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data/downloaded_datasets/tatdqa/test/7650d42c0b8ee9e5720698566b70419b.pdf | basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018:
Unaudited
Three months ended VAS FinTech and Business Services Online Advertising Others Total cost of revenues 31 December 2019 Amount 26,120 21,520 9,241 2,778 59,659 % of segment revenues 31 December 2018 Amount (Restated) (RMB in millions, unless specified) 50% 712% 46% 84% 20,330 16,310 10,800 2,304 49,744 % of segment revenues (Restated) 47% 76% 63% 88% — Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming.
— Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business.
— Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.
Annual Report 2019 17
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data/downloaded_datasets/tatdqa/test/814bb4c0c0fc78247bb9a442b1f3094c.pdf | 2019 Annual Report
Management's Discussion and Analysis of Financial Condition and Results of Operations continued
Yahoo's operating business (see “Special Items”) and a net gain from dispositions of assets and businesses in 2019 (see “Special Items’), partially offset by increases in advertising expenses, sales commission and bad debt expense. The increase in sales commission expense during 2019 compared to 2018, was primarily due to a lower net deferral of commission costs as a result of the adoption of Topic 606 on January 1, 2018, using a modified retrospective approach.
Depreciation and Amortization Expense
Depreciation and amortization expense decreased $721 million, or 4.1%, during 2019 compared to 2018, primarily due to the change in the mix of net depreciable assets.
Media Goodwill Impairment
The goodwill impairment charges recorded in 2019 and 2018 for Verizon Media were a result of the Company’s annual impairment test performed in the fourth quarter (see “Critical Accounting Estimates”).
Other Consolidated Results
Other Income (Expense), Net
Additional information relating to Other income (expense), net is as follows: (dollars in millions) Increase/(Decrease) fears Ended December 31, 2019 2018 2019 vs. 2018 nterest income $ 121 $ 94 $ 27 28.79 ther components of net periodic benefit cost 627 3,068 (2,441) (79.6) -arly debt extinguishment costs (3,604) (725) (2,879) nm Dther, net (44) (73) 29 39.7 Total $ (2,900) $ 2,364 $ (5,264) nm nm - not meaningful
The change in Other income (expense), net during the year ended December 31, 2019, compared to the similar period in 2018, was primarily driven by early debt redemption costs of $3.6 billion recorded during 2019, compared to $725 million recorded during 2018 (see “Special Items”) as well as pension and benefit charges of $126 million recorded in 2019, compared with pension and benefit credits of $2.1 billion recorded in 2018 (see “Special Items”).
Interest Expense (aollars in millions) Increase/(Decrease) Years Ended December 31, 2019 2018 2019 vs. 2018 Total interest costs on debt balances $ 5,386 $ 5,573 $ (187) (3.4)! Less capitalized interest costs 656 740 (84) (11.4) Total $ 4,730 $ 4,833 $ (103) (2.1) Average debt outstanding $ 112,901 $ 115,858 Effective interest rate 4.8% 48% Total interest costs on debt balances decreased during 2019 primarily due to lower average debt balances.
Provision for Income Taxes Years Ended December 31, Provision for income taxes Effective income tax rate 2019 $ 2,945 13.0% (dollars in millions) Increase/(Decrease) 2018 2019 vs. 2018 $ 3,584 $ (639) (17.8) ¥ 18.3% The effective income tax rate is calculated by dividing the provision for income taxes by income before income taxes. The effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018. The decrease in the effective income tax rate and the provision for
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data/downloaded_datasets/tatdqa/test/8df1cc899603c8633894847fc15cfa96.pdf | At 30 June 2019 Derivatives used for hedging - forward currency exchange contract Current financial liabilities 9.6 “ (474) - (474) Derivatives used for hedging - interest rate swaps Non-current financial assets 9.3 - 569 - 569 Current financial liabilities 9.6 - (239) - (239) Non-current financial liabilities 9.6 - (1,375) - (1,375) : (1,045) : (1,045) At 30 June 2018 Derivatives used for hedging - Interest rate swaps Current financial assets 9.3 - 87 - 87 Non-current financial assets oS - 2,099 - 2,099 Current financial liabilities 9.6 - (3) - (3) Non-current financial liabilities 9.6 - (4,380) - (4,380) : (2,197) : (2,197) There were no transfers between levels of fair value hierarchy during the years ended 30 June 2019 and 30 June 2018.
10. NON-FINANCIAL ASSETS AND LIABILITIES
This note provides information about the Group’s non-financial assets and liabilities including:
e Anoverview of all non-financial assets and liabilities held by the Group;
Specific information about each type of non-financial asset and non-financial liability; and
e¢
e = Information about determining the fair value of the non-financial assets and liabilities, including areas of judgement, estimates and other assumptions.
10.1. Inventories 2019 2018 $'000 $'000 Finished goods - at lower of cost and net realisable value 682 656 FINANCIAL STATEMENTS
10.2. Assets held for sale Current assets Opening balance at 1 July Item reclassified from freehold investment property Item reclassified to freehold investment property Disposals during the year Total assets held for sale Notes 10.4 10.4 2019 $'000 5,713 2,068 (5,713) (961) 1,107 2018 $'000 5,713 4,400 (4,400) 5,713 On 21 December 2018, the Group entered into an agreement for the divestment of a component of freehold investment property in Melbourne, Victoria for $1m. This has been included within fair value adjustments in the statement of profit or loss. This transaction settled on 15 January 2019.
On 28 June 2019, the Group entered into an agreement for the sale of commercial investment property in Dunedin, New Zealand for NZD $1.3m less cost of sale of NZD $0.1m (AUD $1.2m less cost of sale of $0.1m). This has resulted in an unrealised gain of NZD $1.2m (AUD $1.1m) on the asset’s carrying value. This has been included within fair value adjustments in the statement of profit or loss.
As at 1 July 2018, the Group held a contractual agreement for the sale of the land and buildings of the Croydon self-storage centre for $5.8m, less cost of sale of $0.1m. This resulted in this asset being classified as held for sale. Due to unforeseen circumstances outside of the Group's control this transaction did not proceed. At 30 June 2019 the asset has been classified as freehold investment property and is no longer held for sale.
10.3. Property, plant and equipment At cost Accumulated depreciation Total property, plant and equipment 2019 $'000 1,911 (1,055) 856 2018 $'000 1,708 (684) 1,024 Reconciliation of the carrying amounts of property, plant and equipment at the beginning and end of the current financial period is shown below: Plant and equipment Carrying amount at beginning of the year 1,024 P2297) Additions 233 154 Disposals (8) - Depreciation 6 (395) {357} Effect of movement in foreign exchange 2 (2) Carrying amount at end of the year 856 1,024 NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019 |
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What resulted in the change in the retail IPTV net subscriber activations in 2019? | data/downloaded_datasets/tatdqa/test/a8c11cade3237853c6a6869143f7ec37.pdf | BELL WIRELINE OPERATING METRICS
DATA
Retail high-speed Internet 2019 2018 CHANGE '% CHANGE Retail net activations") 135,861 116,599 19,262 16.5% Retail subscribers '1)!2) 3,555,601 3,410,374 145,227 4.3% (1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our Internet subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.
(2) At the beginning of QI 2019, our retail high-speed Internet subscriber base was increased by 9,366 subscribers due to the transfer of fixed wireless Internet subscribers from our wireless segment.
Retail high-speed Internet subscriber net activations grew by 16.5% in 2019, compared to last year, due to greater activations in our expanding Fixed WTTP and FTTP footprints, combined with higher pull- through from Alt TV, our application-based live TV service. This was offset in part by increased deactivations resulting from aggressive offers from cable competitors, coupled with a higher number of customers coming off promotional offers.
—_
Retail high-speed Internet subscribers totaled 3,555,601 at December 31, 2019, up 4.3% from the end of 2018. At the beginning of Q1 2019, our retail high-speed Internet subscriber base was increased by 9,366 subscribers due to the transfer of fixed wireless Internet subscribers from our wireless segment.
Retail TV 2019 2018 CHANGE % CHANGE Retail net subscriber activations (losses) !") 6,053 21,559 (15,506) (71.9%) IPTV 91,476 110,790 (19,314) (17.4%) Satellite (85,423) (89,231) 3,808 4.3% Total retail subscribers!" 2,772,464 2,766,411 6,053 0.2% IPTV 1,767,182 1,675,706 91,476 5.5% 1,005,282 1,090,705 (85,423) (7.8%) Satellite (1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our TV subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.
Retail IPTV net subscriber activations decreased by 17.4% in 2019, compared to last year, resulting from the impact of amaturing Fibe TV market, slower new service footprint growth and greater substitution of traditional TV services with OTT services, partly offset by higher Alt TV activations.
—_
Total retail TV net subscriber activations (IPTV and satellite TV combined) decreased by 71.9% in 2019, compared to last year, due to lower IPTV net activations, moderated by fewer satellite TV net losses.
Retail IPTV subscribers at December 31, 2019 totaled 1,767,182, up 5.5% from 1,675,706 subscribers reported at the end of 2018.
Retail satellite TV net customer losses improved by 4.3% compared to 2018, attributable to lower deactivations, reflecting a more mature subscriber base geographically better-suited for satellite TV service.
Retail satellite TV subscribers at December 31, 2019 totaled 1,005,282, down 7.8% from 1,090,705 subscribers at the end of last year.
Total retail TV subscribers (IPTV and satellite TV combined) at December 31, 2019 were 2,772,464, representing a 0.2% increase since the end of 2018.
VOICE 2019 2018 CHANGE ‘% CHANGE Retail residential NAS lines net losses") (263,325) (258,881) (4,444) (1.7%) Retail residential NAS lines") 2,697,483 2,960,808 (263,325) (8.9%) (1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our residential NAS subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability
Retail residential NAS net losses increased by 1.7% in 2019, compared to 2018, resulting from lower activations, driven bya market shift from three-product to two-product Internet and TV service bundles, which moderated in the second half of 2019, as well as ongoing substitution to wireless and Internet-based technologies. This was partially offset by Fewer customer deactivations, reflecting a reduced number of customers coming off promotional offers.
=
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Retail residential NAS subscribers at December 31, 2019 of 2,697,483 declined by 8.9%, compared to the end of 2018. This represented an increase compared to the 7.4% rate of erosion experienced in 2018, driven mainly by higher wireless and Internet- based technological substitution.
CE Inc. 2019 Annual Report
Bell Wireline
Business segment analysis
MDE&A
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data/downloaded_datasets/tatdqa/test/8c093d8f9c2a2e008f44a686480c2da6.pdf | Management Discussion International Business Machines Corporation and Subsidiary Companies
The debt used to fund Global Financing assets is composed of intercompany loans and external debt. Total debt changes generally correspond with the level of client and commercial financing receivables, the level of cash and cash equivalents, the change in intercompany and external payables and the change in intercompany investment from IBM. The terms of the intercompany loans are set by the company to substantially match the term, currency and interest rate variability underlying the financing receivable and are based on arm’s-length pricing. The Global Financing debt-to-equity ratio remained at 9 to 1 at December 31, 2019.
As previously stated, we measure Global Financing as a stand-alone entity, and accordingly, interest expense relating to debt supporting Global Financing’s external client and internal business is included in the “Global Financing Results of Operations” and in note D, “Segments.” In the Consolidated Income Statement, the external debt-related interest expense supporting Global Financing’s internal financing to IBM is reclassified from cost of financing to interest expense.
Equity
Total equity increased by $4,055 million from December 31, 2018 as a result of net income of $9,431 million, a decline in accumulated other comprehensive losses of $893 million primarily due to retirement-related benefits plans, and an increase in common stock of $745 million; partially offset by decreases from dividends of $5,707 million, and an increase in treasury stock of $1,342 million mainly due to share repurchases.
Cash Flow
Our cash flows from operating, investing and financing activities, as reflected in the Consolidated Statement of Cash Flows on page 71 are summarized in the table below. These amounts include the cash flows associated with the Global Financing business.
($ in millions) For the year ended December 31: 2019 2018 Net cash provided by/(used in) continuing operations Operating activities $14,770 $15,247 Investing activities (26,936) (4,913) Financing activities 9,042 (10,469) Effect of exchange rate changes on cash, cash equivalents and restricted cash (167) (495) Net change in cash, cash equivalents and restricted cash $ (3,290) $ (630) Net cash provided by operating activities decreased $477 million in 2019 driven by the following key factors:
+ Anincrease in cash income tax payments of $346 million;
+ Anincrease in interest payments on debt of approximately $300 million, driven by incremental debt used to fund the acquisition of Red Hat; and
+ Performance-related declines within net income, including lower operating cash flows due to businesses divested in 2019; partially offset by
+ Anincrease of $836 million in cash provided by financing receivables.
Net cash used in investing activities increased $22,023 million driven by:
+ Anincrease in net cash used for acquisitions of $32,491 million, primarily driven by the acquisition of Red Hat; offset by
+ Anincrease of $7,223 million in cash provided by net non-operating finance receivables primarily driven by the wind down of OEM IT commercial financing operations;
+ Adecrease in cash used for net capital expenditures of $1,346 million; and
+ Anincrease in cash provided by divestitures of $1,076 million.
Financing activities were a net source of cash of $9,042 million in 2019 compared to a net use of cash of $10,469 million in 2018. The year-to-year increase in cash flow of $19,512 million was driven by:
+ Anincrease in net cash sourced from debt transactions of $16,584 million primarily driven by net issuances to fund the Red Hat acquisition; and
+ Adecrease in cash used for gross common share repurchases of $3,082 million.
Global Financing Return on Equity Calculation
(Sin millions) At December 31: 2019 2018 Numerator Global Financing after-tax income™* $ 765 $1,065 Denominator Average Global Financing equity?** $2,968 $3,460 Global Financing return on equity® 25.8% 30.8% * Calculated based upon an estimated tax rate principally based on Global Financing’s geographic mix of earnings as IBM's provision for income taxes is determined on a consolidated basis.
“Average of the ending equity for Global Financing for the last five quarters. |
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data/downloaded_datasets/tatdqa/test/9985ab69a048818af7e91a45c09538a0.pdf | ITEM NO. 1 — ELECTION OF DIRECTORS
Director Compensation
2019 Compensation of Outside Directors Fees Earned or Paid in Stock All Other ETT) Cash Awards()(2) Compensation) Total Continuing Directors: Martha H. Bejar $120,000 $146,472 $ 4,000 $270,472 Virginia Boulet 130,000 146,472 —_— 276,472 Peter C. Brown 128,375 146,472 _— 274,847 Kevin P. Chilton 128,500 146,472 —_— 274,972 Steven T. Clontz 115,000 146,472 _ 261,472 T. Michael Glenn 121,000 146,472 —_— 267,472 W. Bruce Hanks 244,000 146,472 17,000 407,472 Michael J. Roberts 114,000 146,472 _— 260,472 Laurie A. Siegel 113,000 146,472 _ 259,472 Non-Returning Directors: (4) Mary L. Landrieu 113,000 146,472 _ 259,472 Harvey P. Perry 309,000 146,472 15,950 471,422 Glen F. Post, Ill 109,000 146,472 4,436 259,908 (1) For fiscal 2019, the Compensation Committee granted each outside director an award of restricted shares or restricted stock units valued at $165,000 based upon the volume-weighted average closing price of our Common Shares over a 15-day trading period ending prior to the May 22, 2019, grant date. However, as required by SEC rules, the dollar value reported in this column reflects the grant date fair value of that award based upon the closing stock price of our Common Shares on the grant date in accordance with FASB ASC Topic 718. These awards vest on May 22, 2020 (subject to accelerated vesting or forfeiture in certain limited circumstances). See “—Cash and Stock Payments.”
(2) As of December 31, 2019, Mr. Post held 365,221 unvested shares of restricted stock (consisting of 14,706 time-based and 350,515 performance-based shares, which will vest and pay out or be forfeited in accordance with their original performance conditions) and each of our other outside directors held 14,706 unvested shares of restricted stock or unvested RSUs deferred under the Non-Employee Director Deferred Compensation Plan (the “Deferred RSUs”), which constituted the only unvested equity-based awards held by our outside directors as of such date. For further information on our directors’ stock ownership, see “Ownership of Our Securities— Executive Officers and Directors,” and for information on certain deferred fee arrangements pertaining to Mr. Roberts, see “—Other Benefits.”
(3) Includes (i) reimbursements for the cost of annual physical examinations and related travel of $5,000 for each of Mr. Hanks and Ms. Landrieu, $3,950 for Mr. Perry and $4,436 for Mr. Post, (ii) the payments related to the attendance of the KPMG Conference of $6,000 for Messrs. Hanks and Perry, (iii) payments related to the attendance of the NACD Global Board Leaders’ Summit of $6,000 for each of Ms. Landrieu and Messrs. Hanks and Perry and the payments related to the attendance of the G100 Conference of $4,000 for each of Ms. Bejar and Mr. Chilton. Except as otherwise noted in the prior sentence, the table above does not reflect (i) reimbursements for travel expenses or (ii) any benefits associated with the directors or their family members participating in recreational activities scheduled during Board retreats or meetings (as described further under the heading “Compensation Discussion and Analysis—Our Compensation Program Objectives and Components of Pay—Other Benefits—Perquisites”).
