EX-99.1 2 d328712dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Microsoft Cloud Strength Fuels Third Quarter Results

REDMOND, Wash. — April 26, 2022 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2022, as compared to the corresponding period of last fiscal year:

 

   

Revenue was $49.4 billion and increased 18%

   

Operating income was $20.4 billion and increased 19%

   

Net income was $16.7 billion and increased 8% GAAP (up 13% non-GAAP)

   

Diluted earnings per share was $2.22 and increased 9% GAAP (up 14% non-GAAP)

Revenue and diluted earnings per share results include $(302) million and $(0.03) of additional impact from unfavorable foreign exchange rate movement within the quarter and $111 million and $(0.01) from Nuance, which closed on March 4, 2022, neither of which were included in the forward-looking guidance provided on January 25, 2022. Additional details are provided in the Earnings Call Slides.

“Going forward, digital technology will be the key input that powers the world’s economic output,” said Satya Nadella, chairman and chief executive officer of Microsoft. “Across the tech stack, we are expanding our opportunity and taking share as we help customers differentiate, build resilience, and do more with less.”

“Continued customer commitment to our cloud platform and strong sales execution drove better than expected commercial bookings growth of 28% and Microsoft Cloud revenue of $23.4 billion, up 32% year over year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

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 March 31,  
   ($ in millions, except per share amounts)      Revenue          Operating  
Income
       Net Income       

Diluted

  Earnings per  
Share

 

  2021 As Reported (GAAP)

  

 

$41,706

 

  

 

$17,048

 

  

 

$15,457

 

  

 

$2.03

 

  Net income tax benefit related to India Supreme Court decision on withholding taxes

  

 

—  

 

  

 

—  

 

  

 

(620)

 

  

 

(0.08)

 

  2021 As Adjusted (non-GAAP)

  

 

$41,706

 

  

 

$17,048

 

  

 

$14,837

 

  

 

$1.95

 

  2022 As Reported (GAAP)

  

 

$49,360

 

  

 

$20,364

 

  

 

$16,728

 

  

 

$2.22

 

  Percentage Change Y/Y (GAAP)

  

 

18%

 

  

 

19%

 

  

 

8%

 

  

 

9%

 

  Percentage Change Y/Y (non-GAAP)

  

 

18%

 

  

 

19%

 

  

 

13%

 

  

 

14%

 

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

  

 

21%

 

  

 

23%

 

  

 

17%

 

  

 

18%

 


Business Highlights

Revenue in Productivity and Business Processes was $15.8 billion and increased 17%, with the following business highlights:

 

   

Office Commercial products and cloud services revenue increased 12% (up 14% CC) driven by Office 365 Commercial revenue growth of 17% (up 20% CC)

   

Office Consumer products and cloud services revenue increased 11% (up 12% CC) and Microsoft 365 Consumer subscribers grew to 58.4 million

   

LinkedIn revenue increased 34% (up 35% CC)

   

Dynamics products and cloud services revenue increased 22% (up 25% CC) driven by Dynamics 365 revenue growth of 35% (up 38% CC)

Revenue in Intelligent Cloud was $19.1 billion and increased 26%, with the following business highlights:

 

   

Server products and cloud services revenue increased 29% (up 32% CC) driven by Azure and other cloud services revenue growth of 46% (up 49% CC)

Revenue in More Personal Computing was $14.5 billion and increased 11%, with the following business highlights:

 

   

Windows OEM revenue increased 11%

   

Windows Commercial products and cloud services revenue increased 14% (up 19% CC)

   

Xbox content and services revenue increased 4% (up 6% CC)

   

Search and news advertising revenue excluding traffic acquisition costs increased 23% (up 25% CC)

   

Surface revenue increased 13% (up 18% CC)

Microsoft returned $12.4 billion to shareholders in the form of share repurchases and dividends in the third quarter of fiscal year 2022, an increase of 25% compared to the third quarter of fiscal year 2021.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.


Environmental, Social, and Governance (ESG)

To better execute Microsoft’s mission, we focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our investor relations ESG website.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, deputy general counsel, and Brett Iversen, general manager of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 26, 2023.

