Quarterly Financial Data
 January 26, 2018 income taxes charges tax reform.
 quarters adjusted new accounting standard Revenue Contracts Customers 606).
 July 28, 2017 October 27, January 26, April 27,
 Net revenues $ 1,321 $ 1,415 $ 1,539 1,644
 Gross profit $ 824 $ $ 956 $ 1,029
 Provision income taxes $ 14 983
 Net income (loss $ 131 $ 174
 share.
.


table details sales 2019 2018. sales geographic area
 Americas amounts United States.
 Europe Asia %
 $67,728 $3,285 $71,159 90%
 5,294 771 1,837 10%
 $72,522  $4,056  $2,483 $79,061
 $52,034 $9,059 $1,344 $62,437 86%
 8,424 1,266 10,479 14%
 $60,458  $10,325 $2,133  $72,916


Company adopted five share option schemes Pre-IPO Post-IPO I IV. expired 31 December 2011, 23 March 2014, 16 May 2017 13 May 2019.
 31 December 2019 20,722,380 outstanding share options granted to director
. first 20% exercised 1 year after each subsequent year.
. 25% 1 year.
. closing price before 4 April 2019 HKD378.
. No options cancelled or lapsed.
 Number options
 Name director Date of grant 1 January 2019 Granted Exercised 31 December 2019 Exercise price period
 Lau Chi Ping Martin 25 March 2014 5,000,000. 25 March 2015 to 24 March 2021
 21 March 2016 3,750,000. 21 March 2017 to 20 March 2023
24 March 2017 5,250,000. March 2024
 9 April 2018 3,215,800. April 2019 2025
 4 April 2019 3,506,580. 4 April 2020 2026
 17,215,800 20,722,380


cash payments closing funded $7. 945 billion loans $400 million revolving credit $1. 825 billion Level 3 Parent. Level 3 acquisition Note 7—Long-Term Debt Credit Facilities.
 recognized assets liabilities Level 3 November 1, 2017 excess goodwill. judgment. final fair value determination fourth quarter 2018 financial statements December 31, 2017.
. Department Justice assets. sold December 31, 2018. No gain loss.
 October 31, 2018 aggregate consideration exceeded fair value acquired assets liabilities $11. 2 billion goodwill. benefits enhanced financial scale market diversification networks. goodwill deductible income tax.
 Includes accounts receivable $884 million November 1, 2017 October 31, 2018.
 weighted-average amortization period assets 12. years.
acquisition assumed Level contingencies. Note Contingencies Items.
 Adjusted November 1 2017 Balance December 31, 2017 Purchase Price Adjustments Adjusted November 1 2017 Balance October 31, 2018
 millions
 Cash receivable current $3,317
 Property plant equipment 9,311
 intangible
 Customer relationships
 non current assets
 Current liabilities long-term debt (1,461
 debt
 Deferred revenue liabilities
 Goodwill
 estimated consideration $19,617


Fiscal 2018 Acquisitions
 purchase consideration
 July 31, 2017 Viptela. software networking. Infrastructure Platforms.
 September 22, 2017 Springpath. hyperconvergence software. Infrastructure Platforms.
 February 1, 2018 BroadSoft. cloud calling contact center. Applications category.
 May 10, 2018 Accompany AI-driven relationship intelligence platform. Applications category.
 cash vested share-based awards. $187 million.
 Fiscal 2018 Assets Purchased Intangible Assets Goodwill
 Viptela $497 $180 $335
 Springpath 248 160
 BroadSoft 2,179 353 430 1,396
 Accompany 222 6 55 161
 Others 72 42
 $3,218 $334 $867 $2,017


table reconciles theoretical corporation tax expense UK tax rate. reconciling items represent rate differentials jurisdictions non-taxable benefits non expenses differences local tax base Financial Statements.
 taxation strategy.
. aligned business strategy operational needs. Oversight Audit Risk Committee. Chief Financial Officer tax strategy tax professionals. open transparent relationship revenue authorities tax legislation. pricing tax authorities risks. engages policy tax administrators industry bodies international institutions input tax measures. tax authority position regulations additional tax. Uncertain tax positions monitored provision accounts appropriate.
 Year-ended 31 March 2019 March 2018
 Profit (loss before taxation 53.
 multiplied standard corporation tax 19%.
Effects
 Adjustments previous years.
 tax rate.
 Expenses deductible 11. 9
 Losses.
 Higher tax rates overseas earnings 7. 3
 Research tax credits.
 US tax reform deferred tax 5.
.
 taxation profit 26. 19.


highlights transactions subsidiaries Key Management Personnel.
 Woolworths Group advanced repaid provided treasury accounting legal taxation services entities.
 exchanged goods services. commercial. Balances subsidiaries eliminated consolidation not disclosed.
 transactions directors Key Management Personnel conducted arm’s length normal terms. benefits.
 total remuneration Key Management Personnel
 equity instruments shares disclosed Remuneration Report.
 Short-term benefits 12,175,184 14,217,931
 Post employment benefits 322,733,319
 long-term benefits 161,569 139,776
 Share-based payments 9,177,425 6,594
 21,836,911


. Inventories
 April 30, 2019 2018
 April 2018 Company recorded non-cash write-down $5. 6 million inventory. manufacturers precluding parts components over ten years. changing technology analog-to-digital converters synthesis. new inventory reserve policy charge $1. 1 million April 30 2019. Inventory reserves $6. 6 million $5. 5 million 2018.
 Raw Materials Component Parts $11,600 16,206
 Work Progress 8,896
 Finished Goods
 $23,356 26,186


GasLog Ltd. Subsidiaries
 consolidated financial statements
 years December 2017 2018 2019
 amounts. Dollars except
. Share-Based Compensation
 RCUs PCUs
 total expense share-based compensation December 31, 2019 $5,107 2018: $5,216 2017: $4,565). accrued cash distribution $1,176 $1,265.
 awards Weighted average contractual life Aggregate fair value
 RCUs
 Outstanding January 1 2018 67,475 1. 38 1,429
 24,608 576
 75,084. 1,595
 26,308 605
 December 31, 2019 76,467. 1,790
 January 1 2018 67,475. 1,429
 24,608 576
 75,084. 1,595
 605
 December 76,467.


Diluted earnings per share. 2019 2018 special events
 non-GAAP diluted earnings excluding tax items Tax Reform reinvestment assertions foreign subsidiaries restructuring costs one employee bonus insight special items. diluted earnings per analyze performance. GAAP.
 earnings per share increased to $3. 50 2019 from $0. 38 2018 increased net income reduction diluted shares repurchase activity plans.
 Diluted earnings per share (GAAP.
 Restructuring costs tax.
. Tax Reform.
 Accumulated foreign earnings assertion.
 One-time employee bonus net tax.
 Diluted earnings per share adjusted (non-GAAP.


EQUIPMENT
 Depreciation $870,000 $704,000. $31,000 $773,000. disposals relocating improvements.
 Computers equipment $1,654,000 $1,350,000
 Software 2,131,000 1,749,000
 Leasehold improvements 310,000
 Office furniture equipment 424,000
 3,784,000
 Accumulated depreciation amortization (2,634,000 (1,797,000
 1,885,000 $1,987,000


Acquisitions Divestitures Investments
 June 15, 2018 acquired minority interests third party $6. 9 million. acquired controlling interest April 2015. equity cash December 31, 2018.
 April 2, 2018 sold assets Allscripts’ business Hyland Software. Ohio. acquired 2017. assets excluded retained Allscripts.
 Hyland assumed liabilities. total $260 million subject adjustments. pre-tax gain sale $177. 9 million sales statements December 31, 2018.
 March 15, 2018 contributed assets liabilities Strategic Sourcing new entity $2. 7 million cash. obtained 35. 7% interest new entity valued $4. 0 million balance sheet December 31, 2018.
 equity accounting. initial pre-tax loss $0. 9 million $4.7 million losses adjustments receivable. sale December 31, 2018.
 February 6, 2018 acquired common stock cloud $8. million. allocation $1. 1 million $0. 6 million customer relationships $6. million goodwill. 8 million accounts receivable deferred revenue $0. 6 million $0. 5 million long-term deferred income tax liabilities.
 finalized fourth quarter 2018. asset amortized 8 years. customer relationship amortized one year. goodwill not deductible. not material financial statements.
 other equity investments.
 acquired non-marketable equity securities commercial agreement $11. 7 million. $1. 8 million non-marketable convertible note.
 value illiquidity restricted marketability December 31, 2019.factors fair value financial information obligations raises.
 Carrying Value
 December 31, 2019 Cost
 Equity investments 5 $ $ 11,332 10,667
 9 43,874 32,462 25,923
 long-term equity investments 14 $ 51,281 $ 43,794 36,590


Employee Stock Purchase Plan
 employees shares 24-month four 6-month periods. purchase discount 15% market value. September 13, 2018 ESPP 2 million shares. April 26, 2019 7 million shares available. table
 April 26, 2019 27, 2018 28, 2017
 Shares issued ESPP
 Proceeds issuance $ 96 $ 85 $ 80


RECEIVABLE
 $60. 3 million $80. 5 million. federal contracts September 30, 2019 2018. October 1 2018 unbilled contract receivables reclassified ASC 606.
 sell receivables. obligations. payments not Consolidated Balance Sheet. September 30, 2019 sold $31. 1 million receivables.
 2018
 Accounts receivable
 Billed $ 127,406 $ 156,948
 Unbilled 242,877
 doubtful accounts
 Total receivable 126,014 398,501
 estimated amounts due
 Current accounts receivable $ 126,014 $,367


. Accrued Liabilities
 April 30 2019 2018
 Vacation compensation $1,659,433
 Incentive compensation
 Payroll taxes
 Deferred revenue
 Warranty
 Commissions
 $3,571


Equity Method Investments
 investments Balance Sheets
 TOKIN's Joint Ventures NYC NTS
 April 19, 2017 66% interest TOKIN 100% subsidiary KEMET. two investments NYC NTS. accounts investments equity method.
 NYC established 1966 TOKIN Mitsui Mining Smelting. oxides owns 30% stock. equity investment $8. 2 million $8. 1 million March 31, 2019 2018.
 NTS established 2004 TOKIN sold 67% stock. devices owns 33% stock. 2019 sales TOKIN’s products. equity investment NTS $1. 2 million $1. million March 31, 2018.
. $8,215 $8,148
.
 Jianghai Electronics Components.
 $12


difference statutory federal
 increase tax rate 2019 one-time benefits.
 decrease 2018 expense Tax Reform ISecG divestiture not 2018. reduction U. S. statutory rate tax Tax Reform drove remaining decrease 2018.
 tax rate benefit non-U. S. income from China Hong Kong Ireland Israel. tax rates range 12. 5% to 25. 0%. subject reduced tax rates China Israel activities capital investments. reduced tax rates expire through 2026 renewals expiration.
 28, 2019 2018 30 2017
 Statutory federal income tax rate.
 Increase
 Non-U. S. income taxed different rates.
 Research development tax credits.
 Domestic manufacturing deduction benefit.
 Foreign derived intangible income benefit.
 Tax Reform.
 ISecG divestiture.
.
 tax rate 12. 5%


. Restructuring Charges
 2019 2018 2017
 millions
 Restructuring charges $ 255 $ 140 $ 146
 Gain divestiture
 Other charges
 $ 255  $ 126 $ 147


. INCOME TAXES
 December 29, 2019 income tax provision $26. 6 million profit equity earnings $26. million expense foreign jurisdictions profitable. December 30 2018 income tax $1. 0 million loss equity $898. 7 million expense offset tax benefit valuation allowance tax reserves statutes limitation.
 geographic distribution equity
 Year
 December 29, 2019 30, 2018 December 31, 2017
 distribution
. loss $(84,071) $(778,316) $(1,242,000)
 Non-U. 110,040 (120,355
 Income taxes equity earnings $25,969 $(898,671) $(1,200,750)
 Provision taxes
 benefit
 Federal
 State
 Foreign (24
tax (25,286) 1,317
 Deferred tax
 Federal
 1,450
 Foreign 4,798
 deferred tax (1,345 4,798 2,627
 (26,631) $3,944


Foreign Currency Risk
 Group exposed to translation transaction foreign exchange risk. currencies used including sterling euro. experiences currency exchange differences retranslation recognised expense. cash inflows outflows currencies invoices local pays expenses risk.
 exposed exchange differences translation subsidiaries’ Financial Statements US dollar equity.
 table illustrates movement per sterling euro against US dollar profit loss equity.
 foreign exchange variance unrealised Profit Loss no impact cash flows.
 Year-ended 31 March 2019 31 March 2018
 10% movement sterling US dollar value
.
.
 movement euro US dollar value
.
.


