校正紀錄
本檔為英文原音＋AI 中譯並列之逐字稿，英文段落為原始發言，中文段落為機器翻譯。落地前未發現需改的英文轉寫誤植；中譯段落若與英文不符，一律以英文為準。
已知中譯誤差（英文原文正確，未改動）： - 「Ken，你也在那裡快兩年了」→ 英文為 "you've been there close to two [decades]"，實為近二十年。 - 「我們的合金業務表現良好」→ 英文 "our alloy business"，指 Oracle Alloy（主權雲產品線），非合金。 - 「甲骨文的資本支出」「Oracle 的資本支出」中英混用，不影響數字。 - Memo 摘要區塊「AI 代理超過 3.5 百萬次」與 Transcript 英文 "executed over 3.5 million times" 一致；摘要另處誤植為 1.5 億次者係 embedded AI uses，非 agent 執行次數。
如果這份整理有為你帶來價值，歡迎支持我們。
警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • 2027 財年第 1 季對 Oracle 來說是創紀錄的一季，總營收達到 193 億美元，按美元計算年增 30%（根據 2026 年 9 月 10 日音訊推斷）。雲端基礎設施營收為 74 億美元，增長 121%。非 GAAP 營業收入增長 31%，達 82 億美元，非 GAAP 每股盈餘（EPS）上升 30%，達 1.92 美元。剩餘履約義務（RPO）較第 4 季增加 260 億美元，公司在第 1 季完成了 200 億美元的市價發行股票。 [CFO - 00:02:20] • 本季雲端基礎設施營收增長 121%，繼第 4 季的 93% 增幅之後。Oracle 預期隨著更多 RPO 轉化為營收，這種加速趨勢將持續至 2027 財年剩餘期間，約有一半的 RPO 預計在未來 36 個月內轉化為銷售。 [CFO - 00:05:13] • Oracle 在第 1 季向客戶交付了 850 兆瓦的 AI 運算能力，包含超過 30 萬個 GPU，幾乎是第 4 季整季交付量的三倍，且佔去年整個財政年度交付總容量的 73%。 [CEO - 00:14:11] • 第 1 季 GPU 利用率維持在極高的 97.9%。所有本季需續約的 GPU 中，容量續約或轉售價格較先前合約溢價 20%，其中大多數 GPU 使用年限達四年以上。 [CEO - 00:14:50] • 2027 財年第 2 季指引：總營收成長預期介於 30% 至 34%，雲端營收預期成長介於 65% 至 71%，非 GAAP 每股盈餘預計介於 1.85 美元至 1.93 美元（成長 21% 至 25%）。全年指引上調至至少 900 億美元總營收（年增 34%）及非 GAAP 每股盈餘 8.10 美元。 [CFO - 00:19:24] 地緣政治 • Oracle 的主權雲端與主權 AI 產品需求強勁，在日本及中東地區建立了穩固的合作夥伴關係。這些產品支持商業及政府導向的主權雲端業務，並與 AI 緊密結合，因為許多客戶利用 Oracle 的 GPU 能力處理主權工作負載。 [CEO - 00:36:04] 產業循環週期 • 伺服器端運算與資料中心的需求隨時間持續增加，AI 應用案例更是強烈跟隨此趨勢。Oracle 指出，在需求超過供給的情況下，價格通常不會下降。 [CEO - 00:32:44] 產業供需 • 客戶需求持續支持 Oracle 的基礎設施投資。公司在第 1 季簽訂超過 300 億美元的額外 AI 合約，且無需 Oracle 額外資本投入。GPU 利用率維持在極高的 97.9%。 [CEO - 00:14:35] 產業狀況 • Oracle 在雲端基礎設施與雲端應用方面均面臨強勁需求，整個技術堆疊均呈現加速成長。公司持續推出創紀錄的新兆瓦容量，並受到運算與資料庫服務強勁需求的支持。 [CFO - 00:01:55] 獲利 • 非 GAAP 營業收入增長 31%，達 82 億美元，主要受益於強勁的營收成長與營運槓桿效應。非 GAAP 每股盈餘本季增長 30%，達 1.92 美元。 [CFO - 00:03:25] • 非 GAAP 基礎上的營業利潤率本季維持約 42%，與前期大致持平。 [CFO - 00:03:58] 公司展望、未來成長動能 • Oracle 預期隨著更多 RPO 轉化為營收，雲端基礎設施營收的加速成長將持續至 2027 財年剩餘期間。約有一半的 RPO 預計在未來 36 個月內轉化為銷售。 [CFO - 00:05:24] • Oracle 高度自信其全新 agentic AI 範式將為客戶帶來更快的投資報酬率，並加速應用業務成長。於 10 月的 AI World 大會上，Oracle 將推出一款全新的 agentic AI 加速器，旨在重新定義客戶部署 Oracle 應用的方式——更快速、更簡單且成本大幅降低。 [CEO - 00:09:20] • Oracle 預期 2027 財年第 2 季總營收成長介於 30% 至 34%，雲端營收成長介於 65% 至 71%。全年指引上調至至少 900 億美元總營收（年增 34%）及非 GAAP 每股盈餘 8.10 美元。 [CFO - 00:19:24] 市場競爭策略 • Oracle 仍是 AI 基礎設施市場中少數領導者之一。公司正尋找創新方式資助業務成長，包括自帶硬體（bring-your-own-hardware）及客戶預付款模式，使 Oracle 能在不完全依賴自身資本的情況下擴展規模。 [CEO - 00:22:32] 公司對市場觀點的看法 • Oracle 管理層強調，營業利潤率是價值創造的北極星，即使毛利率因基礎設施擴張而波動。公司預期隨著擴張完成，未來幾年毛利率將趨於平穩。 [CFO - 00:38:35] 營收 • 2027 財年第 1 季總營收達到創紀錄的 193 億美元，年增 30%。這是首次第 1 季總營收呈現環比成長，打破了過去第 1 季通常較輕、第 4 季創紀錄後的歷史模式。 [CFO - 00:02:20] • 第 1 季雲端基礎設施營收為 74 億美元，增長 121%。雲端應用營收增長 10%，其中 Fusion 及產業應用表現遠超此增長率。 [CFO - 00:02:54] 訂單 • Oracle 的剩餘履約義務（RPO）較第 4 季增加 260 億美元。絕大多數新合約為預付款或自帶硬體安排，因此不需 Oracle 額外資本投入。 [CFO - 00:04:18] 產品組合 • 雲端基礎設施與雲端應用均為成長主要動力。Fusion 及產業應用的成長率遠高於雲端應用的 10%。NetSuite 去年財政年度決策週期較慢，但現已推出新 AI 驅動產品 NetSuite Next，並已普遍上市。 [CFO - 00:02:12] [CEO - 00:10:27] 營收地區 • 日本三菱 UFJ 銀行加速採用 Fusion，Oracle 在日本及中東擁有強大的主權雲端合作夥伴關係。 [CEO - 00:10:43] [CEO - 00:36:10] 上游廠商 • Oracle 在與多家供應商及廠商的關係上投入大量資源，並創新商業模式，包括自帶硬體，以分散資本需求。 [CEO - 00:22:47] 下游客戶 • 客戶積極投資 Oracle 的完整應用套件，並強力採用內嵌 AI 功能。本季內嵌 AI 使用次數超過 1.5 億次，環比成長 42%。生產中的 AI 代理超過 2,300 個，季增 90%。 [CEO - 00:11:27] 同業 • Oracle 位居 AI 基礎設施市場少數領導者之列，創新資金模式與強勁客戶需求支持其成長。 [Managing Director - 00:21:39] [CEO - 00:22:32] 稼動率 • 第 1 季 GPU 利用率維持在極高的 97.9%。所有本季需續約的 GPU 中，容量續約或轉售價格較先前合約溢價 20%。 [CEO - 00:14:50] 出貨週期與交期 • Abilene 園區的客戶接受時間已壓縮至僅 24 小時，顯示系統交付時即已準備好承載客戶工作負載。八棟園區建築中已有六棟交付客戶，代表 618 兆瓦及總容量的 75%。 [CEO - 00:15:27] 新產品／新技術 • 於 10 月的 AI World 大會上，Oracle 將推出全新 agentic AI 加速器，旨在重新定義客戶部署 Oracle 應用的方式——更快速、更簡單且成本大幅降低。AI 驅動的 NetSuite Next 現已普遍上市，NetSuite AI Connector 服務已有超過 1 萬名客戶使用。 [CEO - 00:09:27] • Oracle 宣佈與 Quantinuum 建立多年合作夥伴關係，透過 OCI 提供 Helios 量子電腦。Helios 將在美國 OCI AI 資料中心運行，支持企業、研究及 AI 客戶的混合量子與 AI 工作負載。 [CEO - 00:17:16] 產品價格 • 在需求超過供給的市場中，價格通常不會下降。Oracle 已成功對續約容量實施約 20% 的價格調漲。 [CEO - 00:31:45] 合約價、現貨價 • 所有本季需續約的 GPU 中，容量續約或轉售價格較先前合約溢價 20%。Oracle 因成本上升而提高收費以獲得合理報酬，但不預期此舉會影響毛利率。 [CEO - 00:14:59] 出貨量 • Oracle 在第 1 季向客戶交付了 850 兆瓦的 AI 運算能力，包含超過 30 萬個 GPU，幾乎是第 4 季整季交付量的三倍。 [CEO - 00:14:11] 法規影響 • Oracle 正申請新墨西哥資料中心的空氣排放許可，該中心將使用 Bloom 燃料電池進行環保的現場發電。在威斯康辛州，Oracle 與合作夥伴合作透過電網供能，並與公共服務委員會及公用事業公司協作。 [CEO - 00:28:18] 成本毛利 • 毛利率因資料中心擴張及基礎設施營收加速而如預期下降，但被較低的營運成本及強勁的營運槓桿效應所抵銷。非 GAAP 基礎上的營業利潤率維持約 42%，與前期大致持平。 [CFO - 00:03:38] • 毛利率預計今年將下降，並在未來幾年隨擴張完成而趨於平穩。營業利潤率是價值創造的主要指標。 [CFO - 00:41:10] 銷售／管理／研發費用 • 軟體業務毛利率較高，但毛利率以下的研發及銷售成本較高。基礎設施業務毛利率較低，但研發及銷售費用較低，且可利用公司已完成的研發成果。 [CFO - 00:39:37] 擴廠規劃 • Oracle 在美國及全球管理多個大型且多元的資料中心開發計畫。公司不依賴單一地點，並分階段在多個季度內逐步增加容量以降低風險。 [CEO - 00:26:32] 營業利益 • 非 GAAP 營業收入增長 31%，達 82 億美元，主要受益於強勁的營收成長與營運槓桿效應。 [CFO - 00:03:25] 業外損益 • 第 2 季非 GAAP 每股盈餘指引不包含去年第 2 季 Ampere 所錄得的收益。 [CFO - 00:19:55] 股本、增資、可轉換債券、庫藏股 • Oracle 已於第 1 季全數完成先前公告的 200 億美元市價發行股票。 [CFO - 00:06:59] 現金、現金流 • Oracle 在第 1 季創造了 230 億美元的營運現金流，反映出強勁執行力、穩健需求及客戶預付款的收取。該季資本支出總計 280 億美元，導致自由現金流為負 50 億美元。扣除預付款後，該季淨現金資本支出為 180 億美元。 [CFO - 00:06:17] • Oracle 預期全年資本支出介於 900 億至 950 億美元，淨現金資本支出不超過 700 億美元。 [CFO - 00:06:49] • Oracle 的每個主要專案本質上都是強勁的自由現金流產生器。一旦進入擴張階段，將提供接近稅後 EBITDA 100% 的自由現金流轉換率。此時業務具備一定程度的自我資金支持，產生大量自由現金流。 [CFO - 00:23:52] 管理層人事異動 • 投資人關係主管 Ken Bond 在擔任 Oracle 對投資社群的代表近二十年後，即將退休。 [Managing Director - 00:21:20] Transcript Presentation Operator
(00:00:01)Good day, everyone, and welcome to Oracle Corporation's first quarter fiscal year 2027 earnings call. Please note that this call is being recorded. If you have a question today, please press star one on your telephone keypad. Kindly limit yourself to one question. I would now like to hand the conference over to Mr. Ken Bond, Head of Investor Relations. Please go ahead, sir.
