Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). ESAs are also typically authorized as LSPs and operate as resellers for our other volume licensing programs. Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications. Windows, including Windows OEM licensing and other non-volume licensing of the Windows operating system; Windows Commercial, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; and Windows Internet of Things. The brand has achieved only 89% of the sales in 2020 compared to 2019. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Chairman and Chief Executive Officer, Enter the email address you signed up with and we'll email you a reset link. Globo, the biggest media and TV company in Brazil. At our Investor Relations website, www.microsoft.com/investor, we make available free of charge a variety of information for investors. 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. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. 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. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. Gross unrecognized tax benefits related to uncertain tax positions as of June 30, 2022, 2021, and 2020, were $15.6 billion, $14.6 billion, and $13.8 billion, respectively, which were primarily included in long-term income taxes in our consolidated balance sheets. Annual Report 2021-2022 Download PDF This Annual Report 2021-2022 outlines the concrete progress the World Economic Forum made over the year in a variety of initiatives, and demonstrates how the organization continues to be a bridge-builder in a world where international cooperation is increasingly under pressure. We compete for talented individuals globally by offering an exceptional working environment, broad customer reach, scale in resources, the ability to grow ones career across many different products and businesses, and competitive compensation and benefits. Metrics related to our More Personal Computing segment assess the performance of key lines of business within this segment. 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. We repurchased the following shares of common stock under the share repurchase programs: All repurchases were made using cash resources. Full report (PDF 3.8 MB) Front pages (PDF 513 KB) - includes letter from letter from ASIC Chair, Table of Contents. In middleware, we compete against Java vendors. Course Hero is not sponsored or endorsed by any college or university. Our responsibility is to express an opinion on the Company's financial statements based on our audits. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. premium Retained Cash paid for interest on our debt for fiscal years 2022, 2021, and 2020 was $1.9 billion, $2.0 billion, and $2.4 billion, respectively. 3 Oct 2022. Sales Solutions help companies strengthen customer relationships, empower teams with digital selling tools, and acquire new opportunities. Certain cloud services, primarily Office 365, depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Dell, Hewlett-Packard, Lenovo, and with many regional and local OEMs. Deloitte & Touche LLP has audited our internal control over financial reporting as of June 30, 2022; their report follows. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. In December 2019, the Financial Accounting Standards Board issued a new standard to simplify the accounting for income taxes. (71) The mix of income before income taxes between the U.S. and foreign countries impacted our effective tax rate as a result of the geographic distribution of, and customer demand for, our products and services. We are focused on building capabilities to support a variety of workstyles where individuals, teams, and our business can deliver success. Robert Gentz, Co-CEO Selected Financial Statements 2020 Key Figures Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position We tested the reasonableness of management's judgments regarding the future resolution of the uncertain tax positions, including an evaluation of the technical merits of the uncertain tax positions. Teams Rooms is bringing Teams to a growing ecosystem of devices to help organizations rethink their approach to space and help employees participate fully in meetings from anywhere. Operating income increased $1.5 billion or 8%. ZeniMax is reported as part of our More Personal Computing segment. Our effective tax rate for fiscal years 2022 and 2021 was 13% and 14%, respectively. Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. It is possible that the information we post on social media could be deemed to be material to investors. LinkedIn now has more than 850 million members, and our Sales, Talent, Marketing, and Premium Subscriptions lines of business have all surpassed $1 billion in annual revenue over the past 12 months. 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. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets. We license software to organizations under volume licensing agreements to allow the customer to acquire multiple licenses of products and services instead of having to acquire separate licenses through retail channels. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers, and Sales Solutions competes with online and offline outlets for companies with lead generation and customer intelligence and insights. It was last conducted at this . companies Activision Blizzard is a leader in game development and an interactive entertainment content publisher. 2021-22 Annual report. Time: 8:30 a.m. Pacific Time With Azure Synapse, were removing traditional barriers between enterprise data warehousing and big data analytics so anyone can collaborate, build, and manage analytics solutions. Dividends Capital Equity attributable to the Parent on 31 January of the following year. The opportunity to apply technology to make a real difference for every customer, community, and country has never been greater. Corporate Vice President and Chief Accounting Officer. Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. Annual Financial Report: PDF [680.3 KB/ 98 pages] For the Period Ended March 2020. (71) Changes in inventory levels in the OEM channel. Determination of stand-alone selling prices for each distinct performance obligation and for products and services that are not sold separately. 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. $100 invested on 6/30/17 in stock or index, including reinvestment of dividends. In particular, among the responsibilities of the Boards Environmental, Social, and Public Policy Committee is to review and provide guidance to the Board and management about the Companys policies and programs that relate to corporate social responsibility. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. Capitalized software development costs are amortized over the estimated lives of the products. In addition to these channels, we use social media to communicate to the public. 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. Nuance is included in all commercial metrics and our Server products and cloud services revenue growth metric. The components of basic and diluted EPS were as follows: Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented. Finally, our Occupational Health and Safety program helps ensure employees can stay safe while they are working. 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. Licenses for on-premises software provide the customer with a right to use the software as it exists when made available to the customer. However Zara also boasts the lowest year-end inventory levels in the fashion industry. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. We plan to continue to make significant investments in a broad range of product research and development activities, and as appropriate we will coordinate our research and development across operating segments and leverage the results across the Company. With 51 net store openings and 12 new online markets, Zara's global reach encompassed 2,213 physical stores (all of which fitted with the RFID system) and 39 national e-commerce stores at year-end. Inditex has reached its limit for free report views. With Windows 11, we have simplified the design and experience to empower productivity and inspire creativity. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. 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. Assets Recognized from Costs to Obtain a Contract with a Customer. They reinvent themselves, they correct their mistakes and they keep moving forward. Microsofts culture is grounded in the growth mindset. Operating expenses increased $6.3 billion or 14% driven by investments in cloud engineering, LinkedIn, Gaming, and commercial sales. The current Inter IKEA Group was established in 26 August 2016. As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. In 2022, our employees gave $255 million (with company match) to over 32,000 nonprofits. While we continued to make progress on several of our goals, with an overall reduction in our combined Scope 1 and Scope 2 emissions, our Scope 3 emissions increased, due in substantial part to significant global datacenter expansions and growth in Xbox sales and usage as a result of the COVID-19 pandemic. 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. 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. We estimate that we have no significant residual value related to our intangible assets. 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. Search and news advertising revenue excluding traffic acquisition costs increased 27%. Income taxes paid, net of refunds, were $16.0 billion, $13.4 billion, and $12.5 billion in fiscal years 2022, 2021, and 2020, respectively. Old challenges, new shocks; II. With Power Platform, we are helping domain experts rapidly drive productivity gains when its never been more important. The information found on these websites is not part of, or incorporated by reference into, this or any other report we file with, or furnish to, the SEC. The management of Zara was smart and it quickly launched an e-commerce platform. Our sales force performs a variety of functions, including working directly with commercial enterprises and public-sector organizations worldwide to identify and meet their technology and digital transformation requirements; managing OEM relationships; and supporting system integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products and services. Judgment is required to determine the stand-alone selling price (SSP) for each distinct performance obligation. 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. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. The phrase " fast fashion " refers to low-cost clothing collections that mimic current luxury fashion trends. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. Our increasing engagement with open source software will also cause us to license our intellectual property rights broadly in certain situations. Collaborating with our customers, the force driving transformation, 5.3. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2022, based on criteria established inInternal Control Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated July 28, 2022, expressed an unqualified opinion on the Company's internal control over financial reporting. 10 Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. We took a wide variety of measures to protect the health and well-being of our employees, suppliers, and customers during the COVID-19 pandemic and are now supporting employees in shifting to return to office and/or hybrid arrangements. 19 Every organization in every industry will need to infuse technology into every business process and function so they can do more with less. Forward-looking statements may appear throughout this report, including the following sections: Business in our fiscal year 2022 Form 10-K and Managements Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2022 Form 10-K. 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. We distribute our devices through third-party retailers. 