Oracle (ORCL) 11 Mar 242024 Q3 Earnings call transcript

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. [Operator Instructions] I would now like to turn the conference over to Ken Bond, Senior Vice President, Investor Relations. Mr. your begin may you conference. Bond,

Good Thank Oracle's and to everyone, Quarter you, Fiscal Krista. Third Call. Year welcome Conference afternoon, XXXX Earnings

copy reconciliation release a A and downloaded information, press tables, Investor viewed the includes Relations our which website. can and be GAAP other and financial non-GAAP from supplemental financial to of

on Investor many will be recently of list Oracle Relations a Cloud who purchased Cloud from Oracle our Services Additionally, customers or website. went live available

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

As and expectations, today's today's may forward-looking actual affect important these cause which discussion from considered that including statements results statements. a some will reminder, to to Throughout include business, estimates might differ statements, are forward-looking discussion, being potentially forward-looking. that to information uncertainties provide relating made today. materially may predictions, we forward-looking will our risks statements These or also other factors subject be

on you of reports, As statements. stock. affect including a recent discussion may any caution and encourage we our most results and And future applicable the result, undue or XX-K against factors a risks, XX-Q other these to our of complete price for we our which and forward-looking you review amendments, market reliance these placing our

to we forward-looking ourselves finally, of And are or or not future events. revise these new results our obligating statements information in light

begin turn we'll few with prepared a questions, with over the call to taking to I'd Before remarks. like And that, Safra.

of my coming and the end $X.XX as range. EPS another quarter, expected above Ken, excellent with third Thanks, afternoon, in quarter revenue everyone. good had We high guidance and

have matters while the that get our Customers into has customers. overall it's out much the moving of wanted less. they OCI, the driver emerged really paying the to our competitors. growing just get infrastructure cost our figured of results by before I that more can to our on But cloud business. OCI faster the strength acceleration, of to as largest much, cloud revenue than not touch Now quarter, I

are choosing the for Beyond reasons. multiple superior price services Oracle and of Oracle customers OCI, performance

anyone security we First, that know comprehensive I'm critical running intelligence scale most takes that's enterprise running goes from important clustering unparalleled with workloads. and world's optimizing of and the at it is support experience talking full artificial what of and better about to technology into and workloads technology, which than decades stack to database mission-critical the workloads services. run

they're cloud our customers Secondly, our than It's and This the is applications AI which industry their own AI also unique business their generative help refining these we Autonomous Fusion to drive have done. data. AI as and about serve better data own Database, understand losing them control with without and across built capabilities outcomes. enabling operations to are and more in of customers' integrating models

deployment customers cloud. they flexibility Third, how run for based on we want to provide in the

offering offers customer, In cloud to which partner our the regions, and we services, dedicated remain vendor sovereign and public cloud. cloud of a Alloy, addition clouds dedicated complete only also

through multi-cloud in we cloud services database provide Azure cloud receive to offerings at with customers as services more choice. deployment finally, MySQL our multi-cloud expect consume meeting don't compromise have customers Oracle Microsoft they offer their you the as So their so needs. And We clouds, services the to well can of while and can HeatWave public multiple come.

actual which signed I and day had like the on off I'd days point results, results Now to with ago. auditors my X to QX out

a CFOs know bragging just lot but help little bit, jealous. I pretty couldn't I'm it. are of a So I

was above of the earlier, constant mentioned guidance. I and total revenue in my end at came guidance currency the As midpoint of high EPS

areas currency quarter, I in discuss QX, that the results effect but are I'll using the when As gave constant few rates the different. guidance our had still rates little case currency last was a slightly in growth

we So here are go.

revenue, up SaaS up XX%, billion, billion, revenue at XX%. SaaS Cerner, Including billion, $X.X with was $X.X total and revenue was of XX%. cloud $X.X up Cerner, $X.X XX% and billion, Cloud up that's IaaS excluding IaaS, revenue of

marks is more revenue first the than that support time crossed license our total over. our have quarter This cloud revenue total we

cloud $XX includes support strategic revenue billion and product and OCI. Application for $X.X applications, again were Autonomous support, Total Database by revenues, cloud services up up the license XX%. driven which and XX%, was quarter billion, our subscription

