚焦在客戶身上。好的一點是，我認為不論你從既有RPO或我們拿到的新增合約來看，沒錯，市場上確實有很多事情正在發生。但我們擁有龐大且多元的客戶群，既有非常大型的客戶，也有較小的客戶。而我把所有時間都花在：我每天醒來都在想，我要如何確保這些客戶對我們盡可能滿意？

And when I shared the numbers, for example, in the prepared remarks about the extremely high utilization rate. Even when things come back for renewal, they're instantly snapped up, those are all indicators that we have great customer relationships, they're happy with the products and they're very satisfied with the prices that we're charging for them.

而當我在事先準備的講稿中分享例如極高的使用率等數據時，即使到了續約時點，資源也會立刻被搶購一空——這些都是指標，顯示我們與客戶的關係非常好；他們對產品很滿意，也對我們收取的價格感到非常滿意。

Look, I think there's going to be a lot of people who enter the space. I think there's clearly several years in, there's still a massively higher demand than there is supply. And so I think that's going to there are going to be more and more people trying to figure out how to meet that demand, but I don't worry about that. I really focus on how do we make sure that we can meet as much of that demand at a reasonable margin profile. And that's what I think you've seen us invent new business models to go out and try to serve.

我想會有很多人進入這個領域。很明顯地，即使已經過了好幾年，需求仍然遠遠高於供給。所以我認為會有越來越多人試著找出如何滿足這個需求，但我不擔心這點。我真正專注的是：我們如何確保能以合理的利潤結構滿足盡可能多的需求。而我想你們也看到我們發明新的商業模式，去嘗試提供服務以滿足這些需求。

In terms of how does that affect our future renewals. I find that largely what affects future renewals is the several years relationship that we're going to have between now and then. And we're fundamentally in the service business. If you think that you're just buying something and then you're done with it, it's not the way it works, right?

至於這會如何影響我們未來的續約。我發現，影響未來續約的主要因素，是從現在到那時之間我們將建立的多年關係。而我們本質上是在做服務業。如果你以為你只是買了一個東西然後就結束了，實際上不是這樣運作的，對吧？

These people are relying on what we do at Oracle to run and maintain these massive clusters every day. And our ability to do that extremely well creates an extremely positive relationship that then ensures that renewals go well.

這些客戶每天都仰賴甲骨文所做的事情來運行並維護這些龐大的叢集。而我們把這件事做得非常好，就能建立極為正向的關係，進而確保續約進展順利。

And then in terms of the margin profile, look, I've been at Oracle now for 12 years, the whole time I've been working on OCI. What I can tell you is it's not easy to build an extremely efficient, highly secure, robust cloud. So I think that our customers see and appreciate the value of what we provide, the flexibility that we give them, the comprehensive set of services that we provide.

至於利潤結構，坦白說，我在甲骨文已經12年了，這段時間我一直在做OCI。我可以告訴你，打造一個極度高效率、高安全性、且強韌可靠的雲端並不容易。所以我認為客戶看得到並且珍惜我們提供的價值、我們給他們的彈性，以及我們提供的完整服務組合。

I think that over time as the market continues to mature and we deploy more and more of our research and development dollars into making things more efficient, I think there's ways that Oracle gets higher and higher margins, but we actually can offer lower and lower prices to our customers. That's ultimately the job that is on our shoulders and what we've been doing over the past decade is why the biggest and most robust customers come our way.

我認為隨著時間推進、市場持續成熟，而我們投入越來越多研發資金讓一切更有效率，我認為甲骨文有方法讓利潤率越來越高，但同時我們其實也能為客戶提供越來越低的價格。這最終就是我們肩上的責任；而我們過去十年所做的事情，也正是為什麼最大、最強韌的客戶會選擇我們。

That's really helpful. I do really appreciate it.

這真的很有幫助。我非常感謝。

Keith Bachman, Bank of Montreal.

