Inventories
 manufacture Restaurant/Retail.
 December 31, 2018 write-downs $9. 6 million. 8 million Restaurant inventories service parts.
 Finished Goods $8,320 $12,472
 Component parts 6,768
 Service parts 4
 $19,326 $22,737


Pension Benefit Payments
 2020 $8,027 $1,237
 2021 8
,785 1,258
 10,558 1,098
 2025-2029 59,665 6


. PROFIT
 Fiscal 2018 restated IFRS 15 accounting policy Cogeco Peer 1 discontinued operations. consult policies operations sections.
 non-controlling interest 21% Atlantic Broadband results Caisse Québec MetroCast acquisition January 4 2018.
 Fiscal 2019 profit decreased 7. 2% 9. 4% $94 million income tax reduction depreciation amortization MetroCast acquisition higher adjusted EBITDA financial expense integration restructuring acquisition costs.
 Fiscal 2019 profit increased 20. 0% 18. 4% profit discontinued operations $75. 4 million sale Cogeco Peer 1 loss $24. 4 million year.
 Years August 31, 2019 2018
 Profit operations 356,908 384,578.
 Profit year 432,288 360,197.
Corporation 339,973 375,214 (9.
 415,353 350,833 18.
 non-controlling 16,935 9,364 80.
 earnings 6. 89 7. 61.
 8. 41 7. 12 18.


. Property Plant Equipment
 Depreciation expense $51. 7 million $51. 1 million $48. 8 million 2019 2018 2017.
 Company maintains insurance property damage business interruption. recoveries recognized income contingencies. Gains income. operating investing cash flows. Insurance claims 2019 2018 2017 financial statements.
 2019 2018
 Land improvements $93,046 $90,757
 Buildings 370,451 360,030
 Machinery equipment 496,166 478,997
 Construction-in-progress 52,551
 1,012,214 939,091
 accumulated depreciation 555,920 513,707
 $456,294 $425,384


. Accrued Expenses
 Contract liabilities $511,329
 Deferred income 691,365
 compensation benefits 600,907 570
 securitization 475,251
 expenses 1,402,657
 $2,990,144,262


income
 December 31
 2018 $0. 5 million adjustment value Brink Acquisition. 2019 2018 net loss rental contracts $1. million. 9 million.
 December 31
 Foreign currency loss $(83) $(258)
 Rental loss-net
 Gain sale real estate
 Fair value adjustment
 $(1,503)


sales segment industry
 revised.
 millions
 Transportation Solutions
 Automotive 5,686 6,092
 Commercial transportation 1,221 1,280
 Sensors
 8,290 7,039
 Industrial Solutions
 equipment 1,949 1,987 1,747
 Aerospace defense oil gas 1,306 1,157 1,075
 Energy
 3,954 3,856 3,507
 Communications Solutions
 Data devices 993 1,068
 Appliances
 1,673 1,842
 13,448


. Segment Information
 Company operates two segments subsidiaries
 FEI-NY operates New York precision time frequency control products communication satellites. terrestrial cellular stations components. military.
 includes FEI-Elcom FEI-Asia. FEI Asia manufacturing facility minimal sales outside customers. Elcom provides design technical support.
 (2) FEI-Zyfer operates California products Global Positioning System (GPS secure communications government locator applications. sales support wireline telecommunications family US5G.
 measures performance revenues profits. segments reflect management business.
 accounting policies same “Summary Accounting Policies. performance allocates resources operating profit taxes. acquired assets included in segments.
table 2019 2018 consolidated
 Net revenues
 FEI-NY $38,096 $26,936
 FEI-Zyfer 12 15,272
 intersegment revenues
 Consolidated revenues $49,509 39,407
 Operating loss
 FEI-NY $(4,429 (15,097)
 FEI-Zyfer 3
 $(2,817 (12,395
 assets
 FEI-NY. $54,295 55,181
 FEI-Zyfer 10
 intersegment receivables
 $86,771 $ 83,584
 Depreciation amortization
 FEI-NY $2,695 2,355
 FEI-Zyfer
 $2,802


Accounts Receivable
 debt expense 2019 2017. 7 million. 1 million. 6 million.
 December
 receivable $69,767 $41,818
 doubtful accounts
 $68,642 $41,107


 assets $157,164,000 2019 $163,937,000 2018.
 assets 18% $75,460,000. cash technology iMoney. asset $25,626,000 increased 16%.
 Non-current assets 2% $150,607,000 writeoffs Home Loans Goodwill impairment. $88,452,000 increased sales volume partner mix.
 liabilities decreased 20% $34,555,000 payments suppliers balances.
 Non-current liabilities increased 9% $34,348,000. lease deferred tax.
 PERFORMANCE
 assets 75,460 91,457 (18%)
 Non-current 150,607 147,234 2%
 226,067 238 (5%
 liabilities 34,555 (20%)
 Non-current 34,348
 assets 157,164 163,937


Research Development Expense
 increased $8. 7 million 2019 2018. $5. 4 million employee costs stock-based compensation increased headcount 229 252 $1. 3 million hosting software $0. 4 million office. $6. 5 million $7. 7 million 2018 expense $1. 2 million 2018.
 Ended December 31,
 2018
 development $ 50,024 $ 41,305 8,719.
 revenue 25% 28%


table presents federal state operating loss tax credit
 future taxable income
 March 31, 2019 U. S. subsidiaries in Brazil France Germany Israel Japan Mexico Korea had loss tax credit
 $263,836. likelihood realizing future tax benefits losses
 in Brazil Israel China Korea income
.
 valuation allowances deferred tax assets. decreased $(12 increased $317 $6,812
 March 2017 2018 2019 losses
 foreign currency exchange rates
 decrease 2017 due reversal $5,530 future
 utilization NOLs $15,878 Japanese subsidiary. tax benefits expire eight years after
 not annual utilization limitations. benefits
 profitability expire. increase valuation
 March 31, 2019 due $3,124 Ethertronics acquisition $1,763 capital
 losses at AVX Corporation.
decrease valuation allowance March 2017 due reversal $5,530 future utilization NOLs $15,878 Japanese subsidiary. tax benefits expire eight years not annual limitations. tax benefits Japanese profitability expire. increase valuation allowance March 31, 2019 $3,124 Ethertronics acquisition $1,763 capital section 1231 losses AVX Corporation.
 Income taxes $55,642 $66,354 $75,640 March 2017 2018 2019
 operating loss $14,440
 11,895
 Foreign 178,784
 25
 State 3,279
 Federal tax credit carryforwards 17,373
 Foreign tax credit 4,187
 State 8,086


Supplemental Balance Sheets Statements Operations
 Fiscal year March 31, 2018 ASC 606.
 Accounts receivable
 $176,715 $166,459
 doubtful accounts
 debit
 Returns reserves
 Rebates reserves
 Price protection reserves
 Accounts receivable $154,059 $146,561


Capital reserve reserves earnings
 CECONOMY AG 12 July 2017 METRO AG IFRS 10. statements METRO Wholesale Food Specialist GROUP IPO METRO AG. residual assets liabilities MWFS. demerger METRO independent. equity subdivided. subscribed capital €363 million reserve €6,118 million METRO AG Annual Financial Statements 30 September 2017. transfer equity assets. remaining negative reclassified reserves earnings.
 Reserves
 Previous year gains/losses remeasuring financial instruments.
 Adjustment.
 30/9/2018 30/9/2019
 gains/losses cash flow hedges
 Equity debt
 Currency translation differences
 Remeasurement defined benefit pension plans
 Income tax income
 reserves retained from earnings
,778


. Investments Rabbi Trust
 mutual funds 66% equity 34% debt December 31, 2019. Net investment income
 Ended December 31,
 2018
 gains securities $143 $195
 Dividend interest income
 unrealized gains 1,817
 $2,379 $1,619


Fees Paid Independent Public Accounting Firm
 table fees audit KPMG fiscal years 2017 2018.
 Audit Fees financial statements Annual Report Form 10-K accountants.
 Audit-Related Fees assurance
. accounting consultations financial accounting reporting due diligence procedures acquisition attestation services.
 Tax Fees tax compliance advice planning. consultation federal state international tax compliance.
 Other Fees license fees accounting research software.
 2018
 Audit Fees $3,747 $4,476
 Audit-Related Fees (2)
 Tax Fees (3)
 Other Fees
 Total Fees $3,750 $4,479


Property Plant Equipment
 December 31, 2019 2018
 Depreciation expense $12. 5 million $12. 7 million $12. 8 million recorded research development.
 long-lived assets impairment undiscounted cash flows less carrying value. 2019 recognized impairment charges $3. 9 million abandonment technology projects. costs. No charges 31, 2018 2017.
 Land $4,575
 Building improvements 34,797
 Furniture fixtures 19,959
 Computer hardware software 74,399
 Engineering equipment 130,430
 Property Plant Equipment 332,317 346,099
 Less accumulated depreciation (258,609,464
 $73,708 $80,635


AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
 Accounts Receivable Deferred Rent derives revenues accounts receivable deferred rent asset small telecommunications 54% current-year revenues four tenants.
 deferred rent asset associated with non tenant leases fixed escalation clauses revenue.
 mitigates credit risk creditworthiness borrowers tenants. assesses collectibility recognized. tenant credit risk business industry conditions. revenue recognition deferred until collectibility. amounts uncollectible charged bad debt expense.
 Accounts receivable net allowances doubtful accounts losses inability payments allowances amounts invoiced collectibility. allowances estimated based payment patterns days past due collection history changes economic conditions bankruptcy liquidation.Receivables written allowances uncollectible. determination conditions. Changes
 2019 write-offs uncollectible amounts. 2018 2017 recoveries revenue.
 December 31,
 Balance January 1 $282. $131. $45.
 increases 104. 157. 87.
 Write-offs recoveries (223.
 Balance December 31, $163. $282. $131.


CREDIT RISK
 trade receivables debt collected.
 table details receivables doubtful accounts.
 DECEMBER 31
 receivables past due 2,082 2,091
 doubtful
 Under 60 days 541
 60 120 days
 Over 120 days
 2,919


Annual Recurring Revenue
 fourth quarter 2018 total recurring revenue recurring revenue contracts. includes subscriptions software contracts perpetual licenses perpetual professional services consolidated operations. monitoring metrics solutions business. independently revenue unearned revenue arrangements termination not. not indicator future revenue impacted contract start end dates renewal rates.
 ARR metrics December 31, 2019 2018
 Total ARR $179. $162.
 Year-over-year increase 10% 20%
 Subscription ARR $113. $95.
 19% 32%
 Perpetual license support ARR $65. $66.
-year increase 6%


Interest Expense Net
 changed $30. million 2019 driven by gains pension plans-market gains investments gains sales increase interest expense term loan December 17, 2018 $500 million losses securities.
 increased $24. million 2018 related losses investments June 2017 issuance $500. million 3. 5% notes due June 15, 2027.
 Interest expense investment income fluctuates cash securities debt balances maturities interest rates.
 Gains losses foreign currency due re-measuring transactions assets. gain loss driven volume transactions exchange rates
 year January
 Interest investment expense net $(52.(34.(29.
 Gain (loss) foreign currency.
 strategic investments.
 Other income.
 Interest expense net $(17.$(24.


Share-Based Compensation
 Company stock options RSUs stock grant awards ESPP Consolidated Statements Operations Income
 tax benefits ASU 2016-09 2017 adjustment $68. 1 million credit earnings January 1, 2017. calculated federal rate 21% December 2019 2018 35% 2017.
 December 31, 2019 unrecognized share-based compensation expense non-vested RSUs $74. 9 million. 3 years. value stock options $3. 9 million.
 received cash $1. 7 million $26. 2 million stock options shares ESPP. issues new shares common stock.
 Cost revenue $10. $7.
 Research development.
 Selling marketing.
.
 Share-based compensation expense 79.
 income tax benefits federal rate (16.
Share compensation taxes $62.


Group business unit performance factors
 values weightings remuneration committee. group STI scorecard FY19 CEO CFO executive directors officers participants
 targets linked budget commercially sensitive.
 targeted percentages
 achievement budgeted.
 Strategic objective performance indicator Score 50% 100% 200%
 Growth 60% Sales volume growth 10% 40,0%
 Absolute gross margin 10% 96,8% 103,6%
 PBIT 40% 98,6%
 Efficiency Cost savings initiatives 5% 98,6% 123,4%
 Net working capital 5% 101,2% 97,7%
 Reduction execution-related marketplace incidents year-on-year
 sustainability 30% Quality 10%
 Safety,0%
 BBBEE score 10% Level 7.


