annual report 2020

ANNUAL REPORT AND ACCOUNTS 2020 BOOHOO GROUP PLC, A LEADING ONLINE FASHION RETAIL GROUP Our multi-brand platform comprises boohoo, boohooMAN, PrettyLittleThing, Nasty Gal, MissPap, Karen Millen and Coast and targets fashion-conscious 16 to … Starbucks assumes no obligation to update any of these forward-looking statements or information. Server products and cloud services revenue increased $8.8 billion or 27%, driven by Azure. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. SA conveys rights to new software and upgrades released over the contract period and provides support, tools, and training to help customers deploy and use products more efficiently. We account for certain assets and liabilities at fair value. We use credit default swap contracts to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. 2020 ANNUAL REPORT. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. Annual Report 2020 Appendixes Past Annual Reports (archive) The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) are two of the five institutions of the World Bank Group (WBG). Through these partnerships, we make decisions that positively influence those around us, such as: We use cookies to improve your experience. Office Consumer products and cloud services revenue increased $286 million or 7%, driven by Microsoft 365 Consumer, due to recurring subscription revenue and transactional strength in Japan. July 30, 2020. We have lease agreements with lease and non-lease components, which are generally accounted for separately. We offer options for organizations that want to purchase our cloud services, on-premises software, and Software Assurance. In addition to LinkedIn’s free services, LinkedIn offers monetized solutions: Talent Solutions, Learning Solutions, Marketing Solutions, Sales Solutions, and Premium Subscriptions. Identification and treatment of contract terms that may impact the timing and amount of revenue recognized (e.g., variable consideration, optional purchases, and free services). Windows Commercial products and cloud services revenue increased 18%. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. Judgment is required to determine the SSP for each distinct performance obligation. Employer-funded retirement benefits for all plans were $1.0 billion, $877 million, and $807 million in fiscal years 2020, 2019, and 2018, respectively, and were expensed as contributed. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. March 2020. Contact. Gross margin increased $6.9 billion or 26%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. 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 2019, some of which are currently under audit by local tax authorities. We’ve witnessed years of digital transformation in mere months. As of June 30, 2020, we accrued aggregate legal liabilities of $306 million. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. 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. Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. All differences between our internal management reporting basis and accounting principles generally accepted in the United States of America (“GAAP”), along with certain corporate-level and other activity, are included in Corporate and Other. BCI at a Glance. 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. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Acer, ASUS, Dell, Fujitsu, Hewlett-Packard, Lenovo, Samsung, Sharp, Toshiba, and with many regional and local OEMs. We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems. Our commercial business primarily consists of Server products and cloud services, Office Commercial, Windows Commercial, the commercial portion of LinkedIn, Enterprise Services, and Dynamics. Check one business type be low Dept. To serve the needs of customers around the world and to improve the quality and usability of products in international markets, we localize many of our products to reflect local languages and conventions. Newsroom. Monthly Sermon Series: Sermon Offering for Sunday, May 10. The settlement risk related to these investments is insignificant given that the short-term investments held are primarily highly liquid investment-grade fixed-income securities. Using Windows to fuel our cloud business and Microsoft 365 strategy, and to develop new categories of devices – both our own and third-party – on the intelligent edge. People. We set an ambitious goal to reduce and ultimately remove Microsoft’s carbon footprint. Product and Service Development, and Intellectual Property. 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. The metrics are disclosed in the MD&A or the Notes to Financial Statements. Revenue Recognition — Refer to Note 1 to the financial statements. We use different programs designed to provide flexibility for organizations of various sizes. Annual Report archive. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. We believe that our audit provides a reasonable basis for our opinion. About Us. Revenue increased $17.2 billion or 14%, driven by growth across each of our segments. The world-wide impact of COVID-19 and the related economic fluctuations, geopolitical tensions and social change movements have only heightened these uncertainties. Judgment is required in determining when technological feasibility of a product is established. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Welcome to our UK Annual Report 2020. Officer and President, The operating lease ROU asset also includes any lease payments made and excludes lease incentives. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. Our More Personal Computing segment consists of products and services that put customers at the center of the experience with our technology. This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Our sales force performs a variety of functions, including working directly with commercial enterprises and public-sector organizations worldwide to identify and meet their technology and digital transformation requirements; managing OEM relationships; and supporting system integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products and services. Azure faces diverse competition from companies such as Amazon, Google, IBM, Oracle, VMware, and open source offerings. Major development projects in petroleum, copper, iron ore and potash are tracking well. Search advertising revenue increased $112 million or 1%. Certain acquired net operating loss carryforwards are subject to an annual limitation, but are expected to be realized with the exception of those which have a valuation allowance. Office Consumer revenue is mainly affected by the percentage of customers that buy Office with their new devices and the continued shift from Office licensed on-premises to Microsoft 365 Consumer subscriptions. There is an additional $20 fee if any changes are made to … This creates an opportunity to reach new customers and increase usage and engagement with existing customers. We invite you to submit any questions via the proxy voting site at www.proxyvote.com. Server products and cloud services revenue, including GitHub, increased $6.5 billion or 25%, driven by Azure. We’ve released guidelines, software development tools, and other resources to enable our developer community to do the same. Rotary in Action. info@biocon.com . menu close. The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. Revenue and costs are generally directly attributed to our segments. Windows Commercial revenue often reflects the number of information workers in a licensed enterprise and is relatively independent of the number of PCs sold in a given year. Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: Cash, cash equivalents, and short-term investments totaled $136.5 billion and $133.8 billion as of June 30, 2020 and 2019. Cost of revenue is allocated in certain cases based on a relative revenue methodology. The number of shares the PSU holder receives is based on the extent to which the corresponding performance goals have been achieved. Second, we unequivocally support the fundamental rights of all people, from defending democracy to addressing systemic racial injustice and inequity around the world. Talent Solutions provide insights for workforce planning and tools to hire, nurture, and develop talent. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. It empowers people with AI-first interfaces ranging from voice-activated commands through Cortana, inking, immersive 3D content storytelling, and mixed reality experiences. There were 1767 more women working at BHP than at the start of the financial year and we have almost 4,000 more women working at BHP that when we set our aspirational goal four years ago. Net gains on derivatives increased due to higher gains on foreign exchange and equity derivatives. Microsoft Corporation, Satya Nadella Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. Theology of Gratitude Conference. Berkshire Hathaway is re-engineering small business insurance. Equity investments with readily determinable fair values are measured at fair value. Organizations can elect to purchase perpetual licenses or subscribe to licenses. This year, we went further to give developers new tools to power remote development, productivity, and collaboration, wherever they are. While we intend to defend these matters vigorously, adverse outcomes that we estimate could reach approximately $500 million in aggregate beyond recorded amounts are reasonably possible. While these programs may differ in various parts of the world, generally they include those discussed below. These weather conditions are … As of June 30, 2020, $31.7 billion remained of this $40.0 billion share repurchase program. 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. Sorry, we are unable to subscribe you. Cash used in financing increased $3.3 billion to $36.9 billion for fiscal year 2019, mainly due to an $8.8 billion increase in common stock repurchases and a $1.1 billion increase in dividends paid, offset in part by a $6.2 billion decrease in repayments of debt, net of proceeds from issuance of debt. You will receive a custom link to your institution’s Annual Report form. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers, and Sales Solutions competes with online and offline outlets for companies with lead generation and customer intelligence and insights. More than 1 billion active devices now run Windows 10, and Office 365 usage is higher than ever. Gross margin percentage increased slightly, due to gross margin percentage improvement in LinkedIn and Office 365 Commercial, offset in part by an increased mix of cloud offerings. Annual Report 2019–2020. 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. Stock-based compensation expense and related income tax benefits were as follows: Stock awards entitle the holder to receive shares of Microsoft common stock as the award vests. A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. The COVID-19 pandemic has impacted and may continue to impact our business operations, including our employees, customers, partners, and communities, and there is substantial uncertainty in the nature and degree of its continued effects over time. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The following table outlines the expected future recognition of unearned revenue as of June 30, 2020: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. On average, we lowered our unit production costs by 9 per cent across our major assets due to foreign exchange rates, better productivity and improved operating stability, including 11 per cent unit cost reductions at Escondida and WAIO. Search advertising revenue, excluding traffic acquisition costs, increased 13%, driven by higher revenue per search. Box 17052, BALTIMORE, MARYLAND 21297-1052 . We have the opportunity to redefine what customers and partners can expect and are working to deliver new solutions that reflect the best of Microsoft. This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. 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. We make our technology affordable and accessible to nonprofit organizations around the world, enabling them to drive greater impact for the causes and communities they serve. Corporation Annual Report. Intercompany transactions and balances have been eliminated. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. Partners, Emma N. Walmsley 2,4 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; Windows IoT; and MSN advertising. Partner, Greylock Partners, Sandra E. Peterson 2,3 Strengthening of the U.S. dollar relative to certain foreign currencies did not significantly impact reported revenue or expenses from our international operations in the first and second quarters of fiscal year 2019, and reduced reported revenue and expenses from our international operations in the third and fourth quarters of fiscal year 2019. 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. Much of our segment level research and development is coordinated with other segments and leveraged across the Company. The Office was designed as a separate component, We will continue to drive higher performance as we unlock value through the ongoing automation of our supply chain, reduce our reliance on labour hire through the continued roll out in Australia of our Operations Services initiative to leverage best practice in production and maintenance, and continue to set records for equipment utilisation, milling and production across our operations. Azure revenue grew 56%, due to growth in our consumption-based services. Office Commercial products and cloud services revenue increased $3.1 billion or 12%, driven by Office 365 Commercial, offset in part by lower revenue from products licensed on-premises, reflecting a continued shift to cloud offerings. 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 distribute our products and services through OEMs that pre-install our software on new devices and servers they sell. Assets Recognized from Costs to Obtain a Contract with a Customer. 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. Windows faces competition from various software products and from alternative platforms and devices, mainly from Apple and Google. Refer to Note 11 – Debt of the Notes to Financial Statements for further discussion. 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. Surface is designed to help organizations, students, and consumers be more productive. Microsoft Power Platform empowers employees to build custom applications, automate workflow, and analyze data no matter their technical expertise. With GitHub, more than 50 million developers across 3 million organizations, including the majority of the Fortune 50, are able to collaborate and build software together. The extent to which the COVID-19 pandemic impacts our business going forward will depend on numerous evolving factors we cannot reliably predict, including the duration and scope of the pandemic; governmental, business, and individuals’ actions in response to the pandemic; and the impact on economic activity including the possibility of recession or financial market instability. 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. We aim to provide employment opportunities in the communities in which we operate that contribute to sustainable social and economic benefits for Indigenous peoples. We have served as the Company’s auditor since 1983. Our revenue fluctuates quarterly and is generally higher in the second and fourth quarters of our fiscal year. Courage, Dear Heart. Download Newcrest’s Annual Report for FY20. The climate report from the National Weather Service in Jacksonville states that 2020 was the warmest and most humid year on record. Compensation cost for stock awards, which include restricted stock units (“RSUs”) and performance stock units (“PSUs”), is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures, over the related service or performance period. The segment amounts included in MD&A are presented on a basis consistent with our internal management reporting. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. Finally, we are committed to building trust in technology and its use. This methodology differs from the data reported in section 1.6.2 of the BHP Annual Report 2020, which is calculated based on the average of the number of employees at the last day of each calendar month for a 10-month period from July through to April and in accordance with our reporting requirement under the UK Companies Act 2006. We continue to monitor economic implications of the COVID-19 pandemic. Debt investments are impaired when a decline in fair value is judged to be other-than-temporary. Archives of these events are also available. Windows revenue increased $877 million or 4%, driven by growth in Windows Commercial and Windows OEM, offset in part by a decline in patent licensing. A new Teams app will help organizations skill, reskill, and upskill employees, surfacing learning content from LinkedIn Learning and other content providers. CALs provide certain Office Commercial products and services with access rights to our server products and CAL revenue is reported with the associated Office products and services. We record an allowance to cover expected losses based on troubled accounts, historical experience, and other currently available evidence. New Jersey's Online Annual Reports and Change Services Pursuant to State law, effective 7/9/2020, revoked domestic and foreign corporations seeking to reinstate will not be required to obtain tax clearance certificates, provided they file for reinstatement within two years after being revoked. Due April 15. th . These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. In the More Personal Computing segment, Windows OEM, Surface, and Gaming benefited from increased demand to support remote work-, play-, and learn-from-home scenarios, while Search was negatively impacted by reductions in advertising spend. The opportunity to merge the physical and digital worlds, when combined with the power of Azure cloud services, unlocks the potential for entirely new workloads which we believe will shape the next era of computing. In August 2017, the Financial Accounting Standards Board (“FASB”) issued new guidance related to accounting for hedging activities. 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. Identity, security, management, and compliance underlie our entire tech stack. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. 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