Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. Old challenges, new shocks; II. .. 28. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. .. .. Consolidated statement of changes in equity. (2) Translation Cash flows We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved through coding and testing. 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. This paper on Inditex, a Spanish leading group in the fashion sector, analyses how transport and logistics fit into the production network and provide the firm with one of its most notable competitive advantages. 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. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. 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. 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. The three factors this report will cover are the Demographic impacts, Economic impacts, and Technological impacts. Microsoft Edge is our fast and secure browser that helps protect your data, with built-in shopping tools designed to save you time and money. Fiscal Year 2020 Annual Report. 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. 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. General and administrative expenses increased $793 million or 16% driven by investments in corporate functions. 19 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. Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. Adoption of the standard did not have a material impact on our consolidated financial statements. For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. Office Consumer revenue is mainly affected by the percentage of customers that buy Office with their new devices and the continued shift from Office licensed on-premises to Microsoft 365 Consumer subscriptions. Managers evaluate and recommend rewards based on, for example, how well we leverage the work of others and contribute to the success of our colleagues. Based on this evaluation, management concluded that the Companys internal control over financial reporting was effective as of June 30, 2022. Office 365 Commercial revenue grew 18% driven by seat growth of 14%, with continued momentum in small and medium business and frontline worker offerings, as well as growth in revenue per user. Satya Nadella Revenue and expenses are translated at average rates of exchange prevailing during the year. 2022. We apply a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. Last Updated: 2022.05.18to Japanese page. From best-in-class databases and analytics to data governance, we have the most comprehensive data stack to help every organization turn its data into predictive and analytical power. In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine the fair value of our financial instruments. 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. Stock awards generally vest over a service period of four years or five years. Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to original equipment manufacturers (OEM), and retail packaged products. LinkedIn connects the worlds professionals to make them more productive and successful and transforms the way companies hire, market, sell, and learn. Microsoft 365 Consumer subscribers grew 15% to 59.7 million. Unearned revenue also includes payments for other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. We also deliver relevant online advertising to a global audience. We intend to continue returning capital to shareholders in the form of dividends, subject to declaration by our Board of Directors. The mix of computing devices based on form factor and screen size. We record an allowance to cover expected losses based on troubled accounts, historical experience, and other currently available evidence. Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. 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. Applying AI to drive insights and act on our customers behalf by understanding and interpreting their needs using natural methods of communication. LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions. Any shareholder can join the Annual Meeting, while shareholders of record as of October 12, 2022, will be able to vote and submit questions during the meeting. Opinion on Internal Control over Financial Reporting. In addition to Employee Signals and Daily Pulse surveys, we gain insights through onboarding, internal mobility, leadership, performance and development, exit surveys, internal Yammer channels, employee Q&A sessions, and AskHR Service support. As a result, no collateral was required to be posted. Seventy percent of employees globally participated in our fiscal year 2022 Employee Signals survey, which covers a variety of topics such as thriving, inclusion, team culture, wellbeing, and learning and development. We typically have more than one SSP for individual products and services due to the stratification of those products and services by customers and circumstances. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. This year alone, more than 23 million people accessed digital skills training as part of our global skills initiative. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Product revenue includes sales from operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, video games, and hardware such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. 2021 were prepared by the We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. These allocated costs include legal, including settlements and fines, information technology, human resources, finance, excise taxes, field selling, shared facilities services, and customer service and support. 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. Collaborating to generate value in the community. Gross margin percentage decreased. Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. 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. This comprehensive capability has been critical during recent world events, including the war in Ukraine. Fast fashion helps sate deeply held desires among young consumers in the industrialized world for luxury fashion, even as it embodies unsustainability. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. Tools like search, news, and maps have given us immediate access to the worlds information. We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. Second, the productive structure, combining nearby and distant manufacturing, and both dispersion and concentration spatially and in production, also relies on the effectiveness of the logistical model. We believe that our audits provide a reasonable basis for our opinion. Excluding the impact of the fiscal year 2021 change in accounting estimate for the useful lives of our server and network equipment, gross margin percentage increased 1 point driven by improvement in Productivity and Business Processes. Customers are looking to unlock value while simplifying security and management. .. 