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.

下午好。謝謝你的支持。歡迎參加甲骨文 2022 年第三季度電話會議。

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 Oracle 的高級副總裁 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.

謝謝你，霍莉。大家下午好，歡迎參加甲骨文 2022 財年第三季度收益電話會議。可以從投資者關係網站查看和下載新聞稿和財務表的副本，其中包括 GAAP 與非 GAAP 對賬和其他補充財務信息。此外，在本次電話會議之後，投資者關係網站將提供最近購買 Oracle 雲服務或在 Oracle 雲上上線的許多客戶的列表。

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

今天的電話會議是董事長兼首席技術官拉里·埃里森（Larry Ellison）；和首席執行官，薩夫拉卡茨。

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，今天的討論將包括前瞻性陳述，包括預測、預期、估計或其他可能被視為前瞻性的信息。在今天的討論中，我們將介紹一些與我們的業務相關的重要因素，這些因素可能會影響這些前瞻性陳述。這些前瞻性陳述也受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異。因此，我們告誡您不要過度依賴這些前瞻性陳述，我們鼓勵您查看我們最近的報告，包括我們的 10-K 和 10-Q 以及任何適用的修訂，以全面討論這些因素以及可能影響我們未來業績或我們股票市場價格的其他風險。最後，我們沒有義務根據新信息或未來事件修改我們的結果或這些前瞻性陳述。

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

在提問之前，我們將從一些準備好的評論開始。但是，我們不會對 Cerner 發表任何評論。

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

有了這個，我想把電話轉給 Safra。

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。我想首先承認由於俄羅斯入侵烏克蘭而在東歐發生的悲慘事件。我們正在非常努力地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，一周前我們做得很好。

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.

我現在將轉向甲骨文的第三季度業績。除非我另有說明，否則我將使用恆定的美元增長率來審查我們的非公認會計原則結果。顯然，我們有一個出色的季度，總收入增長超過 7%。不僅總收入高於我的指導中點，而且也是自我們開始向雲過渡以來的最高有機增長率。我們在所有領域都看到了廣泛的優異表現。 10 多年來，我們業務的所有部門首次出現增長。

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.

雲計算總收入（按年計算）現在為 112 億美元，增長了 26%。我預計雲收入將退出 20 年代中期增長的財年。本季度雲服務和許可支持總收入為 76 億美元，增長 8%，占公司總收入的 73%。 GAAP 應用程序訂閱收入實現了創紀錄的 10% 的有機增長，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 應用增長了 29%，戰略後台應用現在年化收入為 51 億美元，增長 30%，包括 Fusion ERP，增長 35%；和 Fusion HCM，增長 22%；和 NetSuite ERP，增長 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.

GAAP 基礎設施訂閱收入為 45 億美元，增長 7%，高於上一季度。不包括傳統託管服務，基礎設施雲服務增長超過 60%。我預計基礎設施收入增長率將隨著時間的推移而走高。

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.

包括自治數據庫在內的 OCI 消費增長了 93%，也高於上一季度。 Cloud at Customer 的總收入增長了 43%，Cloud at Customer 機器的積壓量增長到三位數。

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.

包括數據庫支持和數據庫雲服務在內的數據庫訂閱收入增長了 4%，再次高於上一季度。許可收入為 13 億美元，增長 4%，我們的科技業務表現強勁。因此，本季度的總收入為 105 億美元，增長超過 7%，正如我之前提到的，這是我們 10 多年來的最高有機增長率。

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.

由於我們投資以滿足對雲服務不斷增長的需求，本季度的運營費用增長了 10%。雲服務和許可支持的毛利率為 84%，毛利潤美元增長 5%。我預計雲服務和許可證支持的全年毛利潤增長將高於去年。我們的計劃是繼續增加利潤，同時我們明年將我們的收入增長推向兩位數。

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.

非美國通用會計準則營業收入為 48 億美元，比去年增長 4%。營業利潤率為 46%，高於我們所有的競爭對手。

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.

每股收益受到約 0.05 美元的不利影響，主要是由於上個季度股票市場普遍低迷影響股票投資的股價下跌。

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.

本季度的非公認會計原則稅率為 19%，與我們的基本稅率一致。每股收益為 1.13 美元，按固定匯率計算增長 1%，按美元計算下降 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%，略低於我們的基準稅率。 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.