(4) The terms of each of these directors will end immediately following the 2020 annual shareholders meeting.
Cash and Stock Payments
Cash Fees — Each outside director is paid an annual fee of $75,000 plus $2,000 for attending each regular Board meeting, special Board meeting (including each day of the Board’s annual planning session), committee meeting and separate director education program.
During 2019, Harvey P. Perry, in his capacity as the non-executive Chairman of the Board, received supplemental Board fees of $200,000 payable in cash. The Chairman’s duties are set forth principally in our Corporate Governance Guidelines. See “How Our Board is Organized—Board Leadership Structure.”
WZ aC CenturyLink:
2020 Proxy Statement | 25 S "” CenturyLink: |
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data/downloaded_datasets/tatdqa/test/bf323df09be1d8b4fbc8cc4df2936c92.pdf | GLOSSARY
ALTERNATIVE PERFORMANCE MEASURES
Net profit/(loss) for the year excluding impairment: Net profit excluding impairment is net profit less impairment and reversals of impairment generated from impairment testing during the year (Please refer to Note 8). The Company reports Net profit excluding impairment because we believe it provides additional meaningful information to investors regarding the operational performance excluding fluctuations in the valuation of fixed assets. USDm 2019 2018 2017 Reconciliation to net profit/(loss) for the year Net profit/(loss) for the year 166.0 -34.8 2.4 Reversal of impairment losses on tangible assets -120.0 - - Net profit/(loss) for the year excluding impairment 46.0 -34.8 2.4 Time Charter Equivalent (TCE) earnings: TORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives. The Company reports TCE earnings because we believe it provides additional meaningful information to investors in relation to revenue, the most directly comparable IFRS measure. TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Below is presented a reconciliation from Revenue to TCE earnings: USDm 2019 2018 2017 Reconciliation to revenue Revenue 692.6 635.4 657.0 Port expenses, bunkers and commissions -267.7 -283.0 -259.9 TCE earnings 424.9 352.4 397.1 TORM ANNUAL REPORT 2019
Gross profit: TORM defines Gross profit, a performance measure, as revenue less port expenses, bunkers and commissions, charter hire and operating expenses. The Company reports Gross profit because we believe it provides additional meaningful information to investors, as Gross profit measures the net earnings from shipping activities. Gross profit is calculated as follows: USDm 2019 2018 2017 Reconciliation to revenue Revenue 692.6 635.4 657.0 Port expenses, bunkers and commissions -267.7 -283.0 -259.9 Charter hire = “22 “8.5 Operating expenses -173.0 -180.4 -188.4 Gross profit 251.9 169.5 200.2 Net interest-bearing debt: Net interest-bearing debt is defined as borrowings (current and non- current) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company's investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows: USDm 2019 2018 2017 Borrowings 863.4 754.7 753.9 Loans receivables -4.6 2 & Cash and cash equivalents, including restricted cash -72.5 -127.4 -134.2 Net interest-bearing debt 786.3 627.3 619.7 GLOSSARY 162 |
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data/downloaded_datasets/tatdqa/test/7b7a7da25f8e700f45fe0bee80fab798.pdf | Amortization of Purchased Intangible Assets
The following table presents the amortization of purchased intangible assets (in millions): ears Ended July 27,2019 July 28,2018 July 29, 2017 .\mortization of purchased intangible assets: Cost of sales... 0... cence eee tenet e nee eee $ 624 §$ 640 $ 556 Operating expenses Amortization of purchased intangible assets... ........... 00000 c eee eee eee 150 221 259 Restructuring and other charges .......... 6.0.0 c cece eee eee eee ee —_ —_ 38 Total) suo x sss + oom « woo saoess way acans 7 eS Kame SH RINE B Sta © TONS Me THA 8 774 861 $ 853 The decrease in amortization of purchased intangible assets was due largely to the purchased intangible assets related to the divestiture of SPVSS business on October 28, 2018, partially offset by amortization from our recent acquisitions.
Restructuring and Other Charges
The following table presents the restructuring and other charges (in millions): Years Ended July 27,2019 July 28,2018 July 29, 2017 Restructuring and other charges included in operating expenses................45. $ 322 $ 358 $ 756 We initiated a restructuring plan during fiscal 2018 in order to realign our organization and enable further investment in key priority areas, with estimated pretax charges of $600 million. In connection with this restructuring plan, we incurred charges of $322 million during fiscal 2019, and have incurred cumulative charges of $430 million. We expect this restructuring plan to be substantially completed in the first half of fiscal 2020.
These charges were primarily cash-based and consisted of employee severance and other one-time termination benefits, and other associated costs. We expect to reinvest substantially all of the cost savings from these restructuring actions in our key priority areas. As a result, the overall cost savings from these restructuring actions are not expected to be material for future periods.
Operating Income
The following table presents our operating income and our operating income as a percentage of revenue (in millions, except percentages): Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Operating IncOME.... 66. eee e ene e eens $ 14,219 $ 12,309 $ 11,973 Operating income as a percentage of revenue ............ 0000. c eee eee 27.4% 25.0% 24.9% Operating income increased by 16%, and as a percentage of revenue operating income increased by 2.4 percentage points. These increases resulted primarily from: a revenue increase, a gross margin percentage increase, a benefit from the $400 million litigation settlement with Arista in the first quarter of fiscal 2019, and lower restructuring and other charges.
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data/downloaded_datasets/tatdqa/test/9e440f2455131c06a93fbda4b3356033.pdf | ITEM 3. LEGAL PROCEEDINGS
Reglan®/Metoclopramide Litigation
Halsey Drug Company, as predecessor to us, was named along with numerous other companies as a defendant in cases filed in three separate state coordinated litigations pending in Pennsylvania, New Jersey and California, respectively captioned In re: Reglan®/Metoclopramide Mass Tort Litigation, Philadelphia County Court of Common Pleas, January Term, 2010, No. 01997; In re: Reglan Litigation, Superior Court of New Jersey, Law Division, Atlantic County, Case No. 289, Master Docket No. ATL-L-3865-10; and Reglan/Metoclopramide Cases, Superior Court of California, San Francisco County, Judicial Council Coordination Proceeding No. 4631, Superior Court No.: CJC-10-004631. In addition, we were served with a similar complaint by two individual plaintiffs in Nebraska federal court, which plaintiffs voluntarily dismissed in December 2014. In this product liability litigation against numerous pharmaceutical product manufacturers and distributors, including Acura, plaintiffs claim injuries from their use of the Reglan brand of metoclopramide and generic metoclopramide.
of the plaintiffs in the lawsuits filed to date have confirmed that they ingested any of the generic metoclopramide manufactured by us. We discontinued manufacture and distribution of generic metoclopramide more than 20 years ago. All of these lawsuits have been effectively dismissed with the exception of less than ten pending Philadelphia cases that we expect will be finally dismissed without the need for any action by us. We expect that the Court will finally dismiss the small number of remaining Pennsylvania-based cases against us with prejudice by the end of the first quarter of 2020. Legal fees related to this matter have been covered by our insurance carrier. Based upon the current status and evaluation, we have not accrued for any potential loss related to these matters as of December 31, 2019.
ITEM 4. MINE SAFETY DISLCOSURES
Not Applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES EQUITY SECURITIES
Market and Market Prices of Common Stock
During 2016 fiscal year and through February 22, 2017, our common stock was traded on the Nasdaq Capital Market under the symbol “ACUR”. On February 23, 2017, our common stock was delisted from the Nasdaq Capital Market due to our failure to comply with Nasdaq’s Listing Rule 5550(b)(1), which requires that we maintain $2.5 million in stockholders’ equity for continued listing (or meet the alternatives of market value of listed securities of $35 million or net income from continuing operations). NASDAQ had granted us a grace period through February 10, 2017, to regain compliance with Listing Rule 5550(b)(1), but we were unable to regain compliance within such period.
Commencing on February 23, 2017, our common stock was quoted on the OTCQB under the symbol “ACUR”, however commencing June 4, 2018 and lasting until July 2, 2018 it was quoted on the OTC Markets OTC Pink tier. The downgrade was a result of the late filing of our 2017 Annual Report on Form 10-K beyond any applicable grace periods. The Company regained compliance with the OTCQB and effective July 3, 2018 it was quoted on the OTCQB. However, commencing May 20, 2019 as a result of late filing of our 2018 Annual Report on Form 10-K our common stock was again relegated to the OTC Markets OTC Pink tier. The Company regained compliance with the OTCQB in March, 2020 and effective March 23, 2020 it was quoted on the OTCQB.
Set forth below for the period indicated are the high and low sales prices for our common stock in the OTC Market of OTCQB and Pink tier. eriod Sales Prices High Low 019 Fiscal Year First Quarter 0.29 $ 0.11 Second Quarter 0.28 0.13 Third Quarter 0.45 0.14 Fourth Quarter 0.63 0.20 020 Fiscal Year 0.47 $ 0.12 First Quarter thru March 27, 2020 On March 27, 2020 the closing sales price of our common stock was $0.22.
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data/downloaded_datasets/tatdqa/test/a8c11cade3237853c6a6869143f7ec37.pdf | BELL WIRELINE OPERATING METRICS
DATA
Retail high-speed Internet 2019 2018 CHANGE '% CHANGE Retail net activations") 135,861 116,599 19,262 16.5% Retail subscribers '1)!2) 3,555,601 3,410,374 145,227 4.3% (1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our Internet subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.
(2) At the beginning of QI 2019, our retail high-speed Internet subscriber base was increased by 9,366 subscribers due to the transfer of fixed wireless Internet subscribers from our wireless segment.
Retail high-speed Internet subscriber net activations grew by 16.5% in 2019, compared to last year, due to greater activations in our expanding Fixed WTTP and FTTP footprints, combined with higher pull- through from Alt TV, our application-based live TV service. This was offset in part by increased deactivations resulting from aggressive offers from cable competitors, coupled with a higher number of customers coming off promotional offers.
—_
Retail high-speed Internet subscribers totaled 3,555,601 at December 31, 2019, up 4.3% from the end of 2018. At the beginning of Q1 2019, our retail high-speed Internet subscriber base was increased by 9,366 subscribers due to the transfer of fixed wireless Internet subscribers from our wireless segment.
Retail TV 2019 2018 CHANGE % CHANGE Retail net subscriber activations (losses) !") 6,053 21,559 (15,506) (71.9%) IPTV 91,476 110,790 (19,314) (17.4%) Satellite (85,423) (89,231) 3,808 4.3% Total retail subscribers!" 2,772,464 2,766,411 6,053 0.2% IPTV 1,767,182 1,675,706 91,476 5.5% 1,005,282 1,090,705 (85,423) (7.8%) Satellite (1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our TV subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.
Retail IPTV net subscriber activations decreased by 17.4% in 2019, compared to last year, resulting from the impact of amaturing Fibe TV market, slower new service footprint growth and greater substitution of traditional TV services with OTT services, partly offset by higher Alt TV activations.
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Total retail TV net subscriber activations (IPTV and satellite TV combined) decreased by 71.9% in 2019, compared to last year, due to lower IPTV net activations, moderated by fewer satellite TV net losses.
Retail IPTV subscribers at December 31, 2019 totaled 1,767,182, up 5.5% from 1,675,706 subscribers reported at the end of 2018.
Retail satellite TV net customer losses improved by 4.3% compared to 2018, attributable to lower deactivations, reflecting a more mature subscriber base geographically better-suited for satellite TV service.
Retail satellite TV subscribers at December 31, 2019 totaled 1,005,282, down 7.8% from 1,090,705 subscribers at the end of last year.
Total retail TV subscribers (IPTV and satellite TV combined) at December 31, 2019 were 2,772,464, representing a 0.2% increase since the end of 2018.
VOICE 2019 2018 CHANGE ‘% CHANGE Retail residential NAS lines net losses") (263,325) (258,881) (4,444) (1.7%) Retail residential NAS lines") 2,697,483 2,960,808 (263,325) (8.9%) (1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our residential NAS subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability
Retail residential NAS net losses increased by 1.7% in 2019, compared to 2018, resulting from lower activations, driven bya market shift from three-product to two-product Internet and TV service bundles, which moderated in the second half of 2019, as well as ongoing substitution to wireless and Internet-based technologies. This was partially offset by Fewer customer deactivations, reflecting a reduced number of customers coming off promotional offers.
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Retail residential NAS subscribers at December 31, 2019 of 2,697,483 declined by 8.9%, compared to the end of 2018. This represented an increase compared to the 7.4% rate of erosion experienced in 2018, driven mainly by higher wireless and Internet- based technological substitution.
CE Inc. 2019 Annual Report
Bell Wireline
Business segment analysis
MDE&A
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What does NEO stand for? | data/downloaded_datasets/tatdqa/test/0460e7ea49622c1702dc26530eda21b8.pdf | The following table presents each NEO’s base salary for FY19. NEO Gregory S. Clark ...............000. Nicholas R. Noviello................. Amy L. Cappellanti-Wolf Samir Kapuriall « . vne 0 02 a wma asa 1 aus Scott. C. Taylor sss sws ees sme ey ee wees FY18 Annual Salary ($) 1,000,000 650,000 440,000 390,000) 600,000 Change in Salary (%) 60,000) FY19 Annual Salary 1,000,000 650,000 440,000 450,000 600,000 (Mr. Kapuria was named an executive officer during FY19 and received a salary increase in connection with his promotion. His salary increased from $390,000 to $440,000 effective May 8, 2018.
a
As presented in the table above, our named executive officers did not receive an increase in annual base salary other than in connection with a promotion for Mr. Kapuria. Our former CEO determined that none of our other NEOs would receive base salary increase for FY19. In addition, our Board also determined that Mr. Clark would not receive a salary increase in FY19.
Il. Executive Annual Incentive Plan FY19 Annual Cash Incentive Awards Philosophy Target Amount Considerations Award Design Considerations Performance Conditio: + Establish appropriate short-term performance measures that the Compensation Committee believes will drive our future growth and profitability. + Reward achievement of short-term performance measures. * Payout tied to Company performance consistent with FY19 financial plan. * Offer market competitive incentive opportunities. * Factors used to determine target amounts included: (i) relevant market data; (ii) internal pay equity; and (iii) desired market position role of each NEO. « Non-GAAP Operating Income and Non-GAAP Revenue were the financial metrics selected because we believe: (i) they strongly correlate with stockholder value creation, are transparent to investors and are calculated on the same basis as described in our quarterly earnings releases and supplemental materials, and balance growth and profitability, and (ii) our executive team can have a direct impact on these metrics through skillful management and oversight. * Metrics established based on a range of inputs, including external market economic conditions, growth outlooks for our product portfolio, the competitive environment, our internal budgets and market expectations. + Non-GAAP Operatin Income Metric (50% weighing). Non-GAA Operating Income is defined as GAAP operating income, adjusted, as applica to exclude, among c things, stock-based compensation exper charges related to tl amortization of intar assets, restructuring separation, transitior and other related expenses and contr liabilities fair value adjustment, calculat under 2019 plan exchange rates + Non-GAAP Revenue Metric (50% weighin Non-GAAP Revenue defined as GAAP revenue adjusted to exclude contract liabilities fair value adjustment calculate under 2019 plan exchange rates. other
the intangible
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data/downloaded_datasets/tatdqa/test/1bcc157b8f0fb5225f4f574489e4c8a1.pdf | RiceBran Technologies Notes to Consolidated Financial Statements
The purchase price for Golden Ridge was subject to adjustment if the estimated working capital with respect to the assets purchased and the liabilities assumed at the time of closing was different than the actual closing working capital, as defined in the purchase agreement. We revised our preliminary estimate of the working capital adjustment as indicated in the table below. The following table summarizes the purchase price allocation as of closing and as revised (in thousands, except share and per share amounts). 1,666,667 shares of common stock, at fair value of $3.00 per share at closing Golden Ridge financial liabilities paid for the seller Cash Note payable to seller Working capital adjustment to purchase price Total fair value of consideration transferred Cash Accounts receivable Inventories Property and equipment Accounts payable Commodities payable Accrued liabilities Lease liabilities Equipment notes payable Net recognized amounts of identifiable assets acquired and liabilities assumed Goodwill Estimated at Acquisition and as of Final as of December 31, 2018 Adjustments December 31, 2019 $ 5,000 $ = $ 5,000 2,661 - 2,661 250 - 250 609 - 609 (1,147) 584 (563) 7,373 584 7,957 409 (63) 346 1,587 87 1,674 103 - 103 5,092 - 5,092 (222) 110 (112) (2,559) 432 (2,127) (12) 12 - (104) - (104) 99) 6 93) 4,195 584 4,779 $ 3,178 $ ei $ 3,178 The 1,666,667 shares issued at closing of our purchase of Golden Ridge included 380,952 shares that were deposited in an escrow account to be used to satisfy any indemnification obligations of the seller that may arise. As of December 31, 2018, the 380,952 shares remained in escrow. In July 2019, we reached an agreement to settle the $0.6 million working capital adjustment receivable and other claims with the sellers of Golden Ridge. As a result, (i) 340,000 shares of common stock held in the escrow account ($1.0 million fair value as of both the settlement date and the November 28, 2018, acquisition date) were returned to us and retired, (ii) the remaining $0.4 million note payable we owed to a seller was cancelled and (iii) certain open grain purchase contracts with entities related to a seller were terminated. We recorded a gain on the noncash settlement of $0.8 million in the third quarter of 2019, which is included in other income. In connection with the foregoing, a settlement agreement was entered into among the parties. All shares of common stock were distributed and the escrow agreement was terminated.
