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Oracle Reports Q3 GAAP EPS Up 6% to 52 Cents; Q3 Non-GAAP EPS Up 5% to 65 Cents
Cloud Software as a Service Revenue Up 111%, Trailing Twelve Month Operating Cash Flow of $13.7 Billion
Actualizado el 20 de marzo, 2013 - 21.01hs.
REDWOOD SHORES, CA -- (Marketwire) -- 03/20/13 -- Oracle Corporation (NASDAQ: ORCL) today announced that fiscal 2013 Q3 total revenues were down 1% to $9.0 billion. New software licenses and cloud software subscriptions revenues were down 2% to $2.3 billion. Software license updates and product support revenues were up 7% to $4.3 billion. Hardware systems products revenues were $671 million. GAAP operating income was up 1% to $3.3 billion, and GAAP operating margin was 37%. Non-GAAP operating income was down 1% to $4.2 billion, and non-GAAP operating margin was 47%. GAAP net income was unchanged at $2.5 billion, while non-GAAP net income was down 1% to $3.1 billion. GAAP earnings per share were $0.52, up 6% compared to last year while non-GAAP earnings per share were up 5% to $0.65. GAAP operating cash flow on a trailing twelve-month basis was $13.7 billion.
Without the impact of the US dollar strengthening compared to foreign currencies, Oracle's reported Q3 GAAP earnings per share would have been $0.01 higher at $0.53, up 8%, and Q3 non-GAAP earnings per share would have been approximately $0.01 higher. Total revenues also would have been 1% higher and new software licenses and cloud software subscription revenues would have been 2% higher than reported.
"Our non-GAAP operating margin increased to a Q3 record of 47%, and we expect it to reach an all-time high for the fiscal year," said Oracle President and CFO, Safra Catz. "Both operating cash flow and free cash flow were at record levels for a Q3, with operating cash flow of $13.7 billion over the last twelve months."
"The Oracle Cloud is the most robust and comprehensive cloud platform available with services at the infrastructure (IaaS), platform (PaaS) and application (SaaS) level," said Oracle President, Mark Hurd. "In Q3, our SaaS revenue alone grew well over 100% as lots of new customers adopted our Sales, Service, Marketing and Human Capital Management applications in the Cloud."
"This month we will begin deliveries of servers based on our new SPARC T5 microprocessor: the fastest microprocessor in the world," said Oracle CEO, Larry Ellison. "The new T5 servers can have up to eight microprocessors while our new M5 system can be configured with up to thirty-two microprocessors. The M5 runs the Oracle database 10 times faster than the M9000 it replaces."
Q3 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: 591704. 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 Q3 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: 1437646.
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 our non-GAAP operating margin reaching an all-time high for the fiscal year, the deliveries of servers based on our new SPARC T5 microprocessor and the configurations of the SPARC T5 servers and M5 systems, 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 March 20, 2013. Oracle undertakes no duty to update any statement in light of new information or future events.