Non-GAAP Definition

The India Supreme Court Decision Impact. In March 2021, the India Supreme Court issued a decision on withholding taxes in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax. Microsoft has historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. The India Supreme Court ruled favorably for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. Although Microsoft was not a party to the appeals, Microsoft’s software sales in India were determined to be not subject to withholding taxes. Therefore, Microsoft recorded a net income tax benefit of $620 million in the third quarter of fiscal year 2021 to reflect the results of the India Supreme Court decision impacting fiscal year 1996 through fiscal year 2016.

Microsoft has provided non-GAAP financial measures related to the India Supreme Court decision to aid investors in better understanding our performance. Microsoft believes these non-GAAP measures assist investors by providing additional insight into its operational performance and help clarify trends affecting its business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.


Financial Performance Constant Currency Reconciliation

 

      Three Months Ended March 31,  
   ($ in millions, except per share amounts)      Revenue          Operating  
Income
     Net Income      Diluted
  Earnings per  
Share
 

  2021 As Reported (GAAP)

  

 

$41,706

 

  

 

$17,048

 

  

 

$15,457

 

  

 

$2.03

 

  2021 As Adjusted (non-GAAP)

  

 

$41,706

 

  

 

$17,048

 

  

 

$14,837

 

  

 

$1.95

 

  2022 As Reported (GAAP)

  

 

$49,360

 

  

 

$20,364

 

  

 

$16,728

 

  

 

$2.22

 

  Percentage Change Y/Y (GAAP)

  

 

18%

 

  

 

19%

 

  

 

8%

 

  

 

9%

 

  Percentage Change Y/Y (non-GAAP)

  

 

18%

 

  

 

19%

 

  

 

13%

 

  

 

14%

 

  Constant Currency Impact

  

 

$(1,003)

 

  

 

$(677)

 

  

 

$(577)

 

  

 

$(0.08)

 

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

  

 

21%

 

  

 

23%

 

  

 

17%

 

  

 

18%

 

Segment Revenue Constant Currency Reconciliation

 

      Three Months Ended March 31,  
   ($ in millions)    Productivity and
Business Processes
     Intelligent Cloud      More Personal
    Computing      
 

  2021 As Reported (GAAP)

  

 

$13,552

 

  

 

$15,118

 

  

 

$13,036

 

  2022 As Reported (GAAP)

  

 

$15,789

 

  

 

$19,051

 

  

 

$14,520

 

  Percentage Change Y/Y (GAAP)

  

 

17%

 

  

 

26%

 

  

 

11%

 

  Constant Currency Impact

  

 

$(332)

 

  

 

$(418)

 

  

 

$(253)

 

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

  

 

19%

 

  

 

29%

 

  

 

13%

 

Selected Product and Service Revenue Constant Currency Reconciliation

 

      Three Months Ended March 31, 2022  
      Percentage Change
Y/Y (GAAP)
     Constant Currency
Impact
    

Percentage Change
Y/Y (non-GAAP)
Constant

Currency

 

Office Commercial products and cloud services

  

 

12%

 

  

 

2%

 

  

 

14%

 

Office 365 Commercial

  

 

17%

 

  

 

3%

 

  

 

20%

 

Office Consumer products and cloud services

  

 

11%

 

  

 

1%

 

  

 

12%

 

LinkedIn

  

 

34%

 

  

 

1%

 

  

 

35%

 

Dynamics products and cloud services

  

 

22%

 

  

 

3%

 

  

 

25%

 

Dynamics 365

  

 

35%

 

  

 

3%

 

  

 

38%

 

Server products and cloud services

  

 

29%

 

  

 

3%

 

  

 

32%

 

Azure and other cloud services

  

 

46%

 

  

 

3%

 

  

 

49%

 

Windows OEM

  

 

11%

 

  

 

0%

 

  

 

11%

 

Windows Commercial products and cloud services

  

 

14%

 

  

 

5%

 

  

 

19%

 

Xbox content and services

  

 

4%

 

  

 

2%

 

  

 

6%

 

Search and news advertising excluding traffic acquisition costs

  

 

23%

 

  

 

2%

 

  

 

25%

 

Surface

  

 

13%

 

  

 

5%

 

  

 

18%

 


About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

 

   

intense competition in all of our markets that may lead to lower revenue or operating margins;

 

   

increasing focus on cloud-based services presenting execution and competitive risks;

 

   

significant investments in products and services that may not achieve expected returns;

 

   

acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

 

   

impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

 

   

cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

 

   

disclosure and misuse of personal data that could cause liability and harm to our reputation;

 

   

the possibility that we may not be able to protect information stored in our products and services from use by others;

