We design our devices, from Surface to Xbox, to minimize their impact on the environment. This comprehensive capability has been critical during recent world events, including the war in Ukraine. We have learned the impact of our work will not all be felt immediately, and our experience highlights how progress wont always be linear. The case for digital transformation has never been more urgent. 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. Microsoft Cloud Solution Provider is our main partner program for reselling cloud services. The COVID-19 pandemic accelerated our capabilities and culture with respect to flexible work. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. Office Consumer revenue is mainly affected by the percentage of customers that buy Office with their new devices and the continued shift from Office licensed on-premises to Microsoft 365 Consumer subscriptions. Opportunities include: Our employees embrace the growth mindset and take advantage of the formal learning opportunities as well as thousands of informal and on-the-job learning opportunities. Xbox and our cloud gaming services face competition from various online gaming ecosystems and game streaming services, including those operated by Amazon, Apple, Meta, Google, and Tencent. The decrease from the federal statutory rate in fiscal year 2022 is primarily due to the net income tax benefit related to the transfer of intangible properties, earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland, and tax benefits relating to stock-based compensation. Competitors to Office include software and global application vendors, such as Apple, Cisco Systems, Meta, Google, IBM, Okta, Proofpoint, Slack, Symantec, Zoom, and numerous web-based and mobile application competitors as well as local application developers. Business, and Chief Marketing Officer, Christopher D. Young 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. GitHub provides a collaboration platform and code hosting service for developers. These are our building blocks, united by our shared purpose of economic empowerment. Our skills initiative brings together learning resources, certification opportunities, and job-seeker tools from LinkedIn, GitHub, and Microsoft Learn, and is built on data insights drawn from LinkedIns Economic Graph. Office Commercial products and cloud services revenue increased $4.4 billion or 13%. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Changes in inventory levels in the OEM channel. ir@block.xyz. Dubai, UAE: RAMZIQ - an ultra-secure, user friendly new blockchain platform - set out its ambitious plans at its recently concluded annual initiative - Smart Chain Forum in Dubai (13 November, Armani Hotel, Burj Khalifa, Dubai). The agreement allows customers to acquire monthly or annual subscriptions for cloud-based services. The Company's long-term income taxes liability includes uncertain tax positions related to transfer pricing issues that remain unresolved with the Internal Revenue Service ("IRS"). We have operations centers that support operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics. Our hybrid infrastructure consistency spans security, compliance, identity, and management, helping to support the real-world needs and evolving regulatory requirements of commercial customers and enterprises. Microsoft Cloud (formerly commercial cloud) revenue increased 32% to $91.2 billion. 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. Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. We review debt investments quarterly for credit losses and impairment. As of June 30, 2022, $40.7 billion remained of this $60.0 billion share repurchase program. We distribute our products and services through OEMs that pre-install our software on new devices and servers they sell. We have savings plans in the U.S. that qualify under Section 401(k) of the Internal Revenue Code, and a number of savings plans in international locations. Organizations also license our products and services indirectly, primarily through licensing solution partners (LSP), distributors, value-added resellers (VAR), and retailers. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing. Organizations purchase perpetual licenses and SA is optional. With three billion people actively playing games today, and a new generation steeped in interactive entertainment, Microsoft continues to invest in content, community, and cloud services. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Building on our work in eight US cities, were now partnering with five US states with significant broadband adoption gaps to increase access, adoption, and equity. The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. Changes in value are recorded in other income (expense), net. We read and evaluated management's documentation, including relevant accounting policies and information obtained by management from outside tax specialists, that detailed the basis of the uncertain tax positions. Our contracts with customers often include promises to transfer multiple products and services to a customer. Certain options and forwards not designated as hedging instruments are also used to manage the variability in foreign exchange rates on certain balance sheet amounts and to manage other foreign currency exposures. Teams Rooms is bringing Teams to a growing ecosystem of devices to help organizations rethink their approach to space and help employees participate fully in meetings from anywhere. In July 2022, we completed an assessment of the useful lives of our server and network equipment. Annual Report 2021-2022. LinkedIn has over 850 million members and has offices around the globe. We recognize that progress wont always be linear, and the rate at which we can implement emissions reductions is dependent on many factors that can fluctuate over time. Assets Recognized from Costs to Obtain a Contract with a Customer. White Papers Investcorp Real Estate Europe: Student Accommodation in the UK. The Microsoft Cloud Solution Provider program offers customers an easy way to license the cloud services they need in combination with the value-added services offered by their systems integrator, managed services provider, or cloud reseller partner. 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 segments provide management with a comprehensive financial view of our key businesses. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. We typically have more than one SSP for individual products and services due to the stratification of those products and services by customers and circumstances. Despite these Scope 3 increases, we will continue to build the foundations and do the work to deliver on our commitments, and help our customers and partners achieve theirs. We tested the reasonableness of management's judgments regarding the future resolution of the uncertain tax positions, including an evaluation of the technical merits of the uncertain tax positions. We have recast certain prior period amounts to conform to the current period presentation. Refer to the Non-GAAP Financial Measures section below for a reconciliation of our financial results reported in accordance with GAAP to non-GAAP financial results. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. Service and other revenue also includes sales from online advertising and LinkedIn. Partnerships, Reid G. Hoffman 4 Microsoft Corporation, Sandra E. Peterson 2,3 We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity. And we are helping organizations apply the worlds most advanced coding and language models to a variety of use cases, such as writing assistance, code generation, and reasoning over data with our new Azure OpenAI Service. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Dell, Hewlett-Packard, Lenovo, and with many regional and local OEMs. Build the Intelligent Cloud and Intelligent Edge Platform. Azure faces diverse competition from companies such as Amazon, Google, IBM, Oracle, VMware, and open source offerings. In the second quarter of fiscal year 2021, we settled an additional portion of the IRS audits for tax years 2004 to 2013 and made a payment of $1.7 billion, including tax and interest. To foster their and our success, we seek to create an environment where people can thrive, where they can do their best work, where they can proudly be their authentic selves, guided by our values, and where they know their needs can be met. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. The management team provided an overview of the company's purpose and strategy, financials, and key business and product initiatives across Block and each of its ecosystems. 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. Revenue and expenses are translated at average rates of exchange prevailing during the year. Together, were working to help our diverse audiences sellers, individuals, artists, fans, developers, and all the people in between overcome barriers to access the economy. Gross margin increased $9.4 billion or 22% driven by growth in Azure and other cloud services. Certain of our counterparty agreements for derivative instruments contain provisions that require our issued and outstanding long-term unsecured debt to maintain an investment grade credit rating and require us to maintain minimum liquidity of $1.0 billion. In making this judgment, we employ a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. The mix of computing devices based on form factor and screen size. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. Corporate Governance Report. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. 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. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2022, based on criteria established in Internal ControlIntegrated Framework (2013) issued by COSO. 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. 2018 Annual Report. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. We have not received a proposed assessment for the unresolved key transfer pricing issues and do not expect a final resolution of these issues in the next 12 months. LinkedIn has become mission critical to connect creators with their communities, job seekers with jobs, learners with skills, and marketers with buyers. Includes recommended final dividend of 46.82p. As of June 30, 2022, we had federal, state, and foreign net operating loss carryforwards of $318 million, $1.3 billion, and $2.1 billion, respectively. We must continue to evolve and adapt over an extended time in pace with this changing environment. And were innovating to make it even easier for teams of professional and citizen developers to automate workflows, create apps, build virtual agents, and analyze data. Organizations can elect to purchase perpetual licenses or subscribe to licenses. The following table presents the fair value of our derivatives instruments on a gross basis: Gains (losses) on derivative instruments recognized in other income (expense), net were as follows: Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows: The components of inventories were as follows: The components of property and equipment were as follows: During fiscal years 2022, 2021, and 2020, depreciation expense was $12.6 billion, $9.3 billion, and $10.7 billion, respectively. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We evaluated the reasonableness of management's estimate of stand-alone selling prices for products and services that are not sold separately. The gamer remains at the heart of the Xbox ecosystem. Customer Support. Office 365 Commercial revenue grew 18% driven by seat growth of 14%, with continued momentum in small and medium business and frontline worker offerings, as well as growth in revenue per user. Activision Blizzard is a leader in game development and an interactive entertainment content publisher. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net. Every day this past fiscal year I have had the privilege to witness our customers use our platforms and tools to connect what technology can do with what the world needs it to do. OEMs also sell devices pre-installed with other Microsoft products and services, including applications such as Office and the capability to subscribe to Office 365. After submitting your request, you will receive an activation email to the requested email address. Gross margin percentage decreased. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. We offer options for organizations that want to purchase our cloud services, on-premises software, and SA. 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. In terms of formal on-line learning solutions, in fiscal year 2022 our employees completed over 4.7 million courses, averaging over 14 hours per employee. While we continued to make progress on several of our goals, with an overall reduction in our combined Scope 1 and Scope 2 emissions, our Scope 3 emissions increased, due in substantial part to significant global datacenter expansions and growth in Xbox sales and usage as a result of the COVID-19 pandemic. We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution. follow us on And no company is better positioned to help them than Microsoft. We advocate for strong privacy laws that require companies, including ours, to be accountable and responsible in their collection and use of personal data. Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. Our Microsoft Cloud (formerly commercial cloud) revenue, which includes Azure and other cloud services, Office 365 Commercial, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $91.2 billion, $69.1 billion and $51.7 billion in fiscal years 2022, 2021, and 2020, respectively. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. You can sign up for additional alert options at any time. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. As of June 30, 2022, an aggregate of 211 million shares were authorized for future grant under our stock plans. 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. No instances of impairment were identified in our May 1, 2022, May 1, 2021, or May 1, 2020 tests. Windows Commercial products and cloud services revenue increased 11% driven by demand for Microsoft 365. Gross margin increased $19.8 billion or 17% driven by growth across each of our segments. Addressing climate change requires swift, collective action and technical innovation. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. These contracts are not designated as hedging instruments and are included in Other contracts in the tables below. Square helps sellers more easily run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. 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 management's judgments in determining revenue recognition for these customer agreements was extensive and required a high degree of auditor judgment. We have critical accounting estimates in the areas of revenue recognition, impairment of investment securities, goodwill, research and development costs, legal and other contingencies, income taxes, and inventories. Block to Announce Third Quarter 2022 Results, DISTRIBUTED-WORK-MODEL/SAN FRANCISCO--(BUSINESS WIRE)--, follow us on In addition to LinkedIns free services, LinkedIn offers monetized solutions: Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions. Microsoft Teams is the most used and most advanced platform for work, surpassing 270 million monthly active users this year. A large network of partner advisors support many of these sales. In 2019, the SAMR presented preliminary views as to certain possible violations of Chinas Anti-Monopoly Law. Block Investor Day 2022. We distribute our devices through third-party retailers. 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. To capture the insights within this report, we examined fundraising data from more than 1,000 charities that accept cryptocurrency donations with The Giving Block. We put our commitment into practice, not only within Microsoft but by empowering our customers and partners to do the same and by advocating for policy change. 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. 2015 Annual Report. Our corporate learning portal has over 100,000 average monthly active users. 2021 was a thrilling year for Crypto Philanthropy and The Giving Block, with increased nonprofit crypto adoption, the rise of NFT charitable giving, and many more exciting trends. 2011 Annual Report. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. But skills alone arent enoughwe need to help people better prepare for and connect to jobs. This means everyone is on a continuous journey to learn and grow. Cybersecurity is the number one threat facing every business today. To help address this, weve committed to skill and recruit 250,000 people into the US cybersecurity workforce by 2025especially those underrepresented in the field. Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Microsoft 365 Consumer subscribers grew 15% to 59.7 million. By providing your email address below, you are providing consent to Square Inc. to send you the requested Investor Email Alert updates. This led us to create our Microsoft Cloud for Sustainability, an entirely new business process category to help organizations monitor their carbon footprint across their operations. The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. Annual Meeting. "Now we're at 3.75% . Gross margin and operating income both included an unfavorable foreign currency impact of 2%. Our Xbox Game Pass subscription service now includes access to hundreds of games. Derivative instruments are recognized as either assets or liabilities and measured at fair value. Microsoft Products and Services Agreement. To sign up for this free service, visit the Annual Report site on the Investor Relations website at: http://www.microsoft.com/investor/AnnualReports/default.aspx. We generate revenue by offering a wide range of cloud-based and other services to people and businesses; licensing and supporting an array of software products; designing, manufacturing, and selling devices; and delivering relevant online advertising to a global audience. Over the last year, we collaborated with partners and worked within neighborhoods and communities to launch and scale a number of projects and programs, including: working with 70 organizations in 145 communities on the Justice Reform Initiative, 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. With Azure Arc, were bringing Azure anywhere, meeting customers where they are and enabling them to run apps across on-premises, edge, or multicloud environments. 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. Investor Day 2022. For instance, in May 2021, Circle Internet Financial Ltd . Metrics related to our More Personal Computing segment assess the performance of key lines of business within this segment. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Block, Inc. CIK: 1512673 Ticker: SQ Exhibit 99.1 Q4'21 Highlights In the fourth quarter of 2021, total net revenue was $4.08 billion, up 29% year over year, and, excluding bitcoin revenue, total net revenue was $2.12 billion, up 51% year over year. We encourage investors, the media, and others interested in Microsoft to review the information we post on the social media channels listed on our Investor Relations website. We conducted our audits in accordance with the standards of the PCAOB. Giving is also core to our culture at Microsoft. To keep our customers secure, we build security by design into every product we sell, and we deliver end-to-end solutions spanning security, compliance, identity, device management, and privacy across clouds and platforms. Every organization in every industry will need to infuse technology into every business process and function so they can do more with less. To diversify risk help them than microsoft to square Inc. to send you the requested Investor email alert updates 40.0! 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