甲骨文 (ORCL) 2027 Q1 法說會逐字稿

Good day, everyone, and welcome to the Oracle Corporation first quarter fiscal year 2027 earnings call. Just a reminder that this call is being recorded. (Operator Instructions) I would now like to hand the conference over to Mr. Ken Bond, Head of Investor Relations. Please go ahead, sir.

各位好，歡迎參加甲骨文公司（Oracle Corporation）2027 會計年度第一季財報電話會議。提醒各位，本次電話會議將被錄音。(接線員指示) 現在我想把會議交給投資人關係主管 Ken Bond 先生。先生，請開始。

Thank you, Miriam, and good afternoon, everyone, and welcome to Oracle's first quarter fiscal year 2027 earnings conference call. On the call today are Chief Executive Officer, Mike Sicilia; Chief Executive Officer, Clay Magouyrk; and Chief Financial Officer, Hilary Maxson. A copy of the press release, including financial results, tables and supplemental financial metrics and guidance is now available on our Investor Relations website. Also available on our website is the slide deck that will be used in this call and a GAAP to non-GAAP reconciliation.

謝謝你，Miriam，各位下午好，歡迎參加甲骨文 2027 會計年度第一季財報電話會議。今天與會者包括執行長 Mike Sicilia；執行長 Clay Magouyrk；以及財務長 Hilary Maxson。包含財務結果、表格、補充財務指標與財測的新聞稿副本，現已公布於我們的投資人關係網站。我們網站上也提供本次電話會議將使用的簡報投影片，以及 GAAP 與非 GAAP 的調節表。

As a reminder, today's discussion will include forward-looking statements, and we will discuss some important 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 the statements being made today.

提醒各位，今天的討論將包含前瞻性陳述，我們也會討論一些與我們業務相關的重要因素。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作陳述出現重大差異。

As a result, we caution you from placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments.

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 questions, we'll begin with a few prepared remarks. And with that, I'll turn the call over to Hilary.

最後，我們不承諾因新資訊或未來事件而修訂我們的結果或這些前瞻性陳述。在進入提問之前，我們將先做幾點準備好的說明。接下來，我把電話交給 Hilary。

Thanks, Ken. Hi, everyone. Great to be here with you all today. And like Ken said, you can follow along with our remarks in the earnings slide deck on our website and via the webcast. If I had to describe this quarter in one word, I think it would be acceleration, as we're seeing an acceleration in execution across the company translating into our top and bottom line results.

謝謝，Ken。各位好。很高興今天能與各位在此相聚。如 Ken 所說，各位可透過我們網站上的財報簡報投影片以及網路直播同步跟進我們的說明。如果要用一個詞形容本季，我會說是「加速」，因為我們看到全公司執行力加速，並反映在營收與獲利表現上。

Q1 was another record quarter, driven by strength in both our cloud infrastructure and cloud apps businesses. Total revenue was a record $19.3 billion, up 30% year-over-year in US dollars. And for the first time, Q1 total revenue grew sequentially, an important sign of our continued progress in building scaled infrastructure. Historically, a record Q4 was followed by a lighter Q1. But as we accelerate across the full technology stack from infrastructure to database to software, that's no longer the case.

第一季再度創下紀錄，主要受惠於雲端基礎設施與雲端應用兩大業務的強勁表現。總營收創新高，達 193 億美元，以美元計年增 30%。而且是首次出現第一季總營收較前一季成長，這是我們持續推進規模化基礎設施建置的重要訊號。過去通常是第四季創新高後，第一季會相對較淡。但隨著我們從基礎設施、資料庫到軟體的完整技術堆疊全面加速，情況已不再如此。

Cloud infrastructure revenue for Q1 was $7.4 billion, up 121%, reflecting strong execution as we brought record levels of new megawatt capacity online, supported by a continued strong demand environment for compute and our database services. Cloud apps were up 10%, with Fusion and our industry apps tracking well above that. And Mike and Clay will give more details on those businesses in just a moment.

第一季雲端基礎設施營收為 74 億美元，年增 121%，反映我們在執行上的強勁表現：我們上線了創紀錄的新兆瓦（megawatt）容量，並在運算與資料庫服務持續強勁的需求環境下獲得支撐。雲端應用年增 10%，其中 Fusion 與我們的產業應用表現明顯高於此水準。Mike 與 Clay 稍後將就這些業務提供更多細節。

Our non-GAAP operating income increased 31% in US dollars to $8.2 billion, driven by strong revenue progression boosted by operating leverage. Our gross margin did decline as expected, driven by impacts from ramping up our data centers and the acceleration of infrastructure revenue. However, this was offset in the quarter by lower operating costs and strong operating leverage tied to simplification and efficiency actions.

以美元計，我們的非 GAAP 營業利益年增 31% 至 82 億美元，主要受惠於營收強勁成長並由營運槓桿帶動。如預期，我們的毛利率確實下滑，主要因資料中心擴建爬坡以及基礎設施營收加速所帶來的影響。不過，本季這些影響被較低的營運成本，以及與簡化與效率措施相關的強勁營運槓桿所抵銷。

Net-net, our operating margin remained around flat for the quarter at 42% on a non-GAAP basis. This all translated to a strong increase in our non-GAAP EPS of plus 30% in US dollars, reaching $1.92 for the quarter.

整體而言，本季非 GAAP 營業利益率約持平，為 42%。這也帶動我們以美元計的非 GAAP 每股盈餘（EPS）強勁成長 30%，本季達到 1.92 美元。

The last point I'll make on our financial highlights is that our remaining performance obligations, or RPO, increased $26 billion from Q4. There are two things happening here. First, we continued to grow our RPO during the quarter to support future revenues. And the vast majority of those new contracts were via pre-pay or bring-your-own-hardware or similar mechanic, so won't require incremental capital from Oracle. Also, that new RPO won't impact our CapEx or revenues until fiscal '28 or beyond.

我在財務重點最後要提的是，我們的剩餘履約義務（RPO）較第四季增加 260 億美元。這裡有兩件事正在發生。第一，我們在本季持續擴大 RPO，以支撐未來營收。而這些新增合約的絕大多數採用預付、客戶自備硬體（bring-your-own-hardware）或類似機制，因此不需要甲骨文額外投入資本。此外，這些新增 RPO 要到 2028 會計年度或更晚才會對我們的資本支出（CapEx）或營收產生影響。

Second, we started to see a strong conversion of our RPO into revenues this quarter, driving our cloud infrastructure results. We've added a few slides here where you can see that strong inflection point in our RPO converting into revenues and operating profits.

第二，我們本季開始看到 RPO 強勁轉換為營收，帶動雲端基礎設施的表現。我們在此新增了幾張投影片，各位可以看到 RPO 轉換為營收與營業利益的強勁拐點。

First, in cloud infrastructure revenues, I already mentioned the 121%-plus growth for this quarter, and that's after a Q4 of 93%-plus. And we'd expect acceleration to continue in the remainder of fiscal '27 as we convert more RPO into revenues. We now expect around half of our RPO to convert into sales over the next 36 months.

首先，在雲端基礎設施營收方面，我剛提到本季成長超過 121%，而在此之前第四季成長也超過 93%。隨著更多 RPO 轉換為營收，我們預期在 2027 會計年度剩餘期間加速態勢將持續。我們目前預期，約有一半的 RPO 將在未來 36 個月內轉換為銷售額。

Next, not surprisingly, you can see the acceleration in our total company revenues, here shown on a trailing 12-month basis, driving growth in Q1 to 5 points higher than our Q4 as cloud infrastructure accelerates and becomes a larger and larger contributor. Lastly, our growth in operating income, also on a trailing 12-month basis, shows a similar strong acceleration from 16% to 21% between Q4 and Q1.

接著，不意外地，各位可以看到我們全公司總營收的加速成長；此處以過去 12 個月（TTM）為基礎呈現，隨著雲端基礎設施加速並成為愈來愈大的貢獻來源，第一季成長率較第四季高出 5 個百分點。最後，我們的營業利益成長（同樣以過去 12 個月為基礎）也呈現類似的強勁加速，從第四季的 16% 提升至第一季的 21%。

Now to our balance sheet and cash flows. We drove record cash flow from operations of $23 billion in Q1, again reflecting our strong execution against a backdrop of strong demand as well as collection of customer prepayments. Our CapEx for the quarter was $28 billion, leading to negative free cash flow of $5 billion. And our net cash CapEx, so net of prepayments, was $18 billion for the quarter.

接下來談資產負債表與現金流。第一季我們的營運活動現金流創下 230 億美元新高，再次反映在強勁需求背景下的優異執行力，以及客戶預付款的收款。本季資本支出為 280 億美元，導致自由現金流為負 50 億美元。而本季淨現金資本支出（亦即扣除預付款後）為 180 億美元。

To note, our CapEx will not be linear throughout the year. We continue to anticipate $90 billion to $95 billion in CapEx for the full year, with not more than $70 billion in net cash CapEx. Lastly, we're quite pleased to announce that we completed our previously disclosed $20 billion at-the-market equity issuance in entirety during the Q1.