 

   

abuse of our advertising or social platforms that may harm our reputation or user engagement;

 

   

the development of the internet of things presenting security, privacy, and execution risks;

 

   

issues about the use of artificial intelligence in our offerings that may result in competitive harm, legal liability, or reputational harm;

 

   

excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

 

   

quality or supply problems;

 

   

government litigation and regulatory activity relating to competition rules that may limit how we design and market our products;

 

   

potential consequences under trade, anti-corruption, and other laws resulting from our global operations;

 

   

laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;


   

claims against us that may result in adverse outcomes in legal disputes;

 

   

uncertainties relating to our business with government customers;

 

   

additional tax liabilities;

 

   

the possibility that we may fail to protect our source code;

 

   

legal changes, our evolving business model, piracy, and other factors may decrease the value of our intellectual property;

 

   

claims that Microsoft has infringed the intellectual property rights of others;

 

   

damage to our reputation or our brands that may harm our business and operating results;

 

   

adverse economic or market conditions that may harm our business;

 

   

catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

 

   

exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange and

 

   

the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of March 31, 2022. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

For more information, financial analysts and investors only:

Brett Iversen, General Manager, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.


MICROSOFT CORPORATION

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)

 

    

Three Months Ended

March 31,

    

Nine Months Ended
March 31,

 
    

     2022

    

          2021

    

     2022

    

          2021

 

 

 

 Revenue:

           

 Product

  

 

$17,366 

 

  

 

$16,873 

 

  

 

$54,776 

 

  

 

$52,136 

 

 Service and other

  

 

31,994 

 

  

 

24,833 

 

  

 

91,629 

 

  

 

69,800 

 

 

    

 

 

    

 

 

    

 

 

 

 Total revenue

  

 

49,360 

 

  

 

41,706 

 

  

 

146,405 

 

  

 

121,936 

 

 

    

 

 

    

 

 

    

 

 

 

 Cost of revenue:

           

 Product

  

 

4,584 

 

  

 

4,277 

 

  

 

14,707 

 

  

 

13,932 

 

 Service and other

  

 

11,031 

 

  

 

8,768 

 

  

 

31,514 

 

  

 

24,309 

 

 

    

 

 

    

 

 

    

 

 

 

Total cost of revenue

  

 

15,615 

 

  

 

13,045 

 

  

 

46,221 

 

  

 

38,241 

 

 

    

 

 

    

 

 

    

 

 

 

 Gross margin

  

 

33,745 

 

  

 

28,661 

 

  

 

100,184 

 

  

 

83,695 

 

 Research and development

  

 

6,306 

 

  

 

5,204 

 

  

 

17,663 

 

  

 

15,029 

 

 Sales and marketing

  

 

5,595 

 

  

 

5,082 

 

  

 

15,521 

 

  

 

14,260 

 

 General and administrative

  

 

1,480 

 

  

 

1,327 

 

  

 

4,151 

 

  

 

3,585 

 

 

    

 

 

    

 

 

    

 

 

 

 Operating income

  

 

20,364 

 

  

 

17,048 

 

  

 

62,849 

 

  

 

50,821 

 

 Other income (expense), net

  

 

(174) 

 

  

 

188 

 

  

 

380 

 

  

 

876 

 

 

    

 

 

    

 

 

    

 

 

 

 Income before income taxes

  

 

20,190 

 

  

 

17,236 

 

  

 

63,229 

 

  

 

51,697 

 

 Provision for income taxes

  

 

3,462 

 

  

 

1,779 

 

  

 

7,231 

 

  

 

6,884 

 

 

    

 

 

    

 

 

    

 

 

 

 Net income

  

 

$16,728 

 

  

 

$15,457 

 

  

 

$55,998 

 

  

 

$44,813 

 

  

 

 

    

 

 

    

 

 

    

 

 

 

 Earnings per share:

           

 Basic

  

 

$2.23 

 

  

 

$2.05 

 

  

 

$7.46 

 

  

 

$5.93 

 

 Diluted

  

 

$2.22 

 

  

 

$2.03 

 

  

 

$7.41 

 

  

 

$5.88 

 

 Weighted average shares outstanding:

  

 

 

 

        

 Basic

  

 

7,493 

 

  

 

7,539 

 

  

 

7,504 

 

  

 

7,554 

 

 Diluted

  

 

7,534 

 

  

 

7,597 

 