The fair value of trade receivables for Golden Ridge at acquisition was $1.6 million, which was $0.1 million less than the value of gross trade receivables. Goodwill was primarily attributed to intangible assets that do not qualify for separate recognition and synergies generated by Golden Ridge’s integration with our other operations. Between December 31, 2018, and June 30, 2019, information was discovered requiring adjustments to the opening balance sheet of Golden Ridge. The adjustments resulted primarily from an overstatement of the opening balances of commodities payable and accounts payable at December 31, 2018. These balances were adjusted in the June 30, 2019, financial statements. The impact of the adjustments to our prior period financial statements is not considered significant. No additional adjustments have been made to the opening balances after June 30, 2019.
Our revenues for 2019 and 2018 includes $7.6 million and $0.9 million related to the acquired Golden Ridge business. Our net loss for 2019 and 2018 includes $2.8 million and $0.2 million, respectively, related to the acquired Golden Ridge business. The following table provides unaudited pro forma information for 2018 as if the acquisition had occurred January 1, 2017. =venues (in thousands) $ 30,289 »ss from continuing operations (in thousands) $ (10,601) ss per share - continuing operations $ (0.45) ‘eighted average number of common shares outstanding - basic and diluted 23,615,131 No adjustments have been made in the pro forma information for synergies that are resulting or planned from the Golden Ridge acquisition. The unaudited proforma information is not indicative of the results that may have been achieved had the companies been combined as of January 1, 2017, or of our future operating results.
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What is the allocation of goodwill to the appropriate CGU based on? | data/downloaded_datasets/tatdqa/test/44c02185b3d5e6f0a91d9517fd7cdbb6.pdf | Other intangibles include customer relationships, technology, trade names, trademarks and non-compete agreements. Intangible assets which have a finite useful life are carried at cost less accumulated amortisation. Amortisation of these intangible assets is calculated using the straight-line method to allocate the cost of the assets over their estimated useful lives (three to fifteen years). The longest estimated useful life remaining at 31 March 2019 is five years.
For the year to 31 March 2019, the amortisation charge of £4.0m (2018: £4.1m) has been charged to administrative expenses in the income statement. At 31 March 2019, £0.1m (2018: £0.1m) of software and website development costs represented assets under construction. Amortisation of these assets will commence when they are brought into use.
In accordance with International Financial Reporting Standards, goodwillis not amortised, but instead is tested annually for impairment, or more frequently if there are indicators of impairment. Goodwillis carried at cost less accumulated impairment losses.
Impairment test for goodwill
Goodwillis allocated to the appropriate cash-generating unit (‘CGU') based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of the CGU is determined from value-in-use calculations that use cash flow projections from the latest three-year plan. The carrying value of CGUs is the sum of goodwill, property, plant and equipment and intangibles andis as follows: (Restated) 2019 2018 £m £m Digital 327.6 342.6 Webzone 6.6 69 Total 334.2 349.5 Income and costs within the budget are derived ona detailed ‘bottom up’ basis - allincome streams and cost lines are considered and appropriate growth, or decline, rates are assumed. Income and cost growth forecasts are risk adjusted to reflect specific risks facing each CGU and take into account the markets in which they operate. Key assumptions include revenue growth rates, associated levels of marketing support and directly associated overheads. Allassumptions are based on past performance and management's expectation of market development. Cash flows beyond the budgeted period are extrapolated using the estimated growth rate stated into perpetuity whichis consistent with industry reports. Other than as includedin the financial budgets, itis assumed that there are no material adverse changes in legislation that would affect the forecast cash flows.
The pre-tax discount rate used within the recoverable amount calculations was 8.5% (2018: 8.0%) andis based upon the weighted average cost of capital reflecting specific principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta factor reflecting the average beta for the Group and comparator companies which are used in deriving the cost of equity.
The same discount rate has been applied to both CGUs as the principal risks and uncertainties associated with the Group, as highlighted on pages 30 to 33, would also impact each CGU ina similar manner. The Board acknowledges that there are additional factors that couldimpact the risk profile of each CGU, which have been considered by way of sensitivity analysis performed as part of the annualimpairment tests.
Key drivers to future growth rates are dependent on the Group's ability to maintain and grow income streams whilst effectively managing operating costs. The level of headroom may changeif different growth rate assumptions or a different pre-tax discount rate were used in the cash flow projections. Where the value-in-use calculations suggest an impairment, the Board would consider alternative use values prior to realising any impairment, being the fair value less costs to dispose.
The key assumptions used for value-in-use calculations are as follows: 2019 2018 Annual growth rate (after plan period) 3.0% 3.0% Risk free rate of return 3.0% 3.0% Market risk premium 5.0% 4.9% Beta factor 0.83 0.79 Cost of debt 3.3% 3.3% Having completed the 2019 impairment review, no impairment has been recognised in relation to the CGUs (2018: no impairment). Sensitivity analysis has been performed in assessing the recoverable amounts of goodwill. There are no changes to the key assumptions of growth rate or discount rate that are considered by the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to the CGUs.
Auto Trader Group ple Annual Report and FinancialStatements 2019 | 107
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How does the company grow their community of users? | data/downloaded_datasets/tatdqa/test/09b859c31ad70ef8eaf63b92734256e1.pdf | Table of Contents Year Ended December 31, 2019 2018 2017 (in thousands) Revenue $ 1,434,788 $ 1,511,983 $ 1,615,519 Net loss $ (20,711) $ (185,829) $ (277,192) Key Business Metrics
In addition to the measures presented in our consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions. For the rear Ended or As of December 31, 2019 2018 2017 (in thousands) Devices sold 15,988 13,939 15,343 Active users 29,566 27,627 25,367 Adjusted EBITDA $ (128,333) $ (31,361) $ (52,158) Free cash flow $ (193,363) $ 60,327 $ (24,919) Devices Sold
Devices sold represents the number of wearable devices that are sold during a period, net of expected returns. Devices sold does not include sales of accessories. Growth rates between devices sold and revenue are not necessarily correlated because our revenue is affected by other variables, such as the types of products sold during the period, the introduction of new product offerings with differing U.S. manufacturer’s suggested retail prices, or MSRPs, and sales of accessories and premium services.
Active Users
We grow our community of users through device sales and investment in software to drive engagement. We define an active user as a registered Fitbit user who, within the three months prior to the date of measurement, has (a) an active Fitbit Premium or Fitbit Coach subscription, (b) paired a wearable device or Aria scale with his or her Fitbit account, or (c) logged at least 100 steps with a wearable device or a weight measurement using an Aria scale. Active users can be new users who joined the community during the past 90 days, existing users who have remained active, or previously active users who were inactive for 90 days or greater, if they meet the preceding definition of an active user. The active user number excludes users who have downloaded our mobile apps without purchasing any of our wearable devices and users who have downloaded free versions of Fitbit Coach but are not subscribers to its paid premium offerings.
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data/downloaded_datasets/tatdqa/test/56ea088b0ceec7938d4c2131cf86235d.pdf | Table of Contents
BLACK KNIGHT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Estimated Useful Lives of Computer Software and Other Intangible Assets Acquired
As of the acquisition date, the gross carrying value and weighted average estimated useful lives of Computer software and Other intangible assets acquired during the year ended December 31, 2019 consisted of the following (dollars in millions): Computer software Other intangible assets: Client relationships Trade names Non-compete agreements Other intangible assets Total gross carrying value $ Gross carrying value 9.4 19)1 1.4 0.9 21.4 30.8 Weighted average estimated life (in years) 5 10 3 5 2018 Acquisitions
HeavyWater
On May 31, 2018, we completed our acquisition of Heavy Water, Inc. ("Heavy Water"), a provider of artificial intelligence and machine learning to the financial services industry. HeavyWater's AIVA™ solution reads, comprehends and draws conclusions based on context to mimic cognitive thinking and build expertise over time. HeavyWater's AIVA™ solution is being integrated into our premier solutions and allows clients to deploy artificial intelligence and machine learning within other parts of their organizations to help enhance efficiency, effectiveness and accuracy.
Ernst
On November 6, 2018, we completed the acquisition of Ernst Publishing Co., LLC and two related entities (collectively, "Ernst"), a provider of technology and closing cost data for the real estate and mortgage industries. Ernst's capabilities are being integrated into our premier suite of origination solutions and augment our existing fee engine to create a unified access point for all fee-related needs.
Total consideration paid, net of cash received, was $43.4 million for 100% of the equity interests in Heavy Water and Ernst. Additionally, we incurred direct transaction costs of $0.1 million for the year ended December 31, 2018 that are included in Transition and integration costs on the Consolidated Statements of Earnings and Comprehensive Earnings.
(4) Investments in Unconsolidated Affiliates
On August 8, 2018, an investment consortium (the “Consortium’”) including Cannae Holdings, Inc. (“Cannae”), CC Capital Partners LLC, Bilcar, LLC and funds associated with THL along with other investors entered into equity commitments in connection with the acquisition of The Dun & Bradstreet Corporation, a Delaware corporation ("D&B"). Contemporaneously, D&B entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among D&B, Star Parent, L.P., a Delaware limited partnership ("Star Parent"), and Star Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Star Parent, pursuant to which, through a series of transactions, D&B would be a wholly-owned subsidiary of Star Parent (the "D&B Acquisition").
On January 24, 2019, we entered into an Assignment and Investment Agreement as part of the Consortium.
On February 8, 2019, the Consortium completed the D&B Acquisition for $145.00 in cash for each share of D&B common stock then outstanding, which included our $375.0 million investment in Star Parent (the "February 2019 D&B Investment") funded through a borrowing on our revolving credit facility. In connection with the closing, we were issued certain limited partner interests in Star Parent, representing approximately 18.1% of the outstanding common equity of Star Parent.
On July 1, 2019, we invested an additional $17.6 million in Star Parent (together with the February 2019 D&B Investment, collectively, the “D&B Investment”) in exchange for our pro-rata share of additional limited partner interests issued by Star Parent related to D&B's acquisition of Lattice Engines, Inc.
D&B is a global leader in commercial data and analytics that provides various services helping companies improve their operational performance.
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data/downloaded_datasets/tatdqa/test/2145fa4a784df129c0fcf87f7542d442.pdf | 3. EARNINGS PER SHARE:
Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards. For Fiscal Years 2019 2018 Basic Basic Weighted average common shares outstanding 597,961 660,925 Net income available to common shareholders $ 3,202,943 $ 3,614,610 Net earnings per share available to common shareholders $ 5.36 $ 5.47 For Fiscal Years 2019 2018 Diluted Diluted Weighted average common shares outstanding 597,961 660,925 Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock(1) 11,875 11,524 Weighted average number of shares outstanding 609,836 672,449 Net income available to common shareholders $ 3,202,943 $ 3,614,610 on25 Net earnings per share available to common shareholders $ (1) Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive.
4. PROPERTY AND EQUIPMENT, NET:
Property and equipment at September 2019 and September 2018 consisted of the following: Land Buildings and improvements Warehouse equipment Furniture, fixtures and leasehold improvements Vehicles Construction in progress Less accumulated depreciation and amortization: Owned property and equipment 2019 $ 773,068 12,574,893 15,011,605 13,155,606 3,687,901 617,881 45,820,954 (28,165,539) $ 17,655,415 2018 $ 773,068 12,206,908 13,424,236 12,018,984 3,229,551 743,278 42,396,025 (26,627,541) $ 15,768,484 |
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data/downloaded_datasets/tatdqa/test/b740f4b8c87374783fc0c349a12fe3f5.pdf | 34 SOPHOS Cybersecurity evolved
FINANCIAL REVIEW continue
Adjusted operating profit
Adjusted operating profit increased by $50.7 million to $109.0 million in the period, resulting from strong revenue growth and benefiting from a small foreign exchange gain partially offset by increased sales and marketing expenditure. The reconciliation of adjusted operating profit to operating loss is included in note 5 of the Financial Statements.
Operating profit
Operating profit was $60.9 million in the period, compared to aloss of $19.7 million in the comparative period which represents an improvement of $80.6 million. This was principally driven by strong growth in revenue, a foreign exchange gain in the period, compared to a loss in the comparative period, a decrease in the amortisation charge, and an exceptional credit compared to an exceptional loss in the comparative period. These gains were partially offset by an increase in overheads including Sales and Marketing costs.
Net finance costs
et finance costs decreased by $14.0 million to $7.3 million in the period, due mainly to foreign exchange gains on euro denominated debt following the strengthening of the US dollar in the period, resulting in a $6.4 million gain compared to a$9.6 million loss in the prior-year. Interest on uncertain tax positions increased by $2.6 million to $3.5 million due to the switch in the period of the overall tax balance from deferred tax to current tax, interest only being accrued on the latter balance.
Income tax
The Group's tax charge for the year was $26.7 million (FY18: $19.9 million) with an effective tax rate of 49.8 per cent (FY18: 48.5 per cent). The tax charge is higher than the prior-period primarily due to the Group generating a profit, compared with a loss in the comparative period
Profit before tax and profit for the period
The profit before tax increased by $94.6 million to $53.6 million from a loss of $41.0 million in the prior-year, whilst the Group's profit for the year-ended 31 March 2019 increased by $87.8 million to $26.9 million from a loss of $60.9 million in the prior-year. This is as a result of strong revenue growth supported by increased Sales and Marketing spend and the benefit of a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year combined with a slightly higher tax charge as explained above.
Cash flow
Net cash flow from operating activities decreased by $4.8 million to $142.9 million from $1477 million in the prior period. The small overall decrease was due to a $9.9 million reduction in the cashflow outflow on exceptional items, a $7.0 million improved use of working capital within the business, both being offset by an increase in overheads, primarily in relation to Sales and Marketing expenses
Unlevered free cashflow decreased by $15.8 million to $123.8 million from $139.6 million in the prior-period representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items. FYLS $M $m Cash EBITDA? 167.9 199.2 Net deferral of revenue (49.7, (129.6 Net deferral of expenses OS 8.4 Foreign exchange mS (8.1 Depreciation (11.6. O16 Adjusted operating profit 109.0 58.3 Net deferral of revenue 49.7 129.6 Net deferral of expenses (0.9) (8.4 Exceptional items? (3.4: (13.0. Depreciation 11.6 11.6 Foreign exchange [2S 81 Change in working capital * (6.2 (12.2 Corporation tax paid @ (16.7 (26.3 Net cash flow from operating activities 142.9 147.7 Exceptional items * aa 13.0 Net capital expenditure * (22.2 (21.4, Unlevered free cash flow 123.8 139.6 1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme (RDEC’} and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements
2 Unlevered free cash flow is also represented by the sum of the marked rows and has been presented to enhance understanding of the Group's cash generation capability
3 Excludes non-cash movements on exceptional items |
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data/downloaded_datasets/tatdqa/test/78442b3ac80feaa89e377fd7f73c1c2b.pdf | Significant components of Teradyne’s deferred tax assets (liabilities) as of December 31, were as follows: 2019 and 2018 “Vio (in thousands) eferred tax assets Tax credits 2... ect tenet eee b beeen eens $ 79,480 Accruals... 06 ncn tn ne teen ened eet een e teens 25,424 Pension liabilities 2.0.0.0... cent nent n eee ene 24,459 Inventory valuations ..... 0.0... eee eee teens 18,572 Deferred revenue .... 0... cc teen ene e ete ene n ene 7,622 Equity compensation ... 0... 0... ccc ee tee eee eee 7,042 Vacation accrual 2... 6... cnet eee etn eee 4,768 Investment impairment ....... 0... eee eee eee 3,292 Net operating loss carryforwards ......... 0.0.00 cece eee eee 2,705 Marketable securities 2.2.0.0... cence teen eee —_— Other 0... een nnn eet e bbe t teen eens 1,472 ross deferred tax assetS .. 0.6... cece ete b beet b eee e eee 174,836 oss: valuation allowance 2.6.2... eee tebe tbe teens (77,177) Stal deferred Tak BSSEIS a ees sew g BOR e ORK Y MOE RWOR HSS | POA & NOK F GOR RWOR EER Gg PE $ 97,659 eferred tax liabilities: Depreciation 2.0.0... 66. e ebb tebe ent tenes $ (18,238) Intangible assets 0... 0.2 eee eee eee (16,705) Marketable securities 2.0... 0... eee eee eee (1,601) ptal: deferred taxclabilities: cess econ sacs sco x mews eames Hews wwe & Ham va BaMEOE EMerE s Mew $ (36,544) Stceferted ASS6S ws = way 6.45.8 HERS HOS 2 EDS FERS BREE NGS F BEE FG 2G DERE BSS EES $ 61,115 $ 69,091 23,446 20,82¢ 18,514 9,13( 7,19 4,77: 3,658 962 685 158,277 (69,852 $ 88,425 $ (14,028 (24,211 $ 50,186 As of December 31, 2019 and 2018, Teradyne evaluated the likelihood that it would realize deferred income taxes to offset future taxable income and concluded that it is more likely than not that a substantial majority of its deferred tax assets will be realized through consideration of both the positive and negative evidence. At December 31, 2019 and 2018, Teradyne maintained a valuation allowance for certain deferred tax assets of $77.2 million and $69.9 million, respectively, primarily related to state net operating losses and state tax credit carryforwards, due to the uncertainty regarding their realization. Adjustments could be required in the future if Teradyne estimates that the amount of deferred tax assets to be realized is more or less than the net amount recorded.
