甲骨文 (ORCL) 2022 Q3 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to Oracle's Third Quarter 2022 Conference Call.

午安!感謝您的收看。歡迎參加甲骨文2022年第三季電話會議。

It's now my pleasure to hand today's conference over to Oracle's Senior Vice President, Ken Bond.

現在我很高興將今天的會議交給甲骨文高級副總裁肯·邦德 (Ken Bond)。

Thank you, Holly. Good afternoon, everyone, and welcome to Oracle's Third Quarter Fiscal Year 2022 Earnings Conference Call. A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from the Investor Relations website. Additionally, a list of many customers who purchased Oracle Cloud services or went live on Oracle Cloud recently will be available from the Investor Relations website following this call.

謝謝，Holly。大家下午好，歡迎參加甲骨文2022財年第三季財報電話會議。新聞稿和財務報表（包含GAAP與非GAAP對帳表及其他補充財務資訊）的副本可在投資者關係網站查看和下載。此外，本次電話會議結束後，投資人關係網站也將提供近期購買或上線Oracle雲端服務的眾多客戶名單。

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

參加今天電話會議的有董事長兼首席技術官拉里·埃里森 (Larry Ellison) 和首席執行官薩弗拉·卡茲 (Safra Catz)。

As a reminder, today's discussion will include forward-looking statements, including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will present some important factors relating to our business, which may potentially affect these forward-looking statements. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today. As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments, for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events.

提醒一下，今天的討論將包含前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的資訊。在今天的討論中，我們將介紹一些與我們業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述也受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。因此，我們提醒您不要過度依賴這些前瞻性陳述，並建議您查看我們最新的報告，包括我們的10-K和10-Q報表及其任何適用的修訂版，以全面了解這些因素以及其他可能影響我們未來業績或股票市場價格的風險。最後，我們沒有義務根據新資訊或未來事件修改我們的業績或這些前瞻性陳述。

Before taking questions, we'll begin with a few prepared remarks. However, we will be making no comments regarding Cerner.

在回答問題之前，我們將先準備一些發言稿。不過，我們不會就 Cerner 發表任何評論。

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

說完這些，我想把電話轉給薩夫拉。

Thanks, Ken, and good afternoon, everyone. I'd like to start by acknowledging the tragic events unfolding in Eastern Europe as a result of the Russian invasion of Ukraine. We are working incredibly hard to help our Ukrainian employees and support our customers and partners. We have suspended all Oracle operations in Russia, and we did so well over a week ago.

謝謝，肯，大家下午好。首先，我想承認俄羅斯入侵烏克蘭導致東歐發生了悲劇事件。我們正在竭盡全力幫助我們的烏克蘭員工，並支持我們的客戶和合作夥伴。我們已經暫停了甲骨文在俄羅斯的所有業務，而且我們在一周前就做得很好了。

I'll now turn to Oracle's third quarter results. I'll review our non-GAAP results using constant dollar growth rates unless I say otherwise. And clearly, we had an excellent quarter with total revenue growing over 7%. Not only was total revenue above the midpoint of my guidance, but it was also the highest organic growth rate since we began our transition to the cloud. We saw broad-based outperformance in all segments. And for the first time in more than 10 years, all segments of our business saw growth.

現在，我將談談甲骨文第三季的業績。除非另有說明，否則我將使用固定美元成長率來評估我們的非公認會計準則 (Non-GAAP) 表現。顯然，我們本季表現優異，總營收成長超過 7%。總收入不僅高於我預期的中位數，也是我們開始轉型為雲端以來最高的有機成長率。所有業務部門都普遍表現出色。而且，這是十多年來我們所有業務部門首次成長。

Total cloud revenues, when annualized, are now $11.2 billion, and they grew 26%. I expect the cloud revenue will exit the fiscal year growing in the mid-20s. Total cloud services and license support revenues for the quarter were $7.6 billion, up 8% and accounted for 73% of total company revenue. GAAP application subscription revenues saw record level organic growth of 10% and were $3.2 billion.

雲端運算總收入按年化計算目前為112億美元，成長了26%。我預計本財年結束時，雲端運算收入的增幅將在25%左右。本季雲端服務和授權支援總收入為76億美元，成長8%，占公司總收入的73%。 GAAP應用程式訂閱收入實現了創紀錄的10%的有機成長，達到32億美元。

Fusion apps were up 29%, with strategic back-office applications now having annualized revenue of $5.1 billion and growing 30%, including Fusion ERP, up 35%; and Fusion HCM, up 22%; and NetSuite ERP, up 29%.

Fusion 應用程式成長了 29%，其中戰略後台應用程式的年收入目前為 51 億美元，成長了 30%，其中包括 Fusion ERP 成長了 35%；Fusion HCM 成長了 22%；NetSuite ERP 成長了 29%。

GAAP infrastructure subscription revenues were $4.5 billion, up 7% and higher than last quarter. And excluding legacy hosting services, infrastructure cloud services grew more than 60%. And I expect the infrastructure revenue growth rate will trend higher over time.

依照美國通用會計準則 (GAAP)，基礎設施訂閱收入為 45 億美元，成長 7%，高於上一季。除傳統託管服務外，基礎設施雲端服務成長超過 60%。我預計基礎設施收入成長率將隨著時間的推移而持續上升。

OCI consumption, which includes Autonomous Database, was up 93%, also higher than last quarter. And total Cloud at Customer revenue was up 43%, with the backlog for Cloud at Customer machines growing to triple digits.

包括自治資料庫在內的OCI使用量成長了93%，也高於上一季。客戶雲端總收入成長了43%，客戶雲端機器的積壓訂單增加了三位數。

Database subscription revenues, including database support and Database Cloud services, were up 4%, and again, higher than last quarter. License revenues were $1.3 billion, up 4%, with strong performance in our tech business. So all-in, total revenues for the quarter were $10.5 billion, up over 7%, and as I mentioned earlier, our highest organic growth rate in over 10 years.

資料庫訂閱收入（包括資料庫支援和資料庫雲端服務）成長了4%，並且再次高於上一季。授權收入成長了4%，達到13億美元，這得益於我們技術業務的強勁表現。因此，本季總收入總計105億美元，成長超過7%，正如我之前提到的，這是我們十多年來最高的有機成長率。

Operating expenses were up 10% this quarter as we invest to meet growing demand for our cloud services. The gross margins for cloud services and license support was 84%, and the gross profit dollars grew 5%. I expect the full year growth in gross profit dollars for cloud services and license support will be higher than last year. Our plan is to continue to grow profits while we push our top line growth into double digits next year.

本季營運費用上漲了10%，這得益於我們為滿足日益增長的雲端服務需求而進行的投資。雲端服務和許可證支持的毛利率為84%，毛利成長了5%。我預計全年雲端服務和許可證支援的毛利增幅將高於去年。我們的計劃是繼續提高利潤，同時推動明年營收成長達到兩位數。

Non-GAAP operating income was $4.8 billion, up 4% from last year. And the operating margin was 46%, higher than all of our competitors.

非公認會計準則下（Non-GAAP）營業收入為48億美元，較去年同期成長4%。營業利益率為46%，高於所有競爭對手。

Earnings per share was adversely affected by around $0.05 per share, primarily due to share price declines of equity investments impacted by the widespread downturn in equity markets last quarter.

每股盈餘受到約 0.05 美元的不利影響，主要由於上個季度股市普遍低迷導致股權投資股價下跌。

The non-GAAP tax rate for the quarter was 19%, in line with our base tax rate. And earnings per share was $1.13 in U.S. dollars, up 1% in constant currency and down 3% in U.S. dollars.

本季非公認會計準則稅率為19%，與我們的基準稅率一致。每股盈餘為1.13美元，以固定匯率計算成長1%，以美元計算下降3%。

The GAAP tax rate was 18.4%, slightly below our base rate. And the GAAP earnings per share was USD 0.84.

GAAP稅率為18.4%，略低於基準稅率。 GAAP每股收益為0.84美元。

Operating cash flow for the last 4 quarters was $10.4 billion, and our free cash flow over the same period was $6.6 billion. Both results were negatively affected by a onetime litigation charge in Q2.

