Search advertising revenue increased $793 million or 13%. 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. Gross margin percentage increased slightly, due to a sales mix shift to higher gross margin businesses in Windows and Gaming. Today it’s used by more than 40 million developers, including those who work at the majority of the Fortune 50. Our goal is to maintain the Investor Relations website as a portal through which investors can easily find or navigate to pertinent information about us, including: The information found on our website is not part of this or any other report we file with, or furnish to, the SEC. Server products and cloud services, including SQL Server, Windows Server, Visual Studio, System Center, and related CALs, GitHub, and Azure. 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. Sales from More Personal Computing, including Windows, Surface and gaming revenue, will fall short of the $13.4 billion Bloomberg estimate and will range between $12.6 billion and $13 billion, Hood said. Fiscal year 2018 net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted earnings per share of $13.7 billion and $1.75, respectively. The decrease in our effective tax rate for fiscal year 2019 compared to fiscal year 2018 was primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, and a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. Shares of the world’s largest software company hit an all-time high in after-hours trading. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Adoption of the standard had no impact on cash from or used in operating, financing, or investing on our consolidated cash flows statements. We recorded a provisional net charge related to the enactment of the TCJA of $13.7 billion in fiscal year 2018, and adjusted our provisional net charge by recording additional tax expense of $157 million in the second quarter of fiscal year 2019. Cost of revenue includes: manufacturing and distribution costs for products sold and programs licensed; operating costs related to product support service centers and product distribution centers; costs incurred to include software on PCs sold by original equipment manufacturers (“OEM”), to drive traffic to our websites, and to acquire online advertising space; costs incurred to support and maintain online products and services, including datacenter costs and royalties; warranty costs; inventory valuation adjustments; costs associated with the delivery of consulting services; and the amortization of capitalized software development costs. Refer to Note 12 – Income Taxes of the Notes to Financial Statements for further discussion. Operating income increased $1.8 billion or 20%, including a favorable foreign currency impact of 2%. Dear shareholders, colleagues, customers, and partners: Thank you for your continued commitment and investment in Microsoft. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. The company’s Intelligent Cloud unit, which includes Azure, reported revenue that rose 27% to $11.9 billion in the quarter, versus expectations of $11.4 billion. Microsoft still gets more than 15% of its sales from Windows, and that business remains heavily dependent on the cycle of companies replacing PCs. Every day, we work alongside our customers and partners to help them build their own digital capability — innovating with them, creating new businesses with them, and earning their trust. Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases. And we are innovating with new experiences for customers that leverage the LinkedIn and Microsoft Graphs, introducing new integrations with Dynamics 365 and Microsoft 365. The plaintiffs allege that their handsets either operated outside the FCC Guidelines or were manufactured before the FCC Guidelines went into effect. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. Timing of revenue recognition may differ from the timing of invoicing to customers.

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