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Q2 GAAP Earnings per Share up 24% to $1.10 , Non-GAAP Earnings per Share up 10% to $1.47 Q2 Total Revenue $14.1 billion , up 9% in both USD and constant currency Q2 Total Remaining Performance Obligations $97 billion , up 49% in USD & 50% in constant currency Q2 Cloud Revenue (IaaS plus SaaS) $5.9 billion , up 24% in both USD and constant currency Q2 Cloud Infrastructure (IaaS) Revenue $2.4 billion , up 52% in both USD and constant currency Q2 Cloud Application (SaaS) Revenue $3.5 billion , up 10% in both USD and constant currency Q2 Fusion Cloud ERP (SaaS) Revenue $0.9 billion , up 18% in both USD and constant currency Q2 NetSuite Cloud ERP (SaaS) Revenue $0.9 billion , up 20% in USD and 19% in constant currency AUSTIN, Texas , Dec. 9, 2024 /PRNewswire/ -- Oracle Corporation ORCL today announced fiscal 2025 Q2 results. Total quarterly revenues were up 9% year-over-year, in both USD and constant currency, to $14.1 billion . Cloud services and license support revenues were up 12% year-over-year, in both USD and constant currency, to $10.8 billion . Cloud license and on-premise license revenues were up 1% in USD and up 3% in constant currency, to $1.2 billion . Q2 GAAP operating income was $4.2 billion . Non-GAAP operating income was $6.1 billion , up 10% in both USD and constant currency. GAAP operating margin was 30%, and non-GAAP operating margin was 43%. GAAP net income was $3.2 billion . Non-GAAP net income was $4.2 billion , up 12% in both USD and constant currency. Q2 GAAP earnings per share was $1.10 , up 24% in USD and up 23% in constant currency, while non-GAAP earnings per share was $1.47 , up 10% in both USD and constant currency. Short-term deferred revenues were $9.4 billion . Over the last twelve months, operating cash flow was $20.3 billion and free cash flow was $9.5 billion . "Record level AI demand drove Oracle Cloud Infrastructure revenue up 52% in Q2, a much higher growth rate than any of our hyperscale cloud infrastructure competitors," said Oracle CEO, Safra Catz . "Growth in the AI segment of our Infrastructure business was extraordinary—GPU consumption was up 336% in the quarter—and we delivered the world's largest and fastest AI SuperComputer scaling up to 65,000 NVIDIA H200 GPUs. With our remaining performance obligation (RPO) up 50% to $97 billion , we believe our already impressive growth rates will continue to climb even higher. This fiscal year, total Oracle Cloud revenue should top $25 billion ." "Oracle Cloud Infrastructure trains several of the world's most important generative AI models because we are faster and less expensive than other clouds," said Oracle Chairman and CTO, Larry Ellison . "And we just signed an agreement with Meta—for them to use Oracle's AI Cloud Infrastructure—and collaborate with Oracle on the development of AI Agents based on Meta's Llama models. The Oracle Cloud trains dozens of specialized AI models and embeds hundreds of AI Agents in cloud applications. For example, Oracle's AI Agents automate drug design, image and genomic analysis for cancer diagnostics, audio updates to electronic health records for patient care, satellite image analysis to predict and improve agricultural output, fraud and money laundering detection, dual-factor biometric computer logins, and real time video weapons detection in schools. Oracle trained AI models and AI Agents will improve the rate of scientific discovery, economic development and corporate growth throughout the world. The scale of the opportunity is unimaginable." 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 January 9, 2025 , with a payment date of January 23, 2025 . 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 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, future total Oracle Cloud revenue this fiscal year and the scale of opportunity for Oracle trained AI models and AI Agents, 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 December 9, 2024 . Oracle undertakes no duty to update any statement in light of new information or future events. ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Three Months Ended November 30, % Increase % Increase (Decrease) % of % of (Decrease) in Constant 2024 Revenues 2023 Revenues in US $ Currency (1) REVENUES Cloud services and license support $ 10,806 77 % $ 9,639 74 % 12 % 12 % Cloud license and on-premise license 1,195 9 % 1,178 9 % 1 % 3 % Hardware 728 5 % 756 6 % (4 %) (3 %) Services 1,330 9 % 1,368 11 % (3 %) (3 %) Total revenues 14,059 100 % 12,941 100 % 9 % 9 % OPERATING EXPENSES Cloud services and license support 2,746 19 % 2,274 17 % 21 % 21 % Hardware 172 1 % 213 2 % (20 %) (19 %) Services 1,167 8 % 1,253 10 % (7 %) (7 %) Sales and marketing 2,190 16 % 2,093 16 % 5 % 5 % Research and development 2,471 18 % 2,226 17 % 11 % 11 % General and administrative 387 3 % 375 3 % 3 % 3 % Amortization of intangible assets 591 4 % 755 6 % (22 %) (22 %) Acquisition related and