Oracle Corporation (NYSE:ORCL) Q1 2020 Earnings Conference Call Transcript

Sep 12, 2019 • 05:00 pm ET

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Oracle Corporation (NYSE:ORCL) Q1 2020 Earnings Conference Call Transcript

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Operator
Operator

Welcome to Oracle's First Quarter 2020 Earnings Conference Call. I'd now like to turn today's call over to Ken Bond, Senior Vice President. Ken?

Executive
Ken Bond

Thank you, Holly. Good afternoon, everyone, and thank you for joining us on short notice. Welcome to Oracle's First Quarter Fiscal Year 2020 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 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 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, including our 10-K and 10-Q and any applicable amendments, for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock.

And finally, we are not obligating ourselves to revise our results or publicly release any revision to these forward-looking statements in light of new information or future events. Before taking questions, we'll begin with a few prepared remarks.

And with that, I'd like to turn the call over to Safra.

Executive
Safra A. Catz

Thanks, Ken, and thank you all for joining us on such very short notice. Of course, September 11th is an important day for our country and for us at Oracle. Many of you know that we lost 11 of our employees and many friends that day, and we honor all the victims today and every day, may their memories be a blessing to all of us.

We originally planned to hold this call tomorrow. However, as Mark will be taking a leave of absence for health-related reasons, we felt it made sense to share all of our news at once. Mark was extremely engaged with the business through the end of the quarter, but now he needs to focus on his health and taking care of himself. As the three of us have always worked as a team on managing Oracle, Larry and I will cover Mark's responsibilities during his absence with support from the rest of our strong management team.

Now, switching to the first quarter, I will review our non-GAAP results using constant dollar growth rates unless I state otherwise. And though the effects of the currency movements in Q1 were modestly more than expected with a 1.3% headwind to total revenues and $0.01 headwind to earnings per share, both results were in line with my guidance range.

Total Cloud Services and License Support revenues for the quarter were $6.8 billion, up 4%