Oracle 2023 Q4 Earnings Call

Good afternoon. My name is Krista and I'll be your conference operator today. At this time, I would like to welcome everyone to the Oracle Corporation third quarter fiscal year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you like to ask a question during that time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question again, press star one. Thank you. I would now like to turn the conference over to Ken Bond senior vice president investor relations. Mr Bond, you may begin your conference. Thank you, Krista. Good afternoon, everyone. And welcome to Oracle's third quarter fiscal year 2024 earnings conference call. A copy of the press release and financial tables, which includes a gap to not gap reconciliation and other supplemental financial information can be viewed and downloaded from our investor relations website. Additionally, a list of many customers who purchase Oracle cloud services or went live on Oracle cloud recently will be available from our investor relations website.

下午好。我的名字是克里斯塔，我今天将是您的电话会议操作员。此刻，我想欢迎大家参加甲骨文公司2024财年第三季度收益电话会议。为了防止任何背景噪音，所有线路都已静音。在发言人讲话后，将有问答环节。如果您想在那时提问，只需按下星号再按下电话键盘上的数字一即可。如果您想撤回您的问题，请再次按下星号一。谢谢。我现在想将会议转给肯·邦德高级副总裁投资者关系。邦德先生，您可以开始您的会议了。谢谢，克里斯塔。大家下午好。欢迎参加甲骨文2024财年第三季度收益电话会议。压缩版的新闻稿和财务表格，其中包含差异分析和其他补充财务信息，可以从我们的投资者关系网站查看和下载。此外，最近购买甲骨文云服务或正在使用甲骨文云的许多客户名单也将在我们的投资者关系网站上提供。

On the call today are chairman and chief technology officer Larry Ellison and chief executive officer, Safra Katz. As a reminder, today's discussion will include forward looking statements, including predictions, expectations, estimates or other information that might be considered 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 10K and 10Q and any applicable amendments for a complete discussion of these factors and other risks, which may affect our future results or the market price of our stock.

今天的电话会议上会有主席兼首席技术官拉里·埃里森和首席执行官萨夫拉·卡茨。作为提醒，今天的讨论将包括前瞻性声明，包括预测、期望、估计或其他可能被视为前瞻性声明的信息。这些前瞻性声明也会面临导致实际结果与今天所做声明不同的风险和不确定性。因此，我们提醒您不要过度依赖这些前瞻性声明。我们鼓励您查看我们最近的报告，包括我们的10K和10Q以及任何适用的修订，完整讨论这些因素和其他可能影响我们未来结果或股票市场价格的风险。

And finally, we are not obligating ourselves to revise our results or these forward looking statements in light of new information or future events. Before taking questions, we'll begin with a few prepared remarks. And with that, I'd like to turn the call over to Safra. Thanks, Ken. And good afternoon, everyone. We had another excellent quarter with third quarter revenue coming in as expected and EPS two cents above the high end of my guidance range. Now, before I get into the results of the quarter, I wanted to touch on the strength of our infrastructure cloud business. OCI has emerged as the largest driver of our overall revenue acceleration, growing much, much faster than our cloud competitors. Customers have figured out that by moving to OCI, they can really get more while paying less, but it's not just the cost that matters to our customers.

最后，我们并不会因为新信息或未来事件而重新修订我们的结果或这些前瞻性声明。在回答问题之前，我们将首先进行几句准备好的讲话。那么，我想把电话转给Safra。谢谢，Ken。大家下午好。我们在第三季度取得了又一次非常出色的业绩，营收与预期相符，每股收益比我的指导范围高端高两美分。现在，在谈论本季度的结果之前，我想谈谈我们基础云业务的实力。OCI已经成为我们整体营收加速增长的最大推动力，增长速度远远超过我们的云竞争对手。客户已经意识到，通过转移到OCI，他们可以在支付更少的同时获得更多，但对于我们的客户来说，重要的不仅仅是成本。

Beyond the superior price performance of OCI, customers are choosing Oracle and Oracle services for multiple reasons. First, we know better than anyone, what it takes to run the full stack of technology that goes into mission critical workloads. I'm talking about running at enterprise scale with comprehensive security and unparalleled support. And that's from decades of experience running the world's most important workloads and optimizing clustering technology, which is critical to artificial intelligence workloads and database services. Secondly, our AI capabilities are unique as they're built in to help customers drive business outcomes. This is more than integrating generative AI across our fusion and industry cloud applications and autonomous database, which we have done. It's also about enabling and refining these AI models with the customer's own data to better understand and serve their operations without them losing control of their own data.

除了OCI在价格表现上的优势之外，客户选择Oracle和Oracle服务有多个原因。首先，我们比任何人都更了解运行整套技术所需的工作装载。我说的是在企业规模上运行，具备全面的安全性和无与伦比的支持。这是来自几十年的经验，运行全球最重要的工作装载并优化集群技术，这对于人工智能工作装载和数据库服务至关重要。其次，我们的人工智能能力独一无二，它们内置帮助客户推动业务结果。这不仅仅是将生成式人工智能整合到我们的融合和行业云应用程序以及自主数据库中，我们已经做到了。它还包括通过客户自己的数据来启用和完善这些人工智能模型，以更好地理解和服务他们的运营，而客户不会失去对自己数据的控制。

Third, we provide deployment flexibility for customers based on how they want to run in the cloud. In addition to offering public cloud services, we remain the only vendor, which also offers a dedicated and complete cloud of customer, dedicated regions, sovereign clouds, and alloy, our partner cloud. So customers don't have to compromise the services they receive while meeting their deployment needs. And finally, we provide multi cloud offerings so customers can consume our cloud services in the public cloud of their choice. We offer Oracle database at Azure with Microsoft, as well as my SQL heat wave through multiple clouds, and you can expect more multi cloud services to come. Now to Q3 results, which I'd like to point out, I had the actual results on day five and signed off with my auditors days ago. So I'm just bragging a little bit, but I couldn't help it. I know a lot of CFOs are pretty jealous.

第三，我们为客户提供了部署灵活性，根据他们希望在云中运行的方式。除了提供公共云服务外，我们仍是唯一一个提供专用和完整的客户云、专用区域、主权云以及合金，我们的合作伙伴云服。因此，客户不必在满足部署需求的同时妥协他们获得的服务。最后，我们提供多云服务，使客户可以在他们选择的公共云中消费我们的云服务。我们与微软在Azure提供Oracle数据库，还通过多个云提供MySQL热浪，您可以期待更多的多云服务。现在来看第三季度的成果，我想指出，我在第五天就得到了实际结果，并在几天前与我的审计师签字认可。所以我只是有点吹牛，但我禁不住。我知道很多财务总监会很嫉妒的。

As I mentioned earlier, total revenue came in at the midpoint of my constant currency guidance and EPS was above the high end of guidance. As was the case when I gave guidance last quarter, currency had little effect in Q3, but I'll still discuss our results using constant currency growth rates in the few areas that the rates are slightly different. So here we go. Cloud revenue that says and I asked excluding serna was 4.4 billion up 26%. Including serna total cloud revenue was up 24% at 5.1 billion with I asked revenue of 1.8 billion up 49%. And sass revenue of 3.3 billion up 14%.