過去四個季度的經營現金流為 104 億美元，同期我們的自由現金流為 66 億美元。這兩項結果都受到第二季度一次性訴訟指控的負面影響。

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，第三季度的資本支出為 11 億美元。我們今年有望在資本支出上投資 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.

我們現在擁有超過 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，增長 1%，總遞延收入增長 6%。由於預訂量非常強勁，剩餘的履約義務或 RPO 餘額為 385 億美元，按固定匯率計算增長 13%。預計未來 12 個月將確認約 59% 的收入。

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.

正如我們之前多次說過的，我們致力於通過技術創新、戰略收購、股票回購以及審慎使用債務和股息來為股東回報價值。本季度，我們回購了 700 萬股，總計 6 億股，因為我們在購買 Cerner 之前減少了回購。我們在過去 12 個月中支付了 35 億美元的股息，董事會再次宣布季度股息為每股 0.32 美元。

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

我們的業務很強勁，因為我們快速增長的雲業務繼續成為整體業務的更大比例。

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，我的指導假設 Cerner 不會在第四季度關閉，儘管它很可能會在第四季度關閉。再一次，Cerner 應該在第一年增值。其次，雲從根本上說是一項比本地更有利可圖的業務。我預計我們現在正在完成的 2022 財年全年非公認會計原則營業利潤率將比大流行前的 44% 水平高出 1% 到 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.

現在讓我談談我對第四季度的指導，我將在非公認會計原則的基礎上提供。現在，美元在 11 月大幅走強。眾所周知，本季度波動很大。但假設貨幣匯率與現在保持不變，我預計第四季度收入將受到 2% 至 3% 的貨幣逆風，每股收益為 0.05 美元。當然，美元很容易從這裡走強。

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.

預計第四季度的總收入按固定匯率計算將增長 6% 至 8%，按美元計算將增長 3% 至 5%。第四季度的雲服務和許可支持收入預計將增長 6% 至 8%，以美元計算，增長 4% 至 6%。第四季度的非公認會計原則每股收益預計在 1.40 美元至 1.44 美元之間（按固定匯率計算）。 GAAP 每股收益預計在 1.35 美元至 1.39 美元之間。現在，由於我們去年看到的一些巨額投資收益以及去年非常低的稅率，預計非 GAAP 和 GAAP 每股收益都將同比下降。為 10.7%。這兩者都掩蓋了我們繼續從核心雲業務中看到的強勁盈利增長和勢頭。

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.

我對第四季度的每股收益指導假設基本稅率為 19%。然而，正如我一直說的那樣，一次性稅收事件可能會導致任何給定季度的實際稅率更高或更低，但我預計在這些一次性稅收事件正常化時，我們的非公認會計原則稅率平均約為 19% 左右。

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

有了這個，我會把它交給拉里徵求他的意見。

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.

謝謝你，薩夫拉。我的評論有兩部分。如果您願意，我將開始照常營業。這在我們的 ERP 和 HCM 雲業務中不斷發展壯大。我將介紹我們的 SaaS（戰略性 SaaS 業務）的勝利和上線。其次，我要談談我們全新的 MySQL HeatWave 產品。我認為公平地說，我將閱讀報價 - 我要做的是稍微談談它，然後我將閱讀分析師和客戶的報價。我想你會發現，在我們的歷史上，我們從未有過如此受客戶和分析師歡迎的產品。我不確定這個行業是否也有。這些真的是——這是一項了不起的創新，但我馬上就會談到這一點。

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 業務現在表現如何？總體而言，我們取得了令人難以置信的進步，在 ERP 和 HCM 後台贏得了越來越多的勝利。第三季度是 ERP 雲銷售異常強勁的季度。我們現在擁有超過 10,000 家 Fusion ERP、HCM 客戶。我們第一次開始看到——我們從事這項業務的時間已經足夠長了。我們開始看到我們將某些行業捲起來，從地球上最大的行業開始，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。那麼我們在醫療保健方面做得如何？我們已經擁有 Tenet Health、Kaiser、Mayo Clinic、Cleveland Clinic、Northwell Health、Mount Sinai、Atrium Health。我可以列出一長串 ERP 和 HCM 在醫療保健領域的勝利——這些都是醫療保健提供者。我們增加了一些額外的醫療保健提供者，主要是醫院和診所。我們添加了 CHS，即社區健康服務。那是一個財團，那是 83 家醫院，這是 ERP、HCM、SCM 的勝利。我們正在替換 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.

