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SaaS, PaaS and IaaS Cloud Revenue up 45% to $516 Million
Software and Cloud Revenue up 5% to $7.3 Billion
Actualizado el 17 de diciembre, 2014 - 22.00hs.
REDWOOD SHORES, CA -- (Marketwired) -- 12/17/14 -- Oracle Corporation (NYSE: ORCL) today announced that fiscal 2015 Q2 Total Revenues were up 3% to $9.6 billion. Software and Cloud Revenues was up 5% to $7.3 billion. Cloud software-as-a-service (SaaS), platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) revenue was up 45% to $516 million. Hardware Systems revenues were up 1% to $1.3 billion. GAAP operating income was up 4% to $3.5 billion, and the GAAP operating margin was 37%. Non-GAAP operating income was up 3% to $4.4 billion, and the non-GAAP operating margin was 46%. GAAP net income was down 2% to $2.5 billion while non-GAAP net income was down 1% to $3.1 billion. GAAP earnings per share were $0.56, unchanged from last year, while non-GAAP earnings per share were up 1% at $0.69. GAAP operating cash flow on a trailing twelve-month basis was $15.3 billion.
Without the impact of the US dollar strengthening compared to foreign currencies, Oracle's reported Q2 GAAP and non-GAAP earnings per share would have been up 5%; Q2 Total Revenues would have been up 7%; Software and Cloud revenues would have been up 8%; and Hardware Systems revenues would have been up 4%.
"We continue to deliver industry-leading operating margins and cash flow even after adding the thousands of specialized sales people and engineers necessary to accelerate the growth of our new cloud businesses," said Oracle CEO, Safra Catz.
"Total Q2 new cloud bookings grew at a rate of more than 140%," said Oracle CEO, Mark Hurd. "We now have over 600 ERP Fusion Cloud customers -- that's five-times more ERP customers than Workday."
"By Q4 of this year we expect our new cloud bookings to exceed $250 million," said Oracle Chairman and Chief Technology Officer Larry Ellison. "Next fiscal year our new cloud bookings will be well over the billion dollars mark."
The Board of Directors also declared a quarterly cash dividend of $0.12 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on January 7, 2015, with a payment date of January 28, 2015.
Q2 Fiscal 2015 Earnings Conference Call and Webcast
Oracle will hold a conference call and webcast today to discuss these results at 2:00 p.m. Pacific. You may listen to the call by dialing (816) 287-5563, Passcode: 425392. To access the live webcast of this event, please visit the Oracle Investor Relations website at http://www.oracle.com/investor. In addition, Oracle's Q2 results and Fiscal 2015 financial tables are available on the Oracle Investor Relations website.
A replay of the conference call will also be available by dialing (855) 859-2056 or (404) 537-3406, Pass Code: 46975514.
About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE: ORCL), visit www.oracle.com or contact Investor Relations at investor_us@oracle.com or (650) 506-4073.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
"Safe Harbor" Statement: Statements in this press release relating to Oracle's future plans, expectations, beliefs, intentions and prospects, including statements regarding our new cloud bookings and new cloud sales, are "forward-looking statements" and are subject to material risks and uncertainties. Many factors could affect our current expectations and our actual results, and could cause actual results to differ materially. We presently consider the following to be among the important factors that could cause actual results to differ materially from expectations: (1) Economic, geopolitical and market conditions, including the continued slow economic recovery in the U.S. and other parts of the world, can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price. (2) We may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, unanticipated fluctuations in currency exchange rates, delays in delivery of new products or releases or a decline in our renewal rates for support contracts. (3) Our cloud computing strategy, including our Oracle Cloud Software-as-a-Service, Platform-as-a-Service, Infrastructure-as-a-Service and our new Database as a Service offerings, may not be successful. (4) If we are unable to develop new or sufficiently differentiated products and services, or to enhance and improve our products and support services in a timely manner or to position and/or price our products and services to meet market demand, customers may not buy new software licenses, cloud software subscriptions or hardware systems products or purchase or renew support contracts. (5) Our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses. (6) If the security measures for our software, hardware, services or Oracle Cloud offerings are compromised or if such offerings contain significant coding, manufacturing or configuration errors, we may experience reputational harm, legal claims and financial exposure. (7) We have an active acquisition program and our acquisitions may not be successful, may involve unanticipated costs or other integration issues or may disrupt our existing operations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle Corporation's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on Oracle's Investor Relations website at http://www.oracle.com/investor. All information set forth in this press release is current as of December 17, 2014. Oracle undertakes no duty to update any statement in light of new information or future events.
