Actual results and outcomes may differ from managements estimates and assumptions due to risks and uncertainties. We are accelerating adoption of AI innovations from research to products. Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products and services. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in other current and long-term assets in our consolidated balance sheets. The components of lease expense were as follows: Supplemental cash flow information related to leases was as follows: Supplemental balance sheet information related to leases was as follows: The following table outlines maturities of our lease liabilities as of June 30, 2022: As of June 30, 2022, we have additional operating and finance leases, primarily for datacenters, that have not yet commenced of $7.2 billion and $8.8 billion, respectively. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. 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. You can contact Microsoft Investor Relations at any time to order financial documents such as annual reports and Form 10-Ks free of charge. In 2022, our employees gave $255 million (with company match) to over 32,000 nonprofits. General Meeting, and it is considered that they will be approved without any changes. 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. Remuneration of the Board of Directors and related party transactions. The following table presents the fair value of our derivatives instruments on a gross basis: Gains (losses) on derivative instruments recognized in other income (expense), net were as follows: Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows: The components of inventories were as follows: The components of property and equipment were as follows: During fiscal years 2022, 2021, and 2020, depreciation expense was $12.6 billion, $9.3 billion, and $10.7 billion, respectively. This lean working capital management offsets their higher production costs and enables them to boast rapid sales turnover rates. Enter the email address you signed up with and we'll email you a reset link. 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. Financial risk management policy and financial instruments. The company is a major contributor (70%) to the revenue of its parent brand, Inditex. Stock awards generally vest over a service period of four years or five years. Customers are looking to us to help improve productivity and the affordability of their products and services. In fiscal year 2021, we closed our Microsoft Store physical locations and opened our Microsoft Experience Centers. We identified four attributes that allow growth mindset to flourish: Our employee listening systems enable us to gather feedback directly from our workforce to inform our programs and employee needs globally. 2023 Copyright, Zara Investment Holding - All Rights Reserved. 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. We must ensure the growth we drive reaches every person, organization, community, and country. Windows also plays a critical role in fueling our cloud business with Windows 365, a desktop operating system thats also a cloud service. Competitors. 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. This includes the annual Standards of Business Conduct training. Principal Officers. Collaborating with our shareholders, allies in transformation, 5.4. Strategic permanent store closures and divestitures reduced net sales by approximately 9 percentage points versus 2019. As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. 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. However Zara also boasts the lowest year-end inventory levels in the fashion industry. I want to close by thanking you for your continued investment in Microsoft. 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. But What is Inditex? 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. Tackling security from all angles with our integrated, end-to-end solutions spanning security, compliance, identity, and management, across all clouds and platforms. The estimated fair values are based on Level 2 inputs. New employee orientation covering a range of topics including company values, and culture, as well as ongoing onboarding programs. This growth mindset served us well through the historic changes of the past few years. 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 have made meaningful progress on representation and inclusion at Microsoft. 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. Our segments provide management with a comprehensive financial view of our key businesses. We are required to estimate the fair value of the investment to determine the amount of the impairment loss. Our international operations provide a significant portion of our total revenue and expenses. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Enterprise Services, including Enterprise Support Services, Microsoft Consulting Services, and Nuance professional services. 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. Shares repurchased during the third quarter of fiscal year 2020 were under the share repurchase programs approved on both September 20, 2016 and September 18, 2019. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. (1,090) (4) (33) (83) Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. We design our devices, from Surface to Xbox, to minimize their impact on the environment. Want to read all 844 pages? Annual Report 2021-2022. For derivative instruments designated as fair value hedges, gains and losses are recognized in other income (expense), net with offsetting gains and losses on the hedged items. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. (28) The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. 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. These levels are: We measure equity investments without readily determinable fair values on a nonrecurring basis. Our effective tax rate for fiscal years 2022 and 2021 was 13% and 14%, respectively. We put our commitment into practice, not only within Microsoft but by empowering our customers and partners to do the same and by advocating for policy change. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, Snowflake, and other companies. Being a global-scale cloud, Azure uniquely offers hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. SWOT Analysis Method. Slack provides teamwork and collaboration software. 2021 currency. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. We have audited the internal control over financial reporting of Microsoft Corporation and subsidiaries (the Company) as of June 30, 2022, based on criteria established in Internal ControlIntegrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 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. It helps us care for our colleagues and collaborate more effectively across the company. 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. We are committed to designing and marketing first-party devices to help drive innovation, create new device categories, and stimulate demand in the Windows ecosystem. The components of basic and diluted EPS were as follows: Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented. Below you can download annual reports, summaries and subsidiary lists published starting in financial year 2016 (FY16). Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Dividends Capital Equity attributable to the Parent Microsoft 365 Consumer subscribers grew 15% to 59.7 million. Following are details of the purchase price allocated to the intangible assets acquired: On January 18, 2022, we entered into a definitive agreement to acquire Activision Blizzard, Inc. (Activision Blizzard) for $95.00 per share in an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzards net cash. 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. Advertising expense was $1.5 billion, $1.5 billion, and $1.6 billion in fiscal years 2022, 2021, and 2020, respectively. Request Information View 2022 ESG Report Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. 13 We evaluated the reasonableness of management's estimate of stand-alone selling prices for products and services that are not sold separately. And, along with partner companies, we launched the Neurodiversity Career Connector, a jobs marketplace for neurodivergent job seekers. 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. Globo, the biggest media and TV company in Brazil. We also deliver relevant online advertising to a global audience. The COVID-19 pandemic accelerated our capabilities and culture with respect to flexible work. Refer to Note 1 Accounting Policies of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. 25 You choose them. Archived annual reports. Our Board of Directors declared the following dividends: The dividend declared on June 14, 2022 was included in other current liabilities as of June 30, 2022. The components of intangible assets acquired during the periods presented were as follows: Intangible assets amortization expense was $2.0 billion, $1.6 billion, and $1.6 billion for fiscal years 2022, 2021, and 2020, respectively. Foreign currency risks related to certain non-U.S. dollar-denominated investments are hedged using foreign exchange forward contracts that are designated as fair value hedging instruments. We are accelerating progress toward a more sustainable future by reducing our environmental footprint, advancing research, helping our customers build sustainable solutions, and advocating for policies that benefit the environment. Mar 21, 2022 Zara, which includes the Zara Home segment, had the highest net sales of the Inditex Group worldwide in 2021, amounting to just under 20 billion euros. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. 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. . Personalized, integrated, and relevant views of all learning opportunities on both our internal learning portal Learning (Viva Learning + LinkedIn Learning) and our external learning portal MS Learn are available to all employees worldwide. Amidst this ongoing challenge, we now face a grave new obstacle to global health, peace and security. Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, trade shows, seminars, and other programs. Developed By Yadonia Group Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Chief Executive Officer, GSK, plc. 1 We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. 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. Executive Vice President, Business Development, Securities held in our equity investments portfolio are subject to price risk. 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. 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 accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Tested management's identification and treatment of contract terms. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: Unearned revenue by segment was as follows: Changes in unearned revenue were as follows: Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, was $193 billion as of June 30, 2022, of which $189 billion is related to the commercial portion of revenue. Refer to Note 8 Business Combinations of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Select a year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Dear Shareholders, The year 2015 clearly demonstrated the strength and sustainability of our asset-light, franchised business model. Fiscal Year 2022 Compared with Fiscal Year 2021. Additional information on our operating segments and geographic and product information is contained in Note 19 Segment Information and Geographic Data of the Notes to Financial Statements in our fiscal year 2022 Form 10-K. Our reportable segments are described below. Hugh F. Johnston 1 However, the same type products in other shop sale at 40-60 dollars.

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