我之所以這麼說是因為 Kronos——這些醫院確實如此——雖然他們沒有被認為與 Uber 有一些相似之處，但他們有很多在醫院工作的人不是醫院的僱員。醫院有零工經濟。醫生在多家醫院、多家診所工作，擁有自己的辦公室。護士，同樣的道理。在我們不斷變化的經濟中，安排和支付醫院的勞動力是最複雜的事情之一。我們已經調整了我們的 HCM 系統，以便我們幫助醫院招聘、跟踪、安排和支付他們的衛生專業人員。

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，不是很知名的人是 Kronos。我們開始在醫院領域替換 Kronos，我們在社區衛生系統中做到了。我們在 TriHealth 贏得了 Workday 的 HCM 交易。羅馬琳達大學的醫療保健中心，我們在那裡贏得了 HCM，他們已經有了我們的 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.

醫療保健很有趣。我從談論醫院開始，提供——提供醫療保健的人。醫療保健行業遠不止於此。有醫療器械製造商。有製藥公司。付款人、保險公司和政府機構都是這個醫療保健生態系統的一部分。因此，我們不僅專注於醫院和診所等供應商，而且我們還贏得了強生公司與 SAP 的大型 ERP 交易——在強生公司。我們在醫療設備公司 Haemonetics 贏得了與 SAP 的大型 ERP 交易。我們贏得了薩斯喀徹溫省衛生局（政府付款人之一）的 ERP 交易，而醫療保健的大多數付款人都是政府。

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.

因此，我們正在為整個生態系統構建特定的特性和功能，以實現全面自動化的醫療保健。沒有人能夠捲起醫療保健。每個人都解決了這部分問題，只是提供者，只是門診診所，只是住院醫院，只是付款人，只是製藥公司，只是醫療設備。我們正在追求整個集成生態系統，並且取得了一些不錯的成果。顯然，這影響了我們購買 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.

我們在方濟各會傳教士衛生系統有很棒的生活。這是一個由 20 多家醫院組成的聯盟。我們贏得了 Entegris Health。他們在我們的 ERP、HCM d SCM、16 家醫院上線。 Nemours Children's Health 在 HCM 上線，擁有 34,000 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.

因此，醫療保健對我們來說是一種真正的力量。顯然，隨著我們為供應商提供額外的能力，我們將通過 Cerner 變得更強大。

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，我們一直將其列為我們關鍵戰略目標的另一個行業是金融服務。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、瑞士信貸、瑞銀、法國農業信貸銀行等等都是我們在 ERP 和 HCM 方面的客戶。我們剛剛在 TD Bank 贏得了 TD Bank，ERP 戰勝了 SAP。我們剛剛贏得了矽谷銀行，又一次戰勝了 SAP。我們在法國贏得了法國興業銀行。在第二季度贏得農業信貸銀行後，我們現在擁有 3 家最大銀行中的 2 家，我們將獲得另一家。我們很快就會得到巴黎銀行。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 上上線。因此，金融服務業再次強大，變得更加強大。

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.

在通信領域，我們的大客戶 AT&T、Orange、MTN、Bharti Airtel 遍布世界各地。我們剛剛在 Rogers Communications 贏得了一場 ERP 大勝。 Wind Tre 的巨大上線，這是一個替代品。 Wind Tre 的上線是對 SAP 的替代，不是戰勝 SAP，而是替代現有的 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.

在物流和運輸方面，我們的大客戶是 UPS、FedEx、Knight Swift、Yellow、Schneider National 等。在 U.S. Xpress，我們在 ERP HCM 上戰勝了 SAP。我們在取代 Workday 的情況下在 TD 贏得了 HCM 的貨運勝利。沒有擊敗工作日。我們更換了現有的工作日系統。在 DHL 上線。 DHL 真的很有趣。它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.

我們在德國取得了許多勝利。我認為這就是為什麼我們這些天對前贏家充滿信心的原因 - 內部部署 ERP 戰爭的贏家 SAP。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公司。我們贏得了 [杜爾 IT 服務]，而且我們剛剛在戴姆勒卡車上贏得了 SAP 的勝利。

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，一個真正不以購買打包應用軟件而聞名的國家。我們在松下有一個很好的位置。我們在松下。我們在豐田。我們在瑞穗金融服務。本季度，佳能大獲全勝——佳能在 ERP 上大勝 SAP。在日本最大的 5 家總承包商之一的大成取得了巨大的勝利。所以在德國做得很好，在日本做得很好，在這些大經濟體做得很好，從歷史上看，我們在應用方面做得不好，但現在我們做得很好。

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.

