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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-35992

 

Oracle Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

54-2185193

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2300 Oracle Way
Austin, Texas

 

78741

(Address of principal executive offices)

 

(Zip Code)

 

(737) 867-1000

(Registrant’s telephone number, including area code)

500 Oracle Parkway

Redwood City, California 94065

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

2.25% senior notes due January 2021 

3.125% senior notes due July 2025 

ORCL

New York Stock Exchange 

New York Stock Exchange 

New York Stock Exchange 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   

 

Accelerated filer   

Non-accelerated filer   

 

Smaller reporting company   

Emerging growth company   

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No    ☒

The number of shares of registrant’s common stock outstanding as of December 4, 2020 was: 2,944,034,000.

 

 

 


Table of Contents

 

ORACLE CORPORATION 

FORM 10-Q QUARTERLY REPORT

 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of November 30, 2020 and May 31, 2020

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended November 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended November 30, 2020 and 2019

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Equity for the Three and Six Months Ended November 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended November 30, 2020 and 2019

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

42

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

44

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

44

 

 

 

 

 

Item 1A.

 

Risk Factors

 

44

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

 

 

 

 

 

Item 5.

 

Other Information

 

44

 

 

 

 

 

Item 6.

 

Exhibits

 

45

 

 

 

 

 

 

 

Signatures

 

46

 

 

 

 


Table of Contents

 

Cautionary Note on Forward-Looking Statements

For purposes of this Quarterly Report, the terms “Oracle,” “we,” “us” and “our” refer to Oracle Corporation and its consolidated subsidiaries. This Quarterly Report on Form 10-Q contains statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include, among other things, statements regarding:

 

our expectations regarding the impacts on our business as a result of the global COVID-19 pandemic;

 

our expectation that we may acquire companies, products, services and technologies to further our corporate strategy as compelling opportunities become available;

 

our expectation that, on a constant currency basis, our total cloud and license revenues generally will continue to increase due to expected growth in our cloud services and our license support offerings, and continued demand for our cloud license and on-premise license offerings;

 

our belief that our Oracle Cloud Software-as-a-Service and Infrastructure-as-a-Service (SaaS and IaaS, respectively, and collectively, Oracle Cloud Services) offerings are opportunities for us to expand our cloud and license business, and that demand for our Oracle Cloud Services will continue to increase;

 

our expectation that substantially all of our customers will renew their license support contracts annually;

 

our expectation that our hardware business will have lower operating margins as a percentage of revenues than our cloud and license business;

 

our expectation that we will continue to make significant investments in research and development, and our belief that research and development efforts are essential to maintaining our competitive position;

 

our expectation that our international operations will continue to provide a significant portion of our total revenues and expenses;

 

the sufficiency of our sources of funding for working capital, capital expenditures, contractual obligations, acquisitions, dividends, stock repurchases, debt repayments and other matters;

 

our belief that we have adequately provided under U.S. generally accepted accounting principles for outcomes related to our tax audits and that the final outcome of our tax related examinations, agreements or judicial proceedings will not have a material effect on our results of operations, and our belief that our net deferred tax assets will be realized in the foreseeable future;

 

our belief that the outcome of certain legal proceedings and claims to which we are a party will not, individually or in the aggregate, result in losses that are materially in excess of amounts already recognized, if any;

 

the possibility that certain legal proceedings to which we are a party could have a material impact on our future cash flows and results of operations;

 

the timing and amount of expenses we expect to incur and the cost savings we expect to realize pursuant to our 2019 Restructuring Plan;

 

the timing and amount of future cash dividend payments and stock repurchases, including our expectation that the levels of our future stock repurchase activity may be modified in comparison to past periods in order to use available cash for other purposes;

 

our expectations regarding the impact of recent accounting pronouncements on our consolidated financial statements;

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our expectation that, to the extent customers renew support contracts or cloud SaaS and IaaS contracts from companies that we have acquired, we will recognize revenues for the full contracts’ values over the respective renewal periods;

 

our ability to predict quarterly hardware revenues;

 

the percentage of remaining performance obligations that we expect to recognize as revenues over the next twelve months;

as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements may be preceded by, followed by or include the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “strives,” “estimates,” “will,” “should,” “is designed to” and similar expressions. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about our business that could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors” included in documents we file from time to time with the U.S. Securities and Exchange Commission (the SEC), including our Annual Report on Form 10-K for our fiscal year ended May 31, 2020 and our other Quarterly Reports on Form 10-Q to be filed by us in our fiscal 2021, which runs from June 1, 2020 to May 31, 2021.

