Financial Data and Key Metrics Changes - Total revenue in Q3 grew 18% as reported and in constant currency, with a contribution from the new transaction model of approximately $124 million [8][9] - Billings increased 21% as reported and 20% in constant currency, with a contribution from the new transaction model of approximately $135 million [9][10] - Third quarter GAAP and non-GAAP operating margins were 25% and 38% respectively, reflecting year-over-year increases of approximately 330 basis points and 120 basis points [10][14] - Free cash flow for Q3 was $430 million, benefiting from earlier timing of billings and lower cash tax payments [10][14] Business Line Data and Key Metrics Changes - Strength was observed in AECO (architecture, engineering, construction, and operations), driven by sustained investment in data centers, infrastructure, and industrial buildings [8][9] - The Autodesk Store and billing linearity during the quarter were stronger than expected, contributing to overall revenue growth [8][9] Market Data and Key Metrics Changes - RPO (Remaining Performance Obligations) of $7.4 billion and current RPO of $4.8 billion both grew 20%, benefiting from the new transaction model [9][10] - The macroeconomic environment appears broadly stable, but uncertainty remains elevated [12][14] Company Strategy and Development Direction - The company is focused on enhancing products with cloud-based platforms and capabilities, redefining its business model and go-to-market strategies [5][6] - Autodesk aims to capture shared value through subscription, consumption, and outcome-based business models that blend human and machine capabilities [6][22] - The strategy includes building a vibrant third-party ecosystem to enhance solution value and efficiency [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value being created for customers and shareholders, despite geopolitical and macroeconomic uncertainties [5][6] - The company raised its full-year guidance for billings and revenue, reflecting current business momentum [13][14] - Management acknowledged potential disruptions in the sales and marketing optimization plan but remains focused on controllable factors driving revenue and margins [12][14] Other Important Information - The company plans to buy back approximately $1.3 billion of stock, a 50% increase compared to fiscal 2025 [14] - The transition to annual billing for most multi-year contracts is expected to significantly diminish tailwinds next year [10][12] Q&A Session Summary Question: Discussion on seats versus consumption AI monetization - Management highlighted the capacity challenge in industries served and the balance between human engagement and machine execution in future projects [26][28] Question: Insights on fiscal 2027 outlook - Management indicated that while the business is performing well, there are risks of disruption and macroeconomic uncertainty that will be considered in future guidance [30][31] Question: Autodesk Construction Cloud penetration - Management noted that there is still room for increased penetration within existing accounts and emphasized the unique value proposition of the Autodesk Construction Cloud [35][37] Question: PLM market opportunities - Management stated that many mid-market customers lack strong data management solutions and that Autodesk aims to provide them with modern, SaaS-based platforms [39][40] Question: Customer migration and packaging strategies - Management discussed efforts to ensure customers are not left behind during transitions and the importance of seamless integration between existing and new products [44][46] Question: Trends in usage telemetry - Management confirmed that momentum in Q3 was consistent with previous quarters, with no new emerging trends to highlight [48] Question: Billings growth mechanics - Management clarified that there was no unusual M&A activity affecting growth rates and attributed outperformance to strong execution and favorable macro conditions [51][62] Question: Customer spending plans for 2026 - Management reported that customers are maintaining their spending patterns and investing in digital infrastructure [58][59] Question: Fiscal 2027 growth expectations - Management emphasized the importance of considering macro risks and the performance of the underlying business when guiding for fiscal 2027 [84]

