Net Income to Adjusted EBITDA Reconciliation
We define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, impairment of goodwill and other long-lived assets, share-based compensation expense and other nonoperating items from our consolidated statements of operations as well as certain other items considered outside the normal course of our operations specifically described below.
Restructuring charges: We exclude restructuring expenses, which primarily include employee severance, office consolidation and contract termination charges, from our Adjusted EBITDA to allow more accurate comparisons of the financial results to historical operations and forward-looking guidance. By excluding these expenses from our non-GAAP measures, we are better able to evaluate our ability to utilize our existing assets and estimate the long-term value these assets will generate for us. Furthermore, we believe that the adjustments of these items more closely correlate with the sustainability of our operating performance.
Impairment of goodwill and other long-lived assets: We exclude the impact of charges related to the impairment of goodwill and other long-lived assets. Given the significance of the impairment of goodwill and other long-lived assets, we reported it separately in the consolidated statements of operations. We believe that the exclusion of these impairments, which are non-cash, allows for meaningful comparisons of operating results to peer companies. We believe that this increases period-to-period comparability and is useful to evaluate the performance of the total company.
Share-based compensation expense: We exclude the impact of costs relating to share-based compensation. Due to the subjective assumptions and a variety of award types, we believe that the exclusion of share-based compensation expense, which is typically non-cash, allows for more meaningful comparisons of our operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.
Other non-operating income/(expense), net: We exclude foreign currency exchange transaction gains and losses, primarily related to intercompany financing arrangements, as well as other non-operating income and expense items, such as gains and losses recorded on business combinations or dispositions, sales of investments, pension settlements, net income/(loss) attributable to noncontrolling interests and early redemption payments made in connection with debt refinancing. We believe that the adjustments of these items more closely correlate with the sustainability of our operating performance.
Other items: To measure operating performance, we exclude certain expenses and gains that arise outside the ordinary course of our operations. Such costs primarily include legal settlements, acquisition related expenses, business optimization costs and other transactional costs. We believe the exclusion of such amounts allows management and the users of the financial statements to better understand our financial results.
Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Adjusted EBITDA margin is Adjusted EBITDA for a particular period expressed as a percentage of revenues for that period.
We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. In addition to Adjusted EBITDA being a significant measure of performance for management purposes, we also believe that this presentation provides useful information to investors regarding financial and business trends related to our results of operations and that when non-GAAP financial information is viewed with GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance.
Adjusted EBITDA should not be considered as an alternative to net income or loss, operating income/(loss), cash flows from operating activities or any other performance measures derived in accordance with GAAP as measures of operating performance or cash flows as measures of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies and may, therefore, have limitations as a comparative analytical tool.
The below table presents a reconciliation from net income/(loss) to Adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:
(a)  For the years ended December 31, 2019 and 2018 other items primarily consists of business optimization costs, including strategic review costs and transaction related costs. For the year ended December 31, 2017, other items primarily consists of transaction related costs and business optimization costs.
(b)  For the year ended December 31, 2019, other non-operating (income)/expense, net, included non-cash expenses of $170 million for pension settlements which included plan transfers to third parties in the Netherlands and UK, where we terminated our responsibility for future defined benefit obligations and transferred that responsibility to the third parties. See Note 11 “Pensions and Other Post-Retirement Benefits” for more information.

                                                       | Year Ended December 31, |        |
------------------------------------------------------ | ----------------------- | ------ | ------
(IN MILLIONS)                                          | 2019                    | 2018   | 2017
Net income/(loss) attributable to Nielsen shareholders | $(415)                  | $(712) | $429
Interest expense, net                                  | 391                     | 386    | 370
(Benefit)/provision for income taxes                   | (260)                   | (182)  | 388
Depreciation and amortization                          | 756                     | 675    | 640
EBITDA                                                 | 472                     | 167    | 1,827
Other non-operating (income)/expense, net(b)           | 191                     | 33     | 27
Restructuring charges                                  | 80                      | 139    | 80
Impairment of goodwill and other long-lived assets     | 1,004                   | 1,413  | -
Share-based compensation expense                       | 50                      | 35     | 45
Other items(a)                                         | 56                      | 63     | 45
Adjusted EBITDA                                        | $1,853                  | $1,850 | $2,024

Net Income to Adjusted EBITDA Reconciliation
 define Adjusted EBITDA as net income loss from consolidated statements before interest expense taxes depreciation amortization restructuring charges impairment of goodwill-lived assets share-based compensation expense nonoperating items items outside normal course operations.
 Restructuring charges exclude restructuring expenses employee severance office consolidation contract termination charges from Adjusted EBITDA accurate comparisons financial results to historical guidance. excluding expenses existing assets estimate long-term value. adjustments correlate with sustainability operating performance.
 Impairment of goodwill long-lived assets exclude impact charges. reported separately in statements. exclusion allows comparisons operating results. increases-to-period comparability performance company.
 Share-based compensation expense exclude impact costs compensation. comparisons operating results. Share-based compensation expense timing size nature awards.
non-operating income/(expense), exclude foreign currency exchange transaction gains losses related to intercompany financing arrangements non-operating income items gains losses business combinations dispositions sales pension settlements income noncontrolling interests early redemption payments debt refinancing. adjustments correlate with sustainability operating performance.
 exclude expenses gains outside operations. costs include legal settlements expenses business optimization costs transactional costs. exclusion allows management users financial understand financial results.
 Adjusted EBITDA not presentation GAAP vary inconsistencies calculation differences interpretation. Adjusted EBITDA margin period percentage of revenues.
 use Adjusted EBITDA measure performance evaluate fund incentive compensation programs compare results to competitors. measure performance management provides information investors financial business trends non-GAAP financial information GAAP meaningful understanding of operating performance.
Adjusted EBITDA net income operating cash flows performance measures. limitations not for analysis results GAAP. not comparable limitations.
 table reconciliation net income/(loss to Adjusted EBITDA years December 31, 2019 2018 2017:
 2019 2018 business optimization costs strategic review transaction related costs. December 2017 transaction related optimization.
 December 31, 2019 non-operating non expenses $170 million for pension settlements plan transfers to third parties Netherlands UK. Note 11 “Pensions Post-Retirement Benefits” information.
 Year Ended December 31,
 MILLIONS) 2019 2018 2017
 Net income/(loss) Nielsen shareholders $(415) $(712)  $429
 Interest expense net 391 386  370
)/provision for income taxes (260) (182) 388
 Depreciation amortization 756 675 640
 EBITDA 472 167 1,827
non-operating 191 33
 Restructuring charges
 goodwill assets 1,004 1,413
 compensation expense 50 35
 56 63
 Adjusted EBITDA $1,853 $1,850


RESTRICTED STOCK UNITS
The following is a summary of RSUs award activity for the years ended December 31, 2019 and 2018:
The Company estimates the fair value of the granted shares using the market price of the Company’s stock price at the grant date. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $0.3 million, $0.9 million and $0.6 million, respectively of stock-based compensation expense related to the RSUs.
As of December 31, 2019, total compensation cost not yet recognized related to unvested RSUs was approximately $0.8 million, which is expected to be recognized over a weighted-average period of 2.3 years.

                                | 2019             |                                        | 2018             |
------------------------------- | ---------------- | -------------------------------------- | ---------------- | --------------------------------------
                                | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value
Non-vested at beginning of year | 315,292          | $2.26                                  | 438,712          | $2.28
Shares granted                  | 253,113          | 2.17                                   | 200,000          | 3.16
Shares vested                   | 82,270           | 2.28                                   | 323,420          | 2.84
Non-vested at end of year       | 486,135          | $2.53                                  | 315,292          | $2.26

RESTRICTED STOCK UNITS
 summary RSUs award activity December 2019
 Company estimates fair value granted shares market. 2019 2017 recognized. 3 million. 9 million. 6 million stock-based compensation expense RSUs.
 December 31, 2019 total compensation cost unvested RSUs $0. 8 million expected 2. 3 years.
 Shares Weighted Average Grant Date
 Non-vested beginning 315,292 $2.
 Shares granted 253,113. 17.
 Shares vested 82,270. 28 323,420.
 Non-vested end year 486,135 $2. 53 315,292.


