DEXTER-CQA/TAT-QA-corpus huggingface dataset:
|||SG&A expenses|Depreciation and amortization expense (a)|Non-cash share-based compensation (b)|Launch expense (c)|Loss on disposal of equipment|Secondary offering expenses (d)|Leadership transition expenses (e)|Litigation expense (f)|Adjusted SG&A Expenses|Adjusted SG&A Expenses as a % of Net Sales
Twelve Months Ended December 31,|2019|(Dollars in thousands)|$114,450|9,551|6,912|4,563|649|302|—|—|$92,473|37.6%
|2018||$94,876|7,977|5,949|3,540|—|362|—|348|$76,698|39.7%
|2017||$75,167|6,901|4,195|3,066|—|—|63|145|$60,797|39.9%
|2016||$62,586|5,859|3,972|2,813|—|—|1,291|—|$48,651|37.5%
|2015||$58,297|5,008|3,723|2,626|—|593|—|—|$46,347|40.8%
Cost of revenue increased by $15.3 million in 2018 compared to 2017. The increase was primarily due to a $7.2 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 128 employees as of December 31, 2017 to 173 employees as of December 31, 2018. The remaining increase was principally the result of a $7.0 million increase in hosting, software and messaging costs, a $0.6 million increase attributed to office related expenses to support revenue generating activities and a $0.4 million increase in depreciation and amortization expense attributable to our acquired intangible assets.
Three months ended August 31,|(in thousands of dollars, except percentages)|Canadian broadband services|Capital intensity|American broadband services|Capital intensity|Consolidated|Capital intensity
2019|$|79,132|24.7%|65,967|25.0%|145,099|24.9%
2018|$|89,405|28.0%|72,914|29.6%|162,319|28.7%
Change|%|(11.5)||(9.5)||(10.6)|
Change in constant currency(2)|%|(11.7)||(10.5)||(11.2)|
Due to the complexity of the Tax Act, the Securities and Exchange Commission issued guidance in SAB 118 which clarified the accounting for income taxes under ASC 740 if certain information was not yet available, prepared or analyzed in reasonable detail to complete the accounting for income tax effects of the Tax Act. SAB 118 provided for a measurement period of up to one year after the enactment of the Tax Act, during which time the required analyses and accounting must be completed. During fiscal year 2018, we recorded provisional amounts for the income tax effects of the changes in tax law and tax rates, as reasonable estimates were determined by management during this period. These amounts did not change in fiscal year 2019.
|Valuation allowance for deferred tax assets:|Fiscal 2019|Fiscal 2018|Fiscal 2017
Balance at Beginning of Year||$204.5|$210.1|$161.8
Additions Charged to Costs and Expenses||$16.2|$36.2|$15.2
Additions Charged to Other Accounts||$175.8|$—|$37.6
Deductions||$(64.4)|$(41.8)|$(4.5)
Balance at End of Year||$332.1|$204.5|$210.1
Trade and other payables, including accruals, are recorded when the Group is required to make future payments as a result of purchases of assets or services provided to the Group prior to the end of financial period. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
(in millions of €)|Net income|Less: Other interest expenses / income, net 1|Plus: SFS Other interest expenses / income|Plus: Net interest expenses related to provisions for pensions and similar|obligations|Less: Interest adjustments|(discontinued operations)|Less: Taxes on interest adjustments|(tax rate (flat) 30%)|(I) Income before interest after tax|(II) Average capital employed|(I) / (II) ROCE
2019|5,648|(529)|763||148||–||(115)|5,916|53,459|11.1 %
2018|6,120|(482)|721||164||–||(121)|6,401|50,715|12.6 %
||Software|Buildings|Equipment|Furniture and fixtures|Lease hold improvements|Land||Accumulated depreciation and amortization|Property and equipment, net
December 31,|2019|$114,674|92,092|60,661|34,768|33,668|31,374|367,237|(236,330)|$130,907
|2018|$170,327|64,263|100,421|38,200|26,319|5,124|404,654|(331,700)|$72,954
|||Net cash provided by operating activities|Net cash used in investing activities|Net cash provided by (used in) financing activities|Effect of exchange rates on cash|Net increase (decrease) in cash and cash equivalents|during the year
|2019||$ 148,809|(46,958)|22,020|(542)||$ 123,329
Year Ended December 31,|2018|(in thousands)|$ 133,921|(49,937)|(52,545)|(2,357)||$ 29,082
|2017||$ 111,702|(45,801)|(97,267)|4,058||$ (27,308)
As of June 30, 2019, there was approximately $8.6 billion of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of 3 years. The weighted average grant-date fair value of stock awards granted was $107.02, $75.88, and $55.64 for fiscal years 2019, 2018, and 2017, respectively. The fair value of stock awards vested was $8.7 billion, $6.6 billion, and $4.8 billion, for fiscal years 2019, 2018, and 2017, respectively.
