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. Editorial. Our efforts to preserve and protect journalism in the United States and Mexico have been extended globally through new partnerships with the Thomson Reuters Foundation, Report for the World, and others. using the equity Operating expenses increased $2.0 billion or 11% driven by investments in LinkedIn and cloud engineering. On July 25, 2022, there were 86,465 registered holders of record of our common stock. During fiscal year 2022, our Board of Directors declared quarterly dividends of $0.62 per share. And were creating an entirely new market category with Microsoft Purview, as we help organizations govern, protect, and manage their data estate across platforms and clouds. Inditex. With our new Microsoft Intelligent Data Platform, we are helping customers focus on creating value instead of integrating a fragmented data estate. Management does not believe any remaining unrealized losses represent impairments based on our evaluation of available evidence. As just one example of this work, use of our Office Accessibility Checkerour spell check for accessibilityhas grown by 9x over the past year. 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. In the consolidated income statement, gross profit, EBITDA, EBIT and PBT are defi The financial results of ZeniMax have been included in our consolidated financial statements since the date of the acquisition. Internal development allows us to maintain competitive advantages that come from product differentiation and closer technical control over our products and services. Announcements of investor conferences, speeches, and events at which our executives talk about our product, service, and competitive strategies. 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. 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, Managements 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. 74 (2,180) -26- (12) (12) (2,192) Inditex Annual Report 2021 | Consolidated Annual Accounts Notes to the consolidated Its what I believe will make the difference between organizations that thrive and those that get left behind. Windows 11 security and privacy features include operating system security, application security, and user and identity security. premium Retained Despite some negative headwinds, we met or exceeded our nancial performance targets, including delivering nearly 10 percent adjusted operating income growth and 11 percent adjusted earnings per share growth, and . 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. We joined the First Movers Coalition as an early leader and expert partner in the carbon dioxide removal sector, with a commitment of $200 million toward carbon removal by 2030. Such costs related to software development are included in research and development expense until the point that technological feasibility is reached, which for our software products, is generally shortly before the products are released to production. 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. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. 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. Environmental, Social, and Public Policy Committee. These consolidated annual accounts present fairly the equity and financial position of the Inditex Group Explore the report Report summary Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. (393) The ability to convert data into AI drives our competitive advantage. Our EEO-1 report (equal employment opportunity). We saw the strongest progress in years across several demographic groups, as you can see in our latest Diversity & Inclusion Report. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. 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. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We measure the fair value of PSUs using a Monte Carlo valuation model. Founded in 1975, we develop and support software, services, devices, and solutions that deliver new value for customers and help people and businesses realize their full potential. 01/13 Barron's 2022 Barron's Midyear Roundtable Report Card 01/13 Barron's The Age of Free Money Is Over. The decrease in our effective tax rate was primarily due to a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022 related to the transfer of intangible properties, offset in part by changes in the mix of our income before income taxes between the U.S. and foreign countries, as well as tax benefits in the prior year from the India Supreme Court decision on withholding taxes in the case of Engineering Analysis Centre of Excellent Private Limited vs The Commissioner of Income Tax, an agreement between the U.S. and India tax authorities related to transfer pricing, and final Tax Cuts and Jobs Act (TCJA) regulations. 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. We encourage investors, the media, and others interested in Microsoft to review the information we post on the social media channels listed on our Investor Relations website. We use credit default swap contracts to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. By using our site, you agree to our collection of information through the use of cookies. Changes in operating assets and liabilities: Acquisition of companies, net of cash acquired, and purchases of intangible and other assets, Effect of foreign exchange rates on cash and cash equivalents, Cash and cash equivalents, beginning of period, Accounts receivable, net of allowance for doubtful accounts, Net income available for common shareholders (A), Weighted average outstanding shares of common stock (B), Common stock and common stock equivalents (C), Realized gains from sales of available-for-sale securities, Realized losses from sales of available-for-sale securities, Impairments and allowance for credit losses, Net unrealized gains on investments still held, Gross amounts of derivatives offset in the balance sheet, Amount reclassified from accumulated other comprehensive income, Foreign-derived intangible income deduction, State income taxes, net of federal benefit, Excess tax benefits relating to stock-based compensation, Deferred income tax assets, net of valuation allowance, Book/tax basis differences in investments and debt, Long-term deferred income tax liabilities, Increases for tax positions related to the current year, Increases for tax positions related to prior years, Decreases for tax positions related to prior years, Decreases due to lapsed statutes of limitations. Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant. Variations in the actual outcome of these future tax consequences could materially impact our consolidated financial statements. The Inter IKEA Group business year is the period from 1 September to 31 August. Zoom offers videoconferencing and cloud phone solutions. We bring technology and products together into experiences and solutions that unlock value for our customers. Partners in this program can easily package their own products and services to directly provision, manage, and support their customer subscriptions. For these components, we have limited near-term flexibility to use other manufacturers if a current vendor becomes unavailable or is unable to meet our requirements. Adjusted net income and adjusted diluted earnings per share (EPS) are non-GAAP financial measures which exclude the net income tax benefit related to transfer of intangible properties in the first quarter of fiscal year 2022 and the net income tax benefit related to an India Supreme Court decision on withholding taxes in the third quarter of fiscal year 2021. These amounts are primarily included in Server products and cloud services, Office products and cloud services, and LinkedIn in the table above. 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. We may also purchase or license technology that we incorporate into our products and services. Tools like search, news, and maps have given us immediate access to the worlds information. Dear Shareholders, The year 2015 clearly demonstrated the strength and sustainability of our asset-light, franchised business model. Finally, we continued working toward our five-year commitment to bridge the disability divide for the more than 1 billion people around the world with disabilities, seeking to expand accessibility in technology, the workforce, and workplace. The financial results of Nuance have been included in our consolidated financial statements since the date of the acquisition. We account for certain assets and liabilities at fair value. 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. Partnerships, Reid G. Hoffman 4 In 2022, our employees gave $255 million (with company match) to over 32,000 nonprofits. Judgment is required in determining when technological feasibility of a product is established. 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? In March 2021, the India Supreme Court ruled favorably for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. (83) This is the core thesis for our being as a company, but its not enough. 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. This section generally discusses the results of our operations for the year ended June 30, 2022 compared to the year ended June 30, 2021. In these cases, the hardware and software license are accounted for as a single performance obligation and revenue is recognized at the point in time when ownership is transferred to resellers or directly to end customers through retail stores and online marketplaces. 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. This year alone, more than 23 million people accessed digital skills training as part of our global skills initiative. 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. Service and other revenue also includes sales from online advertising and LinkedIn. Opportunities include: Our employees embrace the growth mindset and take advantage of the formal learning opportunities as well as thousands of informal and on-the-job learning opportunities. SA is optional for customers that purchase perpetual licenses. The pattern of delivery (i.e., timing of when revenue is recognized) for each distinct performance obligation. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entitys financial statements or tax returns. We have several partnerships with other companies, including Yahoo, through which we provide and monetize search queries. These programs reinforce our culture and values such as collaboration and growth mindset. These agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a three-year period. annual accounts for 2020 were approved by the shareholders at the Annual General Meeting held on Office Consumer products and cloud services revenue increased $641 million or 11% driven by Microsoft 365 Consumer subscription revenue. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. Thus Inditex-Zara is able to successfully counter the negative effects of short product life cycles, high product variety, demand uncertainty and thus able to closely match product supply to the stores with market demand. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedSeptember 25, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Want to read all 844 pages? (283) We describe risks and uncertainties that could cause actual results and events to differ materially in Risk Factors, Managements Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures about Market Risk" in our fiscal year 2022 Form 10-K. Annual Financial Report: PDF [654.8 KB/ 94 pages] . As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. Dynamics products and cloud services revenue increased 25% driven by Dynamics 365 growth of 39%. The opportunity to merge the physical and digital worlds, when combined with the power of Azure cloud services, unlocks new workloads and experiences to create common understanding and drive more informed decisions. 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 monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. The current Inter IKEA Group was established in 26 August 2016. At times, we may hold options, futures, and swap contracts. Sorry, preview is currently unavailable. Microsofts culture is grounded in the growth mindset. Department of Trade, Industry and Competition Annual Report 2021/2022. Zara annual report 2015 pdf 2015 ANNUAL REPORT. The Surface family includes Surface Laptop Studio, Surface Laptop 4, Surface Laptop Go 2, Surface Laptop Pro 8, Surface Pro X, Surface Go 3, Surface Studio 2, and Surface Duo 2. November 25, 2022 LVMH strengthens its position in jewelry with the acquisition of Pedemonte November 15, 2022 LVMH Share buyback program 2022 Q3 Revenue OCTOBER 2022 - PDF - 4 Mo Download October 11, 2022 Growth continues at the same pace 2021 environmental indicators AUGUST 2022 - PDF - 2 Mo Download LVMH carbon footprint in 2021 Leveraging our platform business model, we are in a strong position to achieve our GMV goal of more than 30 billion euros by 2025." Robert Gentz, Co-CEO Selected financial statements 2021 Key figures Nine of these cases were filed in 2002 and are consolidated for certain pre-trial proceedings; the remaining cases are stayed. We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. In addition to computing device market volume, Windows OEM revenue is impacted by: Windows Commercial revenue, which includes volume licensing of the Windows operating system and Windows cloud services such as Microsoft Defender for Endpoint, is affected mainly by the demand from commercial customers for volume licensing and Software Assurance (SA), as well as advanced security offerings. 1 Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. 2838 kb. 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 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. Fiscal Year 2020 Annual Report. Transforming the workplace to deliver new modern, modular business applications, drive deeper insights, and improve how people communicate, collaborate, learn, work, play, and interact with one another. We first discuss the dilemmas that fashion retailers face when organising the supply chain and the contribution of logistics and transport to its functional and geographical integration. General Partner, Greylock Partners, Penny S. Pritzker 4 Our cloud business benefits from three economies of scale: datacenters that deploy computational resources at significantly lower cost per unit than smaller ones; datacenters that coordinate and aggregate diverse customer, geographic, and application demand patterns, improving the utilization of computing, storage, and network resources; and multi-tenancy locations that lower application maintenance labor costs. Operating income increased $1.5 billion or 8%. . Presentation (Video) Presentation (Slides) Certain volume licensing programs, including Enterprise Agreements, include on-premises licenses combined with Software Assurance (SA). We continue to invest in new gaming studios and content to expand our IP roadmap and leverage new content creators. Annual Report 2021. 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. We have a strong position with our large and growing highly engaged community of gamers, including the acquisition of ZeniMax Media Inc., the parent company of Bethesda Softworks LLC. Windows OEM revenue increased 11% driven by continued strength in the commercial PC market, which has higher revenue per license. All other shares repurchased were under the share repurchase program approved on September 20, 2016. As a corporation, our purpose and actions must be aligned with addressing the worlds problems, not creating new ones. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Microsoft Mesh enables presence and shared experiences from anywhere through mixed reality applications. And earlier this month, we announced that Microsoft will double the number of nonprofits we reach worldwide over the next five years. Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit. Sorry, preview is currently unavailable. 2422. We offer integrated, end-to-end capabilities to protect people and organizations. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Four of our datacenters received new or renewed Zero Waste certifications. These include quick guides for teams to use, such as Creating Team Agreements, Reconnecting as a Team, and Running Effective Hybrid Meetings. Surface is designed to help organizations, students, and consumers be more productive. SA is included with certain volume licensing agreements and is an optional purchase with others. May 27, 2022. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Aggregate demand for our software, services, and devices is correlated to global macroeconomic and geopolitical factors, which remain dynamic. Office Commercial revenue is mainly affected by a combination of continued installed base growth and average revenue per user expansion, as well as the continued shift from Office licensed on-premises to Office 365. 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