Technology
Oracle Announces Fiscal 2024 Fourth Quarter and Fiscal Full Year Financial Results
Published
3 months agoon
By
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.
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
% Increase
(Decrease)
% of
% 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 %)
(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 %
17 %
Hardware
241
2 %
261
2 %
(7 %)
(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 %
0 %
General and administrative
402
3 %
400
3 %
1 %
1 %
Amortization of intangible assets
743
5 %
870
6 %
(15 %)
(15 %)
Acquisition related and other
101
1 %
51
0 %
97 %
97 %
Restructuring
92
0 %
131
1 %
(29 %)
(29 %)
Total operating expenses
9,601
67 %
9,697
70 %
(1 %)
(1 %)
OPERATING INCOME
4,686
33 %
4,140
30 %
13 %
15 %
Interest expense
(878)
(6 %)
(955)
(7 %)
(8 %)
(8 %)
Non-operating expenses, net
(26)
0 %
(76)
(1 %)
(66 %)
(68 %)
INCOME BEFORE INCOME TAXES
3,782
27 %
3,109
22 %
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
2024
2023
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 %
3 %
4 %
4 %
TOTAL OPERATING EXPENSES
$ 9,601
$ (1,983)
$ 7,618
$ 9,697
$ (2,016)
$ 7,681
(1 %)
(1 %)
(1 %)
(1 %)
Stock-based compensation (3)
1,047
(1,047)
–
964
(964)
–
9 %
*
9 %
*
Amortization of intangible assets (4)
743
(743)
–
870
(870)
–
(15 %)
*
(15 %)
*
Acquisition related and other
101
(101)
–
51
(51)
–
97 %
*
97 %
*
Restructuring
92
(92)
–
131
(131)
–
(29 %)
*
(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 %
1 %
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
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
(6)
–
5
(5)
–
Services
44
(44)
–
38
(38)
–
Sales and marketing
178
(178)
–
177
(177)
–
Research and development
583
(583)
–
535
(535)
–
General and administrative
96
(96)
–
92
(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
% Increase
(Decrease)
% of
% 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 %)
(12 %)
Hardware
3,066
6 %
3,274
6 %
(6 %)
(7 %)
Services
5,431
10 %
5,594
11 %
(3 %)
(3 %)
Total revenues
52,961
100 %
49,954
100 %
6 %
6 %
OPERATING EXPENSES
Cloud services and license support
9,427
18 %
7,763
16 %
21 %
21 %
Hardware
891
2 %
1,040
2 %
(14 %)
(15 %)
Services
4,825
9 %
4,761
10 %
1 %
1 %
Sales and marketing
8,274
15 %
8,833
18 %
(6 %)
(7 %)
Research and development
8,915
17 %
8,623
17 %
3 %
3 %
General and administrative
1,548
3 %
1,579
3 %
(2 %)
(2 %)
Amortization of intangible assets
3,010
6 %
3,582
7 %
(16 %)
(16 %)
Acquisition related and other
314
0 %
190
0 %
65 %
64 %
Restructuring
404
1 %
490
1 %
(18 %)
(18 %)
Total operating expenses
37,608
71 %
36,861
74 %
2 %
2 %
OPERATING INCOME
15,353
29 %
13,093
26 %
17 %
16 %
Interest expense
(3,514)
(7 %)
(3,505)
(7 %)
0 %
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
2024
2023
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 %
6 %
6 %
6 %
TOTAL OPERATING EXPENSES
$ 37,608
$ (7,702)
$ 29,906
$ 36,861
$ (7,809)
$ 29,052
2 %
3 %
2 %
2 %
Stock-based compensation (3)
3,974
(3,974)
–
3,547
(3,547)
–
12 %
*
12 %
*
Amortization of intangible assets (4)
3,010
(3,010)
–
3,582
(3,582)
–
(16 %)
*
(16 %)
*
Acquisition related and other
314
(314)
–
190
(190)
–
65 %
*
64 %
*
Restructuring
404
(404)
–
490
(490)
–
(18 %)
*
(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 %
2 %
2 %
2 %
(1)
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read
only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the
reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
(2)
We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for
assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for
entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 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
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
(23)
–
18
(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,
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
4
(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
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
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
Q1
Q2
Q3
Q4
TOTAL
Q1
Q2
Q3
Q4
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 %
25 %
20 %
25 %
License support
(1 %)
(2 %)
0 %
4 %
0 %
2 %
2 %
1 %
0 %
1 %
Cloud services and license support
14 %
14 %
17 %
23 %
17 %
13 %
12 %
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 %
74 %
74 %
76 %
75 %
2 %
(2 %)
(5 %)
(6 %)
(3 %)
Total revenues
18 %
18 %
18 %
17 %
18 %
9 %
5 %
7 %
3 %
6 %
CONSTANT CURRENCY REVENUE GROWTH RATES (2)
Cloud services
50 %
48 %
48 %
55 %
50 %
29 %
24 %
24 %
20 %
24 %
License support
4 %
4 %
3 %
6 %
4 %
0 %
0 %
1 %
1 %
0 %
Cloud services and license support
20 %
20 %
20 %
25 %
21 %
12 %
11 %
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 %
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 %
14 %
17 %
23 %
17 %
13 %
12 %
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 %
13 %
13 %
Total cloud services and license support revenues
20 %
20 %
20 %
25 %
21 %
12 %
11 %
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.
