Organizations can elect to purchase perpetual licenses or subscribe to licenses. Revenue is up 19 percent, and net income has increased . 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. The financial results of ZeniMax have been included in our consolidated financial statements since the date of the acquisition. Additional information on our operating segments and geographic and product information is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements. Our More Personal Computing segment consists of products and services that put customers at the center of the experience with our technology. All differences between our internal management reporting basis . The acquisition has been approved by Nuances shareholders, and we expect it to close by the end of calendar year 2021, subject to the satisfaction of certain regulatory approvals and other customary closing conditions. Other reconciling items, net consists primarily of tax credits and GILTI tax, and in fiscal year 2021, includes tax benefits from the India Supreme Court decision on withholding taxes. At the end of the quarter, it had a remaining share-repurchase authorization of $7.23 billion through December 2023 . Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. We are also at the forefront of the enterprise metaverse, a new infrastructure layer made possible through the convergence of the digital and physical worlds. We issue debt to take advantage of favorable pricing and liquidity in the debt markets, reflecting our credit rating and the low interest rate environment. Both numbers easily beat analyst estimates. This creates an opportunity to reach new customers and increase usage and engagement with existing customers. 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. Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. Founder and Chairman, 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. For the majority of our products, we have the ability to use other manufacturers if a current vendor becomes unavailable or unable to meet our requirements. Please do not hesitate to contact me. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. This statistic is not included in your account. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our most significant expenses are related to compensating employees; designing, manufacturing, marketing, and selling our products and services; datacenter costs in support of our cloud-based services; and income taxes. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. We support the fundamental rights of all people. Use Ask Statista Research Service, On April 25, 2014, Microsoft completed the transaction to acquire substantially all of Nokia Corporations Devices and Services Business (NDS). Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. We are accelerating progress toward a more sustainable future by reducing our environmental footprint, advancing research, helping our customers build sustainable solutions, and advocating for policies that benefit the environment. We have more than doubled our percentage share of transaction volume with Black- and African American-owned financial institutions and increased our deposits with Black- and African American-owned minority depository institutions, enabling increased funds into local communities. These reviews include analysis of demand forecasts, product life cycle status, product development plans, current sales levels, pricing strategy, and component cost trends. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Our system management solutions compete with server management and server virtualization platform providers, such as BMC, CA Technologies, Hewlett-Packard, IBM, and VMware. We have recast certain prior period amounts to conform to the current period presentation. The fair value of stock awards is based on the quoted price of our common stock on the grant date less the present value of expected dividends not received during the vesting period. In addition to the extraordinary steps and programs relating to COVID-19, our comprehensive benefits package includes many physical, emotional, and financial wellness programs including counseling through the Microsoft CARES Employee Assistance Program, flexible fitness benefits, savings and investment tools, adoption assistance, and back-up care for children and elders. LinkedIn revenue increased $2.2 billion or 27% driven by advertising demand in our Marketing Solutions business. ET. In fiscal year 2021, we delivered $168 billion in revenue, up 18 percent year-over-year. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. Office Commercial (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed on-premises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, and Skype for Business. Xbox content and services revenue increased 23%. In January, we released our first annual sustainability report, sharing our progress toward becoming carbon negative, zero waste, and water positive by 2030. Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. We will include as many of your questions as possible during the Q&A session of the meeting and will provide answers to questions on the Microsoft Investor Relations website under the Annual Meeting page. Security, compliance, identity, and management underlie our entire tech stack. We have an ESPP for all eligible employees. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. Computershare, our transfer agent, can help you with a variety of shareholder related services including: Computershare also administers a direct stock purchase plan and a dividend reinvestment program for the company. We believe potential can be nurtured and is not pre-determined, and we should always be learning and curious trying new things without fear of failure. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 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. By segment, Microsoft earnings figures generally showed healthy growth in Q2. Refer to Note 16 Stockholders Equity of the Notes to Financial Statements for further discussion. Income tax expense includes U.S. and international income taxes, and interest and penalties on uncertain tax positions. We test goodwill for impairment annually on May 1 at the reporting unit level, primarily using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. 16,375. Zacks Equity Research. 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. We support multiple highly active Employee Resource Groups for women, families, racial and ethnic minorities, military, people with disabilities, or who identify as LGBTQI+, where employees can go for support, networking, and community-building. Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. A large network of partner advisors support many of these sales. On March 9, 2021, we completed our acquisition of ZeniMax Media Inc. (ZeniMax), the parent company of Bethesda Softworks LLC (Bethesda), for a total purchase price of $8.1 billion, consisting primarily of cash. GitHub is reported as part of our Intelligent Cloud segment. To date, weve committed cash, technology, and other resources with a value of more than $410 million to support ongoing COVID-19 response efforts. We believe that our audit provides a reasonable basis for our opinion. Last year, we intercepted 30 billion email threats and 31 billion authentication attacks. 