. QUARTERLY FINANCIAL INFORMATION
 31, purchased group annuity contract pension benefit obligations retirees. recognized non pension settlement charge $6. 7 million.
 recognized gain extinguishment debt repurchase Senior Notes $0. 3 million $1. 1 million $3. 1 million June 30 September 30 December 31,.
 incurred severance costs $8. 7 million.
 Quarter
 March June September December
 Net revenues $338,649 $333,532
 Operating income $16,720 $14
 Net income common stockholders $(7,265
 Basic diluted earnings (loss) per share.


.
 2019 2018 Group operated storage centres Australia New Zealand.
 Managing Director monitors results. reports performance NSR consolidated financial statements. financing costs income managed not allocated segments.
 results.
 revenue excludes interest based location storage centres.
 $ Revenue external customers
 Australia 144,621 129,431
 New Zealand 13,036
 Total 157,657 138,343


Results Operations 2019 2018 2017
 Revenues
 Subscription Solutions
 increased $177. 2 million 38. 1% 2019. increased $155. million 50. 0%. higher merchants.
 Merchant Solutions
 revenues increased $327. 7 million 53. 9% 2019. Shopify Payments revenue $239. 6 million 53. 3%. merchants expansion Shopify Payments $9. 1 billion additional GMV. Shopify Payments penetration rate 42. 1% GMV $25. 7 billion. 40. 4% $16. 6 billion 2018. Shopify Payments adoption United States 91% Canada 90% Australia 89% Kingdom 88% Ireland 84% New Zealand 76% other countries 70%. Merchant revenues increased $327. 7 million 53. 9%. Shopify Payments revenue $239. 6 million 53. 3%.increase merchants platform expansion adoption Shopify Payments $9. 1 billion additional GMV 2019 2018. December 2019 Shopify Payments penetration rate 42. 1% GMV $25. 7 billion. compares 40. 4% GMV $16. 6 billion 2018. December 31, 2019 Shopify Payments United States 91% Canada 90% Australia 89% United Kingdom 88% Ireland 84% New Zealand 76% other countries 70%.
 transaction fees referral fees partners Shopify Capital Shopify Shipping increased.
 Merchant solutions revenues increased $245. 0 million 67. 4% 2018 2017. Shopify Payments revenue $176. 0 million 64. 4%. revenue transaction fees referral fees partners Capital Shipping increased.
 2019
$642,241 $464,996 $310,031. 50.
 935,932 608,233 363,273 53.
 $1,578,173 $1,073,229 $673,304 47. 59.
 40. 46.
 59. 3 56. 7 54.
 100.


GAINS EQUITY INVESTMENTS
 gains losses 2019 2018 driven ASML Holding. Cloudera. 2019 sold equity investment ASML.
 recognized $293 million price adjustments.
 2018 impairment $290 million IMFT. 2017 charges Cloudera $278 million Unisoc $308 million.
 dividends $632 million McAfee gain $107 million sale non interest IMFT. $3. 4 billion gains interest ASML.
 higher net gain lower loss debt larger divestiture gains.
 gain lower losses higher assets larger divestiture gains.
 adjustments equity securities $277
 price adjustments non-marketable equity securities 293
 Impairment charges (122)
 Sale equity investments 1,091 3,484
equity $1,539 $2,651
 $484 $126


decreased $78. 9 million 2019 $177. million 2018 $44. 8 million 2017
 ASC 606.
.
 $131. 7 million $120. 8 million $71. 7 million. net income $206. 6 million $7. million accounts payable $1. million taxes. impacted $70. 6 million liabilities $42. 8 million inventories $8. million accounts receivable $4. 4 million prepaid expenses. $46. 3 million anti-trust fines $7. 8 million restructuring liabilities. customer demand.
 2018 net income $254. 1 million. $30. 2 million accounts receivable $4. 3 million prepaid expenses $1. 3 million accrued income taxes. $16. 1 million accounts payable $13. 8 million inventories.
 net income $47. 2 million.inventories $6. 2 million accounts payable $1. 7 million liabilities. flows impacted $2. 6 million accounts receivable $1. 8 million prepaid expenses.
 Investing
 2019 2017 $. million $102. 4 million $. million. expenditures $146. million expanding capacity technology projects. $16. 3 million. Customer Capacity Agreements. $4. million contributions KEMET Jianghai Novasentis. sales $2. 3 million dividends $0. 8 million.
 2018 $164. million purchase TOKIN. asset sales $3. 6 million dividends $2. 7 million. offset capital expenditures $65. million expanding capacity technology projects. $3. million Novasentis.
 expenditures $25. 6 million expanding capacity Mexico.
 Financing
 $56. 7 million.. 1 million. 2019 received $281. million TOKIN Term Loan Facility $13. 4 million Portuguese $1. 1 million. 5 million stock options. $344. 5 million long term debt payments $4. 3 million $8. 6 million $323. 4 million Loan $12. 4 million. early payment premium $3. 2 million. paid two dividends $5. 8 million.
 2018 $353. million. Senior Notes $33. million credit payments Term Loan Agreement $4. 3 million $12. 9 million. $329. 7 million Term Loan Credit Agreement stock warrants options $8. $5. 2 million. 3 million loan Portuguese Government.
 2017. million long-term debt cash outflows $1. 1 million treasury stock $1. million stock options.
Fiscal Years Ended March
 operating $131,731 $120,761 $71,667
 investing (147,012) 102,364 (25,598
 financing (56,657)
 foreign currency fluctuations 9,745,174
 $(78,928) $177,072 $44,770


. Reportable Segments Geographic Information Major Customers
 segments components financial information evaluated performance resources. internal reporting system financial data. Net sales attributed region product service. services manufacturing processes customers order fulfillment processes interchangeable. performance operating income (loss. net sales administrative expenses excludes corporate expenses. $13. 5 million-time employee bonus. not allocated. Inter-segment transactions recorded arm’s length. accounting policies same Company.
 three reportable segments 2019 2018 2017
 Net sales
 AMER $1,429,308 $1,218,944 $1,166,346
 APAC 1,557,205 1,498,010 1,279,261
 EMEA 309,933 281,489
 inter-segment sales (132,012) (124,935) (110,384
,164,434 2,873,508 2,528,052
 AMER $57,780 $38,637
 APAC 208,178 213,935 200
 EMEA
 costs,378 (105,922)
 $142,055,283 $129,908
 4 5
 (5,143
 $125,955 $107,610 $121,823


passed 12,400 addresses Greater Cincinnati Fioptics Fiber Premise. December Fioptics products 623,400 locations 75% Cincinnati. passed 5,900 addresses Hawaii. Consumer/SMB Fiber 246,400 addresses 50%
 invested $24. million Enterprise Fiber IP-ased technology. demand Greater Cincinnati Midwest. Hawaii expenditures high-bandwidth data Southeast Asia States cable. network assets migration new technology December 31,
 increased commercial addresses fiber 28,800 Greater Cincinnati 20,300 Hawaii 2,200 1,200
 expanded fiber network 12,500 miles Cincinnati 4,700 Hawaii
 cell site back-haul services 90% 1,000 sites Greater Cincinnati 97% fiber 80% 1,100 Hawaii fiber.
-over-year Entertainment Communications revenue growth since 2013.expanding fiber assets data video internet speed agility security. fiber investments bandwidth
 Hawaii Territory
 Consumer SMB Fiber Revenue $87. $42.
 Subscribers
 High-speed internet 68. 65.
.
.


ADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS
. INTANGIBLE ASSETS
 December
 life 11. 2 years.
 Gross Carrying Amortization
 $83,368(14,250 $69,118
 108,995 (18 90,798
 Trademarks 26,888 (2 24,095
 $219,251(35,240 $184,011
 31, Gross Carrying Amortization
 $39,879(7,927) $31,952
 35,509 22,025
 Trademarks
 $77,889


11 CAPITAL.
 Private placements public offerings.
 New Warrants not registered Securities Act 1933 state laws. shares registered resale Form S-3. Exercised Shares registered resale. 333225995. issuance Shares New Warrants exempt registration Securities Act Section 4 Securities Act Rule 506 Regulation.
 Company raised $64,000 Common Stock warrants private placements public offerings proceeds.
 price expiration date Company warrants December 31, 2019
 Issuance
 2007 Jan 2011 2,016,666. Nov-2022
 Jun-2018 458,202
 1,158,000 Dec-2021
 842,000
 4,474,868


16C. Principal Accountant Fees Services
 principal accountant 2019 2018 KPMG LLP. table shows fees Teekay subsidiaries audit services KPMG LLP.
 Audit fees services financial statements quarterly filings public offerings.
 Audit fees 2019 2018 include $928,300 $859,000 KPMG LLP Teekay LNG approved. $588,200 $517,000 KPMG LLP Teekay Tankers.
 Audit-related fees accounting consultations employee benefit plan audits business divestitures attestation services. 2019 2018 tax fees corporate tax compliance fees.
 Audit Committee pre-approve audit-related non-audit services. Engagements pre-approved pre-approval policies.
 Audit Committee pre-approved engagements fees principal accountants 2019 2018.
 Fees thousands U. S. dollars) 2019 2018
Audit 2,723 2,529
 33
 23
 2,779 2,620


3. Fair value estimation inputs not market data instrument level 3.
 valuation techniques include
 Dealer quotes
 value interest rate swaps future cash flows
 discounted cash flow analysis.
 31 December 2019 1 transfer between level 1 2 fair value. transfers 3 changes instruments 3 December 2019
 Financial assets liabilities
 RMB’Million
 balance IAS 39 77,131 2,154
 Adjustment IFRS 9
 IFRS 9 83,934 100,107
 Additions 39,116,185
 Business combination
 Disposals/Settlements (6,714) (9,899)
 Transfers (4,552) (93,151
 Changes fair value income 328
 profit loss 9,241 30,485
Currency 1,740 4,946
 Closing balance 123,093 83,934 1,873 4,466
 unrealised gains 3,265 (463)


. Financial Data
 Five Years Ended July 27, 2019
 2019. revenue. immaterial gain. July 2019 28, 2018 $168 million $903 million.
 Tax Cuts Jobs Act $872 million charge reversal. taxation foreign dividends. Note 17 Consolidated Financial Statements.
 2018 Cisco provisional tax expense $10. 4 billion $8. 1 billion. transition tax $1. 2 billion foreign withholding tax $1. 1 billion deferred tax.
 second 2016, SP Video CPE Business. revenue pre-tax gain $253 million. years July 30, 2016 July 25, 2015 revenue $504 million $1,846 million.
 2016 recognized tax benefits $593 million settled tax returns net tax benefit $367 million Americans Tax Hikes Act 2015 reinstated.research tax credit Cisco recognized tax benefits $226 million $81 million 2015 R&D expenses.
 adopted Accounting Standards Codification 606 standard revenue recognition modified retrospective method contracts not completed July 28, 2018. Note 2 Consolidated Financial Statements impact.
 factors affected.
 Years Ended July 27, 2019 July 28, 2018 29, 2017 30, 2016 July 25, 2015
 Revenue $51,904 $49,330 $48,005 $49
 Net income $11,621 $9,609 $10,739 $8,981
 income.
.
 4,419 4
 4,453
 Cash dividends share.
 Net cash activities $15,831 $13,666


Contract costs
 table.
 amortized 12 84 months.
 ENDED DECEMBER 31
 Opening balance January 1 707
 contract fulfillment 602
 Amortization costs
 Impairment charges
 Ending balance December 31 783


. PROPERTY EQUIPMENT
 December 31, 2019 2018
 Depreciation expense $0. 04 million $0. 13 million 2019 2018. finance leases $0. 001 million $0. 002 million. leases one to three years. payments cash outflows. Future minimum lease payments leases in Note 8. Depreciation expense $0. 04 million $0. 13 million 2019 2018. finance leases $0. 001 million $0. 002 million. leases terms one to three years.
 relocation 2019 disposed assets. loss on disposal $0. 01 million. disposed assets. loss $0. 01 million.
 closure Lake Mary facility 2018 reclassified equipment $0. 07 million sale. contracted third party consignment sale completed sales 2018 2019. 31, 2019 net loss $0.million sale assets. December 2018 gain $0. 01 million. gains losses selling expenses loss.
 Equipment software capital leases $6 $17 December 31, 2019 2018 $260 $1,555
 Leasehold improvements
 Furniture fixtures
 2,523
 accumulated depreciation capital leases $3 $13 2019 (266)
 $129


LINES GEOGRAPHIC ACCOUNTS REVENUE CONCENTRATION
 Company business segments location. single segment.
 breakdown revenue product
 New products 180 nanometer eFPGA QuickAI SensiML. Mature products 180.
 Revenue product
 New products $3,123 $5,735 $5,853
 Mature products 7,187 6,296
 Total $10,310 $12,629 $12,149


Operating Expense
 Restructure asset impairments functions. 2019 200mm facility gains $128 million. 2017 gains $15 million Lexar 40% Tera Probe facility Akita.
 2019 2018 2017
 loss disposition property plant equipment $43 $(96) $(22)
 Restructure impairments (29) 28 18
 $49