需要說明的是，我們的資本支出在全年不會呈線性分布。我們仍預期全年資本支出為 900 億至 950 億美元，且淨現金資本支出不超過 700 億美元。最後，我們很高興宣布，我們在第一季已全數完成先前揭露的 200 億美元市場隨行（at-the-market）股權發行。

With that, let me turn the call over to Mike and then Clay to get into more details on our cloud apps and infrastructure businesses.

接下來，我把電話交給 Mike，之後再由 Clay 進一步說明我們的雲端應用與基礎設施業務細節。

Thanks, Hilary. I'll start with some additional color on the applications business. We continue to see the power of application suites in the minds of our customers. They are investing in trusted complete solutions that now seamlessly blend agents and applications together to run their businesses.

謝謝你，Hilary。我先補充一些關於應用業務的更多觀察。我們持續在客戶心中看到應用套件的力量。他們正在投資於可信賴的完整解決方案，這些方案如今能將代理（agents）與應用無縫融合在一起，以支援其業務運作。

The introduction of AI is an accelerator, not a replacement for packaged applications. As such, our decades of experience and expertise running business processes across every industry in every geography for organizations of any size gives us the understanding of how to help them succeed.

AI 的導入是一種加速器，而不是對套裝應用的取代。因此，我們在各產業、各地區、各種規模組織的業務流程運行方面累積了數十年的經驗與專業，使我們能理解如何協助他們取得成功。

Before AI came along, application suites had already proven their effectiveness. Companies have been able to increase their profit margins because end-to-end automation of standardized and efficient business processes proved to be much more effective than one-off custom solutions. But that did require organizations to follow workflows and processes as designed in the system, something that many struggle to achieve consistently across functions, teams and regions.

在 AI 出現之前，應用套件就已證明其有效性。企業之所以能提升利潤率，是因為端到端自動化的標準化且高效率的業務流程，已被證明遠比一次性的客製化解決方案更有效。但這也要求組織依照系統所設計的工作流程與流程來運作，而許多組織在跨職能、團隊與區域要持續一致地做到這點，往往相當吃力。

AI changes this dynamic. Rather than asking every employee to navigate and execute a process exactly as a system expects, AI agents can perform tasks using the organization's established workflows and business rules. Employees then shift to overseeing agents, resolving exceptions and applying human judgment where it matters most.

AI 改變了這種動態。AI 代理不再要求每位員工都必須完全依照系統預期去理解並執行流程，而是能依據組織既有的工作流程與業務規則來完成任務。員工則轉而負責監督代理、處理例外情況，並在最關鍵之處運用人類判斷。

By combining applied AI with decades of sophisticated business rules, regulatory compliance, security models, data models and customer configurations, we enable customers to continuously realize AI's value while keeping their data secure and their operational guardrails intact. This allows organizations to harness the power of our application suites more easily than ever before. We are incredibly confident in the potential for this new paradigm to deliver much more rapid ROI for our customers.

透過將應用型 AI 與數十年累積的精密業務規則、法規遵循、安全模型、資料模型與客戶設定相結合，我們讓客戶在確保資料安全、維持營運防護欄不變的同時，能持續實現 AI 的價值。這使組織比以往任何時候都更容易運用我們的應用套件的力量。我們對這種新典範為客戶帶來更快速的投資報酬率（ROI）的潛力極具信心。

At AI World in October, we will unveil a new agentic AI accelerator poised to redefine how customers deploy Oracle applications faster, simpler and at a dramatically lower cost. Working alongside Oracle and customer teams, AI agents will automate and orchestrate implementation at an unprecedented scale, compressing SaaS deployments from years to months and months to weeks. It's really the power of these things together that reinforce my belief that the growth of our applications business is only going up from here.

在 10 月的 AI World，我們將發表一款全新的代理式 AI 加速器，準備重新定義客戶以更快、更簡單且成本大幅降低的方式部署 Oracle 應用。AI 代理將與 Oracle 與客戶團隊並肩合作，以前所未有的規模自動化並協調導入工作，將 SaaS 部署時程從數年壓縮到數月、從數月壓縮到數週。正是這些要素結合在一起的力量，強化了我對我們應用業務成長只會從此持續向上的信念。

In Q1, we had a strong quarter in many of our SaaS offerings, driven by the demand environment that I just described. In total, our SaaS business grew 10%, with Fusion growing at 14%. Our Oracle Health business continued to accelerate. And although we don't specifically call it out, our industry applications grew at greater than 20% in Q1. As I mentioned last quarter, NetSuite saw some slower decision cycles last fiscal year, and therefore, the growth is a little lower than the rest, but we have an exciting new product generally available that I'll speak about in just a bit.

第一季（Q1），在我剛才描述的需求環境帶動下，我們多項 SaaS 產品表現強勁。整體而言，我們的 SaaS 業務成長 10%，其中 Fusion 成長 14%。我們的 Oracle Health 業務持續加速。此外，雖然我們沒有特別單獨揭露，但我們的產業應用在 Q1 的成長超過 20%。如同我上季提到的，NetSuite 在上一財年出現較長的決策週期，因此成長略低於其他業務，但我們有一款令人振奮的新產品已正式全面上市（GA），我稍後會談到。

Now a few customer callouts from a much longer list in the quarter. Uber Technologies, Stanford University and Mitsubishi UFG Bank in Japan all went live and/or accelerated their usage of Fusion. Pye-Barker Fire & Safety chose Oracle's complete application suite from industry apps to Fusion, including Fusion agentic applications. Johnson Controls, the Saudi National Bank, GuideWell Mutual Holding Corporation, a health solutions company serving more than 45 million people, and Petronas, Malaysia's national energy company, each added Fusion agentic applications this quarter to drive better outcomes.

接下來從本季更長的名單中，點名幾個客戶案例。Uber Technologies、史丹佛大學以及日本的三菱日聯銀行（Mitsubishi UFG Bank）都已上線並／或加速使用 Fusion。Pye-Barker Fire & Safety 選擇了 Oracle 的完整應用套件，從產業應用到 Fusion，並包含 Fusion 代理式應用。Johnson Controls、沙烏地國家銀行（Saudi National Bank）、GuideWell Mutual Holding Corporation（服務超過 4,500 萬人的健康解決方案公司）以及馬來西亞國家能源公司 Petronas，皆在本季新增 Fusion 代理式應用，以推動更佳成果。

And let me share just a few stats around our embedded AI usage and progress in the quarter. Customers used our embedded AI capabilities more than 150 million times during the quarter, with usage growing 42% sequentially.

我再分享幾項本季我們內嵌式 AI 使用與進展的統計數據。本季客戶使用我們的內嵌式 AI 能力超過 1.5 億次，使用量較前一季成長 42%。

Our AI agents executed more than 3.5 million times in production during the quarter, nearly doubling quarter-over-quarter. Customers have over 2,300 AI agents in production, and that's up 90% quarter-over-quarter. Overall, AI production usage across Fusion alone consumed 900 billion tokens during the quarter. I think it's fair to say that customers are using our AI built into our Fusion applications and our application stack every day.

本季我們的 AI 代理在正式環境（production）中執行超過 350 萬次，幾乎較上一季翻倍。客戶在正式環境中部署的 AI 代理超過 2,300 個，較上一季增加 90%。僅 Fusion 的 AI 正式環境使用量在本季就消耗了 9,000 億個 token。我認為可以合理地說，客戶每天都在使用我們內建於 Fusion 應用與應用堆疊中的 AI。

Now turning to NetSuite. We're announcing the general availability of our new AI-powered offering called NetSuite Next. This presents an agentic experience that is simpler, more powerful, and it's infused with AI across the workflows that customers rely on every day. It's easier to adopt. It's more productive from day one, and it's more valuable as customers grow.

接著談 NetSuite。我們宣布全新 AI 驅動產品 NetSuite Next 正式全面上市（GA）。它提供更簡單、更強大的代理式體驗，並在客戶每天仰賴的工作流程中全面注入 AI。更容易導入。從第一天起就更高效，且隨著客戶成長而更具價值。

Additionally, the NetSuite AI Connector Service, which lets customers securely connect their NetSuite data to leading AI assistants of their choice, including ChatGPT and Claude, is already one of the fastest-adopted capabilities in the whole entire history of NetSuite, with more than 10,000 customers already using it. Personal care company Every Man Jack, estimates that the service alone will save $350,000 annually and nearly 5,000 hours of work.

此外，NetSuite AI Connector Service 讓客戶能安全地將其 NetSuite 資料連接到他們選擇的主流 AI 助理（包括 ChatGPT 與 Claude）。這項服務已成為 NetSuite 全部歷史中採用速度最快的能力之一，已有超過 10,000 家客戶在使用。個人護理公司 Every Man Jack 估計，僅此服務每年就可節省 35 萬美元，並節省近 5,000 小時的工作時間。

This month at our Oracle Health and Life Sciences customer event, we will debut our all-new agentic care management system alongside a world-class lineup of external speakers. More than an EHR, this system connects clinical research and care delivery, reduces the burden of records management for patients and enables providers to practice at the top of their license with AI as a user interface. There are a few AI missions that matter more, helping deliver better care while freeing providers to focus on what matters most: their patients, not computer systems.

