Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. RSUs generally vest ratably over a service period of four years. 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. 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. We evaluated the reasonableness of managements estimate of stand-alone selling prices for products and services that are not sold separately. Browse Earnings Releases: Browse Prior Earnings Releases: Fiscal Year. We announced in June 2020 that we are expanding access to the digital skills that have become increasingly vital to many of the worlds jobs, and especially to individuals hardest hit by recent job losses. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2021, in conformity with accounting principles generally accepted in the United States of America. SA is included with certain volume licensing agreements and is an optional purchase with others. In making this judgment, we employ a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. Office 365 Commercial revenue grew 22% driven by seat growth of 17% and higher revenue per user. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. We also deliver relevant online advertising to a global audience. Net recognized gains on investments increased due to higher gains on equity securities. These controls include model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. These reviews include analysis of demand forecasts, product life cycle status, product development plans, current sales levels, pricing strategy, and component cost trends. To support this culture, we offer a wide range of learning and development opportunities. Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, AI, devices, and operating systems. Any shareholder can join the Annual Meeting, while shareholders of record as of September 30, 2021, will be able to vote and submit questions during the meeting. Compensation expense for the employee stock purchase plan (ESPP) is measured as the discount the employee is entitled to upon purchase and is recognized in the period of purchase. All repurchases were made using cash resources. The purchase price included $768 million of cash and cash equivalents acquired. Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. Surface revenue increased $302 million or 5%. The amortization of these costs is included in cost of revenue over the estimated life of the products. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. Certain income and expenses are not reported in tax returns and financial statements in the same year. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. 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. Microsoft Revenue by Segment. China State Administration for Market Regulation Investigation. 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. We also sell commercial and consumer products and services directly to customers, such as cloud services, search, and gaming, through our digital marketplaces and online stores. The financial performance of NDS is now reported in the Phone Hardware segment. Our Dynamics business solutions are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services. Save for three of these 16 quarters, that YOY growth has ranged between roughly 20% and 35% a quarter . Microsoft Teams is enabling rapid digital transformation by giving people a single tool to chat, call, meet, and collaborate. 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). Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit. Our sales force performs a variety of functions, including working directly with commercial enterprises and public-sector organizations worldwide to identify and meet their technology and digital transformation requirements; managing OEM relationships; and supporting system integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products and services. Its personal computing segment was an eyesore, impacted by the broader decline in PC sales, as revenue in the category fell 19% to $14.2 billion. 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. 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 . 18,327. 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. In June 2021, Microsoft announced the next generation of Windows Windows 11. First of all, users - from 433 million users back in 2016 when it was acquired, up to 740 million users in 2021. Azure revenue grew 50% due to growth in our consumption-based services. The Company engaged Deloitte & Touche LLP, an independent registered public accounting firm, to audit and render an opinion on the consolidated financial statements and internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. 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. At times, we make select intellectual property broadly available at no or low cost to achieve a strategic objective, such as promoting industry standards, advancing interoperability, supporting societal and/or environmental efforts, or attracting and enabling our external development community. 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 determine if an arrangement is a lease at inception. $ 52,959. Adjustments to reconcile net income to net cash from operations: Net recognized gains on investments and derivatives. In fiscal year 2020, Microsoft reduced its carbon emissions by 587,000 metric tons and purchased the removal of 1.3 million metric tons of carbon. We assigned the goodwill to our Intelligent Cloud segment. Growth was driven by content and services for its Xbox gaming console. With Azure Stack, organizations can extend Azure into their own datacenters to create a consistent stack across the public cloud and the intelligent edge. Aggregate demand for our software, services, and devices is correlated to global macroeconomic and geopolitical factors, which remain dynamic. GlaxoSmithKline, Hugh F. Johnston 1 These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. Antitrust, Unfair Competition, and Overcharge Class Actions. The metrics reflect our cloud and on-premises product strategies and trends. Operating income increased $7.8 billion or 43%. We invite you to submit any questions via the proxy voting site at www.proxyvote.com. Equity investments with readily determinable fair values are measured at fair value. Foreign currency risks related to certain non-U.S. dollar-denominated investments are hedged using foreign exchange forward contracts that are designated as fair value hedging instruments. Net Recognized Gains (Losses) on Investments. 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. Breaking down Microsoft's earnings by operational segment. The regional center in Ireland supports the European, Middle Eastern, and African region; the center in Singapore supports the Japan, India, Greater China, and Asia-Pacific region; and the centers in Fargo, North Dakota, Fort Lauderdale, Florida, Puerto Rico, Redmond, Washington, and Reno, Nevada support Latin America and North America. STATEMENT OF MANAGEMENTS RESPONSIBILITY FOR FINANCIAL STATEMENTS. For these components, we have limited near-term flexibility to use other manufacturers if a current vendor becomes unavailable or is unable to meet our requirements. These costs are expected to be recognized over a weighted average period of three years. In its operation of the business, management, including our chief operating decision maker, who is also our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis not consistent with GAAP. For Microsoft, trust is built on privacy, security, digital safety, the responsible use of AI, and transparency. No asset is more strategic than data. Chief Executive Officer, We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved through coding and testing. At the end of the quarter, it had a remaining share-repurchase authorization of $7.23 billion through December 2023 . Microsoft is committed to supporting our employees well-being and safety while they are at work and in their personal lives. 