Financial Data and Key Metrics Changes - Total revenue in Q3 grew 18% as reported and in constant currency, with a contribution from the new transaction model of approximately $124 million [9][10] - Billings increased 21% as reported and 20% in constant currency, with a contribution from the new transaction model of approximately $135 million [10] - Third quarter GAAP and non-GAAP operating margins were 25% and 38% respectively, reflecting year-over-year increases of approximately 330 and 120 basis points [11][12] - Free cash flow for Q3 was $430 million, benefiting from earlier timing of billings and lower cash tax payments [11] Business Line Data and Key Metrics Changes - Strength was observed in AECO (architecture, engineering, construction, and operations), driven by sustained investment in data centers, infrastructure, and industrial buildings [9] - The Autodesk Store and billing linearity during the quarter were stronger than expected, contributing to overall revenue growth [9] Market Data and Key Metrics Changes - RPO (Remaining Performance Obligations) of $7.4 billion and current RPO of $4.8 billion both grew 20%, benefiting from the new transaction model [10] - The macroeconomic environment appears broadly stable, but uncertainty remains elevated [13] Company Strategy and Development Direction - The company is focused on the convergence of design and make in the cloud, leveraging AI and platform capabilities to enhance customer value [17][18] - Autodesk is building a vibrant third-party ecosystem to enhance its solutions and create new monetization opportunities [7][19] - The strategy includes redefining business models and go-to-market approaches to capture shared value through subscription and consumption-based models [7][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value being created for customers and shareholders, despite geopolitical and macroeconomic uncertainties [5][6] - The company raised its full-year guidance for billings and revenue, reflecting strong underlying business momentum [14][15] Other Important Information - The company plans to buy back approximately $1.3 billion of stock, a 50% increase compared to fiscal 2025 [15] - The transition to annual billing for most multi-year contracts is expected to significantly diminish tailwinds next year [11][14] Q&A Session Summary Question: Insights on seats versus consumption AI monetization - Management highlighted a capacity challenge in industries served and the balance between human engagement and machine execution in future projects [28][30] Question: Fiscal 2027 outlook - Management indicated that while the business is performing well, there are risks of disruption and macroeconomic uncertainty that will be considered in future guidance [32] Question: Autodesk Construction Cloud penetration - Management noted that there is still room for increased penetration within existing accounts and emphasized the unique value proposition of the Autodesk Construction Cloud [36][39] Question: PLM market opportunities - Management stated that many mid-market customers lack strong data management solutions and Autodesk aims to provide them with modern, cloud-based platforms [41][42] Question: Customer migration and packaging - Management discussed efforts to ensure customers are not left behind during transitions and emphasized the importance of seamless integration between existing and new products [47][48] Question: AI capabilities and retention - Management confirmed that AI-driven capabilities like auto-constraints are enhancing customer retention and creating opportunities for incremental monetization [68][70] Question: Margin expansion drivers - Management identified go-to-market optimization and operating leverage as key levers for achieving margin targets [72][73]

Financial Data and Key Metrics Changes - Total revenue in Q3 grew 18% as reported and in constant currency, with a contribution from the new transaction model of approximately $124 million [8] - Billings increased 21% as reported and 20% in constant currency, with a contribution from the new transaction model of approximately $135 million [9] - Third quarter GAAP and non-GAAP operating margins were 25% and 38% respectively, reflecting year-over-year increases of approximately 330 and 120 basis points [10] - Third quarter free cash flow was $430 million, benefiting from earlier timing of billings and lower cash tax payments [10] Business Line Data and Key Metrics Changes - Strength was observed in AECO (architecture, engineering, construction, and operations), driven by sustained investment in data centers and infrastructure, offsetting softness in commercial [7] - The Autodesk Construction Cloud is gaining momentum, with significant migrations from competitors, indicating strong demand for integrated solutions [17][18] Market Data and Key Metrics Changes - The macroeconomic environment appears broadly stable, but uncertainty remains elevated, impacting guidance for fiscal 2027 [12] - The company is seeing strong engagement from customers, particularly in the AECO sector, with continued investment in digital infrastructure [59] Company Strategy and Development Direction - Autodesk is focused on the convergence of design and make in the cloud, leveraging AI and industry clouds to enhance product offerings and customer value [15][16] - The company aims to redefine its business model and go-to-market strategies, positioning itself for long-term growth and margin expansion [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate geopolitical and macroeconomic uncertainties while executing on strategic initiatives [4] - The company has raised its full-year guidance for billings and revenue, reflecting strong underlying business momentum [12][13] Other Important Information - The company plans to buy back approximately $1.3 billion of stock, a 50% increase compared to fiscal 2025 [13] - Autodesk is integrating AI capabilities deeply into its products, enhancing customer workflows and driving productivity [16][20] Q&A Session Summary Question: Insights on seats versus consumption AI monetization - Management highlighted a capacity challenge in industries served and the balance between human engagement and machine execution in future projects [26][27] Question: Fiscal 2027 outlook - Management indicated that while the business is performing well, there are risks of disruption and macroeconomic uncertainty that will be considered in future guidance [31] Question: Autodesk Construction Cloud penetration - Management noted that there is still room for increased penetration within existing accounts and emphasized the unique value proposition of their platform [35][37] Question: AI capabilities and their impact on retention and pricing power - Management confirmed that AI-driven capabilities are enhancing customer satisfaction and retention, with potential for incremental monetization opportunities [67][69] Question: Channel productivity and operational elements - Management stated that operational friction from the new transaction model is being addressed, and partners are beginning to see improved productivity [89][90]