other 31 0 % 47 0 % (34 %) (33 %) Restructuring 84 1 % 83 1 % 0 % 1 % Total operating expenses 9,839 70 % 9,319 72 % 6 % 6 % OPERATING INCOME 4,220 30 % 3,622 28 % 17 % 16 % Interest expense (866) (6 %) (888) (7 %) (3 %) (3 %) Non-operating income (expenses), net 36 0 % (14) 0 % * * INCOME BEFORE INCOME TAXES 3,390 24 % 2,720 21 % 25 % 24 % Provision for income taxes 239 2 % 217 2 % 11 % 10 % NET INCOME $ 3,151 22 % $ 2,503 19 % 26 % 26 % EARNINGS PER SHARE: Basic $ 1.13 $ 0.91 Diluted $ 1.10 $ 0.89 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 2,790 2,746 Diluted 2,869 2,817 (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 November 30, 2024 compared with the corresponding prior year period increased our operating income by 1 percentage point. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Three Months Ended November 30, % 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 $ 14,059 $ - $ 14,059 $ 12,941 $ - $ 12,941 9 % 9 % 9 % 9 % TOTAL OPERATING EXPENSES $ 9,839 $ (1,876) $ 7,963 $ 9,319 $ (1,914) $ 7,405 6 % 8 % 6 % 8 % Stock-based compensation (3) 1,170 (1,170) - 1,029 (1,029) - 14 % * 14 % * Amortization of intangible assets (4) 591 (591) - 755 (755) - (22 %) * (22 %) * Acquisition related and other 31 (31) - 47 (47) - (34 %) * (33 %) * Restructuring 84 (84) - 83 (83) - 0 % * 1 % * OPERATING INCOME $ 4,220 $ 1,876 $ 6,096 $ 3,622 $ 1,914 $ 5,536 17 % 10 % 16 % 10 % OPERATING MARGIN % 30 % 43 % 28 % 43 % 203 bp. 58 bp. 196 bp. 52 bp. INCOME TAX EFFECTS (5) $ 239 $ 820 $ 1,059 $ 217 $ 655 $ 872 11 % 22 % 10 % 21 % NET INCOME $ 3,151 $ 1,056 $ 4,207 $ 2,503 $ 1,259 $ 3,762 26 % 12 % 26 % 12 % DILUTED EARNINGS PER SHARE $ 1.10 $ 1.47 $ 0.89 $ 1.34 24 % 10 % 23 % 10 % DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2,869 - 2,869 2,817 - 2,817 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, 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 November 30, 2024 November 30, 2023 GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP Cloud services and license support $ 158 $ (158) $ - $ 137 $ (137) $ - Hardware 8 (8) - 6 (6) - Services 53 (53) - 45 (45) - Sales and marketing 195 (195) - 174 (174) - Research and development 657 (657) - 573 (573) - General and administrative 99 (99) - 94 (94) - Total stock-based compensation $ 1,170 $ (1,170) $ - $ 1,029 $ (1,029) $ - (4) Estimated future annual amortization expense related to intangible assets as of November 30, 2024 was as follows: Remainder of fiscal 2025 $ 1,092 Fiscal 2026 1,639 Fiscal 2027 672 Fiscal 2028 635 Fiscal 2029 561 Fiscal 2030 522 Thereafter 558 Total intangible assets, net $ 5,679 (5) Income tax effects were calculated reflecting an effective GAAP tax rate of 7.1% and 8.0% in the second quarter of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 20.1% and 18.8% in the second quarter of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the second 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 Q2 FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Six Months Ended November 30, % Increase % Increase (Decrease) % of % of (Decrease) in Constant 2024 Revenues 2023 Revenues in US $ Currency (1) REVENUES Cloud services and license support $ 21,324 78 % $ 19,186 75 % 11 % 11 % Cloud license and on-premise license 2,065 8 % 1,987 8 % 4 % 5 % Hardware 1,383 5 % 1,470 6 % (6 %) (5 %) Services 2,594 9 % 2,751 11 % (6 %) (5 %) Total revenues 27,366 100 % 25,394 100 % 8 % 8 % OPERATING EXPENSES Cloud services and license support 5,344 20 % 4,452 18 % 20 % 20 % Hardware 333 1 % 432 2 % (23 %) (22 %) Services 2,314 8 % 2,465 10 % (6 %) (6 %) Sales and marketing 4,226 15 % 4,118 16 % 3 % 3 % Research and development 4,777 18 % 4,442 17 % 8 % 8 % General and administrative 745 3 % 769 3 % (3 %) (3 %) Amortization of intangible assets 1,215 4 % 1,518 6 % (20 %) (20 %) Acquisition related and other 44 0 % 58 0 % (25 %) (25 %) Restructuring 157 1 % 222 1 % (29 %) (29 %) Total operating expenses 19,155 70 % 18,476 73 % 4 % 4 % OPERATING INCOME 8,211 30 % 6,918 27 % 19 % 19 % Interest expense (1,708) (6 %) (1,760) (7 %) (3 %) (3 %) Non-operating income (expenses), net 57 0 % (63) 0 % * * INCOME BEFORE INCOME TAXES 6,560 24 % 5,095 20 % 29 % 30 % Provision for income taxes 480 2 % 172 1 % 179 % 181 % NET INCOME $ 6,080 22 % $ 4,923 19 % 24 % 24 % EARNINGS PER SHARE: Basic $ 2.19 $ 1.80 Diluted $ 2.13 $ 1.75 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 2,775 2,737 Diluted 2,860 2,820 (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 six months ended November 30, 2024 compared with the corresponding prior year period had no impact to our total revenues, total operating expenses and operating income. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Six Months Ended November 30, % 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 $ 27,366 $ - $ 27,366 $ 25,394 $ - $ 25,394 8 % 8 % 8 % 8 % TOTAL OPERATING EXPENSES $ 19,155 $ (3,592) $ 15,563 $ 18,476 $ (3,676) $ 14,800 4 % 5 % 4 % 6 % Stock-based compensation (3) 2,176 (2,176) - 1,878 (1,878) - 16 % * 16 % * Amortization of intangible assets (4) 1,215 (1,215) - 1,518 (1,518) - (20 %) * (20 %) * Acquisition related and other 44 (44) - 58 (58) - (25 %) * (25 %) * Restructuring 157 (157) - 222 (222) - (29 %) * (29 %) * OPERATING INCOME $ 8,211 $ 3,592 $ 11,803 $ 6,918 $ 3,676 $ 10,594 19 % 11 % 19 % 12 % OPERATING MARGIN % 30 % 43 % 27 % 42 % 276 bp. 141 bp. 279 bp. 140 bp. INCOME TAX EFFECTS (5) $ 480 $ 1,500 $ 1,980 $ 172 $ 1,478 $ 1,650 179 % 20 % 181 % 21 % NET INCOME $ 6,080 $ 2,092 $ 8,172 $ 4,923 $ 2,198 $ 7,121 24 % 15 % 24 % 15 % DILUTED EARNINGS PER SHARE $ 2.13 $ 2.86 $ 1.75 $ 2.53 22 % 13 % 23 % 14 % DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2,860 - 2,860 2,820 - 2,820 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: Six Months Ended Six Months Ended November 30, 2024 November 30, 2023 GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP Cloud services and license support $ 299 $ (299) $ - $ 248 $ (248) $ - Hardware 14 (14) - 11 (11) - Services 96 (96) - 78 (78) - Sales and marketing 356 (356) - 309 (309) - Research and development 1,226 (1,226) - 1,057 (1,057) - General and administrative 185 (185) - 175 (175) - Total stock-based compensation $ 2,176 $ (2,176) $ - $ 1,878 $ (1,878) $ - (4) Estimated future annual amortization expense related to intangible assets as of November 30, 2024 was as follows: Remainder of fiscal 2025 $ 1,092 Fiscal 2026 1,639 Fiscal 2027 672 Fiscal 2028 635 Fiscal 2029 561 Fiscal 2030 522 Thereafter 558 Total intangible assets, net $ 5,679 (5) Income tax effects were calculated reflecting an effective GAAP tax rate of 7.3% and 3.4% in the first half of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.5% and 18.8% in the first half of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the first half 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 Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions) November 30, May 31, 2024 2024 ASSETS Current Assets: Cash and cash equivalents $ 10,941 $ 10,454 Marketable securities 370 207 Trade receivables, net 8,177 7,874 Prepaid expenses and other current assets 4,015 4,019 Total Current Assets 23,503 22,554 Non-Current Assets: Property, plant and equipment, net 26,432 21,536 Intangible assets, net 5,679 6,890 Goodwill, net 62,204 62,230 Deferred tax assets 11,984 12,273 Other non-current assets 18,681 15,493 Total Non-Current Assets 124,980 118,422 TOTAL ASSETS $ 148,483 $ 140,976 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable and other borrowings, current $ 8,162 $ 10,605 Accounts payable 2,679 2,357 Accrued compensation and related benefits 1,653 1,916 Deferred revenues 9,430 9,313 Other current liabilities 7,128 7,353 Total Current Liabilities 29,052 31,544 Non-Current Liabilities: Notes payable and other borrowings, non-current 80,462 76,264 Income taxes payable 9,553 10,817 Deferred tax liabilities 2,864 3,692 Other non-current liabilities 12,316 9,420 Total Non-Current Liabilities 105,195 100,193 Stockholders' Equity 14,236 9,239 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 148,483 $ 140,976 ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Six Months Ended November 30, 2024 2023 Cash Flows From Operating Activities: Net income $ 6,080 $ 4,923 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 1,712 1,510 Amortization of intangible assets 1,215 1,518 Deferred income taxes (601) (1,049) Stock-based compensation 2,176 1,878 Other, net 298 331 Changes in operating assets and liabilities: (Increase) decrease in trade receivables, net (451) 145 Decrease in prepaid expenses and other assets 676 301 Decrease in accounts payable and other liabilities (1,143) (1,048) Decrease in income taxes payable (1,685) (1,541) Increase in deferred revenues 454 149 Net cash provided by operating activities 8,731 7,117 Cash Flows From Investing Activities: Purchases of marketable securities and other investments (636) (515) Proceeds from sales and maturities of marketable securities and other investments 356 157 Acquisitions, net of cash acquired - (59) Capital expenditures (6,273) (2,394) Net cash used for investing activities (6,553) (2,811) Cash Flows From Financing Activities: Payments for repurchases of common stock (300) (600) Proceeds from issuances of common stock 307 426 Shares repurchased for tax withholdings upon vesting of restricted stock-based awards (898) (1,733) Payments of dividends to stockholders (2,221) (2,190) (Repayments of) proceeds from issuances of commercial paper, net (396) 1,749 Proceeds from issuances of senior notes and term loan credit agreements, net of issuance costs 11,837 - Repayments of senior notes and term loan credit agreements (9,700) (3,500) Other, net (276) 31 Net cash used for financing activities (1,647) (5,817) Effect of exchange rate changes on cash and cash equivalents (44) (10) Net increase (decrease) in cash and cash equivalents 487 (1,521) Cash and