過去四個季度的營運現金流為104億美元，同期的自由現金流為66億美元。兩項業績均受到第二季一次性訴訟費用的負面影響。

Capital expenditures for the last 4 quarters were $3.8 billion, and CapEx for Q3 was $1.1 billion. And we're on track to invest $4 billion in CapEx this year.

過去四個季度的資本支出為38億美元，第三季的資本支出為11億美元。我們今年的資本支出預計將達到40億美元。

We now have more than $23 billion in cash and marketable securities. The short-term deferred revenue balance is $7.9 billion, up 1%, with gross deferred revenue growing 6%. The remaining performance obligation, or RPO, balance is $38.5 billion, up 13% in constant currency due to very strong bookings. Approximately 59% is expected to be recognized as revenue over the next 12 months.

我們目前擁有超過230億美元的現金和有價證券。短期遞延收入餘額為79億美元，成長1%，總遞延收入成長6%。剩餘履約義務（RPO）餘額為385億美元，由於訂單量強勁，以固定匯率計算成長13%。預計約59%將在未來12個月內確認為收入。

As we've said many times before, we're committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases and prudent use of debt and the dividend. This quarter, we repurchased 7 million shares for a total of 600 million as we reduced the buybacks in advance of the purchase of Cerner. We've paid out dividends of $3.5 billion over the last 12 months, and the Board of Directors again declared a quarterly dividend of $0.32 per share.

正如我們之前多次強調的那樣，我們致力於透過技術創新、策略性收購、股票回購以及謹慎使用債務和股息來回報股東。本季度，我們回購了700萬股，總計6億股，這得益於我們在收購Cerner之前減少了回購量。過去12個月，我們已派發股利35億美元，董事會再次宣布季度股利為每股0.32美元。

Our business is strong as our fast-growing Cloud business continues to become a larger proportion of the overall business.

我們的業務表現強勁，因為快速成長的雲端業務在整體業務中所佔的比例不斷增加。

A few points. First, my guidance assumes that Cerner does not close in Q4, though it very well may close in the quarter. And again, Cerner should be accretive in the first year. Secondly, cloud is fundamentally a more profitable business to on-premise. And I expect that our full year non-GAAP operating margins for fiscal year 2022, which we're finishing now, will be 1% to 2% higher than prepandemic levels of 44%.

幾點。首先，我的指引假設Cerner不會在第四季度關閉，儘管它很可能在本季關閉。再次強調，Cerner在第一年應該會實現增值。其次，雲端運算從根本上來說比本地部署業務利潤更高。我預計，我們即將結束的2022財年全年非公認會計準則營業利益率將比疫情前的44%高出1%至2%。

Let me now turn to my guidance for Q4, which I'll provide on a non-GAAP basis. Now the U.S. dollar strengthened dramatically in November. And as you all know, it was a lot of fluctuations this quarter. But assuming currency exchange rates remain the same as they are right now, I expect we will see a currency headwind of 2% to 3% on revenue and $0.05 negative for EPS in Q4. Of course, the dollar could easily strengthen from here.

現在，我來談談我對第四季業績的展望，我將基於非公認會計準則 (Non-GAAP) 做出預測。美元在 11 月大幅走強。眾所周知，本季美元波動很大。但假設匯率保持不變，我預期第四季的匯率波動將對營收造成 2% 至 3% 的負面影響，並對每股盈餘造成 0.05 美元的負面影響。當然，美元很可能從現在開始走強。

Total revenue for Q4 is expected to grow between 6% to 8% in constant currency and grow between 3% to 5% in USD. Cloud service and license support revenue for Q4 is expected to grow between 6% to 8% in constant currency and grow between 4% to 6% in USD. Non-GAAP EPS for Q4 is expected to be between $1.40 and $1.44 in constant currency. GAAP EPS is expected to be between $1.35 and $1.39 in USD. Now both non-GAAP and GAAP EPS are expected to decline year-over-year due to some large investment gains we saw last year as well as a very low tax rate last year. It was 10.7%. Both of these masked the strong earnings growth and momentum we continue to see out of our core cloud business.

預計第四季總營收以固定匯率計算成長 6% 至 8%，以美元計算成長 3% 至 5%。預計第四季度雲端服務和授權支援收入以固定匯率計算成長 6% 至 8%，以美元計算成長 4% 至 6%。預計第四季非 GAAP 每股收益以固定匯率計算在 1.40 美元至 1.44 美元之間。預計 GAAP 每股收益以美元計算在 1.35 美元至 1.39 美元之間。由於去年我們看到的一些巨額投資收益以及去年非常低的稅率（為 10.7%），預計非 GAAP 和 GAAP 每股收益將比去年同期下降。這兩個因素掩蓋了我們核心雲端業務持續強勁的獲利成長和發展動能。

My EPS guidance for Q4 assumes a base tax rate of 19%. As I always say, however, onetime tax events could cause actual rates for any given quarter to be higher or lower, but I expect that in normalizing for these onetime tax events, our non-GAAP tax rates will average around 19% or so.

我對第四季每股收益的預期假設基準稅率為19%。然而，正如我常說的，一次性稅務事件可能會導致任何季度的實際稅率升高或降低，但我預計，在將這些一次性稅務事件標準化後，我們的非公認會計準則稅率平均將在19%左右。

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

說完這些，我會把話題交給拉里來徵求他的意見。

Thank you, Safra. I have 2 parts to my comments. I'm going to start with, if you will, business as usual. And that is going from strength to strength in our ERP and HCM cloud businesses. I'm going to go over the wins and the go-lives for our SaaS -- strategic SaaS business. Second, I'm going to talk about our brand-new MySQL HeatWave product. I think it's fair to say, and I'm going to read the quotes -- what I'm going to do is speak a little bit about it, and then I'm going to read the quotes from analysts and customers. And I think you'll find that we've never had a product so well received by customers and analysts in our history. I'm not sure the industry has either. These are really -- it's a remarkable innovation, but I'm going to get to that in a second.

謝謝Safra。我的發言分為兩部分。首先，我想先談談我們一如既往的業務，也就是我們ERP和HCM雲端業務的持續發展。之後，我將介紹我們SaaS（策略性SaaS）業務的成功和上線情況。其次，我將談談我們全新的MySQL HeatWave產品。我想，我會先讀相關引言——我會簡單介紹一下它，然後我會讀分析師和客戶的評價。我想你會發現，我們歷史上從未有過一款產品受到客戶和分析師如此熱烈的歡迎。我不確定業界是否也是如此。這確實是一項了不起的創新，我稍後會談到這一點。

First, how is our SaaS business doing right now? Overall, we have incredible progress, winning more and more in the ERP and HCM back office. Q3 was an exceptionally strong quarter for ERP cloud sales. We now have over 10,000 Fusion ERP, HCM customers. And for the first time, we're beginning to see -- we've been in this business long enough. We're beginning to see us roll up certain industries, starting with the largest industry on Earth, health care.

首先，我們的 SaaS 業務目前進展如何？總體而言，我們取得了令人難以置信的進展，在 ERP 和 HCM 後台領域贏得了越來越多的客戶。第三季 ERP 雲端銷售表現異常強勁。我們現在擁有超過 10,000 家 Fusion ERP 和 HCM 客戶。而且，我們第一次開始看到——我們已經在這個行業中耕耘了足夠長的時間。我們開始看到我們在某些行業取得進展，首先是全球最大的產業—醫療保健。

Okay. So how are we doing in health care? We already have Tenet Health, Kaiser, Mayo Clinic, Cleveland Clinic, Northwell Health, Mount Sinai, Atrium Health. I can go a long list of ERP and HCM wins in the health care -- those are all health care providers. We've added some additional health care providers, mainly hospitals and clinics. We've added the CHS, Community Health Services. That's a consortium, that's 83 hospitals, and it's an ERP, HCM, SCM win there. And we're replacing Kronos.