Keith Bachman，蒙特婁銀行。

Yes, thank you very much for the question. Mike, I wanted to direct this to you if I could. You mentioned two things.

是的，非常感謝讓我提問。Mike，如果可以的話，我想把這題請教你。你提到了兩件事。

As net new, one was moving toward outcome-based commercial pricing models, the other was rolling out some incremental token packages and I wanted to see if you could flesh out the why. And more specifically on the commercial outcome-based commercial pricing models, how do you think this reduces friction and. What is this related to what modules, in other words, assume this is the SaaS portfolio, ERP, ATM, what models might this relate to?

作為淨新增（net new），其中一項是朝向以成果為基礎（outcome-based）的商業定價模式，另一項是推出一些額外的代幣（token）套裝方案；我想請你更詳細說明背後的原因。更具體地談到以成果為基礎的商業定價模式，你認為這如何降低摩擦，並且。這與哪些模組相關？換句話說，假設這是在SaaS產品組合中，例如ERP、ATM，這可能會對應到哪些模式？

And then finally, how do you think this might impact growth? That's it for me. Many thanks.

最後，你認為這可能會如何影響成長？我就問到這裡。非常感謝。

Sure.Thanks for the question, Keith.

當然。謝謝你的提問，Keith。

So outcomes-based pricing is not entirely new for us. So this is something we've been doing in our construction business based upon construction value under management, subcontractor, a general contractor to subcontractor cash flow and payments, upsell wheels as I mentioned in my prepared remarks with hospitality, and even in healthcare, in our new AI-based automated agents where we're automating doctor's notes, we're automating lab orders to measure and actually price-based on patient throughput, which is what the providers one of the things providers fear about is how many people can we get through a healthcare system, reduce waiting queues to be better service to patients.

因此，以成果為基礎的定價對我們而言並非全新。這是我們在營建業務中一直在做的事，係依據管理中的工程價值、分包商，以及總承包商對分包商的現金流與付款、如我在事先準備的談話中提到的飯店業加值循環，甚至在醫療保健領域，我們新的 AI 驅動自動化代理中，我們正在自動化醫師病歷紀錄、我們正在自動化檢驗開單，以衡量並實際上依病患吞吐量來定價；而病患吞吐量正是醫療提供者所擔心的其中一件事：我們能讓多少人順利通過醫療體系、降低等候隊列，從而為病患提供更好的服務。

What is new is that we're now expanding that offering across our entire fleet, as you mentioned, across all of our applications, including our fusion piece. Now, the sort of difficult thing is if you're not creating the outcome in the first place, that's a tricky thing to press in. But since we've made this full stack investment, and since we're able to very easily take the best of the output from the large language models to our customers, pair that with both our horizontal applications and our industry applications, we have a very easy way to measure outcomes for our customers.

新的地方在於，我們現在正如你所提到的，將這項方案擴展到我們整個產品艦隊、跨越我們所有應用程式，包括我們的 Fusion 部分。現在，較困難的一點是：如果你一開始並沒有創造出成果，那就很難去推動這件事。但由於我們做了這項全堆疊投資，而且我們能非常容易地把大型語言模型的最佳輸出交付給客戶，並將其與我們的橫向應用與產業應用配對，因此我們有非常容易的方法來衡量客戶的成果。

And as I mentioned, one of the things we're increasingly hearing from customers is. How much are they going to spend on AI and how do I get ROI very quickly? So I think we have a very unique advantage. Since we're in the infrastructure business, we have large LLM vendors training on there. We've got all of our applications business, both horizontal and vertical businesses.

而且如我所提到的，我們愈來愈常從客戶那裡聽到的一件事是：他們在 AI 上到底要花多少錢，以及我如何能非常快速地取得投資報酬率（ROI）？所以我認為我們有非常獨特的優勢。由於我們身處基礎設施業務，我們有大型 LLM 供應商在上面進行訓練。我們也擁有所有的應用業務，包含橫向與縱向（產業）業務。

We are naturally generating these outcomes for customers and it really gives us the ability to help them understand their own AI budgets. As well as align that to the value, again, which is really easy to measure. So I think it's a unique offering.

