ORCL - Earnings call transcript Q3 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to Oracle's Third Quarter 2021 Earnings Conference Call.

Now I'd like to turn the call over to Ken Bond, Senior Vice President.

Ken Bond

Thank you, Erica. Good afternoon, everyone. And welcome to Oracle's third quarter fiscal year 2021 earnings conference call. from press non-GAAP financial financial reconciliation be and the a which information, of website. viewed to Relations GAAP and downloaded copy release tables, and includes can A Investor our other supplemental

Additionally, a this call or purchased well from as also went have Investor mentioned live many website. which Cloud Cloud the customer be recently others will conference as Oracle of list customers on services on Relations Oracle available

Larry are Chairman CEO, and On Ellison; the Officer, and Catz. Technology call today Safra Chief

As expectations, today's business today's our important discussion considered that including a some will reminder, to statements. Throughout include estimates might which statements, may forward-looking discussion, forward-looking. information present relating predictions, we potentially will or affect other factors forward-looking be these

to actual risks may statements subject materially from that uncertainties results made differ are today. cause being and statements to Forward-looking

or and future the placing Safra. affect As reliance including you review forward-looking you of a other our undue most our we market may these price results risks finally, in Safra? to and the And amendments factors are statements few obligating discussion events. then or We'll on and of future or these remarks, XX-K and a caution ourselves begin reports, encourage result, statements, revise and new for a to XX-Q that over prepared our stock. we information recent not light to complete turn our any call applicable against forward-looking results we of these with I'll our

Safra Catz

afternoon, everyone. Ken. good And Thanks,

enables which customers an any days greater XXX. the other sooner our fiscal reporting of faster beginning appreciate. again, Fusion us than are is the insight, business understand S&P XX to with earnings performance end in our the to and are advantage rapidly We Cloud ERP after company quarter,

line of we beat had by and $X.XX. guidance our plan. our against growth see, executed Revenue guidance can EPS the quarter great mid-point well with a was USD you As while

total Fusion, for revenue OCI billion, Recurring license U.S. our and in X% services in X% cloud the grow. billion percentage Database support company dollars, revenue, up by this $X.X GenX services X% quarter revenues total total now revenue Our were Autonomous Application cloud trend represents driven and and X% anticipate subscription continue was a currency, in to of as cloud. in U.S. as $X of we constant currency. up constant dollars, revenue XX%

OCI consumption in currency. XXX%, was Our cloud subscription up billion, services, which XX% ERP Fusion have on up back-office subscription and including NetSuite up annualized billion numbers. and up of currency. $X.X consumption including over services U.S. in constant autonomous grew XX%, ERP revenues HCM including Database revenues, License dollars annualized was an constant now cloud $X applications billion, database in U.S. small revenues revenue and customer more were up $X U.S. revenue $X.X have cloud were in X% up revenue, X% now and revenue X% than this XX% XX%; was up Infrastructure were support dollars up up XXX%; in Infrastructure XX%. dollars, database up of but unchanged X% and Fusion constant database in billion, strategic up cloud quarter, currency. X%

in items. rate, facilitate than XX% dollars a results of dollars up QX XX% income slightly net year, operating subsidiaries. discrete in of constant QX a quarter, and in related down to In The U.S. this U.S. in To as up U.S. and certain the up cashflow in, in billion approximately of $X.X the U.S. our up was points expenditures tax below we assets were the for transfer And over XXX% the the EPS up same from for billion all $X.XX cash from best this were tax of currency. and result XX% some year. revenues last expenses benefit margin period. billion effect EPS in $XX.X XXX% by Operating operating in in a XX% was up quarters was currency. XXX periods, X% one-time impacted billion, quarter dollars constant $X.X basis more up our rate So free was $X.X GAAP across total four last non-GAAP comparison XX.X% non-GAAP years. tax GAAP $XX.X event the our constant $X.XX income statement between with calculation. quarter have capital from in XX of last $XX.X was was up Operating billion, the excluded X% excess currency. flow of dollars, over quarter. the was billion USD, slightly a non-GAAP in base

