(a) Revenue and Gross Margin by Segment
We conduct business globally and are managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, sharebased compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments.
Summarized financial information by segment for fiscal 2019, 2018, and 2017, based on our internal management system and as utilized by our Chief Operating Decision Maker (CODM), is as follows (in millions):
Amounts may not sum and percentages may not recalculate due to rounding.
Revenue in the United States was $27.4 billion, $25.5 billion, and $25.0 billion for fiscal 2019, 2018, and 2017, respectively.

Years Ended                   | July 27, 2019 | July 28, 2018 | July 29, 2017
----------------------------- | ------------- | ------------- | -------------
Revenue:                      |               |               |
Americas  .                   | $30,927       | $29,070       | $28,351
EMEA  .                       | 13,100        | 12,425        | 12,004
APJC .                        | 7,877         | 7,834         | 7,650
Total                         | $51,904       | $49,330       | $48,005
Gross margin:                 |               |               |
Americas .                    | $20,338       | $18,792       | $18,284
EMEA  .                       | 8,457         | 7,945         | 7,855
APJC .                        | 4,683         | 4,726         | 4,741
Segment total .               | 33,479        | 31,463        | 30,880
Unallocated corporate items . | (813)         | (857)         | (656)
Total                         | $32,666       | $30,606       | $30,224

Revenue Gross Margin Segment
 business globally three segments Americas EMEA APJC. management decisions allocates resources internal management system. Sales attributed segment ordering location. allocate research development sales marketing administrative expenses. allocate amortization impairment acquisition assets sharebased compensation settlements contingencies impairments restructurings gross margin.
 Summarized financial information segment fiscal 2019 2018 2017
 Amounts recalculate.
 Revenue United States $27. 4 billion $25. 5 billion $25. 0 billion 2019 2018 2017.
 July 27, 2019
 Revenue
 Americas. $30,927 $29,070 $28,351
 EMEA. 13,100 12,425,004
 APJC. 7,877 7,834 7,650
 Total $51,904 $49,330 $48,005
 Gross margin
 Americas. $20,338 $18,792 $18,284
 EMEA. 8,457 7,945 7,855
APJC. 4,683
. 33,479 31,463 30,880
. (813) (656)
 $32,666,606


By region of shipment, in the 2019 fourth quarter, Asia Pacific revenues grew sequentially by 10.6%, principally in Imaging, Analog and Microcontrollers, Americas was up by 10.5%, mainly driven by Digital and Power Discrete, and EMEA decreased by 2.0%.
On a year-over-year basis, revenues grew 9.9% in Asia Pacific, mainly due to Analog, Microcontrollers and Imaging. In Americas, revenues grew 5.4%, mainly driven by Digital and Power Discrete, while it decreased by 12.8% in EMEA, mainly due to lower sales in Automotive, Power Discrete and  analog.

             |                   | Three Months Ended |                          | % Variation |
------------ | ----------------- | ------------------ | ------------------------ | ----------- | --------------
             | December 31, 2019 | September 29, 2019 | December 31, 2018        | Sequential  | Year-Over-Year
             |                   |                    | (Unaudited, in millions) |             |
EMEA         | $538              | $549               | $617                     | (2.0)%      | (12.8)%
Americas     | 360               | 326                | 342                      | 10.5        | 5.4
Asia Pacific | 1,856             | 1,678              | 1,689                    | 10.6        | 9.9
Total        | $2,754            | $2,553             | $2,648                   | 7.9%        | 4.0%

2019 fourth quarter Asia Pacific revenues grew. 6% Imaging Analog Microcontrollers Americas. 5% Digital Power Discrete EMEA decreased. 0%.
 year-over-year revenues grew. 9% Asia Pacific Analog Microcontrollers Imaging. Americas revenues grew. 4% Digital Power Discrete decreased. 8% EMEA lower sales Automotive Power Discrete analog.
 Variation
 December 31, 2019 Year-Over-Year
 EMEA $538 $549 $617.
 Americas 360 342.
 Asia Pacific 1,856 1,678.
 Total $2,754 $2,553 7. 9%.


Note 18 Other Post-Employment Benefits and Other Employee Benefit Plans
In addition to providing pension benefits, we maintain two Other Post-Employment Benefit Plans which provide a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy employees. These plans are in the U.S. and Canada. Covered employees who retired on or after attaining age 55 and who had rendered at least 10 years of service were entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. The information below relates to these two plans.
Contributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:

                                                                       | December 31, |
---------------------------------------------------------------------- | ------------ | --------
(In millions)                                                          | 2019         | 2018
Change in benefit obligations:                                         |              |
Benefit obligation at beginning of period                              | $ 46.4       | $ 51.3
Service cost                                                           | —            | 0.1
Interest cost                                                          | 1.6          | 1.4
Actuarial (gain) loss                                                  | (1.2)        | (1.7)
Benefits paid, net                                                     | (3.3)        | (4.5)
Plan amendments                                                        | —            | (0.2)
Benefit obligation at end of period                                    | $ 43.5       | $ 46.4
Change in plan assets:                                                 |              |
Fair value of plan assets at beginning of period                       | $ —          | $ —
Employer contribution                                                  | 3.3          | 4.5
Benefits paid, net                                                     | (3.3)        | (4.5)
Fair value of plan assets at end of period                             | $ —          | $ —
Net amount recognized:                                                 |              |
Underfunded status                                                     | $ (43.5)     | $ (46.4)
Accumulated benefit obligation at end of year                          | $ 43.5       | $ 46.4
Net amount recognized in consolidated balance sheets consists of:      |              |
Current liability                                                      | $ (5.3)      | $ (5.3)
Non-current liability                                                  | (38.2)       | (41.1)
Net amount recognized                                                  | $ (43.5)     | $ (46.4)
Amounts recognized in accumulated other comprehensive loss consist of: |              |
Net actuarial (gain) loss                                              | $ (0.6)      | $ 0.4
Prior service credit                                                   | (2.6)        | (3.0)
Total                                                                  | $ (3.2)      | $ (2.6)

Post-Employment Benefits
 pension two Post-Employment Benefit Plans healthcare dental vision life insurance retired employees. plans U. S. Canada. employees retired 55 10 years service entitled post-retirement healthcare dental life insurance benefits. subject deductibles co provisions limitations. information relates plans.
 Contributions Medicare Part D subsidies. benefits paid. change benefits. status plans reconciliation obligations assets funded status
 December 31,
 2019 2018
 Change benefit obligations
 obligation $ 46. $ 51.
 Service cost.
 Interest cost.
 Actuarial (gain loss.
 Benefits paid.
 Plan amendments.
 Benefit obligation end period $ 43. 5 $ 46.
 Change plan assets
 value beginning period $
 Employer contribution.
 Benefits paid.
 end period
 Net amount
 Underfunded status (43.
 Accumulated benefit obligation end year $ 43.46.
 balance sheets
 Current liability (5. 3).
 Non-current liability (38. 2) (41.
 (43. 5) (46. 4)
 Amounts loss
 actuarial (gain loss. 6).
 service credit (2. 6) (3.
.


DEVELOPMENT OF EMPLOYEE NUMBERS BY SEGMENTS
By headcount1 as of closing date of 30/9
1 Excluding METRO China.

                                    | 2018    | 2019
----------------------------------- | ------- | ------
METRO                               | 92,603  | 89,574
METRO Germany                       | 13,711  | 13,606
METRO Western Europe (excl.Germany) | 27,207  | 27,227
METRO Russia                        | 13,960  | 12,357
METRO Eastern Europe (excl.Russia)  | 29,060  | 28,375
METRO Asia                          | 8,665   | 8,009
Others                              | 7,008   | 7,152
METROAG                             | 909     | 880
Total                               | 100,520 | 97,606

EMPLOYEE NUMBERS SEGMENTS
 closing 30/9
 Excluding METRO China.
 92,603 89,574
 Germany 13,711
 Western Europe. 27,207
 Russia 13,960,357
 Eastern Europe. 29,060 28,375
 Asia 8,665,009
 7,008,152
 100,520 97,606


29. Related party transactions
The Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 “Investments in associates and joint arrangements”, note 24 “Post employment benefits” and note 22 “Directors and key management compensation”).
Transactions with joint arrangements and associates
Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements.
No related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below.
Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Idea, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates.
Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.