cash equivalents at beginning of period 10,454 9,765 Cash and cash equivalents at end of period $ 10,941 $ 8,244 ORACLE CORPORATION Q2 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 $ 20,287 Capital Expenditures (8,290) (6,935) (5,981) (6,866) (7,855) (10,745) Free Cash Flow $ 9,455 $ 10,104 $ 12,258 $ 11,807 $ 11,271 $ 9,542 Operating Cash Flow % Growth over prior year 68 % 13 % 18 % 9 % 8 % 19 % Free Cash Flow % Growth over prior year 76 % 20 % 68 % 39 % 19 % (6 %) GAAP Net Income $ 9,375 $ 10,137 $ 10,642 $ 10,467 $ 10,976 $ 11,624 Operating Cash Flow as a % of Net Income 189 % 168 % 171 % 178 % 174 % 175 % Free Cash Flow as a % of Net Income 101 % 100 % 115 % 113 % 103 % 82 % (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 Q2 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 $ 5,937 $ 11,559 License support 4,912 4,864 4,909 4,923 19,609 4,896 4,869 9,765 Cloud services and license support 9,547 9,639 9,963 10,234 39,383 10,519 10,806 21,324 Cloud license and on-premise license 809 1,178 1,256 1,838 5,081 870 1,195 2,065 Hardware 714 756 754 842 3,066 655 728 1,383 Services 1,383 1,368 1,307 1,373 5,431 1,263 1,330 2,594 Total revenues $ 12,453 $ 12,941 $ 13,280 $ 14,287 $ 52,961 $ 13,307 $ 14,059 $ 27,366 AS REPORTED REVENUE GROWTH RATES Cloud services 30 % 25 % 25 % 20 % 25 % 21 % 24 % 23 % License support 2 % 2 % 1 % 0 % 1 % 0 % 0 % 0 % Cloud services and license support 13 % 12 % 12 % 9 % 12 % 10 % 12 % 11 % Cloud license and on-premise license (10 %) (18 %) (3 %) (15 %) (12 %) 7 % 1 % 4 % Hardware (6 %) (11 %) (7 %) (1 %) (6 %) (8 %) (4 %) (6 %) Services 2 % (2 %) (5 %) (6 %) (3 %) (9 %) (3 %) (6 %) Total revenues 9 % 5 % 7 % 3 % 6 % 7 % 9 % 8 % CONSTANT CURRENCY REVENUE GROWTH RATES (2) Cloud services 29 % 24 % 24 % 20 % 24 % 22 % 24 % 23 % License support 0 % 0 % 1 % 1 % 0 % 0 % 0 % 0 % Cloud services and license support 12 % 11 % 11 % 10 % 11 % 11 % 12 % 11 % Cloud license and on-premise license (11 %) (19 %) (3 %) (14 %) (12 %) 8 % 3 % 5 % Hardware (8 %) (12 %) (7 %) 0 % (7 %) (8 %) (3 %) (5 %) Services 1 % (3 %) (5 %) (6 %) (3 %) (8 %) (3 %) (5 %) Total revenues 8 % 4 % 7 % 4 % 6 % 8 % 9 % 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 $ 4,784 $ 9,552 Infrastructure cloud services and license support 5,076 5,165 5,379 5,592 21,211 5,750 6,022 11,772 Total cloud services and license support revenues $ 9,547 $ 9,639 $ 9,963 $ 10,234 $ 39,383 $ 10,519 $ 10,806 $ 21,324 AS REPORTED REVENUE GROWTH RATES Applications cloud services and license support 11 % 10 % 10 % 6 % 9 % 7 % 7 % 7 % Infrastructure cloud services and license support 15 % 14 % 13 % 12 % 14 % 13 % 17 % 15 % Total cloud services and license support revenues 13 % 12 % 12 % 9 % 12 % 10 % 12 % 11 % CONSTANT CURRENCY REVENUE GROWTH RATES (2) Applications cloud services and license support 11 % 9 % 10 % 6 % 9 % 7 % 7 % 7 % Infrastructure cloud services and license support 14 % 12 % 13 % 13 % 13 % 14 % 17 % 16 % Total cloud services and license support revenues 12 % 11 % 11 % 10 % 11 % 11 % 12 % 11 % GEOGRAPHIC REVENUES Americas $ 7,841 $ 8,067 $ 8,270 $ 8,945 $ 33,122 $ 8,372 $ 8,933 $ 17,305 Europe/Middle East/Africa 3,005 3,170 3,316 3,539 13,030 3,228 3,381 6,609 Asia Pacific 1,607 1,704 1,694 1,803 6,809 1,707 1,745 3,452 Total revenues $ 12,453 $ 12,941 $ 13,280 $ 14,287 $ 52,961 $ 13,307 $ 14,059 $ 27,366 (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 Q2 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. View original content: https://www.prnewswire.com/news-releases/oracle-announces-fiscal-2025-second-quarter-financial-results-302326639.html SOURCE Oracle © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.ROB Stanton spent many sleepless nights last season analysing moments that the Newcastle Jets didn't own. Login or signup to continue reading The Jets recorded 10 draws in 2023-24. Many of those hung on big moments. "If we had converted half of those into wins it is a different picture," Stanton said after the Jets went down 2-1 to the Central Coast Mariners at Allianz Stadium on Friday night. Again, the derby turned on a couple of moments at either end of the pitch. The Jets, after absorbing pressure in the first half, went ahead in the 64 th minute through a transition goal to Tom Aquilina. "We caught them with a nice goal. Quick build-up play," Stanton said. "The game is about moments. In that moment we are celebrating. We needed to be really focused on the next five minutes after the goal. That is when you are most vulnerable. We didn't kill the game in that moment. "You can't switch off or you will get punished. "When an opposition goes behind, they are heightened, their senses are ready to go. You have to match that. We switched off for a short period and got punished." Mariners midfielder Harrison Steele floated a cross to the back post. Jets keeper Ryan Scott rushed out but missed with an attempted punch and Mariners skipper Brian Kaltek headed into an open goal. Ten