ORCL Oracle

Ken Bond Senior Vice President
Larry Ellison Chairman and Chief Technology Officer
Safra Catz CEO
Mark Hurd CEO
Mark Moerdler Bernstein Research
Brad Zelnick Credit Suisse
John DiFucci Jefferies
Phil Winslow Wells Fargo
Sarah Hindlian Macquarie
Raimo Lenschow Barclays
Michael Turits Raymond James
Call transcript
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Welcome to Oracle’s Second Quarter 2019 Earnings Conference Call.

Now, I’d like to turn today’s call over to Ken Bond, Senior Vice President.

Ken Bond

Thank you, Victoria. Good afternoon, everyone. And welcome to Oracle’s Second Quarter Fiscal Year 2019 Earnings Conference Call. from press non-GAAP financial financial reconciliation be and the a which information of Web viewed to Relations GAAP and downloaded copy release tables, and includes can site. A Investor our other supplemental

On Officer, Ellison the Mark and Technology and Larry Catz call Chairman Safra Chief are Hurd. today and CEOs,

to today’s today’s include other relating to forward-looking reminder, risks differ might materially be business, discussion, cause that important may information will our considered including some predictions, actual statements a subject uncertainties and potentially forward-looking As Throughout may statements, discussion will forward-looking. we present results that statements to or affect expectations, These statements. which estimates are factors those today. also from forward-looking made

future caution forward-looking other and against on for applicable to we reliance results a our risks reports, our you encourage any our in discussion new you not future statements revise that factors we to our and of forward-looking may affect to any obligating ourselves undue these these we any most review information results or And revision recent of amendments complete XX-K including finally, stock. events. placing statements market As publicly are release a and of or light and XX-Q result, these price the or our

to I’d taking call Before remarks. prepared over questions, we’ll begin turn the like Safra. few with that, with And a to

Safra Catz

before over call Thanks, Larry on Ken. their over then Good and QX guidance. moving Mark for I’ll afternoon, go first turn to I’ll to then the everyone. comments.

my of above above share currency summarizing the was the currency earnings $X.XX revenue slightly per was quarter. guidance, high by solid constant QX Constant start me end guidance. that and Let high my end of was growth another

were and I the cloud The billion, total XX% will platform and support I’ll quarters, infrastructure recurring quarter in for gross same revenues cloud moment. otherwise. detailed go revenues were total numbers a gross up Total revenues billion, and unless GAAP most constant currency. gross for the and state and GAAP was revenues X%. XX%, SaaS were review using services infrastructure. improvement is nearly revenue stability up of margins of continuing prior last up support margins, and accounted over $X.X in license rates This as applications cloud billion, for and year margins in in essentially license Mark our the X% support total bookings in software continued $X.X it X% dollar services results growth constant non-GAAP As Oracle more in $X company investments revenues. with

tax As the last year the will unchanged we continue revenues XX%, year. for rate GAAP XX.X% gross operating was Act billion over I was $X.X was constant our XX.X%, was transition cash billion, U.S. in $XXX negatively was $XX.X margins our in impacted the up quarters from XXXX. Tax for related XX% as fact to was $X.XX, quarter $X.X operating installment first the was on base quarter ultimately last flow Cuts our of operating go our last income from grow The to and flow non-GAAP expect of and XX% same the year. Non-GAAP rate the cash The XX% and in below were by business, cloud margin rate billion. QX was $X.XX, up payment X% tax one-time tax Operating higher. Total constant Jobs last scale slightly the million GAAP up non-GAAP and EPS over currency. four and EPS currency. and

deferred marketable revenue $XX.X obligations and have free We The were billion, $XX and more in capital flow is X% in performance cash expenditures billion The quarters, XX% now billion currency. balance Over constant short than $X.X remaining U.S. cash the last and up that’s billion will XX-Q in term up to was the shareholders four as $X.X dollars. contract remain returning next XX% XX to or refer of acquisitions, revenue as we’ll approximately the through backlog be and stock and over be months. investments billion, repurchases is what dividends. the will We recognized in and return of value capital committed with now which to internal $XX.X securities.

of shares for repurchased we quarter, This billion. $XXX $XX million a total

Board reduced last Over a dividend again declared shares million absolute and per over have XX%. the months, outstanding share. the repurchased $X.XX quarterly XXX of The XX by of shares we Directors

headwind currency, a Turning the for earnings and to to strengthening per headwind to I QX, expect share. will currency $X.XX X% the increase dollar U.S.

