Partners license software over a three-year period and are billed monthly based on consumption. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. Fair value is calculated based on publicly available market information or other estimates determined by management. Activision Blizzard is a leader in game development and an interactive entertainment content publisher. The Companys management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. 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. To drive positive impact and growth with technology, people need to be able to trust the technologies they use and the companies behind them. 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. Size. We have not received a proposed assessment for the unresolved key transfer pricing issues and do not expect a final resolution of these issues in the next 12 months. Long-lived assets, excluding financial instruments and tax assets, classified by the location of the controlling statutory company and with countries over 10% of the total shown separately, were as follows: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM, To the Stockholders and the Board of Directors of Microsoft Corporation. Xbox Game Pass is a community with access to a curated library of over 100 first- and third-party console and PC titles. We strive to obtain information as early as possible about changing usage patterns and hardware advances that may affect software and hardware design. We launched new Surface devices to support every person and work style. Being a global-scale cloud, Azure uniquely offers hybrid consistency, developer productivity, AI capabilities, and trusted security and compliance. Build the Intelligent Cloud and Intelligent Edge Platform. 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. 22 We continue to invest in high performance and sustainable computing to meet the growing demand for fast access to Microsoft services provided by our network of cloud computing infrastructure and datacenters. Virtual Shareholder Meeting: www.virtualshareholdermeeting.com/MSFT22. Nuance provides healthcare and enterprise AI solutions. In July 2022, we completed an assessment of the useful lives of our server and network equipment. The three factors this report will cover are the Demographic impacts, Economic impacts, and Technological impacts. companies 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). 10 (1,069) Supply Chain Strategies, Structures and Relationships, Global production chains in the fast fashion sector, transports and logistics: the case of the Spanish retailer Inditex (Escalona, Ramos), Global sourcing: insights from the global clothing industrythe case of Zara, a fast fashion retailer, ZARA-INDITEX AND THE GROWTH OF FAST FASHION, Fast Fashion, Sustainability, and the Ethical Appeal of Luxury Brands, Global production chains in the fast fashion sector, transports and logistics: the case of the Spanish retailer Inditex, Fashion Industry Supply Chain Issues: Zara (Azel France/BiH), Fashion Industry Supply Chain Issues: Zara (Azel France), Fast Fashion and Globalization: Study of Florianpolis Sister Store of the Spanish Fast-Fashion Retail Chain Zara, Master's thesis " An analysis of internationalization strategies in the apparel industry: How companies create a competitive advantage in culturally different markets ", Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara, THE IMPORTANCE OF STRATEGIC MANAGEMENT A case study of H&M. 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. 1 In July 2022, we completed an assessment of the useful lives of our server and network equipment. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in other income (expense), net with the corresponding hedged item. Compensation cost for RSUs is recognized using the straight-line method and for PSUs is recognized using the accelerated method. This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. We had previously increased the estimated useful lives of both server and network equipment in July 2020. Archived annual reports. Zara annual report 2017 pdf sales soared 41% in 2017 to 10% of the brand's total. Our success is based on our ability to create new and compelling products, services, and experiences for our users, to initiate and embrace disruptive technology trends, to enter new geographic and product markets, and to drive broad adoption of our products and services. Our gaming platform is designed to provide a variety of entertainment through a unique combination of content, community, and cloud. Critical accounting estimates are those estimates that involve a significant level of estimation uncertainty and could have a material impact on our financial condition or results of operations. Dynamics revenue is driven by the number of users licensed and applications consumed, expansion of average revenue per user, and the continued shift to Dynamics 365, a unified set of cloud-based intelligent business applications, including Power Apps and Power Automate. Gross margin and operating income both included an unfavorable foreign currency impact of 2%. Our most significant expenses are related to compensating employees; designing, manufacturing, marketing, and selling our products and services; datacenter costs in support of our cloud-based services; and income taxes. We also invested in base salary adjustments for our datacenter and retail hourly employees and hourly equivalents outside the U.S. Collaboration, the essence of transformation, 5. Windows Commercial products and cloud services revenue increased 11% driven by demand for Microsoft 365. FY 2020 Annual Report. (1,087) Annual Financial Report: PDF [654.8 KB/ 94 pages] . LinkedIn has over 850 million members and has offices around the globe. 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. Microsoft Corporation. We market and distribute our products and services through the following channels: OEMs, direct, and distributors and resellers. We offer integrated, end-to-end capabilities to protect people and organizations. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net. We have several partnerships with other companies, including Yahoo, through which we provide and monetize search queries. When it comes to advertising, we are creating a new monetization engine for the weban alternative that offers marketers and publishers more long-term viable ad solutionswhile upholding consumer privacy and strong data governance. 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. Metrics related to our Productivity and Business Processes and Intelligent Cloud segments assess the health of our core businesses within these segments. 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 believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. 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. We have served as the Company's auditor since 1983. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on environmental, social, and governance topics. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. ESAs are also typically authorized as LSPs and operate as resellers for our other volume licensing programs. The big bets we have made across content, community, and cloud over the past few years continue to pay off. 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. AZEL FRANCE is found to be successful in that it can control and streamline the highly consumable fashion items in their supply chains so that they can greatly decrease their lead time and thus increase be responsive enough for fast changes in fashion customer needs and desires by minimizing the industry risks. Year's Annual Report Number Processed During Fiscal Year fromLast Year's Annual Report Number Processed During Fiscal Year from Current Annual Report GSA-MAIN 1278 1100 1230 1284 J 71 68 64 76 AGENCY OVERALL 1349 1168 1294 1360 XII.D.2. Windows revenue increased $2.3 billion or 10% driven by growth in Windows OEM and Windows Commercial. For hardware warranties, we estimate the costs based on historical and projected product failure rates, historical and projected repair costs, and knowledge of specific product failures (if any). Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, AI, devices, and operating systems. The resolution of each of these audits is not expected to be material to our consolidated financial statements. 2020 In fiscal year 2022, our U.S. income before income taxes was $47.8 billion and our foreign income before income taxes was $35.9 billion. 2021-22 Annual report. The metrics are disclosed in the MD&A or the Notes to Financial Statements in our fiscal year 2022 Form 10-K. Financial metrics are calculated based on financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), and growth comparisons relate to the corresponding period of last fiscal year. Google provides a hosted messaging and productivity suite. Dynamics competes with cloud-based and on-premises business solution providers such as Oracle, Salesforce, and SAP. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. GitHub provides a collaboration platform and code hosting service for developers. Zara increases 29 percent compared to the previous year. We have learned the impact of our work will not all be felt immediately, and our experience highlights how progress wont always be linear. The Inter IKEA Group business year is the period from 1 September to 31 August. 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. Microsoft Cloud gross margin percentage decreased slightly to 70%. With its dramatic introduction of the concept of "fast fashion" retail since it was founded in 1975 in Spain, Zara aspires to create responsible passion for fashion amongst a broad spectrum of consumers, spread across different cultures and age groups. Our strategy and growth model, the fuel for transformation, 4.2. The financial results of Nuance have been included in our consolidated financial statements since the date of the acquisition. We account for certain assets and liabilities at fair value. 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. These agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a three-year period. Hybrid work is now just work. Unearned revenue also includes payments for consulting services to be performed in the future, LinkedIn subscriptions, Office 365 subscriptions, Xbox subscriptions, Windows post-delivery support, Dynamics business solutions, and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. The Zara Spring/Summer 2022 Semi Annual Sale Dates You Need To Know. SA is included. The decrease from the federal statutory rate in fiscal year 2021 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, tax benefits relating to stock-based compensation, and tax benefits from the India Supreme Court decision on withholding taxes. 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. 19 STATEMENT OF MANAGEMENTS RESPONSIBILITY FOR FINANCIAL STATEMENTS. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors, or when a broker price is more reflective of fair values in the market in which the investment trades. Zara provides products at a reasonable price to target customers. 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. Want to read all 844 pages? Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant. Generally, this occurs shortly before the products are released to production. Inventories are stated at average cost, subject to the lower of cost or net realizable value. This comprehensive capability has been critical during recent world events, including the war in Ukraine. Presentation (Video) Presentation (Slides) Deloitte & Touche LLP and the internal auditors each have full and free access to the Audit Committee. Address by Dr. Y K Hamied, Chairman at the 86th Annual General Meeting. And we have nearly 60 million Microsoft 365 consumer subscriptions as we help people create, connect, and share wherever they go. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. 2422. Windows Commercial products and cloud services revenue increased 11%. We are focused on building capabilities to support a variety of workstyles where individuals, teams, and our business can deliver success. Equity investments with readily determinable fair values are measured at fair value. Annual Report 2021-2022 Download PDF This Annual Report 2021-2022 outlines the concrete progress the World Economic Forum made over the year in a variety of initiatives, and demonstrates how the organization continues to be a bridge-builder in a world where international cooperation is increasingly under pressure. Had they sold their entire inventory at their current prices, how many more dollars of contribution margin would it have brought, On the income statement, which of the following would be classified as a Period cost? We monitor pay equity and career progress across multiple dimensions. Globo, the biggest media and TV company in Brazil. Managers holding conversations about employees career and development plans, coaching on career opportunities, and programs like mentoring and sponsorship. Growth of our Gaming business is determined by the overall active user base through Xbox enabled content, availability of games, providing exclusive game content that gamers seek, the computational power and reliability of the devices used to access our content and services, and the ability to create new experiences through first-party content creators. 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. We also have an ESPP for all eligible employees. 10 CALs provide access rights to certain server products, including SQL Server and Windows Server, and revenue is reported along with the associated server product. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. 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