recovery commodity markets orders revenue growth mechanical drives. Portfolio Companies businesses. Adjusted EBITA improved positive large drives.
 equity investments improved negative periods. Severance charges decreased € 14 million from 86 million 2018. order backlog € 5 billion € 3 billion revenue 2020.-equity investments volatile results expected.
 impacted uncertainties economic investment sentiment. moderate growth expected main markets.
 equity investments Ethos Energy Group Voith Hydro Holding. process solutions transferred Operating Company Gas Power. orders € 4. 746 billion revenue € 4. 558 billion Adjusted €(115) million.
 Mitsubishi-Hitachi Metals Machinery Siemens stake Primetals Technologies. expected 2020.
.
 Orders 5,806
Revenue 5,526 12 %
 Adjusted EBITA (305) 77 %
.


Stock
 2019 2017 Company issued service market RSUs. vest three years performance criteria employment. shares earned Common Stock Philadelphia Semiconductor Sector Index 0% to 150% target. measured closing price 50-trading days. target increased 2% 1%. vesting formula rounded nearest whole number. Total stockholder return stock price appreciation.
 table summarizes restricted stock activity
 fair value-based RSUs calculated market value discounted dividends.
-based RSUs
 June 26, 2016 3,256,513 $71. 1,078,591 $63.
 Granted 1,224,877 $114. 435,694 $111.
 Vested (1,677,318) $69. $46.
 Forfeited canceled (116,466) $76. $66.
25 2017 2,687,606 $92.
 964.,866 $170.
,362,369) $87. (407 $76.
 $108.
 24 2018 2,193,088 $134. 693 $104.
 $161. $165.
,135. $70.
 $141. $104.
 30 1,796,885 $159. 434,774 $144.


Amortization Assets
 decrease divestiture SPVSS October 28, 2018 offset acquisitions.
 July 27, 2019 28, 2018 29, 2017
 Amortization
 Cost sales $624 $640 $556
 Operating expenses
 Amortization 150 221 259
 Restructuring charges
 $774 $861 $853


FINANCIAL STATEMENTS
 Property Plant Equipment
 December 31,
 Land $1,095,136
 Buildings 68,350
 Machinery equipment 224,312 231,619
 Accumulated depreciation (188,719),876)
 $105,038 $99,401


Interest expense includes interest rate debt capitalized interest income interest rate swaps amortization senior debt costs credit fees bond discounts terminated treasury locks.
 expense years December 31,
 repaid notes maturity July 2017.
 August 1, 2019 Sealed Air Corporation amendment senior secured credit facility Bank of America. new incremental term facility $475 million acquisition Automated.
 July 12, 2018 subsidiaries third amended credit agreement senior secured credit facility.
 November 2019 issued $425 million 4.% Senior Notes due 2027 existing $425 million 6. 50% Senior Notes due 2020.
 Year Ended December 31, 2019. 2018. 2017
 Interest expense debt instruments
 Term Loan due July.6  $ (3.
 Term Loan July 2022(2). 8.
 July 2023(3) 8. 5. 9 18. 6.
 Revolving July 2023(3). 4 9
. 50% Senior Notes December 2020(4) 25. 28. 28.
. 875% Senior Notes December 2022 21. 5 5
. 25% Senior Notes April 2023 23. 23.
. Senior Notes September 2023 20. 21. 8
. 125% Senior Notes December 2024 22. 3.
. Senior Notes September 2025 22.
. Senior Notes December 2027(4). 7.
. 875% Senior Notes July 2033 31. 31.
 19. 18. 3
 capitalized.
 income (11. (15 3
 184. 177. 184.


Stock Compensation
 table summarizes shares grant 2019 2009 Plan
 2009
 Balance December 30 2018 483
 Authorized
 Options granted
 forfeited expired
 forfeited
 Shares expired
 Balance December 29, 2019


reconciliation unrecognized income tax benefits
 tax rate $ 1. 5 million $4. 6 million years September 28, 2019 29, 2018.
 recognizes accrued interest penalties unrecognized benefits. total $0. 2 million 28, 2019 2018 2017. less than $0. 1 million penalties Consolidated Statements Income.
 Balance $5,841  $3,115 $2,799
 increases 62 21 184
 increases current 39 2,893 163
 decreases (3,672)
 end fiscal year 2,270 3,115


Restricted Cash
 equivalents Consolidated Balance Sheets Statements Cash Flows
 December 31, 2019 2018 restricted cash security deposit. expiration lease.
 Cash equivalents $172,960 $172,704
 Restricted cash long-term assets
 cash equivalents Consolidated Statements Cash Flows $173,076 $172,818


EQUITY
 summary restricted stock units December 2019 right share common
 compensation expense $567,000 2019 $687,000 2018.
 $232,000 unrecognized compensation expense December 31, 2019. years.
 Balance stock units December 31, 2018 505,000.
 Grants 70,000.
 Vested (235,000.
 unvested stock units December 31, 2019 340,000.


 fair value equity-settled measured date grant Black-Scholes model terms conditions.
 table average inputs
 fair value options $ 220. 53 185. 33.
 expected volatility future trends. increase fair value.
 not indicative exercise patterns. adjusted exercise restrictions non-transferability behavioural considerations. increase fair value.
 31 March 2019 2018
 share price 676. 628.
 exercise price. 54 516. 70
 volatility 54. 91% 38. 20%
 life options. 69.
 Risk free rate. 56%. 49%
 Dividend yield. 81%.


. Liquidity Capital Resources
 June 30, 2019 cash equivalents $1. 3 billion short-term investments $445. 0 million trade receivables $82. 5 million. financed operations through cash flows.
 cash flows investing 2019 2018 2017
 existing cash equivalents cash needs next 12 months. future capital requirements growth research development employee headcount marketing sales acquisitions exchange Notes new software enhancements market acceptance.
 Cash affected by net income non-cash expense items depreciation amortization costs collections changes working capital accounts.
 trade receivables prepaid expenses current assets derivative assets payables provisions liabilities Notes. impacted by billings expenditures.
 Net cash $466. 3 million fiscal year June 30, 2019 $605.loss tax non-cash marking transactions $533. million depreciation amortization $70. 2 million share expense $257. million debt amortization $33. 9 million. increase $169. million $122. 5 million deferred revenue sales $75. 6 million $30. 2 million receivables. impacted tax refunds $7. million.
 $311. 5 million 2018 $58. 1 million loss tax non-cash marking $12. million depreciation amortization $79. 4 million expense $162. million debt amortization $7. 5 million. $113. 1 million $97. 7 million deferred revenue $43. 5 million $19. 6 million receivables $8. 4 million prepaid expenses. impacted income taxes $4. 2 million.
 2019 $604. 2 million.related cash acquired $418. 6 million purchases $648. million property equipment $44. 2 million offset $485. million proceeds sales $20. 5 million.
 cash 2018 $51. 7 million. purchases $347. 8 million property equipment $30. 2 million offset maturing $206. 1 million proceeds sales $123. 9 million.
 2019 $3. 2 million coupon interest payments Notes $6. 3 million offset proceeds employee share options $3. 5 million.
 cash 2018 $906. 8 million Notes $990. 5 million offset purchase capped calls $87. 7 million.
 Year June
.
 cash operating activities $466,342 $311,456
 investing (604,198)
 financing
 exchange rate changes cash equivalents
cash(141,898 $1,165,919(15,289


company generated cash flow funds $14. 8 billion $16. 7 billion three years.
 additional liquidity cash balance global funding credit facilities lines credit.
 table major sources liquidity 2017 2019.
 cash $14. 8 $15. 2 $16. 7
 restricted short-term securities. $12.
 $15. $15


grant RSUs right receive shares common stock. Vesting employment subject conditions performance measure. performance-based RSUs shares above below targeted performance. conditions unvested RSUs forfeited. withhold shares tax withholding.
 table RSU activity maximum potential shares vesting
 RSUs accounting grant date December 31, 2019 terms. income performance future. 3. 2 million performance-based RSUs grant date 1. 9 million 2019 grants. no grant date fair value established grant value excludes RSUs.
 $96 million unrecognized compensation cost RSUs. 64 years. $50 million performance-based RSUs. 63 years. total grant date fair value vested RSUs $147 million $120 million $64 million years December 2019 2018 2017.
income tax stock option RSU vestings $47 $94 $160 million 2017.
 Unvested RSUs December 31, 2018 10,623 $40.
 4,426.
 (2.
.
 2019 9,328 $32.


UK Ireland market challenging. decline traditional calls lines. IP Voice market fragmented providers expanding share.
 mobile market competitive pressure pricing. growth broadband limited demand products fibre 4G. Internet Things Cloud SDWAN security opportunities.
 revenue decreased 5% fixed voice revenue. reduction calls fixed line mobile IP. less low margin equipment declines. offset growth IP Mobile Networking. growth messaging volumes.
 operating costs reduced 6% efficiencies. EBITDA decreased 4%.
 Capital expenditure increased 2% free cash decreased 7%.
 Retail order intake decreased 15% £2. 9bn large contract Ireland. Wholesale order intake declined 22% £1. 0bn.
 measures exclude. flow interest pension deficit payments.Enterprise comparatives Business Public Sector Wholesale Ventures transfer Northern Ireland Networks Openreach.
 revenue £6,292m operating profit £1,356m
 2019 15 2018 18
 March
 revenue 6,292
 operating costs 4,302
 EBITDA 1,990 2,077
 Depreciation amortisation 634
 operating profit 1,356 1,442
 Capital expenditure 501
 free cash flow 1,483 1,587


Legislation regulations products ingredients nutritional content impact customer preferences financial results.
 Changes government regulation consumer eating habits impact ingredients nutritional content. states counties cities labeling laws nutritional information ingredients. Affordable Care Act requires restaurants publish calorie information menus. requirements increase expenses slow ordering influence demand impact sales profitability.
 Compliance with current laws regulations ingredients content packaging serviceware costly time-consuming. consumer health regulations change modify menu packaging higher costs reduced demand. regulations trans-fats sodium. removed artificial some naturally. Future requirements limiting trans-fats sodium may change menu switch higher cost ingredients. menu business.
 Failure obtain licenses permits food control regulations loss licenses harm business.
 required obtain maintain licenses permits approvals. regulations subject to change.failure licenses permits approvals affect financial results.
 table restaurant properties September 29, 2019
 restaurant buildings
 land 9 200 209
 leased land 54 581 635
 63 781 844
 land 74 1,054 1,128
-owned buildings 271
 137 2,106 2,243