ORACLE CORPORATION
Q3 FISCAL 2013 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
Three Months Ended
------------------------------------
%
Increase
% (Decrease)
Increase in
(Decrease) Constant
February % of February % of in US Currency
28, 2013 Revenues 29, 2012 Revenues $ (1)
-------- -------- -------- -------- -------- --------
REVENUES
New software
licenses and
cloud software
subscriptions $ 2,332 26% $ 2,374 26% (2%) 0%
Software license
updates and
product support 4,340 48% 4,051 45% 7% 8%
-------- -------- -------- --------
Software
Revenues 6,672 74% 6,425 71% 4% 5%
-------- -------- -------- --------
Hardware systems
products 671 8% 869 10% (23%) (22%)
Hardware systems
support 570 6% 604 6% (6%) (5%)
-------- -------- -------- --------
Hardware
Systems
Revenues 1,241 14% 1,473 16% (16%) (15%)
-------- -------- -------- --------
Services
Revenues 1,045 12% 1,141 13% (8%) (7%)
-------- -------- -------- --------
Total
Revenues 8,958 100% 9,039 100% (1%) 0%
-------- -------- -------- --------
OPERATING EXPENSES
Sales and
marketing 1,802 20% 1,700 19% 6% 7%
Software license
updates and
product support 306 3% 305 3% 1% 2%
Hardware systems
products 337 4% 424 5% (21%) (20%)
Hardware systems
support 219 2% 257 3% (15%) (14%)
Services 854 10% 922 10% (7%) (6%)
Research and
development 1,186 13% 1,145 13% 4% 4%
General and
administrative 260 3% 261 3% 0% 1%
Amortization of
intangible
assets 586 7% 606 7% (3%) (3%)
Acquisition
related and
other 32 0% 38 0% (16%) (17%)
Restructuring 42 1% 64 0% (35%) (36%)
-------- -------- -------- --------
Total
Operating
Expenses 5,624 63% 5,722 63% (2%) (1%)
-------- -------- -------- --------
OPERATING INCOME 3,334 37% 3,317 37% 1% 2%
Interest expense (205) (2%) (190) (2%) 8% 8%
Non-operating
(expense)
income, net (39) (1%) 21 0% 284% 298%
-------- -------- -------- --------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 3,090 34% 3,148 35% (2%) 0%
-------- -------- -------- --------
Provision for
income taxes 586 6% 650 7% (10%) (8%)
-------- -------- -------- --------
NET INCOME $ 2,504 28% $ 2,498 28% 0% 2%
======== ======== ======== ========
EARNINGS PER
SHARE:
Basic $ 0.53 $ 0.50
Diluted $ 0.52 $ 0.49
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 4,735 5,007
Diluted 4,812 5,080
(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 February 28, 2013
compared with the corresponding prior year period decreased our revenues
by 1 percentage point, operating expenses by 1 percentage point and
operating income by 1 percentage point.
ORACLE CORPORATION
Q3 FISCAL 2013 FINANCIAL RESULTS
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($ in millions, except per share data)
Three Months Ended
--------------------------------------------------------
February February February February
28, 2013 28, 2013 29, 2012 29, 2012
GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP
--------- ----- --------- --------- ----- ---------
TOTAL REVENUES (3)
(4) (5) $ 8,958 $ 12 $ 8,970 $ 9,039 $ 23 $ 9,062
TOTAL SOFTWARE
REVENUES (3) (4) $ 6,672 $ 10 $ 6,682 $ 6,425 $ 17 $ 6,442
New software
licenses and
cloud software
subscriptions
(3) 2,332 6 2,338 2,374 - 2,374
Software license
updates and
product support
(4) 4,340 4 4,344 4,051 17 4,068
TOTAL HARDWARE
SYSTEMS REVENUES
(5) $ 1,241 $ 2 $ 1,243 $ 1,473 $ 6 $ 1,479
Hardware systems
products 671 - 671 869 - 869
Hardware systems
support (5) 570 2 572 604 6 610
TOTAL OPERATING
EXPENSES $ 5,624 $(832) $ 4,792 $ 5,722 $(865) $ 4,857
Stock-based
compensation
(6) 172 (172) - 157 (157) -
Amortization of
intangible
assets (7) 586 (586) - 606 (606) -
Acquisition
related and
other 32 (32) - 38 (38) -
Restructuring 42 (42) - 64 (64) -
OPERATING INCOME $ 3,334 $ 844 $ 4,178 $ 3,317 $ 888 $ 4,205
OPERATING MARGIN % 37% 47% 37% 46%
INCOME TAX EFFECTS
(8) $ 586 $ 240 $ 826 $ 650 $ 258 $ 908
NET INCOME $ 2,504 $ 604 $ 3,108 $ 2,498 $ 630 $ 3,128
DILUTED EARNINGS
PER SHARE $ 0.52 $ 0.65 $ 0.49 $ 0.62
DILUTED WEIGHTED
AVERAGE COMMON
SHARES
OUTSTANDING 4,812 - 4,812 5,080 - 5,080
% Increase (Decrease)
% Increase (Decrease) in Constant Currency
in US $ (2)
----------------------- -----------------------
GAAP Non-GAAP GAAP Non-GAAP
---------- ---------- ---------- ----------
TOTAL REVENUES (3)
(4) (5) (1%) (1%) 0% 0%
TOTAL SOFTWARE
REVENUES (3) (4) 4% 4% 5% 5%
New software
licenses and
cloud software
subscriptions
(3) (2%) (2%) 0% 0%
Software license
updates and
product support
(4) 7% 7% 8% 8%
TOTAL HARDWARE
SYSTEMS REVENUES
(5) (16%) (16%) (15%) (15%)
Hardware systems
products (23%) (23%) (22%) (22%)
Hardware systems
support (5) (6%) (6%) (5%) (5%)
TOTAL OPERATING
EXPENSES (2%) (1%) (1%) 0%
Stock-based
compensation
(6) 9% * 9% *
Amortization of
intangible
assets (7) (3%) * (3%) *
Acquisition
related and
other (16%) * (17%) *
Restructuring (35%) * (36%) *
OPERATING INCOME 1% (1%) 2% 0%
OPERATING MARGIN % 52 bp. 17 bp. 65 bp. 17 bp.
