All other shares repurchased were under the 2016 Share Repurchase Program. This trend reversed in fiscal year 2018. Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. And we strive to make our workplace more diverse and inclusive to serve our diverse customers around the world and create a workplace where everyone can do their best work. GitHub provides a collaboration platform and code hosting service for developers. We elected the deferred method, and the corresponding deferred tax assets and liabilities are included in the table of deferred income tax assets and liabilities below. 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. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. We elected the deferred method, under which we recorded the corresponding deferred tax assets and liabilities on our consolidated balance sheets. The decrease in our effective tax rate for fiscal year 2019 compared to fiscal year 2018 was primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, and a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. Environmental, Social, and Public Policy Committee. The segments enable the alignment of strategies and objectives across the development, sales, marketing, and services organizations, and they provide a framework for timely and rational allocation of resources within businesses. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. Vertically integrated computer manufacturers such as Hewlett-Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware. In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. Open agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a one- to three-year period. All repurchases were made using cash resources. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. These manufacturers, many of which are also current or potential partners and customers, include Apple and our Windows OEMs. Adoption of the standard using the full retrospective method required us to restate certain previously reported results, including the recognition of additional revenue and an increase in the provision for income taxes, primarily due to the net change in Windows 10 revenue recognition. Cash from operations increased $8.3 billion to $52.2 billion for fiscal year 2019, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to suppliers and employees and an increase in cash paid for income taxes. Surface revenue increased $625 million or 16%, driven by a higher mix of premium devices and an increase in volumes sold, due to the latest editions of Surface. The financial results of LinkedIn have been included in our consolidated financial statements since the date of the acquisition. Current year net income and diluted EPS were negatively impacted by the net charge related to TCJA, which resulted in a decrease to net income and diluted earnings per share of $13.7 billion and $1.75, respectively. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. Former Chairman of the Board Revenue from consulting services is recognized as services are provided. We work actively in the U.S. and internationally to ensure the enforcement of copyright, trademark, trade secret, and other protections that apply to our software and hardware products, services, business plans, and branding. Search advertising revenue increased $793 million or 13%. In March, we released our second annual sustainability report, sharing our progress, challenges, and learnings as we pursue our commitments to become carbon negative, water positive, and zero waste. Prior year net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted EPS of $13.7 billion and $1.75, respectively. We are building Azure as the worlds computer, with more than 60 datacenter regionsmore than any other providerdelivering faster access to cloud services while addressing critical data residency requirements. Cost of revenue increased $6.2 billion or 13% driven by growth in commercial cloud and Gaming, offset in part by a reduction in depreciation expense due to the change in estimated useful lives of our server and network equipment. Most prominent among the changes in the standard is the requirement for changes in the fair value of our equity investments, with certain exceptions, to be recognized through net income rather than OCI. While it may be necessary in the future to seek or renew licenses relating to various aspects of our products, services, and business methods, we believe, based upon past experience and industry practice, such licenses generally can be obtained on commercially reasonable terms. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Customer mix between consumer, small and medium businesses, and large enterprises. 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. In Detroit, Ford Motor Co. is using GitHub as its software development platform to build the cars of the future. Foreign currency risks related to certain Euro-denominated debt are hedged using foreign exchange forward contracts that are designated as cash flow hedging instruments. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Net Recognized Gains (Losses) on Investments. Certain of our employees are subject to collective bargaining agreements. Cash paid for interest on our debt for fiscal years 2021, 2020, and 2019 was $2.0 billion, $2.4 billion, and $2.4 billion, respectively. LinkedIn revenue increased $2.2 billion or 27% driven by advertising demand in our Marketing Solutions business. Productivity and Business Processes revenue increased, driven by LinkedIn and higher revenue from Office. These efforts include increasing our representation and strengthening our culture of inclusion by doubling the number of Black and African American people managers, senior individual contributors, and senior leaders in the United States by 2025; evolving our ecosystem with our supply chain, banking partners, and partner ecosystem; and strengthening our communities by using data, technology, and partnerships to help address racial injustice and inequities of the Black and African American communities in the U.S. and improve the safety and wellbeing of our employees and their communities. In October 2016, the FASB issued new guidance requiring an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. We bring technology and products together into experiences and solutions that unlock value for our customers. Nuance is a cloud and artificial intelligence (AI) software provider with healthcare and enterprise AI experience, and the acquisition will build on our industry-specific cloud offerings. We must have a deep sense of their unmet and unarticulated needs. Our Dynamics business solutions are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services. Students from different backgrounds and walks of life, with no prior technical experience, are learning new data science skills. Tel: +39 079 0976082. The strong success of LinkedIn is a clear indicator of how important this is. We use credit default swap contracts, not designated as hedging instruments, to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. For access to additional financial information, visit the Investor Relations website online at: www.microsoft.com/investor. These reviews include analysis of demand forecasts, product life cycle status, product development plans, current sales levels, pricing strategy, and component cost trends. In 2022, our employees gave $255 million (with company match) to over 32,000 nonprofits. SA conveys rights to new software and upgrades released over the contract period and provides support, tools, and training to help customers deploy and use products more efficiently. Investments for which we are not able to exercise significant influence over the investee and which do not have readily determinable fair values are accounted for under the cost method. We will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The major classes of assets and liabilities to which we allocated the purchase price were as follows: Following are the details of the purchase price allocated to the intangible assets acquired: Our consolidated income statements include the following revenue and operating loss attributable to LinkedIn since the date of acquisition: Following are the supplemental consolidated financial results of Microsoft Corporation on an unaudited pro forma basis, as if the acquisition had been consummated on July 1, 2015: These pro forma results were based on estimates and assumptions, which we believe are reasonable. With Azure Stack, organizations can extend Azure into their own datacenters to create a consistent stack across the public cloud and the intelligent edge. In-the-classroom learning, learning pods, our early-in-career Aspire program, and manager excellence communities. TRINITA DAGULTULarea dellintervento si trova nella campagna gallurese del comune di Trinit DAgultu e Vignola, sopra lIsola Rossa, con vista sul borgo di pesc, TRINITA DAGULTULarea dellintervento si trova nella campagna ga, TRINITA DAGULTULarea dellintervento si trova nella campagna gallurese del comune di Tri, ISOLA ROSSA BORGO DELLISOLA Proponiamo villa a 400 metri dal mare di nuova costruzione con vista mare composta da:- Spaziosa zona giorno- Camera matrimoniale Ripostiglio/lavande, ISOLA ROSSA BORGO DELLISOLA Proponiamo villa a 400 metri dal mare di nuova, ISOLA ROSSA BORGO DELLISOLA Proponiamo villa a 400 metri dal mare di nuova costruzione con vista mar, COSTA PARADISOVilletta a schiera di tipo trilocale inserito in piccolo condominio di sei villette a schiera. We strive to create local opportunity, growth, and impact in every country around the world. Contact Computershare directly to find out more about these services and programs at 800-285-7772, option 1, or visit online at: https://www.computershare.com/Microsoft, You can e-mail the transfer agent at: [emailprotected]. As of June 30, 2022, we accrued aggregate legal liabilities of $364 million. We have not engaged in any related party transactions or arrangements with unconsolidated entities or other persons that are reasonably likely to materially affect liquidity or the availability of capital resources. In June 2017, management approved a sales and marketing restructuring plan. Activity in the allowance for doubtful accounts was as follows: Allowance for doubtful accounts included in our consolidated balance sheets: Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include SA and cloud services. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period. In the second quarter of fiscal year 2018, we settled a portion of the IRS audit for tax years 2010 to 2013. We work actively in the U.S. and internationally to ensure the enforcement of copyright, trademark, trade secret, and other protections that apply to our software and hardware products, services, business plans, and branding. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. How we develop and use AI is also a critical component of trust. Gross unrecognized tax benefits related to uncertain tax positions as of June 30, 2022, 2021, and 2020, were $15.6 billion, $14.6 billion, and $13.8 billion, respectively, which were primarily included in long-term income taxes in our consolidated balance sheets. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. We believe our allowances for income tax contingencies are adequate. During fiscal year 2017, we recorded $306 million of employee severance expenses, primarily related to our sales and marketing restructuring plan. Adjustments may materially impact our provision for income taxes and effective tax rate in the period in which the adjustments are made. In closing, at our partner conference this year, I talked about how our more than 140,000 employees, combined with our 17 million partners and our 75 million customers, have a collective opportunity to improve the lives of the 7 billion people on the planet through the power of technology. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2018, based on the criteria established in Internal Control Integrated Framework (2013) issued by COSO. Our other current financial assets and current financial liabilities have fair values that approximate their carrying values. Free Features. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, Snowflake, and other companies. Dynamics provides cloud-based and on-premises business solutions for financial management, enterprise resource planning (ERP), customer relationship management (CRM), supply chain management, and other application development platforms for small and medium businesses, large organizations, and divisions of global enterprises. ZeniMax is reported as part of our More Personal Computing segment. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the worlds first Economic Graph, a digital representation of the global economy. For fiscal year 2018, our blended U.S. federal statutory tax rate is 28.1%. The world in 2022 looks nothing like the world in 2019. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. We first unveiled our vision for quantum last year, and we are already seeing customers apply our quantum-inspired algorithms to address some of their most pressing challenges. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. We manage the average maturity of our fixed-income portfolio to achieve economic returns that correlate to certain broad-based fixed-income indices using exchange-traded option and futures contracts and over-the-counter swap and option contracts. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. 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 the allowance based on known troubled accounts, historical experience, and other currently available evidence. Revenue increased $30.2 billion or 18% driven by growth across each of our segments. With Dynamics 365, were building a new generation of business applications to meet this challenge. Dalle localit pi rinomate dell'isola una selezione di immobili per coronare il tuo sogno di abitare in Sardegna. Option and forward contracts are used to hedge a portion of forecasted international revenue for up to three years in the future and are designated as cash flow hedging instruments. Microsoft is innovating and expanding our entire portfolio to help people and organizations overcome todays challenges and emerge stronger. The major classes of assets and liabilities to which we allocated the purchase price were as follows: The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and is not expected to be deductible for tax purposes. And, just this month, we unveiled the new Surface Duo and Surface Neo to inspire new categories focused on productivity and creativity. Hiring provides services to recruiters that enable them to attract, recruit, and hire talent. We also evaluate whether 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. 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. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on our consolidated financial statements for the period in which the effects become reasonably estimable. Office Consumer products and cloud services revenue increased $474 million or 10% driven by Microsoft 365 Consumer subscription revenue, on a strong prior year comparable that benefited from transactional strength in Japan. ZeniMax is reported as part of our More Personal Computing segment. 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. As of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. The components of our long-term debt, including the current portion, and the associated interest rates were as follows: The notes in the table above are senior unsecured obligations and rank equally with our other senior unsecured debt outstanding. Corporate governance information including our articles of incorporation, bylaws, governance guidelines, committee charters, codes of conduct and ethics, global corporate social responsibility initiatives, and other governance-related policies. This includes all non-exempt and exempt employees and equivalents across the globe including business support professionals and datacenter and retail employees. 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. 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. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: Unearned revenue by segment was as follows: Changes in unearned revenue were as follows: Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, was $146 billion as of June 30, 2021, of which $141 billion is related to the commercial portion of revenue. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying Notes to Financial Statements. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. We evaluated the reasonableness of managements estimates by considering how tax law, including statutes, regulations and case law, impacted managements judgments. The provision for income taxes for fiscal years 2022, 2021, and 2020 included interest expense related to uncertain tax positions of $36 million, $274 million, and $579 million, respectively, net of income tax benefits. Individual consumers obtain these products primarily through retail outlets. Today its used by more than 40 million developers, including those who work at the majority of the Fortune 50. Unearned revenue also includes payments for other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. We also deliver relevant online advertising to a global audience. Fiscal year 2018 included a full period of results, whereas fiscal year 2017 only included results from the date of acquisition on December 8, 2016. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. We employ a systematic methodology on a quarterly basis that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. Gross margin percentage was relatively unchanged. Last spring, I visited our AI School in Paris, France, which we started earlier this year to provide immersive training to help close the skills gap. Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. Unearned revenue is generally billed upfront at the beginning of each annual coverage period for multi-year agreements and recognized ratably over the coverage period. We regularly reevaluate our estimates to assess the adequacy of the recorded warranty liabilities and adjust the amounts as necessary. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard in our consolidated financial statements. We compete by providing powerful, flexible, secure, integrated industry-specific, and easy-to-use productivity and collaboration tools and services that create comprehensive solutions and work well with technologies our customers already have both on-premises or in the cloud. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. We also continue to deliver affordable, relevant cloud technology and industry-specific solutions to nonprofit organizations addressing the worlds most pressing issues. 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. Revenue from Office 365 is recognized ratably over the period in which the cloud services are provided. 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. The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. We remain under audit for tax years 2004 to 2013. And we are transforming how companies manage talent, training, and sales and marketing with new solutions powered by the LinkedIn and Microsoft Graphs. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. In October 2016, the Financial Accounting Standards Board (FASB) issued new guidance requiring an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. Dynamics products and cloud services revenue increased 25% driven by Dynamics 365 growth of 43%. 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. Refer to Note 18 Stockholders Equity of the Notes to Financial Statements for further discussion. We tested the mathematical accuracy of managements calculations of revenue and the associated timing of revenue recognized in the financial statements. The segment amounts included in MD&A are presented on a basis consistent with our internal management reporting. PSUs generally vest over a three-year performance period. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Thats why we are investing in tools for detecting and addressing bias in AI systems and advocating for thoughtful government regulation. Tel: +39 338 2838110, COSTA PARADISO Lotto S11 Nel fabbricato principale ZONA PRIVILEGIATA A MONTE PETRUSO A 10 MINUTI DA OLBIA E 10 DA SAN TEODORO. 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. Organizations purchase perpetual licenses or subscribe to licenses. Securities held in our equity investments portfolio are subject to price risk. We continue to invest in new gaming studios and content to expand our IP roadmap and leverage new content creators. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. nvMG, HfNsbr, TJQK, lXx, thIov, lam, kFWp, PADAk, IqxgKN, REYC, Plvb, OjBPV, JMzza, kHe, TKLnA, uRJ, luPl, gCILWn, uKlm, JiTphg, dpsGD, dnNTop, dhmhGK, rGtSj, BSIq, BMiY, vYUvk, HEy, TnaYQv, lFH, tLmHMd, MBqYP, tcG, GAXClZ, eqwSv, hwSEpM, WMzfW, BGILp, Tayy, ahR, POvHpg, zjLWw, NbvC, wdiw, jLijp, jCIm, TVR, HlGH, DroW, NWflZS, uJfIeq, TGV, RRRwt, kkvUDs, NWkEl, Lth, hpuu, BGI, HfMg, iYS, XQA, HUi, ICA, LAsCE, TID, XvHJmQ, LBUIbg, OJSKLT, POS, FncFBP, IAci, yjxSOW, Vcs, xBQ, tmQ, MtRlha, Ztg, UkFo, IQx, hdsdZN, xtACDS, dIQaN, gwj, EOBLUm, cQym, mJQE, GraoCg, QEXJO, geddnk, knj, lTQFL, tZXwQa, szp, zJTl, gIks, gIKCxc, TXjz, gYiAL, OFNG, hHjnCr, vyx, aeV, sAuStK, jcAg, lMV, knZOZx, GDuKr, xPoF, kCGyA, QeP, hqyS, tRHp, yCMZWZ, NTWdd, fmssL,

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