Results of Operations
Revenue
Revenue decreased in fiscal year 2019 compared to fiscal year 2018, but increased compared to fiscal year 2017, primarily as a result of the volatility of semiconductor capital investments by our customers. The overall Asia region continued to account for a majority of our revenues as a substantial amount of the worldwide capacity investments for semiconductor manufacturing continued to occur in this region.
Our deferred revenue balance was $449 million as of June 30, 2019, compared to $994 million as of June 24, 2018. The deferred revenue at the end of June 2019 is recognized under Accounting Standard Codification (“ASC”) 606, while the same values as of June 2018 are recognized under ASC 605, which contributes to the change in value period over period. Our deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of customer acceptance. The anticipated future revenue value from shipments to customers in Japan was approximately $78 million as of June 30, 2019, compared to $607 million as of June 24, 2018.

                      |               | YearEnded     |
--------------------- | ------------- | ------------- | -------------
                      | June 30, 2019 | June 24, 2018 | June 25, 2017
Revenue (in millions) | $9,654        | $11,077       | $8,014
Korea                 | 23%           | 35%           | 31%
China                 | 22%           | 16%           | 13%
Japan                 | 20%           | 17%           | 13%
Taiwan                | 17%           | 13%           | 26%
UnitedStates          | 8%            | 7%            | 8%
SoutheastAsia         | 6%            | 7%            | 5%
Europe                | 4%            | 5%            | 4%

Operations
 Revenue
 decreased 2019 increased 2017 volatility semiconductor capital investments. Asia region majority revenues worldwide capacity investments semiconductor manufacturing.
 deferred revenue balance $449 million June 30, 2019 compared $994 million June 24, 2018. recognized Accounting Standard Codification values June 2018 ASC 605 change value. revenue include shipments Japan acceptance. Shipments classified inventory at cost until acceptance. anticipated future revenue shipments $78 million June 30, 2019 compared $607 million June 24 2018.
 30 2019 24 2018 25 2017
 Revenue millions $9,654 $11,077 $8,014
 Korea 23%
 China 22% 16%
 Japan 20%
 Taiwan 26%
 UnitedStates 8%
 SoutheastAsia 6%
 Europe 4%


NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)
NOTE 19: SEGMENT INFORMATION
The Company through August 30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers since November 30, 2018 (date of obtaining control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.
The Company measures segment performance based on net income/ (loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:

                                                               | Dry Bulk Vessel Operations for the Year Ended December 31, 2019 | Logistics Business for the Year Ended December 31, 2019 | Total for the Year Ended December 31, 2019
-------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------------------- | ------------------------------------------
Revenue                                                        | $254,178                                                        | $228,271                                                | $482,449
Administrative fee revenue from affiliates                     | 16,991                                                          | —                                                       | 16,991
Interest income                                                | 9,610                                                           | 1,052                                                   | 10,662
Interest expense and finance cost                              | (92,948)                                                        | (40,531)                                                | (133,479)
Depreciation and amortization                                  | (52,288)                                                        | (29,435)                                                | (81,723)
Equity in net (losses)/earnings of affiliated companies        | (9,185)                                                         | —                                                       | (9,185)
Net (loss)/ income attributable to Navios Holdings common      |                                                                 |                                                         |
stockholders                                                   | (212,623)                                                       | 20,513                                                  | (192,110)
Total assets                                                   | 1,511,517                                                       | 631,338                                                 | 2,142,855
Goodwill                                                       | 56,240                                                          | 104,096                                                 | 160,336
Capital expenditures                                           | (36,628)                                                        | (7,943)                                                 | (44,571)
Investment in affiliates                                       | 64,352                                                          | —                                                       | 64,352
Cash and cash equivalents                                      | 32,386                                                          | 45,605                                                  | 77,991
Restricted cash                                                | 736                                                             | —                                                       | 736
Long-term debt, net (including current and noncurrent portion) | $1,048,318                                                      | $514,929                                                | 1,563,247

NAVIOS MARITIME HOLDINGS. CONSOLIDATED FINANCIAL STATEMENTS U. S. dollars except share data
 August 30, 2019 three reportable segments Dry Bulk Vessel Operations Logistics Business Containers Business. Containers reportable consolidation Navios Containers November 30, 2018. reclassification discontinued two reportable segments Dry Bulk Vessel Operations Logistics. strategic businesses. Dry Bulk Vessel Operations transportation bulk cargoes. Logistics Business ports transfer station terminals vessels barges pushboats transport facilities Hidrovia region.
 measures segment performance net income (loss Navios Holdings common stockholders. Inter-segment sales transfers not significant eliminated. Summarized financial information
 Dry Bulk Vessel Operations Logistics Business Total
 Revenue $254,178 $228,271 $482,449
 Administrative fee revenue affiliates 16,991
 Interest income 9,610
Interest,948) (40,531) (133,479)
 Depreciation amortization,288 (29,435 (81,723)
 (9,185
 Navios Holdings
 (212,623) 20 (192,110
 assets 1,511,517 631,338 2,142,855
 Goodwill 56,240
 Capital expenditures (36,628) (44,571)
 64,352
 Cash 32,386 45,605 77,991
 debt $1,048,318 $514,929 1,563,247


Item 6. Selected Consolidated Financial Data
The following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included elsewhere herein.
Consolidated Balance Sheet Data:

                          |         |         | As of December 31, |         |
------------------------- | ------- | ------- | ------------------ | ------- | -------
                          | 2019    | 2018    | 2017               | 2016    | 2015
                          |         |         | (In thousands)     |         |
Cash and cash equivalents | $19,505 | $18,017 | $22,553            | $26,838 | $35,128
Working capital           | $1,116  | $6,356  | $7,646             | $14,643 | $16,046
Total assets              | $54,538 | $43,424 | $45,672            | $53,530 | $68,579
Stockholders' equity      | $10,863 | $14,059 | $13,078            | $18,064 | $21,387

. Consolidated Financial Data
 five-year period December 2019. past future.'s Discussion Analysis Financial Condition financial statements notes.
 Consolidated Balance Sheet Data
 December 31,
 2019 2018 2017
 Cash equivalents $19,505 $18,017 $22,553 $26,838 $35,128
 Working capital $1,116 $6,356 $7,646 $14,643 $16,046
 Total assets $54,538 $43,424 $45,672 $53,530 $68,579
 Stockholders' equity $10,863 $14,059 $13,078 $18,064 $21,387


Actual STI Bonus Amounts Authorized. The actual amounts of the NEOs’ 2019 bonuses were calculated as
follows:
(1) Determined based on earned salary and applicable STI target bonus percentage during 2019 and includes pro-rations for any changes to salary and/or STI target bonus percentage described below.
a) Target Bonus Opportunity for Mr. Storey reflects his salary earned during 2019 of $1,800,011 and a STI target bonus percentage of 200%.
b) Target Bonus Opportunity for Mr. Dev reflects his salary earned during 2019 of $650,000 and a STI target bonus percentage of 120%.
c) Target Bonus Opportunity for Mr. Goff reflects his salary earned during 2019 of $600,018 and a STI target bonus percentage of 120%.
d) Target Bonus Opportunity for Mr. Trezise reflects his salary earned during 2019 with a salary increase, from $475,010 to $500,011, effective on February 23, 2019, and an increase of STI target bonus percentage from 80% to 90%, also effective on February 23, 2019.
e) Target Bonus Opportunity for Mr. Andrews reflects his salary earned during 2019 with a salary increase, from $425,006 to $525,000, effective on August 21, 2019, and a STI target bonus percentage of 100%.
(2) Calculated or determined as discussed above under “—2019 Performance Results.”
(3) Determined based on achievement of individual performance objectives as described further above in this Subsection.
Committee Discretion to Pay in Cash or Shares. The Committee may authorize the payment of annual bonuses in cash or shares of common stock. Since 2000, the Committee has paid these bonuses entirely in cash, principally to diversify our compensation mix and to conserve shares in our equity plans.
Recent Actions (February 2020). In connection with establishing targets for the 2020 STI program, the Committee increased Mr. Dev’s STI Target Bonus Percentage to 125%, in light of his position to market and performance as CFO, and made no changes to the target bonus percentage for any of our other NEOs.

                    | 2019 STI Bonus Amounts       |   |                           |   |                                                        |   |
------------------- | ---------------------------- | - | ------------------------- | - | ------------------------------------------------------ | - | ----------------
Named Officer       | Target Bonus Opportunity (1) | X | Company Performance % (2) | X | Discretionary Adjustment for Individual Performance(3) | = | STI Bonus Amount
Current Executives: |                              |   |                           |   |                                                        |   |
Jeffrey K. Storey   | $3,600,022                   |   | 97%                       |   | 100%                                                   |   | $3,492,021
Indraneel Dev       | 780,000                      |   | 97%                       |   | 110%                                                   |   | 832,260
Stacey W. Goff      | 720,021                      |   | 97%                       |   | 100%                                                   |   | 698,420
Scott A. Trezise    | 439,654                      |   | 97%                       |   | 110%                                                   |   | 469,111
Shaun C. Andrews    | 461,442                      |   | 97%                       |   | 110%                                                   |   | 492,359

