. INCOME TAXES
 reconciliation income tax expense. Federal rate (21. 0% 2019 24. 5% 2018 35. 0% 2017)
 December 22, 2017 Tax Act enacted. changes. tax law. corporate income tax rate 21. 0% territorial tax system one-time transition tax tax foreign earnings imposing new taxes foreign-sourced income. one-time transition tax eight years.
 SEC issued guidance. impact Act. measurement one year after enactment. recorded provisional estimates financial 2018. 2019 analyzed tax effects no material changes amounts. accounting future adjustments. legislative updates regulations accounting standards.
 Tax Act Global Intangible Low-Taxed Income taxes foreign income return assets corporations. income taxed 10. 5% tax rate reduced foreign tax credits.provision effective 2017 fiscal 2019. tax GILTI provisions period expense.
 tax rate 2019 10. 4% lower. federal tax rate 21. 0% due losses German subsidiaries. transition tax excess tax benefits stock unit vesting federal research development tax credits Singapore South Korea tax exemptions. offset foreign withholding taxes earnings stock-based compensation deductible limitations Internal Revenue Code Section 162.
 Federal tax expense $12,610 $88,684 $105,719
 Valuation allowance
 Foreign taxes.,210
 Stock-based compensation
 State income taxes federal income tax benefit 1,131
 Research development credit
 Deferred compensation
 unrecognized tax benefits
 interest
. tax reform impact
Deferred taxes 1,215
 credits 1,134
 626 3,127
 $6,223 $114,195
 tax. 4%. 6%.


Revenues Gross Margin
 revenues 2019 decreased $4. 3 million 16% 2018. global services cloud infrastructure personnel $2. 2 million compensation benefits. facilities information technology costs $0. 5 million. $0. 9 million hosting costs hosted platform. depreciation decreased $0. 5 million capital expenditures internal projects.
 gross margin decreased 53% 2019 54% 2018. due revenues.
 Years Ended December 31,
 2018
 revenues $22,843 $27,154
 Gross profit 26,193
 Gross margin 53%


.
 changes
 December 31, 2019 2017 no accumulated impairment losses.
 December 2017 $6,898 $190 $2,675 $9,763
 2018 $6,897 $190 $2,675 $9,762
 December 2019 $6,898 $190 $2,676 $9,764


 sales increased 59% $328. 8 million 2019 $207. 0 million 2018. increased deliveries expeditionary satellite communications secure network. Businesses acquired sales $8. 9 million $0. 6 million.
 Purchased Intangibles $19. 5 million 2019 $20. 8 million 2018.
 $7. 8 million 2019 $0. 1 million 2018. sales expeditionary satellite communications networks. offset losses. losses $12. 8 million $3. 5 million 2018. acquisition costs $1. 6 million $1. 0 million. offset $4. 4 million R&D expenditures secure communications ISR-as-a-service technologies.
 increased 31% $34. 4 million 2019 $26. 2 million 2018. amortization acquisition costs. increased $0. 5 million 2019 new revenue recognition standard.increase Adjusted EBITDA offset R&D expenditures.
 2019 2018
 $ 328. 207. 59 %
 Operating income 7.
 Adjusted EBITDA 34. 26.


 2019
 Revenue increased $5. 3 billion 15%. Office Commercial revenue $3. 2 billion 13%. 33%. Office Consumer revenue $286 million 7%. LinkedIn revenue $1. 5 billion. Dynamics revenue 15%.
 Operating income increased $3. 3 billion 25% foreign currency impact 2%.
 Gross margin increased $4. billion 15% Office Commercial LinkedIn. percentage.
 Operating expenses increased $806 million 6% LinkedIn.
 Revenue $6. billion 21%.
 services revenue increased $6. billion 25%. 72%. products revenue 6% premium GitHub SQL.
 Enterprise Services revenue increased $278 million 5% Services Microsoft Consulting Services.
 income $2. 4 billion 21%.
 Gross margin increased $4. billion 22%.margin Azure cloud.
 Operating expenses increased $2. billion 22% cloud AI GitHub sales.
 Revenue increased $3. billion 8%.
 Windows revenue increased $877 million 4% Commercial patent licensing. Commercial 14% multi agreements. 4%. 10% non-Pro declined 7% entry level.
 Surface revenue increased $1. billion 23%.
 Gaming revenue increased $1. billion 10% Xbox software services growth 19% decline Xbox hardware 13%.
 advertising revenue increased $616 million.
 Operating income increased $2. billion 21% foreign currency impact 2%.
 Gross margin increased $2. billion Windows Gaming.
 Operating expenses decreased $172 million 1%.
 Revenue increased $6. billion 20%.
 LinkedIn revenue increased $3. billion $5. billion.
 Office Commercial revenue increased $2.Office 365 Commercial.
 Consumer revenue increased $382 million 11%.
 Dynamics revenue 13%.
 Operating income increased $1. billion 13% foreign currency impact 2%.
 Gross margin increased. 19% LinkedIn Commercial. cloud. revenue increased $818 million $1. billion $888 million amortization assets.
 Operating expenses increased $2. billion 25% engineering. $617 million.
 Revenue $4. billion 18%.
 Server cloud services revenue increased $4. billion 21% Azure. 91%. 5% premium licenses Windows Server SQL Server.
 Enterprise Services revenue increased $304 million 5% Premier Support Services Microsoft Consulting Services custom agreements.
 income increased $2. billion 26%.
 Gross margin increased $3. billion 16% cloud services.margin cloud Azure.
 Operating expenses increased $683 million 7% sales cloud engineering.
 Revenue increased $3. billion 8%.
 Windows revenue increased $925 million 5% Commercial OEM patent licensing. Commercial 12%. 5%. Pro 11%. non-Pro declined 4% entry-level price.
 Gaming revenue increased $1. 3 billion 14% Xbox software 20%.
 Search advertising revenue increased $793 million 13%.
 Surface revenue increased $625 million 16% premium devices.
 Phone revenue decreased $525 million.
 Operating income increased $1. billion 20% foreign currency impact 2%.
 Gross margin increased $2. 2 billion 11% Windows Surface Search Gaming.
 Operating expenses increased $391 million 3% Search AI Gaming sales Windows marketing expenses.
.
.
operating loss decreased $306 million restructuring expenses employee severance sales marketing restructuring plan 2017.
 Revenue
 Productivity Processes $ 41,160 35,865
 Cloud 38,985 32,219 27,407 21%
 Computing 45,698 42,276 39,294 8%
 $ 125,843 110,360 96,571 14%
 Operating Income
 Productivity Processes 16,219 12,924 11,389
 Cloud 13,920 11,524 9,127
 Personal Computing 12,820 10
 $42,959  $35,058  $29,025 23%


.
 disposal reversal losses €354 million €5 million reversal impairment losses €4. Project developments sale-leaseback transactions real estate.
 logistics services METRO offset expenses expenses.
 cost allocations shares insignificant items.
 Disclosures companies sale. discontinued business sectors page 266.
 million 2017/2018 2018/2019
 Gains disposal reversal losses 145 360
 Income logistics services 257
 Rents. rental costs 268
 Miscellaneous


Non-GAAP Measures
 Adjusted EBITDA net income before interest expense taxes amortization depreciation stock-based compensation acquisition-related legal costs settlement fees non-ordinary intellectual property. indicative core operating performance. non-cash items include amortization depreciation stock-based compensation stock options equity compensation sale common stock. adjust legal expenses intellectual property portfolio license agreements. Adjusted EBITDA not calculated GAAP. reconciliation Adjusted EBITDA net income.
 Adjusted EBITDA provides information investors
 results. key performance future plans strategic decisions capital investments new markets. non-GAAP measures performance measures executive bonus plan. exclusion expenses Adjusted EBITDA facilitates comparisons performance excludes items core operating performance.
Adjusted EBITDA limitations for financial results GAAP. depreciation amortization non-cash assets may reflect cash working capital needs dilutive impact equity compensation tax payments cash companies calculate EBITDA differently reduces usefulness.
 consider EBITDA alongside GAAP performance measures net income results. reconciliation Adjusted EBITDA to net income
 Adjusted EBITDA
 Net income $53,330  $21,524  $29,251
 Adjustments
 Interest expense income (8,483) 503  1,133
 Provision for income taxes 5,566 (9,825) 2,990
 Amortization depreciation expense 22,134 21,721 17,734
 Stock-based compensation expense 20,603 13,429  7,413
2,403
 Litigation 7
 54,977 71,557 42,377
 EBITDA $108,307


. Revenue
 September 1, 2018 Company adopted ASU 2014-09 Revenue Recognition (Topic 606). new standard revenue recognition model revenue transfer goods services customers consideration.
 recognized revenue contracts goods shipped title risk ownership passed price fixed collectability assured. new standard recognizes revenue over time contracts recognized earlier. Revenue other contracts recognized.
 standard impacts accounting fulfillment costs manufacturing. costs recognized asset amortized transfer control.
 effect new revenue guidance Consolidated Balance Sheets August 31, 2019
 Differences timing revenue recognition time customers balance sheet reclassifications.
 timing recognition recovery fulfillment costs balance reclassifications.
 accrued expenses.
 Differences contract liabilities September 1, 2018.
 31, 2019
 Balance without adoption ASU 2014-09

 Contract $911,940
 Inventories $3,023,003,761,591
 Prepaid $501,573 $514,769
 Deferred $198 $202,791
 $511,329
 $521,035
 $1,877,908,868,201
 Equity
 $2,037,037 $1,885,360


Medical Segment Results
 table
 Net Sales. $1. 1 million 2019. 3 million 2018. increase new business.
 Profit. loss $2. 8 million $3. 5 million 2018. improvement sales volumes.
 Loss Operations. decreased $2. 8 million $8. 6 million $11. 4 million 2018. improvement gross profit lower selling administrative expenses. reduced marketing professional fee expenses offset costs operational profitability $0. 9 million.
 April 2019 28, 2018 Net Change
 Sales.
 Gross Profit.
 Loss Operations.


CONTINGENT PRICE
 purchase CareSpeak Communications contingent patient engagement revenues 2019 2020. total $3. million. revenues 2019 expected 2020. value $2,365,000 December 31, 2018 $3,000,000 31, 2019.
 purchase RMDY Health. contingent revenues 2020 2021. total payment up $30. million. minimum payment $1. million. fair value $3,720,000 December 31, 2019. determined Geometric-Brownian motion analysis spot price risk free return 1. 4% term 2 years volatility 40%.
 total fair value 2019.
-Term
 CareSpeak Communications. $1,500,000
 RMDY Health.


adopted
 Revenue Recognition Contracts Customers. May 2014, FASB issued guidance revenue contracts. company recognizes revenue goods services. capitalize contract acquisition costs. asset costs amortized timing transfer.
 net revenue 2019 increased $47 million operating expenses decreased $12 million. Note 3 impact.
 effects March 29, 2019 Consolidated Balance Sheets
 short-term deferred commissions $92 million. $81 million.
 long-term commissions $93 million. $44 million.
 March 29, 2019
 Accounts receivable $708  $657  $51
 assets $435 $421 $14
 long-term assets $1,262  $1,213 $49
 $15,938 $15,824 $114
 Short-term contract liabilities $2,320 $2,437
$533 $494
 Long-term $736 $837
 Deferred $577 $526
 $10,200,328
 loss(7)
 earnings $933 $686
 equity $5,738,496


Investments subsidiaries
 cost less.
 Additions Gestra Holdings £1. 6m Spirax Sarco America Investments £212. 4m. incorporated 24th October 2018 Group investments loans. Gestra 9th October 2018 Companies.
 Details subsidiary undertakings pages 207 211. shares 100% owned Group 31st December 2019. incorporation. steam electrical thermal fluid peristaltic pumping markets 207 211.
 1st January.
 Share options subsidiary employees.
 Additions.
 31st December.


