Technology

Oracle Announces Fiscal 2024 Fourth Quarter and Fiscal Full Year Financial Results

Published

7 months ago

June 11, 2024

Q4 Total Remaining Performance Obligations up 44% to $98 billionQ4 GAAP Earnings per Share $1.11, Non-GAAP Earnings per Share $1.63Q4 Total Revenue $14.3 billion, up 3% in USD, up 4% in constant currency Q4 Cloud Revenue (IaaS plus SaaS) $5.3 billion, up 20% in USD and constant currencyQ4 Cloud Infrastructure (IaaS) Revenue $2.0 billion, up 42% in USD and constant currency Q4 Cloud Application (SaaS) Revenue $3.3 billion, up 10% in USD and constant currencyQ4 Fusion Cloud ERP (SaaS) Revenue $0.8 billion, up 14% in USD and constant currencyQ4 NetSuite Cloud ERP (SaaS) Revenue $0.8 billion, up 19% in USD and constant currencyFY 2024 Total Revenue $53.0 billion, up 6% in USD and constant currency

AUSTIN, Texas, June 11, 2024 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced fiscal 2024 Q4 and full-year 2024 results. Total quarterly revenues were up 3% year-over-year in USD and up 4% in constant currency to $14.3 billion. Cloud services and license support revenues were up 9% in USD and up 10% in constant currency to $10.2 billion. Cloud license and on-premise license revenues were down 15% in USD and down 14% in constant currency to $1.8 billion.

Q4 GAAP operating income was $4.7 billion. Non-GAAP operating income was $6.7 billion, up 8% in USD and up 9% in constant currency. GAAP operating margin was 33%, and non-GAAP operating margin was 47%. GAAP net income was $3.1 billion, and non-GAAP net income was $4.6 billion. Q4 GAAP earnings per share was $1.11 while non-GAAP earnings per share was $1.63.

Short-term deferred revenues were $9.3 billion. Operating cash flow was $18.7 billion during fiscal year 2024, up 9% in USD.

Fiscal year 2024 total revenues were up 6% in USD and constant currency to $53.0 billion. Cloud services and license support revenues were up 12% in USD and up 11% in constant currency to $39.4 billion. Cloud license and on-premise license revenues were down 12% in USD and constant currency to $5.1 billion.

Fiscal year 2024 GAAP operating income was $15.4 billion, and GAAP operating margin was 29%. Non-GAAP operating income was $23.1 billion, and non-GAAP operating margin was 44%. GAAP net income was $10.5 billion, while non-GAAP net income was $15.7 billion. GAAP earnings per share was $3.71, while non-GAAP earnings per share was $5.56.

“In Q3 and Q4, Oracle signed the largest sales contracts in our history—driven by enormous demand for training AI large language models in the Oracle Cloud,” said Oracle CEO, Safra Catz. “These record level sales drove RPO up 44% to $98 billion. Throughout fiscal year 2025, I expect continued strong AI demand to push Oracle sales and RPO even higher—and result in double-digit revenue growth this fiscal year. I also expect that each successive quarter should grow faster than the previous quarter—as OCI capacity begins to catch up with demand. In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with Open AI to train ChatGPT in the Oracle Cloud.”

“Our multicloud cooperation with Microsoft expanded significantly in Q4, as we agreed to work together to support Open AI and ChatGPT—and 11 of the 23 OCI datacenters we are building inside Azure went live,” said Oracle Chairman and CTO, Larry Ellison. “As this Azure/OCI cloud capacity becomes available to the large installed base of Microsoft and Oracle customers, it will turbocharge our cloud database growth. Now customers can run any and every version of the Oracle database—Autonomous, 23ai Vector DB, etc.— in both the Azure and the Oracle Clouds. As customers continue to choose and use multiple clouds, Hyperscalers like Microsoft and Google are responding by interconnecting their clouds. Oracle recently signed an agreement with Google to interconnect our clouds—and initially build 12 OCI datacenters inside the Google Cloud. We expect the Oracle database to be available within the Google Cloud in September this year.”

The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on July 11, 2024, with a payment date of July 25, 2024.

A sample list of customers which purchased Oracle Cloud services during the quarter will be available at www.oracle.com/customers/earnings/.A list of recent technical innovations and announcements is available at www.oracle.com/news/.To learn what industry analysts have been saying about Oracle’s products and services see www.oracle.com/corporate/analyst-reports/.