For while billion billion, down the year. at in was and currency growth cashflow deferred in $X.X quarter billion was constant billion marketable revenue was free revenue now last cash nearly cash $X.X $XX in XX% the was $X.X from have deferred currency. up security. up The flow operating short-term balance up short-term X% We XX% constant and

expected ago. is up two RPO timing the $XX.X billion, revenue last be is versus you obligation in growth between XX balance year. As difference recognized differences the due remaining in as constant year from or to a know, currency performance months, customer entirely over Approximately next XX% rates to the payments. XX% up The is X%

our we've through more In returning repurchased value As million dividend. this of quarter innovations, a a prudent shares debt shareholders committed of stock we're and to than XX total before, to we strategic $X repurchases, billion. said for use technical acquisitions,

the Board per from $X.XX additional In Oracle addition, $X.XX Board $XX share. billion Directors shares. of the repurchase and dividends, increased also quarterly of for the the The authorized of Directors XX% to

as experienced customer quarter, constraints for OCI dramatically. I workloads services we cloud As capacity last mentioned expanded

and users have coming In customers, will addition, amounts new significant online we require of large many continue to land including ISVs, shortly very some that we capacity.

consumption we're and in and this cloud for aggressively in result, FYXXXX. prepare investing revenue a associated both increase this OpEx quarter, to As QX, CapEx this

for us in to enable the will QX. operating deliver are continue going As double such, for a row. to in again, once earnings we a growth, to This target digit fifth XX% margin FYXXXX year

on guidance. same guidance my X% revenue $X.XX. effect a basis they today exchange on due in of positive is assumes current Again, positive but the the remain $X.XX rounding, look positive and and a $X.XX as is to EPS effect it's on EPS Now which QX. effect to are total the like now, rates may non-GAAP It to

are faster will in strategic be than impacts well constant cloud and services X% expected and currency. currency different year are Total in to However, grow back-office X% expected actual as in to ago. U.S. to as revenues X% grow Cloud QX, a X% from to to could grow applications. license support dollars

be to result XX% of a $X.XX in EPS be As is in grow up $X.XX EPS non-GAAP is investment the and $X.XX $X.XX the between XX%. a be CapEx and flat a increased billion. in to a currency rate base Non-GAAP to guidance assumes to between in currency. a expected and USD. for EPS quarter, and expected expected for a X% QX is constant in QX My of $X USD in to X% constant be

our that to so. that, for cause I'll actual these events his comments. tax or vary, XX% turn tax with it tax events, rate for I given quarter to any normalizing average rates will Larry could And onetime over but expect one-time around tax for However,

Larry Ellison

agencies customer SAP, Cloud ERP at a website SAP’s Wars’ QX Bob of I XXX large Luka article on of on to a the customer move I'm checking on Financial dollars example Three in to ERP customers, several after a list personally, Safra. a this Chief we over Perhaps signed was of and recent for single go quotes list Mucic very Fusion couple who find millions are totaling and ago, little should the companies words, groups. Oracle.” I posted into not to want following a have have conference. to Oracle In In have investors quote, into checked ERP distinct a contracts, of SAP months been other we an QX very here. Evans has Fusion This CFO, hundreds ERP. But Oracle single a present going now not could SAP he migrate and not or not Fusion And you, to event. carefully. just that alone the years. ERP, doing process Oracle an already of going “I ERP an ERP, which Thank moved making more statement precise SAP of checked ERP currently SAP in be one. to moving to two so. customers the divided Officer bit have government he lost of from Fusion I've

The suite, wall-to-wall. including first their ERP to company the moving is financials, Oracle it's core entire group fusion

may yet entire places. as or begun running still but not not the as ERP applications, in group second doing process they the deploying The financials Fusion to entire migration, suite entire and but put are They not in has the doing in yet. they suite SAP suite of committed some has the the have are yet, started be

Okay.

