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annual report 2020

  • 09.01.2021

The plaintiffs allege that their handsets either operated outside the FCC Guidelines or were manufactured before the FCC Guidelines went into effect. Welcome to our Annual Report and Financial Statements 2020. Using Windows to fuel our cloud business and Microsoft 365 strategy, and to develop new categories of devices – both our own and third-party – on the intelligent edge. In addition, we consider specific adverse conditions related to the financial health of, and business outlook, for the investee, including industry and sector performance, changes in technology, and operational and financing cash flow factors. Ten months into the COVID-19 crisis, hopes are growing for vaccines and new therapeutics. menu close. They also support new startups, improve educational and health outcomes, and empower human ingenuity. In North America, we have focused on working with our contracting partners to support the employment of First Nations and Métis peoples, who now comprise 22 per cent of our workforce at the Jansen Potash project. Search advertising revenue increased $112 million or 1%. Revenue related to cloud services provided on a consumption basis, such as the amount of storage used in a period, is recognized based on the customer utilization of such resources. Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. These financial statements are the responsibility of the Company’s management. Conclusions on recognizing and measuring uncertain tax positions involve significant estimates and management judgment and include complex considerations of the Internal Revenue Code, related regulations, tax case laws, and prior-year audit settlements. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. VIEW ONLINE . An overview and the detailed business and financial reviews for the year, reports of the directors including reports of the audit & risk committee, nominations committee, the report on directors' remuneration and the audited consolidated financial statements of BT Group plc. Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, trade shows, seminars, and other programs. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. People are turning to LinkedIn Learning more than ever to acquire new skills. Through these partnerships, we make decisions that positively influence those around us, such as: We use cookies to improve your experience. Licenses for on-premises software provide the customer with a right to use the software as it exists when made available to the customer. Building and running cloud-based services in ways that unleash new experiences and opportunities for businesses and individuals. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. DOWNLOAD NOW. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. All other shares repurchased were under the share repurchase program approved on September 20, 2016. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Date Received . CPP Investments 2020 Annual Report. 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 world-wide impact of COVID-19 and the related economic fluctuations, geopolitical tensions and social change movements have only heightened these uncertainties. We issue debt to take advantage of favorable pricing and liquidity in the debt markets, reflecting our credit rating and the low interest rate environment. Latent capacity: Attractive returns, limited risk. In June 2020, we exchanged a portion of our existing debt at premium for cash and new debt with longer maturities to take advantage of favorable financing rates in the debt markets, reflecting our credit rating and the low interest rate environment. Before releasing new software platforms, and as we make significant modifications to existing platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing. Determination of stand-alone selling prices for each distinct performance obligation and for products and services that are not sold separately. Equity investments with readily determinable fair values are measured at fair value. We test goodwill for impairment annually on May 1 at the reporting unit level, primarily using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. Applying AI to drive insights and act on our customer’s behalf by understanding and interpreting their needs using natural methods of communication. There are two broad categories of OEMs. 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. Cash from operations increased $8.3 billion to $52.2 billion for fiscal year 2019, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to suppliers and employees and an increase in cash paid for income taxes. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Acer, ASUS, Dell, Fujitsu, Hewlett-Packard, Lenovo, Samsung, Sharp, Toshiba, and with many regional and local OEMs. About the data in this report . In 2014, the trial court granted in part and denied in part the defendants’ motion to exclude the plaintiffs’ general causation experts. Research and development expenses increased $2.2 billion or 15%, driven by investments in cloud and artificial intelligence (“AI”) engineering, Gaming, LinkedIn, and GitHub. New capabilities like Together mode in Teams help reduce cognitive load, while a new “virtual commute” will provide much-needed structure for the remote workday. We tested the effectiveness of controls related to the identification of distinct performance obligations, the determination of the timing of revenue recognition, and the estimation of variable consideration. Microsoft Power Platform empowers employees to build custom applications, automate workflow, and analyze data no matter their technical expertise. Refer to Note 13 – Unearned Revenue for further information, including unearned revenue by segment and changes in unearned revenue during the period. This is combined with $20 million we are investing in key non-profit partnerships through Microsoft Philanthropies. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above. Our innovation helps every developer be an AI developer, with approachable new tools from Azure Machine Learning Studio for creating simple machine learning models, to the powerful Azure Machine Learning Workbench for the most advanced AI modeling and data science. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of June 30, 2020. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. Server products and cloud services revenue increased 27%, driven by Azure growth of 56%. $30 . Founder, Chief Executive A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. The components of intangible assets, all of which are finite-lived, were as follows: No material impairments of intangible assets were identified during fiscal years 2020, 2019, or 2018. FINANCIAL INFORMATION Annual Reports Quarterly Reports Key Figures (Annual & … The number of shares the PSU holder receives is based on the extent to which the corresponding performance goals have been achieved. Operating income increased $3.3 billion or 25%, including an unfavorable foreign currency impact of 2%. GlaxoSmithKline. This change in accounting estimate will be effective beginning fiscal year 2021. We have audited the accompanying consolidated balance sheets of Microsoft Corporation and subsidiaries (the “Company”) as of June 30, 2020 and 2019, the related consolidated statements of income, comprehensive income, cash flows, and stockholders’ equity, for each of the three years in the period ended June 30, 2020, and the related notes (collectively referred to as the “financial statements”). 