Oracle Corporation (NYSE:ORCL) Q3 2015 Earnings Conference Call Transcript
Mar 17, 2015 • 05:00 pm ET
Welcome to Oracle's Third Quarter Fiscal 2015 Earnings Call. As reminder, this call is being recorded for replay purposes.
I'd now like to turn the call over to Ken Bond, Vice President of Investor Relations.
Thank you, operator, and good afternoon, everyone, and welcome to Oracle's third quarter fiscal year 2015 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.
On the call today are Executive Chairman and Chief Technology Officer, Larry Ellison; and CEOs, Safra Catz and Mark Hurd.
(Forward-Looking Cautionary Statements)
Before taking questions, we'll begin with a few prepared remarks. And with that, I'll turn the call over to Safra.
Okay. Thanks, Ken. I'm going to focus on our non-GAAP results for Q3. I'll then review guidance for Q4 and then turn the call over to Larry and Mark for their comments.
As you can imagine, we are very, very pleased with our results, as software and cloud, cloud SaaS and PaaS, total hardware, total revenue and earnings per share were all above the midpoint of my CD guidance. As you probably remember, I didn't provide US dollar guidance for Q3, given the unusually high volatility in exchange rate.
The currency headwind ended up being 6% for software and cloud revenues as well as total revenue, 7% for total hardware revenue, and $0.06 a share -- and $0.06 for earnings per share. Currencies continue to move significantly, so my comments today generally reflect constant dollar growth rates, which is how we look at the business.
Cloud SaaS and PaaS revenue was $375 million, up 33% from last year. Bookings were again over 100%, adding to the momentum, which is helping drive SaaS, PaaS revenue growth. Now when bookings turn into revenue depends on many factors, but one thing is clear, our momentum in Cloud bodes very, very well for the future. Cloud infrastructure-as-a-service revenue was $155 million, up 32%. Overall, our Cloud results were much, much better than expected as we are clearly growing faster than Salesforce. We're more than three times the size of Workday now.
Software and Cloud revenues were $7.2 billion, up 7% from last year. Software updates and product support revenues drove nearly half of total Company revenue at $4.7 billion, up 8% from last year. Attach and renewal rates remain at their usual high levels as our growing install base of customers continues to power earnings and cash flow. New software license revenue was $2 billion, while we continued to enable our customers with their ongoing transition to Cloud.
Looking at GAAP Software and Cloud results by region. The Americas grew 7%, EMEA grew 9% and Asia-Pacific grew 4%. Total hardware, including hardware support, grew 5% with hardware system product revenue of $712 million and hardware support revenue of $587 million. Engineered Systems saw double-digit revenue growth on the strength of our product portfolio. Obviously, we continue to