Earnings Conference Call and Webcast

Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor/.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks

Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

“Safe Harbor” Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including expectations for AI demand driving revenue growth and the timing of such growth, the effects of our multicloud strategy on cloud database growth, and our plans for datacenters and Oracle database availability inside the Google Cloud, are “forward-looking statements” and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. 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’s Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press release is current as of June 11, 2024. Oracle undertakes no duty to update any statement in light of new information or future events.

ORACLE CORPORATION

Q4 FISCAL 2024 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Three Months Ended May 31,

% Increase

(Decrease)

% of

(Decrease)

in Constant

2024

Revenues

2023

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support

$ 10,234

72 %

$ 9,370

68 %

9 %

10 %

Cloud license and on-premise license

1,838

13 %

2,152

15 %

(15 %)

(14 %)

Hardware

842

6 %

850

6 %

(1 %)

0 %

Services

1,373

9 %

1,465

11 %

(6 %)

Total revenues

14,287

100 %

13,837

100 %

3 %

4 %

OPERATING EXPENSES

Cloud services and license support

2,522

18 %

2,157

16 %

17 %

Hardware

241

2 %

261

2 %

(7 %)

Services

1,160

8 %

1,312

9 %

(12 %)

(11 %)

Sales and marketing

2,114

15 %

2,289

17 %

(8 %)

(7 %)

Research and development

2,226

15 %

2,226

16 %

0 %

General and administrative

402

3 %

400

3 %

1 %

Amortization of intangible assets

743

5 %

870

6 %

(15 %)

Acquisition related and other

101

1 %

0 %

97 %

Restructuring

0 %

131

1 %

(29 %)

Total operating expenses

9,601

67 %

9,697

70 %

(1 %)

OPERATING INCOME

4,686

33 %

4,140

30 %

13 %

15 %

Interest expense

(878)

(6 %)

(955)

(7 %)

(8 %)

Non-operating expenses, net

(26)

0 %

(76)

(1 %)

(66 %)

(68 %)

INCOME BEFORE INCOME TAXES

3,782

27 %

3,109

22 %

24 %

(Provision for) benefit from income taxes

(639)

(5 %)

210

2 %

NET INCOME

$ 3,143

22 %

$ 3,319

24 %

(5 %)

(4 %)

EARNINGS PER SHARE:

Basic

$ 1.14

$ 1.23

Diluted

$ 1.11

$ 1.19

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,753

2,707

Diluted

2,834

2,796

(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, 2023,

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 May 31, 2024 compared

with the corresponding prior year period decreased our total revenues by 1 percentage point and operating income by 2 percentage

points.

Not meaningful

ORACLE CORPORATION

Q4 FISCAL 2024 FINANCIAL RESULTS

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in millions, except per share data)

Three Months Ended May 31,

% Increase (Decrease)
in US $

% Increase (Decrease) in
Constant Currency (2)

2024

2023

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

TOTAL REVENUES

$ 14,287

$ –

$ 14,287

$ 13,837

$ –

$ 13,837

3 %

4 %

TOTAL OPERATING EXPENSES

$ 9,601

$ (1,983)

$ 7,618

$ 9,697

$ (2,016)

$ 7,681

(1 %)

Stock-based compensation (3)

1,047

(1,047)

–

964

(964)

–

9 %

Amortization of intangible assets (4)

743

(743)

–

870

(870)

–

(15 %)

Acquisition related and other

101

(101)

–

(51)

–

97 %

Restructuring

(92)

–

131

(131)

–

(29 %)

OPERATING INCOME

$ 4,686

$ 1,983

$ 6,669

$ 4,140

$ 2,016

$ 6,156

13 %

8 %

15 %

9 %

OPERATING MARGIN %

33 %

47 %

30 %

44 %

288 bp.

219 bp.

311 bp.

235 bp.

INCOME TAX EFFECTS (5)

$ (639)

$ (519)

$ (1,158)

$ 210

$ (680)

$ (470)

147 %

149 %

NET INCOME

$ 3,143

$ 1,464

$ 4,607

$ 3,319

$ 1,336

$ 4,655

(5 %)

(1 %)

(4 %)

0 %

DILUTED EARNINGS PER SHARE

$ 1.11

$ 1.63

$ 1.19

$ 1.67

(7 %)

(2 %)

(5 %)

(1 %)

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,834

–

2,834

2,796

–

2,796

1 %

(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, 2023, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the
respective periods.

