虚拟会议亮点

OracleReuters BuyNorth America 15 June2026 United States ORCLUS ORCL.N Software Highlights from Virtual Meetings Research Analyst+1-212-250-8563 series of investor meetings on Friday, June 12th, 2026. The conversationscovered a wide range of topics (demand environment, cloud database,Saasbusiness,RPO,profitability)andwhileno incremental informationwasdisclosed,we comeaway reaffirming ourviewthat Oracle remainsstronglypositioned tocapitalize on the massive Cloud/Al opportunity ahead that management isexecutingtowards.Herein, wesharehigh-leveltakeawaysfromthemeetingsandwe are happy to follow up in more detail on any of the topics if helpful: ResearchAnalyst+1-212-250-6775 Research Associate+1-415-2622041 Demand/Pricing Environment. The amount of demand for Al infrastructureremainsfarinexcessofwhatanyvendorcanprovidenear-term,creatinga strongselling environment.Oracle is committed to continue capturing morethan its fairshare of this demand, albeit within the envelope of what it can comfortablyfinance and a commitment to maintain an IG rating.The current market dynamicis helping here as well, allowing Oracle to secure more prepay and bring-your-own-hardware deals that require minimal netfunding of CapExfrom it and comewithout notable degradation in margins. That said, it was reminded that while thebackdrop is supportive,Oracle aims to build and grow this business based onlong-term relationships with key customers and it's not a situation where theleverage. Research Associate+1-212-250-1203 Database.Multiclouddatabase momentumis very strong,reflected in reportedgrowth rates of revenue and bookings this past quarter, albeit still small inabsolute dollar terms and just starting to scale. The achievement of globalcoverage across all three CsPpartners over the past quarter was cited asakeyunlock for Oracle's Enterprise centric customerbase who typically require multi-region availability and redundancy.This, along with rising customer demand toleverageAlonthehighvalue,proprietarybusinessdata itcurrentlyhasstored inon-prem Oracle Databases is what gives the company confidence in growingcloud migration activity ahead and acceleration in Cloud DB revenue consistentwith guidance set at the October analyst meeting. Apps. Mgmt. expects the SaaS business to trend healthily with deferred revenue/bookingstrackingaheadofrevenuegrowthoverthepastfewquarters.Oracle'sstrategy of embedding Al directly into apps at no incremental cost remainsunchanged, with the majority of agents being freely available and not separatelymonetized.That said, outcome-based pricing is now an additional option forcustomers building on structures Oracle has already used in its vertical this option was framed as kind of a middle ground between pure seat-baseddeliveredforbothparties, whichfor Oraclepresumably rises as its softwaredoesmoreofthe work. net positive for Oracle as the company continues to build towards the large Alinfrastructure opportunity in a much more risk-managed and asset-light fashion.Importantly,mgmt.emphasized that these structures are designed to preserveunderlying economics and strong ROiC helped by meaningfully lower capitalintensity vs traditional deployments.More broadly,Oracle remains focused onmaximizing net margindollars,withbookedcontracts structuredtoprotectgrossmargins by including mechanisms to offset component or other cost inflation.Lastly, RPO signed in the recent quarter is not necessarily incremental topreviously provided FY27 revenue targets as these contracts largely begingenerating revenue beyond the current year. Margins, EPS & FCF. Expectations for gross margin compression in FY27 wereattributed to the rapid pace of capacity additions and associated pre-revenuescaling costs, specifically as powered shells are fitted out with equipment whilestill incurring some power/lease/depreciation expenses and as revenue rampsover several months, according to the schedule embedded in each specificcontract.This dynamic also helps, in part, to explain the gap between guidancefor revenue growth (+34% y/y @cc) and EPS growth (+18% y/y adj.for 1x items),and is more of a timing issue, with EPS growth then inflecting higher starting inFY28 (current guide +32% yly) and FCF rebounding strongly starting in FY29based on current long-term targets. This is consistent with mgmt. commentaryfor FY27/28 CapEx on the recent earnings call. While this timing dynamic willrelativelysmallbasetoday,andasthebasegrowsassociatedmargin/EPSimpactfrom incrementalcapacityshouldbecomelesspronouncedovertime. Appendix 1 exchanges via Reuters, Bloomberg and other vendors.Other information is sourcedfrom Deutsche Bank,subjectcompanies,andothersources. 1 -Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for this company,forwhichit receivedfees. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instrumentsissued by this company. b