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2011 Oppenheimer Technology Conference Microsoft Fiscal Year 2011 Results

2011 Oppenheimer Technology Conference Microsoft Fiscal Year 2011 Results.

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2011 Oppenheimer Technology Conference Microsoft Fiscal Year 2011 Results

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  1. 2011 Oppenheimer Technology Conference Microsoft Fiscal Year 2011 Results

  2. This presentation contains 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 today’s press release, in the management’s discussion and analysis section of the company’s most recent Form 10-K, Forms 10-Q, 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.

  3. FY11 Overview Strong results while our businesses transform to the cloud • Revenue up 12%, Operating Income up 13%, and EPS up 28% • Robust product cycle and partnership momentum • Operating expense discipline continues • Cash flow from operations $27.0 billion • $16.9 billion returned to shareholders through dividends and buybacks, up 10% over FY10 • Investments in platform and cloud for long-term growth

  4. Financial Summary – FY11 * Includes $0.2B of unallocated and other revenue

  5. FY06 – FY11 Revenue and EPS As reported, $s in billions except EPS

  6. Outlook Segment Revenue FY12 Market dynamics similar to FY11 Q4 with emerging market growth significantly outpacing developed market growth. Business PC growth to outpace consumer PC growth, as business refresh continues. Windows & Windows Live Transactional revenue will likely lag the overall PC market. Multi-year licensing revenue should grow low-double digits. Microsoft Business Division Transactional revenue to generally track with the hardware market. Multi-year licensing revenue and enterprise services revenue to grow low double-digits. Server & Tools Online advertising revenue to perform roughly in line with the overall online advertising market. Online Services Division Revenue to grow mid-teens. Entertainment & Devices Other Items COGS Similar to FY11, the biggest factor impacting COGS going forward will be the shift of revenue mix across hardware, software, enterprise services, and online services. We are reconfirming our guidance of 3% – 5% growth, and expect Opex to be $28.0 to $28.6 billion for the full fiscal year. Opex Tax We expect our effective tax rate to be 19% – 21% for the first quarter and full fiscal year. We expect capital expenditures for the full fiscal year to be about $2.5 billion. Capex

  7. © 2011 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

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