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Oracle Reports Q1 GAAP EPS Up 15% to 41 Cents; Q1 Non-GAAP EPS Up 11% to 53 Cents
Trailing Twelve Month Operating Cash Flow Up 9% to $14.0 Billion
Actualizado el 20 de septiembre, 2012 - 22.01hs.
REDWOOD SHORES, CA -- (Marketwire) -- 09/20/12 -- Oracle Corporation (NASDAQ: ORCL) today announced that both fiscal 2013 Q1 GAAP and non-GAAP total revenues were down 2% to $8.2 billion. GAAP new software licenses and cloud software subscriptions revenues were up 5% to $1.6 billion, while non-GAAP new software licenses and cloud software subscriptions revenues were up 6% to $1.6 billion. Both GAAP and non-GAAP software license updates and product support revenues were up 3% to $4.1 billion. Both GAAP and non-GAAP hardware systems products revenues were down 24% to $779 million. GAAP operating income was up 7% to $2.9 billion, and GAAP operating margin was 35%. Non-GAAP operating income was up 1% to $3.6 billion, and non-GAAP operating margin was 44%. GAAP net income was up 11% to $2.0 billion, while non-GAAP net income was up 6% to $2.6 billion. GAAP earnings per share were $0.41, up 15% compared to last year while non-GAAP earnings per share were up 11% to $0.53. GAAP operating cash flow on a trailing twelve-month basis was $14.0 billion, up 9% compared to last year.
Without the impact of the US dollar strengthening compared to foreign currencies, Oracle's reported Q1 GAAP earnings per share would have been $0.03 higher at $0.44, up 24%, and Q1 non-GAAP earnings per share would have been $0.03 higher at $0.56, up 17%. Both GAAP and non-GAAP total revenues also would have been up 3%, GAAP new software licenses and cloud software subscriptions revenues would have been up 10%, non-GAAP new software licenses and cloud software subscriptions revenues would have been up 11% and both GAAP and non-GAAP hardware systems products revenues would have been down 21%.
"On a non-GAAP basis, new software licenses and cloud software subscriptions sales grew 11% in constant currency and operating margin increased to 44% in Q1," said Oracle President and CFO, Safra Catz. "Q1 operating cash flow increased to a record high of $5.7 billion. We're off to a good start in the new year."
"Exadata, Exalogic, Exalytics and our other engineered systems grew more than 100% in the quarter," said Oracle President, Mark Hurd. "For the full year, we expect to double engineered systems sales to well over $1 billion. Oracle's new cloud business is also approaching a $1 billion annual run rate. These two businesses will drive Oracle's growth for years to come."
"A little more than a week from now we will announce lots of enhancements to the Oracle Cloud," said Oracle CEO, Larry Ellison. "There are more CRM, ERP and HCM applications as a service, and more Oracle database, Java and social network platform services. Our new infrastructure as a service is available in the Oracle Cloud and as a private cloud in our customers' data center, with the unique ability to move applications and services back and forth between the two. Join us at Oracle OpenWorld for all the details."
The Board of Directors also declared a quarterly cash dividend of $0.06 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on October 12, 2012, with a payment date of November 2, 2012.
Q1 Fiscal 2013 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 (913) 312-6699, Passcode: 861602. 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 Q1 results and Fiscal 2013 financial tables are available on the Oracle Investor Relations website.
A replay of the conference call will also be available by dialing (719) 457-0820 or (888) 203-1112, Passcode: 6071749.
About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NASDAQ: 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 engineered systems sales doubling for the full year, Oracle's cloud business annual run rate, the cloud business and engineered systems business driving Oracle's growth in years to come, and announcements to be made at Oracle Open World, 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, political and market conditions, including the current European debt crisis, 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 software license updates and product support. (3) Our hardware systems business may not be successful, and we may fail to achieve our financial forecasts with respect to this business. (4) 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. (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 and risks relating to compliance with international and U.S. laws that apply to our international operations. (6) Intense competitive forces demand rapid technological advances and frequent new product introductions and could require us to reduce prices or cause us to lose customers. (7) 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. 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 September 20, 2012. Oracle undertakes no duty to update any statement in light of new information or future events.