This presentation contains forward looking statements about revenue, billings, free cash flow, operating margin, EPS, products, future performance, financial and otherwise, and strategy, including statements regarding our progress on our key priorities, business models, guidance for the fourth fiscal quarter and full fiscal year 2026, our business momentum, the macroeconomic environment, and our long-term financial objectives. There are a significant number of factors that could cause actual results to diff ...

Oracle (NYSE:ORCL) FY 2025 Annual General Meeting November 18, 2025 10:00 AM ET Company ParticipantsBrian Higgins - Senior VP and Corporate SecretaryJeff Henley - Executive Vice ChairClay Magouyrk - CEOMike Sicilia - CEOJeff HenleyGood morning, ladies and gentlemen. I'm Jeff Henley, Executive Vice Chair of the Board of Directors. I would like to welcome you to our annual meeting of stockholders. In accordance with the notice of the meeting, I call to order the 48th Annual Meeting of the Stockholders of Orac ...

Oracle (NYSE:ORCL) FY 2025 Annual General Meeting November 18, 2025 10:00 AM ET Company ParticipantsBrian Higgins - Senior VP and Corporate SecretaryJeff Henley - Executive Vice ChairClay Magouyrk - CEOMike Sicilia - CEOJeff HenleyGood morning, ladies and gentlemen. I'm Jeff Henley, Executive Vice Chair of the Board of Directors. I would like to welcome you to our annual meeting of stockholders. In accordance with the notice of the meeting, I call to order the 48th Annual Meeting of the Stockholders of Orac ...

Financial Data and Key Metrics Changes - Oracle's database is expected to grow by more than 8X over the next five years due to increased demand and strategic partnerships with major cloud providers [30][34] - The company has seen significant growth in its AI business, indicating a strong competitive position in the market [26][29] Business Line Data and Key Metrics Changes - Oracle is embedding AI features directly into its applications, with hundreds of AI features already live in production across its Fusion applications [35][36] - The AI Data Platform is being actively developed and utilized, enhancing the integration of data and AI capabilities for customers [24][29] Market Data and Key Metrics Changes - Oracle's AI offerings are broad and encompass various areas, including model training, inferencing, and reasoning, which positions the company uniquely in the market [29] - The company is experiencing a rapid acceleration in the adoption of its database services, particularly as they become available on other cloud platforms [33][34] Company Strategy and Development Direction - Oracle is focused on integrating AI into all its applications, making it easy for customers to adopt without additional costs or implementation efforts [36][39] - The company is leveraging its long history of data storage and management to enhance its AI capabilities, positioning itself as a leader in AI reasoning [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the AI inferencing business and its potential impact on Oracle's future [21][22] - The company is optimistic about the demand for its database services and AI applications, driven by ongoing technological advancements and customer needs [33][34] Other Important Information - Oracle's board of directors was successfully elected, and the appointment of Ernst & Young as the independent auditor for fiscal year 2026 was ratified [17][19] - The meeting included a discussion on the importance of forward-looking statements and the associated risks [20] Q&A Session Summary Question: When will AI inferencing become more material to Oracle's business? - Management highlighted that AI reasoning is expected to take off as Oracle integrates private data with powerful AI models, positioning the company well for future growth [22][24] Question: Why is Oracle winning more AI business than competitors? - Management attributed Oracle's success to strategic decisions made years ago, including the development of a non-blocking network and the ability to leverage private enterprise data for AI applications [26][28] Question: What is driving the expected 8X growth in Oracle's database? - Management explained that the growth is due to increased demand for Oracle Database services, especially as they become available on multiple cloud platforms [30][34] Question: How will Oracle succeed in getting customers to adopt AI and grow market share? - Management emphasized that AI features are built into applications, allowing for easy adoption and immediate value for customers without additional costs [35][39]