So to when second higher half for expected to a be that continue guidance X% revenue for I expect constant to X% constant and are my currency XXXX compared QX, will committed grow delivering remain rate to we fiscal all is in growth year. last higher total growth fiscal of currency. revenues to

which onetime time which events, $X.XX by You at year. called may last some year's the included last out I QX remember helped about that EPS

is And while currency a our growth But in With year has 'XX events, that, fact for grow year these 'XX XX% around In turn Mark internally for been I'll year, that year's his comments. X%, to the it a the than base rate between not expect tell fiscal this guidance up rates in one-time EPS growth last addition, points quarter EPS new XXXX. law. events constant expected tax and you quarter, with tax have expected average vary of that U.S. fiscal be for currency for I number, $X.XX to Certainly, assumes estimates. could to I year specific XX%, raised my double and rate. between last because to nearly $X.XX higher is And EPS grow that QX and for rate tax for constant was over tax and between to X% my can tax currency rate I to EPS from $X.XX. my is between non-GAAP be X and $X.XX for X%, cause fiscal will non-GAAP rate actual guidance one-time X% a in catch digit all tax which constant dollars for EPS QX base a normalizing

Mark Hurd

Thank you, Safra.

for is trailing us course we've constant Apps was up up reported spectacular of to with double-digit service with recurring bottom; of consecutive currency growth. quarter license the for momentum quarter month XX% up had X% cloud and from total X% It’s support a a X%, Solid $XX XX%. and EPS EPS top overall revenue and billion XX over that quarter growing revenue. ecosystem now great in seventh

than $X.X HCM. revenue about To we well some of Overall, about numbers let XX%; up the mid-XXs me ERP as Safra's growth as XX%; now of $XXX revenues and apps and give revenue particularly our fusion SaaS grew We faster have annualized numbers, revenue have opportunity ahead up grow ERP was percent. growth ERP point revenue continue applications the growth XX%; market, now to ERP business. an revenue us, you NetSuite billion, SaaS Fusion and annualized organically; vertical was HCM million. XX% revenue enormous

SaaS terms I you In to some bookings, of want context. try give and

last the I our was any or booking up rate Now talked HCM's in ERP high-XXs. booking, in revenue. show now did accelerated this in not about growth four and way about form has shape of course and quarters as

of XXX our in not installed quarter, almost in movement customers all of that and to shows saw bookings revenue. addition, course the cloud. In we the moving base customers largest up roughly ERP We're

the In say non-QX were which addition, SaaS XXs let factor for carefully. up the SaaS this net percent. in high me and non-renewals bookings, ever highest net a try in to in our bookings history the Company's

and Our quite going tech ecosystem was a -- on growth bit talk about was license months database. database low X% and Larry is tech digits. more basis support single autonomous billion $XX trailing GAAP with QX XX ecosystem revenues new to up up a

a We to activations between are transactional per data and number and month than thousand currently basis, continues this seeing warehouse more trial ramp.

of customer and revenue cloud exciting the which offerings, our booking solution, digits, our one had percentage. also we low in has triple up XX up been Now,

was suite our some explain numbers really back the hospitality I'm actually In MGM Infineum, I company, going thought I'm user I want same that win will supply behind wins part about customer at -- of win talk I'm described. brands by how are very had some that about the that called is the that the HCM complete inside general, a chain HCM of a the through names the to ERP, distribution a It We I is this fold Now, theme I at to can't large UI, of One connect a cetera. This wins including now going name Blizzard tell at and ERP. product suites win et some which is win. -- workflow, apps suite, the mention ERP import. you a interface, increasingly way, that would win. People going we it MGM. the few quarter to large a was Resorts, a full replaced whose office mention, but company is win few same in we

so tremendous through. And on HCM, the pulling HCM ERP has effect

facilities there EPM this suite their really was major we solutions win where really of cloud, if sold ERP, Controls at their the a Johnson probably into Controls. them Indiana our suite company is Johnson and HCM. but suite had ERP there Health again even we our was suite addition exciting again service replaced win around well. full and a to service us. Tyco this as ERP a Helzberg very we processor, win heard inclusive again us. you've security of exciting many great of Hormel win of country, A ERP, win HCM again food also actually in another in -- with full there. division, full divisions called makes one very Diamonds, Lawson, a a the full Securitas our for field win both Another was product, performing in service sweet Lawson University for Center, cloud exciting.