好的。那我們在醫療保健領域做得怎麼樣呢？我們已經有了Tenet Health、Kaiser、Mayo Clinic、Cleveland Clinic、Northwell Health、Mount Sinai和Atrium Health。我可以列舉出醫療保健領域ERP和HCM的眾多成功案例——這些都是醫療保健提供者。我們增加了一些其他醫療保健提供者，主要是醫院和診所。我們也增加了社區健康服務（CHS）。這是一個聯盟，包含83家醫院，我們在ERP、HCM和SCM方面都取得了成功。我們正在取代Kronos。

I call that out because Kronos -- the hospitals really are -- while they're not recognized having some similarities to Uber, they have a lot of people that work at hospitals that are not employees at the hospitals. Hospitals have a gig economy. Doctors work in multiple hospitals, multiple clinics, have their own offices. Nurses, same thing. Scheduling and paying the workforce in hospitals is one of the most complicated things ongoing in our changing economy. And we have adapted our HCM systems so that we do help the hospitals recruit, track, schedule and pay for their health professionals.

我之所以提到這一點，是因為 Kronos——醫院確實如此——雖然人們並不認為它們與 Uber 有什麼相似之處，但它們有很多在醫院工作的人並非醫院的正式員工。醫院是零工經濟。醫生在多家醫院、多家診所工作，並擁有自己的辦公室。護士也一樣。在不斷變化的經濟環境下，醫院員工的排班和薪資是最複雜的問題之一。我們已經調整了 HCM 系統，以便幫助醫院招募、追蹤、安排和支付醫護人員的薪水。

The only other company that was doing that, someone not very well known is Kronos. And we're beginning to replace out Kronos in the hospital space, and we did it at Community Health Systems. We won an HCM deal over Workday at TriHealth. Loma Linda University's health care, health centers, we won an HCM over there, and they already have our ERP.

唯一一家這樣做的公司是Kronos，這家公司不太有名。我們正開始在醫院領域取代Kronos，我們在社區健康系統（Community Health Systems）也這樣做過。我們在TriHealth贏得了HCM合同，擊敗了Workday。我們在羅馬琳達大學的醫療保健中心贏得了HCM合同，他們已經使用了我們的ERP。

Health care is interesting. I started by talking about hospitals, provide -- people who provide health care. The health care industry is much bigger than that. There are medical device manufacturers. There are pharmaceutical companies. There are the payers, insurance companies and government agencies that are all part of this health care ecosystem. So we're not just focused on providers like hospitals and clinics, but also we won a big ERP deal over SAP at Johnson & Johnson -- at J&J. We won a big ERP deal over SAP at the medical device company, Haemonetics. We won an ERP deal at Saskatchewan Health Authority, one of the government payer, and most of the payers in health care are governments.

醫療保健很有意思。我首先談到了醫院，以及提供醫療保健服務的人員。醫療保健產業遠不止這些。它包含醫療器材製造商、製藥公司、支付方、保險公司和政府機構，它們都是這個醫療保健生態系統的一部分。因此，我們不僅關注醫院和診所等服務提供者，我們還在強生公司贏得了一項重要的ERP訂單，而不是SAP。我們在醫療器材公司Haemonetics贏得了一項重要的ERP訂單，而不是SAP。我們也贏得了薩斯喀徹溫省衛生局的ERP訂單，該局是政府支付方之一，而醫療保健領域的大多數支付方都是政府。

So it's this entire ecosystem that we're building specific features and functions for to automate health care across the board. No one's been able to roll up health care. Everyone's tackled this portion, just the providers, just the ambulatory clinics, just the inpatient hospitals, just the payers, just the pharmaceutical company, just the medical device. We're going after the entire integrated ecosystem, and we're having some great results. Obviously, that influenced our decision to buy Cerner.

所以，我們正在為整個生態系統建立特定的特性和功能，以實現醫療保健的全面自動化。目前為止，沒有人能夠整合醫療保健。每個人都在處理這部分，包括醫療服務提供者、門診診所、住院、付款人、製藥公司以及醫療設備。我們的目標是打造整個整合的生態系統，並且取得了一些不錯的成果。顯然，這影響了我們收購 Cerner 的決定。

We have great go-lives at Franciscan Missionaries Health System. That's a consortium of over 20 hospitals. We won on Entegris Health. They went live on our ERP, HCM d SCM, 16 hospitals. Nemours Children's Health went live in HCM with 34,000 users.

我們在方濟各傳教士醫療系統（Franciscan Missionaries Health System）的上線非常順利。這是一個由20多家醫院組成的聯盟。我們贏得了Entegris Health的訂單。他們上線了我們的ERP系統、HCM和SCM系統，涵蓋16家醫院。 Nemours兒童醫療系統在HCM上線，擁有3.4萬名用戶。

So health care has been a real strength for us. And obviously, we'll get stronger with Cerner as we provide additional capability to providers.

所以醫療保健一直是我們真正的優勢。顯然，隨著我們為醫療服務提供者提供更多功能，Cerner 的加入將使我們更加強大。

Okay. The other industry that we've always outlined as being a key strategic target of ours in addition to health care are -- is financial services. And we have a very strong position in financial services, Bank of America, JPMorgan Chase, Santander, Bank New York Mellon, HSBC, Lloyds, Macquarie, Credit Suisse, UBS, Credit Agricole and a lot more are our customers in ERP and HCM. We just won TD Bank, ERP win over SAP at TD Bank. We just won Silicon Valley Bank, another win over SAP. We won Societe Generale in France. We now have 2 of the 3 largest banks after winning Credit Agricole in Q2, and we will get the other one. We will get Paribas very soon. JPMorgan Chase just did a huge expansion of our -- on our HCM product. Discover, the credit card, just went live on ERP. So again, strong in financial services, getting even stronger.

好的。除了醫療保健之外，我們一直將金融服務業列為我們的關鍵策略目標。我們在金融服務領域擁有非常強大的地位，美國銀行、摩根大通、桑坦德銀行、紐約梅隆銀行、匯豐銀行、勞埃德銀行、麥格理銀行、瑞士信貸、瑞銀、法國農業信貸銀行等等都是我們在ERP和HCM領域的客戶。我們剛剛贏得了道明銀行的ERP，在道明銀行的ERP方案中擊敗了SAP。我們剛剛贏得了矽谷銀行的ERP方案，再次擊敗了SAP。我們也贏得了法國興業銀行的ERP方案。在第二季贏得法國農業信貸銀行的ERP方案後，我們現在擁有了美國三大銀行中的兩家，另一家我們即將獲得。我們很快還會獲得巴黎銀行的ERP方案。摩根大通剛剛對我們的HCM產品進行了大規模擴展。 Discover信用卡剛剛在ERP方案中上線。總之，我們在金融服務領域的實力雄厚，而且正在變得更強大。

In Communications, our big customers, AT&T, Orange, MTN, Bharti Airtel, all around the world. We just added a big ERP win at Rogers Communications. Huge go-live at Wind Tre, and that was a replacement. The go-live at Wind Tre was a replacement of SAP, not a win over SAP, but replacing an existing SAP system.

在通訊領域，我們的大客戶包括 AT&T、Orange、MTN 和 Bharti Airtel，遍佈全球。我們剛剛在羅傑斯通訊公司（Rogers Communications）贏得了一項重要的 ERP 方案。 Wind Tre 的大規模上線也是一種替代方案。 Wind Tre 的上線是對 SAP 的替代，但不是戰勝 SAP，而是替換現有的 SAP 系統。

In logistics and transportation, we had -- where our big customers are UPS, FedEx, Knight Swift, Yellow, Schneider National and so on. We had a big ERP HCM win over SAP at U.S. Xpress. We had an HCM win at TD for its freight where we replaced Workday. Didn't beat Workday. We replaced an existing Workday system. Go-live at DHL. DHL is really interesting. It was a go-live in Germany and Austria, right in SAP's backyard.

在物流和運輸領域，我們的大客戶包括UPS、FedEx、Knight Swift、Yellow、Schneider National等等。在U.S. Xpress，我們的ERP HCM專案擊敗了SAP。在TD的貨運項目中，我們取代了Workday，贏得了HCM項目。但並沒有擊敗Workday，而是取代了現有的Workday系統。在DHL上線。 DHL真的很有趣。我們的專案在德國和奧地利上線，就在SAP的後院。

And we have a number of wins in Germany. I think this is why we're pretty confident these days against the former winner -- the winner on the on-premise ERP wars, SAP. In Germany, in SAP's backyard, we won DHL. We won Deutsche Post. We won Deutsche Bahn. We won [Durr IT Services], and we just added a win at Daimler truck over SAP.

