$MSFT
MICROSOFT CORP

2020 Q3 Form 10-Q Financial Statement

#000156459020047996 Filed on October 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $37.15B $33.06B
YoY Change 12.4% 13.65%
Cost Of Revenue $11.00B $10.41B
YoY Change 5.73% 5.06%
Gross Profit $26.15B $22.65B
YoY Change 15.47% 18.09%
Gross Profit Margin 70.39% 68.52%
Selling, General & Admin $5.350B $5.398B
YoY Change -0.89% 2.88%
% of Gross Profit 20.46% 23.83%
Research & Development $4.926B $4.565B
YoY Change 7.91% 14.79%
% of Gross Profit 18.84% 20.16%
Depreciation & Amortization $2.645B $2.971B
YoY Change -10.97% 4.72%
% of Gross Profit 10.11% 13.12%
Operating Expenses $10.28B $9.963B
YoY Change 3.14% 8.01%
Operating Profit $15.88B $12.69B
YoY Change 25.15% 27.43%
Interest Expense $589.0M $637.0M
YoY Change -7.54% -5.49%
% of Operating Profit 3.71% 5.02%
Other Income/Expense, Net $248.0M $0.00
YoY Change -100.0%
Pretax Income $16.12B $12.69B
YoY Change 27.1% 24.12%
Income Tax $2.231B $2.008B
% Of Pretax Income 13.84% 15.83%
Net Earnings $13.89B $10.68B
YoY Change 30.11% 21.01%
Net Earnings / Revenue 37.39% 32.3%
Basic Earnings Per Share $1.84 $1.40
Diluted Earnings Per Share $1.82 $1.38
COMMON SHARES
Basic Shares Outstanding 7.566B 7.634B
Diluted Shares Outstanding 7.637B 7.710B

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.0B $136.6B
YoY Change 1.0% 0.62%
Cash & Equivalents $17.21B $13.12B
Short-Term Investments $120.8B $123.5B
Other Short-Term Assets $13.54B $7.551B
YoY Change 79.37% 3.28%
Inventory $2.705B $2.622B
Prepaid Expenses
Receivables $22.85B $19.09B
Other Receivables $0.00 $0.00
Total Short-Term Assets $177.1B $165.9B
YoY Change 6.74% 1.04%
LONG-TERM ASSETS
Property, Plant & Equipment $56.97B $38.41B
YoY Change 48.34% 22.2%
Goodwill $43.89B $42.11B
YoY Change 4.22% 17.45%
Intangibles
YoY Change
Long-Term Investments $3.103B $2.684B
YoY Change 15.61% 31.96%
Other Assets $13.03B $14.46B
YoY Change -9.83% 47.62%
Total Long-Term Assets $123.9B $113.1B
YoY Change 9.61% 21.02%
TOTAL ASSETS
Total Short-Term Assets $177.1B $165.9B
Total Long-Term Assets $123.9B $113.1B
Total Assets $301.0B $279.0B
YoY Change 7.9% 8.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.51B $8.574B
YoY Change 45.89% 0.74%
Accrued Expenses $7.458B $6.227B
YoY Change 19.77% 10.35%
Deferred Revenue $29.90B
YoY Change 11.98%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.497B $3.017B
YoY Change 115.35% -54.97%
Total Short-Term Liabilities $70.06B $58.12B
YoY Change 20.54% 3.27%
LONG-TERM LIABILITIES
Long-Term Debt $57.06B $66.48B
YoY Change -14.17% -4.67%
Other Long-Term Liabilities $40.74B $8.826B
YoY Change 361.59% -77.48%
Total Long-Term Liabilities $57.06B $75.30B
YoY Change -24.23% 7.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.06B $58.12B
Total Long-Term Liabilities $57.06B $75.30B
Total Liabilities $177.6B $172.9B
YoY Change 2.73% 37.21%
SHAREHOLDERS EQUITY
Retained Earnings $27.24B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $123.4B $106.1B
YoY Change
Total Liabilities & Shareholders Equity $301.0B $279.0B
YoY Change 7.9% 8.28%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $13.89B $10.68B
YoY Change 30.11% 21.01%
Depreciation, Depletion And Amortization $2.645B $2.971B
YoY Change -10.97% 4.72%
Cash From Operating Activities $19.34B $13.82B
YoY Change 39.93% 1.18%
INVESTING ACTIVITIES
Capital Expenditures $4.907B $3.385B
YoY Change 44.96% -6.02%
Acquisitions
YoY Change
Other Investing Activities $2.083B $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.371B -$1.776B
YoY Change 202.42% -39.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.198B $4.485B
YoY Change 38.19% 32.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.29B -10.21B
YoY Change 0.78% 38.26%
NET CHANGE
Cash From Operating Activities 19.34B 13.82B
Cash From Investing Activities -5.371B -1.776B
Cash From Financing Activities -10.29B -10.21B
Net Change In Cash 3.629B 1.761B
YoY Change 106.08% -44.81%
FREE CASH FLOW
Cash From Operating Activities $19.34B $13.82B
Capital Expenditures $4.907B $3.385B
Free Cash Flow $14.43B $10.43B
YoY Change 38.29% 3.76%