我們自然會為客戶產生這些成果，這也確實讓我們有能力協助他們理解自己的 AI 預算。並且將其與價值對齊，而這個價值同樣非常容易衡量。所以我認為這是一個獨特的方案。

It relies on the full stack investment that we made. And as I mentioned, early days. Early days, but certainly resonating very well with customers. They appreciate the transparency, they appreciate being able to align outcomes to AI spec. I also mentioned the token bundles, if customers want this again, a lot of what we're doing in our Fusion applications, our industry applications.

這仰賴我們所做的全堆疊投資。而且如我所提到的，仍在早期階段。早期階段，但確實與客戶產生了非常好的共鳴。他們欣賞透明度，也欣賞能把成果與 AI 規格對齊。我也提到 token 套餐；如果客戶想要這個——同樣地，我們在 Fusion 應用、產業應用中做的很多事情都是如此。

We continue to add at no additional charge, if customers want access to advanced reasoning and they want to essentially for more tokens at the models, we have prepackaged bundles to allow them to do that, so we're allowing as much flexibility and as much alignment with the value in our pricing models across our entire application suite as we possibly can.

我們持續在不額外收費的情況下新增功能；若客戶希望使用進階推理，並且本質上希望在模型上使用更多 tokens，我們有預先封裝的套裝方案讓他們可以這麼做。因此，我們在整個應用套件的定價模型中，盡可能提供最大的彈性，並盡可能與價值對齊。

And I expect that that will continue to resonate well with customers as it did in the quarter and as we roll it out across our entire fleet, certainly should be helpful for our growth story as well.

我預期這將持續與客戶產生良好共鳴，就像本季一樣；而當我們把它推廣到整個產品艦隊時，對我們的成長故事也肯定會有所助益。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊。

Perfect. And welcome to the team as well for me.

完美。我也歡迎你加入團隊。

The question I had was, we talked a lot about like AI and the great momentum you have to there, but you still have like the classic Oracle business that we all grew up with and there's a lot of kind of noise in the market at the moment, especially on the investor side, what's happening to software, et cetera. Can you kind of address a little bit what you're seeing on the database side, there's OCI at Azure, et cetera, and overall database momentum?

我想問的是，我們談了很多 AI 以及你們在那方面的強勁動能，但你們仍然有我們大家一路成長所熟悉的傳統 Oracle 業務；而目前市場上有不少雜音，特別是在投資人端，像是軟體怎麼了等等。你能否稍微談談你們在資料庫端看到的情況，例如 OCI at Azure 等，以及整體資料庫的動能？

And then on the application side, the growth rate kicked down a little bit, but then you also mentioned on the call some very nice customer wins. Can you see what you see can you talk to what you see in the graphic business?

然後在應用端，成長率稍微下滑了一點，但你們在電話會議中也提到一些非常不錯的客戶贏單。你能談談你在圖形業務（graphic business）方面看到的情況嗎？

Yeah, sure. It's Mike. So I'll take a stab here and then ask Clay to jump in as well. So on the applications business, we think double-digit growth on an in-quarter run rate of $4.1 billion is pretty good and we're certainly happy with our continued double-digit growth. As I mentioned, our deferred position in the quarter grew by 16%. So when our deferred position is growing faster than our in-quarter revenue, it gives us confidence.

