Service and other revenue also includes sales from online advertising and LinkedIn. We conducted our audits in accordance with the standards of the PCAOB. A Reporting Pricing Level is the established level for Budget/Forecast to Actual revenue comparisons possible. 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. In a separate 2009 decision, the Court of Appeals for the District of Columbia held that adverse health effect claims arising from the use of cellular handsets that operate within the U.S. Federal Communications Commission radio frequency emission guidelines (FCC Guidelines) are pre-empted by federal law. Derivative instruments are recognized as either assets or liabilities and measured at fair value. In our rapidly changing digital economy, people need a platform where they can acquire new skills, expand their networks, and connect with employers. Profit from the additional features of your individual account. Their net earnings came in at $2,407 Million, a decrease of 5.6% YoY. Reality Labs' total loss for 2022 came in . Revenue for Microsoft's entire More Personal Computing segment, which includes its gaming, Surface hardware, and search products, grew 15% to $17.5 billion. In Q2 FY 2022, productivity and business processes generated $15.9 billion in revenue, comprising 31% of Microsoft's total revenue. General and administrative expenses were relatively unchanged, driven by prior year charges associated with the closing of our Microsoft Store physical locations, offset in part by an increase in certain employee-related expenses and business taxes. 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. Today, LinkedIn has more than 774 million members and is a leader in B2B advertising, professional hiring, corporate learning, and sales intelligence. Our success is highly dependent on our ability to attract and retain qualified employees. Operating income grew 32 percent to $70 billion. While the pandemic has been the defining issue of the past year-and-a-half, climate change is the challenge of our lifetime. Advertising costs are expensed as incurred. And, finally, our comprehensive portfolio of AI tools, frameworks, and infrastructure enables developers to build solutions that comprehend speech, make predictions, provide insights, and support decision-making. Executive Vice President and Chief Financial Officer, Alice L. Jolla $ 33,773. The company's Intelligent Cloud segment continued to lead revenue growth, up 25.5% compared to the year-ago quarter. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. As of June 30, 2021, our long-term unsecured debt rating was AAA, and cash investments were in excess of $1.0 billion. Office 365 Commercial revenue grew 22% driven by seat growth of 17% and higher revenue per user. The decrease from the federal statutory rate in fiscal year 2021 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, tax benefits relating to stock-based compensation, and tax benefits from the India Supreme Court decision on withholding taxes. Through this commitment we can allow everyone the chance to be their authentic selves and do their best work every day. In 2014, the trial court granted in part and denied in part the defendants motion to exclude the plaintiffs general causation experts. LinkedIn has over 750 million members and has offices around the globe. Excluding this impact, gross margin percentage decreased slightly driven by a sales mix shift to cloud offerings, on a low prior year comparable impacted by increased usage. 17,465. Our hardware is generally highly dependent on, and interrelated with, the underlying operating system and cannot function without the operating system. Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Our fixed-income investments are exposed to interest rate risk and credit risk. We aspire to create a culture where employees are encouraged to be curious, to experiment, and to share things they learn. 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. Sempra Energy's (SRE Quick Quote SRE - Free Report) fourth-quarter 2022 adjusted earnings per share (EPS) came in at $2.35, which beat the Zacks Consensus Estimate of $2.06 by 14.1%. Recent Accounting Guidance Not Yet Adopted. Billionaires like Microsoft Corp. co-founder Bill Gates likely saw an opportunity through . Our search business competes with Google and a wide array of websites, social platforms like Facebook, and portals that provide content and online offerings to end users. Digital transformation that was projected to happen over the next 10 years is happening today. Both numbers easily beat analyst estimates. In March 2021, the India Supreme Court ruled favorably in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. 12,820. We measure the fair value of PSUs using a Monte Carlo valuation model. Virtual Shareholder Meeting: www.virtualshareholdermeeting.com/MSFT21. It drives our passion to obsess about our customers, and to learn about and from them. We know that as we become more representative of the communities where we live and work, and the people around the world who we aspire to serve, we become better at helping everyone on the planet achieve more. Building and running cloud-based services in ways that unleash new experiences and opportunities for businesses and individuals. 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. Our broker-priced investments are generally classified as Level 2 investments because the broker prices these investments based on similar assets without applying significant adjustments. Last year, we mobilized resources to respond to the Beirut explosion, hurricanes in Central America, wildfires in the United States, and more. 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 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. We have recast certain prior period amounts to conform to the way we internally manage and monitor our business. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. 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. Browse Earnings Releases: Browse Prior Earnings Releases: Fiscal Year. Certain of our employees are subject to collective bargaining agreements. Under the Open agreements, organizations purchase perpetual licenses and SA is optional. Organizations purchase perpetual licenses or subscribe to licenses. In addition to LinkedIns free services, LinkedIn offers monetized solutions: Talent Solutions, Marketing Solutions, Premium Subscriptions, Sales Solutions, and Learning Solutions. Tackling security from all angles with our integrated, end-to-end solutions spanning security, compliance, identity, and management, across all clouds and platforms. 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. Productivity and Business Processes revenue increased driven by Office 365 Commercial and LinkedIn. These costs include our internal sales force compensation program and certain partner sales incentive programs as we have determined annual compensation is commensurate with annual sales activities. Our other current financial assets and current financial liabilities have fair values that approximate their carrying values. The COVID-19 pandemic may continue to impact our business operations and financial operating results, and there is uncertainty in the nature and degree of its continued effects over time. 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. 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. We use derivative instruments to manage risks related to foreign currencies, interest rates, equity prices, and credit; to enhance investment returns; and to facilitate portfolio diversification. Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system. 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