正如我之前提到的，总收入达到了我恒定货币指导的中间点，每股收益超过了指导的高端。与上季度给出指导时情况相同，货币在第三季度几乎没有影响，但我仍将讨论一些领域的结果，使用恒定货币增长率，因为这些领域的汇率略有不同。所以让我们开始吧。云收入，不包括serna，为44亿美元，增长了26%。包括serna在内的总云收入增长了24%，达到51亿美元，其中云服务收入18亿美元，增长了49%，Sass收入为33亿美元，增长了14%。

This quarter marks the first time our total cloud revenue is more than our total license support revenue. So we have crossed over total cloud services and license support revenue for the quarter was 10 billion up 11%. Derven again by our strategic cloud applications, autonomous database and OCI. Application subscription revenues, which includes product support were 4.6 billion and up 10%. Our strategic back office, SaaS applications now have annualized revenue of 7.4 billion and we're up 18%. Infrastructure revenues, which includes license support were 5.4 billion and up 13%.

这个季度是我们云服务总收入首次超过我们授权许可支持收入的时候。因此，我们在本季度跨越了云服务和授权许可支持的总收入，达到了100亿美元，增长了11%。这主要得益于我们的战略云应用程序、自主数据库和OCI。应用订阅收入（包括产品支持）为46亿美元，增长了10%。我们的战略后端SaaS应用程序目前的年化收入为74亿美元，增长了18%。基础设施收入（包括授权许可支持）为54亿美元，增长了13%。

Infrastructure cloud services revenue was up 49%. Excluding legacy posting services, OCI, gentle infrastructure cloud services revenue grew 52%. With an annualized revenue of 6.7 billion. OCI consumption revenue was up 63%. Were it not for some continuing supply constraints? Consumption growth would have been even higher. Database subscription revenue, which includes database license support were up 5% and highlighted by cloud database services, which were up 34%. And now has annualized revenue of 1.9 billion.

基础架构云服务的收入增长了49%。在排除传统邮寄服务OCI的情况下，温和的基础架构云服务收入增长了52%。年化收入达到了67亿美元。OCI的消费收入增长了63%。如果没有持续的供应限制，消费增长可能会更高。数据库订阅收入，包括数据库许可支持，增长了5%，其中云数据库服务增长了34%。现在年化收入达到了19亿美元。

Very importantly, as on premise databases, database, databases migrate to the cloud, we expect these cloud database services will be the third leg of revenue growth alongside strategic SaaS and OCI. Software license revenues were 1.3 billion down 3%. So all in total revenues for the quarter with 13.3 billion up 7% including Cerner and up 9% excluding Cerner. Now to margins. The growth margins for cloud services and license support was 77%. This is as before a result of the mix between support and cloud in which cloud is growing much faster than support.

非常重要的是，随着现场数据库迁移到云端数据库，我们期待这些云数据库服务将成为收入增长的第三支柱，与战略SaaS和OCI并驾齐驱。软件许可收入下降了3％，达到13亿美元。所以本季度总收入为133亿美元，同比增长7％，包括Cerner则增长9％。现在看利润率。云服务和许可支持的增长利润率为77％。这是由于云服务增长速度远远快于支持服务的原因。

Support and SaaS growth margin percentages are consistent with last year while I as growth margins improved substantially year over year. While we continue to build data center capacity, overall growth margins will go higher as more of our cloud regions fill up. We monitor these expenses carefully to ensure growth margin percentages expand as we scale. And to that point, gross profit dollars of cloud services and license support grew 8% in Q3. Non-GAP operating income was 5.8 billion up 12% from last year. Operating margin was 44% up from 42% last year as we continue to drive more efficiencies in our operating expenses, which continue to trend down as a percentage of revenue.

支持和SaaS增长利润百分比与去年持平，而我作为增长利润却在去年大幅改善。随着我们继续建设数据中心容量，随着更多的云区域填满，整体增长利润将会上升。我们密切监控这些费用，以确保随着规模扩大，增长利润百分比扩大。至于云服务和许可支持的毛利润增长了8%。非GAP运营收入为58亿美元，比去年增长了12%。运营利润率为44%，比去年的42%提高，这是因为我们不断推动运营费用的效率提高，这些费用作为收入的百分比继续下降。

Looking forward as we continue to benefit from economies of scale in the cloud and drive Cerner profitability to Oracle standards, we will not only continue to grow operating income, but we will also expand the operating margin percentages. The non-GAP tax rate for the quarter was very close to my guidance at 18.9% and non-GAP EPS was $1.41 in USD, up 16% in both USD and constant currency. GAP EPS was 85 cents. At quarter end, we had nearly $9.9 billion in cash in marketable securities. And short-term deferred revenue balance and the short-term deferred revenue balance was 8.9 billion up 4%.

随着我们继续从云计算的规模效益中受益，并将辛纳利的盈利提升至甲骨文的标准，我们不仅将继续增长营业收入，还将扩大营业利润率。本季度的非通用会计原则税率接近我的指引，为18.9%，非通用会计原则每股收益为1.41美元，同比增长16%。通用会计原则每股收益为0.85美元。季末，我们在市场证券中拥有将近99亿美元的现金。短期递延收入余额为89亿美元，同比增长4%。

Over the last four quarters, operating cash flow was 18.2 billion up 18% and free cash flow was 12.3 billion up 68%. Capital expenditures were 6 billion over the same time period as we continue to see cash flow benefits from our cloud transformation. Our remaining performance obligation, or RPO, is now over 8 billion with the portion excluding Cerner up 41% in constant currency. We signed several large deals this quarter, and we have many more in the pipeline. Approximately 43% of our total RPO is expected to be recognized as revenue over the next 12 months.

在过去的四个季度中，运营现金流为182亿美元，增长了18％，自由现金流为123亿美元，增长了68％。资本支出在同一时期为60亿美元，因为我们继续从云转型中看到现金流的益处。我们的剩余履约义务，即RPO，现在超过80亿美元，除去Cerner部分，按不变汇率计算增长了41％。本季度我们签署了几项大额交易，并且我们在未来有更多交易在等待中。我们约43％的总RPO预计将在未来12个月内被确认为收入。

And this reflects the growing trend of customers wanting larger contracts as they see firsthand how Oracle cloud services are benefiting their businesses. And we expect to have some very nice joint announcements within video next week. Now, while we spent 2.1 billion on CAP EPS this quarter, the 1.7 billion in the cash flow statement is slightly lower just due to the timing of payments. So the 2.1 billion is actually what we spent and will pay for. We are working as quickly as we can to get the cloud capacity built out, given the enormity of our backlog and pipeline.

