(19) 74 As of June 30, 2022, we had federal, state, and foreign net operating loss carryforwards of $318 million, $1.3 billion, and $2.1 billion, respectively. The information found on these websites is not part of, or incorporated by reference into, this or any other report we file with, or furnish to, the SEC. As of June 30, 2022 and 2021, long-term accounts receivable, net of allowance for doubtful accounts, was $3.8 billion and $3.4 billion, respectively, and is included in other long-term assets in our consolidated balance sheets. Our EEO-1 report (equal employment opportunity). Windows, including Windows OEM licensing 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. Fiscal Year 2020 Annual Report. Xbox hardware revenue increased 16% due to continued demand for Xbox Series X|S. PDF; Form 10K (HTML) Polo Ralph Lauren Corp. does not currently have any hardcopy reports on AnnualReports.com. Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to original equipment manufacturers (OEM), and retail packaged products. On June 6, 2022, we acquired Xandr, Inc., a technology platform with tools to accelerate the delivery of our digital advertising solutions. We expect capital expenditures to increase in coming years to support growth in our cloud offerings. Windows Commercial products and cloud services revenue increased 11%. Additional information on our reportable segments is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements in our fiscal year 2022 Form 10-K. We use metrics in assessing the performance of our business and to make informed decisions regarding the allocation of resources. 12656 kb. The following Managements Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of Microsoft Corporation. Our cloud and AI services and datacenters help businesses cut energy consumption, reduce physical footprints, and design sustainable products. Annual Status of Education Report (ASER) 2022: The Annual Status of Education Report (ASER) released today revealed that almost all (98.4%) students in the age bracket of 6-14 years are now enrolled in schools. Product Revenue and Service and Other Revenue. Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Based on the carrying amount of server and network equipment included in property and equipment, net as of June 30, 2022, it is estimated this change will increase our fiscal year 2023 operating income by $3.7 billion. These annual accounts were prepared in accordance with the International Financial Reporting The components of intangible assets acquired during the periods presented were as follows: Intangible assets amortization expense was $2.0 billion, $1.6 billion, and $1.6 billion for fiscal years 2022, 2021, and 2020, respectively. Adoption of the standard did not have a material impact on our consolidated financial statements. If recognized, the resulting tax benefit would affect our effective tax rates for fiscal years 2022, 2021, and 2020 by $13.3 billion, $12.5 billion, and $12.1 billion, respectively. 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. This year alone, more than 23 million people accessed digital skills training as part of our global skills initiative. In 2022, the Zara brand was valued at approximately 13 billion U.S. dollars. (1,087) 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. 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. In order of value, with most valuable assets first. 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. The objective of this study is twofold: first to identify the constituents that mold the fast fashion retailing business model, and second to discuss how global leader of fast fashion retailing Inditex-Zara's product offering is strongly supported by integration of various supply chain operations. 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. As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. As of June 30, 2022, we employed approximately 221,000 people on a full-time basis, 122,000 in the U.S. and 99,000 internationally. We evaluated management's significant accounting policies related to these customer agreements for reasonableness. Securities held in our equity investments portfolio are subject to market price risk. Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, trade shows, seminars, and other programs. Interest expense decreased due to a decrease in outstanding long-term debt due to debt maturities. The Company designs and maintains accounting and internal control systems to provide reasonable assurance at reasonable cost that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. We repurchased the following shares of common stock under the share repurchase programs: All repurchases were made using cash resources. Organizations purchase perpetual licenses or subscribe to licenses. 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. The federal and state net operating loss carryforwards will expire in various years from fiscal 2023 through 2042, if not utilized. m sand plant project report. 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. Trends run their course with lightning speed, with today's latest styles swiftly trumping yesterday's, which have already been consigned to the trash bin. Surface revenue increased $226 million or 3%. Course Hero is not sponsored or endorsed by any college or university. The mix of income before income taxes between the U.S. and foreign countries impacted our effective tax rate as a result of the geographic distribution of, and customer demand for, our products and services. With our expanding portfolio of business applications, we are helping every business become a hyperconnected businessunifying data, process, and teams across the organization. 20 kb. We also invested in base salary adjustments for our datacenter and retail hourly employees and hourly equivalents outside the U.S. 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. On the one hand, better internal and external communication and greater productivity compensate for the company's higher costs of manufacturing in nearby areas. We continue to strive to support our Ukrainian employees and their dependents during the Ukraine crisis with emergency relocation assistance, emergency leave, and other benefits. 122 Search and news advertising revenue excluding traffic acquisition costs increased 27%. The world in 2022 looks nothing like the world in 2019. SA conveys rights to new software and upgrades for perpetual licenses released over the contract period. Certain volume licensing programs, including Enterprise Agreements, include on-premises licenses combined with Software Assurance (SA). Finally, our Occupational Health and Safety program helps ensure employees can stay safe while they are working. This is the core thesis for our being as a company, but its not enough. Environmental, Social, and Public Policy Committee. At our Investor Relations website, www.microsoft.com/investor, we make available free of charge a variety of information for investors. We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. We can be contacted between the hours of 9:00 a.m. to 5:00 p.m. Pacific Time to answer investment oriented questions about Microsoft. Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. Through this commitment we can allow everyone the chance to be their authentic selves and do their best work every day. Our family of products plays a key role in the ways the world works, learns, and connects. (283) 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. Microsoft Edge is our fast and secure browser that helps protect your data, with built-in shopping tools designed to save you time and money. We design and sell devices, including Surface and PC accessories. Windows OEM revenue increased 11% driven by continued strength in the commercial PC market, which has higher revenue per license. Dear shareholders, colleagues, customers, and partners: We are living through a period of historic economic, societal, and geopolitical change. Changes in inventory levels in the OEM channel. Enterprise Agreements are designed for medium or large organizations that want to license cloud services and on-premises software organization-wide over a three-year period. Gross margin increased $3.1 billion or 10% driven by growth in Windows and Search and news advertising. Dividends Capital Equity attributable to the Parent Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. We saw the strongest progress in years across several demographic groups, as you can see in our latest Diversity & Inclusion Report. 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. 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. To make it easy for our readers, all the annual reports released in 2021 - 2022 will be linked on this page. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office 365, Dynamics 365, and LinkedIn. 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. We must ensure the growth we drive reaches every person, organization, community, and country. In March 2021, the India Supreme Court ruled favorably in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. Executive Chairman's statement We ended 2021 stronger than ever, notching up several quarters of record metrics. We compete by providing powerful, flexible, secure, integrated industry-specific, and easy-to-use productivity and collaboration tools and services that create comprehensive solutions and work well with technologies our customers already have both on-premises or in the cloud. The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows: Following are the details of the purchase price allocated to the intangible assets acquired: On March 9, 2021, we completed our acquisition of ZeniMax Media Inc. (ZeniMax), the parent company of Bethesda Softworks LLC (Bethesda), for a total purchase price of $8.1 billion, consisting primarily of cash. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment. Adjustments to reconcile net income to net cash from operations: Net recognized gains on investments and derivatives. (2) Translation Cash flows SA is optional for customers that purchase perpetual licenses. They have got to where they are today thanks to them and the hard work of those people who have shown them where they can improve. 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. The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. The number of shares the PSU holder receives is based on the extent to which the corresponding performance goals have been achieved. We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved through coding and testing. Increasing representation and strengthening inclusion: build on our momentum, adding a $150 million investment to strengthen inclusion and double the number of Black, African American, Hispanic, and Latinx leaders in the United States by 2025. The stakeholder however has the power to stop the unethical incidents including making an event for the prevention of harm towards the customers. For the Period Ended March 2022. 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. The objectives of this study are to analyze the impact of purchasing and supply chain management strategies in retail industry and identify the way of success of AZEL FRANCE Retailer Company of ZARA clothing in Bosnia and Herzegovina from supply chain perspective management by conducting a survey study. Xbox and our cloud gaming services face competition from various online gaming ecosystems and game streaming services, including those operated by Amazon, Apple, Meta, Google, and Tencent. ESAs are also typically authorized as LSPs and operate as resellers for our other volume licensing programs. This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. 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. Constraints in the supply chain of device components. We took a wide variety of measures to protect the health and well-being of our employees, suppliers, and customers during the COVID-19 pandemic and are now supporting employees in shifting to return to office and/or hybrid arrangements. 2021 Inditex Annual Report Search Sound 2021 in review 365 days pushing hard for the sustainable transformation of our sector. Collaborating with our customers, the force driving transformation, 5.3. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements in our fiscal year 2022 Form 10-K. Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. 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 agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a three-year period. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. See Note 12 Income Taxes of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Dear Shareholders, The year 2015 clearly demonstrated the strength and sustainability of our asset-light, franchised business model. Microsofts culture is grounded in the growth mindset. Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system. Our commercial business primarily consists of Server products and cloud services, Office Commercial, Windows Commercial, the commercial portion of LinkedIn, Enterprise Services, and Dynamics. Our revenue fluctuates quarterly and is generally higher in the second and fourth quarters of our fiscal year. Collaborating to generate value in the community. We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. And were extending our infrastructure to the 5G network edge with Azure for Operators, introducing new solutions to help telecom operators deliver ultra-low-latency services closer to end users. Were dedicated to preserving our customers privacy and their ability to control their own data. 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 regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. 33. Progress does not undo the egregious injustices of the past or diminish those who continue to live with inequity. 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). 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. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. 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. 10 (1,069) We have paid transition tax of $6.2 billion, which included $1.5 billion for fiscal year 2022. Operating expenses increased $2.0 billion or 11% driven by investments in LinkedIn and cloud engineering. measures include information that is essential to assess the evolution of the Group. 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. annual accounts for 2020 were approved by the shareholders at the Annual General Meeting held on Changes in the carrying amount of goodwill were as follows: The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. This segment primarily comprises: Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services. Dilutive potential common shares include outstanding stock options and stock awards. It adds new experiences that include powerful task switching tools like new snap layouts, snap groups, and desktops; new ways to stay connected through Microsoft Teams chat; the information you want at your fingertips; and more. This year, we introduced GitHub Copilot, a first-of-its-kind AI pair programmer, to help developers write better code faster. Competitors. On-premises licenses are considered distinct performance obligations when sold with SA. In March 2021 and June 2020, we exchanged a portion of our existing debt at a premium for cash and new debt with longer maturities to take advantage of favorable financing rates in the debt markets, reflecting our credit rating and the low interest rate environment. 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. Devices face competition from various computer, tablet, and hardware manufacturers who offer a unique combination of high-quality industrial design and innovative technologies across various price points. We settled a portion of the Internal Revenue Service (IRS) audit for tax years 2004 to 2006 in fiscal year 2011. 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. 130 In addition to our main research and development operations, we also operate Microsoft Research. Chester Corp. ended the year carrying $11,529,000 worth of inventory. 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. We design our devices, from Surface to Xbox, to minimize their impact on the environment. In December 2019, the Financial Accounting Standards Board issued a new standard to simplify the accounting for income taxes. Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. There is no more powerful input than digital technology to drive the worlds economic output. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. Under the TCJA, the transition tax is payable in interest-free installments over eight years, with 8% due in each of the first five years, 15% in year six, 20% in year seven, and 25% in year eight. Microsoft Cloud (formerly commercial cloud) revenue increased 32% to $91.2 billion. (ended March 31, 2017), please refer to Toyota Industries Report. 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. 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. Cash used in investing increased $2.7 billion to $30.3 billion for fiscal year 2022, mainly due to a $13.1 billion increase in cash used for acquisitions of companies, net of cash acquired, and purchases of intangible and other assets, and a $3.3 billion increase in additions to property and equipment, offset in part by a $15.6 billion increase in cash from net investment purchases, sales, and maturities. We then open the study of Inditex by describing the network of shops and manufacturing, presenting the principles of the logistical model, and providing details of the procedures applied for the functional and geographical integration of the chain of production of Zara, the best known of the company's 11 brands. We monitor pay equity and career progress across multiple dimensions. See how we're working to bring beautiful, consciously-crafted fashion to everyone, everywhere. Upgrade Your Profile and unlock all your annual reports. 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. The markets for software, devices, and cloud-based services are dynamic and highly competitive. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. 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. As an increase in cash flow from operations As a decrease in cash flow from financing As. Our Enterprise Mobility + Security offerings also compete with products from a range of competitors including identity vendors, security solution vendors, and numerous other security point solution vendors. Before releasing new software platforms, and as we make significant modifications to existing platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing. Enterprise Agreements offer large organizations a manageable volume licensing program that gives them the flexibility to buy cloud services and software licenses under one agreement. 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. (1,087) Executive Vice President and Chief Financial Officer, Judson Althoff This share repurchase program commenced in February 2020 and was completed in November 2021. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. It sustains our everyday practice of customer obsession. We had previously increased the estimated useful lives of both server and network equipment in July 2020. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. You can download the paper by clicking the button above. Fiscal Year 2021 Annual Report. Of the total employed people, 85,000 were in operations, including manufacturing, distribution, product support, and consulting services; 73,000 were in product research and development; 47,000 were in sales and marketing; and 16,000 were in general and administration. Annual Financial Report For . Office Consumer Services revenue is mainly affected by the demand for communication and storage through Skype, Outlook.com, and OneDrive, which is largely driven by subscriptions, advertising, and the sale of minutes. Many organizations that license our products and services transact directly with us through Enterprise Agreements and Enterprise Services contracts, with sales support from system integrators, independent software vendors, web agencies, and partners that advise organizations on licensing our products and services (Enterprise Agreement Software Advisors or ESA). Personalized, integrated, and relevant views of all learning opportunities on both our internal learning portal Learning (Viva Learning + LinkedIn Learning) and our external learning portal MS Learn are available to all employees worldwide. 122 Search and news advertising our cloud and AI services and on-premises software organization-wide over three-year! Have paid transition tax of $ 6.2 billion, which has higher revenue per.... Everyone, everywhere revenue fluctuates quarterly and is generally higher in the U.S. and 99,000.. 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