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
%
Increase
(Decrease)
Three Months Ended August 31, % in
---------------------------------- Increase Constant
% of % of (Decrease) Currency
2012 Revenues 2011 Revenues in US $ (1)
------- -------- ------- -------- -------- ----------
REVENUES
New software
licenses and
cloud software
subscriptions $ 1,574 19% $ 1,498 18% 5% 10%
Software license
updates and
product support 4,140 51% 4,022 48% 3% 8%
------- -------- ------- --------
Software
Revenues 5,714 70% 5,520 66% 4% 9%
------- -------- ------- --------
Hardware systems
products 779 9% 1,029 12% (24%) (21%)
Hardware systems
support 574 7% 645 8% (11%) (6%)
------- -------- ------- --------
Hardware Systems
Revenues 1,353 16% 1,674 20% (19%) (15%)
------- -------- ------- --------
Services
Revenues 1,114 14% 1,180 14% (6%) 0%
------- -------- ------- --------
Total Revenues 8,181 100% 8,374 100% (2%) 3%
------- -------- ------- --------
OPERATING EXPENSES
Sales and
marketing 1,545 19% 1,630 19% (5%) (1%)
Software license
updates and
product support 283 3% 297 4% (5%) 0%
Hardware systems
products 384 5% 472 6% (19%) (15%)
Hardware systems
support 224 3% 283 3% (21%) (16%)
Services 884 11% 936 11% (6%) 0%
Research and
development 1,201 15% 1,050 13% 14% 17%
General and
administrative 275 3% 311 4% (12%) (8%)
Amortization of
intangible assets 619 7% 592 7% 5% 5%
Acquisition
related and other
(2) (258) (3%) 19 0% (1,435%) (1,587%)
Restructuring 145 2% 101 1% 43% 57%
------- -------- ------- --------
Total
Operating
Expenses 5,302 65% 5,691 68% (7%) (3%)
------- -------- ------- --------
OPERATING INCOME 2,879 35% 2,683 32% 7% 15%
Interest expense (188) (2%) (192) (2%) (2%) (2%)
Non-operating
income (expense),
net 11 0% (20) 0% 155% 148%
------- -------- ------- --------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 2,702 33% 2,471 30% 9% 18%
------- -------- ------- --------
Provision for
income taxes 668 8% 631 8% 6% 14%
------- -------- ------- --------
NET INCOME $ 2,034 25% $ 1,840 22% 11% 19%
======= ======== ======= ========
EARNINGS PER SHARE:
Basic $ 0.42 $ 0.36
Diluted $ 0.41 $ 0.36
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 4,867 5,062
Diluted 4,939 5,150
(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, 2012, 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 August 31, 2012 compared with
the corresponding prior year period decreased our revenues by 5 percentage
points, operating expenses by 4 percentage points and operating income by 8
percentage points.
(2) Acquisition related and other expenses for the three months ended August
31, 2012 included a benefit of $306 million related to certain litigation.
