Oracle Corporation Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total revenue was 10.5 billion, up over 7 percent year-over-year on a constant currency basis. This represents Oracle’s highest organic growth rate in more than 10 years. (Compared to prior quarters: the company highlighted that this growth rate outpaced the past decade of quarterly results.)
  • All business segments grew for the first time in over a decade.
  • Cloud momentum accelerated significantly, with annualized cloud revenue now 11.2 billion, up 26 percent.
  • Cloud services and license support revenue was 7.6 billion, up 8 percent and representing 73 percent of total revenue.

Cloud & Applications Performance

  • Application subscription revenue grew 10 percent to 3.2 billion. This is a record level of organic growth for Oracle’s application portfolio.
  • Fusion Apps revenue grew 29 percent, with back-office strategic applications at 5.1 billion annualized, up 30 percent from last year.
  • Fusion ERP was up 35 percent; Fusion HCM up 22 percent; NetSuite ERP up 29 percent.
  • Infrastructure subscription revenue grew 7 percent to 4.5 billion, and more than 60 percent excluding legacy hosting.
  • OCI consumption increased 93 percent, accelerating from last quarter.
  • Cloud at Customer revenue was up 43 percent, with its backlog growing to triple digits.

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Operator: Good afternoon. Thank you for standing by. Welcome to Oracle's Third Quarter 2022 Conference Call. It's now my pleasure to hand today's conference over to Oracle Senior Vice President, Ken Bond. Ken Bond: Thank you, Holly. Good afternoon, everyone, and welcome to Oracle's third 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 the 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 the 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 against placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, includ

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