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
----------------------------------------------------------------------------
Three Months Ended November 30,
------------------------------------
% Increase
(Decrease)
in
% Increase Constant
% of % of (Decrease) Currency
2014 Revenues 2013 Revenues in US $ (1)
----------------------------------------------------------------------------
REVENUES
New software
licenses $2,045 21% $ 2,121 23% (4%) 0%
Cloud software-
as-a-service
and platform-
as-a-service 361 4% 259 2% 39% 41%
Cloud
infrastructure
-as-a-service 155 1% 97 1% 60% 62%
Software
license
updates and
product
support 4,768 50% 4,516 49% 6% 9%
------------------------------------
Software and
Cloud
Revenues 7,329 76% 6,993 75% 5% 8%
------------------------------------
Hardware
systems
products 717 8% 714 8% 0% 4%
Hardware
systems
support 617 6% 609 6% 1% 5%
------------------------------------
Hardware
Systems
Revenues 1,334 14% 1,323 14% 1% 4%
------------------------------------
Services
Revenues 935 10% 959 11% (3%) 1%
------------------------------------
Total
Revenues 9,598 100% 9,275 100% 3% 7%
------------------------------------
OPERATING
EXPENSES
Sales and
marketing 1,897 20% 1,877 20% 1% 4%
Cloud software-
as-a-service
and platform-
as-a-service 165 2% 104 1% 58% 60%
Cloud
infrastructure
-as-a-service 87 1% 76 1% 15% 17%
Software
license
updates and
product
support 296 3% 285 3% 4% 8%
Hardware
systems
products 369 4% 369 4% 0% 4%
Hardware
systems
support 218 2% 214 2% 2% 5%
Services 764 8% 759 8% 1% 4%
Research and
development 1,389 14% 1,273 14% 9% 10%
General and
administrative 272 3% 262 3% 4% 5%
Amortization of
intangible
assets 568 6% 577 6% (2%) (2%)
Acquisition
related and
other (20) 0% 17 0% (224%) (221%)
Restructuring 51 0% 52 1% (2%) 3%
------------------------------------
Total
Operating
Expenses 6,056 63% 5,865 63% 3% 6%
------------------------------------
OPERATING INCOME 3,542 37% 3,410 37% 4% 9%
Interest
expense (282) (3%) (230) (2%) 23% 23%
Non-operating
income, net 9 0% 23 0% (61%) (56%)
------------------------------------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 3,269 34% 3,203 35% 2% 7%
------------------------------------
Provision for
income taxes 767 8% 650 7% 18% 24%
------------------------------------
NET INCOME $2,502 26% $ 2,553 28% (2%) 3%
====================================
EARNINGS PER
SHARE:
Basic $ 0.57 $ 0.56
Diluted $ 0.56 $ 0.56
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 4,417 4,535
Diluted 4,505 4,600
----------------------------------------------------------------------------
(1) We compare the percent change in the results from one period to another
period using constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency rate
fluctuations. To present this information, current and comparative
prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2014, which was the last day of our
prior fiscal year, rather than the actual exchange rates in effect
during the respective periods. Movements in international currencies
relative to the United States dollar during the three months ended
November 30, 2014 compared with the corresponding prior year period
decreased our revenues by 4 percentage points, operating expenses by 3
percentage points and operating income by 5 percentage points.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($ in millions, except per share data)
----------------------------------------------------------------------------
Three Months Ended November 30,
------------------------------------------------------
2014 2014 2013 2013
Non- Non-
GAAP Adj. GAAP GAAP Adj. GAAP
----------------------------------------------------------------------------
TOTAL REVENUES (3) (4)
(5) $ 9,598 $ 10 $ 9,608 $ 9,275 $ 8 $ 9,283
TOTAL SOFTWARE AND
CLOUD REVENUES (3)
(4) $ 7,329 $ 8 $ 7,337 $ 6,993 $ 4 $ 6,997
New software
licenses 2,045 - 2,045 2,121 - 2,121
Cloud software-as-a-
service and
platform-as-a-
service (3) 361 3 364 259 3 262
Cloud
infrastructure-as-
a-service 155 - 155 97 - 97
Software license
updates and product
support (4) 4,768 5 4,773 4,516 1 4,517
TOTAL HARDWARE SYSTEMS
REVENUES (5) $ 1,334 $ 2 $ 1,336 $ 1,323 $ 4 $ 1,327
Hardware systems
products 717 - 717 714 - 714
Hardware systems
support (5) 617 2 619 609 4 613
TOTAL OPERATING
EXPENSES $ 6,056 $ (839) $ 5,217 $ 5,865 $ (828) $ 5,037
Stock-based
compensation (6) 240 (240) - 182 (182) -
Amortization of
intangible assets
(7) 568 (568) - 577 (577) -
Acquisition related
and other (20) 20 - 17 (17) -
Restructuring 51 (51) - 52 (52) -
OPERATING INCOME $ 3,542 $ 849 $ 4,391 $ 3,410 $ 836 $ 4,246
OPERATING MARGIN % 37% 46% 37% 46%
INCOME TAX EFFECTS (8) $ 767 $ 234 $ 1,001 $ 650 $ 234 $ 884
NET INCOME $ 2,502 $ 615 $ 3,117 $ 2,553 $ 602 $ 3,155
DILUTED EARNINGS PER
SHARE $ 0.56 $ 0.69 $ 0.56 $ 0.69
DILUTED WEIGHTED
AVERAGE COMMON SHARES
OUTSTANDING 4,505 - 4,505 4,600 - 4,600
----------------------------------------------------------------------------
% Increase
% Increase (Decrease) in
(Decrease) Constant Currency
in US $ (2)
--------------------------------------------
GAAP Non-GAAP GAAP Non-GAAP
------------------------------------------------------------------
TOTAL REVENUES (3) (4)
(5) 3% 3% 7% 7%
TOTAL SOFTWARE AND
CLOUD REVENUES (3)
(4) 5% 5% 8% 8%
New software
licenses (4%) (4%) 0% 0%
Cloud software-as-a-
service and
platform-as-a-
service (3) 39% 39% 41% 41%
Cloud
infrastructure-as-
a-service 60% 60% 62% 62%
Software license
updates and product
support (4) 6% 6% 9% 9%
TOTAL HARDWARE SYSTEMS
REVENUES (5) 1% 1% 4% 4%
Hardware systems
products 0% 0% 4% 4%
Hardware systems
support (5) 1% 1% 5% 4%
TOTAL OPERATING
EXPENSES 3% 4% 6% 6%
Stock-based
compensation (6) 32% * 32% *
Amortization of
intangible assets
(7) (2%) * (2%) *
Acquisition related
and other (224%) * (221%) *
Restructuring (2%) * 3% *
OPERATING INCOME 4% 3% 9% 7%
OPERATING MARGIN % 15 bp. (4) bp. 70 bp. 28 bp.