At December 31, 2019, Teradyne had operating loss carryforwards that expire in the following years: State Federal Foreign Operating Loss Operating Loss Operating Los: Carryforwards Carryforwards Carryforwards (in thousands) 2020) is « wees ¢ wae gases soy mee 7 OR + HAE He ce BR ¥ WF TR Oe $ 269 $ — $ — 201 u a wan o Hom V4 BeOR BWR A ORE 5 We PORE SeteR Bw>E & How 4 ame oe 2,141 _— _ 2022) « s wee © Sem GE HELE HS F ESE BGG BSR ER BOS FES 2 RS 4,934 _— — 2023 oe eee eee nee een ees 4,342 _— _— 2024 Loe eee eee ene 1,498 — — DQO2ZS22029) x cis saree ermevce sess © wars & ers wrens sitio’ snes 3 Saaw @ eon Te 71,673 _— _— 203022084. «sas gies samy wae ¥ See F HaK HO SOT RWS o OEY FOR Os 4,329 — 15 Beyond2034 ca ras wows owe 4 oe 5 Bee POE HOw! E OOS Ka FBR 2,185 554 74 NOREXDIEIGE <q scx eae. & eR FOE 2 SEG GE HGS BER 8 RG Ge 1/357 _— 4,207 Total: 3s sews « aeses veswore seein vest 3 sum v aes Bore sHeNEOR BAER & Gea WRENN Ae $28,728 $ 554 $4,296 |
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf | Table of Contents
LIQUIDITY AND CAPITAL RESOURCES
This data should be read in conjunction with our Consolidated Statements of Cash Flows. (in millions) Cash and cash equivalents Short-term investments Working capital Stockholders’ equity As of November 29, 2019 November 30, 2018 $3 26502 $ 1,642.8 $ 1,526.8 $ 1,586.2 $ (1,696.0) $ 555.9 $ 10,530.2 $ 9,362.1 Working Capital
Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates.
A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards.
Cash Flows from Operating Activities
For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets.
Cash Flows from Investing Activities
For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions.
Cash Flows from Financing Activities
For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below.
We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business.
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data/downloaded_datasets/tatdqa/test/e0e0f21500e31cabc36158bb0c05826a.pdf | Note 12 Restructuring Activities
For the year ended December 31, 2019, the Company incurred $41.9 million of restructuring charges and $60.3 million of other related costs for our restructuring program. These charges were primarily a result of restructuring and associated costs in connection with the Company’s Reinvent SEE strategy.
Our restructuring program (‘‘Program’’) is defined as the initiatives associated with our Reinvent SEE strategy in addition to the conclusion of our previously existing restructuring programs at the time of Reinvent SEE's approval. Reinvent SEE is a three-year program approved by the Board of Directors in December 2018. The expected spend in the previously existing program at the time of Reinvent SEE's approval was primarily related to elimination of stranded costs following the sale of Diversey. The Company expects restructuring activities to be completed by the end of 2021.
The Board of Directors has approved cumulative restructuring spend of $840 to $885 million for the Program. Restructuring spend is estimated to be incurred as follows: Total Restructuring Less Cumulative Remaining Restructuring (in millions) Program Range Spend to Date Spend” Low High Low High Costs of reduction in headcount as a result of reorganization $ 355 $ 370 $ (325) $ 30 $ 45 Other expenses associated with the Program 230 245 (196) 34 49 Total expense 585 615 (521) 64 94 Capital expenditures 255 270 (239) 16 31 Total estimated cash cost“) $ 840 $ 885 $ (760) $ 80 $ 125 @ Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.
@) Remaining restructuring spend primarily consists of restructuring costs associated with the Company’s Reinvent SEE strategy.
Additionally, the Company anticipates approximately $6.0 million restructuring spend related to recent acquisitions, of which $2.3 million was incurred as of December 31, 2019. The Company expects the remainder of the anticipated spend to be incurred in 2020. See Note 5, "Discontinued Operations, Divestitures and Acquisitions," to the Notes to Consolidated Financial Statements for additional information related to our acquisitions.
The following table details our restructuring activities as reflected in the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017: (In millions) Continuing operations: Other associated costs Restructuring charges Total charges from continuing operations Charges included in discontinued operations Total charges Capital expenditures Year Ended December 31, 2019 2018 2017 60.3 $ 13.9 $ 143 41.9 478 12.1 102.2 61.7 26.4 _ _ 24 102.2 $ 61.7 $ 28.8 34 $ 1.0 $ 213 ay Other associated costs excludes non-cash cost of $1.9 million for the year ended December 31, 2018 related to share- based compensation expense.
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf | Table of Contents
Index to Financial Statements
On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .
Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Dollars in millions) Eee 2019 Percent Change Actual Constant 2018 Restructuring expenses 443 -25% -22% § 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans .
Interest Expense: Year Ended May 31, Percent Change {Dollars in millions) 2019 Actual Constant 2018 Interest expense 3% 3% $ Interest expense increased in fiscal 2019 compared to fiscal 2018 primarily due to higher average borrowings resulting from our issuance of $10.0 billion of senior notes in November 2017, which was partially offset by a reduction in interest expense resulting primarily from the maturities and repayments of $2.0 billion of senior notes during fiscal 2019 and $6.0 billion of senior notes during fiscal 2018.
Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 |
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data/downloaded_datasets/tatdqa/test/7618a93f40fbba431a7543cb1587330e.pdf | 12. ACCRUED LIABILITIES All figures in USD ‘000 Accrued Interest Accrued Expenses Settlement Deferred Compensation Liabilities Total as of December 31, 2019 163 11,569 3,830 15,562 2018 1,598 7,362 8,960 The settlement of the deferred compensation liabilities includes the settlement with our former CFO and Executive Vice President that is payable within March 31, 2020 and payroll taxes related to this settlement and the settlement of the Executive Pension Plan with our Chairman, President & CEO. We refer to note 7 for further information.
13. EARNINGS (LOSS) PER SHARE
Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. All figures in USD e. pt number of shares and earnings (loss) per common share Numerator: Net Loss Denominator: Basic - Weighted Average Common Shares Outstanding Dilutive - Weighted Average Common Shares Outstanding Loss per Common Share: Basic Diluted 2019 (10,352) 142,571,361 142,571,361 (0.07) (0.07) 2018 (95,306) 141,969,666 141,969,666 (067) (0.67) 2017 (204,969) 103,832,680 103,832,680 (1.97) (1.97) On March 29, 2019, the Company launched an ATM program of our common shares for up to $40.0 million. The Company has issued 5,260,968 shares with net proceeds of $17.9 million under its At-the-Market as of December 31, 2019. The Company has not issued any shares subsequent to the balance sheet date.
The remaining available proceeds through the offering is $21.4 million as of the date of this report. Based on the share price of the Company of $3.47 per share as of April 3, 2020 it would have resulted in 6,173,500 new shares being issued, if fully utilizing the remaining balance available through the ATM.
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data/downloaded_datasets/tatdqa/test/0ee5b7131ba575a722b6142108145dfd.pdf | Employee Stock Purchase Plan
Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions): Year Ended April 26, 2019 April 27, 2018 April 28, 2017 hares issued under the ESPP 5 4 4 roceeds from issuance of shares $ 9 §$ 85 6§ 80 Stock-Based Compensation Expense
Stock-based compensation expense is included in the consolidated statements of operations as follows (in millions): Year Ended April 26, 2019 April 27, 2018 April 28, 2017 ‘ost of product revenues $ 4 $ 3 $ 4 ‘ost of hardware maintenance and other services revenues 10 10 13 ales and marketing 67 68 84 esearch and development 48 49 59 reneral and administrative 29 31 3D) Total stock-based compensation expense $ 158 $ 161 $ 195 F a = Income tax benefit for stock-based compensation $ 1S 29 As of April 26, 2019, total unrecognized compensation expense related to our equity awards was $285 million, which is expected be recognized on a straight-line basis over a weighted-average remaining service period of 2.1 years.
to
Valuation Assumptions
The valuation of RSUs and ESPP purchase rights and the underlying weighted-average assumptions are summarized as follows: Year Ended April 26, 2019 April 27, 2018 April 28, 2017 .SUs: Risk-free interest rate 2.6% 1.4% 1.0° Expected dividend yield 24% 2.0% 3:18 Weighted-average fair value per share granted $ 63.40 $ 39.74 $ 24.99 iSPP: Expected term in years il 12 1.2 Risk-free interest rate 2.6% 1.4% 0.8° Expected volatility 31% 28% 30° Expected dividend yield 24% 2.0% 3:18 Weighted-average fair value per right granted $ 18.07 $ 12.34 §$ 7.85 Stock Repurchase Program
As of April 26, 2019, our Board of Directors has authorized the repurchase of up to $13.6 billion of our common stock under our stock repurchase program . Under this program, which we may suspend or discontinue at any time, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management.
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data/downloaded_datasets/tatdqa/test/f377d3e49270744c5c7e960acdcef404.pdf | Table of Contents
Cost of Net Revenue and Gross Profit Cost of net revenue % of net revenue Gross profit % of net revenue Year Ended December 31, % Change 2019 2018 2019 (dollars in thousands) 149,495 § 176,223 (15)% 47% 46% 167,685 208,774 (20)% 53% 54% Cost of net revenue decreased $26.7 million to $149.5 million for the year ended December 31, 2019, as compared to $176.2 million for the year ended December 31, 2018. The decrease was primarily driven by lower sales. Thedecrease in gross profit percentage for theyear ended December 31, 2019, as compared to the year ended December 31, 2018, was due to lower revenue and product mix.
We currently expect that gross profit percentage will fluctuate in the future, from period-to-period, based on changes in product mix, average selling prices, and average manufacturing costs.
Research and Development Research and development % of net revenue Year Ended December 31, % Change 2019 2018 2019 (dollars in thousands) 98344 § 120,046 (18)% 31% 31% Research and development expense decreased $21.7 million to $98.3 million for the year ended December 31, 2019 from $120.0 million in the year ended December 31, 2018. The decrease was primarily due to decreases in payroll-related expenses of $11.8 million due to lower headcount, prototype expenses of $3.9 million due to timing of projects, depreciation expense of $2.6 million as a result of certain machinery and equipment reaching the end of their useful lives, occupancy expenses of $2.1 million from terminated leases, outside services of $0.6 million, and travel-related expenses of $0.4 million.
We expect our research and development expenses to increase in the future as we continue to focus on expanding our product portfolio and enhancing existing products.
Selling, General and Administrative Selling, general and administrative % of net revenue Year Ended December 31, % Change 2019 2018 2019 (dollars in thousands) 88,762 $ 101,789 (13)% 28% 26% Selling, general and administrative expense decreased $13.0 million to $88.8 million for the year ended December 31, 2019, as compared to $101.8 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in intangible asset amortization of $8.9 million as certain assets reached the end of their useful lives, as well as decreases in payroll-related expense of $1.7 million due to lower headcount, professional fees of $1.3 million, outside services of $0.5 million, and travel-related expenses of $0.3 million.
We expect selling, general and administrative expenses to remain relatively flat in the near-term; however, our expenses may increase in the future as we expand our sales and marketing organization to enable market expansion.
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data/downloaded_datasets/tatdqa/test/293279f81a05c9d75adf2cc2ef06ec35.pdf | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
(“AOCL”) in the consolidated balance sheets and included as a component of Comprehensive income in the consolidated statements of comprehensive income.
Gains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income.
The Company recorded the following net foreign currency losses: Year Ended December 31, 2019 2018 2017 Foreign currency losses recorded in AOCL S$ 458 $ 385.8 §$ 51.6 Foreign currency (gains) losses recorded in Other expense (6.1) 4.5 (26.4 Total foreign currency losses $ 39.7 $§$ 390.3 $ 2, Cash and Cash Equivalents—Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high-quality financial institutions and monitors the credit ratings of those institutions.
Restricted Cash—Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions.
The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows: Year Ended December 31, 2019 2018 2017 Cash and cash equivalents $ 1,501.2 $ 1,208.7 $ 802.1 Restricted cash 76.8 96.2 152.8 Total cash, cash equivalents and restricted cash $ 1,578.0 $ 1,304.9 $ 954.9 Property and Equipment—Property and equipment is recorded at cost or, in the case of acquired properties, at estimated fair value on the date acquired. Cost for self-constructed towers includes direct materials and labor, capitalized interest and certain indirect costs associated with construction of the tower, such as transportation costs, employee benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction period, which is the period during which costs are incurred to evaluate the site, and continues to capitalize costs until the tower is substantially completed and ready for occupancy by a tenant. Labor and related costs capitalized for the years ended December 31, 2019, 2018 and 2017 were $48.3 million, $55.0 million and $50.9 million, respectively. Capitalized interest costs were not material for the years ended December 31, 2019, 2018 and 2017.
Expenditures for repairs and maintenance are expensed as incurred. Augmentation and improvements that extend an asset’s useful life or enhance capacity are capitalized.
Depreciation expense is recorded using the straight-line method over the assets’ estimated useful lives. Towers and related assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease, taking into consideration lease renewal options and residual value.
Towers or assets acquired through finance leases are recorded net at the present value of future minimum lease payments or the fair value of the leased asset at the inception of the lease. Property and equipment and assets held under finance leases are amortized over the shorter of the applicable lease term or the estimated useful life of the respective assets for periods generally not exceeding twenty years.
The Company reviews its tower portfolio for indicators of impairment on an individual tower basis. Impairments primarily result from a tower not having current tenant leases or from having expenses in excess of revenues. The Company reviews other long-lived assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount
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data/downloaded_datasets/tatdqa/test/a916ea80f6a9a839b0e52ac9f5efe96f.pdf | Cash flow from continuing operating activities increased primarily due to a one-time tax payment of $887 million related to the gain on sale from the divestiture of our Veritas information management business in fiscal 2017 and an increase in deferred revenue.
* Deferred revenue increased $316 million primarily due to our shift in sales contracts to a higher mix of solutions subject to ratable versus point in time revenue recognition and longer contract duration in our Enterprise Security segment, which resulted in less in-period revenue recognized, and due to higher billings towards the end of the fiscal year, reflecting seasonal sales cycles in that segment. These factors were partially offset by a decrease of $319 million in deferred revenue as a result of the divestiture of our WSS and PKI solutions.
Segment operating results
Enterprise Security segment (In millions, except for percentages) Net revenues Percentage of total net revenues Operating income Operating margin Fiscal Year Variance in 2018 2017 Dollars Percent $2,554 $2,355 $ 199 8% 53% 59% $ 473 $ 187 $ 286 153% 19% 8% Revenue increased $199 million primarily due to increases of $331 million in revenue from sales of our network and web security solutions and $36 million from sales of endpoint and information protection solutions, partially offset by a $184 million decrease in revenue as a result of the divestiture of our WSS and PKI solutions. Revenue during fiscal 2018 was also unfavorably affected by a shift in the mix of sales towards subscription and cloud-delivered solutions subject to ratable revenue recognition, which resulted in less in-period recognized revenue and more revenue deferred to the balance sheet as compared to fiscal 2017. Operating income increased $286 million primarily due to higher revenue discussed above, a $51 million decrease in sales and marketing expenses and a $38 million decrease in cost of revenues.
Consumer Cyber Safety segment Fiscal Year Variance in (In millions, except for percentages) 2018 2017 Dollars Percent Net revenues $2,280 $1,664 $ 616 379 Percentage of total net revenues 47% 41% Operating income $1,111 $ 839 $ 272 32 Operating margin 49% 50% Revenue increased $616 million due to a $639 million increase in revenue from sales of our identity and information protection products acquired at the end of fiscal 2017, offset by a $23 million decrease in revenue related to our consumer security products. Our revenue growth reflects the benefit of the shift to subscription-based contracts and bundling of our consumer products, which is helping to mitigate the trend of declining revenues from sales of stand-alone security products. Operating income increased $272 million primarily due to sales of our identity and information protection products, partially offset by higher related cost of sales and operating expenses.