                                                        | 2019 | 2018  | 2017
------------------------------------------------------- | ---- | ----- | -----
                                                        | €m   | €m    | €m
Sales of goods and services to associates               | 27   | 19    | 37
Purchase of goods and services from associates          | 3    | 1     | 90
Sales of goods and services to joint arrangements       | 242  | 194   | 19
Purchase of goods and services from joint arrangements  | 192  | 199   | 183
Net interest income receivable from joint arrangements1 | 96   | 120   | 87
Trade balances owed:                                    |      |       |
by associates                                           | 1    | 4     | –
to associates                                           | 3    | 2     | 1
by joint arrangements                                   | 193  | 107   | 158
to joint arrangements                                   | 25   | 28    | 15
Other balances owed by joint arrangements1              | 997  | 1,328 | 1,209
Other balances owed to joint arrangements1              | 169  | 150   | 127

. Related party transactions
 Group has joint arrangements associates pension schemes Directors Executive Committee members 12 “Investments associates joint 24 employment 22 “Directors key management compensation”).
 Transactions with joint arrangements associates
 fees products services network airtime access charges network infrastructure cash pooling arrangements.
 No transactions affect decisions consolidated financial statements except.
 Amounts through VodafoneZiggo Vodafone Idea Vodafone Hutchison Australia Cornerstone Telecommunications Infrastructure Limited. Interest paid market rates.
 Dividends from associates joint ventures disclosed in consolidated statement cash flows.
 2018
 Sales goods services to associates 27 19
 Purchase associates
 242 194
 192 199 183
 Net interest income from joint 96 120  87
 Trade balances owed
 associates
 193 107
 balances owed 1,328 1,209
 169 150


Comparison of Years Ended December 31, 2019 to December 31, 2018
The following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
Revenue
The $81.9 million increase in total revenue in 2019 as compared to 2018 was the result of a $46.3 million, or 16%, increase in our SaaS and license revenue and a $35.6 million, or 27%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue increased $2.1 million to $43.4 million in 2019 as compared to $41.3 million during 2018. The increase in our Alarm.com segment SaaS and license revenue in 2019 was primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2018. To a lesser extent, SaaS and license revenue increased in the period due to an increase in license fees. The increase in hardware and other revenue in 2019 compared to 2018 was due to an increase in the volume of video cameras sold. Our Other segment contributed 15% of the increase in SaaS and license revenue in 2019 as compared to 2018. The increase in SaaS and license revenue for our Other segment in 2019 as compared to 2018 was due to an increase in sales of our energy management and demand response solutions and our property management and HVAC solutions. Hardware and other revenue in our Other segment decreased 13% in 2019 as compared to 2018, primarily due to the timing of sales related to our remote access management solution.

                           |          | Year Ended December 31, |
-------------------------- | -------- | ----------------------- | -------------
Revenue:                   |          |                         | % Change
                           | 2019     | 2018                    | 2019 vs. 2018
SaaS and license revenue   | $337,375 | $291,072                | 16%
Hardware and other revenue | 164,988  | 129,422                 | 27%
Total revenue              | $502,363 | $420,494                | 19%

Comparison Years Ended December 31, 2019 to 2018
 tables consolidated statements operations percentage change revenue 2019 2018. amounts reclassified interest income separate.
 $81. 9 million increase total revenue 2019 2018 $46. 3 million 16% increase SaaS license revenue $35. 6 million 27%, increase hardware other revenue. software license revenue increased $2. 1 million to $43. 4 million 2019 $41. 3 million 2018. increase Alarm. segment revenue due growth subscriber base. revenue increased increase license fees. increase hardware revenue due video cameras sold. Other segment contributed 15% increase SaaS license revenue. increase revenue due sales energy management solutions property management HVAC solutions. Hardware revenue Other segment decreased 13% due timing sales remote access management solution.
 Year Ended December 31,
 Revenue % Change
 2019 2018.
 SaaS license revenue $337,375 $291,072 16%
 Hardware other revenue 164,988 129,422 27%
$502,363 $420,494


Item 6. Selected Financial Data
We have derived the consolidated statement of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 from our audited consolidated financial statements that are included in this Form 10-K. The following selected consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements that are not included in this report
Our historical operating results are not necessarily indicative of future operating results, these selected consolidated financial data should be read in conjunction with the consolidated financial statements and accompanying notes in Part II, Item 8, and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 included in this report
The amounts as of and for the years ended December 31, 2019 and 2018 have been prepared based on our adoption of Accounting Standards Codification (‘‘ASC’’) No. 606, Contracts with Customers. We elected to adopt this accounting standard on a modified retrospective basis which resulted in the impact of adoption being recorded as of January 1, 2018. The amounts in all other years, other than 2019 and 2018, in the tables below have been prepared on the previously outstanding guidance on revenue recognition. We have disclosed the ASC 606 adoption impact on our revenue recognition in Note 2 of the audited consolidated financial statements included in Part II, Item 8 of this report
The amounts as of and for the years ended December 31, 2019 and 2018 have been prepared based on our adoption of Accounting Standards Codification (‘‘ASC’’) No. 606, Contracts with Customers. We elected to adopt this accounting standard on a modified retrospective basis which resulted in the impact of adoption being recorded as of January 1, 2018. The amounts in all other years, other than 2019 and 2018, in the tables below have been prepared on the previously outstanding guidance on revenue recognition. We have disclosed the ASC 606 adoption impact on our revenue recognition in Note 2 of the audited consolidated financial statements included in Part II, Item 8 of this report

                                                |           | Years Ended December 31, |           |           |
----------------------------------------------- | --------- | ------------------------ | --------- | --------- | ---------
(in thousands, except per share amounts)        | 2019      | 2018                     | 2017      | 2016      | 2015
Consolidated Statement of Operations Data       |           |                          |           |           |
Revenue                                         | $212,628  | $232,223                 | $235,429  | $227,297  | $196,285
Cost of revenue                                 | $48,881   | $51,896                  | $53,318   | $54,413   | $48,402
Gross profit                                    | $163,747  | $180,327                 | $182,111  | $172,884  | $147,883
Loss from operations                            | $(17,094) | $(27,679)                | $(10,372) | $(20,570) | $(40,309)
Net loss                                        | $(17,819) | $(27,617)                | $(10,751) | $(22,391) | $(41,897)
Net loss per share: basic and diluted           | $(0.23)   | $(0.38)                  | $(0.15)   | $(0.34)   | $(0.67)
Weighted-average shares used in computing net   |           |                          |           |           |
loss per share: basic and diluted               | 76,080    | 72,882                   | 70,053    | 65,701    | 62,428
Consolidated Balance Sheet Data:                |           |                          |           |           |
Cash,cash equivalents and marketable securities | $129,922  | $128,375                 | $131,134  | $114,347  | $98,117
Working capital                                 | $123,358  | $117,572                 | $111,076  | $95,285   | $89,550
Total assets                                    | $274,053  | $235,876                 | $224,858  | $216,733  | $189,892
Deferred revenue(current and non-current)       | $101,164  | $97,966                  | $94,637   | $91,617   | $72,008
Total stockholders’ equity                      | $108,787  | $103,883                 | $98,386   | $82,752   | $78,205

6. Selected Financial Data
 derived consolidated operations data years December 31, 2019 2018 2017 balance sheet data from audited financial statements Form 10-K. December 31, 2016 2015 balance sheet data derived from statements not report
 historical results not indicative future results read with financial statements notes Part II, Item 8 Management’s Discussion Analysis Financial Condition Results Operations Part II, Item 7
 amounts years December 31, 2019 2018 prepared Accounting Standards Codification No. 606, Contracts Customers. recorded January 1, 2018. amounts other years prepared guidance revenue recognition. disclosed ASC 606 adoption impact revenue in Note 2 financial statements Part II, Item 8
 amounts years December 31, 2019 2018 Accounting Standards Codification No. 606, Contracts Customers. recorded January 1, 2018. amounts other years prepared previously outstanding guidance revenue recognition. disclosed ASC 606 adoption impact revenue recognition in Note 2 financial statements Part II, Item 8
Years Ended December 31,
 2019 2015
 Statement Operations
 Revenue $212,628 $232,223 $235,429 $227,297 $196,285
 Cost revenue $48,881 $51,896 $53,318 $54,413
 Gross profit $163,747 $180,327 $182,111 $172,884 $147,883
 Loss $(17,094) $(27,679),372,309)
 Net loss $(17,819),751)
 loss share.
 share 76,080 65,701
 Balance Sheet
 Cash equivalents securities $129,922 $128,375 $131,134 $114,347 $98,117
 Working capital $123,358 $117,572 $111,076 $95,285
 Total assets $274,053 $235,876 $224,858 $216,733 $189,892
revenue $101,164 $97,966,637
 equity $108,787 $103,883 $98,386,752,205


ITEM 6. SELECTED FINANCIAL DATA
The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).
Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations."
Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.

