What changed in this filing

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Item 1. Business

2020-11-12 compared with 2019-11-15 · 126 added, 85 removed, 169 unchanged (56% of the section changed)

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Our objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world.

To achieve this, we are continuing the disciplined expansion of our global store base, adding stores in both existing, developed markets such as the U.S., and in newer, higher growth markets such as China, as well as optimizing the mix of company-operated and licensed stores around the world.

To achieve this, we are continuing the disciplined expansion of our global store base, adding stores in both existing, developed markets such as the U.S.

and in newer, higher growth markets such as China, as well as optimizing the mix of company-operated and licensed stores around the world.

In addition, by leveraging the experience gained through our traditional store model, we continue to offer consumers new coffee and other products in a variety of forms, across new categories, diverse channels and alternative store formats.

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Segment Financial Information

Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes.

In the fourth quarter of fiscal 2019, we realigned Starbucks operating segment reporting structure to better reflect the cumulative effect of our streamlining efforts.

Specifically, our previous China/Asia Pacific ("CAP") segment and Europe, Middle East, and Africa ("EMEA") segment have been combined into one International segment.

Concurrently, results of Siren Retail, a non-reportable operating segment consisting of Starbucks Reserve TM Roastery & Tasting Rooms, certain stores under the Starbucks Reserve brand and Princi operations, which were previously included within Corporate and Other, are now reported within the Americas and International segments based on the geographical location of the operations.

We have three reportable operating segments:

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Our Americas segment is our most mature business and has achieved significant scale.

Certain markets within our International operations are either in various stages of development or undergoing transformations of their business models.

Therefore, they may require a more extensive support organization, relative to their current levels of revenue and operating income, than our Americas operations.

Certain markets within our International operations are in various stages of development and may require more extensive support, relative to their current levels of revenue and operating income, than our Americas operations.

Our Channel Development segment includes roasted whole bean and ground coffees, Seattle's Best Coffee ® , Starbucks- and Teavana-branded single-serve products, a variety of ready-to-drink beverages, such as Frappuccino ® , Starbucks Doubleshot ® , Starbucks Refreshers ® beverages and Teavana TM/MC iced tea, and other branded products sold worldwide outside of our company-operated and licensed stores.

Historically our consumer packaged goods ("CPG") have been sold directly to grocery, warehouse club and specialty retail stores and through institutional foodservice companies.

With the establishment of the Global Coffee Alliance with Nestlé, a large portion of our Channel Development business transitioned to a licensed model in the fourth quarter of fiscal 2018.

Our collaborative relationships with PepsiCo, Inc., Anheuser-Busch InBev, Tingyi Holding Corp., Arla Foods and others for our global ready-to-drink beverage businesses in this segment are excluded from the Global Coffee Alliance.

A large portion of our Channel Development business operates under a licensed model of the Global Coffee Alliance with Nestlé, while our global ready-to-drink businesses operate under collaborative relationships with PepsiCo, Inc., Anheuser-Busch Companies, LLC, Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods amba and others.

Revenue Components

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Company-operated and Licensed Store Summary as of September 27, 2020

Americas As a% of

Americas Stores

International

International Stores

International As a% of

International Stores Total As a% of

Company-operated stores 10,109 55 % 6,528 46 % 16,637 51 %

Licensed stores 8,245 45 % 7,778 54 % 16,023 49 %

Total 18,354 100 % 14,306 100 % 32,660 100 %

The mix of company-operated versus licensed stores in a given market will vary based on several factors, including our ability to access desirable local retail space, the complexity, profitability and expected ultimate size of the market for Starbucks and our ability to leverage the support infrastructure within a geographic region.

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Our retail objective is to be the leading retailer and brand of coffee and tea in each of our target markets by selling the finest quality coffee, tea and related products, as well as complementary food offerings, and by providing each customer with a unique Starbucks Experience .

The Starbucks Experience is built upon superior customer service and a seamless digital experience as well as clean and well-maintained stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty.

Our strategy for expanding our global retail business is to increase our market share in a disciplined manner, by selectively opening additional stores in new and existing markets, as well as increasing sales in existing stores, to support our long-term strategic objective to maintain Starbucks standing as one of the most recognized and respected brands in the world.

The Starbucks Experience is built upon superior customer service, convenience and a seamless digital experience as well as safe, clean and well-maintained stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty.