GreenSky Inc. FINANCIAL STATEMENTS States Dollars share
. Income Taxes
. taxed corporation pays federal state taxes income GS Holdings. interest Holdings. pass-through partnership not federal tax. not liable taxes GS Holdings earnings not allocated. results December 2017 reflect income tax expense not subject corporate tax.
 income before tax expense $88,848 $133,514 $138,668 2019 2018 2017 earned United States.
 income tax expense
 Current income tax expense
 Federal
 State
 Deferred tax expense
 tax expense $5,534


Indefinite-lived Intangible Assets
 acquired-process research technology. activities
 annual assessment October 31 qualitative test value carrying. impairment quantitative analysis. October 31, 2019 no indicators impairment identified.
 years ended December 31, 2019 2018 no IPR&D impairment losses recorded. 2017 recognized impairment losses $2. 0 million abandonment IPR&D project.
 Years Ended December 31,
 Beginning balance $4,400
 Transfers to developed technology IPR&D
 Ending balance


 2020 capital program networks services expanding adding capacity density 4G LTE demands 5G network transforming Intelligent Edge Network reducing cost operating efficiencies. new network architecture 4G LTE coverage deployment 5G enterprise opportunities. capital expenditures vary weather equipment permits. Capital expenditures 2020 $17. 0 billion to $18. 0 billion including investment 5G network. expenditures $17. 9 billion 2019 $16. 7 billion 2018. discretion capital expenditures.
 net cash expansion modernization repay external financing pay dividends invest new businesses buy back common stock. operations external financing sufficient operating investing requirements.
 capital spending internally funds. Debt equity financing needed investments flexibility. cash equivalents held domestically internationally invested principal liquidity.foreign currency.
 financing commercial paper program vendor financing debt equity securities. notes capital market securities. monetize receivables asset-backed debt.
 December
 Cash flows
 Operating $ 35,746 34,339
 Investing (17,581) (17,934)
 Financing (18,164 (15,377
 Increase cash equivalents restricted cash


Repurchase Program
 April 26, 2019 Board Directors repurchase $13. 6 billion common stock. market privately accelerated repurchase programs Rule 10b5-1 plan.
 table
 2019 $2. 1 billion $1. billion $1. 1 billion additional paid capital retained earnings.
 May 13, 2003 April 26, 2019 repurchased 313 million shares average $37. 46 per share price $11. 7 billion.
 2018 28,
 shares repurchased
 Average price per share $ 72.
 Aggregate purchase price $ 2,111
 Remaining authorization end period $ 1,889


income Industrial Solutions segment increased $78 million 2019 2018.
 increased higher volume improved manufacturing productivity.
 millions
 Acquisition-related charges
 $ 10 $ 6
 amortization acquisition fair value adjustments
 Restructuring charges
 $ 78 $ 90


Changes unrecognized tax benefits
 $20. 6 million $19. 8 million December 31, 2019 2018. recognized income tax benefit $20. 7 million $19. 6 million. net accrued interest penalties $0. 4 million $0. 2 million.
 $0. 2 million recognized 2020 statute limitations.
 Ended December 31,
 2019 2018 2017
 balance January 1 $ 19,821 $ 10,939
 Increases 1,240
 settlements taxing authorities
 business acquisitions
 currency
 Reductions lapsed statute limitations
 Ending balance December 31 $ 20,604 $ 19,821 10,939


Earnings Per Common Share
 Basic diluted earnings 2019 2018 2017 calculated
 2019 2018 excluded 3. million. 6 million potentially issuable incentive compensation plans convertible securities.
 issuable options price greater average market price. unvested restricted stock awards antidilutive unrecognized compensation cost. shares 6. 8 million 2. 7 million 4. 7 million 2019 2018 2017.
 Years Ended December
 2018
 millions thousands
 Loss income
 Net income
 earnings
 diluted earnings
 Shares
 average number
 1,088,730 1,078,409 635,576
 Non-vested restricted stock (17,289 (12,543 (7,768)
shares earnings 1,071,441 1,065,866 627,808
 shares dilutive securities
 convertible securities
 incentive compensation plans 875
 adjusted diluted earnings 1,071,441 1,065,866 628,693
 earnings share.
 Diluted (loss earnings.


. EARNINGS PER SHARE
 earnings calculated net income less dividend requirements average shares. Diluted earnings income operations dividend requirements shares dilutive equity awards.
 shares 597,961,925
 Net income $3,202,943 $3,614,610
 Net earnings per share $5.


 lease liabilities $220 million 2019 finance leases $142 million 2018.
. 96%. 88% 2019 average long-term debt.
 DECEMBER 31
 long-term debt (1,024)
 other debt (153)
 Capitalized
 Total expense (1,132)


Pre-tax income international operations $214 million $890 million $353 million 2019 2018 2017.
 income tax expense
 December 28, 2018 completed accounting Tax Cuts Jobs Act. Securities Exchange Commission Staff Accounting Bulletin. 118 amounts provisional. guidance. Department Treasury Internal Revenue Service.
 March 29, 2019 30 2018 31, 2017
 Federal $73 $1,011 $108
 State
 1,158
 Deferred
 (1,848)
 Income tax expense (benefit $92 $(690)


Unrecognized Tax Benefits
 disclosures income tax rate
 2019 increased $33. 9 million North America. 2018 $142. 1 million.
 December 31, 2019 recognized income tax $343. 5 million lower effective tax rate. tax examinations statute limitations benefits change 12 months. impact reserve balance $4. 6 to $6. 6 million 2020.
 interest penalties unrecognized tax benefits Statements Operations. $13. 1 million $4. million 2019 2018 2017. gross liabilities $56. 2 million 2019 $18. 2 million 2018 $14. 8 million 2017. increase liability 2019 impact Consolidated Balance Sheets.
 majority unrecognized tax benefit $390. 3 million North America.
 balance unrecognized tax benefits $.
tax positions 3. 106. 7.
 prior 47. 59. 49.
 Reductions prior (16. (7. (4.
 statutes (1. (16.
 unrecognized tax benefits 390. 214.


. Compensation Benefits
 compensation $38,186 $34,095
 bonus commissions 27,039 19,835
 vacation 20,647
 taxes 16,468 15,598
 severance costs
 6,766
 $109,591 $95,813


 satellites office premises land cellular tower retail outlets advertising spaces. Property plant equipment financial position.
 DECEMBER 31, 2019 INFRASTRUCTURE EQUIPMENT LAND BUILDINGS
 January 1 2019 3,329 2,453
 Additions 1,040
 Transfers
 Acquired
 Lease terminations
 losses earnings
 31, 3,609 2,933 6,542
 DEPRECIATION
 1 1,578
 Transfers
 Lease terminations
 1,301 2,118
 CARRYING AMOUNT
 1 2,287 1,917 4
 2,308


Non‐executive Director fees paid annual pool $4,000,000 approved AGM 18 November 2010. board committee fees F19 $2,859,903.
 Directors variable pay Directors’ fees.
 reviewed fees Chair Member fees People Performance Committee Sustainability Committee effective 1 July 2019. F19 F20 Board Committee fees
.
 Board $790,531 $254,990
 Audit Risk Management Compliance Committee $65,000
 People Performance Committee $54,525
 Sustainability Committee $45,000 $65,000
 Nomination Committee


. Stock option award plan
 non-vested stock awards December 31, 2019 changes
 share value $53. 2019. $44. 2018. $40. 2017. determined quoted market price common stock. Nasdaq Telecommunications Index. fair value stock 2019 2018 2017 $20. 8 million $19. 1 million $12. 6 million.
 Equity-based compensation expense $18. 5 million $17. million $13. million. income tax benefit $3. million $1. $2. million. capitalized compensation expense $1. $1. $1. million. December 31, 2019 $31. 7 million unrecognized compensation cost non-vested equity awards. recognized 1. 9 years.
 December 31, 2018 1,187,586 $41.
.
.
.
 Non-vested 2019 1,283,281.


. DIVIDENDS
 regular dividend 3 cents per share declared. final dividend franked 2. 6 cents announced 23 August 2019. not liability Hansen Technologies Ltd 30 June 2019.
. final dividend 4 cents share franked ordinary 3 special dividend 1 cent.
 amounts dividend franking account end adjusted credits current tax liability debits credits receipt credits years.
 Dividends paid re-investment
 4 cent per share final dividend 27 September 2018
 3 cent dividend 30 September 2017
 3 cent interim dividend 29 March 2019
 29 March 2018
 dividend not recognised year
 Dividends
 30% franking credits available shareholders Hansen Technologies subsequent years


Financial risk management
 treasury function manages funding foreign exchange interest rate counterparty risk from investments derivatives.
 operations policies guidelines reviewed by Board July 2018
 treasury risk committee Chief Financial Officer Controller Treasury Director meets times information quarterly. accounting reports. internal auditor reviews.
 uses derivative instruments for currency interest rate risk transacted by treasury personnel. mitigates banking credit risk collateral support agreements.
 Credit risk
 counterparty obligations loss. risk operating financing maximum exposure at 31 March
 Expected credit loss
 assets amortised cost fair value subject loss IFRS 9. Cash investments. expected credit loss immaterial.
 Information page 164.
 Cash bank in hand 2,434
 Repurchase agreements bank deposits
9,007 2,477
 Government securities 3 1,974
 investments
 instruments 3,634 2,629
 receivables 5,402
,337


reconciliation non-current operations previous year. assets METRO China part reconciliation
 Adjustment year.
 million 30/9/2018 30/9/2019
 Non-current assets 6,348
 METRO China 560
 Financial assets 88
 Investments 178
 Deferred tax assets 329
 Non-current group assets 7,503 6,736


. INCOME TAXES
 2018 IFRS 15 accounting policy Cogeco discontinued operations. policies operations.
 2019 income taxes expense $83. 7 million $17. 2 million federal rate reduction profit before taxes MetroCast acquisition appreciation US dollar Canadian dollar.
 March 19, Department Finance tax depreciation capital investments November 20 2018 2023 2028. income tax expense 2019. March 21, Québec Department Finance Federal legislation.
 December 2017. Tax Cuts Jobs Act. corporate tax rate 35% to 21% reduced deferred tax liabilities $94 million$74 million quarter 2018. interest deductibility full deduction acquisitions operating losses base erosion anti-avoidance income tax expense.
 Years August 31, 2019 2018
 Profit before taxes 440,563 367,380.
tax.
 116,749 97,356.
 tax rates 1,466
 Impact deferred taxes rates (94,175
 non expenses non-taxable profit (565) 1,670
 impacts foreign operations (28,633 (22,099).
 (5,377
 83,655 (17,198)