                              |          |          | As of December 31, |          |
----------------------------- | -------- | -------- | ------------------ | -------- | --------
                              | 2019     | 2018     | 2017               | 2016     | 2015
Balance sheet and other data: |          |          |                    |          |
Cash and cash equivalents     | $119,629 | $146,061 | $96,329            | $140,634 | $128,358
Working capital               | 167,879  | 152,793  | 119,433            | 150,485  | 131,971
Total assets                  | 557,799  | 440,985  | 371,641            | 261,245  | 226,095
Total long-term obligations   | 115,143  | 88,126   | 94,311             | 30,297   | 26,885
Total stockholders' equity    | 355,651  | 277,589  | 232,827            | 191,249  | 170,131

ITEM 6. SELECTED FINANCIAL DATA
 consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited financial statements Annual Report. December 2016 2015 balance sheet derived from statements not. historical results not indicative future. data read with Item 7. "Management’s Discussion Analysis Financial Condition Results Operations consolidated financial statements notes other information. tables selected consolidated financial data years December 31, 2019 2018 2017 2016 2015 thousands except share per share data.
 Information prior period Item 1. Business. $28. 0 million expense general administrative expense 2018 agreement legal matter violations Telephone Consumer Protection Act disclosed Item 3. “Legal Proceedings. Information $1. 7 million interest interest income $6. 9 million gain other income 2019 promissory note proceeds acquired note disclosed Item 7. "Management’s Discussion Analysis Financial Condition Results Operations.
reported amounts 2017 2016 2015 reclassified interest income.
 December
 2019 2018 2016 2015
 Cash equivalents $119,629 $146,061 $96,329 $140,634,358
 Working capital 167,879 152,793 119,433 150,485 131,971
 assets 557,799 440,985 371,641 261,245 226,095
 long-term obligations 115,143 88,126 94,311 30,297 26,885
 stockholders' equity,651 277,589 232,827 191,249 170


We continue to experience challenging trends in both the high-end smartphone market and in the broadband market. However, with leading mobile and fixed networks, improving customer experience, three strong brands and further enhancements to BT Plus, with 5G coming imminently, we are well placed for the future.
Adjusteda revenue growth of 3% for the year was driven by the continued increase in handset costs for customers, growth in the SIMonly base across all brands and the impact of price increases, partially offset by solus voice price reductions.
Adjusteda EBITDA grew 7% for the year as the revenue growth was partially offset by increased trading costs.
Capital expenditure growth of 8% was driven by increased network spend as preparations were made for the EE 5G launch in 2019. Normalised free cash flowb was £1,323m, down 5% on last year as the increase in EBITDA was offset by the settlement at the start of the year of the Phones4U dispute relating to the retail trading agreement, and increased capital expenditure.
Mobile churnc was stable at 1.2% for the year, whilst fixed churnc was up from 1.3% to 1.4% reflecting the impact of price increases in the year.
a Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.

Consumer                    |                |                                    |        |
--------------------------- | -------------- | ---------------------------------- | ------ | --
Adjusteda revenue £10,695m  |                | Adjusteda operating profit £1,510m |        |
                            | 2019 (IFRS 15) | 2018 (IAS 18)                      | Change |
Year to 31 March            | £m             | £m                                 | £m     | %
Adjusteda revenue           | 10,695         | 10,360                             | 335    | 3
Adjusteda operating costs   | 8,161          | 7,984                              | 177    | 2
Adjusteda EBITDA            | 2,534          | 2,376                              | 158    | 7
Depreciation & amortisation | 1,024          | 992                                | 32     | 3
Adjusted a operating profit | 1,510          | 1,384                              | 126    | 9
Capital expenditure         | 994            | 919                                | 75     | 8
Normalised free cash flowb  | 1,323          | 1,389                              | (66)   | (5

challenging trends high-end smartphone broadband market. leading mobile fixed networks improving customer experience three strong brands enhancements BT Plus 5G coming well placed future.
 Adjusteda revenue growth 3% driven handset costs SIMonly base price increases offset voice price reductions.
 EBITDA grew 7% increased trading costs.
 Capital expenditure growth 8% increased network spend EE 5G launch 2019. free cash £1,323m down 5% offset settlement Phones4U dispute increased capital expenditure.
 Mobile churnc stable 1. 2% fixed churnc up. 3% to. 4% price increases.
 Adjusted measures exclude specific items. Free cash flow interest pension deficit payments.
 revenue £10,695m operating profit £1,510m
 2019 15 2018 18
 revenue 10
 operating costs 8,161
 EBITDA 2,534 2,376
Depreciation amortisation 1,024 992
 profit 1,510 1,384
 Capital expenditure 994 919 75
 cash 1,323,389


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
NOTE 10 — Contingencies
Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis.
A roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following:
(1) Other activity includes currency translation adjustments not recorded through remediation expense
Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business.
We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause.
We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.

                               |         | Years Ended December 31, |
------------------------------ | ------- | ------------------------ | -------
                               | 2019    | 2018                     | 2017
Balance at beginning of period | $11,274 | $17,067                  | $18,176
Remediation expense            | 2,602   | 1,182                    | 307
Remediation payments           | (2,455) | (6,967)                  | (1,416)
Other activity (1)             | 23      | (8)                      | —
Balance at end of the period   | $11,444 | $11,274                  | $17,067

NOTES CONSOLIDATED FINANCIAL STATEMENTS thousands share data
 NOTE 10 Contingencies
 processes manufacture create-products hazardous waste. notified by U. S. Environmental Protection Agency state agencies responsible parties liable for environmental contamination at sites owned. Asheville North Carolina Mountain View California National Priorities List sites. Environmental Protection Superfund program. accrue liability for remediation activities claims proceedings if estimated provide disclosures nature loss loss. record contingent loss accruals undiscounted basis.
 roll-forward of remediation reserves expenses liabilities Balance Sheets
 Other activity includes currency translation adjustments not
 other legal claims ordinary conduct business.
 provide product warranties accrue for estimated liabilities time sale. Warranty estimates information historical experience. accrue for specific warranty claims if probable liability provide disclosures material loss. outstanding warranty claim determined root cause product performance issue. Testing ongoing. quantify potential impact operations root.
environmental legal warranty claims exceed accrued losses financial position cash flows. accrued liabilities disclosures adjusted information.
 Ended December 31,
 2018 2017
 $11,274 $17,067 $18,176
 Remediation expense 2,602 1,182 307
 payments (2,455) (6,967) (1,416)
 Other activity
 period $11,444 $11,274 $17,067


Interest and Other
Interest income decreased by $1.9 million from 2018 to 2019 due primarily to lower cash and marketable securities balances in 2019. Interest expense decreased by $8.2 million from 2018 to 2019 due primarily to unrealized losses on equity marketable securities recognized in 2018. Other (income) expense, net increased by $28.1 million from 2018 to 2019 due primarily to a $15.0 million charge for the impairment of the investment in RealWear and an $11.5 million change in pension actuarial (gains) losses from a $3.3 million gain in 2018 to an $8.2 million loss in 2019.

                            | 2019    | 2018          | 2018-2019 Change
--------------------------- | ------- | ------------- | ----------------
                            |         | (in millions) |
Interest income             | $(24.8) | $(26.7)       | $1.9
Interest expense            | 23.1    | 31.3          | (8.2)
Other (income) expense, net | 29.5    | 1.4           | 28.1

 income decreased $1. million 2018 2019 lower cash securities balances. expense decreased $8. 2 million due unrealized losses equity securities. expense increased $28. 1 million due $15. million charge investment RealWear $11. 5 million change pension $3. 3 million gain 2018 $8. 2 million loss.
 income $(24. 8) $(26. 7) $1.
 expense 23. 31.
 expense 29.