Electro-Magnetic Sensors Actuators
 table net sales operating income MSA segment 2019 2018.
 $240. 7 million increased $13. 8 million. 1% $227. million 2018. driven $15. million OEM sales JPKO. $4. 3 million EMS $3. 7 million distributor sales Americas EMEA. offset $5. 5 million decrease APAC JPKO $3. 8 million OEM sales.
 Operating Income
 $22. 5 million 2019 increased $6. 9 million $15. 7 million 2018. $6. 6 million SG&A expenses. $2. 9 million restructuring charges $1. 3 million net loss-lived $0. 2 million R&D expenses. $4. 1 million decrease gross margin sales mix lower margin products.
 $240,740
22,546. 15,694 6.


 IFRS 2 obligations.
 Christian Klein-CEO.
 Morgan 796.
 Robert Enslin 3,480 727.
 Adaire Fox-Martin,667.
 Michael Kleinemeier 3,253 914.
 Bernd Leukert 8,606 775.
 Bill McDermott 11/15 14,689 2,155.
 Luka Mucic 3,391 675.
 Jürgen Müller
 Stefan Ries 772.
 Thomas Saueressig
 44,446.


Off-Balance Sheet Arrangements Contractual Obligations
 obligations future payments contracts recorded balance sheet
. include long-term
 debt outlined. off-balance sheet arrangements operating leases purchase
 obligations. contractual obligations commitments June 30, 2019
 maturity date.
 exclude $373 million liabilities uncertain tax benefits
 settlement. Note 7 Consolidated Financial Statements Part II Item 8
 Form. exclude $10 million
 non-marketable equity investments
.
 $373 million liabilities uncertain tax benefits
 settlement. Note 7 Consolidated Financial Statements Part II Item
. exclude $10 million
 non-marketable equity investments
.
 Excludes. million build-to-suit lease arrangements cash payment not anticipated.
 conversion period.625% Convertible Senior Notes due 2041 open June 30, 2019 net value current liabilities Consolidated Balance Sheet. balances payment period maturity no conversion. Note 14 Consolidated Financial Statements 8 2019 Form 10-K.
 apply tax credits cash payment.
 tax-related liabilities post-retirement benefits than 5 Years” uncertainty future payments. balance excludes contractual obligations.
 administrative R&D manufacturing facilities sales offices equipment non-cancelable leases. extend purchase. rent increases inflation. guaranteed residual values Fremont Livermore leases $250 million. Note 16 Consolidated Financial Statements II 8 2019 Form 10-K.
 Capital Leases
 building office equipment lease obligations. interest payment.
Purchase obligations outsourcing vendor-consigned inventories. cash minimum obligations June 30, 2019. cancellation non minimum fee. expenditures vary service.
 Income
 December 2017-time transition tax unrepatriated foreign earnings $991 million. tax reform. finalized December 23, 2018. amount $868. 4 million.
 Long-Term Debt
 assumed $700 million 2. 625% Convertible Senior Notes due May 2041. interest Notes 2. 625%. Notes converted Common Stock.
 June 30, 2019 market value Common Stock 130% 2041 Notes conversion prices. 2041 Notes convertible current liabilities Consolidated Balance Sheets fiscal 2019.
 March 12 2015, public offering $500 million Notes March 2020 March 2025. interest annual 2. 75% 3.80% 2020 2025 Notes semi-annual March 15 September 15.
 June 7, 2016, $800. million Senior Notes due June 15 2021 2020 2021. interest 2. 80% 2021 Notes June 15 December 15.
 March 4, 2019 offering $750 million Notes March 2026 $1 billion 2029 $750 million 2049 2026 2029. interest annual 3. 75% 4. 875% 2026 2029 2049 Notes March 15 September 15 15 2019.
 redeem 2020 2021 2025 2026 2029 2049 Notes redemption price 100% principal premium February 15 2020 May 15 2021 December 15 2024 January 15 2026 December 2028 September 15 2048 2049.redeem Senior Notes interest February 15 2020 May 15 2021 December 24 2024 January 2026 December 2028 September 15 2048. repurchase Notes 101% principal interest.
 2019 2017 $117 million $753 million $1. 7 billion payments long-term debt capital leases.
 1-3 Years 5
 Operating leases $98,389 $37,427 $36,581 $12,556
 Capital leases 50,049 7,729 17,422
 Purchase obligations 424,561 345,498 28,946
 Long-term debt interest 6,468,517 660,840 1,079,096 257,630
 tax foreign earnings 798,892 69,469
 Other long-term liabilities 190,821 4,785 164
$8,031,229,125,748,250,089,556


. Trade receivables
 owed customers suppliers. financial instruments positive market value contract assets accrued revenue goods trade receivable.
 receivables owed payment conditional time. recovered discounted at market rates interest revenue accredited repayment. receivables interest nominal value. portfolios receivables recorded at fair value amortised cost
 value reduced by estimated credit losses. credit losses recorded based ageing historical experience considerations. balances written off collectible.
 accrued income year 31 March 2018
 measured at fair value level 2 classification
 trade receivables contract assets classified at amortised cost measured after allowances future credit losses 21 “Capital financial risk.
 carrying amounts receivables measured at amortised cost approximate fair value non-interest bearing.
contract-related costs €1,433 million €74 million amortisation impairment €1,506 million profit.
 January February 2019 €57 million €70 million trade receivables reclassified amortised fair value business model
 fair values calculated future cash flows values market interest rates foreign currency rates 31 March.
 non-current assets
 Trade receivables 197
 531
 costs 375
 associates joint ventures
 receivables
 Prepayments 371
 Derivative financial instruments2 3,439
 4,026
 current assets
 receivables 4,088
 3,671 2,257
-related costs 1,132
 associates joint ventures
 receivables
 Prepayments 1,227
 Derivative financial


VALUATION QUALIFYING ACCOUNTS
 millions
 Includes increases reversals sales returns price protection deferred tax assets.
 Includes write-offs releases income tax foreign currency translation adjustments.
. Balance. Additions. Deductions. Balance End
 December 31, 2019
 sales returns price protection $186 $11
 deferred tax assets $61 $127
 December 31, 2018
 returns price protection $274 $24
 deferred tax assets
 December 31, 2017
 $257 $83


. PREPAID EXPENSES
 December 31, 2019 2018
 2018 impairment charges$0. 4 million prepaid licenses production tooling restructuring operations. loss Note 15.
 Prepaid services $221 $252
 Prepaid bonds costs 188 199
 insurance 62
 licenses software tools support 17
 Other prepaid expenses
 $505 $538


 2017 adopted Employee Stock Purchase Plan. employees base-pay purchase shares 85% fair market value first last 6 month purchase period. begin January 1 July 1 end June 30 December 31,. Shares purchased last day.
 weighted average assumptions value 2017 ESPP rights
 share-based compensation expense ESPP. 3 million. million. 1 million 2019 2018 2017. December 27, 2019 no unrecognized compensation expense.
 average expected term. 5 years. 4
 Risk-free interest rate. 3%.
 Dividend yield.
 Volatility. 7% 8%


.
 VMware operates segment financial consolidated statements. segments evaluated maker.
 Revenue type
 January 31, 2020 February 1, 2019 2 2018
 Revenue
 License $3,181  $3,042 $2,628
 Subscription SaaS 1,877 1,303
 5,058  4,345 3,555
 Services
 Software maintenance 4,754 4,351 3,919
 Professional services
 5,268 4,781
 revenue $10,811 $9,613 $8,336


Accounts Receivable Allowance Doubtful Accounts
 majority from sales large semiconductor manufacturers recorded invoiced amount bear interest.
 credit losses perform credit evaluations. allowance for doubtful accounts maintained collectability. reviewed quarterly.
 economic conditions. If circumstances additional allowances operating expense.
 Activity allowance doubtful accounts
 Fiscal Year Ended
 December 28, 2019 December 29, 2018 December 30, 2017
 Balance beginning year $185 $200 $299
 Charges) costs expenses
 Balance end year $222 $185 $200


Income Net
 relates non-operational charges losses equity securities transactional foreign exchange gains. currency exchange rates.
 shares Guidance 2018.
 gain settlement breach second quarter 2018.
 Ended June 30
 2019 2018 2017
 Foreign exchange gains (losses $(4,330) $(9,175) $4,845 $1,776 $3,069
 OpenText share net income equity investees 13,668 7,703 5,965
 Income long-term receivable (1,327) 1,327 (5,099) 6,426
 Gain on shares Guidance
 Gain contractual settlement
 miscellaneous income (expense 818
 $10,156 $(7,817) $17,973 $2,230 $15,743


Contractual Obligations
 March 31, 2019.
 Operating lease obligations sub-lease arrangements. Note 12 Commitments Contingencies.
 March $1. 1 million reserve unrecognized income tax positions not. scheduled. reserve non-current liabilities. Note 10 Income Taxes.
 cash funds capital markets obligations commitments.
 2020 2021-2022 2023-2024
 Operating leases $19,437 $4,143 $7,111 $3,686 $4,497
 Capital leases
 Asset retirement obligation
 contractual obligations $19,902 $4,170 $7,299 $3,936


 consolidated 2019 2018 2017.
 stock compensation payroll taxes
 Revenues
 Subscription solutions $642,241 $464,996 $310,031
 Merchant 935,932,233
 1,578,173 1,073,229
 128,155 100,990
 Merchant 584,375 375,972 231
 476,962
 Gross profit 865,643 596,267 380,253
 Operating expenses
 Sales 472,841 350,069 225,694
 Research 355,015 230,674
 178,934 107,444
 expenses 1,006,790,187 429,410
 Loss operations (141,147
 Other income 45,332
 Loss taxes (95,815) (64,553)
 Net loss(124,842
 loss share.. 61. 42
 loss 113,026,424 105,671,839 95,774,897


BELL WIRELESS
 revenues increased. 7% 2019 postpaid prepaid higher product revenues.
 Service revenues increased 2. 5% growth postpaid prepaid subscriber base rate increases higher-value 2018 CRTC decision roaming
 offset Greater sales premium handsets higher-value plans Lower data voice overages
 Product revenues increased 6. 6% premium handsets higher-value plans.
 External service revenues 6,427 6,269 158.
-segment revenues.
 Total operating service revenues 6,476 6,317 159.
 External product revenues 2,660 2,497.
.
 operating 2,666 2,501 165. 6%
 revenues 9,142 8,818.


 breakdown revenue product service
 SPVSS increased 7% 8% 3%.
 2019. 2018
 July 27, 2019 28, 2018 29, 2017 Dollars
 Revenue
 Product $39,005 $36,709 $2,296
 75. 1%.
 Service 12,899 12,621
 24. 9% 25. 6%.
 $51,904 $49,330 $48,005 $2,574


 Transition
 Deloitte intu’s external auditor 2019 audit 2019 AGM succeeding PwC. early transition well. Audit Committee recommended Deloitte 2020 AGM.
 focus transition external audit from PwC to Deloitte. detailed transition plan management Deloitte familiarising Deloitte intu. transition plan
 PwC November 2018 February 2019 Audit Committee meetings
 communication
 review PwC’s 2018 audit files
 senior management
 visits shopping centres
 thirdparty valuers
 reviews cash flow financing covenant projections
 External auditor effectiveness
 Audit Committee assessed Deloitte FRC’s Audit Quality Practice first year auditor. reviewed
 2019 audit plan
 FRC’s audit quality inspection review
 output audit reports
 audit team meetings
 assessed through internal feedback direct meetings reviews independent reports.
Audit Committee concluded Deloitte effective external auditor 2019 audit. effectiveness.
 implemented FRC’s Ethical Standard Auditors restrictions services. Revised Ethical Standard effective 15 March 2020. majority non-audit services prohibited require approval Audit Committee. fee limit 70 per cent audit fees past three years.
 Audit Committee contracts non-audit services. Company.
 table summarises fees paid external auditor three years 2019 Deloitte 2018 2017 PwC.
 Audit Committee effectiveness
.
 Steve Barber Chairman Audit Committee March 2020
 Audit fees 1,092 823
 Non-audit fees 598 281
 fees 1,690 1,104 838
 Ratio 55% 34% 6%