INCOME TAX EFFECTS
(8) (10%) (9%) (8%) (8%)
NET INCOME 0% (1%) 2% 1%
DILUTED EARNINGS
PER SHARE 6% 5% 8% 6%
DILUTED WEIGHTED
AVERAGE COMMON
SHARES
OUTSTANDING (5%) (5%) (5%) (5%)
(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 February 28, 2013, approximately $7 million and $6 million in
estimated revenues related to assumed cloud software subscriptions
contracts will not be recognized for the remainder of fiscal 2013 and
fiscal 2014, respectively, due to business combination accounting rules.
(4) As of February 28, 2013, approximately $3 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 February 28, 2013, approximately $2 million in estimated revenues
related to hardware systems support contracts will not be recognized for
each of the remainder of fiscal 2013 and fiscal 2014 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
February 28, 2013 February 29, 2012
-------------------------- --------------------------
GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP
-------- ------- -------- -------- ------- --------
Sales and
marketing $ 32 $ (32) $ - $ 30 $ (30) $ -
Software license
updates and
product support 5 (5) - 5 (5) -
Hardware systems
products 1 (1) - - - -
Hardware systems
support 1 (1) - 1 (1) -
Services 7 (7) - 6 (6) -
Research and
development 86 (86) - 74 (74) -
General and
administrative 40 (40) - 41 (41) -
-------- ------- -------- -------- ------- --------
Subtotal 172 (172) - 157 (157) -
-------- ------- -------- -------- ------- --------
Acquisition
related and other 8 (8) - 18 (18) -
-------- ------- -------- -------- ------- --------
Total stock-
based
compensation $ 180 $ (180) $ - $ 175 $ (175) $ -
======== ======= ======== ======== ======= ========
(7) Estimated future annual amortization expense related to intangible
assets as of February 28, 2013 was as follows:
Remainder of
Fiscal 2013 $ 582
Fiscal 2014 2,043
Fiscal 2015 1,582
Fiscal 2016 1,020
Fiscal 2017 450
Fiscal 2018 324
Thereafter 661
--------
Total intangible
assets, net $ 6,662
========
(8) Income tax effects were calculated reflecting an effective GAAP tax rate
of 19.0% and 20.7% in the third quarter of fiscal 2013 and 2012,
respectively, and an effective non-GAAP tax rate of 21.0% and 22.5% in
the third quarter of fiscal 2013 and 2012, respectively. The difference
between our GAAP and non-GAAP tax rates in the third quarter of fiscal
2013 was primarily due to the net tax effects of acquisition related
items, including the tax effect of amortization of intangible assets,
and the disproportionate rate impact of discrete items for the quarter.
The difference between our GAAP and non-GAAP tax rates in the third
quarter of fiscal 2012 was primarily due to income tax effects related
to acquired tax exposures, the differences in jurisdictional tax rates
and related tax benefits attributable to our restructuring expenses, and
the disproportionate rate impact of discrete items for the quarter.