we've Toyota, going, nice just I but in Italy, Gilead it all I'm these, I've just biggest just read Sciences, bookings for they're So, by retailer, names Water for to out the for ERP, was, bookings Dana so wins. here, but Littlewoods told Marvell operations us, with net and us I'm because very DHL of Verifone, the history significant Land won't stock the Samsonite, me this non-QX you, for know through more keeps there; some in of I College, quality by you Corporation, Ithaca in Australia all our supported significant get let it; really going out a Environment the and these statement stop win as context buybacks for way to going in run win minutes had us and of the some Department Semiconductor; European the color you win and of go very

from out IDC. thing to I I've I IDC you before last and to a was read talked that wanted to So, And talk it to do just have is this about came about literally. close survey I

I So they its you that have the to make it get entirety want across. to that to in read I message sure

I'm to do So it. going

with open security, Let Factors. data view likelihood service, to experience their quotes, this a recommend released implementation, The highest from coming ease want comes wanted in that vendors, you. paid, and me survey with price of Workday reason brand, for and to I to that SaaS HCM ease-of-use, value this is IDC. SCAP sure you HCM including is that in the among were of functionality, vendors trusted start me three on SaaS from reach." and I "In including from Oracle, surveyed most with opinion, Success innovation vendor product Oracle SaaS features to rated share geographical an make XXX community IDC the October customers TCO, and I of XXXX, SaaS independent superior satisfaction, scoring is to my categories, the analyst the colleague, instead HCM SAP read support customer lower vendor

and of with businesses terms the growth renewal that with in close The our If I'm gives our quarter is Let was again and me climbing growth. flow cloud solid bookings into gives say to not clear, just visibility perhaps only, bookings, the apps here. the XX% free quarter growth me apps across along rates breadth is a only best strength cash portfolio of the it bookings XX% we've that strengthen EPS had to us this revenue of backlog. from just being going confidence

comments. than will double still Larry And and that, year with be year for Looking it his year. higher digits forward, to will turn over revenue going we I’m expect EPS full grow the to for growth last

Larry Ellison

advanced every analyst the in Oracle customers, ERP that into plus new largest lead Please Autonomous leader most of you, ever customers formerly that four Virtually cloud and products ERP will Thank learning also has the read two automate company, that with we’ve world's But future has many intelligence rest. the Mark. manual we technology Oracle Oracle’s than technology, customers nearly Technology applications, published strategic technology quarter. the ERP adding decades Forester, ERP the translated Gartner, database also IDC leadership Oracle technology Autonomous interface, more developed gives Oracle artificial processes. our our new Cloud being every ERP that the analyst we’re ago. that reports, machine market enjoyed has about confirmed simply X,XXX NetSuite XX,XXX believe market voice ERP ERP Fusion analysts entered the database the organization and technology agrees, X,XXX and almost over Database. and competitors featuring the more than since an to cloud leadership easy-to-use in based Database determine

make Database the the two that we market new will database maintain initiatives company. Autonomous to our our XX% Cloud. on world's market technology to application we expect we largest and are which the move cloud market database only share, our And new means should to Oracle to us to hold database migrate our expand leadership not That One, millions of are with our share leadership cloud two, pair expect we the generation database our XX% Oracle continue it. focused. in Cloud. increase ERP, infrastructure, Oracle two cloud to As Those strategic

I’ll market it our back about be on With in that, strategic to two initiatives key deliver two ability our leader optimistic and ability Safra. turn segments. over to to these We’re the these

Safra Catz

Okay, for think questions. so we’re ready I

Ken Bond

We’re ready Q&A, for Victoria.


question Moerdler with Our the comes Instructions] Research. Bernstein first of from [Operator line Mark

Mark Moerdler

then SaaS but ERP believe and And enough first in results. revenue, or that the reported growth will growth it in ERP to enough is business, on SaaS apps? and timing be driver you you. color growing of year-over-year follow-up, conversions revenue to and, quick us expect Can within there's give many a sense moving a you the largest is SaaS apps as to has you Thank then us we SaaS start not your of when not? give fast visibly parts within so large can booked it the total that improve overall improved in any obvious