我們在德國取得了不少勝利。我想這就是為什麼我們最近對曾經的贏家——本地部署 ERP 之戰的贏家 SAP——充滿信心的原因。在德國，在 SAP 的後院，我們贏得了 DHL。我們贏得了德國郵政。我們贏得了德國鐵路。我們贏得了 [Durr IT Services]，並且我們剛剛在戴姆勒卡車市場擊敗了 SAP。

In Japan, a country really not known for buying package application software very much. We've got a pretty good position in Panasonic. We're in Panasonic. We're in Toyota. We're at Mizuho Financial Services. This quarter, big wins at Canon -- a big ERP win over SAP at Canon. A big win at Taisei that's one of the 5 largest general contractors in Japan. So doing well in Germany, doing well in Japan, doing well in these big economies where, historically, we have not done that well in applications, but we are now.

在日本，一個不太熱衷於購買套裝應用軟體的國家。我們在松下佔據了相當不錯的市場。我們在松下、豐田和瑞穗金融服務公司都有業務。本季度，我們在佳能取得了巨大的成功—佳能的ERP系統在SAP系統上取得了巨大的成功。我們在大成電機也取得了巨大的成功，大成電機是日本五大總承包商之一。所以，我們在德國、日本以及這些大型經濟體都表現良好。過去，我們在應用軟體方面做得併不好，但現在我們做得很好了。

In grocery, where we have Sainsbury, Co-op, Tesco, Auchan, Kroger and Albertsons. We had a huge ERP expansion at Kroger and a big go-live at Albertsons with 280,000 users. Albertsons is now live on both HCM and financials. So very strong in grocery.

在食品雜貨領域，我們擁有Sainsbury、Co-op、Tesco、Auchan、Kroger和Albertsons。我們在Kroger進行了大規模的ERP擴展，並在擁有28萬用戶的Albertsons進行了大規模上線。 Albertsons現在同時在HCM和財務上線。因此，我們在食品雜貨領域非常強大。

Hotels and resorts were our big logos are Marriott, Hilton, Caesars, MGM. We just won Intercontinental Hotels and Resorts replacing -- it's an HCM win. Replacing -- we're not allowed to name who we replaced in HCM other than to say they're a very large cloud competitor of ours. Hilton, we went live with HCM, the biggest HCM expansion in the U.K.

飯店和度假村領域是我們最大的品牌，像是萬豪、希爾頓、凱撒和米高梅。我們剛剛贏得了洲際酒店及度假村的收購，取代了HCM。我們無法透露HCM的競爭對手，只能說他們是我們在雲端運算領域非常強大的競爭對手。希爾頓，我們與HCM合作，這是英國最大的HCM擴張計畫。

Higher ed. Higher ed where our big logos are UCLA, Princeton, Rutgers, Vanderbilt, Pennstate, University of Texas. We added an HCM win at the University of Cambridge in the U.K. We added 3 more campuses of the University of California system for ERP. We now have 6 of their 9 -- of the 9 UC campuses for ERP. Tennessee, University of Tennessee, we won ERP and HCM. The University of Arizona, big ERP win, all higher ed.

高等教育。在高等教育領域，我們的主要合作夥伴包括加州大學洛杉磯分校、普林斯頓大學、羅格斯大學、范德堡大學、賓州州立大學和德州大學。我們在英國劍橋大學贏得了HCM計畫。我們新增了加州大學系統的3個校區，用於ERP計畫。現在，加州大學9個校區中的6個，我們已獲得ERP計畫。田納西大學，我們贏得了ERP和HCM計畫。亞利桑那大學，我們贏得了ERP項目，所有這些項目都與高等教育有關。

But some of the other industries, in consumer goods, we had a really important win in ERP, SCM at a division of Unilever. And that was an SAP replacement. Not a win over SAP, we replaced them.

但在其他一些產業，例如消費品產業，我們在聯合利華的一個部門的ERP和SCM系統上取得了非常重要的勝利。那是一個SAP系統的替代者。我們不是戰勝了SAP，而是取代了SAP。

In aerospace and defense, we won ERP and SCM at BAE Systems -- a win over SAP. We won HCM over SAP at Tata Steel. We won a big -- a full suite expansion at Cummins. Eni, in oil and gas, which has always been an SAP -- very, very strong industry for SAP. We beat them, Eni, at a gas company.

在航空航太和國防領域，我們贏得了BAE系統公司的ERP和SCM方案，擊敗了SAP。我們在塔塔鋼鐵公司贏得了HCM方案，擊敗了SAP。我們贏得了康明斯的大型全套擴充方案。埃尼公司則在石油和天然氣領域，而石油和天然氣一直是SAP非常強大的產業。我們在一家天然氣公司擊敗了埃尼公司。

In the public sector, we got, well, a very important agency these days. IOM, the UN agency -- International Organization for Migrants. This, again, was a replacement of SAP. We also won the U.K. Ministry of Defense. We went live with a big bang, ERP, HCM, SCM for over 50,000 user go-live.

在公共部門，我們最近獲得了一個非常重要的機構的訂單。國際移民組織（IOM），也就是聯合國的一個機構－國際移民組織。這又是一個SAP的替代品。我們也贏得了英國國防部的訂單。我們一舉上線了ERP、HCM和SCM，用戶超過5萬人。

In high tech, Zoom went live on ERP and SCM. Iron Mountain went live on ERP, SCM. I'll try it again, Bed Bath & Beyond, that's hard to say fast, went live on ERP. Tiffany went live on an HCM expansion for 300 of their stores.

在高科技領域，Zoom 上線了 ERP 和 SCM。 Iron Mountain 上線了 ERP 和 SCM。我再說一遍，Bed Bath & Beyond，很難說快，也上線了 ERP。 Tiffany 為其 300 家門市上線了 HCM 擴展。

In engineering and construction, Jacobs went live on ERP and SCM.

在工程和建築領域，Jacobs 開始採用 ERP 和 SCM。

Environmental services, waste management, big suite go live on ERP and supply chain.

環境服務、廢棄物管理、大套件在 ERP 和供應鏈上上線。

And I'll finish it off in professional services where ABM went live.

我將在 ABM 上線的專業服務領域完成它。

Okay. So very, very strong quarter for us in the back office in ERP and HCM.

好的。對於我們的 ERP 和 HCM 後台部門來說，這是一個非常非常強勁的季度。

Now I'd like to switch from SaaS to Infrastructure. And we had a major announcement and -- are making a major announcement about our other database. The 2 most popular databases in the world are Oracle and MySQL. MySQL is the world's most popular open source database. MySQL is very good at transaction processing, but historically has not been good at query processing.

現在我想從SaaS轉向基礎設施。我們之前發布了一個重要公告，現在又發布了關於我們另一個資料庫的重要公告。世界上最受歡迎的兩個資料庫是Oracle和MySQL。 MySQL是世界上最受歡迎的開源資料庫。 MySQL非常擅長事務處理，但歷史上在查詢處理上表現不佳。

So MySQL customers usually use the MySQL database for query -- for transaction processing. And then they'll move their data from the MySQL database into Redshift, at Amazon or into Snowflake to do the query processing. That's how it's typically used. MySQL for transaction processing, Redshift, Snowflake for query processing.

因此，MySQL 使用者通常使用 MySQL 資料庫進行查詢－進行事務處理。然後，他們會將資料從 MySQL 資料庫遷移到 Amazon 的 Redshift 或 Snowflake 中進行查詢處理。這就是它的典型用法。 MySQL 用於事務處理，Redshift 用於查詢處理，Snowflake 用於查詢處理。

By the way, AWS has their own version of MySQL. They call it Aurora. And the AWS, MySQL Redshift -- MySQL Aurora, Redshift business is a multibillion-dollar business. Oracle -- now we're going after that business in 2 ways. We built a product, MySQL HeatWave, which is different than earlier versions of MySQL. MySQL HeatWave is good at both transaction processing and query processing. So MySQL HeatWave doesn't simply replace Aurora. It replaces both Aurora and Redshift or it replaces both Aurora and Snowflake because MySQL HeatWave does transaction processing very well, replacing Aurora. And it does query processing a lot better than Redshift or Snowflake.