Adjusted profit before tax was £88.0m in the year, an increase of £9.4m compared to the prior year due to growth both in Trading profit and lower interest costs as described above. Adjusted profit after tax increased £7.6m to £71.3m in the year after deducting a notional 19.0% tax charge of £16.7m. Based on average shares in issue of 841.5 million shares, adjusted earnings per share in the year was 8.5 pence, growth in the year of +11.5%.
Adjusted earnings per share (£m)|Trading profit|Less: Net regular interest|Adjusted profit before tax|Less: Notional tax (19%)|Adjusted profit after tax6|Average shares in issue (millions)|Adjusted earnings per share (pence)
2018/19|128.5|(40.5)|88.0|(16.7)|71.3|841.5|8.5
2017/18|123.0|(44.4)|78.6|(14.9)|63.7|836.8|7.6
Change|+4.5%|+8.9%|+12.1%|(12.1%)|+12.1%|+0.6%|+11.5%
The following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1).
(in millions of dollars, except percentages)|Financial guidelines|Revenue|Adjusted EBITDA|Acquisitions of property, plant and equipment|Capital intensity|Free cash flow
Actual Fiscal 2018 (1) $||2,147|1,007|458|21.3%|302
Revised projections (2) Fiscal 2019 (constant currency) (3)||Increase of 6% to 8%|Increase of 8% to 10%|$450 to $470|20% to 21%|Increase of 38% to 45%
Actual Fiscal 2019 (constant currency) (3) $||2,294|1,092|425|18.5%|453
Actual Fiscal 2019 (constant currency) (3) %||6.8|8.5|(7.1)|-|50.0
Achievement of the projections Fiscal 2019||Achieved|Achieved|Surpassed|Surpassed|Surpassed
At December 31, 2019, our financial debt was $2,072 million, composed of (i) $173 million of current portion of long-term debt and (ii) $1,899 million of long-term debt. The breakdown of our total financial debt included: (i) $1,354 million in the senior unsecured convertible bonds issued in 2017, (ii) $706 million in European Investment Bank loans (the “EIB Loans”), and (iii) $12 million in loans from other funding programs and other long-term loans.
The EIB Loans are comprised of three long-term amortizing credit facilities as part of our R&D funding programs. The first, signed in 2010, is a €350 million multi-currency loan to support our industrial and R&D programs. It was drawn mainly in U.S. dollars for an amount of $321 million and only partially in Euros for an amount of €100 million, of which $55 million remained outstanding as of December 31, 2019.
|||Cash and cash equivalents|Restricted cash|Short-term deposits|Marketable securities|Total financial resources|Short-term debt, including bank overdrafts|Long-term debt|Total financial debt|Net Financial Position
|2019||$2,597|10|4|133|2,744|(173)|(1,899)|(2,072)|$672
Year Ended December 31,|2018|(In millions)|$2,266|—|—|330|2,596|(146)|(1,764)|(1,910)|$686
|2017||$1,759|—|—|431|2,190|(118)|(1,583)|(1,701)|$489
No PSUs were granted in each of fiscal 2019 and 2018. In fiscal 2017, 1.7 million PSUs were granted which vest upon the attainment of certain performance metrics and service-based vesting. Based upon actual attainment relative to the “target” performance metric, certain participants have the ability to be issued up to 150% of the target number of PSUs originally granted, or to be issued no PSUs at all. In fiscal 2019, 2.4 million PSUs vested and 1.3 million PSUs remained outstanding as of May 31, 2019.
|(in millions, except fair value)|Balance, May 31, 2016|Granted|Assumed|Vested and Issued|Canceled|Balance, May 31, 2017|Granted|Vested and Issued|Canceled|Balance, May 31, 2018|Granted|Vested and Issued|Canceled|Balance, May 31, 2019
|Number of Shares|52|42|14|(18)|(7)|83|44|(27)|(11)|89|53|(31)|(12)|99
Restricted Stock-Based Awards Outstanding|Weighted-Average Grant Date Fair Value|$39.29|$39.40|$37.83|$40.39|$39.73|$39.18|$47.42|$39.10|$41.97|$42.93|$42.47|$41.85|$42.97|$43.01
The total grant date fair value of restricted stock-based awards that were vested and issued in fiscal 2019, 2018 and 2017 was $1.3 billion, $1.0 billion and $715 million, respectively. As of May 31, 2019, total unrecognized stock-based compensation expense related to non-vested restricted stock-based awards was $2.8 billion and is expected to be recognized over the remaining weighted-average vesting period of 2.68 years.