Non-current provisions
Non-current provisions consisted of the following:
The non-current provision for employee benefits includes long service leave as described above.
The dilapidation provision relates to certain lease arrangements for office space entered into by the Group. These lease arrangements require the Group to restore each premises to its original condition upon lease termination. Accordingly, the Group records a provision for the present value of the estimated future costs to retire long-lived assets at the expiration of these leases.

                       | As of June 30,        |
---------------------- | --------------------- | ------
                       | 2019                  | 2018
                       | (U.S. $ in thousands) |
Employee benefits      | $3,323                | $2,094
Dilapidation provision | 2,759                 | 2,269
                       | $6,082                | $4,363

Non-current provisions
 employee benefits long service leave.
 dilapidation provision lease arrangements office space. restore premises original condition lease termination. records provision future costs assets expiration leases.
 June 30
. thousands
 Employee benefits $3,323 $2,094
 Dilapidation provision 2,759 2,269
 $6,082 $4,363


Contractual Obligations
The following table summarizes contractual obligations and commitments, as of April 27, 2019:
(1) Assumes the outstanding borrowings under the revolving credit facility will be repaid upon maturity of the credit agreement in September 2023.
(2) Amounts represent estimated contractual interest payments on outstanding debt. Interest rates in effect as of April 27, 2019 are used for floating-rate debt.
We enter into agreements with suppliers to assist us in meeting our customers' production needs. These agreements vary as to duration and quantity commitments. Historically, most have been short-term agreements, which do not provide for minimum purchases, or are requirements-based contracts.

                               |        |                  | Payments Due By Period |           |
------------------------------ | ------ | ---------------- | ---------------------- | --------- | -----------------
(Dollars in Millions)          | Total  | Less than 1 year | 1-3 years              | 3-5 years | More than 5 years
Capital Leases                 | $1.7   | $0.6             | $0.9                   | $0.2      | $—
Operating Leases               | 34.2   | 7.8              | 10.5                   | 7.5       | 8.4
Debt (1)                       | 295.5  | 15.7             | 28.8                   | 247.7     | 3.3
Estimated Interest on Debt (2) | 46.8   | 11.7             | 20.7                   | 14.2      | 0.2
Deferred Compensation          | 8.5    | 1.2              | 3.2                    | 1.6       | 2.5
Total                          | $386.7 | $37.0            | $64.1                  | $271.2    | $14.4

Contractual Obligations
 table summarizes obligations commitments April 27, 2019
 outstanding borrowings revolving credit facility repaid maturity September 2023.
 estimated interest payments debt. Interest rates April 27, 2019 floating-rate debt.
 agreements suppliers production needs. agreements vary duration quantity. short-term minimum purchases requirements-based contracts.
 Payments Due Period
 Less than 1 year 1-3 years 3-5 years More 5 years
 Capital Leases $1.
 Operating Leases 34. 7. 10.
 295. 15. 28. 247. 3.
 Estimated Interest Debt 46. 11. 20. 14.
 Deferred Compensation 8. 3.
 $386. $37. $64. $271. $14.


13. Net Loss Per Share
Basic net loss per share is computed using the weighted average number of shares of common stock outstanding for the period, excluding stock options and restricted stock units. Diluted net loss per share is based upon the weighted average number of shares of common stock outstanding for the period and potentially dilutive common shares, including the effect of stock options and restricted stock units under the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts:
(1) The effect of dilutive securities of 3.1 million, 4.5 million, and 4.6 million shares for the fiscal years ended January 31, 2019, 2018, and 2017, respectively, have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those fiscal years.
The computation of diluted net loss per share does not include shares that are anti-dilutive under the treasury stock method because their exercise prices are higher than the average market value of Autodesk’s stock during the fiscal year. The effect of 0.5 million, 0.5 million, and 0.1 million potentially anti-dilutive shares were excluded from the computation of net loss per share for the fiscal years ended January 31, 2019, 2018, and 2017, respectively.

                                                                 |         | Fiscal Year Ended January 31, |
---------------------------------------------------------------- | ------- | ----------------------------- | --------
                                                                 | 2019    | 2018                          | 2017
Numerator:                                                       |         |                               |
Net loss                                                         | $(80.8) | $(566.9)                      | $(582.1)
Denominator:                                                     |         |                               |
Denominator for basic net loss per share—weighted average shares | 218.9   | 219.5                         | 222.7
Effect of dilutive securities (1)                                | —       | —                             | —
Denominator for dilutive net loss per share                      | 218.9   | 219.5                         | 222.7
Basic net loss per share                                         | $(0.37) | $(2.58)                       | $(2.61)
Diluted net loss per share                                       | $(0.37) | $(2.58)                       | $(2.61)

. Net Loss Per Share
 Basic computed weighted average common stock excluding stock options restricted stock units. Diluted loss based weighted average potentially dilutive shares including stock options restricted stock units treasury stock method. table numerators basic diluted net loss
 effect dilutive securities 3. 1 million 4. 5 million. 6 million shares 2019 2018 2017 excluded from loss anti.
 include shares anti-dilutive under treasury stock method prices higher than average market value Autodesk’s stock. 5 million. 5 million. 1 million anti-dilutive shares excluded from years 2019 2018 2017.
 Fiscal Year January
 Numerator
 Net loss $(80. 8) $(566. 9) $(582.
 Denominator
 basic net loss per average 218. 9 219. 5 222.
 Effect dilutive securities
 dilutive net loss per share.
 loss $(0. 37) $(2.
 net loss per share. 37). 58)


Discontinued Operations
On October 27, 2017, we entered into a purchase agreement to sell the Compute business. In consideration for the transfer and sale of the Compute business, we received an equity interest in the buyer valued at approximately $36.5 million, representing the carrying value of the assets divested and representing less than 20.0% of the buyer's total outstanding equity. The operations of the Compute business were accounted for as discontinued operations through the date of divestiture.
We also entered into a transition services agreement (the "Compute TSA"), pursuant to which we agreed to perform certain primarily general and administrative functions on the buyer's behalf during a migration period and for which we are reimbursed for costs incurred.
During the fiscal year 2019, we received $0.1 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. During the fiscal year 2018, we received $3.6 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses.
In August of fiscal year 2015, we sold our Automotive business, as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective.
Additionally, we entered into a Consulting Agreement with the buyer pursuant to which we were to provide the buyer with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million, from which we have recorded $7.5 million as other income during both fiscal years 2017 and 2016. No income was recognized during fiscal years 2019 or 2018. During fiscal year 2017, we received $18.0 million, the full amount of the indemnification escrow.
The accompanying Consolidated Statements of Operations includes the following operating results related to these discontinued operations (in thousands):
(1) Amounts are associated with the Compute business. (2) Amounts are associated with the Automotive business.

                                           | Fiscal Years |
------------------------------------------ | ------------ | --------
                                           | 2018         | 2017
Revenue (1)                                | $—           | $660
Cost of revenue (1)                        | (596)        | 2,252
Gross profit (loss)                        | 596          | (1,592)
Operating expenses:                        |              |
Research and development (1)               | 5,251        | 29,167
Selling, general and administrative (1)    | 1,560        | 13,840
Total operating expenses                   | 6,811        | 43,007
Loss from discontinued operations (1)      | (6,215)      | (44,599)
Other income (2)                           | —            | 7,500
Gain on sale (2)                           | —            | 18,022
Loss income before income taxes            | (6,215)      | (19,077)
Income tax provision (benefit)             | —            | —
Loss income from discontinued operations   | (6,215)      | (19,077)
Cash flow used in Operating Activities (1) | (10,734)     | (42,776)
Cash flow from Investing Activities (2)    | —            | 25,522

Discontinued Operations
 October 27, 2017 purchase sell Compute business. received equity interest buyer $36. 5 million assets divested less than. 0% buyer's equity. operations discontinued through divestiture.
 transition services agreement perform general administrative functions buyer migration reimbursed costs incurred.
 fiscal year 2019 received $0. 1 million reimbursements TSA reduction general administrative expenses. year 2018 received $3. 6 million reduction administrative expenses.
 2015, sold Automotive business not consistent strategic vision growth profitability.
 Consulting Agreement buyer non-design advisory services two years $15. 0 million recorded $7. 5 million other income fiscal years 2017 2016. No income years 2019 2018. 2017 received $18. 0 million full indemnification escrow.
 Consolidated Statements of Operations operating results discontinued operations
 associated Compute business. Automotive business.
 Fiscal Years
 2018
Revenue
 2,252
 Gross profit
 Operating expenses
 Research development 5,251 29,167
 Selling administrative 13,840
 expenses 43,007
 Loss discontinued (6,215) (44,599)
 Other income 7,500
 Gain sale 18,022
 Loss taxes (19,077)
 Income tax provision
 Loss
 Cash flow Activities (10,734 (42,776
 Cash flow Investing Activities 25,522


