In evaluating estimated losses on these obligations, we consider factors such as the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of loss. Adjusted net income and adjusted diluted earnings per share (EPS) are non-GAAP financial measures which exclude tax benefits related to an India Supreme Court decision on withholding taxes in fiscal year 2021. These controls include model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Awards that expire or are canceled without delivery of shares generally become available for issuance under the plans. 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. Our principal audit procedures to evaluate managements estimates of uncertain tax positions related to unresolved transfer pricing issues included the following: /s/DELOITTE& TOUCHE LLP In fiscal year 2019, in response to the TCJA and recently issued regulations, we transferred certain intangible properties held by our foreign subsidiaries to the U.S. and Ireland. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: Cash, cash equivalents, and short-term investments totaled $133.8 billion as of both June 30, 2019 and 2018. We regularly reevaluate our estimates to assess the adequacy of the recorded warranty liabilities and adjust the amounts as necessary. Neoadjuvant immunotherapy with nivolumab and ipilimumab induces major pathological responses in patients with head and neck squamous cell carcinoma. This year, we introduced Dynamics 365 AI, a new class of AI application built for an era where systems of record and engagement are converted into intelligence. Seattle, Washington Operating expenses decreased $752 million or 6% driven by prior year charges associated with the closing of our Microsoft Store physical locations and reductions in retail store expenses and marketing, offset in part by investments in Gaming. Its based on humanitarian philosophy In 1964 the Committee on Practice of 3. Our customers include individual consumers, small and medium organizations, large global enterprises, public-sector institutions, Internet service providers, application developers, and OEMs. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Vertically integrated computer manufacturers such as Hewlett-Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware. These capabilities have relied on the public cloud, which is built on the investments we have made over time. One example of this is our call for more thoughtful government regulation on facial recognition technology, because we believe a technology as powerful as this requires both the public and private sectors to develop norms around acceptable uses. Executive Vice President, Marketing and Consumer Refer to Note 1 Accounting Policies of the Notes to Financial Statements for further discussion. Determination of stand-alone selling prices for each distinct performance obligation and for products and services that are not sold separately. Three billion people around the world play games, which makes gaming the largest category in the entertainment industry. 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. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. 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. Bridging research and clinical carethe comprehensive cancer centre. The allocation of the purchase price to goodwill was completed as of June 30, 2019. It extends to our investments in security, and our belief that the public and private sectorsincluding tech companiesmust be transparent so we can work together on a coordinated global response. More than 8,000 Ford Motor employees use it to innovate at a much faster pace and collaborate with a vast ecosystem of third-party software developers around the world. Enterprise Services revenue increased $304 million or 5%, driven by higher revenue from Premier Support Services and Microsoft Consulting Services, offset in part by a decline in revenue from custom support agreements. Xbox Cloud Gaming utilizes Microsofts Azure cloud technology to allow direct and on-demand streaming of games to PCs, consoles, and mobile devices, enabling gamers to take their favorites games with them and play on the device most convenient to them. Operating expenses decreased $172 million or 1%. Weve increased the number of African American/Black and Hispanic/Latinx employees in nonretail roles by 54 percent. Every organization is looking to digitize their end-to-end operationsfrom sales and customer service to supply chain managementso they can rapidly adapt to changing market dynamics. Our effective tax rate for fiscal years 2019 and 2018 was 10% and 55%, respectively. With more than 60 datacenter regionsincluding 15 new regions added this year on five continentswe are delivering faster access to data and cloud services while addressing critical data residency requirements. The defendants filed an interlocutory appeal to the District of Columbia Court of Appeals challenging the standard for evaluating expert scientific evidence. We released Xbox One S and Xbox One X in August 2016 and November 2017, respectively. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment. And its not a mission we can achieve alone. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period. For example, through LinkedIns new Skills Path pilot, were providing tools to help businesses source job candidates in a more equitable waybased on their proven proficiencies. Children with cancer: driving the global agenda. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. RSUs generally vest ratably over a service period of four years. The components of the provision for income taxes were as follows: U.S. and foreign components of income before income taxes were as follows: The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows: The decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and 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, Singapore, and Puerto Rico. