assessing deferred tax assets considered. historical cumulative income strong taxpaying history substantial. federal income tax carryback potential scheduled future reversals differences. positive evidence outweighs negative deferred tax assets March 29, 2019 realizable likely.
 changes unrecognized tax benefits
 $68 million 2019. benefits transfer pricing adjustments interest deductions state income taxes.
 tax benefits $361 million recognized affect effective tax rate.
 interest penalties uncertain tax positions. 2019 $43 million accrued interest penalties unrecognized tax benefits. $17 million 2019. interest payable tax.
 file income tax returns. state foreign jurisdictions. significant tax jurisdictions. Ireland Singapore. tax filings examination tax authorities year. fiscal years 2014 through 2019 subject IRS. federal tax.fiscal years 2014 settled closed with IRS. 2015 through 2019 Irish Singapore.
 timing income tax examinations uncertain amounts paid differ from accrued. resolution periods unrecognized tax benefits could decrease 12 months by $26 million. $26 million affect income tax provision effective tax rate.
 income tax controversies impact statute of limitations jurisdictions.
 Year Ended
 March 29, 2019 30, 2018 31, 2017
 Balance beginning year $378  $248  $197
 Settlements with tax
 Lapse of statute of limitations
 Increase prior period tax positions
 Decrease
 current year
 Increase due acquisition
 Net increase
 Balance end year $446  $378  $248


Non-operating income
 decreased 2018 $653 million gain divestiture WSS PKI. loss equity interest increased $75 million offset $48 million decrease interest expense lower borrowings.
 Interest expense $(208) $(256) $48
 Gain divestiture 653 (653)
 Interest income 42
 Loss equity interest (101)
 Foreign exchange loss
 income $(272) $388(660


taxes
 iSelect 2019 2018.
 2018
 Income tax refund
 Payroll tax 2,657
 Fringe benefits tax
 taxes 535 3,454


taxes
 federal tax rate December 2019 2018 2017:
 December 22, 2017 enacted tax Tax Cuts and Jobs Act law. December 2017 estimate $3. 3 million tax foreign earnings. fourth quarter 2018 finalized additional tax expense. 3 million. write-down deferred tax assets $0. 7 million changes excessive compensation. 2018 finalized tax benefit. 5 million. one-time tax benefit $1. 2 million deferred tax assets 35% to 21%. December 31, 2018 completed accounting impacts Act. law. 2017 estimate $3. 3 million tax. fourth quarter 2018 finalized additional tax expense. 3 million. provisional write-down deferred tax assets. 7 million changes. 2018 finalized calculation recorded tax benefit $0. 5 million.recorded one-time tax benefit 2017 $1. 2 million remeasurement deferred tax 35% 21%. December 31, 2018 completed accounting impacts.
. 2017 estimate $3. 3 million
 transition tax foreign earnings.
. fourth quarter 2018
 finalized transition tax calculation tax expense $0. 3 million. 2017
 provisional write-down deferred tax assets $0. 7 million changes Section 162 Internal Revenue Code 1986
 employee compensation. 2018 finalized calculation
 tax benefit $0. 5 million. one-time tax benefit 2017 $1. 2 million remeasurement
 deferred tax 35% to 21%. December 31, 2018 completed accounting impacts
 Act.
-taxed income. foreign subsidiary earnings. FASB guidance deferred taxes expense.
 December
2019 2018 2017
 federal income tax rate 21. 35. %
 State income tax federal benefit. 5 4
 credit carryforwards.
. federal R&D tax credit. 7.
 Tax Reform.
 benefit equity compensation. 6
 Foreign-derived intangible income
. 6
 operations.
 Tax contingencies. 7 5
 differences. 5
 valuation allowance. 9
 Income Tax 26. 1% 23. 2% 37.


. SHARE-BASED PAYMENTS
. Employee Share Option Plan
 approved 9 November 2001 reaffirmed 24 November 2011. 2011. awards executives management personnel performance. awards options over shares vest three years performance measures continuous employment. Each option one ordinary share shares rank equally.
 after vesting date performance criteria.
 Options valued same KMP Note 16(d).
 no new options 30 June 2019 2018 years replaced Rights Plan(b.
 options 30 June 2019
. original expiry date 2 July 2018. remaining 75,000 options. Board expiry date 30 September 2018.
. Options EPS hurdle not vest 31 August 2019 minimum performance target. TSR hurdle vest 31 August 2019. minimum target options restricted unexercisable. Section 3b) audited Remuneration Report.
 Grant Date Vesting Expiry Exercise Price. Options. Year
 2 Jul 2013 2016 30 Sept 2018. 75,000
 2 Jul 2014 2017 2019. 470,000
 Jul 2015 2018 2020. 1,000,000
 22 Dec 2016 31 Aug 2019 2021. 1,323,730
 2,868,730
 average exercise price $1. $3.


Goodwill Customer Relationships Intangible Assets
 acquisitions Level. December 2019 lives assets 8 years 9 relationships 4 capitalized software 3 trade names.
 amortization expense 2019 2018 2017 $1. 7 billion $1. 8 billion $1. 2 billion. December 2019 goodwill $44. 0 billion.
 Goodwill $21,534 28,031
 Customer relationships amortization $9,809 $8,492
 Indefinite-life assets $269
 Capitalized software $2,957 $2,616
 Trade names $91 $61
 intangible assets $1,971 1,868


2019 financial year guidance
 adjusted EBITDA free cash flow 31 March 2019 global macroeconomic outlook foreign exchange rates €1:£0. 15. 5. 22. exclude licence spectrum payments tax restructuring shareholder recharges India change Eurozone. no change structure. report future performance sensitivity foreign exchange performance.
 Reconciliations adjusted EBITDA free cash flow 2019.
 Adjusted EBITDA Free cash flow
 2019
 18 14,139. 5,443
 Other activity M&A
 Foreign exchange
 Handset financing settlements
 Guidance basis 13,846. 5,443


 December 31, 2019 2018 unfilled orders four segments
 Customers delay cancel cancellation penalties. changes backlog not indicative sales. Delays cancellations business financial condition results.
 millions
 Semiconductor Test $543. $367.
 System Test 206. 149.
 Wireless Test 42.
 Industrial Automation 17.
 $810. $568.


 revenues increased $710,000 2019. expenses decreased $2. 2 million $1. 7 million salary $742,000 professional service $584,000 customer service $498,000 trade brand marketing $1. 2 million member acquisition.
 Revenues $68,024 $67,314
 $12 $9,587


. Discontinued Operations
 2019 sold Subsea Communications business for $297 million incurred pre-tax loss $86 million translation adjustment losses $67 million guarantee liabilities. purchaser sells two years entitled to 20% net proceeds future sale $325 million. sale SubCom exit telecommunications market significant to sales profitability. divestiture strategic shift operations financial results. SubCom met sale discontinued operations criteria reported Consolidated Financial Statements.
 assessed carrying value SubCom excess of fair value. 2018 recorded pre-tax impairment charge $19 million included in discontinued operations Consolidated Statement.
 agreed performance guarantees letters of credit SubCom. guarantees $1. 55 billion expire 2025 majority 2020. fair value guarantees $12 million recognized pre-tax loss on sale.agreement issue $300 million performance guarantees projects SubCom three years. 2019 no new guarantees. contractual recourse against.
 table income (loss from discontinued operations SubCom business prior divestitures
 $19 million impairment charge sale.
 $19 million credit postretirement benefit plan.
 Net sales $ 41  $ 702  $ 928
 Cost sales 602 653
 Gross margin 100
 Selling general administrative expenses 48
 Research development engineering expenses 39
 Restructuring charges
 Operating income (loss (17) 188
 Non-operating income 22
 Pre-tax income (loss 210
 Pre-tax gain (loss) on sale
 Income tax) benefit
 net taxes $ (102) 143


GAINS
 disposal gains RMB8,492 million 31 December 2019
 gains RMB4,859 million (2018 RMB1,661 million dilution equity interests. Internet
 net gains RMB3,633 million (2018 RMB1,271 million disposals investments.
 value gains FVPL RMB9,511 million December 2019
 gains RMB1,886 million (2018 RMB22,215 million reclassification investments conversion ordinary
 gains RMB7,625 million (2018 RMB6,523 million fair value changes FVPL.
 gains disposals 8,492 2,932
 Net fair value gains FVPL 28,738
 Subsidies tax rebates 4,263 3,456
 Impairment acquisitions
gains 27 38 1,647 1,019
 Dividend 1,014
 Donations Charity Funds
 19,689


Obligations
 debt leases projects-party consulting firms. obligations December 31, 2019
 Payment
 1-3 3-5
 Long-term debt $334,500 $17
 Operating lease obligations 82,895 9,434 47,410 15,226
 Software subscription obligations 18,726 12,371 6,355
 $436,121 $39,055 $371,015


Registrant’s Equity Stockholder Matters Issuer Purchases Securities
 ADTRAN’s common stock traded NASDAQ Global Select Market. February 19, 2020 163 stockholders 6,972 owners. table high low closing prices share common stock.
 Fourth
 $15. $17. $11.
 $10. $13.


Intellectual Property Development Income
 Licensing decreased. percent 2019 2018. due decline partnership agreements. licensing transfers vary economic conditions industry consolidation patents know-how development.
 December 31 2018. Change
 Licensing royalty fees $367 $723 .
 Custom development income 246 275.
 Sales transfers 34.
 $648 $1,026.


2017 Restructuring Plan
 September 15 2016, Board approved restructuring global capacity infrastructure. headcount reductions cost capacity realignment cost locations.
 $195. million complete August 31, 2019.
 tables liability activity
 Employee Severance Benefit Lease Asset Write-off
 Balance August 31, 2017 $ 33,580 $1,665 $38,388
 Restructuring charges 16,269
 Asset write-off non-cash activity
 Cash payments (31,591)
 Balance August 31, 2018 18,131 2,684
 Restructuring charges 16,029
 Asset write-off non-cash activity (494)
 Cash payments (30,504)
 Balance August 31, 2019 $3,162  $1,980


. Government grants
 creditors
 grant accelerate research global navigation satellite systems.
 2019 2018
 £ million
 Current. 7
 Non-current.
.


. RECONCILIATION LIABILITIES FINANCING
 cash flows proceeds repayments interest settlement swaps bonds.
 Bank loans Finance lease liabilities Interest financial instruments
 1 April 2017 8,726. 2,306. 3 198. 142. (245.
 Financing cash flows (506. 222. (379. 61.
 Non-cash changes
 value adjustments (65. 107.
 Amortisation bond discount.
 Foreign exchange movements (273. (58.
 Acquisition subsidiary 31. 8.
 Additions finance lease.
 383.
.
 (335. (27. (65. 375. 119.
 31 March 2018 7,884. 2,501. 104. 137. (64.


 Recurring software support maintenance transactions managed services. Non-recurring revenue software licenses hardware resale project client services.
 2019
 Recurring revenue decreased December 2019 attrition EIS growth subscription revenue. sale OneContent business 2018. acquired EIS October 2, 2017 contributed $13 million recurring revenue first quarter 2018 $1 million acquisition deferred revenue adjustments. Non-recurring revenue increased higher sales software licenses 2019 offset lower client services revenue.
 recurring non-recurring revenue total revenue 79% 21% 2019 81% 19% 2018.
 increase revenue driven by revenue EIS Business Practice Fusion. revenue includes acquisition deferred revenue adjustments totaled $24 million $29 million. growth revenue driven by incremental revenue acquisitions.
increase revenue 31, 2018 2017 driven revenue EIS Business Practice Fusion. revenue includes acquisition deferred revenue adjustments totaled $24 million $29 million. growth recurring non-recurring revenue driven revenue acquisitions.
 2019 Change
 Recurring revenue $1,395,869 $1,411,742 $1,176,720.
 Non-recurring revenue 375,808 338,220 320,988. 1%. 4%
 Total revenue $1,771,677 $1,749,962 $1,497,708. 2%.