The following table summarizes the activity related to stock options during the year ended December 31, 2019
As of December 31, 2019, the Company had $1,641 of unrecognized stock-based compensation expense related to the stock options. This cost is expected to be recognized over a weighted-average period of 2.5 years.
(Dollars in thousands, except per share amounts)

                                              | Number of Shares | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregated Intrinsic Value (in thousands)
--------------------------------------------- | ---------------- | ------------------------------- | ------------------------------------------------------ | -----------------------------------------
Stock options outstanding - December 31, 2018 | -                | - -                             |                                                        |
Granted                                       | 5,835,724        | $0.56                           |                                                        |
Forfeited or expired                          | (20,000)         | $0.55                           |                                                        |
Stock options outstanding - December 31, 2019 | 5,815,724        | $0.56                           | 9.6 years                                              | $2,725
Stock options exercisable - December 31, 2019 | 137,500          | $0.55                           | 9.6 years                                              | $66

table summarizes activity stock options December 31, 2019
 Company had $1,641 unrecognized stock-based compensation expense. expected 2. 5 years.
 share
 Number Shares Weighted-Average Exercise Price Contractual Life Aggregated Intrinsic Value
 Stock options outstanding December 31, 2018
 5,835,724 $0.
 Forfeited expired.
 December 31, 2019 5,815,724. 6 years $2,725
 December 31, 2019 137,500. 6 years $66


Income Tax Provision Reconciliation
The difference between the income tax benefit (provision) and income taxes computed using the U.S. federal income tax rate was as follows for the years ended September 30, 2019, 2018, and 2017 (amounts shown in thousands):

                                                              | 2019   | 2018     | 2017
------------------------------------------------------------- | ------ | -------- | --------
Amount computed using statutory rate                          | $841   | $2,122   | $(1,078)
Net change in valuation allowance for net deferred tax assets | (459)  | (367)    | 10,058
AMT and other                                                 | —      | (191)    | 20
Foreign rate differential                                     | 664    | 22       | (169)
Non-deductible items                                          | (151)  | (276)    | (370)
State income tax                                              | (370)  | 50       | (34)
Impact of tax reform on deferred taxes                        | —      | (4,901)  | —
Research and development credits                              | 1,694  | 475      | 2,494
Foreign income tax                                            | (494)  | —        | —
Stock compensation, net                                       | 1,539  | —        | —
Income tax benefit (provision)                                | $3,264 | $(3,066) | $10,921

Income Tax Provision Reconciliation
 difference benefit. federal rate 30 2019 2018 2017
 statutory rate $841 $2,122 $(1,078)
 change valuation deferred tax assets (459) (367) 10,058
 Foreign rate differential
 Non-deductible items (151) (276)
 State income tax
 Impact tax reform deferred taxes
 Research development credits 1,694
 Foreign income tax
 Stock compensation 1,539
 Income tax benefit $3,264 $(3,066) $10,921


Note 3 – Revenue
The following table disaggregates our revenue by major source for the year ended December 31, 2019:
(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.

(In thousands)                        | Network Solutions | Services & Support | Total
------------------------------------- | ----------------- | ------------------ | --------
Access & Aggregation                  | $289,980          | $58,894            | $348,874
Subscriber Solutions & Experience (1) | 144,651           | 8,269              | 152,920
Traditional & Other Products          | 20,595            | 7,672              | 28,267
Total                                 | $455,226          | $74,835            | $530,061

Revenue
 table source December 31, 2019
 Subscriber Solutions Experience Customer Devices. experience SmartRG Subscriber Solutions Experience represents revenue category.
 Network Solutions Services Support
 Access Aggregation $289,980 $58,894 $348,874
 Subscriber Solutions Experience 144,651 8,269 152,920
 Traditional Products 20,595 7,672 28,267
 $455,226 $74,835 $530,061


Capital management
The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet.
The calculation of total capital is shown in the table below:
Following the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2).
The objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities.
As at 31 March 2019, the Group had borrowings of £313.0m (2018: £343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.

               | 2019  | (Restated) 2018
-------------- | ----- | ---------------
               | £m    | £m
Total net debt | 321.0 | 355.2
Total equity   | 59.0  | 5.6
Total capital  | 380.0 | 360.8

Capital management
 Group considers capital net debt plus equity. debt calculated bank debt lease financing less unamortised debt fees cash equivalents note 32. equity Consolidated balance sheet.
 calculation capital table
 IFRS 16 capital year 31 March 2018 restated.
 objectives safeguard provide returns benefits maintain efficient capital structure cost. dividends return capital issue new shares increase share capital reduce debt.
 31 March 2019 Group borrowings £313. 0m (2018 £343. Syndicated revolving credit facility. Interest payable LIBOR plus margin 1. 2% 2. 1% consolidated leverage ratio Auto Trader Group biannual. banking covenants.
 net debt 321. 355.
 equity 59.
 capital 380. 360.


The Group’s measure of segment profit, adjusted EBITDA, excludes depreciation, amortisation, impairment loss, restructuring costs, loss on disposal of fixed assets, the Group’s share of results in associates and joint ventures and other income and expense. A reconciliation of adjusted EBITDA to operating profit is shown below. For a reconciliation of operating profit to profit for the financial year, see the Consolidated income statement on page 111.
Note: 1 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of €0.6 billion (2018: €0.4 billion, 2017: €0.1 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively
2 See note 31 “IAS 18 basis primary statements” for further details.

                                                                             | 2019 €m | 2018 €m | 2017 €m
---------------------------------------------------------------------------- | ------- | ------- | --------
Adjusted EBITDA                                                              | 14,139  | 14,737  | 14,149
Depreciation, amortisation and loss on disposal of fixed assets              | (9,665) | (9,910) | (10,179)
Share of adjusted results in equity accounted associates and joint ventures1 | (291)   | 389     | 164
Adjusted operating profit                                                    | 4,183   | 5,216   | 4,134
Impairment losses                                                            | (3,119) | –       | –
Restructuring costs                                                          | (486)   | (156)   | (415)
Amortisation of acquired customer based and brand intangible assets          | (583)   | (974)   | (1,046)
Other (expense)/income                                                       | (262)   | 213     | 1,052
Operating (loss)/profit (IAS 18 basis)                                       | (267)   | 4,299   | 3,725
Impact of adoption of IFRS 152                                               | (684)   |         |
Operating loss (IFRS 15 basis)                                               | (951)   |         |

Group’s profit excludes depreciation amortisation loss restructuring costs disposal fixed assets results associates joint ventures income expense. reconciliation EBITDA profit. Consolidated income statement page 111.
 adjusted results equity associates joint ventures excludes amortisation brand assets restructuring costs. 6 billion (2018. 4 billion. 1 billion
 note 31 “IAS 18.
 2019 2018 2017
 Adjusted EBITDA 14,139
 Depreciation amortisation loss disposal fixed assets (9,665)
 results equity associates joint
 Adjusted operating profit 4,183 5,216
 Impairment losses (3,119
 Restructuring costs (486)
 Amortisation acquired intangible assets (583)
 Other (262)
 Operating (loss/profit (IAS 18 4,299
 Impact IFRS 152 (684
 Operating loss (IFRS 15 (951)