Group 1 - The first car of the new brand "Qijing," jointly created by GAC and Huawei, has completed its design and finalization [2] - Xpeng Motors reported an export volume exceeding 5,000 units in September 2025, representing a month-on-month increase of 65.8% and a year-on-year increase of 79.4%. From January to September 2025, the total export volume surpassed 29,723 units, marking a year-on-year growth of 125.2% [2] - Ford Motor Company announced a recall of 59,006 vehicles in the U.S. due to potential fire hazards caused by a short circuit in the engine block heater, affecting various models from 2016 to 2024 [2] - Ferrari's new two-door hardtop sports car, Amalfi, has officially launched in China with a starting price of 2.5985 million yuan, and the first deliveries are scheduled for the fourth quarter of 2026 [2] Group 2 - The Ferrari Amalfi is equipped with an optimized F154 series 3.9T twin-turbo V8 engine, delivering a maximum power of 640 horsepower and paired with an 8-speed dual-clutch transmission, achieving 0-100 km/h in 3.3 seconds and 0-200 km/h in under 9 seconds [3]

Core Insights - Oracle is currently in the spotlight due to its AI World 2025 event in Las Vegas, coinciding with the start of the earnings season [1] - The company's stock has surged nearly 30% since early September, driven by projections of significant growth in cloud and AI sectors [2] - Oracle is recognized as the fourth hyperscaler, outpacing competitors like AWS, Google, and Microsoft Azure, with growth rates of 50-60% quarter-on-quarter compared to peers at around 30% [4][13] Company Performance - Oracle has $455 billion in remaining performance obligations, indicating strong future revenue potential [5] - The partnership with AMD for 50,000 new GPUs is a strategic move to enhance its AI capabilities [4][7] - The company is focusing on a modular approach to cloud deployment, allowing for smaller footprints and a comprehensive service portfolio [8] Market Position - Oracle's AI data platform is integrated with 600 agents in its Fusion and Netsuite applications, with announcements of partnerships with major firms like IBM and Accenture [9][10] - The company is positioned to compete effectively against Salesforce and others in the AI framework space, leveraging both infrastructure and application capabilities [10] Financial Outlook - Oracle is perceived as having a competitive edge in cloud infrastructure pricing, which is crucial for gaining market share [13] - The company maintains a profitable business mix, with strong fundamentals across its various segments, including its core database franchise [14]

Core Insights - Oracle is planning a significant increase in capital expenditures, forecasting $35 billion for fiscal 2026, up from over $21 billion in fiscal 2025, to enhance its cloud infrastructure and solidify its global position [1][9] - The company aims to build 37 new multi-cloud data centers, increasing its total to 71 worldwide, to cater to the growing demand from enterprise clients and hyperscaler partners [2][9] - Oracle's cloud infrastructure revenue is projected to grow 77% this year to $18 billion, with long-term estimates reaching $144 billion by 2030 [2] Capital Expenditures and Financial Impact - The aggressive capital spending is expected to pressure free cash flow and margins, with a negative cash flow of $362 million reported in the first quarter of fiscal 2026 [3][9] - The Zacks model forecasts a continued negative free cash flow of $380.7 million throughout fiscal 2026, raising potential liquidity concerns if growth slows [3] Strategic Positioning and Market Competition - Oracle's capital expenditures are aimed at bolstering its AI and multi-cloud ecosystem, enhancing products like Fusion and NetSuite with AI capabilities [4] - The company faces stiff competition from Microsoft and Amazon, both of which are making substantial investments in AI and cloud infrastructure [5][6] Stock Performance and Valuation - Oracle's stock has increased by 78% year to date, outperforming the Zacks Computer and Technology sector's return of 24.4% and the Zacks Computer - Software industry's rise of 21.5% [7] - The current forward Price/Earnings ratio for Oracle is 39.66x, which is higher than the industry average of 33.53x, indicating that the stock may be overvalued [11] Earnings Estimates - The Zacks Consensus Estimate for Oracle's fiscal 2026 earnings is $6.76 per share, reflecting a 12.11% growth compared to fiscal 2025 [14]