Our strategy for expanding our global retail business is to increase our category share in a disciplined manner, by selectively opening additional stores in new and existing markets, as well as increasing sales in existing stores, to support our long-term strategic objective to maintain Starbucks standing as one of the most recognized and respected brands in the world.

Store growth in specific existing markets will vary due to many factors, including expected financial returns, the maturity of the market, economic conditions, consumer behavior and local business practices.

Company-operated store data for the year-ended September 27, 2020:

Sep 29, 2019 Opened Closed Transfers Net Sep 27, 2020

8,791 332 (182) — 150 8,941

Canada 1,175 58 (74) — (16) 1,159

Siren Retail 8 2 (1) — 1 9

Total Americas 9,974 392 (257) — 135 10,109

International:

China 4,123 613 (32) — 581 4,704

Japan 1,379 104 (19) — 85 1,464

288 6 (2) (4) — 288

All Other 65 2 — — 2 67

Siren Retail 5 — — — — 5

Total International 5,860 725 (53) (4) 668 6,528

Total company-operated 15,834 1,117 (310) (4) 803 16,637

International store data includes the transfer of 377 company-operated stores in Thailand to licensed stores as a result of the sale of operations late in the third quarter of fiscal 2019, and the transfer of 82 company-operated stores in France and the Netherlands to licensed stores as a result of the sales of operations in the second quarter of fiscal 2019.

Starbucks ® company-operated stores are typically located in high-traffic, high-visibility locations.

Our ability to vary the size and format of our stores allows us to locate them in or near a variety of settings, including downtown and suburban retail centers, office buildings, university campuses and in select rural and off-highway locations.

We are continuing the expansion of our stores, particularly Drive Thru formats that provide a higher degree of access and convenience, and alternative store formats, which are focused on an elevated Starbucks Experience for our customers.

We are continuing the expansion of our stores, particularly drive-thru formats that provide a higher degree of access and convenience, and alternative store formats, which are designed to provide a more streamlined customer experience in dense metropolitan areas.

Prior to the novel coronavirus outbreak, known as the global pandemic COVID-19, approximately 80% of Starbucks transactions in U.S.

company-operated stores were “on-the-go” occasions.

This has prompted us to reexamine our U.S.

store footprint and evolve our retail presence over time through targeted store renovations, relocations and new stores.

We have since introduced a new store format, Starbucks ® Pickup, to enhance the “on-the-go” customer experience and improve operating efficiency across Starbucks ® stores in certain major metropolitan areas in the Americas.

New store formats, such as Starbucks Pickup, are suitable for customers who prefer to order ahead and pay through the Starbucks ® Mobile App for pick-up.

In our major international markets, we continue to invest in technology and establish partnerships with third parties with relevant expertise to increase digital adoption to provide convenience and elevate the customer experience.

In China, the introduction of Starbucks Now TM stores enables a seamless integration of physical and digital customer touchpoints.

Orders may be placed in advance through the Starbucks Mobile App or Starbucks Delivers TM and can be conveniently picked up by customers and delivery riders in these express retail format locations.

These strategies align closely with rapidly evolving customer preferences, including higher levels of mobile ordering, more contactless pick-up experiences and reduced in-store congestion, all of which naturally allow for greater physical distancing.

We believe our continued efforts to transform our store portfolio and elevate technology will enhance the customer experience and position Starbucks for long-term growth.

Retail sales mix by product type for company-operated stores:

Fiscal Year Ended

Fiscal Year Ended Sep 27,

Beverages 75 % 74 % 74 %

Food 20 % 20 % 20 %

Packaged and single-serve coffees and teas 1 % 1 % 2 %

Total 100 % 100 % 100 %

(1) “Other” primarily consists of sales of serveware and ready-to-drink beverages, among other items.

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They can be obtained in our company-operated and most licensed stores in North America, China, Japan and many of our markets in our International segment.

Stored value cards can also be obtained on-line, via the Starbucks ® Mobile App, and through other U.S.

Stored value cards can also be obtained online, via the Starbucks ® Mobile App and through other U.S.

and international retailers.

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Registered members can receive various benefits depending on factors such as the number of reward points (“Stars”) earned.

Beginning in the fourth quarter of fiscal 2020, in addition to using their Starbucks Cards, Starbucks ® Rewards members can earn Stars by paying with cash, credit or debit cards, or selected mobile wallets at company-operated stores in the U.S.

