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Microsoft (MSFT): review of FY13 10-K new data




Griffin Securities, Inc.


31 Jul 2013





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We review here the new data available in Microsoft’s FY13 10-K, particularly with respect to segment revenue composition and segment margin variables. In addition, certain balance sheet data – i.e., inventories – is relevant as well, given the intended ramp of Surface and the forthcoming Xbox One launch in several months. Many of the segment costs & expenses revealed in the 10-K are consistent with what we had deduced for our model. Chart 1 shows the evolution of WWLD cost of revenues and Charts 2-3 show the progression of unearned revenues by segment and by volume licensing. Table 1 shows the progression of inventories. We reiterate our Buy rating on MSFT.

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