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Microsoft Corp (MSFT) SEC Filing 10-K Annual report for the fiscal year ending Sunday, June 30, 2019

Microsoft Corp

CIK: 789019 Ticker: MSFT

Exhibit 99.1

Microsoft Cloud Powers Record Fourth Quarter Results

REDMOND, Wash. — July 18, 2019 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2019, as compared to the corresponding period of last fiscal year:

 

   

Revenue was $33.7 billion and increased 12%

   

Operating income was $12.4 billion and increased 20%

   

Net income was $13.2 billion GAAP and $10.6 billion non-GAAP, and increased 49% and 21%, respectively

   

Diluted earnings per share was $1.71 GAAP and $1.37 non-GAAP, and increased 50% and 21%, respectively

   

GAAP results include a $2.6 billion net income tax benefit explained in the Non-GAAP Definition section below

“It was a record fiscal year for Microsoft, a result of our deep partnerships with leading companies in every industry,” said Satya Nadella, chief executive officer of Microsoft. “Every day we work alongside our customers to help them build their own digital capability — innovating with them, creating new businesses with them, and earning their trust. This commitment to our customers’ success is resulting in larger, multi-year commercial cloud agreements and growing momentum across every layer of our technology stack.”

The following table reconciles our financial results reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.

 

     

Three Months Ended June 30,

 

 

   ($ in millions, except per share amounts)

 

  

  Revenue  

 

    

  Operating  
  Income  

 

    

  Net Income  

 

    

  Diluted  
  Earnings per  
  Share  

 

 

  2018 As Reported (GAAP)

  

 

$30,085

 

  

 

$10,379

 

  

 

$8,873

 

  

 

$1.14

 

  Net Impact of the Tax Cuts and Jobs Act (TCJA)

  

 

-

 

  

 

-

 

  

 

(104)

 

  

 

(0.01)

 

  2018 As Adjusted (non-GAAP)

  

 

$30,085

 

  

 

$10,379

 

  

 

$8,769

 

  

 

$1.13

 

  2019 As Reported (GAAP)

  

 

$33,717

 

  

 

$12,405

 

  

 

$13,187

 

  

 

$1.71

 

  Net Tax Impact of Transfer of Intangible Properties

  

 

-

 

  

 

-

 

  

 

(2,567)

 

  

 

(0.34)

 

  2019 As Adjusted (non-GAAP)

  

 

$33,717

 

  

 

$12,405

 

  

 

$10,620

 

  

 

$1.37

 

  Percentage Change Y/Y (GAAP)

  

 

12%

 

  

 

20%

 

  

 

49%

 

  

 

50%

 

  Percentage Change Y/Y (non-GAAP)

  

 

12%

 

  

 

20%

 

  

 

21%

 

  

 

21%

 

  Percentage Change Y/Y (non-GAAP) Constant Currency

  

 

14%

 

  

 

24%

 

  

 

24%

 

  

 

24%

 

The current quarter effective tax rate was (5)% and 16% on a GAAP and non-GAAP basis, respectively. GAAP results include a net income tax benefit of $2.6 billion for the fourth quarter of fiscal year 2019 and a net income tax benefit of $104 million for the fourth quarter of fiscal year 2018. These net tax benefits are excluded from our non-GAAP results and explained in the Non-GAAP Definition section below.