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. The major classes of assets and liabilities to which we allocated the purchase price were as follows: 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. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as Other in the table above. Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system. Chairman and Chief Executive Officer Azure Arc simplifies governance and management by delivering a consistent multi-cloud and on-premises management platform. There were 44 patent infringement cases pending against Microsoft as of June 30, 2019, none of which are material individually or in aggregate. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. Operating Partner, Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant. Our Search business, including Bing and Microsoft Advertising, is designed to deliver relevant online advertising to a global audience. General and administrative expenses include payroll, employee benefits, stock-based compensation expense, severance expense, and other headcount-related expenses associated with finance, legal, facilities, certain human resources and other administrative personnel, certain taxes, and legal and other administrative fees. We also are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. In addition to computing device market volume, Windows OEM revenue is impacted by: Windows Commercial revenue, which includes volume licensing of the Windows operating system and Windows cloud services such as Microsoft Defender Advanced Threat Protection, is affected mainly by the demand from commercial customers for volume licensing and Software Assurance (SA), as well as advanced security offerings. 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. Commercial remaining performance obligation, Commercial portion of revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, Revenue from our commercial cloud business, which includes Azure, Office 365 Commercial, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, Gross margin percentage for our commercial cloud business, Productivity and Business Processes and Intelligent Cloud. Office Consumer revenue increased $382 million or 11%, driven by Office 365 Consumer revenue growth, mainly due to growth in subscribers. As of June 30, 2021, 2020, and 2019, we had accrued interest expense related to uncertain tax positions of $4.3 billion, $4.0 billion, and $3.4 billion, respectively, net of income tax benefits. We have audited the internal control over financial reporting of Microsoft Corporation and subsidiaries (the Company) as of June 30, 2021, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 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). (through the above link. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Cancer survival in Europe 19992007 by country and age: results of EUROCARE-5 a population-based study. August 1, 2019. 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. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Windows 10 is active on more than 900 million devices, with accelerating adoption across both enterprise and consumer as the most secure and productive operating system. We provide indemnifications of varying scope and size to certain customers against claims of intellectual property infringement made by third parties arising from the use of our products and certain other matters. Level 3 investments are valued using internally-developed models with unobservable inputs. Vice Chairman and Chief Financial Our custom writing service is a reliable solution on your academic journey that will always help you if your deadline is too tight. Chief Executive Officer, Put to the test: empowering genomics to improve cancer care and patient lives. Today, every company is a technology company, and every organization will increasingly need to build its own proprietary technology solutions to compete and grow. 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. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2021, in conformity with accounting principles generally accepted in the United States of America. In the fourth quarter of fiscal year 2019, in response to the TCJA and recently issued regulations, we transferred certain intangible properties held by our foreign subsidiaries to the U.S. and Ireland. Application development is moving beyond professional developers and into the hands of citizen developerseveryone from domain experts, to designers, marketers, salespeople, customer service professionals, teachers, students, and others. At Microsoft, we push the boundaries of what is possible through a broad range of research and development activities that seek to identify and address the changing demands of customers and users, industry trends, and competitive forces. During the periods presented, we reported our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. Radiation therapy research: a global analysis 20012015. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We continue to invest in new gaming studios and content to expand our IP roadmap and leverage new content creators. Supply chain management and execution put to practice. Judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. death before the COVID-19 pandemic, and the disastrous effects of the pandemic on 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. Sales and marketing expenses increased $744 million or 4%, driven by investments in commercial sales capacity, LinkedIn, and GitHub, offset in part by a decrease in marketing. Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. Derivative instruments are recognized as either assets or liabilities and measured at fair value. Partners in this program can easily package their own products and services to directly provision, manage, and support their customer subscriptions. Our goal is to help every organization strengthen its security capabilities through a Zero Trust architecture built on our comprehensive solutions that span identity, security, compliance, and device management across all clouds and platforms. Bill & Melinda Gates Foundation, Charles H. Noski 1,3 The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The R&C Coordinator leads on strategic measures to nurture a culture of compliance and risk management across country operations. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. We released our first annual Racial Equity Initiative: Strengthening Our Communities report, which focuses on justice reform, affordable broadband, skills and education, and support for community-based nonprofits. In 2014, the trial court granted in part and denied in part the defendants motion to exclude the plaintiffs general causation experts. On-premises licenses are considered distinct performance obligations when sold with SA. All.Can insights on cancer care: opportunities for improving efficiency. Every day, we work alongside our customers and partners to help them build their own digital capability innovating with them, creating new businesses with them, and earning their trust. Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit, ranging from one to 20 years. The extent to which the COVID-19 pandemic impacts our business going forward will depend on numerous evolving factors we cannot reliably predict. Components of social work profession. Economic Conditions, Challenges, and Risks. In fiscal year 2021 and 2020, our foreign regional operating centers in Ireland and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82% and 86% of our foreign income before tax. Values Timeliness We thrive on challenges and perform our activities with high sense of urgency. Companies are looking to use digital technology to fundamentally reimagine how they empower their employees, engage customers, optimize their operations, and change the very core of their products and services. Equity investments were $2.6 billion and $1.9 billion as of June 30, 2019 and 2018, respectively. The markets for software, devices, and cloud-based services are dynamic and highly competitive. ENVIRONMENTAL AND CORPORATE SOCIAL RESPONSIBILTY. The global pandemic has accelerated our capabilities and culture with respect to flexible work. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. External Representation (Legal Compliance), Experience and Technical Competencies: (include years of experience). We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2020, some of which are currently under audit by local tax authorities. Xbox Live and our cloud gaming services face competition from various online marketplaces, including those operated by Amazon, Apple, and Google. Microsoft Azure is a trusted cloud with comprehensive compliance coverage and AI-based security built in. Talent Solutions is comprised of two elements: Hiring, and Learning and Development. 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. Chairman and Chief Executive Officer, Amy E. Hood In particular, among the responsibilities of the Boards Regulatory and Public Policy Committee is to review and provide guidance to the Board and management about the Companys policies and programs that relate to CSR. Gross margin percentage increased with the change in estimated useful lives of our server and network equipment. 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. Refer to Risk Factors in our fiscal year 2021 Form 10-K for a discussion of these factors and other risks. We are the only company that offers end-to-end security spanning identity, device endpoints, information, cloud applications, and infrastructure. 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 Office 365. have better outcomes than patients who are not treated in these settings. Increasing value and reducing waste in biomedical research: who's listening?. Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net. Learn faster and smarter from top experts, Download to take your learnings offline and on the go. Information on our business strategies, financial results, and metrics for investors. Certain volume licensing programs, including Enterprise Agreements, include on-premises licenses combined with Software Assurance (SA). Assets are not allocated to segments for internal reporting presentations. 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 managements view of these matters may change in the future. Although it may be difficult to imagine in this time of immeasurable hardship and deep uncertainty, I see boundless possibility ahead. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. The TCJA significantly changes existing U.S. tax law and includes numerous provisions that affect our business. In October 2016, the Court of Appeals issued its decision adopting the standard advocated by the defendants and remanding the cases to the trial court for further proceedings under that standard. We also compete with other providers of entertainment services such as video streaming platforms. If market, industry, and/or investee conditions deteriorate, we may incur future impairments. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Its also why were making direct investments through our $1 billion Climate Innovation Fund to help organizations accelerate the development of solutions for carbon reduction and removal technology. All three have been certified on behalf of Canadian indirect purchasers who acquired licenses for Microsoft operating system software and/or productivity application software between 1998 and 2010. Devices, including Surface, PC accessories, and other intelligent devices. Cost of revenue is allocated in certain cases based on a relative revenue methodology. 