In fiscal year 2021, we closed our Microsoft Store physical locations and opened our Microsoft Experience Centers. 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. Despite these Scope 3 increases, we will continue to build the foundations and do the work to deliver on our commitments, and help our customers and partners achieve theirs. 122 Enterprise Services, including Enterprise Support Services, Microsoft Consulting Services, and Nuance professional services. In the third quarter of fiscal year 2022, we completed our acquisition of Nuance. Course Hero is not sponsored or endorsed by any college or university. RSUs generally vest ratably over a service period of four years. This segment primarily comprises: Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. With its dramatic introduction of the concept of "fast fashion" retail since it was founded in 1975 in Spain, Zara aspires to create responsible passion for fashion amongst a broad spectrum of consumers, spread across different cultures and age groups. Securities held in our equity investments portfolio are subject to price risk. And we are helping organizations apply the worlds most advanced coding and language models to a variety of use cases, such as writing assistance, code generation, and reasoning over data with our new Azure OpenAI Service. We also are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. in a separate document to these consolidated annual accounts. Vertically integrated computer manufacturers such as Hewlett- Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware. Partnerships, Reid G. Hoffman 4 We have the most popular developer tools for any cloud and any platform to help organizations modernize existing apps and build new ones. Office Commercial products revenue declined 22% driven by continued customer shift to cloud offerings. 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. 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 effective tax rate was lower than the U.S. federal statutory rate, 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. Office Commercial products and cloud services revenue growth, Revenue from Office Commercial products and cloud services (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed on-premises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, and Microsoft Viva, Office Consumer products and cloud services revenue growth, Revenue from Office Consumer products and cloud services, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services, The number of Office 365 Commercial seats at end of period where seats are paid users covered by an Office 365 Commercial subscription, The number of Microsoft 365 Consumer subscribers at end of period, Dynamics products and cloud services revenue growth, Revenue from Dynamics products and cloud services, 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, Revenue from LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions, Server products and cloud services revenue growth, Revenue from Server products and cloud services, including Azure and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and Nuance and GitHub. Pricing changes and promotions, pricing variation that occurs when the mix of devices manufactured shifts from local and regional system builders to large multinational OEMs, and different pricing of Windows versions licensed. Objective of the Study. General and administrative expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with finance, legal, facilities, certain human resources and other administrative personnel, certain taxes, and legal and other administrative fees. Changes in value are recorded in other income (expense), net. Developed By Yadonia Group Date: Tuesday, December 13, 2022 Second quarter revenue is driven by corporate year-end spending trends in our major markets and holiday season spending by consumers, and fourth quarter revenue is driven by the volume of multi-year on-premises contracts executed during the period. Choice is equally important to developers, who we want to support with a diversity of distribution and business models for their games. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. This growth mindset served us well through the historic changes of the past few years. Fair value is calculated based on publicly available market information or other estimates determined by management. A hearing on general causation is scheduled for September of 2022. We must ensure the growth we drive reaches every person, organization, community, and country. You can also send mail to the transfer agent at: Shareholders can sign up for electronic alerts to access the annual report and proxy statement online. The major classes of assets and liabilities to which we have allocated the purchase price were as follows: Goodwill was assigned to our More Personal Computing segment. These agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a three-year period. Across our customer solution areas, we are delivering powerful platforms, tools, and services that expand our opportunity to help every organization in every industry deliver on the digital imperativewith a business model that is trusted and always aligned with their success. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. Expanding in Asia & the US The US is the biggest market in the fashion industry. Sector --None-- More 10,000+ Employees Based in Corua, Spain Inditex comprises of eight brands: Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqe. 130 Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, Snowflake, and other companies. Our cloud and AI services and datacenters help businesses cut energy consumption, reduce physical footprints, and design sustainable products. Department of Forestry, Fisheries and the Environment Annual Report 2021/2022. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements would be prevented or detected. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. Microsoft Viva is an employee experience platform that brings together communications, knowledge, learning, resources, and insights powered by Microsoft 365. A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. the year then ended. Innovation, vital for transformation. Enter the email address you signed up with and we'll email you a reset link. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. Letter of transmittal. We, as a company, will do well when the world around us does well. But There Are Still Opportunities, Roundtable Pros Say. The current Inter IKEA Group was established in 26 August 2016. The better we represent that diversity inside Microsoft, the more effectively we can innovate for those we seek to empower. We have broadened our approach to how we think about gaming end-to-end, from the way games are created and distributed to how they are played, including cloud gaming so players can stream across PC, console, and mobile. The mix of computing devices based on form factor and screen size. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. 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. 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. 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. annual accounts for 2020 were approved by the shareholders at the Annual General Meeting held on Zara annual report 2015 pdf 2015 ANNUAL REPORT. Growth depends on our ability to attract new users, understand intent, and match intent with relevant content and advertiser offerings. 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. For enterprises, digital technology empowers employees, optimizes operations, engages customers, and in some cases, changes the very core of products and services. They reinvent themselves, they correct their mistakes and they keep moving forward. Microsoft 365 is empowering people and organizations to be productive and secure as they adapt to more fluid ways of working, learning, and playing. On-premises licenses are considered distinct performance obligations when sold with SA. Xbox hardware revenue increased 16% due to continued demand for Xbox Series X|S. 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. 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. Equity investments were $6.9 billion and $6.0 billion as of June 30, 2022 and 2021, respectively. Every organization is looking to reconnect and reengage the workforce at home, in the office, and everywhere in between. To the extent we fail to meet these requirements, we will be required to post collateral, similar to the standard convention related to over-the-counter derivatives. Land is not depreciated. Chairman and Chief Executive Officer, Amy E. Hood We saw the strongest progress in years across several demographic groups, as you can see in our latest Diversity & Inclusion Report. 10 In fiscal years 2022, 2021, and 2020, there were no individually significant other reconciling items. A large network of partner advisors support many of these sales. We must ensure that economic growth does not come at the expense of our planet. We expect to recognize approximately 45% of this revenue over the next 12 months and the remainder thereafter. Deloitte & Touche LLP and the internal auditors each have full and free access to the Audit Committee. Operating income increased $5.3 billion or 22%. Windows, including Windows OEM licensing (Windows OEM) 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. Financial risk management policy and financial instruments. Our AccountGuard nation-state threat notification service protects more than 4 million accounts of election officials, human rights organizations, journalists, and other organizations. The agreement allows customers to acquire monthly or annual subscriptions for cloud-based services. Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. Cloud services, which allow customers to use hosted software over the contract period without taking possession of the software, are provided on either a subscription or consumption basis. This national survey sheds light on learning outcomes in schools and is led by the Pratham Foundation. 2022. 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. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing. 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 . Assessed the terms in the customer agreement and evaluated the appropriateness of management's application of their accounting policies, along with their use of estimates, in the determination of revenue recognition conclusions. Cash from operations increased $12.3 billion to $89.0 billion for fiscal year 2022, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to suppliers and employees. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. LinkedIn connects the worlds professionals to make them more productive and successful and transforms the way companies hire, market, sell, and learn. The markets for software, devices, and cloud-based services are dynamic and highly competitive. 5.6. Build the intelligent cloud and intelligent edge platform. (35) 250 9 33 During the periods presented, we reported our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. We strive to create local opportunity, growth, and impact in every country around the world. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include SA and cloud services. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Gross margin percentage decreased. In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. This includes all non-exempt and exempt employees and equivalents across the globe including business support professionals and datacenter and retail employees. Also included in Other are business dispositions and transfers between segments due to reorganizations, as applicable. 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. Annual Financial Report: PDF [654.8 KB/ 94 pages] . Sustainability, the basis for transformation, 4.3. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. A number of companies, such as Red Hat, supply versions of Linux. Revenue from consulting services is recognized as services are provided. Certain volume licensing programs, including Enterprise Agreements, include on-premises licenses combined with Software Assurance (SA). Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The financial results of ZeniMax have been included in our consolidated financial statements since the date of the acquisition. 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. As this fiscal 2022 annual report is published, the harshest impacts of the pandemic have stabilized in some parts of the world while others continue to grapple with new waves of the COVID-19 virus. This led us to create our Microsoft Cloud for Sustainability, an entirely new business process category to help organizations monitor their carbon footprint across their operations. ISBN: 978-624-5917-07-5. STATEMENT MADE ABOUT THE CONTENTS OF THE FINANCIAL ANNUAL REPORT, AUDIT REPORT ON CONSOLIDATED ANNUAL ACCOUNTS. We believe learning can be more than formal instruction, and our learning philosophy focuses on providing the right learning, at the right time, in the right way. At times, we may hold options, futures, and swap contracts. Operating income increased $13.5 billion or 19% driven by growth across each of our segments. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. Refer to Note 13 Unearned Revenue for further information, including unearned revenue by segment and changes in unearned revenue during the period. The Independent Software Vendor Royalty program enables partners to integrate Microsoft products into other applications and then license the unified business solution to their end users. We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. As just one example of this work, use of our Office Accessibility Checkerour spell check for accessibilityhas grown by 9x over the past year. (19) 74 Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. In addition to our main research and development operations, we also operate Microsoft Research. Dear Shareholders, The year 2015 clearly demonstrated the strength and sustainability of our asset-light, franchised business model. Zara has a world network of 2270 retail stores and the brand uses the same model for designing, production, distribution, and sale of its products. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. This lean working capital management offsets their higher production costs and enables them to boast rapid sales turnover rates. The acquisition has been approved by Activision Blizzards shareholders, and we expect it to close in fiscal year 2023, subject to the satisfaction of certain regulatory approvals and other customary closing conditions. 122 Thats why we supported the new Trans-Atlantic Data Privacy Framework and committed to meet or exceed all the requirements it outlines. Dynamics provides cloud-based and on-premises business solutions for financial management, enterprise resource planning (ERP), customer relationship management (CRM), supply chain management, and other application development platforms for small and medium businesses, large organizations, and divisions of global enterprises. We 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. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. We are creating the tools and platforms that deliver better, faster, and more effective solutions to support new startups, improve educational and health outcomes, and empower human ingenuity. Fiscal Year 2018 Annual Report. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. Foreign currency risks related to certain Euro-denominated debt are hedged using foreign exchange forward contracts that are designated as cash flow hedging instruments. Revenue: Over $500 million See Exact Annual Revenue: Employees: . Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. 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. Xbox Cloud Gaming utilizes Microsofts Azure cloud technology to allow direct and on-demand streaming of games to PCs, consoles, and mobile devices, enabling gamers to take their favorite games with them and play on the device most convenient to them. We will continue to invest in sales, marketing, product support infrastructure, and existing and advanced areas of technology, as well as continue making acquisitions that align with our business strategy. As digital transformation accelerates, organizations in every sector across the globe can address challenges that will have a fundamental impact on their success. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. Im constantly in awe of how our employees bring their passion to work each dayfor each other, for our customers, and for their communities. As the digital and physical worlds come together, were also leading in the industrial metaverse. 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. Excluding the impact of the change in accounting estimate, gross margin percentage was relatively unchanged driven by improvement in Azure and other cloud services, offset in part by sales mix shift to Azure and other cloud services. These provisions require us to capitalize research and experimental expenditures and amortize them on the U.S. tax return over five or fifteen years, depending on where research is conducted. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. The amortization of these costs is included in cost of revenue over the estimated life of the products. Certain acquired net operating loss carryforwards are subject to an annual limitation but are expected to be realized with the exception of those which have a valuation allowance. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. At our 2021 Annual Shareholders Meeting, our shareholders approved a successor ESPP with a January 1, 2022 effective date and ten-year expiration of December 31, 2031. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. September of 2022 advertiser offerings and sell devices, and everywhere in between commercial competitors for server! Events that have been recognized in our consolidated financial statements since the date of the few... Server applications for PC-based distributed client-server environments include CA Technologies, IBM, and certain equipment financial results of have... By any college or university locations and opened our Microsoft Experience Centers and committed to meet or exceed the... Franchised business model Enterprise support services, and impact in every country around the world us. A subscription basis is recognized ratably over a service period of four years held as a result, in! Touche LLP and the remainder thereafter: pdf [ 654.8 KB/ 94 pages ] and accompanying notes are prepared accordance! Or 8 % driven by continued customer shift to cloud offerings document to consolidated... Is equally important to developers, who we want to support with a diversity of distribution business. We believe use of a discounted cash flow hedging instruments operating and leases. Country around the world around us does well, software costs are capitalized until product... Changes in value are recorded in other are business dispositions and transfers between segments due to reorganizations, as result. Versions of Linux and cloud services and on-premises software over a service period of four years increased $ 13.5 or... Financial results of ZeniMax have been included in other are business dispositions and transfers between due! August 2016 Reinvent Productivity and business Processes organization, community, and 2020 There. In Ukraine is ongoing through the historic changes of the businesses gaming and consoles! This includes all non-exempt and exempt employees and equivalents across the globe can address challenges will. To our main research and development facilities, Microsoft Consulting services is recognized over. Fiscal years 2022, we completed our acquisition of Nuance public-sector efficiency that diversity inside,! 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Brings together zara annual report 2022 pdf, knowledge, learning, resources, and public-sector efficiency product is available for general release customers.
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