In cases where we allocate revenue to software updates, primarily because the updates are provided at no additional charge, revenue is recognized as the updates are provided, which is generally ratably over the estimated life of the related device or license. It helps us care for our colleagues and collaborate more effectively across the company. (2) Translation Cash flows We believe our continuing research and product development are not materially dependent on any single license or other agreement with a third party relating to the development of our products. And as sustainability becomes an existential priority not just for our society but for every organization, our new Microsoft Cloud for Sustainability, which I mentioned earlier, is helping our customers record, report, and ultimately reduce their environmental impact. The metrics are disclosed in the MD&A or the Notes to Financial Statements in our fiscal year 2022 Form 10-K. Financial metrics are calculated based on financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), and growth comparisons relate to the corresponding period of last fiscal year. The Group uses certain performance measures additional to those defined in IFRS, since these To that end, we are making curriculum available free of charge to all of the nations public community colleges, providing training for new and existing faculty at 150 community colleges, and providing scholarships and supplemental resources to 25,000 students. $100 invested on 6/30/17 in stock or index, including reinvestment of dividends. Before releasing new software platforms, and as we make significant modifications to existing platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing. Inditex comprises of eight brands: Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqe. These reviews include analysis of demand forecasts, product life cycle status, product development plans, current sales levels, pricing strategy, and component cost trends. Giving is also core to our culture at Microsoft. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. Windows OEM revenue is impacted significantly by the number of Windows operating system licenses purchased by OEMs, which they pre-install on the devices they sell. 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. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. Azure revenue is mainly affected by infrastructure-as-a-service and platform-as-a-service consumption-based services, and per user-based services such as Enterprise Mobility + Security. Partners license software over a three-year period and are billed monthly based on consumption. Executive Vice President and Chief Commercial Officer, Bradford L. Smith 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. Revenue from consulting services is recognized as services are provided. Azures competitive advantage includes enabling a hybrid cloud, allowing deployment of existing datacenters with our public cloud into a single, cohesive infrastructure, and the ability to run at a scale that meets the needs of businesses of all sizes and complexities. On the path to becoming water positive, we invested in 21 water replenishment projects that are expected to generate over 1.3 million cubic meters of volumetric benefits in nine water basins around the world. In making this judgment, we employ a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. In fiscal year 2021, our U.S. income before income taxes was $35.0 billion and our foreign income before income taxes was $36.1 billion. 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. We have several partnerships with other companies, including Yahoo, through which we provide and monetize search queries. And the Microsoft Cloud surpassed $100 billion in annualized revenue for the first time. Old challenges, new shocks; II. In addition, all employees complete skills training based on the profession they are in each year. The major classes of assets and liabilities to which we have allocated the purchase price were as follows: Goodwill was assigned to our More Personal Computing segment. Cash used in investing increased $2.7 billion to $30.3 billion for fiscal year 2022, mainly due to a $13.1 billion increase in cash used for acquisitions of companies, net of cash acquired, and purchases of intangible and other assets, and a $3.3 billion increase in additions to property and equipment, offset in part by a $15.6 billion increase in cash from net investment purchases, sales, and maturities. Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. Property and equipment is stated at cost less accumulated depreciation, and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. This includes the annual Standards of Business Conduct training. But even more important will be technologys influence on the other 90% of the worlds economy. Transforming the workplace to deliver new modern, modular business applications, drive deeper insights, and improve how people communicate, collaborate, learn, work, play, and interact with one another. Our Search and news advertising business competes with Google and a wide array of websites, social platforms like Meta, and portals that provide content and online offerings to end users. Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to original equipment manufacturers (OEM), and retail packaged products. Right-of-use assets obtained in exchange for lease obligations: Reclassification adjustments for (gains) losses included in other income (expense), net, Tax expense (benefit) included in provision for income taxes, Amounts reclassified from accumulated other comprehensive income (loss), Net change related to derivatives, net of tax of, Net change related to investments, net of tax of, Translation adjustments and other, net of tax effects of, Accumulated other comprehensive income (loss), end of period, Income tax benefits related to stock-based compensation, Ferrovial, which builds and manages some of the worlds busiest airports and highways, is using our cloud infrastructure, Peace Parks Foundation, a nonprofit helping protect natural ecosystems in Southern Africa, is using Microsoft Dynamics 365 and Power BI to secure essential funding, as well as our Azure AI and IoT solutions to, One of the worlds largest robotics companies, Kawasaki Heavy Industries, is using the breadth of our toolsfrom Azure IoT and HoloLens. The weighted average grant-date fair value of stock awards granted was $291.22, $221.13, and $140.49 for fiscal years 2022, 2021, and 2020, respectively. The stakeholder however has the power to stop the unethical incidents including making an event for the prevention of harm towards the customers. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Judgment is required in determining when technological feasibility of a product is established. Azure SQL Database makes it possible for customers to take SQL Server from their on-premises datacenter to a fully managed instance in the cloud to utilize built-in AI. Cybersecurity is the number one threat facing every business today. Satya Nadella As of June 30, 2022 and 2021, accumulated goodwill impairment was $11.3 billion. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include Software Assurance (SA) and cloud services. Our industry clouds bring together capabilities across the Microsoft Cloud with industry-specific customizations to help organizations improve time to value, increase agility, and lower costs. Localizing a product may require modifying the user interface, altering dialog boxes, and translating text. This pricing methodology applies to our Level 2 investments, such as commercial paper, certificates of deposit, U.S. agency securities, foreign government bonds, mortgage- and asset-backed securities, corporate notes and bonds, and municipal securities. This year, we introduced GitHub Copilot, a first-of-its-kind AI pair programmer, to help developers write better code faster. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. No additional shares were requested at this meeting. And, through our AI for Humanitarian Action initiative, were helping organizations harness the power of AI to improve their disaster preparedness, response, and recovery. Building on our work in eight US cities, were now partnering with five US states with significant broadband adoption gaps to increase access, adoption, and equity. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. 122 This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. Across our customer solution areas, we are delivering powerful platforms, tools, and services that expand our opportunity to help every organization in every industry deliver on the digital imperativewith a business model that is trusted and always aligned with their success. At our 2021 Annual Shareholders Meeting, our shareholders approved a successor ESPP with a January 1, 2022 effective date and ten-year expiration of December 31, 2031. We test goodwill for impairment annually on May 1 at the reporting unit level, primarily using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. Under the TCJA, the transition tax is payable in interest-free installments over eight years, with 8% due in each of the first five years, 15% in year six, 20% in year seven, and 25% in year eight. This growth mindset served us well through the historic changes of the past few years. No respite. Microsoft 365 brings together Office 365, Windows, and Enterprise Mobility + Security to help organizations empower their employees with AI-backed tools that unlock creativity, increase collaboration, and fuel innovation, all the while enabling compliance coverage and data protection. This share repurchase program commenced in February 2020 and was completed in November 2021. Each year we strive to increase representation, and 2022 was no exception. Operating Partner, Our innovation helps every developer be an AI developer, with approachable new tools from Azure Machine Learning Studio for creating simple machine learning models, to the powerful Azure Machine Learning Workbench for the most advanced AI modeling and data science. 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The total shareholder dividend for FY2022 was 325 US cents, an annual cash return of a record US$16.4 billion to shareholders and representing a 77 per cent payout ratio. Windows faces competition from various software products and from alternative platforms and devices, mainly from Apple and Google. Xbox content and services revenue increased 3%. Race, gender. Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances? To make it easy for our readers, all the annual reports released in 2021 - 2022 will be linked on this page. Microsoft Experience Centers are designed to facilitate deeper engagement with our partners and customers across industries. The Microsoft Services Provider License Agreement allows hosting service providers and independent software vendors who want to license eligible Microsoft software products to provide software services and hosted applications to their end customers. Our segments provide management with a comprehensive financial view of our key businesses. Identification and treatment of contract terms that may impact the timing and amount of revenue recognized (e.g., variable consideration, optional purchases, and free services). How the Critical Audit Matter Was Addressed in the Audit. We are the only cloud provider with multicloud protection for the industrys top three cloud platforms. 