FINANCIAL ASSETS FAIR VALUE PROFIT LOSS
 FVPL
 31 December 2019 additions FVPL
 investment retail company USD500 million RMB3,550 million 21% equity interests preferred
 investment real estate O2O platform PRC USD320 million RMB2,258 million. 31 December 2019 equity interests
 new RMB38,810 million unlisted entities United States PRC Asian countries. social networks Internet technology Internet-related business. disclosure requirements 14 Listing Rules.
 December 2019 transfers equity investment FVOCI conversion redeemable instruments ordinary shares RMB1,395 million.
 31 December 2019 Group disposed investments RMB16,664 million Internet-related services.
 influence FVPL shareholding 20%. investments redeemable instruments classified FVPL.
IFRS 9 95,497
 Additions 44,618 60,807
 Transfers,816)
 Changes 28,738
 Disposals,664,805
 differences 6,456
 135,936 97,877


. Revenue
 September 1, 2018 Company adopted ASU 2014-09 Revenue Recognition (Topic 606). new standard revenue recognition model revenue transfer goods services customers consideration.
 recognized revenue contracts goods shipped title risk ownership passed price fixed collectability assured. new standard recognizes revenue over time contracts recognized earlier. other contracts recognized.
 standard impacts accounting fulfillment costs manufacturing. costs recognized asset amortized transfer control.
 adopted ASU 2014-09 modified retrospective method contracts recorded cumulative effect adjustment September 1, 2018
 Differences relate timing revenue recognition time customers balance sheet reclassifications.
 recovery fulfillment costs balance sheet reclassifications.
 accrued expenses Consolidated Balance Sheets.
 Differences contract liabilities September 1,.
Balance August 31, 2018 Adjustments ASU 2014-09 September 1 2018
 Contract $591,616
 Inventories $3,457,706 $2,996,435
 Prepaid expenses $1,141,000,103,729
 Deferred income $218,252 $209,927
,142
 Deferred $691,365
 accrued $1,000,979 $1,041,371
 Deferred income $114,385
 Retained $1,760,097


Stock Compensation Expense
 table stock-based compensation expense tax benefits Consolidated Statements Operations 2019 2018 2017
 acquisition Rofin 2016, $15. 3 million cancellation options. allocated merger $11. 1 million post-merger compensation expense $4. 2 million quarter 2017.
 2019 $4. 8 million compensation $4. million amortized sales $1. 5 million remained inventory. 2018 $4. 7 million $4. 4 million amortized $1. 5 million remained.
 2019 compensation cost unvested stock awards $33. 1 million. amortized. years.
 Cost sales $4,880 $4,403
 Research development 2,990
 Selling general administrative 28,596
 Income tax benefit


 Group reported £128. 5m £5. 5m. 5% 2017/18. Divisional contribution increased £6. 1m £161. 9m. Grocery business £8. 3m £138. 3m Sweet Treats £2. lower £23. 6m. Group corporate costs £0. 6m higher.
. reduced promotional lower volumes revenue growth.
 margins grew 2. input cost inflation.
 Grocery 138. 130. +6. 3%
 Sweet Treats 23.
 161. 155. +3. 9%
 Group corporate costs.
 Trading profit 128. 123. +4. 5%


Article 35 Articles Association financial year January 1 to December 31, fiscal. 2019 first quarter March 30 second June 29, third September 28 fourth December 31.
 2020 first quarter March 28, second June 27, third September 26 fourth December 31.
 distribution revenues expenses quarter unbalanced different days differ prior table 2018 2019 2020.
 2018 91
 2019 89
 2020 91


. Goodwill Intangible Assets
 changes
 October 2019 acquired 85% OpenEye recorded $41. 4 million goodwill Alarm. no impairments December 2019 2018 2017. balance $4. 8 million related acquisition EnergyHub 2013.
.
 Balance January 1, 2018 $63,591
 acquired
 Balance December 31, 2018
 Balance December 31, 2019 $104,963


. Equity Stockholder Matters Issuer Purchases Equity Securities
 Cisco common stock traded Nasdaq Global Select Market CSCO. quarterly cash dividends Supplementary Financial Data page 106. 39,216 shareholders August 30, 2019.
.
 Issuer purchases equity
 September 13, 2001, stock repurchase program. February 13, 2019 $15 billion increase. July 27, 2019 remaining $13. 5 billion no termination date.
 restricted stock units net shares withheld tax withholding. Note 14 Consolidated Financial Statements.
 Period Shares Purchased Average Price Paid Share Announced Plans Programs Approximate Dollar Value Shares
 April 28, May 25, 2019 $54. $15,700
 May June 22,.$14,465
 June July 27, $56. $13,460
 $54.


Company maintains liabilities for uncertain tax positions. monitored by management tax regulations court. reconciliation unrecognized tax benefits
 relate to federal state research development credits profit transfer IP rights tax reorganization 2015. interest penalties uncertain tax positions income tax expense. 2019 accrued interest $25,000. total tax benefits tax rate $97,000.
 loss credit carryforwards open statutes of limitations tax returns 2000.
 Years Ended December
 Balance $4,611 $4,672 $6,232
 increases positions prior 394
 decreases tax rate change (1,670)
 increases positions current year
 Lapse statute of limitations
 Balance end year $4,826 4,611 4


. Revenue Contracts
 Topic 606
 Company adopted Topic 606 2019 modified retrospective method. timing revenue recognition recognized. adjustments balances Consolidated Balance Sheets
 fiscal 2019 opening earnings balance$ 7. 8 million contracts revenue. Contract assets$ 76. 4 million recognized. Inventory declined $69. 0 million due costs. decline accrued liabilities reclassification deferred revenue offset increase taxes.
 Balance September 29, 2018 Impacts Topic
 606 Balance September 30, 2018
 Contract assets $76,417
 Inventories 794,346 (68,959) 725,387
 LIABILITIES SHAREHOLDERS' EQUITY
 Other accrued liabilities $68,163 $67,806
 Retained earnings 1,062,246,070,061


revenues. increased 20% to RMB59,659 million fourth quarter 2019. increase due to FinTech services channel content costs. decreased to 56% 2019 from 59% 2018. table cost revenues by line business
 VAS increased 28% to RMB26,120 million 2019. channel costs smart phone games higher content costs online games.
 FinTech Business Services increased 32% to RMB21,520 million. increase driven by expansion payment-related services cloud business.
 Online Advertising decreased 14% to RMB9,241 million. due lower content costs fewer content releases cost management.
 months
 31 December 2019 2018
 revenues
 millions
 26,120 50% 20,330 47%
FinTech 21,520,310
 Advertising 9,241 46% 10,800 63%
,778
 59,659 49,744


. Income Share
 calculation basic diluted income
 shares employee equity awards 1 6 million 2019 2018 2017 excluded diluted.
 26, 2019 2018
 Net income $ 1,169 $ 116 $ 481
 Shares basic computation 254 268
 Dilutive impact equity plans
 diluted computation 259 276 281
 Net Income per Share
 $.
 $. 51.


Post-employment benefit plans
 provide pension benefits employees. DB DC OPEBs.
 operate Canadian pension legislation minimum funding requirements. assets trust oversight investment decisions Pension Fund Committee.
 interest rate risk liability matching mismatch investment obligation.
 longevity risk longevity swap life expectancy.
 POST-EMPLOYMENT BENEFIT PLANS SERVICE COST
 YEAR DECEMBER 31
 DB pension (193) (213)
 DC pension (110) (106)
 OPEBs (3)
 Capitalized benefit plans cost 59
 cost (247) (266)
 Other costs


. Share-Based Compensation
 table Company's share-based compensation expense
 March 31, 2019 $17. 2 million capitalized $14. 9 million sold. March 31, 2018 $11. 9 million capitalized $13. 8 million sold. March 31, 2017 $11. 3 million capitalized. 2017 $14. 5 million $4. 2 million Atmel not.
 unearned share-based compensation estimated expensed 2020 2024 March 31, 2019 $253. 4 million. average. 88 years.
 Ended March 31,
 Cost sales $14. $13. $18.
 Research development 72. 46.
 Selling administrative 62.
 charges.
 Pre-tax effect share-based compensation 166. 93 128
 Income tax benefit.
compensation $130. $64.


Cash Flows
 table summarizes cash flows operating investing financing.
 cash
 decreased $10. 2 million to $106. 5 million 2019 $116. 7 million 2018. due
 lower contribution Cool Pool
 $24. 9 million drydocking costs
 $9. 3 million receipts arbitration $50.
 reduction timing working capital.
 offset by receipts $4. million loss hire insurance claim Golar Viking. comparable receipts.
 increased $151. 8 million to $116. 7 million 2018 $35. million 2017. increase higher contributions Cool Pool lower charterhire payments expiry $50. million receipts arbitration proceedings improvement general timing working capital.
 $264. 4 million 2019
 $376. 3 million payments conversion Gimi FLNG
 $21. million investments Golar Power Avenir
.ballast water treatment eight vessels.
 offset
 $115. 2 million Keppel 30% Gimi
 $29. 2 million dividends Golar Partners
 $9. 7 million cash Hilli acquisition.
 $202. 5 million 2018
 $116. 7 million Hilli
 $95. 5 million Golar Power $55. million Avenir $24. 8 million
 vessels equipment $33. 1 million.
 offset $9. 7 million $33. 2 million dividends.
 debt refinancings repayments dividends. $136. million debt repayments $443. 1 million $100. million Margin Loan $9. million Golar Arctic dividends $65. million financing costs $24. 5 million Gimi $18. 6 million. million treasury shares equity swap.
offset debt proceeds
 $100. million Margin Loan
 $150. million term loan
 $130. million Gimi
 $144. 3 million lessor VIE.
 Net cash $177. 4 million 2018 $1. 2 billion debt facilities
 $115. million pre financing conversion Hilli FLNG
 $960. million post-acceptance Hilli sale leaseback financing
 $101. million debt proceeds VIE Golar Crystal refinancing long-term loan.
 offset
 loan repayments $994. million $640. pre-delivery financing $105. million refinancing Golar Crystal $76. million Golar Tundra financing scheduled repayments remaining debt
 dividends $42. million.
 Net cash activities 106. 116.
.
. 177. 427.
 cash equivalents restricted cash (293. 91. 6.
 704. 3 612. 7 640.
 end 410. 704. 612.


Accounting
 2014, FASB released ASU 2014-09 Contracts revenue GAAP. issued amendments August April May December 2016 ASU 2015–14 codified Accounting Standard. revenues promised goods services transferred customers. Company adopted ASC 606 fiscal year June 25, 2018 modified retrospective approach amendments prospective reporting periods. Results periods June 25 2018 ASC 606 prior amounts not adjusted ASC 605. revenue recognition policy amended Note Accounting Policies.
 cumulative effect changes Consolidated Balance Sheet June 25, 2018 ASC 606 contracts not completed June 24, 2018 retained earnings
 24
 assets $12,479,478 $12 $12,492,433
 Deferred profit $720,086 $559,391
liabilities $5,899,435
 equity $6,501,851


. Income Taxes
 expense summarized
 foreign dividends.
 Ended August 31,
 Domestic $(415,707)(426,897),690
 Foreign 866,411 800,298
 $450,704 $373,401 $256,233


Discontinued Operations
 Ended December 31, 2019 2018 2017
 December 31, 2018 sold Class A Units Netsmart. separate segment discontinued operation. loss discontinued operations net losses December 2018 2017 offset earnings solutions 2017 March 31, 2018. Note 17, financial statements Part II Item 8 Form 10-K information.
 Year Ended December 31, 2019 2018
 2019 2018 2017
 Loss discontinued operations $(72,836) $(11,915).
 Gain sale Netsmart 500,471.
 Income tax effect discontinued operations (32,497) 42,263.
 Income (loss discontinued operations net tax $395,138 $30,348.