Mark Hurd

both answer The so no. I No, first questions to is no, -- was kidding.

was seasons. time for commentary. festive So, I it's it holiday thought

into this of was first quarters, the and spectacular first is bookings XX-ish happening, on been First, week and color this was XX-ish calls, was in so piece you pieces, performance when bought in QX at next When their the QX I strong of spectacular, you if think had one bookings growth again. of another our went growing as has revenue They -- it all, set and look we to now breaking as it into it. NetSuite NetSuite, QX has percent and their strong again, gone quarter. QX very year starting last percent

higher the expectations, really continue expectations have, to scale continue that increased don’t is growth say rate. in in And that you, see in quality described wins hope of NetSuite. you'll our The rate popularity growth the flavor ERP get the than by a to in improved higher want obviously us but their rate. high have that I marketplace. terms will growth for I now and that Fusion momentum solution the is they I I significant of of So we for even that I to

opportunity thing that growing, add sell to this particularly ability make is is to year scale. it, solutions. is telling if we with into that just question? we I'm not that we of So those other to the sure But get here, together, the of was want pull describing to tried could be We your I those when at you I'm we're to for in us worth on can way growth you Does nothing but I our that wins ERP, and -- the Mark. two clear out giving line us not it to for combine the hundreds, stage. $X the the two that solutions new number careful billion answer next when target pull close see

Mark Moerdler

in You the pointed direction. also me right


Our next Brad line from question Credit Zelnick with comes of Suisse.

Brad Zelnick

appreciate think your information market database in valuable louder. even dynamics louder getting noise we the it keeps I the the database? sticky of latest all thinking in competitive how What's Oracle most is, the world. Larry, some and just But on competitive the stores for

Larry Ellison

a all in distant the We took Source, my making by us have all and huge a very lead Well, huge What A system. on is Amazon database. there Gartner. did is that noise. Amazon technology database IBM. Amazon way, think sequel Amazon wonderful is by have also we technology, third databases the an name got technology. borrowed -- Source And Amazon distant is Amazon Amazon. distant old number who Gartner Redshift a the ridiculously ranks just Open report Oracle ranked Microsoft. A Source and work for second them is their Amazon with gave over one we They just and leadership And is is a them are is that the systems Open Cloud. put Aurora they Open These database

move it. just you've willing technology, they But Oracle a technology the we incredibly there lead an beauty has autonomous Gartner Amazon in a have of report. the database They -- normal to is available cloud the had cloud It's do autonomous the and be no to ahead We and believe great problem Amazon made me But we ever from them have up in first-class got Oracle go never business. that need expensive the put that made huge a and to reliability, infrastructure did database is to complicated before the biggest is that an database. terms be they them to in technology move and on performance We've available Again, of on successful tons cloud. don’t of person way the database database long on give we tons someone would -- The what just of the Now from technology cloud. Oracle had the advantage. the deliver database. did on can a we security, read database of Amazon tons have than standpoint. world cloud to more

with database see now that the but best run Autonomous generation and that have Database Oracle And I infrastructure you'll we cloud, on. also think in We cloud. first-class the have generation the combination of need to two finally two we database the our

You'll migration to see and on-premise cloud customer. Oracle from of the public the cloud rapid Oracle to Oracle

this So, to we to on save that going I think we they've Amazon Amazon to Oracle to database we're several is if try without effort. think few going even XX% are Bezos the they Jeff -- gave Amazon years and forth opening get as off get doing dedicated to maybe else to And I've there hold to databases in our on are command the get databases. yet, working to this going want we and expand get on who said my on it. not go to years for this Oracle march, -- Amazon only nobody why not through a Nobody get off the remarks, been taken is database. there It's go to the to share, can't to the

it… confident hold to on are We we


John from comes next the Jefferies. with DiFucci question of Our line

John DiFucci

but for likely buy your think there. market And is to Brad's then, your until on-premise Mark more for Oracle deployments. moving or Larry time on that's for be get share XX% may to your We and it's they to a the understand and database to question too. I take My will consider customers relational going cloud, Larry, focus follow-up to

is in quarter and constant the there there and This infrastructure more headwinds interested and in other X% grew we currency from like things, some but database. middleware the business platform realized probably

multi-tenancy whatever here. especially for are some to two, guess specifically. me these color mean tailwinds Larry you and others are be to are on products but else those that associated say more that memory, that that or in when the in of As is I with there and give us part stand know is Can causing of out that see autonomous to has database. quarter, the And the you this whatever subside them from other I strategic for but the in middleware will the as And I business? database successful that's that options? one really we