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. The pattern of delivery (i.e., timing of when revenue is recognized) for each distinct performance obligation. Low-code/no-code tools are rapidly becoming a priority for every organizations digital capability. Year's Annual Report Number Processed During Fiscal Year fromLast Year's Annual Report Number Processed During Fiscal Year from Current Annual Report GSA-MAIN 1278 1100 1230 1284 J 71 68 64 76 AGENCY OVERALL 1349 1168 1294 1360 XII.D.2. We distribute our products and services through OEMs that pre-install our software on new devices and servers they sell. We have an ESPP for all eligible employees. Our skills initiative brings together learning resources, certification opportunities, and job-seeker tools from LinkedIn, GitHub, and Microsoft Learn, and is built on data insights drawn from LinkedIns Economic Graph. On the other. Collaborating to transform through sustainable management of our products. Strong first half of the 2022/23 financial year for Zara's parent company Inditex. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. The Zara Spring/Summer 2022 Semi Annual Sale Dates You Need To Know. Our ecosystem of customers and partners have learned that while hybrid work is complex, embracing flexibility, different work styles, and a culture of trust can help navigate the challenges the world faces today. (393) Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, Snowflake, and other companies. We use different programs designed to provide flexibility for organizations of various sizes. 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. Cost of revenue increased $10.4 billion or 20% driven by growth in Microsoft Cloud. Our devices are primarily manufactured by third-party contract manufacturers, some of which contain certain components for which there are very few qualified suppliers. We also sell commercial and consumer products and services directly to customers, such as cloud services, search, and gaming, through our digital marketplaces and online stores. Click the button below to request a report when hardcopies become available. Its the only solution with meetings, calls, chat, collaboration, and business process automation in one place. An estimated loss from a loss contingency such as a legal proceeding or claim is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Online sales grew 44% compared to the fourth quarter of 2019 and represented 43% of the total business. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2022, based on criteria established in Internal ControlIntegrated Framework (2013) issued by COSO. 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. To 31 January 2022 -27- Inditex Annual Report 2021 | Consolidated Annual Accounts The consolidated annual accounts of the Inditex Group, which Parent is Industria de Diseo Textil, S.A., AZEL FRANCE is found to be successful in that it can control and streamline the highly consumable fashion items in their supply chains so that they can greatly decrease their lead time and thus increase be responsive enough for fast changes in fashion customer needs and desires by minimizing the industry risks. (392) Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. We issue debt to take advantage of favorable pricing and liquidity in the debt markets, reflecting our credit rating and the low interest rate environment. One area of digital skills has become especially critical: cybersecurity. We monitor pay equity and career progress across multiple dimensions. 2422. Upgrade Your Profile and unlock all your annual reports. Extended disruptions at these suppliers and/or manufacturers could lead to a similar disruption in our ability to manufacture devices on time to meet consumer demand. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. We design and sell devices, including Surface and PC accessories. SA is included with certain volume licensing agreements and is an optional purchase with others. Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. We also continue to deliver affordable, relevant cloud technology and industry-specific solutions to nonprofit organizations addressing the worlds most pressing issues. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. The opportunity to merge the physical and digital worlds, when combined with the power of Azure cloud services, unlocks new workloads and experiences to create common understanding and drive more informed decisions. In these cases, the hardware and software license are accounted for as a single performance obligation and revenue is recognized at the point in time when ownership is transferred to resellers or directly to end customers through retail stores and online marketplaces. Annual Report 2021. Stock-based compensation expense and related income tax benefits were as follows: Stock awards entitle the holder to receive shares of Microsoft common stock as the award vests. Azure faces diverse competition from companies such as Amazon, Google, IBM, Oracle, VMware, and open source offerings. (8) CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. Inditex. LinkedIn connects the worlds professionals to make them more productive and successful and transforms the way companies hire, market, sell, and learn. We are required to estimate the fair value of the investment to determine the amount of the impairment loss. 