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Oracle Announces Fiscal 2025 First Quarter Financial Results

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Q1 GAAP Earnings per Share up 20% to $1.03, Non-GAAP Earnings per Share up 17% to $1.39Q1 Total Revenue $13.3 billion, up 7% in USD and up 8% in constant currencyQ1 Total Remaining Performance Obligations up 53% to $99 billionQ1 Cloud Revenue (IaaS plus SaaS) $5.6 billion, up 21% in USD and up 22% in constant currencyQ1 Cloud Infrastructure (IaaS) Revenue $2.2 billion, up 45% in USD and up 46% in constant currencyQ1 Cloud Application (SaaS) Revenue $3.5 billion, up 10% in both USD and constant currencyQ1 Fusion Cloud ERP (SaaS) Revenue $0.9 billion, up 16% in USD and up 17% in constant currencyQ1 NetSuite Cloud ERP (SaaS) Revenue $0.9 billion, up 20% in both USD and constant currency

AUSTIN, Texas, Sept. 9, 2024 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced fiscal 2025 Q1 results. Total quarterly revenues were up 7% year-over-year in USD, and up 8% in constant currency to $13.3 billion. Cloud services revenues were up 21% year-over-year in USD, and up 22% in constant currency to $5.6 billion. Cloud license and on-premise license revenues were up 7% in USD and up 8% in constant currency to $870 million.      

Q1 GAAP operating income was $4.0 billion. Non-GAAP operating income was $5.7 billion, up 13% in USD and up 14% in constant currency. GAAP operating margin was 30%, and non-GAAP operating margin was 43%. GAAP net income was $2.9 billion. Non-GAAP net income was $4.0 billion, up 18% in USD and up 19% in constant currency. Q1 GAAP earnings per share was $1.03, up 20% in USD and up 22% in constant currency, while non-GAAP earnings per share was $1.39, up 17% in USD and up 18% in constant currency.

Short-term deferred revenues were $11.5 billion. Over the last twelve months, operating cash flow was $19.1 billion and free cash flow was $11.3 billion.

“As Cloud Services became Oracle’s largest business, both our operating income and earnings per share growth accelerated,” said Oracle CEO, Safra Catz. “Non-GAAP operating income was up 14% in constant currency to $5.7 billion, and non-GAAP EPS was up 18% in constant currency to $1.39 in Q1. RPO was up 53% from last year to a record $99 billion. That strong contract backlog will increase revenue growth throughout FY25. But the biggest news of all was signing a MultiCloud agreement with AWS—including our latest technology Exadata hardware and Version 23ai of our database software—embedded into AWS cloud datacenters. AWS customers will get easy and convenient access to the Oracle database when we go live in December later this year.”

“Oracle has 162 cloud datacenters in operation and under construction around the world,” said Oracle Chairman and CTO, Larry Ellison. “The largest of these datacenters is 800 megawatts and will contain acres of NVIDIA GPU Clusters for training large scale AI models. In Q1, 42 additional cloud GPU contracts were signed for a total of $3 billion. Our database business growth rate is increasing as a result of our MultiCloud agreements with Microsoft and Google. At the end of Q1, 7 Oracle Cloud regions were live at Microsoft with 24 more being built, and 4 Oracle Cloud regions were live at Google with 14 more being built. Our recently signed AWS contract was a milestone in the MultiCloud Era.  Soon customers will be able use the latest Oracle database technology from within every Hyperscaler’s cloud.” 

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 October 10, 2024, with a payment date of October 24, 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 the expectations for converting the Remaining Performance Obligations to revenue, the timing and build out of additional datacenters, and future growth as a result of our MultiCloud strategy, 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, including our AI products; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; our ability to secure data center capacity; 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 September 9, 2024. Oracle undertakes no duty to update any statement in light of new information or future events.

