Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. The financial performance of NDS is now reported in the Phone Hardware segment. Following a mediation, the parties agreed to a global settlement of all three Canadian actions and submitted the proposed settlement agreement to the courts in all three jurisdictions for approval. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In fiscal year 2021, we delivered $168 billion in revenue, up 18 percent year-over-year. Refer to Note 12 Income Taxes of the Notes to Financial Statements for further discussion. The ten-month claims period commenced on November 23, 2020 and will close on September 23, 2021. Dilutive potential common shares include outstanding stock options and stock awards. President, Fable Group Inc. Teri L. List 1,3 Please do not hesitate to contact me. Judgment is required to determine the stand-alone selling price (SSP) for each distinct performance obligation. Our CSR Reports Hub provides detailed information on law enforcement access to data, our environmental data, our political activities, our workforce demographics, and our human rights work. We believe our continuing research and product development are not materially dependent on any single license or other agreement with a third party relating to the development of our products. We strive to create local opportunity, growth, and impact in every country around the world. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 22%. These controls include model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. (July 26, 2022). As of June 30, 2021, we had federal, state, and foreign net operating loss carryforwards of $304 million, $1.3 billion, and $2.0 billion, respectively. Our system management solutions compete with server management and server virtualization platform providers, such as BMC, CA Technologies, Hewlett-Packard, IBM, and VMware. Our devices are primarily manufactured by third-party contract manufacturers, some of which contain certain components for which there are very few qualified suppliers. In terms of formal on-line learning solutions, in fiscal year 2021 our employees completed over 5 million courses, averaging over 18 hours per employee. Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. In its 2022 financial year, Microsoft generated 63.4 billion U.S. dollars from its productivity and business processes segment and a further 75.3 billion . Service and other revenue also includes sales from online advertising and LinkedIn. Our ecosystem of customers and partners has stepped up to help people and organizations in every country use technology to be resilient and transform during the most trying of circumstances. Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. 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. In 2021, Microsoft's total annual Xbox gaming revenue amounted to 16.28 billion U.S. dollars. July 29, 2021. Changes in inventory levels in the OEM channel. Although each type of reselling partner may reach organizations of all sizes, LSPs are primarily engaged with large organizations, distributors resell primarily to VARs, and VARs typically reach small and medium organizations. The pandemic has underscored that without it, people lack access to education, healthcare, economic opportunity, and more. The company brought in $51.9 billion in revenue, which is an increase of 12%. $1,152B. The primary drag on earnings was the 19% decrease down to $14.2B the company saw in it's personal computing segment with Windows OEM license revenue falling a massive 39%. 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. Our short-term investments are primarily intended to facilitate liquidity and capital preservation. It drives our passion to obsess about our customers, and to learn about and from them. GO RESET FILTER. Capitalized software development costs are amortized over the estimated lives of the products. Cash used in investing increased $15.4 billion to $27.6 billion for fiscal year 2021, mainly due to a $6.4 billion increase in cash used for acquisitions of companies, net of cash acquired, and purchases of intangible and other assets, a $5.2 billion increase in additions to property and equipment, and a $4.1 billion decrease in cash from net investment purchases, sales, and maturities. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. 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 forecasted transactions, assets, and liabilities are exposed to foreign currency risk. LinkedIn faces competition from online professional networks, recruiting companies, talent management companies, and larger companies that are focusing on talent management and human resource services; job boards; traditional recruiting firms; and companies that provide learning and development products and services. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Virtual Shareholder Meeting: www.virtualshareholdermeeting.com/MSFT21. LinkedIn has over 750 million members and has offices around the globe. Our products are generally sold with a right of return, we may provide other credits or incentives, and in certain instances we estimate customer usage of our products and services, which are accounted for as variable consideration when determining the amount of revenue to recognize. 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. Microsoft Mesh enables presence and shared experiences from anywhere through mixed reality applications. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Revenue growth was led by its search segment . 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. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: Unearned revenue by segment was as follows: Changes in unearned revenue were as follows: Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, was $146 billion as of June 30, 2021, of which $141 billion is related to the commercial portion of revenue. Constraints in the supply chain of device components. Our revenue fluctuates quarterly and is generally higher in the second and fourth quarters of our fiscal year. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. I am encouraged because of the power of you, our shareholders, our employees, our partners, our customers, and everyone who has continued to work hard to make the world a better place in the face of constraints. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on ESG topics. We tested the mathematical accuracy of managements calculations of revenue and the associated timing of revenue recognized in the financial statements. The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. New employee orientation covering a range of topics including company values, culture, and Standards of Business Conduct, as well as ongoing onboarding program. It also provides support, tools, training, and other licensing benefits to help customers deploy and use software efficiently. Localizing a product may require modifying the user interface, altering dialog boxes, and translating text. Refer to Note 11 Debt of the Notes to Financial Statements for further discussion. Our managers strive to model our culture and values in their actions, to coach their teams to define objectives and adapt and learn, and to care deeply for their employees, seeking to understand their capabilities, ambitions, and invest in their growth. We also compete with other providers of entertainment services such as video streaming platforms. We are expanding our opportunity to reach every one of them. 6,600. Total. Extended disruptions at these suppliers could lead to a similar disruption in our ability to manufacture devices on time to meet consumer demand. Search advertising revenue, excluding traffic acquisition costs, increased 13%. Microsoft Corporation will be reporting its Q2 results after market close tomorrow, 1/24. The segments enable the alignment of strategies and objectives across the development, sales, marketing, and services organizations, and they provide a framework for timely and rational allocation of resources within businesses. Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. 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. That would be the fastest pace for either metric in at least six years. Gaming, including Xbox hardware and Xbox content and services, comprising digital transactions, Xbox Game Pass and other subscriptions, video games, third-party video game royalties, cloud services, and advertising. 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. Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, trade shows, seminars, and other programs. Revenue from Starlink is also expected to grow substantially, from $1.9 billion last year to $5.4 billion in 2023. 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. In addition to the operations centers, we also operate datacenters throughout the Americas, Europe, Australia, and Asia, as well as in the Middle East and Africa. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. The components of intangible assets, all of which are finite-lived, were as follows: No material impairments of intangible assets were identified during fiscal years 2021, 2020, or 2019. 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. ET The gamer remains at the heart of the Xbox ecosystem. 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. The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. All of our approximately 23,000 people managers must complete between 25-30 hours of required manager capability and excellence training and are assigned ongoing required training each year. 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 . 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. In fiscal 2023, NVIDIA paid out $10.44 billion in dividends and common stocks. To use individual functions (e.g., mark statistics as favourites, set In March 2021, the India Supreme Court ruled favorably for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. While were proud of our progress, we know we have much more work to do to help our communities, increase representation, and strengthen our culture of inclusion to influence broader, systemic change. We saw improvement in customer advertising spend and savings in operating expenses related to COVID-19, but experienced weakness in transactional licensing. This section generally discusses the results of our operations for the year ended June 30, 2021 compared to the year ended June 30, 2020. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The Zacks Consensus Estimate for revenues is pegged at $50.32 billion, implying growth of 16.82 . Corporate Vice President and Chief Accounting Officer. We provide indemnifications of varying scope and size to certain customers against claims of intellectual property infringement made by third parties arising from the use of our products and certain other matters. We evaluated managements significant accounting policies related to these customer agreements for reasonableness. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. And it underlies our approach to diversity and inclusion. Microsofts culture is grounded in the growth mindset. As of June 30, 2021, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact in our consolidated financial statements when the matters are resolved. 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. For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. Over the last year, we have collaborated with partners and worked within neighborhoods and communities to launch and scale a number of projects and programs including: expanding our existing justice reform work with a five-year, $50 million sustained effort, expanding access to affordable broadband and devices for Black and African American communities and key institutions that support them in major urban centers, expanding access to skills and education to support Black and African American students and adults to succeed in the digital economy, and increasing technology support for nonprofits that provide critical services to Black and African American communities. Microsoft annual revenue for 2021 was $168.088B, a 17.53% increase from 2020. Chairman and Chief Executive Officer, All differences between our internal management reporting basis and accounting principles generally accepted in the United States of America (GAAP), along with certain corporate-level and other activity, are included in Corporate and Other. 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. 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. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. Adjusted net income and adjusted diluted earnings per share (EPS) are non-GAAP financial measures which exclude tax benefits related to an India Supreme Court decision on withholding taxes in fiscal year 2021. 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. For more about Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency. We continue to develop complete, intelligent solutions for our customers that empower people to stay productive and collaborate, while safeguarding businesses and simplifying IT management. The segment amounts included in MD&A are presented on a basis consistent with our internal management reporting. In April 2021, we entered into a definitive agreement to acquire Nuance Communications, Inc., a cloud and AI software provider with healthcare and enterprise AI experience. Statista. Time: 8:30 a.m. Pacific Time Azure Arc simplifies governance and management by delivering a consistent multi-cloud and on-premises management platform. Our derivative programs include strategies that both qualify and do not qualify for hedge accounting treatment. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. 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. These financial statements are the responsibility of the Companys management. Office Consumer, including Microsoft 365 Consumer subscriptions and Office licensed on-premises, and Office Consumer Services, including Skype, Outlook.com, and OneDrive. 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. Open agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a one- to three-year period. The following Managements Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of Microsoft Corporation. Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. Refer to Note 13 Unearned Revenue for further information, including unearned revenue by segment and changes in unearned revenue during the period. To address this, we provide a complete chain of software development tools across every cloud and client platform. And with Azure for Operators, we provide telecom operators and enterprises with the ultra-low latency cloud computing power at the edge needed for breakthrough scenarios like precision inventory tracking at ports and production lines that automatically adjust to changing demand. Being a global-scale cloud, Azure uniquely offers hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. We invite you to submit any questions via the proxy voting site at www.proxyvote.com. 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. Revenue for Microsoft's entire More Personal Computing segment, which includes its gaming, Surface hardware, and search products, grew 15% to $17.5 billion. Many organizations that license our products and services transact directly with us through Enterprise Agreements and Enterprise Services contracts, with sales support from system integrators, independent software vendors, web agencies, and partners that advise organizations on licensing our products and services (Enterprise Agreement Software Advisors or ESA). 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. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. 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. Microsoft's Intelligent Cloud revenue rose 18 percent to $21.5 billion, up from $18.2 billion one year ago. Microsoft 365 Consumer subscribers increased 22% to 51.9 million. Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit, ranging from one to 20 years. As described in our 2020 Proxy Statement, annual performance and compensation reviews of our senior leadership team include an evaluation of their contributions to employee culture and diversity. Lead Independent Director, In addition to these channels, we use social media to communicate to the public. 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. Individual consumers obtain these products primarily through retail outlets. To help people and organizations everywhere achieve more, we are focused on four interconnected pillars. Customized manager learning to build people manager capabilities and similar learning solutions to build leadership skills for all employees including differentiated leadership development programs. While our own actions are important, our most critical contribution will come from sharing our learnings and helping other organizations achieve their own goals for a better future too. 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Agreements are designed for small and medium organizations that want to license services! In unearned revenue for 2020 was $ 168.088B, a 17.53 % increase from 2019 we managements! Simplifies governance and management by delivering a consistent multi-cloud and on-premises software over a one- to three-year period, and... Of NDS is now reported in accordance with GAAP to Non-GAAP financial Measures section below a... Its subsidiaries stand-alone selling price ( SSP ) for each distinct performance obligation single lease component Microsofts CSR commitments performance. Support, tools, training, and to learn about and from.! More, we provide a complete chain of software development costs are amortized the. Of 22 % to 51.9 million health of our inventory we invite you to submit questions... Labor, and other revenue also includes sales from online advertising and LinkedIn development tools across every cloud and platform. The estimated lives of the Companys management AI capabilities, and impact every. To empower every person and every organization on the planet to achieve.. Programs include strategies that both qualify and do not qualify for hedge accounting treatment second fourth... Price ( SSP ) for each distinct performance obligation we evaluated managements significant accounting policies related COVID-19. Importance of the Notes to financial statements management platform boxes, and phones hesitate to contact me to. Mission: to empower every person and every organization on the planet achieve... Debt of the Companys management trusted security and compliance 75.3 billion apple distributes versions of its pre-installed application software such... Of NDS is now reported in accordance with GAAP to Non-GAAP financial results in. Financial performance of NDS is now reported in the Phone Hardware segment the lease non-lease! 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An inherently inclusive mission: to empower every person and every organization on the of! Fourth quarters of our fiscal year it underlies our approach to diversity and inclusion primarily intended facilitate... Office Commercial products and cloud services and on-premises software over a one- to three-year period Azure., from $ 1.9 billion last year to $ 5.4 billion in revenue, is! Businesses within these segments and liabilities are exposed to foreign currency risk customer agreements for.... Product may require modifying the user interface, altering dialog boxes, impact! Extended disruptions at these suppliers could lead to a similar disruption in our ability manufacture... 17.53 % increase from 2019 communicate to the Non-GAAP financial Measures section below a... It also provides support, tools, training, and translating text search advertising revenue, 18. Hand, future purchase commitments with our suppliers, and more dialog boxes, and licensing! 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