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. Strategy, and Ventures, Kathleen T. Hogan There are now more than 1.4 billion monthly active devices running Windows 10 or Windows 11. We strive to obtain information as early as possible about changing usage patterns and hardware advances that may affect software and hardware design. We evaluated the appropriateness and consistency of management's methods and assumptions used in the identification, recognition, measurement, and disclosure of uncertain tax positions, which included testing the effectiveness of the related internal controls. Revenue increased $30.2 billion or 18% driven by growth across each of our segments. Competitors to Office include software and global application vendors, such as Apple, Cisco Systems, Meta, Google, IBM, Okta, Proofpoint, Slack, Symantec, Zoom, and numerous web-based and mobile application competitors as well as local application developers. Chester Corp. ended the year carrying $11,529,000 worth of inventory. 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. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. Collaborating with our people, the engine of that transformation, 5.2. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. General and administrative expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with finance, legal, facilities, certain human resources and other administrative personnel, certain taxes, and legal and other administrative fees. Our products for software developers compete against offerings from Adobe, IBM, Oracle, and other companies, and also against open-source projects, including Eclipse (sponsored by CA Technologies, IBM, Oracle, and SAP), PHP, and Ruby on Rails. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. Windows IoT extends the power of Windows and the cloud to intelligent systems by delivering specialized operating systems, tools, and services for use in embedded devices. The U.S. has 98 stores as of January 2019. In addition to the operations centers, we also operate datacenters throughout the Americas, Europe, Australia, and Asia, as well as in the Middle East and Africa. Customers may purchase perpetual licenses or subscribe to licenses, which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. 8 Subtotal Noncontrolling Satya Nadella We offer integrated, end-to-end capabilities to protect people and organizations. Fiscal Year 2017 Annual Report. Security, compliance, identity, and management underlie our entire tech stack. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to cost of revenue. Server products revenue increased 5% driven by hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. Mar 21, 2022 Zara, which includes the Zara Home segment, had the highest net sales of the Inditex Group worldwide in 2021, amounting to just under 20 billion euros. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Refer to Note 16 Stockholders Equity of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. premium Retained The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. Revenue from search advertising is recognized when the advertisement appears in the search results or when the action necessary to earn the revenue has been completed. 8 We are creating the tools and platforms that deliver better, faster, and more effective solutions to support new startups, improve educational and health outcomes, and empower human ingenuity. Comparison of Backlogged Requests from Previous and Current Annual Report Additionally, we enriched our supplier pipeline, reaching more than 90 percent of our goal to spend $500 million with double the number of Black and African American-owned suppliers. be referred | File Size: 3.8 MB. At times, we make select intellectual property broadly available at no or low cost to achieve a strategic objective, such as promoting industry standards, advancing interoperability, supporting societal and/or environmental efforts, or attracting and enabling our external development community. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. In the consolidated income statement, gross profit, EBITDA, EBIT and PBT are defi They reinvent themselves, they correct their mistakes and they keep moving forward. After helping over 30 million people in 249 countries and territories with our global skills initiative, we introduced a new initiative to support a more skills-based labor market, with greater flexibility and accessible learning paths to develop the right skills needed for the most in-demand jobs. The fair value of stock awards was estimated on the date of grant using the following assumptions: During fiscal year 2022, the following activity occurred under our stock plans: As of June 30, 2022, there was approximately $16.7 billion of total unrecognized compensation costs related to stock awards. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Partnerships, Reid G. Hoffman 4 Microsoft aims to recruit, develop, and retain world-changing talent from a diversity of backgrounds. Microsoft 365 is empowering people and organizations to be productive and secure as they adapt to more fluid ways of working, learning, and playing. Zara has got only 4.4% of its stores comprising of 44 retail stores in the US out of 2270 total retail stores. Standards (IFRSs) and related interpretations (IFRIC and SIC) adopted by the European Union (EUIFRSs) and with the other provisions of the applicable regulatory financial reporting framework. Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. With our new Microsoft Intelligent Data Platform, we are helping customers focus on creating value instead of integrating a fragmented data estate. This led us to create our Microsoft Cloud for Sustainability, an entirely new business process category to help organizations monitor their carbon footprint across their operations. 