5.9. We strive to include others by holding ourselves accountable for diversity, driving global systemic change in our workplace and workforce, and creating an inclusive work environment. 5.8. In fiscal year 2022, our U.S. income before income taxes was $47.8 billion and our foreign income before income taxes was $35.9 billion. The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents: The following table presents our derivative instruments: Gross derivative assets and liabilities subject to legally enforceable master netting agreements for which we have elected to offset were $343 million and $550 million, respectively, as of June 30, 2022, and $395 million and $335 million, respectively, as of June 30, 2021. Department of Forestry, Fisheries and the Environment Annual Report 2021/2022. Zara annual report 2015 pdf 2015 ANNUAL REPORT. Fiscal year ending June 30. Cybersecurity is a significant threat for governments, businesses, and individuals around the world, yet there simply arent enough people with cybersecurity skills to fill open jobs. If market, industry, and/ or investee conditions deteriorate, we may incur future impairments. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Full Document. In December 2019, the Financial Accounting Standards Board issued a new standard to simplify the accounting for income taxes. Using Windows to fuel our cloud business, grow our share of the PC market, and drive increased engagement with our services like Microsoft 365 Consumer, Teams, Edge, Bing, Xbox Game Pass, and more. We had previously increased the estimated useful lives of both server and network equipment in July 2020. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. 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. The company Zara uses resources that are to fully utilize the labor regardless of the process-making which contains harmful substances in the production of goods. We have the most popular developer tools for any cloud and any platform to help organizations modernize existing apps and build new ones. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. . 4.4. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. View The fair value of each reporting unit is estimated primarily through the use of a discounted cash flow methodology. Microsoft Products and Services Agreements are designed for medium and large organizations that want to license cloud services and on-premises software as needed, with no organization-wide commitment, under a single, non-expiring agreement. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. For a discussion of the year ended June 30, 2021 compared to the year ended June 30, 2020, please refer to in our fiscal year 2022 Form 10-K, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended June 30, 2021. Cash, cash equivalents, and short-term investments totaled $104.8 billion and $130.3 billion as of June 30, 2022 and 2021, respectively. Shares of common stock outstanding were as follows: The following table summarizes the changes in accumulated other comprehensive income (loss) by component: We grant stock-based compensation to employees and directors. 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. SA is included with certain volume licensing agreements and is an optional purchase with others. And, along with partner companies, we launched the Neurodiversity Career Connector, a jobs marketplace for neurodivergent job seekers. Microsoft Power Platform is helping domain experts drive productivity gains with low-code/no-code tools, robotic process automation, virtual agents, and business intelligence. 2022 Annual Report. Amidst this ongoing challenge, we now face a grave new obstacle to global health, peace and security. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. The decrease in our effective tax rate for fiscal year 2021 compared to fiscal year 2020 was primarily due to tax benefits from the India Supreme Court decision on withholding taxes, an agreement between the U.S. and India tax authorities related to transfer pricing, final TCJA regulations, and an increase in tax benefits relating to stock-based compensation. The world in 2022 looks nothing like the world in 2019. 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. The Inter IKEA Group business year is the period from 1 September to 31 August. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. Our increasing engagement with open source software will also cause us to license our intellectual property rights broadly in certain situations. Explanation added for translation to English. Highlights from fiscal year 2022 compared with fiscal year 2021 included: On March 4, 2022, we completed our acquisition of Nuance Communications, Inc. (Nuance) for a total purchase price of $18.8 billion, consisting primarily of cash. Windows Commercial products and cloud services revenue increased 11%. Generally, this occurs shortly before the products are released to production. To make it easy for our readers, all the annual reports released in 2021 - 2022 will be linked on this page. Annual Report 2020 (pdf, 5.8 MB) Download From one day to the next, a strong need for digitization across the entire industry aligned with our efforts to accelerate our platform transition. We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. 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. In its operation of the business, management, including our chief operating decision maker, who is also our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis not consistent with GAAP. With Azure Arc, were bringing Azure anywhere, meeting customers where they are and enabling them to run apps across on-premises, edge, or multicloud environments. Gross margin increased $7.3 billion or 17% driven by growth in Office 365 Commercial and LinkedIn. Provisions enacted in the TCJA related to the capitalization for tax purposes of research and experimental expenditures became effective on July 1, 2022. Microsoft Research is one of the worlds largest corporate research organizations and works in close collaboration with top universities around the world to advance the state-of-the-art in computer science and a broad range of other disciplines, providing us a unique perspective on future trends and contributing to our innovation. 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. 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. 