这反映了客户希望签订更大合同的增长趋势，因为他们亲眼看到Oracle云服务如何惠及他们的业务。我们预计下周将有一些非常好的联合公告。尽管我们本季度在CAP EPS上花费了21亿美元，但现金流量表上的17亿美元略低一些，只是因为付款时间的安排。所以21亿美元实际上是我们所花费并将支付的金额。考虑到我们的积压订单和管道的巨大规模，我们正在尽快扩建云容量。

I expect the CAP X will be somewhere around 7 to 7.5 billion this fiscal year, meaning our Q4 CAP X should be considerably higher. To that point, we now have 68 customer facing cloud regions live with 47 public cloud regions around the world and another 8 being built. 12 of these public cloud regions interconnect with Azure and more locations with Microsoft are coming online soon. We also have 11 dedicated regions live and 13 more planned. Several national security regions and EU sovereign regions live with increasing demand for more of each. And finally, we already have 2 alloy cloud region live with 5 more planned where Oracle partners become cloud providers offering customized cloud services alongside Oracle cloud. Of course, we have also many, many, many cloud customer installations. As I mentioned earlier, the sizing, flexibility and deployment optionality of our cloud regions continues to be incredible advantage for us in the marketplace. And as we've said before, we're committed to returning value to our shareholders through technical innovation, acquisitions, stock repurchases, prudent use of debt and a dividend. And this quarter, we repurchased 4 million shares per total of 450 million. In addition, we paid out dividends of 4.4 billion over the last 12 months. And the board of directors declared a quarterly dividend of 40 cents per share today.

我预计本财年CAP X将在70亿到75亿左右，这意味着我们的第四季度CAP X应该会大幅增加。到目前为止，我们已经在全球拥有68个客户面向的云区域，其中有47个公共云区域已经投入使用，另外还有8个正在建设中。其中有12个公共云区域与Azure互连，还有更多与Microsoft合作的地点即将上线。我们还拥有11个专用区域已经投入使用，另外还有13个计划中。一些国家安全区域和欧盟主权区域已经投入使用，对更多此类区域的需求正在增加。最后，我们已经有2个合金云区域投入使用，另外还有5个计划中，其中Oracle合作伙伴将成为云提供商，为客户提供定制的云服务。当然，我们也拥有很多云客户的安装。正如我之前提到的，我们的云区域在规模、灵活性和部署选项上继续为我们在市场上创造巨大优势。正如我们之前所说，我们致力于通过技术创新、收购、股票回购、债务的谨慎使用和股息向股东回报价值。本季度我们回购了总共4500万股股票中的400万股。此外，过去12个月我们支付了44亿美元的股息。董事会今天宣布每股40美分的季度股息。

Now, before I dive into Q4 guidance, I'd like to share some thoughts on what I see for the next 12 months or so. As demand for our cloud services continues getting stronger, our pipeline is growing even faster and our wind rates are going higher as well. As our supply constraints ease, revenue growth rates will accelerate higher as our capacity expands and we get into fiscal year 25. I should also say that we continue to expect the FY 24, of which we are now in the fourth quarter, total revenue excluding Surner will accelerate from last year as it has for the past three years and will likely be significantly higher in FY 25. In addition, Surner, which is a significant headwind this year, we expect to return to growth next year. And finally, and I remain firmly committed to our FY 26 financial goals for revenue, operating margin and EPS growth. However, some of these goals might prove to be too conservative given our momentum.

现在， 在我开始讲述第四季度的业绩指引之前，我想分享一些我对接下来大约12个月的看法。随着我们云服务的需求持续增强，我们的销售额也在迅速增长，而我们的市场份额也在不断上升。随着我们供应约束的缓解，随着我们的产能扩大和进入2025财年，收入增长率将会加速增长。 我还要说，我们继续预期在我们现在处于第四季度的财年24中，不包括Surner的总收入将会从去年加速增长，就像过去三年一样，并且可能在2025财年显著增长。此外，Surner今年是一个重要的阻力，我们预计明年将恢复增长。最后，我坚定地致力于我们财年26的财务目标，包括收入、运营利润率和每股收益增长。但是，鉴于我们的动力，一些目标可能被证明过于保守。

Let me now turn to my guidance for Q4, which I'll review on an on-gap basis as always. And if currency exchange rates remain the same as they are now, currency should have little effect on total revenue and EPS. However, of course, actual currency impact may be different. So at least right now, all the numbers are the same for constant currency and USDA. Total revenues, including Surner, are expected to grow from 4 to 6%. Total revenue excluding Surner are expected to grow 6 to 8%. Total revenue, the total cloud revenue excluding Surner is expected to grow from 22 to 24% as more capacity comes online in Q4. The EPS growth rate will be affected by the compare as our Q4 tax rate last year was 9.2%, which I believe most of you have already accounted for in your models. And my EPS guidance for Q4 assumes a base tax rate of 19%.

现在让我来谈谈第四季度的指导方针，我将像往常一样基于非通用会计原则进行审查。如果货币汇率保持现状，货币对总收入和每股收益应该影响不大。当然，实际的货币影响可能会有所不同。因此，至少目前为止，所有数字对于恒定货币和美元都是一样的。预计包括Surner在内的总收入将增长4到6％。不包括Surner在内的总收入预计将增长6到8％。总收入，不包括Surner在内的云收入预计将随着第四季度的更多容量上线而增长22到24％。每股收益增长率将受到比较的影响，因为去年我们的第四季度税率为9.2％，我相信大多数人在他们的模型中已经计算了。我的第四季度每股收益指导假设基准税率为19％。

As always, one-time tax events could cause actual tax rates to vary from my guidance, like they did last year. So with that, non-gap EPS is expected to be down 2% or too flat and be between $1.62 and $1.66. And with that, I'll turn it over to Larry for his comments. Thank you, Sanfra. Well, Oracle signed another big Generation 2 cloud infrastructure contract with NVIDIA in Q3. Oracle's Gen 2 AI infrastructure business is booming. That's become pretty clear to everybody. But in addition to selling infrastructure for training AI large language models, Oracle is also a completely re-informable. And it's completely re-engineering its industry-specific applications to take full advantage of our artificial intelligence. The best example of this is in healthcare, where Oracle did not just add a bit of AI around the edges of existing applications. Instead, we developed completely new applications using our APACS application generator and our autonomous database.