* Not meaningful
ORACLE CORPORATION
Q3 FISCAL 2013 YEAR TO DATE FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
Nine Months Ended
------------------------------------
%
Increase
% (Decrease)
Increase in
(Decrease) Constant
February % of February % of in US Currency
28, 2013 Revenues 29, 2012 Revenues $ (1)
-------- -------- -------- -------- -------- --------
REVENUES
New software
licenses and
cloud software
subscriptions $ 6,295 24% $ 5,921 23% 6% 9%
Software license
updates and
product support 12,740 49% 12,058 46% 6% 8%
-------- -------- -------- --------
Software
Revenues 19,035 73% 17,979 69% 6% 8%
-------- -------- -------- --------
Hardware systems
products 2,185 8% 2,851 11% (23%) (22%)
Hardware systems
support 1,730 7% 1,874 7% (8%) (5%)
-------- -------- -------- --------
Hardware Systems
Revenues 3,915 15% 4,725 18% (17%) (15%)
-------- -------- -------- --------
Services
Revenues 3,283 12% 3,501 13% (6%) (3%)
-------- -------- -------- --------
Total Revenues 26,233 100% 26,205 100% 0% 2%
-------- -------- -------- --------
OPERATING EXPENSES
Sales and
marketing 5,120 19% 5,027 19% 2% 4%
Software license
updates and
product support 860 3% 899 3% (4%) (2%)
Hardware systems
products 1,087 4% 1,367 5% (20%) (19%)
Hardware systems
support 670 3% 798 3% (16%) (14%)
Services 2,668 10% 2,788 11% (4%) (1%)
Research and
development 3,586 14% 3,297 13% 9% 10%
General and
administrative 798 3% 848 3% (6%) (4%)
Amortization of
intangible
assets 1,789 7% 1,790 7% 0% 0%
Acquisition
related and
other (2) (347) (1%) 63 0% (652%) (660%)
Restructuring 318 1% 217 1% 46% 52%
-------- -------- -------- --------
Total Operating
Expenses 16,549 63% 17,094 65% (3%) (1%)
-------- -------- -------- --------
OPERATING INCOME 9,684 37% 9,111 35% 6% 10%
Interest expense (588) (2%) (574) (2%) 2% 3%
Non-operating
(expense)
income, net (24) 0% 42 0% 158% 166%
-------- -------- -------- --------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 9,072 35% 8,579 33% 6% 9%
-------- -------- -------- --------
Provision for
income taxes 1,953 8% 2,050 8% (5%) (1%)
-------- -------- -------- --------
NET INCOME $ 7,119 27% $ 6,529 25% 9% 13%
======== ======== ======== ========
EARNINGS PER
SHARE:
Basic $ 1.48 $ 1.30
Diluted $ 1.46 $ 1.28
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 4,798 5,037
Diluted 4,873 5,118
(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 nine months ended February 28, 2013
compared with the corresponding prior year period decreased our revenues
by 2 percentage points, operating expenses by 2 percentage points and
operating income by 4 percentage points.
(2) Acquisition related and other expenses for the nine months ended
February 28, 2013 included a benefit of $306 million related to certain
litigation and a net benefit of $118 million due to an acquisition
related item.