REVENUES SERVICES PRODUCTS
 table presents revenues.
 recognized.
 product revenues.
 DECEMBER 31
 6,427 6,269
 7,684
 voice 3,564 3
 2,811 2,677
 wireline services
 20,737 20,441
 2,660 2,497
 519
 equipment
 3,227 3,027
 operating revenues 23,964


defined International Monetary Fund.
 Revenue external customers industrial businesses. SGRE Siemens Healthineers highest Gas Power declined. decline emerging lower revenue Egypt Gas Power higher revenue.
 Revenue Europe. Africa Middle East increased SGRE. Gas Power. Germany revenue moderately Mobility Gas Power decline SGRE.
 Americas revenue higher positive currency translation. Siemens Healthineers Smart Infrastructure Gas and Power largest increases SGRE lower revenue. industrial businesses higher SGRE Smart Infrastructure strongest.
 Asia Australia rose Siemens Healthineers Industries. Gas Power SGRE lower. China revenue
 Siemens Healthineers. SGRE lower revenue.
.
 Europe. Africa Middle East 44,360,782 4%
 Germany 12,282
 Americas 23,796
.17,993 16,012 12%
 Australia 18,693
 China 8,405,102
 Siemens 86,849 83,044
 emerging 27,607 28,272


NAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars
 lease liabilities $47,064 December 31, 2019.
 lease payments
 lease terms 4. 5. 9. 3 years.
 Charter-in Land Leases Office
 2020 $109,574 $556
 2021 85,399
 2022 57,282
 2023 47,603
 2024 34,025
 2025 33,481 23,002
 $367,364 $25,782 $1,291
 Operating lease liabilities $304,568 $7,660 $1
 borrowing rate $62,796 $18,122


Revenue Segment
 table breakdown millions
 Amounts sum percentages recalculate.
 increased 8% driven growth enterprise public sector commercial markets. offset decline service provider. increased 9% United States 26% Mexico 6% Canada offset decrease 1% Brazil.
 EMEA increase 6% driven growth public sector enterprise offset decline service provider. commercial flat. emerging countries increased remainder EMEA 5%.
 APJC increased 1% growth public sector enterprise offset declines service provider commercial. increased Japan 5% India offset decrease 16% China.
.
 Variance Dollars Percent
 revenue
 Americas $22,754 $21,088 $20,487 $1,666 8%
 Percentage 58. 3%.
 EMEA 10,246 9,671
.
 APJC 6,005 5,950
product revenue.
 $39,005 $36,709 $2,296


financial data
 Premise EBITDA decreased $2. million 2019 $5. million cash operating expense offset $2. 6 million revenue.
 On Demand EBITDA increased $54. million $46. million acquisition Speedpay. increased $8. million $18. 3 million revenue $10. 2 million cash expense.
 Revenues
 On Premise $579,334 $576,755
 Demand,960 433,025
 revenue $ 1,258,294 1,009,780
 Adjusted EBITDA
 Premise $321,305 $323,902
 Demand
 Depreciation amortization
-based compensation expense
 unallocated expenses
 Interest (52,066
 Income taxes $ 72,210 91,799
 Premise 11,992
 Demand
 54
depreciation amortization 122,569 97,350
 7,651 4,348
 7,995 4
 11,674
 36,763 20,360


ICAR Vision Systems.
 October 16, 2017 Mitek Holding. wholly subsidiary. acquired shares ICAR Spain subsidiaries Share Purchase Agreement Mitek. shareholders. ICAR provider identity fraud document management solutions web desktop mobile. ICAR direct subsidiary Mitek Holding. indirect wholly owned subsidiary. leading provider consumer identity verification solutions Spain Latin America. Acquisition strengthens global digital identity verification powerhouse.
 agreed purchase price $13. 9 million. October 16, 2017 cash payment Sellers $3. 0 million issued 584,291 shares $5. 6 million Common Stock. Sellers additional cash consideration revenue target fourth quarter 2017 $1.5 million deposited escrow fund subject revenue net income targets ICAR 2018 2019 Sellers $3. 8 million additional cash if revenue target Q4 Consideration added Earnout Consideration revenue income targets. estimated Q4 Consideration $2. 9 million 16 2017 discounted cash flow methodology. revises.
 incurred $0. 5 million ICAR Acquisition legal fees service costs travel expense.
 October 16 2017 deposited $1. 5 million escrow fund working capital adjustments indemnification rights. April 2018 Q4 Consideration $1. 5 million deposited escrow fund. earnout targets paid $1. 8 million January 2019. extend remaining $1. 8 million earnout. paid first quarter fiscal 2020 revenue income targets.remaining earnout paid first quarter fiscal 2021 based revenue income development corporate targets 2020. first quarter 2020 Company released escrow funds excluding $1. 0 million held settlement Global Equity Corporate Consulting. ICAR Note 9.
 used cash paid October 16, 2017 guarantee obligations Mitek Holding.
 Acquisitions accounted purchase method accounting ASC Topic 805 Combinations. results A2iA ICAR included financial statements. purchase price A2iA ICAR allocated assets liabilities assumed estimates fair value.
 table summarizes estimated fair values assets acquired liabilities assumed year September 30, 2018
 goodwill synergies not deductible income tax. estimated fair value acquisition intangible assets discounted cash flow projections. judgment discount useful lives.
$3,929 $5,965
 Property equipment 307
 Intangible 6,407 35,017
 Goodwill 24,991 6,936 31,927
 non-current 1,177 1,264
 Deferred,105
 $48,816 $11,467 $60,283


Liquidity Capital Resources
 primary sources liquidity cash reserves debt. raise additional funds debt equity financings. use funds
 facilitate purchases redemptions exchanges dividends
 acquire businesses
 develop services.
 August 31, 2019 Cash equivalents $6. 1 billion $5. 1 billion August 31, 2018.
 Cash flows operating investing financing summarized
 Operating $600 million increase higher net income assets liabilities accounts payable offset higher tax disbursements.
 Investing $506 million increase investments.
 Financing $58 million increase dividends purchases offset proceeds issuances purchase interests subsidiaries.
 working capital investments corporate funding requirements cash flows operations borrowing facilities future financial market activities
cash held no regulatory restrictions tax effects. domestic cash inflows Irish parent dividend distributions cash requirements expect continue.
 2019
 millions U. S. dollars
 Net cash
 Operating activities $6,627
 Investing (1,756)
 Financing (3,767)
 Effect exchange rate changes cash equivalents
 increase cash equivalents $1,065 $934


Fair Value Valuation
 Stock Options
 stock options estimated binomial-lattice model. inputs include stock price volatility risk-free interest rate dividend yield contractual term vesting schedule cancellations exercise post-vesting termination behavior. Statistical methods termination rates.
 table presents weighted-average assumptions grant date fair value stock price volatilities
 Expected life stock options outstanding. employees exercise options stock price equals exceeds exercise multiple. based exercise behaviors.
 Volatility implied volatility exchange-traded options historical volatility shares statistical model transition.
 Risk-free interest rate term.
 Dividend yield based historical dividend payouts. Share-based compensation expense reduced for estimated forfeitures. Forfeitures estimated revised.
 Employee and Director Options

 Ended December
 life 7. 85. 64.
 30. 32. 37% 35.
 interest. 90%. 10%.
 Dividend yield. 76%. 61%.
-average $17.
 volatility
 30. 31. 72% 28.
 38. 17% 36. 73% 35.


23 Provisions
 environmental vacant space legal provisions
 AROs costs restore leased premises. Cash outflows liabilities restoration dates long-term. timing extent restoration uncertain.
 YEAR ENDED DECEMBER 31 AROs
 January 1, 2019 199  172 371
 Additions 21 24 45
 Usage
 Reversals
 Adoption IFRS 16
 December 31, 2019 199 132 331
 Non-current 183 115 298
 331


See performance page 231 GAAP.
 adjusted tax rate 31 March 2019 24. 4% 20. 6% last. higher rate due profit Liberty Global transaction. tax rate reflected closing tax audits Germany Romania. tax rate low-mid twenties medium.
 derecognition deferred tax Spain €1,166 million deferred tax Luxembourg losses €320 million €304 increase deferred tax €488 million €330 revaluation investments.
 tax 31 March 2018 deferred tax asset €1,603 million higher interest rates tax charge capital gains transfer Vodafone Kenya Vodacom Group €110 million.
 Income tax
 profit tax
 Deferred tax revaluation Luxembourg
 deferred tax asset
 tax losses
 Safaricom transaction
 Derecognition deferred tax asset Spain
(704) (828)
 (2,613) 3,878
 Adjustments profit share 5,149
 profit 2,536 4,408
 results associates ventures (389)
 2,884 4,019
. 4%. 6%


 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.
 revenue increased. 6% (6. 8% growth American broadband services MetroCast acquisition south Florida fibre network decrease Canadian broadband services decline service units lower service activations new customer management system rate increases higher net pricing sales.
 operating financial results section.
 Years ended August 31,
 thousands 2019 2018 Change constant currency Foreign exchange impact
 Canadian broadband services 1,294,967 1,299,906.
 American broadband services 1,036,853 847,372.
-segment eliminations.
2,331,820,147,404.,433


 Interest income 2019 increased $0. 4 million securities portfolios.
 Interest expense decreased $6. 6 million. 50% convertible notes July 1 2018 $253. million third quarter. Capital.
 foreign exchange gains losses foreign currencies intercompany loans cash accounts. 2019 2017 driven fluctuations euro US dollar pound.
 Interest income $8,178 $7,796 $2,951
 Interest expense (21,559) (28,176 (14,762
 $(13,297) $(23,478),333


Revenue Segment
 breakdown revenue millions
 Amounts percentages recalculate
 revenue increased 2% software solution support. Americas EMEA offset decreased APJC segment.
 2019. 2018
 July 27, 2019 Variance Dollars
 revenue
 Americas $ 8,173 7,982 $7,864 $191
 63. 4%. 3%.
 EMEA 2,854 2,754 2,635
. 1%. 8%. 4%
 APJC 1,872
. 5%. 7%
 Total $ 12,899 12,621 $12


Financial risk management
 Group exposed to financial risks market liquidity credit risk.
 majority financial risk management by treasury department. policies managing risks impact results summarised.
 Market risk
 Interest rate risk
 cash flow fair value risks. Cash flow future. Fair value
 interest rate risk from borrowings at floating rates fixed interest rates fair value risk. Bank debt issued at floating rates linked to LIBOR. LIBOR after 2021 monitoring LIBOR reform. fall-back provision changes. Bond debt capital market debt issued at fixed rates.
 policy eliminate exposure to interest rate fluctuations floating to fixed interest rate swaps certainty over cash flows. borrowings to. holds interest swaps unallocated.
 exposed to market price risk fixed rate swaps.interest rate swaps financial review page 34
 effects borrowings profile
 interest rate protection 75 to 100 per cent
 average rate swaps 1. 97 per cent (2018. 89 cent.
 value unallocated swaps £483. 4 million (2018 £566. 7 million. fair value £166. 7 million £184. 4 million liability balance sheet. swap maturity 2037 break clause earlier termination 2020 2023. early termination settlement payable Group.
 impact 50 point increase interest rates income equity £67. 8 million £78. 8 million. 50-basis point reduction interest charge income equity £67. 8 million. parallel shift yield curve unlikely. analysis. fixed rate instruments matched floating rate debt effect cash flow small.
Fixed
 Borrowings 2,951. 1,667. 2,998. 1,884.
 swaps 1,073. 1,112.,112.
 borrowings 4,025. 593. 4,110.
 Interest 87. 84


 OLS ILS. cost photonics solutions OLS high performance laser sources optical sub-systems microelectronics medical diagnostics scientific research. ILS performance sources industrial laser materials processing automotive machine tool consumer goods medical device.
 net sales percentages
 sales 2019 decreased $471. 9 million 25% $372. 8 million 30% OLS $99. 1 million 15% ILS. foreign exchange rates.
 OLS weaker demand lower ELA tools revenues consumable service parts.
 ILS lower sales materials processing microelectronics higher medical military.
 OEM Sources $886,676 62. 0% $1,259,477 66. 2%
 Industrial Lasers Systems 543,964 38. 0% 643,096 33. 8%
 $1,430,640. $1,902,573.


 revenue recognition invoicing. Company records accrued receivable deferred.
 Total receivables. services SaaS PaaS revenues multi-year software license arrangements extended payment invoice.
 Total receivables
 No customer 10% consolidated receivables December 31, 2019 2018.
 receivables $213,654 $239,275
 doubtful accounts (5,149
 208,505 235,363
 Accrued 399,302 336,858
 Significant financing (35,569
,733 301,829
 current accrued receivables 161,714 123,053
 financing (11,022
 long-term accrued receivables 213,041 189,010
 Total $572,238 $537,192