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. The purchase price consisted primarily of cash of $26.9 billion. Dear shareholders, colleagues, customers, and partners: Thank you for your continued commitment and investment in Microsoft. DRC has been operational in Ethiopia since 2009. Delivering on the promise of early detection with liquid biopsies. Revenue increased $25.1 billion or 18% driven by growth across each of our segments. In cases where we allocate revenue to software updates, primarily because the updates are provided at no additional charge, revenue is recognized as the updates are provided, which is generally ratably over the estimated life of the related device or license. This Friday, were taking a look at Microsoft and Sonys increasingly bitter feud over Call of Duty and whether U.K. regulators are leaning toward torpedoing the Activision Blizzard deal. Operating expenses increased $806 million or 6%, driven by investments in LinkedIn and cloud engineering, offset in part by a decrease in marketing. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include Software Assurance (SA) and cloud services. We use different programs designed to provide flexibility for organizations of various sizes. Operating expenses increased $2.9 billion or 25%, driven by LinkedIn expenses and investments in commercial sales capacity and cloud engineering. 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. 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. Windows OEM revenue is impacted significantly by the number of Windows operating system licenses purchased by OEMs, which they pre-install on the devices they sell. Growth depends on our ability to attract new users, understand intent, and match intent with relevant content and advertiser offerings. And I am proud of how we are empowering everyone consumers, students, teachers, and the more than 2 billion firstline workers around the world with experiences to help them always feel confident, capable, and in control. We have a strong position with our large and growing highly engaged community of gamers, including the March 2021 acquisition of ZeniMax Media Inc., the parent company of Bethesda Softworks LLC, one of the largest, privately held game developers and publishers in the world. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. The United States recently wrapped up the @apec Informal Senior Officials' meeting, our inaugural meeting for #USAPEC2023. 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. Customers are looking to us to accelerate their own digital transformations and to unlock new opportunity in this era of intelligent cloud and intelligent edge. We determine if an arrangement is a lease at inception. Microsofts Board of Directors provides insight, feedback, and oversight across a broad range of environmental and social matters. We assumed responsibility for these claims in our agreement to acquire Nokias Devices and Services business and have been substituted for the Nokia defendants. REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. 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. We repurchased the following shares of common stock under the share repurchase programs: Shares repurchased in the first and second quarter of fiscal year 2017 were under the 2013 Share Repurchase Program. We strive to make computing more personal by putting users at the core of the experience, enabling them to interact with technology in more intuitive, engaging, and dynamic ways. The leading indicator of digital transformation success can be measured by an organizations ability to build predictive and analytical power. At the same time, development of safe, essential, life-saving surgical and anaesthesia care in low-income and 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. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in other current and long-term assets in our consolidated balance sheets. We did not incur Corporate and Other activity in fiscal years 2019 or 2018. These contracts are not designated as hedging instruments and are included in Other contracts in the tables below. Timing of revenue recognition may differ from the timing of invoicing to customers. Announcements of investor conferences, speeches, and events at which our executives talk about our product, service, and competitive strategies. Our products for software developers compete against offerings from Adobe, IBM, Oracle, and other companies, and also against open-source projects, including Eclipse (sponsored by CA Technologies, IBM, Oracle, and SAP), PHP, and Ruby on Rails. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, as soon as reasonably practicable after we electronically file that material with or furnish it to the Securities and Exchange Commission (SEC) at www.sec.gov. We measure the fair value of PSUs using a Monte Carlo valuation model. Contracted not recognized revenue was $91 billion as of June 30, 2019, of which we expect to recognize approximately 50% of the revenue over the next 12 months and the remainder thereafter. For hardware warranties, we estimate the costs based on historical and projected product failure rates, historical and projected repair costs, and knowledge of specific product failures (if any). Action area 4: raising awareness and education. Archives of these events are also available. Commercial cloud revenue increased 34% to $69.1 billion. Service and other revenue includes sales from cloud-based solutions that provide customers with software, services, platforms, and content such as Office 365, Azure, Dynamics 365, and Xbox; solution support; and consulting services. Principal currencies hedged included the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. Search advertising revenue, excluding traffic acquisition costs, increased 13%. LinkedIn revenue is mainly affected by demand from enterprises and professional organizations for subscriptions to Talent Solutions, Learning Solutions, Sales Solutions, and Premium Subscriptions offerings, as well as member engagement and the quality of the sponsored content delivered to those members to drive Marketing Solutions. Eligible U.S. employees may contribute a portion of their salary into the savings plans, subject to certain limitations. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: In June 2017, management approved a sales and marketing restructuring plan. To accelerate the inclusion journey for employees, as well as our ecosystem, we hosted Include 2021, a global event focused on diversity and inclusion, and continue to invest in shared understanding by publishing resources and learnings broadly. Build the intelligent cloud and intelligent edge platform. We think of diversity and inclusion as core to our business model, informing our actions to impact economies and people around the world. The devices and form factors customers prefer evolve rapidly, and influence how users access services in the cloud, and in some cases, the users choice of which suite of cloud-based services to use. Reinvent productivity and business processes. To lead on Risk Management with a key focus on Legal and CoC Compliance. To meet the expectations of our stakeholders and to and maintain their trust, we are committed to conducting our business in ways that are principled, transparent, and accountable and we have made a broad range of environmental and social commitments. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Critical accounting policies for us include revenue recognition, impairment of investment securities, goodwill, research and development costs, contingencies, income taxes, and inventories. The Independent Software Vendor Royalty program enables partners to integrate Microsoft products into other applications and then license the unified business solution to their end users. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. With our acquisition of PlayFab in January 2018, we enable worldwide game developers to utilize game services, LiveOps, and analytics for player acquisition, engagement, and retention. For more about Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency. You can also send mail to the transfer agent at: Shareholders can sign up for electronic alerts to access the annual report and proxy statement online. Our fixed-income investments are exposed to interest rate risk and credit risk. To serve the needs of customers around the world and to improve the quality and usability of products in international markets, we localize many of our products to reflect local languages and conventions. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. Revenue from consulting services is recognized as services are provided. Date: Wednesday, December 4, 2018 Finally, we believe transparency is the foundation of trust, so we continue to offer clear information on how we run our business and work with customers and partners. Hypofractionated radiotherapy in the real-world setting: An international ESTRO-GIRO survey. Lack of awareness is a major barrier to early cancer detection. Microsoft was built for this moment. At the platform as a service (PaaS) level, new Azure Communication Services enable developers to integrate rich communications APIs into their applications using the same infrastructure that powers Microsoft Teams. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Companys internal control over financial reporting as of June 30, 2019, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 1, 2019, expressed an unqualified opinion on the Companys internal control over financial reporting. Intelligent Cloud revenue increased driven by Azure. The standard will be effective for us beginning July 1, 2019, with early adoption permitted for any interim or annual period before the effective date. Assist management to conduct specific non-compliance investigations at CO level. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. Operating income increased $3.3 billion or 25%, including an unfavorable foreign currency impact of 2%. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Our approach to hybrid work starts with Teamsthe only all-in-one solution that supports meetings, calls, chat, collaboration, and business process automation in day-to-day workflow. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company designs and maintains accounting and internal control systems to provide reasonable assurance at reasonable cost that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. LinkedIn now has more than 645 million members and is the most comprehensive solution for every organization to manage and engage their most important resource their talent. Right-of-use assets obtained in exchange for lease obligations: Reclassification adjustments for gains included in revenue, Tax expense included in provision for income taxes, Amounts reclassified from accumulated other comprehensive income (loss), Net change related to derivatives, net of tax of, Reclassification adjustments for (gains) losses included in other income (expense), net, Tax expense (benefit) included in provision for income taxes, Net change related to investments, net of tax of, Translation adjustments and other, net of tax effects of, Accumulated other comprehensive income (loss), end of period, Income tax benefits related to stock-based compensation, In rural South Africa, Dr. Raymond Campbell saw an opportunity to bring mobile healthcare to communities where its needed most to address pressing and preventable health issues like diabetes, heart disease, and tuberculosis. 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. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: Cash, cash equivalents, and short-term investments totaled $130.3 billion and $136.5 billion as of June 30, 2021 and 2020. Interest on these notes is paid semi-annually, except for the euro-denominated debt securities on which interest is paid annually. Innovation, value and reimbursement in radiation and complex surgical oncology: time to rethink. Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products and services. LinkedIn connects the worlds professionals to make them more productive and successful and transforms the way companies hire, market, sell, and learn. We also fund research and development activities at the operating segment level. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. 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