Contractual Obligations December 31, 2019 obligations
 Interest-term debt fixed variable. rates future interest obligations. settlements swap estimated yield curves.
 Unrecorded purchase obligations capital expenditures service maintenance computer hardware software equipment. contracts liable minimum payments.
 Recorded obligations accounts payable accrued expenses goods services settled cash.
 contributions pension post-retirement benefit plans next 5 years. contributions differ.
 Benefit Pension Plans contribute pension supplemental retirement plans post. annually amount federal income tax regulations.
 cost Pension Plans future funding return investment discount rate amortization unrecognized gains losses. Returns funded benefits. long-term rate return 6. 97% 7. 03% 2019 2018. January 1, 2020 longterm rate return 6. 25%.Pension Plans equity securities. cash.
 pension post-retirement costs $11. 5 million $5. 6 million $3. 8 million 2017. contributed $27. 5 million $26. 2 million $12. 5 million Plans.-retirement plans $8. 5 million $9. 7 million $6. 5 million. 2020 $25. million Pension Plans $8. 9 million post-retirement plans. minimum funding requirements employee tax laws. Note 11.
 -3 3 -5
 Long-term debt $ 18,350 521,700 1,729,663 2,269,713
 Interest long-term obligations 128,731 246,834
 Finance leases 10,280
 Operating leases
 Unconditional purchase obligations
Unrecorded 36,488 37,830 19,954 95,643
 Recorded
 33,861 64,311 65,959


. Debt Equity
 table
 equity interests private funds. 6 billion July 27, 2019 accounted NAV ASU 2016-01 quarter 2019.
 28,
 debt investments $21,660 $37,009
 equity securities
 21,663 37,614
 Non-marketable equity securities
 $22,863 $38,710


Restricted Stock Units
 September 2019 Compensation Committee awards management team
 13,150 units vested September 2019. remaining 100
 vest October 2019 2020.
 8,666 vested 2019. remaining 4,334
 vest October 2019.
 4,333 vested September 2019. vest
 October 2019 2020.
 15,050 units vest October 2019 2020 2021.
 no direct cost recipients units taxes. entitled adjustments stock splits dividends distributions common stock. cash dividends distributions held escrow until conditions vesting met.
 recipients receive common stock
 or cash settlement closing price vesting.
 compensation expense Statement Operations reflects
 straight-line amortized fair value “ASC 718 – Compensation Stock Compensation”.
income compensation expense restricted stock awards $1. 2 million 2019. accrued expenses Balance Sheet. tax benefit $0. 3 million. total value stock units $1. 1 million $1. 2 million.
 award 2015 2016 2017 2018
 number awards issued 13,250 13,000
 Service period 36 - 60 months
 Estimated fair value grant date $1,112,000 $1,191,000 $1,177,000 1,264,000
 Non-vested awards
 2019,334
 value
 $8,000 $330,000 $661,000 1,148,000


Contributions Direct Benefit Payments
 pensions benefits tax. contributes additional.
 contributions non. postretirement multi-employer DC direct payments 2019 2018. contributions cost Consolidated Income Statement. impact financial statements.
 2019 2018 $635 million $598 million contributed. Treasury securities non-cash transaction Medical Trust.
 31
 Non. DB plans 243
 pension 304
 Multi-employer plans 32
 DC plans 1,040
 Direct benefit payments 559
 $2,177 $2,288


table summarizes long-lived assets property plant equipment geography 2019 2018 2017 millions.
 suppliers subcontractors. multiple sources rely single.
 United States $521. $393. $388.
 Thailand 209. 215. 178.
 countries 266. 159. 116.
 Total long-lived assets $996. $767. $683.


net operating loss carryforwards deferred tax differences future earnings. deferred tax assets reviewed.
 September 30 2018 remaining valuation allowance $105,000 net operating loss forwards. 2019 reversed $58,000. $68,000 increasing $10,000 future utilization. remaining $47,000 state net operating loss carry forwards. adjust. income tax benefit. increased additional income tax expense.
 deferred income tax assets liabilities
 Intangibles $(75,190) $(70,467)
 Property equipment depreciation (521,586),119
 Net operating loss carry forwards credits 377,505 464,274
 Stock-based compensation 114,118
 Inventories 350,197,111
 Prepaid expenses (63,252)
 Accrued expenses reserves 371,414 250,787
Goodwill (607,882)
 deferred tax (54,676)
,014)
 deferred tax


. Credit Facilities Long-Term Debt
 debt
 property plant equipment pledged collateral note payable. maintain working capital 1. 25 to 1) net worth $90. 0 million plus 45% net limit dividends third previous net income maintain funded debt capitalization maintain current cash-flow coverage ratios (1. 25 to 1). requires Fred R. Adams Jr. Founder maintain ownership shares 50% voting power. property plant equipment pledged collateral note. maintain working capital 1. 25 to 1) net worth $90. 0 million plus 45% net limit dividends third previous quarter’s net income funded debt capitalization not exceed current cash-flow coverage ratios (1. 25 to 1). Fred R. Adams. maintain ownership shares 50% voting power.
Interest $644,000 $265,000 $318,000 recorded 2019 2018 2017. Interest $217,000 $1. 1 million capitalized construction facilities
 July 10, 2018 entered $100. million Senior Secured Revolving Credit Facility five-year term. increase commitments $125. million. No borrowed June 1, 2019. $3. 7 million outstanding standby letters credit June 1 2019.
 interest rate based Eurodollar Rate
 Base Rate.
 deposits London interbank
. fluctuating rate federal funds rate. 50% prime rate Table Contents 54 Eurodollar Rate 1%. Margin” 0.%. 75% per annum Base Rate Loans 1. 75% Eurodollar Rate Loans balance. commitment fee. 20% unused portion facility.
Revolving Credit Facility guaranteed by current future subsidiaries secured by first-priority interest in Company’s guarantors’ accounts intangibles instruments paper inventory deposit accounts agent.
 credit agreement contains covenants restrictions on liens additional debt sales corporate changes investments. minimum working capital ratio 2. 00 to 1. 00 annual limit capital expenditures $100. 0 million. Fred R. Adams Jr. spouse children sons-in-law grandchildren maintain 50% Company’s voting stock. Failure default. dividends restricted to policy one-third net income. $75. 0 million capital stock no default $20. 0 million.
 includes events default remedies acceleration foreclosure collateral.
 June 1, 2019 compliance with covenant requirements loan agreements.
June 1 2019 2 2018
. 20% $250,000 2020 $4
 5. 40% $125,000 2019
 lease obligations
 6,090
 loan costs
 debt 2,337 6
 maturities 1,696
-term debt $641 $2,554


Plan-Based Awards
 estimated payouts cash incentive awards
 Executive Officers 2019 performance NEO Plan.
 threshold target maximum awards.
 Date Payouts Non-Equity Incentive Plan Awards Stock Awards Shares Option Securities Price Grant Date Value
 Threshold Target Maximum
 Barry Litwin 100,238 1,113,750 1,237,500
 Thomas Clark 5,062 225,000 337,500
 Robert Dooley 13,837 615,000 922
 Eric Lerner 6,773 300,900
 Manoj Shetty 5,435 241,535
 Lawrence Reinhold


GreenSky. FINANCIAL STATEMENTS States Dollars share
 cash flow impact GS Holdings Statements.
 Ended December 31,
 operating $153,327 $256,426
 investing (15,381) (6,581)
 financing (159,608) (154,210)
 cash restricted cash (21,662 95,635
,473 353,838
 end $427,811 $449,473


. Accounts Liabilities
 administrative expenses. stock rotation sales returns discounts. Note 6 Recognition
 Year Ended March
 Accounts Receivable $300,016 $273,053
 Allowances doubtful accounts 1,893
 Stock rotation 15,989
 Sales returns discounts
 allowances 24,757 16,062
 $275,259 $256,991


SHARE-BASED PAYMENT PLANS
 Corporation offers Employee Stock Purchase Plan employees subsidiaries Stock Option Plan executive officers employees. No 10% outstanding voting shares available issuance. offers Incentive Share Performance Share Unit Plan executive officers employees Deferred Share Unit Plan Board Directors.
 Employee Stock Purchase Plan accessible employees 7% base annual salary contributes 25% employee contributions. subscriptions monthly shares purchased stock market.
,500 shares reserved. minimum exercise price options equal market value. Options vest over five years exercisable over ten years.
 options granted outstanding August 31
 2019 granted 97,725 (126,425 2018) stock options Cogeco's executive officers. weighted average share price options $92. 43 ($83. 46 2018).
.
Granted 201,525 65. 281,350 85.
 Exercised,754. (60,337.
 Cancelled (134,550. (54,005).
 715,614. 819,393.
,374. 277,108.


cash
 Non-cash investing
 April 26, 2019 27, 2018 28, 2017
 Non-cash Investing Financing
 Capital expenditures $
-cash sale-leaseback financing obligations
 Supplemental Cash Flow
 Income taxes refunds $ 205
 Interest $ 53 58


Deferred tax assets liabilities March 31,
 March 2019 $199. 1 million federal loss carryforwards 2031 2038 $11. 5 million federal carryforwards indefinitely. Hong Kong Malaysia Singapore subsidiaries $0. 4 million. 1 million. 2 million carryforwards. losses carried indefinitely.
 India subsidiary $0. 4 million alternative tax credits. Economic Zone. not subject taxes first 5 years. value $0. 5 million.
 $127. 5 million state net operating loss carryforwards 2020 2039.
 valuation allowances deferred income assets uncertainty. March allowance $57. 9 million $57. 0 million federal state $0. 9 million Hong Kong Malaysia Singapore Philippines.
. valuation allowance. realization future taxable income.
considers reversal deferred tax liabilities carryback taxable income planning strategies. deferred tax assets future taxable income before expiration.
 losses believes realize benefits deductible differences. valuation allowance could. profitability visibility future results. tax rate may increase valuation release. allowance release affect cash taxes.
 undistributed earnings foreign subsidiaries not subject. taxes dividends. earnings permanently reinvested totaled $3. 1 million $1. 7 million March 31, 2019 2018.
 reinvestment overseas working capital foreign acquisitions expansion. determination unrecognized deferred. income tax liability not practicable.
 ASU 2016-09 used-and-without approach tax benefits share-based payment awards. income taxes compared deduction share-based payments compensation cost.
loss carryforwards before deduction.
 Deferred tax assets
 Accrued liabilities $3,944 $2,720
 doubtful accounts
 Inventory valuation reserve
 Federal losses carryforwards 45,227 42
 losses
 State losses carryforwards 9,886
 Deferred revenue
 Goodwill intangible assets
 56,845
 valuation allowance,260
 2,649
 Deferred tax liabilities
 Property equipment software amortization
 Goodwill intangible assets (2
 $(418)