INCOME TAX EFFECTS (8) 18% 13% 24% 18%
NET INCOME (2%) (1%) 3% 3%
DILUTED EARNINGS PER
SHARE 0% 1% 5% 5%
DILUTED WEIGHTED
AVERAGE COMMON SHARES
OUTSTANDING (2%) (2%) (2%) (2%)
------------------------------------------------------------------
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are
not meant to be considered in isolation or as a substitute for
comparable GAAP measures, and should be read only in conjunction with
our consolidated financial statements prepared in accordance with GAAP.
For a detailed explanation of the adjustments made to comparable GAAP
measures, the reasons why management uses these measures, the
usefulness of these measures and the material limitations on the
usefulness of these measures, please see Appendix A.
(2) We compare the percent change in the results from one period to another
period using constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency rate
fluctuations. To present this information, current and comparative
prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2014, which was the last day of our
prior fiscal year, rather than the actual exchange rates in effect
during the respective periods.
(3) As of November 30, 2014, approximately $6 million and $4 million in
estimated revenues related to assumed cloud software-as-a-service and
platform-as-a-service contracts will not be recognized for the
remainder of fiscal 2015 and fiscal 2016, respectively, due to business
combination accounting rules.
(4) As of November 30, 2014, approximately $5 million and $2 million in
estimated revenues related to assumed software license updates and
product support contracts will not be recognized for the remainder of
fiscal 2015 and fiscal 2016, respectively, due to business combination
accounting rules.
(5) As of November 30, 2014, approximately $1 million in estimated revenues
related to hardware systems support contracts will not be recognized
for each of the remainder of fiscal 2015 and fiscal 2016 due to
business combination accounting rules.
(6) Stock-based compensation was included in the following GAAP operating
expense categories:
Three Months Ended Three Months Ended
November 30, 2014 November 30, 2013
------------------------ ------------------------
Non- Non-
GAAP Adj. GAAP GAAP Adj. GAAP
------- ------- ------- ------- ------- -------
Sales and marketing $ 43 $ (43) $ - $ 37 $ (37) $ -
Cloud software-as-a-
service and
platform-as-a-
service 3 (3) - 2 (2) -
Cloud infrastructure-
as-a-service 1 (1) - 1 (1) -
Software license
updates and product
support 4 (4) - 5 (5) -
Hardware systems
products 1 (1) - 1 (1) -
Hardware systems
support 2 (2) - 1 (1) -
Services 9 (9) - 6 (6) -
Research and
Development 134 (134) - 87 (87) -
General and
administrative 43 (43) - 42 (42) -
------- ------- ------- ------- ------- -------
Subtotal 240 (240) - 182 (182) -
------- ------- ------- ------- ------- -------
Acquisition related
and other 1 (1) - 1 (1) -
------- ------- ------- ------- ------- -------
Total stock-based
compensation $ 241 $ (241) $ - $ 183 $ (183) $ -
======= ======= ======= ======= ======= =======
(7) Estimated future annual amortization expense related to intangible
assets as of November 30, 2014 was as follows:
Remainder of Fiscal
2015 $ 1,008
Fiscal 2016 1,574
Fiscal 2017 951
Fiscal 2018 806
Fiscal 2019 699
Fiscal 2020 549
Thereafter 1,580
-------
Total intangible
assets, net $ 7,167
=======
(8) Income tax effects were calculated reflecting an effective GAAP tax
rate of 23.5% and 20.3% in the second quarter of fiscal 2015 and 2014,
respectively, and an effective non-GAAP tax rate of 24.3% and 21.9% in
the second quarter of fiscal 2015 and 2014, respectively. The
differences between our GAAP and non-GAAP tax rates in the second
quarter of fiscal 2015 and 2014 were primarily due to the net tax
effects of acquisition related items, including the tax effects of
amortization of intangible assets.
