Microsoft, primeras pérdidas trimestrales de su historia, tras hacer limpieza contable (transcript completo)

Gurus | 20 de Julio de 2012 | (21)

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Microsoft registró en el cuarto trimestre de su ejercicio fiscal pérdidas por importe neto de 492 millones de dólares (400 millones de euros), frente al beneficio de 5.874 millones de dólares (4.775 millones de euros) del mismo periodo del año anterior, lo que supone los primeros ‘números rojos’ trimestrales para el gigante de Redmond desde que debutara como compañía cotizada en marzo de 1986.

Microsoft ya había adelantado a principios de julio que sus cuentas del cuarto trimestre incorporarían el impacto negativo de una carga extraordinaria de 6.200 millones de dólares (4.920 millones de euros) por depreciaciones en el valor de su negocio ‘online’, en su mayor parte relacionadas con la adquisición de aQuantive en 2007.

Microsoft pagó en agosto de 2007 alrededor de 6.300 millones de dólares (5.000 millones de euros al cambio actual) para hacerse con la firma de marketing electrónico aQuantive, la segunda mayor compra de la historia de la compañía fundada por Bill Gates, con el objetivo de plantar cara a Google, que acababa de hacerse con la agencia de publicidad ‘online’ DoubleClick.

Por otro lado, en el cuarto trimestre la cifra de negocio de Microsoft sumó 18.059 millones de dólares (14.682 millones de euros), un 4% más, con avances en los ingresos de sus unidades de servidores (+12,5%), servicios onlines (+8%), empresas (+7,1%) y entretenimiento (+19,6%), mientras que las ventas de Windows bajaron un 12,6%, lastradas por la caída de las ventas de ordenadores.

De este modo, en los seis primeros meses del ejercicio, Microsoft obtuvo un beneficio neto de 16.978 millones de dólares (13.803 millones de euros), un 26,6% menos, mientras que su cifra de negocio alcanzó un récord de 73.723 millones de dólares (59.937 millones de euros), un 5,4% más.

Os dejamos el Trasncript de los resultados de Microsoft del 4Q:

Operator: Welcome to Microsoft’s Fiscal Year 2012 Fourth Quarter Earnings Conference Call. All lines have been placed on a listen-only mode until the question-and-answer session. Today’s call is being recorded. If you have any objections, you may disconnect at this time.

I would now like to turn the call over to Bill Koefoed, General Manager of Investor Relations. Bill, you may begin.

Bill Koefoed – GM, IR: Thanks Sharon, and thank you everyone for joining us this afternoon. As usual, with me today are Peter Klein, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

On our website, microsoft.com/investor is our financial summary slide deck, which is intended to follow our prepared remarks and provides a reconciliation of differences between GAAP and non-GAAP financial measures. Note that all growth comparison we make on the call today will relate to the corresponding period of last year. Unless specified otherwise, all impacted numbers for the current quarter have been adjusted for the $540 million revenue deferral related to the Windows upgrade offer and the previously announced $6.2 billion goodwill impairment charge.

As a reminder, we will post today’s prepared remarks to our website immediately following the call until the complete transcript is available. Today’s call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and any future use of the recording. You can replay the call and view the transcript at the Microsoft Investor Relations website until July 19, 2013.

During this call, we will be making forward-looking statements that are subject – that are prediction, projections or other statements about future event. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today’s earnings press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 10-Qs and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

Okay and with that I’ll turn the call over to Peter.

Peter Klein – CFO: Thank Bill and thanks everyone for joining us. We started the fiscal year with good momentum and closed with a solid finish. Throughout the year we delivered top line growth and remained disciplined on cost management, while continuing to execute on our product roadmap. Our enterprise products and services remain a top priority for CIOs as they navigate macroeconomic challenges. They are adopting our solutions for increased productivity, manageability, and security at an overall lower total cost of ownership.

Windows 7 and Office 2010 both reached new milestones as enterprises benefit from our Business Desktop offering. Today over 50% of enterprise desktops worldwide are running Windows 7 and Software Assurance attach rates are at an all-time high. And even two years after launch, Office 2010 attach continues to grow as businesses make long-term commitments to the Office platform.