View original content:https://www.prnewswire.com/news-releases/oracle-announces-fiscal-2024-fourth-quarter-and-fiscal-full-year-financial-results-302169918.html
SOURCE Oracle Corporation
You may like
Technology
Sparrow BioAcoustics closes 13 million in seed financing
Published
10 mins agoon
September 20, 2024By
The 13-million-dollar financing was led by Killick Capital, Klister Credit and Pelorus Ventures. Closing of the round represents a huge step forward for the small Canadian medical AI startup, and a big vote of confidence for their rapid progress.
ST. JOHN’S, NL , Sept. 20, 2024 /PRNewswire-PRWeb/ — Sparrow BioAcoustics [Sparrow], a pioneer in the field of bioacoustic AI technology, announces the that it has closed its seed financing round. The 13-million-dollar financing was led by Killick Capital, Klister Credit and Pelorus Ventures. Closing of the round represents a huge step forward for the small Canadian medical AI startup, and a big vote of confidence for their rapid progress.
“The team at Sparrow pushed past numerous scientific, regulatory and business obstacles to get this stage. They have accomplished things that will lead to helping millions of people in a whole new way” says Killick President Mark Dobbin.
Sparrow is an SaMD (Software as a Medical Device), and the first medically cleared product that uses people’s smartphones to capture and decipher cardiac sounds. “In the last 100 days, normal everyday people successfully made 30,000 medical grade heart recordings” says Chief Product Officer Nadia Ivanova. “People use the system with a 96% success rate on their first try.”
Sparrow has been in the news recently for several breakthroughs in detection of cardiac anomalies, as well as several medical authority clearances including FDA. “There is a future where people can screen for cardiac and pulmonary problems anywhere any time, and that future is really close now” says Dr. Yaroslav Shpak, Chief Medical Officer.
The team at Sparrow is expected to follow up with further announcements in the coming weeks “We have some big things on the horizon, and we are heads-down getting ready” says CEO Mark Attila Opauszky.
To learn more about Stethophone and Sparrow BioAcoustics, please visit https://stethophone.com/.
About Sparrow BioAcoustics
Sparrow BioAcoustics, with offices in Newfoundland and Nova Scotia, is leading the Software as a Medical Device industry in new directions for cardiac and pulmonary disease detection. Our team of physicians, engineers and data scientists are working to unlock the richest source of diagnostic information about cardiac and pulmonary conditions. Our mission is to help the millions of people at-risk and suffering from cardiac and respiratory disease to live longer, healthier lives enabled by earlier detection and quicker treatment.
Media Contact
Mark Opauszky, Sparrow BioAcoustics, 1 416 268 8966, mark@sparrowacoustics.com, https://stethophone.com/.
View original content:https://www.prweb.com/releases/sparrow-bioacoustics-closes-13-million-in-seed-financing-302253893.html
SOURCE Sparrow BioAcoustics
Technology
Huawei Cloud: One Step to Intelligence, One Leap to Excellence
Published
10 mins agoon
September 20, 2024By
SHANGHAI, Sept. 20, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei Cloud hosted a Summit themed “One Step to Intelligence, One Leap to Excellence”, gathering global industry leaders to explore the intelligent transformation trend, share pioneering cases, and assist customers in their journey to cloud-based operational excellence. At the summit, Huawei Cloud and global customers, unveiled the Data Center-to-Cloud solution and the PRIME Framework white paper.
Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, said: “Customers’ support enables us to innovate with finance, retail, autonomous driving, the Internet and many other sectors. By combining cutting-edge technologies with industry know-how, Huawei Cloud paves your way to digital and intelligence.”
Kevin Gao, President of Huawei Cloud Public Cloud Business, presented a keynote speech “One Step to Intelligence, One Leap to Excellence”. He outlined three critical factors for accelerating cloud migration and AI use: global infrastructure, continuous technological innovation, and lean operations.
In terms of global infrastructure, Huawei Cloud’s global infrastructure, KooVerse, offers extensive coverage, exceptional experience, and excellent quality. With 33 Regions and 93 Availability Zones (AZs) worldwide, Huawei Cloud supports over 10,000 customers in achieving business globalization. Huawei Cloud has interconnected with over 2,400 peers of global carriers, ensuring one hop to cloud and global business deployment for customers. Huawei Cloud data centers achieve Tier IV reliability.
Technological innovation is at the heart of Huawei Cloud’s mission to accelerate enterprise transformation. At this summit, three key areas were highlighted: compute upgrade, data-AI convergence, and application innovation.
The Data Center-to-Cloud solution released by Gao offers data center facilities, intelligent O&M, and DCN as a service, allowing customers to easily relocate and run dedicated compute resources on Huawei Cloud.
Huawei Cloud’s Ascend AI Cloud Service enables training jobs to run non-stop up to 40 days, shortens the fault recovery time to 10 minutes, and increases the linear scalability to 90% (the industry average are 2.8 days, 60 minutes, and 80%, respectively).
Huawei Cloud’s deterministic operations system has been adopted by over 300 global customers, maintaining a strong security record with zero intrusions and zero data breaches.
DeFacto from Türkiye leverages Huawei Cloud’s cloud native solution with Cloud Container Engine (CCE) and streamlines their services.
Huawei Cloud helps Chery to deploy, use, and manage the cloud. Currently, Huawei Cloud nodes in more than 10 countries and regions are providing services for Chery.
NavInfo has adopted Huawei Cloud’s R&D expertise and CodeArts software development pipeline to establish efficient development management standards and efficiency measurement systems.
Kingsoft and Huawei Cloud have collaboratively developed an excellence framework to optimize cost management.
Tencent Music’s Tianqin Lab has developed the MUSELight AI model acceleration framework, utilizing Huawei Cloud’s Ascend AI Cloud Service.
At the end of the summit, Huawei Cloud and global customers jointly released the Enterprise Excellence PRIME Model White Paper. This white paper offers a reference framework for enterprises to leap to excellence with digital and intelligent technologies.
Photo – https://mma.prnewswire.com/media/2510990/Jacqueline_Shi_President_Huawei_Cloud_Global_Marketing_Sales_Service.jpg
Photo – https://mma.prnewswire.com/media/2510991/Kevin_Gao_President_Huawei_Cloud_Public_Cloud_Business.jpg
View original content:https://www.prnewswire.co.uk/news-releases/huawei-cloud-one-step-to-intelligence-one-leap-to-excellence-302254392.html
Technology
Spatial Labs Unveils Fashion Collection: Core Powered by Circle: A New Way to Connect
Published
10 mins agoon
September 20, 2024By
LOS ANGELES, Sept. 20, 2024 /PRNewswire/ — Today, Spatial Labs, a cutting-edge technology and design company, introduces their first fashion collection – Core Powered by Circle—a revolutionary step forward in fashion and how we connect with each other.
The Core collection is the first to leverage the new innovative platform Circle, which transforms the way we engage, share, and build relationships. Core marks the beginning of a new era in personal expression and connection – setting a new standard for fashion and for global brands.
The Core collection embodies Spatial Labs’ commitment to innovation, self-expression, and cultural impact. Each piece offers a new way to interact, making fashion a living reflection of personal identity.
The debut Core collection features essential pieces including Core Tee $120, Core Crewneck $220, Core pants $250 and Core Hoodie $320. The collection comes in five colorways including: Arctic, Titanium, Carbon, Rust, and Moss. The Core collection is made in Los Angeles and debuts online and at the flagship store in Culver City at The Platform, where customers can explore the future of fashion and experience the technology firsthand.