(3)

Stock-based compensation was included in the following GAAP operating expense categories:

Three Months Ended

May 31, 2024

May 31, 2023

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

Cloud services and license support

$ 140

$ (140)

$ –

$ 117

$ (117)

$ –

Hardware

(6)

–

(5)

–

Services

(44)

–

(38)

–

Sales and marketing

178

(178)

–

177

(177)

–

Research and development

583

(583)

–

535

(535)

–

General and administrative

(96)

–

(92)

–

Total stock-based compensation

$ 1,047

$ (1,047)

$ –

$ 964

$ (964)

$ –

(4)

Estimated future annual amortization expense related to intangible assets as of May 31, 2024 was as follows:

Fiscal 2025

$ 2,303

Fiscal 2026

1,639

Fiscal 2027

672

Fiscal 2028

635

Fiscal 2029

561

Thereafter

1,080

Total intangible assets, net

$ 6,890

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 16.9% and (6.7%) in the fourth quarter of fiscal 2024 and 2023, respectively, and an effective non-GAAP tax rate of 20.1% and 9.2% in the
fourth quarter of fiscal 2024 and 2023, respectively. The difference in our GAAP and non-GAAP tax rates in each of the fourth quarter of fiscal 2024 and 2023 was primarily due to the net tax effects related to stock-
based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to
an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.

Not meaningful

ORACLE CORPORATION

FISCAL 2024 YEAR TO DATE FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Year Ended May 31,

% Increase

(Decrease)

% of

(Decrease)

in Constant

2024

Revenues

2023

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support

$ 39,383

74 %

$ 35,307

71 %

12 %

11 %

Cloud license and on-premise license

5,081

10 %

5,779

12 %

(12 %)

Hardware

3,066

6 %

3,274

6 %

(6 %)

(7 %)

Services

5,431

10 %

5,594

11 %

(3 %)

Total revenues

52,961

100 %

49,954

100 %

6 %

OPERATING EXPENSES

Cloud services and license support

9,427

18 %

7,763

16 %

21 %

Hardware

891

2 %

1,040

2 %

(14 %)

(15 %)

Services

4,825

9 %

4,761

10 %

1 %

Sales and marketing

8,274

15 %

8,833

18 %

(6 %)

(7 %)

Research and development

8,915

17 %

8,623

17 %

3 %

General and administrative

1,548

3 %

1,579

3 %

(2 %)

Amortization of intangible assets

3,010

6 %

3,582

7 %

(16 %)

Acquisition related and other

314

0 %

190

0 %

65 %

64 %

Restructuring

404

1 %

490

1 %

(18 %)

Total operating expenses

37,608

71 %

36,861

74 %

2 %

OPERATING INCOME

15,353

29 %

13,093

26 %

17 %

16 %

Interest expense

(3,514)

(7 %)

(3,505)

(7 %)

0 %

Non-operating expenses, net

(98)

0 %

(462)

(1 %)

(79 %)

(80 %)

INCOME BEFORE INCOME TAXES

11,741

22 %

9,126

18 %

29 %

27 %

Provision for income taxes

(1,274)

(2 %)

(623)

(1 %)

105 %

103 %

NET INCOME

$ 10,467

20 %

$ 8,503

17 %

23 %

22 %

EARNINGS PER SHARE:

Basic

$ 3.82

$ 3.15

Diluted

$ 3.71

$ 3.07

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,744

2,696

Diluted

2,823

2,766

(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, 2023,
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 year ended May 31, 2024 compared with the
corresponding prior year period increased our operating income by 1 percentage point.

ORACLE CORPORATION

FISCAL 2024 YEAR TO DATE FINANCIAL RESULTS

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in millions, except per share data)

Year Ended May 31,

% Increase (Decrease)
in US $

% Increase (Decrease)
in Constant Currency (2)

2024

2023

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

TOTAL REVENUES

$ 52,961

$ –

$ 52,961

$ 49,954

$ –

$ 49,954

6 %

TOTAL OPERATING EXPENSES

$ 37,608

$ (7,702)

$ 29,906

$ 36,861

$ (7,809)

$ 29,052

2 %

3 %

2 %

Stock-based compensation (3)

3,974

(3,974)

–

3,547

(3,547)

–

12 %

Amortization of intangible assets (4)

3,010

(3,010)

–

3,582

(3,582)

–

(16 %)

Acquisition related and other

314

(314)

–

190

(190)

–

65 %

64 %

Restructuring

404

(404)

–

490

(490)

–

(18 %)

OPERATING INCOME

$ 15,353

$ 7,702

$ 23,055

$ 13,093

$ 7,809

$ 20,902

17 %

10 %

16 %

10 %

OPERATING MARGIN %

29 %

44 %

26 %

42 %

278 bp.

