As a result, changes in foreign exchange rates may significantly affect revenue and expenses. 1. We conducted our audit in accordance with the standards of the PCAOB. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development. This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. We released our first annual Racial Equity Initiative: Strengthening Our Communities report, which focuses on justice reform, affordable broadband, skills and education, and support for community-based nonprofits. 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. This includes the server platform, database, business intelligence, storage, management and operations, virtualization, service-oriented architecture platform, security, and identity software. Yet the fashion and leather goods segment (comprising brands like Fendi and Louis Vuitton) is the major one, generating over 39 billion in . Our principal audit procedures related to the Companys revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the financial statements. The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents: The following table presents our derivative instruments: Gross derivative assets and liabilities subject to legally enforceable master netting agreements for which we have elected to offset were $395 million and $335 million, respectively, as of June 30, 2021, and $399 million and $399 million, respectively, as of June 30, 2020. In addition to our main research and development operations, we also operate Microsoft Research. While we intend to defend these matters vigorously, adverse outcomes that we estimate could reach approximately $500 million in aggregate beyond recorded amounts are reasonably possible. Operating income was $20.4 billion GAAP and $21.6 billion non-GAAP, and decreased 8% and 3% . Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system. Corporate Vice President and Chief Accounting Officer. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. $75.25B. Segment-wise results. We evaluated the reasonableness of managements estimates by considering how tax law, including statutes, regulations and case law, impacted managements judgments. Securities held in our equity investments portfolio are subject to price risk. Windows OEM revenue increased slightly driven by consumer PC demand, on a strong prior year OEM Pro comparable that benefited from Windows 7 end of support. Although it may be difficult to imagine in this time of immeasurable hardship and deep uncertainty, I see boundless possibility ahead. Therefore, we recorded a net income tax benefit of $620 million in the third quarter of fiscal year 2021 to reflect the results of the India Supreme Court decision impacting fiscal year 1996 through fiscal year 2016. Certain options and forwards not designated as hedging instruments are also used to manage the variability in foreign exchange rates on certain balance sheet amounts and to manage other foreign currency exposures. Unearned revenue also includes payments for consulting services to be performed in the future, LinkedIn subscriptions, Office 365 subscriptions, Xbox subscriptions, Windows 10 post-delivery support, Dynamics business solutions, and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. With Azure Stack, organizations can extend Azure into their own datacenters to create a consistent stack across the public cloud and the intelligent edge. Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. In the first fiscal quarter of 2023, revenue in the Microsoft Intelligent Cloud segment, which includes the Azure public cloud, Windows Server, SQL Server, Nuance, and Enterprise Services, was $20 . We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. The trial of the British Columbia action commenced in May 2016. Gross margin increased $2.8 billion or 10% driven by growth in Windows, Gaming, and Search advertising. China State Administration for Market Regulation Investigation. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Reality Labs' total loss for 2022 came in . Microsoft 365 Consumer subscribers increased 22% to 51.9 million. Revenue increased $25.1 billion or 18% driven by growth across each of our segments. We have committed $9.5 billion for the construction of new buildings, building improvements, and leasehold improvements as of June 30, 2021. Our hybrid infrastructure consistency spans security, compliance, identity, and management, helping to support the real-world needs and evolving regulatory requirements of commercial customers and enterprises. Microsoft is committed to supporting our employees well-being and safety while they are at work and in their personal lives. We compete by providing powerful, flexible, secure, integrated industry-specific, and easy-to-use productivity and collaboration tools and services that create comprehensive solutions and work well with technologies our customers already have both on-premises or in the cloud. Microsoft posted a total revenue of $52.7 billion for the reported quarter, an increase of 7% when compared to the corresponding quarter last year, without considering the . Awards that expire or are canceled without delivery of shares generally become available for issuance under the plans. Current Price. Vertically integrated computer manufacturers such as Hewlett-Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware. This study bestows revenue data by type, and during the historical period (2017-2023) and forecast period (2023-2028). A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. Enterprise Agreements offer large organizations a manageable volume licensing program that gives them the flexibility to buy cloud services and software licenses under one agreement. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. In addition to poll and pulse surveys, we gain insights through onboarding and exit surveys, internal Yammer channels, employee Q&A sessions, and AskHR Service support. 4 min read. Our products for software developers compete against offerings from Adobe, IBM, Oracle, and other companies, and also against open-source projects, including Eclipse (sponsored by CA Technologies, IBM, Oracle, and SAP), PHP, and Ruby on Rails. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. LinkedIn revenue is mainly affected by demand from enterprises and professional organizations for subscriptions to Talent Solutions, Learning Solutions, Sales Solutions, and Premium Subscriptions offerings, as well as member engagement and the quality of the sponsored content delivered to those members to drive Marketing Solutions. Operating income increased $17.0 billion or 32% driven by growth across each of our segments and the change in estimated useful lives of our server and network equipment. In June 2020, with tens of millions of people displaced from their jobs due to the pandemic, we brought resources together from across Microsoft, inclusive of LinkedIn and GitHub, to help 25 million people connect to the digital skills for in-demand roles. A Detail Pricing Level is assigned to actual revenue based on rules defined and approved by the business. Microsoft Corporation, Reid G. Hoffman Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Thats why in April we announced a new five-year commitment to spur the development of accessible technology, expand opportunities for people with disabilities in the workforce, and build a more inclusive workplace. Summary. Microsofts Board of Directors provides insight, feedback, and oversight across a broad range of environmental and social matters. Windows 11 builds on the strengths of productivity, versatility, and security on Windows 10 today and adds in new experiences that include powerful task switching tools like new snap layouts, snap groups, and desktops; new ways to stay connected through chat; the information you want at your fingertips; and more. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. The Companys long-term income taxes liability includes uncertain tax positions related to transfer pricing issues that remain unresolved with the Internal Revenue Service (IRS). The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. On-the-job stretch and advancement opportunities. Constraints in the supply chain of device components. We monitor pay equity and career progress across multiple dimensions. Partnering with organizations on their digital transformation during this period is one of our largest opportunities and we are uniquely positioned to become the strategic digital transformation platform and partner of choice; their success is our success. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. Nuance is a cloud and artificial intelligence (AI) software provider with healthcare and enterprise AI experience, and the acquisition will build on our industry-specific cloud offerings. If recognized, the resulting tax benefit would affect our effective tax rates for fiscal years 2021, 2020, and 2019 by $12.5 billion, $12.1 billion, and $12.0 billion, respectively. Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. Executive Vice President, Human Resources. LinkedIn revenue increased $2.2 billion or 27% driven by advertising demand in our Marketing Solutions business. Build the Intelligent Cloud and Intelligent Edge Platform. Operating as one company, One Microsoft, instead of multiple siloed businesses. Refer to Note 1 Accounting Policies of the Notes to Financial Statements for further discussion. Managers evaluate and recommend rewards based on, for example, how well we leverage the work of others and contribute to the success of our colleagues. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, and other companies. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. Quarterly smartphone market share worldwide by vendor 2009-2022, Apple iPhone unit sales worldwide 2007-2018, by quarter, Global market share held by smartphone operating systems 2009-2018, by quarter, Virtual reality (VR) - statistics & facts, Research expert covering the consumer electronics industry, Profit from additional features with an Employee Account. It is possible that the information we post on social media could be deemed to be material to investors. The majority of our foreign net operating loss carryforwards do not expire. Microsoft reported its fiscal year 2021 Q3 results today, revealing that it's pulled in a hefty $41.7 billion in revenue over the last quarter . Darling Ingredients (DAR) reported $1.77 billion in revenue for the quarter ended December 2022, representing a year-over-year increase of 35%. Microsoft posted the first quarter of its 2022 financial results today, reporting revenue of $45.3 billion and a net income of $20.5 billion (GAAP). Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. Select Plus agreements are designed for government and academic organizations to acquire on-premises licenses at any affiliate or department level, while realizing advantages as one organization. Land is not depreciated. IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice); All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. As of June 30, 2021, 2020, and 2019, we had accrued interest expense related to uncertain tax positions of $4.3 billion, $4.0 billion, and $3.4 billion, respectively, net of income tax benefits. The segment was supported by increased drilling activity by customers. To address this, we provide a complete chain of software development tools across every cloud and client platform. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include SA and cloud services. The consolidated financial statements, which include amounts based on managements estimates and judgments, have been prepared in conformity with accounting principles generally accepted in the United States of America. The financial results of GitHub have been included in our consolidated financial statements since the date of the acquisition. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). As of June 30, 2021 and 2020, our financing receivables, net were $4.4 billion and $5.2 billion, respectively, for short-term and long-term financing receivables, which are included in other current assets and other long-term assets in our consolidated balance sheets. The ability to convert data into AI drives our competitive advantage. 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. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. We expect existing cash, cash equivalents, short-term investments, cash flows from operations, and access to capital markets to continue to be sufficient to fund our operating activities and cash commitments for investing and financing activities, such as dividends, share repurchases, debt maturities, material capital expenditures, and the transition tax related to the TCJA, for at least the next 12 months and thereafter for the foreseeable future. Refer to Note 8 Business Combinations of the Notes to Financial Statements for further discussion. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. 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. The markets for software, devices, and cloud-based services are dynamic and highly competitive. We work actively in the U.S. and internationally to ensure the enforcement of copyright, trademark, trade secret, and other protections that apply to our software and hardware products, services, business plans, and branding. In a time of great disruption and uncertainty, customers are looking to us to accelerate their own digital transformations as software and cloud computing play a huge role across every industry and around the world. Adjustments to reconcile net income to net cash from operations: Net recognized gains on investments and derivatives. Our products include operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The provision for income taxes for fiscal years 2021, 2020, and 2019 included interest expense related to uncertain tax positions of $274 million, $579 million, and $515 million, respectively, net of income tax benefits. Customers may purchase perpetual licenses or subscribe to licenses, which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. Operating Partner, GitHub provides a collaboration platform and code hosting service for developers. The decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and 