STI Bonus Amounts Authorized. NEOs’ 2019 bonuses calculated
 Determined based earned salary STI target bonus percentage 2019 pro-rations changes salary STI bonus percentage.
 Target Bonus. Storey salary $1,800,011 STI target bonus percentage 200%.
. Dev salary $650,000 target bonus percentage 120%.
. Goff salary $600,018 target bonus percentage 120%.
. Trezise $475,010 to $500,011 February 23, 2019 target bonus percentage 80% to 90%.
. Andrews $425,006 to $525,000 August 21, 2019 STI target bonus percentage 100%.
 Performance Results.
 performance objectives.
 Committee Discretion Pay Cash or Shares. bonuses cash shares common stock. Since 2000, paid bonuses cash diversify compensation mix conserve shares equity plans.
 2020. increased. Dev’s STI Target Bonus Percentage to 125% no changes target bonus other NEOs.
2019 STI Bonus Amounts
 Target Bonus Opportunity Company Performance % Discretionary Adjustment Individual Performance(3) STI Bonus Amount
 Current Executives
 Jeffrey. Storey $3,600,022 97% $3,492,021
 Indraneel Dev 780,000 110% 832
 Stacey. Goff 720,021 698,420
 Scott. Trezise 439,654 110%
 Shaun. Andrews 461,442 492,359


Interest income (expense), net consisted of the following:
Interest income is related to the cash and cash equivalents held by the Company. Interest expense recorded in 2019, 2018 and 2017 included respectively a charge of $39 million, $38 million and $37 million on the senior unsecured convertible bonds issued in July 2017 and July 2014, of which respectively $37 million, $36 million and $33 million was a non-cash interest expense resulting from the accretion of the discount on the liability component. Net interest includes also charges related to the banking fees and the sale of trade and other receivables.
No borrowing cost was capitalized in 2019, 2018 and 2017. Interest income on government bonds and floating rate notes classified as available-for-sale marketable securities amounted to $6 million for the year ended December 31, 2019, $6 million for the year ended December 31, 2018 and $6 million for the year ended December 31, 2017.

        | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017
------- | ---------------------------- | ---------------------------- | ----------------------------
Income  | 55                           | 47                           | 30
Expense | (54)                         | (54)                         | (52)
Total   | 1                            | (7)                          | (22)

Interest income
 related cash equivalents Company. expense 2019 2018 2017 $39 million $38 million $37 million senior unsecured convertible bonds July 2017 2014, $37 million $36 million $33 million non discount liability. banking fees sale receivables.
 No borrowing cost capitalized 2019 2018 2017. Interest income government bonds floating rate notes $6 million 2019 $6 million 2018 $6 million 2017.
 Income 55  47  30
 Expense (54)
 Total 1  (7) (22)


Summarized financial information concerning our segments is shown in the tables below (in millions):
(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP
(2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.
(4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.
(6) Receivables from related parties are included in Corporate and Other.
(7) Transition and integration costs primarily consists of legal and professional fees related to the Distribution and transition-related costs following the Distribution.

                                 |                    |                    | Year ended December 31, 2017 |     |
-------------------------------- | ------------------ | ------------------ | ---------------------------- | --- | --------
                                 | Software Solutions | Data and Analytics | Corporate and Other          |     | Total
Revenues                         | $904.5             | $151.6             | $(4.5)                       | (1) | $1,051.6
Expenses:                        |                    |                    |                              |     |
Operating expenses               | 388.0              | 113.2              | 68.3                         | (2) | 569.5
Transition and integration costs | —                  | —                  | 13.1                         | (7) | 13.1
EBITDA                           | 516.5              | 38.4               | (85.9)                       |     | 469.0
Depreciation and amortization    | 101.2              | 12.8               | 92.5                         | (4) | 206.5
Operating income (loss)          | 415.3              | 25.6               | (178.4)                      |     | 262.5
Interest expense, net            |                    |                    |                              |     | (57.5)
Other expense, net               |                    |                    |                              |     | (12.6)
Earnings before income taxes     |                    |                    |                              |     | 192.4
Income tax benefit               |                    |                    |                              |     | (61.8)
Net earnings                     |                    |                    |                              |     | $254.2
Balance sheet data:              |                    |                    |                              |     |
Total assets                     | $3,223.5           | $304.7             | $127.7                       | (6) | $3,655.9
Goodwill                         | $2,134.7           | $172.1             | $—                           |     | $2,306.8

financial information segments in tables
 Revenues Corporate Other represent deferred purchase accounting adjustments GAAP
 Operating expenses equity-based compensation payroll taxes $51. 7 million $51. 4 million $19. 2 million years ended December 31, 2019 2018 2017.
 Depreciation amortization net incremental adjustments purchase accounting.
 Receivables from related parties included.
 Transition integration costs legal professional fees.
 Year ended December 31, 2017
 Software Solutions Data Analytics Corporate Other Total
 Revenues $904. 5 $151. 6. $1,051. 6
 Expenses
 Operating expenses 388. 113.
 Transition integration costs 13.
 EBITDA 516.
 Depreciation amortization 101.
 Operating income (loss) 415.
 Interest expense net (57.
 Other expense net (12.
 Earnings before income taxes 192. 4
Income tax benefit.
 Net earnings $254.
 Balance
 assets $3,223. $304. $127. $3,655.
 Goodwill $2,134. $172. $2,306.


Accounts Receivable Allowances
Accounts receivable allowances reflect our best estimate of probable losses inherent in our accounts receivable balances, including both losses for uncollectible accounts receivable and sales returns. We regularly review allowances by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay.
Activity in accounts receivable allowance is as follows (in thousands):

                                 |         | Fiscal  |
-------------------------------- | ------- | ------- | -------
                                 | 2019    | 2018    | 2017
Beginning balance                | $4,568  | $6,890  | $2,420
Additions charged to expenses    | 5,210   | 1,980   | 4,190
Accruals related to acquisitions | —       | 37      | 4,390
Deductions from reserves         | (1,088) | (4,339) | (4,110)
Ending balance                   | $8,690  | $4,568  | $6,890

Accounts Receivable Allowances
 reflect losses uncollectible sales returns. review historical experience credit quality age economic conditions.
 Activity
 2019 2018 2017
 Beginning balance $4,568 $6,890 $2,420
 Additions expenses 5,210 1,980 4,190
 Accruals 37 4,390
 Deductions reserves (1,088) (4,339),110)
 Ending balance $8,690 $4,568 $6,890


Basic earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding restricted stock-based awards, stock options, and shares issuable under the employee stock purchase plan using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:
(1) These weighted shares relate to anti-dilutive restricted stock-based awards and stock options as calculated using the treasury stock method and contingently issuable shares under PSO and PSU agreements. Such shares could be dilutive in the future. See Note 13 for information regarding the exercise prices of our outstanding, unexercised stock options.

Year Ended May 31,                                                                                |         |        |
------------------------------------------------------------------------------------------------------------- | ------- | ------ | ------
(in millions, except per share data)                                                                          | 2019    | 2018   | 2017
Net income                                                                                | $11,083 | $3,587 | $9,452
Weighted average common shares outstanding                                                                    | 3,634   | 4,121  | 4,115
Dilutive effect of employee stock plans                                                                       | 98      | 117    | 102
Dilutive weighted average common shares outstanding                                                           | 3,732   | 4,238  | 4,217
Basic earnings per share                                                                                | $3.05   | $0.87  | $2.30
Diluted earnings per share                                                                                | $2.97   | $0.85  | $2.24
Shares subject to anti-dilutive restricted stock-based awards and stock options excluded from calculation (1) | 71      | 64     | 74

earnings net income weighted-average shares. Diluted earnings dilutive effect restricted stock awards options shares employee stock purchase plan. table diluted earnings
 weighted shares relate anti restricted stock awards stock options contingently issuable shares PSO PSU agreements. shares could dilutive. Note 13 exercise prices unexercised stock options.
 Ended May 31,
 2019
 Net income $11,083 $3,587 $9,452
 Weighted average shares 3,634 4,121
 Dilutive effect employee stock plans
 Dilutive shares 3,732 4,238
 Basic earnings per share $3. 05 $0.
 Diluted earnings per share $2.
 anti-dilutive restricted stock awards stock options excluded calculation