Sources Uses Cash
 primary operations. sources Euro Term Loan Rofin sale stock borrowings revolving credit facility. uses cash acquisitions repurchase common stock capital expenditures debt issuance costs. Supplemental information Statements Cash Flows
 Net cash operating activities decreased $54. 7 million 2019 2018. due lower income deferred taxes offset higher accounts receivable inventories deferred revenue accrued payroll. existing cash equivalents short term investments Revolving Credit Facility working capital expenditures next 12 months. may finance capital other. strategy strengthen financial position cash flow operations.
 Net cash $181,401 $236,111
 Purchases property equipment (83,283) (90,757)
 Acquisition businesses cash (18,881) (45,448)
Hull 25,000
 6,250
 Borrowings repayments 263,252)
 Issuance,574
 Repurchase common stock (100,000
 settlement restricted stock,320


Property equipment
 Includes. $41. 8 million $39. 4 million March 31, 2019 2018.
 Includes. $31. 2 million March 31, 2018. derecognized. completion construction. Note 12.
 United States $62,455 $62,064
 Kingdom 17,402 46
 South Africa
 Australia 3,481
 $94,202 $123,822


Contract balances
 Increases accrued unearned revenue acquisition Sigma Systems. increase accrued revenue software licences deployed billed.
 deferred revenue $22,251,000 support maintenance.
 Accrued revenue 27,817
 Unearned revenue 27,069 22,914


. Operating lease commitments
 Group lease agreements property plant equipment future payments years.
 Leases relate properties offices factories. Lease payments review five years reflected table. no significant contingent rental renewal purchase escalation clauses.
 future lease payments non-cancellable leases
 Group lease payments. sub-lets properties non lease arrangements. Sub-lease receipts £0. 2m. recognised statement profit loss. total future minimum sub-lease payments £0. 2m.
 30 Mar 2019 31 Mar 2018
 Property Plant Equipment
 Within one year.
 Between 2 5 years.
 After 5 years.
 14.


Other (Expense Income
 table
 Cryovac Brasil. Sealed Air subsidiary decision Brazilian court indirect taxes. year December 31, 2019 income $4. million overpaid taxes 2015 2018.
 foreign exchange transaction loss $ (7. (16. (5.
 Bank fee expense. (5.
 Pension income costs 1. 3.
 Loss debt redemption refinancing (16.
 8.
 Other (expense income (19. (18. 6.


Interest associates
 profit $1,917,000 NSR’s gains properties $1,383,000.
 Group owns 24. 9% (2018. 9%) Australia Prime Storage Fund. Universal Self Storage premium grade selfstorage centres.
 30 June 2019 National Storage Pty Ltd earned fees $0. 8m APSF design development management $0. 7m.
 two centres Queensland third construction Victoria.
 2019 Group purchased two storage properties $42. 6m third asset $21. 35m. June 2018 purchased storage centre Queensland $14m.
 APSF commitments $2. 8m one centre Victoria. contingent liabilities commitments. commitments $2. 8m storage centre Victoria.
 Group holds 24%. Spacer Marketplaces Pty Ltd. marketplaces self-storage parking.
1 July 10,693 8,611
 profit 1,695 1,282
 Distributions
 30 June 12,388 10,693


. Inventories
 Fiscal Year
 Raw materials $ 260 $ 276
 Work
 Finished goods 925
 $ 1,836 1,857


 manage business three segments. revenue product service summarized table millions
 Amounts sum percentages recalculate.
 revenue 2019 increased 5% 2018. Product 6% service 2%. growth segments. BRICM countries 1% decline 16% decrease China 1% Brazil. offset increased revenue Mexico Russia India 26%, 6% 5%.
 macroeconomic factors reduced IT spending government revenue segment impacted complexity obligations financing final acceptance. customers large sporadic purchases timing revenue recognition.
 2019. 2018
 July 27, 2019 2018 2017 Variance Dollars Percent
 Revenue
 Americas $ 30,927 $ 29,070 $28,351 $1,857 6%
 59. 6%. 9%. 1%
 EMEA 13,100 12,425,004 5%
 25. 2%.
 7,877 7,834,650
.
 $51,904 $49,330 $48,005 $2,574 5%


December 31, 2019 2018 $21 million $20 million unrecognized tax benefits deferred tax assets. 2018 tax litigations triggered reversal uncertain tax positions $310 million.
 uncertain tax positions increase 12 months tax audits. change.
 accrued interest penalties uncertain tax positions income tax expense less than $1 million 2019 2018 2017 2016, 2015, $27 million 2014 not previous years. interest penalties $6 million December 31, 2019 $5 million December 31, 2018.
 tax years open review 1997 to 2019.
 Balance beginning year
 Additions tax positions
 acquisitions
 Additions prior years
 Reduction
 Settlements
 Prepayment Refund
 Reductions lapse statute limitations
 Foreign currency translation
 Balance end year


. Goodwill Purchased Intangible Assets
 amortization
 July 27, 2019 28, 2018 29, 2017
 sales. $624 $640 $556
 Operating expenses
 Amortization
 Restructuring charges
. $774 $861 $853


Fiscal 2018 IFRS 15 change accounting policy Cogeco Peer 1 discontinued operations. consult policies operations sections.
 non-controlling interest 21% Atlantic Broadband results Caisse dépot placement Québec MetroCast acquisition January 4 2018.
 Fiscal 2019 fourth-quarter profit increased 21. 8%. 8% higher adjusted EBITDA decrease financial expense.
 profit increased 26. 1% 25. 2% profit discontinued operations $1. 9 million working capital adjustments sale Cogeco Peer 1 loss discontinued operations $1. 1 million.
 Three months August 31,
 earnings share
 Profit continuing operations 92,403 75,870.
 94,323 74,818.
 87,850 72,753.
 89,770 71,701.
 non-controlling 4,553 3,117.
earnings operations. 78. 48.
. 82. 45 25.


Deferred income taxes differences assets liabilities.
 December 2017 Tax Cuts Jobs Act. estimated expense $11. 9 million fourth quarter 2017 $9. 2 million deferred tax assets $2. 7 million unrepatriated foreign earnings. calculated impact 2017 year-end income tax Staff Accounting Bulletin No. 118. work foreign earnings deferred tax third quarter 2018 tax benefit $4. 0 million December 31, 2018.
 December 31, 2019 2018 non-current deferred taxes pension plan reflect unrealized gains losses investments losses pension plan. change tax benefit $0. 4 million $2. 8 million 2019 2018 adjustment comprehensive income Consolidated Statements Income.
 Company reviews valuation allowance recognizes benefits deferred tax assets ASC 740.decrease revenue profitability 2019 growth deferred tax assets. domestic tax assets valuation allowance against established third quarter 2019. may adjusted evidence.
 December 31, 2019 deferred tax assets $56. 2 million offset valuation allowance $48. 6 million. $42. 8 million domestic tax assets. remaining $5. 8 million state research development credit carryforwards foreign loss. remaining $7. 6 million not foreign jurisdictions.
 2019
 Deferred tax assets
 Inventory $7,144 $6,609
 Accrued expenses 2,330 2,850
 Investments 1,122
 Deferred compensation 5,660 4,779
 Stock-based compensation 2,451 3,069
 Uncertain tax positions 241 326
 Pensions 7,074 5,538
 Foreign losses 2,925 3,097
3,995
 Federal 12,171
 Lease liabilities 2,496
 22,230
 Valuation
 Deferred Tax Assets 20,101
 Property equipment
 Intellectual property (5,337
 lease (2,496
 (1,892)
 Deferred Tax Liabilities
 Assets $7,561 $37,187


CONTRACTUAL OBLIGATIONS
 table summarizes obligations January 31, 2019 effect liquidity cash flows future.
 excludes current liabilities purchase obligations deferred revenue income tax liabilities Part II Item 8 Note 5.
 Notes December 2012, June 2015 2017. Part II 8 Note 8 Arrangements.
 Term loan Agreement December 17, 2018.
 Operating lease obligations facilities sublease income computer equipment leases
 Purchase obligations enforceable quantities price provisions timing. enterprise subscription agreements IT infrastructure marketing costs
 Deferred compensation obligations non-qualified deferred compensation plan. Part II Item 8 Note 7 Compensation.
 Pension obligations plans outside U. Part II 8 15 Benefit Plans.
Asset retirement obligations estimated costs office buildings original after lease
 Purchase orders not included table. amount. based current procurement needs fulfilled short. significant agreements for minimum quantities prices for three months. software royalty commitments shipment licensing products.
 timing payment obligations estimated based current information. amounts receipt changes.
 provide indemnifications guarantees limited product warranties. costs significant future costs variable unable estimate maximum impact future results
 Fiscal year 2020 2021-2022 2023-2024
 millions
 $1,898. $57. $541. $422. $877.
 Term loan 533. 18. 515.
 Operating lease obligations 409. 75. 115. 92. 127.
 Purchase obligations 82. 47. 17.11. 6
 compensation obligations 60. 5 8 37
 obligations 25. 13
 retirement obligations 10.
 $3,020. $212. $1,204. $540. $1,062.


. REVENUE FROM CONTRACTS CUSTOMERS
 Revenues costs construction contracts recognized as performance obligations ASC 606. revenue profit recognized customer obtains control goods services promised. cost uninstalled materials equipment excluded from profit unless produced manufactured progress.
 ASC 606 changes accounting principles
 Timing revenue recognition uninstalled materials recognized revenue percentage-of method. revenue recognized customer obtains control goods services. cost uninstalled materials equipment excluded profit unless produced manufactured progress.
 Completed contracts recognized revenue residential projects completed contract method. ASC 606 revenue as customer obtains control goods services.
 Revenue recognition other sales arrangements consistent with prior.
 new revenue recognition standard adjustment retained earnings $1,405 as of January 1, 2018. details.
December 31, 2017 Adjustments ASC January 1 2018
 assets $3,790
 liabilities 7,288
 deficit (56,365


 2019 SEK 5. billion. 3% sales. related test sites R&D network centers manufacturing repair.
 increase 5G test equipment.
 Annual 2% sales. current capacity. Board Directors investment plans proposals.
 December 2019 no land machinery equipment pledged collateral indebtedness.
 expenditures 2017–2019
 5. 4. 3.
 2.
 sales. 3%.


value RSUs PSUs granted vested 2019 2018 2017
 2019 $1. 1 billion unrecognized compensation cost non-vested RSUs recognized 2. 5 years.
 tax benefits 2017 $131 million $117 million $180 million.
 2018
 RSUs
 Granted $674 $583 $484
 Vested 428 381
 PSUs
 $164 $118 $113
 Vested


. Link Group performance remuneration outcomes
 Altium Remuneration Framework employee remuneration shareholder returns capital appreciation dividends. table shows Group performance financial results metrics five years.
 remuneration strategy evolved linked success. Strong payout results STI LTI financial performance. STI LTI hurdles changed reflect growth.
 EPS Profit excludes deferred tax asset US$77 million.
 maximum STI payable 100% 150% 0%.
 Revenue 171,819 140,176 110,865 93,597 80
 EBITDA 62,721 44,869 33,254 27,430
 EPS.
 Profit 52,893  37,489  28,077 23,020 15,398
 Dividend 34
 Share price $34.
STI Achievement 100% - 150% 131% 103% 97% 63%
 performance 70% Revenue 30% EBITDA metrics growth EPS Product development
 LTI Achievement 100% 50%
 50% Revenue EPS Subscriber growth EPS


table shows financial performance Group
. Order intake commitments purchase goods services revenue.
. exceptional items acquisition costs intangible amortisation share-based payment $4. 3 million (2018 $19. 6 million.
. Adjusted operating profit percentage revenue.
. tax rate adjusted charge profit.
. Adjusted earnings per share note 11 financial statements.
. Cash flow operations tax capital expenditure interest lease liabilities/sublease income.
. Dividends US dollars paid sterling. final dividend 2019 3. 45 cents per 2. 70 pence per.
 performance assessed measures APMs. not defined IFRS comparable.
 APMs defined pages 190 191. adjusted income reconciled GAAP measures. reconciled GAAP measures.
 2019 2018 Change

 Order 532. 470. 13.
 503. 476. 5
 profit 368. 344. 7.
 73. 72.
 operating 275. 267.
 92. 77. 20
 18. 16
 profit 88. 57. 54.
 tax 13. 15.
 profit 89. 61. 46.
 earnings share5 13. 23.
 earnings 12. 39.
 cash 100. 50. 96.
 Closing cash 183. 121. 50.
 dividend share7 3. 2 26


 Company carries property vehicle workers’ compensation insurance. umbrella liability policy excess coverage.
 insurance programs compensation health care benefits high deductible self-insured programs. Claims self-insurance fully insured policy limits. Accruals based on claims estimates incurred.
 liabilities for unpaid claims compensation health insurance September 2019 2018 $1. 5 million $1. 6 million. included in accrued expenses Consolidated Balance Sheets. recorded reserves future payment claims.
 Adjustments claims estimates reflected in operations.
 activity self-insured liabilities reserve
 Beginning balance $1. $1.
.
.
 Ending balance $ 1.