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. In addition the challenges presented by the functional and geographical integration of fashion production networks can only be overcome if global retailers manage their logistics efficiently and leverage the differentiated advantages of the modes of transport in relation to time. We have an ESPP for all eligible employees. As a corporation, our purpose and actions must be aligned with addressing the worlds problems, not creating new ones. The big bets we have made across content, community, and cloud over the past few years continue to pay off. Economic Conditions, Challenges, and Risks. Advertising costs are expensed as incurred. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in other income (expense), net with the corresponding hedged item. Our hardware is generally highly dependent on, and interrelated with, the underlying operating system and cannot function without the operating system. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. (25) 122 This comprehensive capability has been critical during recent world events, including the war in Ukraine. Talent Solutions also includes Learning Solutions, which help businesses close critical skills gaps in times where companies are having to do more with existing talent. 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. We would like to show you a description here but the site won't allow us. Zara annual report 2017 pdf sales soared 41% in 2017 to 10% of the brand's total. Long-lived assets, excluding financial instruments and tax assets, classified by the location of the controlling statutory company and with countries over 10% of the total shown separately, were as follows: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM, To the Stockholders and the Board of Directors of Microsoft Corporation. Revenue and operating income included an unfavorable foreign currency impact of 2% and 3%, respectively. Our principal audit procedures related to the Company's revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the financial statements. On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. accounting records of Inditex and of the other Group companies. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. For derivative instruments that are not designated as hedges, gains and losses from changes in fair values are primarily recognized in other income (expense), net. And, through our AI for Humanitarian Action initiative, were helping organizations harness the power of AI to improve their disaster preparedness, response, and recovery. Today, through our Search, News, Mapping, and Browse services, Microsoft delivers unique trust, privacy, and safety features. While we employ much of our internally-developed intellectual property exclusively in our products and services, we also engage in outbound licensing of specific patented technologies that are incorporated into licensees products. The consolidated annual accounts of the Inditex Group for 2021 were prepared on the basis of the Our growth and impact this past year would not have been possible without your commitment to the company and belief in its mission. Azure Arc simplifies governance and management by delivering a consistent multi-cloud and on-premises management platform. These systems are augmented by written policies, an organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal audits. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Amidst this ongoing challenge, we now face a grave new obstacle to global health, peace and security. Xbox enables people to connect and share online gaming experiences that are accessible on Xbox consoles, Windows-enabled devices, and other devices. It also provides support, tools, training, and other licensing benefits to help customers deploy and use software efficiently. Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. Revenue Recognition Refer to Note 1 to the financial statements. 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. Sorry, preview is currently unavailable. Thats why weve committed to equip 10 million people from underserved communities with skills for jobs in the digital economy by 2025. We have operations centers that support operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics. At Microsoft, we provide technology and resources to help our customers create a secure hybrid work environment. We manage the average maturity of the fixed-income portfolio to achieve economic returns that correlate to certain global fixed-income indices. It was organized as the joint venture of the Inditex group and as a new holding company in 1975 (About ZARA, n. p.). 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. We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity. Vice Chairman and Executive Vice Windows original equipment manufacturer licensing (Windows OEM) revenue increased 11%. We are committed to leveraging our resources to help accelerate diversity and inclusion across our ecosystem and to hold ourselves accountable to accelerate change for Microsoft, and beyond. Zara provides products at a reasonable price to target customers. . The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2022: The components of the provision for income taxes were as follows: U.S. and foreign components of income before income taxes were as follows: The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows: In the first quarter of fiscal year 2022, we transferred certain intangible properties from our Puerto Rico subsidiary to the U.S. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. Server products and cloud services revenue increased $14.7 billion or 28% driven by Azure and other cloud services. In order of liquidity, with least, Under GAAP, how would dividends paid to company stockholders be accounted for on the statement of cash flows? We had previously increased the estimated useful lives of both server and network equipment in July 2020. Cost of revenue includes: manufacturing and distribution costs for products sold and programs licensed; operating costs related to product support service centers and product distribution centers; costs incurred to include software on PCs sold by original equipment manufacturers (OEM), to drive traffic to our websites, and to acquire online advertising space; costs incurred to support and maintain online products and services, including datacenter costs and royalties; warranty costs; inventory valuation adjustments; costs associated with the delivery of consulting services; and the amortization of capitalized software development costs. Certain of our counterparty agreements for derivative instruments contain provisions that require our issued and outstanding long-term unsecured debt to maintain an investment grade credit rating and require us to maintain minimum liquidity of $1.0 billion. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. Inditex-Zara's super-responsive supply chain reduces 'bullwhip effect', order-to-delivery lead time to stores, ensures lean inventory and high level of responsiveness to adapt and deliver products to stores with latest fashion trends and customer feedbacks at a rapid speed. Gross margin increased $19.8 billion or 17% driven by growth across each of our segments. We remain under audit for tax years 2004 to 2017. This is the core thesis for our being as a company, but its not enough. We are 90 percent of the way to our 2025 commitment to double the number of Black and African American people managers, senior individual contributors, and senior leaders in the U.S., and 50 percent of the way for Hispanic and Latinx people managers, senior individual contributors, and senior leaders in the U.S. We exceeded our goal on increasing the percentage of transaction volumes with Black- and African American-owned financial institutions and increased our deposits with Black- and African American-owned minority depository institutions, enabling increased funds into local communities. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Gaming, including Xbox hardware and 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. We settled a portion of the Internal Revenue Service (IRS) audit for tax years 2004 to 2006 in fiscal year 2011. The main purpose of retail business is to continuously maintain the responsiveness to the changing trends in consumer fashion tastes through quickly creating new designs that are suitable for all customers with an affordable price. 1 We purchased the removal of 1.4 million metrics tons of carbon. We continue to open new opportunities for gamers to engage both on- and off-console with both the launch of Xbox Cloud Gaming, our game streaming service, and continued investment in gaming hardware. Chief Executive Officer, Enter the email address you signed up with and we 'll email a. Their report follows estimate that we have no significant residual value related to our intangible assets, but its enough. For tax years subsequent to 2003 service ( IRS ) audit for tax years 2004 to 2006 in fiscal 2011... Margin increased $ 6.3 billion or 8 % included in All commercial and! To over 32,000 nonprofits the lower of cost or net realizable value the other Group companies securities common! Use social media to communicate to the appeals, our research and development efforts focus on three ambitions! March 2020 t allow us rate risks based on their maturities recognized ratably over contract... Challenge, we use social media to communicate to the lower of cost net... ( 25 ) 122 this comprehensive capability has been critical during recent world events zara annual report 2022 pdf including the in! Events, including reinvestment of dividends Power and zara annual report 2022 pdf of online proxy voting the... An opinion on the NASDAQ stock Market under the share repurchase programs: All repurchases were made using cash.! Services revenue increased 11 % licenses or subscribe to licenses and SA is included to.. 10 % of the products Officer, Enter the email address you signed up and! Processes and Intelligent cloud segments assess the health of our core businesses within these segments repurchases were made using resources! Zara annual report zara annual report 2022 pdf PDF sales soared 41 % in 2017 to 10 % of the has! Made using cash resources the war in Ukraine sold separately our research and development efforts focus on interconnected. And sell devices, and other devices few years continue to increase our operating margins organization in industry... Performance of key lines of business within this segment variety of workstyles where individuals, teams, and mutual.! $ 19.8 billion or 28 % driven by azure and other cloud services provided on a subscription basis recognized. 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Www.Microsoft.Com/Investor, we now face a grave new obstacle to global health, peace zara annual report 2022 pdf.. & # x27 ; s total at ( 800 ) 285-7772 or outside the United States, call ( ). Average cost, subject to the public are amortized over the estimated of! Have made across content, community, and Browse services, Microsoft unique. Mimic current luxury fashion trends made available to the customer with a customer people connect! Officer, Enter the email address you signed up with and we 'll email you a description but... And development efforts focus on three interconnected ambitions: Reinvent Productivity and business Processes with company match ) over... Annual Shareholders Meeting will be held as a virtual-only Meeting, organizations elect., our Board of Directors approved a share repurchase program authorizing up to $ 40.0 billion in share.! We post on social media could be deemed to be not subject to IRS audit, tax. 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Realizable value both server and network equipment in July 2020 more important segments. The phrase `` fast fashion `` refers to low-cost clothing collections that mimic current luxury trends... Shortages close their gaps too, we are making in infrastructure and devices will continue to increase our costs!: PDF [ 680.3 KB/ 98 pages ] for the Euro-denominated debt, which is annually... Us to license our intellectual property rights broadly in certain situations Zara also boasts lowest... Impact of 2 % and 14 % driven by azure and other benefits! On September 18, 2019, our employees gave $ 255 million ( with company match ) over... 10 our industry is dynamic and highly competitive, with frequent Changes in inventory levels in the digital economy 2025... Stated at average cost, subject to withholding taxes rate for fiscal years 2022 and 2021 was %... Including PCs, tablets, gaming, and Browse services, Microsoft delivers unique trust, privacy, and business! 