Cash Flow
 monitor business performance without depreciation amortization compensation. deferred revenue unbilled accounts receivable.
 net cash impacted by invoicing bonus payments payroll tax payments. capital expenditures purchases property equipment computer hardware software costs leasehold improvements.
 2019 cash flow impacted $23. 6 million new headquarters San Mateo California. Capital Resources Cash Flows.
 Fiscal years July 31,
 Net cash operating activities $116,126 $140,459
 capital expenditures (48,857)
 Free cash flow $67,269 $128,448


benefit obligations unfunded retirement plans. retirement plan.
 Accrued benefit liability
 September 30 2019 2018
 deferred losses $6. 3 million $5. 3 million.
 net deferred loss 30 2019 $229 thousand.
 Current benefit liability $335
 Non-current
 Total $7,239 $6,508


Subsidiary includes credit facility South African December 2015, African Credit long-term credit Colombian 2014 Brazilian 2014 Credit Banco Nacional de Desenvolvimento Econômico Social note October 2018 Kenya U. S. debt seller-financed acquisition. Eaton Towers subsidiaries.
 subsidiary debt December 31,
 Includes deferred financing costs.
 original principal amount 830. million ZAR. 2016, borrowed additional 500. million ZAR. accrues interest variable rate. South African Credit Facility.
 COP original principal amount 200. billion COP. accrues interest variable rate. Colombian Credit Facility variability interest rates. Facility
 Denominated BRL original principal amount 271. million BRL. accrues interest variable rate. Brazil Credit Facility.
Denominated USD original principal $51. 8 million. loan agreement Kenya Debt future installments three years note origination.
 seller-financed acquisition. USD original principal $2. 5 million.
 Eaton Towers Acquisition. multiple currencies USD EUR XOF. principal outstanding December 31, 2019.
 2019 Company repaid outstanding USD debt.
 South African Credit Facility Colombian Credit Facility principal interest payable quarterly. Outstanding principal unpaid interest due payable maturity. South African Credit Facility prepaid. Colombian Credit Facility prepaid limitations.
 secured liens towers borrower.
 agreements contractual covenants restrictions. default interest unpaid fees due payable.
 Carrying Value Interest Rate Maturity Date
 South African Credit Facility 288.$20. $40. December 2020
 Colombian Credit Facility 79,647. 109,193. $24. $33. April 24 2021
 Brazil Credit Facility 65. $16. $24. January 15 2022
 Kenya Debt 29. $29. $51. October 1 2021
. Debt. $2. January 1 2022
 Eaton Towers Debt
 238. $238.
 26. $29.
 16,836. $28.
 3,319.


. Loans borrowings
 collateral swaps £638m £525m 2016/17 £702m.
 carrying values amortised cost accrued interest value adjustments. final repayments hedging. borrowings 31 March 2019 2018 2017 unsecured.
 liabilities
 bonds 1,367 1,702 1,539
 Finance leases
 Bank loans
 loans overdrafts
 liabilities 2,100 2,281
 Non-current liabilities
 bonds 14,586 11,789 9,866
 Finance leases
 loans
 non-current liabilities 14,776 11,994 10
 12


LIABILITIES
 Series A-1 Preferred Stock June 2017 Company issued warrant variable consideration September 2018. instrument derivative ASC 815 “Derivatives Hedging. accounting derivative warrant fair value inception balance sheet expiration. change fair value recorded liabilities. reassesses classification. classification changes contract reclassified. September 19, 2018 warrant liability $4. 5 million reclassified equity.
 Monte Carlo Valuation model fair value warrant. expected volatility estimated recent historical period weighted average life instrument.
 risk-free interest rate United States Treasury rate life equity instrument. volatility share price. dividend yield zero no plans. determines expected term warrant awards contractual term.
 assumptions
 Expiration December 31, 2017
 Risk-free interest rate. 3% -. 5%.
 Expected life. Years.3
 volatility 65% 70%
 Dividends


. ASSET UNDER DEVELOPMENT
 2018 Hilli FLNG conversion reclassified $1,296 million equipment balance December.
 2018 Keppel conversion Gimi FLNG reclassified $20. million development.
 February 2019 agreement BP FLNG unit Gimi Greater Tortue Ahmeyim project 20-year period 2022.
 April 2019 shipyard Final Notice Proceed conversion. sale 30% capital Gimi MS First FLNG Holdings. estimated conversion cost $1. 3 billion.
 January 1 1,177,489
 Additions,849
 Transfer vessels
 non-current assets
 Interest costs 10,351
 December 31 434,248


2017 2018
 table summarizes cash flows operating investing financing
 Cash increased $60. 1 million $223. 6 million to $283. 7 million 2018. $103. 7 million offset $23. 5 million working capital $15. 3 million interest decrease $4. 8 million.
 increased $618. 4 million $74. 6 million to $693. million 2018. $591. 5 million decrease short-term investments $43. million. offset $14. million payments Gastrade $2. 1 million interest income.
 increased $360. 8 million $7. 3 million to $368. 1 million 2018. $244. 2 million proceeds borrowings decrease bank loan bond repayments $165. 3 million increase $69. 2 million Series B C Preference Units.Series A Units 2017
 $20. 6 million CCS termination. offset decrease $81. million GasLog increase $57. million dividend.
 December 31,
 2018
. dollars
 operating $223,630 $283,710 $60,080
 investing (74,599) (692,999 (618,400
 financing 7,265,120 360,855


June 30, 2018 investments
 $323. 1 million short-term. certificates deposit time deposits $3. 6 million long-term non- current assets.
 Amortized Cost Unrealized Gains Losses Fair Value
.
 Debt Investments
. treasury securities $52,809
 Agency securities 22,097
 Certificates deposit time deposits 58,824
 Commercial paper 35,372
 Corporate debt securities 158,538
 Total investments $327,640


Strategic Investments
 December 2019 minority investment Talespin. $8. million 13% equity ownership. equity.
 non-marketable investments
 Accounted cost adjusted price changes $1,750
 equity method
 non-marketable investments $9,750 $1,250


Contractual Obligations
 include finance lease facility leases computer equipment data telecommunication services principal interest debt pension fund obligations.
 December 31, 2019 minimum annual payments. uncertainty cash cash settlements. $189 million uncertain tax positions interest penalties $25 million excluded obligations. Note 15 “Income.
 short-term long-term debt obligations Note 12 finance lease Note 5.
 operating lease obligations Note 17 “Commitments.
 Payments due period
 MILLIONS) Total 2020 2021 2022 2023 2024
 Finance lease obligations $162 $61 $42 $29 $15 $7 $8
 Operating leases 574 136 99 75 53 40 171
obligations 1,639 627 295
 Long-term debt 8,164 854 2,399 3,710
 1,038 354 315
 Pension fund obligations 28
 $11,605 $2,060,453,922 $4,083


Land Property Equipment
 cost depreciation amortization. computed estimated useful lives. machinery equipment 5 to 7 years office computer research equipment to 5 years. renewals improvements capitalized.
 Depreciation amortization expense $0. 6 million $0. 8 million 2018. assesses long-lived assets impairment. carrying value exceeds cash flows impairment loss. carrying value fair value.
 acquired 16 acres sold4 acres 2015$264,000. owns 12 acres. unsold land held-and-used March 31, 2019 2018.
 fixed assets
 Land $672
 Machinery equipment 1,372
 Office 5,267
 Leasehold improvements 798 1,238
 $8,109 $8,381
 depreciation amortization (6,811)
equipment $1,298,601


 average market value share 2019 386. 372. shares 31 March 2018 vested vesting period. Shares vesting good leavers rules.
 1 April,791 776,045
 Dividend shares awarded 9,778
 Forfeited (75,986)
 (365,162) (19
 31 March 320,872
 31


Assets Measured Value
 March 31, 2018
 no transfers Level 1 2 2019. unobservable inputs.
 Quoted Prices Active Markets Instruments Inputs Balance
 Cash equivalents
 Money market mutual funds $121.
 Deposit accounts 641.
 Commercial Paper.
 Government agency bonds.
 Short-term investments
 Marketable equity securities.
 Corporate bonds debt 542.
 deposits.
 Government agency bonds 723.
 Municipal bonds taxable.
 Total assets measured fair value $123. $2,072. $2,196.


.
 headquarters Culver City California 8,000 square feet Shared Services Agreement NantWorks. administration sales marketing research development engineering client support professional services. 5 U. S. locations four states one international. facilities
 Boston Massachusetts
 Panama City Florida
 Philadelphia Pennsylvania
 Phoenix Arizona
 Belfast Northern Ireland
 February 3, 2020 Connected Care business Panama City Florida property.
 facilities adequate additional space expansion.
 table facilities location square footage use
 Boston MA 31,752
 Panama City FL 51,288
 Belfast 15,500
 Phoenix AZ 4,865
 Philadelphia PA 14,183
 117,588


deferred tax assets liabilities.
 increase liability attributable bonus depreciation assets 2019.
 federal NOL carryforward $255. 4 million. incurred TCJA indefinite carryforward period. deferred tax liabilities property plant equipment expected reverse full utilization NOL carryforward. valuation allowance. North Carolina Investing Business Property Credit North Carolina Jobs Credits $4. 9 million Georgia Job Tax Credits $2. 6 million. 7%. credits utilized before expire $5. 6 million valuation allowance recorded October 31, 2019. North Carolina credits 2018 remaining credits expire 2020 2023.
 Deferred tax liabilities
 Property plant equipment $148,505 $88,351
 Prepaid other assets
 tax liabilities 150,416 90,102
 tax assets
expenses 8,172
 Inventory,155
 stock 7,528,280
 credits 9,333 12,235
 loss 54,461 6,481
 deferred tax 76,284 27,309
 liabilities,132,793


Tax
 NBV Net book value
 Deferred tax assets liabilities offset enforceable set-off assets liabilities fiscal authority.
 Deferred tax assets
 Balance 1 April 2017. 2. 8.
 Effects SFRS(I) 15.
 Balance 1 April 2017. 8 2.
 income statement. 9.
 Balance 31 March 2018. 10. 11.
 Accelerated tax
 Deferred tax liabilities$
 Balance 1 April 2017 (285.
 Effects SFRS(I) 10.


FINANCIAL STATEMENTS data
 13 Derivatives
 earnings cash flows foreign currency interest rates. use derivative instruments contracts interest rate swaps.
 credit risk nonperformance. manage risk rated institutions netting agreements.
 derivative gains losses recorded loss until earnings reclassified cost goods sales. transaction reclassify gains losses income.
 hedge effectiveness terms no adverse developments risk. No ineffectiveness Consolidated Statement Earnings twelve months 2019.
 Foreign Currency Hedges
 contracts mitigate currency risk. cash flow hedges recorded Balance Sheets fair value.
 monitor currency exposure add cash hedges. December 31, 2019 net unrealized gain $655 loss $595 income 12 months. foreign currency forward contracts outstanding $8,011 December 31, 2019.
 Interest Rate Swaps
use interest rate swaps convert revolving credit facility balance from variable to fixed. agreements fix interest rates on $50,000 long-term debt through February 2024. difference recognized as adjustment interest expense settled.
 swaps cash flow hedges changes fair value recorded in loss. estimated net gains earnings approximately $82.
 location fair values of instruments hedging instruments Balance Sheets shown
 Company foreign currency assets liabilities balance ASC 210-20. assets $648 liabilities $68 at December 31, 2019.
 swaps assets $82 $576
 $580 $393


Deferred Tax Assets Liabilities
 summarized
 deferred tax assets. increase valuation allowance fiscal year 2019 related net operating loss non-U. S. unrecognized tax benefit deferred tax assets. decrease tax credits one-time transition tax.
 Company intends reinvest earnings foreign subsidiaries deferred tax liability. earnings approximately $1. 9 billion. estimated unrecognized deferred tax liability approximately $0. 2 billion.
 Fiscal Year Ended August 31,
 Deferred tax assets
 Net operating loss $183,297 $119,259
 Receivables 6,165
 Inventories 9
 Compensated absences 10,401
 Accrued expenses 81,731
 Property equipment differences depreciation amortization 66,268 97
credits 42,464 70
 15,345 25,887
 2,179
 Cash hedges 9,878
 capital loss 7,799
 Revenue 19,195
 21,907
 deferred tax,689 445,785
 (287,604)
 $202,085 $222,298
 Unremitted earnings foreign subsidiaries 75,387
 Intangible assets 39,242
 liabilities $119,076,431
 $83,009 $103,867