本月在我們的 Oracle Health 與生命科學客戶活動上，我們將在一流外部講者陣容的同台下，首次亮相全新的代理式照護管理系統。這套系統不僅僅是電子病歷（EHR），它能連結臨床研究與照護交付，減輕病患的病歷管理負擔，並以 AI 作為使用者介面，讓醫護人員能在其專業執照允許的最高範圍內執業。很少有 AI 任務比這更重要：在協助提供更佳照護的同時，讓醫護人員能把重心放在最重要的事——病患，而不是電腦系統。

The proof points around Oracle's AI offerings are definitive, and we remain confident in the opportunity ahead. And with that, I'll turn it over to Clay.

Oracle 的 AI 產品所展現的成效證據非常明確，我們對未來的機會仍充滿信心。接下來我把時間交給 Clay。

Alright. Thanks, Mike. OCI continues to grow quickly by delivering the capacity our customers need. We delivered 850 megawatts of AI capacity containing more than 300,000 GPUs to customers since the end of Q4. Delivery in Q1 is almost 3 times what we delivered in all of Q4 and 73% of the total capacity we delivered last fiscal year. This reflects years of investment in every aspect of infrastructure, from data center design through supply chain and manufacturing, to installation and operations.

好的。謝謝你，Mike。OCI 持續快速成長，因為我們提供客戶所需的容量。自第四季（Q4）結束以來，我們已向客戶交付 850 兆瓦的 AI 容量，包含超過 30 萬顆 GPU。第一季（Q1）的交付量幾乎是整個 Q4 的 3 倍，並占我們上一財年交付總容量的 73%。這反映了我們多年來在基礎設施各層面的投資，從資料中心設計、供應鏈與製造，到安裝與營運。

Customer demand continues to support this investment. We closed more than $30 billion of additional AI contracts in Q1 without requiring additional capital from Oracle. Our ability to operate a large multi-tenant fleet remains a significant advantage. GPU utilization remains extremely high at 97.9% in Q1.

客戶需求持續支撐這些投資。我們在 Q1 新簽了超過 300 億美元的 AI 合約，且不需要 Oracle 額外投入資本。我們營運大型多租戶（multi-tenant）機群的能力仍是一項顯著優勢。Q1 的 GPU 使用率仍維持在極高水準，達 97.9%。

GPU longevity and value continue to impress. Of all the GPUs that came up for renewal in Q1, that capacity was renewed or resold at a 20% premium to prior contracts. The majority of those GPUs are four years or older. We see a long, useful life with increasing value for the AI capacity we're deploying.

GPU 的使用壽命與價值持續令人印象深刻。在 Q1 進入續約的所有 GPU 中，相關容量以較先前合約溢價 20% 的價格完成續約或轉售。其中多數 GPU 的使用年限已達四年或以上。我們看到所部署的 AI 容量具有長期且實用的壽命，且其價值還在提升。

Abilene continues to deliver at an extraordinary pace. We delivered 131,000 GPUs there in Q1, 1.9 times the volume delivered in Q4. Six of the eight campus buildings, representing 618 megawatts, and 75% of total capacity have now been delivered to the customer. Customer acceptance has compressed to only 24 hours, showing the systems arrived ready for customer workloads. The recently released GPT-6 Astra was trained at our site in Abilene.

Abilene 仍以驚人的速度持續交付。我們在 Q1 於該地交付了 131,000 顆 GPU，是 Q4 交付量的 1.9 倍。八棟園區建築中已有六棟完成交付，代表 618 兆瓦、亦即總容量的 75% 已交付給客戶。客戶驗收時間已壓縮至僅 24 小時，顯示系統到場即可承載客戶工作負載。近期發布的 GPT-6 Astra 就是在我們 Abilene 的場址完成訓練。

Shackelford is our next gigawatt-scale campus and is progressing well. NVIDIA Vera Rubin systems are performing better than expected across hardware quality, manufacturing yield and performance. We will deliver our first Vera Rubin systems to customers in Q2.

Shackelford 是我們下一個 GW（gigawatt）級園區，進展順利。NVIDIA Vera Rubin 系統在硬體品質、製造良率與效能方面的表現都優於預期。我們將在第二季（Q2）向客戶交付首批 Vera Rubin 系統。

Our database cloud business is also growing quickly. Multi-cloud database revenue grew 353% year-over-year, and multi-cloud customers grew 180% year-over-year. We completed our planned Azure and AWS regional footprint expansion, reaching 70 multi-cloud database regions and 119 availability zones. This gives customers a consistent way to run Oracle AI Database next to their applications and data in the cloud they choose.

我們的資料庫雲業務也在快速成長。多雲資料庫營收年增 353%，多雲客戶數年增 180%。我們已完成原定的 Azure 與 AWS 區域版圖擴張，達到 70 個多雲資料庫區域與 119 個可用區（availability zones）。這讓客戶能以一致的方式，在其選擇的雲端中，將 Oracle AI Database 與其應用與資料並行運行。

We also made Oracle Interconnect for AWS generally available. With this launch, OCI now has private high-speed connections to all hyperscalers with no data transfer charges. That makes it easier for customers to build distributed applications and migrate workloads across clouds.

我們也已正式全面推出 Oracle Interconnect for AWS。隨著此次推出，OCI 現在可與所有超大規模雲服務商建立私有高速連線，且不收取資料傳輸費用。這讓客戶更容易建置分散式應用程式，並在多雲之間遷移工作負載。

The pace of AI innovation is increasing across the ecosystem. We expanded our OpenAI relationship to offer OpenAI API access, ChatGPT for Work and Codex through Oracle Marketplace, including GPT-6 Astra. We are bringing Gemini models to Oracle's enterprise applications, and we released new Grok reasoning, multi-modal and text-to-speech models.

整個生態系的 AI 創新步伐正在加快。我們擴大了與 OpenAI 的合作關係，透過 Oracle Marketplace 提供 OpenAI API 存取、ChatGPT for Work 與 Codex，包括 GPT-6 Astra。我們正把 Gemini 模型導入 Oracle 的企業應用程式，並發布了新的 Grok 推理、多模態與文字轉語音模型。

We also continue to expand the open source model catalog, including new models from NVIDIA, Qwen, Google, DeepSeek and others. We announced a multiyear partnership with Quantinuum to offer its Helios quantum computer through OCI. Helios will operate in a US-based OCI AI data center, enabling hybrid quantum and AI workloads for enterprise, research and AI customers. Oracle APEX 26.1 brings these infrastructure, database and model capabilities together for application developers. APEX already runs more than 2 million active applications, with thousands more added every day.

我們也持續擴充開源模型目錄，包括來自 NVIDIA、Qwen、Google、DeepSeek 等的新模型。我們宣布與 Quantinuum 建立多年期合作夥伴關係，透過 OCI 提供其 Helios 量子電腦。Helios 將在美國境內的 OCI AI 資料中心運作，為企業、研究與 AI 客戶提供混合式量子與 AI 工作負載能力。Oracle APEX 26.1 將這些基礎架構、資料庫與模型能力整合，提供給應用程式開發人員。APEX 已經執行超過 200 萬個活躍應用程式，而且每天還會新增數千個。

APEXlang is a new technology that represents an APEX application as structured, human-readable application definitions that can be stored in source control, validated and governed. AI coding agents generate and modify those definitions, while the APEX engine continues to provide the security, reliability and operational controls required for enterprise applications. Developers gain the speed of generative development without the downside of difficult-to-maintain opaque application code.

APEXlang 是一項新技術，可將 APEX 應用程式表示為結構化、可供人閱讀的應用程式定義，並可儲存在原始碼控管中、進行驗證與治理。AI 程式碼代理會產生並修改這些定義，而 APEX 引擎則持續提供企業應用程式所需的安全性、可靠性與營運控管。開發人員可獲得生成式開發的速度，同時避免難以維護、且不透明的應用程式程式碼所帶來的缺點。

We are taking the same approach with the Oracle AI Data Platform. AI Data Platform is now integrated with Codex and Claude Code, allowing developers to work with AI Data Platform data, knowledge and capabilities from the coding environments they already prefer.

我們也以同樣的方法推進 Oracle AI Data Platform。AI Data Platform 現已與 Codex 與 Claude Code 整合，讓開發人員能在他們原本偏好的程式開發環境中，使用 AI Data Platform 的資料、知識與能力。

We are also adding advanced MLOps capabilities and working with early launch customers on business knowledge models, semantic reasoning engine and deep insight agents. These capabilities ground AI in the meaning of an enterprise with context, semantics and governance. They also bring AI-driven analysis into Fusion Data Intelligence and Oracle Analytics Cloud, where many customers already manage their most important business data.

我們也正在加入進階的 MLOps 能力，並與早期上線客戶合作開發商業知識模型、語意推理引擎與深度洞察代理。這些能力透過情境、語意與治理，讓 AI 以企業的意義為依據而落地。它們也把 AI 驅動的分析帶入 Fusion Data Intelligence 與 Oracle Analytics Cloud，許多客戶已在其中管理其最重要的業務資料。

Taken together, Q1 shows how the pieces reinforce one another. We are delivering data center and GPU capacity at a pace that would have seemed impossible only a year ago. Customers are signing new contracts, renewing capacity at higher prices and keeping the fleet almost fully utilized.