* Not meaningful
----------------------------------------------------------------------------
-----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 YEAR TO DATE FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
-----------------------------------------------------------------------------
Six Months Ended November 30,
----------------------------------------
% Increase
(Decrease)
% in
Increase Constant
% of % of (Decrease) Currency
2014 Revenues 2013 Revenues in US $ (1)
-----------------------------------------------------------------------------
REVENUES
New software
licenses $ 3,415 19% $ 3,519 20% (3%) (1%)
Cloud software-
as-a-service
and platform-
as-a-service 698 4% 513 3% 36% 37%
Cloud
infrastructure
-as-a-service 293 1% 206 1% 42% 42%
Software
license
updates and
product
support 9,499 52% 8,948 50% 6% 7%
----------------------------------------
Software and
Cloud
Revenues 13,905 76% 13,186 74% 5% 7%
----------------------------------------
Hardware
systems
products 1,295 7% 1,383 8% (6%) (5%)
Hardware
systems
support 1,204 7% 1,201 7% 0% 2%
----------------------------------------
Hardware
Systems
Revenues 2,499 14% 2,584 15% (3%) (2%)
----------------------------------------
Services
Revenues 1,790 10% 1,877 11% (5%) (3%)
----------------------------------------
Total
Revenues 18,194 100% 17,647 100% 3% 5%
----------------------------------------
OPERATING
EXPENSES
Sales and
marketing 3,603 20% 3,497 20% 3% 4%
Cloud software-
as-a-service
and platform-
as-a-service 314 2% 206 1% 53% 53%
Cloud
infrastructure
-as-a-service 166 1% 148 1% 12% 13%
Software
license
updates and
product
support 568 3% 573 3% (1%) 1%
Hardware
systems
products 667 4% 699 4% (5%) (3%)
Hardware
systems
support 410 2% 423 2% (3%) (2%)
Services 1,455 8% 1,479 8% (2%) 0%
Research and
development 2,718 15% 2,510 14% 8% 8%
General and
administrative 547 3% 522 3% 5% 5%
Amortization of
intangible
assets 1,116 6% 1,172 7% (5%) (5%)
Acquisition
related and
other 4 0% 27 0% (85%) (83%)
Restructuring 120 0% 108 1% 11% 13%
----------------------------------------
Total
Operating
Expenses 11,688 64% 11,364 64% 3% 4%
----------------------------------------
OPERATING INCOME 6,506 36% 6,283 36% 4% 6%
Interest
expense (544) (3%) (446) (3%) 22% 22%
Non-operating
income, net 25 0% 29 0% (16%) (18%)
----------------------------------------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 5,987 33% 5,866 33% 2% 4%
----------------------------------------
Provision for
income taxes 1,302 7% 1,122 6% 16% 19%
----------------------------------------
NET INCOME $ 4,685 26% $ 4,744 27% (1%) 1%
========================================
EARNINGS PER
SHARE:
Basic $ 1.06 $ 1.04
Diluted $ 1.04 $ 1.02
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 4,434 4,571
Diluted 4,527 4,637
-----------------------------------------------------------------------------
(1) We compare the percent change in the results from one period to another
period using constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency rate
fluctuations. To present this information, current and comparative
prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2014, which was the last day of our
prior fiscal year, rather than the actual exchange rates in effect
during the respective periods. Movements in international currencies
relative to the United States dollar during the six months ended
November 30, 2014 compared with the corresponding prior year period
decreased our revenues by 2 percentage points, operating expenses by 1
percentage point and operating income by 2 percentage points.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 YEAR TO DATE FINANCIAL RESULTS
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($ in millions, except per share data)
----------------------------------------------------------------------------
Six Months Ended November 30,
------------------------------------------------------
2014 2013
2014 Non- 2013 Non-
GAAP Adj. GAAP GAAP Adj. GAAP
----------------------------------------------------------------------------
TOTAL REVENUES (3) (4)
(5) $18,194 $ 13 $18,207 $17,647 $ 18 $17,665
TOTAL SOFTWARE AND
CLOUD REVENUES (3)
(4) $13,905 $ 11 $13,916 $13,186 $ 8 $13,194
New software
licenses 3,415 - 3,415 3,519 - 3,519
Cloud software-as-a-
service and
platform-as-a-
service (3) 698 5 703 513 7 520
Cloud
infrastructure-as-
a-service 293 - 293 206 - 206
Software license
updates and product
support (4) 9,499 6 9,505 8,948 1 8,949
TOTAL HARDWARE SYSTEMS
REVENUES (5) $ 2,499 $ 2 $ 2,501 $ 2,584 $ 10 $ 2,594
Hardware systems
products 1,295 - 1,295 1,383 - 1,383
Hardware systems
support (5) 1,204 2 1,206 1,201 10 1,211
TOTAL OPERATING
EXPENSES $11,688 $(1,691) $ 9,997 $11,364 $(1,685) $ 9,679
Stock-based
compensation (6) 451 (451) - 378 (378) -
Amortization of
intangible assets
(7) 1,116 (1,116) - 1,172 (1,172) -
Acquisition related
and other 4 (4) - 27 (27) -
Restructuring 120 (120) - 108 (108) -
OPERATING INCOME $ 6,506 $ 1,704 $ 8,210 $ 6,283 $ 1,703 $ 7,986
OPERATING MARGIN % 36% 45% 36% 45%
INCOME TAX EFFECTS (8) $ 1,302 $ 467 $ 1,769 $ 1,122 $ 531 $ 1,653
NET INCOME $ 4,685 $ 1,237 $ 5,922 $ 4,744 $ 1,172 $ 5,916
DILUTED EARNINGS PER
SHARE $ 1.04 $ 1.31 $ 1.02 $ 1.28
DILUTED WEIGHTED
AVERAGE COMMON SHARES
OUTSTANDING 4,527 - 4,527 4,637 - 4,637
----------------------------------------------------------------------------
% Increase
% Increase (Decrease) in
(Decrease) Constant Currency
in US $ (2)
----------------------------------------
Non- Non-
GAAP GAAP GAAP GAAP
--------------------------------------------------------------
TOTAL REVENUES (3) (4)
(5) 3% 3% 5% 5%
TOTAL SOFTWARE AND
CLOUD REVENUES (3)
(4) 5% 5% 7% 7%
New software
licenses (3%) (3%) (1%) (1%)
Cloud software-as-a-
service and
platform-as-a-
service (3) 36% 35% 37% 36%
Cloud
infrastructure-as-
a-service 42% 42% 42% 42%
Software license
updates and product
support (4) 6% 6% 7% 8%
TOTAL HARDWARE SYSTEMS
REVENUES (5) (3%) (4%) (2%) (2%)
Hardware systems
products (6%) (6%) (5%) (5%)
Hardware systems
support (5) 0% 0% 2% 1%
TOTAL OPERATING
EXPENSES 3% 3% 4% 4%
Stock-based
compensation (6) 19% * 19% *
Amortization of
intangible assets
(7) (5%) * (5%) *
Acquisition related
and other (85%) * (83%) *
Restructuring 11% * 13% *
OPERATING INCOME 4% 3% 6% 5%
OPERATING MARGIN % (12)
15 bp. bp. 44 bp. 4 bp.
