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. Search advertising revenue increased $788 million or 10%. 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. We also pledged a $50 million investment in AI for Earth to accelerate innovation by putting AI in the hands of those working to directly address sustainability challenges. We invest in a range of emerging technology trends and breakthroughs that we believe offer significant opportunities to deliver value to our customers and growth for the Company. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. In the next phase of innovation, computing is more powerful and ubiquitous from the cloud to the edge. We continue to invest in new gaming studios and content to expand our IP roadmap and leverage new content creators. Xbox content and services revenue increased $2.3 billion or 23% driven by growth in third-party titles, Xbox Game Pass subscriptions, and first-party titles. We are accelerating adoption of AI innovations from research to products. This share repurchase program commenced in February 2020, following completion of the program approved on September 20, 2016, has no expiration date, and may be terminated at any time. The recast of these prior period amounts had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flows statements. Their net earnings came in at $2,407 Million, a decrease of 5.6% YoY. 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. Actual results and outcomes may differ from managements estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to COVID-19. The segment made $ 46. . Search advertising revenue, excluding traffic acquisition costs, increased 13%. We manage the average maturity of the fixed-income portfolio to achieve economic returns that correlate to certain global fixed-income indices. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. And if we continue to pursue our mission, I am certain that we will collectively achieve so much more together. We are a leader among technology companies in pursuing patents and currently have a portfolio of over 65,000 U.S. and international patents issued and over 21,000 pending worldwide. Gross income from the Rental . LinkedIn revenue increased $2.2 billion or 27% driven by advertising demand in our Marketing Solutions business. We believe that our audit provides a reasonable basis for our opinion. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. 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. Executive Vice President, Business Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. Analysts had expected a 41.4% growth in Azure, according to consensus data from . Search advertising revenue excluding traffic acquisition costs increased 13% driven by higher revenue per search and search volume. 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 Companys management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Azure Arc simplifies governance and management by delivering a consistent multi-cloud and on-premises management platform. 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. The pandemic has underscored that without it, people lack access to education, healthcare, economic opportunity, and more. 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. Examples include invoicing at the beginning of a subscription term with revenue recognized ratably over the contract period, and multi-year on-premises licenses that are invoiced annually with revenue recognized upfront. We evaluated managements significant accounting policies related to these customer agreements for reasonableness. To ensure accountability over time, we publicly disclose our progress on a multitude of workforce metrics including: We develop dynamic, sustainable, and strategic programs with the goal of providing a highly differentiated portfolio to attract, reward, and retain top talent and enable our employees to do their best work. We also deliver relevant online advertising to a global audience. Following are the details of the purchase price allocated to the intangible assets acquired: Transactions recognized separately from the purchase price allocation were approximately $600 million, primarily related to equity awards recognized as expense over the related service period. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. In addition, all employees complete skills training based on the profession they are in each year. These operating and finance leases will commence between fiscal year 2022 and fiscal year 2026 with lease terms of 1 year to 15 years. Table Power BI. Statista. Chief Executive Officer and 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. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. . Judgment is required to determine the SSP for each distinct performance obligation. As organizations focus on creating their own technology solutions, they will need standardized tools to modernize existing apps and build new ones. It also gives us the freedom to decide which modifications and enhancements are most important and when they should be implemented. 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. Pricing changes and promotions, pricing variation that occurs when the mix of devices manufactured shifts from local and regional system builders to large multinational OEMs, and different pricing of Windows versions licensed. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Interest rate risks related to certain fixed-rate debt are hedged using interest rate swaps that are designated as fair value hedging instruments to effectively convert the fixed interest rates to floating interest rates. Corporate Vice President and Chief Accounting Officer. Interest and dividends income decreased due to lower yields on fixed-income securities. We continue to open new opportunities for gamers to engage both on- and off-console with both the launch of Xbox Cloud Gaming, our game streaming service, and continued investment in gaming hardware. The extent to which the COVID-19 pandemic impacts our business going forward will depend on numerous evolving factors we cannot reliably predict. Our exclusive game content is created through Xbox Game Studios, a collection of first-party studios creating iconic and differentiated gaming experiences. Operating income increased $5.6 billion or 30%. The amortization of these costs is included in cost of revenue over the estimated life of the products. We manage the average maturity of our fixed-income portfolio to achieve economic returns that correlate to certain broad-based fixed-income indices using exchange-traded option and futures contracts and over-the-counter swap and option contracts. 