169 bp.

271 bp.

169 bp.

INCOME TAX EFFECTS (5)

$ (1,274)

$ (2,459)

$ (3,733)

$ (623)

$ (2,136)

$ (2,759)

105 %

35 %

103 %

35 %

NET INCOME

$ 10,467

$ 5,243

$ 15,710

$ 8,503

$ 5,673

$ 14,176

23 %

11 %

22 %

10 %

DILUTED EARNINGS PER SHARE

$ 3.71

$ 5.56

$ 3.07

$ 5.12

21 %

9 %

20 %

8 %

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,823

–

2,823

2,766

–

2,766

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, 2023, which was the last day of our prior
fiscal year, rather than the actual exchange rates in effect during the respective periods.

(3)

Stock-based compensation was included in the following GAAP operating expense categories:

Year Ended

May 31,
2024

May 31,
2023

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

Cloud services and license support

$ 525

$ (525)

$ –

$ 435

$ (435)

$ –

Hardware

(23)

–

(18)

–

Services

167

(167)

–

137

(137)

–

Sales and marketing

667

(667)

–

611

(611)

–

Research and development

2,225

(2,225)

–

1,983

(1,983)

–

General and administrative

367

(367)

–

363

(363)

–

Total stock-based compensation

$ 3,974

$ (3,974)

$ –

$ 3,547

$ (3,547)

$ –

(4)

Estimated future annual amortization expense related to intangible assets as of May 31, 2024 was as follows:

Fiscal 2025

$ 2,303

Fiscal 2026

1,639

Fiscal 2027

672

Fiscal 2028

635

Fiscal 2029

561

Thereafter

1,080

Total intangible assets, net

$ 6,890

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 10.9% and 6.8% in fiscal 2024 and 2023, respectively, and an effective non-GAAP tax rate of 19.2% and 16.3% in fiscal
2024 and 2023, respectively. The difference in our GAAP and non-GAAP tax rates in each of fiscal 2024 and 2023 was primarily due to the net tax effects related to stock-based compensation
expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an
income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.

Not meaningful

ORACLE CORPORATION

FISCAL 2024 FINANCIAL RESULTS

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

May 31,

2024

2023

ASSETS

Current Assets:

Cash and cash equivalents

$ 10,454

$ 9,765

Marketable securities

207

422

Trade receivables, net

7,874

6,915

Prepaid expenses and other current assets

4,019

3,902

Total Current Assets

22,554

21,004

Non-Current Assets:

Property, plant and equipment, net

21,536

17,069

Intangible assets, net

6,890

9,837

Goodwill, net

62,230

62,261

Deferred tax assets

12,273

12,226

Other non-current assets

15,493

11,987

Total Non-Current Assets

118,422

113,380

TOTAL ASSETS

$ 140,976

$ 134,384

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Notes payable and other borrowings, current

$ 10,605

$ 4,061

Accounts payable

2,357

1,204

Accrued compensation and related benefits

1,916

2,053

Deferred revenues

9,313

8,970

Other current liabilities

7,353

6,802

Total Current Liabilities

31,544

23,090

Non-Current Liabilities:

Notes payable and other borrowings, non-current

76,264

86,420

Income taxes payable

10,817

11,077

Deferred tax liabilities

3,692

5,772

Other non-current liabilities

9,420

6,469

Total Non-Current Liabilities

100,193

109,738

Stockholders’ Equity

9,239

1,556

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 140,976

$ 134,384

ORACLE CORPORATION

FISCAL 2024 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in millions)

Year Ended May 31,

2024

2023

Cash Flows From Operating Activities:

Net income

$ 10,467

$ 8,503

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

3,129

2,526

Amortization of intangible assets

3,010

3,582

Deferred income taxes

(2,139)

(2,167)

Stock-based compensation

3,974

3,547

Other, net

720

661

Changes in operating assets and liabilities, net of effects from acquisitions:

Increase in trade receivables, net

(965)

(151)

Decrease in prepaid expenses and other assets

542

317

Decrease in accounts payable and other liabilities

(594)

(281)

Decrease in income taxes payable

(127)

(153)

Increase in deferred revenues

656

781

Net cash provided by operating activities

18,673

17,165

Cash Flows From Investing Activities:

Purchases of marketable securities and other investments

(1,003)

(1,181)

