Over the past few years, Ive written extensively about digital transformation, but now we need to go beyond that to deliver on what I call the digital imperative.. Our short-term investments are primarily intended to facilitate liquidity and capital preservation. These costs are expected to be recognized over a weighted average period of three years. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. 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. In October 2016, the Court of Appeals issued its decision adopting the standard advocated by the defendants and remanding the cases to the trial court for further proceedings under that standard. We also help our suppliers and customers around the world use Microsoft technology to reduce their own carbon footprint. Proposed distribution of the profit of the Parent. Microsoft is innovating and expanding our entire portfolio to help people and organizations overcome todays challenges and emerge stronger. (393) This paper on Inditex, a Spanish leading group in the fashion sector, analyses how transport and logistics fit into the production network and provide the firm with one of its most notable competitive advantages. Cash, cash equivalents, and short-term investments totaled $104.8 billion and $130.3 billion as of June 30, 2022 and 2021, respectively. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Executive Vice President and Chief Commercial Officer, Bradford L. Smith We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to original equipment manufacturers (OEM), and retail packaged products. Obsessing over what matters to our customers. It was last conducted at this . 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. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment. Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. The mix of computing devices based on form factor and screen size. We had previously increased the estimated useful lives of both server and network equipment in July 2020. Microsoft Cloud gross margin percentage decreased slightly to 70%. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Business, and Chief Marketing Officer, Christopher D. Young 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. Microsoft Products and Services Agreement. 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 tax. 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. (71) 8 (1,087) (393) 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. But its easy to talk about what were doing well. None of these changes had a material impact on previously reported amounts in our MD&A. Dilutive potential common shares include outstanding stock options and stock awards. 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Our fixed-income investments are exposed to interest rate risk and credit risk. measures include information that is essential to assess the evolution of the Group. This year, we blocked 34.7 billion identity threats and 37 billion email threats. This led us to create our Microsoft Cloud for Sustainability, an entirely new business process category to help organizations monitor their carbon footprint across their operations. Time: 8:30 a.m. Pacific Time Were dedicated to preserving our customers privacy and their ability to control their own data. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. We should all be proud of this workand I am. To that end, we are making curriculum available free of charge to all of the nations public community colleges, providing training for new and existing faculty at 150 community colleges, and providing scholarships and supplemental resources to 25,000 students. For all the uncertainty in the world, one thing is clear: People and organizations in every industry are increasingly looking to digital technology to overcome todays challenges and emerge stronger. How the Critical Audit Matter Was Addressed in the Audit. Demographic Factors This is the study of the human population in terms of their age. Internal development allows us to maintain competitive advantages that come from product differentiation and closer technical control over our products and services. Windows revenue increased $2.3 billion or 10% driven by growth in Windows OEM and Windows Commercial. . 4.4. 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: [email protected]. 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. Overview Chairman & Leadership Team Fixing the basics Shaping the Future 2022 DOWNLOADS Our Digital AGM At a glance M&S is a leading British retailer, with a unique heritage and strong brand values. Zara has got only 4.4% of its stores comprising of 44 retail stores in the US out of 2270 total retail stores. Cost of revenue increased $10.4 billion or 20% driven by growth in Microsoft Cloud. Annual Report 2021. During the periods presented, we reported our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. Inditex started with the ambition to make fashionable, quality and life-enhancing clothes for people. Patent licensing includes our programs to license patents we own for use across a broad array of technology areas, including mobile devices and cloud offerings. Refer to Note 1 Accounting Policies of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Executive Chairman's statement We ended 2021 stronger than ever, notching up several quarters of record metrics. We believe that our audit provides a reasonable basis for our opinion. As digital transformation accelerates, organizations in every sector across the globe can address challenges that will have a fundamental impact on their success. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, and other factors. The proceeds of these issuances were or will be used for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt. The specific hardware warranty terms and conditions vary depending upon the product sold and the country in which we do business, but generally include parts and labor over a period generally ranging from 90 days to three years. Editorial. Our server products are designed to make IT professionals, developers, and their systems more productive and efficient. To the extent we fail to meet these requirements, we will be required to post collateral, similar to the standard convention related to over-the-counter derivatives. As we look to the next year and beyond, well continue to reflect on where the world needs us to do better. 2022 Annual Report. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Annual report 2022 Download. Section 1 - ASIC's role (PDF 815 KB) - includes Chair's report, ASIC's roles and responsibilities, structure, key projects and financial summary. Operating income increased $6.6 billion or 25%. Product Revenue and Service and Other Revenue. In terms of formal on-line learning solutions, in fiscal year 2022 our employees completed over 4.7 million courses, averaging over 14 hours per employee. Microsoft Mobile Oy, a subsidiary of Microsoft, along with other handset manufacturers and network operators, is a defendant in 46 lawsuits, including 45 lawsuits filed in the Superior Court for the District of Columbia by individual plaintiffs who allege that radio emissions from cellular handsets caused their brain tumors and other adverse health effects. Excluding the impact of the change in accounting estimate, gross margin percentage was relatively unchanged driven by improvement in Azure and other cloud services, offset in part by sales mix shift to Azure and other cloud services. We may also purchase or license technology that we incorporate into our products and services. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. 74 1 5 Additions to property and equipment will continue, including new facilities, datacenters, and computer systems for research and development, sales and marketing, support, and administrative staff. This starts with increasing access to digital skills. Service and other revenue also includes sales from online advertising and LinkedIn. Certain income and expenses are not reported in tax returns and financial statements in the same year. 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. Cash used in financing increased $10.4 billion to $58.9 billion for fiscal year 2022, mainly due to a $5.3 billion increase in common stock repurchases and a $5.3 billion increase in repayments of debt. Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. Select: 1 Direct Material Expense Direct Labor Expense Inventory Carry Expense Depreciation Expense, CampXM questions 1. 2022. However, the same type products in other shop sale at 40-60 dollars. Under the terms of the ESPP that were approved in 2012, the plan was set to terminate on December 31, 2022. 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. differences 91 We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Gross margin percentage decreased slightly. Due to investments in software that increased efficiencies in how we operate our server and network equipment, as well as advances in technology, we determined we should increase the estimated useful lives of both server and network equipment from four years to six years. The Microsoft Cloud Solution Provider program offers customers an easy way to license the cloud services they need in combination with the value-added services offered by their systems integrator, managed services provider, or cloud reseller partner. Accounting literature also provides guidance on derecognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. 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. It also provides support, tools, training, and other licensing benefits to help customers deploy and use software efficiently. We measure the fair value of PSUs using a Monte Carlo valuation model. 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. Individual consumers obtain these products primarily through retail outlets. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for each reporting unit. The recast of these prior period amounts had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flows statements. If market, industry, and/or investee conditions deteriorate, we may incur future impairments. And with Microsoft Viva, were building an employee experience platform that brings together communications, knowledge, learning, resources, and insights in the flow of work to empower employees and strengthen their connection to their companys mission and culture. We invest in a range of emerging technology trends and breakthroughs that we believe offer significant opportunities to deliver value to our customers and growth for the Company. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Inditex comprises of eight brands: Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqe. Advertising expense was $1.5 billion, $1.5 billion, and $1.6 billion in fiscal years 2022, 2021, and 2020, respectively. SA conveys rights to new software and upgrades released over the contract period and provides support, tools, and training to help customers deploy and use products more efficiently. Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. Course Hero is not sponsored or endorsed by any college or university. Fiscal Year 2017 Annual Report. other brand' prices. Xbox Game Pass is a community with access to a curated library of over 100 first- and third-party console and PC titles. We continue to invest in new gaming studios and content to expand our IP roadmap and leverage new content creators. Unearned revenue also includes payments for other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on environmental, social, and governance topics. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. They trust in the ability and instincts of their professional team. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. For these components, we have limited near-term flexibility to use other manufacturers if a current vendor becomes unavailable or is unable to meet our requirements. The amortization of these costs is included in cost of revenue over the estimated life of the products. Every organization is looking to reconnect and reengage the workforce at home, in the office, and everywhere in between. Revenue from sales of Windows Pro and non-Pro licenses sold through the OEM channel, Windows Commercial products and cloud 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. Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards of $4.7 billion, $4.4 billion, and $3.3 billion for fiscal years 2022, 2021, and 2020, respectively. of the Inditex Group The acquisition will accelerate the growth in our gaming business across mobile, PC, console, and cloud and will provide building blocks for the metaverse. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. 10 These annual accounts were prepared in accordance with the International Financial Reporting This pricing methodology applies to our Level 2 investments, such as commercial paper, certificates of deposit, U.S. agency securities, foreign government bonds, mortgage- and asset-backed securities, corporate notes and bonds, and municipal securities. These contracts are not designated as hedging instruments and are included in Other contracts in the tables below. Fiscal Year 2018 Annual Report. Sustainability, the basis for transformation, 4.3. As the digital and physical worlds come together, were also leading in the industrial metaverse. 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. A few examples that illuminate the diversity of our work include: Sustainability is an existential priority for our society and businesses today. 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