To sign up for this free service, visit the Annual Report site on the Investor Relations website at: http://www.microsoft.com/investor/AnnualReports/default.aspx. Amid this dynamic environment, we delivered record results in fiscal year 2022: We reported $198 billion in revenue and $83 billion in operating income. How the Critical Audit Matter Was Addressed in the Audit. All deferred income taxes are classified as long-term in our consolidated balance sheets. 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. Founder, President and Chief Executive Officer, Fable Group Inc. Satya Nadella Cosmos DB is the go-to database powering the worlds most demanding, mission-critical workloads, at any scale. 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 intend to continue returning capital to shareholders in the form of dividends, subject to declaration by our Board of Directors. The Zara Spring/Summer 2022 Semi Annual Sale Dates You Need To Know. Returns and credits are estimated at contract inception and updated at the end of each reporting period if additional information becomes available. RH 2022 Annual Meeting of Shareholders. Interest rate risks related to certain fixed-rate debt are hedged using interest rate swaps that are designated as fair value hedging instruments to effectively convert the fixed interest rates to floating interest rates. For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. Corporate governance information including our articles of incorporation, bylaws, governance guidelines, committee charters, codes of conduct and ethics, global corporate social responsibility initiatives, and other governance-related policies. Interest expense decreased due to a decrease in outstanding long-term debt due to debt maturities. 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. We typically have more than one SSP for individual products and services due to the stratification of those products and services by customers and circumstances. We have the opportunity to redefine what customers and partners can expect and are working to deliver new solutions that reflect the best of Microsoft. Proposed distribution of the profit of the Parent. An estimated loss from a loss contingency such as a legal proceeding or claim is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The decrease in our effective tax rate was primarily due to a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022 related to the transfer of intangible properties, offset in part by changes in the mix of our income before income taxes between the U.S. and foreign countries, as well as tax benefits in the prior year from the India Supreme Court decision on withholding taxes in the case of Engineering Analysis Centre of Excellent Private Limited vs The Commissioner of Income Tax, an agreement between the U.S. and India tax authorities related to transfer pricing, and final Tax Cuts and Jobs Act (TCJA) regulations. If market, industry, and/ or investee conditions deteriorate, we may incur future impairments. The agreement allows customers to acquire monthly or annual subscriptions for cloud-based services. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Our ongoing survey data shows employees value the flexibility related to work location, work site, and work hours, and while many have begun returning to worksites as conditions have permitted, they also continue to adjust hours and/or spend some of workweeks working at home, another site, or remotely. ZARA - Civil Courage and Anti-Racism-Work is an Austrian NGO, founded in 1999, providing counselling to victims and witnesses of racist incidents. LinkedIn has become mission critical to connect creators with their communities, job seekers with jobs, learners with skills, and marketers with buyers. General Meeting, and it is considered that they will be approved without any changes. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Operating as one company, One Microsoft, instead of multiple siloed businesses. 2021 Inditex Annual Report Search Sound 2021 in review 365 days pushing hard for the sustainable transformation of our sector. 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. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. Revenue and operating income included an unfavorable foreign currency impact of 2% and 3%, respectively. 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. 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. 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. Microsoft Corporation, Sandra E. Peterson 2,3 (35) 250 9 33 And it deeply informs our longstanding commitment to diversity and inclusion. Server products revenue increased 5% driven by hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. However, the same type products in other shop sale at 40-60 dollars. Nuance is reported as part of our Intelligent Cloud segment. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Hence, the importance of Supply Chain (Management) has appeared. Fiscal Year 2022 Compared with Fiscal Year 2021. Available as: PDF. Tesco Annual Report 2022 Download Financials in Excel Tesco Annual Report 2022 - ESEF XHTML with iXBRL viewer Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. | File Size: 4.86 MB. of the Inditex Group Being a global-scale cloud, Azure uniquely offers hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. IKEA UK Annual Report, Financial Year 2022. We conducted our audit in accordance with the standards of the PCAOB. 5 Oct 2022. 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. We evaluated management's significant accounting policies related to these customer agreements for reasonableness. We will continue to invest in sales, marketing, product support infrastructure, and existing and advanced areas of technology, as well as continue making acquisitions that align with our business strategy. These metrics provide strategic product insights which allow us to assess the performance across our commercial and consumer businesses. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. Customers are looking to unlock value while simplifying security and management. Changes to our estimated variable consideration were not material for the periods presented. And we have nearly 60 million Microsoft 365 consumer subscriptions as we help people create, connect, and share wherever they go. 