We generate revenue by offering a wide range of cloud-based and other services to people and businesses; licensing and supporting an array of software products; designing, manufacturing, and selling devices; and delivering relevant online advertising to a global audience. 10 Below you can download annual reports, summaries and subsidiary lists published starting in financial year 2016 (FY16). Fiscal responsibility and transparency. None of our achievements would be possible without the people here at Inditex. 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. 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. 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The 2022 Annual Shareholders Meeting will be held as a virtual-only meeting. We review debt investments quarterly for credit losses and impairment. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entitys financial statements or tax returns. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (SSP) of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; product warranties; the fair value of and/or potential impairment of goodwill and intangible assets for our reporting units; product life cycles; useful lives of our tangible and intangible assets; allowances for doubtful accounts; the market value of, and demand for, our inventory; stock-based compensation forfeiture rates; when technological feasibility is achieved for our products; the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns; and determining the timing and amount of impairments for investments. In making this judgment, we employ a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. Also included in Other are business dispositions and transfers between segments due to reorganizations, as applicable. Fiscal Year 2019 Annual Report. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Dell, Hewlett-Packard, Lenovo, and with many regional and local OEMs. The major classes of assets and liabilities to which we have allocated the purchase price were as follows: Goodwill was assigned to our More Personal Computing segment. Microsoft Corporation. GitHub is the most complete developer platform to build, scale, and deliver secure software. Based on the carrying amount of server and network equipment included in property and equipment, net as of June 30, 2022, it is estimated this change will increase our fiscal year 2023 operating income by $3.7 billion. 5 Oct 2022. 2022. We record a receivable related to revenue recognized for multi-year on-premises licenses as we have an unconditional right to invoice and receive payment in the future related to those licenses. . 4.4. 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. 12656 kb. Click the button below to request a report when hardcopies become available. Strengthening our communities: using data, technology, and partnerships to help improve the lives of Black and African American people in the United States, including our employees and their communities. In a dynamic environment, digital technology is the key input that powers the worlds economic output. Dilutive potential common shares include outstanding stock options and stock awards. For the Period Ended March 2022. And the Microsoft Cloud surpassed $100 billion in annualized revenue for the first time. The company Zara uses resources that are to fully utilize the labor regardless of the process-making which contains harmful substances in the production of goods. Weve sold more Xbox Series S and Series X consoles life-to-date than any previous generation of Xbox, and with Xbox Cloud Gaming, were bringing games to entirely new endpoints. At Microsoft, we provide technology and resources to help our customers create a secure hybrid work environment. 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. The twelve-month period ended 31 January 2021 will hereinafter The federal capital loss carryforwards are subject to an annual limitation and will expire in various years from fiscal 2023 through 2025. With 51 net store openings and 12 new online markets, Zara's global reach encompassed 2,213 physical stores (all of which fitted with the RFID system) and 39 national e-commerce stores at year-end. 1 Devices, including Surface and PC accessories. Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. This comprehensive capability has been critical during recent world events, including the war in Ukraine. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. This year, we blocked 34.7 billion identity threats and 37 billion email threats. For enterprises, digital technology empowers employees, optimizes operations, engages customers, and in some cases, changes the very core of products and services. As of June 30, 2022, 81 million shares of our common stock were reserved for future issuance through the ESPP. Online sales grew 44% compared to the fourth quarter of 2019 and represented 43% of the total business. Windows OEM revenue increased 11% driven by continued strength in the commercial PC market, which has higher revenue per license. In the third quarter of fiscal year 2022, we completed our acquisition of Nuance. Provisions enacted in the TCJA related to the capitalization for tax purposes of research and experimental expenditures became effective on July 1, 2022. In addition to our main research and development operations, we also operate Microsoft Research. (ended March 31, 2017), please refer to Toyota Industries Report. You can also read past reports by accessing the archives in the right panel. General Partner, Greylock Partners, Penny S. Pritzker 4 Zara launched online sales in Singapore, Malaysia, Thailand, Vietnam and India last year.Rosalia Mera, who co-founded Zara with her former Balcones Canyonlands Conservation Plan Annual Report FY 2017 Executive Summary Annual Report Appendices. Our intended result is a global performance and development approach that fosters our culture, and competitive compensation that ensures equitable pay by role while supporting pay for performance. We launched new Surface devices to support every person and work style. With Azure Arc, were bringing Azure anywhere, meeting customers where they are and enabling them to run apps across on-premises, edge, or multicloud environments. Our Search and news advertising business competes with Google and a wide array of websites, social platforms like Meta, and portals that provide content and online offerings to end users. 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. RSUs generally vest ratably over a service period of four years. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing. Editorial. President, Wells Fargo & Company. 