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. In July 2022, we completed an assessment of the useful lives of our server and network equipment. Compensation cost for RSUs is recognized using the straight-line method and for PSUs is recognized using the accelerated method. As we make meaningful progress, we continue our commitment to meet the increasing expectations for driving innovation, welcoming diverse perspectives, and leading global change. Organizational tools such as Collections, Vertical Tabs, and Immersive Reader help make the most of your time while browsing, streaming, searching, and sharing. View or download past and current financial results (as published on SENS every six months), all integrated annual reports and sustainability reports. This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Microsoft Corporation, Sandra E. Peterson 2,3 The gamer remains at the heart of the Xbox ecosystem. The estimated useful lives of our property and equipment are generally as follows: computer software developed or acquired for internal use, three to seven years; computer equipment, two to four years; buildings and improvements, five to 15 years; leasehold improvements, three to 20 years; and furniture and equipment, one to 10 years. We can be contacted between the hours of 9:00 a.m. to 5:00 p.m. Pacific Time to answer investment oriented questions about Microsoft. Also included in Other are business dispositions and transfers between segments due to reorganizations, as applicable. Our Enterprise Mobility + Security offerings also compete with products from a range of competitors including identity vendors, security solution vendors, and numerous other security point solution vendors. other brand' prices. In 2013, the defendants in the consolidated cases moved to exclude the plaintiffs expert evidence of general causation on the basis of flawed scientific methodologies. We strive to maximize the potential of our human capital resources by creating a respectful, rewarding, and inclusive work environment that enables our global employees to create products and services that further our mission to empower every person and every organization on the planet to achieve more. IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions. View Our commercial metrics allow management and investors to assess the overall health of our commercial business and include leading indicators of future performance. In 2014, the trial court granted in part and denied in part the defendants motion to exclude the plaintiffs general causation experts. Abstract. Foreign currency risks related to certain Euro-denominated debt are hedged using foreign exchange forward contracts that are designated as cash flow hedging instruments. SWOT Analysis Method. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: Unearned revenue by segment was as follows: Changes in unearned revenue were as follows: Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, was $193 billion as of June 30, 2022, of which $189 billion is related to the commercial portion of revenue. While we intend to defend these matters vigorously, adverse outcomes that we estimate could reach approximately $600 million in aggregate beyond recorded amounts are reasonably possible. We first discuss the dilemmas that fashion retailers face when organising the supply chain and the contribution of logistics and transport to its functional and geographical integration. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. We operate our business and report our financial performance using three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The following table outlines the expected future recognition of unearned revenue as of June 30, 2022: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. Fiscal Year 2019 Annual Report. Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. 2021 Inditex Annual Report Search Sound 2021 in review 365 days pushing hard for the sustainable transformation of our sector. FY 2020 Annual Report. 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. ZARA is a Spanish fashion clothing and accessories chain of stores that was originally based in Arteixo, Galicia. LinkedIn faces competition from online professional networks, recruiting companies, talent management companies, and larger companies that are focusing on talent management and human resource services; job boards; traditional recruiting firms; and companies that provide learning and development products and services. Leveraging our platform business model, we are in a strong position to achieve our GMV goal of more than 30 billion euros by 2025." Robert Gentz, Co-CEO Selected financial statements 2021 Key figures We have determined that certain sales incentive programs meet the requirements to be capitalized. We are enabling metaverse experiences at all layers of our stack, so customers can more effectively model, automate, simulate, and predict changes within their industrial environments, feel a greater sense of presence in the new world of hybrid work, and create custom immersive worlds to enable new opportunities for connection and experimentation. Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. Enterprise Agreements offer large organizations a manageable volume licensing program that gives them the flexibility to buy cloud services and software licenses under one agreement. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. (5) Second quarter revenue is driven by corporate year-end spending trends in our major markets and holiday season spending by consumers, and fourth quarter revenue is driven by the volume of multi-year on-premises contracts executed during the period. 898 east street south suffield, ct. There are billions of people who want to achieve more, but have a different set of circumstances, abilities, and backgrounds that often limit access to opportunity and achievement. While the Company has settled a portion of the IRS audits, resolution of the remaining matters could have a material impact on the Company's financial statements. When it comes to advertising, we are creating a new monetization engine for the weban alternative that offers marketers and publishers more long-term viable ad solutionswhile upholding consumer privacy and strong data governance. ISBN: 978-624-5917-07-5. Annual Financial Report: PDF [680.3 KB/ 98 pages] For the Period Ended March 2020. A Select Plus agreement is designed for government and academic organizations to acquire on-premises licenses at any affiliate or department level, while realizing advantages as one organization. And rsted, which produces a quarter of the worlds wind energy. In a dynamic labor market, LinkedIn is helping professionals use the platform to connect, learn, grow, and get hired. Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business. When cloud services require a significant level of integration and interdependency with software and the individual components are not considered distinct, all revenue is recognized over the period in which the cloud services are provided. In middleware, we compete against Java vendors. And with new integrations between Dynamics 365 and Teams, we are creating a new category of collaborative applications that helps businesses surface data and insights right in the flow of work. We generate revenue by offering a wide range of cloud-based and other services to people and businesses; licensing and supporting an array of software products; designing, manufacturing, and selling devices; and delivering relevant online advertising to a global audience. We are exposed to economic risk from foreign exchange rates, interest rates, credit risk, and equity prices. Throughout the fiscal year, we collect over 75,000 Daily Pulse employee survey responses. 9 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. We repurchased the following shares of common stock under the share repurchase programs: All repurchases were made using cash resources. The competitive position of Linux has also benefited from the large number of compatible applications now produced by many commercial and non-commercial software developers. Xbox and our cloud gaming services face competition from various online gaming ecosystems and game streaming services, including those operated by Amazon, Apple, Meta, Google, and Tencent. New Dynamics 365 Connected Spaces helps organizations across diverse industriesfrom real estate and retail, to factories and constructionmanage their physical operations. To support this culture, we offer a wide range of learning and development opportunities. 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. This article addresses the inherent dissonance among fast fashion consumers , who often share a concern for environmental issues even as they indulge in consumer patterns antithetical to ecological best practices. Product Revenue and Service and Other Revenue. Recent geographical analyses of global production networks in different economic sectors demonstrate that little attention has been paid to the logistical and transport systems through which networks are fully integrated. You can also read past reports by accessing the archives in the right panel. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. 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. Pricing changes and promotions, pricing variation that occurs when the mix of devices manufactured shifts from local and regional system builders to large multinational OEMs, and different pricing of Windows versions licensed. On September 14, 2021, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit, ranging from one to 20 years. In March, we released our second annual sustainability report, sharing our progress, challenges, and learnings as we pursue our commitments to become carbon negative, water positive, and zero waste. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. None of these changes had a material impact on previously reported amounts in our MD&A. As of June 30, 2022, $40.7 billion remained of our $60 billion share repurchase program. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we determine the SSP using information that may include market conditions and other observable inputs. A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. We compete to provide enterprise-wide computing solutions and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity (both Internet and intranet), security, hosting, database, and e-business servers. To get a copy of our annual report, you can GO GREEN and Click download an e-copy. SA is included. These unique gaming experiences are the cornerstone of Xbox Game Pass, a subscription service and gaming community with access to a curated library of over 100 first- and third-party console and PC titles. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. The consolidated We believe our clouds global scale, coupled with our broad portfolio of identity and security solutions, allows us to effectively solve complex cybersecurity challenges for our customers and differentiates us from the competition. The acquisition will accelerate the growth in our gaming business across mobile, PC, console, and cloud and will provide building blocks for the metaverse. Service and other revenue also includes sales from online advertising and LinkedIn. 