ERP by the replacement with fusion security largest SAP ERP of So SAP including enterprise let North America Fusion, to R/X the GXS HCM. industrial with services procurement, world's cloud, of supply ERP fusion cars management, start firm, Oracle the list. performance Oracle manufacturer all Company, Oracle rail me TPS company out replacement of complete everything an to chain, of in complete go SAP ERP. HCM, revenue, security plc and financial replaced the with accounting,

Wireless, a Council, ERP Fusion R/X Oracle Fusion CEMEX, America’s ERP, SAP apps, First completely Oracle replaced EPM. SAP cetera. ERP, Fusion, company Oracle chain Oracle and a North of of EPM SAP HCM, Solar, chain, private Sussex water, EPM, American supply United Ariba, Enterprise remaining replaced West Management, transportation et American ERP Oracle with replacement with wall-to-wall all States SAP replaced County with third-party only Bottling, manufacturer, West management. maker Oracle at complete supply and SAP the Council, telco beverage Oracle and HCM no Mexico, a concrete ERP Oracle Fusion more North now, chain. Oracle out management, completely SX/HANA, and in Transit Oracle a panels North Niagara is complete Oracle solar Concur SAP. SAP's County Fusion replaced with Oracle supply ERP, Performance bottled in HCM, Sussex ERP labels with HCM.

offered SAP World HCM. they Africa marketing. been replaced with – group, HCM. and Oracle Oracle they ERP, and decade SAP University they of name replaced Oracle Bip&Drive, And The Oracle other actually management. and complete replacing in places – Oracle the provider Airlines Grupo some ERP and electronic the and FedEx, want replacement, of They eliminated for on the process with Grid EPM, all and instead in that. They in Oracle Oracle Oracle with SAP payment replacement EMEA ERP Andes with of had Inland R/X the company SAP had and They and Digital Digital, Engineering running European standardized a located and thought ERP, throughout they They they the replacement replacing Asia. toll a Oracle They replacement in They Oracle ERP, HCM, the and They Spain, manufacturer it are Oracle with Western equipment BOSSY a all standardizing in they manufacturer to they a ERP the huge the years, SAP Management. – cloud Oracle North the the all largest They them American with Tollways carrier ERP chose Applied Fusion ERP EPM. had of replaced Oracle and they biggest Corporation, SAP had handling cloud. city of again, are a SAP is moved of the Pacific of global. they SAP Fusion HCM. the SAP of S/XHANA America second everything. They’re cloud Oracle of and the UK. ERP are sales, for Oracle Colombia, of private SAP divisions. want replaced all GE and a German mail and the utilities all in for – using with ERP a Bahrain on had This end one all free EPM in Latin replacement was and Western an in added and ERP Oracle Cohu, – for chain Metro had replaced complete Bimbo company of that’s developer supply SAP logistics Cloud. standardizing replaced management. Fusion places. the to name Fusion Council, North and telephone in some Software, Fusion in complete out FedEx upgrade, SAP chain of SAP. complete Zealand Fusion in mentioned. are SAP America. Batelco, out a way on don’t subsidiary and the company interesting. university chain ERP ERP and – SAP XX Oracle got of supply out HCM, out City replacement in one Cloud. supply the number an software HCM a SanDisk. chain, had Oracle. replaced ERP, rid company, and service name in divisions ERP replaced of let’s the the their Fusion much standardized ATMs SAP management. R/X. in of transmissions, the in SAP road replaced Fusion they transportation replaced semiconductor the council and industrial ERP have they – SAP SAP cost in with at SAP Birmingham EPM, out in New and had they largest was World, operator, Logistics Management, cloud. and Belgium. HR, and are are sales. in Fusion travel SCM marine all Latin in SAP Oracle they SAP complete HGST, European SAP completely high Cloud, have S/XHANA ERP, ERP ERP. instead roadways complete Fusion the Performance supply test some ERP all SAP Oracle Logistica, and America, at TICO replaced their went and too By and Revenue, power moving specifically had Performance say they Germany, toll that RP, replacement of had R/X standardized EMEA, company had sales, Oracle plus combination and Postcon, and an They and ERP Oracle They don’t on Fusion standardized the VP replaced the Fusion EMEA. European and S/XHANA, out out SAP mentioned. and terminal they’ve their are of are a world