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. This segment primarily comprises: Azure is a comprehensive set of cloud services that offer developers, IT professionals, and enterprises freedom to build, deploy, and manage applications on any platform or device. 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 . This starts with increasing access to digital skills. I. Race, gender. They trust in the ability and instincts of their professional team. Shares repurchased during the first quarter of fiscal year 2022, fiscal year 2021, and the fourth quarter of fiscal year 2020 were under the share repurchase program approved on September 18, 2019. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. (2,177) We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. Tackling security from all angles with our integrated, end-to-end solutions spanning security, compliance, identity, and management, across all clouds and platforms. And weve expanded our Technology Education and Learning Support (TEALS) program to 290 high schools in cities with large Black and African American communitiesto promote more equitable access to computer science education. Academia.edu no longer supports Internet Explorer. We issue new shares of Microsoft common stock to satisfy vesting of awards granted under our stock plans. Cosmos DB is the go-to database powering the worlds most demanding, mission-critical workloads, at any scale. The COVID-19 pandemic led to record unemployment, disrupting livelihoods of people around the world. Search and news advertising revenue increased $2.3 billion or 25%. Time: 8:30 a.m. Pacific Time For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. 2020 All deferred income taxes are classified as long-term in our consolidated balance sheets. We continue to develop complete, intelligent solutions for our customers that empower people to stay productive and collaborate, while safeguarding businesses and simplifying IT management. View full document End of preview. View the 2022 Annual Report Highlights from USCIRF's 2022 Annual Report Numbers-at-a-Glance 15 countries recommended for "country of particular concern" (CPC) designation 1 new country recommended for CPC designation 12 countries recommended for the State Department's "Special Watch List" (SWL) 1 country added to USCIRF's SWL recommendations The largest component of the OEM business is the Windows operating system pre-installed on devices. Collaborating to safeguard the planet. For derivative instruments that are not designated as hedges, gains and losses from changes in fair values are primarily recognized in other income (expense), net. Our Xbox Game Pass subscription service now includes access to hundreds of games. 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. Constraints in the supply chain of device components. Our principal audit procedures to evaluate management's estimates of uncertain tax positions related to unresolved transfer pricing issues included the following: Seattle, Washington Our segments provide management with a comprehensive financial view of our key businesses. 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. Organizations also license our products and services indirectly, primarily through licensing solution partners (LSP), distributors, value-added resellers (VAR), and retailers. Operating expenses increased $2.8 billion or 16% driven by investments in Azure and other cloud services. Every organization is looking to reconnect and reengage the workforce at home, in the office, and everywhere in between. As of June 30, 2022, $40.7 billion remained of our $60 billion share repurchase program. To 31 January 2022 -27- Inditex Annual Report 2021 | Consolidated Annual Accounts The consolidated annual accounts of the Inditex Group, which Parent is Industria de Diseo Textil, S.A., View 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. And I truly believe if we continue to live our mission, embrace our responsibility, and grasp that opportunity, there is no limit to what we can achieve for the world in the year ahead and beyond. Applying AI to drive insights and act on our customers behalf by understanding and interpreting their needs using natural methods of communication. 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. This share repurchase program commenced in November 2021, following completion of the program approved on September 18, 2019, has no expiration date, and may be terminated at any time. 74 1 5 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? Revenue from consulting services is recognized as services are provided. Slack provides teamwork and collaboration software. Surface revenue increased $226 million or 3%. To ensure accountability over time, we publicly disclose our progress on a multitude of workforce metrics including: We develop dynamic, sustainable, market-driven, and strategic programs with the goal of providing a highly differentiated portfolio to attract, reward, and retain top talent and enable our employees to thrive. Organizations purchase perpetual licenses or subscribe to licenses. This includes the server platform, database, business intelligence, storage, management and operations, virtualization, service-oriented architecture platform, security, and identity software. Many of our shareholders are increasingly focused on the importance of the effective engagement and action on environmental, social, and governance topics. It was organized as the joint venture of the Inditex group and as a new holding company in 1975 (About ZARA, n. p.). And with our acquisition of Xandr, we now power one of the largest marketplaces for premium advertising. Upload your study docs or become a Security and digital safety are foundational to trust in todays complex threat landscape. 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. FY 2020 Annual Report. We work actively in the U.S. and internationally to ensure the enforcement of copyright, trademark, trade secret, and other protections that apply to our software and hardware products, services, business plans, and branding. (25) 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. The acquisition has been approved by Activision Blizzards shareholders, and we expect it to close in fiscal year 2023, subject to the satisfaction of certain regulatory approvals and other customary closing conditions. Highlights from fiscal year 2022 compared with fiscal year 2021 included: On March 4, 2022, we completed our acquisition of Nuance Communications, Inc. (Nuance) for a total purchase price of $18.8 billion, consisting primarily of cash. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. On the other. Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. To learn more, view ourPrivacy Policy. We also increased the number of identified partners in the Black Partner Growth Initiative and continue to invest in the partner community through the Black Channel Partner Alliance by supporting events focused on business growth, accelerators, and mentorship. The Microsoft Cloud is the most comprehensive and trusted cloud, providing the best integration across the technology stack while offering openness, improving time to value, reducing costs, and increasing agility. Required learning for all employees and managers on topics such as compliance, regulation, company culture, leadership, and management. We use credit default swap contracts to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. / 0. Definition and Limitations of Internal Control over Financial Reporting. Inventories are stated at average cost, subject to the lower of cost or net realizable value. 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. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: We expect existing cash, cash equivalents, short-term investments, cash flows from operations, and access to capital markets to continue to be sufficient to fund our operating activities and cash commitments for investing and financing activities, such as dividends, share repurchases, debt maturities, material capital expenditures, and the transition tax related to the TCJA, for at least the next 12 months and thereafter for the foreseeable future. We protect our intellectual property investments in a variety of ways. Such costs related to software development are included in research and development expense until the point that technological feasibility is reached, which for our software products, is generally shortly before the products are released to production. Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. 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. The mix of income before income taxes between the U.S. and foreign countries impacted our effective tax rate as a result of the geographic distribution of, and customer demand for, our products and services. From infrastructure and data, to business applications and collaboration, we provide unique, differentiated value to customers. Executive Vice President, Business Development, Call us toll-free at (800) 285-7772 or outside the United States, call (425) 706-4400. 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. 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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. Microsoft 365 Consumer subscribers grew 15% to 59.7 million. 2021-22 Annual report. Zara's macro-environment can be analysed by looking at 3 factors that provide the opportunities and threats to the company. .. . Report on Internal Control Systems (ICFR). The estimated fair values are based on Level 2 inputs. Inditex comprises of eight brands: Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqe. Research and development expenses increased $3.8 billion or 18% driven by investments in cloud engineering, Gaming, and LinkedIn. Excluding the impact of the change in accounting estimate, Microsoft Cloud gross margin percentage increased 3 points driven by improvement across our cloud services, offset in part by sales mix shift to Azure and other cloud services. Certain income and expenses are not reported in tax returns and financial statements in the same year. (2) Translation Cash flows And no company is better positioned to help them than Microsoft. Variations in the actual outcome of these future tax consequences could materially impact our consolidated financial statements. 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 . Windows 11 security and privacy features include operating system security, application security, and user and identity security. We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity. We describe risks and uncertainties that could cause actual results and events to differ materially in Risk Factors, Managements Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures about Market Risk" in our fiscal year 2022 Form 10-K. Securities held in our fixed-income portfolio are subject to different interest rate risks based on their maturities. In the first quarter of fiscal year 2022, we transferred certain intangible properties from our Puerto Rico subsidiary to the U.S. In the consolidated income statement, gross profit, EBITDA, EBIT and PBT are defi We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. As of June 30, 2022, we employed approximately 221,000 people on a full-time basis, 122,000 in the U.S. and 99,000 internationally. Our goal is to lead the industry in several distinct areas of technology over the long term, which we expect will translate to sustained growth. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. For more about Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency. The gamer remains at the heart of the Xbox ecosystem. And we share our open-source tools, including the new Responsible AI Dashboard, to help developers building AI technologies identify and mitigate issues before deployment. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Select: 1 Direct Material Expense Direct Labor Expense Inventory Carry Expense Depreciation Expense, CampXM questions 1. 9 Generally, this occurs shortly before the products are released to production. 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. In July 2022, we completed an assessment of the useful lives of our server and network equipment. .. .. Consolidated statement of changes in equity. This year, we provided $3.2 billion in donated and discounted technology to 302,000 nonprofits serving over 1.2 billion people globally. 2022 Annual Report. We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2021, some of which are currently under audit by local tax authorities. You choose them. But skills alone arent enoughwe need to help people better prepare for and connect to jobs. Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. 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. It is classified as operating in the Family Clothing Stores industry. The transfer of intangible properties resulted in a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022, as the value of future U.S. tax deductions exceeds the current tax liability from the U.S. global intangible low-taxed income tax. Using Windows to fuel our cloud business, grow our share of the PC market, and drive increased engagement with our services like Microsoft 365 Consumer, Teams, Edge, Bing, Xbox Game Pass, and more. 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zara annual report 2022 pdf
