Our culture is the foundation on which our mission and strategy stand, and cultivating it is our greatest priority. In 2022, the Zara brand was valued at approximately 13 billion U.S. dollars. General and administrative expenses increased $793 million or 16% driven by investments in corporate functions. 2021 were prepared by the We first discuss the dilemmas that fashion retailers face when organising the supply chain and the contribution of logistics and transport to its functional and geographical integration. Stock information. The analysis, based on recent and previously unpublished data on the brand's logistics hub in Zaragoza (northeast Spain), sheds light on the modus operandi of the group and confirms the crucial importance of logistics in all facets of the production model. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). Nuance is reported as part of our Intelligent Cloud segment. 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. With three billion people actively playing games today, and a new generation steeped in interactive entertainment, Microsoft continues to invest in content, community, and cloud services. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. For more about Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency. On June 6, 2022, we acquired Xandr, Inc., a technology platform with tools to accelerate the delivery of our digital advertising solutions. We use derivatives instruments to manage these risks, however, they may still impact our consolidated financial statements. Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. The consolidated The segments enable the alignment of strategies and objectives across the development, sales, marketing, and services organizations, and they provide a framework for timely and rational allocation of resources within businesses. Our AccountGuard nation-state threat notification service protects more than 4 million accounts of election officials, human rights organizations, journalists, and other organizations. Across our ecosystem, we are more than 90% of the way toward our commitment to spend an incremental $500 million with Black- and African American-owned suppliers. We hire a mix of university and industry talent worldwide. Proposed distribution of the profit of the Parent. Xbox hardware revenue increased 16% due to continued demand for Xbox Series X|S. 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. Founder and Chairman, Trilogy On-the-job stretch and advancement opportunities. 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. Zara is one of the largest international fashion companies belonging to Inditex, one of the world"s largest distribution groups. We believe the acquisition will unlock opportunities for innovation and enable the industry to grow. They reinvent themselves, they correct their mistakes and they keep moving forward. The company's fourth quarter fiscal year 2021 net sales of $4.5 billion were down 3% compared to 2019. Our Internet address is www.microsoft.com. Zara's prices are about 1/4 of. The total shareholder dividend for FY2022 was 325 US cents, an annual cash return of a record US$16.4 billion to shareholders and representing a 77 per cent payout ratio. Investors & ShareholdersInvestors & Shareholdersshow submenu for Investors & ShareholdersBrexit BrexitNationality Declaration Nationality DeclarationOwnership Limitations Ownership LimitationsNCBO Form NCBO FormShare Price Share PriceDebt DebtAGM 2022 AGM 2022CSD Migration CSD MigrationRegistrar RegistrarTR-1 Form TR-1 FormShareholder Returns . With our expanding portfolio of business applications, we are helping every business become a hyperconnected businessunifying data, process, and teams across the organization. Adjusted net income and adjusted diluted earnings per share (EPS) are non-GAAP financial measures which exclude the net income tax benefit related to transfer of intangible properties in the first quarter of fiscal year 2022 and the net income tax benefit related to an India Supreme Court decision on withholding taxes in the third quarter of fiscal year 2021. 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. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. Our hardware is generally highly dependent on, and interrelated with, the underlying operating system and cannot function without the operating system. We distribute our devices through third-party retailers. Hugh F. Johnston 1 Refer to Risk Factors in our fiscal year 2022 Form 10-K for a discussion of these factors and other risks. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact in our consolidated financial statements, these matters are subject to inherent uncertainties and managements view of these matters may change in the future. 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. Azure SQL Database makes it possible for customers to take SQL Server from their on-premises datacenter to a fully managed instance in the cloud to utilize built-in AI. July 28, 2022. Therefore, we recorded a net income tax benefit of $620 million in the third quarter of fiscal year 2021 to reflect the results of the India Supreme Court decision impacting fiscal year 1996 through fiscal year 2016. The following table outlines the expected future recognition of unearned revenue as of June 30, 2022: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. 13 Introduction and Fiscal Year 2022 Results; Integrated Strategic Choices; A Portfolio of Superior, Daily-Use Products; Superiority to Win with Consumers; Ongoing Productivity; A Constructive Disruption Mindset; Executive Vice President, Business Development, This article addresses the inherent dissonance among fast fashion consumers , who often share a concern for environmental issues even as they indulge in consumer patterns antithetical to ecological best practices. 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. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. We also joined with leading organizations to launch the Carbon Call an initiative to mobilize collective action to solve carbon emissions and removal accounting challenges for a net zero future. Annual Reports will also contain 'Discussion and Analysis from the Management', along with Corporate Information, Report on Corporate Ggovernance and detailed financial results for the last 10 years. Current year net income and diluted EPS were positively impacted by the net tax benefit related to the transfer of intangible properties, which resulted in an increase to net income and diluted EPS of $3.3 billion and $0.44, respectively. Organizations can elect to purchase perpetual licenses or subscribe to licenses. While fiscal year 2021 presented us with some new learnings, we also made some great progress. m sand plant project report. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include Software Assurance (SA) and cloud services. Business, and Chief Marketing Officer, Christopher D. Young We also deliver relevant online advertising to a global audience. 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. As of June 30, 2022, 81 million shares of our common stock were reserved for future issuance through the ESPP. We invite you to submit any questions via the proxy voting site at www.proxyvote.com. Gross margin increased $9.4 billion or 22% driven by growth in Azure and other cloud services. Cybersecurity is a significant threat for governments, businesses, and individuals around the world, yet there simply arent enough people with cybersecurity skills to fill open jobs. Inditex. Windows Commercial products and cloud services revenue increased 11% driven by demand for Microsoft 365. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Timing of revenue recognition may differ from the timing of invoicing to customers. 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.. The gamer remains at the heart of the Xbox ecosystem. When cloud services require a significant level of integration and interdependency with software and the individual components are not considered distinct, all revenue is recognized over the period in which the cloud services are provided. Fiscal Year 2021 Annual Report. As of June 30, 2022, $40.7 billion remained of our $60 billion share repurchase program. Individual consumers obtain these products primarily through retail outlets. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. 2022 Annual Report; Financial Highlights; Letter to Shareowners. Revenue from consulting services is recognized as services are provided. 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. Tools like search, news, and maps have given us immediate access to the worlds information. We develop most of our products and services internally through the following engineering groups. Microsofts Board of Directors provides insight, feedback, and oversight across a broad range of environmental and social matters. And more than 29,000 employees volunteered over 720,000 hours to causes they care about. Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit, ranging from one to 20 years. Thus Inditex-Zara is able to successfully counter the negative effects of short product life cycles, high product variety, demand uncertainty and thus able to closely match product supply to the stores with market demand. Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. 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. Spanish multinational clothing company Inditex (OTHER OTC:IDEXF -0.60%) , which owns large retailers like Zara and Bershka, announced in its 2020 annual report that its net income fell by . Land is not depreciated. The consolidated annual accounts of the Inditex Group for 2021 were prepared on the basis of the 2023 Copyright, Zara Investment Holding - All Rights Reserved. The current Inter IKEA Group was established in 26 August 2016. -month period ended 31 January 2022 May 27, 2022. 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. 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. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. Our commercial business primarily consists of Server products and cloud services, Office Commercial, Windows Commercial, the commercial portion of LinkedIn, Enterprise Services, and Dynamics. shares (71) 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. View PSUs generally vest over a performance period of three years. In the third quarter of fiscal year 2022, we completed our acquisition of Nuance. 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. This study analyses Zara`s external and internal environments and public perception to make recommendations for improving performance against competitors such as H&M and GAP. (19) 74 Partnerships, Reid G. Hoffman 4 Intelligent Cloud revenue increased driven by Azure and other cloud services. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We have served as the Company's auditor since 1983. 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. Customers may purchase perpetual licenses or subscribe to licenses, which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. First, efficient logistics and sufficiently fast transport, allow the company to enjoy short lead times and be present in economically and geographically very disparate markets. 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. 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. While it may be necessary in the future to seek or renew licenses relating to various aspects of our products, services, and business methods, we believe, based upon past experience and industry practice, such licenses generally can be obtained on commercially reasonable terms. Operating income increased $13.5 billion or 19% driven by growth across each of our segments. They are the clothes you choose to wear, the products with which you decorate your home, or celebrate a special occasion. Our annual Impact Summary shares more about our progress and learnings across these four commitments, and our Reports Hub provides detailed reports on our environmental data, our political activities, our workforce demographics, our human rights work, and more. We intend to continue returning capital to shareholders in the form of dividends, subject to declaration by our Board of Directors. 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. 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