Our productivity server offerings continue to perform very well with double-digit growth. Our newest server offerings Lync grew over 45% this quarter, and we are excited about the unified communication scenarios that are enabled by new voice, video and social capabilities. Office remains the number one productivity application and today is on more than 1 billion PCs worldwide. On Monday we released a customer preview of the new Office, which puts mobility, social and cloud at the forefront. Combined with the power of Windows 8 we are enabling a new platform of computing that give the end-user unparalleled choice for consumption and productivity.

Our Server & Tools products deliver on the vision of the modern data center, by enabling multi-tenancy, scalability and continuous services, all while using a single pane of glass for management. No other technology company can offer the hybrid cloud solutions that give customers the ability to manage and scale their applications, data and processes across both public and private clouds. As I look back when I first became CFO of Server & Tools in 2003, it was a $7 billion business. Since then it has grown to nearly $19 billion in revenue and the opportunity for future growth has never been better.

Xbox continued its evolution as an entertainment platform and has solidified its place in the living room. With the help of Kinect and Bing, discovering and accessing content has never been easier, and with the recently announced Xbox SmartGlass, we look to make entertainment smarter, more interactive and more fun.

Moving to the Online Services Division, we continue to grow share, increase revenue per search and improve operating performance. Despite this progress, our expectations for future growth and profitability are now lower than we previously expected. As we announced earlier this month, we took a write down on the goodwill that arose mainly from the aQuantive acquisition. We continue to believe that search is a strategic asset for Microsoft and are prioritizing our resources into the areas we believe drives the most business value.

With Windows 8 and Windows Phone 8, we see a great opportunity to benefit from the trend towards smart mobile devices. We feel that we are uniquely positioned to address the security and manageability challenges that CIOs are dealing with today as a result of this trend. For users we offer compelling experiences across devices with data and services that are connected seamlessly via the cloud.

In summary, we delivered solid financial results, while embarking on the largest launch wave in our history. We are pleased with the long-term commitment that enterprise customers are making to our offerings as it demonstrates the high level of confidence in our product and service roadmap.

Importantly, customer satisfaction is at an all-time high. This past year we delivered significant product release such as SQL Server 2012, System Center 2012 and update from Azure, Bing, and Xbox LIVE, and enthusiasm is building for the coming year that includes important release from Windows, Windows Phone, Office and Windows Server.

With those thoughts, I will hand it back to Bill to provide more details on our results, and then I will come back to provide some thoughts on our outlook for the first quarter and full fiscal year 2013.

Bill Koefoed – GM, IR: Thanks Peter. First, I’m going to review our overall results and then I’ll move on to the details by business segment.

Revenue for the quarter was $18.6 billion, up 7% or $1.2 billion. Operating income was $6.9 billion, up 12%, earnings per share was $0.73, up 6%. Cash flow from operations was a $7.7 billion, up 29%, and for the full year it was a record $31.6 billion. Foreign exchange did not materially impact our net income this quarter.

From a geographic perspective, developed markets grew mid single digits and we saw continued double-digit growth in emerging markets. We delivered solid financial results despite a tough economic environment which demonstrates the strength and breadth of our businesses. Our compelling product portfolio across Windows Server and Tools in the Microsoft Business Division is driving strong demand from small businesses to the largest global enterprises. Multiyear licensing revenue grew 14% and made up over 40% of our total revenue for the quarter. Unearned revenue was a record $19.5 billion, up 14% and our contracted not billed balance was over $19.5 billion.

Turning to the PC market, we estimate that the worldwide PC market was roughly flat this quarter with approximately 85 million PC sold. Business PCs were up 1% and consumer PCs were down 2%.

Next, I’ll move on to the results for the Windows & Windows Live Division, where revenue was generally in line with the PC market. As in past quarters, you will find the OEM revenue bridge in our earning slide deck. Adoption of Windows 7 remained strong especially among enterprises, which are benefiting from the security and management capabilities that come with the operating system. This quarter volume licensing revenue grew double-digits.

During the quarter, we launched the release preview of Windows 8 to a positive reception, and we recently announced that Windows 8 will reach general availability on October 26th. Windows 8 represents a significant opportunity for developers, OEMs and other partners to extend a new range of form factors, capabilities and scenarios to billions of people around the world.

Now, I’ll move on to the Microsoft Business Division, where revenue grew 7%. Business revenue grew 9% and within that, multi-year licensing revenue grew 12% and transactional revenue grew 2%, driven by higher attach worldwide.