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. $59.66B. The specific hardware warranty terms and conditions vary depending upon the product sold and the country in which we do business, but generally include parts and labor over a period generally ranging from 90 days to three years. We must also protect the institutions and processes of democracy. Windows 10 serves the enterprise as the most secure and productive operating system. For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. Our devices are designed to enable people and organizations to connect to the people and content that matter most using Windows and integrated Microsoft products and services. revenue growth, Revenue from Dynamics products and cloud services, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications, Revenue from LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, Sales Solutions, and Learning Solutions, Server products and cloud services revenue growth, Revenue from Server products and cloud services, including Azure; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and GitHub. Bethesda is one of the largest, privately held game developers and publishers in the world, and brings a broad portfolio of games, technology, and talent to Xbox. This means the places we go and the things we interact with will increasingly become digitized, creating new opportunities and new breakthroughs. As part of our effort to promote a One Microsoft and inclusive culture, we expanded stock eligibility to all Microsoft employees as part of our annual rewards process. Additional information on our reportable segments is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements. Microsoft Product and Services Agreements are designed for medium and large organizations that want to license cloud services and on-premises software as needed, with no organization-wide commitment, under a single, non-expiring agreement. LVMH Revenue By Segment. us-gaap:OperatingIncomeLoss. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. We are required to estimate the fair value of the investment to determine the amount of the impairment loss. Refer to the Non-GAAP Financial Measures section below for a reconciliation of our financial results reported in accordance with GAAP to non-GAAP financial results. Founded in 1975, we develop and support software, services, devices, and solutions that deliver new value for customers and help people and businesses realize their full potential. REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Through our Democracy Forward Program, were working across sectors to safeguard electoral processes and defend against disinformation. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Opportunities include: Our employees embrace the growth mindset and take advantage of the formal learning opportunities as well as thousands of informal and on-the-job learning opportunities. Although it may be difficult to imagine in this time of immeasurable hardship and deep uncertainty, I see boundless possibility ahead. A large network of partner advisors support many of these sales. Nine of these cases were filed in 2002 and are consolidated for certain pre-trial proceedings; the remaining cases are stayed. We recorded a provisional net charge of $13.7 billion related to the enactment of the TCJA in fiscal year 2018 and adjusted the provisional net charge by recording additional tax expense of $157 million in fiscal year 2019 pursuant to Securities and Exchange Commission Staff Accounting Bulletin No. It is possible that the information we post on social media could be deemed to be material to investors. We expect capital expenditures to increase in coming years to support growth in our cloud offerings. And as I write this, we are tracking more than 140 groups that pose an active threat to global cybersecurity. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Office Commercial products revenue declined 23% driven by continued customer shift to cloud offerings and transactional weakness. In fiscal year 2020, we removed $2.0 billion of foreign net operating losses and corresponding valuation allowances as a result of the liquidation of a foreign subsidiary. These capabilities have relied on the public cloud, which is built on the investments we have made over time. Virtual Shareholder Meeting: www.virtualshareholdermeeting.com/MSFT21. Timing of revenue recognition may differ from the timing of invoicing to customers. Build the Intelligent Cloud and Intelligent Edge Platform. Sales Solutions help companies strengthen customer relationships, empower teams with digital selling tools, and acquire new opportunities. 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. We conducted our audit in accordance with the standards of the PCAOB. The Independent Software Vendor Royalty program enables partners to integrate Microsoft products into other applications and then license the unified business solution to their end users. We strive to create local opportunity, growth, and impact in every country around the world. Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office, Dynamics, and LinkedIn. Applying AI to drive insights and act on our customers behalf by understanding and interpreting their needs using natural methods of communication. Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. The Board of Directors, through its Audit Committee, consisting solely of independent directors of the Company, meets periodically with management, internal auditors, and our independent registered public accounting firm to ensure that each is meeting its responsibilities and to discuss matters concerning internal controls and financial reporting. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. In March 2021 and June 2020, we exchanged a portion of our existing debt at a premium for cash and new debt with longer maturities to take advantage of favorable financing rates in the debt markets, reflecting our credit rating and the low interest rate environment. You're reading a free article with opinions that may differ from The Motley . We disclose metrics to enable investors to evaluate progress against our ambitions, provide transparency into performance trends, and reflect the continued evolution of our products and services. In October 2016, the Court of Appeals issued its decision adopting the standard advocated by the defendants and remanding the cases to the trial court for further proceedings under that standard. Our fixed-income investments are exposed to interest rate risk and credit risk. Our goal is to lead the industry in several distinct areas of technology over the long-term, which we expect will translate to sustained growth. 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. Across our solution areas, we are delivering platforms and tools that expand our opportunity to help organizations around the world build their own tech intensity. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. Product revenue includes sales from operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, video games, and hardware such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. 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. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Sure enough, Microsoft says its "more personal computing" business, including Windows and Xbox, was up 11 percent to $14.5 billion in Q3 and "Windows OEM revenue growth," which should . $ 42,959. These metrics provide strategic product insights which allow us to assess the performance across our commercial and consumer businesses. We offer integrated, end-to-end capabilities to protect people and organizations. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. $63.36B. In fiscal year 2021, we closed our Microsoft Store physical locations and opened our Microsoft Experience Centers. To expand usage and deepen engagement, we continue to invest in content, community, and cloud services as we pursue the expansive opportunity in the gaming industry. 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. And every day this past year, I have had the privilege to see it in action, as customers of every size, in every industry, in every part of the world use our platforms and tools to help address their own challenges and opportunities as well as those of their communities and society at-large. In that division, server products and cloud services revenue increased 20 percent from a year ago, boosted by a 31 percent rise . And Microsoft Mesh enables developers to build immersive, multiuser, cross-platform mixed reality apps. Their revenue came in at 25,007 Million USD, which missed the expected amount by around 5% but represented a 13% increase YoY. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. President, Wells Fargo & Company. A year later, 2022 Q4 concluded with a gross profit margin of 24%, an improvement of over 800 basis points. We design and sell devices, including Surface and PC accessories. We record an allowance to cover expected losses based on troubled accounts, historical experience, and other currently available evidence. 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. 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. We evaluated the appropriateness and consistency of managements methods and assumptions used in the identification, recognition, measurement, and disclosure of uncertain tax positions, which included testing the effectiveness of the related internal controls. 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. We purchased the removal of 1.3 million metric tons of carbon from 26 projects around the world. Unearned revenue also includes payments for other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. During fiscal year 2021, our Daily Pulse surveys gave us invaluable insights into ways we could support employees through the COVID-19 pandemic and addressing racial injustice. No asset is more strategic than data. We have the opportunity to redefine what customers and partners can expect and are working to deliver new solutions that reflect the best of Microsoft. Securities held in our equity investments portfolio are subject to price risk. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. We are accelerating our development of mixed reality solutions with new Azure services and devices. Net income fell 12% to . 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. 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. Meanwhile, the company is plowing billions of dollars into its Reality Labs (metaverse) segment despite it generating a mere pittance in terms of revenue. 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. This is why we put so much emphasis over the past few years on building a culture that centers on our commitment to a growth mindset. Changes in the carrying amount of goodwill were as follows: The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. In fiscal year 2019, in response to the TCJA and recently issued regulations, we transferred certain intangible properties held by our foreign subsidiaries to the U.S. and Ireland. We generate revenue by offering a wide range of cloud-based and other services to people and businesses; licensing and supporting an array of software products; designing, manufacturing, and selling devices; and delivering relevant online advertising to a global audience. 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 . We believe our allowances for income tax contingencies are adequate. Microsoft forecast Intelligent Cloud revenue of $21.1 billion to $21.35 billion for its fiscal fourth quarter, driven by strong growth in its Azure platform. Microsoft Corporation, Reid G. Hoffman In-the-classroom learning, learning pods, our early-in-career Aspire program, and manager excellence communities. You need at least a Starter Account to use this feature. Certain cloud services, primarily Office 365, depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. Our strategy requires continued investment in datacenters and other hybrid and edge infrastructure to support our services. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Microsoft just announced its results for FY22 Q4, which ended on June 30, 2022. Microsoft is committed to supporting our employees well-being and safety while they are at work and in their personal lives. We also compete with other providers of entertainment services such as video streaming platforms. 6,600. And, new Azure Purview offers organizations comprehensive data management and governance to map all their data, whether it resides on-premises, in the cloud, or in software as a service (SaaS) applications. Celanese Corporation CE reported earnings from continuing operations of $7.03 per share in the fourth quarter of 2022, up 46% from . Microsoft's Intelligent Cloud revenue rose 18 percent to $21.5 billion, up from $18.2 billion one year ago. We made substantial modifications to employee travel policies and implemented office closures so non-essential employees could work remotely. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, and other factors. Satya Nadella A persons experience with technology spans a multitude of devices and has become increasingly more natural and multi-sensory with voice, ink, and gaze interactions. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. Apple, Google, and Microsoft: revenue comparison 2008-2022; Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. Three billion people around the world play games, which makes gaming the largest category in the entertainment industry. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. 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