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($in millions, except per share data)
Three Months Ended August 31,
----------------------------------------------------
2012 2011
2012 Non- 2011 Non-
GAAP Adj. GAAP GAAP Adj. GAAP
------- ------- ------- ------- ------- -------
TOTAL REVENUES (3)
(4) (5) $ 8,181 $ 28 $ 8,209 $ 8,374 $ 24 $ 8,398
TOTAL SOFTWARE
REVENUES (3) (4) $ 5,714 $ 24 $ 5,738 $ 5,520 $ 13 $ 5,533
New software
licenses and
cloud software
subscriptions
(3) 1,574 19 1,593 1,498 - 1,498
Software license
updates and
product support
(4) 4,140 5 4,145 4,022 13 4,035
TOTAL HARDWARE
SYSTEMS REVENUES
(5) $ 1,353 $ 4 $ 1,357 $ 1,674 $ 11 $ 1,685
Hardware systems
products 779 - 779 1,029 - 1,029
Hardware systems
support (5) 574 4 578 645 11 656
TOTAL OPERATING
EXPENSES $ 5,302 $ (682) $ 4,620 $ 5,691 $ (859) $ 4,832
Stock-based
compensation (6) 176 (176) - 147 (147) -
Amortization of
intangible
assets (7) 619 (619) - 592 (592) -
Acquisition
related and
other (258) 258 - 19 (19) -
Restructuring 145 (145) - 101 (101) -
OPERATING INCOME $ 2,879 $ 710 $ 3,589 $ 2,683 $ 883 $ 3,566
OPERATING MARGIN % 35% 44% 32% 42
INCOME TAX EFFECTS
(8) $ 668 $ 130 $ 798 $ 631 $ 258 $ 889
NET INCOME $ 2,034 $ 580 $ 2,614 $ 1,840 $ 625 $ 2,465
DILUTED EARNINGS
PER SHARE $ 0.41 $ 0.53 $ 0.36 $ 0.48
DILUTED WEIGHTED
AVERAGE COMMON
SHARES OUTSTANDING 4,939 - 4,939 5,150 - 5,150
% Increase (Decrease) in % Increase (Decrease) in
US $ Constant Currency (2)
------------------------- -------------------------
GAAP Non-GAAP GAAP Non-GAAP
----------- ----------- ----------- -----------
TOTAL REVENUES (3)
(4) (5) (2%) (2%) 3% 3%
TOTAL SOFTWARE
REVENUES (3) (4) 4% 4% 9% 9%
New software
licenses and
cloud software
subscriptions
(3) 5% 6% 10% 11%
Software license
updates and
product support
(4) 3% 3% 8% 8%
TOTAL HARDWARE
SYSTEMS REVENUES
(5) (19%) (19%) (15%) (15%)
Hardware systems
products (24%) (24%) (21%) (21%)
Hardware systems
support (5) (11%) (12%) (6%) (7%)
TOTAL OPERATING
EXPENSES (7%) (4%) (3%) 0%
Stock-based
compensation (6) 20% * 20% *
Amortization of
intangible
assets (7) 5% * 5% *
Acquisition
related and
other (1,435%) * (1,587%) *
Restructuring 43% * 57% *
OPERATING INCOME 7% 1% 15% 6%
OPERATING MARGIN % % 315 bp. 125 bp. 375 bp. 145 bp.
INCOME TAX EFFECTS
(8) 6% (10%) 14% (5%)
NET INCOME 11% 6% 19% 12%
DILUTED EARNINGS
PER SHARE 15% 11% 24% 17%
DILUTED WEIGHTED
AVERAGE COMMON
SHARES OUTSTANDING (4%) (4%) (4%) (4%)
(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, 2012, 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 August 31, 2012, approximately $15 million in estimated revenues
related to assumed cloud software subscriptions contracts will not be