minutes later, the Mariners were in front through an own goal to Alek Susnjar after Lucas Mauragis whipped a cross in from the left. The Jets had plenty of chance in the final 15 minutes to get something out of the game but could't deliver a killer blow. "The players picked themselves up. We had plenty of chances, you have to take the chances," Stanton said. "You have to be ready in the moment to take it. When we did, we scored. When we didn't, we looked at the chance and missed. "As a coach you have to win games. The pressure is on me. I accept that. It is my job to make them win. "Before I make them win, I have to make them top players, I have to make them a top team. The only way to do that is to expose them. "We don't have the money to spend big on players. We don't have $1 million or $2 million to spend on players. We have to develop and we have to do a really good job of it. We have keep working hard every day." The Jets are away to new franchise Auckland on Saturday. You can't switch off or you will get punished James Gardiner, chief football and rugby writer at the Newcastle Herald. James Gardiner, chief football and rugby writer at the Newcastle Herald. DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. 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Tweet Facebook Mail An urgent search is continuing today for a firearm and ammunition stolen from an unmarked police car in Townsville, in north Queensland. Four suspects have been on the run since early yesterday when they stole the police-issued handgun and bullets. Events began about 3 am when the gang drove a silver Holden Commodore sedan with fake licence plates to an apartment complex on Wills Street in the city. READ MORE: Major heatwave to sweep millions this week A handgun and ammunition was stolen from an unmarked police car at this apartment complex in Townsville, north Queensland. (Nine) The offenders stole a black BMW car from the unit complex. (Nine) They then broke into five vehicles parked there, including the unmarked police car. The offenders then stole a black BMW sedan and left the scene in the vehicle, alongside the Commodore. Chief Superintendent Graeme Paine said investigators are working quickly to track down the offenders and recover the firearm. There's no indication that they deliberately targeted the police vehicle, he said. There is also an investigation underway by police into how the gun and ammunition came to be stolen, and if anything, should have or could have been done to prevent it. Anyone with information should call 1800 333 000 or make an online report at Crime Stoppers. DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .If the run-up to Christmas has you frantically rushing around to complete your to-do list, don't worry – you're not alone. On the plus side, your technology can help ease the panic. Our tech experts have rounded up several tools to keep you organised. Visit the app store for digital to-do lists that you can share to lighten the load, set reminders that will take account of traffic conditions so you leave in perfect time, and use the Which? App to create a shortlist of gift ideas. Below, we run through several ways tech can make the festive season more manageable and help you get ahead of the game. 25% off Which? Tech Support 1-2-1 tech support at your fingertips. Join today for only £36.75 and let our friendly experts help you get the most from your tech. Offer ends 8 Jan 2025 Find out more 1. Set reminders activated by time or place You might appreciate an alert that reminds you to buy specific goodies when you arrive at the supermarket, for example, or an alert to send out your Christmas cards ahead of time. To try custom reminders for yourself, follow these steps: On an iPhone The pre-installed Reminders app can give you a nudge. Open the app and tap New Reminder . Type your note, then select Details to choose a date, time, or location, which includes pairing or unpairing Bluetooth in your car, or arriving or leaving an address. The pre-installed app can give you a nudge. Open the app and tap . Type your note, then select to choose a date, time, or location, which includes pairing or unpairing Bluetooth in your car, or arriving or leaving an address. On an Apple Watch You can use the voice assistant to set alerts. Say, 'Remind me to post my letter at 8am,' for example. When triggered, your phone will display a notification — as though you have reached through time to tap yourself on the shoulder. You can use the voice assistant to set alerts. Say, 'Remind me to post my letter at 8am,' for example. When triggered, your phone will display a notification... Which? Team

WOOD DALE, Ill. , Dec. 9, 2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, today announced that it will release financial results for its second quarter of fiscal year 2025, ended November 30, 2024 , after the close of the New York Stock Exchange trading session on Tuesday, January 7, 2025 .

