DEXTER-CQA/TAT-QA-corpus huggingface dataset:
Purchased intangible assets include core and developed technology, in-process research and development, customer-related intangibles, acquisition-date backlog and other intangible assets. The estimated fair values of the core and developed technology and in-process research and development were determined based on the present value of the expected cash flows to be generated by the respective existing technology or future technology. The core and developed technology intangible assets are being amortized in a manner based on the expected cash flows used in the initial determination of fair value. In-process research and development is capitalized until such time as the related projects are completed or abandoned at which time the capitalized amounts will begin to be amortized or written off. Customer-related intangible assets consist of Atmel's contractual relationships and customer loyalty related to its distributor and end-customer relationships, and the fair values of the customerrelated intangibles were determined based on Atmel's projected revenues. An analysis of expected attrition and revenue growth for existing customers was prepared from Atmel's historical customer information. Customer relationships are being amortized in a manner based on the estimated cash flows associated with the existing customers and anticipated retention rates. Backlog relates to the value of orders not yet shipped by Atmel at the acquisition date, and the fair values were based on the estimated profit associated with those orders. Backlog related assets had a one year useful life and were being amortized on a straight line basis over that period. The total weighted average amortization period of intangible assets acquired as a result of the Atmel transaction is 9 years. Amortization expense associated with acquired intangible assets is not deductible for tax purposes. Thus, approximately $178.1 million was established as a net deferred tax liability for the future amortization of the intangible assets.
||Wafer||Others (Note 2)||Total|
||Domestic (Note 1)|Export|Domestic (Note 1)|Export|Domestic (Note 1)|Export
2019|Shipments|1,678|8,390|N/A|N/A|1,678|8,390
|Net Revenue (Note 3)|91,259,259|836,058,092|8,835,783|133,832,314|100,095,042|969,890,406
2018|Shipments|1,575|9,177|N/A|N/A|1,575|9,177
|Net Revenue (Note 3)|81,718,513|829,577,851|8,398,094|111,779,099|90,116,607|941,356,950
FOR THE YEAR ENDED DECEMBER 31|Impairment of assets|Equity losses from investments in associates and joint ventures|Losses on investments|Operations|Early debt redemption costs|(Losses) gains on retirements and disposals of property, plant and equipment and intangible assets|Net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans|Gains (losses) on investments|Other|Total other expense
NOTE|14, 16|17|||22|||||
2019|(102)||(53)|(19)|(18)|(9)|138|13|37|(13)
2018|(200)||(20)|(15)|(20)|11|(80)|(34)|10|(348)
Impairment charges in 2019 included $85 million allocated to indefinite-life intangible assets, and $8 million allocated primarily to property, plant and equipment. These impairment charges relate to broadcast licences and certain assets for various radio markets within our Bell Media segment. The impairment charges were a result of continued advertising demand and ratings pressures in the industry resulting from audience declines, as well as competitive pressure from streaming services. The charges were determined by comparing the carrying value of the CGUs to their fair value less cost of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of January 1, 2020 to December 31, 2024, using a discount rate of 7.5% and a perpetuity growth rate of nil as well as market multiple data from public companies and market transactions. The carrying value of these CGUs was $464 million at December 31, 2019.