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What is the percentage change in the United States sales from 2018 to 2019? | data/downloaded_datasets/tatdqa/test/1a95fc6072d72cfb4e5bbca41cbd1e00.pdf | Disaggregation of Revenue
The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to customers in countries in the Caribbean, Canada, Central and South America.
The following table presents our domestic and international sales for each of the last three fiscal years: Year Ended September 30, 2019 2018 2017 United States $ 78,553,000 $ 72,295,000 $ 67,901,000 All Other Countries 6,481,000 5,356,000 6,047,000 Total Net Sales $85,034,000 $ 77,651,000 $ 73,948,000 Long-lived assets: As of September 30, 2019 and 2018, the Company had property, plant and equipment with a net book value of $1,406,546 and $412,755, respectively, located in Mexico.
NOTE F - ACQUISITION
On February 20, 2018, the Company completed the acquisition of a portfolio of Telcordia certified outdoor active cabinet products from Calix, Inc. (“Calix”) upon the terms and conditions contained in an Asset Purchase Agreement dated February 20, 2018.
The introduction of the Clearfield active cabinet line provides customers a single point of contact for cabinet solutions—both passive and powered. The acquisition enables Clearfield to expand its Fiber-to-Anywhere expertise to include active powered electronic cabinet platforms while leveraging its supply chain. The acquisition also enables Clearfield to capitalize on and expand its reach to a broader customer base, including service providers in the Tier | and Tier 2 markets.
Acquisition date fair value of the consideration transferred totaled $10,350,000 which was comprised of a cash payment of $10,350,000 from the Company’s cash operating account. We assumed no liabilities in the acquisition.
The following table summarizes the estimated fair values of the assets acquired at the acquisitiondate: February 20, 2018 Inventories $ 2,781,000 Property, plant and equipment 58,000 Trademarks 563,000 Customer relationships 3,742,000 Product certification 1,068,000 Goodwill 2,138,000 Total Assets The active cabinet acquisition resulted in $2,138,000 of goodwill, which is expected to be deductible for tax purposes Specifically, the goodwill recorded as part of the acquisition of the Calix active cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of active cabinet lines with the operations of Clearfield, Inc.
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data/downloaded_datasets/tatdqa/test/d80ea6ee60a1b1f11e971791784d7d6c.pdf | Liaison in Fiscal 2019, as well as Hightail, Guidance Software Inc. (Guidance), and Covisint Corporation (Covisint), which were acquired during Fiscal 2018.
Operating Expenses Year Ended June 30, Change Change increase increase (In thousands) 2019 (decrease) 2018 (decrease) 2017 Research and development $ 321,836 $ (1,073) $ 322,909 $ 41,694 §$ 281,215 Sales and marketing 518,035 (11,106) 529,141 84,687 444,454 General and administrative 207,909 2,682 205,227 34,874 170,353 Depreciation 97,716 10,773 86,943 22,625 64,318 Amortization of acquired customer-based intangible assets. 189,827 5,709 184,118 33,276 150,842 Special charges (recoveries) 35,719 6,508 29,211 (34,407) 63,618 Total operating expenses $ 1,371,042 $ 13,493 $ 1,357,549 $ 182,749 $ 1,174,800 % of Total Revenues: Research and development 11.2% 11.5% 12.3% Sales and marketing 18.1% 18.8% 19.4% General and administrative 7.2% 7.3% 74% Depreciation 3.4% 3.1% 2.8% Amortization of acquired customer-based intangible assets 6.6% 6.5% 6.6% Special charges (recoveries) 1.2% 1.0% 2.8% Research and development expenses consist primarily of payroll and payroll-related benefits expenses, contracted research and development expenses, and facility costs. Research and development assists with organic growth and improves product stability and functionality, and accordingly, we dedicate extensive efforts to update and upgrade our product offerings. The primary driver is typically budgeted software upgrades and software development. (In thousands) Payroll and payroll-related benefits Contract labour and consulting Share-based compensation Travel and communication Facilities Other miscellaneous Total change in research and development expenses Change between Fiscal increase (decrease) 2019 and 2018 12,629 $ (6,791) (385) (588) (4,775) (1,163) (1,073) $ 2018 and 2017 39,119 (3,899) (1,490) (343) 7,834 473 41,694 Research and development expenses decreased by $1.1 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to a reduction in contract labour and consulting of $6.8 million and a reduction in the use of facility and related expenses of $4.8 million, partially offset by an increase in payroll and payroll-related benefits of $12.6 million. The increase in payroll and payroll-related benefits was driven primarily by increased headcount from recent acquisitions. Overall, our research and development expenses, as a percentage of total revenues, remained stable at approximately 11% compared to prior fiscal year.
Our research and development labour resources increased by 336 employees, from 3,331 employees at June 30, 2018 to 3,667 employees at June 30, 2019.
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf | ASMI ANNUAL REPORT 2019
ABOUT
VALUE CREATION
GOVERNANCE
The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources.
Personnel expenses for employees were as follows: December 31, a Wages and salaries 158,371 191,459 Social security 14,802 17,214 Pension expenses 6,937 8,408 Share-based payment expenses. 8,215 10,538 Restructuring expenses 178 108 Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss.
The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location PAT Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 625 Total 2,181 2,337 FINANCIAL STATEMENTS,
GENERAL INFORMATION
QO <u>
The number of employees, exclusive of temporary workers, by function at year-end was as follows: Per function December 31, Research and development 544 612 Manufacturing 456 484 Marketing and sales 277 275 Customer service 716 N19, Finance and administration 188 187 Total 2,181 2,337 NOTE 24. EARNINGS PER SHARE
Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect.
The calculation of basic and diluted net income per share attributable to common shareholders based on the following data:
is
December 31, Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58 |
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data/downloaded_datasets/tatdqa/test/b0f915f83dc1cd1850aec59abadb7dda.pdf | Table of Contents
COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
2. Property and equipment: (Continued)
Depreciation and amortization expense related to property and equipment and finance leases was $80.2 million, $81.2 million and $75.9 million, for 2019, 2018 and 2017, respectively.
The Company capitalizes the compensation cost of employees directly involved with its construction activities. In 2019, 2018 and 2017, the Company capitalized compensation costs of $10.7 million, $10.5 million and $9.7 million respectively. These amounts are included in system infrastructure costs.
Exchange agreement
In 2019, 2018 and 2017 the Company exchanged certain used network equipment and cash consideration for new network equipment. The fair value of the new network equipment received was estimated to be $3.3 million, $3.2 million and $9.1 million resulting in gains of $1.0 million, $1.0 million and $3.9 million respectively. The estimated fair value of the equipment received was based upon the cash consideration price the Company pays for the new network equipment on a standalone basis (Level 3).
Installment payment agreement
The Company has entered into an installment payment agreement (“IPA”) with a vendor. Under the IPA the Company may purchase network equipment in exchange for interest free note obligations each with a twenty-four month term. There are no payments under each note obligation for the first six months followed by eighteen equal installment payments for the remaining eighteen month term. As of December 31, 2019 and December 31, 2018, there was $12.5 million and $11.2 million, respectively, of note obligations outstanding under the IPA, secured by the related equipment. The Company recorded the assets purchased and the present value of the note obligation utilizing an imputed interest rate. The resulting discounts totaling $0.4 million and $0.4 million as of December 31, 2019 and December 31, 2018, respectively, under the note obligations are being amortized over the note term using the effective interest rate method.
3. Accrued and other liabilities:
Accrued and other current liabilities consist of the following (in thousands): Operating accruals Deferred revenue—current portion Payroll and benefits Taxes—non-income based Interest Total December 31, 2019 $ 23,695 4316 6,613 6,053 10,624 351,301. 2018 $ 24,020 4,504 7,695 4,212 11,000 $51,431 4. Long-term debt:
Issuance of 2024 Notes
On June 25, 2019, Group completed an offering of €135.0 million aggregate principal amount of 4.375% senior unsecured notes ("The 2024 Notes") due on June 30, 2024. The net proceeds from the offering, after deducting offering expenses, were approximately $152.1 million. The Company expects to use the proceeds for general corporate purposes and/or to repurchase the Company’s common stock or for special or recurring dividends to the Company’s stockholders. The 2024 Notes are guaranteed (the “Guarantees”’) on a senior unsecured basis, jointly and severally, by the Company’s material domestic subsidiaries, subject to certain exceptions, and by the Company (collectively, the “Guarantors”). Under certain circumstances, the Guarantors may be released from these Guarantees without the consent of the holders of the 2024 Notes.
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data/downloaded_datasets/tatdqa/test/ee44ebe80ff15b86e094557050dc6306.pdf | Table of Contents
NOTE 15 — Shareholders' Equity
Share count and par value data related to shareholders' equity are as follows: Preferred Stock Par value per share Shares authorized Shares outstanding Common Stock Par value per share Shares authorized Shares issued Shares outstanding Treasury stock Shares held As of December 31, 2019 No par value 25,000,000 No par value 75,000,000 56,929,298 32,472,406 24,456,892 2018 No par value 25,000,000 No par value 75,000,000 56,786,849 32,750,727 24,036,122 On February 7, 2019, the Board of Directors authorized a stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases, which replaced the previous authorized plan that was approved by our Board of Directors in April 2015. During the year ended December 31, 2019 we purchased 420,770 shares for approximately $11,746, of which $566 was repurchased under the previous plan and $11,180 was repurchased under the most recent board-authorized share repurchase program. During the year ended December 31, 2018 we purchased 342,100 shares for $9,440 under the previous authorized plan. Approximately $13,820 was available for future purchases.
Aroll forward of common shares outstanding is as follows: As of December 31, 2019 2018 Balance at beginning of the year 32,750,727 32,938,466 Repurchases (420,770) (342,100) Restricted stock unit issuances 142,449 154,361 Balance at end of period 32,472,406 32,750,727 NOTE 16 — Stock-Based Compensation
At December 31, 2019, we had five stock-based compensation plans: the Non-Employee Directors' Stock Retirement Plan ("Directors' Plan"), the 2004 Omnibus Long-Term Incentive Plan ("2004 Plan"), the 2009 Omnibus Equity and Performance Incentive Plan ("2009 Plan"), the 2014 Performance & Incentive Plan ("2014 Plan"), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan.
These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted.
The following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans: Years Ended December 31, 2019 2018 2017 Service-Based RSUs 2,207 2,036 $ 1,762 Performance-Based RSUs 2,553 3,089 2,350 Cash-settled awards 255 131 q2. Total 5,015 5,256 $ 4,184 Income tax benefit 1,133 1,188 1,573 3,882 4,068 $ 2,611 Net The fair value of all equity awards that vested during the periods ended December 31, 2019, 2018, and 2017 were $6,589, $5,805, and $5,471, respectively. We recorded a tax deduction related to equity awards that vested during the year ended December 31, 2019, in the amount of $1,489.
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data/downloaded_datasets/tatdqa/test/90f27fce7bbbda3fa39e96667c98b8f0.pdf | Altium Limited
Notes to the consolidated financial statements
Past due but not impaired
Customers with balances past due but without provision for impairment of receivables amount to US$9,319,000 as at 30 June 2019 (2018: US$6,890,000).
The ageing of the past due but not impaired receivables are as follows: Consolidated $000 $000 Oto 1 month overdue 5,139 2,935 1 to 2 months overdue 1,424 1,275 Over 2 months overdue 2,756 2,680 9,319 6,890 Accounting policy for trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Trade receivables generally have 30 to 90 day terms.
AASB 9 Financial Instruments
This standard addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model based on expected credit losses for the impairment of financial assets. The Group has applied the new standard on 1 July 2018 using a simplified approach for measuring expected credit losses relating to trade receivables using a lifetime expected loss allowance. To measure the expected credit losses, trade receivables are grouped based on region and ageing. Customers with heightened credit risk are provided for specifically based on historical default rates and forward looking information. Where there is no reasonable expectation of recovery, balances are written-off. The application of the standard did not result in any significant impact on the measurement of the allowance for doubtful debtors.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short- term receivables are not discounted if the effect of discounting is immaterial.
Other receivables are recognised at amortised cost, less any provision for impairment.
Note 8. Non-current assets - trade and other receivables Consolidated 019 018 $000 $000 Trade receivables 894 687 Other receivables 1,391 975 2,285 1,662 50
30 June 2019 |
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data/downloaded_datasets/tatdqa/test/5ce1713d9128f3759369b6274e111c33.pdf | Non-GAAP Results
Management uses non-GAAP operating income and non-GAAP EPS to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non- GAAP measures to assess performance against business objectives, make business decisions, including developing budgets and forecasting future periods. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. These non-GAAP measures are not in accordance with U.S. GAAP and may differ from non- GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.
The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation and amortization of intangible assets. In addition, they exclude discontinued operations and other non- recurring items such as acquisition-related costs and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments and effect of adoption of the Tax Act.
Reconciliation of Non-GAAP measure
operating expenses and operating income from continuing yperations, excluding certain items (in thousands) Years Ended December 5l, 2019 Sross profit from continuing operations, as reported. ... 0.0.0.0... 0 cee cece eee eee eee $ 315,652 Adjustments to gross profit: Stock-based Compensation’ os sc se8 5.5 5.0% 40% B58 HOR AR ASR ASR ASR AR AOR ROR DOR BK Ba 525 Facility expansion and relocation costs. . . 3,891 Acquisition-related costs a8 3 a8 3 a8 3 age 3G Bu 8,290 Non-GAAP gross profit ....... sees sees sees sees beeen eee 328,358 Non-GAAP gross margin 41.6% Dperating expenses from continuing operations, as reported. ................0 000 e cee eee 261,264 Adjustments: Amortizationvo£intangiblesassets) cos wom com sam cam sam com sam mom nw eam gw aM GR aD ae (12,168) Stockebased compensation sam awe sam sam wom sem am aw aM gem aw GM awNE ar oa ae gE (6,803) equisitionsrelated.COSts « sw:s mam sem sm sam mom ame nam io seem aM aK aa gre GAIA GaN aN ae (12,002) Facility expansion and relocation costs. ........ 0... cece eee een eee nent e eens (948) Restructuring charges... 2.00... eee eee nent een een ene (5,038) Non-GAAP operating expensesiicss suns ans sume anus sua ans avers same aun otane sem omnes ate ou atone ou 224,305 NOn2GAAP Operating NCO » con say sm Bay HER HY VEY HEY VEY TEN WED DEN TAY HEN TOY HEN TE $ 104,053 Non-GAAP operating margin... 0... ccc nce nee eben neeneeneennenne 13.2% 2018 $ 365,607 742 1,328 569 368,246 51.2% 194,054 (5,774) (8,961) (1,726) (518) (4,239) 172,836 $ 195,410 27.2% |
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data/downloaded_datasets/tatdqa/test/0ad31a3d0f7aff9ffd4d3a6ebbcb40f1.pdf | ITEM 6. SELECTED FINANCIAL DATA 2019 2018 2017 2016 2015 (in millions, except per share amounts) Revenue $ 23,406 $ 30,391 $ 20,322 $ 12,399 $ 16,192 Gross margin 10,702 17,891 8,436 2,505 5,215 Operating income 7,376 14,994 5,868 168 2,998 Net income (loss) 6,358 14,138 5,090 (275) 2,899 Net income (loss) attributable to Micron 6,313 14,135 5,089 (276) 2,899 Diluted earnings (loss) per share 5.51 11.51 441 (0.27) 2.47 Cash and short-term investments 7,955 6,802 5,428 4,398 3,521 Total current assets 16,503 16,039 12,457 9,495 8,596 Property, plant, and equipment 28,240 23,672 19,431 14,686 10,554 Total assets 48,887 43,376 35,336 27,540 24,143 Total current liabilities 6,390 5,754 5,334 4,835 3,905 Long-term debt 4,541 3,777 9,872 9,154 6,252 Total Micron shareholders! equity 35,881 32,294 18,621 12,080 12,302 Noncontrolling interests in subsidiaries 889 870 849 848 937 Total equity 36,770 33,164 19,470 12,928 13,239 In December 2016, we acquired the 67% remaining interest in Inotera and began consolidating Inotera's operating results. In the periods presented above through December 2016, Inotera sold DRAM products exclusively to us through supply agreements. The cash paid for the Inotera Acquisition was funded, in part, with a term loan of 80 billion New Taiwan dollars and $986 million from the sale of 58 million shares of our common stock. See "Item 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Acquisition of Inotera."
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This discussion should be read in conjunction with the consolidated financial statements and accompanying notes for the year ended August 29, 2019. All period references are to our fiscal periods unless otherwise indicated. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Our fiscal 2019, 2018, and 2017 each contain 52 weeks. All tabular dollar amounts are in millions, except per share amounts.
For an overview of our business, see "Part I — Item 1. Business — Overview."