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. No instances of impairment were identified in our May 1, 2020, May 1, 2019, or May 1, 2018 tests. Cost of revenue increased $3.2 billion or 7%, driven by growth in commercial cloud. Xbox Game Pass, with over 10 million members from 41 countries, is a community with access to a curated library of over 100 first- and third-party console and PC titles. The Canada Deposit Insurance Corporation (CDIC)’s 2020 Annual Report was tabled in Parliament by the Minister of Finance on October 6, 2020. We’ve released guidelines, software development tools, and other resources to enable our developer community to do the same. For fiscal years 2020, 2019, and 2018, we repurchased 126 million shares, 150 million shares, and 99 million shares of our common stock for $19.7 billion, $16.8 billion, and $8.6 billion, respectively, through our share repurchase programs. Now as we respond and recover, our focus is on what we can learn from the pandemic and how it will affect our clients, our people, and even wider society. Productivity and Business Processes revenue increased, driven by Office Commercial and LinkedIn. The Spence Growth Option is continuing to progress. We work to ensure that technology is inclusive, trusted, and increases sustainability. Among Microsoft Corporation, the S&P 500 Index and the NASDAQ Computer Index. We use metrics in assessing the performance of our business and to make informed decisions regarding the allocation of resources. 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.”. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. For access to additional financial information, visit the Investor Relations website online at: www.microsoft.com/investor. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We fundamentally believe that we need a culture founded in a growth mindset. Our cloud business benefits from three economies of scale: datacenters that deploy computational resources at significantly lower cost per unit than smaller ones; datacenters that coordinate and aggregate diverse customer, geographic, and application demand patterns, improving the utilization of computing, storage, and network resources; and multi-tenancy locations that lower application maintenance labor costs. Refer to Note 16 – Stockholders’ Equity of the Notes to Financial Statements for further discussion. CPP Investments is a global investment management organization. A number of companies, such as Red Hat, supply versions of Linux. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. VIEW ONLINE. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. People. We are required to estimate the fair value of the investment to determine the amount of the impairment loss. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Windows OEM non-Pro revenue grew 5%, driven by consumer demand from remote work and learn scenarios. On-premises licenses are considered distinct performance obligations when sold with SA. Office Consumer products and cloud services revenue increased $458 million or 11%, driven by Microsoft 365 Consumer subscription revenue and transactional strength in Japan. BCI at a Glance. We also compete with other providers of entertainment services such as Netflix and Hulu. Fair value is calculated based on publicly available market information or other estimates determined by management. Global Banking Annual Review 2020: A test of resilience. Gross margin percentage increased slightly, due to sales mix shift to higher gross margin businesses in Windows and Gaming. It is easy to fall prey to pessimism, or the sense that we individually or as a company can’t make a difference. We assumed responsibility for these claims in our agreement to acquire Nokia’s Devices and Services business and have been substituted for the Nokia defendants. Table of contents. Amid this rapid change, we delivered strong results: Our commercial cloud surpassed $50 billion in revenue for the first time—up 36 percent year-over-year. Gross margin included a 5 percentage point improvement in commercial cloud, primarily from Azure. It also requires partnerships, both with governments and industries. Listen to Mark Machin, President & CEO, discuss our results. As of June 30, 2020, we accrued aggregate legal liabilities of $306 million. Other Amount . The final settlement has been approved by the courts in British Columbia, Ontario, and Quebec, and the claims administration process will commence once each court approves the form of notice to the class. Azure is a trusted cloud with comprehensive compliance coverage and AI-based security built in. As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. Our Office of Responsible AI helps ensure our products adhere to these principles. General and administrative expenses increased $226 million or 5%, driven by charges associated with the closing of our Microsoft Store physical locations, offset in part by a reduction in business taxes and legal expenses. This segment primarily comprises: Azure is a comprehensive set of cloud services that offer developers, IT professionals, and enterprises freedom to build, deploy, and manage applications on any platform or device. Gross margin increased $6.9 billion or 26%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. Three billion people around the world look to gaming for entertainment, community, and achievement, and our ambition is to empower each of them, wherever they play. And together with Azure SQL Hyperscale, Cosmos DB, and our other data services, we are able to deliver a cloud-native data estate for every organization. Judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. This creates an opportunity to reach new customers and increase usage and engagement with existing customers. In the 2020 financial year we rocketed from 1.6 million to 3.9 million customers. 26 OCT 2020. First production from Atlantis Phase 3 was achieved in July 2020, with the Spence Growth Option and South Flank expected to deliver first production within the next 12 months. We recently added several new products and accessories into the Surface family, including Surface Book 3 and Surface Go 2. It’s the only solution with meetings, calls, chat, content collaboration with Office, and business process workflows, in a secure, integrated user experience. Pricing changes and promotions, pricing variation that occurs when the mix of devices manufactured shifts from local and regional system builders to large multinational OEMs, and different pricing of Windows versions licensed. As we continue our own accessibility journey, we seek to inspire and enable others to advance theirs, including through our five-year investment in AI for Accessibility. The majority of our foreign net operating loss carryforwards do not expire. 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. Metrics related to our More Personal Computing segment assess the performance of key lines of business within this segment. Enterprise Agreements are designed for medium or large organizations that want to license cloud services and on-premises software organization-wide over a three-year period. The amortization of these costs is included in cost of revenue over the estimated life of the products. The lawsuits also allege an industry-wide conspiracy to manipulate the science and testing around emission guidelines. Archives of these events are also available. Cost of revenue increased $4.6 billion or 12%, driven by growth in commercial cloud, Surface, and Gaming. In this next phase of innovation, computing is more powerful and ubiquitous from the cloud to the edge. With GitHub, more than 50 million developers across 3 million organizations, including the majority of the Fortune 50, are able to collaborate and build software together. Azure Arc enables organizations to deploy Azure services anywhere and extend Azure management to any infrastructure. We are also working to expand broadband access to 40 million unserved and underserved people in rural areas globally, and to 3 million people in unserved and rural communities in the US by July 2022. We have also added to our early stage optionality in nickel with the acquisition of the Honeymoon Well tenements in Western Australia. Gross margin increased $4.1 billion or 15%, driven by growth in Office Commercial and LinkedIn. 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. 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