. Net Income (Loss) Per Share
 calculated-average common shares without equivalents. Diluted EPS dilutive common stock equivalents.
 common stock options restricted stock units awards common stock equivalents included EPS dilutive. net loss dilutive common stock equivalents excluded.
 table computation basic diluted earnings per share
 2019 2018 2017 incurred net losses excluded common stock equivalents awards. 3. 7 4. million diluted net loss.
 Years Ended December
 Net loss $(19,898) $(26,199) $(9,187
 Weighted average common shares 71,005 68,490 66,252
 Dilutive common stock equivalents
 Net loss per share
.28. 38. 14
. 28. 38. 14


Dividends
 proposed dividend approval 2020. not liability Financial Statements. alternative cash dividend final dividend 31st December 2019.
 Amounts paid
 Final dividend 71. 62. share 52. 45.
 Interim dividend 32. 29. share 23. 21.
 dividends 75. 67.
 Amounts dividend 32. 29. share 23. 21.
 final dividend 78. 71. share 57. 52.
 dividends 81. 73.


 May 2019 Company purchased $460. 9 million 2020 Notes issued $250. 0 million 9. 25% senior secured notes due November 2022. loss $10. 6 million 2020 Notes December 31, 2019.
 September 2019 Teekay LNG refinanced Torben Spirit 7. 5 years. loss $1. 4 million December 31, 2019 original finance lease.
 termination lease RasGas II LNG 2014, additional rentals due UK taxing. 2017 Teekay Nakilat Joint Venture recognized additional liability statements.
 2017 Logitel Offshore Holding Altera 2014. deconsolidated September 2017.
 31,
 Loss bond repurchases
 Loss lease extinguishment
 Tax indemnification guarantee liability
 Contingent liability (4,500
Gain sale investment 1,250
 Miscellaneous (2,457)
 loss (14,475),981


Taxes
 subject United States other jurisdictions countries. Earnings non-U. activities local tax. tax.
 recognized income tax benefit $8. 3 million 2019 $18. 5 million 2018. charge re deferred tax assets Tax Cuts Jobs Act.
 effective tax rate (66)% 2019 differs. Federal tax rate 21% stock-based compensation excess tax benefits research development credits differences withholding taxes non expenses.
 unrecognized tax benefits $6. 2 million tax rate.
 2017 Tax Act changed. tax law. corporate income tax rate 21% January 1 2018.
 income foreign subsidiaries special deduction foreign-derived intangible income tax. effective August 1 2018 no impact tax benefit 2019.
 treat taxes GILTI current expense deferred taxes. elected current period expense method.December 2018 Internal Revenue Service issued regulations BEAT tax evaluating. regulations finalized impact tax provision enactment.
. Treasury Department IRS standard-setting bodies interpret Tax Act. analyze guidance revise estimates information.
 legislative changes. result income tax adjustments. finalized assessment transitional impacts Tax Act.
 Fiscal years ended July 31,
 2019 2018 Change
 Amount ($) (%)
 thousands
 Provision income taxes $(8,280) $18,467 (26,747
 Effective tax rate (66)% (223)%


. Earnings Per Share
 average. Diluted dilutive effect stock appreciation rights restricted stock units shares trust.
 shares earnings
 Years Ended December 31,
 2019 2018 2017
 average shares 41,649 42,090 41,822
 Diluted
 Dilutive effect rights restricted stock units shares 153
 diluted shares 41,802 42,246 42,141
 Anti-dilutive shares excluded earnings 69 44


Contractual Obligations
 table summarizes payments obligations June 30, 2019
 Note 11 Debt.
 7 Property Equipment.
 15 Leases.
 12 Income Taxes.
 purchase commitments take-pay contracts not construction.
 excluded long tax contingencies liabilities deferred income taxes $14. 2 billion. unearned revenue non-cash items.
 2023-2024
 Long-term debt
 Principal payments $ 5,518 11,744 47,519 72,781
 Interest payments 2,299 4
 Construction commitments 3
 Operating leases 1,790 3,144 2,413 3,645 10
 Finance leases,165 14
 Transition tax 1,180 16
commitments 17,478 1,185
 liabilities 425
 32,505 25,877 20,752 99 178,371


values December 31, 2019
 receivables sales. ten largest customers 49% receivables assets 2019.
 1–90 91–180 181–360
 Low 1,347 1,912
 Medium 891 3,035
 High 583 365 217 1,315 2,480
 2,821 1,215 944 2,447 7,427


. Equity dividends
 Directors declared final dividend 18 cents share 30 June 2019. paid 25 September. total dividend US$15. 9 million shares.
 Accounting policy dividends
 declared discretion.
 Final dividend year 30 June 2018 14 cents 12 cents
 Interim dividend half year 31 December 2018 AU 16 cents 13


table provides-GAAP earnings 2019 2018. page 46.
 impacted Red Hat accounting acquisition activity.
 Includes $2. billion 2018. tax reform.
 December 31 2018.
 Net income $ 9,431 8,728.
 discontinued operations
 continuing operations $ 9,435.
 Non-operating adjustments
 Acquisition-related charges 1,343.
-operating retirement costs.
. tax reform charge.
-GAAP earnings $11,436 $12,657.
 earnings share $.


. PROPERTY PLANT EQUIPMENT
 December 31, 2019
 Depreciation $70. 8 million $67. 4 million $66. 1 million. value $5. 4 million. 5 million. accumulated depreciation $5. 1 million $5. 2 million.
 Land $16,561
 Buildings 107,282
 Machinery equipment software,970 752
 Furniture fixtures 29,157
 improvements 59,378
 Construction
 1,049
 accumulated depreciation 729,669


figure table total remuneration
 executive director 52 weeks 30 March 31 March 2018.
 Gavin Darby
 basic salary £700,000 supplement 20% base salary 31 January 2019. bonus £525,500 31 January 2019. Benefits executive driver service private health insurance annual medical assessment.
 Alastair Murray
 basic salary £416,201 annum supplement. 5% Earnings Cap (£160,800 2018/19 tax year £12,060 additional RPI pensions supplement £24,348. Acting CEO 1 February 2019 new CEO.
 monthly salary supplement £20,000 pension annual bonus-term incentives.
 bonus £231,615. Benefits company car executive driver service private health insurance. one-third annual bonus shares deferred three years.
 details annual bonus assessments pages 53 to 55.
 Alastair Murray
Salary 583 700 416
 supplement
 Taxable benefits
 Pension 117 140
 Annual Bonus 525 368 232
 Share awards
 1,242 751


Allowances for Receivables Sales Returns
 allowances receivables millions
 Calculated allowance credit loss on lease receivables percentage gross lease receivables residual value before unearned income.
 allowance for doubtful accounts based on collectibility customer accounts. review historical experience credit quality age receivable external economic conditions historical default frequency rates updated quarterly. concentration receivables. If creditworthiness deteriorates defaults higher circumstances estimates overstated additional allowances operating results.
 allowance credit loss on financing receivables based on collectibility accounts. review allowances individual collective. historical experience credit quality age economic conditions. default frequency rates historical loss rate economic conditions concentration risk correlation. Determining default frequency rates loss factors complex subjective. increase allowance credit loss affect operating results.accounts financing charged uncollectible.
 reserve future sales returns established. July 27, 2019 28, 2018 $84 million $123 million revenue. returns deviate revenue.
 28, 2018
 doubtful accounts $136 $129
 gross accounts. 4%.
 credit loss—lease receivables. $46 $135
. 8%. 7%
 credit loss—loan receivables $71 $60
. 3%.


Financial risk management
 Liquidity risk
 cash securities funding credit facilities.
 monitors cash equivalents.
 Maturities financial liabilities
 financial liabilities.
 contractual undiscounted cash flows.
 unsecured notes early redemption options.
 Contractual Maturities Liabilities 12 months 1 5 years Over 5 years cash flows amount
 2019
 Trade payables 44,840
 Unsecured notes 46,634 900,046
 Lease liabilities 5,008
 Total non-derivatives 96,482 926,755 167,214 1,190,451 912,017
 2018
 Trade payables 27,640
 Unsecured notes 18,750
 Lease liabilities 641
non-derivatives 47 5 330


Operations 2019 2018
 revenues $187. 2 million down. 0% $201. 2 million 2018. net loss $15. 6 million. 96 share $24. 1 million. lower Restaurant/Retail hardware 1. Brink POS revenue. 2018 net loss valuation allowance $14. 9 million deferred tax assets.
 Brink $0. 3 million Restaurant Magic 2019
 revenues $66. 3 million decrease 15. 8% $78. 8 million 2018. lower revenues 1 international business. hardware sales down. international sales down SureCheck divested. revenue $0. 7 million $2. million 2018.
 Service revenues $57. 0 million increase 3. 1% $55. 3 million 2018 Brink $3. 9 million POS SaaS revenue. revenue $2. 7 million 2019 $4. million 2018.
 Contract revenues $63.million 31, 2019 $67. 2 million 2018 4. 8%. 4% Mission Systems revenue contracts 4% ISR funding.
 Product margins 22. 9% 23. 0% 2018.
 Service margins 30. 9% 23. 8%. impairment charges SureCheck $1. 6 million $0. 7 million.
 Contract margins 8. 9% 10. 7% 2018. Mission Systems cost contracts.
 Selling administrative expenses $37. 0 million $35. 0 million 2018. Brink POS sales marketing equity incentive compensation offset savings. SG&A expenses $0. 6 million $1. 1M 2018.
 Research development expenses $13. 4 million $12. 4 million 2018. $2. 1 million software development investments.
 $1. 2 million amortization expense Brink Software. $1. million 2018.2019 $0. 2 million Drive-Thru Acquisition. 1 million Restaurant Magic Acquisition.
 income$1. 5 million $0. 3 million 2018. value adjustments rental income expenses foreign currency gains losses deferred compensation plan non-operating. 2018 $0. 5 million gain sale real estate. 2019 $0. 2 million expense Brink Acquisition $0. 5 million reduction contingent consideration.
 Interest expense $4. 6 million 2019 $0. 4 million. million. 50% Convertible Senior Notes $2. million debt discount.
 income tax rate 18. 9% deferred tax adjustments foreign tax credit taxes offset valuation allowance benefits non-qualified stock options. 2018 tax rate (141. 7)% full valuation allowance deferred tax assets.
2019
 Restaurant
 $78,238 $102,877
 Brink 41,689 25,189
 SureCheck 3,380 6
 Restaurant Retail $123,307 $134,069,762
 surveillance $29,541 $30,888
 Systems 33,513 35,082
 Product Sales 871 1,207
 Government $63,925 $67,177