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data/downloaded_datasets/tatdqa/test/54f286bcdaeeba724ae2f2d2aecceddb.pdf | 8. Credit Facilities and Long-Term Debt
Long-term debt consisted of the following (in thousands except interest rate and installment data): June 1, June 2, 2019 2018 Note payable at 6.20%, due in monthly principal installments of $250,000, plus interest, maturing in fiscal 2020 $ 1,500 $ 4,500 Note payable at 5.40%, due in monthly principal installments of $125,000, plus interest, matured in fiscal 2019 = 250 Capital lease obligations 1,054 1,340 2,554 6,090 Less: capitalized loan costs 217 —_— Total debt 2,337 6,090 Less: current maturities 1,696 3,536 Long-term debt, less current maturities 641 §$ 2,554 The aggregate annual fiscal year maturities of long-term debt at June 1, 2019 are as follows (in thousands): 020 $ 1,696 021 205 022 215 023 224 024 214 $ 2,554 Certain property, plant, and equipment is pledged as collateral on our note payable. Unless otherwise approved by our lender, we are required by provisions of our loan agreement to (1) maintain minimum levels of working capital (ratio of not less than 1.25 to 1) and net worth (minimum of $90.0 million tangible net worth, plus 45% of cumulative net income); (2) limit dividends paid in any given quarter to not exceed an amount equal to one third of the previous quarter’s consolidated net income (allowed if no events of default), (3) maintain minimum total funded debt to total capitalization (debt to total tangible capitalization not to exceed 55%); and (4) maintain various current and cash-flow coverage ratios (1.25 to 1), among other restrictions. Our debt agreement requires Fred R. Adams, Jr., the Company’s Founder and Chairman Emeritus, or his family, to maintain ownership of Company shares, directly or indirectly, representing not less than 50% of the outstanding voting power of the Company.
Interest, net of amount capitalized, of $644,000, $265,000, and $318,000 was recorded during fiscal 2019, 2018 and 2017, respectively. Interest of zero, $217,000 and $1.1 million was capitalized for construction of certain facilities during fiscal 2019, 2018 and 2017, respectively.
On July 10, 2018, we entered into a $100.0 million Senior Secured Revolving Credit Facility (the “Revolving Credit Facility”) with a five-year term. The credit agreement for the Revolving Credit Facility includes an accordion feature permitting the Company, with the consent of the administrative agent, to increase the revolving commitments in the aggregate up to $125.0 million. No amounts were borrowed under the facility as of June 1, 2019 or during fiscal 2019. The Company had $3.7 million of outstanding standby letters of credit issued under the Revolving Credit Facility at June 1, 2019.
The interest rate is based, at the Company’s election, on either the Eurodollar Rate plus the Applicable Margin or the Base Rate plus the Applicable Margin. The “Eurodollar Rate” means the reserve adjusted rate at which Eurodollar deposits in the London interbank market for an interest period of one, two, three, six or twelve months (as selected by the Company) are quoted. The “Base Rate” means a fluctuating rate per annum equal to the highest of (a) the federal funds rate plus 0.50% per annum, (b) the prime rate of interest established by the administrative agent, and (c) the
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data/downloaded_datasets/tatdqa/test/d69f61835b35ec05879669dc41ff57aa.pdf | Media Segment Profitability
Operating income was $998 million for the year ended December 31, 2018 as compared to $1,021 million for the year ended December 31, 2017. The decrease was driven by higher restructuring costs, higher depreciation and amortization expense and investments in our services, partially offset by the revenue performance discussed above. Non-GAAP business segment income increased 0.5% on a constant currency basis.
Corporate Expenses and Eliminations
Operating expenses were $144 million for the year ended December 31, 2018 as compared to $143 million for the year ended December 31, 2017, primarily due to an increase in transaction related costs and business optimization costs and depreciation and amortization expense partially offset by lower share-based compensation expense and lower restructuring charges.
Liquidity and Capital Resources
Cash flows from operations provided a source of funds of $1,066 million, $1,058 million and $1,310 million during the years ended December 31, 2019, 2018 and 2017, respectively. This increase was driven primarily by lower employee annual incentive payments, lower retailer investments and lower restructuring payments, partially offset by working capital timing and higher interest and tax payments during the year ended December 31, 2019.
We provide for additional liquidity through several sources, including maintaining an adequate cash balance, access to global funding sources and a committed revolving credit facility. The following table provides a summary of the major sources of liquidity for the years ended December 31, 2019, 2018 and 2017: (IN MILLIONS) 2019 2018 2017 Net cash from operating activities $ 1,066 $ 1,058 §$ 1,310 Cash and short-term marketable securities $ 454 § 524 $ 656 Revolving credit facility $ 850 $ 850 $ 575 Of the $454 million in cash and cash equivalents at December 31, 2019, approximately $383 million was held in jurisdictions outside the U.S. We regularly review the amount of cash and cash equivalents held outside of the U.S. to determine the amounts necessary to fund the current operations of our foreign operations and their growth initiatives and amounts needed to service our U.S. indebtedness and related obligations.
The below table illustrates our weighted average interest rate and cash paid for interest over the last three years. 2019 2018 2017 Weighted average interest rate 4.40% 4.67% 4.32% Cash paid for interest, net of amounts capitalized (in millions) $ 386 6 6§ 380 6§ 352 Our contractual obligations, commitments and debt service requirements over the next several years are significant. We believe we will have available resources to meet both our short-term and long-term liquidity requirements, including our senior secured debt service. We expect the cash flow from our operations, combined with existing cash and amounts available under the revolving credit facility, will provide sufficient liquidity to fund our current obligations, projected working capital requirements, restructuring obligations, dividend payments and capital spending over the next year. In addition, we may, from time to time, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities) in privately negotiated or open market transactions, by tender offer or otherwise.
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data/downloaded_datasets/tatdqa/test/e641836950c1db8da4260bb7842d1242.pdf | MCCCMIDET Ot, Os _ 08} POG 01S Consolidated Balance Sheets Data: (in millions) Cash and cash equivalents $ 1,062.8 $ 9324 $ 582.7 $ 566.1 $ 348.0 Prepaid domain name registry fees 561.9 546.8 532.3 479.1 456.3 Property and equipment, net 258.6 299.0 297.9 231.0 225.0 Total assets 6,301.2 6,083.4 5,738.3 3,786.9 3,498.8 Deferred revenue 2,198.8 2,017.5 1,861.6 1,576.2 1,416.2 Total debt"? 2,432.3 2,457.3 2,482.3 1,072.5 1,083.5 Total liabilities 5,519.1 5,258.9 5,191.8 3,072.7 2,817.8 (1) Total debt includes long-term debt, unamortized original issue discount and unamortized debt issuance costs.
Key Metrics
In addition to our results determined in accordance with GAAP, we believe the following operating metrics are useful as supplements in evaluating our ongoing operational performance and help provide an enhanced understanding of our business: Year Ended December 31, 2019 2018 2017 2016 2015 (unaudited) Total bookings (in millions) $ 3,401.2 $ 3,011.5 $ 2,618.2 $ 2,155.5 $ 1,914.2 Total customers at period end (in thousands) 19,274 18,518 17,339 14,740 13,774 Average revenue per user $ 158 §$ 148 $ 139 §$ 130 $ 121 Total bookings. Total bookings represents cash receipts from the sale of products to customers in a given period adjusted for products where we recognize revenue on a net basis and without giving effect to certain adjustments, primarily net refunds granted in the period. Total bookings provides valuable insight into the sales of our products and the performance of our business since we typically collect payment at the time of sale and recognize revenue ratably over the term of our customer contracts. We report total bookings without giving effect to refunds granted in the period because refunds often occur in periods different from the period of sale for reasons unrelated to the marketing efforts leading to the initial sale. Accordingly, by excluding net refunds, we believe total bookings reflects the effectiveness of our sales efforts in a given period.
Total customers. We define a customer as an individual or entity, as of the end of a period, having an account with one or more paid product subscriptions. A single user may be counted as a customer more than once if the user maintains paid subscriptions in multiple accounts. Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base.
Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to customers, though the impact to date has been muted due to our continued growth in total customers.
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data/downloaded_datasets/tatdqa/test/b04b711c2c88effff02bc8a9aeb01c61.pdf | Delaware Bay lightering volumes averaged 125,000 b/d in 2019 compared with 152,000 b/d in 2018. In June 2019, one of our lightering customers, Philadelphia Energy Solutions (“PES”), suffered an explosion and fire at its refinery in the Delaware Bay. The refinery has been shut down since the fire. In July 2019, PES filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Due to the reduction in lightering volumes, we redeployed one of our two lightering ATBs to the U.S. Gulf of Mexico for alternative employment.
RESULTS FROM VESSEL OPERATIONS
During the year ended December 31, 2019, shipping revenues decreased by $10,616 or 2.9% compared to 2018. The decrease primarily resulted from three fewer vessels in operation during most of 2019 compared to 2018 and one less Government of Israel voyage in 2019 compared to 2018. This decrease was partially offset by the addition of two new vessels to our fleet at the beginning of the fourth quarter of 2019.
Reconciliations of TCE revenues, a non-GAAP measure, to shipping revenues as reported in the consolidated statements of operations follows: Years Ended December 31, 2019 2018 Time charter equivalent revenues $ 335,133 $ 326,707 Add: Voyage expenses 20,414 39,456 Shipping revenues $ 355,547 $ 366,163 Consistent with general practice in the shipping industry, we use TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists management in decisions regarding the deployment and use of our vessels and in evaluating their financial performance.
The following table provides a breakdown of TCE rates achieved for the years ended December 31, 2019 and 2018 between spot and fixed earnings and the related revenue days. 2019 2018 Spot Fixed Spot Fixed Earnings Earnings Earnings Earnings Jones Act Handysize Product Carriers: Average rate $ 25,036 $ 57,910 $ 31,254 $ 60,252 Revenue days 523 4,052 1,142 3,141 Non-Jones Act Handysize Product Carriers: Average rate $ 30,671 $ 13,912 $ 25,925 $ 12,097 Revenue days 482 417 707 3 ATBs: Average rate $ 19,117 $ 21,861 $ 15,333 $ 22,207 Revenue days 255 773 990 998 Lightering: Average rate $ 63,162 $ — $ 66,041 $ — Revenue days 713 as 697 — During 2019, TCE revenues increased by $8,426, or 2.6%, to $335,133 from $326,707 in 2018. The increase primarily resulted from an increase in average daily rates earned by our fleet and decreased spot market exposure. The total number of revenue days decreased from 7,678 days in 2018 to 7,215 days in 2019. The decrease primarily resulted from three fewer vessels in operation during most of 2019 compared to 2018.
Vessel expenses remained stable at $134,618 in 2019 from $134,956 in 2018. Depreciation expense increased by $1,987 to $52,499 in 2019 from $50,512 in 2018. The increase was due to an increase in amortization of drydock costs and an increase in depreciation expense due to the Overseas Gulf Coast and Overseas Sun Coast, our two new vessels, which entered service at the beginning of the fourth quarter of 2019.
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data/downloaded_datasets/tatdqa/test/db004e01745b46797e6073aa68868331.pdf | Table of Contents
NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. dollars — except share da ita)
Revenue by Geographic Region North America Europe Asia South America Other Total Year ended December 31, 2019 $2,259 179,009 67,468 232,394 1,319 Year ended December 31, $ 2018 4,248 142,688 135,614 208,751 26,438 517,739 ‘Year ended December 31, 2017 $5,513 124,857 91,552 212,616 28,511 $ 463,049 Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $741,347 and $933,784 at December 31, 2019 and 2018, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $536,342 (including constructions in progress of $4,046, referred to in Note 7) and $556,713 at December 31, 2019 and 2018, respectively. The total net book value of long-lived assets for the Containers Business amounted to at December 31, 2018 $399,979.
NOTE 20: LOSS PER COMMON SHARE
Loss per share is calculated by dividing net loss attributable to Navios Holdings common stockho! of Navios Holdings outstanding during the periods presented. Net (loss)/income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net (loss)/ income attributable to Navios Hold between the fair value of the consideration paid upon redemption and the carrying value of the preferred of the preferred stock, and the amount of any undeclared dividend cancelled ders by the weighted average number of shares lings common stockholders the difference stock, including the unamortized issuance costs
For the year ended December 31, 2019, 843,097 potential common shares and 227,496 potential s! anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. hares of convertible preferred stock have an
On December 21, 2018 the Company’s common stockholders approved a one-for-ten reverse stoc common stock. Following the effectiveness of the reverse stock split, as of January 3, 2019, any historical per share information has been adjusted reflect the Reverse Stock Split. split of the Company’s outstanding shares of
For the year ended December 31, 2018, 664,709 potential common shares and 349,900 potential s! anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. hares of convertible preferred stock have an
For the year ended December 31, 2017, 503,316 potential common shares and 456,684 potential s! anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. hares of convertible preferred stock have an
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data/downloaded_datasets/tatdqa/test/eedaff83a4efeb4d5ea9cfcc7664b56e.pdf | Table of Contents
Interest income increased by $16.9 million in fiscal year 2019. The increase in our interest income is associated with the increase in invested funds, primarily as a result of proceeds of approximately $600 million related to the common stock and convertible note offering in March 2018 and, to a lesser extent, higher yields on those invested funds.
Interest Expense
Interest expense includes both stated interest and the amortization of debt discount and issuance costs associated with the $400.0 million aggregate principal amount of our Convertible Senior Notes that were issued in March 2018. Accordingly, interest expense in fiscal year 2019 is higher than fiscal year2018 as the notes were only outstanding for part of fiscal year 2018.
Interest expense increased $10.9 million in fiscal year 2019, compared to the same period a year ago. Interest expense for fiscal year 2019 consists of non- cash interest expense of $12.2 million related to the amortization of debt discount and issuance costs and stated interest of $5.0 million.
Other Income (Expense), Net
Other income (expense), net consists primarily of foreign exchange gains and losses resulting from fluctuations in foreign exchange rates on monetary asset and monetary liability balances that are denominated in currencies other than the functional currency of the entity in which they are recorded. We currently have entities with a functional currency of the Argentine Peso, Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Euro, Japanese Yen, Malaysian Ringgit, and Polish Zloty.
We realized a net currency exchange loss of $1.9 million in fiscal year2019 as compared to a net currency exchange gain of$0.5 million in fiscal year 2018 as a result of exchange rate movements on foreign currency denominated accounts against the US Dollar.
Provision for Income Taxes
We are subject to taxes in the United States as well as other tax jurisdictions and countries in which we conduct business. Earnings from our non-U.S. activities are subject to local country income tax and may be subject to current U.S. income tax. Provision for (benefit from) income taxes Effective tax rate Fiscal years ended July 31, 2019 2018 Change Amount Amount (8) (%) (In thousands, except percentages) (8,280) $ 18,467 (26,747) (145 (66)% (223)% We recognized an income tax benefit of $8.3 million for fiscal year2019 compared to an income tax provision of$18.5 million for fiscal year2018. The fiscal year 2018 income tax provision was primarily due to a one-time provisional net charge from re-measuring deferred tax assets and liabilities in the quarter ended January 31, 2018 as a result of the Tax Cuts and Jobs Act (the “Tax Act”). The effective tax rate of (66)% for fiscal year 2019, differs from the statutory U.S. Federal income tax rate of 21% mainly due to permanent differences for stock-based compensation, including excess tax benefits, research and development credits, the tax rate differences between the United States and foreign countries, foreign withholding taxes, and certain non-deductible expenses including executive compensation.
As of July 31, 2019, we had unrecognized tax benefits of $6.2 million that, if recognized, would affect our effective tax rate.
On December 22, 2017, the Tax Act was enacted into law which substantially changed U.S. tax law, including a reduction in the U.S. corporate income tax rate to 21% effective January 1, 2018 and several provisions that may impact us in current and future periods. The Tax Act includes a provision to tax global intangible low-taxed income (“GILTI”) of foreign subsidiaries, a special deduction for foreign-derived intangible income, and a base erosion anti-abuse tax (“BEAT”) measure that taxes certain payments between a U.S. corporation and its foreign subsidiaries. These provisions of the Tax Act became effective for us beginning on August 1, 2018 and had no impact on the tax benefit for fiscal year 2019.
Under GAAP, we can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts. into our measurement of deferred taxes. We have elected the current period expense method.
In December 2018, the Internal Revenue Service (the “IRS”) issued proposed regulations related to the BEAT tax, which we are in the process of evaluating. If the proposed BEAT regulations are finalized in their current form, the impact may be material to the tax provision in the quarter of enactment.
