Q3 2014 Earnings Call Transcript

Transcript Call Date 04/24/2014

Operator: Welcome to the Third Quarter 2014 Microsoft Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

I'd like to turn the call over to Chris Suh, General Manager of Investor Relations. Chris, please proceed.

Chris Suh - GM, IR: Thank you, operator. Good afternoon and thank you for joining us today. On the call with me today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

On our website, Microsoft.com/investor, we have posted a document summarizing our quarterly results as well as a slide deck, which is intended to follow the quarterly results document and provide a reconciliation of differences between GAAP and non-GAAP financial measures. Please keep in mind that all growth comparisons relate to the corresponding period of last year unless otherwise specified, all impacted numbers have been adjusted for the cumulative effect of last year's revenue deferrals and recognition related to the Windows Upgrade Offer, the Office Deferral, the Video Game Deferral, and the expense related for the non-tax-deductible European Commission Fine.

As a reminder, in our segment reporting structure, we have consolidated revenue adjustments of this nature into Corporate and Other to provide better comparability of operating results.

We will post this call'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 April 24, 2015.

During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. 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, in the comments made during this conference call, and in the risk factor section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

With that, I'll turn the call over to Satya.

Satya Nadella - CEO: Thank you, Chris. It's great to have the opportunity to join today's call. From my first day, I've said I'm committed to an ongoing dialog with investors. Joining these investor calls going forward is going to be a big part of that, and I'm enthusiastic about today's call. It's been an incredible busy couple of months. In addition to executing on our plan and announcing new products and services, I've spent a lot of time gathering feedback and exchanging ideas with customers, partners, employees and investors.

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