. INCOME TAXES
 2019
 Federal $1,139,927,294,253
 428,501 423
 1,568,428 1,717,462
 34,466 (470,166
 40,462
 $1,609,000 $1,164,000


 December 1, 2014, Company Allocation Policy 80 percent free cash flow less long-term debt strategic plans market economic conditions discretion board. defines cash flow net cash operating activities less purchases property equipment.
 December 1, 2014, 2014 Share Repurchase Program. $ 1. 0 billion common stock four years contingencies.
 expired November 30, 2018 $288. 2 million unutilized.
 repurchased $315. million $25. million December 31, 2018 31, 2017.
 November 15, 2018 2018 Share Repurchase Program. authorized repurchase $ 1. 5 billion common shares December 1 2018 December 31, 2022 fees commissions.
 repurchase privately negotiated open market Rule 10b5-1 Rule 10b-18 Exchange Act.
timing repurchases stock price regulatory requirements debt obligations market conditions. $138. 9 million repurchases 2018 Share Repurchase Program 2019. remaining amount $1,361. 1 million.
 2018 2014 Share Repurchase Programs
 reissued retired 2019 may.
 repurchased shares 7. 16.
 purchase price $138. $315. $25.
 Fees commissions expenses.
 Total cash repurchases $139. $315. $25.
 Weighted-average purchase price per share $17. $18. $15.
 future purchases $1,361. $1,500. $603.


completed assessment indefinite-lived assets December 31, 2019 2018 impaired no impairment charge recorded 2019 2018.
 tables show rollforward goodwill December 31, 2017 2019.
 net impairment losses $1. 1 billion hosting business.
 allocated $32 million Level 3 goodwill consumer.
 Includes $58 million decrease foreign currency exchange rate change.
 Consumer
 millions
 December 31, $20,197 10,278 30,475
 Impairment (2
 December 31, 2018 $20,447 7,584 28,031


PERFORMANCE MEASURES
 Net profit) excluding impairment
 impairment reversals testing Note 8). Company reports profit impairment information operational performance fluctuations valuation fixed assets.
 2019 2018 2017
 Reconciliation net profit/(loss)
 166.
 Reversal impairment losses tangible assets.
 impairment 46.


AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions foreign currency losses
 balance sheets Comprehensive income
.
 Gains losses foreign currency transactions reflected. effect fluctuations foreign currency exchange rates intercompany debt reflected AOCL.
 foreign currency losses
 December
 currency losses AOCL $45. $385. $51.
 losses Other expense.
 losses $39. $390. $25.


service cost net pension expense estimated future pension liabilities employees. pension earnings interest deferrals expected return assets interest costs projected benefit obligations amortization actuarial gains losses prior service costs.
 pension expense recorded accounts cost sales selling general administrative expenses. summary classification pension expense years ended June 30 2019 2018 2017:
 capitalized gross inventory $1. 7 million $1. 7 million.
 Cost sales
 Service cost $10.
 cost sales.
 Selling administrative expenses
.
.
 Pension earnings interest deferrals.
.
.
 Net pension expense $11. $14. $48.


Contractual Obligations
 obligations future payments due December 31, 2019. events payments differ. table summarizes obligations effect liquidity cash flow
 2017 Facility incurs interest variable rate. payments no change Eurodollar Base Rate December 31, 2019.
 cash payments repurchase subsidiary unit awards residential property rental.
 amounts multi-year non contracts-party commitments.
 amounts contracts enforceable binding terms services price provisions timing. obligations.
 no outstanding letters credit 2017 Facility.
 Contractual Obligations 1 2 to 3 Years 4 to 5 Years
 Debt
 Principal payments $63,000
 Interest 2,206
 Unused line fee payments
 Operating lease commitments 9,818,823

 long-term liabilities 4,375 2,513 7,489
 commitments
 obligations $12,915 $90,586 $18,353,494 $133,348


oil derivative instrument note fair value determined discounted cash flows additional payments oil prices above floor liquefaction tolling agreement. inputs valuation discount rate time long-term short-term oil prices. changes fair value recognized earnings unrealized gain.
 realized unrealized gain
 unrealized loss/gain oil prices above floor LTA gain monthly billings above base tolling fee. note 24.
 Ended December 31,
 2019 2018 2017
 Realized gain 13,089 26,737
 Unrealized (loss)/gain (39,090) 15
,001 16,767


Benefit Pension Plans
 Company maintains plans foreign subsidiaries. conform local minimum benefits. recognizes overfunded assets underfunded liabilities statements.
 long-term rate return assets updated annually asset allocation returns economic environment. assumes asset mix current. determines discount rates corporate government bond yields.
 Benefits valued projected unit credit cost method. plans local requirements regulations. funding driven by economic environment projected benefit payments subsidiaries. measurement date benefit obligations December 31.
 recognizes actuarial gains losses valuations.
 summary status foreign defined benefit pension plans net pension cost
 long term rate return on assets determined weighted-average method historical inflation interest rate yield curve market conditions.
 Service cost.
 Interest cost.
return (6.
 gain.
 15. 6
 pension cost $24. $14. $10.
 Discount. 74 %. 66 %. 60 %
 obligations. 43 %. 74 %. 66 %
 return 3. 23 %. 18 %. 22
 compensation. 07 %. 22. 22


table pre-payroll tax social stock-based compensation expense 2018
 fair value shares vested 2019 $114 million $68 million 2018 $38 million 2017.
 Compensation cost $6 million 2019 $6 million 2018 $3 million 2017. $138 million unrecognized compensation cost unvested shares 9 months.
 deferred income tax benefit unvested compensation $9 million $7 million $3 million 2019 2018 2017.
 Cost sales
 Selling administrative
 Research development
 pre-payroll tax social contribution compensation


Operating Profit expenses interest taxes
 Grocery Snacks profit $689. 2 million decrease $35. 6 million 5%. profits $55. 8 million lower. input costs transportation inflation Wesson oil offset acquisitions supply chain productivity. Angie's Artisan Treats contributed $12. 6 million profit. Advertising promotion expenses decreased $31. 3 million. impacted charges $76. 5 million Chef Red $4. million HK. $33. 1 million gain sale Wesson ® oil business. $1. million $11. 4 million expenses divestitures $4. 6 million $14. 1 million restructuring plans. profit $689. 2 million decrease $35. 6 million 5%. profits $55. 8 million lower.lower profit input costs transportation inflation Wesson oil offset acquisitions supply chain productivity. acquisition Angie's Artisan Treats contributed $12. 6 million Grocery Snacks profit. Advertising expenses decreased $31. 3 million. impacted $76. 5 million Chef Red $4. million HK. $33. 1 million gain sale Wesson oil. $1. million $11. 4 million expenses divestitures $4. 6 million $14. 1 million restructuring.
 Refrigerated Frozen profit $502. 2 million increase $22. 8 million 5%. $19. 6 million lower input costs transportation inflation supply chain productivity. Advertising promotion expenses decreased $24. 6 million. gain $23. 1 million sale.
 $94. 5 million increase $8. million. profits flat.International segment 2019 $13. 2 million sale Del Monte® fruit vegetable $13. 1 million Aylmer® Sundrop assets $2. 9 million divestitures. impacted $1. 9 million $1. 5 million restructuring plans 2018.
 Foodservice profit $117. 7 million decrease $4. 1 million 3%. Gross profits $8. 5 million lower lower volume sale Trenton Missouri higher input costs supply chain productivity
 Pinnacle Foods profit $238. 2 million. cost $53. 0 million inventory $5. 9 million restructuring activities.
 2019 2018
 Grocery Snacks.
 Refrigerated Frozen.
 International.
 Foodservice.
 Pinnacle Foods.


. Goodwill Intangible Assets
 changes 2019 2018
 2019 acquisitions DeliverySlip AppRiver goodwill balance. 2018 Erado goodwill. 2018 adjustments reallocation excess purchase price assets 2017 Greenview EMS purchases. goodwill impairment annually. no impairment indicators December 31, 2019.
 balance $ 13,783 $ 8,469
 Additions 157,121 6
 Acquisition adjustments
 currency translation adjustment
 Goodwill $ 171,209 $ 13,783


profit/loss
 2019 EUR 485 million 544 million EUR 59 million 2018. lower selling research development fluctuation income offset lower gross profit. margin 2019 2. 1% breakeven 2018.
 Excludes acquisition Alcatel Lucent goodwill impairment amortization purchase price adjustments restructuring.
 impact unallocated items profit/loss
 2,003
 Amortization depreciation acquired assets
 Restructuring charges
 Gain defined benefit plan amendment
 costs
 Transaction Alcatel Lucent
 Impairment reversals
 model integration
 acquisition fair value adjustments deferred revenue inventory
 Divestment businesses
 Fair value changes IPR fund
 profit/(loss 485


Unrecognized Tax Benefits
 reductions tax positions 2019 non. ruling. loss Tax Act.
 additions years 2019 2018 Tax Act intercompany transactions. additions 2017 non. loss forwards internal restructuring.
 reductions settlements taxing 2019. audit.
 Company recognizes interest penalties unrecognized tax benefits. accrued interest penalties $18. 9 million $20. 4 million August 31, 2019 2018. penalties. $5. 2 million 2019 2018 2017.
 unrecognized tax benefits decrease $5. 8 million state settlement.
 subject. federal tax examinations before August 31, 2015. tax before August 31, 2009.
 Internal Revenue Service examination tax returns issued Revenue Agent’s Report May 27, 2015, updated June 22, 2016.IRS tax returns 2012 2014 issued RAR April 19, 2017. adjustments. taxation. May 8, 2019 tax audits 2009 2014 settled Form 870-AD adjustments lower. settlement financial position cash flows no additional tax liabilities.
 Fiscal Year Ended August 31,
 balance $256,705 $201,355 $149,898
 Additions 20,158 14,465
 Reductions,252)
 35,769 81,866
 Cash settlements
 Reductions statutes limitations
 settlements (35,582) (5,928)
 Foreign exchange rate adjustment (3,845)
 Ending balance $164,383 $256,705 $201,355
 Unrecognized tax benefits rate $93,237 $117,455 $75,223


. Loans borrowings
 Net Debt
 asset investments cash equivalents. measured net proceeds adjusted discount. asset investments cash equivalents measured cost net realisable value. Currency balances translated sterling swapped rates.
 alternative performance measure not IFRS. loans borrowings asset investments cash equivalents. reconciliation.
.
 31 March 2019 2018 2017
 Loans borrowings 16,876 14,275 12,713
 Cash equivalents (1,666
 Current asset investments (3,214) (3,022)
 11 10
 Adjustments
 retranslate debt balances swap rates
 remove accrued interest method fair value adjustments
 Net debt 11,035 9,627


Contract Balances
 table assets liabilities
 assets revenue license payments. liabilities advance consideration deferred revenue transfer control services provided. balances net period. Company recognized $4. 4 million revenue September 30, 2019 liability balance.
 September 30, 2019 October 1, 2018
 Contract assets current $2,350 $169
 non-current 581 507
 liabilities 5,612 4,281
-current 736


Consumer Cyber Safety
 Revenue increased $616 million $639 million identity information protection products 2017 offset $23 million decrease. growth subscription contracts bundling declining-alone. Operating income increased $272 million identity products offset higher cost operating expenses.
 Variance
 Net revenues $2,280 $1,664 $616 37%
 Operating income $1,111 $839 $272 32%
 Operating margin 49%


 sales decreased 2% $317. 9 million 2019 $325. 2 million 2018. impacted ASC 606. CGD contracts air combat ground training accounted percentage-of-completion cost-to. sales lower air combat simulation development international services contracts offset higher ground combat. exchange rates. sales $3. 2 million 2019 2018.
 Amortization Purchased Intangibles $0. 6 million 2019 $1. 1 million 2018.
 increased 39% $23. 0 million 2019 $16. 6 million 2018. profits improved cost reduction reduced R&D expenditures. higher ground combat lower decreased air combat simulation international services contracts. exchange rates. income
 $32. 8 million 2019 $26. 3 million 2018. increased $3. 1 million 2019 new revenue recognition standard.