Proceeds from sales and maturities of marketable securities and other investments

572

1,113

Acquisitions, net of cash acquired

(63)

(27,721)

Capital expenditures

(6,866)

(8,695)

Net cash used for investing activities

(7,360)

(36,484)

Cash Flows From Financing Activities:

Payments for repurchases of common stock

(1,202)

(1,300)

Proceeds from issuances of common stock

742

1,192

Shares repurchased for tax withholdings upon vesting of restricted stock-based awards

(2,040)

(1,203)

Payments of dividends to stockholders

(4,391)

(3,668)

(Repayments of) proceeds from issuances of commercial paper, net

(167)

500

Proceeds from issuances of senior notes and other borrowings, net of issuance costs

–

33,494

Repayments of senior notes and other borrowings

(3,500)

(21,050)

Other, net

(55)

Net cash (used for) provided by financing activities

(10,554)

7,910

Effect of exchange rate changes on cash and cash equivalents

(70)

(209)

Net increase (decrease) in cash and cash equivalents

689

(11,618)

Cash and cash equivalents at beginning of period

9,765

21,383

Cash and cash equivalents at end of period

$ 10,454

$ 9,765

ORACLE CORPORATION

FISCAL 2024 FINANCIAL RESULTS

FREE CASH FLOW – TRAILING 4-QUARTERS (1)

($ in millions)

Fiscal 2023

Fiscal 2024

GAAP Operating Cash Flow

$ 10,542

$ 15,073

$ 15,503

$ 17,165

$ 17,745

$ 17,039

$ 18,239

$ 18,673

Capital Expenditures

(5,168)

(6,678)

(8,205)

(8,695)

(8,290)

(6,935)

(5,981)

(6,866)

Free Cash Flow

$ 5,374

$ 8,395

$ 7,298

$ 8,470

$ 9,455

$ 10,104

$ 12,258

$ 11,807

Operating Cash Flow % Growth over prior year

(31 %)

47 %

49 %

80 %

68 %

13 %

18 %

9 %

Free Cash Flow % Growth over prior year

(57 %)

18 %

11 %

68 %

76 %

20 %

68 %

39 %

GAAP Net Income

$ 5,808

$ 8,797

$ 8,373

$ 8,503

$ 9,375

$ 10,137

$ 10,642

$ 10,467

Operating Cash Flow as a % of Net Income

182 %

171 %

185 %

202 %

189 %

168 %

171 %

178 %

Free Cash Flow as a % of Net Income

93 %

95 %

87 %

100 %

101 %

100 %

115 %

113 %

(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.

ORACLE CORPORATION

FISCAL 2024 FINANCIAL RESULTS

SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1)

($ in millions)

Fiscal 2023

Fiscal 2024

TOTAL

REVENUES BY OFFERINGS

Cloud services

$ 3,579

$ 3,813

$ 4,053

$ 4,437

$ 15,881

$ 4,635

$ 4,775

$ 5,054

$ 5,311

$ 19,774

License support

4,838

4,785

4,870

4,933

19,426

4,912

4,864

4,909

4,923

19,609

Cloud services and license support

8,417

8,598

8,923

9,370

35,307

9,547

9,639

9,963

10,234

39,383

Cloud license and on-premise license

904

1,435

1,288

2,152

5,779

809

1,178

1,256

1,838

5,081

Hardware

763

850

811

850

3,274

714

756

754

842

3,066

Services

1,361

1,392

1,376

1,465

5,594

1,383

1,368

1,307

1,373

5,431

Total revenues

$ 11,445

$ 12,275

$ 12,398

$ 13,837

$ 49,954

$ 12,453

$ 12,941

$ 13,280

$ 14,287

$ 52,961

AS REPORTED REVENUE GROWTH RATES

Cloud services

45 %

43 %

45 %

54 %

47 %

30 %

25 %

20 %

25 %

License support

(1 %)

(2 %)

0 %

4 %

0 %

2 %

1 %

0 %

1 %

Cloud services and license support

14 %

17 %

23 %

17 %

13 %

12 %

9 %

12 %

Cloud license and on-premise license

11 %

16 %

0 %

(15 %)

(2 %)

(10 %)

(18 %)

(3 %)

(15 %)

(12 %)

Hardware

0 %

11 %

2 %

(1 %)

3 %

(6 %)

(11 %)

(7 %)

(1 %)

(6 %)

Services

74 %

76 %

75 %

2 %

(2 %)

(5 %)

(6 %)

(3 %)