INCOME TAX EFFECTS (8) 16% 7% 19% 9%
NET INCOME (1%) 0% 1% 2%
DILUTED EARNINGS PER
SHARE 1% 3% 4% 4%
DILUTED WEIGHTED
AVERAGE COMMON SHARES
OUTSTANDING (2%) (2%) (2%) (2%)
--------------------------------------------------------------
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are
not meant to be considered in isolation or as a substitute for
comparable GAAP measures, and should be read only in conjunction with
our consolidated financial statements prepared in accordance with GAAP.
For a detailed explanation of the adjustments made to comparable GAAP
measures, the reasons why management uses these measures, the
usefulness of these measures and the material limitations on the
usefulness of these measures, please see Appendix A.
(2) We compare the percent change in the results from one period to another
period using constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency rate
fluctuations. To present this information, current and comparative
prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2014, which was the last day of our
prior fiscal year, rather than the actual exchange rates in effect
during the respective periods.
(3) As of November 30, 2014, approximately $6 million and $4 million in
estimated revenues related to assumed cloud software-as-a-service and
platform-as-a-service contracts will not be recognized for the
remainder of fiscal 2015 and fiscal 2016, respectively, due to business
combination accounting rules.
(4) As of November 30, 2014, approximately $5 million and $2 million in
estimated revenues related to assumed software license updates and
product support contracts will not be recognized for the remainder of
fiscal 2015 and fiscal 2016, respectively, due to business combination
accounting rules.
(5) As of November 30, 2014, approximately $1 million in estimated revenues
related to hardware systems support contracts will not be recognized
for each of the remainder of fiscal 2015 and fiscal 2016 due to
business combination accounting rules.
(6) Stock-based compensation was included in the following GAAP operating
expense categories:
Six Months Ended Six Months Ended
November 30, 2014 November 30, 2013
------------------------ ------------------------
Non- Non-
GAAP Adj. GAAP GAAP Adj. GAAP
------- ------- ------- ------- ------- -------
Sales and marketing $ 86 $ (86) $ - $ 77 $ (77) $ -
Cloud software-as-a-
service and
platform-as-a-
service 5 (5) - 4 (4) -
Cloud infrastructure-
as-a-service 2 (2) - 2 (2) -
Software license
updates and product
support 9 (9) - 11 (11) -
Hardware systems
products 3 (3) - 3 (3) -
Hardware systems
support 3 (3) - 3 (3) -
Services 14 (14) - 11 (11) -
Research and
Development 242 (242) - 184 (184) -
General and
administrative 87 (87) - 83 (83) -
------- ------- ------- ------- ------- -------
Subtotal 451 (451) - 378 (378) -
------- ------- ------- ------- ------- -------
Acquisition related
and other 4 (4) - 4 (4) -
------- ------- ------- ------- ------- -------
Total stock-based
compensation $ 455 $ (455) $ - $ 382 $ (382) $ -
======= ======= ======= ======= ======= =======
(7) Estimated future annual amortization expense related to intangible
assets as of November 30, 2014 was as follows:
Remainder of Fiscal
2015 $ 1,008
Fiscal 2016 1,574
Fiscal 2017 951
Fiscal 2018 806
Fiscal 2019 699
Fiscal 2020 549
Thereafter 1,580
-------
Total intangible
assets, net $ 7,167
=======
(8) Income tax effects were calculated reflecting an effective GAAP tax
rate of 21.7% and 19.1% in the first half of fiscal 2015 and 2014,
respectively, and an effective non-GAAP tax rate of 23.0% and 21.9% in
the first half of fiscal 2015 and 2014, respectively. The differences
between our GAAP and non-GAAP tax rates in the first half of fiscal
2015 and 2014 were primarily due to the net tax effects of acquisition
related items, including the tax effects of amortization of intangible
assets.
* Not meaningful
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions)
----------------------------------------------------------------------------
November 30, May 31,
2014 2014
--------------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 16,153 $ 17,769
Marketable securities 28,580 21,050
Trade receivables, net 4,326 6,087
Inventories 208 189
Deferred tax assets 907 914
Prepaid expenses and other current assets 1,866 2,129
--------------------------
Total Current Assets 52,040 48,138
Non-Current Assets:
Property, plant and equipment, net 3,169 3,061
Intangible assets, net 7,167 6,137
Goodwill 33,383 29,652
Deferred tax assets 427 837
Other assets 2,119 2,519
--------------------------
Total Non-Current Assets 46,265 42,206
--------------------------
TOTAL ASSETS $ 98,305 $ 90,344
==========================
LIABILITIES AND EQUITY
Current Liabilities:
Notes payable, current and other current
borrowings $ - $ 1,508
Accounts payable 490 471
Accrued compensation and related benefits 1,546 1,940
Income taxes payable 440 416
Deferred revenues 6,816 7,269
Other current liabilities 2,693 2,785
--------------------------
Total Current Liabilities 11,985 14,389
Non-Current Liabilities:
Notes payable and other non-current
borrowings 32,456 22,667
Income taxes payable 4,231 4,184
Other non-current liabilities 1,671 1,657
--------------------------
Total Non-Current Liabilities 38,358 28,508
Equity 47,962 47,447
--------------------------
TOTAL LIABILITIES AND EQUITY $ 98,305 $ 90,344
==========================
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
----------------------------------------------------------------------------
Six Months Ended November
30,
----------------------------
2014 2013
----------------------------
Cash Flows From Operating Activities:
Net income $ 4,685 $ 4,744
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 324 302
Amortization of intangible assets 1,116 1,172
Deferred income taxes (321) (207)
Stock-based compensation 455 382
Tax benefits on the exercise of stock
options and vesting of restricted stock-
based awards 136 129
Excess tax benefits on the exercise of
stock options and vesting of restricted
stock-based awards (74) (71)
Other, net 103 51
Changes in operating assets and
liabilities, net of effects from