The U.S. Treasury Department, the IRS, and other standard-setting bodies will continue to interpret or issue guidance on how provisions of the Tax Act will be applied or otherwise administered. We continue to obtain, analyze, and interpret guidance
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data/downloaded_datasets/tatdqa/test/e9b2c30146c37a6dd9e622e1fa3c69d3.pdf | COHERENT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
17. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)
Sales to unaffiliated customers are as follows (in thousands): SALES 2019 United States: s <a mums soa es 9 o mmeme on $339,585 Foreign countries: South Korea: « ss sissies os oe a a amnane oo 6 313,461 China... 0... eee 194,653 Japan... eee 138,028 Asia-Pacific, other ..............-.--- 93,389 GéiManys ss xs ¢swwe ones ees See aes 145,285 BuropesOther « «cys: eu ys see ayes 8 ey 148,680 Rest of World ...... 0.0.0.0... 0000000 57,559. Total foreign countries sales .......... 1,091,055 Total sales... 0. cece cece cece ee eees $1,430,640 Fiscal 2018 $ 309,495 652,313 235,568 180,223 124,733 166,926 171,936 61,379 1,593,078 $1,902,573 2017 $ 297,699 628,369 162,316 154,985 107,713 145,835 162,162 64,232 1,425,612 $1,723,311 Long-lived assets, which include all non-current assets other than goodwill, intangibles, non-current restricted cash, our investment in 3D-Micromac AG and deferred taxes, by geographic region, are as follows (in thousands): Fiscal year-end ,ONG-LIVED ASSETS 2019 Jnitéd. States: « « eanes 2 ee exe & PORES 2 BEERS PORES OBE EY $151,640 ‘oreign countries: GERMANY". 4 os mxemecnner 2 5 4 oo we eae oo 5 sw i ORME HS 8 152,529 Europe, other 2.2.0.0... 2. oe eee 29,815 Asia-Pacific 2... eee 39,977 Total foreign countries long-lived assets .............. 222,321 otal long-lived assets vo 6 cs ies wee ee ee eae OE eee $373,961 2018 $124,312 168,755 22,962 42,652 234,369 $358,681 Major Customers
We had one major customer who accounted for 16.8%, 25.8% and 22.9% of consolidated revenue during fiscal 2019, 2018 and 2017, respectively. The customer purchased primarily from our OLS segment.
18. RESTRUCTURING CHARGES
In the first quarter of fiscal 2017, we began the implementation of planned restructuring activities in connection with the acquisition of Rofin. The activities under this plan primarily related to exiting our legacy high power fiber laser product line, change of control payments to Rofin officers, the exiting of two product lines acquired in the acquisition of Rofin, realignment of our supply chain due to segment reorganization and consolidation of sales and distribution offices as well as certain manufacturing sites. These activities resulted in charges primarily for employee termination, other exit related costs associated with the write-off of property and equipment and inventory and early lease termination costs.
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data/downloaded_datasets/tatdqa/test/ea8b291b240fab467592f64e1d073957.pdf | ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued) (in thousands, except per share amounts)
periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.
The significant items included in "Income (loss) from discontinued operations, net of income taxes" are as follows: Years Ended December 31, “20192018 Sal€Gon cow cow cow con om cow com Oy KON KON ON KON KON ON KON KON LON KON KON KON LON UN HON YON $ — § COSPOLSAle Son wos cor cage aR OR GUN GOR CO GON CER GOR COR GOR SOR GOR OR Ge HOR GaN com een SOR (901) (88) Total Operating ERPenSe s cox coe con com ce con eR GOR COR GOR COR GOR COR Ge GOR eR Gem ceR aon 1,022 96 Operating income (loss) from discontinued operations 3k SGN FGA TA GS SSS (121) (8) Other Income (EXPENSE) s vs.8 vas van Ho8 Was HHS HEE HRS HOA USE SK TOA IGS TS SEN SE SR SR SS 10,895 (24) Income (loss) from discontinued operations before income taxes................ eee ee eee 10,774 (32) Provision (benefit) for income taxes ...... eee eee een teen eens 2,294 6 Income (loss) from discontinued operations, net of income taxes cece eee eee eee eeeeeeeeee $ 8480 $ (38) Assets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following: December 31, 20192018 Cash and Gash equivalents... wu cua ves sea 26a HOA BER HOR HA HOR NOR eR BOR Bem HER HOR He Hee $ — $ $251 ACCOurits atid Other TECRIVADIES THEE, cx 20% vex oem HEA BWA HEA BOA HOA LOR BOA BOA BOA HER BOA HER 3 — 406 NVENLOTICS <0 cas ses seis vee HOR HOR HER HOR HO HOS UGA YER BOR HOA ORR HER eH oem Hes Hes Hee TER Ge 30 198 Current assets of discontinued operations. ... 2.0.0.0... 0.6 c cece cece cee eens 30 5,855 Other assets 0... eee ent e ete etn nent nee — 67 Deferred income tax assets 269 5,917 Non-current assets of discontinued operations ........... 000. e cece eee 269 5,984 Accounts payable and other accrued expenses ........0. 0.00. e bce eee eee eee eee — 350 cerned Wwarrantys wan seven won sain eae seven se sive Se aM Se eon see MN SEE ene ame MERE ae De am 914 4,936 Current liabilities of discontinued operations. ........... 0.0. c cece cece eee eens 914 5,286 NCCTUCHWATTAIIY! 2am vem vem sem OER LGR BOK OER HOR OER HER BOR HER HOR SER OER UCR He DER Hem oem g 698 10,429 Other abilitles es wn eo4 ey sem owe Hem Nem HOR UGE BER SEI HOR SUR Nem H6R HOR Wem Hem HWE oem Hess 189 286 Non-current liabilities of discontinued operations ...........0... 0c c cece cence eee $ 887 $ 10,715 NOTE 5. INCOME TAXES
The geographic distribution of pretax income from continuing operations is as follows: Years Ended December 31, 2019 2018 2017 JOMESHIC os sas Sos BOE FES BEE BEG USS BOE BSE BAG BOS BOG BES BEE BER BES BOR BOS BESS $ (20,597) $ 22,325 $ 29,088 SOPGIBM : go: B55 Bee BOE FES BEE BOE VSS BOE BOE BAG BOS BSE BES BOE BER BES BOE BOE BESS 87,791 150,051 169,103 $ 67,194 $172,376 $198,191 75 |
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data/downloaded_datasets/tatdqa/test/f1075884f3ae99a0c74074f82c97d74f.pdf | Amended credit facility — On May 1, 2019, we entered into the Fifth Amendment to the Credit Agreement (the “Fifth Amendment”). The Fifth Amendment extended the maturity date of both our term loan and revolving credit facility from March 19, 2020 to March 19, 2021. Fees of $1.3 million were paid to third parties in connection with the Fifth Amendment.
Repurchases of Common Stock — During fiscal 2019, we repurchased 1.4 million shares at an aggregate cost of $125.3 million. As of September 29, 2019, there was approximately $175.7 million remaining under a stock buyback program, which expires in November 2020.
Repurchases of common stock included in our consolidated statement of cash flows for fiscal2019 includes $14.4 million related to repurchase transactions traded in the prior fiscal year that settled in 2019 and excludes $2.0 million that will be settled in 2020. For additional information, refer to Note 14,Stockholders’ Deficit, of the notes to the consolidated financial statements and Item 5,Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, of this Report.
Dividends — In fiscal 2019 and 2018, the Board of Directors declared four cash dividends of $0.40 per share totaling $41.4 million and $45.7 million, respectively. Future dividends are subject to approval by our Board of Directors.
Off-Balance Sheet Arrangements
We have entered into certain off-balance sheet contractual obligations and commitments in the ordinary course of business, which are recognized in our consolidated financial statements in accordance with U.S. generally accepted accounting principles. The off-balance sheet arrangements that will have a material impact on our future results from operations are disclosed in the Contractual Obligations and Commitments table below. We are not a party to any other off- balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.
Contractual Obligations and Commitments
The following is a summary of our contractual obligations and commercial commitments as of September 29, 2019 (in thousands): Payments Due by Fiscal Year Less than Total 1 year 1-3 years 3-5 years After 5 years Contractual Obligations: Long-term debt obligations (1) 1,708,916 65,087 115,141 667,245 861,443 Capital lease obligations 3,937) 879 1,758 1,260 40 Operating lease obligations 1,094,011 193,313 332,020 205,173 363,505 Purchase commitments (2) 1,906,900 854,100 722,900 308,400 21,500 Benefit obligations (3) 74,714 15,068 13,499 13,533 32,614 Total contractual obligations Ss 4,788,478 $ 1,128,447 $ 1,185,318 $ 1,195,611 $ 1,279,102 )ther Commercial Commitments: Stand-by letters of credit (4) $ 45,600 $ 45,600 $ — $ — $ — (1) Includes mandatory principal and interest payments on our Class A-2 Notes. Amounts are reflected through the anticipated repayment dates as described further above in “Liquidity and capital resources.”
(2) Includes purchase commitments for food, beverage, and packaging items to support system-wide restaurant operations.
(3) Includes expected payments associated with our non-qualified defined benefit plan, postretirement healthcare plans and our non-qualified deferred compensation plan through fiscal 2029. (4) Consists primarily of letters of credit for interest reserves required under the Indenture and insurance.
We maintain a noncontributory defined benefit pension plan (“Qualified Plan”) covering substantially all full-time employees hired beforeJanuary 1, 2011. Our policy is to fund our Qualified Plan at amounts necessary to satisfy the minimum amount required by law, plus additional amounts as determined by management to improve the plan’s funded status. Contributions beyond fiscal 2019 will depend on pension asset performance, future interest rates, future tax law changes, and future changes in regulatory funding requirements. Based on the funding status of our Qualified Plan as of our last measurement date, there was no minimum contribution required in 2019. For additional information related to our pension plans, refer to Note 12Retirement Plans, of the notes to the consolidated financial statements.
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data/downloaded_datasets/tatdqa/test/db8d48c3fd57f4b9d317ed95b3a5b496.pdf | Table of Contents
December 31, 2018 Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in Consolidated Balance Sheets Gross Amounts Gross Amounts Net Amount Financial Cash Collateral Net Recognized Offset Presented Instruments Received Amount Foreign exchange contracts assets $ 623 $ ee 623 §$ 549 §$ — $§$ 74 Foreign exchange contracts liabilities 549 — 549 549 — — 5. Balance Sheet Components
Deferred Revenue
Deferred revenue relates to performance obligations for which payments have been received by the customer prior to revenue recognition. Deferred revenue primarily consists of deferred software, or amounts allocated to mobile dashboard and on-line apps and unspecified upgrade rights. Deferred revenue also includes deferred subscription-based services. The deferred software and deferred subscription-based service performance obligations are anticipated to be recognized over the useful life or service periods of one to eighteen months.
Changes in the total short-term and long-term deferred revenue balance were as follows (in thousands): eginning balances Deferral of revenue Recognition of deferred revenue nding balances vecember 51, 2019 2018 2017 36,836 $ 42,432 § 49,904 45,040 40,003 46,193 (41,034) (45,599) (53,665) 40,842 $ 36,836 $ 42,432 Revenue Returns Reserve
Changes in the revenue returns reserve were as follows (in thousands): ginning balances Increases “” Returns taken ding balances December 31, 2019 2018 2017 $ 104,001 $ 109,872 $ 98,851 178,962 170,957 229,610 (181,637) (176,828) (218,589) $ 101,326 $ 104,001 $ 109,872 () Ine s in the revenue returns reserve include provisions for open box returns and stock rotations.
Allowance for Doubtful Accounts
Changes in the allowance for doubtful accounts were as follows (in thousands):
December ginning balances Increases Write-offs ding balances eee 2019 2018 2017 3,742 $ 9,229 $ 282 297 56 30,551 (291) (5,543) (21,604) 3,748 $ 3,742 § 9,229 (1) Write-offs in 2017 was primarily related to the Wynit bankruptcy described in Note 7.
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data/downloaded_datasets/tatdqa/test/a06963067573666d15cc4484808dd226.pdf | Table of Contents
Inventories
The components of inventories consist of the following (in millions): Raw materials Work in process Finished goods Total inventories March 31, 2019 745 §$ 413.0 224.2 711.7 $ 2018 26.0 311.8 138.4 476.2 Inventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.
Property, Plant and Equipment
Property, plant and equipment consists of the following (in millions): March 31, 2019 2018 Land $ 83.4 $ 73.4 Building and building improvements 647.6 508.5 Machinery and equipment 2.0955 1,943.9 Projects in process 119.2 118.3 Total property, plant and equipment, gross “(2,945.7 2,644.1. Less accumulated depreciation and amortization 1,949.0 1,876.2 Total property, plant and equipment, net $ 996.7 $ 767.9 Depreciation expense attributed to property, plant and equipment was $180.6 million, $123.7 million and $122.9 million for the fiscal years ending March 31, 2019, 2018 and 2017, respectively.
Accrued Liabilities
Accrued liabilities consists of the following (in millions): Accrued compensation and benefits Income taxes payable Sales related reserves Accrued expenses and other liabilities Total accrued liabilities March 31, 2019 13322059) 46.9 366.9 240.3 787.3 $ 2018 87.6 27:5 114.5 229.6 Sales related reserves represent price concessions and stock rotation rights that the Company offers to many of its distributors. For the fiscal year ending March 31, 2018, these sales related reserves were recorded within accounts receivable, and therefore did not exist within accrued liabilities. The Company made this change in classification as part of its adoption of ASC 606. For additional information regarding the Company's adoption of ASC 606, refer to Note | of the consolidated financial statements.
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data/downloaded_datasets/tatdqa/test/596a9a79bc3d68a5fedca7987319a5f9.pdf | Metrics
The following table sets forth our key metrics that we use to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions (in thousands, except annual dollar retention rate and number of customers): kevenue subscription revenue \nnual recurring revenue ‘ree cash flow Annual dollar retention rate Number of customers Year Ended December 51, 2019 2018 2017 $ 576,523 $ 537,891 $ 481,98! $ 542,968 $ 473,052 $ 396,76: $ 575,000 $ 510,000 $ 439,00( $ 72,847 $ 49,843 § 39,83° 90.3% 92.8% 93.: 3,698 3.535 3,25( The following table presents a reconciliation of revenue to constant currency revenue (in thousands, except for revenue growth): Revenue Foreign exchange effect on current period revenue using prior year rates Constant currency revenue Revenue growth Constant currency revenue growth Year Ended December 31, 2019 2018 2017 576,523 $ 537,891 $ 481,985 7,077 (5,291) 5,865 583,600 $ 532,600 $ 487,850 7.2% 11.6% 13.9% 8.5% 10.5% 15.3% Total revenue growth declined to 7% in 2019 from 12% in 2018. Our growth rate can depend on a variety of factors, such as new customers, the size, volume, and complexity of our agreements with our customers, foreign currency movements, our ability to work with our customers to implement and deliver our products, our ability to upsell and renew our existing customers, the success of our alliance and partnership arrangements, and the expansion of our business through emerging markets. The decline in the growth rate of total revenue was driven by our strategic plan to transition away from one-time professional services and recommit our efforts to grow recurring revenue and free cash flows.
The following table sets forth our sources of revenue for each of the periods indicated (in thousands, except for percentages): Year Ended December 31, 2019 2018 2017 Subscription revenue $ 542,968 $ 473,052 $ 396,764 Percentage of subscription revenue to total revenue 94.2% 87.9% 82.3% Professional services revenue $ 33,555 $ 64,839 $ 85,221 Percentage of professional services to total revenue 5.8% 12.1% 17.7% Total revenue $ 576,523 $ 537,891 $ 481,985 Subscription revenue increased by $69.9 million, or 15%, in 2019 when compared to 2018. Subscription revenue growth on a constant currency basis increased 16% in 2019 when compared to 2018. The increase was attributable to new business, which includes new customers, upsells, cross-sells, and renewals from existing customers.
Professional services revenue decreased by $31.3 million, or 48%, in 2019 when compared to 2018. The decrease of professional services revenue is attributable to the continued migration of implementation services to our global partners.
Subscription revenue increased by $76.3 million, or 19%, in 2018 when compared to 2017. The increase was attributable to new business, which included new customers, upsells, and renewals from existing customers. Professional services revenue decreased by $20.4 million, or 24%, in 2018 when compared to 2017. The decrease of professional services revenue is attributable to the execution of our strategic initiative to migrate much of our implementation services to our global partners.
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data/downloaded_datasets/tatdqa/test/0dfb4455ae2e1b2066e99d9a3a05baf0.pdf | Table of Contents
Balance Sheet Classification: Operating lease obligations $ 2,787 Long-term operating lease obligations 24,926 Total lease liabilities $ 27,113 Weighted-average remaining lease terms (years)
Weighted-average discount rate
Supplemental cash flow information related to leases: Cash paid for amounts included in the measurement of lease liabilities $ 3,957 Leased assets obtained in exchange for new operating lease liabilities $ 5,000 NOTE 12 — Debt
Long-term debt was comprised of the following: As of December 31 2019 2018 Total credit facility $ 300,000 $ 300,000 Balance outstanding $ 99,700 $ 50,000 Standby letters of credit $ 1,800 $ 1,940 Amount available $ 198,500 $ 248,060 Weighted-average interest rate 3.25% 3.10% Commitment fee percentage per annum 0.23% 0.20% On February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the "Credit Agreement") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000, which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019.
The Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000. Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on our total leverage ratio.