  

 

7,552 

 

  

 

7,617 

 


COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)

 

     Three Months Ended
March 31,
     Nine Months Ended
March 31,
 
          2022               2021               2022               2021  

 

 

 Net income

   $ 16,728       $ 15,457       $ 55,998       $ 44,813   
  

 

 

    

 

 

    

 

 

    

 

 

 

 Other comprehensive income (loss), net of tax:

           

 Net change related to derivatives

            18                30   

 Net change related to investments

     (2,882)         (1,705)         (4,047)         (2,398)   

 Translation adjustments and other

     (37)         (218)         (259)         634   

 

    

 

 

    

 

 

    

 

 

 

 Other comprehensive loss

     (2,913)         (1,905)         (4,298)         (1,734)   

 

    

 

 

    

 

 

    

 

 

 

 Comprehensive income

   $ 13,815       $ 13,552       $ 51,700       $ 43,079   
  

 

 

    

 

 

    

 

 

    

 

 

 


BALANCE SHEETS

(In millions) (Unaudited)

 

     March 31,
2022 
     June 30,
2021 
 

 

 

 Assets

     

 Current assets:

     

Cash and cash equivalents

  

 

$12,498 

 

  

 

$14,224 

 

 Short-term investments

  

 

92,195 

 

  

 

116,110 

 

 

    

 

 

 

 Total cash, cash equivalents, and short-term investments

  

 

104,693 

 

  

 

130,334 

 

 Accounts receivable, net of allowance for doubtful accounts of $505 and $751

  

 

32,613 

 

  

 

38,043 

 

 Inventories

  

 

3,296 

 

  

 

2,636 

 

 Other current assets

  

 

13,320 

 

  

 

13,393 

 

 

    

 

 

 

 Total current assets

  

 

153,922 

 

  

 

184,406 

 

 Property and equipment, net of accumulated depreciation of $58,053 and $51,351

  

 

70,298 

 

  

 

59,715 

 

 Operating lease right-of-use assets

  

 

12,916 

 

  

 

11,088 

 

 Equity investments

  

 

6,907 

 

  

 

5,984 

 

 Goodwill

  

 

67,371 

 

  

 

49,711 

 

 Intangible assets, net

  

 

11,348 

 

  

 

7,800 

 

 Other long-term assets

  

 

21,845 

 

  

 

15,075 

 

 

    

 

 

 

 Total assets

  

 

$344,607 

 

  

 

$333,779 

 

  

 

 

    

 

 

 

 Liabilities and stockholders’ equity

     

 Current liabilities:

     

 Accounts payable

  

 

$16,085 

 

  

 

$15,163 

 

 Current portion of long-term debt

  

 

1,749 

 

  

 

8,072 

 

 Accrued compensation

  

 

9,067 

 

  

 

10,057 

 

 Short-term income taxes

  

 

4,646 

 

  

 

2,174 

 

 Short-term unearned revenue

  

 

34,027 

 

  

 

41,525 

 

 Other current liabilities

  

 

11,865 

 

  

 

11,666 

 

 

    

 

 

 

 Total current liabilities

  

 

77,439 

 

  

 

88,657 

 

 Long-term debt

  

 

48,177 

 

  

 

50,074 

 

 Long-term income taxes

  

 

26,483 

 

  

 

27,190 

 

 Long-term unearned revenue

  

 

2,769 

 

  

 

2,616 

 

 Deferred income taxes

  

 

304 

 

  

 

198 

 

 Operating lease liabilities

  

 

11,357 

 

  

 

9,629 

 

 Other long-term liabilities

  

 

15,154 

 

  

 

13,427 

 

 

    

 

 

 

 Total liabilities

  

 

181,683 

 

  

 

191,791 

 

 

    

 

 

 

 Commitments and contingencies

     

 Stockholders’ equity:

     

 Common stock and paid-in capital—shares authorized 24,000; outstanding 7,483 and 7,519

  

 

85,767 

 

  

 

83,111 

 

 Retained earnings

  

 

79,633 

 

  

 

57,055 

 

 Accumulated other comprehensive income (loss)

  

 

(2,476) 

 

  

 

1,822 

 

 

    

 

 

 

 Total stockholders’ equity

  

 

162,924 

 

  

 

141,988 

 

 

    

 

 

 

 Total liabilities and stockholders’ equity

  

 

            $344,607 

 

  

 