Refer to Note 1 , Summary of Significant Accounting Policies, included in Item 8 of Part II of this 10-K, for further discussion of our stored value cards and loyalty program.

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Licensed store data for the year-ended September 27, 2020:

Sep 29, 2019 Opened Closed Transfers Net Sep 27, 2020

6,250 210 (73) — 137 6,387

Mexico 748 15 (11) — 4 752

Latin America 663 32 (33) — (1) 662

Canada 432 24 (12) 12 444

Total Americas 8,093 281 (129) — 152 8,245

International:

Korea 1,334 159 (25) — 134 1,468

707 55 (29) 4 30 737

Turkey 494 42 (6) — 36 530

Taiwan 480 32 (11) — 21 501

Indonesia 421 37 — — 37 458

Philippines 397 10 (11) — (1) 396

Thailand 392 20 (7) — 13 405

All Other 3,104 265 (86) — 179 3,283

Total International 7,329 620 (175) 4 449 7,778

Corporate and Other:

Total Corporate and Other

Total licensed 15,422 901 (304) 4 601 16,023

Other Revenues

Historically, revenues have included domestic and international sales of our packaged coffee, tea and ready-to-drink products to grocery, warehouse club and specialty retail stores and through institutional foodservice companies.

With the establishment of the Global Coffee Alliance in the fourth quarter of fiscal 2018, other revenues include product sales to and licensing revenue from Nestlé under this arrangement and the amortization of the up-front prepaid royalty.

See Note 1 , Summary of Significant Accounting Policies - Deferred Revenues, for further information.

Our collaborative relationships with PepsiCo, Inc., Anheuser-Busch InBev, Tingyi Holding Corp., Arla Foods and others for our global ready-to-drink beverages businesses in this segment are excluded from the Global Coffee Alliance.

Other revenues primarily are recorded in our Channel Development segment and include sales of packaged coffee, tea and ready-to-drink beverages to customers outside of our company-operated and licensed stores, as well as royalties received from Nestlé under the Global Coffee Alliance and other collaborative partnerships.

Product Supply

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Price is also impacted by trading activities in the arabica coffee futures market, including hedge funds and commodity index funds.

addition, green coffee prices have been affected in the past, and may be affected in the future, by the actions of certain organizations and associations that have historically attempted to influence prices of green coffee through agreements establishing export quotas or by restricting coffee supplies.

In addition, green coffee prices have been affected in the past, and may be affected in the future, by the actions of certain organizations and associations that have historically attempted to influence prices of green coffee through agreements establishing export quotas or by restricting coffee supplies.

We buy coffee using fixed-price and price-to-be-fixed purchase commitments, depending on market conditions, to secure an adequate supply of quality green coffee.

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We believe, based on relationships established with our suppliers, the risk of non-delivery on such purchase commitments is remote.

To help ensure the future supply of high-quality green coffee and to reinforce our leadership role in the coffee industry, Starbucks operates nine farmer support centers.

The farmer support centers are staffed with agronomists and sustainability experts who work with coffee farming communities to promote best practices in coffee production designed to improve both coffee quality and yields and agronomy support to address climate and other impacts.

To help ensure the future supply of high-quality green coffee and to reinforce our leadership role in the coffee industry, Starbucks operates nine farmer support centers, including our China Farmer Support Center located in the Yunnan Province of

this high-growth market.

All farmer support centers are staffed with agronomists and sustainability experts who work with coffee farming communities to promote best practices in coffee production designed to improve both coffee quality and yields and agronomy support to address climate and other impacts.

In addition to coffee, we also purchase significant amounts of dairy products, particularly fluid milk, to support the needs of our company-operated stores.

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and in other countries throughout the world.

Some of our trademarks, including Starbucks, the Starbucks logo, Starbucks Reserve, Seattle’s Best Coffee, Teavana, Frappuccino and Starbucks VIA are of material importance.

Some of our trademarks, including Starbucks, the Starbucks logo, Starbucks Reserve, Seattle’s Best Coffee, Teavana and Frappuccino are of material importance.

The duration of trademark registrations varies from country to country.

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Our business is subject to moderate seasonal fluctuations, of which our fiscal second quarter typically experiences lower revenues and operating income.