recognized for the remainder of fiscal 2013 due to business combination
accounting rules.
(4) As of August 31, 2012, approximately $8 million and $2 million in
estimated revenues related to assumed software support contracts will not be
recognized for the remainder of fiscal 2013 and fiscal 2014, respectively,
due to business combination accounting rules.
(5) As of August 31, 2012, approximately $7 million in estimated revenues
related to hardware systems support contracts will not be recognized for the
remainder of fiscal 2013 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
August 31, 2012 August 31, 2011
-------------------------- --------------------------
GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP
------- ------- --------- ------- ------- ---------
Sales and marketing $ 37 $ (37) $ - $ 26 $ (26) $ -
Software license
updates and product
support 5 (5) - 4 (4) -
Hardware systems
products - - - 1 (1) -
Hardware systems
support 1 (1) - 1 (1) -
Services 9 (9) - 4 (4) -
Research and
development 83 (83) - 71 (71) -
General and
administrative 41 (41) - 40 (40) -
------- ------- --------- ------- ------- ---------
Subtotal 176 (176) - 147 (147) -
------- ------- --------- ------- ------- ---------
Acquisition related
and other 17 (17) - 1 (1) -
------- ------- --------- ------- ------- ---------
Total stock-based
compensation $ 193 $ (193) $ - $ 148 $ (148) $ -
======= ======= ========= ======= ======= =========
(7) Estimated future annual amortization expense related to intangible
assets as of August 31, 2012 was as follows:
Remainder of Fiscal
2013 $ 1,712
Fiscal 2014 1,955
Fiscal 2015 1,505
Fiscal 2016 955
Fiscal 2017 398
Fiscal 2018 278
Thereafter 562
---------
Total intangible assets
subject to amortization 7,365
In-process research and
development 11
---------
Total intangible
assets, net $ 7,376
=========
(8) Income tax effects were calculated reflecting an effective GAAP tax rate
of 24.7% and 25.6% in the first quarter of fiscal 2013 and 2012,
respectively, and an effective non-GAAP tax rate of 23.4% and 26.5% in the
first quarter of fiscal 2013 and 2012, respectively. The difference between
our GAAP and non-GAAP tax rates in the first quarter of fiscal 2013 was
primarily due to the disproportionate tax rate impact of discrete items for
the quarter, the tax effect of amortization of intangible assets, and
differences in jurisdictional tax rates and related tax benefits
attributable to our restructuring expenses. The difference between our GAAP
and non-GAAP tax rates in the first quarter of fiscal 2012 was primarily
due to income tax effects related to our acquired tax exposures and the
differences in jurisdictional tax rates and the related tax benefits
attributable to our restructuring expenses.