Liabilities
 December 2019 2018 $106 million $86 million book overdrafts $469 million $434 million capital expenditures.
 December
 millions
 Accounts payable $1,724 1,933
 liabilities
 Accrued rent $75
 Legal contingencies
 liabilities $386


. Borrowings capital resources
 from bank facilities issuances capital markets bond paper issues bank loans. manage interest debt fixed floating derivatives. enters foreign exchange contracts.
 analysis net debt capital
 Interest-bearing loans overdrafts measured fair value amortised cost rate. hedged adjustments recognised risk. difference proceeds transaction costs settlement redemption recognised term borrowing. bonds conversion rights compound instruments measured fair value. measured amortised cost interest.
 31 March 2019 58% market capitalisation (2018 46%). Average net debt €30. 9 billion €27. billion €34. 1 billion. consolidated net debt position 31 March
Liabilities equity Kabel Deutschland AG domination transfer agreement disclosed short-term borrowings borrowings 31 March 2018 exclude €1,838 million.
 31 March 2019 includes €2,011 million (2018 €1,070 million cash collateral agreements
 Includes €1,919 million spectrum licence payables auctions Italy Spain.
 financial assets liabilities fair value long bonds €44,439 million (2018 €30,473 million €43,616 million (2018 €29,724 million. level 1 hierarchy market prices.
 Short-term borrowings
 Bonds
 Commercial paper
 Bank loans
 Other
 Long-term borrowings
 Bonds
 Bank loans (1,780
 Other
 Cash equivalents
 financial instruments
instruments (2,444
 investments 11,095
 12,285 7,116
 debt (27,033)


. Information
 non-current assets regions
 property equipment goodwill intangible.
 Fiscal Year Ended June 30
.
 United States $819,227 $412,112
 Australia 18,842
 India
 $847,355 $428,842


 December 31, 2019 2018
 reserves excess obsolete inventory cost value usage market conditions. December reserve $34. 1 million $30. million.
 Raw materials $36,987 $45,333
 Work process 1,085
 Finished goods 60,233 52,877
 $98,305 $99,848


2019
 revenue Connected Home decreased. fell $27. 8 million. North American home WiFi market contracted non-service. revenue home wireless mobile broadband modem gateway. declines AC router WiFi mesh systems extenders offset WiFi 6 routers. revenue declines regions.
 Contribution income decreased lower net revenue gross margin. higher product costs Section 301 tariffs channel promotion foreign exchange headwinds.
 2018 2017
 Connected Home revenue increased. due wireless broadband modem gateway offset decreased mobile. growth home wireless service non channels broadband gateway non-service provider. net revenue fell $33. 5 million. revenue increased Americas EMEA decreased APAC.
 Contribution income increased 2018 higher net revenue gross margin favorable product mix lower warranty expense higher operating expenses.

 2019 2018 2017
 Net revenue $711,391.% $771,060. 4% $768,261
 revenue 71. 2%. 8%.
 income $67,775. $96,340. $83,870
 margin. 5%. 5%.


. Software Development Intellectual Property Licenses
 table capitalized costs
 2019 2018 property licenses material.
 Internally-developed software costs $345 $291
 Payments third-party
 costs $376


. NET INCOME PER COMMON SHARE
 table basic diluted net income share
 Incremental shares conversion convertible calculated Teradyne stock $31. 62 multiplied 14. 5 million shares. Teradyne.
 Convertible notes hedge warrant shares calculated Teradyne price $39. 68 multiplied 14. 5 million shares.
 diluted net income 2018 excludes stock options. million restricted stock units.
 2017. million.
 diluted per share $467,468 $451,779 $257,692
 average common shares-basic 170,425 187,672 198,069
 dilutive
 Incremental shares conversion convertible notes 4,909 2,749 1,298
 Convertible note hedge warrant shares 2,698 485
 Restricted stock units 1,236 1,385 1,800
Stock options 178 278 335
 Employee purchase rights 13 36
 shares 9,034 3,572
 shares 179,459 192,605 201,641
 income share.
.


Cash Equivalents
 checking accounts money market accounts temporary investments maturities three months less. December 31, 2019 2018 no cash equivalents.
 Restricted Cash
 assets escrow accounts. assets subject contingencies. resolution expiration escrow amounts used balance released. December 31, 2019 2018 $72,000 $140,000 deposited escrow restricted cash Shoom acquisition amounts released pre-acquisition stockholders. December 31, 2019 2018 $72,000 $70,000 current Prepaid Assets Other Current Assets. $0 $70,000 non-current Other Assets.
 reconciliation cash equivalents restricted cash cash flows.
 Years
 Cash equivalents $4,777 $1,008
 Restricted cash
 Total balance 4,849 $1,148


Customer Support
 revenues maintenance agreements. support upgrades. from current sales renewal agreements. revenues license revenues. agreements twelve months renewable. reviews renewal rates service performance. June 30 2019 renewal rate 91% stable 2018.
 technical support personnel costs third party royalty costs.
 revenues increased $15. 4 million 1. 3% June 2019 up 3. 1% $23. 2 million foreign exchange rate changes. Americas $12. 9 million EMEA $3. 9 million decrease Asia Pacific $1. 5 million.
 decreased $9. 5 million June 2019 labour-related costs $9. 9 million increase other miscellaneous costs $0. 4 million. gross margin percentage revenues increased 90% from 89%.
 revenues $1,246. 3 million higher $13. 8 million.compared prior fiscal year. $23. million foreign exchange rate changes. change increase Americas $13. million EMEA $2. 7 million offset decrease Asia Pacific $1. 9 million.
 Ended June 30
 2019
 Revenues
 Americas $718,209 $12,924 $705,285 $122,870 $582,415
 EMEA 427,712 423,773 103,145 320
 Asia Pacific 101,994 103,446
 Revenues 1,247,915 15 1,232,504 251,402
 Revenues 124,343 133,889
 Profit $1,123,572 $24,957 $1,098,615 $240,078 $858,537
 Margin.
 Revenues
 Americas.
 EMEA.
 Asia Pacific.


. Income Taxes
 Judgments Estimates
 subject changing tax laws jurisdictions. business activities include transactions tax outcome uncertain revenue sharing reimbursement Group entities. income taxes subject audits domestic foreign. income tax provisions judgment uncertain tax treatment effect. facts circumstances tax treatment specifics jurisdiction tax laws interpretation.
 deferred tax asset judgment future taxable profits. evidence historical taxable income projections future income. judgment based on assumptions market conditions profits.
 Judgment interest penalties income taxes. local tax laws interpretations IFRS financial reporting.
 Tax Expense by Geographic Location
 € millions 2019 2018 2017
 Current tax expense
 Germany 625  733 935
 Foreign 1,153 1,019 716
 Total tax expense 1,778  1,752  1,651
Deferred tax
 Germany
 Foreign
 tax income –552 –241
 income 1,226 1,511


. BENEFIT PLANS
 accumulated benefit obligation
-end
 Projected obligation $60,437 $51,499
 Accumulated 55,941 47,713
 assets 12,997


NantHealth
 Statements Loss
 notes Statements.
 Ended December 31,
 Net loss $(62,762) (192,152
 income foreign currency
 Comprehensive loss $(62,633) $(192,355)


. MANAGEMENT DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS States Dollars
 Contractual Obligations
 commitments term loan operating leases office facilities. table summarizes commitments obligations cash December 31, 2019.
 principal balance term loan repaid quarterly amortization 0. 25% per quarter balance due maturity
 Variable interest payments interest rate December 31, 2019 maturity.
 Amounts quarterly commitment fee 0. 375% per annum $100 million loan unused matures March 29, 2023.
 operating leases office space. rent escalations concessions. Rental payments charged evenly lease term. future lease cash obligations.
 payments TRA Parties not reflected. Part I Item 1A Note 13.
 payments TRA not reflected obligations. Part I Note 13.
 1-3 3-5 5
 Term $393,000 $4,000
 Interest 100,382 19,575 38,550 37,750
 loan 1,310
 Operating 15,398 4,491 8,596
 obligations $510,090 $28,441 $55,896 $48,246 $377


FINANCIAL STATEMENTS
 8 Costs Exit Restructuring Activities
 2016 Plan
 2016, production Elkhart research development center. organizational changes implemented locations. 2017 revised $1,100 relocation headquarters Lisle plant Bolingbrook. Restructuring charges $4,284 $4,559 $4,139 2019 2018 2017. total restructuring liability $233 $668 December 31, 2019 2018. additional costs expensed.
 table restructuring charges Plan actual costs December 31, 2019
 currency travel legal charges.
 2016
 Workforce reduction $3,075 $3,340
 Building equipment relocation
 Asset impairment
 Other charges
 Restructuring charges $13,400


Administrative Expenses
 increased $38 million 36% 2019 2018. employee compensation $15 million headcount growth one-time termination charge $3 million. acquisition Smooch $3 million share compensation $3 stock options. allocated shared costs $3 million
 increased $22 million 27%, 2018 2017. compensation $15 million headcount shared costs $3 million.
 Ended December 31
 2018
 Administrative $ 141,076 $ 103,491 81,680 36% 27%


 December 31, 2019 debt.
 unamortized discounts issuance costs $25 million $24 million. Note 14 Credit Facilities Statements.
 Short-term borrowings $ 98. 232.
 long-term debt 16. 4
 115. 237.
 3,698. 3,236.
 3,814. 3,474.
 equivalents (262. (271.
 debt $ 3,551. 3,202.


Property Equipment
 quarter 2019 Company San Jose California March 31, 2020. accelerated amortization leasehold improvements 2020. net value $0. 9 million amortized March 31, 2020.
 Computer software $3,011,167
 Machinery equipment
 Furniture fixtures 1,115
 Leasehold improvements 3,897
 8,722
 depreciation amortization
 $1,226 $2,343


Item 6. Selected Financial Data
 table consolidated financial data periods. December 31, 2019 2018 2017 balance sheet data derived from audited financial statements Form 10-K. December 2016 2015 balance sheet data derived not included report 10-K.
 results operations not indicative results future. audited financial statements prepared U. S accounting principles (“GAAP”). data read “Management’s Discussion Analysis Financial Condition Results audited financial statements notes 10-K.
 Loss year December 31, 2019 included $1,004 million impairment charges non expense $170 settlement pension plans $80 million restructuring charges. Item 7. Note 11 “Pensions Post-Retirement.
 Loss year December 31, 2018 included $1,411 million impairment charges Connect $139 million restructuring charges.
December 2017 $80 million restructuring charges.
 2016 $105 million charges.
 2015 $51 million restructuring charges gain $158 million Nielsen Catalina Solutions $8 million charge Venezuelan currency exchange rate.
 Depreciation amortization expense assets $205 million $220 $219 $210 million $205 million December 2019 2018 2017 2016 2015,.
 Year December
 2015(5)
 Operations Data
 Revenues $6,498 $6,515 $6,309
 Depreciation 756 675 640 603 574
 Operating income(loss (93) (475) 1,214 1,098
 Interest expense 397 394 374 333
 Income operations (403) 440 507 575
 common share.
.
 dividends share. 11. 39. 21.
 MILLIONS 2019
 assets $14,319 $15,179 $16,866 $15,730
-term debt leases 8,309 8,387 8,441 7


Deferred contract costs current prepaid expenses assets net. balances December 31, 2019 2018
 2019 2018 Partnership recognized $3,757 $2,740 amortization deferred contract costs selling administrative expenses income.
 assessed impairment. charge. no impairment charges December 31, 2019 2018.
 Assets
 Prepaid expenses other $ 3,481 $ 2,921
 Other assets net 2,016 2,193
 Total $ 5,497 $ 5,114


. ACCRUED LIABILITIES
 expenses December 31, 2019 2018
 Advances counsel-of-pocket expenses. Board compensation $0. 4 million accrued unpaid board committee fees. quarter 2020 unpaid fees share compensation value $0. 1 million.
 Advances
 compensation
 accrued expenses
 $1,081


December 31, 2019
 Operating revenues. decreased. 0% NT$151,253 million to NT$148,202 million$4,955 million
 due decreased foundry wafer sale. 5% depreciation NTD. sale. 9% average selling price 1. 1% increase wafer shipment 7.
 Operating costs. decreased. 2% NT$128,413 million to NT$126,887 million$4,242 million due decreased depreciation increased direct material costs.
 Gross profit. decreased NT$22,840 million to NT$21,315 million$713 million 2019. decreased. 1% to 14. 4% decline 2. average selling price.
 Operating revenues.
 costs.
 Gross profit.
 expenses
 Sales marketing.
 General.
 Research development.
 Expected credit losses.
Subtotal (14. 8). 7). 6)
 operating income expenses. 3 4. 5
 Operating 4. 4 8.
 Non-operating income expenses. 7. 4).
 operations tax 5. 1 4.
 tax benefit. 7.
 4. 5.
 income. 6. 9
. 3. 7.
 Stockholders 6. 5.
 Non-controlling interests (2.
 income
 Stockholders. 3. 7. 4
 Non-controlling interests (2.


Revenue Gross Margin Segment
 business globally Americas EMEA APJC. management allocates resources internal system. Sales segment ordering location. research development sales marketing administrative expenses. amortization acquisition assets compensation settlements contingencies impairments gross margin.
 financial information segment 2019 2018 2017
 recalculate.
 Revenue United States $27. 4 billion $25. 5 billion $25. 0 billion 2019 2018 2017.
 Revenue
 Americas. $30,927 $29,070 $28,351
 EMEA. 12,425
 APJC. 7,877 7,834
 $51,904 $49,330 $48,005
 Gross margin
 Americas. $20,338 $18,792 $18,284
 EMEA. 8,457 7,945 7,855
APJC. 4,683
. 33,479 31,463 30,880
.
 $32,666,606


2019 quarter Asia Pacific revenues grew. 6% Imaging Analog Microcontrollers Americas. 5% Digital Power Discrete EMEA decreased.
 year-over-year revenues grew. 9% Asia Pacific Analog Microcontrollers Imaging. Americas revenues grew. 4% Digital Power Discrete decreased. 8% EMEA lower sales Automotive Power Discrete analog.
 Year-Over
 EMEA $538 $549 $617.
 Americas.
 Asia Pacific 1,856.
 $2,754 $2.


