Oracle’s results are getting a boost from longer recurring contracts. CEO Safra Catz says on a call with analysts that the company is trading one-time, non-recurring license revenue for larger “strategic customer commitments.” Those deals, which have surged because of strong demand for AI products and training large language models, stretch multiple years, she said, and are expected to lead to accelerating revenue growth. Oracle announces two big wins, one with Google Cloud and one with Microsoft and OpenAI, and those large contracts appear to be showing up in the company’s remaining performance obligations, a proxy for backlog. RPO was up 44% year-on-year in 4Q. Shares rise 9.7% post-market.