* Not meaningful
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions)
August 31, May 31,
2012 2012
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 15,667 $ 14,955
Marketable securities 15,940 15,721
Trade receivables, net 3,775 6,377
Inventories 148 158
Deferred tax assets 913 877
Prepaid expenses and other current assets 1,729 1,935
------------- -------------
Total Current Assets 38,172 40,023
Non-Current Assets:
Property, plant and equipment, net 3,037 3,021
Intangible assets, net 7,376 7,899
Goodwill 25,288 25,119
Deferred tax assets 547 595
Other assets 2,138 1,670
------------- -------------
Total Non-Current Assets 38,386 38,304
------------- -------------
TOTAL ASSETS $ 76,558 $ 78,327
============= =============
LIABILITIES AND EQUITY
Current Liabilities:
Notes payable, current and other current
borrowings $ 1,250 $ 2,950
Accounts payable 388 438
Accrued compensation and related benefits 1,472 2,002
Deferred revenues 8,316 7,035
Other current liabilities 2,529 2,963
------------- -------------
Total Current Liabilities 13,955 15,388
Non-Current Liabilities:
Notes payable and other non-current
borrowings 13,521 13,524
Income taxes payable 3,732 3,759
Other non-current liabilities 1,614 1,569
------------- -------------
Total Non-Current Liabilities 18,867 18,852
Equity 43,736 44,087
------------- -------------
TOTAL LIABILITIES AND EQUITY $ 76,558 $ 78,327
============= =============
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
Three Months Ended August 31,
------------------------------
2012 2011
-------------- --------------
Cash Flows From Operating Activities:
Net income $ 2,034 $ 1,840
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 127 117
Amortization of intangible assets 619 592
Deferred income taxes 64 (116)
Stock-based compensation 193 148
Tax benefits on the exercise of stock
options and vesting of restricted stock-
based awards 120 39
Excess tax benefits on the exercise of
stock options and vesting of restricted
stock-based awards (62) (24)
Other, net 37 27
Changes in operating assets and
liabilities, net of effects from
acquisitions:
Decrease in trade receivables, net 2,630 2,483
Decrease in inventories 10 57
(Increase) decrease in prepaid expenses
and other assets (72) 469
Decrease in accounts payable and other
liabilities (943) (1,374)
(Decrease) increase in income taxes
payable (329) 159
Increase in deferred revenues 1,243 1,004
-------------- --------------
Net cash provided by operating
activities 5,671 5,421
-------------- --------------
Cash Flows From Investing Activities:
Purchases of marketable securities and
other investments (6,804) (12,588)
Proceeds from maturities and sales of
marketable securities and other
investments 6,794 6,768
Acquisitions, net of cash acquired (361) (343)
Capital expenditures (139) (160)
-------------- --------------
Net cash used for investing
activities (510) (6,323)
-------------- --------------
Cash Flows From Financing Activities:
Payments for repurchases of common stock (3,076) (800)
Proceeds from issuances of common stock 517 182
Payments of dividends to stockholders (292) (304)
Repayments of borrowings (1,700) (1,150)
Excess tax benefits on the exercise of
stock options and vesting of restricted
stock-based awards 62 24
Distributions to noncontrolling interests (31) (163)
-------------- --------------
Net cash used for financing
activities (4,520) (2,211)
-------------- --------------
Effect of exchange rate changes on cash and
cash equivalents 71 112
-------------- --------------
Net increase (decrease) in cash and cash
equivalents 712 (3,001)
-------------- --------------
Cash and cash equivalents at beginning of
period 14,955 16,163
-------------- --------------
Cash and cash equivalents at end of period $ 15,667 $ 13,162
============== ==============
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
FREE CASH FLOW - TRAILING 4-QUARTERS (1)
($ in millions)
Fiscal 2012 Fiscal 2013
---------------------------------- ----------------- ----
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
------- ------- ------- ------- ------- ---- ---- ----
GAAP Operating
Cash Flow $12,818 $13,129 $13,463 $13,743 $13,993
Capital
Expenditures (2) (492) (500) (509) (648) (627)
------- ------- ------- ------- ------- ---- ---- ----
Free Cash Flow $12,326 $12,629 $12,954 $13,095 $13,366
======= ======= ======= ======= ======= ==== ==== ====
% Growth over
prior year 46% 45% 36% 22% 8%
------- ------- ------- ------- ------- ---- ---- ----
GAAP Net Income $ 9,035 $ 9,356 $ 9,738 $ 9,981 $10,175
Free Cash Flow as
a % of Net
Income 136% 135% 133% 131% 131%
------- ------- ------- ------- ------- ---- ---- ----
(1) To supplement our statements of cash flows presented on a GAAP basis, we
use non-GAAP measures of cash flows on a trailing 4-quarter basis to
analyze cash flow generated from operations. We believe free cash flow is
