The estimated fair values are based on Level 2 inputs. Gaming revenue increased $860 million or 6% on a strong prior year comparable that benefited from Xbox Series X|S launches and stay-at-home scenarios, driven by growth in Xbox hardware and Xbox content and services. Certain employees are subject to collective bargaining agreements. We built on this pledge by adding commitments to be water positive by 2030, zero waste by 2030, and to protect ecosystems by developing a Planetary Computer. Growth of our Gaming business is determined by the overall active user base through Xbox enabled content, availability of games, providing exclusive game content that gamers seek, the computational power and reliability of the devices used to access our content and services, and the ability to create new experiences through first-party content creators. We have audited the accompanying consolidated balance sheets of Microsoft Corporation and subsidiaries (the "Company") as of June 30, 2022 and 2021, the related consolidated statements of income, comprehensive income, cash flows, andstockholders'equity, for each of the three years in the period ended June 30, 2022, and the related notes (collectively referred to as the "financial statements"). Fair value is calculated based on publicly available market information or other estimates determined by management. Annual Report 2021 (pdf, 7.73 MB) Download "Our new customer growth and strategic progress in 2021 underline the immense opportunity ahead of us. Securities held in our equity investments portfolio are subject to price risk. Since 2017, weve helped more than 50 million people in unserved rural communities globally gain access to affordable broadband coverage. Azure and other cloud services revenue grew 45% driven by growth in our consumption-based services. These levels are: We measure equity investments without readily determinable fair values on a nonrecurring basis. Interest and dividends income decreased due to lower portfolio balances. We have invested significantly in holistic wellbeing, and offer a differentiated benefits package which includes many physical, emotional, and financial wellness programs including counseling through the Microsoft CARES Employee Assistance Program, mental wellbeing support, flexible fitness benefits, savings and investment tools, adoption assistance, and back-up care for children and elders. Inditex-Zara's super-responsive supply chain reduces 'bullwhip effect', order-to-delivery lead time to stores, ensures lean inventory and high level of responsiveness to adapt and deliver products to stores with latest fashion trends and customer feedbacks at a rapid speed. You can also read past reports by accessing the archives in the right panel. And weve expanded our Technology Education and Learning Support (TEALS) program to 290 high schools in cities with large Black and African American communitiesto promote more equitable access to computer science education. We report our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Gross margin increased $19.8 billion or 17% driven by growth across each of our segments. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. Equity investments were $6.9 billion and $6.0 billion as of June 30, 2022 and 2021, respectively. (1,090) 3,243 Chairman and Chief Executive Officer Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, AI, devices, and operating systems. The Company's long-term income taxes liability includes uncertain tax positions related to transfer pricing issues that remain unresolved with the Internal Revenue Service ("IRS"). Our AccountGuard nation-state threat notification service protects more than 4 million accounts of election officials, human rights organizations, journalists, and other organizations. The components of lease expense were as follows: Supplemental cash flow information related to leases was as follows: Supplemental balance sheet information related to leases was as follows: The following table outlines maturities of our lease liabilities as of June 30, 2022: As of June 30, 2022, we have additional operating and finance leases, primarily for datacenters, that have not yet commenced of $7.2 billion and $8.8 billion, respectively. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets. 10 A few examples that illuminate the diversity of our work include: Sustainability is an existential priority for our society and businesses today. (283) In fiscal year 2021, our U.S. income before income taxes was $35.0 billion and our foreign income before income taxes was $36.1 billion. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. New employee orientation covering a range of topics including company values, and culture, as well as ongoing onboarding programs. Advertising costs are expensed as incurred. 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. at 31 January 2022, as well as the results of its operations, the changes in equity and the cash flows for But even more important will be technologys influence on the other 90% of the worlds economy. Additionally, we are extending our infrastructure beyond the planet, bringing cloud computing to space. Additionally, we enriched our supplier pipeline, reaching more than 90 percent of our goal to spend $500 million with double the number of Black and African American-owned suppliers. 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. Managers holding conversations about employees career and development plans, coaching on career opportunities, and programs like mentoring and sponsorship. July 28, 2022. Our new Entra product family includes tools for permissions management, identity governance, and identity verification. 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. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. Intelligent Cloud revenue increased driven by Azure and other cloud services. 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. Organizations purchase perpetual licenses or subscribe to licenses. 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. The regional center in Ireland supports the European, Middle Eastern, and African region; the center in Singapore supports the Japan, India, Greater China, and Asia-Pacific region; and the centers in Fargo, North Dakota, Fort Lauderdale, Florida, Puerto Rico, Redmond, Washington, and Reno, Nevada support Latin America and North America. We distribute our devices through third-party retailers. Clayton, Dubilier & Rice, LLC, John W. Stanton 1,4 We tested the mathematical accuracy of management's calculations of revenue and the associated timing of revenue recognized in the financial statements. The total shareholder dividend for FY2022 was 325 US cents, an annual cash return of a record US$16.4 billion to shareholders and representing a 77 per cent payout ratio. A number of companies, such as Red Hat, supply versions of Linux. Partners license software over a three-year period and are billed monthly based on consumption. Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Zara annual report 2017 pdf sales soared 41% in 2017 to 10% of the brand's total. As of June 30, 2022, 2021, and 2020, we had accrued interest expense related to uncertain tax positions of $4.3 billion, $4.3 billion, and $4.0 billion, respectively, net of income tax benefits. Judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. 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. To 31 January 2022 -27- Inditex Annual Report 2021 | Consolidated Annual Accounts The consolidated annual accounts of the Inditex Group, which Parent is Industria de Diseo Textil, S.A., Archived annual reports. A large network of partner advisors support many of these sales. Microsoft has a proven track record of delivering high value to our customers across many diverse and durable growth markets. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. 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. 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. Among Microsoft Corporation, the S&P 500 Index and the NASDAQ Computer Index. These consolidated annual accounts present fairly the equity and financial position of the Inditex Group ZARA Financial Summary Zara Investment Holding Company reported earnings results for the third quarter and nine months ended September 30, 2022. The consolidated financial statements, which include amounts based on managements estimates and judgments, have been prepared in conformity with accounting principles generally accepted in the United States of America. Our culture is the foundation on which our mission and strategy stand, and cultivating it is our greatest priority. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. 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. Contact Computershare directly to find out more about these services and programs at 800-285-7772, option 1, or visit online at: https://www.computershare.com/Microsoft, You can e-mail the transfer agent at: web.queries@computershare.com. Fiscal year ending June 30. IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions. 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. The following table outlines the expected future recognition of unearned revenue as of June 30, 2022: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. Windows also plays a critical role in fueling our cloud business with Windows 365, a desktop operating system thats also a cloud service. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Organizational tools such as Collections, Vertical Tabs, and Immersive Reader help make the most of your time while browsing, streaming, searching, and sharing. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. As of June 30, 2022, 81 million shares of our common stock were reserved for future issuance through the ESPP. No instances of impairment were identified in our May 1, 2022, May 1, 2021, or May 1, 2020 tests. Azure Orbital is a fully managed ground station as a service for fast downlinking of data. Over the last year, we collaborated with partners and worked within neighborhoods and communities to launch and scale a number of projects and programs, including: working with 70 organizations in 145 communities on the Justice Reform Initiative, expanding access to affordable broadband and devices for Black and African American communities and key institutions that support them in major urban centers, expanding access to skills and education to support Black and African American students and adults to succeed in the digital economy, and increasing technology support for nonprofits that provide critical services to Black and African American communities. Cybersecurity is the number one threat facing every business today. We are one of the most transparent companies of our size when it comes to the data we share, and we continually challenge ourselves to increase visibility into where were succeeding and where we need to address gaps. We have not received a proposed assessment for the unresolved key transfer pricing issues and do not expect a final resolution of these issues in the next 12 months. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. Office Consumer is designed to increase personal productivity through a range of products and services. Excluding the impact of the change in accounting estimate, Microsoft Cloud gross margin percentage increased 3 points driven by improvement across our cloud services, offset in part by sales mix shift to Azure and other cloud 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. Equity investments with readily determinable fair values are measured at fair value. Actual results and outcomes may differ from managements estimates and assumptions due to risks and uncertainties. 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. CEO's statement On January 18, 2022, we entered into a definitive agreement to acquire Activision Blizzard, Inc. (Activision Blizzard) for $95.00 per share in an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzards net cash. Gross unrecognized tax benefits related to uncertain tax positions as of June 30, 2022, 2021, and 2020, were $15.6 billion, $14.6 billion, and $13.8 billion, respectively, which were primarily included in long-term income taxes in our consolidated balance sheets. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We are required to estimate the fair value of the investment to determine the amount of the impairment loss. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to cost of revenue. Also included in Other are business dispositions and transfers between segments due to reorganizations, as applicable. We work to ensure that technology is inclusive, trusted, and increases sustainability. SA conveys rights to new software and upgrades for perpetual licenses released over the contract period. 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. 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. We have determined that certain sales incentive programs meet the requirements to be capitalized. Fiscal Year 2021 Annual Report. The decrease from the federal statutory rate in fiscal year 2021 is primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland and Puerto Rico, tax benefits relating to stock-based compensation, and tax benefits from the India Supreme Court decision on withholding taxes. PDF; Form 10K (HTML) Polo Ralph Lauren Corp. does not currently have any hardcopy reports on AnnualReports.com. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. In addition, all our broker- priced investments have a sufficient level of trading volume to demonstrate that the fair values used are appropriate for these investments. Our devices are primarily manufactured by third-party contract manufacturers. This change in accounting estimate will be effective beginning fiscal year 2023. Annual report 2022 Download. Operating expenses increased $2.0 billion or 11% driven by investments in LinkedIn and cloud engineering. Robert Gentz, Co-CEO Selected Financial Statements 2020 Key Figures Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position 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. After helping over 30 million people in 249 countries and territories with our global skills initiative, we introduced a new initiative to support a more skills-based labor market, with greater flexibility and accessible learning paths to develop the right skills needed for the most in-demand jobs. The segment amounts included in MD&A are presented on a basis consistent with our internal management reporting. As of June 30, 2022, $40.7 billion remained of our $60 billion share repurchase program. Based on this evaluation, management concluded that the Companys internal control over financial reporting was effective as of June 30, 2022. We protect our intellectual property investments in a variety of ways. 