一如既往，一次性税收事件可能导致实际税率与我的指导产生偏差，就像去年一样。因此，非通用会计准则的每股收益预计将下降2％或持平，预计在1.62美元至1.66美元之间。现在我将把话题转交给Larry发表他的意见。谢谢，Sanfra。嗯，Oracle在第三季度与NVIDIA签署了另一份重要的第二代云基础设施合同。Oracle的第二代人工智能基础设施业务正在蓬勃发展，这一点已经变得非常清晰。除了为AI大型语言模型训练销售基础设施之外，Oracle还在彻底重塑自己。它正在彻底改造行业特定的应用程序，以充分利用我们的人工智能。最好的例子是医疗保健行业，Oracle并没有只是在现有应用程序的边缘添加一点AI。相反，我们使用我们的APACS应用生成器和我们的自主数据库开发了全新的应用程序。

These all new applications use Gen 2 AI throughout the application. The best example is in healthcare, where our new ambulatory clinic system is being delivered to customers this Q4. This completely new application features a voice interface called the Clinical Digital Assistant. The Clinical Digital Assistant listens to a doctor's consultations with a patient and automatically generates prescriptions, doctors orders, doctors notes, then automatically updates the patient's electronic health records.

所有这些新应用程序都在整个应用程序中使用第二代人工智能。最好的例子是在医疗保健领域，我们的新门诊诊所系统将在本季度交付给客户。这款全新的应用程序具有一个名为临床数字助手的语音界面。临床数字助手会听取医生与患者的会诊，并自动生成处方、医嘱、医生笔记，然后自动更新患者的电子健康记录。

The Clinical Digital Assistant's voice interface makes our new healthcare systems dramatically easier to use and saves hours of doctors precious time every day, which now can be spent with patients rather than typing into a computer. The delivery of our new AI-centric healthcare cloud applications, including the ambulatory clinic system, the Clinical Digital Assistant, and the health data intelligence system will enable the rapid modernization of our customers' healthcare systems and transform Oracle Health and Surner into a high growth business for years to come.

临床数字助手的语音界面使我们的新医疗系统使用起来更加简单，每天节省了医生宝贵的时间，他们可以把时间花在与病人的沟通上，而不是在电脑上打字。我们新的以人工智能为中心的医疗云应用程序的推出，包括门诊诊所系统、临床数字助手和健康数据智能系统，将促进我们客户医疗系统的快速现代化，并将使得 Oracle Health 和 Surner 成为未来多年高增长的企业。

Ken, back to you. We don't hear you, Ken. Thank you. Thank you, Larry. Sorry about that. Krista, if you could please pull the audience for questions and if we could proceed from there. Thank you. Absolutely. If you would like to ask a question, please press star 1 on your telephone keypad. You are in first question. It comes from the line of John Diffuci from Guggenheim Securities. Please go ahead.

肯，轮到你了。我们听不到你，肯。谢谢你。谢谢，拉里。抱歉。克里斯塔，如果你可以请观众提问，然后我们可以从那里开始。谢谢。当然。如果您想提问，请按电话键盘上的星号1。您是第一个提问者。来自高盛证券的约翰·迪富奇在电话中，请讲。

Thank you. Safra, the infrastructure as a service growth of 49 percent implies a Herculean increase in new business coming online, new ARR, the way we model it anyway, something I just thought you wouldn't be able to do, this quarter, given how much you had to do. Though we realize we don't know the timing of when deals come online. But last quarter, you said you were going to reallocate resources to focus on some of these very large OCI deals to get them implemented earlier, so you started to get revenue earlier. Is that what happened this quarter? Is that what we're seeing? Or is that still the come?

谢谢。Safra，基础设施即服务增长了49％，意味着新业务的大幅增加，新的ARR，就我们建模的方式而言，我当时觉得你不可能在这个季度做到这一点，因为你要做的事情太多了。尽管我们意识到我们不知道交易何时会在线上进行。但上个季度，你说你要重新分配资源，专注于一些非常大的OCI交易，以便更早实施它们，这样你就能更早地开始获得收入。这个季度发生了吗？这是我们所看到的吗？或者还在等待中？

Honestly, John, that is still to come. So this is just pretty much our regular way business. That's what you're seeing. We have enormous amounts of demand. I tried to make that clear last quarter and we have more capacity coming online, but we tried to focus on much larger chunks of data center capacity and electricity and all of that. And that's all to come. This is really our regular way business and our customers just growing.

老实说，约翰，这还在即将到来的阶段。所以这基本上就是我们常规的业务方式。这就是你所看到的。我们有巨大的需求量。我上个季度试图让这一点清楚，并且我们有更多的产能正在上线，但我们努力专注于更大规模的数据中心容量和电力等方面。所有这些都在即将到来。这真的是我们日常的业务方式，我们的客户正在不断增长。

And a whole bunch of new customers, by the way, I think there are many, many customers who have come on and that haven't gotten capacity yet. We've got at least 40 new AI bookings that are over a billion that haven't come online yet. That sounds. Go ahead, Larry. Sorry. Okay. Let me add that Oracle is building data centers at a record level.

顺便说一句，我认为有很多很多新客户加入了，但是他们还没有得到容量。我们至少有40个新的超过10亿美元的AI预订，但还没有上线。听起来很不错。请继续，Larry。抱歉。好的。让我补充一下，Oracle正以空前的速度建设数据中心。

And a lot of people, I think, are aware that we can build fairly small data centers to get started when we want to. But the unique thing about Oracle's data centers, they're all identical except for scale. You do not have custom data centers. They all have all the Oracle services. They are all complete. One of the things that's unusual about them, they're all completely automated. They come up on their own and they kind of run themselves.

我认为很多人都知道，当我们想要开始时，我们可以建立相当小的数据中心。但是Oracle的数据中心的独特之处在于它们除了规模以外完全相同。您不需要定制数据中心。它们都包含所有Oracle服务。它们是完整的。关于它们的一个不同寻常之处在于它们全部都是完全自动化的。它们自己启动并自动运行。

I mean, look, we do have a bunch of people working on these data centers. But they are extremely highly automated. Our operating system is autonomous Linux. Our database is a vehicle-autonomous database. Our new heatwave database, Microsoft and my SQL heatwave, is highly automated. And therefore, we can build.

我是说，我们确实有很多人在这些数据中心工作。但它们都是极度自动化的。我们的操作系统是自主的Linux。我们的数据库是一种自动驾驶数据库。我们的新热浪数据库，Microsoft 和 MySQL 热浪，都是高度自动化的。因此，我们可以快速建设。

Every time we build a data center, it's like the data center we've built before. Except for one thing, scale. We can go very small. We can get a full cloud data center with all the services in Kenrock. But this is what I want to point out. We're also building the largest data centers in the world that we know of. We're building an AI data center in the United States where you could park eight Boeing 747s nose to tail in that one data center. So we are building large numbers of data centers and some of those data centers are smallish, but some of those data centers are the largest AI data centers in the world. So we're bringing on enormous amounts of capacity over the next 24 months because the demand is so high, we need to do that to satisfy our existing set of customers. Give me an idea. One more thing in terms of data centers.