also useful as one of the bases for comparing our performance with our
competitors. The presentation of non-GAAP free cash flow is not meant to be
considered in isolation or as an alternative to net income as an indicator
of our performance, or as an alternative to cash flows from operating
activities as a measure of liquidity.
(2) Represents capital expenditures as reported in cash flows from investing
activities on our cash flow statements presented in accordance with GAAP.
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
SUPPLEMENTAL ANALYSIS OF GAAP REVENUES AND HEADCOUNT (1)
($in millions)
Fiscal 2012
----------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
-------- -------- -------- -------- --------
REVENUES
New software
licenses and cloud
software
subscriptions $ 1,498 $ 2,048 $ 2,374 $ 3,985 $ 9,906
Software license
updates and product
support 4,022 3,986 4,051 4,152 16,210
-------- -------- -------- -------- --------
Software Revenues 5,520 6,034 6,425 8,137 26,116
Hardware systems
products 1,029 953 869 977 3,827
Hardware systems
support 645 625 604 600 2,475
-------- -------- -------- -------- --------
Hardware Systems
Revenues 1,674 1,578 1,473 1,577 6,302
Services Revenues 1,180 1,180 1,141 1,202 4,703
-------- -------- -------- -------- --------
Total Revenues $ 8,374 $ 8,792 $ 9,039 $ 10,916 $ 37,121
======== ======== ======== ======== ========
AS REPORTED REVENUE
GROWTH RATES
New software
licenses and cloud
software
subscriptions 17% 2% 7% 7% 7%
Software license
updates and product
support 17% 9% 8% 5% 10%
Software Revenues 17% 7% 8% 6% 9%
Hardware systems
products (5%) (14%) (16%) (16%) (13%)
Hardware systems
support 4% (2%) (4%) (11%) (3%)
Hardware Systems
Revenues (1%) (10%) (11%) (14%) (9%)
Services Revenues 10% 0% 0% (4%) 1%
Total Revenues 12% 2% 3% 1% 4%
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 11% 3% 8% 11% 8%
Software license
updates and product
support 10% 9% 9% 8% 9%
Software Revenues 11% 7% 9% 10% 9%
Hardware systems
products (11%) (14%) (16%) (13%) (14%)
Hardware systems
support (3%) (3%) (3%) (7%) (4%)
Hardware Systems
Revenues (8%) (10%) (11%) (11%) (10%)
Services Revenues 5% 0% 1% 0% 1%
Total Revenues 5% 2% 4% 5% 4%
-------- -------- -------- -------- --------
GEOGRAPHIC REVENUES
REVENUES
Americas $ 4,226 $ 4,532 $ 4,707 $ 5,771 $ 19,236
Europe, Middle
East & Africa 2,704 2,756 2,787 3,314 11,561
Asia Pacific 1,444 1,504 1,545 1,831 6,324
-------- -------- -------- -------- --------
Total Revenues $ 8,374 $ 8,792 $ 9,039 $ 10,916 $ 37,121
======== ======== ======== ======== ========
HEADCOUNT
GEOGRAPHIC AREA
Americas 46,338 46,672 47,884 48,901
Europe, Middle
East & Africa 22,210 22,725 22,852 22,957
Asia Pacific 40,840 41,901 42,908 43,308
-------- -------- -------- -------- --------
Total Company 109,388 111,298 113,644 115,166
======== ======== ======== ======== ========
Fiscal 2013
-------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
-------- ------- ------- ------- --------
REVENUES
New software
licenses and cloud
software
subscriptions $ 1,574 $ 1,574
Software license
updates and product
support 4,140 4,140
-------- ------- ------- ------- --------
Software Revenues 5,714 5,714
Hardware systems
products 779 779
Hardware systems
support 574 574
-------- ------- ------- ------- --------
Hardware Systems
Revenues 1,353 1,353
Services Revenues 1,114 1,114
-------- ------- ------- ------- --------
Total Revenues $ 8,181 $ 8,181
======== ======= ======= ======= ========
AS REPORTED REVENUE
GROWTH RATES
New software
licenses and cloud
software
subscriptions 5% 5%
Software license
updates and product
support 3% 3%
Software Revenues 4% 4%
Hardware systems
products (24%) (24%)
Hardware systems
support (11%) (11%)
Hardware Systems
Revenues (19%) (19%)
Services Revenues (6%) (6%)
Total Revenues (2%) (2%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 10% 10%
Software license
updates and product
support 8% 8%
Software Revenues 9% 9%
Hardware systems
products (21%) (21%)
Hardware systems
support (6%) (6%)
Hardware Systems
Revenues (15%) (15%)
Services Revenues 0% 0%
Total Revenues 3% 3%
-------- ------- ------- ------- --------
GEOGRAPHIC REVENUES
REVENUES
Americas $ 4,324 $ 4,324
Europe, Middle
East & Africa 2,383 2,383
Asia Pacific 1,474 1,474
-------- ------- ------- ------- --------
Total Revenues $ 8,181 $ 8,181
======== ======= ======= ======= ========
HEADCOUNT
GEOGRAPHIC AREA
Americas 49,145
Europe, Middle
East & Africa 22,584
Asia Pacific 44,170
-------- ------- ------- ------- --------
Total Company 115,899
======== ======= ======= ======= ========
(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, 2012 and 2011 for the fiscal 2013 and fiscal 2012 constant
currency growth rate calculations presented, respectively, rather than the
actual exchange rates in effect during the respective periods.
