Oracle Corporation (NYSE:ORCL) Q1 2019 Earnings Conference Call Transcript
Sep 17, 2018 • 05:00 pm ET
Welcome to Oracle's First Quarter 2019 Earnings Conference Call. Now, I'd like to turn today's call over to Ken Bond, SVP.
Thank you, Victoria. Good afternoon, everyone, and welcome to Oracle's first quarter fiscal year 2019 earnings conference call. A copy of the press release and financial tables, which includes the GAAP to non-GAAP reconciliation and other financial information can be viewed and downloaded from our IR website. On the call today are 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'd like to turn the call over to Safra.
Thanks, Ken. Good afternoon, everyone. I'll first go over Q1 before moving on to my guidance, I'll then turn the call over to Larry and Mark for their comments. Once again, we had another solid quarter, constant currency revenue growth was slightly above the midpoint of my guidance and earnings per share was $0.03 above the midpoint of my guidance. As in prior quarters, I'll review our non-GAAP results using constant dollar growth rates, because that's how we also look at the business.
Total cloud services and license support revenues for the quarter were $6.6 billion, up 4% in constant currency. This accounted for 72% of total company revenue and the bulk of it is recurring revenues. In terms of ecosystems, GAAP applications total revenues were $2.8 billion, up 7% and GAAP platform and infrastructure total revenues were $4.7 billion, up 2%.
Drilling in a little, total cloud revenues grew in all regions and in terms of product categories, ERP grew in the 30% plus, verticals grew in the 40% plus and public cloud PaaS and IaaS grew in the 20% plus. Mark will have much more detail when he speaks.
Total revenues for the quarter were $9.2 billion, up 2% from last year. Non-GAAP operating income was $3.8 billion, up 3% from last year and the operating margin was 41%, same as last year. The non-GAAP tax rate for the quarter was 19.1%, slightly below our base rate of 20% and our non-GAAP EPS was $0.71 in U.S. dollars and up 19% in constant currency.
The GAAP tax rate was 10.8% and GAAP EPS was $0.57 in U.S. dollars and up 16% in constant currency. Operating cash flow over the last four quarters was a record $15.5 billion. Over the same four quarters, capital expenditures were 1.6 billion (Technical Difficulty), of which approximately 64% will be recognized as revenue over the next 12 months.
We remain committed to creating value for our shareholders through internal investments and targeted acquisitions as well as with stock repurchases and dividends. This quarter we repurchased 212 million shares for a total of $10 billion. Over the last 12 months, we have repurchased 440 million shares and reduced the absolute shares outstanding by over 8.5%, while growing free cash flow 10% (ph).
The Board of Directors increased the authorization for share repurchases by