Consumer revenue declined 4% reflecting consumer PC dynamics in developed markets, which was partially offset by higher attach rates. We saw strong growth in our productivity server offerings with Exchange, SharePoint and Lync collectively growing double-digits this quarter. CIOs continue to invest in our application roadmap and new productivity scenarios. As Peter mentioned Lync revenue growth accelerated to over 45% as enterprises chose our unified communications platform. We believe unified communications is a huge market opportunity and we are pleased to see these results.

Just a year ago we introduced Office 365. It is now offered in 88 markets and 32 languages. In just one year some of the biggest global brands have embraced Office 365 to share information and connect with customers and partners. Global brands such as Lowe’s, QANTAS, Japan Airlines and Hallmark Cards have adopted Office 365 to unify their communication and collaboration experience with a secure trusted platform.

Earlier this week we released the customer preview of the next version of Office. It features an intuitive design that works great on Windows 8 with touch, stylus, mouse or keyboard. It is available as a cloud-based subscription service and includes Skype credits and extra SkyDrive storage. With SkyDrive integration content is always available across all types of devices.

It enables modern scenarios such as digital note-taking, reading and markup. It is social and makes it easier to connect with people and information. With (people card) there is an integrated view of contacts from LinkedIn and Facebook. Speaking of social, this morning we announced that we have closed the Yammer acquisition. The Yammer adds best-in-class enterprise social networking to our portfolio of cloud-based productivity services.

Dynamics revenue grew 7% and within that Dynamic CRM revenue grew over 25% and added 360,000 users this quarter. We now have more than 2.7 million users and 36,000 customers that use Dynamic CRM to get a consistent and familiar experience inside Office.

Now let’s move to Server & Tools, which posted another solid quarter with 13% revenue growth; transactional revenue declined low-single digits while multiyear licensing revenue grew more than 20%, fueled by the wave of our new server products. Enterprise services grew 15%.

In the private cloud, Windows Server premium revenue grew double-digits. With greater scalability, improved performance and cost efficiencies, Hyper-V continues to win share against VMware. In anticipation of what is coming in Windows Server 2012, we are already seeing customers like Unilever move from VMware to Hyper-V.

System Center revenue grew roughly 20% and we continued building momentum and demand for our private cloud capabilities. With the release of System Center 2012 and our leadership in Windows Server Active Directory, we have a compelling device management and application delivery platform.

In the public cloud we launched a major release of Windows Azure, which enables infrastructure-as-a-service capabilities at 48 countries, offers media services, and brings new capabilities to developers. We are excited that Windows Azure Media Services is being used to deliver Olympics coverage in high-definition. This quarter Windows Azure had a significant customer and partner wins and we added roughly 800 new enterprise customers. In our data platform business, SQL Server revenue grew 20% outpacing industry growth.

Every week, we see customers moving to SQL Server because of its superior business analytic, security, flexibility and cost-effectiveness. SQL Server premium revenue grew more than 30% as enterprises continued to deploy it for their mission-critical workloads and business intelligence needs.

High-performance (and BI) capabilities offered by SQL Server 2012 along with Hadoop integration will enable our customers to capture the full potential of big data. As I look back at the year, SQL Server revenue grew more than $0.5 billion and with the technology advancements in SQL Server 2012, we are well-positioned for future growth.

Next, I will move on to the Online Services Division where revenue grew 8% and operating performance improved by $266 million or 36%. Online advertising revenue was up 12% driven primarily by rate improvement in our search business. Bing’s U.S. organic market share ended the quarter at 15.6%, up 120 basis points year-over-year.

In the Entertainment & Devices Division, revenue grew 20%. Despite the soft console market, Xbox continues its leadership position and has 47% share of the U.S. market in June. Additionally, Xbox LIVE membership increased by more than 15% driven in part by the new content partners we had brought to Xbox. We also announced Xbox SmartGlass which will connect phones, PCs and tablets with the Xbox 360 console to enable more interactive and engaging entertainment.

For Windows Phone, there are now approximately 100,000 apps in the marketplace and Windows Phone unit sales grew more than 50% sequentially. In June, we announced that Windows Phone 8 will arrive later this year. Windows Phone 8 is based on the same core technologies that power Windows 8 and it will unleash a new wave of features for consumers, developers and businesses.