$X.X XX%. SaaS up Our have strategic billion and back-office of annualized now applications revenue were

which XX%. infrastructure revenues, $X.X were revenue support, XX%. license cloud includes And billion up Infrastructure and up services was

XX% an GenX cloud billion. revenue $X.X infrastructure of revenue Excluding services with OCI legacy annualized hosting grew services,

of now revenue Were consumption OCI. includes and importantly, up which highlighted higher. Database cloud, database up the X%, continuing would growth was SaaS expect to database on-premise services, were up annualized were strategic license which XX% have cloud growth revenue and consumption have constraints, OCI by leg supply we even third $X.X alongside XX%. subscription support, revenue, some billion. revenue it the for not cloud of migrate Very databases database services be as will these been

X%. license billion, revenues $X.X were Software down

revenues up $XX.X all excluding including billion, X%, for the X% quarter Cerner. in, was total up So Cerner; and

support are The substantially for year-over-year. cloud cloud is services faster year, before, and much cloud than last and SaaS gross with margin and as gross consistent while is, margins. Support license result percentages the a margin XX%. of margins This to growing IaaS in gross mix support Now was support. between which improved

scale. gross gross While We of and cloud up. higher will of that X% grew our capacity, percentages we services regions carefully QX. overall margin cloud dollars to center to as to support continue fill license as in ensure go gross these profit more expenses monitor point, data margins build we And expand

XX%, continue XX% efficiencies up billion, which revenue. last year. up expenses, of Non-GAAP last as was more from operating was trend operating margin Operating from as our in income continue a drive $X.X down we to XX% year, percentage to

we to Oracle the expand profitability percentages. not operating we Looking forward, continue Cerner cloud from we of will the but will in also to as standards, margin economies only benefit continue income operating drive to scale and grow

tax XX% and up EPS $X.XX in The guidance close non-GAAP quarter currency. my USD GAAP non-GAAP for rate and EPS was in was the both XX.X% USD, to very at $X.XX. was constant

the had billion deferred quarter and end, we billion, $X.X $X.X marketable and up securities nearly X%. balance short-term revenue the in At cash was

from flow continue over four the was billion, XX%; up Capital operating cloud quarters, last expenditures cash as period cash we same to billion, Over flow XX%. cash $XX.X up billion time transformation. $XX.X and was were free $X see benefit our flow the

now the contracts more they XX% in portion recognized joint next of this of our deals pipeline. Approximately Oracle signed obligation, with see have XX with performance remaining or in several currency. and be we months, NVIDIA RPO how RPO, the total expected as many and very are reflects to have firsthand constant large next $X Our announcements as revenue We over is services XX% Cloud some Cerner up over is billion, benefiting this trend to excluding businesses. week. nice wanting the larger And their expect customers growing we quarter, the

spent payments. lower while $X.X in the flow we $X.X of just statement is quarter, the CapEx billion this timing slightly to on Now billion due cash the

and actually So billion we'll we for. spent, what the is pay $X.X

pipeline. out should this be fiscal quickly we $X.X QX can will cloud somewhere CapEx $X given meaning higher. as CapEx I and around be are to our year, our expect built as billion backlog considerably We the capacity the the billion enormity of working get to

online regions of customer-facing coming and now public world with XX To are X the XX locations Microsoft interconnect being have that regions XX and Azure point, with public cloud around we cloud more soon. regions live another cloud built. these with

We regions X partners also have Cloud. XX for XX cloud dedicated and EU customized Alloy offering alongside more Oracle more with sovereign live increasing demand with Oracle have region X national planned And of where we cloud several each plans, services more live and become regions slots finally, regions cloud security providers already

many we And of many, many, installations. have course, customer cloud also

and flexibility As be continues the I mentioned cloud for marketplace. incredible our regions of an to earlier, deployment in optionality the us advantage sizing,

shares And total technical and prudent as million. acquisitions, a dividend. our we've stock of $XXX before, repurchased innovation, X million to to quarter, use for returning said repurchases, this through committed of shareholders And debt we a we're value

