We use derivatives instruments to manage these risks, however, they may still impact our consolidated financial statements. Performance. Enterprise Services, including Premier Support Services and Microsoft Consulting Services. Enterprise Services revenue increased $285 million or 5%, driven by growth in Premier Support Services. Our key latent capacity projects were completed or tracked to plan in FY2020: Strong cost discipline over the past six years has seen continued reduction in unit production costs. The fair values of these investments approximate their carrying values. Microsoft 365 is empowering people and organizations to be productive and secure as they adapt to more fluid ways of working and learning. Enterprise Services, including Premier Support Services and Microsoft Consulting Services, assist customers in developing, deploying, and managing Microsoft server and desktop solutions and provide training and certification to developers and IT professionals on various Microsoft products. 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. Seattle, Washington Our principal audit procedures to evaluate management’s estimates of uncertain tax positions related to unresolved transfer pricing issues included the following: /s/    DELOITTE & TOUCHE LLP Surface is designed to help organizations, students, and consumers be more productive. Donate Monthly. Amid this disruption, what’s clear is that we have a once-in-a-generation opportunity to harness digital technology to define the world we want to live in. Our ambition for Windows 10 monetization opportunities includes gaming, services, subscriptions, and search advertising. Our Search business, including Bing and Microsoft Advertising, is designed to deliver relevant online advertising to a global audience. Welcome to our UK Annual Report 2020. In December 2019, the FASB issued a new standard to simplify the accounting for income taxes. Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net. This share repurchase program commenced in February 2020, following completion of the program approved on September 20, 2016, has no expiration date, and may be terminated at any time. Our Integrated Strategy to Win; A Focused Portfolio; Superiority To Win with Consumers. Search term Search. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers, and Sales Solutions competes with online and offline outlets for companies with lead generation and customer intelligence and insights. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Our total workforce in North America comprises 15 per cent Indigenous people. We fundamentally believe that we need a culture founded in a growth mindset. Over the past three years, this commitment has presented a huge opportunity to challenge ourselves, as well as more than 10,000 of our supply partners across 60 countries. In fiscal year 2020, the COVID-19 pandemic impacted our business operations, including our employees, customers, partners, and communities, and we saw the following trends in our financial operating results. Customer mix between consumer, small and medium businesses, and large enterprises. Growth in Devices is dependent on total PC shipments, the ability to attract new customers, our product roadmap, and expanding into new categories. Windows OEM Pro revenue grew 11%, driven by Windows 7 end of support and healthy Windows 10 demand, offset in part by weakness in small and medium businesses. Former Executive Vice President and Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. 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. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, and other factors. Tested management’s identification and treatment of contract terms. These operating and finance leases will commence between fiscal year 2021 and fiscal year 2023 with lease terms of 1 year to 16 years. The gamer remains at the heart of the Xbox ecosystem. As of June 30, 2020, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact in our consolidated financial statements when the matters are resolved. Gross margin percentage increased slightly, due to gross margin percentage improvement in Azure, offset in part by an increased mix of cloud offerings. Revenue allocated to SA is generally recognized ratably over the contract period as customers simultaneously consume and receive benefits, given that SA comprises distinct performance obligations that are satisfied over time. LinkedIn faces competition from online professional networks, recruiting companies, talent management companies, and larger companies that are focusing on talent management and human resource services; job boards; traditional recruiting firms; and companies that provide learning and development products and services. The fair value of stock awards vested was $10.1 billion, $8.7 billion, and $6.6 billion, for fiscal years 2020, 2019, and 2018, respectively. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. Refer to Note 12 – Income Taxes of the Notes to Financial Statements for further discussion. Case study Growth depends on our ability to attract new users, understand intent, and match intent with relevant content and advertiser offerings. Check one business type be low Dept. Refer to Risk Factors in our fiscal year 2020 Form 10-K for a discussion of these factors and other risks. 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. 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. Changes in the carrying amount of goodwill were as follows: The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. Zoom offers videoconferencing and cloud phone solutions. Adaptability. That’s why, through our AI for Health initiative, we’re empowering those working to tackle some of the toughest challenges in global health, including those on the front lines of COVID-19 research. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements. Opportunities to sign up for email alerts to have information pushed in real time. Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. President and Chief Legal Officer. The increase from the federal statutory rate in fiscal year 2018 is primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, offset in part by earnings taxed at lower rates in foreign jurisdictions. In fiscal year 2020, our U.S. income before income taxes was $24.1 billion and our foreign income before income taxes was $28.9 billion. Unearned revenue also includes payments for consulting services to be performed in the future; LinkedIn subscriptions; Office 365 subscriptions; Xbox Live subscriptions; Windows 10 post-delivery support; Dynamics business solutions; Skype prepaid credits and subscriptions; and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. All deferred income taxes are classified as long-term in our consolidated balance sheets. Amy E. Hood REGIONAL ALLOCATION OF ASSETS UNDER MANAGEMENT (%) As at March 31, 2020. Our unit production costs continued to fall at our major operated assets in FY2020. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence. 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. We disclose metrics to enable investors to evaluate progress against our ambitions, provide transparency into performance trends, and reflect the continued evolution of our products and services. Additional information on our reportable segments is contained in Note 19 – Segment Information and Geographic Data of the Notes to Financial Statements. 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: web.queries@computershare.com. $30 . Gross margin increased $2.0 billion or 9%, driven by growth in Windows, Gaming, and Search. In AI, we have the most comprehensive portfolio of tools, frameworks, and infrastructure. We manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. Non-GAAP net income and diluted EPS are non-GAAP financial measures which exclude the net tax impact of transfer of intangible properties in fiscal year 2019 and the net tax impact of the TCJA in fiscal years 2019 and 2018. Refer to Note 16 – Stockholders’ Equity of the Notes to Financial Statements for further discussion. Based on the latest data, the report describes recent road safety developments in these countries and compares their performance against the main road safety … CPP Investments is a global investment management organization. Property and equipment is stated at cost less accumulated depreciation, and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. Annual Report (Interactive PDF) (PDF) Annual Report for FY 2019-20 (PDF) Notice of Annual General Meeting for FY 2019-20 (PDF) Annual Report FY20- Additional Supporting Metrics (PDF) Subsidiaries Financials 2019-2020; Transcript of Annual General Meeting held on July 13, 2020 (PDF) From our CEO and Senior Leadership Team and throughout our organization, people at Microsoft are working to conduct our business in principled ways that make a significant positive impact on important global issues. The metrics are disclosed in the MD&A or the Notes to Financial Statements. Annual Report and Accounts 2020 for Blancco Technology Group Plc, one of the world’s leading providers of mobile device diagnostics and secure data erasure solutions. Lastly, this work is supported by using our voice to support policies we think can advance sustainability efforts. Search. We achieved an Attributable profit of US$8.0 billion, broadly in line with the prior year. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. LinkedIn is where more than 706 million professionals around the world go to connect, learn, and plan for the future. Enterprise Services revenue increased $278 million or 5%, driven by growth in Premier Support Services and Microsoft Consulting Services. Product and Service Development, and Intellectual Property. Shares repurchased during the third quarter of fiscal year 2020 were under the share repurchase programs approved on both September 20, 2016 and September 18, 2019. Annual Report 2019–2020. Operating expenses increased $2.5 billion or 19%, driven by investments in Azure. For Microsoft, trust is built on privacy, security, the responsible use of AI, and transparency. As the COVID-19 pandemic rolls on, banks must prepare for a long winter. Any shareholder can join the Annual Meeting, while shareholders of record as of October 8, 2020 will be able to vote and submit questions during the meeting. LinkedIn has over 700 million members and has offices around the globe. menu close. 2020 annual report 2020 proxy statement 2020 form 10-k 2020 financial statements measures not defined by u.s. gaap company and shareholder information company leadership board of directors recognitions and awards historical materials Based on current market conditions, adoption of the standard will not have a material impact on our consolidated financial statements. And, in compliance, we provide tools to help organizations govern their data and comply with increasing regulatory requirements. Talent Solutions provide insights for workforce planning and tools to hire, nurture, and develop talent. Windows OEM revenue increased 9%, ahead of PC market growth. Surface Duo; Surface Laptop Go; Surface Pro X; Surface Go 2; Surface Book 3; Microsoft 365; Windows 10 apps; HoloLens 2; Microsoft Store. Examples include invoicing at the beginning of a subscription term with revenue recognized ratably over the contract period, and multi-year on-premises licenses that are invoiced annually with revenue recognized upfront. Reinvent productivity and business processes. We plan to continue to make significant investments in a broad range of research and development efforts. PDF 4,097KB We announced a final dividend of US$0.55 per share, taking the total dividend for the year to US$1.20 per share, a return of US$6.1 billion to shareholders, the third year in a row we have returned over US$6 billion. Second, learning in the flow of work will be increasingly important. 