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. Productivity and business processes. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. The fifth perspective. 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). Microsoft Mobile Oy, a subsidiary of Microsoft, along with other handset manufacturers and network operators, is a defendant in 46 lawsuits, including 45 lawsuits filed in the Superior Court for the District of Columbia by individual plaintiffs who allege that radio emissions from cellular handsets caused their brain tumors and other adverse health effects. The ideal entry-level account for individual users. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. And as a global technology company, we have a particular responsibility to do our part. Significant judgment is exercised by the Company in determining revenue recognition for these customer agreements, and includes the following: Given these factors and due to the volume of transactions, the related audit effort in evaluating managements judgments in determining revenue recognition for these customer agreements was extensive and required a high degree of auditor judgment. For hardware warranties, we estimate the costs based on historical and projected product failure rates, historical and projected repair costs, and knowledge of specific product failures (if any). For a discussion of the year ended June 30, 2020 compared to the year ended June 30, 2019, please refer to, Managements Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended June 30, 2020. 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. Slack provides teamwork and collaboration software. With Xbox Game Pass, we are transforming how people discover, connect, and engage with games. 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). Intelligent cloud. The components of the provision for income taxes were as follows: U.S. and foreign components of income before income taxes were as follows: The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows: We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Principal currencies hedged included the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. Great content drives Game Pass growth, and our acquisition this year of ZeniMax Media adds some of the worlds most iconic franchises to the service. $75.25B. However, some of our products contain certain components for which there are very few qualified suppliers. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. We have determined that certain sales incentive programs meet the requirements to be capitalized. Judgment is required in determining when technological feasibility of a product is established. Office 365 Commercial revenue grew 22% driven by seat growth of 17% and higher revenue per user. The mix of computing devices based on form factor and screen size. The Companys management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. 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. Intelligent Cloud revenue increased driven by Azure. Under the Executive Incentive Plan, the Compensation Committee approves stock awards to executive officers and certain senior executives. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. 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. Devices, including Surface and PC accessories. Differences in device market demand between developed markets and growth markets. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. Due to the various benefits from and the nature of our SA program, judgment is required to assess the pattern of delivery, including the exercise pattern of certain benefits across our portfolio of customers. Growth depends on our ability to reach new users in new markets such as frontline workers, small and medium businesses, and growth markets, as well as add value to our core product and service offerings to span productivity categories such as communication, collaboration, analytics, security, and compliance. In fiscal 2023, NVIDIA paid out $10.44 billion in dividends and common stocks. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets. 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. Determination of stand-alone selling prices for each distinct performance obligation and for products and services that are not sold separately. In fiscal year 2021 and 2020, our foreign regional operating centers in Ireland and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82% and 86% of our foreign income before tax. The earnings provide a further lift to Microsoft after it agreed to acquire gaming giant Activision Blizzard in a $68.7 billion, all-cash deal. 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. Cloud usage and demand benefited as customers accelerate their digital transformation priorities. Throughout the fiscal year, we also collect nearly 75,000 Daily Pulse employee survey responses. With every new generation of Windows, we also unlock the next generation of hardware innovation across our ecosystem. Operating income increased $17.0 billion or 32% driven by growth across each of our segments and the change in estimated useful lives of our server and network equipment. ZeniMax is reported as part of our More Personal Computing segment. The fair value of stock awards vested was $13.4 billion, $10.1 billion, and $8.7 billion, for fiscal years 2021, 2020, and 2019, respectively. Accumulated Other Comprehensive Income (Loss), New integrations between Dynamics 365 and Teams, pending acquisition of Nuance Communications, we will invest $20 billion over the next five years, our acquisition this year of ZeniMax Media, 25 million people connect to the digital skills for in-demand roles, Racial Equity Initiative: Strengthening Our Communities report, humanitarian action and emergency response, http://www.microsoft.com/investor/AnnualReports/default.aspx, Adjusted diluted earnings per share (non-GAAP), Net gains (losses) on foreign currency remeasurements, Net income tax benefit related to India Supreme Court decision on withholding taxes, Operating leases, including imputed interest, Finance leases, including imputed interest, 100 basis point increase in U.S. treasury interest rates, 100 basis point increase in credit spreads. and cloud services revenue. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. The decrease from the federal statutory rate in fiscal year 2020 is primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland and Puerto Rico, and tax benefits relating to stock-based compensation. The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2021: As of June 30, 2021 and 2020, the estimated fair value of long-term debt, including the current portion, was $70.0 billion and $77.1 billion, respectively. Surface is designed to help organizations, students, and consumers be more productive. Save for three of these 16 quarters, that YOY growth has ranged between roughly 20% and 35% a quarter . 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