Oracle Corporation Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total revenue was 9.7 billion dollars, up 4 percent year-over-year in USD (2 percent in constant currency), exceeding guidance by 100 million dollars.
  • EPS was 1.03 dollars (non-GAAP), up 11 percent in USD and 9 percent in constant currency, outperforming guidance by 0.08 dollars.
  • Cloud services and license support revenue reached 7.4 billion dollars, up 6 percent in USD and accounting for 76 percent of total company revenue.
  • Total cloud revenues have reached an annualized run rate of 10 billion dollars with an expectation of exiting the year growing in the mid-20 percent range.
  • GAAP EPS was 0.86 dollars, up 19 percent in USD due to a lower tax rate from discrete items.

Business Segment Performance

  • Application subscription revenue was 3 billion dollars, up 7 percent; Fusion apps grew 26 percent and NetSuite ERP grew 26 percent.
  • Infrastructure cloud subscription revenue grew 3 percent; excluding legacy hosting, infrastructure cloud services grew in the mid-30 percent range.
  • OCI consumption revenue rose 80 percent, Cloud at Customer revenue rose 44 percent, and database subscription revenue rose 6 percent.
  • License revenue declined 8 percent due to a tough comparison against prior year’s strong Q1.

Profitability and Cash Flow

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Operator: Welcome to Oracle's First Quarter 2022 Earnings Conference Call. Now, I'd like to turn the call over to Ken Bond, Senior Vice President. Ken Bond: Thank you, Erica. Good afternoon, everyone, and welcome to Oracle's first quarter fiscal year 2022 earnings conference call. A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation and other supplemental financial information, can be viewed and downloaded from our Investor Relations website. Additionally, a list of many customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from Investor Relations website following this call. On the call today are Chairman and Chief Technology Officer, Larry Ellison; and CEO, Safra Catz. As a reminder, today's discussion will include forward-looking statements including predictions, expectations, estimates or other information that might be considered forward-looking. Throughout today's discussion, we will present some important factors relating to our business which may potentially affect these forward-looking statements. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from statements being made today. As a result, we caution you from placing undue reliance on these forward-looking statements and we encourage you to review our most recent reports including our 10-K and 10-Q and any applicable amendments for a complete di

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