Stock market today: Nvidia drags Wall Street lower as oil and gold rise

ANAHEIM, Calif. (AP) — Anaheim Ducks forward Trevor Zegras will be out for six weeks after undergoing surgery to repair a torn meniscus in his right knee. Zegras had surgery Thursday, the team announced. Zegras was injured last week on a fairly innocent-looking play during the Ducks' 4-1 loss to Vegas in Anaheim. Zegras and William Karlsson only briefly got their skates and stick blades entangled, but Zegras needed help to get off the ice after taking a fall. Zegras' torn meniscus is his third major injury in just over a year, although a torn meniscus is likely a fortunate outcome for a knee injury that could have been much worse. He was limited to 31 games last season by two injury setbacks, including a broken ankle that required surgery. Zegras has four goals and six assists in 24 games this season for Anaheim, which had lost four straight heading into its road game against Toronto on Thursday night. The Ducks surprisingly activated forward Robby Fabbri from injured reserve before they faced the Maple Leafs. Fabbri had arthroscopic knee surgery on Nov. 15 and is progressing much faster than his initial predicted timeline of six to eight weeks. AP NHL: https://apnews.com/NHLHappy Birthday for Saturday, Dec. 14, 2024: You spirited, versatile and intelligent. Your sense of adventure takes you to new places. You’re also down to earth. This is a year of learning and teaching. It’s also time to renew your spiritual or religious beliefs. Explore meditation, yoga or philosophies that help you get a better self-awareness. The stars show the kind of day you’ll have: 5-Dynamic; 4-Positive; 3-Average; 2-So-so; 1-Difficult ARIES (March 21-April 19)  Today you have a wonderful, positive outlook on life! Furthermore, you’re finding it easy to see the big picture. Meanwhile, this is a good day to focus on gratitude. It’s also a wonderful day to focus on future success! Share your joy with others. Live it up! Tonight: Learn! TAURUS (April 20-May 20)  You are the financial wizard of the zodiac, and today the moon is in your Money House lined up with lucky, moneybags Jupiter. This is good news! By all means, look for ways to boost your income. Gifts, goodies and favors from others might come your way. Tonight: Check your finances. GEMINI (May 21-June 20)  Today the moon is in your sign lined up with Jupiter. This is favorable! This is why you feel warm and openhearted to others. In particular, you will enjoy practicing kindness and being generous to others. It makes you feel good. Plus, what goes around, comes around. Tonight: Partnerships. CANCER (June 21-July 22)  Today it’s easy for you to feel fortunate and appreciative. You’re happy to be in your own skin. These positive feelings might encourage you to explore mystical ideas or information about spirituality or religion. You want to connect with your higher aspirations. Tonight: Boost your health. LEO (July 23-Aug. 22)  This is a fabulous day to schmooze with friends and to interact with clubs, groups and organizations, because you’re enthusiastic and positive-minded! Your energy will attract others to you, which will make you feel successful. In fact, this is a great day to set some goals. Tonight: Socialize! VIRGO (Aug. 23-Sept. 22)  You look fabulous in the eyes of others today! People see you as successful, generous, broad-minded and wise. (Go with the flow and don’t do anything to ruin this great press.) People might ask for your approval or advice. Tonight: Home and family. LIBRA (Sept. 23-Oct. 22)  This is a wonderful day to travel or do something to get a change of scenery. If you can’t travel, then be a tourist in your own neighborhood. You will also love to learn something new. You might like to study. You might talk to people from different backgrounds and other cultures. It’s a good day for legal and medical matters. Tonight: Conversations. SCORPIO (Oct. 23-Nov. 21)  Keep your pockets open, because the universe will favor you today. You’ll be laughing all the way to the bank. However, this is also a good day to be generous to others. You will feel a sense of warm satisfaction and increased self-respect. Tonight: Money ideas. SAGITTARIUS (Nov. 22-Dec. 21)  Relations with partners, spouses and even members of the general public will be warm and friendly today, which is why you will enjoy socializing with others, including group activities. Very likely, someone will inspire or uplift you. Tonight: You shine. CAPRICORN (Dec. 22-Jan. 19)  Work-related travel will be on the books for some of you today. You’ll be pleased to do anything that widens your world and expands your knowledge. Work with groups today to be the most productive! Tonight: Privacy. AQUARIUS (Jan. 20-Feb. 18)  Accept all invitations to socialize today. You’ll have fun! It’s a great day for sports events, the theater, anything to do with the hospitality industry, plus playful activities with children. You will find it rewarding to spread joy to others. Tonight: Old friends. PISCES (Feb. 19-March 20)  This is a great day to entertain at home. Invite the gang over for good food and drink. Any gathering at your home will be a successful, upbeat event! By extension, this can also be a profitable and favorable day for real estate. Tonight: You’re admired. — King Features SyndicateElon Musk's net worth tops $400 billion, Forbes billionaires list shows

Why the Acting President of Myanmar’s NUG Is Right to Prioritize Internal Politics

Which Country Has The Most Submarines In Their Military?WASHINGTON (AP) — The House Ethics Committee’s on documents a trove of , including sex with an underage girl, that . Citing text messages, travel receipts, online payments and testimony, the bipartisan committee paints a picture of a lifestyle in which Gaetz and others connected with younger women for drug-fueled parties, events or trips, with the expectation the women would be paid for their participation. The former congressman, who filed a last-minute lawsuit to try to block the report’s release on Monday, slammed the committee’s findings. Gaetz has denied any wrongdoing and has insisted he never had sex with a minor. And a ended without any criminal charges filed against him. “Giving funds to someone you are dating — that they didn’t ask for — and that isn’t ‘charged’ for sex is now prostitution?!?” Gaetz wrote in one post on Monday. “There is a reason they did this to me in a Christmas Eve-Eve report and not in a courtroom of any kind where I could present evidence and challenge witnesses.” Here’s a look at some of the committee’s key findings: The committee found that between 2017 and 2020, Gaetz paid tens of thousands of dollars to women “likely in connection with sexual activity and/or drug use.” He paid the women using through online services such as PayPal, Venmo, and CashApp and with cash or check, the committee said. The committee said it found evidence that Gaetz understood the “transactional nature” of his relationships with the women. The report points to one text exchange in which Gaetz balked at a woman’s request that he send her money, “claiming she only gave him a ‘drive by.’” Women interviewed by the committee said there was a “general expectation of sex,” the report said. One woman who received more than $5,000 from Gaetz between 