acquisitions:
Decrease in trade receivables, net 1,813 1,989
Decrease in inventories 14 13
Decrease in prepaid expenses and other
assets 439 247
Decrease in accounts payable and other
liabilities (861) (533)
Increase (decrease) in income taxes
payable 191 (343)
Decrease in deferred revenues (230) (437)
----------------------------
Net cash provided by operating
activities 7,790 7,438
----------------------------
Cash Flows From Investing Activities:
Purchases of marketable securities and other
investments (17,514) (18,558)
Proceeds from maturities and sales of
marketable securities and other investments 10,153 13,955
Acquisitions, net of cash acquired (5,122) (1,748)
Capital expenditures (426) (279)
----------------------------
Net cash used for investing activities (12,909) (6,630)
----------------------------
Cash Flows From Financing Activities:
Payments for repurchases of common stock (4,087) (5,801)
Proceeds from issuances of common stock 900 765
Payments of dividends to stockholders (1,070) (1,099)
Proceeds from borrowings, net of issuance
costs 9,945 5,566
Repayments of borrowings (1,500) -
Excess tax benefits on the exercise of stock
options and vesting of restricted stock-
based awards 74 71
Distributions to noncontrolling interests (196) (28)
----------------------------
Net cash provided by (used for)
financing activities 4,066 (526)
----------------------------
Effect of exchange rate changes on cash and
cash equivalents (563) (1)
----------------------------
Net (decrease) increase in cash and cash
equivalents (1,616) 281
----------------------------
Cash and cash equivalents at beginning of
period 17,769 14,613
----------------------------
Cash and cash equivalents at end of period $ 16,153 $ 14,894
============================
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
FREE CASH FLOW - TRAILING 4-QUARTERS (1)
($ in millions)
----------------------------------------------------------------------------
Fiscal 2014 Fiscal 2015
---------------------------------------------------------------
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
----------------------------------------------------------------------------
GAAP
Operating
Cash Flow $14,845 $15,196 $15,029 $14,921 $15,357 $15,273
Capital
Expenditures
(2) (664) (578) (609) (580) (628) (727)
---------------------------------------------------------------
Free Cash
Flow $14,181 $14,618 $14,420 $14,341 $14,729 $14,546
===============================================================
% Growth over
prior year 6% 14% 11% 6% 4% 0%
----------------------------------------------------------------------------
GAAP Net
Income $11,082 $11,054 $11,115 $10,955 $10,948 $10,896
Free Cash
Flow as a %
of Net
Income 128% 132% 130% 131% 135% 133%
----------------------------------------------------------------------------
(1) To supplement our statements of cash flows presented on a GAAP basis,
we use non-GAAP measures of cash flows on a trailing 4-quarter basis to
analyze cash flow generated from operations. We believe free cash flow
is also useful as one of the bases for comparing our performance with
our competitors. The presentation of non-GAAP free cash flow is not
meant to be considered in isolation or as an alternative to net income
as an indicator of our performance, or as an alternative to cash flows
from operating activities as a measure of liquidity.
(2) Derived from capital expenditures as reported in cash flows from
investing activities as per our consolidated statements of cash flows
presented in accordance with GAAP.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
SUPPLEMENTAL ANALYSIS OF GAAP REVENUES AND HEADCOUNT (1)
($ in millions)
----------------------------------------------------------------------------
Fiscal 2014
-----------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
-----------------------------------------------------
REVENUES
New software
licenses $ 1,399 $ 2,121 $ 2,128 $ 3,769 $ 9,416
Cloud software-as-a-
service and
platform-as-a-
service 254 259 287 322 1,121
Cloud
infrastructure-as-
a-service 109 97 121 128 456
Software license
updates and product
support 4,431 4,516 4,564 4,695 18,206
-----------------------------------------------------
Software and Cloud
Revenues 6,193 6,993 7,100 8,914 29,199
Hardware systems
products 669 714 725 870 2,976
Hardware systems
support 592 609 598 596 2,396
-----------------------------------------------------
Hardware Systems
Revenues 1,261 1,323 1,323 1,466 5,372
Services Revenues 918 959 884 940 3,704
-----------------------------------------------------
Total Revenues $ 8,372 $ 9,275 $ 9,307 $ 11,320 $38,275
=====================================================
AS REPORTED REVENUE
GROWTH RATES
New software
licenses 2% (2%) 1% 0% 0%
Cloud software-as-a-
service and
platform-as-a-
service 25% 19% 24% 25% 23%
Cloud
infrastructure-as-
a-service (9%) (15%) 10% 13% 0%
Software license
updates and product
support 7% 6% 5% 7% 6%
Software and Cloud
Revenues 6% 3% 5% 4% 5%
Hardware systems
products (14%) (3%) 8% 2% (2%)
Hardware systems
support 3% 4% 5% 2% 4%
Hardware Systems
Revenues (7%) 0% 7% 2% 0%
Services Revenues (8%) (5%) (5%) (4%) (5%)
Total Revenues 2% 2% 4% 3% 3%
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses 5% 0% 3% (1%) 1%
Cloud software-as-a-
service and
platform-as-a-
service 26% 20% 25% 25% 24%
Cloud
infrastructure-as-
a-service (7%) (14%) 11% 13% 1%
Software license
updates and product
support 8% 7% 7% 6% 7%
Software and Cloud
Revenues 8% 5% 6% 4% 5%
Hardware systems
products (13%) (2%) 10% 3% (1%)
Hardware systems
support 5% 5% 7% 2% 5%
Hardware Systems
Revenues (6%) 1% 9% 3% 2%
Services Revenues (6%) (3%) (3%) (3%) (4%)
Total Revenues 4% 3% 6% 3% 4%
-----------------------------------------------------
GEOGRAPHIC REVENUES
REVENUES
Americas $ 4,517 $ 4,995 $ 4,953 $ 5,857 $20,323
Europe, Middle East
& Africa 2,439 2,817 2,923 3,768 11,946
Asia Pacific 1,416 1,463 1,431 1,695 6,006
-----------------------------------------------------
Total Revenues $ 8,372 $ 9,275 $ 9,307 $ 11,320 $38,275
=====================================================
-----------------------------------------------------
HEADCOUNT
GEOGRAPHIC AREA