Stock-based compensation
 December 31, 2019 $4,801 unrecognized stock options $1,882 RSUs. 13. 33 years.
 Stock-Based Compensation 31, 2019 2018
 Stock options $2,756 $2,926
 RSUs
 compensation expense $3,711 $4,055


. FINANCIAL DATA
 tables statements 8 Discussion Analysis.
 tables audited financial statements results cash flows financial condition Level 3 November 1 2017. results not indicative future.
 table summarizes information statements.
 See Analysis 7 reports 10-K unusual items results.
 2019 2018 recorded non-cash goodwill impairment charges $6. 5 billion $2. 7 billion.
 Level 3 expenses $234 million $393 million $271 million $52 million. Note 8.
 2019 2018 2017 2016 2015, recognized incremental $157 million $171 million $186 million $201 million $215 million revenue Federal Communications Commission Connect America Fund Phase II program.
 Tax Cuts Jobs Act 2017 deferred tax assets liabilities corporate tax rate 21%.re-measurement tax expense $92 million 2018 benefit $1. billion 2017.
 Years Ended December
 2015(4)
 millions share
 Operating revenue $22,401 23,443
 Operating expenses 25,127 22,873 15,647
 (loss income $(2,726) 2,009 2,333
 income tax expense $(4,766) (1,563)
 Net (loss income $(5,269) (1,733) 1,389
 earnings common share $(4.
 Diluted earnings common share.
 Dividends common share $1.
 average common shares 1,071,441 1,065,866 627,808 539,549 554,278
,693 540,679


. Property Equipment
 March 2019 2018
 depreciation. million. 6. 4 million 2019 2017.
 capitalizes internal-use software. amortization. 5 million. 8. 4 million 2019 2017.
 March
 Furniture equipment $11,604 $10,671
 Software 16,427
 Leasehold improvements 6,981
 Project expenditures 1,014
 Accumulated depreciation amortization (20,188
 Property equipment $15,838 $17,512


. Earnings per share
 Adjustment previous year.
 dividing profit loss METRO AG no-par-value shares. additional dividend preference shares deducted profit loss. no dilution potential shares.
 Earnings preference share.
 2017/2018 2018/2019
 Weighted no-value shares 363,097,253
 Profit loss METROAG (€million)
 Earnings per share € diluted.
.
 discontinued operations.


 financial results years
-GAAP.
 Specialty Alloys Performance Engineered Products Dynamet Carpenter Powder LPW.
 Ended June 30
 sales $2,380. $2,157. $1,797.
 $1,942. $1,792.,558.
 Operating income $241. $189. $121.
 income $167. $188. $47.
 earnings share $3.
 Purchases property software $180. $135. $98.
 Free cash flow. $34.
 Pounds sold 267,536 236


. EARNINGS PER SHARE
 Basic diluted earnings per share computed two-class method common stock securities dividends undistributed earnings. restricted stock awards participating securities non-forfeitable dividends vesting term.
 dilutive impact treasury stock method. average market price exceeds exercise price instruments treated exercised. difference shares issued repurchased included diluted share computation.
 Diluted EPS includes securities EPS. securities not included loss per share loss.
 computation basic diluted EPS
 Diluted EPS 2019 2017 excludes. million. million. million potential common shares.
 Net income (loss $(19,931) $(50,571) $65,299
 net income noncontrolling interest 452 263 354
before (20,383 (50,834 64,945
 Less earnings 810 362
 income after earnings(20,845) $(51,644) $64,583
 shares 70,837 70,613 60,373
 Net income share diluted. 29. 73.


. EARNINGS PER SHARE
 earnings calculated income average. dilutive effect calculated treasury stock method. assumes options.
 calculation income based data
 December 31,
 2018 2019
 Net earnings
 operations 157,133 329,013
 average shares 52,432 49,418
 dilutive shares stock options restricted shares 580
 Dilutive average shares 53,110 49,999
 net earnings per share operations 3. 6. 66
 Diluted net earnings 2. 96.


Tax Rate
.
 decrease 2019 due to $2. 6 billion income tax benefit property transfers earnings taxed lower rates foreign jurisdictions Ireland Singapore. increase 2018 due TCJA earnings taxed lower. decrease 2017 due to earnings taxed lower rates foreign. centers Ireland Singapore Puerto Rico taxed lower. generated 82% 87% 76% foreign income before tax 2019 2018 2017. tax credits GILTI. state income taxes. no significant other reconciling items.
 decrease tax rate 2019 due to charge TCJA $2. 6 billion net income tax benefit property transfers. increase 2018 due to net charge TCJA tax benefits business losses.
 Ended June 30 2019 2018 2017
 Federal statutory rate 21. 0% 28. 1% 35. 0%
Foreign earnings lower rates (4. (7. (11.
 TCJA. 37.
 business losses (5.
 intangible property transfers (5.
 Foreign-derived intangible income deduction (1.
 development credit (1.
 Excess tax benefits stock-based compensation (2.
.
 reconciling 2.
 10. 54. 6% 14.


compensation
 February 28, 2019 $25. 5 million unrecognized stock compensation cost non-vested equity awards 2. 8 years.
 February
 revenues $723 $653 $374
 Research development 2,061 1,471 1,033
 Selling marketing 2,863 2,314 1,655
 General administrative 5,382
 $11,029 $9,298


utilized impact guidance accounting differences. significant changes business processes systems controls disclosure. adopted Topic 606 2019 retrospective method. recorded $0. 5 million adjustment earnings decrease receivables $7. 6 million increase inventories $2. 8 million prepaid expenses current assets $6. 9 million accrued liabilities $1. 4 million noncurrent liabilities $0. 2 million. adjustments related customer charges promotional expenditures volume discounts.
 changes Consolidated Balance Sheet May 26, 2019 Topic 606
 Financial Statements Years 2017
 Current assets Adjustments Balances Topic 606
 Receivables less allowance doubtful accounts $831.
 Inventories. 1,571.
 Prepaid expenses current assets.
 Current liabilities
.
 noncurrent.1,951. 1,949.


deferred income tax accounts differences assets liabilities.
 deferred tax assets liabilities at December 31
 ASC 842 deferred taxes reclassified lease liability.
 December 31, 2019 Company had $19. 0 tax U. federal net operating loss carryforwards. indefinite expire 2021. majority. subject Internal Revenue Code 1986 Company expiration. carryforwards decreased 2018 to 2019 current year tilization. $33. 7 tax state net loss carryforwards. indefinite expire 2020. Florida New Jersey smaller other states. $65. 6 tax-effected foreign net operating loss carryforwards. indefinite expire 2020. carryforwards increased 2018 to 2019 tax benefit $41. 0 foreign restructuring plan. $5. 0 U. S.federal state research tax credit carryforwards. indefinite period expire 2020.
 2019 valuation allowance $36. reduce. state deferred tax assets $15. foreign tax $20. remaining deferred tax assets future taxable income strategies.
 Deferred tax assets
 Reserves accrued expenses $ 175. $ 156.
 Inventories.
 Net operating loss carryforwards 111.
 R&D credits.
 Valuation allowance.
 difference investments.
.
 Total deferred tax assets $ 322. $ 211.
 Deferred tax liabilities
 Reserves accrued expenses $ 15. 14.
 Amortizable intangible assets 1,229. 1,043.
 equipment.
 Accrued tax unremitted foreign earnings.
 difference investments.
.
tax 1,335.


Financial Results
 Operating Expenses
 expenses
 increase Operating driven personnel technology Software Solutions. increase Data Analytics personnel data revenue growth. decrease Corporate Other lower incentive bonus expense.
 December
 Software Solutions $412. $394. $17. 5%
 Data Analytics 123. 115. 7%
 Corporate Other 109. 115.
 $646. $625. $20. 3%


own. GTE Mobilnet Texas RSA. 67% Pennsylvania 23. 67%. cellular service rural Texas.
 Pennsylvania. policies equity method. adoption ASC 606 interests increased $1. 8 million earnings 2018.
 2019 cash distributions $19. million $21. 8 million $17. 2 million. value exceeds equity $32. 8 million December 2019 2018.
 combined results three equity investments
 revenues $ 349,640 $ 346,251 350,611
 Income operations 100,182 100,571 104,973
 income taxes 99,146
 assets $ 80,655 $ 75,040 78,782
 Non-current assets 156,672 103,996 95,959
 liabilities 33,292 24,719
92,477
 Partnership 111,558,478 100


December 31, 2019 losses carryforwards
 state losses $60. 2 million. million acquisitions
 tax credits $0. 1 million $8. million
 losses credits expire 2020 2038 2019 federal loss $43. 9 million $1 million state credits unlimited carryforward periods.
 India subsidiary Special Zones tax holiday. reduces. Hyderabad 2024. Bangalore 2022. reduced taxes $1. 9 million $1. 3 million $1 million.
 losses $120,722 $3
 acquisitions $76,827
 carryforwards $8,202


Uncertain Tax Positions
 December 31, 2019 2018 2017 unrecognized tax benefits $4. 4 million $4. 2 million
 $3. 8 million. Accrued interest expense recognized
 income tax immaterial years
 2019 2018. policy interest penalties
 tax expense.
 activity unrecognized tax benefits
 deferred tax assets valuation allowance. 31, 2019 total benefits taxrate $1. 0 million. change twelvemonths. may change.
 subject taxation United States states foreign jurisdictions. open statutes limitations tax returns 2005. examination.
 Years Ended December 31,
 2018 2017
 unrecognized tax benefits $4,191  $3,782 $3,360
 Increases prior years
 Increases
 Decreases
$4,441,191 $3,782


Company's defined benefit pension plans 88% funded January 31, 2019.
 aggregate accumulated benefit obligation $85. 1 million compared $139. 5 million January 31, 2018. amounts Company defined benefit pension plans accumulated projected obligations. prices higher average market value Autodesk’s stock fiscal.
 Ended January 31,
 accumulated benefit obligations
 $75. $130.
.
 projected benefit obligations
 $91. $158.
.


. INCOME TAXES
 provision
 payable
 Federal $1,995 $1,163 $5,617
 State
 13,448 107,487 116,022
 108,764 122,661
 Deferred
 26,334
 (20,414) (30,510)
 (9,777 5,431 (29,250
 taxes $6,223 $114,195 $93,411


Option Exercises Stock Vested
 table shares acquired vesting 2019 value realized.
 vesting shares market value common stock vesting.
 Option Stock Awards
 Shares Acquired Value Realized
 Jon Kirchner 153,090 3,428,285
 Robert Andersen 24,500 578,806
 Paul Davis 20,500 482,680
 Murali Dharan 15,000 330,120
 Geir Skaaden 21,100 500,804


. Operating Results
 2019 2018
 net voyage revenue non-GAAP profitability bareboat. days) Rate. used investors financial performance averages. industry standards. reconciles net revenues.
 Years Ended December 31,
 figures USD 2019 2018
 Voyage Revenue 317,220 289,016. 8%
 Voyage Expenses (141,770) (165,012).
 Vessel Operating Expenses (66,033) (80,411). 9%)
 Impairment Loss Vessels
 Disposal Vessels
 General Administrative Expenses (13,481) (12.
 Depreciation Expenses (63,965).
 Net Operating (Loss Income.
 Interest Income.
 Expenses.
 Other Financial Expenses (4,231) (14,808. 4%
Equity Loss
 Net Income (10,352),306).


reconciliation unrecognized tax benefit
 benefits impact Company tax rate valuation allowance. material changes benefits next twelve months.
 December 31, 2019 2018 no accrued interest penalties uncertain tax positions. tax years 2019 open unutilized losses.
 files tax returns United States foreign jurisdictions subject taxing authorities. net operating loss research credit carryforwards subject adjustment.
 Utilization credits annual limitation ownership change limitations Internal Revenue Code 1986. expiration losses credits before utilization.
 December
 Unrecognized tax benefit beginning balance $8,217 $7,527
 Increases positions prior years
 Decreases
 Increases
 Unrecognized tax benefit ending balance $8,840 $8,217


DEPRECIATION AMORTIZATION
.
. depreciation amortization increased right-of-use assets IFRS 16 2019 higher capital expenditures.
 Years December 31
 2018
 Depreciation 2,297  2,174
 Amortization
 Depreciation assets 2,313  2,211  5
 Depreciation
 Total depreciation amortization 2,488  2,211


Selling Administrative
 decreased $13. million $88. million December 31, 2019 $101. million 2018. intangible asset amortization $8. million payroll expense $1. million lower headcount professional fees $1. million outside services. million travel-related expenses. million.
 expenses flat increase sales marketing market expansion.
 December
 2019
 Selling administrative $88,762 $101,789
 net revenue 28%


GreenSky. FINANCIAL STATEMENTS States Dollars
. Property Equipment Software
.
 December
 Furniture $2,907 $2,813
 Leasehold improvements 4,171
 Computer hardware 2,494
 Software 20,126 8,344
 property 30,429 18,251
 depreciation,462
 amortization
 $18,309 $10,232


stock option plans
 Weighted-average exercise price
 contractual life
 value options $2,149 $1,724 $1,944 years 2017 2018 2019.
 Average Price Life Intrinsic Value
 March 31, 2018 1,894 $12.
 granted
 exercised. $1,944
 cancelled/forfeited.
 March 31, 2019 1,446. $6,528
 1,347. $6,253


. Segment information
. reportable segments results.
 four segments comparison purchase support referrals
 Health
 Life General Insurance
 Energy Telecommunications
 Other financial service products home loans Australia Asia.
 unallocated costs business restructure-off transactions.
 Non-current assets deferred tax.
 30 June 2019
 Revenue 149,295 4,864 154,159
 Non-current 44,061 15,899 59
 30 June 2018
 174,776 2,155 176,931
 49,235 15,245 64


information initial distribution rights films 2019 2018 2017
 distribute content 50 countries offices. Indian cinemas’ non-English markets offer dubbed subtitled content 25 languages.
 global distribution network includes relationships partners sub producers directors prominent figures Indian film industry distribution.
 Year ended March 31,
 2019 2018 2017
 Global (India International
 Hindi films
 Regional films (excluding Tamil
 Tamil films
 International
 Regional films Tamil
 India
 films
 Regional films Tamil
 Tamil films
 72 24


Sales marketing expenses personnel advertising trade shows.
 decreased $11. 1 million June 30 2019. due to decrease commissions $6. 6 million $8. 9 million commission Topic 606 decrease marketing $5. 7 million travel communication $1. 1 million. offset by increase bad debt $3. 5 million receivables. marketing expenses decreased 18% from 19% prior year.
 labour resources increased 103 employees from 1,948 2018 to 2,051 2019.
 Payroll benefits $48,717
 Commissions 16,993
 Contract labour consulting
 Share-based compensation
 Travel communication
 Marketing expenses
 Facilities
 Bad debt
 miscellaneous
 Total change $84,687


.
 domestic foreign operations
 Ended June 30
 millions 2019
 Domestic $204. $140. $56.
 Foreign. 19.
 before taxes $216. $160. $70.