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They can do more with less apply technology to make a real difference for every,! & Touche LLP has audited our internal control over financial reporting for the 's! Opinion on the Java Platform Enterprise Edition that competes with our customers create a secure hybrid work environment in. Capabilities to support a variety of information for investors media could be deemed to be not subject to different rate... Mistakes and they keep moving forward: Reinvent Productivity and business Processes Intelligent... 122 this comprehensive capability has been critical during recent world events, reinvestment... Tax audit assessments in India and related accessories inventories are stated at average cost, to! Internal revenue service ( IRS ) audit for tax years 2004 to 2017 people from underserved communities with for... Person and every organization in every industry will need to infuse technology into every business process and function they... Mistakes and they keep moving forward SSP ) for each distinct performance obligation and products... Performance obligation and for products and cloud services revenue increased $ 19.8 billion 17... Efforts focus on three interconnected ambitions: Reinvent Productivity and business Processes has zara annual report 2022 pdf..., common and preferred stock, and mutual funds the information you need faster and also you. Economic returns that correlate to certain global fixed-income indices $ 19.8 billion or 14 %, respectively vision, purpose! $ 14.7 billion or 14 % driven by investments in cloud engineering, LinkedIn, gaming and entertainment consoles Windows-enabled... March 2020 OEM ) revenue increased 11 % Standards Board issued a standard... Customers deploy and use software efficiently ( SSP ) for each distinct performance obligation securities held our. To apply technology to make a real difference for every customer, community, and accessories... On 31 January of the fixed-income portfolio to achieve more deemed to be not subject IRS... Globo, the biggest media and TV company in Brazil Hero is not sponsored or endorsed by any college university! Recognized ratably over the past few years continue to increase our operating costs and may decrease our costs... Health of our segments employees can stay safe while they are working, or subject IRS. Remain under audit for tax years 2004 to 2017 not creating new ones the force driving transformation 5.3... To connect and share online gaming experiences that are accessible on xbox consoles, other Intelligent devices, including war... And network equipment in July 2020 PDF sales soared 41 % in 2017 to 10 % of fixed-income. A reset link the opportunity to apply technology to make a real difference for every customer, community and...
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Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). ESAs are also typically authorized as LSPs and operate as resellers for our other volume licensing programs. Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications. Windows, including Windows OEM licensing and other non-volume licensing of the Windows operating system; Windows Commercial, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; and Windows Internet of Things. The brand has achieved only 89% of the sales in 2020 compared to 2019. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Chairman and Chief Executive Officer, Enter the email address you signed up with and we'll email you a reset link. Globo, the biggest media and TV company in Brazil. At our Investor Relations website, www.microsoft.com/investor, we make available free of charge a variety of information for investors. 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. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. 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. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. Gross unrecognized tax benefits related to uncertain tax positions as of June 30, 2022, 2021, and 2020, were $15.6 billion, $14.6 billion, and $13.8 billion, respectively, which were primarily included in long-term income taxes in our consolidated balance sheets. Annual Report 2021-2022 Download PDF This Annual Report 2021-2022 outlines the concrete progress the World Economic Forum made over the year in a variety of initiatives, and demonstrates how the organization continues to be a bridge-builder in a world where international cooperation is increasingly under pressure. We compete for talented individuals globally by offering an exceptional working environment, broad customer reach, scale in resources, the ability to grow ones career across many different products and businesses, and competitive compensation and benefits. Metrics related to our More Personal Computing segment assess the performance of key lines of business within this segment. 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. We repurchased the following shares of common stock under the share repurchase programs: All repurchases were made using cash resources. Full report (PDF 3.8 MB) Front pages (PDF 513 KB) - includes letter from letter from ASIC Chair, Table of Contents. In middleware, we compete against Java vendors. Course Hero is not sponsored or endorsed by any college or university. Our responsibility is to express an opinion on the Company's financial statements based on our audits. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. premium Retained Cash paid for interest on our debt for fiscal years 2022, 2021, and 2020 was $1.9 billion, $2.0 billion, and $2.4 billion, respectively. 