綜合來看，Q1 顯示各個組件如何彼此強化。我們交付資料中心與 GPU 產能的速度，在一年前看來幾乎是不可能的。客戶正在簽訂新合約、以更高價格續約產能，並讓整體機群幾乎維持滿載使用。

We are placing Oracle AI Database in every major cloud and making more proprietary and open models available on OCI. We are then connecting those models to enterprise data, applications and developer workflows. That combination is why demand continues to grow and why we remain confident in the long-term value of the technology we are building.

我們正把 Oracle AI Database 部署到每一個主要雲端，並在 OCI 上提供更多專有與開放模型。接著，我們把這些模型連結到企業資料、應用程式與開發者工作流程。這樣的組合正是需求持續成長、以及我們對所打造技術的長期價值仍充滿信心的原因。

And with that, I'll hand it back to Hilary.

接下來我把時間交回給 Hilary。

Thanks, Clay. I'll finish with our guidance for Q2 2027 and the full year. In Q2, we would expect growth in total revenues of between 30% and 34% in US dollars. Of that, we'd expect growth in cloud revenues in US dollars of between 65% and 71%. In non-GAAP EPS, we expect between $1.85 and $1.93, up between 21% and 25% in US dollars, and that excludes the gains from Ampere we booked in Q2 of last year.

謝謝，Clay。我將以我們對 2027 會計年度第二季與全年展望作結。在第二季，我們預期以美元計的總營收成長介於 30% 到 34%。其中，我們預期以美元計的雲端營收成長介於 65% 到 71%。在非 GAAP 每股盈餘方面，我們預期介於 1.85 美元到 1.93 美元，以美元計成長介於 21% 到 25%，且不包含我們在去年第二季入帳的 Ampere 處分收益。

For the full year, reflecting the strong execution and acceleration you see in our Q1, we're upgrading our guidance to at least $90 billion in total revenues, that's a year-over-year increase of 34%-plus, and to $8.10 for our non-GAAP EPS. Lastly, a small note from my side to please make sure to mark your calendars for our Investor Day coming up in October.

就全年而言，反映我們在第一季所展現的強勁執行力與加速成長，我們將指引上調至總營收至少 900 億美元，這代表年增 34% 以上，並將非 GAAP 每股盈餘上調至 8.10 美元。最後，我這邊補充一點小提醒：請務必在行事曆上標記我們將於 10 月舉行的投資人日。

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

接下來我把電話會議交回給 Ken 進行問答。

(Operator Instructions)

（接線員指示）

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Great. Thank you very much. And first off, Ken, knowing that this is your last earnings call, I just wanted to congratulate you on your retirement. For nearly two decades, you've been the face of Oracle to the investment community, and you've done so reliably and with such high integrity. And I know you'll very much be missed.

很好。非常感謝。首先，Ken，知道這是你最後一次財報電話會議，我想先恭喜你退休。近二十年來，你一直是 Oracle 面向投資社群的代表，而且你一向表現可靠、並以高度誠信著稱。我知道大家會非常想念你。

Thank you.

謝謝。

You're welcome. As for my question, I fully expect Oracle will continue to be among a small handful of market leaders for AI infrastructure. And you've told us that fiscal '27 and '28 are peak CapEx years. But at the same time, others in the market are spending hundreds of billions of dollars on capacity with seemingly no end in sight.

不客氣。至於我的問題，我完全預期 Oracle 將持續成為 AI 基礎設施少數幾家市場領導者之一。你們也告訴我們，2027 與 2028 會計年度是資本支出（CapEx）的高峰年。但同時，市場上其他公司正投入數千億美元擴充產能，而且看起來沒有停止的跡象。

How should we think about Oracle possibly slowing down spending beyond the next two years if others aren't? And is there a scenario where we could see even higher peaks beyond fiscal '28? What will guide your investment? And then related to that, given the current state of the backlog as it stands today, when should we expect to see the company return to generating positive free cash flow? Thanks.

如果其他公司沒有放緩，對於 Oracle 可能在未來兩年之後放慢支出，我們應該如何看待？是否存在一種情境，讓我們在 2028 會計年度之後看到更高的高峰？你們的投資決策將由什麼來引導？另外相關的一點，考量目前的在手訂單（backlog）狀況，我們應該何時預期公司恢復產生正的自由現金流？謝謝。

Thanks, Brad. This is Clay. I think there's like four questions in there. So I'm going to answer the parts that I want to answer, and then I'll make Hilary do the hard work. So look, I think you've heard us talking about, for the past several quarters, we're constantly finding interesting ways to fund the business. And one of the mechanisms that we have to fund our business is obviously that we go out and we spend our own capital. But we've invested very heavily in relationships with different suppliers and vendors, invented new business models, including bring-your-own-hardware, all of which have different ways of spreading out that capital.

謝謝，Brad。我是 Clay。我想你這裡大概有四個問題。所以我會回答我想回答的部分，然後把比較難的部分交給 Hilary。你看，我想你們過去幾季都聽到我們在談：我們一直在尋找有趣的方法來為業務提供資金。而我們為業務提供資金的其中一種機制，當然就是我們投入自有資本。但我們也在與不同供應商與合作夥伴的關係上投入很多，並創造了新的商業模式，包括自帶硬體（bring-your-own-hardware），這些都有不同方式來分散資本投入。

And so I think that we have to separate out in our minds what Oracle spends as CapEx and uncouple that directly from how we think about how the business can grow. Because from our perspective, I think we see ways that -- clearly, capital is still required to do this work, but it doesn't all have to flow from Oracle's side. It does not to be Oracle CapEx.

因此，我認為我們必須在心態上把 Oracle 的資本支出（CapEx）與我們對業務成長的看法區分開來，並不要把兩者直接綁在一起。因為就我們的角度而言，我們看到一些方式——很明顯，做這些工作仍需要資本，但不必全部都由 Oracle 這一端來承擔。它不一定要是 Oracle 的資本支出。

So I don't see it as a limitation to the growth of our business. I think it just represents the continued evolution of the business model that we're developing as kind of this AI expansion continues. Hilary, do you want to talk about some of the other answers?

所以我不把它視為我們業務成長的限制。我認為這只是我們正在發展的商業模式持續演進的體現，因為這波 AI 擴張仍在持續。Hilary，你要不要談談其他部分的回答？

Yeah, sure. So the other question I think you asked was about free cash flow. We haven't given a particular time frame on that yet, and we don't expect to give that today. What I would say, though, is that each of these projects that we're doing by nature is a strong free cash flow generating project. So as soon as they ramp up, very shortly thereafter, they're delivering a free cash flow conversion ratio of something like 100% to post-tax EBITDA. So in fact, the business by nature is somewhat "self-funding" at some point in terms of throwing off a lot of free cash flow.

好，當然。我想你另一個問題是關於自由現金流。我們目前還沒有給出特定的時間表，而且我們也不預期今天會提供。不過我想說的是，我們正在做的每一個專案，本質上都是能強力產生自由現金流的專案。因此，一旦它們開始放量，之後很快就會帶來大約相當於稅後 EBITDA 100% 的自由現金流轉換率。所以事實上，從某個時間點開始，這個業務在本質上在產生大量自由現金流方面是某種程度上「自我資助」的。

So we haven't given the time frame on that, but you'll see as we continue to ramp over the next quarters, what that could look like. Again, we expect it to be a reasonably quick time frame past the big ramp-up that we have going on today. The only decision there, and you pointed it out, would be about more growth CapEx, and that is something that we want to continue to deploy at the right levels to grow the business.

所以我們尚未給出那方面的時間範圍，但隨著我們在接下來幾個季度持續加速擴張，你會看到那可能會是什麼樣子。再次強調，我們預期在目前這波大幅擴產之後，會在相當快的時間內達成。唯一需要決定的，如你所指出的，會是是否投入更多成長型資本支出（CapEx）；而這也是我們希望在適當的水準上持續部署、以推動業務成長的事情。

Thank you so much. Look forward to seeing everybody [at AI world].

非常感謝。期待在[AI world]見到大家。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗（Mizuho）。

Great. Thank you. And Ken, I also echo my congratulations, and best wishes on your retirement. You will certainly be missed. And going back to the question, there's been a lot of speculation about potential data center delays in New Mexico and Wisconsin. But you delivered on your Q1 target and now even raising full year '27 revenue guide to now at least $90 billion.

太好了。謝謝。Ken，我也同樣向你致上祝賀，並祝你退休一切順利。我們一定會很想念你。回到問題，市場上對於新墨西哥州與威斯康辛州可能出現資料中心延遲有很多揣測。但你們達成了第一季目標，現在甚至把2027年全年營收指引上調至至少900億美元。

So can you give us an update on where both sites actually stand today? And is there any risk to the delivery time line for those data centers that could pose a risk to your '27 revenue expectation? And as you continue to grow RPO, how comfortable do you feel in your ability to secure and bring capacity online to support that growth going forward? Thank you.

所以你能否更新一下，這兩個場址目前實際進度如何？這些資料中心的交付時程是否存在任何風險，可能對你們2027年的營收預期造成風險？另外，隨著你們持續成長RPO（剩餘履約義務），你對於能夠取得並讓產能上線以支撐未來成長的能力，有多大把握？謝謝。

Yeah. Thanks, Siti. Okay. So I'll answer the specific pieces of that, but I think it's important to have some context before we go forward. New Mexico and Wisconsin are very important large sites for us. But I think it's important to have some context.