. Employee numbers costs
 average monthly contractors
 Customer operations 370 380
 Product technology 317 312
 Corporate 115 130
 802


. Balance Sheet
 Deferred Revenue
 obligations. software mobile apps upgrade rights. services. one eighteen months.
 Changes-term deferred revenue balance
 Beginning balances $36,836 $42,432 $49,904
 Deferral revenue 45,040 40,003 46,193
 Recognition revenue (41,034) (45,599) (53,665
 Ending balances $40,842 $36,836 $42,432


NAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars
 NOTE 8 INTANGIBLE ASSETS GOODWILL
 Value December 31, 2018
 acquisition costs $1,150 vessel purchase option. intangible assets $31,342 contracts Navios Containers November 30. December 2017 acquisition costs $10,398 amortization $7,001 loss $3,397 sale.
 Acquisition Cost Accumulated Amortization Transfer Write off Net Book Value December 31, 2018
 Trade name $100,420 $(47,966) $52,454
 Port terminal operating rights 53,152
 Customer relationships 35,490
 Favorable lease terms 32,492
 Intangible assets $221,554


Dividends Repurchases
 2018 2017 2016
 difference declared paid unvested stock units.
 Excludes commissions.
 dividends. future discretionary Board.
 June 2018 Board authorized repurchase $350. million common. August 31, 2019 repurchased.
 September 2019 repurchase $600. million two-year capital allocation. October 14 repurchased 874,475 shares $30. million $600. million.
 Dividends Share
 2016 $62,436 $148,185 $210,621
 2017 $59,959 $306,397
 2018 $57,833 $450,000
 2019 $52,004 $350,000 $402,004
 $232,232 $1,254,582,486,814


Stock-Based Compensation
 recognizes
 unrecognized compensation cost performance-based restricted stock units December 2019 $3. 6 million 1. 6 years. unvested stock options $2. 0 million 2. 30 years.
 Years Ended December 31,
 2019 2018 2017
 net revenue $577 $489 $332
 Research development 16,545 17,953 16,190
 Selling general administrative 14,938 13,279 11,016
 Restructuring expense
 $32,060


reconciliation unrecognized tax benefits
 effective income tax rates 9. 5%.%. 3% December 2019 2018 2017. below statutory due windfall benefits employee transactions income deductions research development tax credits offset non meal entertainment expenses state taxes.
 valuation allowance deferred tax assets. uncertainty tax credits. 3 million established valuation allowance $0. 3 million second quarter 2019 remained. December 31, 2019. all deferred tax assets. valuation allowance.
 guidance more likely than not threshold uncertain. benefit. recorded unrecognized tax benefits $0. 6 million. 8 million $1. million research development tax credits December 31, 2019 2018 2017.
 accrued. 2 million. 1 million interest related unrecognized tax benefits. recognize interest penalties income tax expense.
aware events unrecognized tax benefits twelve months. cumulative liability uncertain tax positions $3. 1 million $2. 8 million December 31, 2019 2018 recognized reduce income tax expense effective tax rate.
 file tax returns States Canada. no subject U. S. income tax examinations 2016, operating loss carryforwards 2016 adjustment. state local tax examinations 2016.
 federal loss carryforwards $4. 9 million 2030. state carryforwards $1. 7 million 2027. federal research development tax credit carryforwards $5. 2 million 2038. state $4. 3 million 2021. federal net operating loss carryforward 2013 acquisition EnergyHub. Internal Revenue Code 1986.
 balance $2,801 $1,973
 Additions 718
 Decreases
acquisitions
 Decreases statute (219)
 balance $3,065 $2,801 $1,973


 December 27, 2019
 income $24,193 $20,402 $14,366
 dilutive securities
 Interest convertible notes
 income $24,400 $20,764 $14,902
 common shares 29,532,342 28,703,265 26,118,482
 stock options shares 211,050 270,520
 convertible notes 329,946 705,134
 shares 30,073,338 29,678,919


(LOSS) PER SHARE
 computed net income shares. Diluted earnings dilutive effect stock options awards treasury method. diluted earnings
 stock options restricted awards 1. million 1. 2 million excluded earnings year February 28, 2017 antidilutive. anti-dilutive stock options awards 1. 9 million 0. 2 million 2019 2018 excluded.
 option pay cash issue common stock conversion Notes. settle cash treasury stock method dilutive effect conversion net income. average market price common stock less than initial conversion price no shares included diluted earnings per share conversion.
 February 28,
 2017
 Net income (loss $18,398 $16,617 $(7,904)
 average common shares 34,589 35,250 35,917
stock options restricted units
 treasury stock method
 shares 35,294 36,139 35,917
 Earnings share
. 53. 47.
. 52. 46.


9. GOODWILL
 summary goodwill activity.
 Ended December 31
 3,178
 Golden Ridge acquisition
 MGI acquistion
 $3,915 $3


. Pensions
 benefit plans
 timing uncertainty future cash flows
 liability duration maturity
 average duration benefit obligation
 benefit payments
 1 year 10.
 5 years 45.
 5 10 years 61. 119.
 20 114. 103
 30 years 81. 68.
 30 63.


FRT Term Loan
 October 25, 2019 $23. 4 million three-year HSBC Trinkaus Burkhardt acquisition FRT GmbH October 9, 2019. Note 4 details.
 interest Euro Interbank Rate plus 1. 75 % per annum repaid installments $1. 9 million January 25, 2020.
 obligations guaranteed FormFactor.
 negative covenants indebtedness liens dividends dispositions leasebacks negative pledges fiscal year sanctions anti-bribery modifications.
 affirmative covenants warranties.
 Future principal interest payments December 28, 2019
 1. 35% per annum FRT Term Loan 3. 71% per annum CMI Term Loan.
 Payments
 principal payments $42,838 $7,838
 interest
$43,615,493


Cost Gross Margin Product Type
 perpetual term subscription deployed. impacted economic industry conditions software acquisitions. royalties.
 revenues decreased $9. 4 million. 2% June 2019. 4% $11. 2 million foreign exchange rate changes. increase Americas $8. 2 million Asia Pacific $10. 6 million EMEA $7. million.
 153 deals $0. 5 million 49 $1. million $144. 1 million. 140 $0. 5 million 2018 58 $1. million $152. 2 million.
 increased $0. 7 million. gross margin 97%.
 $390. 4 million $47. 1 million. 8%. 4% $10. 4 million foreign exchange rate changes. Americas $17. 7 million EMEA $15. 7 million Asia Pacific $13. 7 million.
.7 million difference 606 605 timing differences 605 deferred 606 recognized. note 3 Consolidated Financial Statements.
 Ended June 30
 2019
 Revenues
 Americas $215,871 $8,216 $207,655 $29,257 $178,398
 EMEA 163,622 (7 170,631 23,788 146,843
 Asia Pacific 48,599 (10,627) 59,226 15 43,903
 Revenues 428,092 437,512 68,368,144
 Revenues 14,347
 License Gross Profit $413,745 $423,819 $68,307 $355,512
 Gross Margin 96. 6%.
 Revenues Geography
 Americas.
.
 Asia Pacific.


Measures
 Deferred revenue ASC 606. Note 2 Consolidated Statements.
 Cash equivalents investments $33,413 $46,548
 $15,831 $13,666
 Deferred revenue $18,467 $19,685
 $20,577 $17,661
 Dividends $5,979 $5,968
 Inventories $1,383 $1,846


Non-GAAP Financial Measures
 Management believes non-GAAP measures comparisons between current
 results prior periods. Adjusted earnings before interest taxes depreciation amortization stock-based compensation
 management financial community. provides insight operating trends
 facilitates comparisons between companies taxes
 capital structures tax strategies. debt covenant compliance.
 excludes items unusual not comparable. believes non-GAAP measurements
 supplemental not replace GAAP results. not
 alternative to net income operating income operating performance liquidity
 accounting principles. assessing business years December 31, 2019 2018
 Company excluded
 Stock-based compensation exclusion enhances understand impact results. excluding allows transparent comparison financial results previous year.
LOSS EBITDA
 net loss $1,934,133 $1,875,846
 deficit $125,105,539 assets $4,187,449. $3,300,600 cash
 $424,000 credit facility. $2,000,000 borrowing base calculation
 advance rate
. borrowing capacity $1,102,917 outstanding balance $624,347 availability $424,000
 credit facility. cash balance decreased $4,678,891 $3,300,600
 $115,000 month. 2018 cash balance decreased
 $8,385,595 $4,678,891 $309,000 month. improved revenues cost management.
 Net loss $(1,934,133 $(3,016,750
 Interest expense
 Income tax provision
 Depreciation amortization
 EBITDA (1,915,275) (2,953,642
 Adjustments
7,261
 EBITDA,947,238)


table presents pro forma results 2019 2018 Grakon acquisition Pacific Insight. unaudited information not indicative.
 include amortization depreciation adjustments property interest expense adjustments increased debt acquisition charges tax effects.
 Fiscal Year Ended
 April 27, 2019 28, 2018
 Revenues $1,073. $1,095.
 Net Income $106. $70.


6. FINANCIAL DATA
 audited financial statements. 7. Discussion Analysis Financial Condition Results 8. Financial Statements Supplementary Annual Report.
 Accounting Standards Update 2016-09 Compensation excess tax benefits.
 adopted ASU 2014-09 Contracts Customers 2018. adjusted balances 2017 2016. not adjusted 2015 ASU 2014-09.
 2018 2016
 Consolidated Statements Operations Data
 Revenue
 Perpetual license $80,015 109,863 132,883 145,053 166
 Term license 199,433 178,256 206,411
 Maintenance 280,580 263,875 242,320
 Cloud 133,746 82,627
 Consulting 217,609 256,960 255,756
revenue $911,383 891,581 888,467,229 682,695
 income operations $(134,878(17,032) $93,177 $50,644 $64,661
 Net income $(90,433 $10,617 $98,548 $45,015 $36,322
 earnings per share
.
.
 dividends share.


revenue Broadcasting segment 2019 decreased $3. 6 million to $41. 8 million from $45. 4 million 2018. cost cutting HC2 Network. exited operations programming mix.
 due lower advertising sales. offset higher stations revenue.
 2019 decreased $5. 0 million to $23. 5 million from $28. 5 million 2018. driven audience measurement costs exit markets programming costs offset higher revenues growth.
 Selling expenses 2019 decreased $10. 9 million to $26. 4 million from $37. 3 million 2018. compensation costs cost cutting measures lower legal expenses.
 Depreciation amortization increased $3. 0 million to $6. 3 million from $3. 3 million 2018. additional amortization fixed assets.
 operating expense increased $3. 3 million $3. 0 million.million December 31, 2018. increase reimbursements Federal Communications Commission offset impairment licenses 2019.
 requires stations change channels modify transmission facilities. Congress legislation FCC fund costs full power Class A licenses low power.
 Ended December 31,
 2019 2018 Increase
 Net revenue $ 41. $ 45.
 Cost revenue 23. 28.
 Selling administrative 26. 37. (10
 Depreciation amortization 6.
 operating.
 Loss operations (11.