Revenue
In 2019, we saw another strong year of revenue growth at 8%, climbing to £355.1m (2018: £330.1m), predominantly through Trade revenue, and more specifically Retailer revenue, as our core business continued to grow.
Trade revenue – comprising Retailers, Home Traders and other revenue – increased by 8% to £304.6m (2018: £281.2m). Retailer revenue grew 9% to £293.0m (2018: £268.7m), driven by the launch of new products, our annual pricing event and further penetration of higher yielding advertising packages. Average Revenue Per Retailer (‘ARPR’) improved by £149 to £1,844 per month (2018: £1,695). Average retailer forecourts were stable, with a marginal increase in the year to 13,240 (2018: 13,213). Trade revenue – comprising Retailers, Home Traders and other revenue – increased by 8% to £304.6m (2018: £281.2m). Retailer revenue grew 9% to £293.0m (2018: £268.7m), driven by the launch of new products, our annual pricing event and further penetration of higher yielding advertising packages. Average Revenue Per Retailer (‘ARPR’) improved by £149 to £1,844 per month (2018: £1,695). Average retailer forecourts were stable, with a marginal increase in the year to 13,240 (2018: 13,213).
ARPR growth of £149 per month was broken down as follows into our three levers: price, stock and product.
——Price: Our price lever contributed £50 (2018: £43) and 34% (2018: 29%) of total ARPR growth. We executed our annual event for the vast majority of customers on 1 April 2018 which included a like-for-like price increase.
——Stock: A small contraction in stock had a negative effect on ARPR growth of £22 (2018: positive effect of £20) and was -15% (2018: +13%) of total ARPR growth. A reduction in the number of new cars registered, lower volumes of preregistration and some consumer uncertainty led to a lack of used car supply in the market during the first half of the year. Retailer stock has seen some level of recovery through the second half of the year although the market is still challenging.
——Product: Our product lever contributed £121 (2018: £86) and 81% (2018: 58%) of total ARPR growth. Our annual event allowed us to introduce two new products, stock exports and profile pages, into all package levels and we also monetised our Dealer Finance product following a trial period. Since 1 April 2018, over 5,000 retailers have opted to pay for the opportunity to advertise their finance offers against their cars, representing 70% of all eligible retailers. In addition, the penetration of our higher yielding Advanced and Premium advertising packages has continued to grow as retailers recognise the value of receiving greater prominence within our search listings. At the end of March, 19% of retailer cars advertised were on one of these levels (March 2018: 12%). There was also a small contribution from our Managing products, which despite re-platforming and continued development in the year, still saw growth to 3,200 customers (2018: 3,000).
Revenue £355.1m +8% (2018: £330.1m)
Operating profit £243.7m +10% (2018 restated: £221.3m)
Cash generated from operations £258.5m +13% (2018 restated: £228.4m)
Cash returned to shareholders £151.1m (2018: £148.4m)

                        | 2019  | 2018  |
----------------------- | ----- | ----- | ------
Revenue                 | £m    | £m    | Change
Retailer                | 293.0 | 268.7 | 9%
Home trader             | 10.2  | 11.4  | (11%)
Other                   | 1.4   | 1.1   | 27%
Trade                   | 304.6 | 281.2 | 8%
Consumer Services       | 28.0  | 29.8  | (6%)
Manufacturer and Agency | 22.5  | 19.1  | 18%
Total                   | 355.1 | 330.1 | 8%

 2019 growth 8% £355. 1m (2018 £330. Trade Retailer.
 Trade revenue increased 8% £304. 6m £281. 2m. Retailer revenue grew £293. £268. new products annual pricing event higher yielding advertising packages. Average Revenue Retailer £149 £1,844 per month. retailer forecourts stable marginal increase 13,240. Trade revenue increased 8% £304. 6m £281. 2m. Retailer revenue grew £293. £268. new products annual pricing event higher yielding advertising. improved £149 £1,844. forecourts stable marginal increase 13,240.
 growth levers price stock product.
 contributed £50 34% 29%) ARPR growth. annual event 1 April 2018 like-like price increase.
 contraction ARPR growth £22 £20) -15% (2018 +13%) ARPR growth.reduction new cars lower preregistration consumer uncertainty lack used car supply first half. Retailer stock recovery second half market challenging.
 lever contributed £121 81% 58%) ARPR growth. annual event new products stock exports profile pages monetised Dealer Finance product. Since 1 April 2018 retailers finance cars 70% eligible retailers. Advanced Premium advertising packages. end March 19% retailer cars advertised 12%. small contribution Managing products growth 3,200 customers (2018.
 Revenue £355. 1m +8% £330.
 Operating profit £243. 7m +10% £221. 3m
 Cash operations £258. 5m +13% £228. 4m
 Cash returned shareholders £151. 1m £148. 4m
 Revenue
 Retailer 293. 268. 9%
 Home trader. (11%)
 Other. 27%
 Trade 304. 8%
 Consumer Services. (6%
 Manufacturer Agency 22.19. 18%
. 330. 8%


GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2019, the Group has paid to the shipyard $197,637 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel’s keel laying, launching and delivery (Note 23(a)).
The vessels under construction costs as of December 31, 2018 and 2019 are comprised of:

                                                                   | As of  December 31, |
------------------------------------------------------------------ | ------------------- | -------
                                                                   | 2018                | 2019
Progress shipyard installments                                     | 152,075             | 197,637
Onsite supervision costs                                           | 5,766               | 3,879
Critical spare parts, equipment and other vessel delivery expenses | 1,434               | 1,807
Total                                                              | 159,275             | 203,323

GasLog Ltd. Subsidiaries
 consolidated financial statements
 years December 2017 2018 2019
 amounts. Dollars
 Vessels construction payments capitalized expenditures. December 31, 2019 Group paid $197,637 vessels expects remaining installments laying launching delivery.
 vessels construction costs 2019
 shipyard installments 152,075 197,637
 Onsite supervision costs 5,766 3,879
 spare parts equipment delivery expenses 1,434
 159,275 203,323


The Corporation is also exposed to credit risk in relation to its trade accounts receivable. To mitigate such risk, the Corporation continuously monitors the financial condition of its customers and reviews the credit history or worthiness of each new large customer. The Corporation establishes an allowance for lifetime expected credit losses related to doubtful accounts. The doubtful accounts allowance is calculated on a specific-identification basis for larger customer accounts receivable and on a statistically derived basis for the remainder.
Factors such as the current economic conditions, forward-looking macroeconomic data and historical information (number of overdue days of the customer’s balance outstanding as well as the customer’s collection history) are examined. The Corporation believes that its allowance for doubtful accounts is sufficient to cover the related credit risk.
The Corporation has credit policies in place and has established various credit controls, including credit checks, deposits on accounts and advance billing, and has also established procedures to suspend the availability of services when customers have fully utilized approved credit limits or have violated existing payment terms. Since the Corporation has a large and diversified clientele dispersed throughout its market areas in Canada and the United States, there is no significant concentration of credit risk.
The following table provides further details on trade and other receivables, net of allowance for doubtful accounts:

At August 31,                      | 2019    | 2018
---------------------------------- | ------- | -------
(In thousands of Canadian dollars) | $       | $
Trade accounts receivable          | 74,021  | 95,541
Allowance for doubtful accounts    | (6,759) | (6,497)
                                   | 67,262  | 89,044
Other accounts receivable          | 8,390   | 8,250
                                   | 75,652  | 97,294

Corporation exposed to credit risk trade accounts. monitors financial condition reviews credit history. establishes allowance for lifetime credit losses doubtful accounts. allowance calculated specific-identification larger accounts statistically derived remainder.
 current economic conditions macroeconomic data historical information collection history examined. believes allowance accounts credit risk.
 credit policies credit controls checks procedures services credit limits payment terms. large clientele Canada United States no significant concentration credit risk.
 table details trade receivables allowance doubtful accounts
 August 31, 2019 2018
 Trade accounts receivable 74,021 95,541
 Allowance for doubtful accounts (6,759) (6,497)
 67,262 89,044
 Other accounts receivable 8,390 8,250
 75,652 97,294


The following table shows the fair value of the DB pension plan assets for each category.
Equity securities included approximately $15 million of BCE common shares, or 0.06% of total plan assets, at December 31, 2019 and approximately $8 million of BCE common shares, or 0.03% of total plan assets, at December 31, 2018.
Debt securities included approximately $53 million of Bell Canada debentures, or 0.21% of total plan assets, at December 31, 2019 and approximately $68 million of Bell Canada debentures, or 0.30% of total plan assets, at December 31, 2018.
Alternative investments included an investment in MLSE of $135 million, or 0.53% of total plan assets, at December 31, 2019 and $135 million, or 0.59% of total plan assets, at December 31, 2018.
The Bell Canada pension plan has an investment arrangement which hedges part of its exposure to potential increases in longevity, which covers approximately $4 billion of post-employment benefit obligations.
The fair value of the arrangement is included within other alternative investments. As a hedging arrangement of the pension plan, the transaction requires no cash contributions from BCE.