Post-Employment Benefits
 two Post-Employment Benefit Plans healthcare dental vision life insurance retired employees. plans U. S. Canada. employees retired 55 10 years service-retirement healthcare insurance benefits. subject deductibles co provisions limitations. information relates plans.
 Contributions Medicare Part D subsidies. benefits paid. change benefits. status plans obligations assets funded status
 2019 2018
 benefit obligations
 $ 46. 51.
 Service cost.
 Interest cost.
 Actuarial loss.
 Benefits paid.
 Plan amendments.
 Benefit obligation end period $ 43. 46.
 assets
 value
 Employer contribution.
 Benefits paid.
 end
 Underfunded status.
 Accumulated benefit obligation end year $ 43.46.
 balance sheets
 Current liability (5. 3)
 Non-current liability.
 (43. 5) (46. 4)
 Amounts loss
 actuarial (gain loss. 6).
 credit (2. 6).
.


EMPLOYEE NUMBERS SEGMENTS
 closing 30/9
 China.
 92,603 89,574
 Germany 13,711
 Western Europe. 27,207
 Russia 13,960
 Eastern Europe. 29,060
 Asia 8,665
 7
 100,520 97


. Related party transactions
 Group joint arrangements associates pension schemes Directors Executive Committee members 12 “Investments associates 24 employment 22 key management.
 Transactions arrangements
 fees products services network airtime access network infrastructure cash pooling arrangements.
 No transactions affect decisions consolidated financial statements.
 Amounts through VodafoneZiggo Vodafone Idea Vodafone Hutchison Australia Cornerstone Telecommunications Infrastructure Limited. Interest paid market rates.
 Dividends from associates joint ventures disclosed consolidated statement cash flows.
 Sales goods services to associates 27 19
 Purchase
 194
 192 199
 Net interest income joint 96 120 87
 Trade balances owed
 107
 balances owed
 150


Years 2019 2018
 tables consolidated statements operations percentage change revenue 2019 2018. amounts reclassified interest income.
 $81. 9 million increase revenue 2019 $46. 3 million 16% increase SaaS license revenue $35. 6 million 27%, increase hardware other revenue. software license revenue increased $2. 1 million $43. 4 million 2019 $41. 3 million 2018. increase Alarm. due growth subscriber base. license fees. increase hardware video cameras sold. Other segment 15% increase SaaS license revenue. increase sales energy management property management HVAC solutions. Hardware revenue segment decreased 13% sales remote access management solution.
 Year Ended December 31,
 Change
 2019.
 SaaS license revenue $337,375 $291,072 16%
 Hardware other revenue 164,988 129,422 27%
$502,363,494


. Selected Financial Data
 derived operations December 31, 2019 2018 2017 balance sheet data audited financial statements Form 10-K. December 2016 2015 balance sheet derived not report
 historical results not indicative future results read with financial statements notes Part II Item 8 Management’s Discussion Analysis Financial Condition Results Operations Part II Item 7
 amounts years December 2019 2018 prepared Accounting Standards Codification. 606 Contracts Customers. recorded January 1, 2018. amounts other years prepared guidance revenue recognition. disclosed ASC 606 adoption impact Note 2 financial statements Part II Item 8
 amounts 2019 2018 Accounting Standards Codification. 606 Contracts Customers. recorded January 1, 2018. amounts other years guidance revenue recognition. disclosed ASC 606 adoption impact Note 2 Part II Item 8
Years Ended December 31,
 2019
 Operations
 Revenue $212,628 $232,223 $235,429,297 $196,285
 Cost revenue $48,881 $51,896
 Gross profit $163,747 $180,327 $182,111 $172,884 $147,883
 Loss $(17,094)
 Net loss $(17,819)
 loss share.
 76,080
 Balance Sheet
 Cash equivalents securities $129,922 $128,375 $131,134 $114,347 $98,117
 Working capital $123,358 $117,572 $111,076
 Total assets $274,053 $235,876 $224,858 $216,733 $189,892
revenue $101,164 $97,966,637
 equity $108,787,883,386,205


ITEM 6. SELECTED FINANCIAL DATA
 consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited statements. 2016 2015 balance derived from not. historical results not indicative future. data read with Item 7. Discussion Analysis Financial Condition Results Operations consolidated financial statements information. tables consolidated financial data December 31, 2019 2018 2017 2016 2015 thousands except share data.
 prior Item 1. Business. $28. 0 million expense 2018 agreement legal matter Telephone Consumer Protection Act Item 3. “Legal Proceedings. $1. 7 million interest income $6. 9 million gain other income 2019 promissory note proceeds Item 7. "Management’s Discussion Analysis Financial Condition Results Operations.
reported 2016 2015 reclassified interest income.
 December
 Cash equivalents $119,629 $146,061 $96,329 $140,634,358
 Working capital 167,879 152,793 119,433 150,485 131,971
 assets 557,799 440,985 371,641 261,245 226,095
 long-term obligations 115,143 88,126 94,311
 stockholders equity,651 277,589 232,827 191,249 170


challenging trends high-end smartphone broadband. leading mobile fixed networks improving experience strong brands enhancements BT Plus 5G placed future.
 revenue growth 3% handset costs SIMonly base price increases voice price reductions.
 EBITDA grew 7% trading costs.
 Capital expenditure 8% increased network spend EE 5G launch 2019. free cash £1,323m down 5% Phones4U dispute increased capital expenditure.
 Mobile churnc stable. 2% fixed churnc. 3% to. 4% price increases.
 Adjusted measures exclude items. cash flow interest pension deficit payments.
 revenue £10,695m operating profit £1,510m
 revenue
 operating costs
 EBITDA 2,534
Depreciation amortisation 1,024
 profit 1,510 1,384
 expenditure 994
 cash 1,323,389


NOTES FINANCIAL STATEMENTS thousands share data
 NOTE 10 Contingencies
 processes create hazardous waste. notified by U. S. Environmental Protection Agency state agencies responsible parties liable for environmental contamination sites. Asheville North Carolina Mountain View California National Priorities List. Environmental Protection Superfund program. accrue liability for remediation activities claims proceedings estimated provide disclosures loss. record contingent loss accruals undiscounted.
 roll-forward remediation reserves expenses Balance Sheets
 activity currency translation adjustments
 legal claims.
 provide product warranties accrue estimated liabilities sale. Warranty estimates information historical experience. accrue specific warranty claims provide disclosures material loss. outstanding warranty claim root cause product performance issue. Testing ongoing. quantify potential impact operations.
environmental warranty claims accrued losses financial position cash flows. liabilities disclosures adjusted information.
 Ended December 31,
 $11,274 $17,067 $18,176
 Remediation expense 2,602
 payments (2,455) (6,967) (1,416)
 activity
 $11,444 $11,274 $17,067


 income decreased $1. million 2018 2019 lower cash securities balances. expense decreased $8. million unrealized losses equity securities. expense increased $28. million $15. million charge RealWear $11. million pension $3. 3 million gain $8. 2 million loss.
 income $(24. 7) $1.
 expense 23. 31
 expense 29.


Non-current provisions
 long service leave.
 dilapidation lease arrangements office space. restore premises original lease termination. records future costs assets expiration.
 June 30
.
 Employee benefits $3,323 $2,094
 Dilapidation provision 2,759
 $6,082 $4,363


Contractual Obligations
 table summarizes obligations commitments April 27, 2019
 outstanding borrowings revolving credit repaid maturity September 2023.
 estimated interest payments debt. Interest rates April 2019 floating-rate debt.
 agreements suppliers production needs. agreements vary duration quantity. short-term minimum purchases requirements-based.
 Payments Due Period
 Less 1 year 1-3 years 3-5 years 5 years
 Capital Leases.
 Operating Leases 34. 7
 295.
 Estimated Interest Debt 46.
 Deferred Compensation.
 $386. $37. $64. $271. $14.


. Net Loss Per Share
 computed weighted average common stock excluding stock options restricted stock units. Diluted loss average potentially dilutive shares stock options restricted stock units treasury stock method. table basic diluted net loss
 dilutive securities 3. 1 million 4. 5 million. 6 million shares 2019 2018 2017 excluded loss anti.
 include shares anti-dilutive under treasury stock method prices higher average market value Autodesk’s stock. 5 million. 5 million. 1 million anti-dilutive shares excluded 2019 2018 2017.
 Numerator
 Net loss $(80. 8) $(566.
 Denominator
 net loss 218. 219. 222.
 Effect dilutive securities
 dilutive net loss.
 $(0. 37.
 net loss per share. 37).


Discontinued Operations
 October 27, 2017 sell Compute business. received equity interest $36. 5 million assets divested less than. 0% buyer equity. operations discontinued divestiture.
 transition services agreement general administrative functions migration reimbursed costs.
 fiscal year 2019 received $0. 1 million reimbursements expenses. 2018 $3. 6 million expenses.
 2015, sold Automotive business vision growth profitability.
 Consulting Agreement buyer non-design advisory services two years $15. 0 million recorded $7. 5 million other income years 2017 2016. No income 2019 2018. 2017 received $18. 0 million indemnification escrow.
 Consolidated Statements Operations operating results discontinued operations
 Compute business. Automotive business.
 Fiscal Years
Revenue
 2,252
 profit
 expenses
 Research development 5,251 29,167
 Selling administrative
 expenses 43,007
 Loss discontinued (44,599)
 Other income,500
 Gain sale 18,022
 Loss taxes (19,077)
 Income tax provision
 Loss
 Cash flow (10,734 (42,776
 Cash Activities 25,522


table summarizes activity stock options December 31, 2019
 Company $1,641 unrecognized stock compensation expense. 2. 5 years.
 Weighted-Average Exercise Price Contractual Life Aggregated Intrinsic Value
 Stock options December 31, 2018
 5,835,724.
 Forfeited expired.
 December 31, 2019 5,815,724. $2,725
 December 31, 2019 137,500. $66


Income Tax Provision Reconciliation
 difference. federal rate 2019 2017
 statutory rate $841 $2,122 $(1,078)
 valuation deferred tax assets (459)
 Foreign rate differential
 Non-deductible items (151)
 State tax
 Impact tax reform deferred taxes
 Research development credits 1,694
 Foreign income tax
 Stock compensation
 Income tax benefit $3,264 $(3,066) $10,921


 2019
 Subscriber Solutions Experience Customer Devices. SmartRG Solutions represents.
 Network Solutions Services Support
 Access Aggregation $289,980 $58,894 $348,874
 Subscriber Solutions Experience 144,651 8,269 152,920
 Traditional Products 20,595 7,672 28,267
 $455,226 $74,835 $530,061


management
 Group considers net debt plus equity. debt bank lease financing less unamortised fees cash equivalents note 32. equity Consolidated balance sheet.
 calculation capital table
 IFRS 16 capital 31 March 2018 restated.
 objectives provide returns benefits maintain efficient capital structure cost. dividends return issue new shares increase capital debt.
 31 March 2019 borrowings £313. (2018 £343. Syndicated credit facility. Interest payable LIBOR margin 1. 2% 2. 1% leverage ratio Auto Trader Group. banking covenants.
 net debt 321.
 equity 59.
 capital 380.


Group’s profit excludes depreciation amortisation loss restructuring costs disposal assets associates joint ventures income expense. reconciliation EBITDA profit. Consolidated income statement page 111.
 results associates joint ventures excludes amortisation brand assets restructuring costs. 6 billion (2018. billion. billion
 note 31 “IAS 18.
 2018 2017
 Adjusted EBITDA 14,139
 Depreciation amortisation loss disposal fixed assets
 results associates joint
 Adjusted operating profit 4,183,216
 Impairment losses (3,119
 Restructuring costs
 Amortisation assets (583)
 Other
 Operating (loss/profit 18
 Impact IFRS 152
 Operating loss (IFRS 15


 2019 growth 8% £355. 1m £330. Trade Retailer.
 Trade revenue increased 8% £304. 6m £281. 2m. Retailer revenue £293. new products annual pricing event higher advertising. Average Revenue Retailer £149 £1,844. retailer forecourts stable marginal increase 13,240. Trade revenue increased 8% £304. 6m £281. 2m. Retailer revenue grew £293. new products annual pricing event higher yielding advertising. £1,844. forecourts marginal increase 13,240.
 price stock product.
 contributed £50 34% 29%) ARPR growth. annual event April 2018 increase.
 contraction ARPR £22 -15% +13% ARPR growth.reduction new cars lower preregistration consumer uncertainty used car supply first half. Retailer stock recovery second half challenging.
 contributed £121 81% 58%) ARPR growth. new products stock exports profile pages monetised Dealer Finance. April 2018 retailers finance cars 70% eligible retailers. Advanced Premium advertising packages. March 19% cars advertised 12%. small contribution Managing products growth 3,200 customers.
 Revenue £355. 1m +8%.
 Operating profit £243. 7m +10%.
 Cash £258. 5m +13%.
 Cash returned shareholders £151. 1m £148.
 Retailer 293. 9%
 Home trader. (11%)
 Other. 27%
 Trade. 8%
 Consumer Services. (6%
 Manufacturer Agency.19. 18%
. 330.