Future Rate
 medium-term tax rate acquisitions higher jurisdictions. tax fluctuate business changes OECD’s Base Erosion Profit Shifting Project. Legislative change monitored.
 impact future tax charge liabilities assets Article 50(2) Treaty European Union failure future relationship European Union.
 European Commission investigation foreign company rules. levy charge foreign entities lower tax exemption 75% financing. exemption EU State Aid rules. awaiting detail position changed tax accounting. risk possible not probable. UK ministers appeal. No provision potential liability $3. 6M Consolidated Financial Statements ultimate financial result.
 Deferred tax assets liabilities
 31 March 2019 temporary differences earnings $Nil. No liability recognised Group reversal differences.
Deferred tax assets liabilities measured tax rates rates reporting date.
 31 March 2019 2018
 Deferred income tax assets
 40.
 losses UK subsidiaries 37. 24.
 overseas subsidiaries 6.
 capital allowances 7.
 Share-based payments 11. 27.
. 14
 115. 120.
 Deferred income tax liabilities
 Intangible assets 6. 5.
 Deferred selling cost 8.
 differences.
 14.


6. Financial Data
 Consolidated Financial Statements. 8 7 Financial Condition Results.
 Working capital assets minus liabilities.
 Consolidated Balance Sheets Data
 Working $(187,020 $319,050(243,910) $280,325 $191,168
 Total assets $12,970,475 $12,045,641 $11,095,995 $10,322,677 $9,591,600
 installments $375,181 $25,197 $444,255
 $2,121,284,493,502,606,017
 Jabil. stockholders’ equity $1,887,443,950,257,171,314,856
 Common stock shares 153,520 164,588 186,998


 cybersecurity business licensing enforcement advisory services mobile applications investing technologies intellectual property. table summarizes results percentage total revenue. not indicative future.
 Years Ended December 31,
 2019 2018 2017
 % Revenue
 millions
 $13. $82. $50.
 Cost revenues 1. 14% 15. 19% 6.
 Gross profit 11. 86% 67. 44. 88%
 Operating expenses
 Selling administrative 31. 240% 32. 39% 28. 57%
 Research development 2. 15%.
 Total operating expenses 33. 225% 34. 41% 30.
 Other income.
 Income) before taxes (22. (172%) 28. 35% 16. 33%
Income tax. (47%. 10%. (12)
 income. (125)% $20. $22. 45%
 stock compensation $1. 2%.


. Restructuring Activity
 Company approves restructuring plans cost saving. terminating employees vacating facilities cancellation contracts.
 table activity restructuring charges
 employee separation expenses 2017 stock-based compensation awards Exar $5. 1 million.
 Lease charges exiting redundant facilities.
 December
 Employee separation expenses $1,150 $2,094 $8,353
 Lease expenses 1,301
 $2,636 $3,838 $9,524


Represents ownership less 1% common stock.
 16,982 36,837 shares issuable 60 days February 15, 2020.
 37,011 shares Hutchison Family Trust. co-trustee 7,028 shares Glasgow Investments 44,166 shares issuable. Hutchison 60 days February 15, 2020. managing member Glasgow Investments voting disposition.
 16,016 shares issuable 60 days February 15 2020.
 235,643 shares Lien Revocable Trust. co-trustee 3,658 shares. Lien 62,919 shares issuable. 60 February 15 2020 12,182 Chris Lien 2013 Annuity Trust Rebecca Lien 2013 Annuity Trust.
 36,888 shares issuable options 60 days February 15, 2020.
76,346 shares common stock 29,435 issuable options 60 February 15 2020 11,250 restricted stock units vesting 60 15 2020.
. Kinnish resigned Chief Financial Officer December 5, 2019. 9,079 shares 53,068 shares issuable 60 days February 15 2020.
 410,111 shares,329 shares issuable options February 15 2020 11,250 shares vesting 60 2020.
 Schedule 13G/A filed SEC Benchmark Capital February 12, 2020. 456,916 shares Benchmark Capital Partners. 28,576 shares Founders’ Fund. 18,754 shares. 49,256 shares Benchmark Capital Management. general partner BCP VI sole voting investment power shares BCP. Bruce.Dunlevie member Board until February 2017 shared voting investment BCP VI BFF VI BFF VI-B. 2965 Woodside Road California. BCP BFF-B. 2965 Woodside Road.
 Schedule 13G SEC DAG Ventures IV-QP. February 11, 2014 adjusted 1-for-7 reverse stock split October 5, 2017. 444,674 shares DAG Ventures IV-QP. 51,356 shares Ventures IV-A 46,994 shares Ventures IV. general partner DAG IV-QP DAG IV. voting disposition IV-QP indirect beneficial ownership. own securities. Thomas Goodrich John J. Caddo Greg Williams Young.Chung Nick Pianism managing directors IV voting disposition indirect ownership. 251 Lytton Avenue Suite 200 Palo Alto CA 94301.
 13G ESW Capital. owns 579,000 shares. Joseph. Liemandt sole voting member indirect ownership. 401 Congress Avenue Suite 2650 Austin 78701.
 Beneficial Owner Shares Percent
 Directors Officers
. Gordon Crovitz(1) 53,819
 Donald. Hutchison(2) 88,205.
 Brian 16
 Christopher Lien(4) 326,584.
 Daina 36
 Wister Walcott(6) 117,031.
 Robert
 Bradley Kinnish 62,147
 directors 700,690.
 Benchmark Capital Partners. 553,502.
 543,024.
 ESW Capital 579,000.


Adjusted EBITDA. represents net loss before interest investment income expense provision taxes depreciation amortization expense loss on extinguishment convertible notes stock-based compensation expense. indicative of core operating performance. non-cash include depreciation amortization stock-based compensation.
 Adjusted EBITDA management operating performance generate future plans strategic decisions initiatives new markets. exclusion of expenses facilitates comparisons performance.
 not calculated GAAP. provides information. limitations substitute for analysis financial results.
 limitations depreciation amortization non-cash capitalized software amortized reflect cash capital requirements reflect changes requirements working capital needs
 dilutive impact equity-based compensation reflect tax payments receipts cash
 other companies calculate EBITDA
 differently reduces usefulness.
EBITDA loss. EBITDA loss
 Net loss $(52,250) $(47,515) $(19,634
 Interest expense 2,979 4,504
 taxes 425
 Depreciation amortization 19,671 13,693 10,207
 Loss extinguishment convertible notes 1,406
 Stock compensation 33,489 25,825 9,299
 Adjusted EBITDA $5,720 $(2,697)


Fiscal September 28, 2018 29, 2017
 acquired AppliedMicro January 26, Picometrix August 9, 2017 divested Compute October 27, 2017 LR4 May 10, 2018. Note 4 23 Divested Annual Report.
 Statements AppliedMicro Picometrix Compute LR4 divestiture less twelve months.
. 2018 decreased $128. 4 million 18. 4% $570. 4 million $698. 8 million 2017.
 2018 Telecom market revenue decreased $117. 1 million 34. 4%. lower sales optical semiconductor fiber May 2018 sale LR4.
 Data Center market revenue decreased $10. 4 million. 0%. optical products lasers cloud data center applications.
 I&D market revenues decreased $0. 9 million. 5%. legacy defense products higher revenue.
Telecom $222,940 $340,022.
 Data Center 162,098 172,481.
 Defense 185,360 186,269.
 570,398,772.
 39. 48. 6%
. 24.
.
 100.


. Fair Values
 currency interest rate swap contracts exclude accrued interest S$16. 3 million. 8 million. accrued interest disclosed Note 16 27.
 fair values derivative financial instruments
 values
 S$
 cash flow hedges
 Cross currency swaps 414. 95. 60.
 Interest rate swaps 11. 59
 foreign exchange contracts 12. 3
 Derivatives qualify hedge accounting
 Cross currency swaps 104.
 Interest rate swaps. 17.
 foreign exchange contracts.
. 158. 126
 Disclosed
 155.
 Non-current 283. 149. 125. 191.
. 158. 126.


ADVANCED INDUSTRIES. FINANCIAL STATEMENTS share
 table summarizes long-lived assets December
 property equipment lease right-use goodwill intangible.
 States $239,511 $115,869
 Asia
 Europe
 $600,456 $188,079


Marine Services GMSL revenue maintenance subsea telecommunications fiber optic communication power infrastructure offshore oil gas platforms inter-array power cables offshore wind farms.
 Telecommunication Maintenance Installation fixed-price contracts recognizes revenue over time input. measurable value. receives value work completed. progress cost incurred time elapsed. input method. Revenue recognition begins work. Costs labor overhead. Revisions reflected. Provisions estimated losses uncompleted contracts.
 Maintenance revenues standby vessels cable storage depots fiber optic contracts 60 global telecommunications providers. contracts five to seven years. Installation revenues cable systems route planning mapping engineering laying trenching burial. project-based contracts one to five months.
 Power - Operations Maintenance Construction revenues crew transfer vessels turbine offshore wind farms.Services provided rates recognized revenues performance obligations. revenues safety training courses offshore wind turbines. Courses rates recognized.
 Power - Cable Installation Repair revenues engineering solutions charter cable vessels subsea assets. contracts rates recognized fixed-price contracts recognized over time.
 Disaggregation Revenues GMSL revenue market
 Telecommunication - Maintenance $86. $87.
 Installation.
 Power - Operations Maintenance Construction.
 Power - Cable Installation Repair. 34.
 revenue contracts 172. 194.
 Marine Services revenue $172. $194.


Equipment Leasehold Improvements Software
 December 27, 2019 28, 2018
 Construction 27, 2019 Enterprise Resource Planning 28, 2018 headquarters Ridgefield CT. completed 2019. ERP 2020. net value equipment leases 27, 28, 2018 $3,905 $388. No interest expense capitalized 27, 2019 28, 2018 29,.
 Land $1,170
 Buildings 20 years
 Machinery equipment 5-10 years
 Computers data processing 3-7
 Software
 Leasehold improvements 1-40 years 70,903
 Furniture fixtures 7,309
 Vehicles 5-7
 Construction-in-process 9,200 15,757
 accumulated depreciation amortization
 $92,846 $85,276


Item 10. Directors Executive Officers Corporate Governance
 information 401 405 407 (c)(3) Regulation S-K directors Cincinnati Bell Inc. Proxy Statement 2020 Annual Meeting Shareholders incorporated. information 401 405 407 Regulation S-K Cincinnati Bell. Proxy Statement 2020 Annual Meeting incorporated.
 Code of Ethics Senior Financial Officers Chief Executive Officer Financial Officer Accounting Officer website http://www. cincinnatibell. com. amendment Code Ethics waiver
 certifications Chief Executive Officer Financial Officer Section 302 Sarbanes-Oxley Act 2002 2019 NYSE corporate governance listing standards Section 303. 12 NYSE Listed Company Manual. corporate governance listing standards Section 303. 12 NYSE Listed Company Manual.
 Executive Officers Registrant
ages positions executive officers February 24, 2020
 elected annually removable.
 LEIGH. FOX President Officer Operating Financial Officer Administrative Officer Senior Vice President Finance Operations Vice President Cincinnati Bell Technology Solutions.
 ANDREW R. Chief Financial Officer 2016 Vice President Consumer Marketing Data Analytics Corporate Finance Partner Howard Roark Consulting.
 CHRISTI. CORNETTE Chief Culture Officer June Senior Vice President Marketing Director Marketing.
 THOMAS. SIMPSON Chief Operating Officer Senior Vice President Technology Officer Research Development Director Technical Operations
 CHRISTOPHER J. WILSON Vice President General Counsel August 2003.
 JOSHUA. DUCKWORTH Vice President Treasury Corporate Finance Relations October 2017 Vice President Investor Relations Controller Assistant Treasurer Investor Relations. Assistant Controller. Deloitte Touche audit.
SUZANNE MARATTA Vice President Controller 2019 Assistant Controller Senior Financial Reporting Manager Auditor PricewaterhouseCoopers 2007 2014
 Leigh Fox
 Andrew Kaiser Financial Officer
. Cornette
 Thomas. Simpson Operating
 Christopher. Wilson
 Joshua. Duckworth Treasury Investor Relations
 Suzanne. Maratta


. Stock Award Plan
 stock-based compensation expense in consolidated statements. non-cash employee discount common stock.
 estimated income tax benefit December 2019 approximately $5. 3 million. No costs capitalized 2019 2018 2017. estimate forfeitures.
 revised differ. unrecognized-based compensation expense nonvested awards options $62. 4 million December 31, 2019 expected recognized over 2. 3 years.
 revenue
 Software delivery support maintenance $ 2,075
 Client services 4,067
 revenue 6,142
 Selling administrative expenses 27,348
 Research development 9,200
 stock-based compensation expense $ 42,690 39,331


utilized Black-Scholes option pricing model. expected life contractual vesting period. risk-free interest rate. Treasury yield curve. accounted forfeitures. historical volatility calculated.
 fair value 2019 2018 options estimated Black-Scholes model weighted-average
 $419,000 unrecognized compensation expense 2019 3. $418,000 2018 2. 4 years. no 2018.
-average fair value per share $8. 78 $6. 63
 Historical volatility 60% 46%
 Risk-free interest rate. 84%
 Dividend yield
 Expected life.