We have no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or risks, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. New information, future events or risks could cause the forward-looking events we discuss in this Quarterly Report not to occur. You should not place undue reliance on these forward-looking statements, which reflect our expectations only as of the date of this Quarterly Report.

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Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

ORACLE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

As of November 30, 2020 and May 31, 2020

(Unaudited)

 

(in millions, except per share data)

 

November 30,

2020

 

 

May 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,001

 

 

$

37,239

 

Marketable securities

 

 

10,592

 

 

 

5,818

 

Trade receivables, net of allowances for doubtful accounts of $472 and $409 as of November 30, 2020 and May 31, 2020, respectively

 

 

4,423

 

 

 

5,551

 

Prepaid expenses and other current assets

 

 

3,235

 

 

 

3,532

 

Total current assets

 

 

46,251

 

 

 

52,140

 

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

6,627

 

 

 

6,244

 

Intangible assets, net

 

 

3,061

 

 

 

3,738

 

Goodwill, net

 

 

43,877

 

 

 

43,769

 

Deferred tax assets

 

 

3,401

 

 

 

3,252

 

Other non-current assets

 

 

6,797

 

 

 

6,295

 

Total non-current assets

 

 

63,763

 

 

 

63,298

 

Total assets

 

$

110,014

 

 

$

115,438

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Notes payable, current

 

$

7,251

 

 

$

2,371

 

Accounts payable

 

 

724

 

 

 

637

 

Accrued compensation and related benefits

 

 

1,420

 

 

 

1,453

 

Deferred revenues

 

 

8,062

 

 

 

8,002

 

Other current liabilities

 

 

3,890

 

 

 

4,737

 

Total current liabilities

 

 

21,347

 

 

 

17,200

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Notes payable and other borrowings, non-current

 

 

63,531

 

 

 

69,226

 

Income taxes payable

 

 

12,214

 

 

 

12,463

 

Other non-current liabilities

 

 

4,306

 

 

 

3,832

 

Total non-current liabilities

 

 

80,051

 

 

 

85,521

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Oracle Corporation stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value—authorized: 1.0 shares; outstanding: none

 

 

 

 

 

 

Common stock, $0.01 par value and additional paid in capital—authorized: 11,000 shares; outstanding: 2,952 shares and 3,067 shares as of November 30, 2020 and May 31, 2020, respectively

 

 

26,298

 

 

 

26,486

 

Accumulated deficit

 

 

(17,095

)

 

 

(12,696

)

Accumulated other comprehensive loss

 

 

(1,286

)

 

 

(1,716

)

Total Oracle Corporation stockholders’ equity

 

 

7,917

 

 

 

12,074

 

Noncontrolling interests

 

 

699

 

 

 

643

 

Total equity

 

 

8,616

 

 

 

12,717

 

Total liabilities and equity

 

$

110,014

 

 

$

115,438

 

 

 

See notes to condensed consolidated financial statements.