GasLog. Subsidiaries
 consolidated financial statements
 2017 2018 2019
 amounts. Dollars
 Vessels construction payments capitalized expenditures. December 2019 paid $197,637 expects remaining installments launching delivery.
 vessels costs
 shipyard installments 152,075 197,637
 Onsite supervision costs 5,766 3,879
 spare parts equipment delivery expenses
 159,275 203,323


Corporation exposed to credit risk trade accounts. monitors financial condition reviews credit history. establishes allowance credit losses doubtful accounts. calculated larger accounts statistically derived remainder.
 current economic conditions data historical information examined. allowance credit risk.
 credit policies controls limits payment terms. large clientele Canada United States no significant concentration credit risk.
 details trade receivables allowance doubtful accounts
 August 31, 2019
 Trade accounts receivable 74,021 95,541
 Allowance doubtful accounts (6,759)
 67,262 89,044
 Other accounts receivable 8,390 8,250
 75,652 97,294


table shows value DB pension plan assets category.
 Equity securities $15 million BCE common shares. 06% December 2019 $8 million. 03%.
 Debt securities $53 million Bell Canada debentures. 21% $68 million. 30%.
 Alternative investments $135 million. 53% $135 million. 59% 2018.
 Bell Canada pension plan longevity covers $4 billion post-employment benefit obligations.
. no cash contributions BCE.
 DECEMBER 31
 markets
 Equity securities
 1,017
 Debt securities
 Money
 Non-observable markets
 Alternative investments
 Private equities 2,119
 Hedge funds
 Real estate
 Other


. SECURITY OWNERSHIP BENEFICIAL OWNERS
 Securities Equity Compensation Plans
 table August 31, 2019 compensation plans Accenture plc A shares
 68,253
 19,464,437 3,751 options
 exercise price.
 remaining information proxy statement 2020 Annual General Meeting Shareholders Accenture January 30,. proxy SEC 120 days 2019 fiscal year Form 10-K.
 Category Shares Options Warrants-Average Exercise Price shares Future Issuance Equity Compensation Plans
 Equity compensation plans
 2001 Share Incentive Plan 68,253
 2010 Share Incentive Plan 19,468,186.,684,906
 2010 Employee Share Purchase Plan 30,454,275
Equity plans
 19,536,441 47,139,181


.
 March 31, 2017 Company entered
 $400. million syndicated credit facility March 2022. Interest borrowings accrue variable rates LIBOR Rate senior unsecured long-term debt. margin LIBOR 1.% to 1. 75%. Base Rate loans.% to. 75%. pays quarterly commitment fee. 125% to. 400%. Debt Rating unused $400. million. letter of credit fees 1.% to 1. 75%. prepay re-borrow loans terminate reduce commitments. June 30, 2019 $6. million issued letters credit $19. 7 million short-term borrowings balance $374. 3 million. borrowing rate 3. 90%.
 subject covenants minimum interest coverage ratio 3. 50 to 1. consolidated earnings before interest. debt to capital ratio less than 55 percent.debt to capital ratio defined Credit Agreement consolidated indebtedness capitalization. June 30 2019 Company covenants Agreement.
 Long-term debt
 maturities $0. million 2020 2021 $250. 2022 $300. 2023 $0. 2024.
 2019 2018 2017 interest costs $31. $31. $31. million $5. million $2. 8 million $1. 3 million capitalized property plant equipment software.
 unsecured notes. 20% due July 2021 $250.
. 45% due March 2023 $300.
.
 Long-term debt current portion $550. $545.


OPERATIONS
 December 2019 shipping revenues decreased $10,616 2. 9% 2018. three fewer vessels one less Government Israel voyage. offset two new vessels fourth quarter 2019.
 Reconciliations TCE revenues shipping revenues
 TCE revenues charter time charter.
 information assists financial performance.
 Years Ended December 31,
 2018
 Time charter revenues $335,133 $326,707
 Voyage expenses 20,414 39,456
 Shipping revenues $355,547 $366,163


. Receivables
 allowance doubtful accounts not collectable. reduction unpaid deferred revenue future obligations billed unpaid. Deferred revenue future obligations billed collected.
 note receivable sale 2005 $540 thousand. reserved collectability. reserved December 31, 2019 2018.
 Gross receivables $ 21,193 $ 14,135
 Allowance returns doubtful accounts
 Unpaid deferred revenue (10,847
 Note receivable
 Receivables net $ 10,081 $ 3,188


. Net Income (Loss) per Share
 Company calculates earnings average shares common. diluted earnings common stock equivalents treasury stock method. options purchase common stock stock awards Convertible Senior Notes common stock equivalents.
 Company settle Convertible Senior Notes cash excess uses treasury stock method dilutive effect conversion spread income.
 conversion spread income average market price exceeds conversion price $113. 75 per share Convertible Senior Notes. years July 2019 2018 average common stock price below conversion price Convertible Senior Notes.
 basic diluted net income per share 2019 2018 2017
 Net income (loss $20,732 $(26,743)
.
.
 average shares net income (loss per
81,447,998 77,709,592,994,577
 229,035 544,520
 1,004,181,246
 82,681,214,709,592


reconciliation
 accounts receivable inventories property plant equipment.
 Fiscal Year
 millions
 Transportation 4,781 4,707,084
 Industrial Solutions 2,100 2,049
 Communications Solutions
 6,944
 1,398 1,981 2,141
 non-current 10,566 10,690,318
 $ 19,694 20,386 19,403


Share Repurchase
 December 18, 2019 Board expiration date stock repurchase program $25. 1 million $50. million. December 31, 2019 $50. million future repurchases. repurchased 1. 7 million $95. 1 million. 4 million $30. million 2018 2017. no shares repurchased 2019. CASH FLOWS
 cash operating investing financing
 Years Ended December 31,
 $47,899 $151,427
 48,392 151,271
 (393,847) (113,592)
 financing,840 (97,134
 CURRENCY TRANSLATION CASH (1,496)
 CASH EQUIVALENTS
 415,037
 346,441
 Less cash discontinued operations 5
$346,441 $349,301


Accountant Fees Services
 review KPMG. Audit Committee annually. KPMG rotates audit. Audit Committee non-audit services independence KPMG.
 KPMG services 2019 2018. impair independence NortonLifeLock. fees 2019 2018
 categories Item 9 Schedule 14A Exchange Act
 year-end examination quarterly reviews consultation SEC filings acquisitions divestitures statutory audit fees.
 related assurance services.
 tax compliance advice.
 other non-audit services information technology audits.
 accounting firm KPMG supplemental audit NortonLifeLock. accounting firm majority outside tax services.
 Fees Billed NortonLifeLock FY19 FY18
 Audit fees(1) $12,464,329 $11,370,525
 Audit related fees(2) 1,142,383 753,689
 Tax fees(3) 161,685 469,449

 $13,768,398 $12,904,663


 Group shareholder value return capital. equity debt compound financial instrument. debt equity capital markets efficiency flexibility.
 key metrics net external debt debt assets ratio interest cover. preference debt to assets ratio 40–50 per cent interest cover greater 1. 60x. debt to assets ratio increased 67. per cent property revaluation. revised strategy debt assets ratio below 50 per cent. chief review pages 6 to 8. interest cover ratio above preferred level.
 debt secured joint ventures metrics monitored. pages 157 to 161.
 Total borrowings. 5,331.
 Cash (223. (274.
 Net debt. 5,056.
 compound financial instrument (195.
 Net external debt 4,498. 4,867.
 joint ventures. 5,141.
 (223.
 4,498.,867.


Stock compensation expense 2019 2018 2017 summarized
 Company granted stock options shares. 2017 per share value $4. 62 before forfeitures.
 total value restricted stock awards units $30. 1 million $30. 4 million $22. 7 million.
 intrinsic value options $0. 2 million $1. million $5. 5 million. calculated difference market value price.
 2019 unrecognized stock compensation balance forfeitures $0. 1 million unvested stock options. $40. 3 million stock awards units.
 December 31, 2018 unrecognized compensation balance after forfeitures $0. 3 million. $40. 6 million stock awards.
 Employee stock options $219 $438 $1,980
stock awards 29,031 27,974 28,909
 Employee
 compensation $31,554


Credit Quality Financing Receivables
 unearned income July 27, 2019 28, 2018 summarized
 credit loss risks financing receivables. financing lease loan service contracts.
 ratings 1 4 investment 5 6 non-investment. 7 substandard.
 INTERNAL CREDIT RISK RATING
 July 27, 2019 1 4 6
 Lease receivables $1,204 $991 $2,230
 Loan receivables 3,367
 Financed service contracts 1,413
 $5,984 $3,850


Net Loss Per Share
 Company calculates loss. excluded dilutive shares options unvested units from anti-dilutive losses.
 dilutive equivalents excluded from March 31, 2019 2018 2017 anti-dilutive
 Year Ended March 31,
 2019 2018 2017
 Share options outstanding 6,209 6,230 8,681
 Unvested RSUs 550 33


Expense
 Interest income 2019 increased higher yield. Interest expense increased $2. 5 billion senior notes. 24 decreased 2017 conversions 2018 2041 Convertible Notes retirement 2018 Convertible Notes 2018.
 gain deferred compensation plan assets fair market value underlying funds.
 loss impairment investments investments foreign repatriation 2017. tax reform.
 loss extinguishment debt 25 2017 redemption Senior Notes 2023 2026 termination Term Loan Agreement.
 2018 2017
 Interest income $98,771 $85,813 $57,858
 Interest expense (117,263) (97,387
 Gains deferred compensation plan assets 10,464 14,692
 Loss impairment investments (42,456
 extinguishment debt 118,252)
gains 826 (3,382)
 (11,077) (19,332
,161,459


Company recognizes Financial Statements tax positions likely. unrecognized tax benefits
 benefits tax rate $68. 2. Interest penalties $1. 8 2019 income tax expense. penalties $8. 7 December 31, 2019 $6. 9 December 31, 2018. next twelve months tax benefits decrease $6. 3 due statute limitations lapses.
 Company subsidiaries subject examinations. federal tax state city foreign jurisdictions. federal income tax returns 2016 open statutes vary. additional tax.
 Tax Act signed. law December 22, 2017. reduction. corporate income tax rate 35% to 21% mandatory repatria tion tax foreign earnings modified territorial taxation system.
 SEC released Staff Accounting Bulletin. 118 22, 2017 accounting. provisional adjusted.company estimate provisional amounts recorded until measurement period. extends until information obtained analyzed no 12-months from enactment Tax Act.
 Company distribute unremitted foreign earnings future earnings without. tax cost. differences foreign subsidiaries indefinitely reinvested.
 Beginning balance $ 63. $ 52. $ 38.
 Additions tax positions prior periods 2.
.
 Additions acquisitions.
 Reductions tax positions prior periods.
 Reductions settlements taxing authorities.
 lapses statute limitations.
 Ending balance $ 69. 8 $ 63. 6 $ 52.


Goodwill
 table carrying goodwill 2019 2018. CGUs segments.
 Balance January 1, 2018 3,032 4,497 2,899 10,428
 December 31, 2018 3,048 4,679 2,931 10,658
 December 31, 2019 3,048 4,673 2,946 10,667


Restricted Stock Units
 activity
 Performance-Based Stock Units
 eligible vest fiscal year three-year annual growth rate net sales non-GAAP diluted earnings per share four times results fourth quarter 2018 peer.
 performance-based units granted 2019 60% net sales 40% non diluted earnings per share. maximum percentage 50% target units vesting capped 30% 100% years one two.
 December 31, 2019 probable achieve performance metrics expected revenue non-GAAP diluted EPS results growth rates.
 Shares Weighted-Average Grant-Date
 Value per Share
 December 31, 2018 3,263. 23
 Granted.
 Vested. 16
 Canceled.
 December 31, 2019 2.