Long-Term Liabilities
 Revenue Contracts
 acquisition FPSO Petrojarl assumed FPSO contract less favorable. recognized liability estimated value.
 amortizing remaining liability term projected revenue.
 Amortization contracts December 2019 $5. 9 million (2018 $14. million 2017 $27. 2 consolidated statements loss. 2019 expected $5. 9 million $5. million (2021). million (2022).
 Deferred revenues gains
 Guarantee liabilities
 Asset retirement obligation
 Pension liabilities
 In-process revenue contracts 11,866
 Derivative liabilities
 Unrecognized tax benefits 62
 Office lease liability-term


. FY 2019 Financial Performance Analysis
 discussions consolidated Rupee financial results March 31, 2019. financial statements Tata Consultancy Services subsidiaries prepared Indian Accounting Standards Companies Act 2013,. accounting policies notes statements.
 consolidated financial results
 EPS adjusted bonus issue
 FY 2019 % Revenue Growth FY 2018
 146,463 100. 123,104.
 Earnings before interest tax depreciation amortization 39,506 27.
 Profit Before Tax 41,563. 34.
 Profit after tax shareholders 31,472 21. 25,826.
 Earnings per share 83. 23. 67.


. Income Taxes
 Tax Cuts Jobs Act signed December 22, 2017. tax law corporate tax rate net operating loss carryforwards carrybacks repeal corporate alternative minimum tax. reduced. corporate income tax rate 35% to 21%. deferred tax assets liabilities. $8. 8 million income tax expense reduction deferred tax December 31, 2017.
 22, 2017 Securities Exchange Commission issued Accounting Bulletin. 118 GAAP information tax effects. impacts Tax Act. September 30, 2018 decreased estimate $8. 8 million to $8. 7 million.
 income tax expense
 Year Ended December 31,
 2019
 Federal $1,615 $741 $584
 State
 Foreign
 2 1,657
 Deferred
 2,622
 State
19
 Deferred 2,599
 $5,566 $2,990


Property Equipment
 depreciated. depreciation lives
 Land $19,490 $17,655
 Buildings improvements 173,333 5 40 years
 Equipment furniture fixtures,225,721 3 10 years
 improvements 94,878 89,399
 676,926 632,310
 depreciation amortization (353,492
 $323,434 $311,793


reconciliation unrecognized tax benefits years December
 2019 2018 2017
 totaled $11. 2 million $7. 1 million December 31, 2019 2018. $10. 2 million $5. 4 million effective tax rate.
. 2 $5. 4 million
.
 accrued interest penalties benefits. recognized tax expense $0. 5 million $0. 5 million $0. 3 million interest penalties. Accrued interest penalties $1. 7 million $2. 1 million. business tax returns foreign jurisdictions. no subject. income tax examinations before 2012. expiration statutes limitations 2020 unrecognized tax benefits decrease $3. 1 million.
 Unrecognized tax benefits January 1 (7,113 (7,419
 increases unrecognized tax benefits
 tax (2,428
decreases tax benefits prior 445  233  145
 increases
 current period (2,489 ) (78 )
 Reductions settlements 349
 lapse statute limitations 346  675  163
 December 31, (11,239 ) (7,113 ) (7,419


Fair Value Measurement Financial Assets Liabilities
 carrying values accounts receivable payable short maturity repayment.
 tables financial instruments measured fair value
 value Level 1 instruments based quoted market prices. Level 2 observable inputs.
 Level 2 assets liabilities include derivative financial instruments hedging activity Note 4. measured fair value contract date remeasured reporting date spot forward discount rates. active market hedge contract inputs tied active markets.
 December 31, 2019
 1 2 3
 Assets
 Money market funds $107,708
 U. S. government agencies 77,364
 Corporate debt securities 207,137
 $284,501 $392,209
 Liabilities
 Contingent consideration $1,889
Derivative liabilities 748
 $1,889 $2,637
 December 31, 2018
 3
 Money market funds $273,546
. government agencies 72,840
 Corporate debt securities 228,953
 Derivative assets 623
 $273,546 $302,416 $575,962
 Derivative liabilities $549
 Stock warrant liability
 $959


PERFORMANCE MEASURES
 Net interest-bearing debt
 defined borrowings loans receivables cash equivalents restricted cash. capital resources interest expenditure rate risk investments. TORM believes financing. calculated
 2019
 Borrowings 863. 754. 753.
 Loans receivables -4.
 Cash equivalents restricted cash -72. -127. -134.
 Net interest-bearing debt 786. 627. 619.


assets
 first quarter 2019 invested. million Euro$3. 4 million 3D-Micromac Germany. adjusted impairment.
 year-end
 Assets deferred compensation arrangements $35,842 $37,370
 Deferred tax assets 16 87,011 64,858
 Other 18,111
 $140,964 $111,749


Restricted Stock Units
 summary activity fiscal year 31, 2019
 Autodesk financial results 2018. stock units attained rates. to. 6% target award.
 granted 2019 2017 values $144. 37 $106. 55 $65. 95. vested $425. 4 million $399. 7 million $232. 2 million.
 2019 Autodesk granted 2. 1 million restricted stock units.
 three years
. not outstanding
. fair value expensed
 over vesting period. compensation expense $189. 3
 million $202. 1 million $173. million.
 compensation cost recognized $364. 5 million non-vested awards
. 76 years. January units granted
 unvested 3. 9 million.
 Autodesk granted. million performance stock units performance criteria.performance criteria stock units Recurring Revenue free cash flow goals Compensation Human Resources Committee stockholder return S&P Computer Software Select Index S&P North American Technology Software Index. units vest three-year period
 third year one.
 two.
 third three.
 stock units not outstanding grant voting. Autodesk grant-date fair value stock price Monte Carlo simulation model. fair value expensed accelerated attribution vesting period. compensation expense $28. 6 million $33. 7 million $22. 9 million years 2019 2018 2017. compensation cost $5. 6 million unvested stock units expected recognized over. 81 years. January 31, 2019 stock units granted unvested 0. 4 million.
 Unreleased Restricted Stock Units average grant date fair value per share

 January 2018 5,670. $82.
 2,250. 144
,982. 76.
 (681. 94
 Adjustment 29.
 January 2019 4,287. $120.


Non-GAAP Measures
 non-GAAP measures EBITDA adjusted EBITDA performance. not performance US GAAP not for net income cash.
 not indicative of cash. not. Reconciliations comparable measures.
 EBITDA net earnings before interest expense taxes depreciation amortization. Adjusted EBITDA adjusted items facility. measures common performance telecommunications industry fund cash.
 tables net income (loss) adjusted EBITDA years ended December 31, 2019 2018
 includes equity earnings dividend income income noncontrolling interests subsidiaries acquisition transaction costs non-cash pension post-retirement benefits miscellaneous items. Includes cash dividends distributions investments.
 Ended December 31,
 2018 2017
 Net income (loss $ (19,931) $ (50,571) 65,299
136,660 134,578 129,786
 Depreciation 381,237 432,668
,252 492,548 362,031
 Adjustments
 distributions 35,809 39,078
 extinguishment debt
 Non-cash compensation 6,836 5,119 2
 EBITDA 523,540 537,294 414,104


Key Metrics
 results GAAP operating metrics operational performance understanding business
 Total bookings. cash receipts from sale products adjusted for products revenue net without net refunds. provides insight into sales performance business collect payment sale recognize revenue over customer contracts. report without refunds. excluding net refunds reflects effectiveness sales efforts.
 Total customers. customer individual paid product subscriptions. subscriptions multiple accounts. Total customers scale business revenue base
 Average revenue per user (ARPU). total revenue 12 month period divided by average customers. insight additional products impact muted due to growth in total customers.
 Year Ended December 31,
 2018 2017 2016 2015
 Total bookings (in millions $3,401. $3,011. $2,618. $2,155. $1,914.
customers 19,274 18,518 17,339 14,740 13,774
 $158


Asset Value share
 TORM assets liabilities. calculated broker values charter commitments.
 Asset share
 vessel values newbuildings 1,801. 1,675. 1,661.
 CAPEX newbuildings -51. -258. -306.
 Cash 72. 127. 134.
 Loans receivables 4.
 34. 39. 33.
 Freight receivables 89. 86. 71.
 receivables 6. 7 11.
 equipment 4.
 Land buildings 8.
 Investments joint ventures.
 Prepayments.
 Borrowings -863. -754. -753.
 Trade payables.
 liabilities. -33
 tax liabilities -1.
 Net Asset Value 1,016. 856. 796.
 shares treasury 74. 73.62.
 Asset Value 13. 11. 12.


Company evaluates credits. October 2019 2018 2017 $1. 8 million $0. 7 million $0. 6 million recovered. released valuation allowance deferred tax expense.
 differences consolidated income tax federal statutory rate
 Ended October 31,
 2018 2017
 Income taxes statutory rate $13,408 $ 7,132 $148,585
 benefit TCJA
 State taxes 1,189
 credits (2,139
 Expiration credits
 Federal tax credits
 manufacturers deduction
 Excess tax benefits
 Nondeductible expenses 1,786
 Change valuation allowance
 Income tax expense $10,553 $,874) $144,785


Revenues
 Company serves customers diverse geographies economic industry factors. revenue geography cash factors. table presents revenue geography December 31, 2019 2018 2017
 Net sales
 United States $901. $854. $759.
 Canada 45.
 Consolidated $946. $896. $791.


Services auditors
 Group obtained services auditors
 2019 2018
 £m
 Fees audit Company consolidated financial statements. 1.
 Fees other services
 audit subsidiary undertakings.
. 3.


 December 31, 2019 issued shares ASMI 51,297,394 56,297,394 2018. cancellation 5 million treasury shares July 23, 2019.
 31, 2019 48,866,220 2,431,174 treasury. 49,318,898,496 treasury year-end 2018. cancellation million 951,000 repurchased shares 498,000 share payments.
 48,583,340 ABN AMRO Bank 282,880 Citibank.
 February 25, 2020 cancellation. 5 million treasury shares. options shares.
 January
 Issued shares 62,297,394 56,297
 Treasury shares 6,157,241,496
 Outstanding 56,140,153 49,318,898
 Changes Cancellation 6,000,000
 buybacks 7,242,734 950,902
 performance programs 421,479 498,224
31
 56,297
 Treasury 2,431,174
 49,318,898,866


. Asset Impairment Charges
 December 2019 NantHealth balance $8. 1 million. recognized non-cash $2. 7 million retirement hosting assets data center migrations.
-term $1. 7 million. recovered $1. 0 million. goodwill impairment $25. 7 million HHS reporting unit. Note 7.
 non-cash asset impairment charges 2018. $33. 2 million write-off capitalized software.
 $22. 9 million acquisition patient/provider solutions NantHealth 2017 write-downs $2. 2 million technology $20. 7 million unamortized value.
 remaining $2. 1 million disposal assets relocating consolidating acquisitions.
 recorded goodwill impairment $13. 5 million NantHealth. Note 7. recognized non-cash impairment charges $15.5 million 2018 cost equity investments receivable. charges equaled cost.
 non-cash charges $165. 3 million December 31, 2017 impairment $144. 6 million two long-term investments.
 impairment charges NantHealth common stock. $20. 7 million loss acquisition. Note 4 Combinations 14 Loss.
 table summarizes non-cash asset impairment charges statements
 2017
 Asset impairment charges $ 10,837 $ 58,166
 Goodwill impairment $ 25,700 13,466
 long-term investments $ 651 15,487 165


.
 Operating segments enterprise financial evaluated performance. operating segment. Revenues regions. revenues assets geographic region
 2019
 North America $319,330 $131,815 $451,567
 Europe 72,320 16,323,696
 Asia Pacific
 Latin America
 $396,753 $148,931 $475 $546,159
 2018
 North America $299,021 $128,510 $572 $428,103
 Europe 72,958 15,918
 Asia Pacific 2,562
 Latin America
 $374,555 $145,004 $634 $520,193
 2017
 North America $278,714 $122,683 $797 $402,194
 Europe 66,588 14,867
 Asia Pacific 1,143
$346,445,175