. Selected Financial Data table presents consolidated financial data dates. income three years March 2019 2018 2017 financial position derived from I Item 5.
 Operating Financial Review Prospects” financial statements Annual Report Form 20-F. income March 2016 2015 financial position March derived from statements not.
 References “net correspond/(loss). Gross Revenue adjusted financing credit terms.
 EBITDA Adjusted EBITDA supplemental financial measures. EBITDA net income before interest tax expense depreciation amortization debt issuance costs.
 Adjusted adjusted-sale financial assets profit/loss trading liabilities costs equity share based payments Loss sale property equipment Loss de-recognition financial assets amortized cost
Credit impairment loss financial liability notes deconsolidation subsidiary impairment goodwill trademark film content rights advances.
 Gross Adjusted EBITDA amortization films content rights. not performance GAAP.
 operating cash flows. information capital structure borrowings interest costs capital expenditures working capital movement tax position.
 Year ended March 31,
 share
 Revenue $270,126 $261,253 $252,994 $274,428 $284,175
 Cost sales (155,396) (134,708) (164,240
 Gross profit 114,730 126,545 88,754 101,664 128,398
 Administrative costs (87,134) (68,029) (63,309) (64,019) (49,546)
profit item 27,596 58,516 25,445 37,645 78,852
 Impairment loss (423,335)
,739 58,516 25,445
 finance costs (7,674) (17,813) (17,156
,321 14,205 (3
 before tax (403,125 22,494 25,999 62,508
 Income tax (7,328) (9,127 (11,039)
 $(410,453(9,745 $11,455 $13,288 $49,330
.
.
 ordinary shares
 70,707 62,151 59,410 57,732 54
,170 63,482 60,943 59,036 54
 non-GAAP measures
Revenue $304,593 $268,069 $252,994,428,175
 EBITDA,188 $20,548
 $103,845,955
 EBITDA $234,000 $198,240,980 $218,404


Management
 Singtel Group Optus.
 cash flow grew. 2% S$3. 65 billion. lower capital expenditure taxes dividends.
 cash inflow declined. S$5. 37 billion. Dividends. 0% Telkomsel Southern Cross NetLink.
 declined.$5. 37 billion. Dividends. 0% Telkomsel.
 investing cash outflow S$2. 33 billion. Singtel$118 million.$123 million Videology million. Airtel. expenditure S$1. 72 billion$587 million Singtel. Optus. investments$215 million infrastructure$183 million mobile networks$189 million ICT. investing cash outflow$2. 33 billion. million. million Videology million. Airtel. expenditure$1. 72 billion$587 million Singtel. 13 Optus.Singtel capital investments$215 million infrastructure$183 million mobile networks$189 million ICT investments.
 Optus investments mobile networks A$633 million.
.
 cash outflow financing S$3. billion. interest S$385 million S$1. 75 billion final dividends 2018. 11 billion interim dividends 2019 net borrowings S$222 million.
 Financial Year ended 31 March
 cash inflow 5,368.
 cash outflow investing (2,329).
 financing (3,056) (4.
 change cash balance.
 Exchange effects cash balance
.
 end 513.
 Singtel 1,242 1,126.
 Optus.
 dividends 1,402 1,492.
 Group free cash flow 3,650.
 1,028.
operating revenue 10% 14%


periodic benefit cost components fiscal year
 Changes presentation adopted ASU 2017-07 2019 changed financial statement service costs components. service cost operating income other components separate line below earnings pension post-retirement expenses. plan administrative expenses cost expected return plan assets. prior year components long-term rate return current year.
 service costs amortized participation to full eligibility. Unrecognized gains losses amortized “corridor net gain loss 10% PBO market-related value. Qualified Plan losses amortized lifetime. SERP lifetime inactive postretirement health plans lifetime inactive.
 Qualified Plan
 Interest cost $19,825 $19,463
 Expected return on plan assets (26,334)
 Actuarial loss 2,754 3,331 4,455
benefit credit,755,673,467
 Service cost
 Interest 2,894
 Actuarial loss 1,207
 service
 $4,402 $5,068 $5,517
 Postretirement health plans
 Interest cost $997 $1,003
 loss
 $838 $928 $1


Accounting Fees Services
 table Deloitte & Touche LLP firms affiliates 2019
 audit financial accounting filings.
 tax compliance services.
 annual subscription Deloitte Accounting Research Tool searchable on-line accounting database.
 Audit fees $3,454,348 $3,589,147
 Tax fees 546,618 931,017
 other fees 1,895
 $4,002,861 $4,522,059


Unrecognized Tax Benefits
 reconciliation unrecognized tax benefits excluding interest penalties
 tax benefits $323 million $296 million tax January 31, 2020 February 1, 2019. $313 million $266 million benefit VMware income tax rate. includes interest penalties. accrued $48 million $56 million interest penalties January 31, 2020 February 1 2019. tax expense February 1 2019 interest penalties uncertain tax positions $15 million. penalties not significant January 31, 2020 February 2, 2018.
 Dell-owned EMC consolidated group audit IRS. income tax matters concluded 2015. examination years 2015 2019. under corporate income tax audits states non-U. jurisdictions.
 tax years non. jurisdictions vary 2008. Audit settlements uncertainty.considering tax examinations statutes limitations ruling requests unrecognized tax benefits $17 million 12 months.
 Year
 January 31, 2020 February 1 2019 2 2018
 $385 $305 $265
 current year
 Additions 116 57
 prior years
 Additions 98 44
 Reductions
 Settlements (28)
 Reductions statute limitations
 Foreign currency effects
 end year $479 $385 $305


weighted-average value options assumptions
 valued Monte Carlo Valuation Method
 June 30, 2019 total compensation cost unvested stock option awards $24. 1 million recognized 3. years.
 No cash settle equity instruments share-based compensation arrangements.
 capitalized compensation costs.
 June 30 2019 cash $35. 6 million options. tax benefit $2. 9 million.
 2018 cash $54. 4 million. tax benefit $1. 5 million.
 2017 cash $20. 8 million options. tax benefit $2. 2 million.
 Weighted–average fair value options $8. 39 $7. 58.
 assumptions
 Expected volatility 25. 72% 26. 95% 28. 32%
 Risk–free interest rate 2. 57%. 18%. 46%
dividend. 54%. 50%. 43%
 life. 44. 38.
 6%
 share price $38. 81 $34. 60.
 service period.


tabular reconciliation unrecognized tax benefits interest
 December 31, 2019 2018 $2,495 $220 effective tax rate.
 Company records interest penalties. line consolidated balance sheets. 31, 2019 2018 accrued interest $114 $0 recorded liabilities penalties $252 $0.
 unrecognized tax benefits noncurrent reserve tax positions $864 $220 December 31, 2019 2018.
. Internal Revenue Service. income tax returns 2012 - 2015. subject tax examinations 2015. files tax returns states. under examination.
 future state net operating losses subject state examinations. carryforward periods 20 years Tax Cuts and Jobs Act.
 Balance unrecognized tax benefits January 1, $1,226 $37,240
 Increases prior years
 Rate change
settlements (36,671)
 tax benefits,495 $1,226


History Development Company
 legal name United Microelectronics Corporation. incorporated. Company Law shares May 1980 shares listed Taiwan Stock Exchange 1985. office. 3 Li-Hsin Road Hsinchu Science Park Hsinchu Taiwan telephone-578-2258.
 Internet website. umc. com. annual report. listed NYSE since September 19, 2000. 2019 ranked top 5% fifth Corporate Governance Evaluation Taiwan Stock Exchange Taipei Exchange. 1,400.
 largest semiconductor foundries leader semiconductor manufacturing. primary business semiconductors. proprietary processes specifications. diversified customer base communication consumer electronics manufacturing high growth large volume applications networking telecommunications internet multimedia.
 sell market wafers applications. percentages wafer sales application years December 2017 2018 2019.
.
.
.16. 13. 6
 8. 9
 100. 100


31 December 2019 trade receivables net loss allowance £6. 1 million (2018 £4. 0 million.
 Group factoring cash flow.
 loans joint ventures
 applies expected credit loss model. assessed credit risk lifetime credit losses model 12-month.
 31 December 2019 no loss allowance assets immaterial risk credit loss.
 cash deposits derivative financial instruments
 credit risk managed treasury department. Relationships maintained one institutional counterparties compliance policy credit ratings+ AAA.
 Excessive credit risk avoided authorised limits counterparties.
 31 December 2019
 #1 125. 64. 111.
 #2 150. 43. 44.
 #3. 38. 27.
 #4. 26. 22.
Counterparty 75. 20. 150. 12.
 five exposures 192. 217. 8
 cash deposits assets 203. 244.
 exposures risk 89%


6. Selected Financial Data
 five years December 2019 financial statements. notes Item 7 Discussion Analysis Financial Condition Results Operations.
 January 1, 2019 adopted Accounting Standards Codification) 842 Leases modified retrospective method lease obligation right use asset. Results ASC 842 prior ASC 840.
 January 1, 2018 adopted ASC 606 Revenue Contracts Customers modified retrospective method. Results ASC 606 ASC 605.
 Tax Cuts Jobs Act 2017 reduces. corporate tax rate 35% to 21% 2018. income tax expense reduced $50. 6 million December 31, 2017 deferred tax assets liabilities.
 five years 7 acquisitions. added $343. 6 million goodwill. Note 5 consolidated financial statements 8.
2019 2018 2015
 Income
 Revenues $2,222,559 $1,958,557 $1,717,018
 Operating income $138,325 $112,742 $98
 Net income $113,890 $82,097 $114,141 $56,391 $51
 earnings.
 earnings.
 Dividend.
 Working capital $154,753 $196,652 $138,879 $229,659 $189,276
 Goodwill $1,191,259 $1,085,806
 Total assets $2,107,914 $1,803,871 $1,744,475,598,464,506,424
 Long-term debt $36,500 $7 $31,000


purchase between entities. Assets liabilities recorded at Pivotal except goodwill intangible assets Dell. VMware’s previous investment Pivotal unrealized gain loss derecognized. Transactions Pivotal eliminated consolidated financial statements. intercompany transactions balances between VMware Pivotal eliminated.
 effect change to consolidated statements
 January 31, 2020 February 1, 2019 2, 2018
 Total revenue $777 $639 $474
 Operating income (287) (247) (239)
 Net income (204) (832) (234)
 VMware (148) (772) (222)
 share. 63). 95). 56)
. 67). 93). 56)
 Other income $35


Warranty
 warranty liability
 30
 2019
 $12,807 $10,584
 Warranties acquisitions
 warranties issued 22,919
 Warranty expenditures (20,947),950
 Balance $14,779 $12,807


Financing Receivables Guarantees table summarizes receivables
 leases loans financed service contracts. sales direct-financing. collateralized by security. loan receivables financing hardware software services additional funds network installation. provide financing long-term service contracts technical support. revenue deferred recognized. Financing receivables increased 2%. expect expand financing programs.
 Guarantees third parties provide. leases loans up to three years. guarantees. short-term financing payment terms 60 to 90 days. receivables. derecognized sales payments standard terms.
 channel partner financing $29. 6 billion $28. 2 billion $27. 0 billion 2019 2018 2017. working capital portion. balance financing was $1. 4 billion $1. 0 billion as July 27, 2019 July 28, 2018.nonpayment. payments immaterial. defer revenue record liability. deferred revenue recognized removed. July 27, 2019 payments $218 million $77 million deferred revenue.
 July 27, 2019 July 28, 2018
 Lease receivables $2,326 $2,576 $(250)
 Loan receivables. 5,367 4,939 428
 Financed service contracts 2,360 2,316
 Total $10,053 $9,831


assets Company decreased $76. 4 million December 2019. Entertainment Communications decreased $58. million property equipment increased depreciation 2019 Hawaiian Telcom. IT Services Hardware increased $32. million operating lease right-use ASU 2016-02.
 Corporate assets decreased $50. 2 million decreased receivables. Deferred tax assets liabilities $59. 3 million $11. 7 million. $47. 5 million $11. 4 million. increase deferred tax increased net operating losses.
 Entertainment Communications $1,840. $1,898.
 IT Services Hardware.
.
 $2,653.


