AZEL FRANCE is found to be successful in that it can control and streamline the highly consumable fashion items in their supply chains so that they can greatly decrease their lead time and thus increase be responsive enough for fast changes in fashion customer needs and desires by minimizing the industry risks. interests Total equity 1,106 (2) 1,104 (29) Our strategy and growth model, the fuel for transformation, 4.2. The financial results of Nuance have been included in our consolidated financial statements since the date of the acquisition. We must ensure that economic growth does not come at the expense of our planet. For hardware warranties, we estimate the costs based on historical and projected product failure rates, historical and projected repair costs, and knowledge of specific product failures (if any). Operating income increased $5.3 billion or 22%. SA is optional for customers that purchase perpetual licenses. .. 28. We adopted the standard effective July 1, 2021. View or download past and current financial results (as published on SENS every six months), all integrated annual reports and sustainability reports. (1,090) 3,243 Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Given our focus on understanding core company beliefs and compliance topics, all employees complete required learning programs like Standards of Business Conduct, Privacy, Unconscious Bias, and preventing harassment courses. Executive Vice President and Chief Financial Officer, Alice L. Jolla other brand' prices. 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. 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. Our commitment to responsibly develop and use technologies like AI is core to who we are. We have operations centers that support operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics. And, along with partner companies, we launched the Neurodiversity Career Connector, a jobs marketplace for neurodivergent job seekers. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. (5) We plan to continue to make significant investments in a broad range of product research and development activities, and as appropriate we will coordinate our research and development across operating segments and leverage the results across the Company. We offer options for organizations that want to purchase our cloud services, on-premises software, and SA. Gross margin increased $7.3 billion or 17% driven by growth in Office 365 Commercial and LinkedIn. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. 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. Since IKEA was founded nearly 80 years ago, we have sided with the many and believe that better homes should be available to all, no matter how thin their wallets. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. Customers can use Azure through our global network of datacenters for computing, networking, storage, mobile and web application services, AI, IoT, cognitive services, and machine learning. (71) 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. Other comprehensive income (loss), net of tax: Total cash, cash equivalents, and short-term investments, Accounts receivable, net of allowance for doubtful accounts of, Property and equipment, net of accumulated depreciation of, Common stock and paid-in capital shares authorized 24,000; outstanding, Accumulated other comprehensive income (loss), Total liabilities and stockholders equity. Dynamics competes with cloud-based and on-premises business solution providers such as Oracle, Salesforce, and SAP. Derivative instruments are recognized as either assets or liabilities and measured at fair value. We compete to provide enterprise-wide computing solutions and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity (both Internet and intranet), security, hosting, database, and e-business servers. On June 6, 2022, we acquired Xandr, Inc., a technology platform with tools to accelerate the delivery of our digital advertising solutions. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. We disclose metrics to enable investors to evaluate progress against our ambitions, provide transparency into performance trends, and reflect the continued evolution of our products and services. Fiscal Year 2019 Annual Report. Zara has got only 4.4% of its stores comprising of 44 retail stores in the US out of 2270 total retail stores. Collaborating to safeguard the planet. Chief Executive Officer and Windows revenue increased $2.3 billion or 10% driven by growth in Windows OEM and Windows Commercial. We would like to show you a description here but the site won't allow us. DIRECTORS AND EXECUTIVE OFFICERS OF MICROSOFT CORPORATION, Satya Nadella Property and equipment is stated at cost less accumulated depreciation, and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. This year, we continued our journey to address racial injustice and inequity by increasing representation within Microsoft, engaging our ecosystem, and strengthening our communities. Our Microsoft Cloud (formerly commercial cloud) revenue, which includes Azure and other cloud services, Office 365 Commercial, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $91.2 billion, $69.1 billion and $51.7 billion in fiscal years 2022, 2021, and 2020, respectively. Customers are looking to us to help improve productivity and the affordability of their products and services. 13 July 2021. Changes in value are recorded in other income (expense), net. These programs reinforce our culture and values such as collaboration and growth mindset. Business, and Chief Marketing Officer, Christopher D. Young Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant. RSUs generally vest ratably over a service period of four years. Enterprise Services revenue increased $464 million or 7% driven by growth in Enterprise Support Services. 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 . We have an ESPP for all eligible employees. Chairman and Chief Executive Officer Globo, the biggest media and TV company in Brazil. BIS Media Briefing - Annual Economic Report 2022, 23 June 2022; Annual Economic Report 2022. The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. Our principal audit procedures to evaluate management's estimates of uncertain tax positions related to unresolved transfer pricing issues included the following: Seattle, Washington 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. We support multiple highly active Employee Resource Groups for women, families, racial and ethnic minorities, military, people with disabilities, and employees who identify as LGBTQIA+, where employees can go for support, networking, and community-building. In its operation of the business, management, including our chief operating decision maker, who is also our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis not consistent with GAAP. Our products include operating systems, cross-device productivity and collaboration applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. 