Property Equipment
 classes
 Depreciation 2019 2018 $7 $18.
 Office furniture $79
 Computer equipment 81 67
 160
 depreciation (144)
 property equipment $16 $9


Financial Instruments
 cash equivalents trade accounts receivable prepaid expenses assets accounts payable accrued expenses short-term. borrowings credit loans.
 Notes payable long-term debt amortized cost Company estimates value. table amounts values
 estimates market data.
 indicative borrowing cost discounted cash flows.
 Note 9 “Postretirement Employee pension plan assets.
 2019 2018
 Fair Value Hierarchy
 long-term debt
. 625% Senior Notes $398,886 $416,000 $397,995 $415,704
. 700% 498,004 525,890 497,350 503,545
. 900% 299,057 318,704 298,814 306,535
. 950% 494,825 509,845 494,208 476,010


 Vessel Calendar Days fleet.
 Charter Revenue TCE days.
 December 31,
 figures USD TCE rate
 Revenue 289,016 297,141.
 expenses,012).
 Revenue 124,004 154,676.
 Vessel Calendar Days 9,747 10,892.
 off-hire days.
 TCE days 9,470 10,025.
 TCE Rate day $13,095 $15,428.
 vessel operating expenses 9,747 10,892.


Capital
 cash investments capital
 $169. 6 million June 30 2019 $48. 5 million $121. million 2018. $104. million $21. 8 million $34. 4 million repayments debt repurchases stock.
 $121. 1 million June 2018 $9. 3 million $130. 5 million 2017. $132. 5 million Campus Fabric Center expenditures offset financing $104. 7 million borrowings $19. million.
 $169,607 $121,139
 Marketable securities
 $122


Property Equipment
 July 31, 2019 2018 no pledged collateral. Depreciation expense $9. 7 million $7. million $6. 6 million 2019 2018 2017.
 capitalizes costs cloud-based subscriptions compensation. three five years.
 recognized $1. million $0. 4 million amortization expense 2019 2018. no amortization 31, 2017.
 Computer hardware $17,799 $20,614
 Software
 costs 7,374
 Equipment machinery 10,455
 Furniture fixtures 8,137
 Leasehold improvements 48,191
 property equipment 98,697 48,489
 accumulated depreciation (32,888)
 $65,809 $18,595


assets METRO distributed
 commitments valued actuarial IAS 19. legal economic circumstances.
 30/9/2018 30/9/2019
 Germany 71
 Netherlands 584
 Kingdom 209
 Belgium 50
 countries


2. Revenue from contracts with customers
 estimate upfront fee revenue
 recognised ‘referred’ sales ‘financial’ ‘clawback’. estimates adjusted to percentages reporting date. Group determines revenue estimating variable consideration industry data historical experience note 3. 6.
 estimate trail commission revenue
 requires estimates assumptions industry data historical experience. note 3. 4 details revenue.
 Revenue variable consideration estimated contracted services constrained until revenue reversal uncertainty resolved.
 Upfront fees
 Group refers consumer upfront fee contingent upon referred sale ‘financial’ ‘clawback’. trigger ‘clawback’ early termination. contingencies incorporated into estimate variable consideration.
 Click-through fees
 recognised contractual arrangement with product provider. link application.
 Advertising subscription fees
contracted services advertising subscription fees recognised transaction price obligation. non-refundable revenue recognised periods until obligation.
 fees customers mortgages iSelect. policy loan. Group without services. revenue assets recognised expected value subject constraints.
 2018
 Upfront revenue
 113,609 140,971
 Click-through fees 3,657
 Advertising subscription fees 2,161
 Trail commission revenue 34,732 33,007
 Total revenue contracts 154,159 176,931
 Revenue obligations years


Merger Private Offering Warrants purchase,367 shares Series B Stock
 $1. 05 per share issued Prior Protagenic warrants $665,000 debt $35,000 accrued interest exchanged five-year warrants 295,945 shares Series B Stock $1. 25 per share. Placement Agent Warrants 127,346 shares $1. 25 per share issued Private offering. warrants 423,291 shares derivative liabilities. warrants converted common stock reverse stock split July 2016.
 warrant issuances
 December 31, 2019 3,826,658 shares price $1. 05 intrinsic value
 $1,375,990.
 $1. 05 intrinsic value
 $3,633,335.
.
.
.


 non-GAAP measures include operating activities less property equipment purchased. cash flow perspective cash.
 calculation.
 non-GAAP measures past performance future results. not GAAP read with consolidated financial statements.
 management uses non-GAAP measures business decisions. future. Compensation executives based performance measures.
 monitor non-GAAP financial measures
 year December 31,
 Non-GAAP gross profit $168,242 $163,376 $153,849
 Non-GAAP gross margin 82. 0% 84. 6%.
 Non-GAAP operating loss $(8,689) $(4,325) $(16,440)
 margin (4. 2)% (2. (9.
-GAAP net loss $(9,460) $(4,548) $(16,594)
 loss per share.
cash(3,924),201


.
 2019 2018
 Accounts payable $32,878 $20,214
 Accrued expenses 10,092 34,557
 Subsidiary awards 141
 liabilities 3,459
 $48,727 $58,430


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


Trade payables liabilities
 obligation repurchase Trust 9% interest MLSE option. obligation repurchase gain loss recorded income statements.
 YEAR ENDED DECEMBER 31
 Trade payables accruals 2,604 2,535
 Compensation
 Maple Leaf Sports Entertainment. liability
 Taxes 101
 Derivative liabilities
 Severance costs
 CRTC benefits obligation
 deferral account obligation
 liabilities 367 343
 trade payables liabilities 3,954


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


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


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


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


. liabilities
 accruals $23,695 $24,020
 Deferred 4,316
 Payroll benefits 7,695
 4,212
 Interest 10,624 11,000
 $51,301 $51,431


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


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


NAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS. dollars
 vessels barges pushboats
 future minimum revenue dry bulk vessels logistics business
 Revenues charters vessel off-hire maintenance.
 Dry bulk vessels Logistics
 2020 22,266 129,437
 2021 97,544
 2022 75,425
 2023 69,250
 2024 60,200
 2025 642,479
 revenue commissions $30,318 $1,074,335


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


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


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


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


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


AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
 receivables assets liabilities tenants
 Prior-period amounts adjusted new lease accounting guidance.
 Excludes $56. 7 million $55. million capital contributions DAS networks December 31, 2019 2018.
 Excludes $300. 2 million $313. 6 million capital contributions December 31,.
 Company records unearned revenue payments tenants obligations.-term revenue non-current liabilities. 31, 2019 recognized $62. 2 million revenue Unearned balance. recognized $44. 4 million Unearned balance. revenues $59. 2 million $55. 4 million contributions DAS networks. $0. 4 million revenue recognized non liabilities. $59. 2 million $55. 4 million. million non-current liabilities.
. million
. liabilities
.

 Accounts receivable $80. $92
 Prepaids.
 Notes-current 21. 22.
 Unearned revenue.
 non-current liabilities 79. 54.


2016 Bargaining Negotiations
 adopted changes defined bargaining agreements June 2016. increase Accumulated income $2. 9 billion $1. 8 billion.
 reclassified benefit cost average service period 12. 2 years 7. 8 years.
 reclassification net benefit cost pre-tax income $658 million 2019 2018 2017. accumulated obligation
 December 31,
 Projected benefit obligation $ 21,190 $ 19,510
 Accumulated obligation 21,134 19,461
 assets 19,388 17,757


Due Related Parties Net
 Amounts
 Includes immaterial amount current lease liabilities January 31, 2020.
 immaterial amount non-current liabilities. included consolidated balance sheet January 31, 2020.
 excluding DFS tax current. settled cash 60 days quarter-end.
 January 31, 2020 February 1, 2019
 Due related parties $1,618 $1,248
 Due
 $1,457 $1,090


ADVANCED INDUSTRIES. FINANCIAL STATEMENTS share
 established allowance doubtful accounts credit risk trends.
 Accounts Receivable Allowance Doubtful recorded net realizable value. credit approval process judgments. obligations. monitor credit worthiness provision credit losses collection issues. losses expectations no rates. quarter increased allowance doubtful accounts $4. 2 million exposure China economic funding delays uncertainty Coronavirus. liquidity financial position collectability results.
 Changes allowance doubtful accounts
 Years Ended December 31,
 Balances $1,856 $1,748
 Additions acquisition 1,884
 Additions charged expense 4,207
 Deductions write-offs recoveries
 Balances end period $7,745 $1,856


December 31, 2019
 Revenue license agreements patent licensing enforcement program. revenue decrease due timing. Enforcement 2013.
 legal fees licensing. decreased.
 Operating expenses sales marketing general administrative research development. legal fees employee headcount expenses. 60%. Litigation expenses increased $3. million to $19. 4 million 2019 due timing actions. Employee headcount expenses decreased $2. million $3. 6 million lower incentive bonuses.
 Research development expense flat.
 decreased 2019 warrant liability $0. 7 million sale investment JVP offset $0. 3 million net interest income.
 Income tax provision state tax expense intangible tax benefit.
 December
 2019
 Revenues $13.
 Cost revenues.(13.%
 profit 11. 67.%
 86 % 81
 Operating expenses
 Selling 31. 32.%
 Research development 2. (5)%
 operating expenses 33. 34.
. (4. 3.%
 Income (loss taxes (22. 28. (179)%
 tax (6. 8. (14. (178)%
 income (loss. $20. (180)


Impairment Goodwill
 $1. 9 million fourth quarter 2019 balance zero. $14. 7 million third quarter 2018. Note 2 Note 6.
 Ended December 31,
 2018
 Impairment goodwill $1,910 $14,740,830) (87%
 Percent revenues 4% 26%


. Balance Sheet
 Accounts
 changes
 2019 2018
 beginning balance $319 $983
 Increase provision (72)
 Write-offs (195) (638)
 ending balance $52 $319


underlying earnings per share
 calculated profit equity exchange rates excluding translational hedges price growth 26% per year hyperinflationary economies divided by diluted average share units. reflects earnings share unit exchange rates.
 reconciliation profit
 Restated IFRS 16. note 1 24.
.
 pages 28 29 details.
 profit equity 6,688
 Impact translation exchange rates translational hedges
 price growth 26% per hyperinflationary economies
 underlying earnings 6,593
 average share units 2,626.
 Constant underlying EPS.