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ORACLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended November 30, 2020 and 2019

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

(in millions, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cloud services and license support

 

$

7,112

 

 

$

6,811

 

 

$

14,059

 

 

$

13,616

 

Cloud license and on-premise license

 

 

1,092

 

 

 

1,126

 

 

 

1,978

 

 

 

1,937

 

Hardware

 

 

844

 

 

 

871

 

 

 

1,658

 

 

 

1,686

 

Services

 

 

752

 

 

 

806

 

 

 

1,472

 

 

 

1,593

 

Total revenues

 

 

9,800

 

 

 

9,614

 

 

 

19,167

 

 

 

18,832

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cloud services and license support(1)

 

 

1,064

 

 

 

1,022

 

 

 

2,075

 

 

 

2,003

 

Hardware(1)

 

 

244

 

 

 

285

 

 

 

490

 

 

 

557

 

Services

 

 

631

 

 

 

741

 

 

 

1,254

 

 

 

1,445

 

Sales and marketing(1)

 

 

1,836

 

 

 

2,068

 

 

 

3,690

 

 

 

4,086

 

Research and development

 

 

1,601

 

 

 

1,531

 

 

 

3,190

 

 

 

3,088

 

General and administrative

 

 

324

 

 

 

323

 

 

 

619

 

 

 

615

 

Amortization of intangible assets

 

 

345

 

 

 

407

 

 

 

690

 

 

 

821

 

Acquisition related and other

 

 

76

 

 

 

12

 

 

 

95

 

 

 

37

 

Restructuring

 

 

96

 

 

 

42

 

 

 

270

 

 

 

120

 

Total operating expenses

 

 

6,217

 

 

 

6,431

 

 

 

12,373

 

 

 

12,772

 

Operating income

 

 

3,583

 

 

 

3,183

 

 

 

6,794

 

 

 

6,060

 

Interest expense

 

 

(600

)

 

 

(465

)

 

 

(1,214

)

 

 

(959

)

Non-operating (expenses) income, net

 

 

(11

)

 

 

92

 

 

 

(13

)

 

 

191

 

Income before provision for income taxes

 

 

2,972

 

 

 

2,810

 

 

 

5,567

 

 

 

5,292

 

Provision for income taxes

 

 

530

 

 

 

499

 

 

 

874

 

 

 

844

 

Net income

 

$

2,442

 

 

$

2,311

 

 

$

4,693

 

 

$

4,448

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.82

 

 

$

0.71

 

 

$

1.56

 

 

$

1.36

 

Diluted

 

$

0.80

 

 

$

0.69

 

 

$

1.53

 

 

$

1.32

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

2,977

 

 

 

3,245

 

 

 

3,009

 

 

 

3,281

 

Diluted

 

 

3,046

 

 

 

3,331

 

 

 

3,076

 

 

 

3,370

 

 

(1)

Exclusive of amortization of intangible assets, which is shown separately.

 

 

 

See notes to condensed consolidated financial statements.

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ORACLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three and Six Months Ended November 30, 2020 and 2019

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

(in millions)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

2,442

 

 

$

2,311

 

 

$

4,693

 

 

$

4,448

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net foreign currency translation gains (losses)

 

 

47

 

 

 

(84

)

 

 

372

 

 

 

(92

)

Net unrealized gains on defined benefit plans

 

 

10

 

 

 

7

 

 

 

56

 

 

 

11

 

Net unrealized gains on marketable securities

 

 

 

 

 

3

 

 

 

3

 

 

 

88

 

Net unrealized (losses) gains on cash flow hedges

 

 

(6

)

 

 

8

 

 

 

(1

)

 

 

(16

)

Total other comprehensive income (loss), net

 

 

51

 

 

 

(66

)

 

 

430

 

 

 

(9

)

Comprehensive income

 

$

2,493

 

 

$

2,245

 

 

$

5,123

 

 

$

4,439

 

 

 

 

 

See notes to condensed consolidated financial statements.