Total revenues

18 %

17 %

18 %

9 %

5 %

7 %

3 %

6 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

Cloud services

50 %

48 %

55 %

50 %

29 %

24 %

20 %

24 %

License support

4 %

3 %

6 %

4 %

0 %

1 %

0 %

Cloud services and license support

20 %

25 %

21 %

12 %

11 %

10 %

11 %

Cloud license and on-premise license

19 %

23 %

4 %

(14 %)

2 %

(11 %)

(19 %)

(3 %)

(14 %)

(12 %)

Hardware

5 %

16 %

4 %

1 %

6 %

(8 %)

(12 %)

(7 %)

0 %

(7 %)

Services

84 %

83 %

80 %

78 %

81 %

1 %

(3 %)

(5 %)

(6 %)

(3 %)

Total revenues

23 %

25 %

21 %

18 %

22 %

8 %

4 %

7 %

4 %

6 %

CLOUD SERVICES AND LICENSE SUPPORT REVENUES

BY ECOSYSTEM

Applications cloud services and license support

$ 4,016

$ 4,080

$ 4,166

$ 4,390

$ 16,651

$ 4,471

$ 4,474

$ 4,584

$ 4,642

$ 18,172

Infrastructure cloud services and license support

4,401

4,518

4,757

4,980

18,656

5,076

5,165

5,379

5,592

21,211

Total cloud services and license support revenues

$ 8,417

$ 8,598

$ 8,923

$ 9,370

$ 35,307

$ 9,547

$ 9,639

$ 9,963

$ 10,234

$ 39,383

AS REPORTED REVENUE GROWTH RATES

Applications cloud services and license support

32 %

30 %

31 %

36 %

32 %

11 %

10 %

6 %

9 %

Infrastructure cloud services and license support

2 %

3 %

7 %

14 %

6 %

15 %

14 %

13 %

12 %

14 %

Total cloud services and license support revenues

14 %

17 %

23 %

17 %

13 %

12 %

9 %

12 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

Applications cloud services and license support

37 %

35 %

33 %

37 %

35 %

11 %

9 %

10 %

6 %

9 %

Infrastructure cloud services and license support

7 %

9 %

10 %

15 %

10 %

14 %

12 %

13 %

Total cloud services and license support revenues

20 %

25 %

21 %

12 %

11 %

10 %

11 %

GEOGRAPHIC REVENUES

Americas

$ 7,192

$ 7,786

$ 7,671

$ 8,577

$ 31,226

$ 7,841

$ 8,067

$ 8,270

$ 8,945

$ 33,122

Europe/Middle East/Africa

2,691

2,895

3,067

3,457

12,109

3,005

3,170

3,316

3,539

13,030

Asia Pacific

1,562

1,594

1,660

1,803

6,619

1,607

1,704

1,694

1,803

6,809

Total revenues

$ 11,445

$ 12,275

$ 12,398

$ 13,837

$ 49,954

$ 12,453

$ 12,941

$ 13,280

$ 14,287

$ 52,961

(1) The sum of the quarterly information presented may vary from the year-to-date information presented 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, 2023 and 2022 for the fiscal 2024 and fiscal 2023 constant currency growth rate calculations
presented, respectively, rather than the actual exchange rates in effect during the respective periods.

APPENDIX A

ORACLE CORPORATION
Q4 FISCAL 2024 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:

Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our non-GAAP operating expenses, income tax effects 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, income tax effects 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, income tax effects and net income measures. We incurred 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 consisted of personnel related costs for transitional and certain other employees, certain business combination adjustments including certain adjustments after the measurement period has ended, and certain other operating items, net. Restructuring expenses consisted 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 and other expenses and restructuring expenses may diminish over time with respect to past acquisitions and/or strategic initiatives, we generally will incur certain of these expenses in connection with any future acquisitions and/or strategic initiatives.

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SOURCE Oracle Corporation

Technology

TESSAN Showcased New Charging Products at CES 2025, Enhancing Its Role in Modern Life and Travel

Published

5 hours ago

January 11, 2025

LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — At CES 2025, TESSAN showcased its relentless pursuit of technological innovation and enhanced user experience, engaging with a diverse audience to reinforce its commitment to being a dependable companion in users’ lives and travels. The event was a vibrant platform for interaction, where TESSAN not only presented its latest advancements but also connected with media, social influencers, and attendees through various engaging activities.