Let’s see.

in North in Group, they with the an are ERP, HCM largest photo name a Albelli and of company the of want the they Oracle SAP high-tech cloud. are replaced mobile They Tre replaced utilities an ERP. with manufacturer replacement. whose America. on They out and Fusion more. a SAP ERP company what products ERP, media and in Another Fusion Italy, on in SAP HCM. HCM self-storage complete let’s cloud. got Grupo in ERP. replaced Oracle LAV, NatWest, from company, pharmaceutical based Wind ABN company on cloud. rid replaced America’s They Oracle cloud. in on an They a in of Consol in are out America, the they Wind and Industries don’t they manufacturer and Oracle standardized Enbridge, a Tre, NatWest are again Group, GoodStorage SAP and largest put transmission AMRO, healthcare to IQVIA, North Ulster Gemini out SAP with and a Fusion Oracle with an out replaced Oracle Latin combination mentioned, ERP. Scotland, replacing ERP is gas Fusion, ERP. Corrigan, the is UK. be largest out Latin SAP standardizing SAP media the company with Brazil, Group R/X, They’re SAP NatWest entertainment of completely Globo, of SAP had Europe in are Bank Oracle Calgary, SAP Enbridge standardized with, Fusion senior Oracle with energy all Royal system, see, the nursing guess manufacturing ERP in and are Energy, Pittsburgh Energy, Infusion replaced all an Canada, across entertainment, – ERP multinational the in oil with SAP, all ERP. SAP in Fusion Fusion they Gemini EMEA, Brazil of in America. replaced and substations Brazil, again, company, Oracle across long-term Bank includes They’ve Western company replacing moved and a operator citizens Fusion. XXX,XXX Oracle away homes, in SCM the standardizing care Fusion telecommunications EPM. Fusion SAP they

Okay.

started of Now companies and financials putting had as go I they to want group companies are yet Oracle not second modules in group Fusion core but that second – have the have yet. – replaced these onto

our our Financials. They’re they transportation not buying buying management. buying management. yet trade buying our So have But they’re supply Oracle procurement, They’re chain. our bought They’re global

that bought So municipality Caesars in lifecycle Achema, obviously an in lots bought healthcare in adhesive to a Department DHL – Enterprise I Aarhus product they they with Training are want Denmark, the management, Sheppard they an SAP products. hospitality in North and Apollo and Services, Danaher in company. are a be solutions Airlines, some company they they countries. Education lots very procurement. Supply company of America. in an idea buying GN Procurement Tyres, Chain, big specific UK, Australia, have a their Fusion replacement of Central Kommune,

financial still ERP. in manufacturer So the Fusion world Japan. and subs parent and ERP. as – chain transportation running Dr the and accounting chain subsidiaries all SAP management, some Services, ERP. are in in but some new Oracle to that. other Dove moving Keurig yet, their all financials going of some bought countries some Oracle but are, again all running Germany SAP, implementations Temsa an management including they’re Again bought Pepper, are supply countries, replaced Move warehouse bought America, Again subsidiaries into InvoTech, a Guardian all ERP in American countries company of in recently chain. SAP on supply the [indiscernible] procurement, not again, – bought management. bought bought on-premise are Fusion all other Fusion of a [ph] company in but in planning, the of to has is performance – supply Re, over Oracle chain bought supply Fujitsu just supply of the Lakshmi and still North the bought Oracle going and supply but world, Honda am going transportation Jackson not in faster running North – I’m Cement, the are Incorporated, again bought – Networks, ERP. moved Lloyds – Fusion. Juniper Fusion management SAP management. I the chain, SAP to to – Financials running Life, company financials Bank, cloud. services – now, Munich this parent bought read all of largest just food from subs