Americas 53,465 53,073 53,799 53,827
Europe, Middle East
& Africa 23,349 23,178 23,350 23,339
Asia Pacific 45,513 45,617 45,561 45,108
-----------------------------------------------------
Total Company 122,327 121,868 122,710 122,274
=====================================================
----------------------------------------------------------------------------
Fiscal 2015
------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
------------------------------------------------
REVENUES
New software
licenses $ 1,370 $ 2,045 $ 3,415
Cloud software-as-a-
service and
platform-as-a-
service 337 361 698
Cloud
infrastructure-as-
a-service 138 155 293
Software license
updates and product
support 4,731 4,768 9,499
------------------------------------------------
Software and Cloud
Revenues 6,576 7,329 13,905
Hardware systems
products 578 717 1,295
Hardware systems
support 587 617 1,204
------------------------------------------------
Hardware Systems
Revenues 1,165 1,334 2,499
Services Revenues 855 935 1,790
------------------------------------------------
Total Revenues $ 8,596 $ 9,598 $18,194
================================================
AS REPORTED REVENUE
GROWTH RATES
New software
licenses (2%) (4%) (3%)
Cloud software-as-a-
service and
platform-as-a-
service 32% 39% 36%
Cloud
infrastructure-as-
a-service 26% 60% 42%
Software license
updates and product
support 7% 6% 6%
Software and Cloud
Revenues 6% 5% 5%
Hardware systems
products (14%) 0% (6%)
Hardware systems
support (1%) 1% 0%
Hardware Systems
Revenues (8%) 1% (3%)
Services Revenues (7%) (3%) (5%)
Total Revenues 3% 3% 3%
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses (2%) 0% (1%)
Cloud software-as-a-
service and
platform-as-a-
service 32% 41% 37%
Cloud
infrastructure-as-
a-service 25% 62% 42%
Software license
updates and product
support 6% 9% 7%
Software and Cloud
Revenues 6% 8% 7%
Hardware systems
products (14%) 4% (5%)
Hardware systems
support (2%) 5% 2%
Hardware Systems
Revenues (8%) 4% (2%)
Services Revenues (8%) 1% (3%)
Total Revenues 2% 7% 5%
------------------------------------------------
GEOGRAPHIC REVENUES
REVENUES
Americas $ 4,620 $ 5,221 $ 9,841
Europe, Middle East
& Africa 2,589 2,911 5,500
Asia Pacific 1,387 1,466 2,853
------------------------------------------------
Total Revenues $ 8,596 $ 9,598 $18,194
================================================
------------------------------------------------
HEADCOUNT
GEOGRAPHIC AREA
Americas 54,073 57,243
Europe, Middle East
& Africa 23,349 26,997
Asia Pacific 45,496 46,312
------------------------------------------------
Total Company 122,918 130,552
================================================
----------------------------------------------------------------------
(1) The sum of the quarterly financial information may vary from year-to-
date financial information due to rounding.
(2) We compare the percent change in the results from one period to another
period using constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency rate
fluctuations. To present this information, current and comparative
prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2014 and 2013 for the fiscal 2015
and fiscal 2014 constant currency growth rate calculations presented,
respectively, rather than the actual exchange rates in effect during
the respective periods.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
SUPPLEMENTAL GEOGRAPHIC REVENUES ANALYSIS (1)
($ in millions)
----------------------------------------------------------------------------
Fiscal 2014
--------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
----------------------------------------------------------------------------
AMERICAS
Software and cloud
revenues $ 3,434 $ 3,808 $ 3,847 $ 4,649 $15,737
==================================================
Hardware systems
revenues $ 640 $ 694 $ 655 $ 747 $ 2,736
==================================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 9% 5% 5% (1%) 4%
Hardware systems
revenues (2%) 7% 14% 3% 5%
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 9% 6% 7% 1% 5%
Hardware systems
revenues (1%) 8% 16% 5% 6%
----------------------------------------------------------------------------
EUROPE / MIDDLE EAST /
AFRICA
Software and cloud
revenues $ 1,816 $ 2,155 $ 2,245 $ 3,032 $ 9,249
==================================================
Hardware systems
revenues $ 358 $ 372 $ 403 $ 440 $ 1,572
==================================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 7% 8% 8% 15% 10%
Hardware systems
revenues (11%) (5%) 3% 7% (1%)
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 4% 6% 6% 10% 7%
Hardware systems
revenues (13%) (6%) 2% 3% (3%)
----------------------------------------------------------------------------
ASIA PACIFIC
Software and cloud
revenues $ 943 $ 1,030 $ 1,008 $ 1,233 $ 4,213
==================================================
Hardware systems
revenues $ 263 $ 257 $ 265 $ 279 $ 1,064
==================================================
AS REPORTED GROWTH RATES
Software and cloud
revenues (3%) (9%) (5%) 0% (4%)
Hardware systems
revenues (12%) (9%) (3%) (4%) (7%)
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 8% 0% 3% 3% 3%
Hardware systems
revenues (5%) (3%) 3% (3%) (2%)
----------------------------------------------------------------------------
TOTAL COMPANY
Software and cloud
revenues $ 6,193 $ 6,993 $ 7,100 $ 8,914 $29,199
==================================================
Hardware systems
revenues $ 1,261 $ 1,323 $ 1,323 $ 1,466 $ 5,372
==================================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 6% 3% 5% 4% 5%
Hardware systems
revenues (7%) 0% 7% 2% 0%
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 8% 5% 6% 4% 5%
Hardware systems
revenues (6%) 1% 9% 3% 2%
----------------------------------------------------------------------------
Fiscal 2015
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
-----------------------------------------------------------------------
AMERICAS
Software and cloud
revenues $ 3,614 $ 4,044 $ 7,657
=============================================
Hardware systems
revenues $ 583 $ 716 $ 1,300
=============================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 5% 6% 6%