The following information was filed by Microsoft Corp (MSFT) on Thursday, July 18, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Microsoft Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Balance Sheets
Balance Sheets (Parenthetical)
Cash Flows Statements
Comprehensive Income Statements
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Accounting Policies (Policies)
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Accumulated Other Comprehensive Income (Loss) (Tables)
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Carrying Amount Of Goodwill (Parenthetical) (Detail)
Changes In Gross Unrecognized Tax Benefits Related To Uncertain Tax Positions (Detail)
Changes In Unearned Revenue (Detail)
Components Of Inventories (Detail)
Components Of Lease Expense (Detail)
Components Of Other Income (Expense), Net (Detail)
Components Of Property And Equipment (Detail)
Contingencies
Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt Investment Maturities (Detail)
Deferred Income Tax Assets And Liabilities (Detail)
Derivatives
Derivatives (Tables)
Derivatives - Additional Information (Detail)
Difference Between Income Taxes Computed At Federal Statutory Rate And Provision For Income Taxes (Detail)
Dividends Declared (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Employee Purchased Shares (Detail)
Employee Stock And Savings Plans
Employee Stock And Savings Plans (Tables)
Employee Stock And Savings Plans - Additional Information (Detail)
Estimated Future Amortization Expense Related To Intangible Assets (Detail)
Fair Values Of Derivative Instruments (Detail)
Finite-Lived Intangible Assets (Detail)
Finite-Lived Intangible Assets (Parenthetical) (Detail)
Gains (Losses) On Fair Value Hedges And Related Hedged Items (Detail)
Gains (Losses) Related To Cash Flow Hedges (Detail)
Gains (Losses) Related To Cash Flow Hedges (Parenthetical) (Detail)
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Detail)
Income Before Income Taxes (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Additional Information Regarding Examinations (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Detail)
Intangible Assets Acquired (Detail)
Inventories
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Leases
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Long-Lived Assets, Excluding Financial Instruments And Tax Assets, Classified By Location Of Controlling Statutory Company (Detail)
Long-Term Debt (Detail)
Major Classes Of Assets And Liabilities Allocated Purchase Price (Detail)
Major Classes Of Assets And Liabilities Allocated Purchase Price (Parenthetical) (Detail)
Maturities Of Lease Liabilities (Detail)
Maturities Of Long-Term Debt (Detail)
Net Recognized Gains (Losses) On Debt Investments (Detail)
Net Recognized Gains (Losses) On Equity Investments (Detail)
Non-Designated Derivative Gains (Losses) (Detail)
Notional Amounts Of Outstanding Derivative Instruments Measured In U.S. Dollar Equivalents (Detail)
Operating Income (Loss) By Segment (Detail)
Other Income (Expense), Net
Other Income (Expense), Net (Tables)
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Property And Equipment (Tables)
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Provision For Income Taxes (Detail)
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Quarterly Information (Unaudited) (Detail)
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Restructuring Charges
Restructuring Charges - Additional Information (Detail)
Revenue And Operating Loss Attributable To Acquiree, Since The Date Of Acquisition (Detail)
Revenue Classified By Major Geographic Areas (Detail)
Revenue Classified By Significant Product And Service Offerings (Detail)
Revenue Classified By Significant Product And Service Offerings (Parenthetical) (Detail)
Segment Information And Geographic Data
Segment Information And Geographic Data (Tables)
Segment Information And Geographic Data - Additional Information (Detail)
Segment Revenue (Detail)
Share Repurchases (Detail)
Shares Of Common Stock Outstanding (Detail)
Stock Plan Activity (Detail)
Stock Plan Activity (Parenthetical) (Detail)
Stock-Based Compensation Expense And Related Income Tax Benefits (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Summary Of Changes In Accumulated Other Comprehensive Income (Loss) By Component (Detail)
Summary Of Changes In Accumulated Other Comprehensive Income (Loss) By Component (Parenthetical) (Detail)
Supplemental Balance Sheet Information Related To Leases (Detail)
Supplemental Cash Flow Information Related To Leases (Detail)
Supplemental Consolidated Financial Results On Unaudited Pro Forma Basis, As If The Acquisition Had Been Consummated On Beginning Of Period (Detail)
Unearned Revenue
Unearned Revenue (Tables)
Unearned Revenue - Additional Information (Detail)
Unearned Revenue - Remaining Performance Obligation - Additional Information (Detail)
Unearned Revenue By Segment (Detail)
Unrealized Losses On Debt Investments (Detail)
Ticker: MSFT
CIK: 789019
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-027952
Submitted to the SEC: Thu Aug 01 2019 12:09:55 PM EST
Accepted by the SEC: Thu Aug 01 2019
Period: Sunday, June 30, 2019
Industry: Prepackaged Software

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