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. For those uncertain tax positions that had not been effectively settled, we evaluated whether management had appropriately considered new information that could significantly change the recognition, measurement or disclosure of the uncertain tax positions. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss. 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. The better we represent that diversity inside Microsoft, the more effectively we can innovate for those we seek to empower. In the next phase of innovation, computing is more powerful and ubiquitous from the cloud to the edge. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Definition and Limitations of Internal Control over Financial Reporting. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact in our consolidated financial statements for the period in which the effects become reasonably estimable. 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). We are committed to designing and marketing first-party devices to help drive innovation, create new device categories, and stimulate demand in the Windows ecosystem. Google provides a hosted messaging and productivity suite. More Personal Computing revenue increased driven by Gaming. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in earnings with the corresponding hedged item. 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. Office Commercial revenue is mainly affected by a combination of continued installed base growth and average revenue per user expansion, as well as the continued shift from Office licensed on-premises to Office 365. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. The majority of our foreign net operating loss carryforwards do not expire. It empowers people with AI-first interfaces ranging from voice-activated commands through Cortana, inking, immersive 3D content storytelling, and mixed reality experiences. [Online]. 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. From GitHub to Visual Studio, we provide a developer tool chain for everyone, no matter the technical experience, across all platforms, whether Azure, Windows, or any other cloud or client platform. Microsoft 365 brings together Office 365, Windows, and Enterprise Mobility + Security to help organizations empower their employees with AI-backed tools that unlock creativity, increase teamwork, and fuel innovation, all the while enabling compliance coverage and data protection. 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. The global pandemic has accelerated our capabilities and culture with respect to flexible work. Becoming more diverse and inclusive in everything we do. Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Clayton, Dubilier & Rice, John W. Thompson 3,4 Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entitys financial statements or tax returns. 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. We want our customers and partners to build their own digital capability and become independent with us, not dependent on us. Application development is moving beyond professional developers and into the hands of citizen developerseveryone from domain experts, to designers, marketers, salespeople, customer service professionals, teachers, students, and others. Azure SQL Database makes it possible for customers to take SQL Server from their on-premises datacenter to a fully managed instance in the cloud to utilize built-in AI. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as Other in the table above. 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. Both numbers easily beat analyst estimates. In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic. Azure faces diverse competition from companies such as Amazon, Google, IBM, Oracle, VMware, and open source offerings. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. The decrease in our effective tax rate was primarily due to tax benefits from a decision by the India Supreme Court on withholding taxes in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax, an agreement between the U.S. and India tax authorities related to transfer pricing, final Tax Cuts and Jobs Act (TCJA) regulations, and an increase in tax benefits relating to stock-based compensation. Billionaires like Microsoft Corp. co-founder Bill Gates likely saw an opportunity through . Xbox Game Pass is a community with access to a curated library of over 100 first- and third-party console and PC titles. We hire a mix of university and industry talent worldwide. We also are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. In January, we released our first annual sustainability report, sharing our progress toward becoming carbon negative, zero waste, and water positive by 2030. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. Our gaming platform is designed to provide a variety of entertainment through a unique combination of content, community, and cloud. Office Consumer, including Microsoft 365 Consumer subscriptions and Office licensed on-premises, and Office Consumer Services, including Skype, Outlook.com, and OneDrive. Certain acquired net operating loss carryforwards are subject to an annual limitation but are expected to be realized with the exception of those which have a valuation allowance. Xbox Cloud Gaming utilizes Microsofts Azure cloud technology to allow direct and on-demand streaming of games to PCs, consoles, and mobile devices, enabling gamers to take their favorites games with them and play on the device most convenient to them. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. We operate our business and report our financial performance using three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. 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. Revenue increased $25.1 billion or 18% driven by growth across each of our segments. The allocation of the purchase price to goodwill was completed as of June 30, 2019. Determination of whether products and services are considered distinct performance obligations that should be accounted for separately versus together, such as software licenses and related services that are sold with cloud-based services. Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. (July 26, 2022). Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. 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. 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. Amy E. Hood Xbox content and services revenue increased 23%. With every new generation of Windows, we also unlock the next generation of hardware innovation across our ecosystem. 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. Microsoft offers direct sales programs targeted to reach small, medium, and corporate customers, in addition to those offered through the reseller channel. Our leases have remaining lease terms of 1 year to 15 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The 2021 Annual Shareholders Meeting will be held as a virtual-only meeting. Opportunities to sign up for email alerts to have information pushed in real time. Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. Revenue from search advertising is recognized when the advertisement appears in the search results or when the action necessary to earn the revenue has been completed. Growth in Devices is dependent on total PC shipments, the ability to attract new customers, our product roadmap, and expanding into new categories. Our future opportunity depends on reaching and empowering all communities, and we are committed to taking action to help address racial injustice and inequity. Which speak only as of June 30, 2019 of over 100 first- and third-party and. Customers and partners to build their own digital capability and become independent with us, not dependent on us to! Microsoft & # x27 ; s Earnings by operational segment of three.. Our fiscal year 2021 Form 10-K for a discussion of these 16 quarters that! 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