(00:00:01)大家好，歡迎來到甲骨文公司 2027 財年第一季度的財報電話會議。請注意，本次通話正在錄音。如果您今天有問題，請在電話鍵盤上按星號一。請限制自己提問一次。現在我將會議交給投資者關係負責人 Ken Bond 先生。請開始，先生。
Ken Bond - Oracle, Investor Relation
(00:00:28)Thank you, Miriam, and good afternoon, everyone. Welcome to Oracle's first quarter fiscal year 2027 earnings conference call. On the call today are Chief Executive Officer Mike Sicilia, Chief Executive Officer Clay Magouyrk, and Chief Financial Officer Hilary Maxson. A copy of the press release, including financial results, tables, supplemental financial metrics, and guidance, is now available on our Investor Relations website. Also available on our website are the slide deck used in this call and a GAAP to non-GAAP reconciliation.
(00:00:28)謝謝你，Miriam，大家下午好。歡迎來到甲骨文 2027 財年第一季度的財報會議。今天參加通話的有首席執行官 Mike Sicilia、首席執行官 Clay Magouyrk，以及首席財務官 Hilary Maxson。包含財務結果、表格、補充財務指標和指導的新聞稿副本，現在已在我們的投資者關係網站上提供。我們網站上還提供了本次通話使用的幻燈片和 GAAP 與非 GAAP 的對照。
Ken Bond - Oracle, Investor Relation
(00:01:00)As a reminder, today's discussion will include forward-looking statements, and we will address important factors relating to our business. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed today. Therefore, we caution against placing undue reliance on these statements and encourage you to review our most recent reports, including our 10-K, 10-Q, and any applicable amendments. Finally, we are not obligated to revise our results or forward-looking statements in light of new information or future events.
(00:01:00)提醒一下，今天的討論將包括前瞻性聲明，我們將討論與我們業務相關的重要因素。這些前瞻性聲明受到風險和不確定性的影響，可能導致實際結果與今天表達的結果有重大差異。因此，我們提醒您不要過度依賴這些聲明，並鼓勵您查看我們最近的報告，包括我們的 10-K、10-Q 及任何適用的修訂。最後，我們沒有義務根據新信息或未來事件修訂我們的結果或前瞻性聲明。
Ken Bond - Oracle, Investor Relation
(00:01:36)Before taking questions, we will begin with a few prepared remarks. With that, I will turn the call over to Hilary.
(00:01:36)在回答問題之前，我們將開始幾個準備好的發言。有鑑於此，我將通話交給 Hilary。
Hilary Maxson - Oracle, CFO
(00:01:43)Thank you, Ken. Hello, everyone. It's great to be here with you all today. As Ken mentioned, you can follow along with our remarks in the earnings slide deck on our website and via the webcast. If I had to describe this quarter in one word, it would be acceleration, as we are seeing faster execution across the company, translating into strong top- and bottom-line results. Q1 was another record quarter, driven by strength in both our cloud infrastructure and cloud applications businesses. Total revenue reached a record $19.3 billion, up 30% year-over-year in U.S.
(00:01:43)謝謝你，Ken。大家好。今天能和大家在一起真是太好了。正如 Ken 提到的，您可以在我們的網站和網絡直播中查看我們的發言內容。如果我必須用一個詞來形容這個季度，那就是加速，因為我們在整個公司中看到更快的執行，轉化為強勁的營收和利潤結果。第一季度是另一個創紀錄的季度，受到我們的雲基礎設施和雲應用業務的強勁推動。總收入達到創紀錄的 193 億美元，同比增長 30%。
Hilary Maxson - Oracle, CFO
(00:02:26)dollars. For the first time, Q1 total revenue grew sequentially, an important sign of our continued progress in building scaled infrastructure. Historically, a record Q4 was followed by a lighter Q1. But as we accelerate across the full technology stack—from infrastructure to database to software—that is no longer the case. Cloud infrastructure revenue for Q1 was $7.4 billion, up 121%, reflecting strong execution as we brought record levels of new megawatt capacity online, supported by continued strong demand for compute and our database services.
(00:02:26)美元。第一次，第一季度的總收入實現了環比增長，這是我們在建立規模化基礎設施方面持續進展的重要標誌。歷史上，創紀錄的第四季度後通常會有較輕的第一季度。但隨著我們在整個技術堆棧中加速——從基礎設施到數據庫再到軟件——這種情況不再存在。第一季度的雲基礎設施收入為 74 億美元，增長 121%，反映出我們在新兆瓦容量上線方面的強勁執行，並受到計算和數據庫服務持續強勁需求的支持。
Hilary Maxson - Oracle, CFO
(00:03:14)Cloud applications were up 10%, with Fusion and our industry applications performing well above that. Mike and Clay will provide more details on those businesses shortly. Our non-GAAP operating income increased 31% in U.S. dollars to $8.2 billion, driven by strong revenue growth and operating leverage. Our gross margin declined as expected, due to ramping up our data centers and the acceleration of infrastructure revenue. However, this was offset by lower operating costs and strong operating leverage tied to simplification and efficiency initiatives.
(00:03:14)雲應用增長 10%，Fusion 和我們的行業應用表現遠超此數字。Mike 和 Clay 將很快提供這些業務的更多細節。我們的非 GAAP 營業收入在美國增長了 31%，達到 82 億美元，這得益於強勁的收入增長和營運槓桿。我們的毛利率如預期下降，因為我們正在擴大數據中心並加速基礎設施收入。然而，這被較低的營運成本和與簡化及效率措施相關的強勁營運槓桿所抵消。總體而言，我們的營業利潤率在本季度保持大約平穩，非 GAAP 基準為 42%。
Hilary Maxson - Oracle, CFO
(00:03:58)Overall, our operating margin remained roughly flat for the quarter at 42% on a non-GAAP basis. This translated into a strong 30% increase in our non-GAAP EPS in U.S. dollars, reaching $1.92 for the quarter. Lastly, our remaining performance obligations, or RPO, increased by $26 billion from Q4. Two factors are driving this. First, we continued to grow our RPO during the quarter to support future revenues. The vast majority of these new contracts were prepaid or involved bring-your-own-hardware or similar arrangements, so they will not require incremental capital from Oracle.
(00:03:58)這轉化為我們的非 GAAP 每股收益在美國增長 30%，達到本季度的 1.92 美元。最後，我們的剩餘履約義務（RPO）從第四季度增加了 260 億美元。這是由兩個因素驅動的。首先，我們在本季度繼續增長 RPO，以支持未來的收入。這些新合同中的絕大多數是預付的，或涉及自帶硬體或類似安排，因此不需要甲骨文額外的資本。此外，這些新的 RPO 在 2028 財年或更晚之前不會影響我們的資本支出或收入。其次，我們在本季度開始看到 RPO 強勁轉化為收入，推動了我們的雲基礎設施結果。
Hilary Maxson - Oracle, CFO
(00:04:47)Additionally, this new RPO will not impact our CapEx or revenues until fiscal 2028 or later. Second, we began to see strong conversion of our RPO into revenues this quarter, driving our cloud infrastructure results. We have added slides illustrating this inflection point where RPO converts into revenues and operating profits. Specifically, cloud infrastructure revenues grew 121% this quarter, following a 93% increase in Q4. We expect this acceleration to continue through the remainder of fiscal 2027 as more RPO converts into revenues.
(00:04:47)我們增加了幻燈片，說明瞭 RPO 轉化為收入和營業利潤的這一轉折點。具體而言，本季度雲基礎設施收入增長了 121%，而第四季度增長了 93%。我們預計這一加速將在 2027 財年的剩餘時間內持續，因為更多的 RPO 轉化為收入。我們現在預計，約一半的 RPO 將在接下來的 36 個月內轉化為銷售。接下來，正如預期的那樣，公司的總收入在過去 12 個月的基礎上顯示出加速增長，第一季度的增長比第四季度高出五個百分點，這得益於雲基礎設施的貢獻增加。
Hilary Maxson - Oracle, CFO
(00:05:34)We now anticipate that approximately half of our RPO will convert into sales over the next 36 months. Next, as expected, total company revenues show acceleration on a trailing 12-month basis, with Q1 growth five points higher than Q4, driven by cloud infrastructure's increasing contribution. Finally, our operating income growth, also on a trailing 12-month basis, accelerated from 16% to 21% between Q4 and Q1. Now, turning to our balance sheet and cash flows. We generated a record $23 billion in cash flow from operations in Q1, reflecting strong execution amid robust demand and the collection of customer prepayments.
(00:05:34)最後，我們的營業收入增長，在過去 12 個月的基礎上，從第四季度的 16% 加速至第一季度的 21%。現在，轉向我們的資產負債表和現金流。我們在第一季創造了創紀錄的 230 億美元營運現金流，反映出在強勁需求和客戶預付款項的收集下的強大執行力。
Hilary Maxson - Oracle, CFO
(00:06:32)Our capital expenditures for the quarter totaled $28 billion, resulting in a negative free cash flow of $5 billion. Net of prepayments, our net cash capital expenditures were $18 billion for the quarter. It is important to note that our capital expenditures will not be evenly distributed throughout the year. We continue to expect total capital expenditures of $90 to $95 billion for the full year, with net cash capex not exceeding $70 billion. Finally, we are pleased to announce that we completed our previously disclosed $20 billion at-the-market equity issuance in full during Q1.
(00:06:32)本季度的資本支出總計為 280 億美元，導致負自由現金流為 50 億美元。扣除預付款後，我們本季度的淨現金資本支出為 180 億美元。重要的是要注意，我們的資本支出不會均勻分佈在整個年度。我們仍然預期全年總資本支出為 900 億至 950 億美元，淨現金資本支出不超過 700 億美元。最後，我們很高興地宣佈，我們在第一季完成了之前披露的 200 億美元市場發行的股票。
Hilary Maxson - Oracle, CFO
(00:07:10)With that, I will turn the call over to Mike and then Clay to provide more details on our cloud applications and infrastructure businesses.
