Oracle Corporation

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oracle Corporation third quarter fiscal year 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. we kindly ask that you please limit yourself to one question. I would now like to turn the conference over to Ken Bond, Head of Investor Relations. Please go ahead.

Thank you, Regina, and good afternoon, everyone. Welcome to Oracle's third quarter fiscal year 2026 earnings conference call. On the call today are Chairman and Chief Technology Officer Larry Ellison, Chief Executive Officer Clay McGiork, Chief Executive Officer Mike Cecilia, and Principal Financial Officer Doug Kerring. A copy of the press release and financial tables, which includes supplemental financial details on our most recent quarter, guidance for our future results, a gapped and non-gapped reconciliation, and a selected list of customers who purchased Oracle Cloud Services or went live on Oracle Cloud recently will be available from our investor relations website. As a reminder, today's discussion will include forward-looking statements, and we will discuss some important factors relating to our business. These forward-looking statements are also subject to risks and uncertainties that may cause actual results to differ materially from the statements being made today. As a result, we caution you from placing undue reliance on these forward-looking statements, and we encourage you to review our most recent reports, including our 10-K and 10-Q and any applicable amendments. Finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Before we go to the Q&A portion of the call, we'll begin with a few prepared remarks. And with that, I'll turn it over to Doug.

Thanks, Ken. Let me start by highlighting the changes we are making to our earnings press release and this call. In the press release, we have laid out clearly and explicitly the supplemental financial metrics that we otherwise would have provided on the earnings call so that each of you has the information in writing and in advance. Then, as it relates to our approach to the earnings call itself, I will be very brief and then turn it over to Mike and Clay to provide more substantial thoughts on our business. After which, all of us, including Larry, will be available to take questions. In terms of the results for Q3, we had a tremendous quarter that exceeded expectations across the board. Our momentum continues to accelerate with Q3 being the first quarter in over 15 years where both organic total revenue and organic non-gas EPS grew at 20% or better in USD, as we highlighted in the press release. I'll quickly mention a couple of things and then hand the call over to our CEOs. First, in January, TikTok US completed the separation of its US data operations from ByteDance into an independent company in which Oracle now holds a 15% equity stake along with a seat on the board. In terms of impact to our financials, There is no impact to the revenue related to the services we have been providing as their technology vendor. That to the equity investment. We will be accounting for this under the equity method and we will recognize our share of the new company's earnings for the period from the close of the investment in late January to March 31st in our Q4 results as there is a two-month reporting period time lag. It will be recorded as non-operating income or loss on our income statement and is incremental and additive to our financials. Second, in February, we announced our intent to raise up to $50 billion in debt and equity financing, along with a statement that we do not expect to issue any additional bonds beyond this amount in calendar year 2026. Within days of the announcement, we raised $30 billion through a combination of investment-grade bonds and mandatory convertible preferred stocks. with a record order book that was substantially oversubscribed. As noted in our release, we have not yet initiated the at-the-market equity portion of the financing program. Finally, I'd be remiss not to remind everyone we are reporting our financial results just 10 days after the last day of the quarter, despite the increasing size and complexity of our business. Using Oracle Fusion, we continue to close and file our financial results faster than any other company in the S&P 500. providing us with a significant strategic advantage, as well as an opportunity to help our Fusion customers do the same with their businesses. With that, let me now turn the call over to Mike.