FOR THE YEAR ENDED DECEMBER 31 | 2019   | 2018
------------------------------ | ------ | ------
Observable markets data        |        |
Equity securities              |        |
Canadian                       | 1,017  | 844
Foreign                        | 4,534  | 3,770
Debt securities                |        |
Canadian                       | 13,216 | 12,457
Foreign                        | 2,385  | 2,004
Money market                   | 219    | 327
Non-observable markets inputs  |        |
Alternative investments        |        |
Private equities               | 2,119  | 1,804
Hedge funds                    | 1,001  | 1,014
Real estate                    | 948    | 758
Other                          | 91     | 93
Total                          | 25,530 | 23,071

table shows value DB pension plan assets category.
 Equity securities $15 million BCE common shares. 06% December 31, 2019 $8 million. 03% 2018.
 Debt securities $53 million Bell Canada debentures. 21% $68 million. 30%.
 Alternative investments $135 million. 53% assets $135 million. 59% 31, 2018.
 Bell Canada pension plan hedges longevity covers $4 billion post-employment benefit obligations.
 value investments. no cash contributions BCE.
 DECEMBER 31
 Observable markets data
 Equity securities
 Canadian 1,017
 Foreign 4,534 3,770
 Debt securities
 12,457
 Money market
 Non-observable markets
 Alternative investments
 Private equities 2,119 1,804
 Hedge funds
 Real estate
 Other
 Total 25,530


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS
Securities Authorized for Issuance under Equity Compensation Plans
The following table sets forth, as of August 31, 2019, certain information related to our compensation plans under which Accenture plc Class A ordinary shares may be issued
(1) Consists of 68,253 restricted share units
(2) Consists of 19,464,437 restricted share units, with performance-based awards assuming maximum performance, and 3,751 stock options
(3) Does not reflect restricted stock units because these awards have no exercise price.
The remaining information called for by Item 12 will be included in the section captioned “Beneficial Ownership” included in the definitive proxy statement relating to the 2020 Annual General Meeting of Shareholders of Accenture plc to be held on January 30, 2020 and is incorporated herein by reference. Accenture plc will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of our 2019 fiscal year covered by this Form 10-K.

Plan Category                                          | Number of Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (3) | Number of shares Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in 1st Column)
------------------------------------------------------ | --------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------
Equity compensation plans approved by shareholders     |                                                                                |                                                                                |
2001 Share Incentive Plan                              | 68,253                                                                                | ---                                                                             | ---
Amended and Restated 2010 Share Incentive Plan         | 19,468,186                                                                              | 48.105                                                                          | 16,684,906
Amended and Restated 2010 Employee Share Purchase Plan | ---                                                                                | N/A                                                                             | 30,454,275
Equity compensation plans not approved by shareholders | ---                                                                                | N/A                                                                             | ---
Total                                                  | 19,536,441                                                                              |                                                                                | 47,139,181

. SECURITY OWNERSHIP BENEFICIAL OWNERS MANAGEMENT SHAREHOLDER MATTERS
 Securities Equity Compensation Plans
 table August 31, 2019 compensation plans Accenture plc Class A shares
 68,253 units
 19,464,437 units performance 3,751 stock options
 exercise price.
 remaining information proxy statement 2020 Annual General Meeting Shareholders Accenture plc January 30, 2020. Accenture proxy statement SEC Regulation 14A 120 days 2019 fiscal year Form 10-K.
 Plan Category Shares Options Warrants Rights Weighted-Average Exercise Price shares Future Issuance Equity Compensation Plans Securities
 Equity compensation plans
 2001 Share Incentive Plan 68,253
 2010 Share Incentive Plan 19,468,186. 16,684,906
 2010 Employee Share Purchase Plan 30,454,275
Equity compensation plans
 19,536,441 47,139,181


10. Debt
On March 31, 2017, the Company entered into a
On March 31, 2017, the Company entered into a $400.0 million syndicated credit facility (“Credit Agreement”) that extends to March 2022. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “Base Rate,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 1.00% to 1.75% (1.25% as of June 30, 2019), and for Base Rate-determined loans, from 0.00% to 0.75% (0.25% as of June 30, 2019). The Company also pays a quarterly commitment fee ranging from 0.125% to 0.400% (0.20% as of June 30, 2019), determined based upon the Debt Rating, of the unused portion of the $400.0 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 1.00% to 1.75% (1.25% as of June 30, 2019), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of June 30, 2019, the Company had $6.0 million of issued letters of credit under the Credit Agreement and $19.7 million of short-term borrowings, with the balance of $374.3 million available to the Company. As of June 30, 2019, the borrowing rate for the Credit Agreement was 3.90%.
The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of June 30, 2019, the Company was in compliance with all of the covenants of the Credit Agreement.
Long-term debt outstanding as of June 30, 2019 and 2018 consisted of the following:
Aggregate maturities of long-term debt for the five years subsequent to June 30, 2019, are $0.0 million in fiscal years 2020, 2021, $250.0 million in 2022, $300.0 million in 2023 and $0.0 million in 2024.
For the years ended June 30, 2019, 2018 and 2017, interest costs totaled $31.1 million, $31.1 million and $31.1 million, respectively, of which $5.1 million, $2.8 million and $1.3 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.

                                                                                | June 30, |
----------------------------------------------------------------------------------------------------- | -------- | ------
($ in millions)                                                                                | 2019     | 2018
Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2019 and 2018)  | $251.2   | $246.6
Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2019 and 2018) | 299.4    | 299.1
Total                                                                                | 550.6    | 545.7
Less: amounts due within one year                                                                     | —        | —
Long-term debt, net of current portion                                                                | $550.6   | $545.7

.
 March 31, 2017 Company entered
 $400. million syndicated credit facility extends March 2022. Interest borrowings accrue variable rates LIBOR “Base Rate rating senior unsecured long-term debt. margin LIBOR ranges 1. 00% to 1. 75%. Base Rate-determined loans 0. 00% to. 75%. pays quarterly commitment fee. 125% to 0. 400%. Debt Rating unused portion $400. million commitment. pay letter of credit fees 1. 00% to 1. 75%. prepay re-borrow loans terminate reduce commitments. June 30, 2019 $6. million issued letters of credit $19. 7 million short-term borrowings balance $374. 3 million available. 2019 borrowing rate 3. 90%.
 subject financial restrictive covenants minimum interest coverage ratio 3. 50 to 1. 00. ratio consolidated earnings before interest taxes depreciation amortization pension expense interest. debt to capital ratio less than 55 percent.debt to capital ratio defined Credit Agreement consolidated indebtedness capitalization. June 30, 2019 Company with covenants Agreement.
 Long-term debt 30 2018
 maturities 2019 $0. million 2020 2021 $250. 2022 $300. 2023 $0. 2024.
 years 30 2019 2018 2017 interest costs totaled $31. million $31. $31. 1 million $5. 1 million $2. 8 million $1. 3 million capitalized cost property plant equipment software.
 unsecured notes 5. 20% due July 2021 $250. million.
. 45% due March 2023 $300. million.
. 545.
 due one year
 Long-term debt current portion $550. $545.


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:
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.

                                 | 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

OPERATIONS
 December 31, 2019 shipping revenues decreased $10,616 2. 9% compared to 2018. decrease three fewer vessels one less Government of Israel voyage. decrease offset by addition two new vessels fourth quarter 2019.
 Reconciliations TCE revenues to shipping revenues
 TCE revenues voyage charter time charter.
 provides information assists management decisions deployment financial performance.
 Years Ended December 31,
 2019 2018
 Time charter revenues $335,133 $326,707
 Voyage expenses 20,414 39,456
 Shipping revenues $355,547 $366,163


5. Receivables, net
The allowance for doubtful accounts includes all specific accounts receivable which we believe are likely not collectable based on known information. The reduction for the unpaid portion of deferred revenue represents future customer service or maintenance obligations which have been billed to customers, but remain unpaid as of the respective balance sheet dates. Deferred revenue on our consolidated balance sheets represents future customer service or maintenance obligations which have been billed and collected as of the respective balance sheet dates.
The note receivable represents the remaining outstanding balance of an original note related to the sale of a product line in 2005 in the amount of $540 thousand. This was fully reserved at the time of the sale as the note’s collectability was not assured. The note receivable is fully reserved at December 31, 2019 and 2018.