The exhibition garnered substantial media attention, with TESSAN being interviewed by various outlets. In acknowledgment of its innovative contributions, TESSAN received an award from SlashGear, a leading technology media platform known for its in-depth reviews and news on tech, cars, gaming, and science since 2005. The event’s excitement was further amplified by social media influencers, who explored the exhibition and shared their experiences with their followers, significantly enhancing the reach and impact of TESSAN’s innovations.

A highlight of the event was the interactive “What’s Your Next Journey?” activity, which invited attendees to participate for a chance to win an exclusive poster of the American singer-songwriter Rachael Yamagata, who recently partnered with TESSAN to inspire travelers.

Central to the exhibition were TESSAN’s latest products that underscored the brand’s commitment to innovation and user-centric design. The Travel Adapters, with its lightweight, compact, and multifunctional design, was a standout. Designed for global use, it caters to frequent travelers, ensuring seamless connectivity across different countries. The 140W Universal Travel Adapter, in particular, captured significant attention as an essential tool for global connectivity.

The Charging Station was another focal point, offering multi-device charging capabilities, rapid charging technology, and safety features. Suitable for both home and office environments, it meets the needs of users with multiple devices. The 100W Charging Station, a 9-in-1 powerhouse, exemplifies this by charging multiple gadgets simultaneously at lightning speed, appealing to busy individuals and tech enthusiasts alike.

Additionally, the Smart EV Charger demonstrated TESSAN’s commitment to sustainable and efficient solutions. Compatible with various electric vehicle models, it provides a convenient and eco-friendly charging option for EV users.

TESSAN’s diverse product range embodies the brand’s vision and core values, aiming to be a reliable companion in both daily life and travel. By prioritizing simplicity and convenience, TESSAN designs products that eliminate complexity and meet modern efficiency needs. Innovation is key, with advanced technologies like GaN (Gallium Nitride) enhancing performance and compatibility. Sustainability is also central to TESSAN’s mission, as demonstrated by eco-friendly practices and partnerships with ClimatePartner and One Tree Planted. Notably, TESSAN has launched an initiative to plant 10,000 trees across the U.S. and beyond, reinforcing its commitment to environmental sustainability and climate action.

Beyond product innovation, TESSAN enhances its impact through strategic collaborations. A notable partnership with globe-acclaimed photographer and adventurer Mattias Klum underscores the brand’s reliability. Additionally, TESSAN has teamed up with Rachael Yamagata to launch a global initiative aimed at uncovering travelers’ stories and inspiring exploration of the unknown.

As TESSAN continues to innovate and expand its product offerings, it remains dedicated to meeting the evolving needs of users worldwide. The brand invites everyone to join in its journey of exploration and discovery, promising more high-quality products that enhance connectivity and enrich lives.

About TESSAN

TESSAN, a trusted partner in charging solutions, is committed to enriching experiences both at home and during travel. The brand offers a wide array of products, including multifunctional power strips, travel adapters, wall extenders, and smart home devices. Supported by a robust R&D and production team, TESSAN develops innovative socket products for users across the globe. With the trust of over 20 million users, TESSAN empowers their journeys from home to every destination, promoting environmentally conscious electricity usage.

For more information, visit www.tessan.com or the TESSAN Amazon store, and follow TESSAN on Facebook, Instagram, and YouTube.

CONTACT: Derien Lin, derien@tessan.com

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SOURCE TESSAN

Technology

Docking Drawer to Revolutionize Appliance Garage Safety at KBIS 2025

Published

6 hours ago

January 11, 2025

Docking Drawer, the leader in in-drawer outlet solutions, is set to showcase its newly configured Safety Interlock Outlets for appliance garages at the Kitchen & Bath Industry Show (KBIS) in Las Vegas this February 2025.

SAN RAMON, Calif., Jan. 11, 2025 /PRNewswire-PRWeb/ — Docking Drawer’s Unwavering Dedication to Safety

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality.”

When it comes to safety, no one in the industry matches the focus and innovation of Docking Drawer. Their Safety Interlock Outlets for appliance garages bring a unique, forward-thinking solution to an often-overlooked area in kitchen design. These safety outlets automatically de-energize an appliance garage power source when the cabinet door is closed, ensuring that appliances are safely powered off when contained inside the cabinet.

Docking Drawer is also the only company dedicated to creating in-cabinet electrical solutions that meet the strict code requirements of the Canadian marketplace. Their Safety Interlock Outlets are designed to make in-cabinet electricity compliant in Canada while offering consumers in all regions an additional layer of safety for in-cabinet power.