(00:07:10)接下來，我將把電話交給 Mike，然後是 Clay，提供有關我們雲應用和基礎設施業務的更多細節。
Mike Sicilia - Oracle, CEO
(00:07:18)Thank you, Hilary. I'll begin by providing additional insights into the applications business. We continue to witness the strong appeal of application suites among our customers. Customers are investing in trusted, comprehensive solutions that seamlessly integrate agents and applications to run their businesses. The introduction of AI serves as an accelerator, not a replacement, for packaged applications. Our decades of experience managing business processes across industries and geographies for organizations of all sizes give us a deep understanding of how to help them succeed.
(00:07:18)謝謝你，Hilary。我將開始提供有關應用業務的更多見解。我們繼續見證應用套件在客戶中的強大吸引力。客戶正在投資於可信的、全面的解決方案，這些解決方案無縫整合代理和應用程序以運行他們的業務。人工智慧的引入是加速器，而不是包裝應用的替代品。我們在各行各業和地理區域管理業務流程的數十年經驗使我們深刻理解如何幫助他們成功。
Mike Sicilia - Oracle, CEO
(00:07:55)Even before AI emerged, application suites had already demonstrated their effectiveness. Companies increased profit margins through standardized end-to-end automation and efficient business processes, which proved more effective than one-off custom solutions. However, this required organizations to follow workflows and processes as designed in the system, which many struggled to do consistently across functions and teams. And across regions. AI changes this dynamic. Instead of requiring every employee to navigate and execute processes exactly as the system expects, AI agents can perform tasks using the organization's established workflows and business rules.
(00:07:55)即使在人工智慧出現之前，應用套件已經證明瞭其有效性。公司通過標準化的端到端自動化和高效的業務流程提高了利潤率，這比一次性定製解決方案更有效。然而，這要求組織按照系統設計的工作流程和流程運行，許多組織在跨功能和團隊的一致性上面臨挑戰。以及跨地區。人工智慧改變了這一動態。人工智慧代理可以使用組織已建立的工作流程和業務規則執行任務，而不需要每位員工完全按照系統的期望來導航和執行流程。
Mike Sicilia - Oracle, CEO
(00:08:43)Employees then focus on overseeing agents, resolving exceptions, and applying human judgment where it matters most. By combining applied AI with decades of sophisticated business rules, regulatory compliance, security models, data models, and customer configurations, we enable customers to continuously realize AI's value while keeping their data secure and operational guardrails intact. This approach allows organizations to harness the power of our application suites more easily than ever before. We are highly confident that this new paradigm will deliver much faster ROI for our customers.
(00:08:43)員工然後專注於監督代理、解決例外情況，並在最重要的地方應用人類判斷。通過將應用人工智慧與數十年的複雜業務規則、合規性、安全模型、數據模型和客戶配置相結合，我們使客戶能夠持續實現人工智慧的價值，同時保持其數據安全和操作邊界完整。這種方法使組織比以往任何時候都更容易利用我們的應用套件的力量。我們非常有信心這一新範式將為我們的客戶帶來更快的投資回報。
Mike Sicilia - Oracle, CEO
(00:09:27)At AI World in October, we will unveil a new agentic AI accelerator designed to redefine how customers deploy Oracle applications—faster, simpler, and at dramatically lower cost. Working alongside Oracle and customer teams, AI agents will automate and orchestrate implementations at unprecedented scale, compressing SaaS deployments from years to months, and months to weeks. It is the combined power of these innovations that reinforces my belief that our applications business growth will continue to accelerate.
(00:09:27)在十月的人工智慧世界大會上，我們將推出一種新的代理人工智慧加速器，旨在重新定義客戶如何部署 Oracle 應用程序——更快、更簡單，且成本大幅降低。與 Oracle 和客戶團隊一起，人工智慧代理將以前所未有的規模自動化和協調實施，將 SaaS 部署的時間從數年壓縮到數月，從數月壓縮到數週。正是這些創新結合的力量加強了我對我們的應用業務增長將繼續加速的信念。
Mike Sicilia - Oracle, CEO
(00:10:06)In Q1, we had a strong quarter across many of our SaaS offerings, driven by the demand environment I just described. Overall, our SaaS business grew 10%, with Fusion growing 14%. Our Oracle Health business continued to accelerate, and although not specifically highlighted, our industry applications grew over 20% in Q1. As I mentioned last quarter, NetSuite experienced slower decision cycles last fiscal year, resulting in somewhat lower growth, but we have an exciting new product now generally available that I will discuss shortly.
(00:10:06)在第一季，我們的許多 SaaS 產品表現強勁，這是由我剛才描述的需求環境驅動的。總體而言，我們的 SaaS 業務增長了 10%，Fusion 增長了 14%。我們的 Oracle Health 業務持續加速，儘管沒有特別強調，我們的行業應用在第一季增長超過 20%。正如我在上個季度提到的，NetSuite 在上個財年經歷了較慢的決策週期，導致增長略低，但我們現在有一個令人興奮的新產品已經普遍可用，我將稍後討論。
Mike Sicilia - Oracle, CEO
(00:10:39)Now, a few customer highlights from a much longer list this quarter. Uber Technologies, Stanford University, and Mitsubishi UFJ Bank in Japan all went live with or accelerated their use of Fusion. Pye-Barker Fire & Safety selected Oracle's complete application suite, from industry apps to Fusion, including Fusion agentic applications. Johnson Controls, the Saudi National Bank, Guidewell Mutual Holding Corporation—a health solutions company serving over 45 million people—and Petronas, Malaysia's national energy company, each added Fusion agentic applications this quarter to drive better outcomes.
(00:10:39)現在，讓我分享一些本季度更長名單中的幾個客戶亮點。Uber Technologies、史丹佛大學和日本的三菱 UFJ 銀行都啟用了 Fusion 或加速了其使用。Pye-Barker Fire & Safety 選擇了 Oracle 的完整應用套件，從行業應用到 Fusion，包括 Fusion 代理應用。Johnson Controls、沙烏地阿拉伯國家銀行、Guidewell Mutual Holding Corporation（為超過 4500 萬人提供健康解決方案的公司）和馬來西亞國家能源公司 Petronas，本季度各自新增了 Fusion 代理應用以推動更好的結果。
Mike Sicilia - Oracle, CEO
(00:11:20)Let me share a few statistics regarding our embedded AI usage and progress this quarter. Customers frequently use our embedded AI capabilities, with more than 150 million uses during the quarter, representing 42% sequential growth. Our AI agents executed over 3.5 million times in production during the quarter, nearly doubling quarter over quarter. Customers have deployed over 2,300 AI agents in production, a 90% increase quarter over quarter. Overall, AI production usage across Fusion alone consumed 900 billion tokens during the quarter.
(00:11:20)讓我分享一些有關我們本季度嵌入式人工智慧使用和進展的統計數據。客戶經常使用我們的嵌入式人工智慧功能，本季度的使用次數超過 1.5 億次，代表 42% 的環比增長。我們的人工智慧代理在本季度的生產中執行了超過 350 萬次，幾乎是環比翻倍。客戶在生產中部署了超過 2300 個人工智慧代理，環比增長 90%。總體而言，僅 Fusion 的人工智慧生產使用在本季度消耗了 9000 億個令牌。
Mike Sicilia - Oracle, CEO
(00:12:07)It is fair to say that customers are using AI embedded in our Fusion applications and application stack daily. Turning now to NetSuite, we are announcing the general availability of our new AI-powered offering called NetSuite Next. This presents... an agentic experience that is simpler, more powerful, and infused with AI across the workflows customers rely on every day. It is easier to adopt, more productive from day one, and increasingly valuable as customers grow. Additionally, the NetSuite AI Connector service, which allows customers to securely connect their NetSuite data to leading AI assistants of their choice,
(00:12:07)可以公平地說，客戶每天都在使用嵌入在我們 Fusion 應用和應用堆棧中的人工智慧。現在轉向 NetSuite，我們宣佈我們的新人工智慧驅動產品 NetSuite Next 的普遍可用性。這提供了...一種更簡單、更強大且在客戶每天依賴的工作流程中注入人工智慧的代理體驗。更容易採用，從第一天起更具生產力，並隨著客戶的增長而變得越來越有價值。此外，NetSuite AI Connector 服務允許客戶安全地將其 NetSuite 數據連接到他們選擇的領先人工智慧助手，
Mike Sicilia - Oracle, CEO
(00:12:47)including ChatGPT and Claude, is already one of the fastest adopted capabilities in NetSuite's history, with more than 10,000 customers using it. Personal care company Everyman Jack estimates that this service alone will save $350,000 annually and nearly 5,000 hours of work. This month, at our Oracle Health and Life Sciences customer event, we will debut our all-new agentic care management system alongside a world-class lineup of external speakers. More than just an EHR, this system connects clinical research and care delivery, reduces the burden of records management for patients, and enables providers to practice at the top of their license using AI as the user interface.
(00:12:47)包括 ChatGPT 和 Claude，已經成為 NetSuite 歷史上採用速度最快的功能之一，已有超過 10,000 名客戶使用。個人護理公司 Everyman Jack 估計，僅此服務每年將節省 35 萬美元和近 5000 小時的工作。本月，在我們的 Oracle 健康與生命科學客戶活動中，我們將首次推出全新的代理式護理管理系統，並邀請了一流的外部講者。這個系統不僅僅是一個電子健康紀錄（EHR），它連接臨床研究和護理服務，減輕患者的紀錄管理負擔，並使提供者能夠利用人工智慧作為用戶界面，專注於他們的專業領域。
Mike Sicilia - Oracle, CEO
(00:13:40)Few AI missions matter more than this: helping deliver better care while freeing providers to focus on what matters most—their patients, not computer systems. The proof points around Oracle's AI offerings are definitive, and we remain confident in the opportunity ahead. With that, I'll turn it over to Clay.
(00:13:40)沒有任何人工智慧任務比這個更重要：幫助提供更好的護理，同時讓提供者專注於最重要的事情——他們的患者，而不是電腦系統。Oracle 的人工智慧產品的證據是確鑿的，我們對未來的機會充滿信心。接下來，我將把時間交給 Clay。
Clay Magouyrk - Oracle, CEO
(00:14:05)All right. Thanks, Mike. OCI continues to grow rapidly by delivering the capacity our customers need. Since the end of Q4, we have delivered 850 megawatts of AI capacity containing more than 300,000 GPUs to customers. Delivery in Q1 is almost three times what we delivered in all of Q4, and represents 73% of the total capacity delivered last fiscal year. This reflects years of investment in every aspect of infrastructure, from data center design through supply chain and manufacturing to installation and operations.