. INCOME TAX
 table summarizes. income operations taxes
 Ended December 31
 2018 2017
 States $65. $62. $45.
.
 $66. $62. $45.


operations
 performance fiscal year last
. Directors believe information additional IFRS measures financial performance. include EBITDA EPSa. measures defined Chairperson Chief Executive Officer’s Joint Report page 2.
 2019 business strong results record 2018 year. Revenues EBITDA line guidance. details Joint Report page 2.
 1 June 2019 Hansen acquired Sigma Systems FY19 result. transaction restructuring costs acquisition separately disclosed.
 acquisition re-balancing market portfolio Utilities sector. revenues Communications-balanced diversification industries regions clients.
 generated operating cash flows $39. 7 million external debt fund dividends $12. 6 million. higher level debt June 2019 Sigma acquisition 100% acquisition. Hansen service retire debt.
 Operating revenue.
.
21. 28. (25. 6%
 31. 38. 9%)
 earnings 10. 14. 4%
. 19. 6%


. Prepaid Expenses
 maintenance $6,218 $5,888
 insurance 5,321 4,500
 software 4,236
 rent 3,471
 4 $20,868 $23,754


Fiscal 2017 Restructuring Plan
 restructuring. workforce reductions facility consolidations. judgments. liability adjustments. quarterly revise assumptions estimates.
 $41. 9 million recorded charges. further charges.
 reconciliation liability June 30 2019 2018.
 Fiscal 2017 Restructuring Plan Workforce reduction Facility costs
 Balance June 30, 2017 $10,045 $1,369 $11,414
 Accruals adjustments 7
 Cash payments (12
 non-cash adjustments 455
 June 30 2018 $1,590 $3,431 $5,021
 Accruals adjustments (254)
 Cash payments (1,290)
 non-cash adjustments
 June 30, 2019 $1,046 $2,949 $3,995


Trade Payables
 non interest-bearing settled 30-day terms suppliers.
 31 March 2019 2018
 35. 8 39. 6
 46. 68.
 security taxes 12. 7 14.
. 11.
 102. 134.
 Non-Current
 10. 8
 non-current.


Orders revenue 2019 growth imaging regions China U. S. currency translation.
 Adjusted EBITA up 2018 increases imaging therapies. diagnostics lower Atellica Solution. Severance charges € 57 million 2019 € 96 million 2018. order backlog Siemens Healthineers € 18 billion € 6 billion
 revenue 2020.
 demand Siemens Healthineers price pressure increased utilization rates. markets healthy higher growth Europe. Africa Middle East Americas imaging advanced. Asia Australia grew moderately. S. slight growth imaging advanced therapies
 moderate diagnostics.
 U. S. challenging
 reimbursement
 utilization.
 Government initiatives growing private market segment-stabilization growth. consolidation
 higher utilization rates volume growth. Competition high. 2020 Siemens imaging advanced moderate growth diagnostics.Siemens Healthineers’ markets trends restricted public spending consolidation healthcare.
 expects Asia Australia growth. China growth government spending private segment aging population chronic diseases. Growth U. S. equipment reduced reimbursement uncertainty policies. Europe slight growth emphasis equipment replacement business hospital chains.
 Fiscal year
.
 Orders 15,853 14,506 9 %
 Revenue 14,517 13,425 8 %
 Adjusted EBITA 2,461 2,221 11 %
 margin. %.


Consolidated income statement
 year 31 March 2019
 Group adopted IFRS 9 15 Contracts 16 1 April 2018. year 31 March 2018 restated IFRS 16 retrospective method. impact change accounting policies note 2 consolidated financial statements.
 Revenue 355. 330.
 Administrative expenses (112.
 profit joint ventures.
 Operating profit 243. 221.
 Finance costs.
 Profit sale subsidiary.
 Profit before taxation 242. 210.
.
 Profit equity holders 197. 171.
 Basic earnings per share
.
 earnings share
.


Liquidity risk
 future obligations. analysis headroom operational requirements investments. treasury policy cash securities facilities. Undrawn borrowing facilities detailed note 23. interest rate refinancing risk. lowest cost.
 average debt maturity over five years. 31 December 2019 five years (2018 six years. reviews maturity concentration replacement facilities maturity dates. Refinancing risk prior contracted maturity date. change valuation impact.
 supplier financing liquidity risk.
 tables maturity analysis financial liabilities obligations interest repay principal. rates par yield curve. foreign currencies spot exchange rate balance sheet.
 Within 1 1–2 years 2–5 years Over 5 years Total
 Borrowings (including interest (249. 5) (1,091. 3) (2,600. 9) (1,716.(5,657.
 Finance lease obligations (5. (14. (104. (129.
 liabilities (15. (1 (16.
 (34. (28. (364.
. (1,125. (6,168.
 2018
 1 1–2 years 2–5 5
 Borrowings (237. (245. (3,259. (2,408. (6,150.
 Finance lease obligations (4. (13.
 financial liabilities (6. (1. (7.
 derivative payments (37.
. (284. (3,346. (2,761. (6,677.


. Segment Geographical Information
 Company single segment.
 table revenues geographic location merchants
 US $000 amounts
 December 31, 2019 31, 2018
 Canada 96,168. 70,774.
 United States 1,079,520.,454.
 United Kingdom 103,498.
 Australia 68,571. 47,937.
 World 230,416. 129,468.
 1,578,173. 1,073,229.


RSUs/PSUs
 granted executives employees. equal BCE common share. Dividends RSUs credited equivalent BCE common shares. position contribution. vest after three years employment objectives.
 RSUs/PSUs December 31, 2019 2018.
 value $58 2019 $57 2018
 vested 2019 settled February 2020 BCE common shares.
 RSUs/PSUs
 January 1 2,812,697 2,740,392
 Granted 975,348 1,006,586
 149,648
 Settled,133,321
 Forfeited
 31 2,915,118 2,812,697
 Vested 904,266 880,903


consolidated results
 unaudited financial information presents combined results acquisitions MOI GP January 1, 2018. includes depreciation amortization intangible assets elimination transaction expenses. Transaction-related expenses excluded $1. 0 million December 31, 2019. no December 31, 2018. data informational not indicative consolidated results future. operational synergies not reflected. results differ.
 Years Ended December
 2019 2018
 Revenue $72,576,902 $60,249,896
 Income operations $6,912,802 $1,559,008


. Deferred Charges Assets
 December
 Trade accounts noncurrent $26,496 $15,948
 Equity investments 9,254
 deferred tax 6,774
 Rent deposits 6,106 5,687
 Value tax receivables
 $55,945 $43,364


. increased 9% $651 million. products 8% services 20%. sales
 NorthAmerica $6,024,305 $5,362,981 12%
 EMEA 1,526,644 1,530,241
 APAC 180,241 186,914
 Consolidated $7,731,190 $7,080,136


amortized cost value cash June 30, 2019
 Company investments liquidity 12 months. investments 12 short-term Consolidated Balance Sheets.
 one year less $4,842,996 $4,844,145
 five 331,707 333,019
 five years 41,612 41,756
 $5,216,315 $5,218,920


Depreciation Amortization
 software 2018 $1. 7 million. Deferred contract costs 2019 2017 $6. 2 million $3. 4 $3. 3 million.
 $97. $94. $84.
 intangible assets 59. 67.
 Deferred contract costs 42.
 Property equipment 36. 32 29.
 $236. $217. $206.


13 TAXES INCOME
. Deferred income taxes
 differences assets liabilities. Company deferred tax assets
 December 31, 2019 full valuation allowances $19,911 deferred tax assets tax loss carryforward differences. losses deferred tax.
 December 31
.
 Operating loss carryforward 73,260 57,768
 Net deferred tax asset valuation allowance 19,911 15,916
 Net deferred tax asset 795


Global Financing $1,400 million $2,632 million gross margin. 58. 8 percent. pre-tax income $1,055 million decreased 22. percent return equity decreased. 25. 8 percent.
 revenue decreased 17. percent. internal revenue 23. percent equipment sales. $862 million financing. $370 million. External revenue declined 11. percent financing. $1,120 million used equipment sales. $281 million.
 financing lower balances higher yields. financing OEM financing.
 used equipment 43. 4 percent 48. 5 percent revenue. lower volume. gross profit margin 52. 2 percent 54. percent.
 pre-tax income decreased 22. 5 percent gross profit$422 total expense$115 shared expenses lower provision credit losses sale commercial financing.
 return equity lower net income. after-tax income return.

 year December 31.
 revenue $1,400 $1,590.
 Internal 1,232 1,610.
 $2,632 $3,200.
 Pre-tax $1,055 $1,361.


. Net Income Per Share
 computed common stock. Diluted income potentially dilutive securities treasury stock method. dilutive securities include unvested restricted stock units stock options VMware’s stock. Securities excluded anti-dilutive. VMware two-class method basic diluted earnings same.
 table weighted-average equivalents Class A stock excluded anti-dilutive
 January 31, 2020 February 1, 2019 2, 2018
 Anti-dilutive securities
 Employee stock options 34 50 51
 Restricted stock units 315 255 140
 Total 349 305 191


 long-lived assets property equipment right use location
 United States $35,964 $5,525
 Japan 2,689 1,108
 2,017
 $40,670 $7,262


Credit Agreement 2026 Notes incurrence indebtedness mergers advances investments transactions business sale assets. mandatory prepayment provisions. Company consolidated leverage interest coverage ratio. repay amounts. December 31, 2019 financial debt covenants.
 Total debt
 Term loans $756,060 $284,959
 Revolving credit facility 239,000
. 750% Senior Notes due August 2026 400,000
 Debt issuance costs (21,905
 Total debt 1,373,155
 term credit facility 38,950 23,747
 (4,802
 long-term debt $1,339,007 $650,989


maximum credit risk assets balance
 excludes £445m 2016/17 non-current trade £1,456m prepayments deferred contract costs.
 2019 2018
 31 March
 financial assets 1,592 2,246
 Investments 3,268 1,564
 Trade receivables 1,766 2,518 2,729
 Contract assets 1,602
 Cash equivalents 1,666
 9,894 7,067


. Debtors
 Amounts undertakings non-bearing unsecured no fixed date repayment.
 Amounts undertakings 414.
 Deferred tax.
 415.


CONTINGENCIES
 obligations payments
 interest principal. 10-Term Debt
 $30. 7 million sublease income properties.
 Payments
 July 1 2020
 Long-term debt obligations $3,408,565 $147,059 $292,156 $1,045,567 $1,923,783
 Operating lease 318,851 72,853 106,394
 Purchase obligations 11,280 8
 $3,738,696 $228,276 $401,297 $1,105,177 $2,003,946


table shows. international assets measured Level 3 inputs.
 Balances December 31, 2018 revised 10-K changes leveling classification. reclassifications impact value pension plan assets.
 Purchases Level 3 bulk annuity contracts international plans.
 Balance $ 150. $ 71.
 Gains end 16.
 Purchases sales. 103.
 Transfers Level 3.
 Foreign exchange gain.
 Balance end $ 180. $ 150.


 three-month period August 31, 2019 average foreign exchange rate. 3222 USD/CDN.
 Fiscal 2018 IFRS 15 accounting policy Cogeco discontinued operations. policies operations sections.
 Fiscal 2019 translated average foreign exchange rate. 3100 USD/CDN.
 2019 fourth-quarter revenue increased. 1%. 7% growth American broadband services FiberLight acquisition. stable revenue Canadian broadband services rate increases decreases video telephony services new customer management system.
 months August 31, currency Foreign exchange impact
 Canadian broadband services 319,935 319,741.
 American broadband services 263,738 246,443.
 583,673 566,184.


Volatility semiconductor memory storage affect business.
 experienced volatility declines. below manufacturing costs. business financial condition.
 change prices
 2019 from 2018 (30)% (44)%
 2018 2017 37% (8)%
 2017 2016 19% (7)%
 2016 2015 (35)% (19)%
 2015 2014 (11)% (15)


acquisition Norstel $43 million goodwill ADG segment.
 quarters 2019 2018 Company performed annual impairment test. qualitative assessment. two-step process. compared fair value units carrying value. no impairment recorded exceeded carrying value.
 Goodwill December 31, 2019 2018 net impairment losses $102 million $96 million MDG segment $6 million Others. 2019 2018 2017 no impairment loss recorded.
 Automotive Discrete Group Microcontrollers Digital ICs Group Analog, MEMS Sensors Group
 December 31, 2017
 December 31, 2018
 December 31, 2019


Shareholder Return Awards
 2019 2018 2017 Company granted awards. performance shares earned return peer companies three-year. payout 0% to 200%. Monte Carlo simulation model. recognizes compensation expense grant value.
 estimated weighted-average assumptions
 Years Ended December
 Expected life (years 2. 8. 9.
 Interest rate. 5%. 4%.
 Volatility 29. 3%. 5%
 Expected dividend yield


. Subsidiaries
 advances interest-free unsecured settlement.
 investment Singtel Group Treasury. guarantees loans April 2010.
 subsidiaries Note 44.
 31 March 2019 1 April 2017
 Unquoted equity shares 14,259. 13,676. 11,001.
 Shareholders' advances 5,733. 6,423.
 investment subsidiary 32.
 20,025. 19,441. 17,457.
 impairment losses.
 20,009. 19,425. 17,441


INTEREST EXPENSE
 components
 $25,633 2019 $30,890 2018. refinancing term loan capitalized vessels construction.
 Years Ended December 31,
 2018
 before rate caps $25,633 $30,709
 $25,633 $30,890


Fiscal Year September 27, 2019 28, 2018
. 2019 decreased $70. 7 million. 4% $499. million $570. million 2018. primary markets
 2019 Telecom market revenue decreased $42. million. 8%. due May 2018 sale Japan-range optical subassembly business lower sales optical semiconductor fiber home.
 Data Center market revenue decreased $48. million 29. 6%. lower optical products lasers offset $7. million licensing revenue.
 I&D market revenues increased $19. 3 million. 4%. higher revenue product portfolio.
 Telecom $180,938 $ 222,940.
 Data Center 114,132.
 Industrial Defense 204,638 185,360.
 $499,708 570,398.
 36. 2%.
. 8% 4%
. 5%
.