 28 January 2019 Vodafone irrevocable share buy-back programme. reduce issued share capital avoid change second tranche mandatory convertible bond February 2019.
 799. million shares reissued 25 February 2019 conversion price £1. 8021. 1730) adjusted pound dividends August 2016 February 2019.
 buyback programme started February 2019 complete 20 May 2019. Details shares purchased.
 Number Average price share Total Maximum
 February 2019 14,529. 784,539
 March 2019 305,099. 319,628 479,440
 April 2019 290,570. 610,198 188
 May 2019 116,228. 726,426 72
.


long-term return assumption earnings funds invested benefits obligations. determined factors market index returns-term asset allocation return data expenses potential returns.
 investment policies strategies assets. maintain return risk preserve benefit security.
 direct operations selection services investment management organizations. investment discretion assets. provide investment guidelines asset class.
 Years Ended September 30
-average assumptions benefit obligation September 30
 Discount rate 2. 5%. 6%. 3%
 compensation increase. 1%.
 benefit cost years September 30
 Discount. 6%. 3%.
 Expected return assets 5. 7% 6. 8%.
 compensation increase. 3%.


segment-level summary goodwill allocation.
 recoverable intangible assets assessed value-in-use calculations. discounted cash flow methodology four year period terminal value.
 flow forecasts
 post-tax recent financial projections five years. estimates.
 Revenue growth
 four-year plan. 8. 8% to 12. 1% Systems Americas 8. 8% EMEA 12. 1% Parts Analytics Search 11. 8%). Sensitivity testing decline carrying value recoverable.
 Terminal value
 perpetual growth model growth factor. 2. 0%.
 Discount rates
 WACC premium market risks. 8. 1% 6%.
 carrying value exceed recoverable.
 Accounting policy intangible assets
 Goodwill acquisition. amortised tested annually impairment carried cost less impairment losses.losses goodwill profit not reversed.
 Intellectual property
 costs deferred amortised benefit 5 to 10 years.
 Customer relationships
 amortised 10 to 15 years.
 Software intangibles
 development internal software amortised 2 to 5 years.
 Accounting policy intangible assets
 Consolidated
 US$000
 Goodwill
 Board & Systems - Americas 10,672 8
 EMEA 5,383
 Parts Analytics Search 13,444
 Total 29,499


Disaggregated Revenue
 disaggregated categories. disaggregation based contract type.
 disaggregation.
 table shipping revenues disaggregated charter December 31, 2019
 Voyage charter revenues $10,152 $7,600 short-term contracts 2019.
 bareboat charter revenues $263,683 $213,923
 Voyage charter 33,275 83,542
 affreightment revenues 58,589 68,698
 Total shipping revenues $355,547 $366,163


Balance Sheet Adjustment January 1 2018
 method ASC 606 amounts Balance Sheet adjusted cumulative adjustment
 December 31, 2017 Adjustments ASC January 1 2018
 receivables $201. $195.
 Prepaid expenses assets 44.
 Receivables 18.
 software 416. 418.
 Deferred contract costs 136. 13 149.
 non-current assets 104.
 3,655. 3,676.
 Deferred revenues 59. 57.
 revenues 100.
 Deferred income taxes 224.
 liabilities 1,947. 1,956.
 earnings 201.
 1,708. 1,720.
 liabilities 3,655. 3,676.


. REMUNERATION DIRECTORS MANAGERIAL PERSONNEL
. Managing Director Whole-time Directors
 Remuneration
 Rajesh Gopinathan Executive Officer Ganapathy Subramaniam Operating Officer
 salary
 Section 17(1) Income-tax Act 1961 115. 109. 224.
 17(2) Income-tax Act 1961 126.
 Profits salary Section 17(3) Income-tax Act 1961
.
.
. 1,300. 900. 2,200.
 profit.
. 199.
 1,602. 1,161. 2,763.
 10% profits Section 198 Companies Act 2013) 404,348.


Ernst & Young LLP
 2018 2019
 Audit Fees financial statements audits subsidiary companies reviews SEC Forms 10-Q 8-K.
 Audit-Related Fees
 sell-side due diligence.
 Tax Fees compliance consulting.
 Other Fees accounting services.
 2018 2019
 Audit Fees 5,859,755 5,024,093
 Audit-Related Fees 137,420 3,178,737
 Tax 1,440,168 2,346,879
 All Other Fees 11,200
 7,448,544 10,560,664


INCOME TAX EXPENSE
 difference.
 effective tax rate 25. 8% 26. 9% 2018. 2019 lower reduction Alberta corporate income tax rate.
 Cash taxes increased timing installment payments.
 Statutory tax rate 26. 7%.
 before expense 2,755
 Computed 736
 Increase
 Non-deductible stock-based compensation
 equity losses
 tax adjustment legislative tax change
 Non-taxable capital gains
 Total tax expense 712
 Effective tax rate 25. 8% 26. 9%
 Cash taxes


strategic alternatives 2019 plan reduce administrative costs. 2018 Qdoba brand Sale. Note 10 Discontinued Operations Sale.
 summary costs
 Strategic Alternative Evaluation third party advisory services.
 Qdoba Evaluation consulting services retention compensation.
 Employee severance costs $7,169 $7,845 $724
 Strategic Alternatives Evaluation 1,286
 Qdoba Evaluation (2) 2,211 2,592
 $8,455 $10,647 $3,631


Computer Equipment Software Furniture Leasehold Improvements
 depreciated lives three to five years. Leasehold improvements amortized. Depreciation expense $59. million 2019 $67. 6 million 2018 $73. 1 million 2017
 leasehold accumulated depreciation January 31
 Costs software capitalized development expensed preliminary post-implementation. amortized life three years.
 Computer hardware $190. $217.
 66.
 Leasehold improvements land buildings 247.
 Furniture equipment 67.
 571. 582.
 Accumulated depreciation (422.
 $149. $145.


. Share-Based Compensation
 March 31, 2019 Company four plans employee share purchase plan. November 2015, granted awards three plans Mimecast Limited 2007 Employee Share Option Plan 2010 Approved Plan.
 Mimecast Limited 2015 Share Option Incentive Plan 2015 Employee Share Purchase Plan effective. 2015 Plan no further grants Historical Plans.
 2015 Plan allows equity-based incentive awards officers employees non directors consultants. 5. million shares reserved. subject adjustment share split dividend capitalization.
 each January 1st 5% December 31.
 share option price not less fair market value grant term not exceed 10 years. vest over 4 years vary.
 settles share option exercises through newly issued shares.Company’s ordinary shares forfeited canceled withheld added to 2015 Plan.
 1. million shares reserved for future issuance under ESPP. change share split dividend capitalization. ESPP terminated amended.
 ESPP permits employees purchase shares payroll deductions 1% to 10% compensation offering period six months. deductions purchase shares last day equal 85% fair market value.
 Share-based compensation expense under 2015 Plan Historical Plans ESPP
 approved modifications share option agreements acceleration vesting removal restrictions additional compensation expense. total modification expense 2019 2017 $3. 2 million $0. 5 million $3. million.
 revenue $1,684 $1,053
 Research development 6,199 2,555
 Sales marketing 7,856 4,477
10,215 3,649
 $25,954 $11,734


Property Equipment
 Depreciation leases $182. $165. 2 million $152. 3 million.
 30 2019 24
 Manufacturing $1,039,454 $911,140
 Building,061
 190,974
 Office 82,115
 2,022,759 1,736,156
 depreciation amortization (963,682
 $1,059,077 $902,547


. Intangible Assets Goodwill
 March 31, 2019
 Gross Amount Accumulated Amortization
 $7,413. $(1,112. $6,300.
 917. (544 373.
 research 7.
 Distribution.
 7. 4.
 $8,345. $(1,659. $6,685.


FY19 EAIP Payout Results
 excludes stock compensation amortization assets restructuring separation transition contract liabilities value adjustment acquisition costs litigation settlement gains.
.
 Weighted Average Company Performance Funding
 Performance Target Threshold
 Non-GAAP Operating Income 1,630 1,428.
 Non-GAAP Revenue 4,943 4,760.
 FY19 Funding.


party transactions
 Balances between Group Peel 31 2019 2018
 acquisition Trafford Centre Peel 2011, Section 106 planning liabilities Barton Square 31 December 2019 £13. 0 million (2018 £12. 4 million.
 investment finance leases three advertising services agreements Peel Advertising Limited. minimum fixed payments finance lease.
 shareholders approved sale Peel 30. 96 acre site King George V docks £6. 1 million.
 Group sold subsidiary £8. 6 million. cash £4. 3 million retained interest. cash flow net inflow £4. 0 million cash less £0. 3 million.
 Net investment finance lease.
 owed.
.


DEVELOPMENT DOMESTIC REGIONS GERMANY
 Year-on-year change %
 GDP growth corrected purchasing power. Oxford Economics
 previous figures deviate Annual Report 2017/18 corrections data provider.
.
 20192.
.
 Western Europe.
.
 Eastern Europe.
.


Stock option right activity Company plans years 2019
 total intrinsic value options SARs 2019 2018 2017 $8. 3 million $7. 4 million $9. 6 million. difference fair market common stock price equity award.
 aggregate value options SARs March 31, 2019 $14. 9 million. $14. million. closing price common stock $82. per share March 29, 2019.
 2018 option SAR shares exercisable 278,591 224,022 average exercise price per share $30. $29. 96.
 no stock options granted March 2019 2018 2017
 Price Share
 March 31, 2016.
.
.
 2017.
.
.
 2018 284.
.
.
.
 March 31, 2019.