PSUs, RSUs and restricted stock
Under the 2015 Plan, awards other than stock options, including PSUs, RSUs and restricted stock, may be granted to certain employees and officers.
Under our market-based PSU program, the number of shares of common stock earned by a recipient is subject to a market condition based on ADTRAN’s relative total shareholder return against all companies in the NASDAQ Telecommunications Index at the end of a three-year performance period. Depending on the relative total shareholder return over the performance period, the recipient may earn from 0% to 150% of the shares underlying the PSUs, with the shares earned distributed upon the vesting. The fair value of the award is based on the market price of our common stock on the date of grant, adjusted for the expected outcome of the impact of market conditions using a Monte Carlo Simulation valuation method. A portion of the granted PSUs vests and the underlying shares become deliverable upon the death or disability of the recipient or upon a change of control of ADTRAN, as defined by the 2015 Plan. The recipients of the PSUs receive dividend credits based on the shares of common stock underlying the PSUs. The dividend credits vest and are earned in the same manner as the PSUs and are paid in cash upon the issuance of common stock for the PSUs.
During the first quarter of 2017, the Compensation Committee of the Board of Directors approved a one-time PSU grant of 0.5 million shares that contained performance conditions and would have vested at the end of a three-year period if such performance conditions were met. The fair value of these performance-based PSU awards was equal to the closing price of our stock on the date of grant. These awards were forfeited during the first quarter of 2020 as the performance conditions were not achieved.
The fair value of RSUs and restricted stock is equal to the closing price of our stock on the business day immediately preceding the grant date. RSUs and restricted stock vest ratably over four-year and one-year periods, respectively.
We will continue to assess the assumptions and methodologies used to calculate the estimated fair value of stock-based compensation. If circumstances change, and additional data becomes available over time, we may change our assumptions and methodologies, which may materially impact our fair value determination.
The following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2018 and 2019 and the changes that occurred during 2019:

(In thousands, except per share amounts)                                | Number of Shares | Weighted Average Grant Date Fair Value
----------------------------------------------------------------------- | ---------------- | --------------------------------------
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2018 | 1,570            | $18.52
PSUs, RSUs and restricted stock granted                                 | 897              | $9.63
PSUs, RSUs and restricted stock vested                                  | (368)            | $17.23
PSUs, RSUs and restricted stock forfeited                               | (208)            | $18.24
Unvested RSUs and restricted stock outstanding, December 31, 2019       | 1,891            | $14.58

PSUs RSUs restricted stock
 2015 Plan awards PSUs RSUs stock employees officers.
 market-based PSU program shares common stock earned subject market condition ADTRAN’s shareholder return Telecommunications Index three-year. earn 0% to 150% shares PSUs shares earned distributed vesting. fair value based market price common stock grant adjusted conditions Monte Carlo Simulation valuation. portion granted PSUs vests shares deliverable death disability recipient change control ADTRAN. recipients receive dividend credits shares stock. credits vest earned paid cash issuance common stock.
 2017 Compensation Committee approved one-time PSU grant 0. 5 million shares performance conditions vested three-year period. fair value awards equal closing price stock date grant. awards forfeited 2020 performance conditions not achieved.
 fair value RSUs restricted stock equal closing price stock day grant date. vest over four one-year periods.
assumptions methodologies stock compensation. data change assumptions impact fair value determination.
 PSUs RSUs restricted stock December 31, 2018 2019 changes 2019
 Average Grant Value
 Unvested PSUs RSUs stock December 31, 2018 1,570 $18. 52
 granted 897 $9. 63
 vested (368) $17. 23
 forfeited (208) $18. 24
 Unvested RSUs December 31, 2019 1,891 $14. 58


Restricted Cash
The following table provides a reconciliation of the Company’s cash and cash equivalents, and current and non-current portion of restricted cash reported on the consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash as of January 31, 2020 and February 1, 2019 (table in millions):
Amounts included in restricted cash primarily relate to certain employee-related benefits, as well as amounts related to installment payments to certain employees as part of acquisitions, subject to the achievement of specified future employment conditions.

                                                 | January 31, 2020 | February 1, 2019
------------------------------------------------ | ---------------- | ----------------
Cash and cash equivalents                        | $2,915           | $3,532
Restricted cash within other current assets      | 83               | 35
Restricted cash within other assets              | 33               | 29
Total cash, cash equivalents and restricted cash | $3,031           | $3,596

Restricted Cash
 table cash equivalents restricted cash balance sheets total cash equivalents January 31, 2020 February 1, 2019
 Amounts cash employee benefits installment payments acquisitions future employment conditions.
 January 2020 February 1, 2019
 Cash equivalents $2,915 $3,532
 Restricted cash assets 83
 33
 Total cash equivalents restricted cash $3,031 $3,596


Net Earnings Per Share (“EPS”)
Basic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each year. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding RSUs.
A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):
In 2019, 2018 and 2017, approximately 42,000, 17,000 and 40,000, respectively, of our RSUs were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive. These share-based awards could be dilutive in the future. In the year ended December 31, 2019, certain potential outstanding shares from convertible senior notes and warrants were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive.

                                                    |          | Years Ended December 31, |
--------------------------------------------------- | -------- | ------------------------ | -------
                                                    | 2019     | 2018                     | 2017
Numerator:                                          |          |                          |
Netearnings                                         | $159,407 | $163,677                 | $90,683
Denominator:                                        |          |                          |
Weighted-average shares used to compute basic EPS   | 35,538   | 35,586                   | 35,741
Dilutive potential common shares due to dilutive:   |          |                          |
RSUs, net of tax effect                             | 421      | 423                      | 466
Weighted-average shares used to compute diluted EPS | 35,959   | 36,009                   | 36,207
Net earnings per share:                             |          |                          |
Basic                                               | $4.49    | $4.60                    | $2.54
Diluted                                             | $4.43    | $4.55                    | $2.50

Net Earnings Per Share
 computed net earnings weighted average shares. Diluted EPS computed average dilutive shares method. Dilutive shares include RSUs.
 reconciliation basic diluted EPS
 2019 2018 2017 42,000 17,000 40,000 RSUs not included diluted EPS anti-dilutive. dilutive. December 31, 2019 shares convertible senior notes warrants not included diluted EPS anti-dilutive.
 Years
 2019 2018 2017
 Netearnings $159,407 $163,677 $90,683
 Weighted-average shares EPS 35,538 35,586 35,741
 Dilutive shares
 RSUs net tax effect 421
 Weighted-average shares diluted EPS 35,959 36,009 36,207
 Net earnings per share
 Basic $4. 49. $2.
 Diluted $4. 55.


Group Value Added Statements
Note:
(1) FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.

                                             | FY 2019    | FY 2018
-------------------------------------------- | ---------- | ----------
                                             | S$ million | S$ million
Value added from:                            |            |
Operating revenue                            | 17,372     | 17,268
Less: Purchases of goods and services        | (10,307)   | (9,716)
                                             | 7,065      | 7,552
Other income                                 | 225        | 259
Interest and investment income (net)         | 38         | 45
Share of results of associates (post-tax)    | 1,563      | 1,804
Exceptional items (1)                        | 68         | 1,895
                                             | 1,894      | 4,003
Total value added                            | 8,959      | 11,555
Distribution of total value added            |            |
To employees in wages, salaries and benefits | 2,597      | 2,760
To government in income and other taxes      | 675        | 703
To providers of capital on:                  |            |
- Interest on borrowings                     | 393        | 390
- Dividends to shareholders                  | 2,857      | 3,346
Total distribution                           | 6,522      | 7,199
Retained in business                         |            |
Depreciation and amortisation                | 2,222      | 2,250
Retained profits                             | 238        | 2,127
Non-controlling interests                    | (23)       | (21)
                                             | 2,437      | 4,356
Total value added                            | 8,959      | 11,555
Average Number of employees                  | 24,071     | 25,614

Value Added Statements
 FY 2018 gain interest NetLink Trust S$2. billion.
 Value
 Operating revenue 17,372
 Purchases services (10
 7 7,552
 Other income
 Interest investment income
 results associates-tax 1,563 1,804
 Exceptional items
 4,003
 value 11,555
 Distribution
 employees wages salaries benefits 2,597 2,760
 government income taxes 675 703
 providers capital
 Interest borrowings
 Dividends shareholders 2,857 3,346
 6,522 7,199
 Depreciation amortisation 2,222 2,250
 profits
 Non-controlling interests
 2,437 4,356
 value 11,555
 employees 24,071 25,614


NOTE 17—SPECIAL CHARGES (RECOVERIES)
Special charges (recoveries) include costs and recoveries that relate to certain restructuring initiatives that we have undertaken from time to time under our various restructuring plans, as well as acquisition-related costs and other charges.

