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Oracle Corporation Conference Call Summary Company Overview - Company: Oracle Corporation - Industry: Software - Headquarters: Austin, Texas - Employees: Approximately 164,000 - FY23 Revenue: $50 billion - Public Since: 1986 Key Financial Highlights - 2Q/Nov Results: - Revenue growth of 13% year-over-year - Cloud infrastructure growth of 66% - Revenue backlog increased by $68 billion, driven by Meta and Nvidia deals - Future Revenue Guidance: - FY26 revenue target remains at $67 billion - FY27 revenue guidance raised from $85 billion to $89 billion - Earnings Estimates: - FY27 revenue estimates increased from $83.6 billion to $87.9 billion - Non-GAAP EPS estimate raised from $7.71 to $7.80 Backlog and Revenue Conversion - Backlog Growth: - Investors are focused on converting backlog and capital expenditures into revenue - Current revenue growth of 13% aligns with previous year’s 9% - SaaS growth of 11% fell short of Oracle's guidance for acceleration - Future Expectations: - Anticipated acceleration in cloud infrastructure growth to over 80% in 3Q/Feb - Concerns about revenue upside being conservative or pressure in non-IaaS segments Debt and Margins - Debt Levels: - Total debt under $100 billion, maintaining investment-grade rating - Margin Performance: - Gross margin dollar growth at 7%, in line with expectations - Operating margin dollar growth at 10%, below the 12% estimate - Operating cash flow of $2.1 billion, below the $3.2 billion estimate - Capital Expenditures: - Capex of $12 billion exceeded the $9.2 billion estimate, leading to a free cash flow miss Valuation and Price Target - Current Valuation: - Shares trading at 28x CY26e non-GAAP EPS, in line with Microsoft and Amazon - Price Target Adjustment: - Price target lowered from $380 to $325 due to lighter results and increased uncertainty around financing outlook Market Metrics - Market Capitalization: $619 billion - 52-week Price Range: $328.33 - $122.82 - Average Daily Volume: 4,286,000 shares Risks and Considerations - Upside Risks: - Potential market share gains from competitors like Workday and SAP - Downside Risks: - Execution risks from recent sales re-organization - Limited traction with Oracle's Cloud offerings - Increased competition in the software industry Conclusion - Investment Rating: Buy - Forecasted Stock Return: 46.6% including a 0.9% dividend yield - Overall Outlook: Despite some short-term challenges, the long-term growth potential remains compelling, particularly with the significant backlog and anticipated revenue growth in cloud infrastructure.