 

ORACLE  CORPORATION

Q1 FISCAL 2025 FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)

Three Months Ended August 31,

% Increase

% Increase

(Decrease)

% of 

% of 

(Decrease)

in Constant

2024

Revenues

2023

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support 

$         10,519

79 %

$           9,547

77 %

10 %

11 %

Cloud license and on-premise license

870

7 %

809

6 %

7 %

8 %

Hardware

655

5 %

714

6 %

(8 %)

(8 %)

Services

1,263

9 %

1,383

11 %

(9 %)

(8 %)

      Total revenues

13,307

100 %

12,453

100 %

7 %

8 %

OPERATING EXPENSES

Cloud services and license support 

2,597

19 %

2,179

18 %

19 %

20 %

Hardware

162

1 %

219

2 %

(26 %)

(25 %)

Services

1,147

9 %

1,212

10 %

(5 %)

(5 %)

Sales and marketing

2,036

15 %

2,026

16 %

1 %

1 %

Research and development 

2,306

17 %

2,216

18 %

4 %

5 %

General and administrative

358

3 %

393

3 %

(9 %)

(8 %)

Amortization of intangible assets

624

5 %

763

6 %

(18 %)

(18 %)

Acquisition related and other

13

0 %

11

0 %

9 %

9 %

Restructuring

73

1 %

138

1 %

(47 %)

(47 %)

      Total operating expenses 

9,316

70 %

9,157

74 %

2 %

2 %

OPERATING INCOME

3,991

30 %

3,296

26 %

21 %

22 %

Interest expense

(842)

(6 %)

(872)

(7 %)

(3 %)

(3 %)

Non-operating income (expenses), net

20

0 %

(49)

0 %

*

*

INCOME BEFORE INCOME TAXES

3,169

24 %

2,375

19 %

33 %

36 %

(Provision for) benefit from income taxes

(240)

(2 %)

45

0 %

*

*

NET INCOME

$           2,929

22 %

$           2,420

19 %

21 %

23 %

EARNINGS PER SHARE:

Basic

$              1.06

$              0.89

Diluted

$              1.03

$              0.86

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,761

2,728

Diluted

2,851

2,823

(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, 2024, which was the last day of our prior fiscal year, rather than the 
actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the
three months ended August 31, 2024 compared with the corresponding prior year period decreased our total revenues by 1 percentage point and
operating income by 1 percentage point.

*

Not meaningful

 

ORACLE  CORPORATION

Q1 FISCAL 2025 FINANCIAL RESULTS

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

($ in millions, except per share data)

Three Months Ended August 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

$       13,307

$             –

$       13,307

$       12,453

$             –

$       12,453

7 %

7 %

8 %

8 %

TOTAL OPERATING EXPENSES

$         9,316

$    (1,717)

$         7,599

$         9,157

$    (1,761)

$         7,396

2 %

3 %

2 %

3 %

     Stock-based compensation (3)

1,007

(1,007)

–

849

(849)

–

19 %

*

19 %

*

     Amortization of intangible assets (4)

624

(624)

–

763

(763)

–

(18 %)

*

(18 %)

*

     Acquisition related and other

13

(13)

–

11

(11)

–

9 %

*

9 %

*

     Restructuring

73

(73)

–

138

(138)

–

(47 %)

*

(47 %)

*

OPERATING INCOME

$         3,991

$     1,717

$         5,708

$         3,296

$     1,761

$         5,057

21 %

13 %

22 %

14 %

OPERATING MARGIN %

30 %

43 %

26 %

41 %

353 bp.

228 bp.

366 bp.

232 bp.

INCOME TAX EFFECTS (5)

$           (240)

$       (682)

$           (922)

$              45

$       (823)

$           (778)

*

18 %

*

20 %

NET INCOME

$         2,929

$     1,035

$         3,964

$         2,420

$        938

$         3,358

21 %

18 %

23 %

19 %

DILUTED EARNINGS PER SHARE

$           1.03

$           1.39

$           0.86

$           1.19

20 %

17 %

22 %

18 %

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,851

–

2,851

2,823

–

2,823

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, 2024, 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

August 31, 2024

August 31, 2023

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

     Cloud services and license support

$            141

$      (141)

$               –

$            111

$      (111)

$               –

     Hardware

6

(6)

–

5

(5)

–

     Services

43

(43)

–

34

(34)

–

     Sales and marketing

162

(162)

–

135

(135)

–

     Research and development

569

(569)

–

484

(484)

–

     General and administrative

86

(86)

–

80

(80)

–

           Total stock-based compensation

$         1,007

$   (1,007)