順便說一句，AWS 有自己的 MySQL 版本，他們稱之為 Aurora。 AWS、MySQL Redshift——MySQL Aurora、Redshift 業務是一項價值數十億美元的業務。 Oracle——現在我們正在透過兩種方式拓展這項業務。我們建立了一款產品 MySQL HeatWave，它與早期版本的 MySQL 不同。 MySQL HeatWave 擅長事務處理與查詢處理。因此，MySQL HeatWave 不僅僅是取代 Aurora。它同時取代了 Aurora 和 Redshift，或同時取代了 Aurora 和 Snowflake，因為 MySQL HeatWave 在事務處理方面非常出色，可以取代 Aurora。而且它的查詢處理能力比 Redshift 或 Snowflake 強得多。

Because HeatWave runs -- and we decided for the first time to make this a multicloud product. So Oracle HeatWave will run -- runs already in the Oracle Cloud, but it is -- we also have it up and running in AWS. And Azure users will be able to use it as well. So it is a multicloud product.

因為 HeatWave 可以運作——我們首次決定將其打造為多雲產品。 Oracle HeatWave 可以在 Oracle Cloud 中執行，但我們也在 AWS 中部署並運行了它。 Azure 使用者也可以使用它。所以它是一款多雲產品。

AWS users -- why did we do that? We did that because we're going after the Aurora user base and the Redshift and Snowflake user base. We want to make it really easy to convert from Aurora and Redshift or Aurora and Snowflake to Oracle HeatWave. And if we're running on AWS, for example, you press a button, a couple of buttons, and your data is moved immediately to Oracle MySQL HeatWave. You do not have to change your application at all. You press a couple of buttons, and you move it. Okay. Why would you do that? Well, because the cost performance benefits of moving to MySQL HeatWave are extraordinary.

AWS 用戶－我們為什麼要這麼做？我們這樣做是因為我們瞄準的是 Aurora 用戶群、Redshift 和 Snowflake 用戶群。我們希望能夠輕鬆地從 Aurora 和 Redshift 或 Aurora 和 Snowflake 遷移到 Oracle HeatWave。例如，如果我們在 AWS 上執行，您只需按一下按鈕，幾個按鈕，您的資料就會立即遷移到 Oracle MySQL HeatWave。您根本不需要更改應用程式。只要按幾個按鈕，就可以遷移資料。好的。為什麼要這樣做？因為遷移到 MySQL HeatWave 的性價比優勢非常顯著。

Now I'm going to stop talking, and I'm going to start reading. And I'm going to start reading analyst quotes, and I'm going to read them word for word. So when I say the benefits are extraordinary, I'm understating what they're saying. So let me bring up the slides. I'm going to just start reading a few quotes.

現在我要停止演講，開始朗讀。我要開始朗讀分析師的言論，逐字逐句地讀。所以，當我說這些好處非同尋常時，我低估了他們的意思。所以，讓我把幻燈片放上來。我先朗讀幾句。

Okay. One industry analyst, "Combined with HeatWave and Autopilot -- combined with HeatWave and Autopilot, MySQL database service may very well be the single greatest innovation in open source cloud databases in the past 20 years. MySQL HeatWave and Autopilot represent a quantum leap with top light query performance and superb transaction support. Oracle wants to open up a second front in the battle for the database market leadership. They're attracting an entirely different user base with this product."

好的。一位產業分析師說：「結合 HeatWave 和 Autopilot，MySQL 資料庫服務很可能成為過去 20 年開源雲端資料庫領域最偉大的創新。MySQL HeatWave 和 Autopilot 憑藉頂級的查詢效能和卓越的事務支援實現了質的飛躍。Oracle 希望在資料庫市場領導地位的爭奪戰線中開闢第二條戰線。

Wikibon believes that the technology underlying MySQL HeatWave is an inflection point in database design and architecture. The MySQL HeatWave technology is by far the best in the market.

Wikibon 認為，MySQL HeatWave 的底層技術是資料庫設計和架構的轉捩點。 MySQL HeatWave 技術是迄今為止市場上最好的技術。

"Oracle have shown AWS and Snowflake how to design and architect a true MySQL cloud database. Customers can expect MySQL HeatWave to outperform about 7x faster than Amazon Redshift or Snowflake at 2.5 -- 2x to 5x lower cost. The benefits against Amazon Aurora are even greater."

Oracle 已向 AWS 和 Snowflake 展示如何設計和建構真正的 MySQL 雲端資料庫。客戶可以預期，MySQL HeatWave 的效能將比 Amazon Redshift 或 Snowflake 快 7 倍左右，而成本則低 2.5 到 2 到 5 倍。相較於 Amazon Aurora，其優點更為顯著。

"New entrants such as Snowflake will need to improve their cloud technology fast to stay competitive with HeatWave."

“像 Snowflake 這樣的新進入者需要快速改進其雲端技術，才能與 HeatWave 保持競爭力。”

This is all word for word what analysts are saying. And these are the most distinguished database analysts in the business.

這些都是分析師逐字逐句說出來的。他們可是業界最傑出的資料庫分析師。

The bottom line is we believe the competition just got outplayed in every measurable metric imaginable. This represents a wake-up call for the industry and a rude awakening to the database cloud competition as they all must respond now to the MySQL innovation juggernaut.

歸根究底，我們認為競爭對手在所有可衡量的指標上都敗下陣來。這不僅為整個產業敲響了警鐘，也為資料庫雲端競爭對手敲響了警鐘，因為他們現在都必須對 MySQL 的創新浪潮做出反應。

HeatWave is the physical manifestation of nearly 10 years of deep database engineering techniques, over 5 dozen patents and demonstrates what real cloud database innovation looks like in 2021.

HeatWave 是近 10 年深度資料庫工程技術的體現，擁有超過 50 項專利，展示了 2021 年真正的雲端資料庫創新。

"Oracle introduced MySQL HeatWave, and they did send shock waves because they named and shamed basically every database company out there."

“Oracle 推出了 MySQL HeatWave，確實引起了震動，因為它點名批評了基本上所有的資料庫公司。”

And my favorite is what they talked about with Snowflake. "You can spend $80,000 on HeatWave, and that would cost you $420,000 to run on Snowflake. It's a no-brainer."

我最喜歡的是他們談論Snowflake的部分。 “你可以花8萬美元購買HeatWave，但用Snowflake運行卻要花42萬美元。這簡直是天方夜譚。”

These new fully transparent benchmarks -- by the way, we put all of our benchmarks on GitHub. It's all public, the code, the data. The customers can reproduce all of these benchmarks that the analysts are talking about. That's what the analysts did. The analysts went out and ran their own benchmarks. And they were shocked. These new fully transparent benchmarks demonstrate HeatWave's performance, price and scale advantages over all other MySQL and cloud databases. Clearly, the cloud data warehouse market wasn't ready for this. And now the competition needs to scramble as they grapple for answers.

這些全新的完全透明基準測試——順便說一下，我們把所有基準測試都放在了 GitHub 上。程式碼和資料都是公開的。客戶可以重現分析師討論的所有基準測試。分析師們也正是這麼做的。他們自己跑了跑基準測試，結果令人震驚。這些全新的完全透明基準測試證明了 HeatWave 相較於所有其他 MySQL 和雲端資料庫在效能、價格和規模方面的優勢。顯然，雲端資料倉儲市場還沒有為此做好準備。現在，競爭對手需要努力尋找答案。

For organizations using MySQL, Oracle has given them yet another reason to invest in its HeatWave offering by delivering 7x the performance at 1/5 the cost of solutions such as Snowflake.

對於使用 MySQL 的組織，Oracle 為他們投資 HeatWave 產品提供了另一個理由，以 Snowflake 等解決方案 1/5 的成本提供了 7 倍的效能。

Together with massive scale-out capabilities, this combination makes MySQL HeatWave melt down Snowflake and vaporize -- it sounds like I wrote it, but I didn't. These are -- and we'll provide you with all of these quotes, all in -- full context, names, quotes. These are all analyst quotes. "Taken together with massive scale-out capabilities, this combination makes MySQL HeatWave melt down Snowflake and vaporize Amazon Redshift with AQUA. MySQL HeatWave's TPC-H analytics testing literally blows away Amazon's Redshift with AQUA in both performance and cost performance. It's 6.8x faster and 47% less expensive. Amazon Redshift with AQUA is 18x slower, resulting in MySQL HeatWave coming in at an extraordinary 17x better, 17x better cost performance. MySQL HeatWave with Autopilot sets the bar orders of magnitude higher than AWS, Azure, Google and Snowflake.

