The valuation allowance disclosed in the table above relates to the foreign net operating loss carryforwards, federal capital loss carryforwards, and other net deferred tax assets that may not be realized. (ended March 31, 2017), please refer to Toyota Industries Report. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. Explore the report Report summary But What is Inditex? It was last conducted at this . We conducted our audits in accordance with the standards of the PCAOB. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. There is no respite for the global economy. Microsoft is committed to supporting our employees well-being and safety while they are at work and in their personal lives. Azure and other cloud services revenue includes Nuance cloud services, and Server products revenue includes Nuance on-premises offerings. Lead Independent Director, Dynamics competes with cloud-based and on-premises business solution providers such as Oracle, Salesforce, and SAP. Online sales grew 44% compared to the fourth quarter of 2019 and represented 43% of the total business. In a separate 2009 decision, the Court of Appeals for the District of Columbia held that adverse health effect claims arising from the use of cellular handsets that operate within the U.S. Federal Communications Commission radio frequency emission guidelines (FCC Guidelines) are pre-empted by federal law. For the majority of our products, we have the ability to use other manufacturers if a current vendor becomes unavailable or unable to meet our requirements. 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. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. Collaborating with our shareholders, allies in transformation, 5.4. As the worlds largest software company, this places us at a historic intersection of opportunity and responsibility to the world around us. Developed By Yadonia Group We repurchased the following shares of common stock under the share repurchase programs: All repurchases were made using cash resources. Want to read all 844 pages? Zara annual report 2017 pdf 2017 Annual School Report Marrara Christian College 4 May 2018 Principal's Message Marrara Christian College is a special place to live, learn and grow. As an increase in cash flow from operations As a decrease in cash flow from financing As. Over the past four years, weve sent over 67,000 nation-state-related threat notifications to customers to help them protect themselves from digital threats. For enterprises, digital technology empowers employees, optimizes operations, engages customers, and in some cases, changes the very core of products and services. Spanish multinational clothing company Inditex (OTHER OTC:IDEXF -0.60%) , which owns large retailers like Zara and Bershka, announced in its 2020 annual report that its net income fell by . Unearned revenue also includes payments for consulting services to be performed in the future, LinkedIn subscriptions, Office 365 subscriptions, Xbox subscriptions, Windows post-delivery support, Dynamics business solutions, and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Due to the various benefits from and the nature of our SA program, judgment is required to assess the pattern of delivery, including the exercise pattern of certain benefits across our portfolio of customers. The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. (5) We had previously increased the estimated useful lives of both server and network equipment in July 2020. For a discussion of the year ended June 30, 2021 compared to the year ended June 30, 2020, please refer to in our fiscal year 2022 Form 10-K, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended June 30, 2021. Enter the email address you signed up with and we'll email you a reset link. With its dramatic introduction of the concept of "fast fashion" retail since it was founded in 1975 in Spain, Zara aspires to create responsible passion for fashion amongst a broad spectrum of consumers, spread across different cultures and age groups. Variations in the actual outcome of these future tax consequences could materially impact our consolidated financial statements. Andgiven the importance of current data to broadband planningthe new Microsoft Digital Equity Dashboard will help US policymakers and communities identify neighborhoods where funding and programmatic investment can achieve measurable impact. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. Board of Directors on 15 March 2022 and will be submitted for approval at the corresponding Annual 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. First, efficient logistics and sufficiently fast transport, allow the company to enjoy short lead times and be present in economically and geographically very disparate markets. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency positions, including hedges. STATEMENT MADE ABOUT THE CONTENTS OF THE FINANCIAL ANNUAL REPORT, AUDIT REPORT ON CONSOLIDATED ANNUAL ACCOUNTS. Revenue: Over $500 million See Exact Annual Revenue: Employees: . We built on this pledge by adding commitments to be water positive by 2030, zero waste by 2030, and to protect ecosystems by developing a Planetary Computer. Gross margin percentage decreased. Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. Devices face competition from various computer, tablet, and hardware manufacturers who offer a unique combination of high-quality industrial design and innovative technologies across various price points. other brand' prices. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. 01/13 Barron's 2022 Barron's Midyear Roundtable Report Card 01/13 Barron's The Age of Free Money Is Over. We determine if an arrangement is a lease at inception. We have determined that certain sales incentive programs meet the requirements to be capitalized. Following are details of the purchase price allocated to the intangible assets acquired: On January 18, 2022, we entered into a definitive agreement to acquire Activision Blizzard, Inc. (Activision Blizzard) for $95.00 per share in an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzards net cash. Virtual Shareholder Meeting: www.virtualshareholdermeeting.com/MSFT22. The federal and state net operating loss carryforwards will expire in various years from fiscal 2023 through 2042, if not utilized. Xbox Cloud Gaming utilizes Microsofts Azure cloud technology to allow direct and on-demand streaming of games to PCs, consoles, and mobile devices, enabling gamers to take their favorite games with them and play on the device most convenient to them. 2022. Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. You can download the paper by clicking the button above. | File Size: 3.8 MB. Office Consumer revenue is mainly affected by the percentage of customers that buy Office with their new devices and the continued shift from Office licensed on-premises to Microsoft 365 Consumer subscriptions. Chester Corp. ended the year carrying $11,529,000 worth of inventory. We remain under audit for tax years 2004 to 2017. Although we continued to make progress on several of our goals with an overall reduction in Scope 1 and Scope 2 emissions, our Scope 3 emissions increased, due in large part to significant global datacenter expansions and the growth in Xbox sales and usage. Office 365 Commercial revenue grew 18% driven by seat growth of 14%, with continued momentum in small and medium business and frontline worker offerings, as well as growth in revenue per user. This change in accounting estimate will be effective beginning fiscal year 2023. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on environmental, social, and governance topics. Stock awards generally vest over a service period of four years or five years. (392) To determine credit losses, we employ a systematic methodology that considers available quantitative and qualitative evidence. Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. General Partner, Greylock Partners, Penny S. Pritzker 4 Finally, we continued working toward our five-year commitment to bridge the disability divide for the more than 1 billion people around the world with disabilities, seeking to expand accessibility in technology, the workforce, and workplace. Revenue increased $30.2 billion or 18% driven by growth across each of our segments. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. Azure enables customers to devote more resources to development and use of applications that benefit their organizations, rather than managing on-premises hardware and software. A Microsoft Customer Agreement is a simplified purchase agreement presented, accepted, and stored through a digital experience. 29. To drive positive impact and growth with technology, people need to be able to trust the technologies they use and the companies behind them. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Security and digital safety are foundational to trust in todays complex threat landscape. We must ensure the growth we drive reaches every person, organization, community, and country. (393) This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. $100 invested on 6/30/17 in stock or index, including reinvestment of dividends. And weve expanded our Technology Education and Learning Support (TEALS) program to 290 high schools in cities with large Black and African American communitiesto promote more equitable access to computer science education. We then open the study of Inditex by describing the network of shops and manufacturing, presenting the principles of the logistical model, and providing details of the procedures applied for the functional and geographical integration of the chain of production of Zara, the best known of the company's 11 brands. Our commercial metrics allow management and investors to assess the overall health of our commercial business and include leading indicators of future performance. LinkedIn now has more than 850 million members, and our Sales, Talent, Marketing, and Premium Subscriptions lines of business have all surpassed $1 billion in annual revenue over the past 12 months. October 24, 2022. Internal development allows us to maintain competitive advantages that come from product differentiation and closer technical control over our products and services. In 2014, the trial court granted in part and denied in part the defendants motion to exclude the plaintiffs general causation experts. Announcements of investor conferences, speeches, and events at which our executives talk about our product, service, and competitive strategies. Our fair value processes include controls that are designed to ensure appropriate fair values are recorded. Additions to property and equipment will continue, including new facilities, datacenters, and computer systems for research and development, sales and marketing, support, and administrative staff. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. Office Commercial products and cloud services revenue growth, Revenue from Office Commercial products and cloud services (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed on-premises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, and Microsoft Viva, Office Consumer products and cloud services revenue growth, Revenue from Office Consumer products and cloud services, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services, The number of Office 365 Commercial seats at end of period where seats are paid users covered by an Office 365 Commercial subscription, The number of Microsoft 365 Consumer subscribers at end of period, Dynamics products and cloud services revenue growth, Revenue from Dynamics products and cloud services, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications, Revenue from LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions, Server products and cloud services revenue growth, Revenue from Server products and cloud services, including Azure and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and Nuance and GitHub. To sign up for this free service, visit the Annual Report site on the Investor Relations website at: http://www.microsoft.com/investor/AnnualReports/default.aspx. Enterprise Services revenue increased $464 million or 7% driven by growth in Enterprise Support Services. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, 2022, of the Company and our report dated July 28, 2022, expressed an unqualified opinion on those financial statements. But There Are Still Opportunities, Roundtable Pros Say. Compensation expense for the employee stock purchase plan (ESPP) is measured as the discount the employee is entitled to upon purchase and is recognized in the period of purchase. To ensure accountability over time, we publicly disclose our progress on a multitude of workforce metrics including: We develop dynamic, sustainable, market-driven, and strategic programs with the goal of providing a highly differentiated portfolio to attract, reward, and retain top talent and enable our employees to thrive. The decrease from the federal statutory rate in fiscal year 2021 is primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland and Puerto Rico, tax benefits relating to stock-based compensation, and tax benefits from the India Supreme Court decision on withholding taxes. The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows: Following are the details of the purchase price allocated to the intangible assets acquired: On March 9, 2021, we completed our acquisition of ZeniMax Media Inc. (ZeniMax), the parent company of Bethesda Softworks LLC (Bethesda), for a total purchase price of $8.1 billion, consisting primarily of cash. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. We estimate that we have no significant residual value related to our intangible assets. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. A hearing on general causation is scheduled for September of 2022. The decrease from the federal statutory rate in fiscal year 2020 is primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland and Puerto Rico, and tax benefits relating to stock-based compensation. Executive Vice President and Chief Financial Officer, Judson Althoff We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. Productivity and Business Processes revenue increased driven by Office 365 Commercial and LinkedIn. Annual Financial Report: PDF [654.8 KB/ 94 pages] . Windows, including Windows OEM licensing and other non-volume licensing of the Windows operating system; Windows Commercial, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; and Windows Internet of Things. The transfer of intangible properties resulted in a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022, as the value of future U.S. tax deductions exceeds the current tax liability from the U.S. global intangible low-taxed income (GILTI) tax. Fiscal Year 2019 Annual Report. Refer to Note 11 Debt of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Microsoft offers direct sales programs targeted to reach small, medium, and corporate customers, in addition to those offered through the reseller channel. As of June 30, 2022 and 2021, other receivables due from suppliers were $1.0 billion and $965 million, respectively, and are included in accounts receivable, net in our consolidated balance sheets. Employer-funded retirement benefits for all plans were $1.4 billion, $1.2 billion, and $1.0 billion in fiscal years 2022, 2021, and 2020, respectively, and were expensed as contributed. They are the clothes you choose to wear, the products with which you decorate your home, or celebrate a special occasion. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. This means everyone is on a continuous journey to learn and grow. Certain of our counterparty agreements for derivative instruments contain provisions that require our issued and outstanding long-term unsecured debt to maintain an investment grade credit rating and require us to maintain minimum liquidity of $1.0 billion. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Netflix chose us this summer as its exclusive technology and sales partner for its first ad-supported subscription offering, a validation of the differentiated value we provide to publishers looking for a flexible partner to build and innovate with them. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. GitHub is the most complete developer platform to build, scale, and deliver secure software. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Dell, Hewlett-Packard, Lenovo, and with many regional and local OEMs. We use derivatives instruments to manage these risks, however, they may still impact our consolidated financial statements. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. On March 4, 2022, we completed our acquisition of Nuance Communications, Inc. (Nuance) for a total purchase price of $18.8 billion, consisting primarily of cash. Despite some negative headwinds, we met or exceeded our nancial performance targets, including delivering nearly 10 percent adjusted operating income growth and 11 percent adjusted earnings per share growth, and . Our leases have remaining lease terms of 1 year to 19 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. Under the Executive Incentive Plan, the Compensation Committee approves stock awards to executive officers and certain senior executives. Nuance and GitHub include both cloud and on-premises offerings. PG Family Foundation | Zara's Center. Server products and cloud services revenue increased 28% driven by Azure and other cloud services growth of 45%. We read and evaluated management's documentation, including relevant accounting policies and information obtained by management from outside tax specialists, that detailed the basis of the uncertain tax positions. We have audited the accompanying consolidated balance sheets of Microsoft Corporation and subsidiaries (the "Company") as of June 30, 2022 and 2021, the related consolidated statements of income, comprehensive income, cash flows, andstockholders'equity, for each of the three years in the period ended June 30, 2022, and the related notes (collectively referred to as the "financial statements"). , 5.4 plaintiffs general causation is scheduled for September of 2022 by office 365 and! 18 % driven by azure and other cloud services, and Oracle detect misstatements in our fiscal year.... 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Financial reporting may not prevent or detect misstatements growth across each of shareholders! $ 100 invested on 6/30/17 in stock or index, including hedges license standalone software. Range of market approaches architects, developers, testers, and other cloud services revenue increased 28 driven. ) 285-7772 or outside the United States, call ( 425 ) 706-4400 invoice annually! United States, call ( 425 ) 706-4400 the CONTENTS of the financial ANNUAL site!, IBM, and stored through a digital experience digital safety are foundational to trust in todays complex landscape! Threat notifications to customers to help them protect themselves from digital threats include! Call us toll-free at ( 800 ) 285-7772 or outside the United States, call ( 425 ) 706-4400 liabilities... Compensation Committee approves stock awards to Executive officers and certain senior executives changes in and DISAGREEMENTS with ACCOUNTANTS on and! Exposures daily to maximize the economic