ORACLE CORPORATION
Q3 FISCAL 2013 YEAR TO DATE FINANCIAL RESULTS
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($ in millions, except per share data)
Nine Months Ended
--------------------------------------------------------
February February February February
28, 2013 28, 2013 29, 2012 29, 2012
GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP
-------- ------- -------- -------- ------- --------
TOTAL REVENUES (3)
(4) (5) $ 26,233 $ 59 $ 26,292 $ 26,205 $ 66 $ 26,271
TOTAL SOFTWARE
REVENUES (3) (4) $ 19,035 $ 49 $ 19,084 $ 17,979 $ 40 $ 18,019
New software
licenses and
cloud software
subscriptions
(3) 6,295 37 6,332 5,921 - 5,921
Software license
updates and
product support
(4) 12,740 12 12,752 12,058 40 12,098
TOTAL HARDWARE
SYSTEMS REVENUES
(5) $ 3,915 $ 10 $ 3,925 $ 4,725 $ 26 $ 4,751
Hardware systems
products 2,185 - 2,185 2,851 - 2,851
Hardware systems
support (5) 1,730 10 1,740 1,874 26 1,900
TOTAL OPERATING
EXPENSES $ 16,549 $(2,296) $ 14,253 $ 17,094 $(2,523) $ 14,571
Stock-based
compensation
(6) 536 (536) - 453 (453) -
Amortization of
intangible
assets (7) 1,789 (1,789) - 1,790 (1,790) -
Acquisition
related and
other (347) 347 - 63 (63) -
Restructuring 318 (318) - 217 (217) -
OPERATING INCOME $ 9,684 $ 2,355 $ 12,039 $ 9,111 $ 2,589 $ 11,700
OPERATING MARGIN % 37% 46% 35% 45%
INCOME TAX EFFECTS
(8) $ 1,953 $ 630 $ 2,583 $ 2,050 $ 740 $ 2,790
NET INCOME $ 7,119 $ 1,725 $ 8,844 $ 6,529 $ 1,849 $ 8,378
DILUTED EARNINGS
PER SHARE $ 1.46 $ 1.81 $ 1.28 $ 1.64
DILUTED WEIGHTED
AVERAGE COMMON
SHARES
OUTSTANDING 4,873 - 4,873 5,118 - 5,118
% Increase (Decrease)
% Increase (Decrease) in Constant Currency
in US $ (2)
---------------------- ----------------------
GAAP Non-GAAP GAAP Non-GAAP
---------- ---------- ---------- ----------
TOTAL REVENUES (3)
(4) (5) 0% 0% 2% 2%
TOTAL SOFTWARE
REVENUES (3) (4) 6% 6% 8% 8%
New software
licenses and
cloud software
subscriptions
(3) 6% 7% 9% 9%
Software license
updates and
product support
(4) 6% 5% 8% 8%
TOTAL HARDWARE
SYSTEMS REVENUES
(5) (17%) (17%) (15%) (16%)
Hardware systems
products (23%) (23%) (22%) (22%)
Hardware systems
support (5) (8%) (8%) (5%) (6%)
TOTAL OPERATING
EXPENSES (3%) (2%) (1%) 0%
Stock-based
compensation
(6) 18% * 18% *
Amortization of
intangible
assets (7) 0% * 0% *
Acquisition
related and
other (652%) * (660%) *
Restructuring 46% * 52% *
OPERATING INCOME 6% 3% 10% 5%
OPERATING MARGIN % 215 bp. 125 bp. 238 bp. 127 bp.
INCOME TAX EFFECTS
(8) (5%) (7%) (1%) (5%)
NET INCOME 9% 6% 13% 8%
DILUTED EARNINGS
PER SHARE 15% 11% 18% 14%
DILUTED WEIGHTED
AVERAGE COMMON
SHARES
OUTSTANDING (5%) (5%) (5%) (5%)
(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 February 28, 2013, approximately $7 million and $6 million in
estimated revenues related to assumed cloud software subscriptions
contracts will not be recognized for the remainder of fiscal 2013 and
fiscal 2014, respectively, due to business combination accounting rules.
(4) As of February 28, 2013, approximately $3 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 February 28, 2013, approximately $2 million in estimated revenues
related to hardware systems support contracts will not be recognized for
each of the remainder of fiscal 2013 and fiscal 2014 due to business
combination accounting rules.