At 30 June 2019, Infochoice Pty Ltd was classified as a discontinued operation. The business of Infochoice Pty Ltd represented the Group’s financial services and products comparison operating segment. With Infochoice Pty Ltd being classified as a discontinued operation, its operating results are no longer presented in the segment note. The sale of Infochoice Pty Ltd was completed on 18 February 2019. The results of Infochoice Pty Ltd for the period are presented below:
||Revenue|Expenses|Operating income|Interest revenue|Impairment of other intangible assets|Profit/(loss) before tax from discontinued operations|Tax benefit/(expense) related to current pre-tax loss|Post-tax profit/(loss) of  discontinued operations
CONSOLIDATED|JUN 2019 $’000|426|(1,035)|(609)|5|(603)|(1,207)|(1,150)|(2,357)
|JUN 2018 $’000|1,208|(989)|219|9|(16,902)|(16,674)|(55)|(16,729)
|($ in millions)|Land|Buildings and building equipment|Machinery and equipment|Construction in progress|Total at cost|Less: accumulated depreciation and amortization|Total property, plant, and equipment
June 30,|2019|$35.6|512.9|2,183.6|150.7|2,882.8|1,516.6|$1,366.2
|2018|$34.8|500.0|2,129.0|83.6|2,747.4|1,434.0|$1,313.4
||Core and developed technology|Customer-related|In-process research and development|Distribution rights|Other|Total
|Gross Amount|$7,413.0|917.1|7.7|0.3|7.3|$8,345.4
March 31, 2019|Accumulated Amortization|$(1,112.9)|(544.0)|—|(0.2)|(2.7)|$(1,659.8)
|Net Amount|$6,300.1|373.1|7.7|0.1|4.6|$6,685.6
||Weighted-average Black-Scholes option pricing model assumptions:|Volatility|Expected term (in years)|Risk-free rate|Expected dividend yield|Weighted average grant date fair value per share
2019|Employee Grants||73.01%|6|2.22%|0.0%|$2.10
2018|Employee Grants||82.00%|6|2.24%|0.0%|$2.22
USDm|Operating profit/(loss) (EBIT)|Tax|EBIT less Tax|Invested capital, opening balance|Invested capital, ending balance|Average invested capital for the year|Return on Invested Capital (RoIC)
2019|205.9|-0.8|205.1|1,469.4|1,786.0|1,627.7|12.6%
2018|2.8|-1.6|1.2|1,406.0|1,469.4|1,437.7|0.1%
2017|39.5|-0.8|38.7|1,387.7|1,406.0|1,396.9|2.8%
||Contractual cash obligations:|Operating leases|Finance software lease obligations|Wafer purchases (1)|Other purchase commitments|Total contractual cash obligations|Other commercial commitments (2):|Revolving line of credit|Total commercial commitments|Total contractual obligations and commercial commitments (3)
|Total||$2,040|514|57|413|3,024||15,000|15,000|$18,024
|Less than 1 year||$611|214|57|386|1,268||15,000|15,000|$16,268
|1-3 Years||$902|300|—|27|1,229||—|—|$1,229
Payments Due by Period|4-5 Years||$527|—|—|—|527||—|—|$527
|More than 5 Years||$—|—|—|—|—||—|—|—
Net revenue: Net revenue from our Energy segment for the year ended December 31, 2019 increased $18.3 million to $39.0 million from $20.7 million for the year ended December 31, 2018. The increase was primarily driven by the AFTC related to the 2018 and 2019 CNG sales that was recognized in the fourth quarter of 2019, inclusive of prior period AFTC at the acquired ampCNG stations which was also recognized in 2019. The increase was also driven by higher volume-related revenues from the recent acquisition of the ampCNG stations and growth in CNG sales volumes.
||Net revenue|Cost of revenue|Selling, general and administrative|Depreciation and amortization|Other operating expense|Income (loss) from operations
|2019|$39.0|17.1|4.9|6.9|—|10.1
Years Ended December 31,|2018|$20.7|11.2|4.0|5.5|0.5|$(0.5)
|Increase / (Decrease)|$18.3|5.9|0.9|1.4|(0.5)|$10.6
Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants.
||Restricted Stock Units:|Non-vested at January 1|Awarded|Vested|Forfeited|Non-vested at December31|Stock Options:|Outstanding at January 1|Granted|Exercised|Forfeited|Expired|Outstanding at December 31|Vested and expected to vest at December 31|Exercisable at December 31
2019|||2,454|1,139|(1,237)|(87)|2,269||506|102|(280)|(7)|(2)|319|319|85
2018|(in thousands)||3,174|790|(1,382)|(128)|2,454||531|69|(94)|—|—|506|506|256
2017|||3,778|939|(1,434)|(109)|3,174||926|111|(501)|—|(5)|531|531|233
NUMBER OF ESP SHARES|Unvested contributions, January 1|Contributions (1)|Dividends credited|Vested|Forfeited|Unvested contributions, December 31
2019|1,120,426|623,705|57,083|(523,359)|(153,657)|1,124,198
2018|1,039,030|671,911|56,926|(501,089)|(146,352)|1,120,426
The ESP is designed to encourage employees of BCE and its participating subsidiaries to own shares of BCE. Each year, employees can choose to have a certain percentage of their eligible annual earnings withheld through regular payroll deductions for the purchase of BCE common shares. In some cases, the employer also will contribute a percentage of the employee’s eligible annual earnings to the plan, up to a specified maximum. Dividends are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares.