(00:14:05)好的。謝謝你，Mike。OCI 持續快速增長，提供客戶所需的容量。自第四季度結束以來，我們已向客戶交付了 850 兆瓦的人工智慧容量，包含超過 300,000 個 GPU。第一季度的交付量幾乎是第四季度總交付量的三倍，佔去年財年的總交付容量的 73%。這反映了我們在基礎設施各個方面的多年投資，從數據中心設計到供應鏈和製造，再到安裝和運營。
Clay Magouyrk - Oracle, CEO
(00:14:35)Customer demand continues to support this investment. We closed more than $30 billion in additional AI contracts in Q1 without requiring additional capital from Oracle. Our ability to operate a large multi-tenant fleet remains a significant advantage. GPU utilization remains extremely high at 97.9% in Q1. GPU longevity and value continue to impress. Of all the GPUs up for renewal in Q1, that capacity was renewed or resold at a 20% premium over prior contracts. The majority of those GPUs are four years or older.
(00:14:35)客戶需求持續支持這項投資。我們在第一季度簽署了超過 300 億美元的額外人工智慧合約，無需 Oracle 提供額外資本。我們運營大型多租戶艦隊的能力仍然是一個顯著的優勢。第一季度的 GPU 利用率仍然非常高，達到 97.9%。GPU 的壽命和價值持續令人印象深刻。在第一季度所有到期的 GPU 中，這些容量以比之前合約高 20% 的溢價續約或轉售。這些 GPU 中的大多數已經使用四年或更久。
Clay Magouyrk - Oracle, CEO
(00:15:12)We see a long, useful life with increasing value for the AI capacity we're deploying. Abilene continues to deliver at an extraordinary pace. We delivered 131,000 GPUs there in Q1, 1.9 times the volume delivered in Q4. Six of the eight campus buildings, representing 618 megawatts and 75% of total capacity, have now been delivered to the customer. Customer acceptance has compressed to only 24 hours, showing that the systems arrive ready for customer workloads. The recently released GPT-6 Astra was trained at our site in Abilene.
(00:15:12)我們看到我們部署的人工智慧容量具有長期的實用壽命和不斷增長的價值。Abilene 持續以驚人的速度交付。我們在第一季度交付了 131,000 個 GPU，是第四季度交付量的 1.9 倍。八棟校園建築中的六棟，代表 618 兆瓦和 75% 的總容量，現在已經交付給客戶。客戶接受度已壓縮至僅 24 小時，顯示系統已準備好應對客戶的工作負載。最近發布的 GPT-6 Astra 是在我們的 Abilene 站點訓練的。
Clay Magouyrk - Oracle, CEO
(00:15:48)Shackleford is our next gigawatt-scale campus and is progressing well. NVIDIA Vera Rubin systems are performing better than expected across hardware quality, manufacturing yield, and performance. We will deliver our first Vera Rubin systems to customers in Q2. Our database cloud business is also growing quickly. Multi-cloud database revenue grew 353% year-over-year, and multi-cloud customers grew 180% year-over-year. We completed our planned Azure and AWS regional footprint expansion, reaching 70 multi-cloud database regions and 119 availability zones.
(00:15:48)Shackleford 是我們下一個千兆瓦級校園，進展良好。NVIDIA Vera Rubin 系統在硬體質量、製造良率和性能方面的表現超出預期。我們將在第二季度向客戶交付首批 Vera Rubin 系統。我們的數據庫雲業務也在快速增長。多雲數據庫收入同比增長 353%，多雲客戶同比增長 180%。我們完成了計劃中的 Azure 和 AWS 區域擴展，達到 70 個多雲數據庫區域和 119 個可用區。
Clay Magouyrk - Oracle, CEO
(00:16:24)This gives customers a consistent way to run Oracle AI Database alongside their applications and data in the cloud they choose. We also made Oracle Interconnect for AWS generally available. With this launch, OCI now has private, high-speed connections to all hyperscalers with no data transfer charges. That makes it easier for customers to build distributed applications and migrate workloads across clouds. The pace of AI innovation is increasing across the ecosystem. We expanded our OpenAI relationship to offer OpenAI API access, ChatGPT for Work, and Codex through Oracle Marketplace, including GPT-6 Astra.
(00:16:24)這為客戶提供了一種一致的方式，讓他們在選擇的雲中運行 Oracle AI 數據庫，與他們的應用程序和數據並行。我們還將 Oracle Interconnect for AWS 普遍提供。隨著這次推出，OCI 現在與所有超大規模雲提供商建立了私有的高速連接，且無需數據傳輸費用。這使客戶更容易構建分佈式應用程序並在雲之間遷移工作負載。整個生態系統中的人工智慧創新速度正在加快。我們擴大了與 OpenAI 的合作關係，通過 Oracle Marketplace 提供 OpenAI API 訪問、ChatGPT for Work 和 Codex，包括 GPT-6 Astra。
Clay Magouyrk - Oracle, CEO
(00:17:00)We are bringing Gemini models to Oracle's enterprise applications, and we released new Grok reasoning, multimodal, and text-to-speech models. We also continue to expand the open-source model catalog, including new models from NVIDIA, Qwen, Google, DeepSeek, and others. We announced a multi-year partnership with Quantinuum to offer its Helios quantum computer through OCI. Helios will operate in a US-based OCI AI data center, enabling hybrid quantum and AI workloads for enterprise, research, and AI customers.
(00:17:00)我們將 Gemini 模型引入 Oracle 的企業應用程序，並發布了新的 Grok 推理、多模態和文本轉語音模型。我們還持續擴展開源模型目錄，包括來自 NVIDIA、Qwen、Google、DeepSeek 等的新模型。我們宣佈與 Quantinuum 建立多年合作夥伴關係，通過 OCI 提供其 Helios 量子計算機。Helios 將在美國的 OCI AI 數據中心運行，支持企業、研究和 AI 客戶的混合量子和 AI 工作負載。
Clay Magouyrk - Oracle, CEO
(00:17:30)Oracle APEX 26.1 brings these infrastructure, database, and model capabilities together for application developers. APEX already runs more than 2 million active applications, with thousands more added every day. APEX Lang is a new technology that represents an APEX application as structured, human-readable application definitions that can be stored in source control, validated, and governed. AI coding agents generate and modify those definitions, while the APEX engine continues to provide the security, reliability, and operational controls required for enterprise applications.
(00:17:30)Oracle APEX 26.1 將這些基礎設施、數據庫和模型能力整合在一起，為應用程序開發者提供支持。APEX 目前運行著超過 200 萬個活躍應用程序，每天還有數千個新應用程序加入。APEX Lang 是一項新技術，將 APEX 應用程序表示為結構化的、可讀的人類應用程序定義，這些定義可以存儲在源代碼控制中，進行驗證和管理。AI 編碼代理生成和修改這些定義，而 APEX 引擎則繼續提供企業應用程序所需的安全性、可靠性和運營控制。
Clay Magouyrk - Oracle, CEO
(00:18:03)Developers gain the speed of generative development without the downsides of difficult-to-maintain, opaque application code. We are taking the same approach with the Oracle AI Data Platform. AI Data Platform is now integrated with Codex and Cloud Code, allowing developers to work with AI Data Platform data, knowledge, and capabilities from their preferred coding environments. We are also adding advanced MLOps capabilities and working with early launch customers on business knowledge models, semantic region engine, and deep insight agents.
(00:18:03)開發者在不必面對難以維護、不透明的應用程序代碼的情況下，獲得了生成式開發的速度。我們在 Oracle AI 數據平台上採取了相同的方法。AI 數據平台現在已與 Codex 和 Cloud Code 集成，允許開發者在他們首選的編碼環境中使用 AI 數據平台的數據、知識和能力。我們還在添加先進的 MLOps 能力，並與早期啟動的客戶合作，開發商業知識模型、語義區域引擎和深度洞察代理。
Clay Magouyrk - Oracle, CEO
(00:18:33)These capabilities ground AI in the meaning of an enterprise with context, semantics, and governance. They also bring AI-driven analysis into Fusion Data Intelligence and Oracle Analytics Cloud, where many customers already manage their most important business data. Taken together, Q1 demonstrates how the various components reinforce each other. We are delivering data center and GPU capacity at a pace that would have seemed impossible just a year ago. Customers are signing new contracts, renewing capacity at higher prices, and maintaining near-full utilization of the fleet.
(00:18:33)這些能力將人工智慧根植於企業的意義中，並提供上下文、語義和治理。它們還將人工智慧驅動的分析引入 Fusion Data Intelligence 和 Oracle Analytics Cloud，許多客戶已經在這裡管理他們最重要的商業數據。綜合來看，第一季展示了各個組件如何相互強化。我們以一種在一年前看來不可能的速度提供數據中心和 GPU 容量。客戶正在簽署新合約，以更高的價格續約容量，並保持接近滿負荷的利用率。
Clay Magouyrk - Oracle, CEO
(00:19:02)We are deploying Oracle AI Database across every major cloud and making more proprietary and open models available on OCI. We then connect those models to enterprise data, applications, and developer workflows. This combination drives continued demand growth and reinforces our confidence in the long-term value of the technology we are building. With that, I'll hand it back to Hilary.
(00:19:02)我們正在每個主要雲端上部署 Oracle AI 數據庫，並在 OCI 上提供更多專有和開放的模型。然後，我們將這些模型連接到企業數據、應用程序和開發者工作流程。這種組合推動了持續的需求增長，並增強了我們對所構建技術長期價值的信心。接下來，我將把時間交給 Hilary。
Hilary Maxson - Oracle, CFO
(00:19:23)Thank you, Clay. I'll conclude with our guidance for Q2 2027 and the full fiscal year. For Q2, we expect total revenue growth between 30% and 34% in U.S. dollars. dollars. Of that, cloud revenues are expected to grow between 65% and 71% in U.S. dollars. dollars. For non-GAAP EPS, we anticipate a range of $1.85 to $1.93, representing growth of 21% to 25% in U.S. dollars. This excludes the gains from Ampere that we recorded in Q2 of last year. For the full year, reflecting strong execution and the acceleration seen in Q1, we are raising our guidance to at least $90 billion in total revenues.
(00:19:23)謝謝你，Clay。我將以我們對 2027 年第二季和整個財年的指引作結。對於第二季，我們預期總收入增長在 30% 到 34% 之間，以美元計算。美元。其中，雲端收入預計將以美元計算增長在 65% 到 71% 之間。美元。對於非 GAAP 每股收益，我們預期範圍為 1.85 美元到 1.93 美元，代表以美元計算的增長為 21% 到 25%。這不包括我們在去年第二季記錄的 Ampere 收益。對於整個財年，考慮到強勁的執行力和第一季的加速，我們將指引提高至至少 900 億美元的總收入。
Hilary Maxson - Oracle, CFO
(00:20:11)This represents a year-over-year increase of 34%, and we expect non-GAAP EPS of $8.10. Lastly, a brief note: please mark your calendars for our Investor Day in October.
(00:20:11)這代表著同比增長 34%，我們預期非 GAAP 每股收益為 8.10 美元。最後，簡單提醒：請在十月標記您的日曆，參加我們的投資者日。
Q&A Hilary Maxson - Oracle, CFO
(00:20:28)With that, I'll turn the call back to Ken for the Q&A session.