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, Singapore, and Puerto Rico. Its revenue is likely to amount to $51.2 billion. Price Quote as of 2/17/2023 4:00:00 PM - ET. LinkedIn connects the worlds professionals to make them more productive and successful and transforms the way companies hire, market, sell, and learn. While the Company has settled a portion of the IRS audits, resolution of the remaining matters could have a material impact on the Companys financial statements. Our international operations provide a significant portion of our total revenue and expenses. None of the goodwill is expected to be deductible for income tax purposes. On April 11, 2021, we entered into a definitive agreement to acquire Nuance Communications, Inc. (Nuance) for $56.00 per share in an all-cash transaction valued at $19.7 billion, inclusive of Nuances net debt. We are also at the forefront of the enterprise metaverse, a new infrastructure layer made possible through the convergence of the digital and physical worlds. The following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, 2021: On April 11, 2021, we entered into a definitive agreement to acquire Nuance Communications, Inc. (Nuance) for $56.00 per share in an all-cash transaction valued at $19.7 billion, inclusive of Nuances net debt. Our Enterprise Services business competes with a wide range of companies that provide strategy and business planning, application development, and infrastructure services, including multinational consulting firms and small niche businesses focused on specific technologies. We built on this pledge by adding commitments to be water positive by 2030, zero waste by 2030, and to protect ecosystems by developing a Planetary Computer. To the extent we fail to meet these requirements, we will be required to post collateral, similar to the standard convention related to over-the-counter derivatives. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2021, based on the criteria established in Internal Control Integrated Framework (2013) issued by COSO. Refer to Note 16 Stockholders Equity of the Notes to Financial Statements for further discussion. Contact Computershare directly to find out more about these services and programs at 800-285-7772, option 1, or visit online at: https://www.computershare.com/Microsoft, You can e-mail the transfer agent at: web.queries@computershare.com. With Azure Mixed Reality Services, digital information can be represented within the context of the three-dimensional world we live in. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. President and Vice Chair, Christopher C. Capossela We issue debt to take advantage of favorable pricing and liquidity in the debt markets, reflecting our credit rating and the low interest rate environment. The proceeds of these issuances were or will be used for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt. 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. Applying AI to drive insights and act on our customers behalf by understanding and interpreting their needs using natural methods of communication. January 26, 2022, 12:36 PM EST. Revenue and expenses are translated at average rates of exchange prevailing during the year. Revenue related to cloud services provided on a consumption basis, such as the amount of storage used in a period, is recognized based on the customer utilization of such resources. The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows: Goodwill was assigned to our More Personal Computing segment. Our Board of Directors declared the following dividends: The dividend declared on June 16, 2021 was included in other current liabilities as of June 30, 2021. Additional information on our reportable segments is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements. And we have made a commitment to match 100 percent of our electricity consumption with zero carbon energy purchases 100 percent of the time by 2030. Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. The Surface family includes Surface Book 3, Surface Laptop Go, Surface Go 2, Surface Pro 7, Surface Laptop 4, Surface Pro X, Surface Studio 2, and Surface Duo. This segment primarily comprises: Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services. Microsoft Research is one of the worlds largest corporate research organizations and works in close collaboration with top universities around the world to advance the state-of-the-art in computer science and a broad range of other disciplines, providing us a unique perspective on future trends and contributing to our innovation. STATEMENT OF MANAGEMENTS RESPONSIBILITY FOR FINANCIAL STATEMENTS. Cash paid for interest on our debt for fiscal years 2021, 2020, and 2019 was $2.0 billion, $2.4 billion, and $2.4 billion, respectively. The settlement risk related to these investments is insignificant given that the short-term investments held are primarily highly liquid investment-grade fixed-income securities. Price as of February 28, 2023, 12:39 p.m. No additional shares will be requested at this meeting. $ 17,897. Our broker-priced investments are generally classified as Level 2 investments because the broker prices these investments based on similar assets without applying significant adjustments. Once technological feasibility is reached, such costs are capitalized and amortized to cost of revenue over the estimated lives of the products. Additional information on our operating segments and geographic and product information is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements. Windows revenue increased $933 million or 4% driven by growth in Windows Commercial. Our intended result is a global performance and development approach that fosters our culture, and competitive compensation that ensures equitable pay by role while supporting pay for performance. The opportunity to merge the physical and digital worlds, when combined with the power of Azure cloud services, unlocks the potential for entirely new workloads and experiences which we believe will shape the next era of computing. These unique gaming experiences are the cornerstone of Xbox Game Pass, a subscription service and gaming community with access to a curated library of over 100 first- and third-party console and PC titles. 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. Finally, we continue to stand up for human rights, which includes taking action to prevent modern slavery and human trafficking in our business and supply chain and supporting humanitarian action and emergency response. , Oct 10, 2022. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. And development operations, we provide a significant portion of our total and... Operating income was $ 20.4 billion GAAP and $ 21.6 billion non-GAAP, and phones progress across multiple.! On our customers behalf by understanding and interpreting their needs using natural of. Ai to drive insights and act on our evaluation of available evidence been. In Note 19 Segment information and Geographic data for further discussion our audit in accordance with standards... 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