On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. . Chairman and Chief Executive Officer During fiscal years 2022 and 2021, we repurchased 95 million shares and 101 million shares of our common stock for $28.0 billion and $23.0 billion, respectively, through our share repurchase programs. Weve coordinated over 80 justice reform partnerships to help 145 communities expand access to data-driven insights that advance a more equitable system of justice and public safety. This year, we provided $3.2 billion in donated and discounted technology to 302,000 nonprofits serving over 1.2 billion people globally. Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases. It also gives us the freedom to decide which modifications and enhancements are most important and when they should be implemented. New Dynamics 365 Connected Spaces helps organizations across diverse industriesfrom real estate and retail, to factories and constructionmanage their physical operations. It reimagines everything from the user experience to the store to help people and organizations be more productive, connected, and secure, and to build a more open ecosystem for developers and creators. The plaintiffs allege that their handsets either operated outside the FCC Guidelines or were manufactured before the FCC Guidelines went into effect. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. 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. The allocation of the purchase price to goodwill was completed as of December 31, 2021. Over the past four years, weve sent over 67,000 nation-state-related threat notifications to customers to help them protect themselves from digital threats. Gaming, including Xbox hardware and Xbox content and services, comprising first- and third-party content (including games and in-game content), Xbox Game Pass and other subscriptions, Xbox Cloud Gaming, third-party disc royalties, advertising, and other cloud services. We are creating the tools and platforms that deliver better, faster, and more effective solutions to support new startups, improve educational and health outcomes, and empower human ingenuity. It also provides support, tools, training, and other licensing benefits to help customers deploy and use software efficiently. Detailed breakdowns of gender, racial, and ethnic minority representation in our employee population, with data by job types, levels, and segments of our business. . We want to create value for our shareholders through innovation, growth and high earning power. Today, through our Search, News, Mapping, and Browse services, Microsoft delivers unique trust, privacy, and safety features. Use our Foreign Currency simulation tool to simulate impacts from currency on Net Sales. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. . Looking for a job in an innovative company? In a dynamic environment, digital technology is the key input that powers the worlds economic output. Padmasree Warrior 2 For more information on our business, operations and financial condition as of and for the year ended December 31, 2021, please review our 2021 Annual Report. Customer mix between consumer, small and medium businesses, and large enterprises. 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. Organizations of all sizes have digitized business-critical functions, redefining what they can expect from their business applications. Leaflet to introduce our organization structure, data including the business results and major products of Bayer in Japan. Assets Recognized from Costs to Obtain a Contract with a Customer. As of June 30, 2022, $40.7 billion remained of our $60 billion share repurchase program. Returns and credits are estimated at contract inception and updated at the end of each reporting period if additional information becomes available. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. Marketing Solutions help companies reach, engage, and convert their audiences at scale. And through the Microsoft privacy dashboard, millions of people each year can make meaningful choices about how their data is used. I couldnt be more excited about our expansive opportunity ahead in this space. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. Research and development expenses increased $3.8 billion or 18% driven by investments in cloud engineering, Gaming, and LinkedIn. Bayer India Links. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. The Companys management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. LinkedIn connects the worlds professionals to make them more productive and successful and transforms the way companies hire, market, sell, and learn. 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. In an effort to continually improve transparency and service, we are providing a quarterly Aide Memoire. Under the terms of the ESPP that were approved in 2012, the plan was set to terminate on December 31, 2022. And we have nearly 60 million Microsoft 365 consumer subscriptions as we help people create, connect, and share wherever they go. Microsoft 365 Consumer subscribers grew 15% to 59.7 million. 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. Search and news advertising revenue increased $2.3 billion or 25%. 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. 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. Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications. 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 have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Annual Report Skip to content . We see more emerging use cases and needs for compute and security at the edge and are accelerating our innovation across the spectrum of intelligent edge devices, from Internet of Things (IoT) sensors to gateway devices and edge hardware to build, manage, and secure edge workloads. Click to reveal Executive Vice President, Business Development, On-the-job stretch and advancement opportunities. We strive to make computing more personal by putting people at the core of the experience, enabling them to interact with technology in more intuitive, engaging, and dynamic ways. 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. Our corporate learning portal has over 100,000 average monthly active users. Equity investments with readily determinable fair values are measured at fair value. Addressing climate change requires swift, collective action and technical innovation. Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Open Value agreements are a simple, cost-effective way to acquire the latest Microsoft technology. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. President and Chief Financial Officer, The COVID-19 pandemic led to record unemployment, disrupting livelihoods of people around the world. And as sustainability becomes an existential priority not just for our society but for every organization, our new Microsoft Cloud for Sustainability, which I mentioned earlier, is helping our customers record, report, and ultimately reduce their environmental impact. Azure Orbital is a fully managed ground station as a service for fast downlinking of data. 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. The Cargill Cares Employee Disaster Relief Fund disbursed $14 million across 32 countries to help team members worldwide who were dealing with financial hardship due to COVID-19; and catastrophic, personal, or natural disasters including support for our employees in Ukraine as well as their colleagues in other countries who sheltered them. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: We expect existing cash, cash equivalents, short-term investments, cash flows from operations, and access to capital markets to continue to be sufficient to fund our operating activities and cash commitments for investing and financing activities, such as dividends, share repurchases, debt maturities, material capital expenditures, and the transition tax related to the TCJA, for at least the next 12 months and thereafter for the foreseeable future. Our system management solutions compete with server management and server virtualization platform providers, such as BMC, CA Technologies, Hewlett-Packard, IBM, and VMware. We believe our allowances for income tax contingencies are adequate. Operating expenses increased $2.8 billion or 16% driven by investments in Azure and other cloud services. We report our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. As the digital and physical worlds come together, were also leading in the industrial metaverse. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Windows original equipment manufacturer licensing (Windows OEM) revenue increased 11%. On January 18, 2022, we entered into a definitive agreement to acquire Activision Blizzard, Inc. (Activision Blizzard) for $95.00 per share in an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzards net cash. Azure and other cloud services revenue grew 45% driven by growth in our consumption-based services. We evaluated the reasonableness of management's estimate of stand-alone selling prices for products and services that are not sold separately. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards of $4.7 billion, $4.4 billion, and $3.3 billion for fiscal years 2022, 2021, and 2020, respectively. Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development. Gross margin percentage decreased slightly. A Bayer Learning Center in Guwahati, Assam, specialising in agronomic advisory and integrated crop management for rice cultivation. 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. We estimate that we have no significant residual value related to our intangible assets. Individual consumers obtain these products primarily through retail outlets. As we look to the next year and beyond, well continue to reflect on where the world needs us to do better. Throughout the fiscal year, we collect over 75,000 Daily Pulse employee survey responses. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. The annual report wil l also provide insights into Bayer's corporate structure\, the Crop Scienc e\, Pharmaceuticals and Consumer Health divisions. Second quarter revenue is driven by corporate year-end spending trends in our major markets and holiday season spending by consumers, and fourth quarter revenue is driven by the volume of multi-year on-premises contracts executed during the period. As a result, no collateral was required to be posted. Internal development allows us to maintain competitive advantages that come from product differentiation and closer technical control over our products and services. Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Obsessing over what matters to our customers. Interest expense decreased due to a decrease in outstanding long-term debt due to debt maturities. Enterprise Services revenue increased $464 million or 7% driven by growth in Enterprise Support Services. 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. 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. Advertising expense was $1.5 billion, $1.5 billion, and $1.6 billion in fiscal years 2022, 2021, and 2020, respectively. 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. GitHub provides a collaboration platform and code hosting service for developers. While these provisions are not expected to have a material impact on our fiscal year 2023 effective tax rate on a net basis, our cash paid for taxes would increase unless these provisions are postponed or modified through legislative processes. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in other income (expense), net with the corresponding hedged item. Office Consumer, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services. For more information, go to www.bayer.com . Gross margin percentage decreased. Forward-looking statements may appear throughout this report, including the following sections: Business in our fiscal year 2022 Form 10-K and Managements Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2022 Form 10-K. Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. Reinvent productivity and business processes. Securities held in our equity investments portfolio are subject to market price risk. Im constantly in awe of how our employees bring their passion to work each dayfor each other, for our customers, and for their communities. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Building and running cloud-based services in ways that unleash new experiences and opportunities for businesses and individuals. A hearing on general causation is scheduled for September of 2022. 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.
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