 $ 317. 325.
 Operating income 23. 16. 39
 EBITDA 32. 26.


Credit risk
 carrying financial assets loans receivables amortised cost IFRS 9 maximum credit exposure. 31 March 2019 £59. 1m (2018 £56. 5m.
 trade receivables reporting date geographic region
 24.
.
.


. Analysis revenue growth
 TCS’ revenue grew 19% FY 2019. 4% prior year. greater demand services solutions expanding participation growth transformation initiatives. benefit currency exchange rates.
 volatility USD-INR. 07 significant volatility emerging currencies. Average exchange rates three currencies
 positive 7. 6% revenue. constant currency revenue growth 11. 4%.
 Currency Weightage FY 2019 2018
 53. 70. 64.
 13.
. 76
 Breakup revenue growth FY 2019 2018
 Business growth 11. 6.
 Impact exchange rate 7.
 Total growth 19.


Vessel operations
 non-GAAP measure. reconciliation 3. Financial Data.
 operating revenues decreased $72. 3 million $230. 7 million 2019 $303. million 2018. due
 $90. 4 million lower utilization drydocking days lower charterhire rates. fleet drydocking days off-hire 28 2018
 $2. 3 million decrease management fees revenue wind down OneLNG.
 offset
 $20. 4 million increase revenue Golar Viking on-hire.
 Average daily TCE lower voyage expenses increased $44,400 $43,700 2018.
 Vessel operating expenses decreased $2. 9 million $67. 6 million 2019 $70. 5 million 2018
 $3. 1 million reactivation operating costs Golar Viking
 $1. 8 million expenses Gandria conversion FLNG
.million expenses Gimi December 31, 2019 conversion FLNG Limited Notice 2018.
 offset non-capitalizable vessel operating costs $2. 8 million scheduled drydocking.
 expenses fuel vessel positioning. charterer. decrease expenses $66. 1 million $38. 4 million $104. 5 million 2018
 $56. 4 million voyage expenses decreased utilization
 $15. 2 million reduction bunker consumption drydocking 278 days 28 2018.
 offset $4. 6 million increase Golar Arctic commercial waiting.
 Administrative expenses decreased $0. 9 million $50. 8 million $51. 7 million corporate expenses share options expenses.
 development expenses decreased $3. 1 million $2. 1 million $5. 2 million non-capitalized expenses legal professional consultancy costs.
 Depreciation amortization decreased $0.$64. 9 million December 31, 2019 $65. 5 million 2018 $0. 9 million Golar Viking depreciation $34. 3 million impairment charge vessel March 2019.
 long-term assets increased $42. 1 million
 $34. 3 million impairment charge Golar Viking. 2019 agreement LNG Hrvatska future sale. fourth quarter 2020 triggered impairment test. carrying value non-cash impairment charge $34. 3 million. valuations exit price LNG carrier market
 $7. 3 million impairment charge OLT Offshore LNG Toscana. 2019 shareholder sold. 6% investment. exceeded fair value wrote investment.
 operating gains
 $9. 3 million $50. 7 million recovered arbitration proceedings Golar Tundra charter December 2019 2018. final payment
 $4.million loss hire Golar Viking December 31, 2019.
 revenues 230,654 302,979 (72,325)
 Vessel expenses (67,601)
 (38,381 (104,463) 66,082
 Administrative expenses (50,801) (51,716)
 Project development expenses (2,050,165 3
 Depreciation amortization (64,945) (65,496
 Impairment long-term assets (42,098)
 gains 13,295 50,740 (37,445)
 Operating/income (21,927) 56,336
 net losses (22,565,677
 Data
 Daily TCE 44,400,700
 off-hire days 3,840


. Segment Geographic Customer Information
 operate industry design manufacturing marketing high-performance storage data management solutions. business globally sales support geographic. management reviews financial information disaggregated information geographic region resources performance. allocate research development sales marketing administrative expenses regions.
 assets investments domestic operations. cash equivalents investments U. foreign subsidiaries
 2019 April 27, 2018
. $ 159 $ 853
 International 3,740 4,538
 Total $ 3,899 $ 5,391


. Income Taxes
 December 22, 2017 Tax Cuts and Jobs Act enacted. U. S. tax code. federal corporate tax rate 35% to 21% changing rules net operating loss carry-forwards carryback provisions expensing property limitation deductible interest expense eliminating corporate alternative minimum tax deduction income domestic production international operations. mandatory one- time transition tax untaxed earnings foreign subsidiaries.
. Securities Exchange Commission issued Staff Accounting Bulletin No. 118 guidance accounting tax effects TCJA. ASC Topic 740 Income Taxes. accounting income tax effects financial. provisional amount impact TCJA. measurement period impacts TCJA one year. April 30, 2018 Company recorded provisional decrease deferred tax assets liabilities reduction federal tax rate adjustment valuation allowance.April 30 2019 Company completed accounting tax TCJA no changes provisional estimate.
 TCJA established Global Intangible Low-Taxed Income tax foreign income. Company GILTI sale Gillam 2018 FEI-Asia disregarded. tax.
 income taxes
 2019
 Federal $8 (869)
 Foreign
 State
 303
 Deferred
 10,702
 Foreign 267
 State 1,200
 tax 12,169
 Total $11,176


. Property Equipment
 Depreciation expense years 2019 2018 2017 $124 million $138 million $130 million.
 Land
 Buildings
 Leasehold improvements
 Computer equipment
 Office furniture
 cost property 1 1,052
 depreciation (749)
 $253 $282


Performance Obligation Non-Lease Arrangements
 majority revenue contract term. transaction price obligations portion relates reporting period.
 non- recurring charges estimates usage.
 obligations reflect recurring charges sales incentives revenue adjustments.
 table transaction price fee non revenue future periods. amounts variable usage-based consideration.
 Year Ended June 30
 2020 2021 2022 2023 2024 Total
 millions
 Reportable Segment
 Zayo Networks 621. 295. 117. 36. 14. 17. 1,103.
 21. 11. 46.
 110. 26. 11. 1. 150.
 $753. $333. $135. $41. $16. $19. $1,300.


. Assets
 December
 Investments trust $13,927 $11,442
 Financial derivatives 3,373
 Deferred rent
 assets 2,667
 $20,525 $16,761


December 31, 2018
 Revenue license agreements patent licensing enforcement program. increase due licensing. Enforcement 2013.
 legal fees.
 expenses legal fees employee headcount expenses. 74% expense. Litigation expenses increased $4. 2 million $16. 5 million 2018 due actions. Employee headcount expenses increased $1. 8 million $7. 2 million incentive bonuses. consulting services facilities administrative fees.
 Research Development expenses Finjan Mobile security increased $0. 6 million $2. 1 million.
 fair value warrant liability $3. 4 million $2. 2 million 2017 interest expense $0. 6 million.
 tax expense $8. 1 million pre-tax income $28. 7 million valuation allowance $6. 2 million 2017.
 December

 Revenues $82. $50. $31. 63%
 15. 6. 9. 155%
 profit 67. 44. 22. 51%
 81%
 Operating expenses
 Selling 32. 28. 13%
 Research development. 40%
 operating expenses 34. 30. 4. 14%
. (282)
 taxes 28. 16. 12. 73%
 tax 8. 14.
 Net income $20. $22.


Accrued expenses
 December 31, 2019 2018 receivable payable expenses fair value Company believes short maturity.
 advertising $1,774 $1,875
 compensation 2,955 2,813
 member refunds 293
 expenses 2,455 2,266
 Deferred rent
 $7,477


. Acquisitions
 Microsemi
 results March 2018 closing Microsemi acquisition April 1 2017.-forma adjustments acquired inventory costs amortization intangible assets. informational not indicative April 1 2017
 Ended March 31,
 Net sales $5,563. $5,875.
 Net income (loss $542. $(762.
 Basic net income (loss common share $2. 29.
 $2. 17.


INCOME (LOSS) PER COMMON SHARE
 based weighted-average. Diluted potentially dilutive
 twelve months December 31, 2018 diluted earnings 215,196 unvested Restricted Stock Units 716,661 stock options potentially dilutive. twelve months December 31, 2017 diluted earnings 438,712 unvested Restricted Stock Units,048 stock options dilutive.
 December
 Net income (loss) common stockholders $(16,490) $19,813 $17,929
 Weighted-average common shares 27,618,284 27,484,655 25,353,966
 diluted 27,618,284 28,416,512 26,269,727
 Net income (loss) per common share
.
 Diluted.


. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS States Dollars share
 Cash flows
 Consolidated Statements Cash Flows indirect income. table operating investing financing cash flows.
 2017
 operating $153,327 $256,426 $160,394
 investing $(15,381) $(6,581) $(4,135)
 financing $(150,604) $(145,184) $(30,535)


Products Support Professional Services
 leading developer marketer software solutions hospitality industry software third hardware support maintenance subscription services professional services. specialization point of sale property management solutions.
 revenue costs three categories Products Support maintenance subscription services Professional services
 Total revenue
 Products revenue software third party hardware operating systems. sales include revenue licensing. driven efficiencies. integrations third party. require third party hardware operating systems. Third party hardware revenue driven by new wins hardware refresh purchases.
 Support Maintenance Subscription Services support revenue generate higher profit margins. Growth driven by focus developing promoting offerings demand maintenance flexibility. commitment exceptional service trusted partner commerce opportunities.
 Professional Services industry-leading expertise designing implementing integrating installing customized solutions platforms.integrate systems start-ups rollouts schedules. experience staging equipment rollouts time money.
 ended March 31,
 Products $39,003 $33,699 $38,339
 Support subscription services 75,496 69,068 63,308
 Professional services 26,343 24,593 26,031
 $140,842 $127,360


Officers
 name age position
 biographical summaries.
 Robert Andersen vice president financial officer Xperi Corporation. 2014. CFO G2 Holdings. CFO Phoenix Technologies. Wind River Systems. NextOffice. career Hewlett-Packard controller treasury. Quantum Corporation 2017. Alameda County Community Food Bank vice chair. B. A. economics California Davis M. B. Anderson School Management California Los Angeles.
 Paul Davis general counsel corporate secretary Xperi Corporation. August 2011, 2013. attorney Skadden Arps Slate Meagher Flom mergers governance. Juris Doctor California Hastings. history political science California San Diego. Order Coif member managing editor Hastings Law Journal.
 Murali Dharan president Tessera Intellectual Property Corp. October 2017 strategic growth property licensing.leadership experience CEO IPVALUE-up leader $1. 6 billion IP revenue. executive roles Preview Systems Silicon Graphics. electrical engineering Anna University master’s computer science Indiana University MBA Stanford University.
 Geir Skaaden chief products services officer December 2016 leads sales business development product management imaging audio solutions. DTS’s Executive Vice President Products Platforms October 2015 Senior Vice President 2013. Senior Vice President Products April 2012 December 2013. sales licensing operations business development. Chief Executive Officer Neural Audio Corporation 2004 Vice President Corporate Development 2002 2004. B. Finance University Oregon Business Norwegian School Management M. University Washington.
 adopted code business conduct ethics principal executive financial accounting. website. exhibit Current Report Form 8-K SEC December 1, 2016.
Kirchner
 Andersen
 Paul Davis
 Murali Dharan President Tessera.
 Geir Skaaden Products Services


sales second half driven Bars Food Accommodation venue refurbishments.
 increased. 7% F19. 8%. Comparable sales increased. 9%. 0% growth Q4. accelerated Bars Food Accommodation venue refurbishments. sales subdued Victoria. five venues opened acquired 328 hotels year‐end.
 gross profit declined 54 bps business mix input cost. CODB declined 18 bps.
 EBIT $261 million decreased. 5% weaker first half performance. EBIT second half increased. 3%.
 ROFE decreased 38 bps refurbishments acquisitions.
 Sales 1,671. 7%.
 EBITDA.
 Depreciation amortisation.
 EBIT.
 Gross margin 83.
 Cost business.
 EBIT sales.
Funds 2,068 1,995. 7%
 ROFE.