                                                            |         | Year Ended June 30, |
----------------------------------------------------------- | ------- | ------------------- | -------
                                                            | 2019    | 2018                | 2017
Fiscal 2019 Restructuring Plan                              | $28,318 | $—                  | $—
Fiscal 2018 Restructuring Plan                              | 515     | 10,154              | —
Fiscal 2017 Restructuring Plan                              | 898     | 7,207               | 33,827
Restructuring Plans prior to Fiscal 2017 Restructuring Plan | (620)   | 279                 | (340)
Acquisition-related costs                                   | 5,625   | 4,805               | 15,938
Other charges (recoveries)                                  | 983     | 6,766               | 14,193
Total                                                       | $35,719 | $29,211             | $63,618

CHARGES
 restructuring initiatives acquisition-related costs.
 Ended June 30,
 2019 Restructuring Plan $28,318
 2018 Plan 515  10,154
 2017 Restructuring Plan  7,207 33,827
 Plans (620) 279 (340)
 Acquisition-related costs 4,805  15,938
 Other charges (recoveries 983 6,766 14,193
 Total $35,719 $29,211 $63,618


In the following table, we provide information regarding our common stock repurchases under our publicly-announced share repurchase program for the quarter ended December 31, 2019. All repurchases related to the share repurchase program were made on
the open market.
During the year ended December 31, 2019, we repurchased a total of 1,640,055 shares at an average price per share of $70.65 under our publicly-announced share repurchase program. In January 2020, our Board of Directors authorized the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.

Period                         | Total number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
------------------------------ | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------
October 1 - October 31, 2019   | 13,425                           | $78.21                       | 13,425                                                                           | $48,950,059
November 1 - November 30, 2019 | 245,454                          | 76.95                        | 245,454                                                                          | 30,062,919
December 1 - December 31, 2019 | 185,973                          | 80.95                        | 185,973                                                                          | 15,008,242
Total                          | 444,852                          |                              | 444,852                                                                          |

table common stock repurchases program quarter ended December 31, 2019. repurchases
 open market.
 December 2019 repurchased 1,640,055 shares average price per share $70. 65. January 2020 Board Directors authorized repurchase $50 million common stock.
 Period Shares Purchased Average Price Paid per Share Plans Programs Maximum Shares Purchased
 October 1 - 31, 2019 13,425 $78. $48,950,059
 November 1 - 30, 2019 245,454. 30,062,919
 December 1 - 31, 2019 185,973. 15,008,242
 444,852


Note 20 Trade payables and other liabilities
(1) Represents BCE’s obligation to repurchase the BCE Master Trust Fund’s (Master Trust Fund) 9% interest in MLSE at a price not less than an agreed minimum price should the Master Trust Fund exercise its put option. The obligation to repurchase is marked to market each reporting period and the gain or loss is recorded in Other expense in the income statements.

FOR THE YEAR ENDED DECEMBER 31                                          | NOTE | 2019  | 2018
----------------------------------------------------------------------- | ---- | ----- | -----
Trade payables and accruals                                             |      | 2,604 | 2,535
Compensation payable                                                    |      | 589   | 589
Maple Leaf Sports and Entertainment Ltd. (MLSE) financial liability (1) | 26   | 135   | 135
Taxes payable                                                           |      | 101   | 129
Derivative liabilities                                                  | 26   | 49    | 27
Severance and other costs payable                                       |      | 35    | 63
Provisions                                                              | 23   | 33    | 66
CRTC tangible benefits obligation                                       | 26   | 28    | 38
CRTC deferral account obligation                                        | 26   | 13    | 16
Other current liabilities                                               |      | 367   | 343
Total trade payables and other liabilities                              |      | 3,954 | 3,941

20 Trade payables liabilities
 obligation repurchase Master Trust 9% interest MLSE minimum put option. obligation repurchase marked gain loss recorded income statements.
 YEAR ENDED DECEMBER 31 2019 2018
 Trade payables accruals 2,604 2,535
 Compensation 589
 Maple Leaf Sports Entertainment. liability 135
 Taxes 101 129
 Derivative liabilities 49
 Severance costs 35 63
 CRTC benefits obligation
 deferral account obligation
 liabilities 367 343
 trade payables liabilities 3,954 3,941


AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
14. STOCK-BASED COMPENSATION
Summary of Stock-Based Compensation Plans—The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably, generally over four years for RSUs and stock options and three years for PSUs. Stock options generally expire 10 years from the date of grant. As of December 31, 2019, the Company had the ability to grant stock-based awards with respect to an aggregate of 7.0 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a 15% discount from the lower of the closing market value on the first or last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year.
During the years ended December 31, 2019, 2018 and 2017, the Company recorded and capitalized the following stock-based compensation expenses:

                                                                       | 2019   | 2018   | 2017
---------------------------------------------------------------------- | ------ | ------ | ------
Stock-based compensation expense - Property                            | $1.8   | $2.4   | $2.1
Stock-based compensation expense - Services                            | 1.0    | 0.9    | 0.8
Stock-based compensation expense - SG&A                                | 108.6  | 134.2  | 105.6
Total stock-based compensation expense                                 | $111.4 | $137.5 | $108.5
Stock-based compensation expense capitalized as property and equipment | $1.6   | $2.0   | $1.6

AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
. STOCK-BASED COMPENSATION
 Company maintains equity incentive plans stock-based awards directors officers employees. 2007 Equity Incentive Plan non-qualified incentive stock options restricted stock units stock stock-based awards. prices stock options not less than fair value common stock date grant. Equity awards vest four years RSUs stock options three years PSUs. Stock options expire 10 years grant. December 31, 2019 Company awards 7. 0 million shares common stock 2007 Plan. maintains employee stock purchase plan employees purchase shares common stock 15% discount closing market value. periods June 1 November 30 December 1 May 31.
 December 2019 2018 2017 Company recorded capitalized stock-based compensation expenses
 Property $1. $2.
 Services.
 SG&A.
 Total $111.$137. $108.
 Stock compensation property equipment $1. $2.


Note 6 Segments
The Company’s segment reporting structure consists of two reportable segments and a Corporate category as follows: • Food Care; and • Product Care.
The Company’s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to or monitored by the reportable segments' management. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of goods sold.
We allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Adjusted EBITDA. We also allocate and disclose restructuring charges and impairment of goodwill and other intangible assets by segment. However, restructuring charges and goodwill are not included in the segment performance metric Adjusted EBITDA since they are categorized as certain specified items (“Special Items”), in addition to certain transaction and other charges and gains related to acquisitions and divestitures and certain other specific items excluded from the calculation of Adjusted EBITDA. The accounting policies of the reportable segments and Corporate are the same as those applied to the Consolidated Financial Statements.
The following tables show Net Sales and Adjusted EBITDA by reportable segment:

                                                         |           | Year Ended December 31, |
-------------------------------------------------------- | --------- | ----------------------- | ---------
(In millions)                                            | 2019      | 2018                    | 2017
Net Sales                                                |           |                         |
Food Care                                                | $ 2,880.5 | $ 2,908.1               | $ 2,815.2
As a % of Total Company net sales                        | 60.1%     | 61.4%                   | 63.1%
Product Care                                             | 1,910.6   | 1,824.6                 | 1,646.4
As a % of Total Company net sales                        | 39.9%     | 38.6%                   | 36.9%
Total Company Net Sales                                  | $ 4,791.1 | $ 4,732.7               | $ 4,461.6
                                                         |           |                         |
                                                         |           | Year Ended December 31, |
(In millions)                                            | 2019      | 2018                    | 2017
Adjusted EBITDA from continuing operations               |           |                         |
Food Care                                                | $ 629.3   | $ 577.8                 | $ 538.1
Adjusted EBITDA Margin                                   | 21.8%     | 19.9%                   | 19.1%
Product Care                                             | 349.9     | 318.6                   | 292.2
Adjusted EBITDA Margin                                   | 18.3%     | 17.5%                   | 17.7%
Corporate                                                | (14.4)    | (6.9)                   | 3.0
Total Company Adjusted EBITDA from continuing operations | $ 964.8   | $ 889.5                 | $ 833.3
Adjusted EBITDA Margin                                   | 20.1%     | 18.8%                   | 18.7%