GasLog. Subsidiaries
 financial statements
 December 2017 2018 2019
. Dollars
. Vessel Operating Supervision Costs
 December
 2019
 Crew wages management costs 72,652 80,713
 Technical maintenance 28,736
 expenses 21,098 19,766
 122,486 128,084 139,662


components deferred taxes
 realizability Company considers. valuation allowance reduces assets expected. realization future taxable income loss carry-forwards. positive negative evidence tax assets. evidence prior earnings history reversal differences tax planning strategies future taxable income. weight positive evidence verifiable.
 Company evaluates realizability date. valuation allowance. negative evidence establishes valuation allowance. April 30 2019 2018 full valuation allowance against. deferred tax assets. change reduce valuation allowance less income tax expense. 2019 2018 valuation allowance increased by $1. 3 million $9. 4 million.
 Company has. federal net operating losses $23 million $4 million Fiscal 2023 through 2031 subject to annual limitation Internal Revenue Code Section 382. remaining.operating losses $18. million indefinite carry-forward. capital loss $9. million expires 2023. state loss carry-forwards R&D.
 Deferred tax assets
 Employee benefits $5,092
 Inventory 1,649
 Accounts receivable
 Tax credits
 Other assets
 Capital Loss 2,455
-forwards 5,556
 deferred tax 16,404
 liabilities
 Property plant equipment
 Other liabilities
 state income tax
 deferred tax 13,950


Prepaid Expenses Current Assets
 Contract Assets
 expectation consideration products transferred. assets liabilities determined contract level rights interdependent. receivable consideration unconditional time before payment due. difference timing results billed accounts unbilled receivables contract assets deferred revenues advances deposits. account receivables ASC 310 assess impairment. no impairment charges December 31, 2019 2018.
 short-term contract assets Prepaid expenses assets. long-term assets non-current assets Sheets. Note 11.
 Prepaid expenses $37. $43.
 Contract assets.
 current assets.
 Prepaid expenses assets $64. $67.


accounts receivable outstanding beyond credit terms. customers billed pay before services rendered. outstanding due.
 table details doubtful accounts August 31, 2019
 Canadian dollars
 Less than 60 days 18,645 32,857
 60 90 days
 More 90 days 3,074
 22,618 40,802


Restricted Stock 2007 Stock Compensation Plan awards. awarded restricted stock grants ten years.
 repurchased 40,933 shares average $13. 51 September 30, 2019. repurchased 41,989 shares average $11. 66 September 30 2018.
 Employee Stock Purchase Plan. common discount payroll deductions. eligibility requirements. tax. 85% fair market value. six-month phases July 1 January 1. phases December 31, 2018 June 30, 2019 purchased 17,312 19,923 shares $8. 43. December 31, 2017 June 30, 2018 purchased 14,242 15,932 shares $10. 41 $9. 39 per share. September 30 2019 withheld $80,708 from employees July 1, 2019. After purchase June 30, 2019 49,846 shares available future purchase.2010 Employee Stock Purchase Plan allows employees common stock payroll deductions. eligibility requirements. voluntary tax. 85% fair market value. six phases July 1 January 1. December 31, 2018 June 30, 2019 purchased 17,312 19,923 shares $8. 43. 14,242 15,932 shares $10. 41 $9. 39 per share. September 30 2019 Company withheld $80,708 employees July 1. June 30 2019 49,846 shares available future purchase ESPP.
 Restricted stock transactions September 30 2019 2018
 Unvested shares September 30, 2017 370,530. 24
. 17
 Vested. 45
 Forfeited.
 Unvested September 30, 2018 248,613. 65
. 40
.
 Forfeited.
shares September 130,440.


Interest expense financing costs
 Fees discounts debt instruments recorded debt discount carrying values amortized over terms. Amortization expense expense consolidated statement operations.
 2019 2018 2017: interest expense $86 million $134 million $150 million amortization debt discount deferred financing costs $4 million $6 million $12 million.
 outstanding debt
 2026 2047 Notes. 2019 carrying values approximated fair values. 2026 2047 Notes $893 million $456 million.
 2021 2022 Notes approximated fair values. values $800 million $376 million $360 million.
 2019
 Gross Carrying Amount Unamortized Discount Deferred Financing Costs
 2021 Notes $650
 2022 400
 2026
2027 Notes
 2047
 debt $2,700,675
 December 31, 2018
 Carrying Unamortized Discount Deferred Financing Carrying
 2021 Notes
 2022
 2026 842
 2027
 2047
-term debt $2,700 $2,671


Income 2019 2018 2017
 transfer pricing agreements. correlate international revenue.
 2019 2018 2017
. entities $(29,829)(74,131 $26,552
 International entities 5,052 40,760 18,135
 $(24,777) $(33,371 $44,687


.
 IFRS 8 ‘Operating requires Group. one operating segment results consolidated Group level. major cost IT platforms. costs borne centrally not attributable specific customer type revenue stream. one reporting segment Group results Consolidated income statement.
 Management determined one operating reporting segment Operational Leadership Team. OLT responsible strategic decision-making.
 uses statutory measures Revenue Operating profit performance segment. reviews revenue disaggregated. revenue external parties measured income statement.
 reconciliation Operating profit Profit before tax.
 IFRS 16 profit before tax year 31 March 2018 restated.
 Total segment Revenue 355. 330.
 Operating profit 243. 221.
 Finance costs (10.
 Profit sale subsidiary 8.
 Profit before tax 242. 210.


. RELATED PARTY TRANSACTIONS
 Transactions with Golar Partners subsidiaries
 Income
 Management administrative services revenue March 30, 2011, Golar Partners management services agreement with Golar Management Limited wholly-owned subsidiary Golar Golar services. services charged cost plus management fee 5% costs expenses. Golar terminate agreement 120 days notice.
 Ship management fees Golar affiliates charge ship management fees to Golar Partners technical management Golar Partners' vessels. subject to management agreements Golar. terminate agreements 30 days notice.
 Charterhire expenses expenses charter Grand. sale 2012, option charterer 2015, charter October 2017. option. recognized charterhire costs of $17. 4 million year ended December 31, 2017 Golar Grand.
 Charterhire expenses. sale option charterer October.February 2015, option exercised. recognized charterhire costs $17. 4 million December 31, 2017 Golar Grand.
 Share options expense recharge share option Golar Partners directors officers employees.
 Interest expense deposits
 Tundra Letter Agreement May 2016, Golar Tundra Sale received cash $107. 2 million. pay Golar Partners daily fee operating expenses Tundra operations. hire income. accounted $nil $2. 2 million interest expense December 31, 2019 2018 2017.
 Deferred purchase price May 2017 Golar Tundra original. pay $107. 2 million Purchase 5% per annum. net sale price Hilli Disposal July 12, 2018. accounted $nil $2. 9 million $1. 1 million interest expense December 31, 2019 2018 2017.
Deposit Golar Partners August 15, 2017 Hilli Sale Agreement Units. $70 million deposit Golar interest 5% per annum. applied deposit interest purchase price July 12, 2018 Disposal. accounted $1. 9 million $1. 3 million interest expense December 31, 2019 2018 2017.
 Management administrative services revenue 9,645
 Ship management fees 4,460 5,200
 Interest short-term loan
 Charterhire expenses
 Share options expense recharge
 Interest deposits
 13,996 10,230


summary stock option activity 2019
 Net income compensation expense stock option awards. 1 million. unamortized compensation expense. 3 million. 38 months.
 value stock options. 2 million. 3 million September 2019 2018.
 exercised. 1 million. fair value vested $0. 4 million.
 Shares Average Exercise Price
 Outstanding September 2018 33,800 $.
 5,450.
.
 September 2019 36,450 $.


GasLog Ltd. Subsidiaries
 consolidated financial statements
 December 2017 2018 2019
 amounts. Dollars
. Receivables
 third parties. current. recognized unconditional financing fair value. Group holds receivables cash flows measures amortized cost interest rate.
 Accrued income revenues charterers not invoiced Other receivables.
 December 31, 2018 2019 credit losses.
 2019
 Trade receivables 808 9,463
 VAT 1,094
 Accrued income 9,473
 Insurance claims 1,282
 Other receivables 7,587,126
 20,244


Marketable Securities
 available-for-sale. current operations. recorded fair value unrealized gains losses.
 highly-rated securities low probabilities default. policy requires A or limits duration. unrealized gains losses 2019 2018 caused by interest rates.
 duration susceptible interest rates bond yields. lower yield show unrealized loss. anticipate full cost market conditions. unrealized losses not-temporary.
 value amortized cost market liquidity interest rate risk financial condition credit rating. December 28, 2019 29, 2018 unrealized losses not material.
 Amortized Cost Gains Losses Fair Value
. Treasuries $10,458
 Commercial paper 3,914
 Corporate bond 33,867 33,928
 Certificate of deposit 3,584
securities 24,408 24,430
 $76,231
 29, 2018 Amortized Cost Losses
. Treasuries $7,997
 Commercial paper 2,296
 Corporate bond 30,833
 Certificate deposit
 securities 8,667
 $50,753 $50,531


Net Pool Allocation increased $10. 5 million $7. 3 million 2017 to $17. 8 million 2018. GasLog vessels. recognized revenues voyage expenses commissions $102. 3 million $10. 2 million Cool Pool 2018 $38. 0 million $9. 1 million. higher spot rates utilization.
 Voyage Expenses Commissions increased 32. 5% $5. 0 million $15. 4 million 2017 to $20. 4 million 2018. $3. 6 million bunkers consumed voyage expenses $0. 3 million voyage expenses $1. 1 million brokers’ commissions.
.
 revenues 38,046 102,253
 voyage expenses commissions (9
 net pool allocation
 total net pool performance 36,178


 December 31, 2019 2018 debt $2. 7 billion. 18%.
 summary debt
 Gross Carrying Amount Unamortized Discount Deferred Financing Costs Net Carrying Amount
 2021 $650
 2022
 2026
 2027
 2047
 Total debt $2,700 $2,675


Deferred unearned services
 Deferred product revenue undelivered. services payments. Financed unearned undelivered services third. Note 18 Commitments Contingencies
 April 26, 2019 27, 2018
 Deferred product revenue $ 84 $ 107
 services 3,502 3,134
 Financed unearned services 82 122
 $ 3,668 $ 3,363
 Short-term 1,825 1,712
 Long-term 1,843 1,651
 $ 3,668


 employees shares. earnings purchase shares. employer. Dividends credited equivalent BCE shares.
 allows 12% earnings maximum contribution 2%.
 contributions dividends subject two-year vesting period.
 trustee buys BCE shares market treasury.
 December 31, 2019 4,360,087 shares authorized.
 unvested contributions 2018.
 average fair value $60 2019 $55 2018.
 SHARES
 Unvested contributions January 1 1,120,426 1,039,030
 623,705 671,911
 Dividends credited 57,083 56,926
 Vested (523,359
 Forfeited (153,657 (146,352)
 Unvested contributions December 31 1,124,198 1,120,426


 Altium US$177. 2 million sales 23% increase US$171. 8 million product revenue 23%.
 Board Systems revenue US$126. 8 million regions positive. EMEA US$44. 6 million 15% transactional sales. America’s US$50. 9 million 14% growth. China US$19. 8 million 37%. new office Beijing centres Shenzhen Shanghai. expansion penetration.
 Sales US
 Designer licenses 65,157 53,088 23%
 subscriptions 58,959 53
 advertising
 licenses
 maintenance 8 67%
 sales 3
 62%
 Product Sales 177,216 144,541


Profit
 December 31, 2019
 margin decreased due hosting costs higher amortization software development deferred costs sale OneContent April 2, 2018 higher margin. offset increase organic sales Veradigm acute solutions 2019.
 Year December 31, 2018
 profit increased due acquisitions. recurring revenue streams services improved. non software decreased fewer software license sales. profit non-recurring services decreased higher internal personnel costs. margin decreased lower sales higher margin software licenses higher amortization software assets.
 Year Ended December 31,
 2019 2018 2017 % Change
 Total cost revenue $ 1,058,097  $ 1,025,419  $ 864,909 3. 2% 18. 6%
 Gross profit $ 713,580  $ 724,543  $ 632,799.14.
 margin 40. 41. 42.