$               –

$            849

$      (849)

$               –

(4)

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

     Remainder of fiscal 2025

$         1,683

     Fiscal 2026

1,639

     Fiscal 2027

672

     Fiscal 2028

635

     Fiscal 2029

561

     Fiscal 2030

522

     Thereafter

558

           Total intangible assets, net

$         6,270

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 7.6% and (1.9%) in the first quarter of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 18.9% and 18.8% in the first quarter of fiscal 2025
and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the first quarters of fiscal 2025 and 2024 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

Q1 FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

August 31,

May 31,

2024

2024

ASSETS

Current Assets:

Cash and cash equivalents

$               10,616

$               10,454

Marketable securities

295

207

Trade receivables, net

8,021

7,874

Prepaid expenses and other current assets

4,140

4,019

Total Current Assets

23,072

22,554

Non-Current Assets:

   Property, plant and equipment, net

23,094

21,536

   Intangible assets, net

6,270

6,890

   Goodwill, net

62,249

62,230

   Deferred tax assets

12,219

12,273

   Other non-current assets

17,310

15,493

Total Non-Current Assets

121,142

118,422

TOTAL ASSETS

$            144,214

$            140,976

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Notes payable and other borrowings, current 

$                 9,201

$               10,605

Accounts payable

2,207

2,357

Accrued compensation and related benefits

1,772

1,916

Deferred revenues

11,455

9,313

Other current liabilities

7,410

7,353

Total Current Liabilities

32,045

31,544

Non-Current Liabilities:

Notes payable and other borrowings, non-current

75,314

76,264

Income taxes payable

11,038

10,817

Deferred tax liabilities

3,442

3,692

Other non-current liabilities

11,106

9,420

Total Non-Current Liabilities

100,900

100,193

Stockholders’ Equity

11,269

9,239

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$            144,214

$            140,976

 

     ORACLE  CORPORATION 

Q1 FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in millions)

Three Months Ended August 31,

2024

2023

Cash Flows From Operating Activities:

Net income 

$        2,929

$        2,420

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

Depreciation

804

712

Amortization of intangible assets

624

763

Deferred income taxes

(151)

(517)

Stock-based compensation

1,007

849

Other, net

130

169

Changes in operating assets and liabilities:

(Increase) decrease in trade receivables, net

(81)

380

Decrease in prepaid expenses and other assets

367

269

Decrease in accounts payable and other liabilities

(531)

(457)

Increase in income taxes payable

24

69

Increase in deferred revenues

2,305

2,317

Net cash provided by operating activities

7,427

6,974

Cash Flows From Investing Activities:

Purchases of marketable securities and other investments

(477)

(333)

Proceeds from sales and maturities of marketable securities and other investments

15

85

Capital expenditures

(2,303)

(1,314)

Net cash used for investing activities

(2,765)

(1,562)

Cash Flows From Financing Activities:

Payments for repurchases of common stock

(150)

(150)

Proceeds from issuances of common stock

179

308

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

(851)

(1,060)

Payments of dividends to stockholders

(1,103)

(1,091)

Repayments of commercial paper, net

(396)

(562)

Proceeds from issuances of term loan credit agreements

5,627

–

Repayments of senior notes and term loan credit agreements

(7,630)

(1,000)

Other, net

(261)

27

Net cash used for financing activities

(4,585)

(3,528)

Effect of exchange rate changes on cash and cash equivalents

85

(36)

Net increase in cash and cash equivalents

162

1,848

Cash and cash equivalents at beginning of period

10,454

9,765

Cash and cash equivalents at end of period

$      10,616

$      11,613

 

 ORACLE  CORPORATION 

 Q1 FISCAL 2025 FINANCIAL RESULTS 

 FREE CASH FLOW – TRAILING 4-QUARTERS (1) 

 ($ in millions) 

 Fiscal 2024 

 Fiscal 2025 

 Q1 

 Q2 

 Q3 

 Q4 

 Q1 

 Q2 

 Q3 

 Q4 

GAAP Operating Cash Flow

$            17,745

$            17,039

$            18,239

$            18,673

$            19,126

Capital Expenditures

(8,290)

(6,935)

(5,981)

(6,866)

(7,855)

