Oracle Corp ORCL
Q1 2011 Earnings Call Transcript

Transcript Call Date 09/16/2010

Operator: Good day everyone, and welcome to today's Oracle Corporation Quarterly Conference Call. Today's conference is being recorded. At this time, I'd like to introduce Ken Bond, Vice President of Investor Relations for Oracle. Please go ahead sir.

Ken Bond - VP, IR: Thank you Ruthy. Good afternoon everyone, and welcome to Oracle's first quarter fiscal year 2011 earnings conference call. With us on the call today, our Chief Executive Officer, Larry Ellison; President, Safra Catz; President, Mark Hurd; and Chief Financial Officer, Jeff Epstein.

As a reminder, today's discussion will include forward-looking statements including predictions, expectations, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, these statements are also subject to the risks and uncertainties that may cause actual results to differ materially from statements being made today. Throughout today's discussion, we will attempt to present some important factors relating to our business, which may potentially affect these forward-looking statements.

We encourage you to review our most recent reports on Form 10-K and 10-Q, 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. As a result, we caution you against placing undue reliance on these forward-looking statements, which reflect our opinion only as of today, and as a reminder, we are not obligating ourselves to revise or publicly release any revisions of these forward-looking statements in light of new information or future events.

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. We will begin the call with a few prepared remarks before taking questions from the audience.

With that, I'd like to turn the call over to Jeff for his opening remarks.

Jeff Epstein - EVP and CFO: Thank you, Ken, and welcome, Mark. Good afternoon, everyone, and thank you for joining us. I will review our non-GAAP financial results, focusing on U.S. dollar growth rates unless otherwise stated. This quarter, foreign exchange rates weren't much of a factor in our overall results compared to our guidance of a negative 2% currency effect to new license revenue, and a negative 3% currency effect to total revenue.

We beat the high end of our guidance range for new license revenue, total revenue and earnings per share with a record earnings per share for the first quarter. On a constant dollar basis, we also beat our guidance ranges for new license revenue, total revenue and earnings per share. In short, Q1 was an excellent quarter for Oracle.

In the first quarter, new license revenues were $1.3 billion, up 25%. The Americas grew 33%; EMEA was up 12% and Asia was up 26%. With each region up double-digits on a constant dollar basis as well, our results continue to underscore the strength and diversity of our business and the quarter was not dependent on any unusually large deals.

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