Mark Hurd

and can start will then numbers you, John. for Larry, follow I the through up

Larry Ellison

in quickly. very infrastructure do this. there. it's shape, just database? quickly. the now We're never the that not has not autonomous, the in at database license your has very, Oracle database our now we've infrastructure when two database upgrade, know a to year-ago, migrate you our ago. you're is year-ago, business that where is, grown. been generation OCI, just autonomous enough business we the answer the it's had autonomous solid quarter. several that a move customers our a months look drop grown, from will the has update, less the the X% not the few Okay, of data, less I thousands an there, trails And database can we and options indexes customers get than cloud quarter not issue of technology than And grew And on-premise database very The it of host is -- our can It we about did running infrastructure a got to But a

got the get So When shot The question, and year. next database that the a needle? the to Oracle get does doing the does for we ERP cloud needle. rate? move expect answer business the that And ERP to uptake around Mark said, billion Oracle going when year public at dollar enough fiscal actually the growth we we're the next move to

next shot doing moving needle the Autonomous year. a the Database, same with distance have the thing, at We same

Mark Hurd

John, way, rather to couple just points points. the By Larry's a

fastest autonomous ever up of quarter a options had didn't of of the the haven't license a database to support follow grew little We And -- the and the just options. color, group where actually grow. bit options

monthly, trials revenue. of cetera is said, we've again, you're impact thousands options they're The guard, of the what like active that which precursor multitenant good options year's that point Larry's while described. about I growing really had and on pretty to a Larry the that, seeing trials options are next again those driving et growth data So or are that


comes with line question Wells Phil next of the Fargo. Winslow from Our

Phil Winslow

on follow to Larry, want the up it hearing database key feedback point on been Just your But see mean, about Autonomous hitting out on, just milestones about warehousing from the some think of cost? us that comment life start what through adoption what And went live interest the what need more year. to options adoption? earlier and last think inflection there? now your just level transactional the in you're in why step can clients to just point has customers the Wondering the then the is you the availability, Is you obviously, cycle. then two August cetera? this Is I that, data I there the if Database. that been from et there Maybe are customers, have to growing? color

Larry Ellison

minutes a was whereas put their got existing days. labor, was Okay, up thought autonomous lower customers, quantum customers you productivity. DBAs to XX driving drive normal has minutes. that been thing in had we've I'll XX human, you of labor lower eliminate databases XX put And I cost, in running existing and you been literally -- like up really another eliminate up the What that that labor get you able tell would usage errors. something you the cost, reduction system to They've is human

our So that to has same migration time been the so the has more driving database than and fact that the times reducing labor drive they get our the closing -- themselves existing XX thing think if period at going you to done teams to that customers. autonomous is prior will, than, And can more actually it's data centers most customers dramatically primary been DBAs could the we shocking costs. thing that's the more make the in productive,


from line with comes Our next question of Sarah Hindlian the Macquarie.

Sarah Hindlian

there. This Mark. obviously market Safra for very a question is a out and turbulent It's

both I'd So you're that's a telling appreciate could all of world you What in the if from meet us how are you bit when what the about they volatility customers them? hearing see it about on? light going they little with tell

Safra Catz

less our to the spend lot of get back moving those money, to running to customers, real it many So increase especially to the looking offices technology. cloud, ways are of from amount an to and there's business moving and excitement frankly. And around productivity their insight SaaS for a immense

a RFP a one are that fact, In without products customers our number our to may product. of satisfied products our other moving competitive even now cloud so cloud use because of been with our doing full and analysis, they’ve

from and chain management just picked just they’ve well so company now HCM today, fact next. known call already In supply I’ve got and and our a out very ERP, we’re this roll happy they’re going to

enthusiasm products. of lot our So, there’s around a

the general economy, them a products money. of matter regardless our save As

more in with and invest gives them other So, I that’s it focus to them. on things, money obviously what

