The majority of our foreign net operating loss carryforwards do not expire. We are accelerating adoption of AI innovations from research to products. Microsoft Teams, Azure and security all helped push . In the Gaming segment, Microsoft's Xbox shares a 20-year rivalry with Sony's PlayStation. We also fund research and development activities at the operating segment level. Accessed March 01, 2023. https://www.statista.com/statistics/273482/segment-revenue-of-microsoft/, Microsoft. Refer to Note 13 Unearned Revenue for further information, including unearned revenue by segment and changes in unearned revenue during the period. 16,375. All deferred income taxes are classified as long-term in our consolidated balance sheets. 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. In particular, among the responsibilities of the Boards Regulatory and Public Policy Committee is to review and provide guidance to the Board and management about the Companys policies and programs that relate to CSR. Localizing a product may require modifying the user interface, altering dialog boxes, and translating text. Capitalized software development costs are amortized over the estimated lives of the products. Critical accounting policies for us include revenue recognition, impairment of investment securities, goodwill, research and development costs, contingencies, income taxes, and inventories. All share repurchases were made using cash resources. 88% of employees globally participated in our fiscal year 2021 MS Poll engagement survey, which covers a variety of topics such as inclusion, pay and benefits, and learning and development. Of the total employed people, 67,000 were in operations, including manufacturing, distribution, product support, and consulting services; 60,000 were in product research and development; 40,000 were in sales and marketing; and 14,000 were in general and administration. We acknowledge we have more work ahead of us to address racial injustice and inequity, and are applying many of the programs above to help other underrepresented communities. Profit from the additional features of your individual account. We strive to maximize the potential of our human capital resources by creating a respectful, rewarding, and inclusive work environment that enables our global employees to create products and services that further our mission to empower every person and every organization on the planet to achieve more. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. Revenue, gross margin, and operating income included a favorable foreign currency impact of 2%, 3%, and 4%, respectively. Microsoft Key . 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. 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. 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 have a network of field sales representatives and field support personnel that solicit orders from distributors and resellers, and provide product training and sales support. This creates an opportunity to reach new customers and increase usage and engagement with existing customers. Nearly 250 million people use Teams every month. Build the Intelligent Cloud and Intelligent Edge Platform. The purchase price included $768 million of cash and cash equivalents acquired. Inventing new gaming experiences that bring people together around their shared love for games on any devices and pushing the boundaries of innovation with console and PC gaming by creating the next wave of entertainment. We operate our business and report our financial performance using three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. This study bestows revenue data by type, and during the historical period (2017-2023) and forecast period (2023-2028). Judgment is required in determining when technological feasibility of a product is established. Refer to Note 12 Income Taxes of the Notes to Financial Statements for further discussion. Enterprise Services, including Premier Support Services and Microsoft Consulting Services. The Automotive Voice Command System market size, estimations, and forecasts are provided in terms of and revenue (USD millions), considering 2023 as the base year, with history and forecast data . The components of intangible assets acquired during the periods presented were as follows: Intangible assets amortization expense was $1.6 billion, $1.6 billion, and $1.9 billion for fiscal years 2021, 2020, and 2019, respectively. 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. The Company designs and maintains accounting and internal control systems to provide reasonable assurance at reasonable cost that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. At the platform as a service (PaaS) level, new Azure Communication Services enable developers to integrate rich communications APIs into their applications using the same infrastructure that powers Microsoft Teams. The lawsuits also allege an industry-wide conspiracy to manipulate the science and testing around emission guidelines. We believe learning can be more than formal instruction, and our learning philosophy focuses on providing the right learning, at the right time, in the right way. PSP Partners, Emma N. Walmsley 2,4 Employer-funded retirement benefits for all plans were $1.2 billion, $1.0 billion, and $877 million in fiscal years 2021, 2020, and 2019, respectively, and were expensed as contributed. 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 metrics provide strategic product insights which allow us to assess the performance across our commercial and consumer businesses. 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. Commercial cloud gross margin percentage increased 4 points to 71% driven by gross margin percentage improvement in Azure and the change in estimated useful lives of our server and network equipment, offset in part by sales mix shift to Azure. Under the Executive Incentive Plan, the Compensation Committee approves stock awards to executive officers and certain senior executives. Our More Personal Computing segment consists of products and services that put customers at the center of the experience with our technology. Tested managements identification and treatment of contract terms. Chief Executive Officer, 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. Microsoft's revenue 2008-2023, by fiscal quarter. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. The components of other income (expense), net were as follows: We use derivative instruments to manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. President and Vice Chair, Christopher C. Capossela We must also protect the institutions and processes of democracy. Our Dynamics business solutions are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services. Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. First of all, users - from 433 million users back in 2016 when it was acquired, up to 740 million users in 2021. The following table sets forth the potential loss in future earnings or fair values, including associated derivatives, resulting from hypothetical changes in relevant market rates or prices: Our consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Billionaires like Microsoft Corp. co-founder Bill Gates likely saw an opportunity through . Amid rapid change weve witnessed technology empower telehealth, remote manufacturing, and new ways of working from home and serving customers. Chief Executive Officer and 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. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. In fiscal year 2020, our U.S. income before income taxes was $24.1 billion and our foreign income before income taxes was $28.9 billion. Antitrust and unfair competition class action lawsuits were filed against us in British Columbia, Ontario, and Quebec, Canada. The PC has been mission-critical across work, school, and life to sustain productivity in a remote everything world. 