(6) Stock-based compensation was included in the following GAAP operating
expense categories:
Nine Months Ended Nine Months Ended
February 28, 2013 February 29, 2012
-------------------------- --------------------------
GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP
-------- ------- -------- -------- ------- --------
Sales and
marketing $ 112 $ (112) $ - $ 86 $ (86) $ -
Software license
updates and
product support 15 (15) - 13 (13) -
Hardware systems
products 2 (2) - 1 (1) -
Hardware systems
support 3 (3) - 4 (4) -
Services 24 (24) - 16 (16) -
Research and
development 258 (258) - 213 (213) -
General and
administrative 122 (122) - 120 (120) -
-------- ------- -------- -------- ------- --------
Subtotal 536 (536) - 453 (453) -
-------- ------- -------- -------- ------- --------
Acquisition
related and other 30 (30) - 21 (21) -
-------- ------- -------- -------- ------- --------
Total stock-
based
compensation $ 566 $ (566) $ - $ 474 $ (474) $ -
======== ======= ======== ======== ======= ========
(7) Estimated future annual amortization expense related to intangible
assets as of February 28, 2013 was as follows:
Remainder of
Fiscal 2013 $ 582
Fiscal 2014 2,043
Fiscal 2015 1,582
Fiscal 2016 1,020
Fiscal 2017 450
Fiscal 2018 324
Thereafter 661
--------
Total intangible
assets, net $ 6,662
========
(8) Income tax effects were calculated reflecting an effective GAAP tax rate
of 21.5% and 23.9% in the first nine months of fiscal 2013 and 2012,
respectively, and an effective non-GAAP tax rate of 22.6% and 25.0% in
the first nine months of fiscal 2013 and 2012, respectively. The
differences between our GAAP and non-GAAP tax rates in the first nine
months of fiscal 2013 were primarily due to the net tax effects of
acquisition related items, including the tax effect of amortization of
intangible assets. The difference between our GAAP and non-GAAP tax
rates in the first nine months of fiscal 2012 was primarily due to
income tax effects related to acquired tax exposures, the differences in
jurisdictional tax rates and related tax benefits attributable to our
restructuring expenses, and the disproportionate rate impact of discrete
items for the first nine months of fiscal 2012.
* Not meaningful
ORACLE CORPORATION
Q3 FISCAL 2013 FINANCIAL RESULTS
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions)
February 28, May 31,
2013 2012
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 16,101 $ 14,955
Marketable securities 17,306 15,721
Trade receivables, net 4,169 6,377
Inventories 211 158
Deferred tax assets 829 877
Prepaid expenses and other current assets 2,070 1,935
------------- -------------
Total Current Assets 40,686 40,023
Non-Current Assets:
Property, plant and equipment, net 3,034 3,021
Intangible assets, net 6,662 7,899
Goodwill 26,102 25,119
Deferred tax assets 651 595
Other assets 2,315 1,670
------------- -------------
Total Non-Current Assets 38,764 38,304
------------- -------------
TOTAL ASSETS $ 79,450 $ 78,327
============= =============
LIABILITIES AND EQUITY
Current Liabilities:
Notes payable, current and other current
borrowings $ 1,250 $ 2,950
Accounts payable 361 438
Accrued compensation and related benefits 1,557 2,002
Deferred revenues 6,278 7,035
Other current liabilities 2,470 2,963
------------- -------------
Total Current Liabilities 11,916 15,388
Non-Current Liabilities:
Notes payable and other non-current borrowings 18,502 13,524
Income taxes payable 3,775 3,759
Other non-current liabilities 1,467 1,569
------------- -------------
Total Non-Current Liabilities 23,744 18,852
Equity 43,790 44,087
------------- -------------
TOTAL LIABILITIES AND EQUITY $ 79,450 $ 78,327
============= =============
ORACLE CORPORATION
Q3 FISCAL 2013 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