Stock Compensation
 income tax benefit $66 million $158 million $97 million 2019 2018 2017. offset U. S. valuation allowance. $30 million $19 million capitalized inventory August 29, 30. $439 million unrecognized compensation costs 2023 weighted-average 1. 3 years.
 2019 2018 2017
 compensation expense caption
 goods sold $102 $83 $88
 Selling administrative
 Research development
 $243 $198
 award
 Restricted stock awards $178 $140 $144
 Stock options


 September 30, 2019 $5. 8 million outside $0. 9 million 2018. recover costs profit margin contract change next year.
. federal contracts administrative. remaining 2019 2018 $0. 5 million $2. 0 million.
 Finished products $10,905 $7,099
 costs contracts 46,951 63,169
 Materials parts 48,938 23,710
 Customer advances,779
 Net inventories $ 106,794 $ 84,199


cash flow statement
 net inflow £4,256m down £671m £2bn contributions BT Pension Scheme working capital. cash £2,440m down £533m 18% increased cash capital expenditure EBITDA higher tax payments.
 outflows £598m £273m tax benefit pension deficit £619m. £325m acquisition mobile spectrum.
 2017/18 2018/19. £325m £304m excess refunded. pension deficit payments £2,024m paid dividends £1,504m.
 net cash cost £598m restructuring payments £372m regulatory payments £170m. £225m settlement warranty claims 2015 EE acquisition agreement.
 interest pension deficit payments.
 March
 Cash 4,687
 Tax
cash 4,256 4,927 6,174
 purchase property (3,637
 Free cash flow 619 1,586 3,055
 received
 paid (531)
 pension deficit payments 2,024
 cash flow 598 828
 sale non-current asset investments
 prepayments spectrum
 refund
 tax (273)
 free cash flow 2,440 2,973 2,782


table shows carrying amounts estimated values debt excluding lease liabilities
 Includes borrowings US Dollars.
 December 31, 2019 carrying estimated value exclude lease liabilities.
 Company remeasures amounts equity compensation value. Note 21, “Stockholders’ Deficit share-based compensation. non assets liabilities inventories net property equipment goodwill intangible assets retirement obligations.
 December 31, 2019 31, 2018
 millions Carrying Amount Fair Value
 July 2022 474. 474.
 July 223.
. December 2020 424.
. 875% December 2022 421. 421.
. 25% April 2023 422.
. 50% September 445. 509.
. 125% December 2024 421. 458. 421.419.
. September 2025 397. 441
. December 2027 420. 431
. 875% July 2033 445. 528. 445. 453
 foreign 12. 99
 borrowings 89. 168. 170.
 $ 3,774. 4,073. 3,474. 3,535.


party transactions
 Key management1 compensation
 directors intu properties Executive Committee managerial responsibility.
 2017 joint ventures intu Puerto Venecia Asturias sold shares subsidiaries Spanish PDMRs. total value at 31 December 2019 €1. 0 million 1 per cent outstanding share capital. sale Spanish MaB free float listing requirements. Group provided interest-free loan PDMRs shares. loans taxable benefit table. repayable cessation employment sale assets. PDMRs sold shareholdings January 2020 February 2020. outstanding loans repaid. balance written off Company.
 Key compensation
 Salaries employee benefits.
 Pensions post-employment benefits.
 Share-based payments.
.


Cloud Cognitive Software revenue increased 2018 three lines business. Cognitive Applications security services Cloud Data Platforms analytics platforms integration offerings. Transaction Processing Platforms grew improved revenue fourth-quarter commitment mission-critical workloads. revenue $3. 0 billion grew 10 percent.
.
 Gross margin impacted increased SaaS security services increased royalty costs IP licensing agreements. Pre-tax income driven operational efficiencies.
 31 2018 2017. Change
 Software
 gross profit $17,224 $16,986.
 margin. 6%.
 Pre-tax income $8,882 $8,068.
 margin.


GasLog Ltd. Subsidiaries
 financial statements
 years December 31, 2017 2018 2019
 amounts. Dollars
. Transactions
 Compensation management
 year December
 2019
 Remuneration 7,603 7,011
 Short-term benefits
 share-based compensation 1,821 1,992 2,044
 9,139


.
 Ended August 31,
 Domestic–federal,675 $69,080 $2,436
 1,383
 175,993 178,790 188,872
 153,701 248,004 191,320
 Deferred
 (24,342
 17,731 62,105
 deferred 7,529 37,856 (62
 income tax expense $161,230 $285,860 $129,066


net sales customers
 sell parts three customers no volume commitments subject orders.
 No other customer 10% sales. focus broadening customer base market.
 Changes orders results. customer reduces business results
 Years Ended December 31,
 Cummins Inc. 16. 1% 15. 2% 13. 4%
 Honda Motor Co. 11. 6%. 5%.
 Toyota Motor Corporation 9. 6%. 5%.


Financial Condition Liquidity Capital Resources
 cash balances future cash flows credit facility operations. flows outside U. S. $83. 2 million April 27, 2019 $69. 9 million subsidiaries outside. repatriated loans dividends income tax expense.
 Cash flow
 Operating Activities
 cash decreased $15. 8 million $102. million $117. million higher income. $42. 2 million outflows higher prepaid expenses lower accounts payable accrued expenses.
 decreased $27. 4 million $117. 8 million. lower net income. $43. 6 million inflows higher accounts payable accrued expenses lower prepaid expenses higher inventory levels.
 Investing Activities
 cash increased $291. 8 million $470. 8 million $179. million paid $422. 1 million Grakon.Pacific Insight Procoplast.
 Investing Activities 2018
 Net cash increased $157. million $179. million $21. 7 million. increase due $130. million acquisitions. purchases property plant equipment higher.
 Financing Activities
 Net cash $217. million $12. 7 million. net borrowings $238. 5 million Grakon. paid dividends $16. 3 million $14. 7 million.
 Net cash decreased $34. million $12. 7 million $47. net borrowings $2. million $30. million. paid dividends $14. 7 million $13. 7 million. common stock. 2017 paid $9. 8 million repurchase common stock.
 Fiscal Year
 Operating activities
 Net Income $91. $57 $92
 Non-cash Items.
 Changes Operating Assets Liabilities.
Cash Operating Activities 102. 117. 145.
 Investing (470. (21.
 Financing Activities 217. (12.
 Exchange Rate Changes Cash Equivalents (11. 26. (10
 Equivalents (162. 66.
 Beginning 246. 294. 227.
 End $83. $246. $294.


deferred income tax assets liabilities December 31, 2019 2018
 July 2019 established EMEA headquarters Ireland Asia-Pacific headquarters Singapore. transferred regional territory rights Canadian entity operations technology Canada. transfers business one-time capital gain. provision income taxes $29,027 December 31, 2019.
 released valuation allowance against deferred tax assets Canada United States Sweden. third quarter released valuation allowance Canadian deferred tax assets. 6RS released valuation allowance against deferred tax assets United States net operating losses.
 provided deferred income taxes estimated tax cost earnings $292.
 no uncertain income tax positions December 31, 2019 2018. penalties uncertain. no interest penalties tax positions.
 subject to audit tax authorities 2012 through 2019.
Investment tax credits R&D income tax expense.
 December 31, 2019 unused non-capital tax losses $209,759 $53,941. $150,707 remaining $59,052 2033 2039. state losses $298,998 December 2019 $116,026). no SR&ED expenditure pool balance. investment tax credits $2,111 $4,179. expire 2035 2039.
 $000's
 Deferred tax assets
 loss carryforwards 59,407
 Temporary differences capital intangible assets
 Stock-based compensation expense
 Accruals reserves
 Share issuance costs
 differences lease assets liabilities
 Investment tax credits
 Valuation allowance
 deferred tax assets 48,020
 differences intangible assets
(1,374
 (37,341) (5,350)
 10,679 (1,132


. Financial
 Five-Year Summary June 30
 2019 $1. 2 million costs LPW Technology. 4.
 2018 $68. 3 million income tax benefits. tax reform. Note 17
 2017 $3. 2 million loss divestiture.
 2016 $22. 5 million excess inventory write-down $12. 5 million goodwill impairment $18. million restructuring impairment charges $7. 6 million intangible assets $10. 4 million restructuring early retirement incentive.
 2015 $29. 1 million restructuring costs workforce reduction facility write assets.
 common shares 2016 2015. million shares repurchase program 2014. repurchased 3,762,200 2,995,272 $123. 9 million $124. 5 million.
. Financial Condition Results Financial.
2019 2018 2017 2016 2015
 Summary Operations
 Net sales $2,380. $2,157. $1,797. $1,813. $2,226.
 Operating income $241. $189. $121. $70. $119.
 Net income $167. $188. $47. $11. $58.
 Financial Position Year-End
 Cash equivalents $27. $56. $66. $82. $70.
 Total assets $3,187. $3,007. $2,878. $2,794. $2,902.
 Long-term debt $550. $545. $550. $611. $603.
 Share
 Net earnings
 $3.
.
 dividend-common.
 Shares
 47.
.|. 52.


allocate expenses allocating. unallocated expenses stock-based compensation amortization restructuring transition acquisition-related costs.
 income
 March 29, 2019 30, 2018 31, 2017
 segment operating income $1,414 $1,584 $1,026
 items
 Stock-based compensation expense 352
 Amortization intangible assets 443
 Restructuring transition 241 273
 Acquisition-related costs
 consolidated operating income (loss operations $380 $49


. Property Plant Equipment
 Depreciation expense $510 million $487 million $442 million 2019 2018 2017.
 Land improvements $ 152
 Buildings improvements
 Machinery equipment 7
 Construction
 Accumulated depreciation (5,906)
 $ 3,574 $ 3,497


Income Taxes
 years 2019 2018 29,
 income tax expense
 Federal $4,003 $2,945 $3,342
 State 2,144 1,943
 6,147 4,888,745
 Deferred tax expense
 1,617 2,363 (1,059)
 Foreign
 State
 deferred 2,063 2,554
 $8,210 $7,442 $4,042


Business Metrics
 financial statements metrics evaluate business performance develop financial forecasts strategic decisions.
 Devices Sold
 wearable devices returns. accessories. Growth rates revenue affected variables types products. prices sales accessories premium services.
 Active Users
 grow community device sales investment software. active user registered Fitbit user three months active Fitbit Premium Coach subscription paired wearable device Aria scale Fitbit logged 100 steps. Active users new existing inactive 90 days. excludes downloaded mobile apps without devices downloaded free versions Fitbit Coach not subscribers paid premium.
 December 31,
 Devices sold 15,988 13,939
 Active users 29,566 27,627 25,367
 Adjusted EBITDA $(128,333) $(31,361) $(52,158
cash flow,363,327


Auditor’s Remuneration
 Group paid auditor historical financial information non-audit services.
 Year-ended 31 March 2019 2018
 Audit Financial Statements.
 audits.
 Total audit fees.
 assurance services.
 non-audit fees.


leases
 Group earns leasing properties.
 standard shopping centre lease 10 to 15 years. provisions service charge recovery costs review five years. turnover leases percentage sales excess receivable recognised income.
 rental income long lease lengths high occupancy rent reviews.
 future minimum lease amounts
 income statement includes £12. 7 million (2018 £14. 4 million) contingent rents tenants’ turnover.
 322. 374.
 788. 987.
 657.
 1,768. 2,335.