在雜貨店，我們有 Sainsbury、Co-op、Tesco、Auchan、Kroger 和 Albertsons。我們在 Kroger 進行了大規模的 ERP 擴展，並在 Albertsons 進行了大規模上線，擁有 280,000 名用戶。 Albertsons 現在同時在 HCM 和金融市場上直播。在雜貨店非常強大。

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.

酒店和度假村是我們的大標誌，萬豪、希爾頓、凱撒、米高梅。我們剛剛贏得了洲際酒店和度假村的替代——這是 HCM 的勝利。替換——我們不能說出我們在 HCM 中替換了誰，只能說他們是我們的一個非常大的雲競爭對手。希爾頓，我們上線了 HCM，這是英國最大的 HCM 擴展。

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。高等教育，我們的大標誌是加州大學洛杉磯分校、普林斯頓大學、羅格斯大學、范德比爾特大學、賓夕法尼亞州立大學、德克薩斯大學。我們在英國劍橋大學增加了 HCM 勝利。我們為加州大學的 ERP 系統增加了 3 個校區。我們現在有 9 個 UC 校園中的 6 個用於 ERP。 Tennessee，田納西大學，我們贏得了ERP和HCM。亞利桑那大學，ERP 大勝，全是高等教育。

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.

但在其他一些行業，如消費品行業，我們在聯合利華的一個部門的 ERP、SCM 方面取得了非常重要的勝利。那是 SAP 的替代品。不是戰勝 SAP，而是我們取代了他們。

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.

在航空航天和國防領域，我們贏得了 BAE Systems 的 ERP 和 SCM——戰勝了 SAP。在塔塔鋼鐵，我們贏得了 HCM 勝過 SAP。我們在康明斯贏得了一個大的——全套擴展。 Eni，在石油和天然氣領域，一直是 SAP——對 SAP 來說非常非常強大的行業。我們在一家天然氣公司擊敗了他們，埃尼。

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，這些天我們得到了一個非常重要的機構。 IOM，聯合國機構——國際移民組織。這又一次取代了 SAP。我們還贏得了英國國防部。我們為超過 50,000 名用戶上線了大爆炸、ERP、HCM、SCM。

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 在 ERP 和 SCM 上上線。 Iron Mountain 在 ERP、SCM 上上線。我會再試一次，Bed Bath & Beyond，很難說很快，在 ERP 上上線了。 Tiffany 為其 300 家門店進行 HCM 擴展。

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

在工程和建築方面，Jacobs 採用了 ERP 和 SCM。

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

環境服務、廢物管理、大型套件在 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 上線的專業服務中完成它。

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

好的。對於我們在 ERP 和 HCM 的後台辦公室來說，這個季度非常非常強勁。

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 切換到基礎架構。我們發布了一個重大公告，並且正在發布關於我們其他數據庫的重大公告。世界上最受歡迎的 2 個數據庫是 Oracle 和 MySQL。 MySQL 是世界上最流行的開源數據庫。 MySQL 非常擅長事務處理，但歷來不擅長查詢處理。

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.

所以 MySQL 客戶通常使用 MySQL 數據庫進行查詢——用於事務處理。然後他們會將他們的數據從 MySQL 數據庫轉移到 Redshift、Amazon 或 Snowflake 以進行查詢處理。這就是它通常的使用方式。 MySQL 用於事務處理，Redshift，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。他們稱之為極光。而AWS、MySQL Redshift——MySQL Aurora、Redshift業務是一項價值數十億美元的業務。甲骨文——現在我們以兩種方式追求該業務。我們構建了一個產品 MySQL HeatWave，它與早期版本的 MySQL 不同。 MySQL HeatWave 擅長事務處理和查詢處理。所以 MySQL HeatWave 並沒有簡單地取代 Aurora。它取代了 Aurora 和 Redshift，或者同時取代了 Aurora 和 Snowflake，因為 MySQL HeatWave 很好地完成了事務處理，取代了 Aurora。它的查詢處理比 Redshift 或 Snowflake 好得多。