Restricted Stock Unit Awards
 equity service conditions calculate fair value closing price CenturyLink common stock. equity awards market performance conditions. value calculated Monte-Carlo simulations. specify target shares recipient 0% 200% target. market percentage based shareholder return. performance financial performance targets.
 table summarizes activity restricted stock awards December 31, 2019
 Shares granted performance conditions not finalized December 31, 2019 excluded.
 2018 granted 9. 7 million shares-average price $17. 02. 2017 granted 5. 2 million $22. 02. total fair value stock 2019 2017 $118 million $169 million $60 million.
 Grant Date Fair Value
 Non-vested December 31, 2018.
.
 Vested.
 Forfeited.
-vested December 16.


 maintain pension plans non-U. S. employees. Germany Philippines. managed locally laws regulations.
 expense obligation assumptions discount rates return future inflation rates. historical experience facts circumstances. actuarial analysis expense liability pension benefits.
 Artesyn acquired pension plans balances Consolidated Balance Sheets December 31, expenses. Note. Business Acquisitions.
 ADVANCED. CONSOLIDATED FINANCIAL STATEMENTS
 pension plan discontinued operations. liabilities expenses Consolidated Balance Sheets.
 projected benefit obligation assets pension plans December 31, 2019 2018 assumptions
 Projected benefit obligation $ 33,178 34,498
 Acquisition 48,350
 Service cost
 Interest cost 1,211
 Actuarial loss (193)
 Benefits paid (1,779
2,223
 obligation 83,262 33,178
 13,433 14,181
 Acquisitions
 return
 Contributions 644
 Benefits (1,176
 gain 1,064,357
 adjustment
 year $ 14,903 13,433
 Funded (68,359 (19,745


Cash
 impacted by invoicing receivable bonus payments payroll.
 positive cash flows fluctuate quarterly. more cash first fiscal quarter October 31, bonuses higher sales commissions increased orders.
 existing cash equivalents liquidity operations 12 months. future capital requirements depend revenue growth expansion sales marketing spending research development investments cloud infrastructure costs expansion other markets.
 invest businesses technologies cash additional financing. summary cash flows consolidated financial statements
 Fiscal years ended July 31,
 operating $116,126 $140,459
 investing activities $(301,433) $(537,584)
 financing activities $3,954 $573,000


employee benefit obligations
 Restricted Share Units TORM plc price personnel. RSUs TORM A-share.
 program established shares TORM
 2017 Board. RSUs management. three-year vesting period one third grant 1 January 2018. exercise price RSU DKK 93. 6 period six months.
 2018,468 RSU’s management. vesting period three years employees Executive Director. price DKK 53. 12 months. fair value determined Black-Scholes model not material. average contractual life 1. years.
 2019 1,001,100 RSUs management. three years. exercise price DKK 53. 12 months after vesting. fair value determined Black-Scholes model not material. average remaining contractual life 1. 5 years.
 shares 2019
 1 January 2,719. 2,611 1,999.
 1,001.. 6
 Exercised -529.
 Expired -785. -764. -233.
 Forfeited -177.
 2,228. 2,719. 2,611.
 Exercisable 255. 255.


. Pensions
 benefit plans
 financial statements
 fair value assets
 254. 282.
 Interest income 7.
 Employer contributions 6.
 Benefit payments.
 administration expenses.
 Re-measurement gain assets 25. (14
 Exchange adjustment 9.
 Fair value assets 291. 254.


Contract Estimates
 cost-to-cost revenue recognition dependable estimates revenue cost design manufacture delivery products services. Revisions adjustments transaction price costs completion profit loss required as work progresses experience facts circumstances change new information. costs completion assumptions labor productivity complexity work availability materials wages prices performance subcontractors funding. Revisions price costs required if contract modifications occur. revisions affect operations cash flows result liabilities contracts loss. make reasonable estimates. accounting policies controls arrangements long contracts monitor improve policies. Item 9A Form 10-K.
 Products services long-term fixed-price contracts represented 97% sales 2019. different amounts recorded different assumptions circumstances change.assumptions profit rate fixed-price contracts 2019 operating income $6. 5 million. adjustments revenues costs recognized cumulative catch-up. costs exceed revenue loss recorded.
 impact changes contract estimates table thousands.
 accounting policies sales profits ASC 606 “Revenue Recognition” Note 1 Consolidated Financial Statements.
 Years Ended September 30
 2019 2018 2017
 Operating income (loss $ (2,235) $ (6,986) 5,737
 Net income (loss) from operations (2,351) (5,146) 3,208
 Diluted earnings per share.


2017 Acquisitions
 Cloudmark
 November 21, 2017 acquired shares Cloudmark. leader messaging security threat intelligence. Global Threat Network Nexus platform email social media mobile SaaS security.
 November 21, 2017 acquired shares Cloudmark. Global Threat Network Nexus platform email media mobile SaaS.
 increased messaging threat intelligence malicious domain visibility fraudulent SMS messages. expects savings corporate overhead costs. purchase price estimated fair value acquired assets goodwill recorded.
 Cloudmark Acquisition Date consideration transferred $107,283 cash $31,973.
 unvested stock options restricted stock units Cloudmark canceled exchanged units. fair value $91 pre-combination services. value $1,180 post-combination
 Proofpoint, Inc.Consolidated Financial Statements share amounts
. unvested awards service $1,180 stock-based compensation service.
 table values liabilities intangible goodwill
 Current assets $37,390
 Fixed assets
 Non-current
 Liabilities
 Deferred revenue
 Customer relationships
 Order backlog
 technology 18,500
 Deferred tax liability (7,905)
 Goodwill 93,776
 $139,256


SCHEDULE II VALUATION QUALIFYING ACCOUNTS
 years ended December millions
 Excludes $5. 6 million reserves notes receivable tax refund receivables 2016.
 Excludes $0. 4 million reserves non-trade receivables.
 Amounts represent gross revenue cost reversals estimated sales returns allowances accounts.
 Amounts 2019 2018 reported accrued expenses current liabilities Product Returns Liability (see Note 4 9).
 Amounts 2019 2018 prepaid expenses current assets.
 Balance Beginning Period Write-offs Balance End Period
 Allowance doubtful accounts
 $1. $1
.
. $1
 Allowance sales returns (4)
.
.
 $1.
 Allowance inventory returns
.
..
 2017. 6). 5). 6 (3). 5)
 Allowance deferred tax assets
 2019. 3. 3). 2). 8)
 2018. 3. 3). 3.
 2017. 6). 9). 2).


GasLog. Subsidiaries
 consolidated financial statements
 2017 2018 2019
. Dollars
. Risk Management
 strong credit rating capital ratios value.
 gearing ratio debt equity.
 December 31,
 2019
 Borrowings 520,550 255,422
 2,307,909 2,891,973
 liabilities 6,675
 199,424 195,567
 debt,558 3,352,325
 equity 1,983,122 1,649,853
 5,017,680 5,002,178
 Gearing ratio. 48%.


Intangible assets
 RIGHTS LICENCES
 licences NEXTDC indefinite useful life carried cost less impairment losses review annually.
 licences cost less accumulated amortisation losses. Amortisation recognised estimated useful life. reviewed annual reporting period.
 INTERNALLY GENERATED
 capitalised cost less accumulated amortisation. life two to three years. impairment reviewed financial year.
 SOFTWARE UNDER DEVELOPMENT
 Costs developing products acquiring software licenses capitalised. materials employee costs.
 Assets construction costs recognised technical feasibility Group use.
 Rights licences Internally generated software Software under development
 30 June 2019
 Opening net book amount 1 July 2018
 internally developed 11,896
classes 2,121,121
 Disposals
 Closing book 7,381 16,284 23,678


CO2 emissions FY19
 Tonnes carbon.
 emissions divided revenue millions.
 Auto Trader
 report
 emissions Companies Act
 2006
 Regulations 2013.
 reporting period financial
 reporting year. methodology
 financial consolidation approach
 Greenhouse Gas Protocol
 Corporate Accounting Reporting
. Emission
 UK
 conversion factor guidance
.
 Auto Trader emissions Regulations 2013. reporting financial reporting year. financial consolidation approach Greenhouse Gas Protocol Standard. Emission factors conversion guidance.
 includes fuel electricity gas emissions offices. emissions leased company cars Scope 1.
 revenue intensity ratio indicator growth business strategy. reduction emissions fuel emissions company car fleet. electricity decrease BEIS conversion factors Scope 2 reduction.

 Scope 1 263 390 491 565
 Manchester 281 361
 London
 2 258 437 445
 521 731 928 1,010
 Revenue. 281.
 Carbon intensity.
-year -34% -26% -17%


Accrued Liabilities
 2019
 compensation benefits $12,227 $15,283
 tax 4,354
 Lease 5,109
 5,553
 $27,756 $25,291


Expense Net
 December 31, 2019 $6. 6 million compared $0. 5 million December
 2018. Interest income increased public offering cash proceeds. expense decreased no outstanding borrowings. borrowings “Liquidity Capital. expense $0. 9 million 2019 $0. 6 million 2018 due earnout liabilities. estimate value liabilities quarterly. adjustments decreased acquisition Indix income $1. 7 million offset Compli Portway expense $0. 6 million. fair value Indix acquisition earnout liability decreased December 31, 2019 2019 last three earnout milestones nonfinancial difficult. 2018 adjustments value decreased liabilities prior acquisitions income $0. 4 million.
 December
 2018
 Impacts Adoption
thousands
 expense net
 Interest income $(6,037) $(1,553) $(4,484)
 Interest expense 289 2,608 (2,319)
 expense net (865) (583)
 expense $(6,613) $472 $(7,085)


Deferred Revenue Customer Liabilities
 majority deferred revenue December 31, 2019. Revenues $3. 7 million recognized. $4. 4 million January 1, 2018.
 majority customer arrangements termination rights high terminations.
 refund liabilities resolved 180 days service levels requirements.
 Deferred revenue $3,012 $3,655
 Customer arrangements termination rights 15,024
 Estimated refund liabilities 8,585
 $26,621 $30,176


income fourth quarter grew $460 million $336 $443 million prior quarters.
 Three Months Ended
 December 31, 2019
 $460 $336 $443
 net revenues. 7%. 1%.


Intangible Assets
 assessed indicators impairment. triggering event value.
 Amortization expense 2019 2018 2017 $23,671,000 $15,737,000 $16,812,000.
 relationships $336,455 $159,566
 352,076 165,121
 Accumulated amortization (73,492) (52,942)
 278,584 112,179


 cloud subscriptions software licensing maintenance services hardware sales.
 Subscriptions Revenue Manhattan ActiveTM Solutions cloud subscriptions. increased $23. 7 million $46. 8 million 2019. SaaS prefer cloud migrating. Americas EMEA APAC increased $20. 3 million $2. 7 million. million.
 increased $13. 5 million $23. 1 million. Americas EMEA APAC increased $11. 3 million $1. 8 million. 4 million. EMEA 2017 APAC 2018.
 License Revenue increased $3. 5 million $48. 9 million. Americas EMEA increased $6. 1 million. million APAC decreased $2. 7 million. sales 80%.
 revenue decreased $26. 9 million $45. 4 million. extended sales cycles transition. Americas EMEA decreased $15. million.2018 APAC increased $0. 3 million. sales 80% warehouse solutions.
 revenue decreased $26. 9 million $45. 4 million. influenced
 extended sales cycles transition cloud
. Americas EMEA decreased $15. 7 million $11. 5 million APAC increased $0. 3 million. sales 80% warehouse management solutions.
 increased $2. 2 million first-year revenue annual renewal rate. Americas EMEA APAC increased $1. 4 million $0. 4 million. million.
 increased $4. million first-year annual renewal rate. Americas EMEA APAC increased $1. 1 million $2. 2 million $0. 7 million.
 increased $30. 8 million. Americas EMEA APAC segments increased $17. 8 million $10. 3 million $2. 7 million.
 increased $30. 8 million.Americas EMEA APAC segments increased $17. 8 million $10. 3 million $2. 7 million compared 2018.
 revenue increased $3. 2 million demand Americas growth EMEA. Americas EMEA increased $1. million $6. 9 million APAC decreased $4. 7 million.
 revenue increased $3. 2 million demand Americas growth EMEA. Americas EMEA increased $1. million $6. 9 million APAC decreased $4. 7 million.
 sales decreased $1. 5 million -10% 2019 2018. adopted ASC 606 standard
 January 1 2018 modified retrospective method. hardware sales
 recorded.
 new standard agent control hardware. hardware revenue net cost reduces revenue cost.
 revenue cost periods.
.
 Total Revenue

 Cloud subscriptions $46,831 $23,104 141%
 Software license 48,855 45,368 72,313
 Maintenance 149,230 147,033 142,988
 Services 360,516 329,685 326,502
 Hardware 12,517 13,967 43,190 -10%
 Total revenue $617,949 $559,157 $594,599


. Intangible Assets
 December 31, 2019 2018
 Amortization lives. reviews impairment. Amortization expense operations $8,879 $9,150 December 31, 2019 2018
 Customer Relationships Technologies
 carrying amount $52,000 32,000 87,000
 Accumulated amortization (13,866) (18,286) (3,000 (35,152)
 Intangible assets net $38,134 $13,714 $51,848


PERFORMANCE MEASURES
 Return on Invested Capital defines earnings before interest tax divided average invested capital.
 returns capital invested.-term value goals. calculated
 Operating profit(loss 205. 2 39
.
 EBIT less Tax 205.
 capital 1,469. 1,406. 1,387.
 1,786. 1,469. 1,406
 Average invested capital 1,627. 1,437. 1,396.
 Return on Invested Capital 12. 6%.