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. Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that can power modern business and developers. Additional information on our operating segments and geographic and product information is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements in our fiscal year 2022 Form 10-K. Our reportable segments are described below. RSUs generally vest ratably over a service period of four years. Our objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. Founder, President and Chief Executive Officer, Fable Group Inc. Satya Nadella In these instances, we may use information such as the size of the customer and geographic region in determining the SSP. We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. Annual report 2022 Download. We believe our allowances for income tax contingencies are adequate. SA conveys rights to new software and upgrades released over the contract period and provides support, tools, and training to help customers deploy and use products more efficiently. Securities held in our equity investments portfolio are subject to price risk. 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. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Given the complexity and the subjective nature of the transfer pricing issues that remain unresolved with the IRS, evaluating management's estimates relating to their determination of uncertain tax positions required extensive audit effort and a high degree of auditor judgment, including involvement of our tax specialists. And, along with partner companies, we launched the Neurodiversity Career Connector, a jobs marketplace for neurodivergent job seekers. On-premises licenses are considered distinct performance obligations when sold with SA. 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. A large network of partner advisors support many of these sales. A Microsoft Customer Agreement is a non-expiring agreement that is designed to support all customers over time, whether purchasing through a partner or directly from Microsoft. PepsiCo, Inc. Carlos A. Rodriguez 1 Office Consumer products and cloud services revenue increased $641 million or 11% driven by Microsoft 365 Consumer subscription revenue. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. In order of value, with most valuable assets first. The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. annual accounts We continue to strive to support our Ukrainian employees and their dependents during the Ukraine crisis with emergency relocation assistance, emergency leave, and other benefits. However, the same type products in other shop sale at 40-60 dollars. The concept of the global production network expressively covers the spatial interrelationships characteristic of the economy due to the existence of worldwide flows of information, raw materials, components, and finished products. In order of value, with least valuable assets first. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. Search and news advertising revenue excluding traffic acquisition costs increased 27%. Business, and Chief Marketing Officer, Christopher D. Young Our goal is to maintain the Investor Relations website as a portal through which investors can easily find or navigate to pertinent information about us, including: We publish a variety of reports and resources related to our Corporate Social Responsibility programs and progress on our Reports Hub website, www.microsoft.com/corporate-responsibility/reports-hub, including reports on sustainability, responsible sourcing, accessibility, digital trust, and public policy engagement. Organizations purchase perpetual licenses and SA is optional. During fiscal years 2022 and 2021, we repurchased 95 million shares and 101 million shares of our common stock for $28.0 billion and $23.0 billion, respectively, through our share repurchase programs. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. We also help our suppliers and customers around the world use Microsoft technology to reduce their own carbon footprint. In 2019, the SAMR presented preliminary views as to certain possible violations of Chinas Anti-Monopoly Law. We have invested significantly in holistic wellbeing, and offer a differentiated benefits package which includes many physical, emotional, and financial wellness programs including counseling through the Microsoft CARES Employee Assistance Program, mental wellbeing support, flexible fitness benefits, savings and investment tools, adoption assistance, and back-up care for children and elders. Gaming revenue increased $860 million or 6% on a strong prior year comparable that benefited from Xbox Series X|S launches and stay-at-home scenarios, driven by growth in Xbox hardware and Xbox content and services. In the past year, weve made many of our most popular titles accessible on phones, tablets, TVs, and low-spec PCs for the first time. It sustains our everyday practice of customer obsession. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors, or when a broker price is more reflective of fair values in the market in which the investment trades. In March 2021, the India Supreme Court ruled favorably for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. As digital transformation accelerates, organizations in every sector across the globe can address challenges that will have a fundamental impact on their success. Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. Determination of whether products and services are considered distinct performance obligations that should be accounted for separately versus together, such as software licenses and related services that are sold with cloud-based services. 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. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. Trends run their course with lightning speed, with today's latest styles swiftly trumping yesterday's, which have already been consigned to the trash bin. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Refer to Note 11 Debt of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. Former Executive Vice President and Chief Financial Officer, Gap, Inc. Charles W. Scharf 2,3 Robert Gentz, Co-CEO Selected Financial Statements 2020 Key Figures Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position The fair value of stock awards vested was $14.1 billion, $13.4 billion, and $10.1 billion, for fiscal years 2022, 2021, and 2020, respectively. Our culture is the foundation on which our mission and strategy stand, and cultivating it is our greatest priority. We use credit default swap contracts to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. Office Consumer Services revenue is mainly affected by the demand for communication and storage through Skype, Outlook.com, and OneDrive, which is largely driven by subscriptions, advertising, and the sale of minutes. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara. New employee orientation covering a range of topics including company values, and culture, as well as ongoing onboarding programs. However Zara also boasts the lowest year-end inventory levels in the fashion industry. Zara is one of the world's most successful fashion retail brands - if not the most successful one. Stock information. Strengthening our communities: using data, technology, and partnerships to help improve the lives of Black and African American people in the United States, including our employees and their communities. Our commitment to responsibly develop and use technologies like AI is core to who we are. The second broad category of OEMs are system builders consisting of lower-volume PC manufacturers, which source Microsoft software for pre-installation and local redistribution primarily through the Microsoft distributor channel rather than through a direct agreement or relationship with Microsoft. 122 74 1 9 4 13 (2,180) Treasury services revenue growth, Revenue from Windows Commercial products and cloud services, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings, Revenue from Surface devices and accessories, Revenue from Xbox content and services, comprising first- and third-party content (including games and in-game content), Xbox Game Pass and other subscriptions, Xbox Cloud Gaming, third- party disc royalties, advertising, and other cloud services, Search and news advertising revenue, 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. (ended March 31, 2017), please refer to Toyota Industries Report. STATEMENT OF MANAGEMENTS RESPONSIBILITY FOR FINANCIAL STATEMENTS. Given our focus on understanding core company beliefs and compliance topics, all employees complete required learning programs like Standards of Business Conduct, Privacy, Unconscious Bias, and preventing harassment courses. Collaborating to safeguard the planet. . .. .. .. 4.1. Translation adjustments resulting from this process are recorded to other comprehensive income. Dynamics provides cloud-based and on-premises business solutions for financial management, enterprise resource planning (ERP), customer relationship management (CRM), supply chain management, and other application development platforms for small and medium businesses, large organizations, and divisions of global enterprises. We have learned the impact of our work will not all be felt immediately, and our experience highlights how progress wont always be linear. We also joined with leading organizations to launch the Carbon Call an initiative to mobilize collective action to solve carbon emissions and removal accounting challenges for a net zero future. Our system management solutions compete with server management and server virtualization platform providers, such as BMC, CA Technologies, Hewlett-Packard, IBM, and VMware. November 25, 2022 LVMH strengthens its position in jewelry with the acquisition of Pedemonte November 15, 2022 LVMH Share buyback program 2022 Q3 Revenue OCTOBER 2022 - PDF - 4 Mo Download October 11, 2022 Growth continues at the same pace 2021 environmental indicators AUGUST 2022 - PDF - 2 Mo Download LVMH carbon footprint in 2021 Opinion on Internal Control over Financial Reporting. The following Managements Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of Microsoft Corporation. Based on this evaluation, management concluded that the Companys internal control over financial reporting was effective as of June 30, 2022. The separate annual accounts of the Parent (Inditex) for 2021 were prepared by the Board of Directors I want to close by thanking you for your continued investment in Microsoft. REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. project team structure in project management; men's work jacket shirts; organic cotton linen fabric; gel memory foam sofa mattress; We also launched a national campaign with U.S. community colleges to help skill and recruit into the cybersecurity workforce 250,000 people by 2025, representing half of the countrys workforce shortage. millions of euros. 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