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. MSN advertising includes both native and display ads. The segment was supported by increased drilling activity by customers. $90.88. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. 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. As of June 30, 2021, our long-term unsecured debt rating was AAA, and cash investments were in excess of $1.0 billion. 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. And in the first year of our commitment to address inequity and racial injustice, we are well on our way to doubling the number of Black and African American, Hispanic, and Latinx employees in leadership positions at Microsoft in the United States by 2025. To address this, we provide a complete chain of software development tools across every cloud and client platform. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Revenue growth was led by its search segment . Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products and services. 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. To serve the needs of customers around the world and to improve the quality and usability of products in international markets, we localize many of our products to reflect local languages and conventions. Customer mix between consumer, small and medium businesses, and large enterprises. Revenue in Q2 2022. 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. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. 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. 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. 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. Partners license software over a three-year period and are billed monthly based on consumption. Our devices are primarily manufactured by third-party contract manufacturers, some of which contain certain components for which there are very few qualified suppliers. Every organization is looking to digitize their end-to-end operationsfrom sales and customer service to supply chain managementso they can rapidly adapt to changing market dynamics. This is why we launched the Microsoft Cloud for Sustainabilityto create a new business process category that will help every organization measure, report, and reduce their environmental impact. Determination of stand-alone selling prices for each distinct performance obligation and for products and services that are not sold separately. Customers can use Azure through our global network of datacenters for computing, networking, storage, mobile and web application services, AI, IoT, cognitive services, and machine learning. Founder and Chairman, Trilogy 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. Our commercial metrics allow management and investors to assess the overall health of our commercial business and include leading indicators of future performance. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office, Dynamics, and LinkedIn. And with Windows 365, we are creating a new category: the cloud PC. We have an ESPP for all eligible employees. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to cost of revenue. $ 22,247. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Following are details of the purchase price allocated to the intangible assets acquired: On October 25, 2018, we acquired GitHub, Inc. (GitHub), a software development platform, in a $7.5 billion stock transaction (inclusive of total cash payments of $1.3 billion in respect of vested GitHub equity awards and an indemnity escrow). Enterprise Agreements are designed for medium or large organizations that want to license cloud services and on-premises software organization-wide over a three-year period. Windows IoT extends the power of Windows and the cloud to intelligent systems by delivering specialized operating systems, tools, and services for use in embedded devices. 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. Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. At Microsoft, were providing technology and resources to help our customers navigate a remote environment. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Business Solutions including all features. (Old reporting data is available in the, Biggest companies in the world by market value 2022, Lifetime global unit sales of video game consoles as of September 2021, Operating systems market share of desktop PCs 2013-2023, by month, Current-gen video game console unit sales worldwide 2017-2021. And we continue to bring rich AI capabilities directly into the data stack as large-scale models become powerful platforms in their own right. Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. Xbox Cloud Gaming is now available on PCs, as well as phones and tablets, and later this year will come to the console. 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. Over the past year, we introduced hundreds of new features, from new presenter modes to new inclusive meeting experiences, that make it easy for everyone to be full participants in meetings, whether theyre joining from home, the office, a conference room, or a factory floor. You need a Statista Account for unlimited access. The fair value of each reporting unit is estimated primarily through the use of a discounted cash flow methodology. 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 . Reality Labs' total loss for 2022 came in . Our effective tax rate for fiscal years 2021 and 2020 was 14% and 17%, respectively. Timing of revenue recognition may differ from the timing of invoicing to customers. Tackling security from all angles with our integrated, end-to-end solutions spanning security, compliance, identity, and management, across all clouds and platforms. 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. There were 63 patent infringement cases pending against Microsoft as of June 30, 2021, none of which are material individually or in aggregate. No asset is more strategic than data. 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. Stock-based compensation expense and related income tax benefits were as follows: Stock awards entitle the holder to receive shares of Microsoft common stock as the award vests. As of June 30, 2021, $8.7 billion remained of this $40.0 billion share repurchase program. We invite you to submit any questions via the proxy voting site at www.proxyvote.com. 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. We want our customers and partners to build their own digital capability and become independent with us, not dependent on us. This year, we provided $2.5 billion in donated and discounted products and services to help 295,000 nonprofits better serve their communities. Azure revenue grew 50% due to growth in our consumption-based services. Tech as a percentage of total GDP will double from 5 to 10 percent by 2030. Property and equipment is stated at cost less accumulated depreciation, and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. . Our innovation helps every developer be an AI developer, with approachable new tools from Azure Machine Learning Studio for creating simple machine learning models, to the powerful Azure Machine Learning Workbench for the most advanced AI modeling and data science. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (SSP) of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; product warranties; the fair value of and/or potential impairment of goodwill and intangible assets for our reporting units; product life cycles; useful lives of our tangible and intangible assets; allowances for doubtful accounts; the market value of, and demand for, our inventory; stock-based compensation forfeiture rates; when technological feasibility is achieved for our products; the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns; and determining the timing and amount of impairments for investments. 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