Free Cash Flow

$               9,455

$            10,104

$            12,258

$            11,807

$            11,271

Operating Cash Flow % Growth over prior year

68 %

13 %

18 %

9 %

8 %

Free Cash Flow % Growth over prior year

76 %

20 %

68 %

39 %

19 %

GAAP Net Income

$               9,375

$            10,137

$            10,642

$            10,467

$            10,976

Operating Cash Flow as a % of Net Income

189 %

168 %

171 %

178 %

174 %

Free Cash Flow as a % of Net Income

101 %

100 %

115 %

113 %

103 %

(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 

 Q1 FISCAL 2025 FINANCIAL RESULTS 

 SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1) 

 ($ in millions) 

 Fiscal 2024 

 Fiscal 2025 

 Q1 

 Q2 

 Q3 

 Q4 

 TOTAL 

 Q1 

 Q2 

 Q3 

 Q4 

 TOTAL 

REVENUES BY OFFERINGS

 Cloud services 

$    4,635

$    4,775

$    5,054

$    5,311

$   19,774

$    5,623

$      5,623

 License support 

4,912

4,864

4,909

4,923

19,609

4,896

4,896

 Cloud services and license support 

9,547

9,639

9,963

10,234

39,383

10,519

10,519

 Cloud license and on-premise license 

809

1,178

1,256

1,838

5,081

870

870

 Hardware 

714

756

754

842

3,066

655

655

 Services  

1,383

1,368

1,307

1,373

5,431

1,263

1,263

              Total revenues 

$  12,453

$  12,941

$  13,280

$  14,287

$   52,961

$  13,307

$   13,307

AS REPORTED REVENUE GROWTH RATES 

Cloud services

30 %

25 %

25 %

20 %

25 %

21 %

21 %

License support

2 %

2 %

1 %

0 %

1 %

0 %

0 %

 Cloud services and license support 

13 %

12 %

12 %

9 %

12 %

10 %

10 %

 Cloud license and on-premise license 

(10 %)

(18 %)

(3 %)

(15 %)

(12 %)

7 %

7 %

 Hardware 

(6 %)

(11 %)

(7 %)

(1 %)

(6 %)

(8 %)

(8 %)

 Services  

2 %

(2 %)

(5 %)

(6 %)

(3 %)

(9 %)

(9 %)

       Total revenues 

9 %

5 %

7 %

3 %

6 %

7 %

7 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

Cloud services

29 %

24 %

24 %

20 %

24 %

22 %

22 %

License support

0 %

0 %

1 %

1 %

0 %

0 %

0 %

 Cloud services and license support  

12 %

11 %

11 %

10 %

11 %

11 %

11 %

 Cloud license and on-premise license 

(11 %)

(19 %)

(3 %)

(14 %)

(12 %)

8 %

8 %

 Hardware  

(8 %)

(12 %)

(7 %)

0 %

(7 %)

(8 %)

(8 %)

 Services  

1 %

(3 %)

(5 %)

(6 %)

(3 %)

(8 %)

(8 %)