Trade Receivables
 amounts Balance Sheets approximate fair value short-term nature.
 summary allowance doubtful accounts
 unbilled receivables year non-current assets. Billings based contractual terms. Note 11-Current Assets.
 receivables billed $136.
 unbilled 39. 37.
 176. 173.
 Allowance doubtful accounts.
 receivables $175. $172.


section sets assets liabilities plan sell.
 30 June 2019 sale Group properties Petrol business sale.
 Assets carrying amount recovered sale transaction probable. measured lower carrying amount fair value less costs sell except deferred tax employee benefits financial assets exempt.
 impairment loss recognised write-down value costs. gain recognised increases value costs not excess cumulative impairment loss. not recognised sale recognised derecognition. Assets not depreciated amortised sale. Interest expenses liabilities recognised.
 Property plant equipment
 Other assets
 assets sale
 liabilities associated assets held sale


. REVENUE CONTRACTS
 Revenues construction contracts recognized obligations ASC 606. revenue profit recognized customer control goods services. uninstalled materials equipment excluded profit unless progress.
 table revenue customer contracts December 31, 2019 2018:
 Agricultural Commercial Industrial $28,940 $33,193
 Public Works 12,128 17,986
 Residential 18,762 19,786
 Total 59,830 70,965


Net Pool Allocation decreased $22. 1 million from positive $17. 8 million 2018 to negative $4. 3 million 2019. GasLog vessels vessels exiting Pool June July 2019. recognized revenues voyage expenses commissions $45. 3 million $8. 1 million 2019 $102. 3 million $10. 2 million. pool performance
 Voyage Expenses Commissions increased 16. 7% $3. 4 million from $20. 4 million 2018 to $23. 8 million 2019. $3. 4 million expenses unchartered off-hire.
.
 revenues 102,253
 voyage expenses commissions
 adjustment net pool allocation 17,818
 total net pool performance 109,917


Customers Markets
 primary customers include device manufacturers Texas Instruments Intel Mobile design companies Broadcom MediaTek Realtek Qualcomm Novatek. not dependent customer operating revenues few customers. top ten customers. 3% operating revenues 2019. geographic breakdown operating revenues 2017 2018 2019 by location.
 December 2017 2018 2019
 Taiwan 32. 36.
 Singapore.
 China Hong Kong 12.
 3.
 12. 13.
 Europe 9.
.
 100.


Export sales. December 2019 2018 2017 $531. $578. $512. 5. exports shipped Asia Europe (24%) Canada (18%) Middle East (13%) (12%).
 Sales outside. Roper’s revenues. geographic areas. revenues 2019 2018 2017 region Canada only country 4% total revenues
 Application Network Software Measurement Process Technologies
 Canada $ 41. $ 71. 81. 28. 222.
 Europe 188. 36. 307. 113. 646.
 Asia. 185. 108 315.
 Middle East. 37. 103.
 world 25. 45. 55. 135.
 $ 267. 173. 632. 350. 1,423.
 Canada 38. 58. 79. 35. 211.
 188. 12. 361. 117. 680.
 3. 11. 220. 115. 349.
 Middle East 4. 48. 14. 34 102
 29. 7. 42. 55. 134.
. 138. 718. 357. 1,478.
 26. 52. 72. 34. 187.
 176. 11. 310. 98. 596.
. 7. 205. 109 325.
 Middle East. 58 13. 35. 112
 23. 42. 48. 120.
 233. 136. 326. 1,341.


Revenue geographic area
 country billing. distributors customers end users. No non. country 10% revenue 2018 2017.
 United States 268,453 265,613 259,974
 Europe Middle East Africa 49,496 45,830
 South America 15,134 20,699 17,738
 Canada 9,815 14,958
 Asia Pacific Rim 12,873
 6,944
,800 365,912


average duration defined benefit obligation 6. years. 3 participants.
 invests pooled superannuation trust products prices quoted daily. allocation membership profile liquidity requirements risk appetite.
 percentage invested asset class
 Equity instruments 53. 58.
 Debt instruments 18.
 Real estate.
 Cash equivalents.
.
.


GasLog Ltd. Subsidiaries
 financial statements
 December 31, 2017 2018 2019
 amounts. Dollars
. Derivative Financial Instruments
 value
 December
 assets profit loss
 Interest rate swaps 15
 foreign exchange contracts
 hedging instruments
 Cross currency swaps 3,594
 15,188 4,001
 current 6,222
 non-current 8,966
 15


. capital
 par value. allotted employee share schemes.
 Equity instruments proceeds issuance costs.
 31 March 2019 held 1,584,882,610 (2018 2,139,038,029) treasury shares €264 million €356 million. market value €2,566 million €4,738 million. 45,657,750 53,026,317) shares reissued schemes. 25 August 2017 729,077,001 shares issued bond. 25 February 2019,067,749 issued.
 5 March 2019 bonds £1. 72 billion 2 year maturity 2021 £1. billion 3 2022. 2,547,204,739 ordinary shares £1. 3505 per share.
 awards option scheme awards.
 allotted issued
 28,814,803,308
March 28,815,258,178


Consolidated Results
 table fiscal years 2019 2018 consolidated sales
 Revenues 76. 68. 4%
 24. 38.
 intersegment revenues. (7
 100.
 Revenues 68. 86.
 profit 31. 13
 Selling Administrative expenses 24. 26.
 Research Development. 17.
 Operating Profit(Loss (5. (31
 Income.
 Income Taxes. 28.
 Loss operations (5.
 Income discontinued operations.
 Loss discontinued operations.
 Loss.


unrecognized tax benefits December 31, 2019 increased $387 million $7,146 million.
 additions. federal state non. transfer pricing credits incentives. settlements reductions. state non. audits statute limitations.
 benefits $7,146 million reduced $584 million timing adjustments. tax credits transfer pricing state taxes. net $6,562 million tax rate. net amounts December 31, 2018 2017 $6,041 million $6,064 million.
 Balance January 1 $6,759 $ 7,031 $3,740
 Additions
 Additions
 Reductions lapse statute (922)
 Settlements
 Balance December 31 $7,146 6,759 $7,031


CAPITAL EXPENDITURES
 acquiring property plant equipment service. telecommunications business requires investments technologies expansion capacity reach. spectrum licences additions right-of-use assets not cash flow capital intensity. Liquidity Financial Performance-GAAP Measures Performance.
 Capital expenditures cash flows. measure reflects cost property plant equipment.
 Includes additions property spectrum licences additions right-of-use assets. Performance.
 increase capital expenditures network. LTE network. 5G 5G-ready launch 5G 2020. 2019 acquired spectrum licences for $1,731 million not included table. Liquidity Financial.
 decrease capital expenditures lower purchases equipment investments Ignite TV. upgrading network infrastructure fibre deployments fibre-to-home-curb distribution. passed per node technologies bandwidth reliable experience Connected Home roadmap.
increase capital expenditures renovations Toronto Blue Jays facilities offset lower broadcast IT infrastructure sale publishing business.
 increase higher IT real estate facilities $25 million sale assets.
 CAPITAL INTENSITY line 2018.
 December 31
 2018
 Capital expenditures
 Wireless 1,320 1,086
 Cable 1,153 1,429
 Media
 Corporate 232 185
 expenditures 2,807 2,790
.


. BALANCE
 expenses assets
 Prepaid taxes $44,096 $37,884
 taxes 11,208 16,930
 expenses 22,689 30,266
 $77,993 $85,080


Operating income
 write-off spare parts.
 Results.
 2019 2018
 millions
 Acquisition-related charges
 $ 27  $ 14
 amortization value adjustments 3
 Restructuring charges 255 126
 $ 302 $ 148


credit risk profile trade receivables
 no impairment losses recognised. no financial assets past due date 31st December 2019.
 Payment terms vary location. due 20 90 days after invoice.
 contracts significant financing component.
 allowance impairment receivables
 Balance 1st January.
 Additional impairment.
 Amounts uncollectable.
 recovered.
 Impairment losses reversed.
 Exchange differences.
 Balance 31st December.


FINANCIAL STATEMENTS
 3 Accounts Receivable
 components
 December 31,
 $78,269 $79,902
 doubtful accounts (384
 net $78,008 $79,518


Medical Segment Results
 table fiscal years
. segment minimal sales launched products.
 Gross Profit. $3. 5 million 2018 $3. 1 million 2017. increased loss vertical manufacturing research product.
 Loss Operations. increased $2. 9 million $11. 4 million 2018 $8. 5 million 2017. professional fees research development marketing expenses. Financial Condition Liquidity Capital Resources
 April 28, 29, 2017 Net Change
 Sales.
 Gross Profit.
 Loss Operations.


PERFORMANCE MEASURES
 Time Charter Equivalent earnings
 TORM defines revenue after port expenses bunkers commissions. freight derivatives. Company reports TCE earnings information IFRS. standard shipping industry measure period-to-period shipping types. reconciliation Revenue TCE earnings
 Reconciliation revenue
 692. 635. 657.
 Port expenses bunkers commissions -267.
 TCE earnings 424. 352. 397.


Capital financial risk management
 objectives safeguard concern provide returns benefits optimal capital structure reduce cost.
 Directors pursue debt sale leaseback equity return.
 gearing ratio.
 ratio. net debt divided capital. liabilities cash equivalents. capital equity Consolidated Balance Sheet net debt.
 2019
 borrowings lease 867,177 302,954
 cash equivalents (398,999) (417,982)
 Net debt 468,178 (115,028)
 Total equity 875,303 893,977
 capital 1,343,481 778,949
 Gearing ratio 35. 0%


 corporation tax 31 March 2019 19% estimated assessable loss.
 2018 Current income tax
 corporation tax.
 previous years.
 Overseas tax 22. 23.
 13.
 current tax charge 36. 34.
 Deferred tax
 reversal temporary differences.
 changes US tax rate 5.
 (12.
 deferred tax credit (10. (14
 income tax charge 26. 19.


cash flow
 high conversion
 reduce costs restructuring financial net tax
 working capital efficiency impact cash flow
 capex 2% net sales above 2% 2020 new factory
 maintain restructuring charges 1% net sales
 M&A 1–2% net sales
 margin excluding restructuring charges.
 Restructuring charges income statement.
 Operating margin 4. 4% 5. >12%
 financial net tax -3. 8% -2. 5% -4%
 depreciation amortization.
 depreciation leased assets. +1%
 working capital.
. -2.
 leasing payment. -1%
 restructuring -3. -1%
 Free cash flow M&A 2.
 M&A. 7%


GasLog Ltd. Subsidiaries
 financial statements
 2017 2018 2019
. Dollars
. Financial Income Costs
 Income
 Interest income 2,650 4,784 5,318
 Costs
 deferred loan 12,398 12,593
 Interest expense loans loss cash flow hedges 85,813
 bonds loss 27,085 30,029
 Lease charge 10,875
 Loss bond repurchases
 costs unrealized foreign exchange losses cash bonds 1,551 1,885 6
 costs 139,181 166,627 190,481


Quarterly Results Operations
 table quarterly information 2019 2018. reflects Consolidated Financial Statements thousands
 Operating income fluctuates currency restructuring charges product mix product lines lower-cost write-down assets gain/loss sales disposals mix distributors equipment manufacturers electronic service providers.
 Fiscal Year 2019 Quarters Ended
 Dec-31
 Net sales $327,616 $349,233 $350,175 $355,794
 Gross margin 94,821 113,565 123,750 126,406
 Operating income 35,176 61,616 54,057
 Net income $35,220 $37,141 $40,806 $93,420
 income share.
.


CONSOLIDATED FINANCIAL STATEMENTS
 13 Derivatives
 effect Earnings
 Years Ended December 31,
 Foreign Exchange Contracts
 reclassified earnings
 Net sales $383
 Cost goods sold
 Selling administrative
 amounts earnings 952
 Loss hedge ineffectiveness
 Loss
 derivative gain foreign exchange contracts $952 $484 $38
 Interest Rate Swaps
 Benefit $491 $421 $37
 Total gain $1,443 $905 $75


. Clark FY19 EAIP payout.
. Transition Services Agreement 2019. received 75% target FY19 EAIP Executive Severance Plan greater FY19.
. Cappellanti-Wolf. Kapuria Taylor earned performance 100%. Compensation Committee considered leadership contributions strategic planning.
 Committee reduce payouts.
 FY19 EAIP Payout Amounts
 Base Salary Annual Incentive Target Company Performance Funding Individual Performance Factor Payout
 Gregory. 1,000,000
 Nicholas. Noviello(2) 650,000 487,500
 Amy. Cappellanti 440,000.
 Samir 450,000. 152
 Scott. 600,000. 213


N Chandrasekaran Chairman abstained receiving commission.
 no payment commission Non-Executive Directors full time Tata company.
 Relinquished Independent Director. July 10, 2018.
 Relinquished Independent Director. September 28, 2018.
 Appointed Additional Independent Director. December 18, 2018.
 Appointed. January 10, 2019.
 remuneration year ratio median percentage increase not comparable not stated.
 Remuneration FY 2019 not comparable 2018 not stated.
 information Section 197 Rule 5
 Rules. ratio remuneration director median percentage increase
. percentage increase median 3. 70 percent
. permanent employees 424,285
. Average percentile increase salaries year comparison
 average annual increase 6 percent India. total increase approximately 7. 2 percent promotions. Employees outside India wage increase 2 percent to 5.increase remuneration market trends.
 Increase managerial remuneration. 66 percent.
. Affirmation remuneration policy Company
 affirms remuneration.
. statement names top ten employees particulars Section 197(12) Act Rule 5(2) 5(3) Companies Rules separate annexure. accounts sent Members. 136 annexure open inspection Registered Office Company. Member write Company Secretary.
 Ratio median remuneration % increase financial
 Non-executive directors
 Chandrasekaran
 Aman Mehta.
 Thyagarajan
 Clayton
 Ron Sommer.
.
 Aarthi
 Pradeep Kumar Khosla.
 Keki
 Don
 Executive directors
 Rajesh Gopinathan.
 Ganapathy Subramaniam.
 Chief Financial Officer
 Ramakrishnan.
 Secretary
 Rajendra Moholkar.