結合強大的橫向擴展能力，這個組合讓 MySQL HeatWave 徹底碾壓 Snowflake，使其化為烏有——聽起來像是我編的，但其實並非如此。以下是—我們將為您提供所有這些引言，包括完整的上下文、名稱和引文。這些都是分析師的引言。 「結合強大的橫向擴展能力，這個組合讓 MySQL HeatWave 徹底碾壓 Snowflake，並使搭載 AQUA 的 Amazon Redshift 化為烏有。MySQL HeatWave 的 TPC-H 分析測試在性能和性價比方面都遠超載 AQUA 的 Amazon Redshift。它的速度提高了 68 倍18 倍，而 MySQL HeatWave 的效能和性價比分別提高了 17 倍和 17 倍。

I think I'll stop right there and turn it back to Safra.

我想我會就此停下來並將其轉回薩夫拉。

Thank you, Larry. Holly, if you could please prepare the audience for Q&A portion of the call.

謝謝你，拉里。霍莉，請你為電話會議的問答環節做好準備。

(Operator Instructions) And our first question for the day will come from the line of Brad Zelnick with Deutsche Bank.

（操作員指示）我們今天的第一個問題來自德意志銀行的布拉德澤爾尼克。

Congrats on the continued momentum and especially all those great customer wins, Larry. I have one quick one for Safra and then a follow-up for you. Safra, just looking at my model, it looks like you had your strongest organic revenue growth in 10 years this quarter. And I just want to make sure I've got that right, and I'm not missing anything.

拉里，恭喜你持續保持良好的發展勢頭，尤其是贏得這麼多客戶。我先跟薩弗拉提個簡短的問題，然後再跟進一下。薩弗拉，根據我的模型，你本季的有機收入成長看起來是十年來最強勁的。我只是想確保我的數據準確無誤，沒有遺漏任何資訊。

Yes. You've got that right. And it's basically because of what I've been telling you all for a while, which is our fastest-growing business, which is our Cloud, is now getting to be very big. And when you're growing different parts of the business, 25%, 30%, 40%, 60%, and it's a big number, it causes these -- it's just math here. It increases the overall rate of growth of the business.

是的，你說得對。這基本上是因為我之前一直在跟大家說，我們成長最快的業務，也就是我們的雲端運算，現在規模越來越大。當業務的不同部分成長時，25%、30%、40%、60%——這是一個很大的數字——它會導致這些——這只是數學問題。它提高了業務的整體成長率。

And Larry, you now have an increasing number of ISPs that are now supporting and embedding OCI as well as targeted programs where you have some of the largest global SIs in the world really leaning in. Can you talk to us about how you're winning the ecosystem with OCI? And as well, if you can update us on the mix of traditional versus nontraditional Oracle workloads. Just help us get a sense of how the use cases are evolving and where you see that mix going.

Larry，現在有越來越多的網路服務供應商 (ISP) 支援並嵌入 OCI，還有一些針對性的項目，其中一些全球最大的系統整合商 (SI) 也積極參與其中。您能否談談您是如何利用 OCI 贏得生態系統的？另外，能否介紹一下 Oracle 傳統與非傳統工作負載的組合？請協助我們了解用例的演變情況，以及您認為這種組合的未來發展方向。

Well, I think it's broad based. I think one of -- the back office -- one of our partners -- we're working with one of the largest banks on the planet with -- on a payment system, a B2B payment system because the ERP customers are coming to Oracle. So if you look at the future with the fact that we're so strong, dominant, I'd argue, in Cloud ERP, what does the B2B purchase look like? A B2B purchase looks like, in a modern cloud world, one Oracle ERP system making a purchase from another Oracle ERP system. And we want to automate that B2B transaction, that the 2 Oracle ERP systems are talking to one another.

嗯，我認為它的基礎很廣泛。我認為我們的一個合作夥伴——後台部門——正在與全球最大的銀行之一合作開發一個支付系統，一個B2B支付系統，因為ERP客戶正在轉向Oracle。所以，如果你展望未來，考慮到我們在雲端ERP領域如此強大、佔據主導地位，我認為B2B採購會是什麼樣子？在現代雲端世界中，B2B採購就像一個Oracle ERP系統從另一個Oracle ERP系統採購。我們希望實現B2B交易的自動化，讓這兩個Oracle ERP系統相互通訊。

To automate that transaction, we have to be able to pay for that -- we have to be able to check credit, finance the payments, arrange logistics. So we're working with a large -- a very large bank and a very large logistics company to automate that aspect of our ERP business. Some of it's never been -- you don't think of ERP doing that, but it's this network of these ERP systems talking to one another. That's a huge business revenue opportunity to turn on that B2B payment system.

為了實現交易自動化，我們必須能夠支付——我們必須能夠核查信用、提供付款融資並安排物流。因此，我們正在與一家大型銀行和一家大型物流公司合作，以實現 ERP 業務的自動化。有些業務從未實現過——你可能不會想到 ERP 能夠做到這一點，但正是這些 ERP 系統之間的網路相互通訊。啟用 B2B 支付系統是一個巨大的商業收入機會。

So the banks are joining in. Logistic companies are joining in because the customers are here. Once the ERP customers started coming to Oracle, all of the adjacent applications and all the ISVs with adjacent applications wanted to be in the same cloud as the ERP customers. The integrators had to become familiar with the cloud because that's where the customers are, and that's where customers are going. The ISVs. And these are kind of interesting ISVs. Giant banks, giant logistics companies putting up their logistics and payment systems in our cloud to facilitate B2B transactions between our ERP system is just a gigantic business opportunity that no one really ever thought about before.

所以銀行也加入了進來。物流公司也加入了進來，因為客戶就在這裡。一旦ERP客戶開始使用Oracle，所有相關的應用程式以及所有擁有相關應用程式的ISV都希望與ERP客戶使用同一個雲端平台。整合商必須熟悉雲，因為客戶就在那裡，客戶也會去那裡。這些ISV很有趣。大型銀行和大型物流公司將他們的物流和支付系統部署到我們的雲端平台中，以促進我們ERP系統之間的B2B交易，這是一個巨大的商機，以前沒有人真正想過。

And our next question will come from the line of Raimo Lenschow with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Raimo Lenschow。

I'm trying my luck here, Safra, but like any comments on the TikTok rumors that came out today?

我在這裡試試運氣，薩弗拉，但對於今天出現的 TikTok 謠言有什麼評論嗎？

And then in case you don't want to answer that. Larry, one for you on, on that success in the back office systems, like, is that driven by post-pandemic people realizing, "Oh, shoot, I really need to update that." So that's kind of more temporary boom that you're seeing here? Or do you think there's more legs to that?

如果你不想回答這個問題，Larry，我想問你一個問題，關於後台系統的成功，是不是因為疫情過後人們意識到「哦，該死，我真的需要更新它了」？所以你現在看到的只是暫時的繁榮？還是說，你認為這種繁榮還有很長的路要走？

The one thing I can tell you is we have an excellent relationship with the folks at TikTok.

我可以告訴你的一件事是，我們與 TikTok 的員工關係非常好。

Yes. I'll second that. It's excellent. Let me take the other part of your question, which is, do I think this is a kind of a year 2000-like pandemic boom, people rushing to get to the cloud, and it's going to slow down after now that the pandemic, thank God, is beginning to recede. Just the opposite. We're really still in the early days. We're in the early days of either understanding how different Cloud ERP is from on-premise ERP. And I just mentioned this one interesting example in that in the modern world, as more and more people go to Cloud ERP and you buy -- you procure something, that it's really one Oracle ERP system talking to another Oracle ERP system, but it needs to be facilitated through -- with a financial -- a finance partner and probably multiple finance partners and multiple logistics partners and -- to automate and finance and move that product from A to B and finance that product and understand when it's going to be delivered, all of those things. So no, I think we're really in the early -- really early days.