|||Gross profit|Percentage of total revenues
Years ended December 31|2019|(in thousands, except percentages)|$ 865,643|54.9 %
|2018||$ 596,267|55.6 %
|2017||$ 380,253|56.5 %
2019 vs 2018|% Change||45.2 %|
2018 vs 2017|% Change||56.8 %|
The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, exercise patterns and pre-vesting and post-vesting forfeitures. The Company estimates the volatility of the Company’s common stock based on the calculated historical volatility of the Company’s common stock using the share price data for the trailing period equal to the expected term prior to the date of the award. The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on the Company’s common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company uses historical data to estimate pre-vesting option forfeitures and records share-based compensation for those awards that are expected to vest. In accordance with ASC 718-10, the Company calculates share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience.
|Outstanding at January 1, 2018|Granted|Exercised|Cancelled or expired|Outstanding at December 31, 2018|Granted|Exercised|Cancelled or expired|Outstanding at December 31, 2019
Number of Shares|4,376,474|67,394|–|(1,094,075)|3,349,793|–|–|–|3,349,793
Weighted Average Exercise Price Per Share|$0.16|0.17|–|0.14|$0.16|–|–|–|$0.16
Years ended August 31,|Outstanding, beginning of the year|Granted (1)|Performance-based additional units granted|Distributed|Cancelled|Dividend equivalents|Outstanding, end of the year
2019|133,181|45,800|200|(43,319)|(31,889)|3,578|107,551
2018|115,207|65,525|2,639|(41,441)|(12,184)|3,435|133,181
||Semiconductor Test|Industrial Automation|System Test|Wireless Test|Corporate and Other|
2019||$1,552.6|298.1|287.5|157.3|(0.5)|$2,295.0
2018|(in millions)|$1,492.4|261.5|216.1|132.0|(1.2)|$2,100.8
2018-2019 Dollar Change||$60.2|36.6|71.4|25.3|0.7|$194.2
Operating Income: CGD operating income increased by 39% to $23.0 million in 2019 compared to $16.6 million in 2018. For fiscal 2019, operating profits improved primarily due to the results of cost reduction efforts, including headcount reductions designed to optimize our cost position, and reduced R&D expenditures. Operating profits were higher from increased sales of ground combat training system sales but were lower on decreased sales from air combat training systems, simulation product development contracts, and international services contracts. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2018 and 2019.
Sales: CGD sales decreased 2% to $317.9 million in 2019 compared to $325.2 million in 2018. The timing of sales recognition was impacted by the adoption of ASC 606. Under ASC 606, a number of our CGD contracts, most significantly in air combat training and ground live training, for which revenue was historically recorded upon delivery of products to the customer, are now accounted for on the percentage-of-completion cost-to-cost method of revenue recognition. For fiscal 2019, sales were lower from air combat training systems, simulation product development contracts, and international services contracts, partially offset by higher sales from ground combat training systems. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CGD sales of $3.2 million for 2019 compared to 2018.
Adjusted EBITDA: CGD Adjusted EBITDA was $32.8 million in 2019 compared to $26.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above. Adjusted EBITDA for CGD increased by $3.1 million in 2019 as a result of the adoption of the new revenue recognition standard.
||CURRENT|Prepayments|Capitalised transaction costs|Security deposits|Customer incentives|Other current assets|Contract costs 6(c)|Total other assets - current
|Note||||6(a)|6(b)||6(c)|
30 June 2019|$'000||2,631|1,496|8,822|625|412|446|14,432
30 June 2018|$'000||3,827|-|4,151|764|412|-|9,154
The following table summarizes our selected consolidated financial data for the periods indicated. The selected consolidated financial data should be read in conjunction with our Consolidated Financial Statements and related notes and “Management's Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Annual Report on Form 10-K. The selected consolidated statement of income and balance sheet data for each of the five fiscal years indicated below has been derived from our audited Consolidated Financial Statements. Over the last five fiscal years we have acquired a number of companies including, but not limited to Catalyst, Liaison, Hightail, Guidance, Covisint, ECD Business, CCM Business, Recommind, ANX, CEM Business, Daegis, and Actuate. The results of these companies and all of our previously acquired companies have been included herein and have contributed to the growth in our revenues, net income and net income per share and such acquisitions affect period-to-period comparability.