(00:20:28)接下來，我將把電話交回給 Ken 進行問答環節。
Operator
(00:20:37)Thank you. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. Please limit yourself to one question. We ask that you pick up your handset when asking a question to ensure optimal sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from Brad Zelnick of Deutsche Bank. Your line is open. Please go ahead.
(00:20:37)謝謝。如果您想提問，請按星號 1 舉手。要撤回您的問題，請再次按星號 1。請限制自己只提一個問題。我們請您在提問時拿起話筒，以確保最佳音質。如果您在本地靜音，請記得取消靜音您的設備。請稍候，我們正在整理問答名單。您的第一個問題來自德意志銀行的 Brad Zelnick。您的線路已開通。請開始。
Brad Zelnick - Deutsche Bank, Managing Director
(00:21:18)Great. Thank you very much. And first, Ken, knowing this is your last earnings call, I want to congratulate you on your retirement. For nearly two decades, you have been the face of Oracle to the investment community, doing so reliably and with great integrity. You will certainly be missed. Thank you. You're welcome. Regarding my question, I fully expect Oracle to remain among a small group of market leaders in AI infrastructure. You have indicated that fiscal years 2027 and 2028 will be peak CapEx years.
(00:21:18)很好。非常感謝。首先，Ken，知道這是您最後一次財報電話，我想祝賀您退休。將近二十年來，您一直是 Oracle 在投資社群中的面孔，始終可靠且誠信。您將會被深深懷念。謝謝。不客氣。關於我的問題，我完全預期 Oracle 將繼續在 AI 基礎設施的少數市場領導者中保持地位。您已表示 2027 和 2028 財年將是高峰資本支出年。
Brad Zelnick - Deutsche Bank, Managing Director
(00:21:50)Meanwhile, others in the market are spending hundreds of billions on capacity with no apparent end in sight. How should we think about Oracle potentially slowing spending after the next two years if others continue to invest heavily? Is there a scenario where we could see even higher CapEx peaks beyond fiscal 2028? What factors will guide your investment decisions? Relatedly, given the current backlog, when should we expect Oracle to return to generating positive free cash flow?
(00:21:50)與此同時，市場上的其他公司正在花費數千億來擴充產能，似乎沒有結束的跡象。如果其他公司繼續大量投資，我們應該如何看待 Oracle 在未來兩年後可能減少支出？是否有可能在 2028 財年之後看到更高的資本支出高峰？什麼因素將指導您的投資決策？相關地，考慮到目前的積壓，我們何時可以期待 Oracle 恢復產生正的自由現金流？
Clay Magouyrk - Oracle, CEO
(00:22:17)Thanks. Thanks, Brad. This is Clay. I believe there are about four questions in there. I'll answer the parts I want to address, and then I'll let Hilary handle the rest. So, look, as you've heard us say over the past several quarters, we are constantly finding innovative ways to fund the business. One of the mechanisms we use to fund our business is, of course, investing our own capital. We have also invested heavily in relationships with various suppliers and vendors, inventing new business models, including bring your own hardware, each offering different ways to spread out that capital.
(00:22:17)謝謝。謝謝你，Brad。這是 Clay。我相信裡面有大約四個問題。我將回答我想處理的部分，然後讓 Hilary 處理其餘部分。所以，看看，正如您在過去幾個季度聽到我們所說的，我們不斷尋找創新的方式來資助業務。我們用來資助業務的機制之一，當然是投資我們自己的資本。我們也在與各種供應商和廠商的關係上進行了大量投資，發明新的商業模式，包括自帶硬體，每種模式都提供不同的方式來分散資本。
Clay Magouyrk - Oracle, CEO
(00:23:02)Therefore, we need to separate what Oracle spends as direct CapEx from how we think about the business's growth potential. From our perspective, we see ways that capital is still required to do this work, but it doesn't all have to come from Oracle. It doesn't have to be Oracle's CapEx. So, I don't view this as a limitation to our business growth. Rather, it represents the continued evolution of our business model as this AI expansion progresses. Hilary, would you like to address some of the other questions?
(00:23:02)因此，我們需要將甲骨文的直接資本支出與我們對業務增長潛力的看法分開。從我們的角度來看，我們看到有方法可以仍然需要資本來進行這項工作，但這些資本不必全部來自甲骨文。它不必是甲骨文的資本支出。所以，我不認為這是我們業務增長的限制。相反，這代表著隨著人工智慧擴展的進展，我們商業模式的持續演變。希拉莉，你想回應其他一些問題嗎？
(00:23:42)Sure. Yes, certainly. Another question you asked was about free cash flow. We have not provided a specific timeframe for that yet, nor do we expect to do so today. However, each of these projects we are undertaking is inherently a strong free cash flow generator. So, as soon as they ramp up, shortly thereafter, they deliver a free cash flow conversion ratio close to 100% of post-tax EBITDA. In fact, the business is somewhat self-funding at that point, generating significant free cash flow. While we haven't specified a timeframe, you will see as we continue to ramp up over the coming quarters what that could look like.
(00:23:42)當然。是的，確實如此。你問的另一個問題是關於自由現金流的。我們尚未提供具體的時間框架，也不期望今天會這樣做。然而，我們正在進行的每一個項目本質上都是強大的自由現金流產生器。所以，一旦它們開始增長，不久之後，它們將提供接近 100% 稅後 EBITDA 的自由現金流轉換率。事實上，到了那個時候，業務在某種程度上是自我資助的，產生了可觀的自由現金流。雖然我們尚未指定時間框架，但你將會看到，隨著我們在接下來的幾個季度持續增長，這可能會是什麼樣子。
Hilary Maxson - Oracle, CFO
(00:24:31)We expect this to occur within a reasonably short timeframe after the current major ramp-up. The only decision, as you pointed out, relates to additional growth CapEx. We intend to continue deploying capital at appropriate levels to grow the business.
(00:24:31)我們預期這將在當前主要增長之後的合理短時間內發生。正如你所指出的，唯一的決策與額外的增長資本支出有關。我們打算繼續在適當的水平上部署資本以促進業務增長。
Brad Zelnick - Deutsche Bank, Managing Director
(00:24:52)Thank you very much. We look forward to seeing everyone at AI World.
(00:24:52)非常感謝。我們期待在人工智慧世界見到大家。
Operator
(00:24:58)Your next question comes from Siti Panigrahi with Mizuho. Your line is now open. Please proceed.
(00:24:58)你的下一個問題來自瑞穗的 Siti Panigrahi。你的線路現在已開通。請繼續。
Siti Panigrahi - Mizuho, Managing Director
(00:25:07)Great. Thank you. And Ken, I also want to echo my congratulations and best wishes on your retirement. You will certainly be missed. Returning to the question, there has been much speculation about potential data center delays in New Mexico and Wisconsin. However, you delivered on your current target and have now raised the full-year 2027 revenue guidance to at least $90 billion. Could you provide an update on the current status of both sites? Is there any risk to the delivery timeline for those data centers that could impact your 2027 revenue expectations?
(00:25:07)很好。謝謝。肯，我也想再次祝賀你，並祝你退休後一切順利。你一定會被想念的。回到問題上，對於新墨西哥州和威斯康星州潛在的數據中心延遲有很多猜測。然而，你已經實現了當前的目標，並且現在已將2027 年全年的收入指引提高到至少 900 億美元。你能提供這兩個地點的當前狀態更新嗎？是否存在任何風險會影響這些數據中心的交付時間表，從而影響你 2027 年的收入預期？
Siti Panigrahi - Mizuho, Managing Director
(00:25:47)Also, as you continue to grow RTO, how confident are you in securing and bringing capacity online to support that growth? Thank you.
(00:25:47)此外，隨著你繼續增長 RTO，你對於確保並啟用容量以支持該增長的信心有多大？謝謝。
Clay Magouyrk - Oracle, CEO
(00:25:58)Thanks, Siti. I'll address the specific points, but first, some context is important. New Mexico and Wisconsin are very important, large sites for us, but context matters. We often describe these sites as roughly a gigawatt each. We delivered 850 megawatts in Q1. Notably, neither Shackleford, New Mexico, Wisconsin, nor Michigan sites were delivered in Q1. We have a large, diverse, and broad set of data center developments ongoing across the U.S. and globally to provide capacity to our customers. Some sites, like New Mexico and Wisconsin, naturally attract significant attention.
(00:25:58)謝謝，Siti。我會針對具體問題進行回應，但首先，一些背景是重要的。新墨西哥州和威斯康星州對我們來說是非常重要的大型地點，但背景很重要。我們經常將這些地點描述為大約各有一吉瓦。我們在第一季度交付了 850 兆瓦。值得注意的是，新墨西哥州的 Shackleford、威斯康星州和密歇根州的地點在第一季度並未交付。我們在美國和全球範圍內有大量多樣化的數據中心開發項目正在進行中，以提供容量給我們的客戶。並且在全球範圍內提供容量。一些地點，如新墨西哥州和威斯康星州，自然會吸引大量關注。
Clay Magouyrk - Oracle, CEO
(00:26:47)There is considerable discussion about them. However, it's important to understand that we do not have all our eggs in one basket. Also, when these large sites are built, they do not come online all at once. Let's say you have a gigawatt site scheduled to start delivering capacity in January of a given year. It's not that you receive a full gigawatt of capacity all at once in January. The capacity is phased in over multiple quarters. Therefore, if there is a delay at one site compared to the plan, it doesn't result in a massive impact in a single quarter.
(00:26:47)對它們的討論相當多。然而，重要的是要理解，我們並沒有把所有的雞蛋放在一個籃子裡。此外，當這些大型地點建成時，它們不會一次性上線。假設您有一個計劃在某年一月開始交付容量的千兆瓦場地。並不是說您在一月一次性收到完整的千兆瓦容量。容量是分階段在多個季度內逐步增加的。因此，如果某個場地的進度相比計劃有所延遲，並不會在單一季度內造成重大影響。
Clay Magouyrk - Oracle, CEO
(00:27:27)Additionally, anyone experienced in construction or large-scale infrastructure development knows that relying on 100 percent achievement of every deliverable is unrealistic. We call that a bad plan. So, we work hard to avoid making bad plans. We fully understand the difficulty and complexity of what we're undertaking. We do not assume that everything will work perfectly all the time. We have backup options and do not count on everything being completed exactly on time. Now, moving specifically to the question about New Mexico and Wisconsin.
(00:27:27)此外，任何在建設或大型基礎設施開發方面有經驗的人都知道，依賴每個交付項目都能 100% 達成是不現實的。我們稱這為一個糟糕的計劃。因此，我們努力避免制定糟糕的計劃。我們完全理解我們所承擔的工作的困難和複雜性。我們不假設一切都會始終完美運行。我們有備用選項，並不依賴一切都能準時完成。現在，具體談談有關新墨西哥州和威斯康辛州的問題。
Clay Magouyrk - Oracle, CEO
(00:28:09)New Mexico is an interesting location. We are making very good progress in construction. The data centers are definitely on track. We are currently in the process of acquiring our air permit. The technology we will deploy there is Bloom fuel cells, which are by far the most environmentally friendly method for onsite power generation, with extremely low water consumption and emissions compared to almost any other onsite generation method. We are confident that as we continue this process, we will work closely with community members in Dona Ana County and others throughout New Mexico.