The Revolving Credit Facility requires, among other things, that we comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. We were in compliance with all debt covenants at December 31, 2019. The Revolving Credit Facility requires that we deliver quarterly financial statements, annual financial statements, auditor certifications, and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the Revolving Credit Facility contains restrictions limiting our ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with our subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the Revolving Credit Facility fluctuate based upon the LIBOR and the Company’s quarterly total leverage ratio.
We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense for the twelve months ended December 31, 2019 was approximately $163 and $185 in 2018 and 2017. These costs are included in interest expense in our Consolidated Statement of Earnings.
We use interest rate swaps to convert the revolving credit facility's variable rate of interest into a fixed rate on a portion of the debt as described more fully in Note 13 "Derivatives." These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in other comprehensive earnings.
CTS CORPORATION 52
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data/downloaded_datasets/tatdqa/test/a38d13377f754ca4beb5ed5cc9b5c1ec.pdf | PART II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
The Company’s common stock is traded on the NASDAQ Stock Market LLC under the symbol SAFM.
The number of stockholders of record as of December 12, 2019, was 2,742. The number of beneficial owners of our stock is greater than the number of holders of record, and the exact number is unknown.
The amount of future common stock dividends will depend on our earnings, financial condition, capital requirements, the effect a dividend would have on the Company's compliance with financial covenants and other factors, which will be considered by the Board of Directors on a quarterly basis.
During its fourth fiscal quarter, the Company repurchased shares of its common stock as follows:
(d) Maximum Period Aug. | - Aug. 31, 2019 Sep. 1 - Sep. 30, 2019 Oct. 1 - Oct. 31, 2019 Total (a) Total Number of Shares Purchased”) 901 34,344 35,245 PFjljrwA FH (b) Average Price Paid per Share 151.33 154.81 154.72 (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs” 901 34,344 35,245 Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs® ® 1,176,615 1,176,615 1,176,615 1,176,615 1 All purchases were made pursuant to the Company's Stock Incentive Plan, as amended and restated on February 11, 2016, under which shares were withheld to satisfy tax withholding obligations.
On May 31, 2018, the Company’s Board of Directors expanded and extended the share repurchase program originally approved on October 22, 2009, under which the Company was originally authorized to purchase up to one million shares of its common stock and is now authorized to purchase up to two million shares of its common stock in open market transactions or negotiated purchases, subject to market conditions, share price and other considerations. The authorization will expire on May 31, 2021. During the fourth quarter of fiscal 2018, the Company purchased 823,385 shares in open market transactions under this program. The Company’s repurchases of vested restricted stock to satisfy tax withholding obligations of its Stock Incentive Plan participants are not made under the 2018 general repurchase plan. Does not include vested restricted shares that may yet be repurchased under the Stock Incentive Plan as described in
2
3
Note 1.
Item 6. Selected Financial Data Net sales Operating income Net income Basic earnings per share Diluted earnings per share Working capital Total assets Long-term debt, less current maturities Stockholders’ equity Cash dividends declared per share 2019 $ 3,440,258 67,994 53,294 241 241 365,430 1,774,134 55,000 1,417,675 $ 1.28 Year Ended October 31, 2018 2017 2016 (In thousands, except per share data) $ 3,342,226 $ 3,236,004 29,700 61,431 2.70 2.70 367,600 1,659,440 1,387,893 $ 1.28 $ 425,239 279,745 12.30 12.30 650,817 1,733,243 1,432,862 2.04 $ 2,816,057 $ 294,111 188,961 8.37 8.37 465,135 1,422,700 1,190,262 1.90 2015 $ 2,803,480 335,998 216,001 9.52 9.52 396,834 1,246,752 1,029,861 $ 1.38 |
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data/downloaded_datasets/tatdqa/test/a4efce3956a7090938f1fc213ebfc40f.pdf | CARPENTER TECHNOLOGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6. Inventories
Inventories consisted of the following components at June 30, 2019 and 2018: June 30, ($ in millions) 2019 2018 Raw materials and supplies 169.8 $ 157.5 Work in process 425.7 3725 Finished and purchased products 192.2 159.2 787.7 $ 689.2 Total inventory If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $178.4 million and $210.3 million higher as of June 30, 2019 and 2018, respectively. Current cost of LIFO-valued inventories was $793.0 million at June 30, 2019 and $760.8 million at June 30, 2018. The reductions in LIFO-valued inventories decreased cost of sales by $0.0 million during fiscal year 2019 and $0.6 million during fiscal year 2018 and $0.0 million during fiscal year 2017.
7. Property, Plant and Equipment
Property, plant and equipment consisted of the following components at June 30, 2019 and 2018: June ov, ($ in millions) 2019 2018 Land $ 35.6 $ 34.8 Buildings and building equipment 512.9 500.0 Machinery and equipment 2,183.6 2,129.0 Construction in progress 150.7 83.6 Total at cost 2,882.8 2,747.4 Less: accumulated depreciation and amortization 1,516.6 1,434.0 Total property, plant, and equipment $ 1,366.2 $ The estimated useful lives of depreciable assets are as follows: Useful Life sset Category (in Years) suildings and building equipment 10-45 Aachinery and equipment 3-30 Depreciation for the years ended June 30, 2019, 2018 and 2017 was $108.1 million, $104.7 million and $105.8 million, respectively.
8. Goodwill and Other Intangible Assets, Net
Goodwill
The Company conducts goodwill impairment testing at least annually as of June 30, or more often if events, changes or circumstances indicate that the carrying amount may not be recoverable.
The Company has determined there was no goodwill impairment for the years ended June 30, 2019 and 2018.
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data/downloaded_datasets/tatdqa/test/bb307b29503c40bd55d17548a6877785.pdf | TE CONNECTIVITY LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Fiscal 2019 Actions
During fiscal 2019, we initiated a restructuring program associated with footprint consolidation and structural improvements impacting all segments. In connection with this program, during fiscal 2019, we recorded net restructuring charges of $254 million. We expect to complete all restructuring actions commenced during fiscal 2019 by the end of fiscal 2021 and to incur additional charges of approximately $35 million related primarily to employee severance and facility exit costs in the Transportation Solutions and Industrial Solutions segments.
The following table summarizes expected, incurred, and remaining charges for the fiscal 2019 program by segment: Total Cumulative Remaining Expected Charges Expected Charges Incurred Charges (in millions) ransportation Solutions $ 160 $ 144 $ 16 idustrial Solutions 80 66 14 ‘ommunications Solutions 49 44 D Total $ 289 $ 254 §$ 35 Fiscal 2018 Actions
During fiscal 2018, we initiated a restructuring program associated with footprint consolidation and structural improvements primarily impacting the Industrial Solutions and Transportation Solutions segments. In connection with this program, during fiscal 2018, we recorded restructuring charges of $142 million. We expect to complete all restructuring actions commenced during fiscal 2018 by the end of fiscal 2020 and anticipate that any additional charges will be insignificant.
Fiscal 2017 Actions
During fiscal 2017, we initiated a restructuring program associated with footprint consolidation related to recent acquisitions and structural improvements impacting all segments. In connection with this program, during fiscal 2019, 2018, and 2017, we recorded net restructuring credits of $2 million, credits of $4 million, and charges of $147 million, respectively. We anticipate that any additional charges will be insignificant for restructuring actions commenced during fiscal 2017.
Pre-Fiscal 2017 Actions
During fiscal 2019, 2018, and 2017, we recorded net restructuring charges of $3 million, charges of $2 million, and credits of $1 million, respectively. We anticipate that any additional charges will be insignificant for restructuring actions commenced prior to fiscal 2017.
Total Restructuring Reserves
Restructuring reserves included on the Consolidated Balance Sheets were as follows: Fiscal Year End 2019 2018 (in millions) .ccrued and other current liabilities $ 245 $ 141 )ther liabilities 19 26 Restructuring reserves $ 264 $ 167 |
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data/downloaded_datasets/tatdqa/test/dc105a860fbe0bfd73a477bda3945171.pdf | 5.2 Employee share plans (continued)
Shares issued under the FY2019, FY2018 and FY2017 Performance Rights plans
For the purposes of Sections 200B and 200E of the Corporations Act, iSelect shareholders have approved the giving of any potential benefits under the Performance Rights Plan provided in connection with any future retirement of a participant who holds a ‘managerial or Executive office’ such that for the purposes of the provisions, those benefits will not be included in the statutory limit.
Change in control
Upon a ‘change of control’, the Board has discretion to determine that some or all of the participants’ Performance Rights vest immediately.
FY2019 Performance Rights Plan
The following table illustrates the number of, and movements in, shares issued during the year: 2019 NUMBER 2018 NUMBER Outstanding at the beginning of the period Granted during the period Forfeited during the period Exercised during the period Outstanding at the end of the period 2,594,261 2,594,261 The following table lists the inputs to the model for grants made: GRANT ON 2 JULY 2018 Five day volume weighted average $0.80 price (VWAP) as at grant date Expected life of Performance Rights 3 years Plan Risk free rate 2.28% Dividend yield 41% Expected volatility 40% Fair value of shares at grant date: GRANT ON 2 JULY 2018 Relative TSR Class $0.45 FY2018 Performance Rights Plan
The following table illustrates the number of, and movements in, shares issued during the year: 2019 2018 NUMBER NUMBER Outstanding at the 547,949 - beginning of the period Granted during the - 772,303 period Forfeited during the (140,687) (224,354) period Exercised during the - - period Outstanding at the end 407,262 547,949 of the period GRANT ON 3 JULY 2017 Five day volume weighted average $2.00 price (VWAP) as at grant date Expected life of Performance Rights 3 years Plan Risk free rate 2.2% Dividend yield 3.0% Expected volatility 35% GRANT ON 3 JULY 2017 Relative TSR Class $116 Retention Rights Class $179 iSelect | Annual Report 2019 97
a $ e o iS o 2 3 2 a 3 = ¥ s Gy < = a |
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data/downloaded_datasets/tatdqa/test/4ab898d6877c171a1e67f9be919c5e68.pdf | 12. Employee Benefit Plans
ACI 401 (k) Plan
The ACI 401(k) Plan is a defined contribution plan covering all domestic employees of the Company. Participants may contribute up to 75% of their annual eligible compensation up to a maximum of $19,000 (for employees who are under the age of 50 on December 31, 2019) or a maximum of $25,000 (for employees aged 50 or older on December 31, 2019). After one year of service, the Company matches 100% of the first 4% of eligible participant contributions and 50% of the next 4% of eligible participant contributions, not to exceed $5,000 per employee annually. Company contributions charged to expense were $6.4 million during both the years ended December 31, 2019 and 2018, and $5.3 million during the year ended December 31, 2017.
ACI Worldwide EMEA Group Personal Pension Scheme
The ACI Worldwide EMEA Group Personal Pension Scheme is a defined contribution plan covering substantially all ACI Worldwide (EMEA) Limited (“ACI-EMEA”) employees. For those ACI-EMEA employees who elect to participate in the plan, the Company contributes a minimum of 8.5% of eligible compensation to the plan for employees employed at December 1, 2000 (up to a maximum of 15.5% for employees aged over 55 years on December 1, 2000) or from 6% to 10% of eligible compensation for employees employed subsequent to December 1, 2000. ACI-EMEA contributions charged to expense were $1.5 million during the year ended December 31, 2019, and $1.6 million during both the years ended December 31, 2018 and 2017. 13. Income Taxes
On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into U.S. Law. As of December 31, 2018, the Company had completed its accounting for the tax effects related to the enactment of the Tax Act.
The Tax Act reduced the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018. During the year ended December 31, 2017, the Company remeasured certain deferred tax assets and liabilities and recorded a $15.0 million provisional tax charge. During the year ended December 31, 2018, the Company reduced the initial provisional tax charge by recording a $4.9 million benefit related to accelerated tax deductions claimed on the 2018 U.S. Federal Income Tax Return.
The Tax Act required U.S. companies to pay a one-time transition tax on certain unremitted foreign earnings. During the year ended December 31, 2017, the Company recorded a $20.9 million provisional tax charge based on post-1986 earnings and profits of foreign subsidiaries that were previously deferred from U.S. income taxes. Upon further analysis, the Company reduced the initial provisional tax charge by recording an $8.1 million benefit during the year ended December 31, 2018.
During the year ended December 31, 2018, the Company recorded a $15.5 million valuation allowance on its deferred tax asset related to U.S. foreign tax credits based upon business conditions and tax laws in effect at that time.
During the year ended December 31, 2019, following the acquisition of Speedpay, the Company determined it will more likely than not be able to utilize foreign tax credits in future years due to additional income generated by Speedpay; therefore, the Company released the $15.5 million valuation allowance that had been established on this deferred tax asset.
The Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The Company has elected to account for GILT! in the year the tax is incurred.
Prior to 2018, the Company considered all earnings in foreign subsidiaries to be indefinitely reinvested, and accordingly, recorded no deferred income taxes related to unremitted earnings. As of December 31, 2019 and 2018, the Company considered only the earnings in its Indian subsidiaries to be indefinitely reinvested. The earnings of all other foreign subsidiaries are no longer considered indefinitely reinvested. The Company is also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries.
For financial reporting purposes, income before income taxes includes the following components (in thousands): Years Ended December 31, 2019 2018 2017 United States $ (16,317) $ 16,312 $ (42,863) Foreign 88,527 75,487 86,435 Total $ 72,210 $ 91,799 $ 43,572 |
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf | Net Sales
Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017.
The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar.
Reportable Segment Operating Income
Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses.
Film and Electrolytic
The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales “? $ 201,977 $ 182,228 Segment operating income (loss) ‘? 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606
Net Sales
Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.
Reportable Segment Operating Income (Loss)
Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses.
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf | During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment.
On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m.
On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m.
As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units.
During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m.
These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust.
of the Group's joint ventures are listed on any public exchange.
of the Group's other joint ventures have any capital commitments at 30 June 2019. of the Group's joint ventures had any contingent liabilities at 30 June 2019.
Interest in associates Opening balance at 1 July Capital contribution / acquisition of shareholding in associates Share of profit from associates* Distributions from associate Closing balance at 30 June 2019 $'000 10,693 1,695 12,388 2018 $'000 8,611 2,048 1,282 (1,248) 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000).
The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia.
During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m).
As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia.
Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m.
FINANCIAL STATEMENTS
As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018.
The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking.
13. CONTRIBUTED EQUITY Issued and paid up capital Contract for future issue of equity Total contributed equity Number of stapled securities on Issue Opening balance at 1 July Institutional and retail placement Distribution reinvestment plan Closing balance at 30 June 2019 $'000 83,692 16,451 2019 559,107,042 105,677,937 9,143,772 673,928,751 2018 $'000 66,128 66,128 100,143 2018 512,913,914 39,712,882 6,480,246 559,107,042 Capital raise
On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities).
On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end.
On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities.
Distribution reinvestment plan
During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount.
Terms and conditions of contributed equity
Stapled securities
A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the tight to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value.
In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital.
There is no current on or off market security buy-back.
NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019 |
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data/downloaded_datasets/tatdqa/test/13d7e83488f2ab1456d31bb9ac247990.pdf | Table of Contents
The components of identifiable intangible assets, excluding discontinued operations, are: Acquired and internally developed software costs Customer relationships Non-compete agreements Less accumulated amortization Internally developed software costs not meeting general release threshold Trademarks, trade names (non-amortizable) December 31, (in thousands) 2019 2018 Estimated Useful Life $ 36,137 $ 18,972 3-7 years 4,860 160 7 years 30 30 1 year 41,027 19,162 (12,389) (11,708) $ 28,638 $ 7,454 2,500 3,005 1,810 400 Indefinite $ 32,948 $ 10,859 The expected future amortization of these intangible assets assuming straight-line amortization of capitalized software costs and acquisition related intangibles is as follows (in thousands): 2020 $ 6,340 2021 5,493 2022 4,315 2023 3,186 2024 3,186 Thereafter 6,118 Total $ 28,638 The Company has tested for impairment of indefinite lived intangible assets during the fourth quarter of its fiscal year. To value the indefinite lived intangible assets, the Company utilizes the royalty method to estimate the fair values of the trademarks and trade names. There was no impairment to indefinite lived intangible assets in 2019 or 2018. The Company recorded an impairment charge of $0.7 million and $1.6 million on capitalized software related to its food safety software solution which had been included in costs of service for the years ended December 31, 2019 and December 31, 2018, respectively.
Stock-based compensation
The Company recognizes all stock-based compensation to employees, including awards of employee stock options and restricted stock, in the financial statements as compensation cost over the applicable vesting periods using a straight-line expense recognition method, based on their fair value on the date of grant.
Loss per share
Basic loss per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share reflect the dilutive impact of outstanding stock options and restricted stock awards. Included in the weighted average shares outstanding is the share consideration in connection with the Restaurant Magic Acquisition (See Note 2 - Acquisitions) in the amount of 908,192 for the period after the close of the transaction. The shares were issued in January 2020, however, no contingencies existed as of the date of the acquisition.
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