Nine Months Ended
--------------------------
February 28, February 29,
2013 2012
------------ ------------
Cash Flows From Operating Activities:
Net income $ 7,119 $ 6,529
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 400 350
Amortization of intangible assets 1,789 1,790
Deferred income taxes 108 (200)
Stock-based compensation 566 474
Tax benefits on the exercise of stock
options and vesting of restricted stock-
based awards 372 123
Excess tax benefits on the exercise of stock
options and vesting of restricted stock-
based awards (220) (71)
Other, net 120 67
Changes in operating assets and liabilities,
net of effects from acquisitions:
Decrease in trade receivables, net 2,269 2,028
(Increase) decrease in inventories (48) 139
(Increase) decrease in prepaid expenses
and other assets (241) 87
Decrease in accounts payable and other
liabilities (912) (1,353)
(Decrease) increase in income taxes
payable (853) 259
Decrease in deferred revenues (809) (536)
------------ ------------
Net cash provided by operating
activities 9,660 9,686
------------ ------------
Cash Flows From Investing Activities:
Purchases of marketable securities and other
investments (24,027) (29,745)
Proceeds from maturities and sales of
marketable securities and other investments 22,359 26,472
Acquisitions, net of cash acquired (1,592) (2,833)
Capital expenditures (467) (431)
------------ ------------
Net cash used for investing activities (3,727) (6,537)
------------ ------------
Cash Flows From Financing Activities:
Payments for repurchases of common stock (8,204) (3,457)
Proceeds from issuances of common stock 1,300 513
Payments of dividends to stockholders (1,433) (909)
Proceeds from borrowings, net of issuance
costs 4,974 -
Repayments of borrowings (1,700) (1,405)
Excess tax benefits on the exercise of stock
options and vesting of restricted stock-based
awards 220 71
Distributions to noncontrolling interests (31) (163)
------------ ------------
Net cash used for financing activities (4,874) (5,350)
------------ ------------
Effect of exchange rate changes on cash and cash
equivalents 87 (181)
------------ ------------
Net increase (decrease) in cash and cash
equivalents 1,146 (2,382)
------------ ------------
Cash and cash equivalents at beginning of period 14,955 16,163
------------ ------------
Cash and cash equivalents at end of period $ 16,101 $ 13,781
============ ============
ORACLE CORPORATION
Q3 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 $13,533 $13,717
Capital
Expenditures
(2) (492) (500) (509) (648) (627) (710) (684)
------- ------- ------- ------- ------- ------- ------- ----
Free Cash Flow $12,326 $12,629 $12,954 $13,095 $13,366 $12,823 $13,033
======= ======= ======= ======= ======= ======= ======= ====
% Growth over
prior year 46% 45% 36% 22% 8% 2% 1%
------- ------- ------- ------- ------- ------- ------- ----
GAAP Net Income $ 9,035 $ 9,356 $ 9,738 $ 9,981 $10,175 $10,564 $10,571
Free Cash Flow
as a % of Net
Income 136% 135% 133% 131% 131% 121% 123%
------- ------- ------- ------- ------- ------- ------- ----
(1) To supplement our statements of cash flows presented on a GAAP basis, we
use non-GAAP measures of cash flows on a trailing 4-quarter basis to
analyze cash flow generated from operations. We believe free cash flow
is also useful as one of the bases for comparing our performance with
our competitors. The presentation of non-GAAP free cash flow is not
meant to be considered in isolation or as an alternative to net income
as an indicator of our performance, or as an alternative to cash flows
from operating activities as a measure of liquidity.
(2) Derived from capital expenditures as reported in cash flows from
investing activities as per our consolidated statements of cash flows
presented in accordance with GAAP.