(00:28:09)新墨西哥州是一個有趣的地點。我們在建設方面進展非常順利。數據中心的進度絕對在正軌上。我們目前正在獲取空氣許可證的過程中。我們將在那裡部署的技術是 Bloom 燃料電池，這是目前現場發電最環保的方法，與幾乎任何其他現場發電方法相比，水消耗和排放都極低。我們相信，隨著這一過程的推進，我們將與多納阿納縣及新墨西哥州其他地區的社區成員密切合作。
Clay Magouyrk - Oracle, CEO
(00:28:53)We are simply progressing through the necessary steps. This is not uncommon for large projects like this one. In Wisconsin, we are not doing onsite generation. Instead, we are collaborating with partners to design and deliver energy through the grid. Again, these are complex projects that require careful coordination. Data center delivery in Wisconsin is very much on track and proceeding well. We are working with the Public Service Commission and ATC and WE Energies, continuously evolving aspects of the energy design and delivery plan, and we feel very confident about both sites.
(00:28:53)我們只是按照必要的步驟逐步推進。對於這樣的大型項目來說，這並不罕見。在威斯康辛州，我們不進行現場發電。相反，我們與合作夥伴合作，通過電網設計和交付能源。再次強調，這些都是需要仔細協調的複雜項目。威斯康辛州的數據中心交付進展非常順利。我們正在與公共服務委員會和ATC 及 WE Energies 合作，不斷完善能源設計和交付計劃的各個方面，我們對這兩個場地都感到非常有信心。
Clay Magouyrk - Oracle, CEO
(00:29:37)Regarding the impact on FY27 revenue, neither site will affect our previously stated FY27 revenue or earnings guidance. We have some sites ahead of schedule and others facing more challenges. We manage all sites with risk management plans and incorporate these factors into our forecasting and communication of expectations. Lastly, regarding bringing more capacity online, we feel very excited about it, recognizing that the environment continually changes. Previously, constraints were primarily GPUs and fabs.
(00:29:37)關於對 FY27 收入的影響，這兩個場地都不會影響我們之前所述的 FY27 收入或收益指引。我們有一些場地提前進度，還有一些面臨更多挑戰。我們對所有場地進行風險管理計劃，並將這些因素納入我們的預測和期望溝通中。最後，關於增加更多容量的問題，我們對此感到非常興奮，並認識到環境不斷變化。之前的限制主要是 GPU 和晶圓廠。
Clay Magouyrk - Oracle, CEO
(00:30:33)Then constraints shifted to power generation. There are also data center constraints, among others. However, the world is large, and there is significant demand for this capacity. We are pursuing all avenues to bring it online. We remain very excited and confident in our ability to meet both current and future RPO growth expectations.
(00:30:33)然後限制轉向了發電。還有數據中心的限制等。然而，世界是廣大的，對這種容量的需求非常大。我們正在尋求所有途徑將其上線。我們對能夠滿足當前和未來的 RPO 增長預期感到非常興奮和自信。
Siti Panigrahi - Mizuho, Managing Director
(00:30:54)That's great, Carlo. Thanks for clarifying all those points.
(00:30:54)太好了，Carlo。感謝您澄清所有這些要點。
Operator
(00:31:02)Your next question comes from Raimo Lenschow of Barclays. Your line is open. Please go ahead.
(00:31:02)您的下一個問題來自巴克萊的 Raimo Lenschow。您的線路已開通。請繼續。
Raimo Lenschow - Barclays, Managing Director
(00:31:10)Thank you. First of all, all the best to Ken, and thank you to the team for making Ken's last quarter such a great one. My question is again on the data center side. There has been much discussion about component price increases, etc. Clay, can you discuss how your pricing is evolving between contract pricing and spot pricing? You provided a framework on gross margins last year. Is that framework still holding? How should we think about this in the context of ongoing dynamics in component pricing? Thank you.
(00:31:10)謝謝。首先，祝 Ken 一切順利，感謝團隊讓 Ken 的最後一季度如此出色。我的問題再次關於數據中心方面。關於元件價格上漲等問題已經有很多討論。Clay，您能談談您的定價在合同定價和現貨定價之間是如何演變的嗎？您去年提供了有關毛利率的框架。那個框架仍然有效嗎？在元件定價持續變化的背景下，我們應該如何看待這一點？謝謝你。
Clay Magouyrk - Oracle, CEO
(00:31:44)Sure. But definitely, in a world where demand exceeds supply, prices typically do not go down. They do go up. So, I think the net effect is that things cost more, and we have to charge more to be properly compensated. We have been doing that across all of these different businesses. No, we do not expect this to impact our gross margins. Therefore, the previous guidance we provided still holds true. I will say, as I mentioned in my prepared remarks, many people have been concerned about the useful life of different hardware assets.
(00:31:44)當然。但在需求超過供應的世界裡，價格通常不會下降。它們會上升。所以，我認為淨效果是東西變得更貴，我們必須收取更多費用以獲得適當的補償。我們在所有這些不同的業務中都這樣做。不，我們不期望這會影響我們的毛利率。因此，我們之前提供的指導仍然有效。我會說，正如我在準備的發言中提到的，許多人對不同硬體資產的使用壽命感到擔憂。
Clay Magouyrk - Oracle, CEO
(00:32:31)They wonder what the demand will be for data centers and the associated power capabilities. I've been in the infrastructure business for essentially my entire professional career. Specifically, I've been doing this for 12 years at Oracle. One constant has been that demand for server-side computing and data centers has only increased. So far, everything we see about the AI use case follows this trend, but even more strongly. Right. When we go out and have capacity up for renewal, we can actually achieve price increases on the order of 20%.
(00:32:31)他們想知道數據中心及其相關的電力能力的需求會是什麼。我在基礎設施業務中幾乎整個職業生涯都是如此。具體來說，我在 Oracle 已經做了 12 年。一個不變的事實是，對伺服器端計算和數據中心的需求只增不減。到目前為止，我們看到的有關 AI 用例的一切都遵循這一趨勢，但更強烈。對。當我們出去並有容量需要續約時，我們實際上可以實現約 20% 的價格上漲。
Clay Magouyrk - Oracle, CEO
(00:33:10)These are very positive signs for continued demand, growth, and profitability in this business.
(00:33:10)這些都是對於持續需求、增長和盈利能力的非常積極的信號。
Raimo Lenschow - Barclays, Managing Director
(00:33:18)Perfect. Thank you.
(00:33:18)完美。謝謝你。
Operator
(00:33:23)Your next question comes from Mark Moerdler of Bernstein. Your line is open. Please go ahead.
(00:33:23)你的下一個問題來自 Bernstein 的 Mark Moerdler。你的線路已開通。請繼續。
(00:33:31)Thank you. Thank you very much for taking my question. Ken, we will be sorry to see you go, but I'm sure you have an amazing bucket list of trips and activities ahead. I'd like to focus on the RPO. Can you provide more details on the drivers of RPO growth that do not require additional CapEx, such as prepaid arrangements and bring-your-own chips? Is this driven by AI labs and semiconductor companies, or is it related to sovereignty? We haven't discussed Sovereign Cloud in a while, nor Sovereign AI at all.
(00:33:31)謝謝你。非常感謝你接受我的問題。Ken，我們會很遺憾看到你離開，但我相信你有一個驚人的旅行和活動清單在前面。我想專注於 RPO。你能提供更多關於不需要額外資本支出的 RPO 增長驅動因素的細節嗎，例如預付安排和自帶芯片？這是由 AI 實驗室和半導體公司驅動的，還是與主權有關？我們已經有一段時間沒有討論主權雲，也沒有討論主權 AI。
Mark Moerdler - Bernstein, Senior Analyst
(00:34:05)Can you explain how that aspect of OCI is progressing and how it will impact CapEx and margins? Thank you.
(00:34:05)你能解釋一下 OCI 的這一方面進展如何，以及它將如何影響資本支出和利潤率嗎？謝謝你。
Clay Magouyrk - Oracle, CEO
(00:34:12)Sure. Let me clarify one point first, then I'll address the details. I did not say, nor do I believe Hilary said, that it doesn't require additional CapEx. We said it doesn't require additional cash from Oracle. Right. I'm not an accountant, but I sometimes get to play one on TV. The point is that while capital expenditures exist, Oracle does not need to find additional cash to fund them. Now, the question is, how do we achieve that? We have several models. Sometimes we work with suppliers through financing arrangements that allow us to pay for capacity as customers pay us.
(00:34:12)當然。讓我先澄清一點，然後我會談到細節。我沒有說過，也不相信 Hilary 說過，這不需要額外的資本支出。我們說過它不需要 Oracle 額外的現金。對。我不是會計師，但我有時可以在電視上扮演一個。重點是，雖然存在資本支出，但 Oracle 不需要尋找額外的現金來資助它們。現在，問題是，我們如何實現這一點？我們有幾種模式。有時我們通過融資安排與供應商合作，允許我們根據客戶的付款來支付容量。
Clay Magouyrk - Oracle, CEO
(00:35:00)That's one mechanism. Another is when a customer pays for the hardware but uses our operational capabilities and cloud infrastructure to create an AI cluster. It's a different option. A third option is when a customer has raised funds, perhaps a startup, or an established company, and wants to pay upfront for capacity, which as a prepayment means Oracle does not need to front the cash for that capital expenditure. We have different models to achieve that goal. Regarding the types of customers and where we see demand, it is truly broad-based.
(00:35:00)這是一種機制。另一種是當客戶為硬體付款，但使用我們的運營能力和雲基礎設施來創建 AI 集群。這是一個不同的選擇。第三種選擇是當客戶籌集資金，可能是一家初創公司，或是一家成熟的公司，並希望提前支付容量，這作為預付款意味著 Oracle 不需要為該資本支出提前支付現金。我們有不同的模式來實現這個目標。關於客戶類型和我們看到的需求，這確實是廣泛的。
Clay Magouyrk - Oracle, CEO
(00:35:44)It doesn't matter whether it's a startup or the most valuable investment-grade companies. There is a current understanding of this model that Access to capital and various funding methods are constraints, and the industry adapts to allocate resources as efficiently as possible. Now, specifically addressing your sovereign cloud question, our alloy business is performing well. We have many partners in Japan. We also have excellent partners in the Middle East. Our partners pursue both commercial business in a sovereign manner and government-focused sovereign cloud business.
(00:35:44)無論是初創公司還是最有價值的投資級公司，這都無所謂。對於這個模型目前的理解是獲取資本和各種資金方法是限制因素，行業適應以盡可能高效地分配資源。現在，具體針對您的主權雲問題，我們的合金業務表現良好。我們在日本有許多合作夥伴。我們在中東也有優秀的合作夥伴。我們的合作夥伴以主權的方式追求商業業務和以政府為重點的主權雲業務。
Clay Magouyrk - Oracle, CEO
(00:36:23)This continues to expand broadly. We are seeing significant demand. Additionally, this is tied to AI, as many customers use our GPU capabilities for their sovereign workloads. We also have a very large and rapidly growing general-purpose cloud business that we don't discuss as much today. That business is growing quickly, with strong growth rates and margins, requiring some capital, but less than the massive AI clusters.