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. There was no impact to our consolidated financial statements. We use metrics in assessing the performance of our business and to make informed decisions regarding the allocation of resources. 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. Officer, PepsiCo, Penny S. Pritzker 4 They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. We perform a qualitative assessment on a quarterly basis. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. Fiscal Year 2020 Compared with Fiscal Year 2019. The fair value of each reporting unit is estimated primarily through the use of a discounted cash flow methodology. Azure faces diverse competition from companies such as Amazon, Google, IBM, Oracle, VMware, and open source offerings. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. Our revenue fluctuates quarterly and is generally higher in the second and fourth quarters of our fiscal year. Teri L. List-Stoll 1,3 Project xCloud is Microsoft’s game streaming technology that is complementary to our console hardware and will give fans the ultimate choice to play the games they want, with the people they want, on the devices they want. Office Consumer products and cloud services revenue increased $458 million or 11%, driven by Microsoft 365 Consumer subscription revenue and transactional strength in Japan. We are a leader among technology companies in pursuing patents and currently have a portfolio of over 63,000 U.S. and international patents issued and over 24,500 pending worldwide. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Cost of revenue increased $4.6 billion or 12%, driven by growth in commercial cloud, Surface, and Gaming. Windows OEM Pro revenue grew 10%, ahead of the commercial PC market, driven by healthy Windows 10 demand. We have a network of field sales representatives and field support personnel that solicit orders from distributors and resellers, and provide product training and sales support. In addition to LinkedIn’s free services, LinkedIn offers monetized solutions: Talent Solutions, Learning Solutions, Marketing Solutions, Sales Solutions, and Premium Subscriptions. The defendants filed an interlocutory appeal to the District of Columbia Court of Appeals challenging the standard for evaluating expert scientific evidence. These metrics provide strategic product insights which allow us to assess the performance across our commercial and consumer businesses. WAIO is working to sustainably achieve supply chain capacity of 290 Mtpa over the medium-term. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency positions, including hedges. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. Many organizations that license our products and services transact directly with us through Enterprise Agreements and Enterprise Services contracts, with sales support from system integrators, independent software vendors, web agencies, and partners that advise organizations on licensing our products and services (“Enterprise Agreement Software Advisors” or “ESA”). Under the Open agreements, organizations purchase perpetual licenses and SA is optional. Founder, Chief Executive Second, we unequivocally support the fundamental rights of all people, from defending democracy to addressing systemic racial injustice and inequity around the world. We achieved record production at WAIO, Caval Ridge and Poitrel; record coal mined at Broadmeadow and record average concentrator throughput at Escondida. Changes in operating assets and liabilities: Repayments of short-term debt, maturities of 90 days or less, net, 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, Other-than-temporary impairments of investments, Net unrealized gains on investments still held, Gross amounts of derivatives offset in the balance sheet, Amount reclassified from accumulated other comprehensive income, 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. Customers may purchase perpetual licenses or subscribe to licenses, which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. Inclusion and diversity in our supply chain, Financial results and operational reviews, Read our Chief Executive Officer's Report, United Nations Global Compact’s CEO Water Mandate Initiative, Realising Opportunities by Applying Water Technology at BHP, BHP embraces emissions reduction innovations in shipping industry, Towards cleaner, greener and safer mining vehicles, Light electric vehicles in underground pilot, Ecological implications of decommissioning subsea infrastructure in northwest Australia, Supporting conservation projects in Texas and Arkansas, Keeping greenhouse gas emissions reductions rolling, America’s WETLAND Foundation: Terrebone Biodiversity and Community Resilience Projects, A collective approach to regional development in Queensland, Supporting vulnerable populations in regional Colombia, Inclusion and diversity in Minerals Americas, providing support and incentives to encourage our contracting partners to increase the diversity of potential applicants for roles across BHP locations, who make up approximately 60 per cent of our workforce, encouraging our supply partners to support greater diversity through ergonomic design and product development. LLC Annual Report. We believe our allowances for income tax contingencies are adequate. In August 2018, the trial court issued an order striking portions of the plaintiffs’ expert reports. 