 

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ORACLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three and Six Months Ended November 30, 2020 and 2019

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

(in millions, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Common stock and additional paid in capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

26,238

 

 

$

26,450

 

 

$

26,486

 

 

$

26,909

 

Common stock issued

 

 

205

 

 

 

301

 

 

 

772

 

 

 

617

 

Stock-based compensation

 

 

488

 

 

 

397

 

 

 

916

 

 

 

843

 

Repurchases of common stock

 

 

(590

)

 

 

(727

)

 

 

(1,355

)

 

 

(1,434

)

Other, net

 

 

(43

)

 

 

(47

)

 

 

(521

)

 

 

(561

)

Balance, end of period

 

$

26,298

 

 

$

26,374

 

 

$

26,298

 

 

$

26,374

 

Accumulated deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

(15,410

)

 

$

(6,446

)

 

$

(12,696

)

 

$

(3,496

)

Repurchases of common stock

 

 

(3,410

)

 

 

(4,273

)

 

 

(7,645

)

 

 

(8,566

)

Cash dividends declared

 

 

(717

)

 

 

(767

)

 

 

(1,447

)

 

 

(1,562

)

Net income

 

 

2,442

 

 

 

2,311

 

 

 

4,693

 

 

 

4,448

 

Other, net

 

 

 

 

 

1

 

 

 

 

 

2

 

Balance, end of period

 

$

(17,095

)

 

$

(9,174

)

 

$

(17,095

)

 

$

(9,174

)

Other equity, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

(688

)

 

$

(985

)

 

$

(1,073

)

 

$

(1,050

)

Other comprehensive income (loss), net

 

 

51

 

 

 

(66

)

 

 

430

 

 

 

(9

)

Other, net

 

 

50

 

 

 

36

 

 

 

56

 

 

 

44

 

Balance, end of period

 

$

(587

)

 

$

(1,015

)

 

$

(587

)

 

$

(1,015

)

Total stockholders' equity

 

$

8,616

 

 

$

16,185

 

 

$

8,616

 

 

$

16,185

 

Cash dividends declared per common share

 

$

0.24

 

 

$

0.24

 

 

$

0.48

 

 

$

0.48

 

 

 

 

 

See notes to condensed consolidated financial statements.

 

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ORACLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended November 30, 2020 and 2019

(Unaudited)

 

 

 

Six Months Ended

November 30,

 

(in millions)

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

4,693

 

 

$

4,448

 

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

 

 

 

 

 

 

 

 

Depreciation

 

 

742

 

 

 

677

 

Amortization of intangible assets

 

 

690

 

 

 

821

 

Deferred income taxes

 

 

(43

)

 

 

(263

)

Stock-based compensation

 

 

916

 

 

 

843

 

Other, net

 

 

184

 

 

 

117

 

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

 

 

 

 

 

 

 

 

Decrease in trade receivables, net

 

 

1,263

 

 

 

1,079

 

Decrease in prepaid expenses and other assets

 

 

545

 

 

 

638

 

Decrease in accounts payable and other liabilities

 

 

(248

)

 

 

(916

)

Decrease in income taxes payable

 

 

(1,243

)

 

 

(613

)

Decrease in deferred revenues

 

 

(158

)

 

 

(318

)

Net cash provided by operating activities

 

 

7,341

 

 

 

6,513

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of marketable securities and other investments

 

 

(15,578

)

 

 

(314

)

Proceeds from maturities of marketable securities and other investments

 

 

10,776

 

 

 

2,204

 

Proceeds from sales of marketable securities

 

 

3

 

 

 

12,575

 

Acquisitions, net of cash acquired

 

 

 

 

 

(111

)

Capital expenditures

 

 

(1,004

)

 

 

(735

)

Net cash (used for) provided by investing activities

 

 

(5,803

)

 

 

13,619

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments for repurchases of common stock

 

 

(8,962

)

 

 

(9,996

)

Proceeds from issuances of common stock

 

 

772

 

 

 

617

 

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

 

 

(520

)

 

 

(559

)

Payments of dividends to stockholders

 

 

(1,447

)

 

 

(1,562

)

Repayments of borrowings

 

 

(1,000

)

 

 

(4,500

)

Other, net

 

 

110

 

 

 

(96

)

Net cash used for financing activities

 

 

(11,047

)

 

 

(16,096

)

Effect of exchange rate changes on cash and cash equivalents

 

 

271

 

 

 

(10

)

Net (decrease) increase in cash and cash equivalents

 

 

(9,238

)

 

 

4,026

 

Cash and cash equivalents at beginning of period

 

 

37,239