(00:36:23)這持續廣泛擴展。我們看到顯著的需求。此外，這與人工智慧有關，因為許多客戶使用我們的 GPU 能力來處理他們的主權工作負載。我們還有一個非常大且快速增長的通用雲業務，今天我們不太討論。那個業務增長迅速，增長率和利潤率強勁，需要一些資本，但少於龐大的 AI 集群。
Brent Thill - Jefferies, Managing Director
(00:37:03)Thank you.
(00:37:03)謝謝。
Operator
(00:37:06)Your next question comes from John DiFucci of Guggenheim Securities. Your line is open. Please proceed.
(00:37:06)您的下一個問題來自 Guggenheim Securities 的 John DiFucci。您的線路已開通。請繼續。
John DiFucci - Guggenheim Securities, Senior Managing Director
(00:37:15)Thank you for taking my question. Just a I will make a quick comment as well. I've covered Oracle for nearly three decades, and Ken, you've been there close to two. In this business, it's always nice to develop professional friendships, but even nicer when they become personal, which I consider you. Importantly, I've learned a lot from you. So I just wanted to say thank you. Regarding what Raimo said, I'm glad the team had a good quarter, but maybe not so much for Ken. For me, because you're my best idea, and it's all about me.
(00:37:15)感謝您回答我的問題。只是我也想快速發表一個評論。我已經報導 Oracle 將近三十年，Ken，你也在那裡快兩年了。在這個行業，建立專業友誼總是很好的，但當它們變得個人化時更好，我把你視為這樣。重要的是，我從你那裡學到了很多。所以我只是想說謝謝。關於 Raimo 所說的，我很高興團隊有一個良好的季度，但對 Ken 來說可能不太好。對我來說，因為你是我最好的想法，這一切都是關於我。
John DiFucci - Guggenheim Securities, Senior Managing Director
(00:37:45)So I think my question is for Hilary. Hilary, gross margins declined significantly this quarter, despite much capacity coming online. I assume there were many expenses related to those deals coming online before generating much revenue. Nevertheless, it was a substantial drop in gross margins. This is a topic we often discuss when speaking with investors. But as you noted, operating margin was roughly flat, slightly up year over year. I understand operating margin is the North Star, as it is closest to bottom-line profit and eventual cash flow.
(00:37:45)所以我認為我的問題是針對 Hilary 的。Hilary，本季度毛利率顯著下降，儘管有許多產能上線。我假設在這些交易上線之前有許多相關的費用，尚未產生太多收入。儘管如此，毛利率的下降是相當大的。這是我們在與投資者交談時經常討論的主題。但正如你所指出的，營運利潤率大致持平，與去年相比略有上升。我理解營運利潤率是北極星，因為它最接近底線利潤和最終現金流。
John DiFucci - Guggenheim Securities, Senior Managing Director
(00:38:26)How should we think about gross margins going forward alongside operating margins and the overall ecosystem?
(00:38:26)我們應該如何看待未來的毛利率，與營運利潤率和整體生態系統一起？
Hilary Maxson - Oracle, CFO
(00:38:34)Sure. For me, gross margin is an important metric to follow both internally and externally, especially across all three of our business models. It serves as a health indicator for the business. Are you, for example, pricing appropriately? Are you setting prices at the right level? Are you managing your input costs effectively? Gross margin is always a key indicator, probably even more important internally for us to monitor closely. I believe investors also want to verify this. It can change rapidly if the pricing model is not correct.
(00:38:34)當然。對我來說，毛利率是一個重要的指標，無論是內部還是外部，特別是在我們三種業務模式中。它作為業務的健康指標。例如，你們的定價是否合適？你們的價格設定是否在正確的水平？你們是否有效地管理了投入成本？毛利率始終是一個關鍵指標，對我們來說，內部監控可能更為重要。我相信投資者也想驗證這一點。如果定價模型不正確，它可能會迅速變化。
Hilary Maxson - Oracle, CFO
(00:39:13)When discussing value creation for the business, operating margin is probably the ultimate metric to follow. Regarding gross margin, as you mentioned, several factors are at play currently. We have both the ramp-up of data centers and adjustments across the two business models in our company. Software is a much higher gross margin business but incurs higher R&D and sales costs below gross margin. Infrastructure is a lower gross margin business. And we've discussed that and provided the numbers. Clay has outlined the expectations for a significant portion of that business.
(00:39:13)在討論業務價值創造時，營運利潤率可能是最終需要關注的指標。關於毛利率，正如你提到的，目前有幾個因素在起作用。我們有數據中心的增長以及我們公司兩種業務模式的調整。軟體是一個毛利率更高的業務，但在毛利率以下會產生更高的研發和銷售成本。基礎設施是一個毛利率較低的業務。我們已經討論過這個問題並提供了數據。Clay 已經概述了該業務中一個重要部分的預期。
Hilary Maxson - Oracle, CFO
(00:39:54)Not the database segment, obviously, but more so the AI infrastructure and cloud side. That business inherently has much lower R&D and sales expenses, at least in a company like Oracle, where we can leverage the R&D already completed and ongoing across the rest of the company. So, the key focus is on how we will drive value from the business over time, with operating margin being the primary metric to watch. While gross margin remains important, operating margin is critically tied to value creation.
(00:39:54)顯然不是數據庫部分，而是更偏向於 AI 基礎設施和雲端方面。在像 Oracle 這樣的公司中，該業務本質上擁有更低的研發和銷售費用，因為我們可以利用已完成和正在進行的研發。因此，關鍵焦點在於我們將如何隨著時間推進從業務中創造價值，營運利潤率是主要的觀察指標。雖然毛利率仍然重要，但營運利潤率與價值創造密切相關。
John DiFucci - Guggenheim Securities, Senior Managing Director
(00:40:37)Thank you. That's clear, and that's where we'll focus our attention. But just to clarify—because most people, I think, the Street typically— tends to overestimate gross margins and underestimate the impact on operating margin. So, should gross margins continue to decline from here, or should they remain steady around current levels for the rest of the year? How should we think about that?
(00:40:37)謝謝。這很清楚，這也是我們將專注的地方。但為了澄清——因為我認為大多數人，市場通常——傾向於高估毛利率並低估對營運利潤率的影響。因此，如果毛利率從這裡繼續下降，或者在今年剩餘時間內保持在當前水平，我們應該如何看待這一點？
Hilary Maxson - Oracle, CFO
(00:41:10)As mentioned in Q4, we expect a step down in gross margins this year. You can refer to the EPS guidance we provide to gauge what to expect in terms of operating margin. Over the next couple of years, as the ramp-up completes, gross margin should reasonably flatten. However, we have not provided specific guidance on this today. We will discuss these topics further at the upcoming Investor Day in October.
(00:41:10)正如在第四季度提到的，我們預計今年毛利率會下降。您可以參考我們提供的每股收益指引，以評估營運利潤率的預期。在接下來的幾年中，隨著增長的完成，毛利率應該會合理地趨於平穩。不過，我們今天沒有提供具體的指引。我們將在即將於十月舉行的投資者日進一步討論這些主題。
John DiFucci - Guggenheim Securities, Senior Managing Director
(00:41:42)Great. And thank you for all the detailed information tonight. This has been very helpful. Thank you.
(00:41:42)很好。感謝您今晚提供的所有詳細信息。這非常有幫助。謝謝。
Operator
(00:41:49)Your next question comes from Brent Thill with Jefferies. Your line is open. Please go ahead.
(00:41:49)您的下一個問題來自 Jefferies 的 Brent Thill。您的線路已開通。請繼續。
Brent Thill - Jefferies, Managing Director
(00:41:57)Mike, it's great to see double-digit growth in SaaS. Could you walk us through what you expect over the next couple of years? There has been concern across the industry that the SaaS business might be negatively impacted by AI, but that doesn't seem to be your view. Please share your perspective on sustaining double-digit growth.
(00:41:57)Mike，很高興看到 SaaS 的雙位數增長。您能否告訴我們未來幾年的預期？行業內對 SaaS 業務可能受到 AI 負面影響的擔憂已經存在，但這似乎不是您的看法。請分享您對維持雙位數增長的看法。
Mike Sicilia - Oracle, CEO
(00:42:22)Sure. Thanks for the question. Here's how I view our SaaS business, and I'll broaden it slightly because a couple of adjacent areas are very important in SaaS. First, we offer a highly differentiated product with end-to-end suites that automate entire industries such as healthcare, retail, telecommunications, and construction. We have a comprehensive list of industries where we provide both horizontal and vertical applications. In this quarter, two major categories—Fusion and Industries—showed very strong growth in our industry applications.
(00:42:22)當然。感謝您的提問。我對我們的 SaaS 業務的看法是這樣的，我會稍微擴展一下，因為幾個相鄰的領域在 SaaS 中非常重要。首先，我們提供一個高度差異化的產品，擁有端到端的套件，能夠自動化整個行業，如醫療保健、零售、電信和建築。我們有一個全面的行業列表，提供水平和垂直應用。在本季度，兩個主要類別——Fusion 和 Industries——在我們的行業應用中顯示出非常強勁的增長。
Mike Sicilia - Oracle, CEO
(00:43:00)The ability for customers to access these as complete suites and packages has been a key differentiator for Oracle for years. Now, we have embedded AI into those workflows. AI is added as a service through regular application updates that our customers receive. We believe, Brent, this is an excellent way for customers to quickly realize value and ROI from embedded AI without needing to add separate sidecar solutions. The next layer is our Fusion Agentic AI Studio, which enables customers and partners to build their own AI agents within the platform.
(00:43:00)客戶能夠將這些作為完整的套件和包裝來訪問，這多年來一直是 Oracle 的一個關鍵差異化因素。現在，我們已經將 AI 嵌入到這些工作流程中。AI 作為一項服務通過我們客戶定期收到的應用更新進行添加。我們相信，Brent，這是一個讓客戶快速實現嵌入式 AI 價值和投資回報的絕佳方式，而無需添加單獨的附加解決方案。下一層是我們的 Fusion Agentic AI Studio，這使客戶和合作夥伴能夠在平台內構建自己的 AI 代理。
Mike Sicilia - Oracle, CEO
(00:43:42)This is done right inside the same platform. It is not a separate platform. Nor is it a different control plane. It uses the same control plane and platform that our applications run on, meaning Agentic Studio receives the same quarterly updates, security patches, and is offered as a complete service to our customers. This allows customers to position AI as a user interface atop a complex set of business rules, a highly differentiated security model, and mature data models developed over many years.