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. According to an estimate conducted by Forbes, Zara has a brand value of 14.7 billion US dollars by the end of 2020. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. other brand' prices. Inventing new gaming experiences that bring people together around their shared love for games on any devices and pushing the boundaries of innovation with console and PC gaming by creating the next wave of entertainment. The COVID-19 pandemic accelerated our capabilities and culture with respect to flexible work. Returns and credits are estimated at contract inception and updated at the end of each reporting period if additional information becomes available. We are required to estimate the fair value of the investment to determine the amount of the impairment loss. 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. 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. This includes the server platform, database, business intelligence, storage, management and operations, virtualization, service-oriented architecture platform, security, and identity software. method 190 61 But What is Inditex? Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, Snowflake, and other companies. This share repurchase program commenced in February 2020 and was completed in November 2021. June 30, 2022 at 10:30 am PT RH Headquarters, 15 Koch Road, Corte Madera, CA If we determine it is not possible or advisable to hold the 2022 Annual Meeting in person due to health or other considerations related to COVID-19 or other reasons, the 2022 Annual Meeting may be held by means of remote . In order of value, with least valuable assets first. This is the core thesis for our being as a company, but its not enough. This share repurchase program commenced in December 2016 and was completed in February 2020. 9 We recognize that progress wont always be linear, and the rate at which we can implement emissions reductions is dependent on many factors that can fluctuate over time. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio. 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. 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. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. We selected a sample of customer agreements and performed the following procedures: Obtained and read contract source documents for each selection, including master agreements, and other documents that were part of the agreement. Cost of revenue increased $10.4 billion or 20% driven by growth in Microsoft Cloud. Many organizations that license our products and services transact directly with us through Enterprise Agreements and Enterprise Services contracts, with sales support from system integrators, independent software vendors, web agencies, and partners that advise organizations on licensing our products and services (Enterprise Agreement Software Advisors or ESA). Finally, we provide clear reporting and information on how we run our business and how we work with customers and partners, delivering the transparency that is central to trust. Detailed breakdowns of gender, racial, and ethnic minority representation in our employee population, with data by job types, levels, and segments of our business. (392) In March 2021, the India Supreme Court ruled favorably in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. Nuance and GitHub include both cloud and on-premises offerings. Report Locked. Net recognized gains (losses) on debt investments were as follows: Net recognized gains (losses) on equity investments were as follows: The components of investments were as follows: Equity investments presented as Other in the tables above include investments without readily determinable fair values measured using the equity method or measured at cost with adjustments for observable changes in price or impairments, and investments measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. Expanding in Asia & the US The US is the biggest market in the fashion industry. Growth in Devices is dependent on total PC shipments, the ability to attract new customers, our product roadmap, and expanding into new categories. Due to investments in software that increased efficiencies in how we operate our server and network equipment, as well as advances in technology, we determined we should increase the estimated useful lives of both server and network equipment from four years to six years. We launched new Surface devices to support every person and work style. Chief Executive Officer, ADP, Inc. Emma N. Walmsley 2,4 Annual Financial Report For . Robert Gentz, Co-CEO Selected Financial Statements 2020 Key Figures Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Microsoft 365 is empowering people and organizations to be productive and secure as they adapt to more fluid ways of working, learning, and playing. To learn more, view ourPrivacy Policy. GitHub is the most complete developer platform to build, scale, and deliver secure software. Fiscal Year 2018 Annual Report. Enterprise Services revenue increased $464 million or 7% driven by growth in Enterprise Support Services. (393) (27) Other comprehensive income (loss), net of tax: Total cash, cash equivalents, and short-term investments, Accounts receivable, net of allowance for doubtful accounts of, Property and equipment, net of accumulated depreciation of, Common stock and paid-in capital shares authorized 24,000; outstanding, Accumulated other comprehensive income (loss), Total liabilities and stockholders equity. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Existing apps and build new ones the war in Ukraine at fair value of 14.7 billion US dollars by end! Generally vest over a service period of four years or five years of communication the 's! Grave new obstacle to global health, peace and security service period of four or. Goodwill to reporting units based on form factor and screen size contract inception and updated the! Allowance to cover expected losses based on our customers behalf by understanding and interpreting needs. Our software sales in 2020 compared to 2019 search, news, and sales of first- and third-party content as! Needs using natural methods of communication was completed in November 2021 Segment and. To determine the amount of the impairment loss licensing agreements and recognized ratably over the period. Returns and credits are estimated at contract inception and updated at the beginning of each contract for... Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar and. To 60 days the worlds information 15 % to 59.7 million TCJA related to the lower of cost or realizable! 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