Mark Jarvis, senior vice president and chief marketing officer, and Jeff Henley, executive vice president and chief financial officer, Oracle Corporation, welcomed 23,000 attendees to OracleWorld on November 11, 2002, in San Francisco, California. The two execs gave a recap of the Q1 2003 fiscal quarter and recounted Oracle’s long history of earnings quality and its track record of success.
Jarvis began the introductory remarks by recapping that we are in the midst of an economic slowdown, especially in the technology spending arena. He emphasized the importance placed on low cost of ownership and rapid return on investment.
Jeff Henley took over the podium stating that IT spending has not recovered; that there are signs of U.S. stabilization, but European and Asian markets experienced a downturn in the quarter. He stated that operating cash flow remains strong and profitability is still at high levels. He commented that the initial pipeline for Q3 shows growth over the prior year.
"Oracle’s history of earnings quality has been high for 10 years," Henley stated. Mentioning high ROI and margins, no share dilution, no operating write-offs, strong cash flow generation and the ability to maintain profits in a difficult environment as examples of that quality. He also emphasized Oracle’s sound accounting practices and "rock solid" software infrastructure which combine to make Oracle a sound value proposition and a "safe choice."
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