ORACLE CORPORATION
Q1 FISCAL 2013 FINANCIAL RESULTS
SUPPLEMENTAL GEOGRAPHIC REVENUES ANALYSIS (1)
($ in millions)
Fiscal 2012
----------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
-------- -------- -------- -------- --------
AMERICAS
New software
licenses and cloud
software
subscriptions $ 727 $ 1,027 $ 1,228 $ 2,126 $ 5,107
======== ======== ======== ======== ========
Hardware systems
products $ 475 $ 496 $ 410 $ 498 $ 1,880
======== ======== ======== ======== ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 10% 0% 11% 14% 10%
Hardware systems
products (12%) (17%) (19%) (17%) (16%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 9% 1% 11% 16% 11%
Hardware systems
products (13%) (17%) (18%) (16%) (16%)
-------- -------- -------- -------- --------
EUROPE / MIDDLE EAST /
AFRICA
New software
licenses and cloud
software
subscriptions $ 440 $ 584 $ 693 $ 1,166 $ 2,884
======== ======== ======== ======== ========
Hardware systems
products $ 344 $ 272 $ 265 $ 260 $ 1,140
======== ======== ======== ======== ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 25% 2% (1%) (5%) 1%
Hardware systems
products 2% (17%) (20%) (24%) (15%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 15% 3% 1% 2% 4%
Hardware systems
products (11%) (17%) (18%) (18%) (16%)
-------- -------- -------- -------- --------
ASIA PACIFIC
New software
licenses and cloud
software
subscriptions $ 331 $ 437 $ 453 $ 693 $ 1,915
======== ======== ======== ======== ========
Hardware systems
products $ 210 $ 185 $ 194 $ 219 $ 807
======== ======== ======== ======== ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 20% 11% 13% 8% 12%
Hardware systems
products 6% 2% (3%) 1% 1%
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 9% 8% 11% 13% 11%
Hardware systems
products (5%) (1%) (6%) 1% (3%)
-------- -------- -------- -------- --------
TOTAL COMPANY
New software
licenses and cloud
software
subscriptions $ 1,498 $ 2,048 $ 2,374 $ 3,985 $ 9,906
======== ======== ======== ======== ========
Hardware systems
products $ 1,029 $ 953 $ 869 $ 977 $ 3,827
======== ======== ======== ======== ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 17% 2% 7% 7% 7%
Hardware systems
products (5%) (14%) (16%) (16%) (13%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 11% 3% 8% 11% 8%
Hardware systems
products (11%) (14%) (16%) (13%) (14%)
-------- -------- -------- -------- --------
Fiscal 2013
-------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
-------- ------- ------- ------- --------
AMERICAS
New software
licenses and cloud
software
subscriptions $ 814 $ 814
======== ======= ======= ======= ========
Hardware systems
products $ 380 $ 380
======== ======= ======= ======= ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 12% 12%
Hardware systems
products (20%) (20%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 14% 14%
Hardware systems
products (19%) (19%)
-------- ------- ------- ------- --------
EUROPE / MIDDLE EAST /
AFRICA
New software
licenses and cloud
software
subscriptions $ 403 $ 403
======== ======= ======= ======= ========
Hardware systems
products $ 214 $ 214
======== ======= ======= ======= ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions (8%) (8%)
Hardware systems
products (38%) (38%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 1% 1%
Hardware systems
products (30%) (30%)
-------- ------- ------- ------- --------
ASIA PACIFIC
New software
licenses and cloud
software
subscriptions $ 357 $ 357
======== ======= ======= ======= ========
Hardware systems
products $ 185 $ 185
======== ======= ======= ======= ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 8% 8%
Hardware systems
products (12%) (12%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 12% 12%
Hardware systems
products (10%) (10%)
-------- ------- ------- ------- --------
TOTAL COMPANY
New software
licenses and cloud
software
subscriptions $ 1,574 $ 1,574
======== ======= ======= ======= ========
Hardware systems
products $ 779 $ 779
======== ======= ======= ======= ========
AS REPORTED GROWTH
RATES
New software
licenses and cloud
software
subscriptions 5% 5%
Hardware systems
products (24%) (24%)
CONSTANT CURRENCY
GROWTH RATES (2)
New software
licenses and cloud
software
subscriptions 10% 10%
Hardware systems
products (21%) (21%)
-------- ------- ------- ------- --------
(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, 2012 and 2011 for the fiscal 2013 and fiscal 2012 constant
currency growth rate calculations presented, respectively, rather than the
actual exchange rates in effect during the respective periods.
APPENDIX A
ORACLE CORPORATION
Q1 FISCAL 2013 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:
- New software licenses and cloud software subscriptions, 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 subscriptions 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 software subscriptions contracts and support contracts that would have otherwise been recorded by the acquired entity. The non-GAAP adjustment to our new software licenses and cloud software subscriptions 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 subscriptions and hardware systems support contracts; however, we cannot be certain that our customers will renew our cloud software subscriptions 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 changes in fair value of contingent consideration payable, and certain other operating expenses, 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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