In addition, today. quarterly $X.X $X.XX of per of declared the dividends and dividend the billion XX Board of we over share months, paid out Directors last a

dive so. share some the like thoughts next I or to QX on see I for XX I'd months before what Now guidance, into

As win rates services our faster our continues going are cloud is growing for getting and as demand even stronger, well. our higher pipeline

constraints revenue capacity As our our higher and supply fiscal ease, year growth will into as rates accelerate get we 'XX. expands

FY which from years last significantly the of should and I higher year Cerner, will past we now in total 'XX. the will for revenue, accelerate as fourth expect continue we 'XX, it in to that has are X be say excluding FY likely also quarter,

to growth. return a In headwind revenue, financial addition, our which committed goals And firmly growth year. I 'XX is we to remain finally, significant to margin operating year, next this and EPS FY expect for Cerner,

goals be of these However, might to given our some momentum. too prove conservative

me they as and on Let effect as review are currency guidance to total non-GAAP EPS. currency I'll same And which turn basis now, for have on the always. now a rates should QX, exchange little remain my if revenue

of However, currency course, actual different. impact be may

for least and the USD. So are the now, same currency numbers constant at right all

capacity compare tax the QX by a models. for as are revenue, XX% X% base as expected X.X%, Cerner, excluding year grow for tax in which Cerner, already expected from X%. XX%. excluding most your rate Total X%. QX in cloud our QX. are is my affected was accounted of to X% revenues, be online The will rate growth have you Cerner, EPS I comes expected XX% guidance grow The from revenue, EPS total Total of last assumes grow rate including more to to to believe to to And

cause guidance As did like actual my always, onetime tax they from to could rates last tax vary year. events

expected I'll X% Larry be $X.XX for is it EPS be with and down turn flat non-GAAP and between his $X.XX. And that, that, with comments. So over to to to

care features clinical the which health AI-centric assistant rather clear AI intelligence. of transform for Oracle voice the is be another cloud signed systems a addition electronic patient's industry-specific every delivery new to the generative a Generation QX. spent X to orders, Oracle contract of systems infrastructure system, is cloud the in health health to big interface Safra. Well, large The listens for consultations AI a models, artificial assistant. its business typing you, That's language advantage digital to booming. a Oracle's clinic full pretty doctors' saves example doctors' assistant also infrastructure years is in digital Oracle this assistant's system, the best of But prescriptions, in called Thank including patients and of NVIDIA generates time customers' easier take with to The GenX enable health our with training completely applications become selling the everybody. infrastructure automatically Health reengineering patient modernization and new hours records. care care of this our all the we developed system dramatically AI clinic where and being clinical health than clinical applications to and voice high-growth where business a update health customers intelligence makes completely Instead, delivered Database. with doctors' add application edges existing will our around application. The of These care applications, is Oracle our now automatically ambulatory of digital our use completely doctor's and throughout then just precious applications health Cerner is to data a applications. best The QX. digital can not new into notes, rapid Autonomous new generative generator in and the computer. The AI bit APEX our application This care new new did into ambulatory example interface day, clinical use using come.

Ken, back to you.

Ken. hear you, don't We

Larry. Thank you,

audience can we about for if questions, that. and there. Krista, poll proceed if you the could Sorry from please

Securities. Instructions] Your line comes DiFucci from Guggenheim from the question first [Operator John of

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

John, still to is come. Honestly, that

So regular-way That's this is you're seeing. what just business. pretty much our

the chunks tried that of we capacity and And enormous data much our have I This customers to more and have just come. of to We And amounts whole but customers, by online, And electricity and all we of quarter. that's our all demand. tried capacity business coming clear new of on a bunch make really growing. to that. center regular-way is focus larger way. have last

customers over come $X I at online think come yet. haven't least there are new AI who gotten on XX that many, are many capacity We've that billion have yet. bookings that haven't got

services. Let all And to data build Oracle people, is scale. at we data except They building that when fairly identical, me We centers small for started get I aware all have a centers. data level. think, about add. Oracle not The to. want can data the of a all thing custom centers do lot record we Oracle's unique centers, have they're are

their about I But a look, they own automated. things of unusual of bunch that's completely working up have do on run the these their selves. them, data people They highly automated. they're all on we centers. of kind mean, and they're One come

system operating Linux. autonomous Our is

Autonomous Our Oracle database Database. is

]. Our And center before, with go full they very a and highly [ every new for data all We We one we the heatwave build data a scale. except MySQL center HeatWave services get thing: small. database, the therefore, is data built wrapped cloud Microsoft can it's automated. can like time center,

that know the tail, But this AI also center. you park is nose United centers Boeing that data data in out. world what building I States of. largest data want we could point to in the center an X XXXs, building We're We're where in to one the

numbers data large centers. building of are we So

data those some largest are the but in world. the data those smallish, of And of centers are centers centers data some AI