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<p style="margin-bottom:0pt;margin-top:13pt;text-align:justify;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Estimates and Assumptions </p> <p style="margin-bottom:0pt;margin-top:9pt;text-align:justify;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (“SSP”) of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; product warranties; the fair value of and/or potential impairment of goodwill and intangible assets for our reporting units; product life cycles; useful lives of our tangible and intangible assets; allowances for doubtful accounts; the market value of, and demand for, our inventory; stock-based compensation forfeiture rates; when technological feasibility is achieved for our products; the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns; and determining the timing and amount of impairments for investments. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the recent outbreak of a novel strain of the coronavirus (“COVID-19”).</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2020, we completed an assessment of the useful lives of our server and network equipment and determined we should increase the estimated useful life of server equipment from three years to four years and increase the estimated useful life of network equipment from two years to four years. This change in accounting estimate was effective beginning fiscal year 2021. Based on the carrying amount of server and network equipment included in property and equipment, net as of June 30, 2020, the effect of this change in estimate for the three months ended September 30, 2020, was an increase in operating income of $927 million and net income of $763 million, or <span>$0.10</span> per both basic and diluted share.</p>
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CY2020Q3 msft Long Term Debt Maturities Repayments Of Principal After Year Four
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CY2020Q3 us-gaap Debt Instrument Carrying Amount
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CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2020Q2 us-gaap Contract With Customer Liability
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CY2020Q3 msft Contract With Customer Liability Revenue Deferred
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CY2020Q3 us-gaap Revenue Remaining Performance Obligation
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CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2020Q3 us-gaap Operating Lease Cost
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CY2019Q3 us-gaap Operating Lease Cost
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CY2020Q3 us-gaap Finance Lease Right Of Use Asset Amortization
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206000000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2020Q3 us-gaap Finance Lease Interest Expense
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CY2019Q3 us-gaap Finance Lease Interest Expense
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CY2020Q3 msft Finance Lease Cost
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298000000
CY2019Q3 msft Finance Lease Cost
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CY2020Q3 us-gaap Operating Lease Payments
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CY2019Q3 us-gaap Operating Lease Payments
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CY2020Q3 us-gaap Finance Lease Interest Payment On Liability
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CY2019Q3 us-gaap Finance Lease Principal Payments
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CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2020Q3 us-gaap Operating Lease Right Of Use Asset
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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982000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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1090000000
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CY2020Q3 msft Lessee Operating Lease Liability Payments Due After Year Four
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3513000000
CY2020Q3 msft Finance Lease Liability Payments Due After Year Four
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q3 us-gaap Finance Lease Liability Payments Due
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CY2020Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2020Q3 us-gaap Operating Lease Liability
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CY2020Q3 us-gaap Finance Lease Liability
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311000000
CY2020Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
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500000000
CY2020Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1500000000
CY2019Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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967000000
CY2020Q3 us-gaap Dividends Payable Date Declared Day Month And Year
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2020-09-15
CY2020Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
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2020-11-19
CY2020Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
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0.56
CY2020Q3 us-gaap Dividends Common Stock Cash
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4236000000
CY2019Q3 us-gaap Dividends Payable Date Declared Day Month And Year
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2019-09-18
CY2019Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
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2019-11-21
CY2019Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2019-12-12
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
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0.51
CY2019Q3 us-gaap Dividends Common Stock Cash
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CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q3 us-gaap Operating Income Loss
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15876000000
CY2019Q3 us-gaap Operating Income Loss
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12686000000
CY2020Q3 us-gaap Segment Reporting Disclosure Of Major Customers
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No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for the three months ended September 30, 2020 or 2019.
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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37154000000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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33055000000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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37154000000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33055000000

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