Our work to help preserve, protect, and advance democracy by promoting a healthy information ecosystem and safeguarding electoral processes is as salient as ever in todays geopolitical climate. Fiscal Year 2016 Annual Report. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. We had previously increased the estimated useful lives of both server and network equipment in July 2020. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. We had previously increased the estimated useful lives of both server and network equipment in July 2020. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. We saw the strongest progress in years across several demographic groups, as you can see in our latest Diversity & Inclusion Report. The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2022: As of June 30, 2022 and 2021, the estimated fair value of long-term debt, including the current portion, was $50.9 billion and $70.0 billion, respectively. Building on our work in eight US cities, were now partnering with five US states with significant broadband adoption gaps to increase access, adoption, and equity. No instances of impairment were identified in our May 1, 2022, May 1, 2021, or May 1, 2020 tests. (5) Download. And earlier this month, we announced that Microsoft will double the number of nonprofits we reach worldwide over the next five years. From infrastructure and data, to business applications and collaboration, we provide unique, differentiated value to customers. The financial results of Nuance have been included in our consolidated financial statements since the date of the acquisition. These amounts are primarily included in Server products and cloud services, Office products and cloud services, and LinkedIn in the table above. To learn more, view ourPrivacy Policy. Our family of products plays a key role in the ways the world works, learns, and connects. Zara's Center 2020/2021 Annual Report. All other shares repurchased were under the share repurchase program approved on September 20, 2016. SA is included with certain volume licensing agreements and is an optional purchase with others. Employer-funded retirement benefits for all plans were $1.4 billion, $1.2 billion, and $1.0 billion in fiscal years 2022, 2021, and 2020, respectively, and were expensed as contributed. We remain under audit for tax years 2004 to 2017. Chief Executive Officer, GSK, plc. While our main product research and development facilities are located in Redmond, Washington, we also operate research and development facilities in other parts of the U.S. and around the world. PepsiCo, Inc. Carlos A. Rodriguez 1 The goodwill was primarily attributed to increased synergies that are expected to be achieved from the integration of ZeniMax. In the second quarter of fiscal year 2021, we settled an additional portion of the IRS audits for tax years 2004 to 2013 and made a payment of $1.7 billion, including tax and interest. Editorial. Organizations of all sizes have digitized business-critical functions, redefining what they can expect from their business applications. Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. Our objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. Product and Service Development, and Intellectual Property. 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. This includes all non-exempt and exempt employees and equivalents across the globe including business support professionals and datacenter and retail employees. 122 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. 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"). The majority of our foreign net operating loss carryforwards do not expire. SA is included. We selected a sample of customer agreements and performed the following procedures: Obtained and read contract source documents for each selection, including master agreements, and other documents that were part of the agreement. (251) The U.S. has 98 stores as of January 2019. 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. The mix of computing devices based on form factor and screen size. Hence, the importance of Supply Chain (Management) has appeared. Fiscal year 2021 was a year of both successes and challenges. Microsoft aims to recruit, develop, and retain world-changing talent from a diversity of backgrounds. earnings 1,106 (2,180) 1 53 Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. Differences in device market demand between developed markets and growth markets. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. If market, industry, and/ or investee conditions deteriorate, we may incur future impairments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. We previously invested $20 million in key non-profit partnerships through Microsoft Philanthropies to help people from underserved communities that are often excluded by the digital economy. Server products and cloud services revenue increased $14.7 billion or 28% driven by Azure and other cloud services. We have committed $8.5 billion, primarily related to datacenters, for the construction of new buildings, building improvements, and leasehold improvements as of June 30, 2022. Cost of revenue increased $10.4 billion or 20% driven by growth in Microsoft Cloud. We strive to make computing more personal by putting people at the core of the experience, enabling them to interact with technology in more intuitive, engaging, and dynamic ways. To keep our customers secure, we build security by design into every product we sell, and we deliver end-to-end solutions spanning security, compliance, identity, device management, and privacy across clouds and platforms. 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. 