Safra A. Catz
Chief Executive Officer at Oracle
Thanks, Ken. And good afternoon, everyone. We had a great quarter as total revenue was $100 million above the midpoint of my constant currency guidance, with outperformance coming from all parts of our business. EPS was also very strong and was $0.08 above the midpoint of my constant currency guidance. As the dollar strengthened from when I gave guidance and it strengthened significantly, we didn't get the benefit we would have gotten had it stayed at the same level throughout the quarter.
Now from here on, I'll review our non-GAAP results using constant dollar growth rates, unless I say otherwise. Total cloud services and license support revenues for the quarter were $7.4 billion, up 6% in USD, up 5% in constant currency and accounted for 76% of total company revenue. Total cloud revenues are now at an annualized revenue of $10 billion with an accelerating growth rate that we expect will exit the fiscal year in the mid-20s. GAAP application subscription revenues were $3 billion, up 7% with Fusion apps up 26% in USD and 24% in constant currency. Our strategic back-office applications grew 25% in constant currency, including Fusion ERP up 30% and NetSuite ERP up 26%. GAAP infrastructure subscription revenues were $4.3 billion, up 3%. And excluding legacy hosting services, infrastructure cloud services grew in the mid-30s, and we saw triple-digit booking growth this quarter. So, I expect the infrastructure revenue growth will ramp higher through the fiscal year.
OCI consumption revenue, which includes Autonomous Database, was up 80% in constant currency and Cloud at Customer revenue was up 44%. Database subscription revenues, including database support and database cloud services, were up 6% in USD, up 5% in constant currency and that's up from 4% last quarter. License revenues were $813 million, down 8% after its tough compare from last year's Q1. So, all in, total revenues for the quarter were $9.7 billion, up 4% in USD; up 2% in constant currency.
Operating expenses were up 3% this quarter. The gross margin for Cloud services and license support was 84%. And the gross profit dollars grew 2%. I expect the full-year growth in gross profit dollars for cloud services and license support will be similar to last year. Non-GAAP operating income was $4.3 billion, up 2% from last year. And the operating margin was 45%. The non-GAAP tax rate for the quarter was 18%, slightly below our base tax rate of 19%. And earnings per share was $1.03 in US dollars, up 11% in USD and up 9% in constant currency. As a result of some discrete items, the GAAP tax rate was 8.4%, and GAAP EPS was $0.86 in US dollars, which was up 19% in US dollars and up 16% in constant currency.
Operating cash flow for the last four quarters was $15.3 billion, up 17% in USD. And our free cash flow over the same period was $12.6 billion, up 9% in USD with capital expenditures of $2.8 billion, also over the same period. Capex for Q1 alone was $1.1 billion. We now have more than $39 billion in cash and marketable securities. The short-term deferred revenue balance is $10 billion, up 1% from a year ago due to timing differences in customer payments, but with gross deferred revenue up 5% in constant currency. The remaining performance obligation or RPO, our balance is $38.7 billion, up 10% in constant currency, due to strong bookings. Approximately 60% is expected to be recognized as revenue over the next 12 months.
As we've said many times before, we're committing -- committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and the dividends. This quarter, we repurchased 94 million shares for a total of $8 billion. And over the last 10 years, we have reduced the shares outstanding by 46% and in average price, that's about half the current share price. In addition, we paid out dividends of $3.2 billion over the last 12 months. And the Board of Directors declared a quarterly dividend of $0.32 per share.
Now to guidance what you're all waiting for, I remain highly confident that fiscal year '22 revenue growth will accelerate because our fast-growing cloud businesses are becoming a larger portion of our total revenue. I see total revenue growth for fiscal year 2022, which is the one wherein, somewhere in the mid-single-digits in constant currency and accelerating. Cloud is fundamentally a more profitable business compared to on-premise. And as we look ahead to next year, we expect company operating margins will be the same or better than pre-pandemic levels.
Let me now turn to my guidance for Q2. And I will review this on a non-GAAP basis. Assuming currency exchange rates remain the same as they are now, currency should have a very minor positive effect on total revenue and EPS in Q2. Total revenue for Q2 are expected to grow between 3% to 5% in both USD and constant currency. Cloud services and license support revenue for Q2 are expected to grow more than 5% in both USD and constant currency and then climb higher through the second half of the fiscal year. Non-GAAP EPS for Q2 is expected to grow between 2% and 6% in both USD and constant currency and be between $1.09 and $1.13. My EPS guidance for Q2 assumes a base rate of 19%. However, one-time tax events could cause actual tax rates for any given quarter to vary both up and down, but I expect that in normalizing for these one-time tax events, our non-GAAP tax rate will average around 19% or so.
And with that, I'll turn it over to Larry for his comments.