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Click to edit Title Slide,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Click to edit Title Slide,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,1,2,Microsoft CorporationFiscal 2006,Fourth Quarter & Fiscal Year 2006 ResultsJuly 20, 2006,3,This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially because of factors in this presentation or discussed in todays press release, in the managements discussion and analysis section of the companys 2005 Form 10-K or in other reports and filings with the Securities and Exchange Commission. We undertake no duty to update or revise any forward looking statements, whether as a results of new information, future events or otherwise.,4,FY06 Overview,Double digit revenue growth,Double digit bookings growth in both the quarter and fiscal year,Business Solutions and Mobile & Embedded Devices achieved operating profitability for the fiscal year,Substantial progress on shareholder return strategy,Announced Cash Distribution Plan,Todays announcement consists of two components:,Tender offer: Repurchase up to $20 billion of common stock at a price per share not greater than $24.75 and not less than $22.50,Authorization for a $20 billion stock repurchase plan,5,The content of this slide is for informational purpose only and is not an offer to buy or the solicitation of an offer to sell any shares of the Companys common stock. The solicitation of offers to buy the Companys common stock will only be made pursuant to the Offer to Purchase and related materials that the Company will send to its shareholders. Shareholders should read those materials carefully because they will contain important information, including the various terms and conditions of the tender offer. Shareholders will be able to obtain copies of the Offer to Purchase, related materials filed by the Company as part of the statement on Schedule “TO and other documents filed with the Securities and Exchange Commission through the Commissions internet address at :/ without charge when these documents become available. Shareholders and investors may also obtain a copy of these documents, as well as any other documents the Company has filed with the Securities and Exchange Commission, without charge, from the Company or at the Investor Relations section of the Companys Web site: . Shareholders are urged to carefully read these materials prior to making any decision with respect to the offer. Shareholders and investors who have questions or need assistance may call Georgeson Shareholder Communications,Inc. at (800)868-1366.,6,Looking ahead to FY07,Second and largest phase of multi-year product cycle,Continued double digit revenue growth,Operating income growth to lag revenue growth in the first half of FY07. We expect this to reverse in the second half of FY07,Investments in key areas of long-term growth opportunities,7,FY06-Q4 Financial Summary,Total revenue: $11.80 billion,16% growth over the comparableperiod last year,Q3 guidance was $11.5 $11.7 billion,Operating income: $3.88 billion,Operating income was $4.23 billion and up 13% Y/Y when adjusted to exclude certain legal charges,Q3 guidance was $4.0 - $4.2 billion,Diluted earnings per share:,$0.28,EPS was $0.31 and up 3% Y/Y when adjusted to exclude certain legal charges,Q3 guidance was $0.30,Cash returned to shareholders,Quarterly dividend and share repurchases returned over $5.0 billion to shareholders,8,FY06 Q4 Key Data Points,PC market growth estimate: 11% -12%,Approximate billing mix,OEM: 30%,Multi-year licensing agreements: 40%,License only: 15%,Unearned balance of $10.9 billion,Contracted, not billed balance exceeds,$9 billion,9,Client Revenue,Q4 Summary,OEM license unit growth of 19%, OEM revenue growth of 13%,Commercial and Retail increased 6% driven by strong growth in multi-year contract agreements,Released Windows Vista Beta 2,12% Y/Y Growth,Strong PC shipments drive growth in Windows Client products,$3.01B,$3.19B,$3.46B,$3.19B,$3.38B,10,Server & Tools Revenue,Q4 Summary,SQL Server revenue Y/Y growth exceeds 35% Y/Y on strength of SQL Server 2005,Healthy server hardware unit growth, with Windows Server growth in line with market,16,th,consecutive quarter of double digit revenue growth,Momentum from recent product launches of SQL Server & Visual Studio, drive revenue growth,18% Y/Y Growth,$2.70B,$2.53B,$2.91B,$2.85B,$3.18B,11,Information Worker Revenue,Q4 Summary,Released Office 2007 Beta 2,Continued strong demand for Office Live beta with 100,000 active subscriptions,Unveiled Unified Communications product roadmap and partner ecosystem,Strong annuity growth signals strong customer demand for Office 2007,$2.94B,$2.70B,6% Y/Y Growth,$2.98B,$2.95B,$3.13B,12,Microsoft Business Solutions Revenue,Q4 Summary,License revenue growth of 15% driven primarily by strong demand for Dynamics CRM and Dynamics ERP products,Achieved operating profitability for the fourth quarter and fiscal year,Enhancement revenue growth of 20%,Launched Dynamics AX 4.0 during the quarter,50,000+ new Dynamics CRM users added,16% Y/Y Growth,$242M,$181M,$242M,$216M,$280M,13,MSN Revenue,Q4 Summary,Advertising revenue was flat due to ramp up of,adCenter,Access revenue declined 13%, as expected,MSN,adCenter,servicing 100% of,MSNs,US search traffic by the end of the quarter,MSN ended the quarter with:,Over 260M active Hotmail accounts,Over 240M active Messenger accounts,Continued progress on transitioning search advertising to adCenter,3% Y/Y Decline,$598M,$564M,$593M,$561M,$580M,14,Mobile & Embedded Devices Revenue,Q4 Summary,Growth driven primarily by Windows Mobile software and Windows Embedded OS,Windows Mobile software up 37%,Embedded revenue up 38% Y/Y,For the year, license growth for Windows Mobile based phones increased 90%,Mobile & Embedded achieved operating profitability for the first time ever in FY06,Fifth consecutive quarter of revenue growth in excess of 40%,41% Y/Y Growth,$80M,$74M,$101M,$89M,$113M,15,Home & Entertainment Revenue,Continued strong customer demand for