Oracle Corporation Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total revenue was $12.4 billion, up 8% year-over-year including Cerner and up 9% excluding Cerner (compared to Q1 FY2023).
  • Non-GAAP EPS was $1.19, up 16% in USD (up 14% constant currency), exceeding guidance by $0.02.
  • Cloud revenue excluding Cerner reached $4 billion, up 29% year-over-year—consistent with Oracle’s stated target of maintaining high cloud growth.
  • Cloud revenue including Cerner was $4.6 billion, also up 29% year-over-year.
  • Infrastructure-as-a-Service (IaaS) grew 64% year-over-year; Gen2 cloud services excluding legacy hosting grew 72%.
  • Software-as-a-Service (SaaS) grew 17% year-over-year; strategic back-office SaaS grew 20% and reached $6.9 billion annualized revenue.
  • Remaining performance obligations (RPO) rose to about $65 billion, up 11% excluding Cerner, signaling future revenue acceleration.
  • Oracle noted unusually strong bookings early in Q2, including $1.5 billion in added business not counted in Q1 results.

Cloud and Infrastructure Performance

  • Gen2 OCI revenue rose 72% year-over-year, with consumption revenue up 91%—highlighting rapidly increasing cloud workloads.
  • Exadata Cloud Services revenue grew 46%, while Autonomous Database increased 42% year-over-year.

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Operator: Good day, everyone, and welcome to Oracle's First Quarter 2024 Earnings Call. Today's call is being recorded. And now, I would like to turn the conference over to Ken Bond. Please go ahead. Ken Bond: Thank you, Lisa, and good afternoon, everyone, and welcome to Oracle's first quarter fiscal year 2024 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 our investor relations website. On the call today are Chairman and Chief Technology Officer, Larry Ellison, and Chief Executive Officer, 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 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

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