And the quarter. do we're enormous that. is more so adding Japan one in as there set are in agreements partners. our other capacity over are and to is So next we centers already be that will number a already. XX that Microsoft multi-cloud the where from give existing manufacturers And just idea, our companies to agreements bringing ordered of more on Azure. computer are think that are our and multi-cloud but data centers building months There we're an to satisfy of doing be a signed. going are the centers, thing customers. To are other NRI of We reselling because number amount Japan adopting there of being demand terms this XX need high. They in that cloud cloud X of data doing data that, you They're to

Alloy that's their on people with we're We're centers seeing, So resell that. and something services it. demand data top for then cloud of cloud services who want proprietary of to buy seeing our

regions of region. don't all their that over to a that world that share public or the own multiple bank want company. dedicated, cloud a cloud. region want some largest or They our customers company actually to want Oracle cloud dedicated, So technology They telecom or

Those centers. own centers. So are data their Oracle identical. they're all They're data building cloud

of additional not and for to lot a us. we're labor a with huge advantage So costs. automate those able run It's

Service, as just but in looks to impressive, you a what up Infrastructure come. quarter put more it there's like a it this pretty sounds lot Listen,

And comment to is is last can't my obviously acceleration RPO the because $XX of faster The growth meet is be John, what's RPO would demand. an than RPO demand. the billion That's in demand. revenue measure of the quite growing we come.

bit. slowing not quite down, is it's increasing a demand actually So

line from of the from Barclays. comes question next Your Raimo Lenschow

very What's for as innovation the little of me talked that announcement, platform? bit of to the efficiency first of from so most of about Cerner OCI. well. a on also here, Well, is well running about Congrats you your implications kind from out both wanted running In quick I the but now turnarounds done. talk all, Cerner.

Well, money a cost our Cerner-dedicated standard are is amount the City. saved data we much center, Kansas costs into them clock huge two One things. because moving OCI of of right, center in data our the than lower

And highly therefore, than Also, data ransomware the much kind we're different OCI of secure or if to centers. is are big that vulnerable other perimeter. kind thing got highly a It's of secure. in were about a they excited those less attacks applications is

now that happy are secured. very these we're So

is regular applications they're our thing third update X-month cadence. able that The cloud, to those a on we're now in

those an all regular an eventually to the too applications, a cloud and able ambulatory ambulatory customers. detail, same the modernize schema. we're is want the on delivering to already what this Cerner existing Even automatically basis It for system completely coming underlying much out So for customers deliver acute rewritten they've our And uses then to it data literally is I and able but first application it's are though a to brand-new reimplementation. got in Oracle into don't new to clinics start system in care The that hospitals. that clinic we're not running get the application, update technical Cloud. It's quarter.

bring can to process. We it implementation without up having as application the literally new any we can So just the customer update. an do go through

Like, we a new existing in all-new a now of ship customer to of new we of Fusion application can version ship Fusion when version Cerner OCI. an customer, to version a Cerner an the

a allows deliver systems, data infrastructure to deliver the the value, easy imaging save us modernize lot regular diagnostic very, put in that assistant their deliver health intelligence make, more all to the clinical very system it of So rapidly, X-month system, digital time, a doctors' use, cadence. automatically the on

them it ransomware. very allows from very, quickly us safe modernize So base while to the keeping Cerner

question Melius Research. Your line of the comes from Reitzes next from Ben

about you And of in in how mind, that quarter. that versus color needed? And almost if the give is can kind uptick CapEx? what Your fiscal in some if needed trajectory Larry on center is guidance CapEx spending. you fourth little plays GPU doubling given RPO and and of terms for next then growth? bit implies data requirements this you Safra, the an What talk Larry, a kind year can availability of don't of