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 management’s view of these matters may change in the future. We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. Newsroom. During fiscal year 2020, we recorded an impairment charge of $161 million to operating lease right-of-use assets due to the closing of our Microsoft Store physical locations. We estimate that we have no significant residual value related to our intangible assets. Equity investments were $3.0 billion and $2.6 billion as of June 30, 2020 and 2019, respectively. To help us improve your experience we would appreciate your feedback. GitHub provides a collaboration platform and code hosting service for developers. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above. The following table presents the fair value of our derivatives instruments on a gross basis: Gains (losses) on derivative instruments recognized in our consolidated income statements 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 2020, 2019, and 2018, depreciation expense was $10.7 billion, $9.7 billion, and $7.7 billion, respectively. 01 OCT 2020. STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS. This pricing methodology applies to our Level 2 investments, such as commercial paper, certificates of deposit, U.S. agency securities, foreign government bonds, mortgage- and asset-backed securities, corporate notes and bonds, and municipal securities. Gross margin and operating income included an unfavorable foreign currency impact of 2% and 3%, respectively. And, with Azure Orbital, we’re taking our infrastructure to space, enabling anyone to access satellite data and capabilities from Azure. 1. Who we are. Azure enables customers to devote more resources to development and use of applications that benefit their organizations, rather than managing on-premises hardware and software. We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. The components of other income (expense), net were as follows: We use derivative instruments to: manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. To change your settings please see our, “We have structured our business to thrive through changing times, and we are set up well to deal with near-term market uncertainty and to prosper as the world returns to its trajectory of long-term growth.”. LinkedIn, including Talent Solutions, Learning Solutions, Marketing Solutions, Sales Solutions, and Premium Subscriptions. Our products are generally sold with a right of return, we may provide other credits or incentives, and in certain instances we estimate customer usage of our products and services, which are accounted for as variable consideration when determining the amount of revenue to recognize. Executive Vice President, Chief Sales and marketing expenses included a favorable foreign currency impact of 2%. Product Revenue and Service and Other Revenue. Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products and services. CME Group Reports 2020 Annual, Q4 and Monthly Market Statistics News provided by. They enable people, organizations, and entire industries to not only thrive but reimagine the world. This creates an opportunity to reach new customers and increase usage and engagement with existing customers. As of June 30, 2020, $31.7 billion remained of this $40.0 billion share repurchase program. The following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, 2020: We will continue to invest in sales, marketing, product support infrastructure, and existing and advanced areas of technology, as well as continue making acquisitions that align with our business strategy. The Spence Growth Option is continuing to progress. Of the total employed people, 56,000 were in operations, including manufacturing, distribution, product support, and consulting services; 55,000 were in product research and development; 40,000 were in sales and marketing; and 12,000 were in general and administration. We evaluated the reasonableness of management’s estimates by considering how tax law, including statutes, regulations and case law, impacted management’s judgments. 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. We contribute fifty cents for each dollar a participant contributes into the plans, with a maximum employer contribution of 50% of the IRS contribution limit for the calendar year. Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. We generally have the ability to use other manufacturers if a current vendor becomes unavailable or unable to meet our requirements. You have already signed up to our newsletter. Gaming revenue increased $1.0 billion or 10%, driven by Xbox software and services growth of 19%, primarily due to third-party title strength and subscriptions growth, offset in part by a decline in Xbox hardware of 13% primarily due to a decrease in volume of consoles sold. We report our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. 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. Including talent solutions provide insights for workforce planning and tools to hire, nurture, and efficiently managing economic... Espp for all eligible employees controls include model validation, review of key lines of.. Software efficiently available free of charge a variety of entertainment services such as U.S. securities! 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