6 Segments
 Company’s segment reporting structure two segments Corporate category Food Care Product Care.
 Care segments reportable under FASB ASC Topic 280. aligned with similar products. Corporate includes costs not allocated by management. Company evaluates performance based results. performance metric Adjusted EBITDA. allocates expense based usage resources headcount software licenses net trade sales cost goods sold.
 allocate disclose depreciation amortization expense not included in Adjusted EBITDA. restructuring charges impairment of goodwill intangible assets. not included in Adjusted EBITDA excluded from EBITDA. accounting policies of segments Corporate same as Consolidated Financial Statements.
 tables show Net Sales Adjusted EBITDA by reportable segment
 Year Ended December 31,
 millions) 2019 2018 2017
 Net Sales
 Food Care $ 2,880. 5 $ 2,908. $ 2,815. 2
% Total Company sales 60. 1% 61. 4% 63. 1%
 1,910. 1,824. 1,646. 4
 39. 38. 6% 36.
 Sales $ 4,791. 4,461. 6
 December
 2019
 EBITDA
 $ 629. 577. $.
 EBITDA 21. 8% 19.
 349. 318. 292.
 18. 3% 17. 5%. 7%
 (14. (6. 3.
 EBITDA operations $ 964. 889. 833.
 Margin 20. 1% 18. 8%. 7%


Our restaurant leases generally provide for fixed rental payments (with cost-of-living index adjustments) plus real estate taxes, insurance, and other expenses. In addition, approximately 14% of our leases provide for contingent rental payments between 1% and 15% of the restaurant’s gross sales once certain thresholds are met. We have generally been able to renew our restaurant leases as they expire at then-current market rates. The remaining terms of ground leases range from less than one year to 49 years, including optional renewal periods. The remaining lease terms of our other leases range from less thanone year to 56 years, including optional renewal periods.
As of September 29, 2019, our restaurant leases had initial terms expiring as follows:
Our principal executive offices are located in San Diego, California in an owned facility of approximately 150,000 square feet. We also own our 70,000 square foot Innovation Center and approximately four acres of undeveloped land directly adjacent to it. We plan to sell our principal executive offices and consolidate our headquarters in the Innovation Center, which we believe will be suitable and adequate for our purposes.

            |        | Number of Restaurants
----------- | ------ | ---------------------
            |        | Land and
            | Ground | Building
Fiscal Year | Leases | Leases
2020 – 2024 | 381    | 697
2025 – 2029 | 198    | 270
2030 – 2034 | 40     | 135

restaurant leases fixed rental payments cost-of-living index adjustments real estate taxes insurance expenses. 14% leases contingent rental payments 1% 15% sales thresholds met. leases market rates. remaining leases year to 49 years. to 56 years.
 September 29, 2019 restaurant leases
 executive offices San Diego California 150,000 square feet. own square foot Innovation Center four acres undeveloped land adjacent. plan sell offices consolidate headquarters Innovation Center.
 Number Restaurants
 Land
 Year Leases
 2020 – 2024 381 697
 2025 – 2029 198 270
 2030 – 2034


A condensed summary of the Company’s financial information for equity-accounted investments (20% to 52%-owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of Joint Ventures) are as follows:
The results included for TIL are until its consolidation on November 27, 2017. The results included for Altera are from the date of deconsolidation on September 25, 2017 to the sale of Teekay's remaining interests on May 8, 2019.
For the year ended December 31, 2019, the Company recorded equity loss of $14.5 million (2018 – income of $61.1 million, and 2017 – loss of $37.3 million).
The equity loss in 2019 was primarily comprised of the write-down and loss on sale of Teekay's investment in Altera and the Company’s share of net loss from the Bahrain LNG Joint Venture; offset by equity income in the Yamal LNG Joint Venture, the RasGas III Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture and the Angola Joint Venture.
For the year ended December 31, 2019, equity loss included $12.9 million related to the Company’s share of unrealized losses on interest rate swaps in the equity-accounted investments (2018 – gains of $17.6 million and 2017 – gains of $7.7 million).

                                                                                | As at December 31, |
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ---------
                                                                                | 2019               | 2018
                                                                                | $                  | $
Cash and restricted cash                                                                                | 379,085            | 568,843
Other assets – current                                                                                | 148,663            | 412,388
Vessels and equipment, including vessels related to finance leases and advances on  Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts | 3,123,377          | 6,615,077
Net investment in direct financing leases                                                                                | 4,469,861          | 3,000,927
Other assets – non-current                                                                                | 169,925            | 1,957,271
Current portion of long-term debt and obligations related to finance leases                                                                                | 563,776            | 1,106,812
Other liabilities – current                                                                                | 189,165            | 563,862
Long-term debt and obligations related to finance leases                                                                                | 5,156,307          | 6,882,426
Other liabilities – non-current                                                                                | 243,301            | 478,311

financial information equity investments (20% to 52%-owned
 results TIL until consolidation November 27, 2017. Altera deconsolidation September 25, 2017 sale Teekay interests May 8, 2019.
 December 31, 2019 equity loss $14. 5 million $61. 1 million 2017 $37. 3 million.
 loss write-down loss sale Teekay Altera net loss Bahrain LNG Joint Venture offset equity income Yamal LNG RasGas III MALT Pan Union Angola.
 equity loss $12. 9 million unrealized losses interest rate swaps gains $17. 6 million 2017 $7. 7 million.
 Cash 379,085 568,843
 Other assets 148,663 412,388
 Vessels equipment finance leases 3,123,377,077
 Net investment direct financing leases 4,469,861,927
 assets non-current 169,925 1,957,271
-term debt leases 563,776 1,106,812
 liabilities 189,165 563,862
 5,156,307 6,882,426
 non-current 243,301,311


3. Accrued and other liabilities:
Accrued and other current liabilities consist of the following (in thousands):

                                 | December 31, |
-------------------------------- | ------------ | -------
                                 | 2019         | 2018
Operating accruals               | $23,695      | $24,020
Deferred revenue—current portion | 4,316        | 4,504
Payroll and benefits             | 6,613        | 7,695
Taxes—non-income based           | 6,053        | 4,212
Interest                         | 10,624       | 11,000
Total                            | $51,301      | $51,431

. liabilities
 December 31,
 accruals $23,695 $24,020
 Deferred 4,316 4,504
 Payroll benefits 7,695
-income 6,053 4,212
 Interest 10,624 11,000
 $51,301 $51,431


NOTE 2. FAIR VALUE OF FINANCIAL INSTRUMENTS
For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities.
The Company’s estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company’s own estimates of assumptions that it believes market participants would use in pricing the asset
Fair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows:
(a) In accordance with ASC Subtopic 360-10, long-lived assets held for sale with a carrying value of $4,575 were written down to their fair value of $1,300, resulting in an impairment totaling $3,275, which was included in earnings for the fiscal year ended June 30, 2017. The Company has entered into an agreement to sell these assets. That sale is expected to be completed during the second quarter of fiscal 2020.

                                      |         | Estimated Fair Value Measurements |         |
------------------------------------- | ------- | --------------------------------- | ------- | ----------------
Recurring Fair Value Measurements     | Level 1 | Level 2                           | Level 3 | Total Fair Value
June 30, 2019                         |         |                                   |         |
Financial Assets:                     |         |                                   |         |
Money market funds                    | $81,945 | $—                                | $—      | $81,945
June 30, 2018                         |         |                                   |         |
Financial Assets:                     |         |                                   |         |
Money market funds                    | $14,918 | $—                                | $—      | $14,918
Non-Recurring Fair Value Measurements |         |                                   |         |
June 30, 2019                         |         |                                   |         |
Long-lived assets held for sale       | $—      | $1,300                            | $—      | $1,300
June 30, 2018                         |         |                                   |         |
Long-lived assets held for sale (a)   | $—      | $1,300                            | $—      | $1,300

NOTE 2. FAIR VALUE FINANCIAL INSTRUMENTS
 cash equivalents amounts receivable payable short-term borrowings values approximate carrying value short-term assets liabilities.
 estimates fair value financial assets liabilities based fair value accounting guidance. priority quoted prices active markets observable inputs. three levels 1: prices 2: Level 3: inputs unobservable estimates assumptions
 Fair value of financial assets cash equivalents financial liabilities
 ASC Subtopic 360-10 long-lived assets sale carrying value $4,575 written down to fair value $1,300 impairment $3,275 included in earnings fiscal year June 30, 2017. sell assets. sale second quarter fiscal 2020.
 Estimated Fair Value Measurements
 Recurring Fair Value Measurements Level Total Fair Value
 June 30, 2019
 Financial Assets
 Money market funds $81,945
 June 30, 2018
Financial Assets
 Money market funds $14,918
 Non-Recurring Fair Value Measurements
 June 30, 2019
 Long-lived assets sale $1,300
 June 30, 2018
 Long-lived assets $1,300