FINANCIAL STATEMENTS
 Shareholders Equity
 shares
 December
 32,750,727 32,938,466
 Repurchases (420,770,100
 Restricted stock issuances 142,449 154,361
 32,472,406 32,750,727


allowance doubtful accounts management estimate uncollectible balances. determine troubled accounts historical experience evidence. write off receivables likelihood collection remote.
 rollforward allowance doubtful accounts
 ended December 31,
 Beginning balance.
 Bad debt expense.
 Write-offs recoveries 1.
 Ending balance.


National Storage transacted 35 acquisitions 4 sites FY19 acquisitions Australia New Zealand. acquisitions competitive growth strategy. platform efficiencies.
 ARK largest wine storage provider group houses two million bottles wine 15 centres 30 countries. experience storing managing premium wine. FY19 Wine Communicators Australia Sommeliers Association Australia Wine Australia Commanderie de Bordeaux.
 REGION CENTRES
 Brisbane 25,000
 Gold Coast
 Sunshine Coast
 Central Coast
 Wollongong
 Melbourne
 Adelaide
 Perth
 Auckland
 Hamilton
 Rotorua
 Tauranga
 Acquisitions 163,000


unrecognized tax benefit December 31, 2019 2018 $29. 0 million $28. 4 million. noncurrent liabilities. 2019 2018 $28. 2 million $27. 5 million net income tax rate.
 reconciliation tax benefits December 31
 Company files income tax returns U. S. federal state foreign jurisdictions. United States Germany India Ireland Luxembourg Mexico Kingdom Uruguay main. audit vary. 2015 open. foreign jurisdictions 2003 2018.
 Indian income tax returns 2003, 2005, 2016 under audit. subsidiaries face challenges. local authorities tax positions. differing positions affect financial condition.
 unrecognized tax benefits decrease 12 months by $11. 7 million due settlement audits expiration statutes of limitations. accrues interest tax positions recognizes penalties.December 31, 2019 2018 $1. 2 million accrued interest penalties income tax. interest penalties 2019 2018 2017 $0. 2 million. million $. million.
 unrecognized tax benefits $28,406 $27,237,278
 Increases 2,784
 (96
 2,542 1,185 1,677
 Decreases settlements (220
 Reductions statute limitation (4,462,155
 Adjustment foreign currency translation
 tax year $29,000 $28,406 $27,237


Inventories
 December
 Ingredients 1,942 1,580
 Packaging 2,230
 goods 2,220 2,165
 inventories $ 6,392


Operations
 December 31, 2019 2018
 management reviews financial measures service revenue results cash flows. tables results measures.
 Ended December
 2019 2018 Percent Change
 Data
 Average Revenue Per Unit
-net $ $ 480.
-net $ 1,097 $ 1,155.
 Average price megabit $. 62. 82
 Customer period
 On-net 74,554 68,770.
 Off-net 11,660 10,974.


Share Compensation
 expense Consolidated Statements Operations
 $0. 8 million 2017 discontinued operations.
 September 27, 2019 unrecognized compensation costs stock options stock awards units $47. million 2. 9 years.
 Years
 revenue $2,936 $3,869
 Research development 8,551 13,448,565
 Selling administrative 12,305
 $23,792 $31,937


FINANCIAL DATA
 consolidated financial statements Annual Report Form 10-K. 2018 2017 Accounting Standards Update 2014-09 Revenue Contracts Codification 606. 2016 2015 not recast. Net income 2018 2019 impacted reduced. corporate tax rate Tax Cuts Jobs Act 2017 adjustment deferred taxes. Acquisitions affected revenue income 2019.
 Revenue includes license service hardware sales returns allowances.
 JUNE 30
 Income Statement Data 2019
 Revenue $1,552,691 $1,470,797 $1
 Net Income $271,885 $365,034 $229,561 $248,867
 earnings per share $3. $4.
 earnings $3.
 Dividends per share $1. 54..
 deferred revenue $394,306 $521,054
 assets $2,184,829,033,058,868,199,815,512,836,835
-term debt
 equity $1,429,013 $1,322,844,099,693


. Notes related parties
 2018/19 METRO maintained business relations companies
 Transactions
 services €93 million €96 million real estate leases €79 million €76 million from associates rendering services €15 million €7 million joint ventures. future commitments €667 million €719 tenancy agreements OPCI FWP France OPCI FWS France Habib METRO Pakistan Mayfair group. provided services €8 million. dividend €38 million paid shareholder. Business relations contractual agreements prices. no business relations persons management key positions 2018/19.
 Management Board Supervisory Board METRO AG. expenses €6. 9 million. short-term benefits €3. 7 million. post-employment benefits. €3. million termination benefits. expenses compensation programmes €2. 6 million. short-term compensation Supervisory Board €2.2 million. compensation Management Board 2018/19 €15. 4 million (2017/18 €15. 1 million.
 2017/2018 2018/2019
 Services 8
 Associates 5
 Joint ventures 3
 Services 96 93
 78
 Joint ventures 8
 10
 Receivables services 30/9
 ventures
 Liabilities goods 30/9
 Joint ventures


Stock-Based Compensation Expense
 share-based awards measured grant date fair value recognized Consolidated Statements Operations Comprehensive Loss vesting period.
 Company estimates value stock options Black-Scholes option valuation model expected term volatility risk interest rate dividend yield. estimates uncertainties judgment. compensation expense.
 assumptions estimated
 Fair Value Common Stock. five-day volume average price New York Stock Exchange.
 Term. historical behavior post-vesting period.
 Expected Volatility. price volatility historical volatility.
 Risk-Free Interest Rate. yield U. S. Treasury zero-coupon issues remaining term.
 Expected Dividend. cash dividends expected dividend yield zero option pricing.
 grant weighted assumptions value stock options
 December 2019 31, 2018
 Expected volatility..
 Risk-free interest. 72%
 Dividend yield
 Average life.


financial data
 Vodafone India Idea Cellular.
 8 per. ten.
 19 February 2014, for 11” share consolidation 24 February 2014. 52,821,751,216 4,351,833,492 28,811,864,298.
 final dividend 31 March 2019 proposed payable 2 August 2019 7 June 2019. dividends translated US dollars payable US dollars ADS depositary agreement.
 2019
 Consolidated income statement data (€m
 Revenue 43,666 46,571 47,631 49,810 48,385
 Operating (loss)/profit 4,299 3,725 1,320 2,073
 before taxation (2,613) 3,878 2,792 1,734
/profit (4,109) 4,757 (1,972) (5,127 7,805
financial year (7,644) 2,788 (6,079) (5,122) 7,477
 financial position data
 assets 142,862 145,611 154,684 169,107,579
 equity 63,445 68,607 73,719 85,136 93,708
 shareholders’ funds 62,218 67,640 72,200 83,325 91,510
 Earnings per
 Weighted average shares (millions
 27,607 27,770 27,971 26,692
 share (29. 8. 27.
. 27.
 operations (16. 15. 28.
 Cash
 Amount ordinary share 9. 15. 14.
. 147.
 ordinary share 11. 45p 11. 22p
ADS 114. 111.
 ordinary share cents 10. 17. 18. 16.
 ADS cents 10. 179. 182. 164. 166.


. Quarterly financial information
 three months September December unrealized gain foreign exchange 2024 Notes $6. million$4. million.
 months
 March 31, June September December 31, 2018
 Service revenue $128,706 $129,296 $130,139 $132,049
 Network operations equity compensation expense 54,875 54,379,660
 Gains equipment transactions 117
 Operating income 20,637 21,354
 Net income 6,784 6,552 8,231
 common.
 44,923,973,016,767
,294,697,536,473,635


compensation Executive Board 2019 2018 2017
 Short-term benefits 17,378 18,652
 Share-based 32,393 23,646 25,723
 49,771 42,298
 Post-employment benefits 2,825 1,106
 defined-benefit 2,056
 769
 52,596 43,404 43,669


BALANCE SHEET
 Working capital assets less liabilities. Accounting Standards Update 2015-17. Note 1.
 debt bonds Alabama Industrial Development Authority. matured January 1 repaid January 2 2020. Note 12.
 December 2015
 Working capital $207,599 $237,416 $306,296 $226,367,219
 assets $545,118 $628,027 $669,094 $667,235 $632,904
 Total debt $24,600 $25 $26,700
 Stockholders’ equity $380,426 $446,279 $497,911


 Group adopted IFRS 16 impacts costs Depreciation amortisation profit. Property vehicle rental charges included depreciation includes leased assets. Prior comparatives restated.
 Operating costs controlled administrative expenses increasing 3% £112. 3m £108. 8m.
 People costs increased 3% £56. 4m £54. 8m. salary costs digital offset reduction full-time employees 804. impacted transfer 15 staff Dealer Auction. Share-based payments insurance £5. 9m £3. included costs. increase due Performance Share Plan change senior management. settles senior management incentive scheme shares cash bonuses.
 Marketing spend increased 8% £17. 6m £16.
 Other costs services property overheads controlled increased 2% £29. 4m £28. 7m.
Depreciation amortisation £8. 9m restated £9. depreciation £2. lease assets restated £1. 9m.
 restated IFRS 16.
 Costs 56. 54.
 17.
 29. 28.
 Depreciation amortisation 8.
 administrative expenses 112. 108.


Property equipment
 September 2017 sell land buildings Sunnyvale California value $118 million $306 million two closings. sale $66 million cash proceeds $210 million gain $142 million. remaining properties $52 million held-for-sale balance April 26, 2019 27, 2018. sale cash proceeds $96 million second closing 12 months. subject due diligence termination rights closing conditions local approval.
 2019 27, 2018
 Land
 Buildings improvements
 Leasehold improvements
 Computer equipment
 Furniture fixtures
 Construction-in-progress
 Accumulated depreciation amortization
 Property equipment net $ 759 756


. INCOME TAXES
 income before consolidated statements
 Income tax expense 2019 2018 2017 $58. 3 million $16. 0 million $266. 7 million. effective tax rate 11. 1% 3. 4% 50. 9%.
 December 22, 2017 U. enacted Tax Cuts Jobs Act Internal Revenue Code. income taxes clarification tax authorities FASB. SEC issued Staff Accounting Bulletin. 118 Tax Accounting Implications Cuts Jobs Act uncertainty. GAAP. Teradyne recorded $186. 0 million additional income tax expense fourth quarter 2017 estimate impact Reform Act. expense $161. 0 million transition tax repatriation foreign earnings $33. 6 million remeasurement deferred tax assets benefit $10. 3 million adjustments uncertain tax positions.2018 Teradyne Tax Reform Act recorded $49. million net income tax benefit. $51. million reduction-time transition tax foreign earnings expense $2. 2 million adjustments tax positions.
 Income taxes
. $192,442 $189,691 $76,699
 Non. 333,330 278,110 447,713
 $525,772 $467,801 $524,412
 Provision income taxes
. $19,297,122 $162,679
 Non. 52,810 45,083 64,313
 67,760,318) 229,615
. 29,252 43,687
.
 37
 Total provision income taxes $58,304 $16,022 $266,720


DEVELOPMENTS RESULTS
 divided interests Teekay LNG Tankers Parent.
 lines business. table presents revenues income Teekay LNG Tankers reconciles consolidated financial statements.
 Teekay Tankers LNG Bahrain Operations. LNG terminal Bahrain. Magellan Spirit LNG carrier chartered Teekay Parent. Teekay Parent chartered LNG carriers March April 2018.
 Revenues Income) operations
.
 Teekay LNG,256 510,762 299,253
 Teekay Tankers 943,917 776,493 123,883
 Teekay Parent 413,806 451,659 (219,094)
 Teekay Corporation Consolidated 1,945,391 1,728,488 204


Note 4. Expenses
 Accounting policy
 Operating lease costs
 charged profit loss term lease.
 Finance costs
 expensed incurred.
 Research development costs
 recognised profit loss expense.
 charged incurred deferred associated integration acquired technology development new technology feasibility. Costs deferred future recoverable. capitalised attributable costs materials services direct labour. Deferred costs amortised from date commercial release expected benefit 2 to 10 years.
 Profit before income tax expenses
 professional advice expense
 Costs acquisitions
 Finance costs
 Interest finance charges
 Unwinding discount provisions
 Finance costs
 Operating leases income statement
 Office rent
 Equipment
 Motor vehicle
 expense operating leases
 Post-employment benefits

 incurred 18,478 17,793


. Supplemental Data
 disclosures items
 Ended June 30
 Cost
 Repairs maintenance $120. $108. $99.
 Flow
 Noncash investing financing
 purchases property software $16. $13.
 Cash
 Interest payments $27. $29.
 Income tax payments $27. $33.