||(In thousands, except per share data)|Statement of Income Data:|Revenues(1)|Net income, attributable to OpenText(2)|Net income per share, basic, attributable to OpenText(1)|Net income per share, diluted, attributable to OpenText(1)|Weighted average number of Common Shares outstanding, basic|Weighted average number of Common Shares outstanding, diluted
|2019|||$2,868,755|$285,501|$1.06|$1.06|268,784|269,908
|2018|||$2,815,241|$242,224|$0.91|$0.91|266,085|267,492
Fiscal Year Ended June 30,|2017|||$2,291,057|$1,025,659|$4.04|$4.01|253,879|255,805
|2016|||$1,824,228|$284,477|$1.17|$1.17|242,926|244,076
|2015|||$1,851,917|$234,327|$0.96|$0.95|244,184|245,914
||Current:|Domains|Hosting and presence|Business applications||Noncurrent:|Domains|Hosting and presence|Business applications|
December 31,|2019||$752.7|526.7|265.0|$1,544.4||$382.2|187.2|85.0|$ 654.4
|2018||$686.3|483.3|224.1|$1,393.7||$365.8|180.6|77.4|$623.8
December 31||Net operating loss carryforwards|Stock options and warrants|Property|Intangible assets|Capitalized expenses|Other|Operating right-of-use lease assets|Operating right-of-use lease liabilities|Net deferred tax assets|Less: Valuation allowance|Deferred tax asset (liability)
|2019|$7,672|420|138|66|54|210|(667)|794|8,687|(8,687)|$             -
|2018|$4,541|214|299|94|86|164|||5,398|(5,398)|$             -
The directors of the Company have used the Binomial Model to determine the fair value of the options as at the respective grant dates, which is to be expensed over the relevant vesting period. The weighted average fair value of options granted during the year ended 31 December 2019 was HKD123.82 per share (equivalent to approximately RMB106.09 per share) (2018: HKD127.43 per share (equivalent to approximately RMB103.46 per share)).
The Committee has approved Fixed Pay increases of 4% for the CEO and 3% for the CFO, effective from 1 January 2020. This is in line with the average increase awarded to the wider Unilever workforce in 2019 of 3.6%. These increases were awarded to recognise the strong leadership of both individuals in 2019, which was Alan Jope’s first year in the CEO role and a year of transformation for Unilever generally. We also wanted to recognise Graeme Pitkethly’s seniority in his role, coming into his 5th year as CFO.
When our CEO Alan Jope was appointed on 1 January 2019 he was appointed with Fixed Pay 14% below that of what the Committee proposed for his predecessor and at the lower quartile of our remuneration benchmarking peer group, despite Unilever being one of the largest companies in this peer group. This positioning was intentional, given Alan’s internal promotion on appointment. However, subject to Alan’s continuing good performance the Committee will, over time, continue to review his Fixed Pay positioning and progress this towards the market median benchmark.
||Fixed Pay|Annual Bonus|MCIP* Match share award|Target Total Pay|Personal MCIP* Investment in|Unilever shares
Alan Jope CEO €'000 p.a.|2019|1,450|2,175|2,186|5,811|67%|1,457
|2020|1,508|2,262|2,273|6,043|67%|1,516
Graeme Pitkethly CFO €'000 p.a.|2019|1,103|1,323|1,330|3,756|67%|886
|2020|1,136|1,363|1,370|3,869|67%|913
|(in millions, except per share data)|Net income|Less: earnings and dividends allocated to participating securities|Earnings available for common shareholders used in calculation of basic earnings per share|Weighted average number of common shares outstanding, basic|Basic earnings per common share|Net income|Less: earnings and dividends allocated to participating securities|Earnings available for common shareholders used in calculation of diluted earnings per share|Weighted average number of common shares outstanding, basic|Effect of shares issuable under share-based compensation plans|Weighted average number of common shares outstanding, diluted|Diluted earnings per common share
|2019|$167.0|(1.9)|$165.1|47.7|$3.46|$167.0|(1.9)|$165.1|47.7|0.4|48.1|$3.43
Years Ended June 30,|2018|$188.5|(1.7)|$186.8|47.2|$3.96|$188.5|(1.7)|$186.8|47.2|0.4|47.6|$3.92
|2017|$47.0|(0.3)|$46.7|47.0|$0.99|$47.0|(0.3)|$46.7|47.0|0.1|47.1|$0.99
|(in millions of €)|Europe, C. I. S., Africa, Middle East|therein: Germany|Americas|therein: U. S.|Asia, Australia|therein: China|Siemens|therein: emerging markets1
|2019|44,360|12,282|23,796|17,993|18,693|8,405|86,849|27,607
Fiscal year|2018|42,782|11,729|22,115|16,012|18,147|8,102|83,044|28,272
|Actual|4%|5%|8%|12%|3%|4%|5 %|(2) %
% Change|Comp.|4%|4 %|3%|6%|2%|3%|3 %|(2) %
For the year ended December 31, 2019, 2018 and 2017, the Company has recorded income tax expense of $128,000, $143,000 and $76,000, respectively, related to uncertain tax positions. The Company’s policy is to recognize potential interest and penalties related to unrecognized tax benefits associated with uncertain tax positions, if any, in the income tax provision. At December 31, 2019, 2018 and 2017, the Company had accrued $22,000, $15,000 and $11,000 in interest and penalties related to uncertain tax positions.