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. We recognize that progress wont always be linear, and the rate at which we can implement emissions reductions is dependent on many factors that can fluctuate over time. Interest expense decreased due to a decrease in outstanding long-term debt due to debt maturities. Russia's Wildberries Selling Zara Clothes Online Despite Inditex Halting Operations Inditex invests in textile waste company Circ Inditex shareholders back heiress Marta Ortega as chairwoman A large network of partner advisors support many of these sales. Microsofts Board of Directors provides insight, feedback, and oversight across a broad range of environmental and social matters. 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. 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 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. Since 2017, weve helped more than 50 million people in unserved rural communities globally gain access to affordable broadband coverage. We are committed to leveraging our resources to help accelerate diversity and inclusion across our ecosystem and to hold ourselves accountable to accelerate change for Microsoft, and beyond. 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. We have lease agreements with lease and non-lease components, which are generally accounted for separately. We have served as the Company's auditor since 1983. (1,087) 8 Microsoft 365 is empowering people and organizations to be productive and secure as they adapt to more fluid ways of working, learning, and playing. Talent Solutions also includes Learning Solutions, which help businesses close critical skills gaps in times where companies are having to do more with existing talent. Refer to Note 16 Stockholders Equity of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. They sell in 202 markets through their online platforms and their over 7,000 stores in 96 markets. Deloitte & Touche LLP has audited our internal control over financial reporting as of June 30, 2022; their report follows. Certain cloud services, primarily Office 365, depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. Land is not depreciated. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Windows faces competition from various software products and from alternative platforms and devices, mainly from Apple and Google. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. FY 2020 Annual Report. General Partner, Greylock Partners, Penny S. Pritzker 4 Our Enterprise Services business competes with a wide range of companies that provide strategy and business planning, application development, and infrastructure services, including multinational consulting firms and small niche businesses focused on specific technologies. Chairman and Chief Executive Officer, 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. Organizations also license our products and services indirectly, primarily through licensing solution partners (LSP), distributors, value-added resellers (VAR), and retailers. The metrics reflect our cloud and on-premises product strategies and trends. Excluding the impact of the fiscal year 2021 change in accounting estimate for the useful lives of our server and network equipment, gross margin percentage increased 1 point driven by improvement in Productivity and Business Processes. Old challenges, new shocks; II. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, 2022, of the Company and our report dated July 28, 2022, expressed an unqualified opinion on those financial statements. 9 These contracts are not designated as hedging instruments and are included in Other contracts in the tables below. 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. Xbox enables people to connect and share online gaming experiences that are accessible on Xbox consoles, Windows-enabled devices, and other devices. Awards that expire or are canceled without delivery of shares generally become available for issuance under the plans. We work to ensure that technology is inclusive, trusted, and increases sustainability. Choice is equally important to developers, who we want to support with a diversity of distribution and business models for their games. We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. Among Microsoft Corporation, the S&P 500 Index and the NASDAQ Computer Index. Thats why we supported the new Trans-Atlantic Data Privacy Framework and committed to meet or exceed all the requirements it outlines. 898 east street south suffield, ct. We measure the fair value of PSUs using a Monte Carlo valuation model. Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit. accounted for We provide for the estimated costs of fulfilling our obligations under hardware and software warranties at the time the related revenue is recognized. We account for certain assets and liabilities at fair value. At our very core, we need to deliver innovation that helps drive broad economic growth. 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Annual Report 2020 (pdf, 5.8 MB) Download From one day to the next, a strong need for digitization across the entire industry aligned with our efforts to accelerate our platform transition. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. Revenue allocated to SA is generally recognized ratably over the contract period as customers simultaneously consume and receive benefits, given that SA comprises distinct performance obligations that are satisfied over time. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. We publish our Sustainability Data Book as a reporting tool that supplements the Fast Retailing Integrated Report.. FY2020 (ended August 31, 2020) Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. We offer integrated, end-to-end capabilities to protect people and organizations. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. Making a difference in the lives of each other, our customers, and the world around us. Xbox Cloud Gaming is Microsofts game streaming technology that is complementary to our console hardware and gives fans the ultimate choice to play the games they want, with the people they want, on the devices they want. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. You can contact Microsoft Investor Relations at any time to order financial documents such as annual reports and Form 10-Ks free of charge. 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. Our mission to empower every person and every organization on the planet to achieve more has never been more urgent or more necessary. We intend to continue returning capital to shareholders in the form of dividends, subject to declaration by our Board of Directors. And organizations are increasingly turning to both Visual Studio and our Azure PaaS services to streamline development and create modern, more resilient cloud-native applications. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. | File Size: 3.8 MB. We unequivocally support the fundamental rights of people, from defending democracy, to protecting human rights, to addressing racial injustice and inequity. Office Commercial (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed on-premises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, and Microsoft Viva. Organizations can elect to purchase perpetual licenses or subscribe to licenses. 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. 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. 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. Operating expenses increased $6.3 billion or 14% driven by investments in cloud engineering, LinkedIn, Gaming, and commercial sales. Our EEO-1 report (equal employment opportunity). We must ensure that economic growth does not come at the expense of our planet. 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. We manage the average maturity of the fixed-income portfolio to achieve economic returns that correlate to certain global fixed-income indices. CALs provide access rights to certain server products, including SQL Server and Windows Server, and revenue is reported along with the associated server product. No respite. We work actively in the U.S. and internationally to ensure the enforcement of copyright, trademark, trade secret, and other protections that apply to our software and hardware products, services, business plans, and branding. Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements would be prevented or detected. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. We are exposed to economic risk from foreign exchange rates, interest rates, credit risk, and equity prices. We market and distribute our products and services through the following channels: OEMs, direct, and distributors and resellers. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. Microsoft Corporation. We will include as many of your questions as possible during the Q&A session of the meeting and will provide answers to questions on the Microsoft Investor Relations website under the Annual Meeting page. As a corporation, our purpose and actions must be aligned with addressing the worlds problems, not creating new ones. The Independent Software Vendor Royalty program enables partners to integrate Microsoft products into other applications and then license the unified business solution to their end users. The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents: The following table presents our derivative instruments: Gross derivative assets and liabilities subject to legally enforceable master netting agreements for which we have elected to offset were $343 million and $550 million, respectively, as of June 30, 2022, and $395 million and $335 million, respectively, as of June 30, 2021. On-the-job stretch and advancement opportunities. 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. The lawsuits also allege an industry- wide conspiracy to manipulate the science and testing around emission guidelines. Inventing new gaming experiences that bring people together around their shared love for games on any devices and pushing the boundaries of innovation with console and PC gaming by creating the next wave of entertainment. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. We are committed to earning trustboth trust in business model alignment with our customers and partners, and trust in technology, spanning privacy, security, digital safety, the responsible use of AI, and transparency. 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. Giving is also core to our culture at Microsoft. 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. 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. 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. They trust in the ability and instincts of their professional team. The Group uses certain performance measures additional to those defined in IFRS, since these Expanding in Asia & the US The US is the biggest market in the fashion industry. 1) (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Inventories are stated at average cost, subject to the lower of cost or net realizable value. Zara Usa's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. 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. Date: Tuesday, December 13, 2022 Devices, including Surface and PC accessories. In 2019, the SAMR presented preliminary views as to certain possible violations of Chinas Anti-Monopoly Law. This comprehensive capability has been critical during recent world events, including the war in Ukraine. Server products and cloud services, including Azure and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and Nuance and GitHub. 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. Refer to Note 8 Business Combinations of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Founder and Chairman, Trilogy 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"). Thats why weve committed to equip 10 million people from underserved communities with skills for jobs in the digital economy by 2025. 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