Marketing, Porcelanosa, Puma, Wireless Therma-Tru America Nokia Bank, Doors. News SAC and Services, Republic Orlando Santander PG&E, International, Company, Samsonite,

I or I’ll Okay. to to up of all you right time stop able Safra won’t there going take ask questions. am be the

to that. want don’t Okay. I do

All Okay. right.

list than aware again, as than companies So I read read. the XXX the sure you XXX longer did longer is companies. companies of. actually is over List have I’m actually XXX-plus I just painfully

important – possible the away relations name reasons. regulated don’t call, are be in they SAP to Some they right. companies of named industries want because on utilities to a move, Fusion transitioning they – as and not though the SAP. even for ERP call such on even the with us, on prefer who publicly best in largest SAP banking where same be – this in their maintain from as of want reference are don’t they often All reference are wins considering process process are though the most they this to to private people from very are obvious and They for currently migrating ERP, are

to make turn over to one then point and like Safra. it back I’d last So

a report moving SAP to so the SAP How ERP? to are know ERP never one trying between from ERP Specifically ERP vendors. A want you question. answer ERP. key I many come to comparing very Fusion number major Please don’t Oracle before. read migration if to report, it’s point. This more Well, far a the has for answer Gartner between customers happened you is magic the and – mean front, can find far Read Oracle short take quadrant it’s where ranks gap my in it. bigger Fusion Gartner the number there word ERP and one to two.

How the But in Fusion three. the Gartner number SAP, scored “SAP’s two. that SAP among leaders. if And the of read the of rewrote own so, Oracle SAP for lagger. the is It’s – customers half I'll back reference quote, ranks is the it listed too half Gartner could to read start ERP vendors. never the of text, and over is I it’s They cloud cloud with you SAP reference system ERP points ERP what’s surprising other now. lower cloud lower on-premise the not is has all ERP market SAP to competitive that own once-dominant cloud rewrote same to leader in again. ERP vendors.” and code. SAP’s ERP ERP their systems. I SAP the isn’t in the SAP XX-year-old their ERP never number cloud currently for Gartner among happened SAP listed turn is in because far them front want market. out, Safra. scored cloud. system for that customers at late

Ken Bond

audience questions. for you Erica, Larry. Thank could pull you, the please if

Operator

Michael [Operator Instructions] from Capital. comes KeyBanc with Turits first Our question

Michael Turits

Larry, switch database. like to to thanks for over ERP. all the I'd your color on

improvements customer and in ADB. You've are made of required one OCI the cloud which for too two meaningful both both

And database So, monetize are are acceleration? ADB? able to start you the growth where those improvements the upgrades we'll enough see to now to upgrades that point see starting those we're to to

Larry Ellison

is no answer I The there's think question.

expect rapid growth going our I database mean next growth year. not really I'm rapid be we'll in really of to disclose to is to next lot plans a autonomous but growth do see databases very, very, explode expect ready database think But that, rapidly. year. Again, we to it's lot year to fine a which – growing I pretty as starting very suddenly its of away from. next really acceleration very database we a going next year. And we're quarter QX. You're spike But it why

Michael Turits

Thanks, Larry.

Operator

comes Our next question Mark with Murphy JPMorgan. from

Mark Murphy

so Yes. kind of and replacement mentioning. you're feels because historic Hi large it's activity Larry. This SAP moment like usually rare the pretty are a logos of are wave, these that kind that

So when we see…

Larry Ellison

mention logos are and really some interrupting. I doesn't that are – them could I have all, it I would event. will It agree long absolutely historic customer larger be some ERP. – sometimes The drive for it’s front big And I've – the is but page want think news. we them It's of much there's been that XX-month database I acknowledge we're the Yes. ago, deal. time [indiscernible] alluding one these, much an an there is mean spectacular there. and mention. is spectacular If to you. pretty other and the on shocking. future, I of in middle Oracle's the implementation. But to it's a technologies I very are a said autonomous two with