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 運行 - 我們第一次決定將其作為多雲產品。所以甲骨文 HeatWave 將運行——已經在甲骨文云中運行，但它是——我們也在 AWS 中啟動並運行它。 Azure 用戶也可以使用它。所以它是一個多雲產品。

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——我們為什麼要這樣做？我們這樣做是因為我們要追求 Aurora 用戶群以及 Redshift 和 Snowflake 用戶群。我們想讓從 Aurora 和 Redshift 或 Aurora 和 Snowflake 轉換到 Oracle HeatWave 變得非常容易。例如，如果我們在 AWS 上運行，您按下一個按鈕，幾個按鈕，您的數據就會立即移動到 Oracle MySQL HeatWave。您根本不必更改您的應用程序。你按下幾個按鈕，然後移動它。好的。為什麼要這麼做？好吧，因為遷移到 MySQL HeatWave 的成本性能優勢是非凡的。

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.

現在我要停止說話了，我要開始閱讀了。我將開始閱讀分析師的報價，我將逐字閱讀它們。所以當我說這些好處是非凡的時，我低估了他們在說什麼。因此，讓我打開幻燈片。我將開始閱讀一些引文。

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。一位行業分析師表示：“結合 HeatWave 和 Autopilot——結合 HeatWave 和 Autopilot，MySQL 數據庫服務很可能是過去 20 年開源雲數據庫中最偉大的創新。MySQL HeatWave 和 Autopilot 代表了一個巨大的飛躍。輕量級的查詢性能和出色的事務支持。Oracle 希望在爭奪數據庫市場領導地位的戰鬥中開闢第二條戰線。他們正在通過該產品吸引完全不同的用戶群。”

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 底層技術是數據庫設計和架構的一個拐點。 MySQL HeatWave 技術是目前市場上最好的。

"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 已經向 AWS 和 Snowflake 展示瞭如何設計和構建真正的 MySQL 雲數據庫。客戶可以預期 MySQL HeatWave 的性能比 Amazon Redshift 或 Snowflake 快 7 倍，成本降低 2.5 倍 - 2 到 5 倍。與 Amazon Aurora 相比，優勢甚至是更大。”

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

“像 Snowflake 這樣的新進入者將需要快速改進他們的雲技術，以保持與 HeatWave 的競爭力。”

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

這就是分析師所說的逐字逐句。這些是業內最傑出的數據庫分析師。

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.

最重要的是，我們相信競爭在每一個可以想像的可衡量指標上都被擊敗了。這代表了行業的警鐘和對數據庫雲競爭的粗魯覺醒，因為他們現在都必須對 MySQL 創新巨頭做出反應。

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 年深度數據庫工程技術、5 多項專利的物理體現，展示了 2021 年真正的雲數據庫創新是什麼樣子。

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

“甲骨文推出了 MySQL HeatWave，他們確實引發了衝擊，因為他們點名並羞辱了幾乎所有的數據庫公司。”

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."

我最喜歡的是他們與雪花談論的內容。 “您可以在 HeatWave 上花費 80,000 美元，而在 Snowflake 上運行將花費您 420,000 美元。這很容易。”

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.

這些新的完全透明的基準測試——順便說一下，我們將所有的基準測試都放在了 GitHub 上。這一切都是公開的，代碼，數據。客戶可以重現分析師談論的所有這些基準。這就是分析師所做的。分析師們走出去運行他們自己的基準。他們感到震驚。這些新的完全透明的基准證明了 HeatWave 的性能、價格和規模優勢，優於所有其他 MySQL 和雲數據庫。顯然，雲數據倉庫市場還沒有為此做好準備。現在，競爭對手需要爭先恐後地尋找答案。

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 通過提供 7 倍的性能而成本僅為 Snowflake 等解決方案的 1/5，為他們提供了另一個投資於 HeatWave 產品的理由。

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.