However, the COVID-19 outbreak may have an impact on consumer behaviors and customer traffic that may result in temporary changes in the seasonal fluctuations of our business.

Additionally, as Starbucks Cards are issued to and loaded by customers during the holiday season, we tend to have higher cash flows from operations during the first quarter of the fiscal year.

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As a result of moderate seasonal fluctuations, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.

Starbucks employed approximately 346,000 people worldwide as of September 29, 2019 .

In the U.S., Starbucks employed approximately 218,000 people, with approximately 209,000 in company-operated stores and the remainder in support facilities, store development, roasting, manufacturing, warehousing and distribution operations.

Government Regulation

As a company with global operations, we are subject to the laws of the United States and multiple foreign jurisdictions in which we operate and the rules and regulations of various governing bodies, which may differ among jurisdictions.

Compliance with these laws, rules and regulation has not had, and is not expected to have, a material effect on our capital expenditures, results of operations and competitive position as compared to prior periods.

Human Capital Management

As a company, Starbucks mission is not only to deliver outstanding financial results by offering exceptional and unique products and services, but to also create a strong connection with the communities where we operate.

We believe the strength of our workforce is one of the significant contributors to our success as a global brand that leads with purpose.

This is largely attributed to our partners (employees) who strive every day to create a welcoming and inclusive environment for our customers.

Therefore, one of our core strategies is to invest in and support our partners to differentiate our brand, products and services in the competitive specialty coffee market, including the following areas of focus:

Oversight and Management

We recognize the diversity of customers, partners and communities, and believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures.

Working under these principles, our Partner Resources Organization is tasked with managing employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management and professional development.

Our Board of Directors and Board committees provide oversight on certain human capital matters, including our Inclusion and Diversity programs and initiatives.

As noted in its charter, our Compensation and Management Development Committee is responsible for periodically reviewing Starbucks partner resource programs and initiatives, including healthcare and other benefits, as well as our management development and succession planning practices and strategies.

Our Audit and Compliance Committee works closely with the Risk Management Committee, led by Starbucks cfo and general counsel, to monitor current and emerging labor and human capital management risks and to mitigate exposure to those risks.

Furthermore, our Nominating and Corporate Governance Committee annually evaluates the effectiveness of our social responsibility policies, goals and programs, which also include partner-related issues.

These reports and recommendations to the Board and its committees are part of the broader framework that guides how Starbucks should attract, retain and develop a workforce that aligns with our values and strategies.

We regularly conduct anonymous surveys to seek feedback from our retail and non-retail partners on a variety of topics, including but not limited to, confidence in company leadership, competitiveness of our compensation and benefits package, career growth opportunities and improvements on how we could make our company an employer of choice.

The results are shared with our partners and reviewed by senior leadership, who analyze areas of progress or deterioration and prioritize actions and activities in response to this feedback to drive meaningful improvements in partner engagement.

Our management and cross-functional teams also work closely to evaluate human capital management issues such as partner retention, workplace safety, harassment and bullying, as well as to implement measures to mitigate these risks.

Total Rewards

We have demonstrated a history of investing in our workforce by offering competitive salaries and wages.

To foster a stronger sense of ownership and align the interests of partners with shareholders, restricted stock units are provided to eligible non-executive partners under our broad-based stock incentive programs.

Furthermore, we offer comprehensive, locally relevant and innovative benefits to all eligible partners.

In the U.S , our largest and most mature market, these include, among other benefits:

• Comprehensive health insurance coverage is offered to partners working an average of 20 hours or more each week.

• 100% tuition coverage is provided to partners who earn a bachelor's degree online at Arizona State University through the Starbucks College Achievement Program.

• Parental leaves are provided to all new parents for birth, adoption or foster placement.

• A Partner and Family Sick Time program is provided and allows partners to accrue paid sick time based on hours worked and use that time for themselves or family members in need of care.

• Care@Work benefit provides partners with subsidized child, adult or senior care planning services.

This benefit includes up to 20 days of subsidized backup care services through the end of fiscal 2021, in light of the COVID-19 pandemic.

• We view mental health as a fundamental part of our humanity and implemented a comprehensive suite of related programs and benefits in fiscal 2020.

These include Headspace, an online application that enables guided mediation, Lyra, which provides mental health coaching, and Starbucks Mental Health Fundamental Training, created in partnership with National Council for Behavioral Health, which offers ongoing training to help partners recognize and respond to signs of mental health and substance use issues.