好的，當然。我是 Mike。我先嘗試回答，然後也請 Clay 一起補充。在應用業務方面，我們認為在當季 41 億美元的運行率基礎上仍能維持雙位數成長，表現相當不錯，我們也對持續的雙位數成長感到滿意。如我所提到的，我們本季的遞延（deferred）部位成長了 16%。因此，當我們的遞延部位成長快於當季營收時，會讓我們更有信心。

As far as impact assesspocalypse, I would say maybe a couple of quarters ago, there were some delayed decision cycles out there as customers saw through that. But really, particularly in the mission-critical system space, which is where we play at Oracle, people have quickly moved on to that and realized that enterprise software, particularly when you have AI built into our SaaS solutions, is certainly a very good approach and is necessary to move forward for the modernization and protection of their businesses.

至於「impact assesspocalypse」的影響，我會說也許在幾個季度前，當客戶在觀望並消化那件事時，確實出現了一些決策週期延後。但實際上，特別是在關鍵任務系統領域——也就是我們 Oracle 所在的領域——大家很快就把那件事放下了，並意識到企業軟體，尤其是當我們把 AI 內建到 SaaS 解決方案中時，確實是一個非常好的做法，而且對於推動現代化與保護其業務而言是必要的。

So I expect that our applications business will continue to be a healthy contributor to Oracle as it has been. As far as database. Cloud database was 29% in the quarter with, as I mentioned, growing even multi-cloud revenue growing at 4x, bookings growing at 3.25x in the quarter, and here's the really good news on database.

因此，我預期我們的應用業務將一如既往，持續成為 Oracle 的健康貢獻者。至於資料庫方面。雲端資料庫本季成長 29%；如我所提到的，多雲營收成長 4 倍、訂單（bookings）在本季成長 3.25 倍，而這裡有關於資料庫的非常好消息。

We're in early inks, very early days on multi-cloud databases. We continue to unlock new regions and unlock new partnerships in some cases with our competitor clouds. We expect that business to continue to be an outsized growth engine for Oracle going forward. And I'll say that the final piece is that in addition to multi-cloud, the innovation in the database, I mentioned a couple of the deep data security and agent memory that we put in the database, things like vector and features that we've been adding into the database are part and parcel to company's AI strategies.

我們在多雲資料庫方面仍處於非常早期、非常早期的階段。我們持續解鎖新的區域，並在某些情況下解鎖與競爭對手雲端的新的合作夥伴關係。我們預期這項業務未來將持續成為 Oracle 超常成長的引擎。我也想說最後一點：除了多雲之外，資料庫本身的創新——我提到我們在資料庫中加入的一些深度資料安全與代理記憶（agent memory），以及我們持續加入的向量（vector）等功能——都是企業 AI 策略不可或缺的一部分。

So data strategy matters, data architecture matters, and as the inverting market starts to take hold, which is, again, also in early days, a lot of that data system in Oracle Database across the world, and we expect to see continued investment and growth in our database business as a result, multi-cloud.

因此，資料策略很重要、資料架構很重要；而隨著所謂的「inverting market」開始成形——同樣也仍在早期——全球大量的資料系統都在 Oracle Database 上，我們預期因此將看到對我們資料庫業務持續的投資與成長，包含多雲。

All facets of database, Oracle Cloud, Multicloud, as an underpinning support pillar for all of our applications and all of the historic workloads in the world that are running Oracle Database prognosis is very good.

資料庫的各個面向——Oracle Cloud、多雲——作為支撐我們所有應用的底層支柱，也作為支撐全球仍在運行 Oracle Database 的所有歷史工作負載的基礎，其前景非常好。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yes, thanks very much for taking the question. I had one maybe sort of a two-parter around the bring your own hardware and prepaid dynamics, maybe for Clay and then for Hilary. I guess, Clay, for you, about 12% of RPO is now related to these type of deals. When you look at the pipeline, where do you think that split could ultimately go?

是的，非常感謝讓我提問。我有一個可能算是兩段式的問題，關於自備硬體（bring your own hardware）與預付（prepaid）動態，可能先問 Clay，再問 Hilary。我想，Clay，對你而言，現在大約有 12% 的 RPO 與這類交易相關。當你看管線（pipeline）時，你認為這個占比最終可能會到什麼程度？

And when you go into these type of deals, especially on the bring your own hardware side, what's the value differentiation that maybe those deals have that some of the ones that include views are I guess. How does that differ versus the GPU type deals?