是的。謝謝你，Siti。好。我會回答其中具體的部分，但我認為在我們往下談之前，先提供一些背景脈絡很重要。新墨西哥州與威斯康辛州對我們而言是非常重要的大型場址。但我覺得先有一些背景脈絡很重要。

We talk about these sites kind of as being around 1 gigawatt apiece. We just delivered 850 megawatts in Q1. And what that means is that -- and as you can see, neither Shackelford nor New Mexico or Wisconsin or Michigan were delivered in Q1. So we have a large, diverse, broad set of data center developments going on throughout the US and around the world to deliver capacity to customers.

我們談到這些場址時，通常會說每個大約是1吉瓦。我們在第一季剛交付了850兆瓦。這代表——而且如你所見，Shackelford、新墨西哥州、威斯康辛州或密西根州都沒有在第一季交付。因此，我們在美國各地以及全球都有一大批、多元且廣泛的資料中心開發案在進行，以向客戶交付產能。

Now some of these sites like New Mexico and Wisconsin obviously garner a lot of attention. There's a lot of discussion about them. But I think it's important people realize that all of our eggs are not in a single basket. The next thing I would make sure everybody understands is that when these large sites are built, they don't all come online at once. Let's say that you have a gigawatt site. It doesn't -- and it's supposed to start delivering, let's say, in January of a year. It's not like in January, you get a gigawatt of capacity. It's phased over many quarters.

現在，像新墨西哥州與威斯康辛州這樣的場址，顯然會受到很多關注。外界對它們有很多討論。但我認為重要的是讓大家了解，我們並不是把所有雞蛋放在同一個籃子裡。我接下來要確保大家理解的是，這些大型場址在建成後，不會一次全部上線。假設你有一個1吉瓦的場址。它預計例如在某一年的1月開始交付。並不是說到了1月，你就立刻得到1吉瓦的產能。它會分階段、跨越許多季度逐步上線。

So it's not as though if you have a delay compared to a plan in one site that you have some massive thing that hits in a single quarter. So -- and then the other thing I would say is that anyone that's been in the business of doing construction or large-scale infrastructure development, if their plan relies on 100% achievement of every one of their deliverables, we have a term for that. It's called a bad plan. And so we try real hard not to make bad plans.

所以並不是說某個場址相較於計畫有延遲，就會在單一季度造成巨大的衝擊。另外我想說的是，任何做過建設或大型基礎設施開發的人都知道，如果你的計畫仰賴每一項交付都100%達成，我們對那種計畫有個說法。那叫做不好的計畫。因此我們非常努力避免做出不好的計畫。

So we obviously know the difficulty and the complexity of what we're doing, and we don't assume 100% of everything is going to work all the time. And we have backup options for those things, as well as we don't count that everything is going to get done exactly on time all the time.

所以我們很清楚我們正在做的事情有多困難、也有多複雜，我們不會假設所有事情都能一直100%順利運作。我們對這些事項都有備援選項，同時在規劃上也不會把所有事情都假設能永遠準時完成。

So now moving specifically to the question around New Mexico and Wisconsin. New Mexico is an interesting location. We're making very good progress. In terms of construction, data center is definitely on track. We're going through the process of acquiring our air permit.

接著具體回到新墨西哥州與威斯康辛州的問題。新墨西哥州是一個很有意思的地點。我們進展非常順利。就施工而言，資料中心確實按計畫推進。我們正在進行取得空氣排放許可（air permit）的流程。

And we've got -- the technology that we'll be deploying there is Bloom fuel cells, which is by far the most environmentally friendly way that we can do on-site power generation, has extremely low water consumption, has extremely low emissions compared to really any other way to kind of do on-site generation.

而且我們將在那裡部署的技術是Bloom燃料電池，這是迄今我們能採用的最環保的現地發電方式，用水量極低，與幾乎任何其他現地發電方式相比，排放也極低。

And so we're very confident that as we continue through this process, we'll work with the local regulators and community citizens in Do a Ana County and with everybody else in New Mexico. But we're just going through the process. And I don't think that's rare for large projects like this one.

因此我們非常有信心，隨著我們持續推進這個流程，我們會與新墨西哥州Do a Ana郡的地方監管單位與社區居民，以及新墨西哥州的各方一起合作。但我們目前就是在走流程。而我不認為這對於像這樣的大型專案而言是罕見的。

In Wisconsin, we're not doing on-site generation. We're really working with our partners across the Board to design and deliver that energy capability through the grid. But again, working through the process, these are complex projects.

在威斯康辛州，我們不做現地發電。我們主要是與各方合作夥伴協作，透過電網來設計並交付所需的能源能力。但同樣地，我們正在推進流程，這些都是複雜的專案。

And again, in Wisconsin, data center delivery is actually very much on track and going well, working with the Public Service Commission and ATC and We Energies. We're constantly evolving different aspects of the energy design and delivery plan, but we feel very confident in both of those sites.

同樣地，在威斯康辛州，資料中心交付其實非常按計畫進行、進展良好；我們正與公共服務委員會（Public Service Commission）、ATC以及We Energies合作。我們持續在能源設計與交付計畫的不同面向上進行調整與演進，但我們對這兩個場址都非常有信心。

To the question about impact on FY27 revenue, neither of these sites will have any impact into our FY -- our previously stated FY27 revenue or earnings guidance. So I would say is we have some sites that are ahead of schedule, some sites that are more difficult than others.

至於對2027財年營收的影響，這兩個場址都不會對我們先前所公布的2027財年營收或獲利指引造成任何影響。所以我會說，我們有些場址進度超前，有些場址比其他更具挑戰。

We work through all of them. And we have a plan in place, both in terms of risk management as well as we take that into account when we do our forecasting for how we go about setting expectations for ourselves and then communicating those expectations for you.

我們會逐一處理所有場址。而且我們已有一套計畫，包含風險管理；同時在做預測、設定自身預期並對外溝通這些預期時，我們也會把這些因素納入考量。

That's helpful.

這很有幫助。

And then the last question is like, okay, well, how do we feel about bringing on more capacity online. I think we feel very excited about it, both in the -- obviously, the environment continually changes. It used to be that the constraints were GPUs and fabs, then constraints moved to power generation. There's data center constraints. But the world is a big place.

然後最後一個問題是：好，那我們對於讓更多產能上線的感受如何？我想我們對此非常興奮；當然，外部環境也在持續變化。過去的瓶頸是GPU與晶圓廠（fabs），之後瓶頸轉移到發電。也有資料中心本身的限制。但世界很大。

There's a lot of demand for this capacity, and we're pursuing all the different avenues to bring that capacity online. So we remain very excited and very confident in our ability to keep meeting both current RPO as well as the future RPO growth that we are expecting to see.

對這些產能的需求非常強勁，而我們正透過各種不同途徑來推動產能上線。因此，我們仍然對於持續滿足目前RPO以及我們預期將看到的未來RPO成長，保持非常興奮且非常有信心。

That's great color. Thanks for clarifying all those points.

這些補充說明很棒。謝謝你釐清所有這些重點。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊（Barclays）。

Thank you. First of all, all the best for Ken. And thank you for the team for making Ken's last quarter like such a great quarter. My question is, again, on the data center side. Obviously, there's a lot of talk about component price increases, et cetera.

謝謝。首先，祝Ken一切順利。也謝謝團隊讓Ken最後一個季度成為如此出色的一季。我的問題同樣是關於資料中心這一塊。顯然，外界有很多關於零組件價格上漲等等的討論。

Clay, can you talk a little bit about like how your pricing is evolving between contract pricing, spot pricing? And you gave us a framework on gross margins last year. Is that still holding? How should we think about that in this ongoing dynamic on component pricing? Thank you.

Clay，你能否談談你們的定價在合約定價與即期定價之間是如何演變的？另外，你們去年給了我們一個毛利率的框架。那個框架現在仍然成立嗎？在零組件價格持續波動的動態下，我們應該如何看待這件事？謝謝。

Sure. Definitely, prices -- in a world where demand exceeds supply, we -- typically, prices don't go down. They do go up. And so I think the net effect is that, obviously, things cost more, but then we have to charge more money for them so that we get compensated. And we're doing that across all of these different businesses.

當然。確實，在需求大於供給的世界裡，我們——通常價格不會下降。它們會上升。所以我認為最終的淨效果是，顯然成本變高了，但我們也必須提高收費，才能獲得相應補償。而我們在所有這些不同業務上都在這麼做。

No, we don't expect this to have an impact on our gross margins. So I think the previous guidance that we've given you there is -- still remains true. I will say that, as I mentioned in my prepared remarks, I think there's -- a lot of people have been very concerned about what is the useful life of the different hardware assets, what is the useful -- what is the demand going to be for data centers and the power capabilities that come with it.

不，我們不預期這會對我們的毛利率造成影響。所以我認為我們先前在那方面給你的指引——仍然成立。我想補充的是，正如我在事先準備的發言中提到的，我認為——很多人一直非常擔心不同硬體資產的使用年限是多久、以及——資料中心與其所配套的電力能力的需求會是什麼樣子。

I've been in the infrastructure business for pretty much all of my professional career. I've been doing it now for 12 years at Oracle. One invariant that has been true so far is that the demand for server side computing and data centers has only gone up. And it turns out so far that everything we see about the AI use case is the same way, but only more so. Right?