USDm|Maturity analysis - contractual undiscounted cash flow|Less than one year|One to five years|More than five years|Total undiscounted lease liabilities as of 31 December|Lease liabilities included under "Borrowings" as of 31 December|Non-current|Current
2019||7.5|27.6|0.1|35.2|30.6|10.2|20.4
2018||5.2|25.6|-|30.8|25.3|3.2|22.1
||Software Solutions|Data and Analytics|Corporate and Other(1)|Total
Year ended December 31,|2019|$123.9|15.9|96.4|$236.2
|2018|$112.9|14.1|90.0|$217.0
Variance|$|$11.0|1.8|6.4|19.2
|%|10%|13%|7%|9%
|||Favorable impact|Unfavorable impact|Net favorable impact to income before income taxes|Impact on diluted EPS attributable to Leidos common stockholders
|January 3, 2020||$95|(52)|$43|$0.23
Year Ended|December 28, 2018|(in millions, except for per share amounts)|$167|(62)|$105|$0.52
|December 29, 2017||$185|(82)|$103|$0.41
||Net income|Other comprehensive income (loss):|Foreign currency translation adjustments|Total other comprehensive income (loss)|Comprehensive income
|2019|$67,062||1,034|1,034|$68,096
Years Ended December 31,|2018|$68,921||-15,261|(15,261 )|$53,660
|2017|$5,135||16,744|16,744|$21,879
||(Dollars in millions)|Interest income|Foreign currency losses, net|Noncontrolling interests in income|Other income, net|Total non-operating income, net
||2019|$1,092|(111)|(152)|(14)|$815
||Actual|-9%|50%|12%|-107%|-31%
Year Ended May 31,|Percent Change|Constant|-9%|62%|12%|-42%|-31%
||2018|$1,203|(74)|(135)|191|$1,185
Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses).
On a constant currency basis, our non-operating income, net decreased in fiscal 2019 compared to fiscal 2018 primarily due to decreases in other income, net in fiscal 2019 , which was primarily attributable to realized gains on the sale of certa in marketable securities during fiscal 2018 , and lower interest income in fiscal 2019 primarily due to lower average cash, cash equivalent and marketable securities balances during fiscal 2019 .
USDm|Other plant and operating equipment|Cost:|Balance as of 1 January|Adjustment on transition to IFRS 16|Additions|Disposals|Balance as of 31 December|Depreciation:|Balance as of 1 January|Disposals|Depreciation for the year|Balance as of 31 December|Carrying amount as of 31 December
2019|||5.8|0.3|2.2|-0.2|8.1||2.8|-|1.0|3.8|4.3
2018|||3.6|-|2.2|-|5.8||1.7|-|1.1|2.8|3.0
2017|||2.7|-|1.0|-0.1|3.6||0.9|-0.1|0.9|1.7|1.9
Acquisitions 2017–2019||Total consideration, including cash|Net assets acquired|Cash and cash equivalents|Property, plant and equipment|Intangible assets|Investments in associates|Other assets|Provisions, incl. post-employment benefits|Other liabilities|Total identifiable net assets|Costs recognized in net income|Goodwill|Total|Acquisition-related costs 1)
|2019|1,957||142|353|497|101|1,357|–102|–743|1,605|153|199|1,957|85
|2018|1,314||94|4|481|64|254|–|–494|403|–|911|1,314|24
|2017|62||–|12|101|–|1|–|25|139|–|–77|62|49
Kathrein: On October 2, 2019, the Company acquired assets from Kathrein, a world leading provider of antenna and filter technologies with approximately 4,000 employees. Kathrein’s antenna and filters business has a strong R&D organization with extensive experience in antenna design and research, coupled with a strong IPR portfolio. In addition to broadening Ericsson’s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products. The acquired Kathrein business has had a negative impact of SEK –0.5 billion since the acquisition, corresponding to –1 percentage point in Networks operating margin. Balances to facilitate the Purchase price allocation are preliminary.