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. have expensive design, advertising and raw material costs. We believe that our audits provide a reasonable basis for our opinion. Weve added new data, such as military status, gender representation by geography, employee exits, and additional pay data, to reflect our workforce more broadly. Segment revenue and operating income were as follows during the periods presented: No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for fiscal years 2022, 2021, or 2020. Level 3 investments are valued using internally-developed models with unobservable inputs. The Company offers customers the ability to acquire multiple licenses of software products and services, including cloud-based services, in its customer agreements through its volume licensing programs. Publication Date: 29 April 2022. Gross margin and operating income both included an unfavorable foreign currency impact of 2%. Changes in inventory levels in the OEM channel. Revenue Recognition Refer to Note 1 to the financial statements. If market, industry, and/or investee conditions deteriorate, we may incur future impairments. Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. The Microsoft Cloud is the most comprehensive and trusted cloud, providing the best integration across the technology stack while offering openness, improving time to value, reducing costs, and increasing agility. Finally, our Occupational Health and Safety program helps ensure employees can stay safe while they are working. We remain under audit for tax years 2004 to 2017. As of July 2022, weve committed $257 million in financial and technology assistance to the global response to the war in Ukraine, including support for government, businesses, nonprofits, and humanitarian assistance for refugees. Annual Financial Report: PDF [680.3 KB/ 98 pages] For the Period Ended March 2020. Strong first half of the 2022/23 financial year for Zara's parent company Inditex. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Zara-report Anna Mnyoki Abstract Zara Continue Reading Download Free PDF Related Papers Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara Hong Chinh Do The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. Xbox hardware revenue increased 16% due to continued demand for Xbox Series X|S. Sales Solutions help companies strengthen customer relationships, empower teams with digital selling tools, and acquire new opportunities. Section 2 - ASIC's annual performance statement (PDF 435 KB . 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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. Our Internet address is www.microsoft.com. 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. The decrease in our effective tax rate for fiscal year 2021 compared to fiscal year 2020 was primarily due to tax benefits from the India Supreme Court decision on withholding taxes, an agreement between the U.S. and India tax authorities related to transfer pricing, final TCJA regulations, and an increase in tax benefits relating to stock-based compensation. None of these changes had a material impact on previously reported amounts in our MD&A. To drive positive impact and growth with technology, people need to be able to trust the technologies they use and the companies behind them. Together, Microsoft and Nuance will enable organizations across industries to accelerate their business goals with security-focused, cloud- based solutions infused with powerful, vertically optimized AI. Windows Commercial revenue often reflects the number of information workers in a licensed enterprise and is relatively independent of the number of PCs sold in a given year. 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. (393) This comprehensive capability has been critical during recent world events, including the war in Ukraine. In 2022, our employees gave $255 million (with company match) to over 32,000 nonprofits. 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. We contracted to protect over 17,000 acres of land (50% more than the land we use to operate), thus achieving our commitment to protect more land than we use by 2025. Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net. We intend to continue returning capital to shareholders in the form of dividends, subject to declaration by our Board of Directors. From GitHub to Visual Studio, we provide a developer tool chain for everyone, no matter the technical experience, across all platforms, whether Azure, Windows, or any other cloud or client platform. Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit. 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. This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. Sales and marketing included a favorable foreign currency impact of 2%. On-premises licenses are considered distinct performance obligations when sold with SA. Gross margin percentage decreased. Im constantly in awe of how our employees bring their passion to work each dayfor each other, for our customers, and for their communities. 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. Amid this dynamic environment, we delivered record results in fiscal year 2022: We reported $198 billion in revenue and $83 billion in operating income. 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. 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. 5.8. We protect our intellectual property investments in a variety of ways. 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. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. July 28, 2022. Organizations purchase perpetual licenses and SA is optional. Licenses for on-premises software provide the customer with a right to use the software as it exists when made available to the customer. The largest component of the OEM business is the Windows operating system pre-installed on devices. The decrease from the federal statutory rate in fiscal year 2022 is primarily due to the net income tax benefit related to the transfer of intangible properties, earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland, and tax benefits relating to stock-based compensation. When it comes to AI, were seeing a paradigm shift as the worlds large AI models become platforms themselves. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. We are accelerating adoption of AI innovations from research to products. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Premium Subscriptions enables professionals to manage their professional identity, grow their network, and connect with talent through additional services like premium search. The financial results of Nuance have been included in our consolidated financial statements since the date of the acquisition. ZARA Financial Summary Zara Investment Holding Company reported earnings results for the third quarter and nine months ended September 30, 2022. We have a network of field sales representatives and field support personnel that solicit orders from distributors and resellers and provide product training and sales support. Together with the Microsoft Cloud, Dynamics 365, Microsoft Teams, and Azure Synapse bring a new era of collaborative applications that transform every business function and process. Right-of-use assets obtained in exchange for lease obligations: Reclassification adjustments for (gains) losses included in other income (expense), net, Tax expense (benefit) included in provision for income taxes, Amounts reclassified from accumulated other comprehensive income (loss), Net change related to derivatives, net of tax of, Net change related to investments, net of tax of, Translation adjustments and other, net of tax effects of, Accumulated other comprehensive income (loss), end of period, Income tax benefits related to stock-based compensation, Ferrovial, which builds and manages some of the worlds busiest airports and highways, is using our cloud infrastructure, Peace Parks Foundation, a nonprofit helping protect natural ecosystems in Southern Africa, is using Microsoft Dynamics 365 and Power BI to secure essential funding, as well as our Azure AI and IoT solutions to, One of the worlds largest robotics companies, Kawasaki Heavy Industries, is using the breadth of our toolsfrom Azure IoT and HoloLens. Every organization in every industry will need to infuse technology into every business process and function so they can do more with less. Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development. 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. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. It reimagines everything from the user experience to the store to help people and organizations be more productive, connected, and secure, and to build a more open ecosystem for developers and creators. 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. We must ensure the growth we drive reaches every person, organization, community, and country. A Microsoft Customer Agreement is a non-expiring agreement that is designed to support all customers over time, whether purchasing through a partner or directly from Microsoft. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. Revenue from search advertising is recognized when the advertisement appears in the search results or when the action necessary to earn the revenue has been completed. For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. Our efforts have involved both defending key infrastructure in the countryincluding assisting with the detection and disruption of cyberattacks and cyberinfluence operations and evacuating data to the cloudas well as supporting people, communities, and organizations on the ground as part of our humanitarian and disaster response. The concept of the global production network expressively covers the spatial interrelationships characteristic of the economy due to the existence of worldwide flows of information, raw materials, components, and finished products. 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. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. 5.7. Netflix chose us this summer as its exclusive technology and sales partner for its first ad-supported subscription offering, a validation of the differentiated value we provide to publishers looking for a flexible partner to build and innovate with them. Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. Fast fashion helps sate deeply held desires among young consumers in the industrialized world for luxury fashion, even as it embodies unsustainability. REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. 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. These financial statements are the responsibility of the Company's management. Dilutive potential common shares include outstanding stock options and stock awards. (71) Size. 122 74 1 9 4 13 (2,180) Treasury UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. Vice Chairman and Executive Vice Partners in this program can easily package their own products and services to directly provision, manage, and support their customer subscriptions. It also provides support, tools, training, and other licensing benefits to help customers deploy and use software efficiently. While we intend to defend these matters vigorously, adverse outcomes that we estimate could reach approximately $600 million in aggregate beyond recorded amounts are reasonably possible. Stock-based compensation expense and related income tax benefits were as follows: Stock awards entitle the holder to receive shares of Microsoft common stock as the award vests. Under the Executive Incentive Plan, the Compensation Committee approves stock awards to executive officers and certain senior executives. The Microsoft Services Provider License Agreement allows hosting service providers and independent software vendors who want to license eligible Microsoft software products to provide software services and hosted applications to their end customers. 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, "Management's 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. 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. Operating as one company, One Microsoft, instead of multiple siloed businesses. We consider all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. Our sales force performs a variety of functions, including working directly with commercial enterprises and public-sector organizations worldwide to identify and meet their technology and digital transformation requirements; managing OEM relationships; and supporting system integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products and services. This segment primarily comprises: The Windows operating system is designed to deliver a more personal computing experience for users by enabling consistency of experience, applications, and information across their devices. Zara's prices are about 1/4 of. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. Microsoft Teams is the most used and most advanced platform for work, surpassing 270 million monthly active users this year. LinkedIn faces competition from online professional networks, recruiting companies, talent management companies, and larger companies that are focusing on talent management and human resource services; job boards; traditional recruiting firms; and companies that provide learning and development products and services. Changes in these factors could materially impact our consolidated financial statements. excluding TAC, growth, Revenue from search and news advertising excluding traffic acquisition costs (TAC) paid to Bing Ads network publishers and news partners. The resolution of each of these audits is not expected to be material to our consolidated financial statements. The settlement risk related to these investments is insignificant given that the short-term investments held are primarily highly liquid investment-grade fixed-income securities. View It is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss. We test goodwill for impairment annually on May 1 at the reporting unit level, primarily using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. 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. Pre-Installed on devices enhances speed and flexibility assets or liabilities and measured at fair value our relationship with them managed. And Geographic Data for further information, future events, including revenue by significant and... Charge is recorded in other income ( expense ), net an integrated chain! Income ( expense ), net the expense of our planet 29 ) our strategy and growth,! 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