我幾乎整個職業生涯都在做基礎設施業務。我在 Oracle 做這件事也已經 12 年了。到目前為止有一個不變的事實：對伺服器端運算與資料中心的需求只會增加。而到目前為止，我們看到的 AI 使用情境也是同樣的走勢，只是更為明顯。對吧？

The fact that when we go out and we have capacity up for renewal, that we actually can achieve higher prices to the order of 20%, all of those are very positive signs for the -- both the continued demand, the growth, and then the profitability of this business.

事實上，當我們出去、在容量到期續約時，我們確實能夠實現約 20% 的更高價格；這些都是非常正面的訊號——不論是對持續需求、成長，還是對這項業務的獲利能力而言。

Perfect. Thank you.

太好了。謝謝。

Mark Moerdler, Bernstein.

Bernstein 的 Mark Moerdler。

Thank you very much for taking my questions. Ken, we're going to be sorry to see you go, but I'm sure you have an amazing bucket list ahead of trips and things to do. So I'd like to focus in on the RPO. Can you give us more details on the drivers of the growth of RPO that is not requiring additional CapEx, the pre-pay and bring your own chips? Is this AI labs? Is it semiconductor companies? Or is it that sovereign? In fact, we've not discussed sovereign cloud in a while, and we haven't discussed sovereign AI at all. Can you explain how that side of OCI is going and how that will impact CapEx and margins? Thank you.

非常感謝讓我提問。Ken，我們會很捨不得你離開，但我相信你接下來一定有一份精彩的願望清單，包含旅行和各種想做的事。所以我想把焦點放在 RPO 上。你能否提供更多細節，說明那些不需要額外 CapEx 的 RPO 成長驅動因素——例如預付款以及自帶晶片（bring your own chips）？這是 AI 實驗室嗎？是半導體公司嗎？還是主權（sovreign）相關？事實上，我們有一段時間沒討論主權雲了，而且我們完全沒有討論主權 AI。你能解釋一下 OCI 這一塊的進展，以及它將如何影響 CapEx 與利潤率嗎？謝謝。

Sure. So let me make sure we clarify one thing first, and then I'll dive into the pieces. I didn't say -- and I don't think myself nor Hilary said that it doesn't require additional CapEx. We said it doesn't require additional cash from Oracle. Right? So the -- I'm not an accountant, but I get to play one on TV sometimes. But the intention of what we're trying to say is that while there clearly are capital expenditures, it does not require Oracle to go out and find additional cash to do it.

當然。我先確認我們把一件事釐清，然後再深入各個部分。我沒有說——而且我想我自己或 Hilary 也都沒有說它不需要額外的 CapEx。我們說的是它不需要 Oracle 額外拿出現金。對吧？所以——我不是會計，但有時候我會在電視上扮演一下會計。不過我們想表達的意思是：雖然很明顯會有資本支出，但不需要 Oracle 再去找額外的現金來做這件事。

Now the question becomes, well, how do you do that? Well, we have a variety of different models. Sometimes it's working with our suppliers through different financing arrangements that allows us to pay for the capacity as the customers pay us. That's one mechanism.

接下來問題就是，那你們怎麼做到？我們有各種不同的模式。有時候是透過與供應商合作、採用不同的融資安排，讓我們可以在客戶付款給我們的同時，再去支付容量成本。這是一種機制。

Another mechanism is that a customer says, hi, I'd like to pay for the hardware, but use your operational ability and your cloud infrastructure, technology assets in your data center to go out and actually turn that into an AI cluster. It's a different option.

另一種機制是，客戶說：嗨，我想為硬體買單，但使用你們在資料中心的營運能力，以及你們的雲端基礎設施與技術資產，實際把它建成一個 AI 叢集。這是另一種選項。

A third option is that the customer has been able to raise money, maybe it's a start-up, maybe it's an established company and says, hi, I would like to pay you upfront as a prepayment. And in return, that doesn't require you to front the cash to go out and spend those -- your dollars on that capital expenditure. So we have different models for achieving that goal.

第三種選項是，客戶已經能夠募到資金——可能是新創，也可能是成熟公司——然後說：嗨，我想先預付給你。作為交換，這就不需要你先墊付現金，去用你們的資金做那筆資本支出。所以我們有不同模式來達成這個目標。

In terms of the types of customers and where we see that demand, it's really broad-based, right? It doesn't matter if it's a startup or the most valuable investment-grade companies. There's an understanding of this model right now that the access to capital and different ways of funding it are a constraint, and the industry adapts to allocate that in the most efficient way possible.

至於客戶類型以及我們看到需求來自哪裡，其實非常廣泛，對吧？不論是新創公司或是最有價值、具投資等級的公司都一樣。目前大家都理解這個模式：資本取得與不同的資金來源方式是一項限制，因此產業會調整，以最有效率的方式來配置資金。

Now specific to your sovereign cloud question, look, our Alloy business is doing well. We've got a lot of partners in Japan. We've got great partners in the Middle East. We've got partners that are both going after the commercial business in a more sovereign way as well as kind of more government-focused sovereign cloud. That continues to expand broadly. We're seeing lots of demand.

再談你提到的主權雲問題：你看，我們的 Alloy 業務表現不錯。我們在日本有很多合作夥伴。我們在中東也有很棒的合作夥伴。我們也有合作夥伴，一方面以更具主權的方式切入商業市場，另一方面也有更偏政府導向的主權雲。這些都持續在廣泛擴張。我們看到大量需求。

And also, it's actually tied to AI as well because many of those customers, we offer GPU capabilities for those customers, and they deploy that for those on sovereign workloads. Obviously, we also have a very large and very rapidly growing general purpose cloud business that we don't talk about quite as much. But that is growing rapidly and has great growth rates, great margins and does require some capital, but not as much as these giant AI clusters.

而且這其實也與 AI 有關，因為許多這類客戶，我們會提供 GPU 能力，他們會把它部署在主權工作負載上。當然，我們也有一個非常龐大、且成長非常快速的通用型雲端業務，只是我們談得沒有那麼多。但那塊成長很快、成長率很漂亮、利潤率也很好，確實需要一些資本，但不像這些巨型 AI 叢集那麼多。

Thank you.

謝謝。

John DiFucci, Guggenheim Securities.

Guggenheim Securities 的 John DiFucci。

Thank you for taking my questions. Just -- I'm going to make a quick comment here, too. I've covered Oracle for almost three decades, and I think, Ken, you've been there for close to two. In this business, it's always nice to develop professional friendships, but it's even nicer when they become personal friends, which is what I count you as. And importantly, I've learned a lot from you. So I just want to say thank you.

謝謝讓我提問。我也想在這裡快速說幾句。我追蹤 Oracle 快三十年了，而我想 Ken，你在那裡也接近二十年。在這個行業裡，能建立職業上的友誼總是很棒，但當它變成私人朋友時就更棒了，而我就是把你當作這樣的朋友。而且很重要的是，我從你身上學到很多。所以我只想說聲謝謝。

But as far as what Raimo said, I'm glad, team, you had a good quarter, but not so much for Ken, for me because you're my best idea, and that's -- it's all about me. So I think my question here is for Hilary. Hilary, gross margins came down meaningfully this quarter, but you had so much capacity coming online this quarter.

不過就像 Raimo 說的，我很高興各位這一季表現不錯，但對 Ken 來說倒不是，對我來說也不太是，因為你們是我最看好的標的，而這——一切都是關於我。所以我這個問題是要問 Hilary。Hilary，這一季毛利率明顯下滑，但你們這一季有那麼多產能上線。

I assume that before that, there were a lot of expenses associated with those deals coming online, but they didn't have much revenue yet. Nevertheless, it was a big drop in gross margins. And it's something that we all on this call talk a lot about when we're talking to investors. But as you pointed out, operating margin was flattish, up a little bit year-over-year. I know operating margin is the North Star because that's closest to the bottom line profit and eventual cash flow. But how should we think about gross margins going forward in addition to operating margins, the whole ecosystem?

我猜在那之前，應該有很多與這些交易上線相關的費用，但當時還沒有太多收入。儘管如此，毛利率仍然大幅下滑。而這也是我們在這通電話裡、在跟投資人溝通時經常談到的事情。但如你所指出的，營業利益率大致持平、年增略有上升。我知道營業利益率是北極星，因為它最接近最終的底線獲利與最終的現金流。但除了營業利益率之外，對於未來的毛利率——以及整個生態系——我們應該如何看待？

Sure. So for me, gross margin, obviously, an important thing to follow both internally and externally because particularly -- actually in both of the business models or all three of the business models that we have, it's really a health indicator of the business. Are you -- can you price? Are you pricing at the right level? Are you able to manage your input costs?

當然。所以對我而言，毛利率顯然是無論在內部或外部都很重要、需要追蹤的指標，因為特別是——其實在我們的兩種商業模式，或我們擁有的三種商業模式中，它確實是企業健康狀況的指標。你——能不能定價？你的定價是否在正確的水準？你是否能夠管理你的投入成本？

So gross margin to me is always an important indicator, probably even more important internally for us to double check and I think investors obviously want to double check. It's something that will change very quickly, for example, if we don't have the right pricing model.