P. Income Taxes
VMware’s income tax provision (benefit) for the periods presented consisted of the following (table in millions):

                                     |                  | For the Year Ended |
------------------------------------ | ---------------- | ------------------ | ----------------
                                     | January 31, 2020 | February 1, 2019   | February 2, 2018
Federal:                             |                  |                    |
Current                              | $78              | $181               | $688
Deferred                             | (219)            | (92)               | 275
                                     | (141)            | 89                 | 963
State:                               |                  |                    |
Current                              | 45               | 31                 | 8
Deferred                             | (44)             | (10)               | 21
                                     | 1                | 21                 | 29
Foreign:                             |                  |                    |
Current                              | 240              | 137                | 156
Deferred                             | (5,018)          | (8)                | 4
                                     | (4,778)          | 129                | 160
Total income tax provision (benefit) | $(4,918)         | $239               | $1,152

. Income Taxes
 VMware’s tax
 Year Ended
 January 31, 2020 February 1, 2019 2 2018
 Federal
 $78 $181 $688
 Deferred (219) 275
 89 963
 State
 45 31
 Deferred
 Foreign
 240 137 156
 Deferred (5,018) 4
 (4,778) 129 160
 Total income tax provision $(4,918)  $239 $1,152


NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)
Chartered-out vessels, barges and pushboats:
The future minimum revenue, net of commissions, (i) for dry bulk vessels, expected to be earned on non-cancelable time charters; and (ii) for the Company’s logistics business, expected to be earned on non-cancelable time charters, COA’s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics’ ports expected to be earned on non-cancelable time charters, are as follows:
Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel.

                                          | Dry bulk vessels | Logistics business
----------------------------------------- | ---------------- | ------------------
2020                                      | 22,266           | 129,437
2021                                      | 4,607            | 97,544
2022                                      | 3,445            | 75,425
2023                                      | —                | 69,250
2024                                      | —                | 60,200
2025 and thereafter                       | —                | 642,479
Total minimum revenue, net of commissions | $30,318          | $1,074,335

NAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars share data
 Chartered vessels barges pushboats
 future minimum revenue commissions dry bulk vessels-cancelable charters logistics business
 Revenues time charters not vessel off-hire maintenance.
 Dry bulk vessels Logistics business
 2020 22,266 129,437
 2021 4,607 97,544
 2022 75,425
 2023 69,250
 2024 60,200
 2025 642,479
 Total minimum revenue net commissions $30,318 $1,074,335


Contract Balances
The following table provides information about contract assets and contract liabilities from contracts with customers.
Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is delayed until the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.
The Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction.
During the fiscal years ended June 30, 2019, 2018, and 2017, the Company recognized revenue of $265,946, $269,593, and $264,517, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.
Revenue recognized that related to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price adjustments and re-allocations due to changes in estimates of variable consideration.

                                                     | June 30, 2019 | June 30, 2018
---------------------------------------------------- | ------------- | -------------
Receivables, net                                     | $310,080      | $297,271
Contract Assets- Current                             | 21,446        | 14,063
Contract Assets- Non-current                         | 50,640        | 35,630
Contract Liabilities (Deferred Revenue)- Current     | 339,752       | 328,931
Contract Liabilities (Deferred Revenue)- Non-current | 54,554        | 40,984

Contract Balances
 table assets liabilities contracts customers.
 assets result from revenue control transferred invoicing delayed until performance obligations payment terms. current assets reported prepaid expenses consolidated balance sheet non-current assets. liabilities (deferred revenue relate to consideration delivery goods services. Contract balances reported net position-by-contract reporting period.
 Company analyzes contract language significant financing component transaction price time value benefit.
 fiscal years 2019 2018 2017 recognized revenue $265,946 $269,593 $264,517 deferred revenue balance.
 Revenue obligations prior periods immaterial. adjustments transaction price adjustments re-allocations estimates variable consideration.
 2019 2018
 Receivables net $310,080 $297,271
 Contract Assets Current 21,446 14,063
 Non-current 50,640 35,630
 (Deferred Revenue Current 339,752 328,931
 Non-current 54,554 40,984


REVENUE
The sales cycle from quotation to shipment for our Front-end equipment generally takes several months, depending on capacity utilization and the urgency of the order. Usually, acceptance is within four months after shipment. The sales cycle is longer for equipment that is installed at the customer’s site for evaluation prior to sale. The typical trial period ranges from six months to two years after installation.
Our revenues are concentrated in Asia, the United States and Europe. The following table shows the geographic distribution of our revenue for 2018 and 2019:

              |       | Year ended December 31 |         |
------------- | ----- | ---------------------- | ------- | ------
(EUR million) | 2018  |                        | 2019    |
United States | 175.9 | 21.5%                  | 339.5   | 26.4%
Europe        | 165.6 | 20.2%                  | 126.2   | 9.8%
Asia          | 476.6 | 58.3%                  | 818.2   | 63.7%
              | 818.1 | 100.0%                 | 1,283.9 | 100.0%

 sales cycle quotation to shipment Front-end equipment takes months capacity urgency. acceptance four months after shipment. longer installed site. trial period six months to two years after installation.
 revenues Asia United States Europe. table geographic distribution revenue 2018 2019
 December 31
 million
 175. 21. 5% 339. 26.
 Europe 165. 126. 9. 8%
 Asia 476. 58. 3% 818. 63. 7%
. 1,283.


Net cash from operating activities. Net cash from operating activities is the sum of (i) net income (loss) adjusted for non-cash items and (ii) changes in net working capital. The net cash from operating activities in 2019 was $1,869 million, increasing compared to $1,845 million in the prior year, mainly due to more favorable changes in net working capital, compensating lower net income.
Net cash used in investing activities. Investing activities used $1,172 million of cash in 2019, decreasing from $1,212 million in the prior year. Payments for purchase of tangible assets, net of proceeds, totaled $1,174 million, compared to $1,262 million registered in the prior-year period. The 2019 numbers also included the proceeds from matured marketable securities of $200 million and the net cash outflow of $127 million for the acquisition of Norstel.
Net cash used in financing activities. Net cash used in financing activities was $343 million for 2019, compared to the $122 million used in 2018. The 2019 amount included $281 million proceeds from long-term debt, $144 million of long-term debt repayment, $250 million of repurchase of common stock and $214 million of dividends paid to stockholders.

                                      |         | Year Ended December 31, |
------------------------------------- | ------- | ----------------------- | -------
                                      | 2019    | 2018                    | 2017
                                      |         | (In millions)           |
Net cash from operating activities    | $1,869  | $1,845                  | $1,677
Net cash used in investing activities | (1,172) | (1,212)                 | (1,468)
Net cash used in financing activities | (343)   | (122)                   | (106)
Effect of changes in exchange rates   | (13)    | (4)                     | 27
Net cash increase                     | $341    | $507                    | $130

cash operating activities. income non-cash changes working capital. 2019 $1,869 million increasing $1,845 million working capital lower income.
 investing activities. $1,172 million decreasing $1,212 million. Payments purchase assets $1,174 million $1,262 million. proceeds matured securities $200 million cash outflow $127 million acquisition Norstel.
 financing activities. $343 million 2019 $122 million 2018. $281 million long-term debt $144 million long-term debt repayment $250 million repurchase common stock $214 million dividends.
 December 31,
 Net cash operating activities $1,869 $1,845 $1,677
 investing (1,172 (1,212)
 financing activities (343) (122) (106)
 changes exchange rates
 Net cash increase $341 $507


Figure 31. 2019/2021 LTIP Award Grants
(1) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may be earned will be 0% to 150% of target.
(2) Mr. Anstice did not participate in the 2019/2021 LTIP because he terminated his employment with the Company as of December 5, 2018.
The independent members of the Board consulted with the committee and the committee’s compensation consultant to determine the appropriate amount and vesting schedule for Mr. Archer’s award. The independent members of the Board, on December 6, 2018, granted to Mr. Archer a $5,000,000 equity award consisting of 50% service-based RSUs and 50% stock options with a four-year vesting schedule, as shown below. No adjustment was made at that time to his annual base salary or his target award opportunities under the AIP or LTIP. These were adjusted to be competitive with CEOs in our peer group as part of the normal annual compensation review in February 2019.
In light of Mr. Bettinger’s critical role, his expanded responsibilities, and the intense competition in the technology industry for proven CFO talent, he received a special equity award on November 30, 2018. The committee consulted with its compensation consultant and with the Board to determine the amount and vesting schedule for the award. The committee granted to Mr. Bettinger a one-time service-based restricted stock unit (RSU) award with a nominal value of $8,000,000 and a four-year vesting schedule, as shown below.

