Oracle Corporation (
ORCL)
Q4 2009 Earnings Call Transcript
June 23, 2009 5:00 p.m. ET
Executives
Ken Bond – Vice President of Investor Relations
Jeffrey E. Epstein – Chief Financial Officer & Executive Vice President
Safra A. Catz – President & Director
Lawrence J. Ellison – Chief Executive Officer & Director
Charles E. Phillips, Jr. – President & Director
Analysts
Adam Holt - Morgan Stanley
Sarah Friar - Goldman Sachs
John DiFucci - JPMorgan
Brent Thill - Citigroup
Brendan Barnicle - Pacific Crest Securities
Kash Rangan – Bank of America/Merrill Lynch
Presentation
Operator
Good day, everyone and welcome to today''s Oracle Corporation quarterly conference call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Ken Bond, Vice President of Investor Relations for Oracle; please go ahead, sir.
Ken Bond
Thank you, operator. Good afternoon, everyone and welcome to Oracle''s fourth quarter and fiscal year 2009 earnings conference call. I’m Ken Bond, Vice President, Investor Relations and with us on the call today are Chief Executive Officer, Larry Ellison; President, Safra Catz; President, Charles Phillips; and Executive Vice President 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 may hold, these statements are also subject to 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. 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 the results of any revisions of these forward-looking statements in light of new information or future events. We would encourage you to review our most recent reports on Form 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.
A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation, and other supplemental information can be viewed and downloaded from our website at www.oracle.com/investor.
We’ll begin with a few prepared remarks before taking questions from the audience. In today’s conference call we will only be discussing Oracle’s Q4 and fiscal 2009 results.
With that I would like to turn the call over to Jeff Epstein for his opening comments. Jeff?
Jeffrey E. Epstein
Thank you, Ken and welcome to Oracle. Good afternoon, everyone and thank you for joining us. I will review our non-GAAP financial results for the fourth quarter, focusing on constant currency growth rates unless otherwise stated.
First, a note about foreign exchange rate movements, in March we told you that using then current exchange rates would reduce our Q4 revenue growth by 12 points compared to constant currency. Even though the US dollar weakened from March, the US dollar strengthened compared to Q4 of last year reducing our international revenues, expenses, and profits when measured in US dollars.
As a result, currency movements reduced new license revenues by 9%, total revenues by 8%, net income by 11%, and earnings per share by 10% or $0.05 per share compared to Q4 of last year.