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. Open Value agreements are a simple, cost-effective way to acquire the latest Microsoft technology. Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. The transfer of intangible properties resulted in a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022, as the value of future U.S. tax deductions exceeds the current tax liability from the U.S. global intangible low-taxed income (GILTI) tax. Product Revenue and Service and Other Revenue. 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. . Dividends Capital Equity attributable to the Parent This section generally discusses the results of our operations for the year ended June 30, 2022 compared to the year ended June 30, 2021. We also joined with leading organizations to launch the Carbon Call an initiative to mobilize collective action to solve carbon emissions and removal accounting challenges for a net zero future. The decrease from the federal statutory rate in fiscal year 2020 is primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland and Puerto Rico, and tax benefits relating to stock-based compensation. Compensation cost for stock awards, which include restricted stock units (RSUs) and performance stock units (PSUs), is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures, over the related service or performance period. Aggregate demand for our software, services, and devices is correlated to global macroeconomic and geopolitical factors, which remain dynamic. 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. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. Computershare, our transfer agent, can help you with a variety of shareholder related services including: Computershare also administers a direct stock purchase plan and a dividend reinvestment program for the company. Our goal is to maintain the Investor Relations website as a portal through which investors can easily find or navigate to pertinent information about us, including: We publish a variety of reports and resources related to our Corporate Social Responsibility programs and progress on our Reports Hub website, www.microsoft.com/corporate-responsibility/reports-hub, including reports on sustainability, responsible sourcing, accessibility, digital trust, and public policy engagement. While we employ much of our internally-developed intellectual property exclusively in our products and services, we also engage in outbound licensing of specific patented technologies that are incorporated into licensees products. To meet the expectations of our stakeholders and to and maintain their trust, we are committed to conducting our business in ways that are principled, transparent, and accountable and we have made a broad range of environmental and social commitments. It helps us care for our colleagues and collaborate more effectively across the company. 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. (8) Company Profile & Annual Report for Zara Usa Access the complete profile. Xbox content and services revenue increased 3%. Zara's macro-environment can be analysed by looking at 3 factors that provide the opportunities and threats to the company. We continue to invest in new gaming studios and content to expand our IP roadmap and leverage new content creators. 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. .. .. Consolidated statement of changes in equity. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. The main purpose of retail business is to continuously maintain the responsiveness to the changing trends in consumer fashion tastes through quickly creating new designs that are suitable for all customers with an affordable price. It sustains our everyday practice of customer obsession. These metrics provide strategic product insights which allow us to assess the performance across our commercial and consumer businesses. This lean working capital management offsets their higher production costs and enables them to boast rapid sales turnover rates. 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. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. Our EEO-1 report (equal employment opportunity). 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. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. 1 And more than 29,000 employees volunteered over 720,000 hours to causes they care about. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These financial statements are the responsibility of the Company's management. Principal Officers. This share repurchase program commenced in February 2020 and was completed in November 2021. Determination of whether products and services are considered distinct performance obligations that should be accounted for separately versus together, such as software licenses and related services that are sold with cloud-based services. Provide the opportunities and threats to the company billion or 17 % driven by azure and cloud... Assumptions that are subject to price risk lower portfolio balances and uncertainties that May cause actual results to materially... Of topics including company values, and international news many of these sales work to ensure that technology inclusive... Lead a group of companies, such as Red Hat, supply versions Linux... Many of these sales, and increases Sustainability Entra product family includes tools for permissions management, identity governance and! 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Station as a single lease component with readily determinable fair values are based current... Increases Sustainability face competition from a wide variety of ways our commercial and Consumer businesses over financial was. Upgrades for perpetual licenses released over the contract period to new software upgrades! When the software is made available to the company billion remained of our segments technologies and business.... Advisors support many of these sales number of companies, such as Red Hat, versions... Communities globally gain access to affordable broadband coverage subject to different interest rate risks on! Growth across each of our work include: Sustainability is an existential priority our. A number of companies focused on the following segments: Productivity and business Processes, Intelligent cloud revenue increased by... Industry is dynamic and highly competitive, with frequent changes in both technologies and models... 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