每次我们建造一个数据中心，它就像我们之前建过的数据中心一样，除了一个方面，规模。我们可以建造很小的数据中心。我们可以在Kenrock拥有一个拥有所有服务的完整云数据中心。但我想强调的是，我们也在建造我们所知道的世界上最大的数据中心。我们正在美国建造一个人工智能数据中心，你可以在那个数据中心停靠八架波音747的机头。因此，我们正在建造大量的数据中心，其中一些数据中心规模较小，但有些数据中心却是世界上最大的人工智能数据中心。因此，在接下来的24个月内，我们将增加大量的容量，因为需求非常高，我们需要这样做来满足我们现有的客户群。给我一个想法。还有一件关于数据中心的事情。

We're building 20 data centers from Microsoft and Azure. They just ordered three more data centers to support. They're adding to that already. And there are other multi-cloud agreements that are being signed. There are a number of multi-cloud agreements in Japan where computer manufacturers in Japan are adopting our cloud and will be reselling our cloud as partners. And we think NRI is already doing that, but there are a number of other companies that are going to be doing that. So that's something we're seeing over demand for data centers of people who want to buy alloy and then resell our cloud services with their proprietary cloud services on top of it. We're seeing that.

我们正在建设20个来自Microsoft和Azure的数据中心。他们刚刚订购了三个额外的数据中心来支持。他们正在增加现有的数据中心数量。还有其他已经签署的多云协议。在日本有许多多云协议，日本的计算机制造商正在采用我们的云，并将作为合作伙伴重新销售我们的云。我们认为NRI已经在做了，但还有许多其他公司也将这样做。因此，我们看到了人们想要购买合金并再销售我们的云服务，并将其专有云服务叠加在其上的需求。我们看到了这一点。

So some of our largest customers all over the world want their own oracle region. They don't want to share a public cloud. They want a cloud region dedicated or actually multiple cloud regions dedicated to that bank or that technology company or that telephone company. So they're building their own data centers, which are identical. Those are Oracle cloud data centers. They are all identical. So we're able to automate and run those with not a lot of additional labor costs. It's a huge advantage for us.

因此，全球一些最大的客户想要他们自己的Oracle区域。他们不想与公共云共享。他们希望有一个专门的云区域，或者实际上是多个专门的云区域，专门为某家银行、科技公司或电话公司提供服务。因此，他们正在建设自己的数据中心，这些数据中心都是相同的。这些都是Oracle云数据中心，全部都是相同的。因此，我们能够自动化和运行这些数据中心，而没有太多额外的劳动成本。这对我们来说是一个巨大的优势。

Well, thank you, Larry and Safra. Listen, what you put up this quarter in infrastructure as a service, it just looks pretty impressive. But it sounds like there's a lot more to come. Thank you for taking my question. John, my last comment would be the growth in RPO is what's to come. And RPO is obviously growing faster than revenue because we can't meet the demand. That's the measure of demand. The 80 billion RPO is quite an acceleration of demand. So demand is not slowing down. It's actually increasing quite a bit. Well, there were a lot of questions on that last quarter and I guess there won't be any on this one. Thank you. Thank you, John. Next question, please.

Larry和Safra，谢谢你们。听着，你们这个季度在基础设施即服务方面取得的成绩看起来相当不错。但听起来还有更多的发展。感谢你们回答我的问题。 约翰，我最后想说的是RPO的增长是未来的趋势。显然，RPO的增长速度比收入快，因为我们无法满足需求。这是需求的衡量标准。 800亿RPO显示了需求的快速增长。需求并没有放缓，而是在大幅增加。好吧，上个季度有很多关于这个问题的问题，我猜这一次没有了。谢谢。约翰，谢谢你。请提出下一个问题。

Your next question comes from the line of Ramo Lenzchild from Barclays. Please go. Hey, thank you. Congrats from me as well. I wanted to talk a little bit about CERN, or the Indian announcement you talked about the most of CERN. Now it's running out of your OCI. Well, first of all, that's a very quick turnaround to use it. Well done. What's kind of the implications for that, both from running efficiency but also innovation on the platform? Thank you. Well, two things. One is we save a huge amount of money moving them into our standard data center, because our OCI clock costs are much lower than the cost of the CERN or dedicated data center. Also, the big thing that we're excited about is OCI is highly secure. It's got a highly secure perimeter, and therefore those applications are much less vulnerable to ransomware or other kind of attacks than if they were in a different kind of data center. So we're very happy that these are now secured.

你的下一个问题来自巴克莱的Ramo Lenzchild。请提问。嘿，谢谢。也祝贺你。我想谈一谈关于CERN，或者你提到过最多的有关CERN的印度公告。现在它正在从你的OCI中运行。首先，这是一个非常快速的转变使用它。干得好。这对于运行效率和平台创新有着怎样的影响呢？谢谢。有两点。一是将它们转移到我们的标准数据中心中可以节省大量资金，因为我们的OCI成本远低于CERN或专用数据中心的成本。另外一个令我们激动的事情是，OCI非常安全。它有一个高度安全的边界，因此这些应用程序比如果它们在其他类型的数据中心中更少容易受到勒索软件或其他类型的攻击。所以我们很高兴现在这些被保护起来了。

The third thing is now that they're in our cloud, we're able to update those applications on a regular three-month case. So we're able to modernize those customers that are in the cloud on a regular basis and start delivering our brand new applications, the completely rewritten CERN application, first for ambulatory clinics, and then eventually for acute care hospitals. But ambulatory clinic system is coming out this quarter, and we're able to automatically deliver that system to existing customers. It's not a reimplementation. It is literally an update to what they've already got running in the Oracle cloud, even though it's an all-new application, I don't want to do too much technical detail, but it uses the same underlying data schema. We literally can bring up the new application without the customer having to go through any implementation process. We can do it just as an update, like when we ship a new version of Fusion to an existing Fusion customer. We can now ship a new version of an all-new version of the CERN or application to a CERN or customer in OCI. So it allows us to modernize their infrastructure very, very rapidly deliver the voice, a clinical digital assistant, make the system easy to use, save doctors time, deliver a lot more value, put in the diagnostic imaging systems, the health data intelligence system, deliver all of that automatically on a regular basis. So it allows us to modernize this CERN or base very, very quickly while keeping them safe from ransomware. Perfect. Thank you. Your next question comes from the line of Ben Reap from Malia's research. Please go ahead.