       Total revenues 

8 %

4 %

7 %

4 %

6 %

8 %

8 %

CLOUD SERVICES AND LICENSE SUPPORT REVENUES

BY ECOSYSTEM

 Applications cloud services and license support 

$    4,471

$    4,474

$    4,584

$    4,642

$   18,172

$    4,769

$      4,769

 Infrastructure cloud services and license support 

5,076

5,165

5,379

5,592

21,211

5,750

5,750

       Total cloud services and license support revenues 

$    9,547

$    9,639

$    9,963

$  10,234

$   39,383

$  10,519

$   10,519

AS REPORTED REVENUE GROWTH RATES 

 Applications cloud services and license support 

11 %

10 %

10 %

6 %

9 %

7 %

7 %

 Infrastructure cloud services and license support 

15 %

14 %

13 %

12 %

14 %

13 %

13 %

       Total cloud services and license support revenues 

13 %

12 %

12 %

9 %

12 %

10 %

10 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

 Applications cloud services and license support 

11 %

9 %

10 %

6 %

9 %

7 %

7 %

 Infrastructure cloud services and license support 

14 %

12 %

13 %

13 %

13 %

14 %

14 %

       Total cloud services and license support revenues 

12 %

11 %

11 %

10 %

11 %

11 %

11 %

GEOGRAPHIC REVENUES

 Americas 

$    7,841

$    8,067

$    8,270

$    8,945

$   33,122

$    8,372

$      8,372

 Europe/Middle East/Africa 

3,005

3,170

3,316

3,539

13,030

3,228

3,228

 Asia Pacific 

1,607

1,704

1,694

1,803

6,809

1,707

1,707

        Total revenues 

$  12,453

$  12,941

$  13,280

$  14,287

$   52,961

$  13,307

$   13,307

(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, 2024 and 2023 for the fiscal 2025
      and fiscal 2024 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during the respective periods.

 

APPENDIX A

ORACLE CORPORATION
Q1 FISCAL 2025 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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SIGGRAPH 2026 Unites Global Computer Graphics Community in Los Angeles With Landmark Keynotes, Inaugural Games Summit, and AI Innovation

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Weeklong Conference Celebrates 53 Years of Advancing the State of the Art in Computer Graphics and Interactive Techniques

LOS ANGELES, July 23, 2026 /PRNewswire/ — The 53rd annual SIGGRAPH conference, the world’s premier conference on computer graphics and interactive techniques, brought together thousands of artists, researchers, developers, and industry leaders from around the globe this week at the Los Angeles Convention Center. From an inspiring keynote by legendary Disney Imagineer Lanny Smoot and the debut of the Games Summit to advancements in artificial intelligence (AI), robotics, neural rendering, Gaussian splatting, and immersive storytelling, SIGGRAPH 2026 reaffirmed its role as the global stage where research meets production and ideas shape the future of the field.

SIGGRAPH 2026 welcomed an international audience of more than 9,500 people from 69 countries, alongside a bustling exhibition floor where companies large and small showcased the latest in computer graphics and interactive techniques, products, and services.

“SIGGRAPH 2026 showed what happens when the world’s technical and creative communities share one space. The lines between computer graphics, physics, and AI are blurring, and this week our attendees turned that convergence into new collaborations, research directions, and ways to tell stories,” said SIGGRAPH 2026 Conference Chair Chris Redmann. “From our first Games Summit to a keynote that reminded us invention is a team sport, this conference celebrated the breakthroughs of today while laying the groundwork for the future of our field.”

A highlight of the week came Monday, 20 July, when Disney Research Fellow and Walt Disney Imagineering inventor Lanny Smoot took the keynote stage with “Inventions, Innovations, and Imagination: Lanny Smoot’s Prolific Path”. Smoot, who holds 107 patents and in 2024 became only the second Disney employee after Walt Disney himself to be inducted into the National Inventors Hall of Fame, traced a career spanning more than 45 years, from Bell Labs breakthroughs to beloved Disney Parks innovations including the HoloTile floor and the extendable lightsaber. His message that successful technical practitioners love to create and want to learn from others resonated with a packed house of attendees at the start of the conference week.

Keynote programming continued throughout the week with three standout sponsored sessions. NVIDIA research and engineering leaders Neil Ashton, Ming-Yu Liu, and Edward Liu explored the next era of graphics through neural rendering, world models, and AI-driven simulation. Bolt Graphics founder Darwesh Singh shared his vision for a GPU architecture built for real-time path tracing, and the research team behind Tripo AI examined how generative 3D is redefining how digital worlds are made.

AI ran through nearly every program at SIGGRAPH 2026, positioned not as a replacement for human creativity but as a creative partner. Technical Papers, Technical Workshops, Courses, and Birds of a Feather sessions connected researchers and production artists on generative workflows, differentiable physics, and world models. NVIDIA dedicated a full day to physical AI, presented 21 papers connecting 3D worlds and robot control, and drew industry-wide conversation with a technical deep dive into DLSS 5 neural rendering.

The inaugural Games Summit brought dedicated programming for game developers to SIGGRAPH. Sessions spanned motion sickness accessibility, destruction systems, performance capture pipelines, and cross-industry collaboration through OpenUSD. Robotics also took center stage across the conference, from research in simulation and motion control to the crowd-favorite Robo Dojo, where attendees guided robots through an immersive training ground on the exhibition floor.