|||Borrowings (Note 35)|Notes payable (Note 36)|Total debts|Adjusted EBITDA (Note)|Total debts/Adjusted EBITDA ratio
As at 31 December|2019|RMB’Million|126,952|93,861|220,813|147,395|1.50
|2018|RMB’Million|114,271|65,018|179,289|118,273|1.52
On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.
|Deferred Tax Assets:|Net operating loss carry forwards|Intangibles|Credits|Other|Total deferred tax assets|Deferred Tax Liabilities:|Intangibles|Total deferred tax liabilities|Valuation allowance|Net deferred tax asset
2019||$20,772,428|207,618|28,022|506,349|21,514,417||–|–|(21,486,396)|$28,021
2018||$20,342,559|318,178|112,086|613,202|21,386,025||–|–|(21,386,025)|$–
During 2017 the Group’s joint ventures in intu Puerto Venecia and intu Asturias sold shares in subsidiaries, previously wholly owned by the respective joint ventures, listed on the Spanish MaB to PDMRs of the Group. The total value of the shares at 31 December 2019 is €1.0 million for each joint venture, representing 1 per cent of the respective outstanding share capital. The sale of shares in these entities was required to comply with Spanish MaB free float listing requirements. The Group provided an interest-free loan to PDMRs to enable them to purchase the shares. The loans are treated as a taxable benefit which accordingly is included in the above table. In line with the terms of the relevant loan agreements entered into, the loans are repayable in full upon cessation of employment or the sale of the underlying assets. Further to the exchange of contracts in respect of the sale of intu Puerto Venecia in December 2019 and of intu Asturias in January 2020, the relevant PDMRs sold these shareholdings in January 2020 and February 2020 respectively. All outstanding loans in respect of the above arrangements have been repaid to the Company in full or in part. For those loans which have been partially repaid, the outstanding balance has been written off by the Company.
|(In thousands, unaudited)|Net income (loss)|Add (subtract):|Interest expense, net of interest income|Income tax benefit|Depreciation and amortization|EBITDA|Adjustments to EBITDA:|Other, net (1)|Investment distributions (2)|Gain on extinguishment of debt|Non-cash, stock-based compensation|Adjusted EBITDA
|2019|$ (19,931)||136,660|(3,714)|381,237|494,252||(8,847)|35,809|(4,510)|6,836|$ 523,540
|2018|$ (50,571)||134,578|(24,127)|432,668|492,548||549|39,078|—|5,119|$ 537,294
Year Ended December 31,|2017|$ 65,299||129,786|(124,927)|291,873|362,031||19,314|29,993|—|2,766|$ 414,104
In Infrastructure & Cloud Services, the business focused on prioritizing the portfolio to deliver high-value solutions to bring productivity to clients and allow for expanding workloads, while it exited some lower-value offerings. Technology Support Services was impacted by the hardware product cycle dynamics in 2018 but grew its multivendor services offerings. Within GTS, cloud revenue of $8.0 billion grew 22 percent as reported and 21 percent adjusted for currency compared to the prior year.
($ in millions)|For the year ended December 31:|Global Technology Services external revenue|Infrastructure & Cloud Services|Technology Support Services
|2018|$29,146 *|$22,185*|6,961
|2017|$29,213 *|$22,016*|7,196
|Yr.-to-Yr. Percent Change|(0.2)%|0.8%|(3.3)
|Yr.-to-Yr. Percent Change Adjusted for Currency|(0.8)%|0.0%|(3.5)
Year Ended December 31,|||(in thousands)|Cost of software license|Cost of cloud subscriptions, maintenance and services|Cost of hardware|Total cost of revenue
||2019||$ 2,626|$282,341|-|$ 284,967
||2018||$ 5,297|$235,584|-|$ 240,881
||2017||$ 5,483|$208,045|$32,205|$ 245,733
|% Change vs. Prior Year|2019||-50%|20%|N/A|18%
||2018||-3%|13%|-100%|-2%
Cost of Software License Cost of software license consists of the costs associated with software reproduction; media, packaging and delivery; documentation, and other related costs; and royalties on third-party software sold with or as part of our products. In 2019, cost of license decreased by $2.7 million, compared to 2018 principally due to a $1.7 million decrease in third-party software license fees and a $1.0 million decrease in royalty costs. In 2018, cost of software license decreased $0.2 million compared to 2017 principally due to the decrease in license revenue which resulted in lower royalty costs. Royalty costs decreased $2.1 million and were partially offset by a $1.7 million increase in third-party software license fees.