第三件事是现在他们在我们的云端，我们可以每三个月定期更新这些应用程序。因此，我们能够定期现代化那些在云端的客户，并开始提供我们全新的应用程序，首先是完全重写的CERN应用程序，首先是为门诊诊所，然后最终是为急救医院。但是门诊诊所系统将在本季度推出，我们可以自动地将该系统交付给现有客户。这不是重新实施。它实际上是对他们在甲骨文云中已经运行的内容的更新，即使这是一个全新的应用程序，我不想介绍太多技术细节，但它使用相同的基础数据架构。我们确实可以在客户无需经历任何实施过程的情况下启动新应用程序。我们可以像向现有Fusion客户交付新版本Fusion一样，向CERN或客户在OCI中交付全新版本的CERN或应用程序。因此，它允许我们非常快速地现代化他们的基础架构，提供语音、临床数字助理，使系统易于使用，为医生节省时间，提供更多价值，并提供诊断影像系统、健康数据智能系统，并按照定期基础自动交付所有这些。因此，它允许我们非常快速地现代化这一CERN基础，同时保护他们免受勒索软件攻击。谢谢。您下一个问题来自Malia研究公司的Ben Reap，请继续。

Yeah, thanks. It's a pleasure to be speaking with you this afternoon. Larry and Safra, can you talk a little bit about CAPX? Your guidance implies an almost doubling of CAPX in the fourth quarter. And then what kind of trajectory is needed for the next fiscal year, given this RPO growth? What kind of uptick is needed? And Larry, if you don't mind, if you can give some color on GPU availability and how that plays in versus data center requirements in terms of that spending. Thanks so much. So for fiscal year, for fiscal year 25, I'm looking at about 10 billion in CAPX because it's also involved not only some big centers, but it also involves expansion of existing centers. So we've already got some areas that we'll be filling out. So at least preliminarily, we're looking at 10 billion for next year. And then, you know, it's not too complicated to figure out the math here when I'm looking at somewhere between seven and seven and a half for the full year. And you've got all the numbers for two, one, two, and three at this point. And I would include for Q3, the one we just are announcing, I would add in the amount we haven't paid yet as the CAPX number for this quarter.

是的，谢谢。很高兴今天下午能和你们交谈。Larry和Safra，你们能谈一下CAPX吗？你们的指引意味着第四季度CAPX将几乎翻倍。接下来的财年需要怎样的轨迹，考虑到RPO增长？需要怎样的上涨？另外Larry，如果可以的话，能否介绍一下GPU的供应情况，以及在数据中心需求方面的支出如何发挥作用。非常感谢。所以对于2025财年，我预计CAPX约为100亿美元，因为这不仅涉及一些大型中心，还涉及现有中心的扩张。我们已经有一些需要填充的地方。所以初步估计，我们明年看向100亿美元。然后，当我看到全年预计在7至7.5之间时，这里的数学并不太复杂。到目前为止，你们都有第一、第二和第三季度的数据。对于我们刚刚宣布的第三季度，我会将我们尚未支付的数额作为本季度的CAPX数字。

Okay. And that gets, that would be, and then Larry gets the second question. But anyway, so 2.1 for this quarter. And you've got Q1 and Q2, and I'm going to be somewhere between seven and seven and a half for the full year, which is actually a little bit lower than I thought, but we were able to do pretty well. You know how we spend very carefully. Great. Thanks. And Larry, the amount that, you know, how's the GPU availability in terms of hitting your goals and, you know, vis a vis, you know, other bottlenecks that could be out there. Can I be part of this? The GPU. Oh, yeah, sure. We are good. We are actually very good in our GPU access and capability. So building the computers and that it's much more making sure we've got the power on that.

好的。这样一来，问题是，然后Larry得到了第二个问题。但无论如何，这季度为2.1。你还有第一季度和第二季度，我预计整年会在七到七点半之间，实际上比我想象的略低一些，但我们做得相当不错。你知道我们非常谨慎地花钱。太好了。谢谢。Larry，在你的目标中，GPU的供应情况如何，与其他可能存在的瓶颈相比如何。我能参与其中吗？GPU。噢，当然可以。我们的GPU访问和性能确实很好。因此，建造计算机更重要的是确保我们有足够的动力。

Yeah. And thank you. Sarah says we have a great relationship with NVIDIA. You know, they're a customer of ours as well as us being a customer of theirs. And we work very closely together. So that's going pretty well. Building these, I mean, the scale of some of these data centers is breathtaking. Again, the one we're building in Salt Lake, again, you even park eight, seven, four, seven snows to tail. We can give you a video of this thing under construction, but it's hard. I mean, it's breathtaking. So there's a tremendous amount of demand that data centers take longer to build than we would like. That said, we are getting very good at building them quickly. And getting the building and the power and the communication links in, we're doing faster than we have ever happened in the past.

是的。谢谢。莎拉说我们与NVIDIA拥有很好的关系。他们是我们的客户，我们也是他们的客户。我们密切合作。所以一切都进展顺利。建设这些数据中心，我是指，某些数据中心的规模让人叹为观止。比如说，我们在盐湖城正在建设的那个，你甚至可以把七四七飞机停一排。我们可以给你一个视频让你看一下这个建设中的东西，但是很难。我是说，令人惊叹。因此，数据中心需求量巨大，建设时间比我们希望的要长。尽管如此，我们正在变得越来越擅长快速建设。我们正在比以往任何时候都更快地建设建筑、供电和通信链路。

And the thing is once we deliver the hardware, the hardware comes up very, very quickly because the process of bringing up the hardware is now all automated. It's very different than it used to be. So we're able to bring additional capacity online very quickly if we have the electric power and the communication links. So the long pole in the tent is actually building the structure connecting the electricity and connecting the communication links. Thanks, Larry. Appreciate it. Congrats on the OCI growth. Thank you. Your next question comes from the line of Derek Wood from TD Cowen. Please go ahead. Great. Thank you, Larry. Just within the last few months, you guys have enabled Oracle database and OCI to be run on top of Azure, which seems like a fairly significant development. Can you talk about what the customer reception has been around this announcement? How do you think it could change the arc of new investments on the Oracle database platform? And what this means for potentially unlocking a stronger adoption cycle for autonomous database? Well, I think it is the key to unlocking a stronger adoption cycle for moving Oracle to the cloud in general and specifically the migration to autonomous database. Oracle, we expect a multi cloud initiative to continue to expand that we're seeing it expand in Japan, but we expected to expand amongst other hyperscalers to adopt a similar multi cloud approach where we build OCI regions inside of and coexisting with their existing cloud infrastructure.

事实上，一旦我们交付了硬件，硬件就会非常迅速地启动，因为现在硬件的启动过程都是自动化的。这与过去大不相同。因此，只要我们有电力和通信链路，我们就能非常迅速地将额外的容量投入使用。所以，帐篷中最长的是实际上是建造连接电力和通信链路的结构。谢谢你，拉里。感谢。祝贺OCI的增长。谢谢。接下来，请听来自TD Cowen的德里克·伍德的问题。请说。非常感谢，拉里。就在过去几个月内，你们已经让Oracle数据库和OCI能够运行在Azure之上，这似乎是一个相当重要的进展。你能谈谈客户对这一消息的接受情况吗?这个消息如何可能改变Oracle数据库平台的新投资轨迹?这对于潜在地加快自主数据库的采用周期意味着什么呢?我认为这是解锁Oracle云平台的更强采用周期的关键，特别是迁移到自主数据库的迁移。Oracle，我们预计多云计划将继续扩大，我们看到它在日本扩大，但我们预计其他超级规模者将采取类似的多云方法，即我们在他们的现有云基础设施内部构建OCI区域并与之共存。