In the Experience Hall, five interactive programs: Spatial Storytelling, the Immersive Pavilion, the Art Gallery, and Emerging Technologies, along with the in-person Hands-On Courses track of the Courses program, had attendees step inside the future of interaction and storytelling. Installations spanned AI-driven art, mixed reality sport, embodied robotics, and spatial narratives of wildfire and memory, while lively discussions on Gaussian splatting explored the future of photorealistic virtual reality.

The Computer Animation Festival, an Academy Award® Qualifying Festival for the “Best in Show” prize, celebrated global storytelling in the Electronic Theater, newly expanded in 2026 to include films longer than 10 minutes, opening the festival to a wider range of filmmakers and formats than ever before. Production Sessions took audiences behind the scenes of “Avatar: Fire and Ash” with Wētā FX and Lightstorm Entertainment, NASA’s “Visualizing the Moon for Artemis II”, Disney and Pixar Animation Studios’ “Hoppers”, and Industrial Light & Magic’s work on “The Mandalorian and Grogu”.

SIGGRAPH 2026 also celebrated this year’s contributors by honoring some “best of” from various programs, including:

Art Gallery
Best in Show — “Sternwerk“
Alvaro Cassinelli, City University of Hong Kong, School of Creative Media; and Tobias Klein, City University of Hong Kong and School of Creative Media

Art Papers
Best Art Paper — “Resonance: Meditative Neural Rhythms as Collective Spatial Experience“
Ruipeng Wang and Behnaz Farahi, Massachusetts Institute of Technology (MIT) and Critical Matter Group, Media Lab; and Yuxiang Cheng and Zhiyan Xing, Harvard University and Critical Matter Group, Media Lab

Computer Animation Festival: Electronic Theater
Best in Show: “Apart“
Pola Maneli, Social Popcorn Films (South Africa, United States)

Jury’s Choice — “18 Months“
Paulo Garcia and Natalia Gouvea (United States)

Best Student Project — “Beyond Words“
Antoine Barbannaud, Théo Merlet, Cyril Buisson, Damien Poncelet, Anthonin Haüy, Timothé Vergught, Mathis De Sauvecanne, Thémys Cheynel, Lilou Tiprez, Leandro Leijnen, and Romain Gueusset with Creative Seeds (France)

Audience Choice — “Saba“
Liron Topaz and Lirit Rosenzweig-Topaz (United States)

Emerging Technologies
Best in Show — “EmerFlux: A Two-Layer Liquid Surface Display for Organic Pixel-Based Aesthetic Representation of Information“
Kaito Shimizu and Toshitaka Amaoka, Meisei University

Audience Choice — “EmoMime: Augmenting Social Behavior and Self-Expression via Wearable Robotic Limbs“
Hideki Shimobayashi, Masaharu Hirose, and Masahiko Inami, RCAST, The University of Tokyo; Tomoya Sasaki, Tokyo University of Science and RCAST, The University of Tokyo; and Arata Horie, RCAST, The University of Tokyo and commissure Inc.

Immersive Pavilion
Best in Show — “Cosmos Unseen: Black Holes“
Marcus Moresby, Aditi Rajagopal, Bhaumik Patel, and Mark Lynch, Atlantic Studios

Real-Time Live!
Best in Show — “Create Interactive 3D Assets in Seconds!“
Ying-Tian Liu, Yuan-Chen Guo, Yumeng Li, Yu-Lin Tsai, and Yan-Pei Cao, VAST; Hanxiao Wang, Institute of Automation, Chinese Academy of Sciences and VAST; and Yi-Hua Huang, The University of Hong Kong (HKU) and VAST

Audience Choice — “Dissectible Anatomy: Embodied Exploration for Education“
Tim McGraw and Jack Myers, Purdue University

Technical Papers
Best Paper Awards
“GimmBO: Interactive Generative Image Model Merging via Bayesian Optimization”
Chenxi Liu and Selena Ling, University of Toronto; and Alec Jacobson, University of Toronto and Vector Institute

“Mixwell: Sharp 2D Fluid Brushes for Progressive Physics-Based Mixing“
Doug James, Stanford University; and Ethan James