Restricted Stock 2019 2018 Company granted. 321. 410 shares stock employee participants plans. 1 4 years. recorded $72. $109. $63. compensation expense 2019 2018 2017. 2018 $29. accelerated vesting former executive chairman. nonvested activity
 December 31, 2019 $77. unrecognized compensation expense. recognized 1. 8 years. paid-in capital stockholder’s equity December 31,.
 Employee Stock Purchase 2019 2017 purchased. 021. 020. 020 shares Roper’s common stock $6. $5. $4. 2 purchased Roper’s treasury.
 Weighted-average grant
 Nonvested December 31, 2017.
.
.
.
 Nonvested December 31, 2018.
.
Vested. 290.
 Forfeited.
 Nonvested 2019. 275.


non-current assets
 adjusted IFRS 15. Note 2.
 June 30 certificates deposit time deposits $3. 7 million $3. 7 million long-term included security deposits. $7. 1 million $6. 6 million restricted cash standby letters credit facility leases not operations.
.
 Marketable equity securities $58,932
 Non-marketable equity securities
 Security deposits 5,010
 $76,645


Cash
 Activities 2019 working capital adjustments $2. 43 billion decrease receivables lower net sales $1. 53 billion increase inventory higher inventories.
 2018 adjustments $1. 73 billion increase higher net sales.
 2017 $1. 65 billion increase receivables higher net sales $361 million intercompany balances Inotera Acquisition $456 million increase accounts payable accrued expenses.
 Investing Activities 2019 $9. 03 billion property equipment $1. 17 billion outflows sales purchases.
 2018 $7. 99 billion offset $164 million inflows sales purchases.
 2017 $4. 73 billion $2. 63 billion Inotera Acquisition $361 million payments $269 million outflows sales maturities purchases.
 Financing Activities 2019.67 million shares treasury stock $10 billion repurchase cash debt $1. 65 billion conversions $728 million 2022 Term Loan $316 million IMFT debt repayments $643 million leases. offset $3. 53 billion 2024 2030.
 2018 $9. 42 billion $774 million leases. offset $1. 36 billion 34 million shares common stock $41. share $1. 01 billion IMFT debt.
 2017 $2. 48 billion 2021 MSTW Loan $795 million MSAC Term Loan $1. 63 billion repurchase notes $381 million capital lease $550 million $519 million equipment contracts.
. Financial Statements.
 operating $13,189 $17,400 $8,153
 investing (10,085)
cash financing (2,438) (7,776)
 currency exchange rates 26 (37)
 increase $692 $1,371 $953


Impairment test goodwill
 allocated cash-generating unit smallest cash. recoverable amount determined value-use calculations cash flow projections three-year plan. carrying value sum goodwill property plant equipment intangibles
 2018
 327. 342.
.
 334. 349.


. LOANS
 Plan B subsidiary loan Tri Counties Bank March 14 2014, $131. 95%. monthly payments $2 March 14 2019. pile driver equipment secured. paid December 31, 2019.
 Plan B Bank April 9 2014, $250. 95%. monthly payments $5 April 9 2019. racking inventory equipment. secured inventory equipment. paid December 31, 2019.
 January 5 2016, pile driver $182 5. 5%. monthly payments $4 January 15 2020. equipment. balance $4.
 September 8 2016, pile driver $174. 5%. monthly payments $4 September 15, 2020. secured equipment. outstanding balance December $36.
 November 14 2016, 0% interest loan excavator $59. monthly payments $1 November 13, 2020. equipment. balance $13.
December 23, 2016, Company loan modular office systems $172 interest. 99%. 16 quarterly payments $12 September 2020. secured equipment. balance December 31, 2019 $35.
 loans
 March 14 2014
 April 9 2014
 241
 267
 Current position (88) (179)
 Long-term $88


DEBT DERIVATIVES
 cross-currency interest rate agreements risks foreign exchange US dollar senior notes debentures lease liabilities credit facility borrowings CP borrowings. derivatives hedges foreign exchange risk. credit facility US CP borrowings not hedges.
 Converting fixed US$ coupon to weighted average Cdn$ fixed rate.
 Settlement 2019.
 April 2018 settled principal US$1. 4 billion. 8% senior notes due August 2018. Uses.
 Hedging effect
 date Principal amount Maturity date Coupon rate Fixed hedged$ interest rate
 2019 issuances
. 350%. 173%
. 700%. 996%
. 300%. 193%


table working capital
 assets liabilities. decreased $0. 4 million to $12. 3 million December 31, 2019. million 2018. cash accounts receivable inventory accrued expenses lease liabilities.
 three four weeks finished goods inventory. accounts receivable 25 days.
 2019 $9. 5 million cash $33. million credit facilities $2. million. 2018 $7. 5 million cash $30. million. May 2024.
 borrowed $72. 3 million $18. 5 million repaid. 2019 $54. 5 million debt. million. no debt 31, 2018.
 Twelve Months
 Cash equivalents 9,472
 Accounts receivable 18,581
 Inventories
 Prepaid expenses
 assets
 Accounts payable
 Accrued expenses
liabilities,185
 Capital $12,338,741


net sales geographic location
 Revenues. TTI. exceeded 10% sales $184. 3 million $133. 5 million $104. 4 million 2019 2018 2017.
 No country 3% sales.
 2017 adjusted ASC 606.
 United States $292,980 $233,133 $198,250
 Hong Kong 188,102 169,073
 Germany 124,805 105,548 104
 Europe 76,149 64,248
 China 173,148 163,016
 Taiwan,853
 Pacific 47,233 36,647
 Japan 178,502 170,282
 Kingdom,472 37,038
 Netherlands,065,684
 Malaysia
 Singapore
 Italy
 Mexico 44,267
 Countries
 Non-United States 1,089,838 967,048,088
,200,181 $757,338


NOTE 7
 Lease payments not liability Group liability short-term low value assets. Payments expensed straight-line. expenses insignificant.
 outflow leases USD 2. 9m USD 2. 5m USD. 4m operating lease charge IAS 17.
 Financial expenses
 reporting periods
 2019 2018
 Interest expenses
 expenses lease liabilities right-of-use assets 2.
 Other financial expenses 39. 37 38
 41. 40


. Earnings Share
 diluted earnings June 30 2019 2018 2017
 Years Ended 30
 Net income $167. $188. $47.
 earnings dividends participating securities.
 Earnings shareholders $165. $186. $46.
 average shares 47.
 earnings common share $3. $3.
 Net income $167. $188. $47.
 earnings dividends participating securities (1.
 Earnings shareholders diluted earnings share $165. $186. $46.
 average common shares 47.
-based compensation.
 average common shares diluted 48.
 Diluted earnings common share $3.


COMPENSATION DISCUSSION ANALYSIS
. 2019 Compensation Program Components Pay table shows “protected change control salary bonus welfare benefits payable agreements policies
 change control arrangements rationale
 Termination
 Change Control. severance benefits junior
 officers managers.
 Protected Period Annual Cash Compensation Years Welfare Benefits
 CEO 2 years 3
 Executives. 5 years
 Officers 1 year


Cash Equivalents Restricted Cash equivalents investments Level 1 fair value. Restricted cash invoices. restrictions lapse purchaser. Level 1.
 September 28, 2019 29, 2018 cash equivalents restricted cash
 Cash $85,688 $99,197
 Money funds 138,073 198,072
 Restricted cash 2,493
 equivalents 226,254,686


valuation allowance activity years September 30 2019 2018 2017
 Company completed Internal Revenue Code Section 382 analysis 2009 forwards utilizable not restricted. updated Section 382 analysis events analysis.
 financial statement benefit authority. recognized largest benefit 50 percent likelihood settlement. applies interpretation tax positions limitations open. no liability unrecognized tax benefits interest penalties September 2019 2018 2017.
 subject income taxes. federal state jurisdictions. regulations judgment. no longer subject. income tax examinations fiscal years 2004. subject. examinations since 2003 net operating loss carryforwards. September 30 2018 examined. Internal Revenue Service fiscal year 2016. no adjustments. changed fiscal year end 2007 March 31 to September 30.
 Tax Expense Reversal State NOL Expiration Utilization

 September 30 2019 $104,858,448,292),014
 30 2018 159,154 79,377,673
 2017 322,404,154


. Remuneration Managerial Personnel
 Corporate Governance Report.
 Remuneration Managerial Personnel
 Ramakrishnan Chief Financial Officer Rajendra Moholkar Company Secretary
. Gross salary
 Section 17(1) Income Act 1961 72.
 Value perquisites 17(2) Income-tax Act 1961.
 Profits salary Section 17(3) Income-tax Act
. Stock Option
. Equity
.
 % profit
. 297. 117. 414.
 413. 140.


options ended 30 June 2018:
 average value nil none issued.
 average share price $3. 57 (2018 $3. 90.
 average contractual life options 1. 68 years 2. 47 years.
 1. 68 years. 47.
 Grant Date Exercise Date Expiry Date Price. Options. Exercised.
 2 Jul 2012 2 2015 2017. 40,000
 2 2013 2016 2018. 295,000
 2014. 875,000 470,000
 2015 2018. 1,000,000
 22 Dec 2016 31 Aug 2019 22 2021. 1,323,730
 3,533,730 2
 average exercise price $1. 15 $2.


