companies Fiscal Year 2020 Annual Report. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Our fixed-income investments are exposed to interest rate risk and credit risk. And were helping an additional 24 countries with substantial cybersecurity workforce shortages close their gaps too. And, along with partner companies, we launched the Neurodiversity Career Connector, a jobs marketplace for neurodivergent job seekers. Cybersecurity is a significant threat for governments, businesses, and individuals around the world, yet there simply arent enough people with cybersecurity skills to fill open jobs. They have got to where they are today thanks to them and the hard work of those people who have shown them where they can improve. 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. The findings suggest that vertical integration through ownership of various operational stages including product design and development, production operation, logistics and distribution channel; appropriate sourcing strategy to meet product needs; application of process/product modularity practices in product design, material procurement and manufacturing to ensure manufacturing flexibility; flexible logistics capability; and all of these seamlessly integrated and coordinated by a centralized IT infrastructure can significantly raise overall supply chain flexibility and responsiveness. The U.S. has 98 stores as of January 2019. None of the goodwill is expected to be deductible for income tax purposes. Localizing a product may require modifying the user interface, altering dialog boxes, and translating text. Our efforts have involved both defending key infrastructure in the countryincluding assisting with the detection and disruption of cyberattacks and cyberinfluence operations and evacuating data to the cloudas well as supporting people, communities, and organizations on the ground as part of our humanitarian and disaster response. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2022, in conformity with accounting principles generally accepted in the United States of America. We assumed responsibility for these claims in our agreement to acquire Nokias Devices and Services business and have been substituted for the Nokia defendants. Given the complexity and the subjective nature of the transfer pricing issues that remain unresolved with the IRS, evaluating management's estimates relating to their determination of uncertain tax positions required extensive audit effort and a high degree of auditor judgment, including involvement of our tax specialists. We continue to open new opportunities for gamers to engage both on- and off-console with both the launch of Xbox Cloud Gaming, our game streaming service, and continued investment in gaming hardware. Contents. As we look to the next year and beyond, well continue to reflect on where the world needs us to do better. We also help our suppliers and customers around the world use Microsoft technology to reduce their own carbon footprint. 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). Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. Work for Inditex? Fiscal Year 2022 Compared with Fiscal Year 2021. Azure revenue is mainly affected by infrastructure-as-a-service and platform-as-a-service consumption-based services, and per user-based services such as Enterprise Mobility + Security. We design our devices, from Surface to Xbox, to minimize their impact on the environment. Server products revenue increased 5% driven by hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments. 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. Metrics related to our More Personal Computing segment assess the performance of key lines of business within this segment. We are building a distributed computing fabric across cloud and the edge to help every organization build, run, and manage mission-critical workloads anywhere. These levels are: We measure equity investments without readily determinable fair values on a nonrecurring basis. (283) Executive Vice President, Marketing and Consumer Fair value is calculated based on publicly available market information or other estimates determined by management. Our EEO-1 report (equal employment opportunity). Our derivative programs include strategies that both qualify and do not qualify for hedge accounting treatment. Consolidated statement of comprehensive income. It helps us care for our colleagues and collaborate more effectively across the company. The main purpose of retail business is to continuously maintain the responsiveness to the changing trends in consumer fashion tastes through quickly creating new designs that are suitable for all customers with an affordable price. The components of the deferred income tax assets and liabilities were as follows: Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when the taxes are paid or recovered. (19) 74 The second broad category of OEMs are system builders consisting of lower-volume PC manufacturers, which source Microsoft software for pre-installation and local redistribution primarily through the Microsoft distributor channel rather than through a direct agreement or relationship with Microsoft. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. We publish our Sustainability Data Book as a reporting tool that supplements the Fast Retailing Integrated Report.. FY2020 (ended August 31, 2020) REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Gross margin increased $3.1 billion or 10% driven by growth in Windows and Search and news advertising. In the third quarter of fiscal year 2022, we completed our acquisition of Nuance. Under the Executive Incentive Plan, the Compensation Committee approves stock awards to executive officers and certain senior executives. Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. accounted for millions of euros. Our Performance & Updates 2022 Annual Report Entering the next phase of M&S' transformation as we move from Fixing the Basics to Shaping the Future. Second quarter revenue is driven by corporate year-end spending trends in our major markets and holiday season spending by consumers, and fourth quarter revenue is driven by the volume of multi-year on-premises contracts executed during the period. There are two broad categories of OEMs. Tackling security from all angles with our integrated, end-to-end solutions spanning security, compliance, identity, and management, across all clouds and platforms. Aggregate demand for our software, services, and devices is correlated to global macroeconomic and geopolitical factors, which remain dynamic. Sales and marketing included a favorable foreign currency impact of 2%. We are exposed to economic risk from foreign exchange rates, interest rates, credit risk, and equity prices. Our short-term investments are primarily intended to facilitate liquidity and capital preservation. 