. Assets sale
 21 December 2018 Group divestment freehold property Melbourne Victoria $1m. value adjustments profit. settled 15 January 2019.
 28 June 2019 sale commercial property Dunedin New Zealand NZD $1. 3m less. 1m. unrealised gain NZD $1. 2m. 1m carrying value. adjustments profit loss.
 1 July 2018 sale land buildings Croydon self-storage centre $5. 8m less cost. 1m. asset classified sale. unforeseen circumstances transaction proceed. 30 June 2019 classified freehold no longer sale.
 assets
 balance 1 July
 reclassified freehold.
.
 Total assets sale


. FINANCIAL CONDITION RESULTS
 Note 3 Financial Statements 2019 2018 acquisitions.
 Revenues increased $9. million 61% Golden Ridge MGI Grain. Food revenues increased 97% products Golden Ridge MGI Grain. Animal feed increased 10%. buying SRB.
 Gross profit decreased. 3. 6%. losses Golden Ridge unfavorable contract low plant utilization. improved productivity positive contribution margin Golden Ridge.
 Selling administrative expenses $13. 7 million $11. million 2018 $2. 5 million. 4%. Outside services increased $1. 1 million higher accounting legal fees Golden Ridge MGI Grain. Salary wages benefit expenses increased $1. million equity grants labor costs. debt. million rent. million.
. million. settlement working capital dispute Golden Ridge.
Ended December 31
 Revenues $23,713 $14,762.
 goods 24,574 11,780.
 Gross profit (861 2,982
 -3. 6%.
 Selling administrative expenses 13,696 11,194.
 Loss operations (14,557 (8,212).
 income
 Interest expense
 income 822
 Loss taxes $(13,735


. Directors Corporate Governance.
.
 Garo. Armen Chairman September 2004. Chairman Chief Executive Officer Agenus
. biotechnology co-founded 1994. Chairman Board Elan
 Corporation. established Armen Partners money management firm biotechnology
 architect Immunex Lederle oncology 1993. senior vice president
 Dean Witter Reynolds analyst investment banker EF Hutton. 2002. founded Children
 Armenia Fund rebuilding rural Armenian towns
. Ellis Island Medal of Honor 2004 Sabin Humanitarian Award
 2006. Ernst & Young 2002 New York City Biotechnology
 Entrepreneur Year Wings of Hope Award 2005 Melanoma melanoma.
 PhD physical chemistry fellow Brookhaven National
 Laboratories. historical knowledge
 expertise financial biopharmaceutical.
 Age Position
. Armen Executive Chairman
. Chief Financial Officer
 Robert.
 Khalil Barrage
. Corvese
 Silverman


. investments
 Group holds listed unlisted investments managed funds loan notes deposits government bonds.
 debt equity recognised derecognised trade date measured at fair value transaction costs.
 Debt securities cash flows principal interest measured at amortised cost method less impairment. measured fair profit loss.
 Equity securities classified measured fair value income no reclassification derecognition. note 1 measurement categories balances 31 March 2018
 Debt securities include loan notes US. billion. Verizon Communications. €0. 8 billion. VodafoneZiggo Holding.
 Items measured fair value level 2 classification inputs.
 measured amortised cost carrying amount approximates fair value.
 non-current assets
 Equity securities1
 Debt securities2


Equity Compensation Plan Information
 table summarizes share exercise price equity compensation plans December 31, 2019.
 Includes 105,000 shares common stock options 340,000 shares restricted stock units.
 option grant Chairman Chief Executive Officer 2013 Stock Incentive Plan 2013. agreement anti-dilution provisions.
 restricted stock units exercise price.
 2013 Stock Incentive Plan awards stock options restricted stock deferred stock appreciation rights awards. singly tandem. 2,600,000 shares common stock distribution. Compensation Committee size terms conditions agreements. employees directors consultants. December 31, 2019 options purchase 605,000 shares common stock 340,000 shares issuable vesting restricted stock units 1,780,505 shares reserved issuance.
securities issued options Weighted-average exercise price securities future
 plans approved 445,000(1) $2. 34(3) 1,780,505
 not 500,000(2) $1. 19
 945,000 $1. 39(3) 1,780,505


Cash investing activities
 each year.
 2019. 2018. $8. million higher spend 2019 capitalized costs internally-developed software hardware costs leasehold improvements security office space.
. 2017. net cash $6. million 2018 $4. 1 million 2017. higher spend 2018 software expenditures merchant experience mobile application. offset lower infrastructure expenditures material changes leased premises.
 Ended December 31,
 Software $12. $5. $2.
 Computer hardware.
 Leasehold improvements.
 Furniture.
 Purchases property equipment software $15. $6. $4.


 standardized meaning IFRS. unlikely issuers.
 due year long-term 50% preferred shares less cash equivalents statements. 50% preferred shares credit rating agencies.
 important indicator financial leverage not covered cash. investors analysts use financial leverage.
 IFRS calculated asset liability categories.
 Debt due one year 3,881 4,645
 Long-term debt 22,415 19,760
 50% preferred shares 2,002
 Cash equivalents (145)
 Net debt 28,153 25,982


. capital
 Equity instruments proceeds issuance costs.
 31 March 2019 50,000 7% fixed rate shares £1
 Group held 1,584,882,610 2,139,038,029) treasury shares €264 million €356. market value €2,566 million €4,738 million. 45,657,750 53,026,317) shares reissued. 25 August 2017 729,077,001 shares issued bond. 25 February 2019,067,749. 5 March 2019 bonds £1. 72 billion 2 year 2021 £1. billion 3 2022. bonds 2,547,204,739 ordinary shares £1. 3505 per share. note 20 capital financial statements.
 share awards option scheme awards.
 allotted issued
454,870 660,460
 31 March 28,815,258,178,308


$252. 5 million valuation allowance September 27, 2019 federal NOLs tax carryforwards Canada $19. million recovery.$243. 1 million September 28, 2018 NOLs Canada$13. 6 million recovery. change $9. 4 million reduction NOLs 382 temporary differences lower. S federal tax rate.
 tax rates differ
 2019 2018 2017 rates $423. 2 million $155. 2 million $49. 5 million 9. 3% 13. 8%.
 2019 impacted NOL carryforward Section 382 current deferred income tax $39. 8 million jurisdiction.
 2018 impacted Tax Cuts Jobs Act. lower income tax rate foreign jurisdictions valuation allowance research development tax credits value adjustment warrant liabilities.
 earnings foreign subsidiaries indefinitely reinvested.2019 changed position Cayman Islands subsidiary.
 Cayman Islands no tax.
 finalized one repatriation foreign earnings profits $156. 8 million $86. 7 million U. S. taxable income year September 2018 Grand Cayman Ireland 59. 7 million $25. 6 million. full valuation repatriation impact tax expense 2018.
 2019 tax provision changes Tax Act. limitation deductible interest expense Global Intangible Low Taxed Income base erosion anti-abuse minimum tax performance-based compensation exception definition covered employee.
 Federal statutory rate.
 Foreign rate differential.
 State taxes federal benefit.
 Warrant liabilities.
 Change valuation allowance.
 Research development credits.
 return adjustments.
 Section 382 adjustment.
 Nondeductible compensation. 6). 4.
 Low Taxed Income.
 Nondeductible legal fees.
 tax reform.
 Intra-entity license transfer.
 differences.
 income tax rate. 3%. 8%.


Cash Flows
 table flows
 Operating Activities
 primary collections. inflows bookings. uses domain registration software personnel marketing technology interest. outflows timing personnel costs.
 Net cash increased $163. million $559. million 2018 to $723. 4 million 2019 driven bookings growth interest income.
 Investing Activities
 purchases. timing capital expenditures.
 Net cash decreased $119. million from $254. million 2018 to $135. 3 million 2019 $106. million decrease acquisitions.
 Financing Activities
 debt borrowings repayment stock option exercises share repurchases.
 Net cash decreased $503. million $47. 2018 to $456. million 2019 $458. million share repurchases $44. 4 million acquisition payments $13. 2 million financing costs.
2019 2017
 $723. $559. $475.
 investing (135. (254. (1,570.
 financing (456. 47. 1,107.
 exchange rate cash. (2. 3.
 $130. $349. $16.


table. GAAP non-GAAP
 Fiscal years 2018 2017 adjusted ASC 606.
. 9 million costs relocation tantalum powder Carson City Nevada Matamoros Mexico start-up 2019.
 Years Ended March
 2017
 Net income $206,587 $254,127 $47,157
 Non-GAAP adjustments
 Equity loss investments 3,304,192)
 Acquisition loss,880
 TOKIN options
 loss write down disposal long-lived assets 1,660
 Restructuring charges 8,779
 R&D grant reimbursements income
 ERP
 Stock-based compensation
 Legal expenses antitrust class actions
 foreign exchange loss
 TOKIN investment expenses
 Plant start-up costs
1,872 2,467
 tax non-GAAP
 Loss extinguishment debt 15,946
 Adjusted income $208,995 $102,276


Property Equipment
 table.
 ASU 2016-02. million non Consolidated Balance Sheets. capital leases warehouse office manufacturing facilities IT equipment automobiles ROU. Note 4 Financial Statements.
 Land improvements $ 50. 41.
 Buildings 747. 728.
 Machinery equipment 2,453. 2,325.
 property 141.
 Construction-in-progress 127.
 3,520. 3,386.
 Accumulated depreciation amortization (2,378.,350.
 $ 1,141. $ 1,036.


June 2015, Company accounts investment FARADAY associate influence Board Directors.
 WINAICO SOLAR PROJEKT 1 WINAICO IMMOBILIEN GMBH joint ventures.
 follows.
 investments NT$1,733 million NT$1,750 million December 31, 2018 2019. fair value NT$1,621 million NT$2,244 million 2019.
 Percentage ownership voting
 Listed companies
 CLIENTRON CORP. $249,663. $276,515.
 FARADAY TECHNOLOGY CORP. 1,483,111.
 Unlisted companies
 MTIC HOLDINGS PTE. 3,026. 18,157.
 WINAICO IMMOBILIEN GMBH.
 PURIUMFIL INC.,164.
 UNITECH CAPITAL INC. 568,005.,660.
 TRIKNIGHT CAPITAL 1,520,575.,281,631.
 HSUN CHIEH INVESTMENT. 1,608,551. 1,686,502.
 YUAN INVESTMENT. 2,032,013.,761,821.
 CHIEH. 161,319.
.
 UNITED CORPORATION 167,953. 121,973.
 TRANSLINK CAPITAL.,440. 172,414.
 WINAICO SOLAR PROJEKT.
 YUNG LI INVESTMENTS.
 $7,948,413


. SELECTED FINANCIAL DATA
 consolidated financial data five-year period March 31, 2019 statements's Discussion Analysis Financial Condition Results Operations Items 7 8 Form 10-K. income March 31, 2019 balance sheet 2018 derived statements 8 Form 10-K. income March 31, 2016 2015 balance sheet derived statements amounts millions.
 Note 2 business combinations 2019 2017.
 Note 4 special charges.
 Note 12 Debt Credit Facility.
 March 31,
 2019 2018
 Consolidated Statements Income
 Net sales $5,349. $3,980. $3,407. $2,173. $2,147.
 Special charges $33. $17. $98. $4.
 Loss settlement debt.
 Net income operations $355. $255. $170. $323. $365.
income share.
 income.
 Dividends share. 457 425
 Balance Sheets
 assets $18,350. $8,257. $7,686. $5,537. $4,780.
 long-term debt capital lease obligations maturities $8,956. $1,769. $2,912. $2,465. $1,840.
 stockholders equity 5,287. 3,279. $3,270. 2,150. 2,044.


Operations
 table operational data net sales fiscal years
 March
 2019 2018
 sales 100.
 Cost sales 45. 39. 48.
 profit 54. 60. 51.
 development 15. 13. 16.
 12. 11 14.
 Amortization intangible assets 12.
.
 Operating income 13. 4% 23. 5%.


Sales
 table presents percentage segment
 2019
 millions
 Transportation Solutions $ 7,821 58 8,290 59
 Industrial Solutions 3,954
 Communications Solutions 1,673 1,842
 $ 13,448 100