Stock
 fiscal
 repurchase $350. $450. $400.
 Ended August
 stock
 balances 164,588,172 177,727,653 186,998,472
 Shares options 11,348 172,620
 employee stock 1,282,042 1,105,400
 Vesting restricted stock 1,983,261 2,727,229,102,049
 Purchases treasury stock (489,836 (793,052)
 shares (13,854,607 (16,209,890),223,708
 balances 153,520,380 164,588,172 177,727,653


Liquidity Capital Resources
 December 31, 2019 2018 cash equivalents $343. 6 million $566. 3 million. finance operations sales majority billed monthly. invoice advance. Revenue deferred advanced billings. finance from stock debt. operations liquidity satisfy cash requirements 12 months
 future capital requirements revenue growth costs growth expansions sales marketing research development expenses capital equipment-location data center. capital expenditures grow. evaluate capital needs raise additional capital growth balance sheet equity debt financing. additional equity debt financing. additional capital
 table cash flow information periods
 December 31,
 Net cash operating activities $64,846 $72,130 $41,165
 investing activities (296,780) (83,448) (26,387)
 financing activities 9,042 397,255 6,783
exchange rate 169 (724)
 cash,723) 385,137 20,837


QUARTER
 BCE revenues grew. 6% Bell Wireless Media Wireline stable. higher service product revenues. 9%. 7%.
 BCE net earnings increased. 6% higher EBITDA lower expense severance costs. offset depreciation amortization finance costs. IFRS 16 earnings.
 EBITDA increased 4. 8% growth segments. EBITDA margin 39. 7% up. 2 pts IFRS 16.
 Bell Wireless revenues increased 3. 6% higher service product revenues. Service. 6% postpaid prepaid subscriber base rate increases. moderated premium handsets lower data overage. Product revenues grew 7. 4%.
 Bell Wireless EBITDA increased 7. 4% Q4 2019 revenues higher operating expenses. 4%.operating expenses product cost network costs bad debt expense. offset IFRS 16 2019. EBITDA margin 37. 9% increased. 4 pts IFRS 16 service revenue spending low-margin product sales.
 Bell Wireline revenues unchanged 2019 stable service revenue increased. 1% expansion Internet IPTV residential rate increases federal election business offset subscriber erosion acquisition retention discounts lower TV pay-per-view decline IP connectivity Internet. Product revenues stable declining. 6% $1 million.
 EBITDA. 5% lower operating costs. 1% IFRS 16 cost containment. EBITDA margin increased. 6 pts 43. 3% IFRS 16.
 Bell Media revenues increased 3.4% Q4 2019 increased subscriber revenues rate increases enhanced service BDU contract renewals. Advertising revenues declined lower TV radio specialty TV OOH.
 Bell Media EBITDA increased. 5% 2019 higher operating revenues stable expenses IFRS 16 programming content costs sports rights Crave content expansion.
 BCE capital expenditures $1,153 million 2019 increased $179 million capital intensity ratio 18. 3%. 7%. segments. Wireline capital spending $96 million higher roll-out WTTP rural Ontario Québec. Bell Wireless. $78 million wireless cells speeds coverage quality data fibre backhaul 5G. Bell Media capital investments increased $5 million digital platforms.
 BCE costs $28 million decreased $30 million lower acquisition costs.
depreciation $865 million 2019 increased $66 million IFRS 16.
 amortization $228 million $216 2018 higher asset base.
 interest expense $286 million $259 IFRS 16 higher debt.
 other expense $119 million decreased $39 million lower impairment charges Bell Media higher gains losses.
 income taxes $243 million decreased $1 million higher uncertain tax positions.
 net earnings $672 million. 74 per share higher $606 million. 2018. higher EBITDA lower expense severance acquisition costs. higher depreciation amortization finance costs. IFRS 16 earnings. earnings stable $794 million EPS decreased $0. 88.
 cash $2,091 million $1,788 million 2018.increase higher EBITDA IFRS 16 DB pension plan operating assets liabilities lower interest higher income taxes.
 BCE free cash flow Q4 2019 $894 million $1,022 million 2018. decrease higher capital expenditures cash pension contributions costs.
 REVENUES 2019 2018
 Bell Wireless 2,493. 6%
 3,138
 Media.
 Inter-segment eliminations (194).
 operating revenues 6,316,215.


31 December 2019 Group RMB15,552 million RMB7,173 million 30 September. M&A consolidation Halti free cash.
 RMB15,552 million RMB7,173 million September. M&A consolidation Halti.
 fourth quarter free cash flow RMB37,896 million. RMB50,604 million offset capital expenditure RMB12,708 million.
 31 December 30 September
 Cash equivalents 132,991 145,607
 Term deposits 72,270
 Borrowings (126,952)
 Notes payable (93,861)
 Net debt (15,552 (7,173
 stakes companies 419,818 352,656


Consolidated Financial Statements Fiscal Years Ended 26, 2019 2018 28, 2017. EARNINGS SHARE
 Basic average shares. Diluted earnings adjusted dilutive effect stock options restricted stock unit awards dilutive securities. 2019 issued 77. million shares stock former shareholders Pinnacle Merger Agreement. issued 16. million shares $5. 00 per share public offering Pinnacle acquisition net proceeds $555. 7 million.
 table reconciles amounts diluted earnings
 2019 2018 2017. stock options excluded diluted shares antidilutive.
 income Conagra Brands. stockholders
 Income continuing operations. $680. $794. $544.
 discontinued operations.
. $678. $808. $639.
redemption noncontrolling interests earnings.
 income Conagra Brands. stockholders $678. $808. $638.
 shares
 444. 403. 431.
 Dilutive effect stock options awards dilutive securities.
 445. 407.


net operating loss tax credit carry forwards subject annual limitation ownership percentage change limitations Internal Revenue Code 1986 state provisions. annual limitation expiration loss before utilization.
 subject to income taxes U. S. foreign jurisdictions. judgment tax positions provision taxes. tax determination uncertain. establishes reserves for tax uncertainties. adjusts reserves facts audits. provision income taxes includes impact reserve provisions changes. December 31, 2019 2018 $67. million $41. 2 million unrecognized tax benefits.
 total tax benefits $67. 0 million $31. 9 million effective tax rate if recognized. tax positions tax benefits 12. interest penalties as income tax expense. accrued $5. 2 million $3. 1 million interest penalties.
 jurisdictions examination include United States Ireland.Company believes amounts reserved jurisdictions. examination Internal Revenue 2015 2017. non. subject examinations 2014.
 2018
 Balance $41,198 $29,938 $35,584
 Reductions tax positions (6,335)
 Additions
 16,517 11,860 9,289
 Reductions tax settlements (8,603)
 Reductions expiration statutes limitation
 Balance end year $67,025 $41,198 $29,938


Services decreased $204 million 1. 9% 2019 2018 due lower access costs voice employee-related costs Voluntary Separation Program offset regulatory fees.
 Wireless Equipment increased $173 million 3. 8% driven higher priced units.
 Selling Administrative Expense increased $499 million 6. 5% advertising sales commission expense offset employee costs Voluntary Separation Program. lower net deferral costs Topic 606 modified retrospective approach.
 Depreciation Amortization Expense decreased $153 million 3. 6% Verizon depreciable assets usage.
.
 Cost services $10,655 $10,859.
 wireless equipment 4,733 4,560.
 administrative expense 8,188.
 Depreciation amortization expense 4,105 4,258.
Expenses 27,681 315.


. EMPLOYEE BENEFIT PLANS.
 assets allocated
 valued December 31.
 Statement Investment Policies Procedures. reviewed Management Pension Fund Investment Committee Audit Committee.
 Equity securities
 22. 3% 20. 8%
 19.
 14. 18.
 Fixed income instruments
 41. 2% 45. 7%
 Cash equivalents
. 6%.


Operating Metrics Non-GAAP Financial Measures
 collect analyze operating financial data business allocate
 resources assess performance. loss table operating metrics non-GAAP financial measures. comparisons performance payment processors. effect agreement Starbucks transitioned 2016. transactions Starbucks Starbucks activity impact financial results. agreements provide right terminate without fine
 penalty.
 Gross Payment Volume (GPV)
 total card payments net refunds. includes Cash App activity-to-peer payments Cash Business. excludes payments Starbucks
 Adjusted Revenue
 non-GAAP financial measure total net revenue less transaction costs bitcoin costs impact acquired deferred revenue adjustment. effect activity Starbucks ceased using payments solutions 2016, Adjusted Revenue metrics impact agreement Starbucks useful investors.
 Ended December 31,
2015 2014
 GPV
 Payment Volume $84,654 $65,343 $49,683 $35,643 $23
 Adjusted Revenue $1,587,641 $983,963 $686,618 $452,168 $276,310
 EBITDA $256,523 $139,009 $44,887,115 $(67,741)
 Net Income Share
.
.


 costs plans
 long-term rate return 3. 3%. based interest rates insurance contracts return category. assumptions customary rates practices. class allocations long-term rates return liability modeling studies considered rate return defined benefit pension plans.
 Fiscal Year Ended January 31,
 Discount rate 2. 5%. 4% 3. 2%
 Expected long-term rate return assets 3. 3%.
 compensation increase 2. 3%.


 November 2018 acquired assets Golden Ridge Rice Mills LLC Rice Mills, Inc. primary rice mill Wynne Arkansas. proprietary technologies SRB derivative products. accounted combination. consolidated financial statements November 28, 2018. incurred $0. 1 million-related costs selling administrative expenses.
 purchase price Golden Ridge adjustment estimated working capital. revised estimate. purchase price allocation.
 1,666,667 shares issued Golden Ridge 380,952 shares deposited escrow indemnification obligations. December 31, 2018 shares remained escrow. July 2019 $0. 6 million working capital adjustment receivable claims sellers Golden Ridge. 340,000 shares common stock$1. million returned remaining $0. 4 million note payable cancelled open grain purchase contracts terminated.gain noncash settlement. million third quarter 2019. settlement agreement. shares common stock distributed escrow agreement terminated.
 Estimated December 31, 2018 Final December 31, 2019
 1,666,667 shares common stock $3. 00 share closing 5,000
 Golden Ridge financial liabilities seller 2,661
 Cash 250
 Note payable seller
 Working capital adjustment purchase price
 value transferred 7,373
 Accounts receivable
 Inventories
 Property equipment 5,092
 Accounts payable
 Commodities
 Accrued liabilities
 Lease liabilities
 Equipment notes
 assets acquired liabilities assumed 4,195
 3,178


Units
 RSU transactions December 31, 2019
 2019 Company awarded 2. 6 million RSUs officers employees performance criteria market conditions. units expected vest evaluated compensation expense recognized. RSUs market conditions recognized grant date value.
 December 31, 2019 unrecognized compensation expense non RSUs $60. 9 million $10. 1 million $3. 9 million.
 RSUs time-based service conditions expense recognized vesting period performance criteria market.
 Unrecognized compensation cost criteria. Total compensation expense RSUs $69. 8 million 2019 $48. 4 million RSUs time-based service conditions.
 Weighted-Average
 Date Value
 Nonvested shares RSUs December 31, 2018. 59
 Granted. 64
 Achieved.
 Released.
Canceled.
 Nonvested shares December 31,.