We are dominate. so we – are Gartner reading the report,

cloud. the better Our in product anyone else's so than much product is

our more yes, half Lawson. We keeping significant expect getting number than smaller of and from a SAP's customers it get get. companies the MX like a of to plus will own, But lot

Mark Murphy

the really wave aren't just we I'm precursor of wondering to mentioned strength and Lloyds Oracle which financials that eventually. Is savvy, that core see, catalyzing So and a DHL Larry, to replacements? is you moving that Honda of Bank. ones too Oracle which And

Larry Ellison

Okay.

to lists financials. people two are already where One, of equal SAP the that half So financials from about there moved list are read that the Oracle and sized first lists. I they're

win and moved want some majority That's Oracle, had that but still what but and In cloud, it financials vast other start premise call chain complete list just and still were products once our the places. supply We they'll The the cloud. financials. out. the we cloud our like partially consider complete manufacturing don't to But that chain just sell SAPs SAP compare in that things with procurement using in people they procurement these journey. And of that, and running we products, until finish started that a in we run words, the consider a it where we think replace they we'll the second If on surround like don't supply journey, win. companies you we have cloud, financials in strategy. the in SAP

So They financials. second going already like that. company yes, okay, procurement, off they buy seen buy buy see, we've migrate – chain list. And and I'm companies supply we expect to the they I

we expect the standardize Fusion Cloud of all for those majority or vast to of yes, on customers those me, excuse ERP So everything. eventually

Mark Murphy

you. Thank

Operator

Our next question is from Sanford Mark Moerdler Bernstein. with

Mark Moerdler

GenX is internet company other has about this you technology help big opportunities. you. much you the a call. taking turn be appreciate to Thank about business and in Thank question from to that color what very you. consumer with the Thank been security GenX. security OCI OCI these internet We've and for all OCI companies internet To my for driver I'd to also hearing consumer on you that the clear, like gave extent is not Safra TikTok, additional it's concerns consumer companies.

Larry Ellison

switch, always is is words, think believe OCI. are on, security are front. Yes. security interesting be about security Well that I One we security other light and off. no on be there on the in One there turned two things should

on. these safe is max security has where like always in off on. where called inside have turned turned security OCI cannot you security No always place things We and zones of one turn OCI. is anything that to It's this, security a go

it turn You cannot off.

cannot link up fan. link infrastructure one – and open jeopardy. network your a puts You That's your in data that a

security on. always So is

interesting, is way, we only Oracle database autonomous autonomous by autonomous Oracle because second have. is very the database, is autonomy product The the like the not the thing

associated of We OCI Oracle human no with the autonomous have autonomous, autonomous Linux. system That Oracle is network. labor the operating foundation the of foundation Linux, database has them. OCS, inside

Okay.

there's a error. labor, human If cost that's no The human So not but important important everyone no no benefit. human there's there If huge labor, no is, is there the says, saving. most well, is most that's to mission, benefit. data. It human will corrupt to insider system misconfigure that that security the the lead to opportunity loss no opportunity system. vulnerability a of for no there's an creates There's a a user for

seen its pay likes job we any attractive of think the deals everyone we other all less vendor. performance, So, your We've low of cloud better OCI, than in of end do of be user winning of one a But with other that, cost, aspects that and and data they do to most these the high ISPs OCI. with securing customers. than a decisive lot feature

Mark Moerdler

color. appreciate Thank you I additional it. the for

Operator

Our next Phil question comes Fargo. from Winslow with Wells sail

Phil Winslow

what was are Congrats currency the I be side? that just of Is then ad-ons also give the of cloud, sort don’t flat this the up for strong particularly Why strength you a cloud that'd thanks sort question. of context rise some of the actually on of to fiscal is line what as database, to seeing off was constant on be to sort year. more also in this the toughest for my sort is in the to you Hi, license particularly taking in Any a the wanted it with database? Oracle And quarter. focus relative conjunction comp the with this X% in driving great. Oracle color that there. reported