'XX, it CapEx fiscal at some involves expansion not I'm for involved So also only looking big year $XX of in centers centers. billion it also existing about because but

that So got we've some already out. filling we'll be areas

$XX preliminarily, So at year. billion looking we're least for at next

And I the complicated the point. it's got just full to would for somewhere announcing, would too for and I but X, But the Larry X.X% include well. second guess X% X.X% full when one X than CapEx so bit the add not this actually at to QX, at number figure and okay? quarter And in then X for math the yet and do out I little is this the for we all I which year, going quarter, paid between X.X% year, you've this X% then thought, for And QX we you've I'm gets able here for haven't we and somewhere were pretty the and I'm between to and be question. as looking anyway, lower got the amount a are QX numbers and

carefully. spend how know You we very

you is in And Larry, availability be your the could how other goals out GPU that there? the bottlenecks and terms vis-a-vis hitting of

part Can I are The least we this? good. take at of GPU,

and good access very power so that. our much building actually we've are in capabilities, on We more and making GPU got the the computers, it's sure

Yes.

being theirs, As Safra we great as of customer have They and very with ours of a as NVIDIA. us a relationship are says, we together. work a closely customer well

We Salt can you you So a The nose X breathtaking. it's can some pretty mean, to construction. video breathtaking. give this of these in well. data is under building Lake, that's of scale thing we're park I going one centers again, The tail. of XXXs,

build to in the And because We're power all is, good would we building comes centers than demand. we have very It's are very, longer deliver process up quickly getting doing So the tremendous getting building of the links very and up The very and once of past. the we the we bringing hardware like. be. ever now the and than different hardware, communication in. amount the said, there's to is That faster it data thing the the at them a hardware used than automated. take quickly

the to So power we're online and the we links. electric able quickly communication have very capacity if bring additional

tent the So the electricity the is long connecting in building structure, links. the and the connecting communication actually pole

comes question TD from next Wood line the Your of from Derrick Cowen.

Database Larry, just to you of how development. announcement, adoption you investments the run OCI on a new Database? this guys be database it change platform enabled Can which has significant have unlocking what Oracle within few the a arc talk of Azure, like reception Autonomous could about Oracle means the last seems fairly what in you months, customer been for stronger around think this on and potentially for the top cycle

other cycle to think OCI the Oracle, is era moving in it expect their general a to think Oracle hyperscalers to it expand we and coexisting continue the expand be, an use "Okay, inside a to AWS," and move multi-cloud used of we ability existing build to it the stuff to going coming What called now to customers separate adopt multiple end cloud to called to I we approach I Database. I'm and of We're in stronger Azure." unlocking key my the seeing to Japan, one "I'm the want to for the migration but all is of really adoption and initiative cloud to or clouds And expect to it bunch clouds the cloud similar Well, Autonomous specifically regions it the where is era move talk amongst a infrastructure. We for with is to those multi-cloud cloud gardens really Internet walled to stuff all computing, to my going clouds. where It's mean, not multiple another. in of expand. computing.

So become be Oracle everywhere. we available to norm to expect and multi-cloud the

that. even the it in no database else think the one is trying is and to a franchise what on duplicate We there where nothing a Database. expand like IT you And it unique preserve technology, been like world. time. one and the Autonomous and very piece of in And anything most we back our maybe Database else think said, long interesting that's because is going will working that database the No for franchise to ecosystem Autonomous thing, is the we've preserve the #X to that

will So every we product successful it very in think a become cloud.