“Walk on Decomposed Subdomains: A Hybrid Monte Carlo-Deterministic Solver for Elliptic PDEs“
Clément Jambon, Mohammad Sina Nabizadeh, and Mina Konaković Luković, Massachusetts Institute of Technology (MIT)

“Robust Planar Maps for 3D Vectorization“
Robert Fuchs, Carnegie Mellon University; and Keenan Crane, Carnegie Mellon University and Roblox

“Inverse Rendering for Discrete X-Ray Computed Tomography“
Lovro Nuic, Ziyi Zhang, and Wenzel Jakob, Ecole Polytechnique Fédérale de Lausanne; Korbinian Sager, Carl Zeiss AG

Looking ahead, the global computer graphics community will reconvene for SIGGRAPH 2027, the 54th annual conference, taking place 8–12 August 2027 in Anaheim, California, led by SIGGRAPH 2027 Conference Chair and Walt Disney Imagineer Kristy Pron. For the latest conference news and updates, visit siggraph.org.

About ACM, ACM SIGGRAPH, and SIGGRAPH 2026
ACM, the Association for Computing Machinery, is the world’s largest educational and scientific computing society, uniting educators, researchers, and professionals to inspire dialogue, share resources, and address the field’s challenges. ACM SIGGRAPH is a special interest group within ACM that serves as an interdisciplinary community for members in research, technology, and applications in computer graphics and interactive techniques. The SIGGRAPH conference is the world’s leading annual interdisciplinary educational experience showcasing the latest in computer graphics and interactive techniques. SIGGRAPH 2026, the 53rd annual conference hosted by ACM SIGGRAPH, will take place live 19–23 July at the Los Angeles Convention Center.

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Lyntris Inc. Announces Filing of Registration Statement for Proposed Initial Public Offering

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July 24, 2026

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WASHINGTON, July 23, 2026 /PRNewswire/ — Lyntris Inc. (“Lyntris”), a defense technology company providing “sense-to-act” connectivity solutions for the modern, connected battlespace, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of shares of its common stock. Certain of Lyntris’s existing stockholders identified in the registration statement are also expected to sell shares of common stock in the proposed offering. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering.

Evercore ISI, Citigroup and Guggenheim Securities are acting as lead book-running managers for the proposed offering. BofA Securities is also acting as a joint book-running manager for the proposed offering. Baird, Raymond James and William Blair are acting as bookrunners for the proposed offering. Lyntris has applied to list its common stock on the New York Stock Exchange under the ticker symbol “LYNX”.

The proposed offering will be made only by means of a prospectus. When available, copies of the registration statement and the preliminary prospectus included therein may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or may also be obtained from: Evercore ISI, Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone: (888) 474-0200 or by email: ecm.prospectus@evercore.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone: (800) 831-9146; and Guggenheim Securities, LLC, Attention: Equity Syndicate, 330 Madison Avenue, New York, New York 10017 or by email: gsequityprospectusdelivery@guggenheimpartners.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Lyntris
Lyntris is a defense technology company delivering “sense-to-act” connectivity solutions for the modern, connected battlespace. Combining differentiated hardware, software and mission expertise, Lyntris helps customers to detect threats earlier, decide faster and act with precision in contested, multi-domain environments.

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TELUS transforms legacy telecommunications site into 195 new homes for Nanaimo

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July 24, 2026

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Across Canada, demand for rental housing continues to outpace supply. TELUS Living is helping address this challenge by transforming existing TELUS properties into smart, sustainable homes in communities where new housing is needed most.

NANAIMO, BC, July 23, 2026 /CNW/ — TELUS Living today opened a new 195-home purpose-built rental community in downtown Nanaimo, transforming a former telecommunications property into smart, sustainable housing that helps address one of Canada’s most pressing challenges: increasing rental supply in growing communities. Located at 235 Wallace St, the multi-storey, mixed-use build features 195 purpose-built rental units, providing much-needed housing supply to downtown Nanaimo, while thoughtfully honouring the city’s unique coastal identity and heritage.

The Nanaimo development is part of TELUS’ long-term strategy to repurpose legacy telecommunications infrastructure into purpose-built rental housing as the company modernizes its network and completes the transition from copper to PureFibre technology. The Nanaimo community joins TELUS Living’s growing portfolio of developments that are transforming underutilized TELUS properties into housing across Canada.

