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MICROSOFT NDQ-MSFI 102.94 PE 23.1( a) MA1. 8 1.8% er VALUE LINE PUB LLC 21-23 263 2652.79 708.07677 760 0 Common Shs Outst'g C7.350.0 10718 10718 10862 10710 10062 9380.0 9151.0 8S08.0 8668.0 8376.0 8381.0 8328.0 8239.0 8027.0 7808.0 CAPITAL STRUCTURE as of 123118 Total Debt S66137 mill. D ein 5 YrS$24000 mil 40,6% 2056.0 2562.0 2673.0 2766.0 2967.0 3755.0 5212.0 59570 6622.0 8778.0 10261 11500Depreciation(Smil) 42.9% 42.8% 380% 3a5% en operai gla in 392% 41.3% 40,3% 378 394 41,1% 19792 26481 1968 BUSINESS: Microsot Corp. s the largest independent maker of software. It develcps and sells software products for a wide range 63018. Sock owners: Willam H. Gates puting 38%, R&D, 133% of 2013 revenues. Employed 131.000 at ness Processes. 32%; Inteligent Cloud. 30%, More Personal Com- 98052-6399 Tel.: 425-882-8080. Internet www.microson cor. sults for the December lts demonstrate that Microsoft con nues to execute well, an 85% 25% 15.0% | 32.5 billion and $1.09. Strength was cloud architecture and cloud services ness segments Produ ctivity and Business with some of ts major competitors, given Fisca QUARTERLY REVENUES millFull Personal Computing). That said, the com- long-standing business relationships it panys continued success n the cloud established over tme. That said, we do not arena remained a common heme. Micro diminish the competition tht Microsoft 2016 21650 25506 22156p iscal in turn, has led to a wider gross cons exercise some degree of caution from related sott ware and services 15, $1.17 16, d70c 17, d37e: 18, d$1.75. (E Dvidends historically paid in March, June Diluted earnings. Quarters may not add to | Next earnings report mid-Apri. (C)In mill. ad. e12 672 132087e3, 15 0 8 s 399 silin 0gbies. 2, 0 a share Eaimi ng esian th i h in 34-17, 27, 8 1.-62 42 201 18-25 30-29 46-36 29 50 62 72 34 20 34 16 99 62 1.7 1.7 0% 27 16 32 08 49 10 2.3 22 2% 39 15 04 16 10 89 62 5.0 36 6% E 36 42 46 Pa Y85267 S325 OY 10 10 859 RE 31 70 31 36 39 42 36 39 A2 -ear ear non os