Welcome to Oracle's Second 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 second quarter fiscal year 2019 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 Chairman and CTO, 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 Q2 before moving on to guidance. I'll then turn the call over to Mark and then Larry for their comments. Let me start by summarizing that Q2 was another solid quarter. Constant currency revenue growth was slightly above the high end of my guidance and constant currency earnings per share was $0.02 above the high end of my guidance.
As in prior quarters, I'll review on non-GAAP results using constant dollar growth rate unless I state otherwise. Total cloud services and license support revenues for the quarter were $6.6 billion up 5% in constant currency. This accounted for nearly 70% of the total company revenues and most of it is recurring revenues. GAAP application's total revenues were $2.8 billion, up 7% and GAAP platform and infrastructure total revenues were $5 billion, up 1%. Mark will go over more detailed revenue and bookings numbers in a moment. The growth margin for cloud services and license support was 86%, essentially the same as last year, with continuing improvement in fast growth margins.
Stability in software support gross margins and continued investment in Oracle cloud infrastructure. As we continue to scale and grow our cloud business, I expect our gross margins will ultimately go higher. Total revenues for the quarter were $9.6 billion, up 2% from last year. Non-GAAP operating income was $4.1 billion unchanged from last year and the operating margin was 43%, same as last year. The non-GAAP tax rate for the quarter was 18.6% slightly below our base rate of 20% and non-GAAP EPS was $0.80 in US dollars and up 19% in constant currency. The GAAP tax rate was 15.9% and GAAP EPS was $0.61 in US dollars, up 22% in constant currency.
Operating cash flow over the last four quarters was $15.2 billion. Due to operating cash flow was in fact negatively impacted by our first installment payment over $600 million on the onetime transition tax related to the US Tax Cuts and Jobs Act of 2017. Over the last four quarters, capital expenditures were $1.5 billion and free cash flow was $13.8 billion, up 10% in US dollars. We now have more than $49 billion in cash and marketable securities. The short term deferred revenue balance is $8.2 billion and that's up 6% in constant currency. The
Chairman and CTO
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