是的，我同意。這非常好。讓我來談談你問題的另一部分，那就是，我是否認為這就像2000年那樣的疫情熱潮，人們爭相湧向雲端，而現在疫情開始消退，這種熱潮會放緩？恰恰相反。我們真的還處於早期階段。我們還在理解雲端ERP和本地ERP有何不同。我剛才提到了一個有趣的例子，在現代社會，隨著越來越多的人使用雲端ERP，你購買——你採購一些東西，實際上是一個Oracle ERP系統與另一個Oracle ERP系統對話，但這需要通過一個財務合作夥伴，可能還有多個財務合作夥伴和多個物流合作夥伴來實現，以實現自動化和融資，並將產品從產品從產品交付到B地，為產品所以不，我認為我們真的還處於早期階段——真的很早期。

Even though we now have 10,000 customers in Oracle ERP Fusion, and another almost 30,000 customers in total, including NetSuite, I still think we're in the very early days of doing this. It's just getting faster. I mean the growth -- our growth is accelerating, accelerating, accelerating. You look at our growth rate, it's not going down. We're getting bigger, and the growth rate, and we're sustaining that mid-30s -- high 20s, mid-30s growth rate with NetSuite and Fusion in spite of the fact we've more than doubled.

儘管我們現在有1萬家Oracle ERP Fusion客戶，加上NetSuite，總共有近3萬家客戶，但我仍然認為我們才剛起步。它正在變得越來越快。我的意思是，我們的成長速度正在不斷加快。看看我們的成長率，它並沒有下降。我們的規模越來越大，成長率也越來越高。儘管NetSuite和Fusion的規模已經翻了一番多，但我們仍然保持著35%左右、25%左右、35%左右的成長率。

And our next question will come from the line of Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛 (Phil Winslow)。

Congrats on another quarter of accelerating growth. One comment from your script today really stood out to me, and that was continued to grow profits while we push our top line growth into the double digits next year. Now obviously, this is continued reacceleration from the 6% to 8% the past 2 quarters and your guidance, obviously, on a constant currency basis for Q4. So my question to you, Safra and Larry is, can you help just unpack this for us in terms of the puts and takes between database and apps, cloud and on-premise, et cetera, that give you confidence for continued acceleration in the double digits, but also, like you said, while growing profits?

恭喜您又一個季度的加速成長。今天您演講稿中有一則評論讓我印象深刻，那就是利潤將繼續成長，同時我們將在明年將營收成長推向兩位數。顯然，這是過去兩季6%到8%的持續加速，而且您給出的第四季業績指引顯然是基於固定匯率計算的。所以我想問您，Safra 和 Larry，您能否為我們詳細分析一下資料庫和應用程式、雲端和本地部署等等之間的利弊，這些利弊讓你們對繼續保持兩位數成長充滿信心，同時，正如您所說的，利潤也會持續增長？

Okay. So as you've seen, we've made a lot of investments. We basically -- our CapEx this year is double last year, and that's because we've been putting out a lot of capability around the world. Simultaneously, our revenues have been increasing. But over the past few years, we've had parts of the business that were significant parts of the business that were shrinking. And now, as you see in this quarter, for example, all lines of businesses are increasing. We have different lines of business have bookings growth, some of which are as high as well over 100%.

好的。如您所見，我們進行了大量投資。今年的資本支出基本上是去年的兩倍，這是因為我們在全球大力投入產能。與此同時，我們的收入也在成長。但在過去幾年裡，我們業務中一些重要的部分一直在萎縮。而現在，例如您在本季看到的，所有業務線都在成長。我們不同業務線的訂單量都有成長，其中一些甚至超過了100%。

And so what's happened is the -- most of the business is now growing. And so they're much less of the negatives. And the things that we're getting smaller like application license, for example, is a very small number now. And then, of course, our technology license is going very, very well, including, just this quarter, technology was up 9%. So the Cloud business is on an absolute role. You can see it in the numbers already and ERP, HCM, but also, of course, OCI straight and Autonomous Database. And just all those parts of the business are now growing, and they're large. And the shrinking parts of the business -- first of all, there's a lot less shrinking. We grew, and to the extent that we have some supply chain loosening where we are able to deliver all of our bookings, we just expect growth sort of all over the place. And so we're very upbeat about this next year.

所以現在的情況是——大部分業務現在都在成長。所以負面因素少了很多。我們業務規模越來越小，例如應用程式許可證，現在只佔很小的比例。當然，我們的技術許可證成長非常非常好，光是本季度，技術許可證就成長了9%。所以，雲端業務絕對佔了主導地位。您可以從資料中看到這一點，包括ERP、HCM，當然還有OCI Direct和自治資料庫。所有這些業務現在都在成長，而且規模很大。至於那些萎縮的業務——首先，萎縮幅度要小得多。我們實現了成長，而且在一定程度上，我們的供應鏈有所放鬆，我們能夠交付所有訂單，我們預計各個方面都會實現成長。所以我們對明年的情況非常樂觀。

Our next question is going to come from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on a great quarter. It's great to see the momentum really showing through to the results now. Last quarter, you guys talked a lot about an increasing focus on verticals, particularly banking and health care. This quarter, you're talking about rolling up some of those verticals. Can you talk to us a little bit more about the approach on how you build up and create that roll up in the vertical? How much of that effort is building like vertical-specific products? How much of it is a new go-to-market strategy, if you will, or aligning the go-to-market strategy for those verticals? And how much work is left to be done on those 2 sides?

恭喜您取得如此出色的季度業績！很高興看到這種勢頭真正體現在業績中。上個季度，你們多次談到要加大對垂直產業的關注，尤其是銀行和醫療保健。本季度，你們又談到要拓展其中一些垂直產業。能否再多談談你們是如何在垂直產業建立和拓展這些業務的？其中有多少精力用於打造針對特定垂直產業的產品？有多少是用來制定新的市場進入策略，或是調整這些垂直產業的市場進入策略？這兩方面還有多少工作要做？

Well, let me just start with health care because you think of health care as a vertical, and Cerner is certainly in a vertical, which is an epic they compete for providers. And people think of that as, well, that's health care. But that's not health care. There's clinical trials for -- in pharmaceutical companies. You want to integrate -- the clinical trials the pharmaceutical companies pay for and run, but actually not really. The providers run those clinical trials. So the whole ecosystem -- no one's ever tried to do the entire ecosystem. But to answer your question, we had -- we are greatly enhancing our HCM system for hospitals so that they can have nurses that work 3 days a week or 4 days a week and doctors that work in a couple of different hospitals. And scheduling these independent contractors, if you will, is very complicated.

好吧，我先從醫療保健說起，因為人們通常認為醫療保健是一個垂直行業，而 Cerner 無疑處於垂直行業，他們爭奪供應商，競爭異常激烈。人們認為這就是醫療保健。但那不是醫療保健。製藥公司也有臨床試驗。你想整合製藥公司出資並經營的臨床試驗，但實際上並非如此。這些臨床試驗是由供應商營運的。所以，整個生態系統——從來沒有人嘗試過建構整個生態系統。但要回答你的問題，我們正在大力改進醫院的 HCM 系統，這樣他們就可以安排護士每週工作 3 天或 4 天，醫生則可以在幾家不同的醫院工作。而安排這些獨立承包商的工作，如果你願意的話，是非常複雜的。

You don't of think of hospitals as being a collection of independent contractors, but it's full-time workers and independent contractors, and scheduling them is complex. Paying them is complex. Some of them are unionized. The rules are complex. So we're doing a massive -- we're doing a lot of industry-specific features for hospitals to help them manage their workforce.

你不會把醫院想像成獨立承包商的集合，但它是由全職員工和獨立承包商組成的，安排他們的工作時間很複雜。支付他們的工資也很複雜。其中一些人還加入了工會。規則也很複雜。因此，我們正在為醫院開發大量行業特定的功能，以幫助他們管理員工隊伍。

In inventory, hospital inventory isn't in a warehouse. Hospital inventory, the drug, they're scattered all throughout the hospital. Nurses stations have drugs -- there's an interesting drug called tranexamic acid, which is used to stop bleeding. Well, you can't go to the warehouse -- someone's bleeding, you can't go to the warehouse and look for the drug. You've got to be able to find it immediately, and it's got to be close to the operating room. It's got to be close to -- where intensive -- the intensive care unit. So the inventory is distributed all throughout the hospital. So we are putting RFID tags in all the inventory so you can find things very, very quickly. So how we handle inventory is being enhanced specifically for hospitals. And I can go on and on.