Moving on to Skype, we continue to progress with the integration and you got a taste of that with our office announcement this week. This quarter 115 billion minutes of calls were made on the Skype network, an increase of over 50% from the prior year.

I will now cover the remainder of the income statement. Costs of goods sold increased 12% primarily due to Nokia platform payment, inclusion of Skype costs, and growth in enterprise services.

Operating expenses were flat at $7.5 billion. Operating income increased 12% to $6.9 billion. This quarter, we returned $2.7 billion to shareholders in buybacks and dividends. So, to wrap up, we saw a strong demand from our business customers leading to solid financial results. Along with our revenue growth, we were able to maintain strong cost discipline and drive operating margin expansion.

With that, I will hand it back to Peter, who is going to discuss our business outlook.

Peter Klein – CFO: Thanks, Bill. For the remainder of the call, I’ll discuss our expectations for the first quarter and full fiscal year 2013. As we look forward, we expect many of the trends from 2012 to continue. Companies will prioritize the transition to the modern desktop. CIOs will continue to invest in cloud solutions to deliver productivity, scalability to their business. Consumers will increasingly leverage cloud services to ensure their content is always available across any of their devices. Rapid innovation will continue in hardware, services and the underlying infrastructure that is needed to support mobile computing. With our current portfolio and roadmap we believe we are well positioned to capitalize on these trends.

Now turning to our outlook by business. For Windows; in the first quarter we expect to defer $1.0 billion to $1.2 billion related to the Windows upgrade offer and presales of Windows 8 to OEMs prior to general availability. Just a reminder that amounts deferred to the Windows upgrade offer will get recognized upon the earlier of redemptions for the expiration of the program on February 28, 2013. We expect the current dynamics of the PC marketplace to continue in the first quarter. Excluding the impact of the deferrals associated with the Windows upgrade offer and presales, we expect Windows revenue to slightly trail the PC market for the quarter.

With new touch-enabled features in Windows 8 and new form factors hitting the market this fall we expect Windows 8 to drive the PC ecosystem forward. Excluding the deferrals from fiscal year 2012 for the year we expect Windows revenue to be roughly in line with the PC market. Note that this does not include the impact of Surface PCs which we will update you on in the coming months.

In Microsoft Business Division multiyear licensing revenue, which is approximately 60% of the Division’s total, should grow low double digits for both the first quarter and full-year. Transactional revenue, which is the remaining revenue in the Division, should lag the overall PC market until the launch of Office due to the normal cyclical slowdown in advance of the next version and then slightly outperform the PC market post launch.

Within Server & Tools, our customers are moving from transactional licensing to multiyear licensing agreements. This impacts our mix of revenue and for next year we expect multiyear licensing to be approximately 60% of the Division’s revenue, transactional licensing to be 20%, and enterprise services to remain at 20%. With a shift to multiyear agreements we expect transactional revenue to slightly lag the overall server hardware market for the first quarter and full-year. For both the first quarter and the year, we expect multiyear licensing revenue and enterprise services revenue to both grow low-teens.

In the Online Services Division, we look to build upon improvements in share and search monetization, with focused investment in the highest value areas. For our Entertainment and Devices division while we had been maintaining our share leadership position, the console market has been showing year-over-year decline. For games, Halo 4 will launch in Q2, while Gears of War was a Q1 title last year. With these considerations in mind, we expect revenue to decline high-teens in the first quarter and to be roughly flat to the full year.

We expect COGs to grow high-single digits in the first quarter, due primarily to the Nokia payments, addition of Skype and growth in enterprise services partially offset by lower console volumes. We are reaffirming our guidance for operating expenses of $30.3 billion to $30.9 billion for fiscal 2013, and as you create your models, you should expect higher expense growth rates around the timing of launches.

As a reminder, other income includes dividend and interest income offset by interest expense and the net cost of hedging. In the current low interest rate environment, we expect these items to generally offset absent one-time events. For the full fiscal year, we expect our effective tax rate to be 19% to 21% and capital expenditures to be slightly over $3 billion.

Adjusting for the impact of the Windows upgrade offer and pre-sales, we expect unearned revenue will roughly follow historical sequential growth patterns for the first quarter. In summary, we delivered solid financial results in the both the fourth quarter and for the full fiscal year. We enter fiscal 2013 with great momentum and are excited about our upcoming launches.

 

 

 

 



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