Hardware systems
revenues (9%) 3% (3%)
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 6% 8% 7%
Hardware systems
revenues (8%) 5% (2%)
-----------------------------------------------------------------------
EUROPE / MIDDLE EAST /
AFRICA
Software and cloud
revenues $ 1,992 $ 2,234 $ 4,227
=============================================
Hardware systems
revenues $ 338 $ 380 $ 717
=============================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 10% 4% 6%
Hardware systems
revenues (6%) 2% (2%)
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 7% 9% 8%
Hardware systems
revenues (7%) 8% 0%
-----------------------------------------------------------------------
ASIA PACIFIC
Software and cloud
revenues $ 970 $ 1,051 $ 2,021
=============================================
Hardware systems
revenues $ 244 $ 238 $ 482
=============================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 3% 2% 2%
Hardware systems
revenues (8%) (7%) (7%)
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 2% 7% 5%
Hardware systems
revenues (8%) (3%) (6%)
-----------------------------------------------------------------------
TOTAL COMPANY
Software and cloud
revenues $ 6,576 $ 7,329 $13,905
=============================================
Hardware systems
revenues $ 1,165 $ 1,334 $ 2,499
=============================================
AS REPORTED GROWTH RATES
Software and cloud
revenues 6% 5% 5%
Hardware systems
revenues (8%) 1% (3%)
CONSTANT CURRENCY GROWTH
RATES (2)
Software and cloud
revenues 6% 8% 7%
Hardware systems
revenues (8%) 4% (2%)
-----------------------------------------------------------------------
(1) The sum of the quarterly financial information may vary from year-to-
date financial information due to rounding.
(2) We compare the percent change in the results from one period to another
period using constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency rate
fluctuations. To present this information, current and comparative
prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2014 and 2013 for the fiscal 2015
and fiscal 2014 constant currency growth rate calculations presented,
respectively, rather than the actual exchange rates in effect during
the respective periods.
----------------------------------------------------------------------------
APPENDIX A
ORACLE CORPORATION
Q2 FISCAL 2015 FINANCIAL RESULTS
EXPLANATION OF NON-GAAP MEASURES
To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries and expenses related to acquisitions, as well as other significant expenses including stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
- Cloud software-as-a-service and platform-as-a-service, software license updates and product support and hardware systems support deferred revenues: Business combination accounting rules require us to account for the fair values of cloud software-as-a-service and platform-as-a-service contracts, software license updates and product support contracts and hardware systems support contracts assumed in connection with our acquisitions. Because these contracts are generally one year in duration, our GAAP revenues generally for the one year period subsequent to our acquisition of a business do not reflect the full amount of revenues on these assumed cloud and support contracts that would have otherwise been recorded by the acquired entity. The non-GAAP adjustment to our cloud software-as-a-service and platform-as-a-service revenues, software license updates and product support revenues and hardware systems support revenues is intended to include, and thus reflect, the full amount of such revenues. We believe the adjustment to these revenues is useful to investors as a measure of the ongoing performance of our business. We have historically experienced high renewal rates on our software license updates and product support contracts and our objective is to increase the renewal rates on acquired and new cloud software-as-a-service and platform-as-a-service and hardware systems support contracts; however, we cannot be certain that our customers will renew our cloud software-as-a-service and platform-as-a-service contracts, software license updates and product support contracts or our hardware systems support contracts.
- Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods.
- Amortization of intangible assets: We have excluded the effect of amortization of intangible assets from our non-GAAP operating expenses and net income measures. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods.
- Acquisition related and other expenses; and restructuring expenses: We have excluded the effect of acquisition related and other expenses and the effect of restructuring expenses from our non-GAAP operating expenses and net income measures. We incurred significant expenses in connection with our acquisitions and also incurred certain other operating expenses or income, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related and other expenses consist of personnel related costs for transitional employees, other acquired employee related costs, stock-based compensation expenses (in addition to the stock-based compensation expenses described above), integration related professional services, certain business combination adjustments including adjustments after the measurement period has ended and certain other operating items, net. Substantially all of the stock-based compensation expenses included in acquisition related and other expenses resulted from unvested options assumed in acquisitions whose vesting was fully accelerated upon termination of the employees pursuant to the original terms of those options. Restructuring expenses consist of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. Although acquisition related expenses and restructuring expenses generally diminish over time with respect to past acquisitions, we generally will incur these expenses in connection with any future acquisitions.
Contact:
Ken Bond
Oracle Investor Relations
1.650.607.0349
Email Contact
Deborah Hellinger
Oracle Corporate Communications
1.212.508.7935
Email Contact
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