Advanced Limit Switch Technology

Docking Drawer’s Safety Interlock Outlets for appliance garages utilize an advanced Limit Switch system, designed to work seamlessly with power outlets concealed by a cabinet door. This intuitive feature detects when the cabinet door is closed, instantly cutting power to the connected outlet and all powered appliances.

Now Compatible with Any Appliance Garage Door

An updated Limit Switch feature now offers different switch options to accommodate all appliance garage door types, including traditional cabinet doors, pocket door setups, and more. The newly designed Limit Switch now offers two functions to choose from:

Power Off When Limit Switch is Depressed: This state is ideal for traditional cabinet doors, where closing the door depresses the switch to cut power safely.Power On When Limit Switch is Depressed: This state is perfect for pocket doors, where the door being pushed back upon opening activates the switch, turning the power on.

Customizable Connectivity

The flexibility of Docking Drawer’s solutions also allows for connecting multiple limit switches to a single safety outlet or vice versa, offering customization options to adapt to the unique demands of any project.

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality,” states Scott Dickey, founder of Docking Drawer. “Our Safety Interlock Outlets represent the culmination of our dedication to innovation and empowering homeowners and professionals with safer, more organized spaces—even beyond the kitchen and bathroom.”

Join Us at KBIS 2025

Don’t miss the opportunity to experience the future of kitchen safety. Visit Docking Drawer at KBIS 2025 in Las Vegas this February to see firsthand how their Safety Interlock Outlets are revolutionizing appliance garage safety.

About Docking Drawer:

Founded in 2014, Docking Drawer offers a full array of ETL Listed electrical solutions. From our core in-drawer outlets developed specifically for use inside the drawer to our family of safety interlock outlets which add peace of mind to in-cabinet electrical setups, our products are designed to create more organized, functional and safer spaces.

Media Contact

Paul Hostelley, Docking Drawer, 1 530-362-5055, paul@dockingdrawer.com, dockingdrawer.com

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SOURCE Docking Drawer

Technology

More than 85 Governments to Gather in Riyadh to Lead Global Action on Minerals at Fourth Future Minerals Forum

Published

7 hours ago

January 11, 2025

RIYADH, Saudi Arabia, Jan. 11, 2025 /PRNewswire/ — Over 85 governments from key mineral-producing and consumer nations, including 16 countries from the leading G20 economies, and 50 ministers and 13 vice ministers – have confirmed they will join the 2025 FMF Ministerial Roundtable on January 14, 2025.

The Ministerial Roundtable, a multi-stakeholder, government-led initiative, is the traditional opener of FMF, spurring international action to increase investment in mineral supply and build capacity in the Super Region of Africa, Western and Central Asia, and other supply regions. It is set to be the largest and most senior gathering of mineral resources officials in the world

Discussion will cover progress made over the past year on the three Ministerial Roundtable initiatives:

Development of an International Critical Minerals FrameworkEstablishment of Centers of Excellence to build capacity in sustainability (Morocco), talent development (South Africa), and technology innovation (Saudi Arabia).Advancements in Certification Systems to ensure responsible mineral sourcing.

His Excellency Khalid Al-Mudaifer, the Vice-Minister for Mining Affairs of Saudi Arabia’s Ministry of Industry and Mineral Resources, emphasizes that, “The meeting is an important step towards achieving sustainable development in the minerals sector globally. It is an ideal platform for delivering solutions, developing legislation on best practices in the field of sustainable mining, and exploring ways to invest in mining projects to achieve economic and social development in producing countries.”

Joining him are high-profile leaders, including ministers from supplier and financing like Brazil, South Africa, DRC, India, Egypt, Italy, Nigeria, Qatar, Pakistan, Kazakhstan, Uzbekistan, Malaysia, Thailand, Morocco, Indonesia, France, USA and the United Kingdom, discussing opportunities for global cooperation.

“This year, discussions will seek to enhance collaboration between governments, industry, and communities to drive more investment in minerals, and development through value addition in supplier countries. We want to support the pressing need for sustainable mining practices, resilient supply chains, and value-driven partnerships in the minerals industry.”

Importantly, the outcomes of the Ministerial Roundtable are not confined to the event itself but form an ongoing, year-round program. Regional Coordination Groups will continue to drive the implementation of key initiatives.

“FMF is emerging as the largest global hub for minerals collaboration and action – no other platform brings together government ministers and senior industry leaders at this scale.” Al-Mudaifer concluded.

SOURCE Future Minerals Forum