2018 and 2019 said that “99 percent of the time” that when she hung out with Gaetz “there was sex involved.” However, Gaetz was in a long-term relationship with one of the women he paid, so “some of the payments may have been of a legitimate nature,” the committee said. Text messages obtained by the committee also show that Gaetz would ask the women to bring drugs to their “rendezvous,” the report said. While most of his encounters with the women were in Florida, the committee said Gaetz also traveled “on several occasions” with women whom he paid for sex. The report includes text message exchanges in which Gaetz appears to be inviting various women to events, getaways or parties, and arranging airplane travel and lodging. Gaetz associate Joel Greenberg, in 2021, initially connected with women through an online service. In one text with a 20-year-old woman, Greenberg suggested if she has a friend, the four of them could meet up. The woman responded that she usually does “$400 per meet.” Greenberg replied: “He understands the deal,” along with a smiley face emoji. Greenberg asks if they are old enough to drink alcohol, and sent the woman a picture of Gaetz. The woman responded that her friend found him “really cute.” “Well, he’s down here for only for the day, we work hard and play hard,” Greenberg replied. The report details a party in July 2017 in which Gaetz is accused of having sex with “multiple women, including the 17-year-old, for which they were paid.” The committee pointed to “credible testimony” from the now-woman herself as well as “multiple individuals” who corroborated the allegation. The then-17-year-old — who had just completed her junior year in high school — told the committee that Gaetz paid her $400 in cash that night, “which she understood to be payment for sex,” according to the report. The woman acknowledged that she had taken ecstasy the night of the party, but told the committee that she was “certain” of her sexual encounters with the then-congressman. There’s no evidence that Gaetz knew she was a minor when he had sex with her, the committee said. The woman told the committee she didn’t tell Gaetz she was under 18 at the time and that he didn’t how old she was. Rather, the committee said Gaetz learned she was a minor more than a month after the party. But he stayed in touch with her after that and met up with her for “commercial sex” again less than six months after she turned 18, according to the committee. In sum, the committee said it authorized 29 subpoenas for documents and testimony, reviewed nearly 14,000 documents and contacted more than two dozen witnesses. But when the committee subpoenaed Gaetz for his testimony, he failed to comply. “Gaetz pointed to evidence that would ‘exonerate’ him yet failed to produce any such materials,” the committee said. Gaetz “continuously sought to deflect, deter, or mislead the Committee in order to prevent his actions from being exposed.” The report details a months-long process that dragged into a year as it sought information from Gaetz that he decried as “nosey” and a “weaponization” of government against him. In one notable exchange, investigators were seeking information about the expenses for a 2018 get-away with multiple women to the Bahamas. Gaetz ultimately offered up his plane ticket receipt “to” the destination, but declined to share his return “from” the Bahamas. The report said his return on a private plane and other expenses paid by an associate were in violation of House gift rules. In another Gaetz told the committee he would “welcome” the opportunity to respond to written questions. Yet, after it sent a list of 16 questions, Gaetz said publicly he would “no longer” voluntarily cooperate. He called the investigation “frivolous,” adding: “Every investigation into me ends the same way: my exoneration.” The report said that while Gaetz’s obstruction of the investigation does not rise to a criminal violation it is inconsistent with the requirement that all members of Congress “act in a manner that reflects creditably upon the House.” The committee its review of Gaetz in April 2021 and deferred its work in response to a Justice Department request. It renewed its work shortly after Gaetz that the Justice Department had ended a sex trafficking investigation without filing any charges against him. The committee sought records from the Justice Department about the probe, but the agency refused, saying it doesn’t disclose information about investigations that don’t result in charges. The committee then subpoenaed the Justice Department, but after a back-and-forth between officials and the committee, the department handed over “publicly reported information about the testimony of a deceased individual,” according to the report. “To date, DOJ has provided no meaningful evidence or information to the Committee or cited any lawful basis for its responses,” the committee said. Many of the women who the committee spoke to had already given statements to the Justice Department and didn’t want to “relive their experience,” the committee said. “They were particularly concerned with providing additional testimony about a sitting congressman in light of DOJ’s lack of action on their prior testimony,” the report said. The Justice Department, however, never handed over the women’s statements. The agency’s lack of cooperation — along with its request that the committee pause its investigation — significantly delayed the committee’s probe, lawmakers said.

Jared Birchall, Elon Musk’s money manager and the head of his family office, is listed as the chief executive officer. Jehn Balajadia, a longtime Musk aide who has worked at SpaceX and the Boring Co., is named as an official contact. Related Articles But they’re not connected to Musk’s new technology venture, or the political operation that’s endeared him to Donald Trump. Instead, they’re tied to the billionaire’s new Montessori school outside Bastrop, Texas, called Ad Astra, according to documents filed with state authorities and obtained via a Texas Public Information Act request. The world’s richest person oversees an overlapping empire of six companies — or seven, if you include his political action committee. Alongside rockets, electric cars, brain implants, social media and the next Trump administration, he is increasingly focused on education, spanning preschool to college. One part of his endeavor was revealed last year, when Bloomberg News reported that his foundation had set aside roughly $100 million to create a technology-focused primary and secondary school in Austin, with eventual plans for a university. An additional $137 million in cash and stock was allotted last year, according to the most recent tax filing for the Musk Foundation. Ad Astra is closer to fruition. The state documents show Texas authorities issued an initial permit last month, clearing the way for the center to operate with as many as 21 pupils. Ad Astra’s website says it’s “currently open to all children ages 3 to 9.” The school’s account on X includes job postings for an assistant teacher for preschool and kindergarten and an assistant teacher for students ages 6 to 9. To run the school, Ad Astra is partnering with a company that has experience with billionaires: Xplor Education, which developed Hala Kahiki Montessori