那麼當你進入這類交易時，特別是在「自備硬體（bring your own hardware）」這一端，這些交易相較於我想是包含 views 的那些交易，其價值差異化是什麼？這與 GPU 類型的交易相比有何不同？

And then, Hilary, just to clarify on the CapEx guide, I think you said $70 billion in CapEx, but that was excluding, I think, $25 billion from some of these prepaid deals. So could you just, I guess, talk about this dynamic as it relates to sort of your CapEx outlook?

另外，Hilary，想再釐清一下資本支出（CapEx）指引，我記得你說 CapEx 是 700 億美元，但那是不包含我想是來自某些預付交易的 250 億美元。所以你能否談談這個動態，與你們的 CapEx 展望之間的關聯？

Yes, I'll start and then hand it to Hilary. Look, I mean, I would like to tell you that we know all about. How things are going to change in the future, I can't say that today. The reality is that what's driving, I think, the mix change is an evolving business model, right? You have a lot of different types of accelerators, you have a lot of different customers, you have a lot of different business arrangements. And so.

是的，我先開始，然後再交給 Hilary。你看，我的意思是，我很想告訴你我們對一切都瞭若指掌。未來會如何變化，我今天還不能這麼說。現實是，我認為推動組合變化的是一個正在演進的商業模式，對吧？你有很多不同類型的加速器，有很多不同的客戶，也有很多不同的商業安排。所以。

Ultimately, one of the things that Oracle can provide to our customers is that we can go out and put upfront capital and then depreciate that over a period of time and help finance the customer's uses of that. But that's not the only thing we provide.

最終，Oracle 能為客戶提供的一件事是：我們可以先投入前期資本，然後在一段時間內折舊，並協助為客戶的使用需求提供融資。但這不是我們提供的唯一內容。

And for a lot of customers, it's not even the most important thing to provide. What they contract with us for is the ability to go out and get these data centers constructed, design them properly, secure them, design networks that go inside of them, install a cloud, give the complementary set of services around the specific hardware because it turns out that a set of these accelerators on their own is not functioning cloud.

而且對許多客戶而言，這甚至不是最重要的提供項目。他們與我們簽約，是為了能夠把這些資料中心建起來、正確地設計、確保安全、設計其內部網路、部署雲端，並圍繞特定硬體提供一整套互補服務；因為事實證明，單靠一組這些加速器並不能構成可運作的雲端。

You need general purpose compute, you need general purpose storage, you need load balancers, you need security functions, you need identity. You need all of that to actually make this stuff usable and Oracle provides all of that. And then anyone that thinks that these things are easy to operate is very confused. You're not just buying a single rack and putting it into your data hall.

你需要通用運算，你需要通用儲存，你需要負載平衡器，你需要安全功能，你需要身分識別。你需要所有這些，才能真正讓這些東西可用，而 Oracle 提供這一切。而且任何認為這些東西很容易操作的人，都非常困惑。你不是只買一個機櫃就把它放進你的機房。

These are extremely complex clusters. Require constant care and feeding, constant maintenance across the network and the hardware itself. And so when you add all that together, I think that what you're seeing is that you've got different entrants in the market around accelerators that are helping customers find ways to procure their accelerators, and you've got different customers who have different ways of thinking about that.

這些是極其複雜的叢集。需要持續的照料與供給，對網路與硬體本身都需要持續維護。因此把這些加總起來，我認為你看到的是：市場上有不同的加速器參與者，正在協助客戶找到採購加速器的方法；同時也有不同的客戶，對此有不同的思考方式。

And so I can't tell you exactly the mixture of when we do bring your own hardware versus when we do prepay versus when we bring the capital, but what I can say is that I think you'll continue to see innovation and evolution in this model given the rapid changes that are happening across this entire interest system.