Outside of the U.S., we have provided other innovative benefits to help address market-specific needs, such as providing interest-free loans to our U.K.

partners to help cover rental deposits, mental health services in Canada, and in China, a monthly housing subsidy for full-time Starbucks baristas and shift supervisor s , as well as comprehensive health insurance coverage for parents of partners.

Role-based Support

To help our partners succeed in their roles, we emphasize continuous training and development opportunities.

These include, but are not limited to, safety and security protocols, updates on new products and service offerings and deployment of technologies.

Training provided through our Pour Over sessions include a wide variety of topics such as achievable goal setting, giving and receiving constructive feedback and effective engagement with customers and communities.

To help further promote an inclusive culture and to better serve our customers, we encourage U.S.-based partners to enroll in the To Be Welcoming courses we created in partnership with Arizona State University to address different forms of bias and discrimination.

To be an employer of choice and maintain the strength of our workforce, we consistently assess the current business environment and labor market to refine our compensation and benefits programs and other resources available to our partners.

We previously achieved and currently maintain 100 percent pay equity in the U.S.

for women and men and people of all races for partners performing similar work.

We have also achieved gender pay equity in China and Canada, two of our largest markets outside of the U.S., and we made a commitment to achieve gender pay equity in all company-operated markets.

As of September 27, 2020, Starbucks employed approximately 349,000 people worldwide.

In the U.S., Starbucks employed approximately 228,000 people, with approximately 220,000 in company-operated stores and the remainder in corporate support, store development, roasting, manufacturing, warehousing and distribution operations.

Approximately 121,000 employees were employed outside of the U.S., with approximately 118,000 in company-operated stores and the remainder in regional support operations.

The number of Starbucks employees represented by unions is not significant.

We believe our current relations with our employees are good.

The number of Starbucks partners represented by unions is not significant.

We believe our efforts in managing our workforce have been effective, evidenced by a strong Starbucks culture and a good relationship between the company and our partners.

Information about our Executive Officers

president and chief executive officer

group president, Americas and chief operating officer

Cliff Burrows

group president, Siren Retail

group president, International, Channel Development and Global Coffee & Tea

executive vice president, general counsel and secretary

executive vice president, chief financial officer

Lucy Lee Helm

executive vice president, chief partner officer

executive vice president, Global Public Affairs and Social Impact

Name Age Position

Johnson 60 president and chief executive officer

Brewer 58 group president, Americas and chief operating officer

John Culver 60 group president, International, Channel Development and Global Coffee & Tea

Gonzalez 51 executive vice president, general counsel and secretary

Grismer 58 executive vice president, chief financial officer

Angela Lis 53 executive vice president, chief partner officer

Johnson has served as president and chief executive officer since April 2017, and has been a Starbucks director since March 2009.

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Johnson served as President, Platforms and Services Division for Microsoft Corporation, a worldwide provider of software, services and solutions.

Johnson was a member of Microsoft’s Senior Leadership Team and held a number of senior executive positions over the course of his 16 years at Microsoft.

Johnson was a member of Microsoft’s Senior Leadership Team and held several senior executive positions over the course of his 16 years at Microsoft.

Prior to joining Microsoft in 1992, Mr.

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Brewer has served as group president, Americas and chief operating officer since October 2017, and has been a director of Starbucks since March 2017.

Brewer served as President and Chief Executive Officer of Sam's Club, a membership-only retail warehouse club and a division of Walmart Inc., from February 2012 to February 2017.

Brewer served as President and Chief Executive Officer of Sam's Club, a membership-only retail warehouse club and a division of Walmart Inc., a multinational retail corporation, from February 2012 to February 2017.

Previously, Ms.

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Brewer was President of Global Nonwovens Division for Kimberly-Clark Corporation, a global health and hygiene products company, from 2004 to 2006 and held various management positions at Kimberly-Clark Corporation from 1984 to 2006.

Brewer formerly served on the Board of Directors for Lockheed Martin Corporation and Molson Coors Brewing Company.

She currently serves on the Board of Directors of Amazon.com, Inc.

and as the Chair of the Board of Trustees for Spelman College.

Cliff Burrows joined Starbucks in April 2001 and has served as group president, Siren Retail, since September 2016, which includes the Starbucks Reserve TM Roastery & Tasting Rooms, Starbucks Reserve brand and Princi operations.