所以對我來說，毛利率一直都是重要指標，對我們內部而言可能更重要，用來再次核對；我想投資人也顯然想要再核對一次。這是一個會非常快速變動的項目，例如，如果我們沒有正確的定價模型。

When we talk about driving value, though, and driving value for the business, for me, operating margin is probably the ultimate point that we want to follow. So gross margin, like you mentioned, at the moment, there's a number of things going on.

不過當我們談到驅動價值、以及為企業驅動價值時，對我而言，營業利益率可能是我們最終想要追蹤的核心點。所以如你提到的毛利率，目前有幾件事情正在發生。

We have both the ramp-up in data centers, plus we have an adjustment across the two business models that we have in the business, software being a much higher gross margin business, but with higher R&D and sales costs below gross margin.

我們一方面在資料中心進行擴建爬坡（ramp-up），另一方面也在我們的兩種業務模式之間做調整：軟體是毛利率高得多的業務，但在毛利率以下會有較高的研發與銷售成本。

Infrastructure being a lower gross margin business -- and we've talked about that, and we gave the numbers, Clay has given the expectations for quite a bit of that business. Not database, obviously, but the more AI infrastructure and cloud side. But that business, by nature, has much lower R&D and sales associated with it, at least in a company like Oracle where we can effectively gain from all of the R&D that's already been done and being done across the rest of the company.

基礎設施則是毛利率較低的業務——我們也談過這點，並且提供了數字，Clay 也對那部分業務給了相當多的展望。當然不是資料庫，而是偏 AI 基礎設施與雲端那一側。但那項業務本質上，相關的研發與銷售成本要低得多，至少在像 Oracle 這樣的公司，我們可以有效受益於公司其他部門已完成、以及正在進行的所有研發成果。

So really, how to watch how we're going to drive value out of the business over time, I think operating margin is really the key metric that we would look at. Again, not forgetting about gross margin, something to look at, but operating margin being very, very important type of value.

因此，真正要觀察我們如何隨時間從業務中驅動價值，我認為營業利益率才是我們會看的關鍵指標。再次強調，不是忽略毛利率，它仍然值得關注，但營業利益率是一種非常、非常重要的價值指標。

Thank you. That's clear. And that's what we'll focus on. But how should we -- just so -- because most people -- I think the Street typically overestimates what your gross margins are going to be, and they underestimate what the impact is going to be to operating margin.

謝謝。很清楚。這也是我們會聚焦的重點。但我們應該怎麼——只是為了——因為多數人——我認為華爾街通常會高估你們的毛利率會是多少，卻低估了對營業利益率的影響。

So should -- I don't know if you're prepared to say, like should gross margins continue to go down now from here? Or should they be steady around these levels for the rest of this year? And how should we think of that?

所以是否——我不知道你是否準備好回答——毛利率從現在開始還會繼續下滑嗎？還是今年剩下的時間會大致維持在這些水準附近？我們應該如何看待？

Yeah. So we've mentioned already, I mentioned in the Q4 that we would expect a step down in gross margins this year. You can see the EPS guidance that we give though, so you can see what we might expect in terms of operating margin.

是的。所以我們之前已經提過，我在第四季也提到，我們預期今年毛利率會有一個階梯式下滑（step down）。不過你可以看我們給的 EPS 指引，因此也能看出我們對營業利益率可能的預期。

Over the next couple of years, as we finish the ramp-up, you can reasonably expect that gross margin would flatten, I would say. But we haven't given any particular guidance today. We'll speak more about some of this stuff on the upcoming Investor Day though in October.

在接下來幾年，當我們完成這段爬坡後，你可以合理預期毛利率會趨於持平，我會這麼說。但我們今天沒有提供任何具體指引。不過在 10 月即將到來的投資人日，我們會再多談一些這方面的內容。

Great. And thanks for all the details tonight. This is really helpful. Thank you.

很好。也謝謝你今晚提供這麼多細節。這真的很有幫助。謝謝。

Brent Thill, Jefferies.

Jefferies 的 Brent Thill。

Mike, good to see double-digit growth in SaaS. Maybe if you can walk through what you're seeing over the next couple of years? I think there's been this fear of the SaaS business across the industry taking a hit because of AI, but it seems like that's not your view. Give us your perspective on what you're seeing in terms of keeping sustainable double-digit growth.

Mike，很高興看到 SaaS 有雙位數成長。也許你可以談談你對未來幾年的觀察？我想整個產業一直有種擔憂，認為 SaaS 業務會因為 AI 而受到衝擊，但看起來這不是你們的看法。請分享你對如何維持可持續的雙位數成長、你所看到的情況。

Yeah, sure. Thanks for the question. Here's how I think about our SaaS business, and I'm going to take the liberty of broadening a little bit because I think there are a couple of key adjacent things that are very important in SaaS.

好的，當然。謝謝你的問題。我對我們 SaaS 業務的看法是這樣，我也容我稍微擴大一點範圍，因為我認為有幾個與 SaaS 相鄰、但非常重要的關鍵面向。

First is we have a highly differentiated offering in that we have end-to-end suites that automate complete industries: healthcare, retail, telecommunications, construction. There's a whole list of these industries where we have horizontal applications, vertical applications. And if you look at our two very big categories in the quarter, both Fusion and industries or industry applications growing very nicely.

第一，我們有高度差異化的產品，因為我們提供端到端的套件，能自動化完整的產業：醫療保健、零售、電信、營建。還有一長串產業，我們同時有橫向應用、縱向應用。如果你看我們本季兩個非常大的類別，Fusion 以及產業（industries）或產業應用，都成長得非常不錯。

The fact that customers can get them as a complete suite and a complete package has been a differentiator for Oracle for years now. And now you layer in AI embedded into those workflows, adding AI as a service as part of the regular application updates that our customers are getting. And we think, Brent, it's a really nice way for customers to get value from AI or ROI from embedded AI very, very quickly without having to bolt anything on as a sidecar.

客戶可以把它們當作完整套件、完整方案來取得，這多年間一直是 Oracle 的差異化優勢。而現在你再把 AI 疊加進這些工作流程中，把 AI 以服務的形式嵌入，作為客戶定期收到的應用程式更新的一部分。我們認為，Brent，這讓客戶能非常、非常快速地從嵌入式 AI 取得價值或投資報酬（ROI），而不需要另外加裝任何側掛（sidecar）式的東西。

Now the next layer is our agentic, our Fusion Agentic AI Studio, which allows customers and/or partners to build their own AI agents inside -- right inside the same platform. And that's not a different platform. It's not a different control plane. It is the same control plane and the same platform that our applications are running on. Which means that Agentic Studio, which allows customers to build their own agents or partners, gets all of the same quarterly updates, gets all of the same security patching and is available as a complete service to our customers.

接下來一層是我們的代理式（agentic）能力，也就是 Fusion Agentic AI Studio，讓客戶和／或合作夥伴能在——就在同一個平台內建立自己的 AI 代理。而那不是另一個平台。也不是另一個控制平面（control plane）。它就是我們應用程式所運行的同一個控制平面與同一個平台。這代表 Agentic Studio（讓客戶或合作夥伴建立自有代理）能獲得同樣的季度更新、同樣的安全修補，並以完整服務的形式提供給我們的客戶。

And you're allowing customers to position AI as a UI on top of a very complex set of business rules, on top of a highly differentiated security model, and of course, data models that have evolved for years and years. So you put the horizontal suite -- so the horizontal applications, the vertical applications, the Agentic Studio together, and we think that's very compelling.

而你讓客戶能把 AI 定位成一個 UI，覆蓋在一套非常複雜的商業規則之上、覆蓋在高度差異化的安全模型之上，當然也覆蓋在多年演進的資料模型之上。所以把橫向套件——也就是橫向應用、縱向應用、以及 Agentic Studio 組合在一起，我們認為這非常有吸引力。

But if that's not enough, the next piece that we're -- as I mentioned, that we're unveiling is AI-assisted go-lives. These are -- in many cases, we're taking on very hard work in helping our customers solve very mission-critical, industry-specific problems. And sometimes those go-lives can take a long time. They're complex, there's data migrations.

但如果這還不夠，下一個部分是——如我提到的——我們正在揭露的是 AI 輔助上線（AI-assisted go-lives）。這些——在很多情況下，我們正在承擔非常艱難的工作，協助客戶解決非常關鍵任務、且具產業特性的問題。而有時候這些上線可能需要很長時間。它們很複雜，還涉及資料遷移。

Well, AI has given us a tremendous ability to accelerate those go-lives. And we have some proof points for the tooling that we've rolled out to date, and we'll roll out a bunch more of it at AI World. But we've seen, like, for example, complicated go-lives in our healthcare applications that were in the high double-digit months coming down to single months for go-lives.

而 AI 給了我們極大的能力去加速這些上線。我們已經有一些迄今推出工具的實證案例，而且我們會在 AI World 再推出更多。但我們看到，例如，我們醫療保健應用中一些複雜的上線，原本需要高雙位數的月份，現在縮短到單位數的月份就能上線。

In our NetSuite applications, we've seen early customers leveraging these AI tools coming down from double-digit months down to single-digit weeks in order to be able to go live in production. So we think that does two things.