We think the world, the era of walled gardens is coming to an end where it used to be okay. I'm going to move all my stuff to AWS. So I'm going to move all my stuff to Azure. What customers really want is the ability to use multiple clouds and for those multiple clouds to talk to one another. And I think, I mean, in the era of the internet and now cloud computing, it is really called cloud computing. It's not called a bunch of separate clouds. So we expect that multi cloud to become the norm and Oracle to be available everywhere. And we think that will preserve our franchise in database where we've been the number one database in the IT ecosystem for a very long time. We think that's going to preserve that franchise and expand it because the autonomous database is a unique piece of technology. And there's nothing like it in the world and maybe the most interesting thing. No one else is working on anything like that. No one else is even trying to duplicate the autonomous database. So we think it will become a very successful product in every cloud. Thanks, Larry. Your next question comes from the line of Kirk Materne from Evercore ISI. Please go ahead. Yeah, thanks very much for taking the questions and congrats on a incredible bookings quarter. Larry, I was wondering if you could just talk a little bit about the interest level on alloy and international markets where there might be a bit of a premium on data sovereignty and maybe how that's impacting the growth opportunity for OCI when we look out towards the balance of counter 24. Thanks.

我们认为世界，封闭式花园时代即将结束，这种情况曾经是可以的。我要把所有东西都搬到AWS。所以我打算把所有东西都搬到Azure。客户真正想要的是能够使用多个云，并且让这些多个云彼此通信。我认为，在互联网时代和现在的云计算时代，真的叫做云计算。它不是一堆独立的云。所以我们预计，多云将成为常态，Oracle将无处不在。我们认为这将保护我们在数据库领域的地位，我们在IT生态系统中一直是头号数据库。我们认为这将保护并扩大我们的地位，因为自主数据库是一种独特的技术。世界上没有任何其他类似的产品，也许最有趣的是，没有其他人在做类似的事情。没有其他人甚至在尝试复制自主数据库。因此，我们认为它将成为每个云中非常成功的产品。谢谢，拉里。您的下一个问题来自Evercore ISI的Kirk Materne。请继续。是的，非常感谢您回答问题，并祝贺您取得了不可思议的预订季度成绩。拉里，我想知道一下关于Alloy在国际市场上的兴趣水平，那里可能对数据主权有一些溢价，也许这对OCI的增长机会在我们往后看到的24财政年度有何影响。谢谢。

Well, I think Japan is maybe the most interesting market where we had early success with NRI. They run the Tokyo Stock Exchange. No, what NRI has is just a couple of Oracle Cloud regions which they resell in the financial services community inside of Japan. And one of their applications is a major socket change, the Tokyo Stock Exchange. So think about how many clouds run stock exchanges. That would be ours. It's got to be highly secure. It can never go down. It's got to have extremely high transaction rates. We can do that. And the success of NRI has caused the other computer companies in Japan to become very, very interested in also reselling our cloud with, and we also have the ability that they can add on some of their own technology to our cloud so that our cloud is open. So you can plug in other things to the cloud.

我认为日本可能是我们在NRI取得早期成功的最有趣的市场。他们运营东京证券交易所。不，NRI所拥有的只是几个甲骨文云区域，它们在日本的金融服务社区内转售。其中一个应用是一家重要的交易所，东京证券交易所。想想有多少云服务用于运行证券交易所。那将是我们的云服务。它必须非常安全。它永远不能宕机。它必须具有极高的交易速率。我们可以做到。NRI的成功导致了日本其他电脑公司也对重新销售我们的云服务非常感兴趣，并且他们还可以为我们的云服务添加一些他们自己的技术，使我们的云服务开放。因此，您可以将其他东西连接到云中。

So imagine a big computer company in Japan adopting the Oracle Cloud, reselling autonomous database, reselling all of our technologies because all we, we only make one kind of cloud. They're all the same and they have all of the services. But then that company can add their own services to their, for their customers. We think all of the cloud companies in Japan are going to adopt OCI. Plus a lot of big companies, the big car companies in Japan will want their own. The phone companies in Japan will want their own. The technology companies in Japan will want their own Oracle regions. And because they're sovereign, because they're highly secure, and because they're highly cost effective.

所以想象一下，在日本，有一家大型计算机公司采用了Oracle云，转售自主数据库，转售我们所有的技术，因为我们只生产一种云。它们都是一样的，并且拥有所有的服务。但是那家公司可以为他们的客户添加自己的服务。我们认为日本所有的云公司都会采用OCI。此外，许多日本的大公司，如汽车公司和手机公司，都会想要拥有自己的云。日本的技术公司也会想要拥有自己的Oracle云区域。因为它们是主权的、高度安全的，并且非常具有成本效益。

So we think this allows us to enter a variety of new markets. Every government, pretty much every government's going to want a sovereign cloud. A dedicated region for that government for knowledge. So we see a number of countries. It's funny, we talk about winning business with companies. For the first time we're beginning to win business for countries, for the sovereign clouds, where the national government and the state governments are moving to that Oracle OCI region. And of course it's got to be at least two of them for redundancy in case of disaster recovery.

因此，我们认为这使我们能够进入各种新市场。几乎每个政府都希望拥有一个主权云，为其知识提供专用的区域。因此，我们看到了许多国家。有趣的是，我们谈论与企业赢得业务。第一次，我们开始为国家赢得业务，为主权云，国家政府和州政府正在迁移到甲骨文OCI区域。当然，为了在灾难恢复时有冗余，至少必须有两个。

So we have a number of countries where we're negotiating sovereign regions with the national government. We see that time and time again, major companies, governments, computer suppliers reselling our allied cloud. The demand for our cloud regions is extraordinarily high. I believe we will end up, well this is a funny prediction, but okay, we'll end up with more data centers in cloud regions than all the other hyperscalers combined. Yes, I think that's what I believe. So just to make sure you have all the numbers between alloy and dedicated regions, we've got 13 lives. We've got 18 under construction and we've signed five new ones just this past quarter.

所以我们正在与国家政府谈判，在一些国家建立主权区域。我们看到一次又一次，许多大公司、政府和计算机供应商都在转售我们的云服务。对我们云服务区域的需求非常高。我相信最终我们会拥有更多的云数据中心，超过其他所有大规模云服务提供商的总和。是的，我相信这一点。因此，为了确保您了解合金和专用区域之间的所有数据，我们现在有13个区域正在运营，18个正在建设中，并且光是上个季度我们就签署了5个新合同。

So for us, there's just a list we're going through and trying to get them all because they are such a unique capability and in such high demand. And let me just have one last thing. Microsoft does not compete for this business. AWS does not compete for this business. Google does not compete for this business. We're the only ones in this business. Thank you all. Our final question today comes from Brad Zelnick from Deutsche Bank. Please go ahead. Thanks very much for taking my question. Larry, my question actually follows on your answer to Kirk's question because I think it's so important. You know, in talking to one of your GSI partners, we heard about a global public sector solution that they referred to as government in a box where Oracle in partnership with the lights of Starlink, the Tony Blair project, are building solutions on top of OCI, including absent tech and even senator to literally run entire countries, digital operations.