On April 1, 2019 Mr.

Burrows took an extended unpaid leave, also known as a "coffee break" or sabbatical.

From July 2015 to September 2016, he served as group president, U.S.

and Americas.

From February 2014 to June 2015, he served as group president, U.S., Americas and Teavana.

From May 2013 to February 2014, he served as group president, Americas and U.S., EMEA (Europe, Middle East and Africa) and Teavana.

Burrows served as president, Starbucks Coffee Americas and U.S.

from October 2011 to May 2013 and as president, Starbucks Coffee U.S.

from March 2008 to October 2011.

He served as president, EMEA from April 2006 to March 2008.

He served as vice president and managing director, U.K.

prior to April 2006.

Prior to joining Starbucks, Mr.

Burrows served in various management positions with Habitat Designs Limited, a furniture and housewares retailer.

She currently serves as the Chair of the Board of Trustees for Spelman College and as a director on the Board of Directors of Amazon.com, Inc.

She formerly served on the Board of Directors for Lockheed Martin Corporation and Molson Coors Brewing Company.

John Culver joined Starbucks in August 2002 and has served as group president, International, Channel Development and Global Coffee & Tea, since July 2018.

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From September 2016 to October 2017, he served as group president, Starbucks Global Retail.

From May 2013 to September 2016, he served as group president, China, Asia Pacific, Channel Development and Emerging Brands.

served as president, Starbucks Coffee China and Asia Pacific from October 2011 to May 2013.

From May 2013

to September 2016, he served as group president, China, Asia Pacific, Channel Development and Emerging Brands.

Culver served as president, Starbucks Coffee China and Asia Pacific from October 2011 to May 2013.

From December 2009 to October 2011, he served as president, Starbucks Coffee International.

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general manager, Foodservice from August 2002 to January 2007.

Culver serves on the Board of Directors of Kimberly-Clark Corporation.

Gonzalez joined Starbucks and has served as executive vice president, general counsel and secretary since joining Starbucks in April 2018.

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Grismer began his career with Price Waterhouse.

Lucy Lee Helm joined Starbucks in September 1999, and has served as executive vice president, chief partner officer since August 2017.

From May 2012 to August 2017, Ms.

Helm served as executive vice president, general counsel and secretary.

She served as senior vice president and deputy general counsel from October 2007 to April 2012 and served as interim general counsel and secretary from April 2012 to May 2012.

Helm previously served as vice president, assistant general counsel from June 2002 to September 2007 and as director, corporate counsel from September 1999 to May 2002.

Angela Lis joined Starbucks in 1992 as a part-time barista and has served as executive vice president, chief partner officer since November 2, 2020.

From September 2016 to October 2020, Ms.

Lis served as senior vice president, global business partners.

In this role she was responsible for talent and partner strategies that drive our global retail operations business.

Prior to this role, she served as a vice president of partner resources for corporate business functions and global supply chain.

During her tenure at Starbucks, Ms.

Helm has led various teams of the Starbucks legal department, including the Litigation and Brand protection team, the Global Business (Commercial) team and the Litigation and Employment team.

Prior to joining Starbucks, Ms.

Helm was a principal at the Seattle law firm of Riddell Williams P.S.

from 1990 to 1999, where she was a trial lawyer specializing in commercial, insurance coverage and environmental litigation.

John Kelly joined Starbucks in October 2013, and serves as executive vice president, Public Affairs and Social Impact.

From 2013 to October 2019, Mr.

Kelly served as senior vice president, Public Affairs and Social Impact.

Prior to joining Starbucks, Mr.

Kelly was vice president of Industry Affairs, in the Law and Corporate Affairs department of the Microsoft Corporation, a worldwide provider of software, services and solutions, from September 2007 to September 2013.

From April 1998 to September 2007, Mr.

Kelly served in a number of other positions with Microsoft, including Policy Counsel and Director of Corporate Affairs for Europe Middle East, and Africa.

From 1996 to 1998, he served as Director of Legislative Affairs for AT&T Wireless.

He has been a member of the state bar association in the State of Washington since 1996.

Lis has led partner resources business partners across the globe.

She has supported both retail and all non-retail business units and was instrumental in the startup of our Channel Development business.

Global Social Impact

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business