school in Lanai, Hawaii, the island 98% owned by Oracle Corp. founder Larry Ellison. Ad Astra sits on a highway outside Bastrop, a bedroom community about 30 miles from Austin and part of a region that’s home to several of Musk’s businesses. On a visit during a recent weekday morning, there was a single Toyota Prius in the parking lot and no one answered the door at the white building with a gray metal roof. The school’s main entrance was blocked by a gate, and there was no sign of any children on the grounds. But what information there is about Ad Astra makes it sound like a fairly typical, if high-end, Montessori preschool. The proposed schedule includes “thematic, STEM-based activities and projects” as well as outdoor play and nap time. A sample snack calendar features carrots and hummus. While Birchall’s and Balajadia’s names appear in the application, it isn’t clear that they’ll have substantive roles at the school once it’s operational. Musk, Birchall and Balajadia didn’t respond to emailed questions. A phone call and email to the school went unanswered. Access to high quality, affordable childcare is a huge issue for working parents across the country, and tends to be an especially vexing problem in rural areas like Bastrop. Many families live in “childcare deserts” where there is either not a facility or there isn’t an available slot. Opening Ad Astra gives Musk a chance to showcase his vision for education, and his support for the hands-on learning and problem solving that are a hallmark of his industrial companies. His public comments about learning frequently overlap with cultural concerns popular among conservatives and the Make America Great Again crowd, often focusing on what he sees as young minds being indoctrinated by teachers spewing left-wing propaganda. He has railed against diversity, equity and inclusion efforts, and in August posted that “a lot of schools are teaching white boys to hate themselves.” Musk’s educational interests dovetail with his new role as Trump’s “first buddy.” The billionaire has pitched a role for himself that he — and now the incoming Trump administration — call “DOGE,” or the Department of Government Efficiency. Though it’s not an actual department, DOGE now posts on X, the social media platform that Musk owns. “The Department of Education spent over $1 billion promoting DEI in America’s schools,” the account posted Dec. 12. Back in Texas, Bastrop is quickly becoming a key Musk point of interest. The Boring Co., his tunneling venture, is based in an unincorporated area there. Across the road, SpaceX produces Starlink satellites at a 500,000-square-foot (46,000-square-meter) facility. Nearby, X is constructing a building for trust and safety workers. Musk employees, as well as the general public, can grab snacks at the Boring Bodega, a convenience store housed within Musk’s Hyperloop Plaza, which also contains a bar, candy shop and hair salon. Ad Astra is just a five-minute drive away. It seems to have been designed with the children of Musk’s employees — if not Musk’s own offspring — in mind. Musk has fathered at least 12 children, six of them in the last five years. “Ad Astra’s mission is to foster curiosity, creativity, and critical thinking in the next generation of problem solvers and builders,” reads the school’s website. A job posting on the website of the Montessori Institute of North Texas says “While their parents support the breakthroughs that expand the realm of human possibility, their children will grow into the next generation of innovators in a way that only authentic Montessori can provide.” The school has hired an executive director, according to documents Bloomberg obtained from Texas Health and Human Services. Ad Astra is located on 40 acres of land, according to the documents, which said a 4,000-square-foot house would be remodeled for the preschool. It isn’t uncommon for entrepreneurs to take an interest in education, according to Bill Gormley, a professor emeritus at the McCourt School of Public Policy at Georgetown University who studies early childhood education. Charles Butt, the chairman of the Texas-based H-E-B grocery chain, has made public education a focus of his philanthropy. Along with other business and community leaders, Butt founded “Raise Your Hand Texas,” which advocates on school funding, teacher workforce and retention issues and fully funding pre-kindergarten. “Musk is not the only entrepreneur to recognize the value of preschool for Texas workers,” Gormley said. “A lot of politicians and business people get enthusiastic about education in general — and preschool in particular — because they salivate at the prospect of a better workforce.” Musk spent much of October actively campaigning for Trump’s presidential effort, becoming the most prolific donor of the election cycle. He poured at least $274 million into political groups in 2024, including $238 million to America PAC, the political action committee he founded. While the vast majority of money raised by America PAC came from Musk himself, it also had support from other donors. Betsy DeVos, who served as education secretary in Trump’s first term, donated $250,000, federal filings show. The Department of Education is already in the new administration’s cross hairs. Trump campaigned on the idea of disbanding the department and dismantling diversity initiatives, and he has also taken aim at transgender rights. “Rather than indoctrinating young people with inappropriate racial, sexual, and political material, which is what we’re doing now, our schools must be totally refocused to prepare our children to succeed in the world of work,” Trump wrote in Agenda 47, his campaign platform. Musk has three children with the musician Grimes and three with Shivon Zilis, who in the past was actively involved at Neuralink, his brain machine interface company. All are under the age of five. Musk took X, his son with Grimes, with him on a recent trip to Capitol Hill. After his visit, he shared a graphic that showed the growth of administrators in America’s public schools since 2000. Musk is a fan of hands-on education. During a Tesla earnings call in 2018, he talked about the need for more electricians as the electric-car maker scaled up the energy side of its business. On the Joe Rogan podcast in 2020, Musk said that “too many smart people go into finance and law.” “I have a lot of respect for people who work with their hands and we need electricians and plumbers and carpenters,” Musk said while campaigning for Trump in Pennsylvania in October. “That’s a lot more important than having incremental political science majors.” Ad Astra’s website says the cost of tuition will be initially subsidized, but in future years “tuition will be in line with local private schools that include an extended day program.” “I do think we need significant reform in education,” Musk said at a separate Trump campaign event. “The priority should be to teach kids skills that they will find useful later in life, and to leave any sort of social propaganda out of the classroom.” ©2024 Bloomberg News. Visit at bloomberg.com. Distributed by Tribune Content Agency, LLC.

Florida bill proposes allowing open carry, repealing ‘red-flag’ law passed after Parkland massacreCal staves off Sacramento State for third straight win