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. We are exposed to economic risk from foreign exchange rates, interest rates, credit risk, and equity prices. Other news and announcements that we may post from time to time that investors might find useful or interesting. Microsoft Mesh enables presence and shared experiences from anywhere through mixed reality applications. The segment amounts included in MD&A are presented on a basis consistent with our internal management reporting. 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. School Edhec Business School, Paris Course Title FIANANCE M1 Uploaded By BrigadierLightningDragonfly25 Pages 844 This preview shows page 1 out of 844 pages. Computershare, our transfer agent, can help you with a variety of shareholder related services including: Computershare also administers a direct stock purchase plan and a dividend reinvestment program for the company. We are one of the most transparent companies of our size when it comes to the data we share, and we continually challenge ourselves to increase visibility into where were succeeding and where we need to address gaps. In addition, all employees complete skills training based on the profession they are in each year. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office 365, Dynamics 365, and LinkedIn. Over the last year, we collaborated with partners and worked within neighborhoods and communities to launch and scale a number of projects and programs, including: working with 70 organizations in 145 communities on the Justice Reform Initiative, expanding access to affordable broadband and devices for Black and African American communities and key institutions that support them in major urban centers, expanding access to skills and education to support Black and African American students and adults to succeed in the digital economy, and increasing technology support for nonprofits that provide critical services to Black and African American communities. Our commercial and other business metrics are fundamentally connected based on how customers use our products and services. 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. Becoming more diverse and inclusive in everything we do. Compensation expense for the employee stock purchase plan (ESPP) is measured as the discount the employee is entitled to upon purchase and is recognized in the period of purchase. As of June 30, 2022 and 2021, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $3.8 billion and $3.3 billion, respectively. Security, compliance, identity, and management underlie our entire tech stack. According to an estimate conducted by Forbes, Zara has a brand value of 14.7 billion US dollars by the end of 2020. Refer to Note 16 Stockholders Equity of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Gaming, including Xbox hardware and Xbox content and services, comprising first- and third-party content (including games and in-game content), Xbox Game Pass and other subscriptions, Xbox Cloud Gaming, third-party disc royalties, advertising, and other cloud services. From our CEO and Senior Leadership Team and throughout our organization, people at Microsoft are working to conduct our business in principled ways that make a significant positive impact on important global issues. LinkedIn revenue is mainly affected by demand from enterprises and professional organizations for subscriptions to Talent Solutions, Sales Solutions, and Premium Subscriptions offerings, as well as member engagement and the quality of the sponsored content delivered to those members to drive Marketing Solutions. The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. Revenue from consulting services is recognized as services are provided. Our principal audit procedures related to the Company's revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the financial statements. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. earnings 1,106 Dynamics provides cloud-based and on-premises business solutions for financial management, enterprise resource planning (ERP), customer relationship management (CRM), supply chain management, and other application development platforms for small and medium businesses, large organizations, and divisions of global enterprises. 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. Executive Vice President, Business Development, Revenue Recognition Refer to Note 1 to the financial statements. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. 122 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 commercial business primarily consists of Server products and cloud services, Office Commercial, Windows Commercial, the commercial portion of LinkedIn, Enterprise Services, and Dynamics. 122 Microsoft Teams is the most used and most advanced platform for work, surpassing 270 million monthly active users this year. Securities held in our equity investments portfolio are subject to price risk. Chief Executive Officer, ADP, Inc. Emma N. Walmsley 2,4 If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. We also sell commercial and consumer products and services directly to customers, such as cloud services, search, and gaming, through our digital marketplaces and online stores. Definition and Limitations of Internal Control over Financial Reporting. These allocated costs include legal, including settlements and fines, information technology, human resources, finance, excise taxes, field selling, shared facilities services, and customer service and support. We are accelerating adoption of AI innovations from research to products. We have not engaged in any related party transactions or arrangements with unconsolidated entities or other persons that are reasonably likely to materially affect liquidity or the availability of capital resources. 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. We operate our business and report our financial performance using three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. This year, we blocked 34.7 billion identity threats and 37 billion email threats. Explore the report Report summary On the Investor Relations website at: http: //www.microsoft.com/investor/AnnualReports/default.aspx shareholders in the form of,! Site on the balance sheet date Sandra E. Peterson 2,3 ( 35 ) 250 9 33 it. More diverse and inclusive in everything we do BrigadierLightningDragonfly25 Pages 844 this preview page... 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