就庫存而言，醫院的庫存並不存放在倉庫裡。醫院的藥品，也就是藥品，它們分散在醫院的各個角落。護士站裡有藥品－有一種很有趣的藥叫氨甲環酸，用來止血。嗯，你沒辦法去倉庫──有人出血了，你沒辦法去倉庫找這種藥。你必須能夠立即找到它，而且它必須靠近手術室。它必須靠近——重症監護病房。所以，庫存分佈在醫院的各個角落。我們在所有庫存中都安裝了RFID標籤，這樣你就能非常快速地找到東西。所以我們的庫存管理方式正在針對醫院進行改進。我還可以繼續說下去。

One thing a doctor does is before I can authorize a test, before I can authorize prescribing a drug for a patient, I have to check with the insurance company to make sure they'll pay for it. Now -- so the doctors and hospitals spend a lot of time negotiating with the payer, the insurance company. Well, okay, given these symptoms, can I get this test paid for? Yes, no? Given these symptoms, can I get this drug paid for? Yes, no? We're automating that interaction between the payers and the providers. So yes, we're adding a lot of industry-specific features to automate the interactions in the entire ecosystem.

醫生的一項職責是，在授權進行檢查、為患者開藥之前，我必須先與保險公司確認，確保他們能夠支付費用。因此，醫生和醫院需要花費大量時間與付款方（也就是保險公司）進行協商。例如，根據這些症狀，我能支付這項檢查的費用嗎？可以，不可以？根據這些症狀，我能支付這種藥物的費用嗎？可以，不可以？我們正在實現付款方和醫療服務提供者之間的互動自動化。所以，我們正在添加許多行業特定的功能，以實現整個生態系統中互動的自動化。

And that's why we think we're in a good position to roll up health care, which is a gigantic industry. No one's ever really tried this before, but we have all the pieces. We have the payment pieces. We automate a lot of the insurers. We have HCM, which allows us to help them manage their workforce. We have ERP, which helps them keep track of inventory. And soon, we will have Cerner, which will help them to deliver care to patients. So we'll be -- and we have clinical trial system for the pharmaceutical base. We have the entire portfolio, and we're interconnecting all the pieces so we can make that ecosystem work efficiently for the first time. And actually, the pandemic has showed we're in desperate need of such an integrated system.

這就是為什麼我們認為我們處於有利地位，可以整合醫療保健這個龐大的產業。以前從未有人真正嘗試過，但我們擁有所有要素。我們擁有支付環節。我們實現了許多保險公司的自動化。我們擁有HCM，這使我們能夠幫助他們管理員工。我們擁有ERP，這可以幫助他們追蹤庫存。很快，我們將擁有Cerner，這將有助於他們為患者提供醫療服務。因此，我們擁有針對製藥業的臨床試驗系統。我們擁有完整的產品組合，並且我們正在將所有要素互連，以便我們能夠首次使該生態系統高效運作。事實上，疫情表明，我們迫切需要這樣一個整合系統。

Yes. It sounds like a massive value unlock if it gets all pulled together.

是的。如果一切順利的話，聽起來會釋放出巨大的價值。

I think we can do it. We're on our way to do it. And the benefits to Oracle are great. But actually, it's -- this is -- at least for me, personally, this is a mission. I think the benefits to every patient in the world is going to be enormous. We need to do this. The pandemic has shown a variety of weaknesses in our health care systems. We have the technology to address those weaknesses, and that's what we're going to do.

我認為我們能做到，而且我們正在努力實現它。這對甲骨文來說意義重大。但實際上，至少對我個人而言，這是一項使命。我認為這對世界上每位患者都將帶來巨大的益處。我們必須這樣做。這場疫情暴露了我們醫療體系的許多弱點。我們擁有彌補這些弱點的技術，而這正是我們要做的。

Okay. Let me just say one other thing. So we have a number of vertical industries in which we have products, and our competitors don't have products. And this has been a core part of how we work. We work with retailers. We work in financial services. We work in utilities. We work in construction engineering. We don't just modify ERP systems slightly and say we're in the industry. We're actually in operational systems in the industry, and it brings incredible value to our customers to be able to use these products.

好的。我再說一點。我們在許多垂直行業都有產品，而我們的競爭對手沒有。這一直是我們工作的核心部分。我們與零售商合作。我們服務金融服務業。我們服務於公用事業。我們服務於建築工程。我們不會只是稍微修改一下ERP系統就聲稱自己進入了這個行業。我們實際上涉足的是這個行業的營運系統，能夠使用這些產品為我們的客戶帶來巨大的價值。

Our last question for the day will come from the line of Kirk Materne with Evercore ISI.

今天的最後一個問題來自 Evercore ISI 的 Kirk Materne。

Safra, I was hoping you could expand a bit on the strength in Cloud at Customer. And just really 2 things about that. How should we think about Cloud at Customer being somewhat of a leading indicator for adoption of Autonomous Database? And then are any of the supply constraints starting to loosen up a bit on that front in terms of maybe helping to accelerate rev rec in that area over the next couple of quarters?

Safra，我希望您能稍微闡述一下客戶雲的優勢。關於這一點，我只想提兩點。我們該如何看待客戶雲端作為自治資料庫採用的領先指標？此外，在這方面，供應限制是否會有所放鬆，這可能有助於在未來幾季加速該領域的營收成長？

Well, I will admit that the past couple of years have been really challenging, and I'm incredibly proud of our team. I think our excellent relationships with our wonderful suppliers made it possible for us to build out our cloud as well as provide hardware to our customers. We couldn't meet every need as quickly as we would have liked, and we have an extremely large backlog. That is absolutely true. That backlog also gives me enormous visibility because those customers have told us they want Cloud at Customer or they want hardware. And I have a line of sight to get it landed in their facilities.

嗯，我承認過去幾年確實充滿挑戰，我為我們的團隊感到無比自豪。我認為，我們與優秀供應商的良好關係使我們能夠建立雲端服務，並為客戶提供硬體。我們無法像預期的那樣快速滿足所有需求，而且我們積壓了大量訂單。這是千真萬確的。這些積壓訂單也讓我擁有極高的視覺性，因為這些客戶告訴我們，他們想要客戶雲端服務或硬體。而我能夠掌控這些訂單，確保它們順利送達他們的設施。

The reality is that we have so much going on at the same time. We've built out our cloud internationally. We've built a number of private clouds where it is exactly the same capability as our public cloud for our customers who have regulatory requirements that require something special or whether it's data sovereignty or otherwise. And we are meeting everyone's needs. And I think that, again, the incredible optimism you hear from me and Larry is very much because we have line of sight to the massive demand that has been coming our way and that we've been handling and a line of sight on how to deliver it.

事實上，我們同時在做很多事。我們已經在全球範圍內建立了我們的雲端服務。我們為那些有特殊監管要求（無論是資料主權還是其他方面）的客戶建立了多個私有雲，其功能與我們的公有雲完全相同。我們正在滿足每個人的需求。我認為，您從我和拉里那裡聽到的令人難以置信的樂觀情緒，很大程度上是因為我們洞察到了我們面臨的巨大需求，並且我們一直在處理這些需求，並且知道如何滿足這些需求。

So now, I read the newspaper -- actually, I don't read the newspaper. I read the computer that used to be a newspaper. And so we see everything that's going on. But I'm extremely confident in the capabilities of my team to execute.

所以現在，我讀報紙——實際上，我不讀報紙了。我讀的是曾經是報紙的電腦。所以我們能看到正在發生的一切。但我對我的團隊的執行能力非常有信心。

And that will conclude the Q&A portion of today's call. I will turn it over to management for their closing comments.

今天電話會議的問答環節到此結束。接下來，我將把時間交給管理階層，請他們發表總結發言。

Thank you, Holly. 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 it back to Holly to close the call.

謝謝你，霍莉。本次電話會議的電話回放將在我們投資者關係網站上提供24小時的回放。感謝大家今天的參與。現在，請霍莉結束這次電話會議。

Once again, we'd like to thank you for participating in today's Oracle Third Quarter 2022 Conference Call. You may now disconnect.

再次感謝您參加今天的 Oracle 2022 年第三季電話會議。現在您可以斷開連線了。