The fifth perspective. We use derivatives instruments to manage these risks, however, they may still impact our consolidated financial statements. The . We also deliver relevant online advertising to a global audience. Right-of-use assets obtained in exchange for lease obligations: Reclassification adjustments for gains included in earnings, Tax expense included in provision for income taxes, Amounts reclassified from accumulated other comprehensive income (loss), Net change related to derivatives, net of tax of, Reclassification adjustments for (gains) losses included in other income (expense), net, Tax expense (benefit) included in provision for income taxes, Net change related to investments, net of tax of, Translation adjustments and other, net of tax effects of, Accumulated other comprehensive income (loss), end of period, Income tax benefits related to stock-based compensation, NASAs Mars mission achieved a milestone in space exploration when the small robotic helicopter Ingenuity completed the first powered flight on another planeta feat that would not have been possible without 12,000 developers on GitHub who, When a 1,300-foot ship blocked the Suez Canal and disrupted global shipping, our partner Blue Yonder, Team Rubicona nonprofit organization that responds to humanitarian crises around the world, Surgeons at Mt. The amortization of these costs is included in cost of revenue over the estimated life of the products. All three have been certified on behalf of Canadian indirect purchasers who acquired licenses for Microsoft operating system software and/or productivity application software between 1998 and 2010. 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. Research and development expenses increased $1.4 billion or 8% driven by investments in cloud engineering. In January 2020, we announced a bold commitment and detailed plan to be carbon negative by 2030, and to remove from the environment by 2050 all the carbon we have emitted since our founding in 1975. Microsoft 365 Consumer subscribers increased 22% to 51.9 million. Compensation cost for RSUs is recognized using the straight-line method and for PSUs is recognized using the accelerated method. 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. . Our consumer businesses also benefited from the remote environment, with continued demand for PCs and productivity tools, as well as strong engagement across our Gaming platform. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, and other companies. Operating expenses decreased $752 million or 6% driven by prior year charges associated with the closing of our Microsoft Store physical locations and reductions in retail store expenses and marketing, offset in part by investments in Gaming. Office Commercial products and cloud services revenue increased $4.0 billion or 13%. In evaluating estimated losses on these obligations, we consider factors such as the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of loss. Such costs related to software development are included in research and development expense until the point that technological feasibility is reached, which for our software products, is generally shortly before the products are released to production. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. Sales and marketing expenses increased $519 million or 3% driven by investments in commercial sales, offset in part by a reduction in bad debt expense. And as a global technology company, we have a particular responsibility to do our part. Learn more about how Statista can support your business. In a time of great disruption and uncertainty, customers are looking to us to accelerate their own digital transformations as software and cloud computing play a huge role across every industry and around the world. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. Operating as one company, One Microsoft, instead of multiple siloed businesses. While the Company has settled a portion of the IRS audits, resolution of the remaining matters could have a material impact on the Companys financial statements. 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. For more about Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency. GO RESET FILTER. Refer to Note 12 Income Taxes of the Notes to Financial Statements for further discussion. Announcements of investor conferences, speeches, and events at which our executives talk about our product, service, and competitive strategies. Other news and announcements that we may post from time to time that investors might find useful or interesting. 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. We expect to recognize approximately 50% of this revenue over the next 12 months and the remainder thereafter. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. You can only download this statistic as a Premium user. Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that can power modern business and developers. We read and evaluated managements documentation, including relevant accounting policies and information obtained by management from outside tax specialists, that detailed the basis of the uncertain tax positions. As a result of the TCJA, we are required to pay a one-time transition tax on deferred foreign income not previously subject to U.S. income tax. Our Office of Responsible AI ensures that we put these principles into practice, and our Responsible AI Resources Center shares guidelines and tools to help our customers and the developer community do the same. Microsoft's revenue rose 2% to $52.7 billion in the three months ended Dec. 31, compared with the average analyst estimate of $52.94 billion, according to Refinitiv IBES. Highlights from fiscal year 2021 compared with fiscal year 2020 included: On March 9, 2021, we completed our acquisition of ZeniMax Media Inc. (ZeniMax), the parent company of Bethesda Softworks LLC, for a total purchase price of $8.1 billion, consisting primarily of cash. We protect our intellectual property investments in a variety of ways. In these cases, the hardware and software license are accounted for as a single performance obligation and revenue is recognized at the point in time when ownership is transferred to resellers or directly to end customers through retail stores and online marketplaces. And we continue to bring rich AI capabilities directly into the data stack as large-scale models become powerful platforms in their own right. 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. Ultimately, our culture will determine the lengths of what we will achieve. Earnings Release FY23 Q1. Inventories are stated at average cost, subject to the lower of cost or net realizable value. As of June 30, 2021, 2020, and 2019, we had accrued interest expense related to uncertain tax positions of $4.3 billion, $4.0 billion, and $3.4 billion, respectively, net of income tax benefits. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Surface revenue increased $302 million or 5%. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Identification and treatment of contract terms that may impact the timing and amount of revenue recognized (e.g., variable consideration, optional purchases, and free services). Our Dynamics business solutions are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services. We took a wide variety of measures to protect the health and well-being of our employees, suppliers, and customers during the COVID-19 pandemic. Critical accounting policies for us include revenue recognition, impairment of investment securities, goodwill, research and development costs, contingencies, income taxes, and inventories. In a trend that mimics Microsoft's fourth quarter 2022 results, the company's More Personal Computing segment saw a slight decrease in revenue, totalling $13.3 billion. The standard will be effective for us beginning July 1, 2021. 