PSUs generally vest over a performance period of three years. Commercial cloud gross margin percentage increased 4 points to 71% driven by gross margin percentage improvement in Azure and the change in estimated useful lives of our server and network equipment, offset in part by sales mix shift to Azure. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. We tested the mathematical accuracy of managements calculations of revenue and the associated timing of revenue recognized in the financial statements. Refer to Note 13 Unearned Revenue for further information, including unearned revenue by segment and changes in unearned revenue during the period. Azure is a trusted cloud with comprehensive compliance coverage and AI-based security built in. Skype for Business and Skype also compete with a variety of instant messaging, voice, and video communication providers, ranging from start-ups to established enterprises. In addition to LinkedIns free services, LinkedIn offers monetized solutions: Talent Solutions, Marketing Solutions, Premium Subscriptions, Sales Solutions, and Learning Solutions. And, finally, our comprehensive portfolio of AI tools, frameworks, and infrastructure enables developers to build solutions that comprehend speech, make predictions, provide insights, and support decision-making. Office Consumer Services revenue is mainly affected by the demand for communication and storage through Skype, Outlook.com, and OneDrive, which is largely driven by subscriptions, advertising, and the sale of minutes. To ensure our AI technologies are used responsibly and to avoid unintended consequences, we take a principled approach built on fairness, reliability and safety, privacy and security, inclusiveness, transparency, and accountability. Microsoft said revenue in its "Intelligent Cloud" segment rose 23% to $14.6 billion, with 50% growth in Azure. Adjusted EBITDA is projected between $380 million and $415 million, down from $453.5 million reported last year. And we continue to make our technology affordable and accessible to nonprofit organizations around the world. Deloitte & Touche LLP and the internal auditors each have full and free access to the Audit Committee. Excluding this impact, gross margin percentage decreased slightly driven by a sales mix shift to cloud offerings, on a low prior year comparable impacted by increased usage. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. 16,375. We selected a sample of customer agreements and performed the following procedures: Obtained and read contract source documents for each selection, including master agreements, and other documents that were part of the agreement. Table Power BI. We can be contacted between the hours of 9:00 a.m. to 5:00 p.m. Pacific Time to answer investment oriented questions about Microsoft. Server products and cloud services, including Azure; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and GitHub. Li Auto's pure EV lineup, which will come later, will also be priced in a range of 200,000 yuan to 500,000 yuan, Li added. Accessed March 01, 2023. https://www.statista.com/statistics/273482/segment-revenue-of-microsoft/, Microsoft. In Microsoft's fiscal year 2022, spanning from July 2021 to June 2022, the gaming revenue reached 16.23 billion U.S. dollars, up from 15.37 billion U.S . Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2021: On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted into law, which significantly changed existing U.S. tax law and included numerous provisions that affect our business. Patent licensing includes our programs to license patents we own for use across a broad array of technology areas, including mobile devices and cloud offerings. Judgment is required in determining when technological feasibility of a product is established. Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that can power modern business and developers. We estimate that we have no significant residual value related to our intangible assets. Breaking down Microsoft's earnings by operational segment. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. Cost of revenue increased $6.2 billion or 13% driven by growth in commercial cloud and Gaming, offset in part by a reduction in depreciation expense due to the change in estimated useful lives of our server and network equipment. The major classes of assets and liabilities to which we allocated the purchase price were as follows: The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and is not expected to be deductible for tax purposes. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. Interest expense decreased due to a decrease in outstanding long-term debt due to debt maturities. Accumulated Other Comprehensive Income (Loss), New integrations between Dynamics 365 and Teams, pending acquisition of Nuance Communications, we will invest $20 billion over the next five years, our acquisition this year of ZeniMax Media, 25 million people connect to the digital skills for in-demand roles, Racial Equity Initiative: Strengthening Our Communities report, humanitarian action and emergency response, http://www.microsoft.com/investor/AnnualReports/default.aspx, Adjusted diluted earnings per share (non-GAAP), Net gains (losses) on foreign currency remeasurements, Net income tax benefit related to India Supreme Court decision on withholding taxes, Operating leases, including imputed interest, Finance leases, including imputed interest, 100 basis point increase in U.S. treasury interest rates, 100 basis point increase in credit spreads. Microsoft has introduced a Hybrid Workplace Flexibility Guide to better support managers and employees as they adapt to new ways of working that shift paradigms, embrace flexibility, promote inclusion, and drive innovation. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the worlds first Economic Graph, a digital representation of the global economy. Our most significant expenses are related to compensating employees; designing, manufacturing, marketing, and selling our products and services; datacenter costs in support of our cloud-based services; and income taxes. Equity investments were $6.0 billion and $3.0 billion as of June 30, 2021 and 2020, respectively. Licenses for on-premises software provide the customer with a right to use the software as it exists when made available to the customer. We strive to include others by holding ourselves accountable for diversity, driving global systemic change in our workplace and workforce, and creating an inclusive work environment. Growth of our Gaming business is determined by the overall active user base through Xbox enabled content, availability of games, providing exclusive game content that gamers seek, the computational power and reliability of the devices used to access our content and services, and the ability to create new experiences through first-party content creators. Refer to Managements Discussion and Analysis of Financial Condition and Results of Operations for further discussion regarding the impact of COVID-19 on our fiscal year 2021 financial results. We have determined that certain sales incentive programs meet the requirements to be capitalized. This includes all non-exempt and exempt employees and equivalents across the globe including business support professionals and datacenter and retail employees. As of June 30, 2021 and 2020, other receivables due from suppliers were $965 million and $442 million, respectively, and are included in accounts receivable, net in our consolidated balance sheets. The following table outlines the expected future recognition of unearned revenue as of June 30, 2021: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. Seattle, Washington Windows 10 serves the enterprise as the most secure and productive operating system. 118. We account for certain assets and liabilities at fair value. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Dell, Hewlett-Packard, Lenovo, and with many regional and local OEMs. Although it may be difficult to imagine in this time of immeasurable hardship and deep uncertainty, I see boundless possibility ahead. We have not engaged in any related party transactions or arrangements with unconsolidated entities or other persons that are reasonably likely to materially affect liquidity or the availability of capital resources. We exclusively licensed GPT-3, allowing us to leverage its technical innovations to deliver advanced AI solutions for our customers, as well as create new solutions that harness the power of advanced natural language generation. Microsoft's revenue 2008-2023, by fiscal quarter. More personal Computing. Our objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. Certain income and expenses are not reported in tax returns and financial statements in the same year. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. A Detail Pricing Level is assigned to actual revenue based on rules defined and approved by the business. Our mission to empower every person and every organization on the planet to achieve more has never been more urgent or more needed. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. It drives our passion to obsess about our customers, and to learn about and from them. Compensation cost for RSUs is recognized using the straight-line method and for PSUs is recognized using the accelerated method. Azure Synapse brings together data integration, data warehousing, and big data analytics so organizations can query data on their own terms at any scale. Assets Recognized from Costs to Obtain a Contract with a Customer. Our effective tax rate was lower than the U.S. federal statutory rate, primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland and Puerto Rico, tax benefits relating to stock-based compensation, and tax benefits from the India Supreme Court decision on withholding taxes. The competitive position of Linux has also benefited from the large number of compatible applications now produced by many commercial and non-commercial software developers. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include Software Assurance (SA) and cloud services. Other news and announcements that we may post from time to time that investors might find useful or interesting. Our Office of Responsible AI ensures that we put these principles into practice, and our Responsible AI Resources Center shares guidelines and tools to help our customers and the developer community do the same. The second broad category of OEMs are system builders consisting of lower-volume PC manufacturers, which source Microsoft software for pre-installation and local redistribution primarily through the Microsoft distributor channel rather than through a direct agreement or relationship with Microsoft. Cash from operations increased $16.1 billion to $76.7 billion for fiscal year 2021, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to suppliers and employees. As of June 30, 2021 and 2020, accumulated goodwill impairment was $11.3 billion. We also have an ESPP for all eligible employees. The company brought in $51.9 billion in revenue, which is an increase of 12%. Computershare, our transfer agent, can help you with a variety of shareholder related services including: Computershare also administers a direct stock purchase plan and a dividend reinvestment program for the company. We have recast certain prior period amounts to conform to the current period presentation. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements would be prevented or detected. In the Gaming segment, Microsoft's Xbox shares a 20-year rivalry with Sony's PlayStation. If you are an admin, please authenticate by logging in again. Total. Microsoft Edge is our fast and secure browser that helps protect your data, with built-in shopping tools designed to save you time and money. Azure Synapse Analytics, a limitless analytics service, brings together data integration, enterprise data warehousing, and big data analytics for immediate business intelligence and machine learning needs. This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. We monitor pay equity and career progress across multiple dimensions. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. The Company offers customers the ability to acquire multiple licenses of software products and services, including cloud-based services, in its customer agreements through its volume licensing programs. We license software to organizations under volume licensing agreements to allow the customer to acquire multiple licenses of products and services instead of having to acquire separate licenses through retail channels. Excluding this impact, gross margin percentage was relatively unchanged driven by gross margin percentage improvement in Azure, offset in part by sales mix shift to Azure. Today, it is exciting to see how our platforms and tools are enabling people and organizations to achieve remarkable things that would have been unimaginable even a few years ago. This is why we were the first major tech company to support GDPRthe EUs privacy law that is the standard for privacy legislation around the worldand why we are strong advocates for passage of comprehensive federal privacy legislation in the United States. We tested the reasonableness of managements judgments regarding the future resolution of the uncertain tax positions, including an evaluation of the technical merits of the uncertain tax positions. Gross unrecognized tax benefits related to uncertain tax positions as of June 30, 2021, 2020, and 2019, were $14.6 billion, $13.8 billion, and $13.1 billion, respectively, which were primarily included in long-term income taxes in our consolidated balance sheets. Microsoft changed their segment reporting for the 2016 financial year, providing historical reporting for the new segments only as far back as 2014. Credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on ESG topics. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The past year has also made clear how essential PCs are to work, learning, and life at home. During fiscal year 2020, we recorded an impairment charge of $161 million to operating lease right-of-use assets due to the closing of our Microsoft Store physical locations. This share repurchase program commenced in December 2016 and was completed in February 2020. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, and other companies. New integrations between Dynamics 365 and Teams enable everyone across an organization to view and collaborate on customer records seamlessly within Teams, and to meet, chat, and collaborate within Dynamics 365. . Full-year fiscal '23 estimates today expect Microsoft to earn $9.55 in EPS on $212.2 billion in revenue for expected growth in the next 6 months of 4% in EPS and 7% in revenue. The segment made $ 46. . For derivative instruments designated as fair value hedges, gains and losses are recognized in other income (expense), net with offsetting gains and losses on the hedged items. We manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. $ 17,897. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. We describe risks and uncertainties that could cause actual results and events to differ materially in Risk Factors, Managements Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures about Market Risk in our fiscal year 2021 Form 10-K. Service and other revenue also includes sales from online advertising and LinkedIn. In, Microsoft. In fiscal years 2019, our foreign regional operating centers in Ireland, Singapore, and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82% of our foreign income before tax, respectively. Windows OEM Pro revenue decreased 9% and Windows OEM non-Pro revenue grew 21%. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. We repurchased the following shares of common stock under the share repurchase programs: Shares repurchased during fiscal year 2021 and the fourth quarter of fiscal year 2020 were under the share repurchase program approved on September 18, 2019. What you need to know. First of all, users - from 433 million users back in 2016 when it was acquired, up to 740 million users in 2021. In the United States, we expanded our work this year to include eight cities with particularly large broadband gaps, especially among Black and African American communities. Through our Democracy Forward Program, were working across sectors to safeguard electoral processes and defend against disinformation. Dynamics 365 for Talent with LinkedIn Recruiter and Learning gives human resource professionals a complete solution to compete for talent. Our innovation helps every developer be an AI developer, with approachable new tools from Azure Machine Learning Studio for creating simple machine learning models, to the powerful Azure Machine Learning Workbench for the most advanced AI modeling and data science. Analysts had expected a 41.4% growth in Azure, according to consensus data from . Azures competitive advantage includes enabling a hybrid cloud, allowing deployment of existing datacenters with our public cloud into a single, cohesive infrastructure, and the ability to run at a scale that meets the needs of businesses of all sizes and complexities. We aspire to create a culture where employees are encouraged to be curious, to experiment, and to share things they learn. Operating expenses increased $1.9 billion or 12% driven by investments in Azure. The mix of computing devices based on form factor and screen size. All repurchases were made using cash resources. Our success is highly dependent on our ability to attract and retain qualified employees. All three have been certified on behalf of Canadian indirect purchasers who acquired licenses for Microsoft operating system software and/or productivity application software between 1998 and 2010. Windows IoT extends the power of Windows and the cloud to intelligent systems by delivering specialized operating systems, tools, and services for use in embedded devices. Operating expenses increased $2.0 billion or 4% driven by investments in cloud engineering and commercial sales, offset in part by savings related to COVID-19 across each of our segments, prior year charges associated with the closing of our Microsoft Store physical locations, and a reduction in bad debt expense. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. SA conveys rights to new software and upgrades for perpetual licenses released over the contract period. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. Typical Corporate scale customers are similar to Managed accounts, with: High revenue: USD100K+ -or-High potential: USD100K+ -or- The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Cloud usage and demand benefited as customers accelerate their digital transformation priorities. No additional shares will be requested at this meeting. You can also send mail to the transfer agent at: Shareholders can sign up for electronic alerts to access the annual report and proxy statement online. As of June 30, 2021, we employed approximately 181,000 people on a full-time basis, 103,000 in the U.S. and 78,000 internationally. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. Surface is designed to help organizations, students, and consumers be more productive. Microsoft aims to recruit, develop, and retain diverse, world-changing talent. In March 2021, the India Supreme Court ruled favorably in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. SMB segment and subsegments. Refer to Note 16 Stockholders Equity of the Notes to Financial Statements for further discussion. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. , tablets, Gaming and entertainment consoles, other intelligent devices, and related accessories PCs, tablets, and. Productive operating system AI-based security built in fixed-income portfolio are subject to different interest rate risks based our... Benefited as customers accelerate their digital transformation priorities a decrease in outstanding debt... Last year our objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact these! 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