from Your of the Evercore next Materne line ISI. question Kirk comes from

on markets of bookings level a interest data wondering on where sovereignty, how might I maybe quarter. just when be bit 'XX? of could opportunity talk out Congrats there an on incredible in we premium Alloy that's little impacting you for about a bit the look the towards the Larry, if was a growth OCI balance calendar international

we with Exchange. most Well, I maybe think is They success Japan NRI. interesting had early market the where run Stock the Tokyo

what which And Now of has resell of is services couple financial Stock exchange, NRI of Exchange. a inside the they cloud Tokyo in their a Oracle the regions, major is community one Japan. applications stock

would own how about they That many also can reselling have to that caused the has our the on to add transaction extremely be And cloud. cloud high It's the open. It we that to cloud highly down. interested be very of other also It's think exchanges. can become success We run never our their very, to clouds got rates. is going computer do in ability ours. secure. that. companies So our have And go in stock technology can NRI some Japan of so

things So plug you to the cloud. in can other

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

allows us enter to think new a markets. So we variety this of

Pretty region going government. to much every sovereign dedicated for government and that want is a cloud a

funny, companies. about of we talk number a It's winning see we with So business countries.

course, For win government state to moving least the for Oracle the where And are for to for redundancy first time, beginning them sovereign of business countries, to recovery. two at got national we're be region. that and the clouds, and OCI governments disaster it's of

a have national negotiating of the countries sovereign with we we're where regions number government. So

high. We see companies, demand governments, funny well, extraordinarily regions regions I believe end a -- than with suppliers prediction The hyperscalers reselling all computer time that we'll time and this our our major the again, but is for combined. cloud. more in centers -- cloud is up okay cloud Alloy data other

sure under lives, we've make regions, and between signed dedicated to XX Alloy got got all the have numbers just So we've and past new construction XX this you we've quarter. just X ones

such trying So demand. in just there's all a them capability list and unique we're for us, going are get they through because a to and such high

does business. business. in And only compete for this not let business. me this for just We're this ones AWS this add Google compete for business. one not last thing. compete Microsoft does does not the

today from from question Zelnick final Brad comes Our Bank. Deutsche

box apps on in solutions run of of they countries' so referred In sector top the global project, that OCI, operations. answer Oracle, actually I a and a of likes the Starlink, government partnership about solution heard to and Larry, where think in to are with your we important. my one even talking your question as follows on literally Tony public Cerner, to entire question because it's building tech Kirk's partners, GSI including digital to Blair [ ],

it seems opportunity hoping Cloud you're way. an because example such can it big about powerful of bit here, in stack So the meaningful add is entire color very just Oracle you what doing a like a how a more little together in coming

very and in interesting, little a doing, applications very, government Well, regions what you can big we the into of deliver give we've cloud gone these countries. glimpse state it's a medium-sized very government national an way. to and idea, we're To

entire government. on Internet these automating we're cloud in the country, with We're health national deliver their Starlink, we're not country. know the know that health the is able Serbia regions What is, standardizing Oracle they for So to service cooperation example, the the People care. part of an business. for for rural might in care

can we the cloud Kenya the delivered have inexpensively in Internet way, we and say, using to the let's backhaul Rwanda, Internet, regions traffic. Internet, or and By our sovereign very the deliver Starlink

every That's do Serbia of online, hospital. true bring there's school It effectively. Their matter, can you So school, We every it very, very true Kenya. cost in can every rural Internet Rwanda. connectivity. is of doesn't

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

do board. are that their tell their all schools program procurement health AI and some regarding the We are it's do schools generative you hospitals rural of we recruiting security, care across we the it's are applications next-generation those another attractive. I'll in rural applications. government. automating those online, all applications very crazy automating thing one resources and other that program, These do, online, vaccination that food application. course, online, for making are and the newer human of accounting rural Of the sure But hospitals,

you the EU. it read years more corporate their be their join system, to X with generative the years EU years EU, want join can to same Albanian laws the with If Serbia. we is X laws, took and it harmonize X the able laws to entire to Serbia the took the like than and to months rather the XX actually harmonize thing. Albania facing AI, But probably

hadn't I never and the heard So applications of XX of heard worked sorts of before, there new you process now we've delivering. at this that of before, until in are we're all last months, there least on that interesting probably out AI

Really amazing reiteration XXXX On your of see to the stuff, Safra, Larry. great really fiscal Congrats. targets. firm

Thank you.

our telephonic for this A for hours you, us XX Thank Brad. on joining Investor conference website. Thank you of today. will available call replay Relations be

turn I'll back Krista call that, With for closing. to the

conclude you, for Thank This you Thank does everyone. today's participation, may and conference disconnect. you call. now your