ORACLE CORPORATION
Q3 FISCAL 2013 FINANCIAL RESULTS
SUPPLEMENTAL ANALYSIS OF GAAP REVENUES AND HEADCOUNT (1)
($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 $ 2,389 $ 2,332 $ 6,295
Software license updates
and product support 4,140 4,260 4,340 12,740
-------- -------- -------- ---- --------
Software Revenues 5,714 6,649 6,672 19,035
Hardware systems products 779 734 671 2,185
Hardware systems support 574 587 570 1,730
-------- -------- -------- ---- --------
Hardware Systems
Revenues 1,353 1,321 1,241 3,915
Services Revenues 1,114 1,124 1,045 3,283
-------- -------- -------- ---- --------
Total Revenues $ 8,181 $ 9,094 $ 8,958 $ 26,233
======== ======== ======== ==== ========
AS REPORTED REVENUE GROWTH
RATES
New software licenses and
cloud software
subscriptions 5% 17% (2%) 6%
Software license updates
and product support 3% 7% 7% 6%
Software Revenues 4% 10% 4% 6%
Hardware systems products (24%) (23%) (23%) (23%)
Hardware systems support (11%) (6%) (6%) (8%)
Hardware Systems
Revenues (19%) (16%) (16%) (17%)
Services Revenues (6%) (5%) (8%) (6%)
Total Revenues (2%) 3% (1%) 0%
CONSTANT CURRENCY GROWTH
RATES (2)
New software licenses and
cloud software
subscriptions 10% 18% 0% 9%
Software license updates
and product support 8% 8% 8% 8%
Software Revenues 9% 11% 5% 8%
Hardware systems products (21%) (23%) (22%) (22%)
Hardware systems support (6%) (5%) (5%) (5%)
Hardware Systems
Revenues (15%) (16%) (15%) (15%)
Services Revenues 0% (3%) (7%) (3%)
Total Revenues 3% 5% 0% 2%
-------- -------- -------- ---- --------
GEOGRAPHIC REVENUES
REVENUES
Americas $ 4,324 $ 4,787 $ 4,698 $ 13,808
Europe, Middle East &
Africa 2,383 2,701 2,745 7,829
Asia Pacific 1,474 1,606 1,515 4,596
-------- -------- -------- ---- --------
Total Revenues $ 8,181 $ 9,094 $ 8,958 $ 26,233
======== ======== ======== ==== ========
HEADCOUNT
GEOGRAPHIC AREA
Americas 49,145 49,584 50,402
Europe, Middle East &
Africa 22,584 22,594 22,592
Asia Pacific 44,170 45,051 45,663
-------- -------- -------- ---- --------
Total Company 115,899 117,229 118,657
======== ======== ======== ==== ========
(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
Q3 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 $1,253 $1,205 $3,271
====== ====== ====== ==== ======
Hardware systems products $ 380 $ 370 $ 307 $1,056
====== ====== ====== ==== ======
AS REPORTED GROWTH RATES
New software licenses and cloud
software subscriptions 12% 22% (2%) 10%
Hardware systems products (20%) (25%) (25%) (24%)
CONSTANT CURRENCY GROWTH RATES (2)
New software licenses and cloud
software subscriptions 14% 22% (1%) 11%
Hardware systems products (19%) (25%) (25%) (23%)
EUROPE / MIDDLE EAST / AFRICA
New software licenses and cloud
software subscriptions $ 403 $ 641 $ 690 $1,734
====== ====== ====== ==== ======
Hardware systems products $ 214 $ 198 $ 201 $ 615
====== ====== ====== ==== ======
AS REPORTED GROWTH RATES
New software licenses and cloud
software subscriptions (8%) 10% 0% 1%
Hardware systems products (38%) (27%) (24%) (30%)
CONSTANT CURRENCY GROWTH RATES (2)
New software licenses and cloud
software subscriptions 1% 12% 1% 5%
Hardware systems products (30%) (25%) (24%) (27%)
ASIA PACIFIC
New software licenses and cloud
software subscriptions $ 357 $ 495 $ 437 $1,290
====== ====== ====== ==== ======
Hardware systems products $ 185 $ 166 $ 163 $ 514
====== ====== ====== ==== ======
AS REPORTED GROWTH RATES
New software licenses and cloud
software subscriptions 8% 13% (3%) 6%
Hardware systems products (12%) (10%) (16%) (13%)
CONSTANT CURRENCY GROWTH RATES (2)
New software licenses and cloud
software subscriptions 12% 13% 1% 8%
Hardware systems products (10%) (12%) (14%) (12%)
TOTAL COMPANY
New software licenses and cloud
software subscriptions $1,574 $2,389 $2,332 $6,295
====== ====== ====== ==== ======
Hardware systems products $ 779 $ 734 $ 671 $2,185
====== ====== ====== ==== ======
AS REPORTED GROWTH RATES
New software licenses and cloud
software subscriptions 5% 17% (2%) 6%
Hardware systems products (24%) (23%) (23%) (23%)
CONSTANT CURRENCY GROWTH RATES (2)
New software licenses and cloud
software subscriptions 10% 18% 0% 9%
Hardware systems products (21%) (23%) (22%) (22%)
(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
Q3 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 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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