Shares repurchased during the second quarter of fiscal year 2022 were under the share repurchase programs approved on both September 14, 2021 and September 18, 2019. We built on this pledge by adding commitments to be water positive by 2030, zero waste by 2030, and to protect ecosystems by developing a Planetary Computer. In addition to our main research and development operations, we also operate Microsoft Research. We have determined that certain sales incentive programs meet the requirements to be capitalized. Strategic permanent store closures and divestitures reduced net sales by approximately 9 percentage points versus 2019. 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. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. The Zara Spring/Summer 2022 Semi Annual Sale Dates You Need To Know. Annual General Meeting Recordings - 2022. Business Responsibility & Sustainability Report. For the third quarter, the company reported. differences 91 Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. SA is included. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Nine of these cases were filed in 2002 and are consolidated for certain pre-trial proceedings; the remaining cases are stayed. We have a strong position with our large and growing highly engaged community of gamers, including the acquisition of ZeniMax Media Inc., the parent company of Bethesda Softworks LLC. 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. Interest and dividends income decreased due to lower portfolio balances. It was last conducted at this . GitHub provides a collaboration platform and code hosting service for developers. Azure is a trusted cloud with comprehensive compliance coverage and AI-based security built in. 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. 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. Based on this evaluation, management concluded that the Companys internal control over financial reporting was effective as of June 30, 2022. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. We measure the fair value of PSUs using a Monte Carlo valuation model. For those uncertain tax positions that had not been effectively settled, we evaluated whether management had appropriately considered new information that could significantly change the recognition, measurement or disclosure of the uncertain tax positions. During fiscal year 2022, our Board of Directors declared quarterly dividends of $0.62 per share. Many organizations that license our products and services transact directly with us through Enterprise Agreements and Enterprise Services contracts, with sales support from system integrators, independent software vendors, web agencies, and partners that advise organizations on licensing our products and services (Enterprise Agreement Software Advisors or ESA). Opportunities include: Our employees embrace the growth mindset and take advantage of the formal learning opportunities as well as thousands of informal and on-the-job learning opportunities. 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. Assessed the terms in the customer agreement and evaluated the appropriateness of management's application of their accounting policies, along with their use of estimates, in the determination of revenue recognition conclusions. The components of other income (expense), net were as follows: We use derivative instruments to manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. 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. In-the-classroom learning, learning cohorts, our early-in-career Aspire program, and manager excellence communities. Spain is the biggest market with 547 stores (including Zara Kids and Zara Home), followed by China (229 stores), France (145), Russia (144) and Italy (134). We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. You can contact Microsoft Investor Relations at any time to order financial documents such as annual reports and Form 10-Ks free of charge. The devices and form factors customers prefer evolve rapidly, and influence how users access services in the cloud, and in some cases, the users choice of which suite of cloud-based services to use. .. . Report on Internal Control Systems (ICFR). Objective of the Study. To foster their and our success, we seek to create an environment where people can thrive, where they can do their best work, where they can proudly be their authentic selves, guided by our values, and where they know their needs can be met. The weighted average grant-date fair value of stock awards granted was $291.22, $221.13, and $140.49 for fiscal years 2022, 2021, and 2020, respectively. Our cloud business benefits from three economies of scale: datacenters that deploy computational resources at significantly lower cost per unit than smaller ones; datacenters that coordinate and aggregate diverse customer, geographic, and application demand patterns, improving the utilization of computing, storage, and network resources; and multi-tenancy locations that lower application maintenance labor costs. have expensive design, advertising and raw material costs. Build the intelligent cloud and intelligent edge platform. This section generally discusses the results of our operations for the year ended June 30, 2022 compared to the year ended June 30, 2021. Activity in the allowance for doubtful accounts was as follows: Allowance for doubtful accounts included in our consolidated balance sheets: We record financing receivables when we offer certain of our customers the option to acquire our software products and services offerings through a financing program in a limited number of countries. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. 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. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. 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. Choice is equally important to developers, who we want to support with a diversity of distribution and business models for their games. We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved through coding and testing. We encourage investors, the media, and others interested in Microsoft to review the information we post on the social media channels listed on our Investor Relations website. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the worlds first Economic Graph, a digital representation of the global economy. Office Commercial products and cloud services revenue increased $4.4 billion or 13%. Zara's prices are about 1/4 of. In addition to these channels, we use social media to communicate to the public. Eligible U.S. employees may contribute a portion of their salary into the savings plans, subject to certain limitations. During fiscal years 2022 and 2021, we repurchased 95 million shares and 101 million shares of our common stock for $28.0 billion and $23.0 billion, respectively, through our share repurchase programs. (393) The PC has never been more relevant to work, life, and play. To get a copy of our annual report, you can GO GREEN and Click download an e-copy. Chairman and Chief Executive Officer, In January 2022, we announced plans to acquire Activision Blizzard, Inc., a leader in game development and an interactive entertainment content publisher. Gross margin increased $7.3 billion or 17% driven by growth in Office 365 Commercial and LinkedIn. As this fiscal 2022 annual report is published, the harshest impacts of the pandemic have stabilized in some parts of the world while others continue to grapple with new waves of the COVID-19 virus. RSUs generally vest ratably over a service period of four years. 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. Enter the email address you signed up with and we'll email you a reset link. Changes in value are recorded in other income (expense), net. 1) (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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. Changes in the carrying amount of goodwill were as follows: The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. 122 Other news and announcements that we may post from time to time that investors might find useful or interesting. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. 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. 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. We believe our clouds global scale, coupled with our broad portfolio of identity and security solutions, allows us to effectively solve complex cybersecurity challenges for our customers and differentiates us from the competition. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The ability to convert data into AI drives our competitive advantage. There are now more than 1.4 billion monthly active devices running Windows 10 or Windows 11. ISBN: 978-624-5917-07-5. Corporate Vice President and Chief Accounting Officer. These financial statements are the responsibility of the Company's management. (392) We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. Other comprehensive income (loss), net of tax: Total cash, cash equivalents, and short-term investments, Accounts receivable, net of allowance for doubtful accounts of, Property and equipment, net of accumulated depreciation of, Common stock and paid-in capital shares authorized 24,000; outstanding, Accumulated other comprehensive income (loss), Total liabilities and stockholders equity. None of our achievements would be possible without the people here at Inditex. 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). 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. Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. 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. Our effective tax rate was lower than the U.S. federal statutory rate, primarily due to the net income tax benefit related to the transfer of intangible properties, earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland, and tax benefits relating to stock-based compensation. -month period ended 31 January 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. 8 Our skills initiative brings together learning resources, certification opportunities, and job-seeker tools from LinkedIn, GitHub, and Microsoft Learn, and is built on data insights drawn from LinkedIns Economic Graph. 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. In a separate 2009 decision, the Court of Appeals for the District of Columbia held that adverse health effect claims arising from the use of cellular handsets that operate within the U.S. Federal Communications Commission radio frequency emission guidelines (FCC Guidelines) are pre-empted by federal law. Four of our datacenters received new or renewed Zero Waste certifications. Zara-report Anna Mnyoki Abstract Zara Continue Reading Download Free PDF Related Papers Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara Hong Chinh Do The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. 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