(In thousands)                              | December 31, |
------------------------------------------- | ------------ | ---------
                                            | 2019         | 2018
Gross accounts receivables                  | $ 21,193     | $ 14,135
Allowance for returns and doubtful accounts | (265 )       | (277 )
Unpaid portion of deferred revenue          | (10,847 )    | (10,670 )
Note receivable                             | 458          | 458
Allowance for note receivable               | (458 )       | (458 )
Receivables, net                            | $ 10,081     | $ 3,188

. Receivables net
 allowance doubtful accounts includes likely not collectable. reduction unpaid deferred revenue future obligations billed unpaid balance dates. Deferred revenue consolidated sheets future obligations billed collected.
 note receivable balance original note sale product 2005 $540 thousand. reserved sale collectability assured. reserved December 31, 2019 2018.
 Gross accounts receivables $ 21,193  $ 14,135
 Allowance returns doubtful accounts (265
 Unpaid deferred revenue (10,847,670
 Note receivable
 Receivables net $ 10,081 $ 3,188


5. Net Income (Loss) per Share
The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. For purposes of this calculation, options to purchase common stock, stock awards, and the Convertible Senior Notes are considered to be common stock equivalents.
Since the Company has the intent and ability to settle the principal amount of the Convertible Senior Notes in cash and any excess in shares of the Company’s common stock, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.
The conversion spread will have a dilutive impact on net income (loss) per share of common stock when the average market price of the Company’s common stock for a given period exceeds the conversion price of $113.75 per share for the Convertible Senior Notes. During the fiscal years ended July 31, 2019 and 2018, the Company’s weighted average common stock price was below the conversion price of the Convertible Senior Notes.
The following table sets forth the computation of the Company’s basic and diluted net income per share for the years endedJ uly 31, 2019, 2018 and 2017 (in thousands, except share and per share amounts):

                                                                       | 2019       | 2018       | 2017
---------------------------------------------------------------------- | ---------- | ---------- | ----------
Numerator:                                                             |            |            |
Net income (loss)                                                      | $20,732    | $(26,743)  | $18,072
Net income (loss) per share:                                           |            |            |
Basic                                                                  | $0.25      | $(0.34)    | $0.24
Diluted                                                                | $0.25      | $(0.34)    | $0.24
Denominator:                                                           |            |            |
Weighted average shares used in computing net income (loss) per share: |            |            |
Basic                                                                  | 81,447,998 | 77,709,592 | 73,994,577
Weighted average effect of diluted stock options                       | 229,035    | —          | 544,520
Weighted average effect of diluted stock awards                        | 1,004,181  | —          | 789,246
Diluted                                                                | 82,681,214 | 77,709,592 | 75,328,343

. Net Income (Loss) per Share
 Company calculates earnings per net income (loss by average shares common stock. diluted earnings per share computed common stock equivalents treasury stock method. options purchase common stock stock awards Convertible Senior Notes common stock equivalents.
 Company settle Convertible Senior Notes cash excess uses treasury stock method dilutive effect conversion spread net income per share.
 conversion spread net income average market price stock exceeds conversion price $113. 75 per share Convertible Senior Notes. years July 31, 2019 2018 average common stock price below conversion price Convertible Senior Notes.
 table basic diluted net income per share years 31, 2019 2018 2017
 Net income (loss $20,732 $(26,743) $18,072
 per
.
.
 Weighted average shares net income (loss) per share
81,447,998 77,709,592,994,577
 options 229,035 544,520
 awards 1,004,181 789,246
 82,681,214 77,709,592


Segment assets and a reconciliation of segment assets to total assets were as follows:
(1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.

                         |          | Segment Assets  |
------------------------ | -------- | --------------- | --------
                         |          | Fiscal Year End |
                         | 2019     | 2018            | 2017
                         |          | (in millions)   |
Transportation Solutions | $ 4,781  | $  4,707        | $ 4,084
Industrial Solutions     | 2,100    | 2,049           | 1,909
Communications Solutions | 849      | 959             | 951
Total segment assets(1)  | 7,730    | 7,715           | 6,944
Other current assets     | 1,398    | 1,981           | 2,141
Other non-current assets | 10,566   | 10,690          | 10,318
Total assets             | $ 19,694 | $ 20,386        | $ 19,403

reconciliation
 accounts receivable inventories property plant equipment.
 Fiscal Year
 millions
 Transportation Solutions 4,781 4,707 4,084
 Industrial Solutions 2,100 2,049
 Communications Solutions 849 959 951
 6,944
 current 1,398 1,981 2,141
 non-current assets 10,566 10,690 10,318
 Total $ 19,694 $ 20,386 19,403


Share Repurchase
On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS
A summary of our cash provided by and used in operating, investing, and financing activities is as follows (in thousands):

                                                                                | Years Ended December 31, |
-------------------------------------------------------------------------------- | ------------------------ | ---------
                                                                                | 2019                     | 2018
Net cash provided by (used in) operating activities from continuing operations   | $47,899                  | $151,427
Net cash provided by (used in) operating activities from discontinued operations | 493                      | (156)
Net cash provided by (used in) operating activities                              | 48,392                   | 151,271
Net cash provided by (used in) investing activities from continuing operations   | (393,847)                | (113,592)
Net cash provided by (used in) financing activities from continuing operations   | 338,840                  | (97,134)
EFFECT OF CURRENCY TRANSLATION ON CASH                                           | (1,496)                  | (1,030)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                 | (8,111)                  | (60,485)
CASH AND CASH EQUIVALENTS, beginning of period                                   | 354,552                  | 415,037
CASH AND CASH EQUIVALENTS, end of period                                         | 346,441                  | 354,552
Less cash and cash equivalents from discontinued operations                      | —                        | 5,251
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period              | $346,441                 | $349,301

Share Repurchase
 December 18, 2019 Board Directors expiration date common stock repurchase program $25. 1 million $50. million. December 31, 2019 $50. 0 million future repurchases. repurchased 1. 7 million shares $95. 1 million. 4 million $30. million fiscal 2018 2017. no shares repurchased 2019. CASH FLOWS
 cash operating investing financing activities
 Years Ended December 31,
 cash operating $47,899 $151,427
 48,392 151,271
 investing (393,847) (113,592)
 financing,840 (97,134
 CURRENCY TRANSLATION CASH (1,496)
 INCREASE CASH EQUIVALENTS (8,111) (60,485
 354,552 415,037
 end 346,441 354,552
 Less cash equivalents discontinued operations 5,251
EQUIVALENTS $346,441 $349,301


Principal Accountant Fees and Services
We regularly review the services and fees from our independent registered public accounting firm, KPMG. These services and fees are also reviewed with the Audit Committee annually. In accordance with standard policy, KPMG periodically rotates the individuals who are responsible for our audit. Our Audit Committee has determined that the providing of certain non-audit services, as described below, is compatible with maintaining the independence of KPMG.
In addition to performing the audit of our consolidated financial statements, KPMG provided various other services during fiscal years 2019 and 2018. Our Audit Committee has determined that KPMG’s provisioning of these services, which are described below, does not impair KPMG’s independence from NortonLifeLock. The aggregate fees billed for fiscal years 2019 and 2018 for each of the following categories of services are as follows:
The categories in the above table have the definitions assigned under Item 9 of Schedule 14A promulgated under the Exchange Act, and these categories include in particular the following components:
(1) ‘‘Audit fees’’ include fees for audit services principally related to the year-end examination and the quarterly reviews of our consolidated financial statements, consultation on matters that arise during a review or audit, review of SEC filings, audit services performed in connection with our acquisitions and divestitures and statutory audit fees.
(2) ‘‘Audit related fees’’ include fees which are for assurance and related services other than those included in Audit fees.
(3) ‘‘Tax fees’’ include fees for tax compliance and advice.
(4) ‘‘All other fees’’ include fees for all other non-audit services, principally for services in relation to certain information technology audits.
An accounting firm other than KPMG performs supplemental internal audit services for NortonLifeLock. Another accounting firm provides the majority of NortonLifeLock’s outside tax services..

Fees Billed to NortonLifeLock | FY19        | FY18
----------------------------- | ----------- | -----------
Audit fees(1)                 | $12,464,329 | $11,370,525
Audit related fees(2)         | 1,142,383   | 753,689
Tax fees(3)                   | 161,685     | 469,449
All other fees(4)             | 0           | 311,000
Total fees                    | $13,768,398 | $12,904,663

Accountant Fees Services
 review services KPMG. reviewed Audit Committee annually. KPMG rotates audit. Audit Committee non-audit services with independence KPMG.
 KPMG provided other services years 2019 2018. Committee impair independence from NortonLifeLock. fees 2019 2018 categories services
 categories definitions Item 9 Schedule 14A Exchange Act
 ‘‘Audit year-end examination quarterly reviews financial statements consultation SEC filings acquisitions divestitures statutory audit fees.
 related assurance related services.
 ‘‘Tax tax compliance advice.
 other non-audit services information technology audits.
 accounting firm KPMG performs supplemental internal audit services for NortonLifeLock. accounting firm provides majority NortonLifeLock’s outside tax services.
 Fees Billed NortonLifeLock FY19 FY18
 Audit fees(1) $12,464,329  $11,370,525
 Audit related fees(2) 1,142,383 753,689
 Tax fees(3) 161,685  469,449

 $13,768,398 $12,904,663