再加上大規模的橫向擴展功能，這種組合使 MySQL HeatWave 融化了 Snowflake 並蒸發了——聽起來像是我寫的，但我沒有。這些是 - 我們將為您提供所有這些報價，全部包含在 - 完整的上下文、名稱、報價中。這些都是分析師的報價。 “再加上大規模的橫向擴展功能，這種組合使 MySQL HeatWave 融化了 Snowflake，並使用 AQUA 蒸發了 Amazon Redshift。MySQL HeatWave 的 TPC-H 分析測試在性能和成本性能方面完全擊敗了 Amazon 的 Redshift 和 AQUA。它的速度提高了 6.8 倍成本降低 47%。使用 AQUA 的 Amazon Redshift 速度慢 18 倍，導致 MySQL HeatWave 的性能提高了 17 倍，成本性能提高了 17 倍。使用 Autopilot 的 MySQL HeatWave 比 AWS、Azure、Google 和 Snowflake 設置了數量級的標準.

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

我想我會停在那裡，把它轉回薩夫拉。

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，如果可以的話，請讓聽眾為電話的問答部分做好準備。

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

（操作員說明）我們今天的第一個問題將來自德意志銀行的 Brad Zelnick。

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.

祝賀持續的勢頭，尤其是所有那些偉大的客戶勝利，拉里。我為 Safra 準備了一個快速的，然後為您提供後續服務。 Safra，看看我的模型，看起來你本季度的有機收入增長是 10 年來最強勁的。我只是想確保我做對了，而且我沒有遺漏任何東西。

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。這基本上是因為我已經告訴你們一段時間了，這是我們增長最快的業務，也就是我們的雲，現在變得非常大。當你發展業務的不同部分時，25%、30%、40%、60%，這是一個很大的數字，它會導致這些——這裡只是數學。它提高了業務的整體增長率。

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.

拉里，你現在有越來越多的 ISP 正在支持和嵌入 OCI 以及有針對性的項目，你有一些世界上最大的全球 SI 真正傾向於這些項目。你能和我們談談你是如何獲勝的嗎OCI 的生態系統？此外，如果您能向我們介紹傳統與非傳統 Oracle 工作負載的組合情況。只需幫助我們了解用例是如何演變的，以及您看到的組合將走向何方。

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，我認為它是廣泛的。我認為其中之一 - 後台 - 我們的合作夥伴之一 - 我們正在與地球上最大的銀行之一合作 - 支付系統，B2B支付系統，因為ERP客戶正在使用甲骨文.因此，如果您以我們如此強大、占主導地位的事實來看待未來，我會爭辯說，在雲 ERP 中，B2B 採購會是什麼樣子？在現代云世界中，B2B 採購看起來像是一個 Oracle ERP 系統從另一個 Oracle ERP 系統進行採購。我們希望自動化 B2B 交易，即 2 個 Oracle ERP 系統相互通信。

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.

為了使交易自動化，我們必須能夠為此付費——我們必須能夠檢查信用、為付款融資、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，以自動化我們 ERP 業務的這方面。其中一些從未發生過——你不會想到 ERP 會這樣做，但正是這些 ERP 系統的網絡相互交流。這是開啟 B2B 支付系統的巨大商業收入機會。

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.

所以銀行加入了。物流公司加入，因為客戶在這裡。一旦 ERP 客戶開始使用 Oracle，所有相鄰的應用程序和所有具有相鄰應用程序的 ISV 都希望與 ERP 客戶在同一個雲中。集成商必須熟悉雲，因為那是客戶所在的地方，也是客戶要去的地方。獨立軟件開發商。這些都是有趣的獨立軟件開發商。大型銀行、大型物流公司將他們的物流和支付系統放在我們的雲中，以促進我們的 ERP 系統之間的 B2B 交易，這只是一個以前沒有人真正想過的巨大商機。

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

我們的下一個問題將來自巴克萊資本的 Raimo Lenschow。

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

Safra，我在這裡碰碰運氣，但是喜歡對今天出現的 TikTok 謠言的任何評論嗎？

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?

然後如果你不想回答這個問題。拉里，一個給你的，關於後台系統的成功，比如，是由大流行後的人們意識到的，“哦，開槍，我真的需要更新它。”所以你在這裡看到的是一種更暫時的繁榮？或者你認為有更多的腿嗎？

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 的人們有著良好的關係。

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。我會第二個。太棒了。讓我談談你問題的另一部分，我是否認為這是一種類似於 2000 年的大流行熱潮，人們爭先恐後地走向雲端，並且在大流行之後會放緩，謝謝上帝，開始退去。恰好相反。我們真的還處於早期階段。我們還處於了解雲 ERP 與本地 ERP 有何不同的早期階段。我剛剛提到了一個有趣的例子，在現代世界中，隨著越來越多的人使用雲 ERP，你購買——你採購了一些東西，它實際上是一個 Oracle ERP 系統與另一個 Oracle ERP 系統對話，但它需要通過 - 與財務合作 - 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，以及 - 自動化和融資並將該產品從 A 轉移到 B 並為該產品提供資金並了解何時交付，所有這些東西。所以不，我認為我們真的處於早期 - 非常早期。

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.