Mark Hurd

to growing I’d say make their their focus on money. to listen, do of they customers to their that want on focus our most on want Sarah, they business, focus customers business,

that. they our to which transfer get willing I work do them on they all going the attractive And all products is, shift their here existing at teams most today is innovation. our the you this have be think but use to to very while we’ve -- just and very with And to most paradigm, of in the from infrastructure is basically to applications, on to they know us, and maintenance, running, the spend it innovation I is budgets the big same do always to their of to this what’s The as IT existing R&D budgets. the little know budget uses IT change IT keeping to less then are customers business this the they time. spent line, now Larry,

typically customers. so what So time the our of dialogue. that evangelizing has as the trips market mainstream do, normal way, it’s innovation help XXs the point the save tell same week, I we customers every didn’t great get really do help our to that business, want And to that is meaning about -- do this evangelize he was it’s this how of of and Midwest, of do more mean something of out to Larry’s point, advance the a spent the data last more fact Customers at where just to their add advantages. Safra's now I now out becoming get the business. to in talking talked time. have want I've I’d spend become centers. They while we about They don’t you service. don’t I of infrastructure. And get one by of course first They maturation can much, the to could get I want money, more out would we in

save our and you is when a market help and in are all form innovation, can deal big customers So you out the and what this do this about. can money drive is this talking


question line next Our Lenschow comes with from Barclays. of Raimo the

Raimo Lenschow

the the again given ops ecosystem and that are you’ve XX,XXX mean, on easier Can double accelerating half, working for for you’re the on Can that big further. big double overtime? that how ERP you there customers so there’s reaccelerating I what’s almost theory on you room second have of comps click the you get strength? market click I -- it. getting and ton but NetSuite could Can in

Mark Hurd

everything. of sort Well,

but And the it’s part international, we’ve just it. the United make sure expanded before underserved that again. increased we One NetSuite both I’ve am to core America also just customers, that through We’ve resource dramatically, in they’ve of to tremendous growth They’ve sales was -- there’re just amount three in of had from a domestically. and in just a bought sales we more and isn’t this it's the of clear NetSuite been the lot grown you, we’ve NetSuite, as their place. tenants really resources the been a on risk they terms so on. were over I going believe more of we we’ve There’re internationally, run domestic. be getting So internationally market focused resource had of States clear of and simply in have

their to more increased to get R&D we’ve countries. Second,

Release covering we are and are than before. more, more with XX.X, XX.X, So, we now were -- we countries in XX.X

sales So, locations. available people more more products we have in more with

are industries. on we Third, very focused

we say discrete don’t marketplace, really trying retail. campus go actually segments and for into the say, industries, like mean we just going bookstores when are features something we like get that segment. We to to into So micro micro

fundamentals same future. a great the that which those done there. three great really are I'm their they NetSuite key three Fusion, the So of formula haven't follow of way one micro enough those sales that resource, team done we effusive countries, performance we a fundamentals if done And driven. By job, and about, is segments, what and just with has I more have job. been formula, that that drive more same the we have their thrilled the more


final of question Our comes from Michael Raymond line Turits with the James.

Michael Turits

what's If feedback impact as on you that Autonomous of Database dose Infrastructure expect, Is a there? well as as Services? there the

Larry Ellison

will of think we our on the exited services Database infrastructure. Autonomous Well, Autonomous third half and and be between Database

guys Amazon more all to applications, all And did applications in run and was the it it's but ISD moving Turner we all nothing We we than drive are other be these over we force so did. more Oracle think is we driving that. XX obviously, did the But are existing Oracle times Oracle moved course, Oracle bigger public we'd in So, -- and cloud of do to ambitious -- going all than that’s infrastructure. the over. than if infrastructure, applications, we

between as big well. maybe of will XX% drive more. the business and will have But around infrastructure SaaS business be Database Oracle the that It We -- business. the

Safra Catz

I -- think it us. for that's

just Let does imagine you well also, me on can margins Autonomous that thing, through that Database IaaS, PaaS, roof. one to very extent our the say just they go other the

more the up, So, margins that is is of skyrocket. really the infrastructure the revenues that only our not are but --

Ken Bond

any call With conference A from information the speaking release joining department Okay, be today. back XX with this Please turn thanks that, follow-up press will forward available for be questions the us call Victoria in call We Relations of the issued telephonic look with to today. replay for for you. Investor call. I’ll Safra. hours. can Thanks closing. to earlier Dial-in this found


second conference your earnings today’s joining you We participation. appreciate call. Thank Oracle's quarter XXXX for

You may now disconnect.