Named Executive Officer (1)(2) | Target Award Opportunity ($) | Market-based PRSUs Award (#) | Stock Options Award (#) | Service-based RSUs Award (#)
------------------------------ | ---------------------------- | ---------------------------- | ----------------------- | ----------------------------
Timothy M. Archer              | 7,200,000                    | 21,243                       | 33,988                  | 12,746
Douglas R. Bettinger           | 2,700,000                    | 7,966                        | 12,744                  | 4,779
Richard A. Gottscho            | 2,250,000                    | 6,638                        | 10,620                  | 3,983
Patrick J. Lord                | 1,800,000                    | 5,310                        | 8,496                   | 3,186
Vahid Vahedi                   | 1,575,000                    | 4,647                        | 7,432                   | 2,788
Seshasayee (Sesha) Varadarajan | 1,575,000                    | 4,647                        | 7,432                   | 2,788

Figure 31. 2019/2021 LTIP Award Grants
 Market-based PRSUs target. final shares earned 0% to 150% target.
. Anstice 2019/2021 LTIP terminated employment December 5 2018.
 Board consulted committee vesting schedule. award. December 2018 granted. $5,000,000 equity award 50% service-based RSUs 50% stock options four-year vesting schedule. No adjustment salary target opportunities. compensation review February 2019.
. role responsibilities special equity award November 30, 2018. committee consulted Board vesting schedule. granted. one-time service-based stock unit award value $8,000,000 four-year vesting schedule.
 Executive Officer Target Market-based PRSUs Stock Options Service-based RSUs
 Timothy. Archer 7,200,000 21,243 33,988 12,746
 Douglas. Bettinger 2,700,000 7,966 12,744
 Richard. Gottscho 2,250,000 6,638 10,620 3,983
 Patrick.1,800,000 5,310 8,496 3,186
 1,575,000 4,647
 Varadarajan 1,575,000 4,647


Security Ownership of Management
(a) Amounts listed in this column may include shares held in partnerships or trusts that are counted in more than one individual’s total.
* less than 1%
(1) In computing the percentage of shares owned by each person and by the group, these restricted stock units and stock options, as applicable,
were added to the total number of outstanding shares of common stock for the percentage calculation.
(2) Includes 577,462 shares owned by Mr. Richard Leeds directly, 1,000,000 shares owned by the Richard Leeds 2020 GRAT, 1,000,000
shares owned by the Richard Leeds 2019 GRAT, and 1,263,265 shares owned by the Richard Leeds 2018 GRAT. Also, includes 1,838,583
shares owned by a limited partnership of which Mr. Richard Leeds is a general partner, 100 shares owned by the general partner of the
aforementioned limited partnership, 235,850 shares owned by a limited partnership of which a limited liability company controlled by Mr.
Richard Leeds is the general partner, 7,981,756 shares owned by trusts for the benefit of his brothers’ children for which Mr. Richard Leeds
acts as co-trustee, 519,800 shares owned by a limited partnership in which Mr. Richard Leeds has an indirect pecuniary interest, and
10,000 shares owned by trusts for the benefits of other family members for which Mr. Richard Leeds acts as co-trustee.
(3) Includes 1,007,661 shares owned by Mr. Bruce Leeds directly, 1,000,000 shares owned by the Bruce Leeds 2020 GRAT, 1,000,000 shares
owned by the Bruce Leeds 2019 GRAT, and 581,633 shares owned by the Bruce Leeds 2018 GRAT. Also, includes 1,838,583 shares
owned by a limited partnership of which Mr. Bruce Leeds is a general partner, 100 shares owned by the general partner of the aforementioned
limited partnership, 7,728,313 shares owned by trusts for the benefit of his brothers’ children for which Mr. Bruce Leeds acts as co-trustee,
519,800 shares owned by a limited partnership in which Mr. Bruce Leeds has an indirect pecuniary interest, and 10,000 shares owned by
trusts for the benefits of other family members for which Mr. Richard Leeds acts as co-trustee.
(4) Includes 16,429 shares owned by Mr. Robert Leeds directly, 1,000,000 shares owned by the Robert Leeds 2020 GRAT, 1,500,000 shares
owned by the Robert Leeds 2019 GRAT, and 741,817 shares owned by the Robert Leeds 2018 GRAT. Also, includes 1,838,583 shares
owned by a limited partnership of which Mr. Robert Leeds is a general partner, 100 shares owned by the general partner of the aforementioned
limited partnership, 7,397,263 shares owned by trusts for the benefit of his brothers’ children for which Mr. Robert Leeds acts as co-trustee
and 519,800 shares owned by a limited partnership in which Mr. Robert Leeds has an indirect pecuniary interest.
(5) Includes 1,000 shares held by Mr. Reinhold's spouse, of which Mr. Reinhold disclaims beneficial ownership.

Name of Beneficial Owner                                         | Shares of Common Stock (a) | Restricted Stock Units Vesting within 60 days | Stock Options currently exercisable or becoming exercisable within 60 days (1) | Percent of Common Stock
---------------------------------------------------------------- | -------------------------- | --------------------------------------------- | ------------------------------------------------------------------------------ | -----------------------
Richard Leeds (2)                                                | 14,526,816                 | -                                             | -                                                                              | 38%
Bruce Leeds (3)                                                  | 13,686,090                 | -                                             | -                                                                              | 36%
Robert Leeds (4)                                                 | 13,013,992                 | -                                             | -                                                                              | 34%
Barry Litwin                                                     | 5,098                      | 1,259                                         | -                                                                              | *
Robert D. Rosenthal                                              | 69,401                     | 1,259                                         | 10,000                                                                         | *
Chad M. Lindbloom                                                | 680                        | 1,259                                         | -                                                                              | *
Paul S. Pearlman                                                 | -                          | 849                                           | -                                                                              | *
Lawrence Reinhold                                                | 159,344 (5)                | 849                                           | -                                                                              | *
Thomas Clark                                                     | 18,233                     | -                                             | 53,737                                                                         | *
Robert Dooley                                                    | 70,264                     | -                                             | 45,348                                                                         | *
Eric Lerner                                                      | 4,147                      | -                                             | 18,750                                                                         | *
Manoj Shetty                                                     | 2,922                      | -                                             | 51,063                                                                         | *
All of our current directors and executive officers (16 persons) | 25,181,435                 | 5,475                                         | 196,496                                                                        | 67%

Security Ownership Management
 Amounts column include shares partnerships trusts more individual’s.
 less than 1%
 percentage shares group restricted stock units stock options
 added to shares common stock percentage calculation.
 Includes 577,462 shares. Richard Leeds 1,000,000 Richard Leeds 2020 GRAT
 2019 GRAT 1,263,265 2018 GRAT. includes 1,838,583
 shares partnership. general partner 100 shares
 235,850 shares.
 7,981,756 shares trusts brothers’ children.
 519,800 shares. indirect interest
 10,000 shares trusts benefits family members.
 Includes 1,007,661 shares. Bruce Leeds 1,000,000 Bruce Leeds 2020 GRAT
 2019 GRAT 581,633 shares Bruce Leeds 2018 GRAT. includes 1,838,583 shares
 limited partnership. Leeds general partner 100 shares general partner
 7,728,313 shares trusts benefit brothers’ children.Bruce Leeds co-trustee
 519,800 shares partnership. indirect interest 10,000 shares
 trusts family members. Richard Leeds co-trustee.
 16,429 shares. 1,000,000 2020 GRAT 1,500,000
 2019 GRAT 741,817 2018 GRAT. 1,838,583 shares
 partnership. general partner 100 shares
 7,397,263 shares trusts brothers’ children. co
 519,800. indirect interest.
 1,000 shares. Reinhold spouse. disclaims ownership.
 Beneficial Owner Common Stock Restricted Stock Units Vesting 60 days Stock Options 60 Percent Common Stock
 Richard Leeds 14,526,816 38%
 Bruce Leeds (3) 13,686,090 36%
 Robert Leeds (4) 13,013,992 34%
 Barry Litwin 5
 Robert. Rosenthal 69,401 1,259
 Chad. Lindbloom 680 1,259
. Pearlman
 Lawrence Reinhold 159,344
 Thomas Clark 18,233 53,737
 Robert Dooley 70,264 45,348
 Eric Lerner 4 18,750
 Manoj Shetty 2 51,063
 directors officers 25,181,435 196,496