儘管我們現在在 Oracle ERP Fusion 中擁有 10,000 名客戶，以及包括 NetSuite 在內的另外近 30,000 名客戶，但我仍然認為我們還處於這樣做的早期階段。它只是越來越快。我的意思是增長——我們的增長正在加速，加速，加速。你看看我們的增長率，它並沒有下降。我們的規模越來越大，增長率也越來越高，儘管我們已經翻了一倍多，但我們正在維持 30 年代中期——20 年代中期，NetSuite 和 Fusion 的 30 年代中期增長率。

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

我們的下一個問題將來自瑞士信貸的菲爾溫斯洛。

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?

祝賀又一個季度加速增長。你今天劇本中的一條評論對我來說真的很突出，在我們明年將收入增長推向兩位數的同時，利潤繼續增長。現在顯然，這是過去兩個季度從 6% 到 8% 的持續重新加速，顯然，您的指導是在第四季度的固定貨幣基礎上。所以我對你的問題，Safra 和 Larry，你能不能幫我們解開這個問題，在數據庫和應用程序、雲和內部部署等方面，讓你有信心在雙倍中繼續加速數字，但也像你說的那樣，在增長利潤的同時？

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。我們基本上 - 我們今年的資本支出是去年的兩倍，那是因為我們一直在世界各地投入大量能力。同時，我們的收入也在增加。但是在過去的幾年裡，我們的部分業務是業務的重要組成部分，正在萎縮。現在，正如您在本季度看到的那樣，所有業務線都在增加。我們有不同的業務線都有預訂增長，其中一些甚至高達 100% 以上。

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.

所以發生的事情是 - 現在大部分業務都在增長。所以它們的負面影響要少得多。而我們變得越來越小的東西，例如應用程序許可證，現在是一個非常小的數字。然後，當然，我們的技術許可進展非常非常好，包括，就在本季度，技術增長了 9%。因此，雲業務扮演著絕對的角色。您已經可以在數字和 ERP、HCM 中看到它，當然還有 OCI 直接和自治數據庫。業務的所有這些部分現在都在增長，而且規模很大。以及業務的萎縮部分——首先，收縮的幅度要小得多。我們成長了，並且在某種程度上我們有一些供應鏈鬆動，我們能夠交付我們所有的預訂，我們只是期望在整個地方都有增長。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.

我們的下一個問題將來自摩根士丹利的 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?

祝賀一個偉大的季度。很高興看到勢頭現在真正體現在結果中。上個季度，你們談到了越來越多地關注垂直行業，特別是銀行和醫療保健。本季度，您談論的是捲起其中一些垂直行業。你能和我們多談談你如何在垂直方向上建立和創建捲軸的方法嗎？有多少努力是在構建垂直特定產品？如果您願意的話，其中有多少是新的上市策略，或者調整這些垂直市場的上市策略？這兩個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，讓我從醫療保健開始，因為您認為醫療保健是垂直的，而 Cerner 肯定是垂直的，這是他們爭奪供應商的史詩。人們認為這就是醫療保健。但這不是醫療保健。在製藥公司有臨床試驗。你想整合——製藥公司支付和運行的臨床試驗，但實際上並非如此。提供者進行這些臨床試驗。所以整個生態系統——沒有人試圖做整個生態系統。但是為了回答你的問題，我們有 - 我們正在大大加強我們的醫院 HCM 系統，以便他們可以擁有每週工作 3 天或每週 4 天的護士和在幾家不同醫院工作的醫生。如果您願意，安排這些獨立承包商是非常複雜的。

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.

你不認為醫院是獨立承包商的集合，但它是全職工人和獨立承包商，安排他們很複雜。付錢給他們很複雜。他們中的一些人加入了工會。規則很複雜。所以我們正在做一個大規模的——我們正在為醫院做很多行業特定的功能，以幫助他們管理他們的勞動力。

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.