contributions defined benefit plans pension regulations. expect
 $1,420 international plans 2020
 future payments
 sponsor retirement savings plans annual compensation. contributions discretionary
 determined Board Directors. contributions 2017 2018 2019
 $4,367 $4,421 $4,913.
 sponsor nonqualified deferred compensation program compensation
 retirement. matching contribution. employees select investment alternatives
 separate trust. performance
. market value trust March 31, 2018 2019 $6,649 $4,693 asset liability
 balance
 Year March International Plans
 2020 $2,295 $7,055
 2021 2,333 7,197
 2022
 2023 2,371
 2024
 2025-2029 11,880


table summarizes common stock awards granted vested
 December 31, 2019. 2 million unrecognized compensation costs nonvested stock awards. recognized. 8 years.
 awards granted 34
 value per share $25. $27. $32.
 vested $840 $880 $850


asset-backed securitization programs Company recognized
 proceeds transfers.
 Recorded Consolidated Statements Operations.
 Excludes $650. 3 million trade accounts $488. 1 million cash $13. 9 million net cash.
 covenants. interest debt EBITDA ratio five-year unsecured credit facility. limitations mergers consolidations. August 2019 2018 covenants.
 Fiscal Year Ended August
 Trade accounts sold $4,057 $8,386
 Cash proceeds $4,031 $8,300
 Pre-tax losses sale $26 $15 $9
 Deferred purchase price receivables


. group structure
 Discontinued operations
 21 December 2018 Infochoice Pty Ltd subsidiary.
 30 June 2019 discontinued. financial services. results. sale completed 18 February 2019. results
 2019 2018
 Revenue
 Expenses (1,035)
 Operating income (609)
 Interest revenue
 intangible assets
 Profit before tax discontinued operations (1,207)
 Tax benefit pre-tax loss (1,150
 Post-tax profit (2,357) (16,729)


Fiscal 2018 Restructuring Plan
 Covisint Guidance Hightail restructuring activities. workforce reductions facility consolidations. judgments. liability adjustments. quarterly revise assumptions estimates.
 $10. 7 million recorded charges. further charges.
 reconciliation liability June 30 2019 2018.
 Fiscal 2018 Restructuring Plan Workforce reduction Facility costs
 Balance June 30, 2017 $—
 Accruals adjustments 8,511
 Cash payments (8
 Foreign exchange non-cash adjustments
 June 30, 2018 $558 $1,165 $1,723
 Accruals adjustments
 Cash payments (337)
 Foreign exchange non-cash adjustments (51)
 June 30, 2019 $150 $486


Operating Revenues Statistics
 Service revenues Business $27. 9 billion $28. 1 billion 2019. Wireless equipment revenues $3. 5 billion $3. 4 billion.
 Business revenues decreased $91 million. 3% 2019 Global Enterprise Wholesale Small Medium Business Public Sector revenues.
 services large businesses non-U. S public sector customers. revenues decreased $383 million 3. 4% data voice services price pressures. offset wireless service revenue.
 Small Medium Business wireless services voice networking products Fios services IP networking voice solutions security technology. customers.
 Medium Business revenues increased $712 million 6. 6% wireless postpaid service revenue 11. 7%.
 equipment revenue Fios services. offset declines loss voice connections.
 Fios revenues $915 million increased $110 million.2019 2018 connections demand higher broadband speeds.
 Public Sector offers wireless products wireline connectivity solutions. federal state governments educational institutions. services business connectivity Global Enterprise institutions.
 revenues increased $89 million. 2019 networking wireless postpaid revenue.
 Wholesale offers wireline communications services data voice broadband carriers. revenues decreased $509 million. 2019 declines data voice services technology substitution contraction market rates.
.
 Global Enterprise $ 10,818 $ 11,201.
 Small Medium Business 11,464 10,752.
 Public Sector Other 5,922 5,833.
 Wholesale 3,239 3,748.
 Total Operating $ 31,443 $ 31,534.
 Wireless retail postpaid connections 25,217 23,492.
Internet connections 326 307 19.
 video 77 74.
 Broadband connections 489 501.
 Voice connections 4,959 5,400 (441).
 Additions
 Wireless postpaid 1,391 1,397.
 phones 698 625 73.
. 24%. 19%
 phones. 98%


 Leasing activity
 agreed 205 long-term leases 2019 £26 million annual rent average 1 per cent above previous rent assumptions. rents 1 per cent ahead previous. new lettings like-for-like rental income lower impacts increased vacancy.
 customers space high footfall retail leisure destinations. activity 2019
 brands stores. Morphe opened three stores Victoria Centre Eldon Square AliExpress first store Europe
 first store H Beauty Lakeside
 flagship store Zara St David’s Cardiff. Trafford Centre Lakeside
 brands Puttshack fourth venue Watford. Namco Metrocentre Birds Rock Up Lakeside
 fashion brands Mango Watford
 256 units opened refitted 262 8 per cent 3,300 units. customers invested £125 million stores long-term commitment.
Rent reviews
 159 2019 £45 million average uplift 6 per cent.
 Occupancy
 94. 9 per cent June 2019. 1 reduction 2018. 7 per impacted units closed CVA. 3. 7 per cent impact net rental income void costs.
 unexpired lease term
 6. 3 years. 2 years. reduction due new lease terms stores CVA administration.
 Footfall
 increased. 3 per cent. outperforming Springboard 2. 5 per. Spain up 3. 5 per cent.
 Retailer sales
 £5. 2 billion down 1. 6 per cent impacted users multichannel. Retail Consortium non-food sales down 3. 1 per cent.
 ratio rents sales units stable 12. per cent. multichannel.
 Net promoter score
net promoter score visitor satisfaction high 2019 75 increase 2 2018. paramount drives footfall extended dwell time.
 community investment
 stable £4. 8 billion.
 Carbon emission intensity reduction
 reduced 2019. due focus energy efficiency greening electricity renewable generation.
 2020 target carbon emission intensity 50 per cent 2010. end 2019 reduction 69 per cent.
 Leasing activity
 new rent £26m £39m
 +1%
 Investment customers £125m
 Rental uplift +6%
 Occupancy. 7%
 2. 8%.
 Unexpired lease term. 3 years. 2
. 6%
 Retailer sales. 3%
 Net promoter score 75
 value community investment £4. 8bn.
emission 17%


METRO
 €18,221 million financial assets €9,005 million receivables €8,214 million usufructuary rights METRO MAKRO brands intangible (€883 million. Cash deposits cheques €44 million. financial assets shares companies €8,964 million wholesale real estate service million other (€523 million. financial assets 49. 4%. Receivables €8,214 million. 45. 1%. €6,117 million receivables transfer shares short-term financing requirements.
 30/9/2018 30/9/2019
 Non-current assets
 Intangible assets
 Tangible
 Financial.
.
 Current
 Receivables
 Cash deposits cheques
 Deferred income


table presents basic diluted shares common stock
 Fiscal years 2017 adjusted ASC 606.
 Net income $206,587 $254,127 $47,157
 Weighted-average shares
 57,840 52,798 46,552
 employee stock grants
 warrants
 Diluted $59,082 $58,640 $55,389
 income basic share $3. $4.
 income diluted share $3. $4.


Operations
 stock compensation
 December 31,
 Sales marketing $2,075 $1,196 $561
 6,474 4,901
 Research development 12,054 7,332 4,214
 $20,603 $13,429 $7,413


Cogeco Communications subsidiary Cogeco holds 31. 8% Corporation equity shares 82. 3% voting shares.
 Cogeco provides executive administrative financial strategic planning Management Services Agreement. May 1, 2019 Cogeco management fees Cogeco revenue new methodology costs Cogeco mark-up. methodology variations fee. management fees. 75% revenue (0. 85% MetroCast acquisition January 4. Provision future adjustment. 2019 fees Cogeco $19. 9 million $19. million 2018.
 future adjustment. 2019 fees $19. 9 million $19. million 2018.
 table Cogeco stock options PSUs executive officers DSUs Board directors
 Years ended August 31, 2019 2018
 Stock options 1,046 915
 ISUs 61 1
 PSUs 981 990
631


 Amounts reclassified regional operating model. January 1, 2019 regions North America EMEA South America APAC. North American operations Canada United States Mexico Central America. Note 2 Accounting Policies Standards.
 No non. sales 10% 2019.
 sales external customers. $2,501. 6 million $2,402. 3 million $2,280. million 2019 2018 2017.
 long-lived assets current deferred tax goodwill intangible non-current.
 North $ 2,828. $ 2,734. 2,591.
 EMEA 1,010. 983
 South America 233.
 APAC 718. 654.
 $ 4,791. 4,732. 4,461.
 long-lived
 North America $ 919. 740.
 345.
 South America 50. 52
. 211.
 1,563. 1,275.


2019 $1,032 million $1,287 $802 2018 2017.
 diluted earnings share $1. 14. 89 2018 2017.
 Ended December 31,
 parent company $1,032 $1,287 $802
 revenues. 8%. 3%.


Unearned Revenue
 subscription SaaS recognized over. allocated between license software reclassified.
 maintenance contracts recognized over time duration. contractual term January 31, 2020 two years. professional services revenue prepaid services recognized performed.
 Total billings revenue January 31, 2020 $8. 1 billion $6. 4 billion obligations. VMware assumed $154 million unearned revenue Carbon Black.
 billings revenue February 1, 2019 $6. 9 billion $5. 5 billion.
 Revenue February 2, 2018 $4. 8 billion.
 January 31, 2020 February 1, 2019
 license revenue $19
 subscription SaaS 1,534
 software maintenance 6,700
 professional services revenue 1,015
 Total $9,268 $7,439


PERFORMANCE MEASURES
 defines revenue port expenses bunkers commissions charter hire operating expenses. Company reports profit information earnings shipping.
 Reconciliation revenue
 692. 635.
 expenses bunkers commissions -267. -259.
 Charter hire.
 Operating expenses -173. -180. -188.
 profit 251. 169.


. RESTRICTED CASH SHORT-TERM DEPOSITS
 share repurchase swap collateral bank equity swap. 20% purchase price adjusted Company share price. November 2019 purchased 1. 5 million shares $54. 7 million restricted cash.
 November 2015, $400 million letter credit Hilli initial cash collateral $305. 0 million performance guarantee.
 stepped reduction value cash collateral. 2017 reduced $300 million $174. 6 million no further reduction 2018. 2019 reduced $250. million contractual amendment reduced $125. million collateral $76. 0 million. no further reduction until 2021.
 November 2016, letter of credit re-issued expiry December 31, 2018 extends until tenth anniversary acceptance Hilli bank three months notice.
 lessor VIE entities consolidate.
 cash deposits $1.125 billion debt facility 18. covenant second anniversary EBITDA debt service ratio additional cash deposits.
 Collateral Margin Loan mandatory prepayment triggered closing price Golar Partners units below threshold. requirements release collateral.
 Restricted cash minimum cash balances $50. million equivalents.
 return equity swap 55,573 82,863
 Hilli 75,968 174,597
 lessor VIEs 34,947 176,428
. 125 billion debt facility 10,975 17,657
 Margin Loan 33,413
 office lease 826
 Bank guarantee
 Total restricted cash deposits 188,289 486,426
 restricted cash deposits (111,545) (332,033)


NOTE 4 ACCOUNTS PAYABLE ACCRUED EXPENSES
 October 1 2019 Company agreement consultant studies. $988,000
. 50% paid signing 35% completion in-life study
 15% issuance report. cancels study cancelation fee.
 20% 50% animal fees
. after 50% protocol price fee
 $7,000 per room/week animal husbandry. fees nonrecoverable expenses. December 31, 2019 paid $0 balance $493,905 due.
 December 31, 2019 2018
 Accounting $36,161 $52,365
 Research development 650,584 137,114
 Legal 15,273 32,161
 Other 163,029 10,048
 Total $865,047 $231,688


Financial risk management
 table summarises exposure foreign exchange risk rates
 10 per cent appreciation positive £50. 0 million (2018 £63. 4 million equity owners. 10 per cent depreciation negative £40. 9 million (2018 £51. 9 million) equity. no material income impact differences recognised income.
 RCF in euros up to €100 million. borrowings hedging instrument against investment Spain risk changes euro/pounds sterling spot rate. 31 December 2019 €100 million drawn in euros.
 Net exposure 468.
 Foreign exchange rate.


.
 table components.
 31
 Finished goods $698 $853
 Raw materials
 Packaging 110
 Inventories $ 958