Xbox 360 console,Q4 Summary,Over 125% Xbox revenue growth,1.8M,XBox,360 console shipments; 5M console installed base,Strong software and peripheral attach,Over 3M Xbox Live subscribers,24% Y/Y growth in Home Products Division, MSTV & PC Games,Announced the acquisition of,Lionhead,during the quarter,94% Y/Y Growth,$587M,$506M,$1.56B,$1.06B,$1.14B,16,Fiscal Q4 Results,17,Fiscal Year 2006 Results,18,Comparative Balance Sheet,19,Guidance*,FY07-Q1,FY07,Total revenue,$10.6 billion - $,10.8,billion,$49.7 billion - $50.7 billion,Client,5% - 6%,8% - 10%,Server & Tools,12% - 14%,14% - 15%,Online Services Group,Flat to down 4%,7% - 11%,Microsoft Business Division,3% - 5%,9% - 10%,Entertainment & Devices Division,53% - 60%,31% - 46%,Cost of goods sold (as a % of revenue),Up 3 pts.,Up 1 2 pts.,Operating income (GAAP),$4.0 billion - $4.2 billion,$18.9 - $19.4 billion,Earnings per share (GAAP),$0.30 - $0.32,$1.43 - $1.47,* Guidance as of July 20, 2006. Percentages denote year over year comparison to prior year quarter.,FY07-Q1,FY07,PC market,9% - 11%,8% - 10%,Server market,10% - 12%,Planned spending in FY07,20,All amounts are approximate,21,Reconciliation Slidesand Appendix,22,Reconciliation of differences between GAAP,and Non-GAAP financial measures,We may from time to time discuss fourth quarter and fiscal year 2006 performance using the non-GAAP financial measures presented on the following four slides. The following tables provide a reconciliation of the differences between the non-GAAP financial measures presented therein and the most directly comparable financial measures calculated and presented in accordance with GAAP.,The following five slides include reconciliations for:,Operating income excluding legal charges,Earnings per share excluding legal charges,Operating expenses excluding legal charges,Revenue, operating income, and operating margins excluding legal charges and Home & Entertainment,Q4 effective tax rate excluding legal charges,23,Reconciliation of Differences Between GAAP and Non-GAAP Financial Measures: Operating income,The non-GAAP measures provided above, which remove the legal charges from the most directly comparable GAAP measures are included as an additional clarifying item to aid readers of the financial statements in further understanding the Companys fourth quarter and fiscal year 2006 performance and the impact that certain items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.,24,Reconciliation of Differences Between GAAP and Non-GAAP Financial Measures: Earnings Per Share,The non-GAAP measures provided above, which remove the legal charges from the most directly comparable GAAP measures and are after tax measures, are included as an additional clarifying item to aid readers of the financial statements in further understanding the Companys fourth quarter and fiscal year 2006 performance and the impact that certain items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.,25,Reconciliation of differences between GAAP and Non-GAAP financial measures: Operating expense,The non-GAAP measures provided above, which remove legal settlements from the most directly comparable GAAP measures and are after tax measures, are included as an additional clarifying item to aid readers of the financial statements in further understanding the Companys first quarter fiscal year 2006 performance and the impact that certain items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.,26,Reconciliation of Differences Between GAAP and Non-GAAP Financial Measures: Revenue, Operating income, and Operating margins excluding legal charges and Home & Entertainment,The non-GAAP measures provided above, which remove the legal charges from the most directly comparable GAAP measures and are after tax measures, are included as an additional clarifying item to aid readers of the financial statements in further understanding the Companys fourth quarter and fiscal year 2006 performance and the impact that certain items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.,27,Reconciliation of differences between GAAP and Non-GAAP financial measures: FY06-Q4 Effective tax rate,The non-GAAP measures provided above, which remove the legal charges from the most directly comparable GAAP measures and are after tax measures, are included as an additional clarifying item to aid readers of the financial statements in further understanding the Companys fourth quarter and fiscal year 2006 performance and the impact that certain items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.,28,Reconciliation of Differences Between GAAP and Non-GAAP FY07 guidance,The following slide includes a reconciliation for:,FY07 operating income guidance,We may from time to time discuss fiscal year 2007 guidance using the non-GAAP financial measures presented on the following slide. The following tables provide a reconciliation of the differences between the non-GAAP financial measures presented therein and the most directly comparable financial measures calculated and presented in accordance with GAAP.,29,Reconciliation of Differences Between GAAP and Non-GAAP Financial Measures: FY07 operating income,*Guidance may not add due to rounding.,The non-GAAP measures provided above, which remove certain settlement charges, and the tax benefit from the most directly comparable GAAP measures, are included as an additional clarifying item to aid readers of the financial statements in further understanding the Companys fiscal year 2007 guidance and the impact that certain items and events had on the financial guidance. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.,30,Operating Segment History,The following slide includes tables for:,Unaudited,Pro Forma results for changes to the FY07 Operating Segments,31,Unaudited Pro Forma results for changes to the FY07 Operating Segments,32,33, 2006 Microsoft Corporation. All rights reserved.,This presentation is for informational purposes only. Microsoft makes no warranties, express or implied, in this summary.,34,
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