Financial risk management
 Credit risk
 from cash equivalents trade receivables.
 policy. Credit evaluations. receivables monitored.
 credit risk. receivable balances monitored exposure bad debts.
 Revenues data centre services $61. 2 million from two customers (2018 $44. 4 million one 37% (2018 29%) revenue.
 maximum exposure credit risk carrying value financial assets. collateral.
 simplified approach credit losses lifetime loss provision receivables. loss allowance provision 30 June 2019.
 0 to 30 days 31 to 60 days More than
 Expected loss rate 1% 5%. 20%
 Gross carrying amount 23,762 2,068 28,320
 Loss allowance provision 238 103 59 341
receivables 1,965 27,579


Section 6 investments
 group structure controlled entities. changes financial position performance. results.
. Parent entity disclosures
 accounting policies iSelect Limited same consolidated financial statements subsidiaries cost.
 no contractual contingent liabilities reporting date. iSelect issued bank guarantees letters credit. guarantees.
 2019 2018
 Financial Position
 4,297 7,869
 Non-Current Assets 165,165 174,810
 169,462 182,679
 92,352
 Net Assets 77,110 89,612
 111,290 111,066
 Reserves 3,960
 Accumulated Losses (38,140) (24,652
 Financial Performance
 Loss parent entity


. Property Plant Equipment Leases
 April 30 2019 2018
 Depreciation amortization $2,802,000 $2,484,000.
 Maintenance repairs $309,000 $466,000.
 Company leases Long Island York headquarters. ten September 30 2029. annual rent $1,046,810 2019 to $1,276,056 2029. real estate taxes insurance charges.
 subsidiaries New Jersey California lease office manufacturing facilities. Jersey office feet. monthly rent $9,673 January 31, 2021. 88 months January 2025. average annual rent $312,000. leases office 27,850 square feet.
 Rent expense 2019 2018 $1. 2 million $1. 7 million. New York building FEI-Zyfer facility.April 30 Balance Sheet deferred rent $236,000 $110,000 periods.
 Buildings $2,692 $2,790
 Machinery furniture 57,157
 60
 accumulated depreciation (46,811,166
 $13,038


Valuation Goodwill
 balances by reporting unit
 represents purchase price fair value assets acquired. not amortized subject to impairment test unit level impairment more-likely-than-not. significant adverse change business climate decision dispose. test goodwill impairment two-step process. fair value unit carrying amount. exceeds second impairment. impairment recorded current period.
 Determining fair value goodwill impairment test judgmental involves estimates assumptions. impairment charge magnitude. Estimates discounted cash flows market multiples from publicly traded comparable companies. future cash flows perpetual growth rate market comparables.
 evaluate units changes operating structure reassign goodwill relative fair value allocation approach. Note 18 Financial October 1, 2017 CMS separate operating segment.changes reporting reassigned goodwill CGD CMS fair values October 1, 2017. estimated fair value CGD CMS market multiples discounted cash flows financial forecasts. flows estimated growth rates financial ratios historical ratios. future cash flows discounted to present value 13% CMS 11% CGD CMS.
 2019 estimated fair value CTS market multiples CGD CMS multiples discounted cash flow models. cash flows three-year forecasts. estimated growth rates financial ratios historical ratios terminal value. future cash flows discounted to present value 15% CGD 12. 5% CMS. 2019 estimated fair value CTS CGD exceeded carrying amounts over 100% CMS exceeded carrying over 60%.
 negative changes future business market conditions margin compression loss cause goodwill.changes estimates assumptions goodwill affect value units impairment.
 2019
 millions
 Transportation Systems $ 254. 49. 50.
 Mission Solutions 181. 138.
 Global Defense 142. 145. 270.
 goodwill $. $. 321.


Income
 decreased $31 thousand 2019 2018 $1. 4 million loss extinguishment repurchase 2022 Notes $1. 1 million increase interest expense convertible notes offset $2. 7 million interest income convertible note common stock.
 Ended December 31,
 expense $ 4,597 $ 4,628.
 revenue


.
 31,
 reserves $103. million $100. 8 million.
 Raw material $118,595 $89,365
 Work-process 32,695
 Finished goods 45
 $196,691 $153,541


. INCOME PER SHARE
 calculated two-class method earnings allocated common stock participating securities rights dividends. convertible preferred stocks participating securities earnings not obligated net losses.
 Diluted EPS computed net income RiceBran Technologies shares additional. effects options warrants nonvested shares restricted stock units calculated treasury stock method. preferred stock if-converted method.
 reconciliations numerators denominators EPS computations dilutive securities.
 securities December 31, 2019 2018 not included EPS. could dilute EPS.
 December 31
 NUMERATOR loss operations thousands $ (13,735) $ (8,101)
 DENOMINATOR common shares 32,359,316 22,099,149

 options 1,024,811 911,264
 Warrants 8,443,547 16,383,944
 stock 224,848 581,680
 Restricted stock units 1,235,287 623,603
 nonvested 659,581 1,169,986


 recognized. 3 million. 1 million $1. 9 million compensation March 2019 2018 2017
 $211,000 $207,000 $150,000 Employee Stock Purchase Plan.
 revenues $234 $259
 Research development 1,310 1,141
 Selling administrative
 $2,266 $2,070 $1,877


Activities
 health life insurance mortgage brokerage energy broadband financial referral services. no significant changes.
 Review results
 Summary results
 non-IFRS information EBITDA Net Profit Earnings Per Share Conversion Ratio Leads Revenue Per Sale. interest profit finance. loss. Consolidated Statement Profit Loss. Non-IFRS information not audited. results iMoney performance losses write-offs discontinued assets operations transactions.
 Reported Underlying Results reconciliation page 112. Review Results Operations
 Restated new Accounting Standards.
 Operating revenue 154,159 176,931 (13%)
 Gross profit 52,963 45,139 17%
 EBITDA 7,202 10,878 (34%
 EBIT (1,040) 1,405 (174%
NPAT 1,089 (284%
 revenue 154,585 178,139 (13%)
 profit 53,225 45,944
 EBITDA 6,062 (5,700
 EBIT (2,252) (15,278
 (4,360,640
 EPS.
 22,866 15,739
 15,151 8,537
 11,062
.


GasLog. Subsidiaries
 financial statements
 2017 2019
. Dollars
.
 unearned revenue charter hires 2019 2020 22 vessels 17.
 Unearned revenue 38,680 48,183
 off-hire 7,376
 purchases 18,578 9,759
 interest 38,107 36,746
 accruals 24,709 34,586
 127,450 136


. Revenue Contracts
 Assets
 commission costs upfront payments. current. non-current. amortization contract assets December 31, 2019 2018 $2. 4 million $2. 0 million. no amortized commission costs December 31, 2017.
 review capitalized costs impairment annually. Impairment exceeds. impairment loss contract assets December 31, 2019 2018 2017.
 changes contract assets
 Ended December 31,
 2018
 Beginning period balance $2,881
 Commission costs upfront payments 4,141
 Amortization assets (2,444) (1,983)
 End period balance $4,578 $2,881


. CREDIT RISK
 principal financial instrument accounts receivable unsecured. doubtful accounts estimated losses. adopted credit policies standards industry growth risk risks by financial stability conservative payment terms strict credit policies.
 Revenue from significant customers 10% or more
 Company provided products to Apple multiple contract manufacturers.
 customers purchase RF Wi-Fi solutions cellular base stations mobile devices.
 Accounts receivable 49% 26%, 40% net accounts receivable balance March 30, 2019 March 31, 2018 April 1, 2017.
 May 16, 2019 Bureau. placed Huawei 68 non-U. S. affiliates future sales license BIS. denied.
 Huawei not prohibited paying accounts receivable credit risks may increased. predict new EAR restrictions Huawei impact business results.

 2019 2018
 Apple Inc. 32%
 Huawei Technologies. 13% 8%


 cash equivalents investments.
 increased $16. 9 million 2019. funds proceeds $600 million common stock convertible note offering March 2018 higher yields.
 Interest Expense
 stated debt discount issuance costs $400. 0 million Convertible Senior Notes March 2018. expense 2019 higher.
 increased $10. 9 million 2019. noncash $12. 2 million debt discount issuance costs stated interest $5. 0 million.
 Income
 foreign exchange gains losses. Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Euro Japanese Yen Malaysian Ringgit Polish Zloty.
 net currency exchange loss $1. 9 million 2019 gain $0. 5 million 2018 exchange rate movements.
 years July
$
 Interest income $30,182 $13,281 16,901
 Interest expense(17,334 $(6,442
 income $(1,867) $509


assets liabilities
 Trade receivables
 due goods services. 30 - 60 days current. recognised unconditional fair value. Group holds collect cash flows measures amortised cost interest method.
 Fair values
 short-term carrying amount same fair value.
 Impairment risk exposure
 impairment policies loss allowance credit foreign currency interest rate risk note 15.
 Interest receivable
 term deposits. risk assessed cash note 15.
 30 June 2019
 Trade receivables 28,320 36,522
 Loss allowance
 27,579 35,268
 Interest receivable 5(b)
 GST receivable 6,222
 Other receivables 1,629
 33,856 37,086


COMMON WARRANTS
 activity December 2019 2018
 $10. million promissory notes December 2013, issued common stock purchase warrants 60 thousand shares price $2. 52 per share expiration date December 2020. cashless exercise feature.
 July 2017 private placement transaction. Schutte issued warrants purchase 1,782,531 shares common stock. exercisable $0. 528 per share expire five years issuance. assigned fair value $495 thousand warrants $4. million proceeds accounted equity.
 June 28, 2019 loan agreements. 2020 issued warrant purchase 10. million shares common stock $0. per share five years issuance. valuation fair value $1. 145 million allocated equity. transferred. AD Pharma June 28, 2019.
.
.
 Exercised
 Expired
 Modification
 Outstanding Dec. 31  11,842 . 10 1,842 .


ADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS
 liabilities
 Trek Electrostatic Product Line LumaSense
 Accounts receivable $ 2,818 7,167 10,062
 Inventories 3,941
 Property equipment 594
 Goodwill
 Intangible assets 788,400
 Deferred income tax assets 606
 Other assets
 acquired 9,601 109,725
 Accounts payable 747 5,734
 Deferred income tax liabilities
 Other liabilities 2,782
 liabilities assumed 3,529 25,041
 assets $ 6,072 3,000 84,684 93,756


1998 Employee Qualified Stock Purchase Plan
 approved employees purchase 15% compensation 85% closing price. six-month 24-month.
 January 31, 2019 8. 1 million shares available future. issues shares first trading day March 31 September 30. expiration date.
 activity 2019 2018 2017
 Autodesk recorded $27. 2 million $25. 7 million $25. 9 million compensation expense ESPP 2019 2018 2017.
 Issued shares.
 Average price $90. $39. $36.
 average grant date fair value $42. $32.


Deferred income taxes reflect differences assets liabilities. deferred tax assets
 December 31, 2019 tax credit carryforwards $191 million state. Deferred tax assets unrealized tax benefits. foreign NOL carryforwards $32 million 2019 losses France carried forward indefinitely.
 evaluate deferred tax assets for recoverability. record valuation allowance for. Closing Agreement 2018 California research development credit carryforwards. established full valuation allowance against R&D Credit. December 31, 2019 valuation allowance $71 million. reassess quarterly record tax benefit evidence release valuation allowance.
 December 31, 2017 consider cash balances undistributed earnings outside. foreign subsidiaries indefinitely reinvested.
 Deferred tax assets
 Allowance for sales returns price protection
expenses
 Deferred revenue 119
 Tax
 compensation
 Intangibles 1,289
. deferred taxes earnings
 software expenses
 Deferred tax assets 1,778
 Valuation allowance
 1,597
 liabilities
 (142)
 software expenses
. taxes foreign earnings (594)
 liabilities (809)
 deferred tax assets $788


Greenhouse gas
 Spirent climate change. Scope 1 2 emissions dropped. 2018 $ million revenue. reduced emissions 29 2014.
 responded Carbon Disclosure Project 2019 Climate Change Supply Chain questionnaires. achieved Climate Change B Supplier Engagement. average sector C.
 Emissions Combustion fuel operation facilities 144.
 Electricity heat steam cooling 2) 4,641.
 emissions 4,785. 5,087.
 Emissions intensity metrics
 FTE employee 3.
 metre area.
 $ million.


