Prepared Remarks

The gap between what companies say and what their language reveals. One company, one document, one issue. Analysis, not advice.

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@rdd147 No surprise they were downgraded, the creative data massaging is also interesting

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$CRM Q2, five disclosures, all below the headline:
1. $2.43 of $4.29 EPS is a gain
2. $669M fall in cash taxes behind FCF +81%
3. $200M of the raise is unclosed deals
4. ARR definition widened this quarter
5. $25B of debt behind the buyback

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Strip the gain out of $CRM's record quarter:
1. GAAP diluted EPS $4.29 − $2.43 strategic-investment gains = $1.86.
2. A year earlier: $1.96.
3. Headline EPS +119%. Ex-gain: −5%.

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@LeifInvests $WMT’s CEO said it in their latest earnings call, households earning below 50k have their wallets stretched ! https://t.co/5mpTWtukxE

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@timoassi $664bn backlog. Half OpenAI, per S&P. 13% converts in 12 months. The other half after Aug 2029.

"No capital raising", $20bn ATM in Q1.

S&P cut them to BBB− in July over this.

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$CRM's "record" quarter was part-funded by a gain on a stake in Anthropic.
$2.43 of the $4.29 GAAP EPS is strategic-investment gains.
10-Q: $2.7B of it is Anthropic.
Anthropic is also Claudeforce's model partner, and named on the call among AI companies up 435% y/y.

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@HedgieMarkets Hear me out! Is this a surprise? Half the RPO is openAI, a good chunk of it comes years later. How will they finance all these projects

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@trussliz Love the humour!

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@MsVeilMoney I mean $ORCL booked $664bn of RPO. Half of it is OpenAI, per S&P. Half of it converts after August 2029.
13% converts within 12 months.
FY27 revenue guidance: "at least $90bn."
The backlog is 7.4x the revenue. The revenue is 13% of the backlog this year.

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@rdd147 I mean, is it a surprise? Massaged numbers and refined narrative when reality is not as sunshine and rainbows as they paint it

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@HedgieMarkets $ORCL booked $664bn of RPO. Half of it is OpenAI, per S&P. Half of it converts after August 2029.

13% converts within 12 months.

FY27 revenue guidance: "at least $90bn."

The backlog is 7.4x the revenue. The revenue is 13% of the backlog this year.

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@MMatters22596 "Around half of our RPO to convert into sales over the next 36 months." - Maxson.

13% expected within 12 months; 37% within 13–36 months. 50% within three years.

The other 50% is beyond fiscal 2029. No schedule given. All in the data they released and filed.

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@chinoalemano No base. No population. No revenue amount. No count of GPUs renewed.
"The majority of those GPUs are 4 years or older" against a six-year policy means they are within useful life.
The premium is a claim. The policy is a disclosure.

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$WMT's CEO: "The majority of our share gains came from households making more than $100,000."

"For households earning below $50,000, we continue to see that wallets are stretched."

Michigan sentiment, August: 51.7, down from 55.2. Below the 1st percentile.

K-sahped Economy!?

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$WMT "In-store comps were down low single-digits in Q2."

Said once, in prepared remarks and nowhere else.

The slide that decomposes the segment comp does not split it by channel. The term is not in the glossary.

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@Sam_Badawi "The vast majority of those new contracts were via prepay or bring your own hardware or a similar mechanic." Maxson, MD&A.

Note 6: $288bn of additional lease commitments, substantially all data-centre related, "not reflected on our condensed consolidated balance sheets."

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@Sam_Badawi "Around half of our RPO to convert into sales over the next 36 months." — Maxson.

Note 1: 13% expected within 12 months; 37% within 13–36 months. 50% within three years.

The other 50% is beyond fiscal 2029. No schedule given.

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$ORCL's Q2 guidance carries $0.19 a share of restructuring. The quarter it just reported carried $0.03 follow the link:
https://t.co/RN2DiSAvyj