所以我無法精確告訴你，我們在何時採用自備硬體、何時採用預付、何時由我們投入資本；但我可以說的是，鑑於整個生態系統正在發生的快速變化，我認為你將會持續看到這個模式的創新與演進。

So let me just start. We sat on the call a couple of times, but we also see the margins in those structures either at or better than the prior contracts that we have. So that's good news in terms of economics.

那我先說一下。我們在電話會議上提過幾次，但我們也看到這些結構下的毛利率，與我們先前的合約相比是持平或更好。所以就經濟性而言，這是好消息。

We did introduce this quarter this net cash outlay for capital expenditures, which I think is pretty important to understand our funding requirements. So indeed, for 2027, fiscal year 2027, we expect around $70 billion. In net cash outlay for capital expenditures. That does exclude the $20 billion to $25 billion in repayments that we will collect, or there's some timing difference is in there, but it's just associated with third-party manufacturers, not vendor financing, just third-party manufacturers.

本季我們確實引入了「資本支出淨現金支出（net cash outlay for capital expenditures）」這個指標，我認為這對理解我們的資金需求相當重要。因此，確實地，對於 2027 年，也就是 2027 會計年度，我們預期約 700 億美元。作為資本支出淨現金支出。這不包含我們將收取的 200 億至 250 億美元的回收款（repayments），或其中有一些時間差，但這只是與第三方製造商相關，不是供應商融資，只是第三方製造商。

So $20 billion to $25 billion, the sum of those is our reported CapEx. But from a funding standpoint, what's happening here is that these structures are. Enough to have a lower cash CapEx requirement when we look at how we plan our business.

所以 200 億至 250 億美元，兩者相加就是我們所報告的 CapEx。但從資金角度來看，這裡發生的情況是，這些結構。足以讓我們在規劃業務時，看到較低的現金 CapEx 需求。

And also from an economic standpoint, of course, because we're collecting money upfront. So in normal cases, we would put out the CapEx amount and then later we would collect money from customers. Here we collect money from customers upfront and actually, so that doesn't come out of our funding to pay for the CapEx or not 100% of it. Therefore, the return on capital is going to be a bit better as well.

而且從經濟性角度來看，當然，因為我們是先收取客戶的款項。在一般情況下，我們會先支出 CapEx，之後再向客戶收款。在這裡，我們先向客戶收款，因此支付 CapEx 的資金不會從我們的資金來源中支出，或至少不是 100% 由我們承擔。因此，資本報酬率也會稍微更好一些。

Thank you, Hilary.

謝謝你，Hilary。

So for next quarter, this is anew for everybody. We expect our Q1 fiscal year '27 earnings results will be announced on September 10. Any changes in the date will be publicly announced.

那麼關於下個季度，這對大家都是新的。我們預期 2027 會計年度第一季（Q1）的盈餘結果將於 9 月 10 日公布。日期如有任何變更，將會公開公告。

Also, as a reminder, Hilary brought this up earlier, but our Investor Day will be held on October 28 in Las Vegas. We look to see you all there as part of AI World.

另外提醒一下，Hilary 先前也提到，我們的投資人日將於 10 月 28 日在拉斯維加斯舉行。我們期待在 AI World 期間與各位相見。

A telephonic replay of this conference call will be available for 24 hours on our Investor Relations website. And as a reminder, the slides that you saw today will be posted up to the website shortly.

本次電話會議的電話重播將在我們的投資人關係網站提供 24 小時。另外提醒一下，大家今天看到的投影片將在稍後不久上傳至網站。

Thank you for joining us today. With that, I'll turn the call back to Lisa for closing.

感謝各位今天加入我們。接下來我把電話交回 Lisa 作結語。

And once again, ladies and gentlemen, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再次提醒，各位女士、先生，今天的會議到此結束。我們感謝各位今天的參與。您現在可以掛線。