在庫存中，醫院庫存不在倉庫中。醫院庫存，藥物，它們散落在整個醫院。護士站有藥物——有一種有趣的藥物叫做氨甲環酸，用來止血。好吧，你不能去倉庫——有人在流血，你不能去倉庫找藥。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 - 重症監護室 - 重症監護室。因此，庫存分佈在整個醫院。因此，我們在所有庫存中都放置了 RFID 標籤，這樣您就可以非常非常快速地找到東西。因此，我們處理庫存的方式正在專門針對醫院進行改進。我可以繼續下去。

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.

醫生要做的一件事是在我授權測試之前，在我授權給病人開藥之前，我必須與保險公司核實以確保他們會支付費用。現在 - 所以醫生和醫院花費大量時間與付款人，保險公司進行談判。好吧，鑑於這些症狀，我可以為這項檢查付費嗎？是的，不是嗎？鑑於這些症狀，我可以買這種藥嗎？是的，不是嗎？我們正在自動化付款人和提供商之間的交互。所以是的，我們正在添加許多行業特定的功能來自動化整個生態系統中的交互。

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一個很好的位置來推動醫療保健，這是一個巨大的行業。以前沒有人真正嘗試過這個，但我們擁有所有的部分。我們有付款件。我們自動化了很多保險公司。我們擁有 HCM，這使我們能夠幫助他們管理員工隊伍。我們有 ERP，它可以幫助他們跟踪庫存。很快，我們將擁有 Cerner，這將幫助他們為患者提供護理。所以我們會 - 我們有製藥基地的臨床試驗系統。我們擁有整個產品組合，並且我們正在互連所有部分，因此我們可以首次使該生態系統高效運行。實際上，大流行表明我們迫切需要這樣一個綜合系統。

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

是的。如果將所有內容整合在一起，這聽起來像是一個巨大的價值解鎖。

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.

我認為我們可以做到。我們正在努力做到這一點。甲骨文的好處是巨大的。但實際上，這是 - 這是 - 至少對我個人而言，這是一項使命。我認為對世界上每一位患者的益處將是巨大的。我們需要這樣做。大流行表明我們的醫療保健系統存在各種弱點。我們擁有解決這些弱點的技術，這就是我們要做的。

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。讓我再說一件事。所以我們有很多垂直行業，我們有產品，而我們的競爭對手沒有產品。這一直是我們工作方式的核心部分。我們與零售商合作。我們從事金融服務。我們在公用事業工作。我們從事建築工程。我們不只是稍微修改 ERP 系統並說我們在行業中。我們實際上處於行業的運營系統中，能夠使用這些產品為我們的客戶帶來了難以置信的價值。

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

我們今天的最後一個問題將來自於 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，我希望你能在 Cloud at Customer 方面有所擴展。真的只有兩件事。我們應該如何看待 Cloud at Customer 在某種程度上是採用自治數據庫的領先指標？然後，是否有任何供應限制開始在這方面有所放鬆，可能有助於在接下來的幾個季度加速該領域的 rev rec？

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.

好吧，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構建我們的雲並為我們的客戶提供硬件。我們無法像我們希望的那樣快速滿足所有需求，而且我們有大量的積壓工作。這是絕對正確的。積壓的工作也給了我很大的知名度，因為這些客戶告訴我們他們想要 Cloud at Customer 或者他們想要硬件。而且我有一條視線可以讓它降落在他們的設施中。

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.

現實情況是，我們同時有很多事情要做。我們已經在國際上構建了我們的雲。我們已經為我們的客戶構建了許多私有云，這些私有云的功能與我們的公共雲完全相同，這些客戶有特殊的監管要求，無論是數據主權還是其他方面。我們正在滿足每個人的需求。我認為，你從我和拉里那裡聽到的令人難以置信的樂觀情緒在很大程度上是因為我們看到了我們一直在處理的巨大需求，並且看到瞭如何應對交付它。

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，我看報紙——實際上，我不看報紙。我讀了曾經是報紙的電腦。所以我們看到了正在發生的一切。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.

這將結束今天電話會議的問答部分。我將把它交給管理層，以徵求他們的結束意見。

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重播將在我們的投資者關係網站上 24 小時提供。感謝您今天加入我們。有了這個，我會把它轉回給 Holly 來結束通話。

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 年第三季度電話會議。您現在可以斷開連接。