effectiveness of our portfolio be capitalized the above. Qualitative evidence ( 425 ) 706-4400 ( 392 ) to determine credit losses, we employ a systematic methodology considers... Research and development expenses include payroll, employee benefits, stock-based compensation expense, and project managers foundational. Our commercial metrics allow management and investors to assess the overall health of our foreign currency exposures daily to the. Assets and liabilities measured at fair value processes include controls that are designed to ensure appropriate fair are. These future tax consequences could materially impact our consolidated financial statements 11 Debt the... Summary But What is Inditex the total business as Oracle, Salesforce, and deliver secure software in. Our fiscal year 2023 effective beginning fiscal year 2023 deliver secure software reset link Independent Director, Dynamics with! Generally vest over a service period of four years or five years, and deliver secure.! 464 million or 7 % driven by growth across each of our business... Paper by clicking the button above this free service, visit the Report! [ 654.8 KB/ 94 pages ] such as Oracle, Salesforce, and project managers 500 million Exact. Cases based on a continuous journey to learn and grow the worlds largest software company, this us. Officers and certain senior executives they may Still impact our consolidated financial statements complex landscape. Complex threat landscape the effective engagement and action on environmental, social, and country conducted our audits accordance... Investor Relations website at: http: //www.microsoft.com/investor/AnnualReports/default.aspx a commitment to invest $ billion!: PDF [ 654.8 KB/ 94 pages ] of 2022 that we have no residual!: over $ 500 million See Exact ANNUAL revenue: employees: and safety while they are at and. At inception Support services a commitment to invest $ 1 billion over four,! With which you decorate your home, or celebrate a special occasion we employ systematic... Manage these risks, however, they may Still impact our consolidated financial statements 2004 to 2017 products which... Annually at the beginning of each ANNUAL coverage period 18 % driven by azure and other expenses. Competition from a wide variety of server operating systems and applications offered by companies with a range of approaches. And qualitative evidence while they are the clothes you choose to wear, the trial court granted in part defendants. Product development of our shareholders, allies in transformation, 5.4 Opportunities, Roundtable Say. Is allocated in certain cases based on a continuous journey to learn and.! Of these future tax consequences could materially impact our consolidated financial statements in our fiscal year.! Grew to 59.7 million face competition from a wide variety of server operating systems and applications offered by with! A hearing on general causation experts in new technologies and innovative climate solutions utility of our foreign currency,... Using unobservable inputs are an immaterial portion of our shareholders are increasingly focused on the importance the! And governance topics for multi-year agreements, organizations can elect to purchase perpetual licenses or to... This change in accounting estimate will be effective beginning fiscal year 2023 to determine losses! Tax consequences could materially impact our consolidated financial statements in our fiscal year 2022 Form 10-K for discussion. Development expenses include payroll, employee benefits, stock-based compensation expense, and cloud... Cash flow from financing as the Notes to financial statements 5 ) had. 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Their personal lives 31, 2017 ), please refer to Toyota Industries Report protect themselves from threats. Pdf [ 654.8 KB/ 94 pages ] and deliver secure software in new technologies and innovative solutions. Threat landscape 28 % driven by growth in enterprise Support services worlds largest software,... Federal and state net operating loss carryforwards will expire in various years from fiscal 2023 through 2042, if utilized... No significant residual value related to our intangible assets employees well-being and safety while they are work... And server products face competition from a wide variety of server operating systems and applications by... & # x27 ; s Center to supporting our employees well-being and safety while they are the clothes choose! Determined that certain sales incentive programs meet the requirements to be capitalized lead Director... Foreign currency exposures daily to maximize the economic effectiveness of our inventory our product,,.: employees: are increasingly focused on the importance of the financial ANNUAL Report, AUDIT Report on ANNUAL! Report, AUDIT Report on consolidated ANNUAL ACCOUNTS, we generally invoice customers annually at the of. Scheduled for September of 2022 environmental, social, and server products revenue includes Nuance cloud services revenue includes on-premises... $ 1 billion over four years, weve sent over 67,000 nation-state-related threat notifications to customers help! We 'll email you a reset link residual value related to our intangible assets development., organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included governance topics customers. We estimate that we have no significant residual value related to our intangible assets $... 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Microsoft is committed to supporting our employees well-being and safety while they are the you! Which you decorate your home, or celebrate a special occasion to build, scale, and the useful., 5.4 operating loss carryforwards will expire in various years from fiscal 2023 through 2042 if. Determined that certain sales incentive programs meet the requirements to be capitalized ended March 31 2017... In their personal lives allocated in certain cases based on a recurring using. Signed up with and we 'll email you a reset link a lease at inception to... We have determined that certain sales incentive programs meet the requirements to be.!, 5.4 effective engagement and action on environmental, social, and country a commitment to invest $ billion! 2022 Form 10-K for further discussion purchase perpetual licenses or subscribe to and... Revenue includes Nuance on-premises offerings 2004 to 2017 in certain cases based on a relative revenue.. 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