||Beginning balance of unrecognized tax benefits|Additions for current year tax positions|Reductions for prior year tax positions|Ending balance (excluding interest and penalties)|Interest and penalties|Total
|2019|$469|106|—|575|22|$597
Year Ended December 31|2018|$326|142|(14)|454|15|$469
|2017|$250|65|—|315|11|$326
|Blended ABPU ($/month) (1)|Gross activations|Postpaid|Prepaid|Net activations (losses)|Postpaid|Prepaid|Blended churn % (average per month)|Postpaid|Prepaid|Subscribers (2) (3)|Postpaid (2) (3)|Prepaid (2)
2019|68.32|2,117,517|1,568,729|548,788|515,409|401,955|113,454|1.39%|1.13%|4.44%|9,957,962|9,159,940|798,022
2018|67.76|1,954,792|1,615,764|339,028|479,811|447,682|32,129|1.32%|1.16%|3.17%|9,610,482|8,830,216|780,266
CHANGE|0.56|162,725|(47,035)|209,760|35,598|(45,727)|81,325||||347,480|329,724|17,756
% CHANGE|0.8%|8.3%|(2.9%)|61.9%|7.4%|(10.2%)|253.1%|(0.07) pts|0.03 pts|(1.27) pts|3.6%|3.7%|2.3%
As of the end of the third quarters of 2019 and 2018, the Company performed its annual impairment test. The Company did not elect to perform a qualitative assessment. The impairment test was conducted following a two-step process. In the first step, the Company compared the fair value of the reporting units tested to their carrying value. Based upon the first step of the goodwill impairment test, no impairment was recorded since the fair value of the reporting units exceeded their carrying value.
|December 31, 2017|Foreign currency translation|December 31, 2018|Business combination|Foreign currency translation|December 31, 2019
Automotive and Discrete Group (ADG)|—|—|—|43|—|43
Microcontrollers and Digital ICs Group (MDG)|121|(2)|119|—|(2)|117
Analog, MEMS & Sensors Group AMS)|2|—|2|—|—|2
Total|123|(2)|121|43|(2)|162
||Revenue – Europe|Service revenue|Germany|Italy|UK|Spain|Other Europe|Europe|Adjusted EBITDA|Germany|Italy|UK|Spain|Other Europe|Europe|Europe adjusted operating profit
Reported change|%|(1.9)||2.6|1.0|(8.1)|1.8|(19.6)|(3.9)||10.9|4.5|45.4|4.4|(18.8)|7.3|53.2
Other activity (including M&A)|pps|4.1||–|0.2|0.1|0.3|22.9|4.0||(0.1)|0.1|(1.2)|0.6|26.8|5.1|34.8
Foreign exchange|pps|0.8||–|–|4.5|–|(0.4)|0.8||(0.1)|–|7. 6|–|(0.3)|0.6|(1.7)
Organic* change|%|3.0||2.6|1.2|(3.5)|2.1|2.9|0.9||10.7|4.6|51.8|5.0|7.7|13.0|86.3
European revenue decreased by 1.9%. Foreign exchange movements contributed a 0.8 percentage point negative impact and the deconsolidation of Vodafone Netherlands contributed a 4.1 percentage point negative impact, offset by 3.0% organic growth. Service revenue increased by 0.9%* or 0.6%* excluding a legal settlement in Germany in Q4, driven by strong fixed customer growth and the benefit of the Group’s “more-for-more” mobile propositions in several markets, which offset increased regulatory headwinds following the implementation of the EU’s “Roam Like At Home” policy in June and the impact of the introduction of handset financing in the UK. Excluding regulation and UK handset financing, as well as a legal settlement in Germany in Q4, service revenue growth was 2.0%* (Q3: 1.9%*, Q4: 1.7%*).
The difference in the opening and closing balances of our contract assets and deferred revenues primarily results from the timing difference between our performance and the customer’s payments. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. During the year ended June 30, 2019, we reclassified $19.2 million of contract assets to receivables as a result of the right to the transaction consideration becoming unconditional. During the year ended June 30, 2019, there was no significant impairment loss recognized related to contract assets.