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. Inflation: a look under the hood; III. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to cost of revenue. Gross margin increased $3.1 billion or 10% driven by growth in Windows and Search and news advertising. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. 2021 currency. The gamer remains at the heart of the Xbox ecosystem. 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. We strive to create local opportunity, growth, and impact in every country around the world. 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. 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., Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. Our Enterprise Mobility + Security offerings also compete with products from a range of competitors including identity vendors, security solution vendors, and numerous other security point solution vendors. 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). Amid this dynamic environment, we delivered record results in fiscal year 2022: We reported $198 billion in revenue and $83 billion in operating income. Office Commercial products and cloud services revenue growth, Revenue from Office Commercial products and cloud services (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, Office Consumer products and cloud services revenue growth, Revenue from Office Consumer products and cloud services, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services, The number of Office 365 Commercial seats at end of period where seats are paid users covered by an Office 365 Commercial subscription, The number of Microsoft 365 Consumer subscribers at end of period, Dynamics products and cloud services revenue growth, Revenue from Dynamics products and cloud services, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications, Revenue from LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions, Server products and cloud services revenue growth, Revenue from Server products and cloud services, including Azure and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and Nuance and GitHub. The financial results of ZeniMax have been included in our consolidated financial statements since the date of the acquisition. To support this culture, we offer a wide range of learning and development opportunities. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Compensation cost for RSUs is recognized using the straight-line method and for PSUs is recognized using the accelerated method. 122 These manufacturers, many of which are also current or potential partners and customers, include Apple and our Windows OEMs. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. In addition the challenges presented by the functional and geographical integration of fashion production networks can only be overcome if global retailers manage their logistics efficiently and leverage the differentiated advantages of the modes of transport in relation to time. I want to close by thanking you for your continued investment in Microsoft. The consolidated As we have diversity of target audiences and sales motions within the Windows business, we monitor metrics that are reflective of those varying motions. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. Collaborating to transform through sustainable management of our products. None of the goodwill is expected to be deductible for income tax purposes. Our efforts to preserve and protect journalism in the United States and Mexico have been extended globally through new partnerships with the Thomson Reuters Foundation, Report for the World, and others. We monitor pay equity and career progress across multiple dimensions. These agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a three-year period. Choice is equally important to developers, who we want to support with a diversity of distribution and business models for their games. Nuance and GitHub include both cloud and on-premises offerings. 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. And with our acquisition of Xandr, we now power one of the largest marketplaces for premium advertising. We compete by providing powerful, flexible, secure, integrated industry-specific, and easy-to-use productivity and collaboration tools and services that create comprehensive solutions and work well with technologies our customers already have both on-premises or in the cloud. A large network of partner advisors support many of these sales. Founder, President and Chief Executive Officer, Fable Group Inc. Satya Nadella There are two broad categories of OEMs. / 0. Dynamics products and cloud services revenue increased 25% driven by Dynamics 365 growth of 39%. In-the-classroom learning, learning cohorts, our early-in-career Aspire program, and manager excellence communities. 122 74 1 9 4 13 (2,180) Treasury 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. We launched new Surface devices to support every person and work style. We protect our intellectual property investments in a variety of ways. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. 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. Significant judgment is exercised by the Company in determining revenue recognition for these customer agreements, and includes the following: Given these factors and due to the volume of transactions, the related audit effort in evaluating management's judgments in determining revenue recognition for these customer agreements was extensive and required a high degree of auditor judgment. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. 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. (5) 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. The Zara Spring/Summer 2022 Semi Annual Sale Dates You Need To Know. On July 25, 2022, there were 86,465 registered holders of record of our common stock. differences 91 They sell in 202 markets through their online platforms and their over 7,000 stores in 96 markets. We compete to provide enterprise-wide computing solutions and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity (both Internet and intranet), security, hosting, database, and e-business servers. They are the clothes you choose to wear, the products with which you decorate your home, or celebrate a special occasion. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. 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. Zara has got only 4.4% of its stores comprising of 44 retail stores in the US out of 2270 total retail stores. 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. According to an estimate conducted by Forbes, Zara has a brand value of 14.7 billion US dollars by the end of 2020. (392) 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. We plan to continue to make significant investments in a broad range of product research and development activities, and as appropriate we will coordinate our research and development across operating segments and leverage the results across the Company. The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows: Following are the details of the purchase price allocated to the intangible assets acquired: On March 9, 2021, we completed our acquisition of ZeniMax Media Inc. (ZeniMax), the parent company of Bethesda Softworks LLC (Bethesda), for a total purchase price of $8.1 billion, consisting primarily of cash. For the third quarter, the company reported. In 2019, the SAMR presented preliminary views as to certain possible violations of Chinas Anti-Monopoly Law. This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. As of June 30, 2022 and 2021, accumulated goodwill impairment was $11.3 billion. Windows Commercial products and cloud services revenue increased 11% driven by demand for Microsoft 365. Slack provides teamwork and collaboration software. Our hardware is generally highly dependent on, and interrelated with, the underlying operating system and cannot function without the operating system. Introduction and Fiscal Year 2022 Results; Integrated Strategic Choices; A Portfolio of Superior, Daily-Use Products; Superiority to Win with Consumers; Ongoing Productivity; A Constructive Disruption Mindset; Certain volume licensing programs, including Enterprise Agreements, include on-premises licenses combined with Software Assurance (SA). You can download the paper by clicking the button above. 2021-22 Annual report. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. New employee orientation covering a range of topics including company values, and culture, as well as ongoing onboarding programs. We have operations centers that support operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics. 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. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. Zara's macro-environment can be analysed by looking at 3 factors that provide the opportunities and threats to the company. 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. Customers are looking to unlock value while simplifying security and management. Organizations purchase perpetual licenses and SA is optional. Customers can use Azure through our global network of datacenters for computing, networking, storage, mobile and web application services, AI, IoT, cognitive services, and machine learning. Nuance is a cloud and artificial intelligence (AI) software provider with healthcare and enterprise AI experience, and the acquisition will build on our industry-specific cloud offerings. 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. And as sustainability becomes an existential priority not just for our society but for every organization, our new Microsoft Cloud for Sustainability, which I mentioned earlier, is helping our customers record, report, and ultimately reduce their environmental impact. In particular, among the responsibilities of the Boards Environmental, Social, and Public Policy Committee is to review and provide guidance to the Board and management about the Companys policies and programs that relate to corporate social responsibility. Collaborating to have a positive impact, 5.1. Personalized, integrated, and relevant views of all learning opportunities on both our internal learning portal Learning (Viva Learning + LinkedIn Learning) and our external learning portal MS Learn are available to all employees worldwide. Microsoft Edge is our fast and secure browser that helps protect your data, with built-in shopping tools designed to save you time and money. Server products and cloud services revenue increased 28% driven by Azure and other cloud services growth of 45%. 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