Analyst Conference Summary

conference date: September 16, 2010 @ 2:00 PM Pacific Time
for quarter ending: August 31, 2010 (first quarter fiscal 2011)

Forward-looking statements

Note: I was unable to listen to the conference live, and as of 8:20 AM PT Sept. 17, the recording has not been reposted. Data below is from the press release. I don't know if I'll be able to complete it later. - WPM

Overview: Sharply lower sequentially (but abobe guidance); up substantially from the same quarter year-earlier.

Basic data (GAAP) :

Revenues were $7.50 million, down 21% sequentially from $9.51 billion, but up 49% from $5.05 million in the year-earlier quarter.

Net income was $1.35 billion, down 43% sequentially from $2.36 billion, but up 21% from $1.12 billion year-earlier.

EPS (earnings per share) were $0.27, down 41% sequentially from $0.46, but up 23% from $0.22 year-earlier.

Guidance:

Conference Highlights:

Software grew strongly and hardware grew faster than expected in this seasonally-down quarter.

Non-GAAP numbers: revenue $7.6 billion. Operating income $2.9 billion. Net income was $1.4 billion, with EPS of $0.42, above guidance and 38% over year-earlier.

Revenue was composed of: new software licenses $1.29 billion, up 25% y/y; software license updates and product support, $3.45 billin, up 11% y/y; hardware systems $1.70 billion (no y/y comparison, from Sun acquisition); services $1.07 billion, up 18% y/y.

Exadata pipeline now exceeds $1.5 billion.

Operating expenses of $5.585 billion included: sales and marketing $1.33 billion, software updates and support $308 million, hardware products $557 million, hardware support $301 million, services $896 million, research and development $1.10 billion, general and administrative $272 million, amortization of intangibles $603 million, aquisition related $83 million, restructuring $129 million. Leaving GAAP operating income of $1.92 billion. Interest expense was $198 million, other income $74 million. Income taxes $443 million.

Q&A:

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