Cash Equivalents Restricted Cash
 December 31, 2019 Company $259. 1 million equivalents. market funds maturities less 90 days. determines classification.
 December 2018 restricted cash $0. 3 million pledged standby letter credit. expires August 2021 guaranty lessor.
 cash equivalents restricted cash consolidated balance sheet flows
 Cash equivalents $259,067 $256,947
 Restricted cash
 equivalents flows $259,371 $257,251


KEMET CORPORATION SUBSIDIARIES
 Financial Statements
 expenses 2018 2017
 2019
 incurred $8. million restructuring charges $2. 8 million personnel reduction $6. million relocation exit costs. million headcount reductions TOKIN. 3 million severance Film Electrolytic $1. 6 million Solid Capacitors MnO2. relocation exit costs $6. million $3. 4 million tantalum powder Carson City Nevada Matamoros $2. 3 million axial electrolytic Evora.
 2018
 $14. 8 million restructuring $12. 6 million personnel reduction $2. 3 million relocation exit. reduction $12. million $5. 2 million reduction Film Electrolytic $4. 4 million headcount reduction TOKIN.million severance Simpsonville Fort Lauderdale. 2 million headcount reductions European sales reorganization. relocation exit costs $2. 3 million. million lease termination penalties marketing Fort Lauderdale. million K-Salt Matamoros. 4 million exit costs shut-down KFM. million Tantalum production Victoria Mexico.
 $5. 4 million restructuring charges $2. 2 million personnel reduction $3. 2 million relocation exit costs. personnel reduction costs. 2 million. million consolidation Solid Capacitor Matamoros. million headcount reductions shut KFM. reductions Europe. million overhead reductions Sweden. million. headcount reductions marketing Fort Lauderdale. million Tantalum. 2 million research Weymouth Evora. 1 million manufacturing headcount reductions K-Salt Matamoros.relocation exit $3. 2 million $1. 9 million contract termination KFM. million K-Salt Matamoros. million Film Electrolytic. million Tantalum Simpsonville Victoria.
 Years March
 Personnel reduction $2,823 $12,587 $2,214
 Relocation exit 2
 Restructuring $8,779 $14,843 $5


Operating expenses
 Research development expenses
 increased $19. 6 million personnel costs $11. 8 million share-based compensation expense $3. 6 million information technology facility costs $1. 6 million.
 impacted $0. 5 million strengthening. dollar.
 Personnel headcount share-based compensation grants technology facility costs headcount.
 Sales marketing expenses
 increased $17. 9 million information technology facilities costs $5. 3 million personnel-related $4. million share compensation $3. 4 million professional services $2. 7 million travel other costs $1. 2 million marketing costs $1. 1 million.
 $1. 5 million strengthening. dollar. technology facilities travel headcount.
 Personnel-related costs salaries commissions ASC $13. 8 million. Share-based compensation expense share option grants. Professional services costs consulting fees.
administrative expenses
 increased $16. 8 million 2019 personnel $6. 3 million share-based compensation $5. 8 million information technology facilities $1. 9 million professional services $1. 2 million litigation $1. 0 million. Personnel salaries headcount.
 Share compensation option grants modifications. technology facility headcount. Professional services acquisition expenses.
 Restructuring assets
 2019 restructuring expense $0. 2 million exit Watertown. restructuring charge $0. 8 million rent vacated non impairment charge $1. 7 million leasehold improvements.
 change
 expenses
 Research development $57,939 $38,373 $19,566 51%
 Sales marketing 139,194
 General administrative 53,759 36,989 45%
assets 1,712
 Restructuring
 expenses $250,722 $199,152 $51,570 26%


 table summarizes 2019 2018.
 discussed Liquidity Capital Resources Cash Requirement Item. Financial Condition Annual Report Form 10-K March 30.
 cash
 Operating $1,495 $957
 Investing $(241)
 Financing $(1,209)(3,475)
 cash equivalents $17 $(2,473)


. Financial Data
 table consolidated financial data years 2019 2018 2017 2016 2015 financial statements. 2015 not adjusted Accounting Standards update 2014- 09 Revenue Contracts. tables Consolidated Financial Statements 8 7 Analysis Financial Condition Results Operations. Historical results future results.
 Operating income expenses
 increase net revenues June 30 2018 due acquisitions Campus Fabric Data Center Businesses.
 2019 2018 2017 2016 2015
 Consolidated Statements Operations Data
 Net revenues $995,789 $983,142 $607,084 $519,834 $552,940
 Operating income (loss $(14,726)(38,210
 Net loss $(25,853) $(46,792),363
 loss share.
.. 02. 35. 72
 117,954 114,221 108,273 103,074 99,000
 diluted 117,954 114,221,273


table summarizes Qdoba results share
 Selling general administrative expenses include corporate costs Qdoba operations. other costs classified continuing operations. credit facility required mandatory prepayment term loan $260. 0 million. Interest expense allocated to discontinued operations estimate prepayment.
 Lease guarantees operating leases Qdoba some guaranteed. Qdoba fails meet obligations required make rent payments landlord. maximum$32. 1 million ofSeptember 29, 2019. lease terms extend more years September 29, 2019 remain guarantor extended renewal periods. obligated payments under Guarantees exposure limited due to contractual protections recourse lease agreements Qdoba Purchase Agreement requirement damages indemnity from Buyer. Qdoba continues obligations under leases events.liability Guarantees September 29, 2019 Qdoba less.
 restaurant sales $192,620 $436,558
 Franchise revenues 9,337 20,065
 costs (166,122,370
 (2,338) (4,993)
 Selling administrative expenses (19,286) (36,706)
 Depreciation amortization (5,012) (21,500
 Impairment charges (2,305) (15
 Interest expense (4,787)
 earnings discontinued operations taxes 11,968
 Qdoba 30
 32,824 11,968
 Income tax benefit,863 (15,726)
 taxes $2,690 $17,098 $7,450
 earnings share
.
.


Billings
 represent products invoiced no refund. equate statutory revenue.
 Year-ended 31 March 2019 2018
 Revenue 710. 6 639.
 deferral 49. 7 129.
 760.
 Currency revaluation 25. 9 18.
 billings 786. 787.


. Operating Expenses
 equipment ICT.
 supplies services rentals mobile stations.
 equipment 3,106. 2,696.
 2,767. 2,499.
 2,597. 2,760.
 costs 2,472. 2,536.
 1,573. 1,615.
 Repair maintenance 388.
 12,904.,476.


. Remuneration
 figures exclude Thermocoax.
 threshold target maximum
 operating profit (£m 277. 256. 270. 283. 8
 cash generation 296. 270. 285. 299.
 ROCE 54. 50. 52. 55. 3
 EPS (%) 57. 5 27. 6 52. 3 Share Plan
 TSR 94th 50th 75th


Income taxes
 table deducted net earnings.
 YEAR ENDED DECEMBER 31
 taxes
 (761) (775)
 Uncertain tax positions
 estimate
 Deferred taxes
 (322)
 Recognition loss carryforwards
 provincial corporate tax rate
 Uncertain tax positions
 Total income taxes (1,133)


intangible assets 2019 2018
 Goodwill trademarks tradenames indefinite lives no amortization. retail reporting unit recorded $2. 9 million 2019 goodwill $1. 9 million 2018 exceeded fair values. competition earning shortfalls future cash. recorded consolidated operating income.
 Goodwill wholesale reporting unit $4. 4 million September 2019 2018. estimated fair value exceeded carrying value.
 Trademarks tradenames (Retail $500,000 $3,373,269
 relationships (Wholesale amortization $2. 1 million 2019
 500,000 $3,414,936


Repurchase
 September 2015, Board authorized $150. million common stock thirty-month. November 2017 extension repurchase December 2019 March 2018. May 2018 approved $50 million increase repurchase.
 December 18, 2019 expiration date repurchase $25. 1 million. December 31, 2019 authorized repurchase $50. 0 million.
 ADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS
 enters repurchase agreements. 2019 2018 2017 repurchased shares
 Amount paid repurchase $95,125 $29,993
 shares repurchased 1,696
 Average repurchase price per share $56. $71.


OPERATING EXPENSES
 Fiscal 2019 foreign exchange rate 1. 3255 USD/CDN.
 Fiscal 2018 restated IFRS 15 accounting policy Cogeco Peer 1 discontinued
 operations. policies operations sections.
 Fiscal 2019 translated average exchange rate 1. 2773 USD/CDN.
 expenses increased 7. 3% (5. 4%
 growth American broadband services MetroCast acquisition higher programming costs headcount marketing FiberLight acquisition
 costs Inter-segment eliminations corporate projects
 lower expenses Canadian broadband services programming costs compensation expenses operational optimization program marketing headcount retroactive costs higher rates Copyright Board Canada.
 operating financial results section.
 Years ended August 31, 2019 2018 Change constant currency Foreign exchange impact
 Canadian broadband services 606,286.1,102
 broadband,208,172 19. 20,522
 26,486 24,567.
 1,203,980,121,625. 21,636


INCOME TAXES
 December 22, 2017. enacted Tax Cuts Jobs Act. tax code. corporate income tax 35 to 21 percent alternative minimum tax deductible interest expense executive compensation deductions.
 Company follows ASC 740-10 deferred tax liabilities assets. liabilities determined financial statements tax bases tax rates.
 reconciliation tax expense federal tax rate
 2019 2018
 Tax benefit $(427,244) $(631,497)
 State taxes 6,525
 expenses not deductible 2,980 2,882
 Rate Change 45,656
,566,027)
 valuation allowance deferred tax assets 269,203 658,650
 Income tax expense $(100,363 $9,623


employee pension plan Labor Standards Act. defined benefit. benefits disbursed service years average salary retirement. Two units first 15 years one after 15th not 45.
 Company contributes 2% salaries wages pension fund Bank of Taiwan. not included financial statements. 2017 2018 2019 pension expenses NT$80 million NT$69 million NT$59 million recognized.
 value defined benefit obligation
 benefit obligation $(5,671,058),620,509)
 profit loss
 Service cost (24,477
 Interest cost (61,247)
 Subtotal (85,724),189
 Remeasurements
 financial assumptions (91,350
 adjustments
 (97,257)
 Benefits paid


Selling Administrative
 increase 2019 higher variable costs volumes headcount costs employee incentive compensation FRT acquisition amortization intangible assets.
 Fiscal Year Ended
 December 28, 2019 December 29, 2018
 Selling $106,335 $99,254 $7,081.
.
 Year Ended
 December 29, 2018 30 2017
 Selling $99,254 $95,489 $3,765. 9 %
. 7 %. 4 %


2019 results Red Hat.
 expense increased. percent fourth quarter-revenue ratio 32. 6 percent 28. 2018. increase higher spending Red Hat charges amortization assets offset divestiture gains lower non costs.
-GAAP expense income increased. 7 percent spending divestiture gains.
 fourth quarter.
 consolidated expense $7,107 $6,253 13. 7%
 Non-operating adjustments
 Amortization assets.
 Acquisition charges.
 retirement.
 Operating-GAAP expense $6,591 $5,746.
 consolidated expense-to ratio 32. 6% 28. 7%.
-GAAP-to-revenue ratio. 3%. 4%.


adoption Company recorded adjustment $139. 4 million tax adjustment $21. 0 million increased June 25, 2018 earnings balance Condensed Balance Sheet changes recognition system sales. ASC 606 Company recognizes revenue sales control customer products specifications revenue recognized installation customer acceptance transactions title revenue recognized when title passes customer acceptance.
 impact ASC 606 Consolidated Statement Operations Balance Sheet
 significant impact Consolidated Statement Operations year June 30, 2019.
 January 2016, FASB released ASU 2016-01 Instruments Recognition Measurement Assets Liabilities. amendment February 2018. amendments change accounting financial statement presentation equity investments. amendments clarity measurement methodology disclosure fair value financial instruments amortized cost valuation allowance deferred tax assets securities.adoption 2019 Consolidated Financial Statements.
 August 2016, FASB released ASU 2016-15 Cash Flows Classification Receipts Payments. receipts. adopted quarter 2019 retrospective transition method. Financial Statements.
 October 2016, FASB ASU 2016-16 Tax Intra-Entity Transfers Assets. improves transfers. adopted first 2019 modified-retrospective approach cumulative adjustment earnings. $0. 4 million decrease earnings $0. 4 million offset Consolidated Financial Statements.
 November 2016, FASB ASU 2016-18 Flows Restricted Cash. restricted cash equivalents. adopted first quarter 2019 retrospective transition method. Consolidated Financial Statements.
 February 2018 FASB ASU 2018-02 Tax Effects Income. Tax Cuts Jobs Act.Tax allows reclassification stranded tax effects. update eliminates stranded tax effects. Company adopted standard 2019 modified-retrospective approach cumulative-effect adjustment earnings. $2. 2 million increase $2. 2 million decrease income.
 August 2018 Securities Exchange Commission adopted amendments disclosure requirements. redundant outdated. Company adopted amendments 2019. minor changes Consolidated Financial Statements.
 June 30, 2019
 Adoption ASC606 Effect Change
 Revenue $9,653,559  $9,049,790  $603,769
 Cost goods sold $5,295,100  $5,016,679 $278,421