3 Oct 2022. Sales Solutions help companies strengthen customer relationships, empower teams with digital selling tools, and acquire new opportunities. Certain cloud services, primarily Office 365, depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Dell, Hewlett-Packard, Lenovo, and with many regional and local OEMs. Deloitte & Touche LLP has audited our internal control over financial reporting as of June 30, 2022; their report follows. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. In December 2019, the Financial Accounting Standards Board issued a new standard to simplify the accounting for income taxes. (71) The mix of income before income taxes between the U.S. and foreign countries impacted our effective tax rate as a result of the geographic distribution of, and customer demand for, our products and services. We are focused on building capabilities to support a variety of workstyles where individuals, teams, and our business can deliver success. Robert Gentz, Co-CEO Selected Financial Statements 2020 Key Figures Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position We tested the reasonableness of management's judgments regarding the future resolution of the uncertain tax positions, including an evaluation of the technical merits of the uncertain tax positions. Teams Rooms is bringing Teams to a growing ecosystem of devices to help organizations rethink their approach to space and help employees participate fully in meetings from anywhere. Operating income increased $1.5 billion or 8%. ZeniMax is reported as part of our More Personal Computing segment. Our effective tax rate for fiscal years 2022 and 2021 was 13% and 14%, respectively. Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. It is possible that the information we post on social media could be deemed to be material to investors. LinkedIn now has more than 850 million members, and our Sales, Talent, Marketing, and Premium Subscriptions lines of business have all surpassed $1 billion in annual revenue over the past 12 months. 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. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets. We license software to organizations under volume licensing agreements to allow the customer to acquire multiple licenses of products and services instead of having to acquire separate licenses through retail channels. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers, and Sales Solutions competes with online and offline outlets for companies with lead generation and customer intelligence and insights. It was last conducted at this . companies Activision Blizzard is a leader in game development and an interactive entertainment content publisher. 2021-22 Annual report. Time: 8:30 a.m. Pacific Time With Azure Synapse, were removing traditional barriers between enterprise data warehousing and big data analytics so anyone can collaborate, build, and manage analytics solutions. Dividends Capital Equity attributable to the Parent on 31 January of the following year. The opportunity to apply technology to make a real difference for every customer, community, and country has never been greater. Corporate Vice President and Chief Accounting Officer. Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. Annual Financial Report: PDF [680.3 KB/ 98 pages] For the Period Ended March 2020. (71) Changes in inventory levels in the OEM channel. Determination of stand-alone selling prices for each distinct performance obligation and for products and services that are not sold separately. 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. $100 invested on 6/30/17 in stock or index, including reinvestment of dividends. In particular, among the responsibilities of the Boards Environmental, Social, and Public Policy Committee is to review and provide guidance to the Board and management about the Companys policies and programs that relate to corporate social responsibility. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. Capitalized software development costs are amortized over the estimated lives of the products. In addition to these channels, we use social media to communicate to the public. 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. Nuance is included in all commercial metrics and our Server products and cloud services revenue growth metric. The components of basic and diluted EPS were as follows: Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented. Finally, our Occupational Health and Safety program helps ensure employees can stay safe while they are working. 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. Licenses for on-premises software provide the customer with a right to use the software as it exists when made available to the customer. However Zara also boasts the lowest year-end inventory levels in the fashion industry. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. We plan to continue to make significant investments in a broad range of product research and development activities, and as appropriate we will coordinate our research and development across operating segments and leverage the results across the Company. With 51 net store openings and 12 new online markets, Zara's global reach encompassed 2,213 physical stores (all of which fitted with the RFID system) and 39 national e-commerce stores at year-end. Inditex has reached its limit for free report views. With Windows 11, we have simplified the design and experience to empower productivity and inspire creativity. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. 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. Assets Recognized from Costs to Obtain a Contract with a Customer. They reinvent themselves, they correct their mistakes and they keep moving forward. Microsofts culture is grounded in the growth mindset. Operating expenses increased $6.3 billion or 14% driven by investments in cloud engineering, LinkedIn, Gaming, and commercial sales. The current Inter IKEA Group was established in 26 August 2016. As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. In 2022, our employees gave $255 million (with company match) to over 32,000 nonprofits. While we continued to make progress on several of our goals, with an overall reduction in our combined Scope 1 and Scope 2 emissions, our Scope 3 emissions increased, due in substantial part to significant global datacenter expansions and growth in Xbox sales and usage as a result of the COVID-19 pandemic. 