(00:43:42)這是在同一平台內完成的。它不是一個單獨的平台。也不是一個不同的控制平面。它使用與我們的應用運行的相同控制平面和平台，這意味著 Agentic Studio 獲得相同的季度更新、安全補丁，並作為完整的服務提供給我們的客戶。這使客戶能夠將 AI 作為一個用戶界面，置於一組複雜的業務規則之上，這是一個高度差異化的安全模型，以及多年來開發的成熟數據模型。
Mike Sicilia - Oracle, CEO
(00:44:19)Combining the horizontal applications, vertical applications, and Agentic Studio creates a very compelling offering. But if that isn't sufficient, the next innovation we're unveiling is AI-assisted go-lives. In many cases, we undertake challenging work to help customers solve mission-critical, industry-specific problems. These go-lives can often be lengthy. They are complex. They involve data migrations. AI has provided us with new capabilities to address these challenges. We have a tremendous ability to accelerate those go-lives.
(00:44:19)結合水平應用、垂直應用和 Agentic Studio 創造了一個非常有吸引力的產品。但如果這還不夠，我們即將推出的下一項創新是 AI 輔助的上線。在許多情況下，我們進行挑戰性的工作，以幫助客戶解決關鍵任務的行業特定問題。這些上線過程往往會很漫長。它們是複雜的。它們涉及數據遷移。AI 為我們提供了應對這些挑戰的新能力。我們有極大的能力來加速這些上線過程。
Mike Sicilia - Oracle, CEO
(00:44:56)We also have several proof points for the tooling we've rolled out so far. We'll be rolling out many more tools at AI World, but we've already seen, for example, complicated go-lives in, our healthcare applications, which previously took high double-digit months, now reduced to single months for go-lives. In our NetSuite applications, early customers leveraging these AI tools have shortened timelines from double-digit months to single-digit weeks to go live in production. So, we believe this accomplishes two key things.
(00:44:56)我們也有幾個證據點來證明我們迄今為止推出的工具。我們將在 AI World 上推出更多工具，但我們已經看到，例如，在我們的醫療應用中，之前需要高雙位數的月份，現在已經縮短到單位數的月份來上線。在我們的 NetSuite 應用中，早期客戶利用這些 AI 工具將上線時間從雙位數的月份縮短到單位數的週。因此，我們相信這實現了兩個關鍵目標。
Mike Sicilia - Oracle, CEO
(00:45:26)First, it helps customers realize value from AI more quickly and at a lower cost than ever before. And second, in some very complex industries, where ramps are associated with these go-lives, it allows us to unlock the ramp and recognize revenue faster than with manual implementations. This is an improvement over the traditional manual implementation process. Another important aspect, as mentioned in the press release, is that the AI data platform, which automates the creation of enterprise ontology, runs the same platform as our applications.
(00:45:26)首先，它幫助客戶更快地實現 AI 的價值，並且成本比以往更低。其次，在一些非常複雜的行業中，這些上線過程與增長相關，它使我們能夠解鎖增長，並比手動實施更快地確認收入。這比傳統的手動實施過程有了改善。另一個重要方面，如新聞稿中提到的，AI 數據平台自動創建企業本體，運行與我們的應用相同的平台。
Mike Sicilia - Oracle, CEO
(00:46:03)We are honored to serve our customers with a very extensive, widespread, and large suite of applications. However, there are other applications as well. Being able to take those applications our customers run, create an enterprise ontology as an automated service, and then layer AI Agentic Studios on top of that, when combined, I don't believe anyone else in the market delivers all of that as a cloud service, especially not in highly regulated industries. Certainly not at the scale we operate. Additionally, our SaaS business serves as an excellent lead generator for our IaaS business.
(00:46:03)我們很榮幸能為客戶提供非常廣泛、廣泛且大型的應用套件。然而，還有其他應用。能夠將客戶運行的應用轉化為自動化服務的企業本體，然後在其上層疊加 AI Agentic Studios，結合起來，我不相信市場上有其他公司能以雲服務的形式提供這一切，尤其是在高度監管的行業中。當然，我們的規模是無法比擬的。此外，我們的 SaaS 業務為我們的 IaaS 業務提供了優秀的潛在客戶來源。
Mike Sicilia - Oracle, CEO
(00:46:48)Our SaaS customers are also purchasing Oracle Cloud Infrastructure (OCI). They are also... running other workloads, including non-Oracle workloads, which they are happy to run on OCI. As SaaS customers, they get a strong test of OCI's performance and scalability because they are inherently OCI consumers as well. We view the SaaS business as part of the comprehensive solution set we deliver to customers. We continue to invest in that solution set. We keep making it easier for customers to go live. We add more tooling to help customers configure and leverage AI.
(00:46:48)我們的 SaaS 客戶也在購買 Oracle Cloud Infrastructure （OCI）。他們還在...運行其他工作負載，包括非 Oracle 的工作負載，他們樂於在 OCI 上運行。作為 SaaS 客戶，他們能夠強烈體驗 OCI 的性能和可擴展性，因為他們本質上也是 OCI 的消費者。我們將 SaaS 業務視為我們提供給客戶的綜合解決方案的一部分。我們持續在這個解決方案上進行投資。我們不斷讓客戶更容易上線。我們增加更多工具來幫助客戶配置和利用 AI。
Mike Sicilia - Oracle, CEO
(00:47:24)For all these reasons, we are quite optimistic about the future of our applications business.
(00:47:24)基於這些原因，我們對我們的應用業務的未來相當樂觀。
Brent Thill - Jefferies, Managing Director
(00:47:34)Thanks,
(00:47:34)謝謝，
Operator
(00:47:38)Mike. Your final question comes from Kirk Materne with Evercore ISI. Your line is open. Please go ahead.
(00:47:38)Mike。你的最後一個問題來自 Evercore ISI 的 Kirk Materne。你的線路已開通。請繼續。
Kirk Materne - Evercore ISI, Senior Managing Director
(00:47:47)Yes, thank you very much. Ken still has an analyst day to get through, so I'll wait to congratulate him in person in a month or so. Mike, you mentioned the AI data platform. You included it in your press release, so I want to dive deeper into that. It seems like an important way to allow customers to deploy agents against proprietary data. Can you help us understand the business model around that? Does it drive incremental consumption of Oracle Database, OCI, or is it more of a standalone software revenue opportunity?
(00:47:47)是的，非常感謝。Ken 還有一個分析師日要完成，所以我會等一個月左右再親自祝賀他。Mike，你提到了 AI 數據平台。你在新聞稿中提到過，所以我想深入瞭解一下。這似乎是一種重要的方式，可以讓客戶針對專有數據部署代理。你能幫助我們理解這方面的商業模式嗎？這是否推動了 Oracle 數據庫、OCI 的增量消費，還是更像是一個獨立的軟件收入機會？
Kirk Materne - Evercore ISI, Senior Managing Director
(00:48:15)I'm curious about how we should think about its impact on financials over time.
(00:48:15)我對我們應該如何看待它對財務的影響感到好奇。
Mike Sicilia - Oracle, CEO
(00:48:21)Thanks. I think you touched on the answer: it's all of the above. Certainly, we can run this in a model consuming 100% non-Oracle workloads. This platform is by no means specific to Oracle Database or Oracle applications. The AI data platform is agnostic. It can pull in and automate ontologies from any data source. In fact, we currently automate hundreds of data sources. So whether it's pure consumption of the AI data platform, use alongside our applications, or in conjunction with OCI, we focus on enabling customers and partners to choose the best option for their needs.
(00:48:21)謝謝。我想你已經觸及了答案：這一切都是。當然，我們可以在消耗 100% 非 Oracle 工作負載的模型中運行這個。這個平台絕對不是專門針對 Oracle 數據庫或 Oracle 應用的。AI 數據平台是中立的。它可以從任何數據源中提取並自動化本體。實際上，我們目前自動化了數百個數據源。因此，無論是純粹使用 AI 數據平台，還是與我們的應用一起使用，或是與 OCI 結合使用，我們專注於使客戶和合作夥伴能夠選擇最適合他們需求的選項。
Mike Sicilia - Oracle, CEO
(00:49:01)I believe this approach benefits all of our business segments. I would say that the Oracle database remains one of the most coveted custodians of mission-critical data in the world. Certainly, as we automate ontologies and have the Oracle database as a primary feed for mission-critical data, it also helps us unlock our expanding multi-cloud database, where customers want to easily move their on-premises Oracle database versions to the cloud. As we continue investing to make this available on every cloud and in every region, we believe the AI data platform will drive further growth.
(00:49:01)我相信這種方法對我們所有的業務部門都有利。我想說，Oracle 數據庫仍然是全球最受推崇的關鍵任務數據的保管者之一。當然，隨著我們自動化本體論，並將 Oracle 數據庫作為關鍵任務數據的主要來源，這也幫助我們解鎖不斷擴展的多雲數據庫，客戶希望能輕鬆將其本地的 Oracle 數據庫版本移至雲端。隨著我們持續投資以使其在每個雲端和每個地區都可用，我們相信 AI 數據平台將推動進一步增長。
Kirk Materne - Evercore ISI, Senior Managing Director
(00:49:44)I know you have a large services ecosystem, but will you deploy engineers on-site to help customers understand some of the opportunities—things they might not have been able to expose before with the database? Is there a go-to-market strategy around this?
(00:49:44)我知道你們擁有龐大的服務生態系統，但你們會派遣工程師到現場幫助客戶理解一些機會——他們可能以前無法在數據庫中揭示的事物嗎？這方面有市場策略嗎？
Mike Sicilia - Oracle, CEO
(00:50:02)Yes, absolutely. We are already investing in and deploying engineers at our customers' sites. This is true for the AI data platform. It is also true for our Fusion Agentic Studio, which we see as a combined platform running on a single control plane in OCI. So, yes, we believe that service offering is essential. I actually think it will help customers go live as quickly as possible. As I mentioned, we are now measuring successes in weeks, which, in heavily regulated industries, would have been unimaginable even a year ago.
(00:50:02)是的，絕對如此。我們已經在客戶的現場投資並部署工程師。這對於 AI 數據平台也是如此。我們的 Fusion Agentic Studio 也是如此，我們將其視為在 OCI 的單一控制平面上運行的綜合平台。所以，是的，我們相信這項服務提供是至關重要的。我實際上認為這將幫助客戶儘快上線。正如我提到的，我們現在以週為單位來衡量成功，而在高度監管的行業中，這在一年前是不可想像的。
Ken Bond - Oracle, Investor Relation
(00:50:40)Thank you, Mike. For next quarter, we expect our Q2 fiscal year 27 earnings results to be announced on December 14, 2026. Any changes to this date will be publicly announced. A telephonic replay of this conference call will be available for 24 hours on our Investor Relations website. Thank you for joining us today. With that, I will turn the call back to Miriam for closing remarks.
(00:50:40)謝謝你，Mike。對於下一季度，我們預計將於 2026 年 12 月 14 日公佈我們 27 財年的第二季度收益結果。任何對此日期的變更將會公開宣佈。此次電話會議的重播將在我們的投資者關係網站上提供 24 小時。感謝您今天的參與。那麼，我將把電話轉回給 Miriam 進行結語。
Operator
(00:51:04)This concludes today's conference. We would like to thank everyone for their participation today. You may now disconnect.
(00:51:04)今天的會議到此結束。我們要感謝大家今天的參與。現在您可以斷開連接。