Server products and cloud services revenue increased $14.7 billion or 28% driven by Azure and other cloud services. With Power Platform, we are helping domain experts rapidly drive productivity gains when its never been more important. 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. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, Snowflake, and other companies. Judgment is required in determining when technological feasibility of a product is established. We are exposed to economic risk from foreign exchange rates, interest rates, credit risk, and equity prices. Russia's Wildberries Selling Zara Clothes Online Despite Inditex Halting Operations Inditex invests in textile waste company Circ Inditex shareholders back heiress Marta Ortega as chairwoman Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. With Azure Stack, organizations can extend Azure into their own datacenters to create a consistent stack across the public cloud and the intelligent edge. Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. In 2019, the SAMR presented preliminary views as to certain possible violations of Chinas Anti-Monopoly Law. Provisions enacted in the TCJA related to the capitalization for tax purposes of research and experimental expenditures became effective on July 1, 2022. companies 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. -month period ended 31 January 2022 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. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2022, based on criteria established in Internal ControlIntegrated Framework (2013) issued by COSO. 1 Founder and Chairman, Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Inditex (ZARA) -- annual_report_2021.pdf - Inditex Annual. RSUs generally vest ratably over a service period of four years. The fair value of each reporting unit is estimated primarily through the use of a discounted cash flow methodology. Our most significant expenses are related to compensating employees; designing, manufacturing, marketing, and selling our products and services; datacenter costs in support of our cloud-based services; and income taxes. Unless otherwise stated, the amounts shown in these consolidated annual accounts are expressed in We are a leader among technology companies in pursuing patents and currently have a portfolio of over 69,000 U.S. and international patents issued and over 19,000 pending worldwide. 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. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. 13 SA is optional for customers that purchase perpetual licenses. In Singapore, women's coat usually sells at 19-26 dollars in Zara's shop. These controls include model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate. We continue to develop complete, intelligent solutions for our customers that empower people to stay productive and collaborate, while safeguarding businesses and simplifying IT management. Comparison of Backlogged Requests from Previous and Current Annual Report inditex annual report 2021 -6-we, the members of the board of directors of the company, do hereby state and represent that, to the best of our knowledge and belief, the annual consolidated accounts for fiscal year 2021 (1 february 2021 - 31 january 2022), stated by the board of directors in the meeting held on 15 thmarch 2022, drafted pursuant to The final foreign tax credit regulations, also effective on July 1, 2022, introduced significant changes to foreign tax credit calculations in the U.S. tax return. In its annual racism report, ZARA publishes a broad selection of racist incidents from all spheres of life in Austria that have been reported to the NGO in the previous year. (1,090) 3,243 The provision for income taxes for fiscal years 2022, 2021, and 2020 included interest expense related to uncertain tax positions of $36 million, $274 million, and $579 million, respectively, net of income tax benefits. 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. (25) Our success is based on our ability to create new and compelling products, services, and experiences for our users, to initiate and embrace disruptive technology trends, to enter new geographic and product markets, and to drive broad adoption of our products and services. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. Principal Officers. Announcements of investor conferences, speeches, and events at which our executives talk about our product, service, and competitive strategies. We match a portion of each dollar a participant contributes into the plans. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. We are enabling metaverse experiences at all layers of our stack, so customers can more effectively model, automate, simulate, and predict changes within their industrial environments, feel a greater sense of presence in the new world of hybrid work, and create custom immersive worlds to enable new opportunities for connection and experimentation. Clayton, Dubilier & Rice, LLC, John W. Stanton 1,4 DIRECTORS AND EXECUTIVE OFFICERS OF MICROSOFT CORPORATION, Satya Nadella We, as a company, will do well when the world around us does well. We tested the effectiveness of controls related to the identification of distinct performance obligations, the determination of the timing of revenue recognition, and the estimation of variable consideration. We offer options for organizations that want to purchase our cloud services, on-premises software, and SA. Nuance is a cloud and artificial intelligence (AI) software provider with healthcare and enterprise AI experience, and the acquisition will build on our industry-specific cloud offerings. 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. Refer to the Non-GAAP Financial Measures section below for a reconciliation of our financial results reported in accordance with GAAP to non-GAAP financial results. Customized manager learning to build people manager capabilities and similar learning solutions to build leadership skills for all employees including differentiated leadership development programs. We believe our clouds global scale, coupled with our broad portfolio of identity and security solutions, allows us to effectively solve complex cybersecurity challenges for our customers and differentiates us from the competition. Server products and cloud services revenue increased 28% driven by Azure and other cloud services growth of 45%. We have recast certain prior period amounts to conform to the current period presentation. A number of companies, such as Red Hat, supply versions of Linux. And with Microsoft Cloud for Sustainability, were expanding our work to help customers meet their ambitious sustainability goals by enabling them to better collect, track, and analyze the metrics of their sustainability strategy. Shares repurchased during the first quarter of fiscal year 2022, fiscal year 2021, and the fourth quarter of fiscal year 2020 were under the share repurchase program approved on September 18, 2019. Editorial. Our AccountGuard nation-state threat notification service protects more than 4 million accounts of election officials, human rights organizations, journalists, and other organizations. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on environmental, social, and governance topics. The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. These costs are expected to be recognized over a weighted average period of three years. We remain under audit for tax years 2004 to 2017. Since IKEA was founded nearly 80 years ago, we have sided with the many and believe that better homes should be available to all, no matter how thin their wallets. Executive Vice President, Business Development, 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. President and Chief Financial Officer, And it deeply informs our longstanding commitment to diversity and inclusion. And the Microsoft Cloud surpassed $100 billion in annualized revenue for the first time. Our skills initiative brings together learning resources, certification opportunities, and job-seeker tools from LinkedIn, GitHub, and Microsoft Learn, and is built on data insights drawn from LinkedIns Economic Graph. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The agreement allows customers to acquire monthly or annual subscriptions for cloud-based services. In fiscal years 2022, 2021, and 2020, there were no individually significant other reconciling items. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net. Annual Financial Report: PDF [654.8 KB/ 94 pages] . The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. We believe that our audit provides a reasonable basis for our opinion. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. 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. In our 2021 Diversity and Inclusion Report, we reported that all racial and ethnic minority employees in the U.S. combined earn $1.006 for every $1.000 earned by their white counterparts, that women in the U.S. earn $1.002 for every $1.000 earned by their counterparts in the U.S. who are men, and women in the U.S. plus our twelve other largest employee geographies representing 86.6% of our global population (Australia, Canada, China, France, Germany, India, Ireland, Israel, Japan, Romania, Singapore, and the United Kingdom) combined earn $1.001 for every $1.000 by men in these countries. We are building a distributed computing fabric across cloud and the edge to help every organization build, run, and manage mission-critical workloads anywhere. Certain income and expenses are not reported in tax returns and financial statements in the same year. Employer-funded retirement benefits for all plans were $1.4 billion, $1.2 billion, and $1.0 billion in fiscal years 2022, 2021, and 2020, respectively, and were expensed as contributed. Our products include operating systems, cross-device productivity and collaboration applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Azure SQL Database makes it possible for customers to take SQL Server from their on-premises datacenter to a fully managed instance in the cloud to utilize built-in AI. These contracts are not designated as hedging instruments and are included in Other contracts in the tables below. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. New employee orientation covering a range of topics including company values, and culture, as well as ongoing onboarding programs. We distribute our products and services through OEMs that pre-install our software on new devices and servers they sell. Also included in Other are business dispositions and transfers between segments due to reorganizations, as applicable. Unearned revenue also includes payments for consulting services to be performed in the future, LinkedIn subscriptions, Office 365 subscriptions, Xbox subscriptions, Windows post-delivery support, Dynamics business solutions, and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. The proceeds of these issuances were or will be used for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt. 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. Time: 8:30 a.m. Pacific Time Deferred tax assets are reported net of a valuation allowance when it is more likely than not that a tax benefit will not be realized. Click the button below to request a report when hardcopies become available. But skills alone arent enoughwe need to help people better prepare for and connect to jobs. Customers are looking to us to help improve productivity and the affordability of their products and services. 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. Revenue increased $30.2 billion or 18% driven by growth across each of our segments. Enterprise Services revenue increased $464 million or 7% driven by growth in Enterprise Support Services. The Microsoft Services Provider License Agreement allows hosting service providers and independent software vendors who want to license eligible Microsoft software products to provide software services and hosted applications to their end customers. Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. Microsoft Corporation. 8 Subtotal Noncontrolling The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. Download. Windows revenue increased $2.3 billion or 10% driven by growth in Windows OEM and Windows Commercial. Spain is the biggest market with 547 stores (including Zara Kids and Zara Home), followed by China (229 stores), France (145), Russia (144) and Italy (134). I. Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. We evaluated management's significant accounting policies related to these customer agreements for reasonableness. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. Operating income increased $1.5 billion or 8%. (71) 8 Microsoft Mobile Oy, a subsidiary of Microsoft, along with other handset manufacturers and network operators, is a defendant in 46 lawsuits, including 45 lawsuits filed in the Superior Court for the District of Columbia by individual plaintiffs who allege that radio emissions from cellular handsets caused their brain tumors and other adverse health effects. President, Wells Fargo & Company. And with our acquisition of Xandr, we now power one of the largest marketplaces for premium advertising. Fiscal Year 2016 Annual Report. During fiscal year 2022, our Daily Pulse surveys gave us invaluable insights into ways we could support employees through the COVID-19 pandemic, addressing racial injustice, the war in Ukraine, and their general wellbeing. 