5 Goodwill Intangible Assets
 annual impairment assessment unit December 31, 2019 no impairment loss. fair value exceeded carrying value 2. 4%. management judgment impairment. discounted cash flows market multiples analysis. future growth rates cost capital expenditures income tax rates variables. Assumptions internal projections operating plans. discounted cash flows impacted competitive landscape loss customer market place. comparisons. base fair value estimates assumptions unpredictable uncertain. Changes affect fair value conclusions goodwill test.
 Indefinite-lived Intangible Assets
 annual impairment assessment December 31, 2019 2018 no impairment losses.
 $ 10,368
 Accumulated impairment losses (1,244
 9,124
 3,700
Goodwill indefinite 12,824


December 31, 2019 2018 fair value 2022 Notes determined quoted price over-the-counter market carrying value debt instruments
 capped call transactions purchasers. reduce dilution earnings per share conversion.
 purchased options shares common stock 2022 Notes initial strike price $33. 71 per share conversion price subject anti-dilution adjustments cap price $47. 20.
 cost capped calls $12. 9 million recorded shareholders’ equity not re-measured.
 closing price common stock $78. 08 December 31, 2019 if-converted value 2022 Notes more than principal amounts.
 December 31,
 Fair
 2022 Notes $215,801 $79,224 189,802 $94,097


Expenses
 Group identified items financial performance
 Finance costs
 unsecured notes interest expense lease liabilities.
 note 16 12.
 Data centre rent APDC
 NEXTDC acquired Asia Pacific Data Centre 18 October 2018. landlord three facilities Melbourne Sydney Perth. June 2018 paid rent ancillary APDC $13. 8 million Consolidated Statement Data centre facility costs. AASB 16 2018 ceased depreciation expense finance cost until 18 October 2018 leases derecognised acquisition.
 APDC acquisition costs
 costs incurred. note 26.
 2019
 Finance costs
 Data centre rent
 APDC transaction costs fees
 Landholder duty acquisition APDC properties


. Operating segments
. Non-current assets trade receivables pension deferred tax.
 Europe Middle East Africa United Kingdom $6. million $2. Americas States non-current $182. 4 million $171.
 Non-current
 Americas.
 Pacific.
 Europe Middle East Africa.
.


Unrecognized Tax Benefits
 recognize tax return positions sustained taxing authority. Interest penalties recorded as tax expense. table reflects changes benefits
 December 28, 2019 $13. 4 million effective tax rate.
 income subject audits assessments. estimate judgmental. provided for foreseeable outcome.
 future results include adjustments tax liabilities statutes limitation. December 28, 2019 changes uncertain tax positions financial position.
 tax years 2016 2015 2014 open for examination. examine prior periods make adjustments loss.
 Fiscal Year
 December 28, 2019 29, 2018 30, 2017
 Unrecognized tax benefit balance $25,224 $18,296 $17,978
 Additions tax positions current year 3,679 1,677 694
 prior years 5,332
tax
 statute limitations (98) (376)
 Unrecognized tax benefit balance $28,800 $25,224 $18,296
 Interest penalties $59 $71 $67
 Interest penalties


 Transportation Systems
 sales increased 27% $849. 8 million 2019 $670. 7 million 2018 ASC 606. driven growth business North America. higher U. S. development New York Boston San Francisco Bay Area. Businesses acquired CTS. sales $74. 4 million. Sales increased Australia development Brisbane currency exchange rates. Sales lower UK development London currency exchange rates. rates CTS sales $22. 2 million strengthening U. dollar pound Australian dollar.
 Amortization Purchased Intangibles $22. 0 million 2019 $5. 2 million 2018.
 increased 28% 2019 $77. 2 million $60. 4 million 2018. higher margins work New York Boston San Francisco Bay Area Brisbane ASC 606. offset losses foreign currency exchange rates. Businesses acquired losses $10.2019 acquisition costs $8. million amortization assets $19. million. exchange rates. dollar CTS operating income $3. 6 million 2019 2018.
 increased 51% $110. 5 million 2019 $73. 3 million 2018. driven amortization intangibles costs. increased $2. 3 million new revenue recognition standard.
 2019 2018
 Sales $ 849. $.
 Operating income 77.
 Adjusted EBITDA 110.


.
 30 Raw materials $118,608 $110,389
 272,469 221
 Finished goods 120,716 140,766
 $511,793 $472,292


Consolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 May 28, 2017 millions share. RESTRUCTURING
 Pinnacle Integration Restructuring Plan
 December 2018 Board Directors approved restructuring plan operations Pinnacle cost synergies. incur charges exit disposal. GAAP. reporting actions initiated 2019 estimated costs cash outflows. expect incur $360. 0 million operational expenditures$285. million $75. million non $85. million capital expenditures. incurred $260. 1 million charges$254. million $6. million non actions. three-year period. December 2018 Board approved restructuring plan operations Pinnacle cost synergies. incur charges exit disposal U. GAAP.unable make Pinnacle Integration Restructuring Plan reporting on actions end fiscal 2019 estimated costs cash outflows. incur $360. million operational expenditures ($285. $75. non-cash $85. million capital expenditures. incurred $260. million charges ($254. cash $6. million non-cash for. costs over three-year period. December 2018 Board approved restructuring integration plan operations Pinnacle cost synergies. incur charges for exit disposal activities under U. S. GAAP. unable reporting on actions end fiscal 2019 estimated costs cash outflows. incur $360. million operational expenditures ($285. $75. non-cash $85. million capital expenditures. incurred approximately $260. million charges ($254. $6. million non-cash for actions.expect incur costs Pinnacle Integration Restructuring Plan three-year period.
 recognize pre-tax expenses include charges inception end
 Pinnacle Foods Corporate
 cost goods sold $5.
 cost goods.
 related costs. 116. 118.
 Accelerated depreciation 6.
 Contract/lease termination. 19.
 Consulting/professional fees. 96.
 selling general administrative expenses. 13.
 selling administrative expenses. 252. 254
 Consolidated total $1. $252. $260.


Amortization Intangible Assets intangible assets acquired business. amortize estimated useful lives. review impairment. Note 6 Consolidated Financial Statements intangible assets amortization.
 Amortization increased 2019 additional amortization developed technology reduction expenses amortized.
 Year Ended May 31,
 Percent Change
 Developed technology $857 13% 14% $758
 Cloud services license support agreements 712 -3%
 -9%
 Total amortization intangible assets $1,689 4% $1,620


Unaudited Pro Forma Results Acquirees
 Autodesk included financial results financial statements revenues results except PlanGrid not material fiscal 2019 2018 results.
 unaudited pro forma financial information summarizes combined results Autodesk PlanGrid 2018.
 includes effects acquisition PlanGrid amortization compensation expense interest debt issuance costs loan agreement. information adjusted pro forma events. informational not indicative results acquisition 2018.
 information 2019 combines historical results adjusted results PlanGrid pro forma adjustments
 Fiscal Year ended January 31,
 Total revenues $2,632. $2,099.
 Pretax loss (157. (724.
 Net loss (200. (734.


Jack in Box restaurants offer products classic Jumbo Buttery Jack®. breakfast sandwiches eggs tacos curly fries specialty sandwiches salads cream shakes. customize meals. four dayparts breakfast lunch dinner late-night.
 Box first drive-thru restaurants. seating 20 to 100 people open 18-24 hours. Drive-thru sales 70%-operated restaurants. average check $8. 34.
 21 states one territory Jack in Box growth opportunities. franchisees markets.
 changes company-operated franchise restaurants five years
 Site selections economic analysis demographic data population density traffic competition visibility access parking businesses market penetration. built to brand specifications sites.
 multiple models seating capacities flexibility. economic demographic characteristics site.
 costs restaurant$1. 4 million to $2. 0 million.corporate restaurants constructed leased transactions. initial cash investment reduced to equipment $0. 4 million to $0. 5 million.
 Fiscal Year
 2018 2017 2016 2015
 Company-operated restaurants
 Beginning 137  276  417  413  431
 Refranchised (135)
 Closed
 Acquired franchisees
 End period 137 276  417  413
 % system 6% 18%
 Franchise restaurants
 Beginning 2,100  1,975  1,838  1,836
 Refranchised
 Closed
 Sold to company
 End period 2,106 2,100  1,975 1,838 1,836
 system 94%
 end period 2,243  2,237 2,251 2,255


 Group reported £29. 2m. Trading profit £128. 5m £5. 5m ahead prior year depreciation £17. 0m higher 2017/18. non-cash £2. 4m due share payments.
 Net interest £7. 9m lower £30. 1m £300m notes October 2023. one-off 2019/20 £35-39m. No taxation losses capital allowances payment £1. 0m received Irish tax.
 Pension contributions £41. 9m £2. 1m higher. Premier Foods £34. 9m largest. 2019/20 £37m administration levy costs £6-8m.
 Capital expenditure £17. 7m £1. 5m lower. 2019/20 increase expenditure £25m growth. Stoke cake manufacturing.
 capital investment £7. 7m £0. 6m 2017/18. higher stock levels European Union.
Restructuring costs £18. 1m £12. 5m. logistics transformation programme disposal Ambrosia brand.
 Financing fees £12. 2m extension revolving credit facility £300m notes. £5. 6m redemption £6. 6m.
 partial repayment loan Hovis £7. 6m. second tranche 2019/20.
 cash £80. 2m £89. 4m 2017/18. £57. 7m interest £22. 5m repayment. investing £17. 7m 2018/19. 9m. financing £35. 8m £7. 2m. repayment £325m notes 2021 £300m notes 2023 financing fees.
 30 March 2019 deposits £27. 8m £23. 6m March 2018 revolving credit facility undrawn.
 Adjusted earnings per share
 profit.
 Depreciation.
non-cash items 2. 4
 (30.
 Taxation.
 Pension contributions.
 Capital expenditure (17. (19.
 Working capital (7.
 Restructuring costs (18.
 Proceeds share issue.
 Sale property equipment.
 repayment loan 7.
 Financing fees (12.
 cash 29. 28
 cash flow
 activities.
 investing (17.
 financing activities.
 cash equivalents.


table reconciles EBITDA income 2019 2018
 customer 10% operating revenue.
 assets outside. less 10%. Revenue. less 10% revenue.
 Years Ended
 EBITDA $15,987 16,647 12,560
 Depreciation amortization (4,829) (5,120
 Goodwill impairment (6,506) (2
 expenses (7,216)
 Share-based compensation
 Operating (loss income (2,726)
 expense (2,040) (2
 income before taxes (4,766) (1,563)
 Net income $(5,269)


. INVESTMENTS JOINT
 equity investments 2019 2018 $796. 3 million $776. 2 million. 44% Ardent Mills 50% joint ventures. recognized equity earnings month.
 2019 purchases $39. 4 million. dividends $55. million.
 2018 $34. 9 million. dividends $62. 5 million.
 2017 $41. 8 million. dividends $68. 2 million.
 Consolidated Financial Statements Years May 26, 2019 2018 28, information equity investments
 Net Sales
 Ardent Mills. $3,476. $3,344.
.
. $3,671. $3,542. $3,357.
 Gross margin
 Ardent Mills. $281. $386. $340.
.
 $327. $374.
taxes
 Ardent Mills. $151. $197. $152.
.
 $170. $207. $162.


Recast segment changes.
 2019 results impacted Red Hat acquisition activity.
 Cloud Cognitive Software profit margin decreased. 7 percent. driven Red Hat acquisition.
 Pre-tax income $7,952 million decreased. percent margin decline. 6 percent Red Hat investments lower income IP agreements.
.
 Cloud Cognitive Software
 gross profit $17,790 $17,224.
 margin. 7% 77. 6%.
 Pre-tax income 8,882.
 margin.


Leases
 Right-of-use assets
 majority value leased property Group leases office warehouse sites geographical locations. remaining leases leased motor vehicles sales service engineers operating company locations. average lease term 4. 3 years.
 Leased land buildings plants machinery fixtures tools equipment Total right-of-use assets
 Transition adjustment 1st January 2019 27. 2 7. 1 36.
 Reclassification long-term prepayments 5. 5.
 7. 4. 11
.
.
 Exchange adjustments.
 31st December 2019 38. 11. 2 51
 Depreciation
 7. 3. 11
.
 adjustments.
 31st December 2019 6. 3. 10.
 Net book value
31st December 2019. 40.


New Zealand sales$6. 7 billion. 3%. 4%.
 sales increased 3. 4% offer satisfaction brand advocacy. Fruit Vegetables VOC direct‐to‐grower quality community perceptions removal single‐use plastic bags.
 Digital F19 sales growth 40% Pick up Same day delivery capacity expansion. VOC NPS 66 Q4.
 growth. market Christmas. Sales square metre increased. 4%. reduction trading space closures. three closed two opened 180 supermarkets.
 18 gross margin. prices declined. 8% lower deflation.
 CODB increased 25 investment digital IT data.
 EBIT increased 3. 9%. 4. 4% improved cost management.
 ROFE increased 5 bps.
 New Zealand Wine Cellars Endeavour Drinks New Zealand Food.
 F19 F18
$ MILLION 53 WEEKS 52
 Sales 6,712 6,433 4. 3% 2. 4%
 EBITDA 425.
 Depreciation amortisation (129).
 EBIT 296.
 Gross margin 24.
 Cost business.
 EBIT sales 4.
 Sales square metre 16,626 15,621. 5%
 Funds employed 3,210 2,998 7. 1%
 ROFE 9.