Cost of Hardware
As discussed above, we adopted the new revenue recognition standard as of January 1, 2018. As a result, we now recognize our
hardware revenue net of related costs which reduces both hardware revenue and cost of sales as compared to our accounting prior to
2018. Had we presented the results for 2017 under ASC 606, cost of hardware would have been presented as zero as we would have
recognized our hardware revenue net of related costs. In 2019, cost of hardware decreased $3.5 million compared to 2018 on
decreased hardware sales, while in 2018, cost of hardware increased $3.7 million compared with 2017 on increased hardware sales
||Proceeds from issuance of senior notes, net|Proceeds from (repayments of) credit facilities, net|Distributions paid on common and preferred stock|Purchases of common stock|Repayments of securitized debt|(Distributions to) contributions from noncontrolling interest holders, net (1)|Repayments of senior notes|(Repayments of) proceeds from term loan, net|Purchase of redeemable noncontrolling interest (2)|Proceeds from issuance of securities in securitization transaction
|2019|$4,876.7|425.0|(1,603.0)|(19.6)|—|(11.8)|(1,700.0)|(500.0)|(425.7)|—
Year Ended December 31,|2018|$584.9|(695.9)|(1,342.4)|(232.8)|(500.0)|(14.4)|—|1,500.0|—|500.0
|2017|$2,674.0|628.6|(1,164.4)|(766.3)|(302.5)|264.3|(1,300.0)|—|—|
CHARLES J. SCHMADERER has served as the Company’s Vice President and Corporate Controller since April 2018 and as Secretary since October 2018. From 2006 to 2018, Mr. Schmaderer served the Company in various roles including as the Vice President of Financial Reporting and Assistant Secretary, and as the Director of Financial and SEC Reporting. Prior to joining AMCON in 2006, Mr. Schmaderer practiced public accounting, primarily with the accounting firm Grant Thornton, LLP and also holds a Master of Business Administration (MBA).
ANDREW C. PLUMMER has served as our President and Chief Operating Officer since October 2018, as our Chief Financial Officer since January 2007, and as our Secretary from January 2007 to October 2018. From 2004 to 2007, Mr. Plummer served our company in various roles including Acting Chief Financial Officer, Corporate Controller, and Manager of SEC Compliance. Prior to joining our company in 2004, Mr. Plummer practiced public accounting, primarily with the accounting firm Deloitte and Touche, LLP (now Deloitte).
CHRISTOPHER H. ATAYAN has served in various senior executive positions with the Company since March 2006, including his service as Chairman of the Board since January 2008 and Chief Executive Officer since October 2006, and has been a director of the Company since 2004. Mr. Atayan has served as the Senior Managing Director of Slusser Associates, a private equity and investment banking firm, since 1988, and has been engaged in private equity and investment banking since 1982. He also serves on the Board of Eastek Holdings, LLC, a manufacturing company.
||Nippon Yttrium Co., Ltd ("NYC")|NT Sales Co., Ltd ("NTS")|Novasentis|KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”)|
March 31,|2019|$8,215|1,218|977|2,515|$12,925
|2018|$8,148|998|2,870|—|$12,016
|Beginning balance as of January 1,|Additions|Accretion expense|Revisions in estimates (1)|Settlements|Balance as of December 31,
2019|$1,210.0|61.8|81.6|56.8|(26.1)|$1,384.1
2018|$1,175.3|39.6|83.6|(81.5)|(7.0)|$1,210.0
|||Service revenue|On-net revenues|Off-net revenues|Network operations expenses(1)|Selling, general, and administrative expenses(2)|Depreciation and amortization expenses|Gains on equipment transactions|Interest expense|Income tax expense
Year Ended December 31,|2018|(in thousands)|$520,193|374,555|145,004|219,526|133,858|81,233|982|51,056|12,715
|2017||$485,175|346,445|137,892|209,278|127,915|75,926|3,862|48,467|25,242
Change|Percent||7.2%|8.1%|5.2%|4.9%|4.6%|7.0%|(74.6)%|5.3%|(49.6)%
(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the "Accounting policies" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Three months ended August 31,|(in thousands of dollars, except percentages)|Revenue|Operating expenses|Adjusted EBITDA|Adjusted EBITDA margin|Acquisitions of property, plant and equipment|Capital intensity
2019(1)|$|263,738|148,215|115,523|43.8%|65,967|25.0%
2018(2)|$|246,443|136,506|109,937|44.6%|72,914|29.6%
Change|%|7.0|8.6|5.1||(9.5)|
Change in constant currency(3)|%|6.0|7.6|4.1||(10.5)|
Foreign exchange impact(3)|$|2,427|1,370|1,057||704|