1) (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 A Microsoft Customer Agreement is a non-expiring agreement that is designed to support all customers over time, whether purchasing through a partner or directly from Microsoft. Office Commercial products revenue declined 22% driven by continued customer shift to cloud offerings. Our ongoing survey data shows employees value the flexibility related to work location, work site, and work hours, and while many have begun returning to worksites as conditions have permitted, they also continue to adjust hours and/or spend some of workweeks working at home, another site, or remotely. RH 2022 Annual Meeting of Shareholders. Search and news advertising revenue excluding traffic acquisition costs increased 27% driven by higher revenue per search and search volume. The decrease from the federal statutory rate in fiscal year 2022 is primarily due to the net income tax benefit related to the transfer of intangible properties, earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland, and tax benefits relating to stock-based compensation. Essential to this is our commitment to continually exercise our growth mindset and confront our fixed mindset with humility, curiosity, compassion, and the recognition that, while none of us will ever be perfect, we can always be better than we are today. The following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, 2022: As a result of the TCJA, we are required to pay a one-time transition tax on deferred foreign income not previously subject to U.S. income tax. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. We introduced a Hybrid Workplace Flexibility Guide to better support managers and employees as they adapt to new ways of working that shift paradigms, embrace flexibility, promote inclusion, and drive innovation. We continue to invest in high performance and sustainable computing to meet the growing demand for fast access to Microsoft services provided by our network of cloud computing infrastructure and datacenters. Gross margin and operating income both included an unfavorable foreign currency impact of 2%. As of June 30, 2022 and 2021, other receivables due from suppliers were $1.0 billion and $965 million, respectively, and are included in accounts receivable, net in our consolidated balance sheets. All deferred income taxes are classified as long-term in our consolidated balance sheets. Revenue allocated to SA is generally recognized ratably over the contract period as customers simultaneously consume and receive benefits, given that SA comprises distinct performance obligations that are satisfied over time. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances? Our responsibility is to express an opinion on the Company's financial statements based on our audits. PSP Partners, LLC, John W. Thompson 3,4 Dear Shareholders, The year 2015 clearly demonstrated the strength and sustainability of our asset-light, franchised business model. Our industry clouds bring together capabilities across the Microsoft Cloud with industry-specific customizations to help organizations improve time to value, increase agility, and lower costs. Our goal is to lead the industry in several distinct areas of technology over the long term, which we expect will translate to sustained growth. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. Being a global-scale cloud, Azure uniquely offers hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. Interest and dividends income decreased due to lower portfolio balances. Corporate governance information including our articles of incorporation, bylaws, governance guidelines, committee charters, codes of conduct and ethics, global corporate social responsibility initiatives, and other governance-related policies. 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. . 4.4. Judgment is required to determine the SSP for each distinct performance obligation. Since 2017, weve helped more than 50 million people in unserved rural communities globally gain access to affordable broadband coverage. Open Value agreements are a simple, cost-effective way to acquire the latest Microsoft technology. 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. Although each type of reselling partner may reach organizations of all sizes, LSPs are primarily engaged with large organizations, distributors resell primarily to VARs, and VARs typically reach small and medium organizations. Shares repurchased during the fourth and third quarters of fiscal year 2022 were under the share repurchase program approved on September 14, 2021. Gross margin increased $7.3 billion or 17% driven by growth in Office 365 Commercial and LinkedIn. There is no more powerful input than digital technology to drive the worlds economic output. Standards (IFRSs) and related interpretations (IFRIC and SIC) adopted by the European Union (EUIFRSs) and with the other provisions of the applicable regulatory financial reporting framework. The management of Zara was smart and it quickly launched an e-commerce platform. LinkedIn revenue is mainly affected by demand from enterprises and professional organizations for subscriptions to Talent Solutions, Sales Solutions, and Premium Subscriptions offerings, as well as member engagement and the quality of the sponsored content delivered to those members to drive Marketing Solutions. Our fair value processes include controls that are designed to ensure appropriate fair values are recorded. Zara Usa Fast Facts. Annual Financial Report: PDF [680.3 KB/ 98 pages] For the Period Ended March 2020. We are committed to designing and marketing first-party devices to help drive innovation, create new device categories, and stimulate demand in the Windows ecosystem. . .. .. .. 4.1. Our hybrid infrastructure consistency spans security, compliance, identity, and management, helping to support the real-world needs and evolving regulatory requirements of commercial customers and enterprises. We expect capital expenditures to increase in coming years to support growth in our cloud offerings. Microsoft Products and Services Agreement. Growth in Devices is dependent on total PC shipments, the ability to attract new customers, our product roadmap, and expanding into new categories. Notes to the consolidated annual accounts. Our leases have remaining lease terms of 1 year to 19 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. As of June 30, 2022, we accrued aggregate legal liabilities of $364 million. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Our Search and news advertising business is designed to deliver relevant search, native, and display advertising to a global audience. We strive to make computing more personal by putting people at the core of the experience, enabling them to interact with technology in more intuitive, engaging, and dynamic ways. $100 invested on 6/30/17 in stock or index, including reinvestment of dividends. Thats why we supported the new Trans-Atlantic Data Privacy Framework and committed to meet or exceed all the requirements it outlines. 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If market, industry, and/or investee conditions deteriorate, we may incur future impairments. Revenue and expenses are translated at average rates of exchange prevailing during the year. When it comes to advertising, we are creating a new monetization engine for the weban alternative that offers marketers and publishers more long-term viable ad solutionswhile upholding consumer privacy and strong data governance. A Select Plus agreement is designed for government and academic organizations to acquire on-premises licenses at any affiliate or department level, while realizing advantages as one organization. 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. 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