“Our vision with Circle is to build a platform that allows people to interact with the world around them in ways never before possible,” said Iddris Sandu, Founder & CEO of Spatial Labs.
“In a world where our connections have become fragmented and often impersonal, Circle is reimagining how we share and preserve moments. It’s not just about social networks; it’s about building a new interaction layer where everyday objects and experiences tell our stories in real-time.”
Sandu continued: “With Core and Circle, we’re pioneering a future where the objects we own,wear and touch are gateways to personal memories and shared experiences. This is not some far-off vision—it’s here, today, and it’s creating opportunities for everyone to showcase their lives in ways that feel more intimate, more authentic, and ultimately more human.”
Each item in the Core collection is embedded with smart chip technology linked to Circle which allows users to personalize their clothing. Circle users can post to their feed using “Tiles” to share photos, videos, links, playlists, and more moments from their daily life, creating deeper connections and fostering a sense of community. And it all comes to life when users tap the Tag on each other’s clothing.
Circle offers an alternative space for individuals to express themselves, allowing users to share their lives more authentically and intimately. Unlike traditional social media sharing tools that often feel impersonal, overly curated, and limiting, Circle keeps you and your close circle of friends connected, enabling a depth of presence to share your stories in real time without any expectations of maintaining a perfect image.
To learn more about Spatial Labs and to purchase the Core collection please visit www.spatial-labs.com or explore at the flagship store located at Spatial Labs Store – #104, 8840 Washington Blvd, Suite 104, Culver City, CA 90232, and engage with the future of interactivity.
About Spatial Labs
Founded in 2019, Spatial Labs exists to simplify and enhance people’s lives by bringing the digital and physical worlds together. Through innovative products and services, we help people create and enjoy experiences that inspire joy. Our mission is to make technology a natural part of the human experience and empower people to shape the world they want to see.
Founder and CEO, Iddris Sandu is a visionary technologist and designer who has been at the intersection of technology and fashion for many years. He has collaborated with leading tech companies like Google, Meta, and Twitter, and at only 19, Iddris became the CTO for Nipsey Hussle – creating The Marathon Store which was the world’s first Smart Store powered by augmented reality and geofencing technology.
His unique blend of technology and culture led him to create Spatial Labs in 2019, backed by Blockchain Capital and JAY-Z’s Marcy Venture Partners. In 2019, he founded Spatial Labs where he has collaborated with brands like Rihanna’s Fenty, Beyoncé’s IVY PARK, Travis Scott’s Cactus Jack, Vogue, Prada, and Adidas. At only 27 years old, Sandu is one of the youngest founders ever to raise an eight figure seed round for his technology company, Spatial Labs.
Technologies developed at Spatial Labs helps people, brands, and communities tell richer, more meaningful stories.
CONTACT:
Spatial Labs
press@spatial-labs.com
SLATE PR
Andy Gelb / Ida Bo Frazier
310-461-0111
andy@slate-pr.com / Ida@slate-pr.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/spatial-labs-unveils-fashion-collection-core-powered-by-circle-a-new-way-to-connect-302254395.html
SOURCE Spatial Labs
Sparrow BioAcoustics closes 13 million in seed financing
Huawei Cloud: One Step to Intelligence, One Leap to Excellence
Spatial Labs Unveils Fashion Collection: Core Powered by Circle: A New Way to Connect
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days ago
Reddit user claims ChatGPT initiated a conversation from previous info
-
Technology4 days ago
GSMA MWC Kigali 2024 to explore role of connectivity in driving socio-economic growth across Africa
-
Coin Market5 days ago
Former President Trump safe following gunshots in close proximity
-
Technology5 days ago
Delectrik Launches Multi-MWh scale Flow Battery Solution for Large C&I and Utility Scale Applications
-
Technology5 days ago
UST D3CODE Hackathon Goes Global: Six Countries–US, UK, Spain, Mexico, Malaysia, and India–Compete for a Global Finale
-
Technology5 days ago
Apple’s Iconic Timeline Comes to Life in Stunning Motion Graphics by WideView
-
Coin Market4 days ago
Markets see 0.5% Fed rate cut — 5 Things to know in Bitcoin this week
-
Technology4 days ago
Celcius Systems Unveils Advanced Air-Operated Vacuum Elevators: A Revolution in Vertical Transportation