            $333,779 

 

  

 

 

    

 

 

 


CASH FLOWS STATEMENTS

(In millions) (Unaudited)

 

     Three Months Ended 
March 31, 
     Nine Months Ended 
March 31, 
 
                 2022                      2021                      2022                  2021  

 

 

 Operations

           

 Net income

     $16,728         $15,457         $55,998         $44,813   

 Adjustments to reconcile net income to net cash from operations:

           

 Depreciation, amortization, and other

     3,773         2,936         10,481         8,342   

 Stock-based compensation expense

     1,906         1,525         5,505         4,547   

 Net recognized losses (gains) on investments and derivatives

     105         (351)         (566)         (833)   

 Deferred income taxes

     (198)         (88)         (5,985)         (116)   

 Changes in operating assets and liabilities:

           

 Accounts receivable

     857         290         5,800         5,125   

 Inventories

     (279)         (329)         (662)         (349)   

 Other current assets

     91         478         1,861         1,154   

 Other long-term assets

     (724)         (885)         (2,230)         (2,446)   

 Accounts payable

     520         833         284         1,181   

 Unearned revenue

     (209)         (473)         (7,437)         (6,764)   

 Income taxes

     1,091         1,074         1,687         (2,277)   

 Other current liabilities

     1,287         1,590         (1,111)         394   

 Other long-term liabilities

     438         122         781         1,259   

 

    

 

 

    

 

 

    

 

 

 

 Net cash from operations

     25,386         22,179         64,406         54,030   

 

    

 

 

    

 

 

    

 

 

 

 Financing

           

 Cash premium on debt exchange

            (1,754)                (1,754)   

 Repayments of debt

     (4,197)         (500)         (9,023)         (3,750)   

 Common stock issued

     477         396         1,380         1,243   

 Common stock repurchased

     (8,822)         (6,930)         (23,939)         (20,208)   

 Common stock cash dividends paid

     (4,645)         (4,221)         (13,503)         (12,307)   

 Other, net

     (158)         (183)         (522)         (339)   

 

    

 

 

    

 

 

    

 

 

 

 Net cash used in financing

     (17,345)         (13,192)         (45,607)         (37,115)   

 

    

 

 

    

 

 

    

 

 

 

 Investing

           

 Additions to property and equipment

     (5,340)         (5,089)         (17,015)         (14,170)   

 Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

     (18,719)         (7,512)         (20,775)         (8,408)   

 Purchases of investments

     (8,723)         (18,375)         (21,537)         (48,047)   

 Maturities of investments

     1,099         15,016         15,214         44,546   

 Sales of investments

     16,693         5,876         25,218         10,711   

 Other, net

     (1,181)         400         (1,687)         (1,356)   

 

    

 

 

    

 

 

    

 

 

 

 Net cash used in investing

     (16,171)         (9,684)         (20,582)         (16,724)   

 

    

 

 

    

 

 

    

 

 

 

 Effect of foreign exchange rates on cash and cash equivalents

     24         (33)         57         (65)   

 

    

 

 

    

 

 

    

 

 

 

 Net change in cash and cash equivalents

     (8,106)         (730)         (1,726)         126   

 Cash and cash equivalents, beginning of period

     20,604         14,432         14,224         13,576   

 

    

 

 

    

 

 

    

 

 

 

 Cash and cash equivalents, end of period

     $12,498         $13,702         $12,498         $13,702   
  

 

 

    

 

 

    

 

 

    

 

 

 


SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)

 

    

Three Months Ended

March 31,

     Nine Months Ended
March 31,
 
     2022       2021       2022       2021   

 

 

 Revenue

           

 Productivity and Business Processes

     $15,789         $13,552         $46,764         $39,224   

 Intelligent Cloud

     19,051         15,118         54,342         42,705   

 More Personal Computing

     14,520         13,036         45,299         40,007   

 

    

 

 

    

 

 

    

 

 

 

 Total

     $49,360         $41,706         $146,405         $121,936   
  

 

 

    

 

 

    

 

 

    

 

 

 

 Operating Income

           

 Productivity and Business Processes

     $7,184         $6,029         $22,453         $17,916   

 Intelligent Cloud

     8,281         6,425         24,040         18,339   

 More Personal Computing

     4,899         4,594         16,356         14,566   

 

    

 

 

    

 

 

    

 

 

 

 Total

     $20,364         $17,048         $62,849         $50,821