2021 were prepared by the The resolution of each of these audits is not expected to be material to our consolidated financial statements. .. . Report on Internal Control Systems (ICFR). The stakeholder however has the power to stop the unethical incidents including making an event for the prevention of harm towards the customers. Were continuing our pursuit of our own ambitious commitments and helping others achieve their climate goals, aided by technology. 9 In its annual racism report, ZARA publishes a broad selection of racist incidents from all spheres of life in Austria that have been reported to the NGO in the previous year. 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. Before releasing new software platforms, and as we make significant modifications to existing platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing. Windows, including Windows OEM licensing (Windows OEM) and other non-volume licensing of the Windows operating system; Windows Commercial, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; and Windows Internet of Things. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. The investments we make in sustainability carry through to our products, services, and devices. (393) (27) May 27, 2022. 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. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we determine the SSP using information that may include market conditions and other observable inputs. We monitor our foreign currency exposures daily to maximize the economic effectiveness of our foreign currency hedge positions. 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. Size. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. As we make meaningful progress, we continue our commitment to meet the increasing expectations for driving innovation, welcoming diverse perspectives, and leading global change. Net Recognized Gains (Losses) on Investments. As of June 30, 2022, we had $1.3 billion federal capital loss carryforwards for U.S. tax purposes from our acquisition of Nuance. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Our work to help preserve, protect, and advance democracy by promoting a healthy information ecosystem and safeguarding electoral processes is as salient as ever in todays geopolitical climate. The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. 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. Enterprise Services, including Enterprise Support Services, Microsoft Consulting Services, and Nuance Professional Services, assist customers in developing, deploying, and managing Microsoft server solutions, Microsoft desktop solutions, and Nuance conversational AI and ambient intelligent solutions, along with providing training and certification to developers and IT professionals on various Microsoft products. (1,090) 3,243 Environmental, Social, and Public Policy Committee. We perform a qualitative assessment on a periodic basis. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. excluding TAC, growth, Revenue from search and news advertising excluding traffic acquisition costs (TAC) paid to Bing Ads network publishers and news partners. On the path to becoming water positive, we invested in 21 water replenishment projects that are expected to generate over 1.3 million cubic meters of volumetric benefits in nine water basins around the world. RSUs generally vest ratably over a service period of four years. Strategic permanent store closures and divestitures reduced net sales by approximately 9 percentage points versus 2019. Below you can download annual reports, summaries and subsidiary lists published starting in financial year 2016 (FY16). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. 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. In terms of formal on-line learning solutions, in fiscal year 2022 our employees completed over 4.7 million courses, averaging over 14 hours per employee. Segment revenue and operating income were as follows during the periods presented: No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for fiscal years 2022, 2021, or 2020. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in other income (expense), net. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. Our customers include individual consumers, small and medium organizations, large global enterprises, public-sector institutions, Internet service providers, application developers, and OEMs. We are focused on building capabilities to support a variety of workstyles where individuals, teams, and our business can deliver success. Therefore, we recorded a net income tax benefit of $620 million in the third quarter of fiscal year 2021 to reflect the results of the India Supreme Court decision impacting fiscal year 1996 through fiscal year 2016. We believe our gaming platform is effectively positioned against, and uniquely differentiated from, competitive products and services based on significant innovation in hardware architecture, user interface, developer tools, online gaming and entertainment services, and continued strong exclusive content from our own first-party game franchises as well as other digital content offerings. 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 have recast certain prior period amounts to conform to the current period presentation. . 4.4. (2,180) 1 53 These amounts are primarily included in Server products and cloud services, Office products and cloud services, and LinkedIn in the table above. LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. Our cloud and AI services and datacenters help businesses cut energy consumption, reduce physical footprints, and design sustainable products. As an increase in cash flow from operations As a decrease in cash flow from financing As. 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