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. In the same way that Office revolutionized productivity for knowledge workers, Power Platformwhich has over 16 million monthly usersis transforming application development so that anyone can automate workflows, create apps, build virtual agents, and analyze data. We intend to request shareholder approval for a successor ESPP with a January 1, 2022 effective date and ten-year expiration of December 31, 2031 at our 2021 Annual Shareholders Meeting. Rent-A-Center envisions adjusted earnings in the range of $2.50 to $3.00 per share . The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. All other shares repurchased were under the share repurchase program approved on September 20, 2016. Serves as a specific grouping used for budgeting and forecasting purposes. In addition to our main research and development operations, we also operate Microsoft Research. We manage the average maturity of the fixed-income portfolio to achieve economic returns that correlate to certain global fixed-income indices. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Padmasree Warrior 2 Adjusted EBITDA is projected between $380 million and $415 million, down from $453.5 million reported last year. Becoming more diverse and inclusive in everything we do. Operating expenses increased $2.0 billion or 4% driven by investments in cloud engineering and commercial sales, offset in part by savings related to COVID-19 across each of our segments, prior year charges associated with the closing of our Microsoft Store physical locations, and a reduction in bad debt expense. We record a receivable related to revenue recognized for multi-year on-premises licenses as we have an unconditional right to invoice and receive payment in the future related to those licenses. 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. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. Windows OEM revenue is impacted significantly by the number of Windows operating system licenses purchased by OEMs, which they pre-install on the devices they sell. I have had the honor to see how the hard work and commitment of Microsofts employees, the ingenuity of our partners, the trust of our customers, and the support of our shareholders translate into strong results. Gross margin increased $9.7 billion or 29% driven by growth in Azure and the change in estimated useful lives of our server and network equipment. To use individual functions (e.g., mark statistics as favourites, set Net recognized gains (losses) on debt investments were as follows: Net recognized gains (losses) on equity investments were as follows: The components of investments were as follows: Equity investments presented as Other in the tables above include investments without readily determinable fair values measured using the equity method or measured at cost with adjustments for observable changes in price or impairments, and investments measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. Revenue for Microsoft's entire More Personal Computing segment, which includes its gaming, Surface hardware, and search products, grew 15% to $17.5 billion. The estimated useful lives of our property and equipment are generally as follows: computer software developed or acquired for internal use, three to seven years; computer equipment, two to four years; buildings and improvements, five to 15 years; leasehold improvements, three to 20 years; and furniture and equipment, one to 10 years. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. On September 20, 2016, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. 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). Microsoft posted the third quarter of its 2021 financial results today, reporting revenue of $41.7 billion and a net income of $15.5 billion. Office 365 Commercial revenue grew 22% driven by seat growth of 17% and higher revenue per user. LVMH is a luxury group owned by the Arnault family, which generated over 79 billion in revenue ($83 billion) in revenue in 2022, with a luxury empire that spans many segments. January 26, 2022, 12:36 PM EST. However, just like how . We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Microsoft reported $51.7 billion in revenue for the second fiscal quarter, a 20 percent increase year over year. Interest and dividends income decreased due to lower yields on fixed-income securities. The company's Intelligent Cloud segment continued to lead revenue growth, up 25.5% compared to the year-ago quarter. 1. Gross margin percentage increased with the change in estimated useful lives of our server and network equipment. July 26, 2022. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Contribution in Q2 2022. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact in our consolidated financial statements, these matters are subject to inherent uncertainties and managements view of these matters may change in the future. Dilutive potential common shares include outstanding stock options and stock awards. Changes in operating assets and liabilities: Acquisition of companies, net of cash acquired, and purchases of intangible and other assets, Effect of foreign exchange rates on cash and cash equivalents, Cash and cash equivalents, beginning of period, Accounts receivable, net of allowance for doubtful accounts, Net income available for common shareholders (A), Weighted average outstanding shares of common stock (B), Common stock and common stock equivalents (C), Realized gains from sales of available-for-sale securities, Realized losses from sales of available-for-sale securities, Impairments and allowance for credit losses, Net unrealized gains on investments still held, Gross amounts of derivatives offset in the balance sheet, Amount reclassified from accumulated other comprehensive income, Cash, cash equivalents, and short-term investments, Foreign-derived intangible income deduction, State income taxes, net of federal benefit, Excess tax benefits relating to stock-based compensation, Deferred income tax assets, net of valuation allowance, Book/tax basis differences in investments and debt, Long-term deferred income tax liabilities, Increases for tax positions related to the current year, Increases for tax positions related to prior years, Decreases for tax positions related to prior years, Decreases due to lapsed statutes of limitations. 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. Organizational tools such as Collections, Vertical Tabs, and Immersive Reader help you make the most of your time while browsing, streaming, searching, sharing, and more. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. $ 33,773. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include SA and cloud services. 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. and cloud services revenue. In response, we will invest $20 billion over the next five years to advance our security solutions. 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