Safra Catz

let take that. me So

also what's bring Oracle Oracle is the database So can good the to your remains you own license very the and cloud. about strong database

Oracle is cloud the it central in and database on-premise remains that our to the The installed base both there. And used piece. very can grow. very, it's So of strong. course continues And of be

invest trust license applications our our applications. Java very more of some in Java still vertical applications, as for on-premise their Java addition, do continue and industry companies continues for more and addition, use. And well the customers’ in Now, to on-premise in to require own

part very especially of services in we license need are also of many and We cloud companies transition their central many those to communications in a XG in areas. to XG, of these the but move have verticals, as our telecommunications,

well, well doing applications. much So Java incredibly pretty doing in database And you offered is our else just the as tops vertical cloud. very know course very, then and of everything

Phil Winslow

color. you Thank much Appreciate it. very Perfect. for the

Operator

Brad with Suisse. Our final Zelnick question Crédit from comes

Brad Zelnick

SAP being quarter. And it's relationships the hear as on Great. especially so single Thank of Larry, think well so those deep. customer as much every congrats you great taking of SAP's for question. one to since investors wins, so great a

many companies the accounts, and of so that place with volumes it in them displacing by clearly quality speaks your So product Oracle. these trust to

from is has enabled you and this, always of products, question better wise do doing competed take, having you do need a my ahead? what like to on remain but why you what this product to ahead you to product pull Oracle to Gartner's wise mentioned have perspective, them and since product now, that's So, continue why been

Larry Ellison

XX job rewrote SAP It bought job, mean Concur, written a called started and competing We SuccessFactors, ago to in written a bought Suite, did, to ERP focused cloud, Edwards their ERP had others of a instead, they is Java. all ago systems, The with for the, ERP same think, database what ERP, That But years the cloud. worked it's code with database we on-premise Oracle ABAP. not very JD build it, HANA the at we not their in Instead, the for just, chose SAP new in Fusion XX-year-old we for and just And that it's separate over ERP, unbelievable this programming and of their least, all own at you. new decade language thing right rewrite to now they the rewrote rewrite SAP Ariba, error. on ABAP, and the to is started entirely on cloud a three unbelievably, SAP by the is a said, called I very – They the never so-called E-Business SAP ago good all. the [indiscernible] mean, decided also been an that embedded stuff cloud. really we is entirely way, we're other database the they product always that and redoing the bunch rewritten – They S/XHANA they bought now for I cloud some decade acquisitions. cloud. of And and at never – made this they the job. I and the things. we and everything acquisitions is we course, cloud. but they've overload we a a decade. a will had, years rewrite old. literally well XX ERP host is last fusion and products. financials a good made PeopleSoft Oracle our to these So big they redoing products say did for calls

would for I did entirely competent say a the So missed job the just rewriting SAP we boat. cloud,

responsible So new cloud customers offer That's leadership XX ERP their position noticing. our how of our we is what's than days. offer for more works. cloud. We every new SAP release rewrote are happened. their system a unbelievable really application are. and functions. never features they We Again, for It's And the the

and are on not is the S/XHANA like cloud they you are It's a you built okay, get cadence. That's that. new simply cloud, the happened. this can and but and capabilities SAP never features every XX-day get it You We has XX days. have a you by somebody, They can give even on nothing SAP hosted more get a system. you cloud. more don't features what It's functions, cloud. you

Brad Zelnick

Thank you, Larry.

Larry Ellison

It’s amazing.

Ken Bond

for follow-up turn department call hours. of Thank with this XX to be Thank press you, Larry. the us the we Relations joining I to call With today. the A conference will you. Please Investor for telephonic today. available that, the with forward release this Dial-in any for back speaking earlier in information call next issued questions replay found be will call. Erica look you closing. from And can

Operator

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

disconnect. You now may

Oracle (ORCL) 11 Mar 212021 Q3 Earnings call transcript