在我們的 NetSuite 應用中，我們也看到早期客戶運用這些 AI 工具，將上線到正式環境所需時間，從雙位數的月份縮短到單位數的週。所以我們認為這帶來兩件事。

Number one, it helps us -- it helps customers, rather, get to value from AI more quickly than ever and certainly at a lower cost. And number two, in some of these very complex industries, there's ramps associated with these go-lives, and it allows us to unlock the ramp and recognize revenue more quickly that we may have in the sort of manual implementation piece.

第一，它幫助我們——更正，是幫助客戶——比以往更快、而且確實以更低成本，從 AI 取得價值。第二，在某些非常複雜的產業，這些上線會伴隨爬坡期（ramps），而它讓我們能解鎖這段爬坡，更快確認收入，相較於較偏人工的導入實施部分，我們原本可能會更慢。

But I think the other piece that's quite important is, as we mentioned in the press release, is, again, part of the same platform that we're running our applications on the AI Data Platform, which automates the creation of enterprise ontology.

但我認為另一個相當重要的部分是，正如我們在新聞稿中提到的，再次強調，這是我們在 AI 資料平台上運行應用程式的同一平台的一部分，而該平台可自動化建立企業本體（enterprise ontology）。

So while we are very honored to serve our customers with a very widespread and very large suite of applications, there are other applications as well. And being able to take those applications that our customers are running, create an enterprise ontology as an automated service and then layer those AI agentic studios on top of that, you put all that together, right, I just don't think that anybody else in the market is delivering all of that as a cloud service, certainly not in highly regulated industries, certainly not at the scale that we are.

因此，雖然我們很榮幸能以非常廣泛且非常龐大的應用程式套件為客戶提供服務，但同時也還有其他應用程式。而能夠把客戶正在運行的那些應用程式，透過自動化服務建立企業本體，然後在其上再疊加那些 AI 代理式工作室（AI agentic studios），把這些全部整合在一起，我確實不認為市場上還有任何其他人能以雲端服務的形式交付這一切——尤其不是在高度受監管的產業中，也絕對不是在我們這樣的規模下。

And then one other thing I'll mention about our SaaS business is that our SaaS business is also a wonderful lead generation business for our IaaS business. Our SaaS customers are also buying OCI. They also have other workloads, non-Oracle workloads that they're more than happy to leverage OCI. And they get a very good test of the performance and scalability of OCI as a SaaS customer because they are inherently an OCI consumer at that point as well.

另外，我還想提到我們 SaaS 業務的一點：我們的 SaaS 業務同時也是我們 IaaS 業務非常出色的潛在客戶開發（lead generation）來源。我們的 SaaS 客戶也在購買 OCI。他們也有其他工作負載、非 Oracle 的工作負載，也非常樂意使用 OCI。而且他們作為 SaaS 客戶，能非常好地測試 OCI 的效能與可擴展性，因為在那個時點他們本質上也同時是 OCI 的使用者。

So we think about it as really, the SaaS business being part of our overall solution set that we're delivering to customers, we continue to invest in that solution set. We continue to make it easier to go live and add more and more tooling to allow customers to configure and leverage AI. So for all those reasons, we're quite optimistic on the future of our applications business.

因此我們的看法是，SaaS 業務其實是我們交付給客戶的整體解決方案組合的一部分，我們會持續投資於這套解決方案。我們會持續讓上線（go live）更容易，並加入越來越多的工具，讓客戶能夠配置並運用 AI。基於以上所有原因，我們對應用程式業務的未來相當樂觀。

Thanks, Mike.

謝謝你，Mike。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah. Thanks very much. Ken still has an Analyst Day to get through, so I'll wait and say congrats to him in person in a month or so. But Mike, you mentioned the AI Data Platform you guys put in your press release. So I just want to double-click on that. It seems like an important way in allowing customers to deploy agents against the proprietary data.

是的。非常感謝。Ken 還要完成一場分析師日（Analyst Day），所以我會先等一下，大概一個月左右再當面向他道賀。不過 Mike，你提到了你們在新聞稿中提出的 AI 資料平台。我想就此再深入追問一下。看起來這是一個重要方式，能讓客戶針對其專有資料部署代理（agents）。

Can you just help us understand the business model around that? Does it drive incremental consumption of Oracle Database, OCI? Or do you see that being sort of a stand-alone software revenue opportunity? I was just curious, kind of how we should think about that playing into the financials over time?

你能否幫我們理解一下其商業模式？它是否會帶動 Oracle Database、OCI 的增量使用量（incremental consumption）？或者你們認為這會是一個獨立的軟體營收機會？我只是好奇，我們應該如何看待它隨時間對財務表現的影響？

Yeah. I think you sort of clicked on the answer really to the business model is all the above. I mean, certainly, we can run this in a model where we're consuming 100% of non-Oracle work. This is by no means specific to the Oracle Database or the Oracle applications.

是的。我想你其實已經點到答案了，商業模式就是以上皆是。我的意思是，當然，我們可以在一種模式下運行，也就是 100% 消費非 Oracle 的工作負載。這絕非只針對 Oracle Database 或 Oracle 應用程式。

The AI Data Platform is agnostic and able to pull in and automate the ontologies from any data source. In fact, we have hundreds of data sources that we're doing this automation for today. So whether it's just pure consumption of AI Data Platform, whether it's used in concert with our applications or whether it's used in concert with OCI, we're more focused on allowing the customer to make the best choice or the partner to make the best choice that suits them. So I think it really helps all of our business.

AI 資料平台是中立（agnostic）的，能從任何資料來源匯入並自動化生成本體。事實上，我們今天已經在為數百個資料來源進行這項自動化。因此，不論是單純使用 AI 資料平台，或是與我們的應用程式搭配使用，或是與 OCI 搭配使用，我們更關注的是讓客戶或合作夥伴做出最適合他們的最佳選擇。所以我認為這確實能幫助我們所有的業務。

I would say also that the Oracle Database still remains the most -- probably the most coveted custodian of mission-critical data in the world. And certainly, as we're able to automate ontologies and have the Oracle Database as one of the primary feeds, at least for the mission-critical data for that, it also helps us unlock our ever-growing multi-cloud database as well, where certainly, customers would like to take those on-premises versus the Oracle Database and very easily move them to the cloud. As we continue to invest in making that available in every cloud in every region, we think the AI Data Platform will help drive that growth as well.

我也想說，Oracle Database 仍然是全球最——可能是最受追捧的關鍵任務資料（mission-critical data）保管者。而且，當我們能夠自動化本體，並讓 Oracle Database 成為其中一個主要資料輸入來源——至少對於其中的關鍵任務資料而言——這也有助於我們釋放並推動我們持續成長的多雲資料庫（multi-cloud database）業務；因為客戶確實希望能把那些內部部署（on-premises）的 Oracle Database 更容易地遷移到雲端。隨著我們持續投資，讓它在每個雲、每個區域都可用，我們認為 AI 資料平台也將有助於推動這項成長。

I know you guys have a huge services ecosystem, but will you guys be putting forward deployed engineers around that to try to help customers understand some of the opportunities, things they can expose perhaps they haven't been able to expose before with the database? Or just kind of is there a go-to-market angle to it, too?

我知道你們有龐大的服務生態系，但你們是否會派駐前線部署工程師（forward deployed engineers），來協助客戶理解一些機會，例如讓他們能揭露一些可能以前無法透過資料庫揭露的內容？或者說，這裡也有一個市場推進（go-to-market）的面向？

Yeah, absolutely. And we are already investing in deploying forward deployed engineers at our customers. That's true for the AI Data Platform. It's also true for our Fusion Agentic Studio as we see them really as a combination platform running on a single control plane in OCI.

是的，絕對會。而且我們已經在投資，於客戶端部署前線部署工程師。這對 AI 資料平台是如此。對我們的 Fusion 代理式工作室（Fusion Agentic Studio）也是如此，因為我們把它們視為在 OCI 的單一控制平面上運行的組合平台。

So yes, no doubt that, that service offering, we think is necessary. I actually think it will help get customers live as quickly as we possibly can. And as I said, we're measuring some of the successes now in weeks, which in heavily regulated industries, you really would not have dreamed of maybe even a year ago.

所以是的，毫無疑問，我們認為那項服務提供是必要的。我其實認為它將有助於讓客戶以我們所能做到的最快速度上線。而且如我所說，我們現在衡量到的一些成功案例是以「週」為單位；在高度受監管的產業中，這是你可能即使在一年前也不敢想像的。

Thank you, Mike. For next quarter, we expect our Q2 fiscal year '27 earnings results will be announced on December 14 of '27 -- '26, excuse me. Any change to the date will be publicly announced. A telephonic replay of this conference call will be available for 24 hours on our Investor Relations website. Thank you for joining us today. And with that, I'll turn the call back to Miriam for closing.

謝謝你，Mike。關於下一季，我們預期 2027 會計年度第二季的財報結果將於 2027 年 12 月 14 日——抱歉，是 2026 年——公布。如日期有任何變更，我們將公開宣布。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。感謝各位今天加入我們。接下來我把電話交回給 Miriam 作結語。

Thank you. This concludes today's conference. We would like to thank you all for your participation today. You may now disconnect.

謝謝。今天的會議到此結束。我們要感謝各位今天的參與。各位現在可以掛線。