CTS CORPORATION SUBSIDIARIES
 notes financial statements.
 Ended December 31,
 earnings $36,146 $46,532 $14,448
 earnings
 market value derivatives
 unrealized pension cost 6,439 13,687
 translation adjustment
 earnings $6,013 $14,234
 $42,159 $45,186 $28,682


Operating Income Business Unit
 Percentages.
 CNBU decreased pricing higher R&D costs cost reductions. MBU pricing high NAND manufacturing cost reductions. SBU declined pricing offset manufacturing reductions sales volumes. impacted underutilization charges IMFT. EBU decreased declines pricing higher R&D costs offset manufacturing cost reductions sales volumes.
 CNBU improved improved pricing higher sales volumes. MBU improved pricing-value NAND manufacturing cost reductions. SBU improved manufacturing cost reductions 64-layer TLC 3D NAND product mix. impacted higher costs IMFT 3D XPoint memory. EBU income increased prices manufacturing cost reductions sales volumes offset higher R&D costs.
 CNBU $4,645 47% $9,773 64% $3,755
MBU 2,606 41% 927 21%
 SBU
 EBU 29% 1,473 42% 975 36%
 18% 35%
 $7,801,243,232


Capital management
 table summarises capital Group at 31 March
 Financial liabilities put option arrangements payments equity Kabel Deutschland amounts March short-term borrowings
 centrally long short-term capital. borrowings cash loaned contributed equity subsidiaries. Board approved debt protection ratios net interest cash flow dividends retained cash flow. ratios debt shared with Moody’s Fitch Ratings Standard & Poor’s.
 Net debt 27,033 29,631
 Financial liabilities put option 1,844
 Equity 63,445,607
 Capital 92,322 100,076


. SECURITY OWNERSHIP BENEFICIAL OWNERS MANAGEMENT STOCKHOLDER MATTERS
 table beneficial ownership common stock March 1, 2020 directors executive officers 5% shares directors.
 Less than 1%.
 persons sole voting investment power shares stock. address c Network-1 Technologies. 445 Park Avenue Suite 912 New York 10022.
 beneficial owner shares stock acquired 60 days March 1, 2020 options units. ownership determined options stock units 60 exercised vested. base 24,032,941 shares stock March 1, 2020.
 Includes 3,549,369 shares. Horowitz 500,000 shares options. 2,157,097 shares CMH Capital Management Corp. 134,275 shares CMH Capital Management. Profit Sharing Plan.Horowitz trustee 67,470 shares stock Donna Slavitt wife. Horowitz 452,250 shares two trusts custodian account. Horowitz’s three children 2,291 shares Horowitz Partners. Horowitz partner. include 250,000 shares stock restricted units 60 March 1, 2020.
 Includes 2,157,097 shares CMH Capital Management Corp. 134,275 shares. Profit Sharing Plan. Horowitz sole officer director shareholder. trustee. power vote dispose.
 Includes 242,235 shares 3,750 60 days March 1 2020. include 11,250 shares.
 Includes 108,309 shares 3,750 60 March 1 2020.
 11,250.
 Includes 94,160 shares. 27,500 shares units. Kahn 60 days March 1 2020.
Includes 72,061 3,750 units 60 March 1 2020. include 11,250 shares 2020.
 Includes 67,499 shares. include 35,000 shares. Greene 60 March 1 2020.
 Includes 585,233 shares. Heinemann 2,242,582 Goose Hill Capital LLC. Heinemann sole member. vote dispose. Amendment. 7 Schedule 13G. February 11 2019. address. Goose Hill Capital 12378 Indian Road North Palm Beach Florida 33408.
 Includes 2,242,582 shares. vote dispose. Amendment. 7 Schedule 13G. address Capital 12378 Indian Road North Palm Beach Florida 33408.
 Includes 1,200,130 shares common stock. ownership Schedule 13G. Herzog February 10, 2016. address. 824 Harbor Road Southport Connecticut.
ADDRESS OWNER PERCENTAGE STOCK
 Officers
 Corey. 6,862,752.
 CMH Capital Management 2,291,372.
 245,985.
 Pearlman 112,059
 David. Kahn 94,160
 Allison Hoffman
 Jonathan. 67,499
 officers directors,266.
 Stockholders
 Steven. 2,827,815.
 Goose Hill Capital 2,242,582.
 John 1,200,130.


Revenue Operating Expenses
 includes labor IT facilities costs professional services royalties depreciation lease payments data center costs salaries network stock-based compensation expense.
 revenue labor consulting training project management. stock-based compensation expense material overhead charges IT facilities costs professional services royalties. charges electronic physical fulfillment.
 volume product sales consulting amortization technology support royalty rates stock compensation expense
 Marketing sales expenses salaries bonuses benefits compensation travel entertainment training commissions advertising. payment processing fees supplies equipment gains losses cash flow hedges IT facilities costs labor costs order management.
 Research development expenses salaries bonuses benefits compensation travel entertainment training professional services IT facilities costs.
expenses include salaries bonuses costs benefits stock compensation CEO finance human resources legal employees professional fees foreign taxes gains losses cash flow hedges travel entertainment training IT facilities costs supplies equipment.
 Fiscal year January 2019 2018 Management comments
 millions
 Cost revenue
 Subscription maintenance $216. $1. $214. cloud hosting costs royalty depreciation expense.
. lower employee costs headcount Fiscal 2018 restructuring professional fees.
 Amortization technology 15.
 Total cost revenue $285. $303.
 Marketing sales $1,183. $96. $1,087. increased employee costs higher headcount cloud hosting costs professional fees.
 Research development 725. costs headcount professional fees.
 340.11% 305. fees facilities offset benefits.
 Amortization intangibles 18. 20. assets amortized.
 Restructuring exit costs 41. 94. reduction facilities consolidation Fiscal 2018 Plan.
 2,308. $46. $2,262.


table income tax expense combined German tax rate 26. 4%. actual. rate includes corporate income tax 15. 0%. solidarity surcharge 5. 5%. trade taxes 10. 6%.
 Relationship Between Tax Expense Profit Before Tax
 2019
 Profit before tax 4,596 5,600,029
 Tax expense. 1,212 1,478 1,327
 Tax effect
 tax rates
 Changes tax laws rates
 Non-deductible expenses
 Tax-exempt income
 Withholding taxes
 Research development foreign tax credits
 taxes
 Reassessment deferred tax assets credits
 Total income tax expense 1,226 1,511 983
 Effective tax rate 26.


. Income Per Share
 calculated net earnings average shares. Diluted calculated adjusting denominator dilutive shares.
 2019 options RSUs 83,939 excluded. 2018 2017 no options RSUs excluded.,382 363,413 2018 779,000 2017 excluded performance conditions.
 April 27, 2019 28, 2018 29, 2017
 Net Income millions $91. $57.
 Denominator
 Basic Earnings Per Share Average Shares
 Restricted Stock Units 37,405,298 37,281,630
 Shares-Employee Stock Options
 Restricted Stock Awards Units 264,262 260,269
 Diluted Earnings Per Share 37,669,560 37,541,899 37,485,701
 Basic Diluted Income Per Share
 $2. $1.$2.
 Income Share $2.


FINANCIAL STATEMENTS data
 6 Retirement Plans
 noncontributory defined benefit pension plans 3% active employees. benefits based service compensation retirement. benefits year service.
 post-retirement life insurance benefits. Domestic employees hired 1982 former union employees eligible life. fund premiums pay-as-you-go.
 funded status benefit plan balance sheets. difference assets fair value projected benefit obligation. gains losses prior service costs.
 measurement dates. December 31, 2019 2018.
 2017 offered former employees. option sum distribution. $23,912 sum payments. decreased projected benefit obligation assets $23,912 non settlement charge $13,476 unrecognized net actuarial losses. measurement date December 31, 2017.
 February 2020 CTS Board Directors termination. pension plans.plan termination timing.
 measurement dates post-retirement life insurance plan December 2019 2018. benefit obligation assets funded status.
 Accumulated benefit obligation $4,766 $4,595
 obligation
 January $4,595 $5,134
 Service cost
 Interest cost
 Benefits
 Actuarial loss
 obligation December 31 $4,766 $4,595
 assets
 January 1
 return assets
 Company contributions
 Benefits
 December 31
 Funded status less obligations(4,766) $(4,595)


Company revenues. government contracts. spending caps budgetary priorities. delays.
 revenues contract
 January 3 2020
 Defense Solutions Health
 millions
 Cost-reimbursement fixed-price-incentive-fee $3,697 $1,997 $5,928
 Firm-fixed-price 1,203 3,574
 Time-materials fixed-price-effort 466 1,474
 $5,366 $3,636 $1,974 $10,976


obligations. December 31, 2019 significant performance obligations one year maintenance services. contracts recognize revenue completed obligations. $13. 3 million December 31, 2018. $13. 6 million December 31, 2019 expects 64% revenue next 12 months remainder.
 accounts receivables contract assets unearned revenue
 revenue $12. 7 million recognized 31, 2019.
 Accounts receivable $90,531 $99,385
 Contract assets $2,812 $3,766
 Unearned revenue $11,963
 Non-current unearned revenue $6,012 $5,296


. Net Income per Share
 table basic diluted income share
 Employee equity options unvested shares instruments Cisco potential shares diluted earnings.-money options restricted units. calculated average share price treasury stock method. stock options compensation cost future service shares.
 July 27, 2019 July 28, 2018 29, 2017
 Net income. $11,621 $9,609
-average 4,837 5,010
 dilutive shares
. 4,453 4,881 5,049
 Net income. $2.
.
 Antidilutive employee share awards excluded 55


ENERGY INDUSTRIES. STATEMENTS
. PROPERTY EQUIPMENT
 Buildings land $1,693 $1,737
 Machinery 108,945 41
 24
 Furniture
 Vehicles
 Leasehold improvements 33,041 20
 Construction 9,089
,255 92,063
 depreciation (78,146) (60,794
 $108,109 $31,269


Development
 expenses 2019 decreased $4. 6 million 21% 2018. due full-time personnel $3. 1 million compensation $0. 6 million facilities technology costs. restructuring costs $0. 1 million Note 4. lower professional fees $0. 6 million contractors.
 Years Ended December 31,
 2019 2018
 Research development $17,845 $22,450 $(4,605) (21)%
 revenues 36%


Postretirement Benefit Plans
 Company provides health care life insurance retirees dependents. health care plan shore-based employees deck officers contributory life insurance noncontributory.
 postretirement medical coverage shore-based employees January 1 2005 Deck Officers age service requirements. prescription drug coverage retirees 65.
 amend terminate health care insurance.
 domestic pension postretirement benefit plans December 31 date
 Change
 $44,015 $48,500 $3,401 $4,548
 Cost
 Interest cost 1,802
 Actuarial losses(gains 3,805 (3,456)
 Benefits paid (2,686) (2,702)
 end 46,936 44,015 3,572 3,401
 Change plan assets
 31,929 35,591
 return assets 6,790 (1,882)
Employer contributions 721
 Benefits (2,702 (158) (202)
 36,754 31,929
 Unfunded December 31,182),572


. Quarterly Financial Data
 summarized quarterly data 2019 2018
 annual amounts equal quarterly. Earnings share computed independently.
 first quarter 2019 $7. million tax expense regulations Tax Reform. foreign taxes.
 fourth quarter restructuring costs $1. 7 million. 5 million taxes.
 fourth quarter reinvestment $10. 5 million earnings foreign subsidiaries.
 quarter $0. 23 per share tax expense. Tax Reform. fourth quarter. 05 share restructuring $0. 35 share tax benefit reinvestment.
 Second Third Fourth
 Net sales $765,544 $789,051 $799,644 $3,164,434
 Gross profit 72,383 70
 Net income 22,226 24
 Earnings per share
.
.


Accounts Receivable
 uncollateralized obligations. Company records allowances doubtful accounts. writes off uncollectible. allowance $55,039 $65,542 at December 31, 2019 2018. identifies delinquent customer status 30 days past. transaction. allowance determined reserve history invoices over 30 days past. deemed uncollectible case-by-case payment.
 doubtful accounts December 31
 2019 2018
 Beginning balance $65,542 $22,173
 Provision charged expense 29,849 55
 Deductions (40
 Ending balance 55,039 $65,542


. Balance Sheet
 equivalents restricted
 December 31, 2019 2018 $20. 4 million market funds. restricted cash $0. million $1. million. import duties office leases.
 equivalents $92,708 $73,142
 Short-term restricted cash
 Long-term restricted 60
 $93,117 $74,191