“The Nanaimo development represents exactly what TELUS Living stands for by providing purpose-built rental housing tailored to the specific needs of the community it serves. We’ve designed 235 Wallace St with Nanaimo’s unique character in mind, offering a curated lifestyle that blends a climate-conscious, Zero Carbon Design approach with top-tier wellness and smart-tech amenities,” said Manasweeta Bhatia, Vice President of Corporate Real Estate at TELUS. “We shape every TELUS Living project by listening to the community, understanding its unique identity and design needs, and building accordingly. Its central downtown location and proximity to both Vancouver Island University and Nanaimo Regional General Hospital also position it as an ideal home for students, educators, and healthcare workers seeking modern, connected living.”

“More housing and good jobs are a win-win for downtown Nanaimo,” said Sheila Malcolmson, MLA for Nanaimo-Gabriola Island. “Adding to the approximately 1,500 affordable homes our B.C. government has completed and underway in Nanaimo, it’s great to see TELUS stepping up with 195 new units. It’s been great to see hundreds of construction and indirect jobs in town, and I can’t wait to see folks move into their new homes.”

“I’m thrilled to see a new rental option in downtown Nanaimo, and especially excited that this conversion was made with sustainability and active transportation in mind,” said George Anderson, MLA for Nanaimo-Lantzville. “Ensuring everyone can find homes they can afford in the communities they love requires creative approaches, and I hope to see more creativity like this in the future.”

“I’m delighted to celebrate the opening of TELUS Living Nanaimo, a landmark project that strengthens our downtown as a vibrant, inclusive place to live,” said Leonard Krog, Mayor of Nanaimo. “This partnership between the City of Nanaimo, our community, and TELUS demonstrates what’s possible when we work together toward shared goals. The addition of nearly 200 diverse housing options is exactly what our city needs, and we’re excited about the positive impact this will have on our community. TELUS’ commitment to our city and investment in our future will contribute to Nanaimo’s economic and social vitality.”

Situated within walking distance of downtown’s vibrant cafes, eclectic Old City Quarter, the iconic Harbourfront Walkway, and a short transit ride from Vancouver Island University and Nanaimo Regional General Hospital, the development is architecturally designed to blend classic and contemporary exterior elements. Curated for modern living, the community offers an expansive suite of indoor and outdoor social amenities alongside street-level retail and public art contributions.

Project Highlights:

Smart-Enabled Living: Powered by the TELUS PureFibre network, the custom TELUS Living App provides keyless entry, smart climate control, leak detection, parcel notifications, visitor management, and amenity bookings.Social & Wellness Amenities: Features a rooftop deck with an outdoor kitchen, BBQs, and panoramic views, alongside a state-of-the-art fitness centre and resident lounge.Pet & Active Lifestyle Ready: Equipped with a dedicated children’s outdoor play area, outdoor bark park and pet care station, secure underground parking, bike storage and maintenance facilities.Premium Functional Interiors: Studio to three-bedroom layouts include private balconies, individual A/C with Energy Recovery Ventilators (ERVs) for optimal air quality, Samsung SmartThings appliances, and in-suite laundry.Gold-Standard Sustainability: Sets a Vancouver Island benchmark aligned with Zero Carbon Design standards and Salmon-Safe development guidelines that actively protects local ecosystems.

This opening marks a significant milestone in TELUS Living’s mission to transform existing real estate holdings into purpose-built rentals that bridge the housing gap with smart, sustainable, and community-focused developments. As TELUS completes its transition from legacy copper to advanced fibre networks, the company is transforming its historic central offices–which once served as the backbone of B.C.’s phone system–into vibrant, smart, purpose-built rental communities. TELUS Living is breathing new life into these properties to help address Canada’s housing crisis. For more details on TELUS Living Nanaimo or to view available floor plans, please visit telusliving.com/nanaimo.

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 17 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing approximately 170 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring ‘give where we live’ philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service–earning TELUS the distinction of the world’s most giving company.

For more information, visit telus.com.

For more information, please contact:
Brandi Rees
TELUS Public Relations
brandi.rees@telus.com 

SOURCE TELUS Communications Inc.

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