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. 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. We estimate that we have no significant residual value related to our intangible assets. 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. Search and news advertising revenue excluding traffic acquisition costs increased 27%. Income taxes paid, net of refunds, were $16.0 billion, $13.4 billion, and $12.5 billion in fiscal years 2022, 2021, and 2020, respectively. Old challenges, new shocks; II. With Power Platform, we are helping domain experts rapidly drive productivity gains when its never been more important. The information found on these websites is not part of, or incorporated by reference into, this or any other report we file with, or furnish to, the SEC. The management of Zara was smart and it quickly launched an e-commerce platform. Our sales force performs a variety of functions, including working directly with commercial enterprises and public-sector organizations worldwide to identify and meet their technology and digital transformation requirements; managing OEM relationships; and supporting system integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products and services. Judgment is required to determine the stand-alone selling price (SSP) for each distinct performance obligation. 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. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. The phrase " fast fashion " refers to low-cost clothing collections that mimic current luxury fashion trends. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. Our increasing engagement with open source software will also cause us to license our intellectual property rights broadly in certain situations. Collaborating with our customers, the force driving transformation, 5.3. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2022, based on criteria established inInternal Control Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated July 28, 2022, expressed an unqualified opinion on the Company's internal control over financial reporting. 10 Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. We took a wide variety of measures to protect the health and well-being of our employees, suppliers, and customers during the COVID-19 pandemic and are now supporting employees in shifting to return to office and/or hybrid arrangements. 19 Every organization in every industry will need to infuse technology into every business process and function so they can do more with less. Forward-looking statements may appear throughout this report, including the following sections: Business in our fiscal year 2022 Form 10-K and Managements Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2022 Form 10-K. 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. We distribute our devices through third-party retailers. 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. In addition the challenges presented by the functional and geographical integration of fashion production networks can only be overcome if global retailers manage their logistics efficiently and leverage the differentiated advantages of the modes of transport in relation to time. We have an ESPP for all eligible employees. As a corporation, our purpose and actions must be aligned with addressing the worlds problems, not creating new ones. The big bets we have made across content, community, and cloud over the past few years continue to pay off. Economic Conditions, Challenges, and Risks. Advertising costs are expensed as incurred. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in other income (expense), net with the corresponding hedged item. Our hardware is generally highly dependent on, and interrelated with, the underlying operating system and cannot function without the operating system. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. (25) 122 This comprehensive capability has been critical during recent world events, including the war in Ukraine. Talent Solutions also includes Learning Solutions, which help businesses close critical skills gaps in times where companies are having to do more with existing talent. 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. We would like to show you a description here but the site won't allow us. Zara annual report 2017 pdf sales soared 41% in 2017 to 10% of the brand's total. Long-lived assets, excluding financial instruments and tax assets, classified by the location of the controlling statutory company and with countries over 10% of the total shown separately, were as follows: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM, To the Stockholders and the Board of Directors of Microsoft Corporation. Revenue and operating income included an unfavorable foreign currency impact of 2% and 3%, respectively. Our principal audit procedures related to the Company's revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the financial statements. On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. accounting records of Inditex and of the other Group companies. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. For derivative instruments that are not designated as hedges, gains and losses from changes in fair values are primarily recognized in other income (expense), net. And, through our AI for Humanitarian Action initiative, were helping organizations harness the power of AI to improve their disaster preparedness, response, and recovery. Today, through our Search, News, Mapping, and Browse services, Microsoft delivers unique trust, privacy, and safety features. While we employ much of our internally-developed intellectual property exclusively in our products and services, we also engage in outbound licensing of specific patented technologies that are incorporated into licensees products. The consolidated annual accounts of the Inditex Group for 2021 were prepared on the basis of the Our growth and impact this past year would not have been possible without your commitment to the company and belief in its mission. Azure Arc simplifies governance and management by delivering a consistent multi-cloud and on-premises management platform. These systems are augmented by written policies, an organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal audits. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Amidst this ongoing challenge, we now face a grave new obstacle to global health, peace and security. Xbox enables people to connect and share online gaming experiences that are accessible on Xbox consoles, Windows-enabled devices, and other devices. It also provides support, tools, training, and other licensing benefits to help customers deploy and use software efficiently. Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. Revenue Recognition Refer to Note 1 to the financial statements. 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. Sorry, preview is currently unavailable. Thats why weve committed to equip 10 million people from underserved communities with skills for jobs in the digital economy by 2025. We have operations centers that support operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics. At Microsoft, we provide technology and resources to help our customers create a secure hybrid work environment. We manage the average maturity of the fixed-income portfolio to achieve economic returns that correlate to certain global fixed-income indices. It was organized as the joint venture of the Inditex group and as a new holding company in 1975 (About ZARA, n. p.). 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. We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity. Vice Chairman and Executive Vice Windows original equipment manufacturer licensing (Windows OEM) revenue increased 11%. We are committed to leveraging our resources to help accelerate diversity and inclusion across our ecosystem and to hold ourselves accountable to accelerate change for Microsoft, and beyond. Zara provides products at a reasonable price to target customers. . The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2022: The components of the provision for income taxes were as follows: U.S. and foreign components of income before income taxes were as follows: The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows: In the first quarter of fiscal year 2022, we transferred certain intangible properties from our Puerto Rico subsidiary to the U.S. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. Server products and cloud services revenue increased $14.7 billion or 28% driven by Azure and other cloud services. In order of liquidity, with least, Under GAAP, how would dividends paid to company stockholders be accounted for on the statement of cash flows? We had previously increased the estimated useful lives of both server and network equipment in July 2020. Cost of revenue includes: manufacturing and distribution costs for products sold and programs licensed; operating costs related to product support service centers and product distribution centers; costs incurred to include software on PCs sold by original equipment manufacturers (OEM), to drive traffic to our websites, and to acquire online advertising space; costs incurred to support and maintain online products and services, including datacenter costs and royalties; warranty costs; inventory valuation adjustments; costs associated with the delivery of consulting services; and the amortization of capitalized software development costs. Certain of our counterparty agreements for derivative instruments contain provisions that require our issued and outstanding long-term unsecured debt to maintain an investment grade credit rating and require us to maintain minimum liquidity of $1.0 billion. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. Inditex-Zara's super-responsive supply chain reduces 'bullwhip effect', order-to-delivery lead time to stores, ensures lean inventory and high level of responsiveness to adapt and deliver products to stores with latest fashion trends and customer feedbacks at a rapid speed. Gross margin increased $19.8 billion or 17% driven by growth across each of our segments. We remain under audit for tax years 2004 to 2017. This is the core thesis for our being as a company, but its not enough. We are 90 percent of the way to our 2025 commitment to double the number of Black and African American people managers, senior individual contributors, and senior leaders in the U.S., and 50 percent of the way for Hispanic and Latinx people managers, senior individual contributors, and senior leaders in the U.S. We exceeded our goal on increasing the percentage of transaction volumes with Black- and African American-owned financial institutions and increased our deposits with Black- and African American-owned minority depository institutions, enabling increased funds into local communities. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Gaming, including Xbox hardware and 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. We settled a portion of the Internal Revenue Service (IRS) audit for tax years 2004 to 2006 in fiscal year 2011. The main purpose of retail business is to continuously maintain the responsiveness to the changing trends in consumer fashion tastes through quickly creating new designs that are suitable for all customers with an affordable price. 1 We purchased the removal of 1.4 million metrics tons of carbon. We continue to open new opportunities for gamers to engage both on- and off-console with both the launch of Xbox Cloud Gaming, our game streaming service, and continued investment in gaming hardware. Chief Executive Officer, Enter the email address you signed up with and we 'll email a. 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