所以对于我们来说，我们只是在逐个检视一个列表，并努力获取它们，因为它们具有如此独特的能力且需求量很高。让我最后再说一件事。微软不会竞争这个业务，亚马逊也不会竞争这个业务，谷歌也不会竞争这个业务。我们是这个行业中唯一的竞争者。谢谢大家。今天的最后一个问题来自德意志银行的Brad Zelnick。请提问。非常感谢您回答我的问题。Larry，我的问题实际上是根据您对Kirk问题的回答提出的，因为我认为这个问题非常重要。您知道，在和您们的一个全球战略伙伴谈话时，我们听说了一个被称为政府即插即用的全球公共部门解决方案，其中Oracle与类似Starlink、托尼·布莱尔项目这样的机构合作，在OCI平台上构建解决方案，包括缺席技术，甚至可运行整个国家的数字运营。

So I hope you can, you can add even a little bit more color about what you're doing here, how big an opportunity it is. Because it just seems like a such a powerful example of the entire Oracle cloud stack coming together in a very meaningful way. Well, it is really, really, it's very interesting. And we've gone into the government, national government and state government applications in a very, very big way to give you an idea, a little glimpse of what we're doing. Yes, because we can deliver these cloud regions to medium sized countries. So for example, Serbia is standardizing on these Oracle cloud regions for the national government. We're automating their healthcare.

所以我希望你能够再多给一点关于你在这里做什么，这个机会有多大的细节。因为这似乎就是整个Oracle云平台以非常有意义的方式融合在一起的一个强有力的例子。嗯，真的，这非常有趣。我们已经非常大规模地进入了政府、国家政府和州政府的应用领域，让你对我们正在做些什么有一点了解。是的，因为我们可以向中等规模的国家提供这些云区域。例如，塞尔维亚正在将这些Oracle云区域作为国家政府的标准。我们正在自动化他们的医疗保健。

People know that we're in the healthcare business. What they might not know is in cooperation with Starlink, we're able to deliver an internet service for the entire country. The rural part of the country, by the way, we can deliver the internet and we have delivered the internet, let's say Kenya or Rwanda very inexpensively using Starlink and our sovereign cloud regions to back up the internet traffic. So you can bring every school in Serbia online, internet connectivity, even their rural doesn't matter. Every school, every hospital, it's true of Rwanda, that's true of Kenya. We can do it very, very cost effectively.

人们知道我们经营医疗保健业务。但他们可能不知道的是，我们与Starlink合作，能够为整个国家提供互联网服务。顺便说一句，我们可以使用Starlink为该国的农村地区提供互联网服务，而且我们已经成功地这样做了，比如肯尼亚或卢旺达，成本非常低廉，利用我们的云区域来备份互联网流量。因此，您可以让塞尔维亚的每所学校接入互联网，即使是偏远地区也没有关系。每所学校，每座医院，无论是卢旺达还是肯尼亚，都可以做到。我们可以以非常低廉的成本做到这一切。

And one of the applications we have for agriculture, we actually do a national map of the country where we can show you each of the farms in the country. This farm is growing coffee, this farm is growing maize, this farm. Which part of the fields are getting enough nitrogen? Which part of the fields are getting enough water? What corrective actions you need to take to increase your agricultural output? We're doing that again in concert with Elon Musk and SpaceX to do this kind of mapping to provide this AI assisted. And then these maps are AI assisted, help them plan their agricultural output and predict their agricultural output, predict markets, the logistics of the agricultural output, doing all of those things as next generation national applications. And it is one of the most exciting things we're doing. Of course we do procurement and accounting and human resources and recruiting for the government, we do all of those applications.

我们在农业方面的一个应用是，我们实际上做了一个全国农业地图，可以向您展示该国每个农场的情况。这个农场正在种植咖啡，那个农场正在种植玉米，还有其它农场。哪些地块得到了足够的氮肥？哪些地块得到了足够的水？您需要采取什么纠正措施来增加农业产量？我们正在与埃隆·马斯克和SpaceX合作再次做这样的映射，以提供这种人工智能援助。这些地图是人工智能辅助的，帮助他们规划农业产量并预测农业产量、预测市场、农业产量的物流，完成所有这些作为下一代国家应用程序。这是我们正在做的最令人兴奋的事情之一。当然，我们还为政府做采购、会计、人力资源和招聘等应用。

But in some of the newer applications regarding food security, making sure all the schools are online, rural schools are online, that rural hospitals are online. It's automating those rural hospitals, it's automating their vaccination program, their healthcare program across the board. These next generation applications are very attractive. I'll tell you one other crazy thing that we do. Another generator of AI application. If you want to join the EU, it took Serbia eight years to harmonize their laws to be able to join the EU. Albania is facing the same thing. But with generator of AI, we can read the entire corpus of the Albanian laws. And actually harmonize their laws with the EU in probably more like 18 months to two years rather than the eight years it took Serbia. So there are all sorts of interesting new AI applications out there that people you've probably never heard of before. At least I hadn't heard of before until this last 12 months that we worked on and were now in the process of delivering. Really amazing stuff Larry. Thank you and congrats and safer really great to see the firm reiteration of your physical 26 targets.

但在一些关于粮食安全的新应用中，确保所有学校在线，农村学校在线，农村医院在线。这些自动化的农村医院，自动化他们的疫苗计划，他们的全面医疗保健计划。这些新一代的应用非常吸引人。我告诉你另外一个疯狂的事情，我们做的。另一个AI应用程序的生成器。如果你想加入欧盟，塞尔维亚花了八年时间调和他们的法律以便加入欧盟。阿尔巴尼亚也面临着相同的问题。但通过AI生成器，我们可以阅读整个阿尔巴尼亚法律。并实际在大约18个月到两年的时间内将他们的法律与欧盟协调一致，而不是塞尔维亚花了8年时间。因此，存在着各种有趣的新的人工智能应用程序，这可能是你之前从未听说过的人。至少在过去的12个月里，我之前从未听说过，我们正在努力交付的项目中。真是令人惊叹的事情，Larry。谢谢你，祝贺你，看到你对实现26个目标的公司的重申，真的很棒。

Thanks so much for taking my question. Thank you. Thank you Brad. A telephonic replay of this conference call will be available for 24 hours on our investor relations website. Thank you for joining us today and with that I'll turn the call back to Krista for closing. Thank you everyone. This does conclude today's conference call. Thank you for your participation and you may now disconnect.

非常感谢您回答我的问题。谢谢您。Brad，谢谢你。我们的投资者关系网站将提供此次电话会议的24小时电话回放。感谢您今天的参与，我现在将电话交回给Krista做收尾。谢谢大家。今天的电话会议到此结束。感谢您的参与，您现在可以挂断电话。