DEXTER-CQA/TAT-QA-corpus huggingface dataset:
||Net income (loss)|Investment income|Interest expense|Income tax provision (benefits)|Depreciation and amortization|Stock-based compensation|Impairment loss and equity in net loss of affiliate|Loss on extinguishment of debt|Acquisition and integration related expenses|Non-recurring legal expenses, net of reversal of litigation|provision|Gain on LoJack battery performance legal Settlement|Restructuring|Other|Adjusted EBITDA
|2019|$18,398|(5,258)|16,726|(1,330)|20,016|11,029|6,787|2,033|935||(11,020)|(18,333)|8,015|217|$48,215
Year Ended February 28,|2018|$16,617|(2,256)|10,280|10,681|22,957|9,298|1,411|-|-||10,738|(28,333)|-|989|$52,382
|2017|$(7,904)|(1,691)|9,896|(1,563)|23,469|7,833|1,284|-|4,513||9,192|-|-|4,339|$49,368
Our CODM evaluates each segment based on Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to calculate Adjusted EBITDA are itemized below (in thousands):
||Land|Buildings and improvements|Equipment, furniture and fixtures|Leasehold improvements||Accumulated depreciation and amortization|Property and equipment, net
|2019|$19,490|173,333|389,225|94,878|676,926|(353,492)|$323,434
Fiscal year-end|2018|$17,655|165,535|359,721|89,399|632,310|(320,517)|$311,793
|Useful Life||5 - 40 years|3 - 10 years|shorter of asset life or lease term|||
||Software Solutions|Data and Analytics|Corporate and Other (1)|Total
Year ended December 31|2019|$1,012.3|165.4|(0.5)|$1,177.2
|2018|$962.0|154.5|(2.5)|$1,114.0
Variance|$|$50.3|10.9|2.0|$63.2
|%|5%|7%|NM|6%
The $4.3 million net increase in the valuation allowance from 2018 to 2019 is primarily due to operating losses incurred and windfall tax benefits on equity awards in the current year, partially offset by the reduction in valuation allowance as a result of recording a net deferred tax liability associated with the adoption of ASC 606. In addition, the Company recognized a tax benefit of $1.0 million for the release of a portion of the Company’s pre-existing U.S. and U.K. valuation allowances as a result of the Ataata and Simply Migrate business combinations.
||Deferred tax assets:|Net operating loss carryforwards|Share-based compensation|Deferred revenue|Fixed assets  |Lease liability  |Accrued compensation  |Accrued costs  |Deferred rent  |Income tax credits  |Other  |Gross deferred tax assets  |Deferred tax liabilities:        |Prepaid expenses  |Fixed assets  |Unremitted earnings  |Intangible assets  |Capitalized commissions  |Other  |Gross deferred tax liabilities  |Valuation allowance  |Deferred tax (liabilities) assets, net 
As of March 31,|2019||$35,120|5,687|1,761|4,187|11,748|1,211|401|320|1,833|1,247|63,515||(219)|(13,855)|(320)|(4,818)|(7,606)|(387)|(27,205)|(38,318)|$(2,008)
|2018||$24,159|2,760|2,237|3,593|17,024|742|1,362|473|1,151|109|53,610||(315)|(19,280)|(115)|—|—|—|(19,710)|(34,008)|$(108)
Fiscal Year 2019 Compared with Fiscal Year 2018 Interest and dividends income increased primarily due to higher yields on fixed-income securities. Interest expense decreased primarily driven by a decrease in outstanding long-term debt due to debt maturities, offset in part by higher finance lease expense. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period.
Fiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and yields on fixed-income securities. Interest expense increased primarily due to higher average outstanding long-term debt and higher finance lease expense. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period.
(In millions)|Year Ended June 30,|Interest and dividends income|Interest expense|Net recognized gains on investments|Net gains (losses) on derivatives|Net losses on foreign currency remeasurements|Other, net|Total
|2019|$    2,762|(2,686)|648|144|(82)|(57)|$  729
|2018|$    2,214|(2,733)|2,399|(187)|(218)|(59)|$ 1,416
|2017|$   1,387|(2,222)|2,583|(510)|(111)|(251)|$  876
||Non-cash Investing and Financing Activities:|Capital expenditures incurred but not paid|Non-cash extinguishment of sale-leaseback financing obligations|Supplemental Cash Flow Information:|Income taxes paid, net of refunds|Interest paid
|April 26, 2019||$ 9|$ —||$ 205|$ 53
Year Ended|April 27, 2018||$ 24|$ 130||$ 87|$ 58
|April 28, 2017||$ 19|$ 19||$ 102|$ 44
|||Operating profit|Depreciation, amortisation and impairment|Changes in working capital|Pensions and similar obligations less Payments|Provision less payments|Elimination of (profits)/losses on disposals|Non-cash charge for share-based compensation|Other adjustments|Cash flow from operating activities|Income tax paid|Net capital expenditure|Net interest and preference dividends paid|Free cash flow*|Net cash flow (used in)/from investing activities|Net cash flow (used in)/from financing activities
€ million|2019||8,708|1,982|(9)|(260)|7|60|151|2|10,641|(2,532)|(1,429)|(548)|6,132|(2,237)|(4,667)
€ million|2018|(Restated)(a)|12,639|2,216|(793)|(128)|55|(4,313)|196|(260)|9,612|(2,294)|(1,424)|(461)|5,433|4,644|(12,113)
On a consolidated basis, the Company has incurred operating losses and has recorded a full valuation allowance against its US, UK, New Zealand, Hong Kong, and Brazil deferred tax assets for all periods to date and, accordingly, has not recorded a provision (benefit) for income taxes for any of the periods presented other than a provision (benefit) for certain foreign and state income taxes. Certain foreign subsidiaries and branches of the Company provide intercompany services and are compensated on a cost-plus basis, and therefore, have incurred liabilities for foreign income taxes in their respective jurisdictions.
||Current income tax provision:|Federal|State|Foreign|Total current income tax provision|Deferred income tax benefit:|Federal|State|Foreign|Total deferred income tax benefit|Total income tax provision
|2019||$—|225|2,467|2,692||$—|—|(2)|(2)|$2,690
Year Ended December 31,|2018||$—|204|2,514|2,718||—|—|(123)|(123)|$2,595
|2017||$—|114|1,580|1,694||$—|—|52|52|$1,746
Compensation expense for stock option awards totaled $2.2 million, $4.2 million, and $6.2 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $0.2 million for fiscal 2017. Included in the compensation expense for stock option awards for fiscal 2019, 2018, and 2017 was $0.2 million, $0.4 million, and $0.9 million, respectively, related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The tax benefit related to the stock option expense for fiscal 2019, 2018, and 2017 was $0.5 million, $1.4 million, and $2.4 million, respectively.
We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. During fiscal 2017, we granted 1.1 million stock options with a weighted average grant date fair value of $6.12 per share. The total intrinsic value of stock options exercised was $7.9 million, $15.8 million, and $29.8 million for fiscal 2019, 2018, and 2017, respectively. The closing market price of our common stock on the last trading day of fiscal 2019 was $28.83 per share.
Options|Outstanding at May 27, 2018|Exercised|Expired|Outstanding at May 26, 2019|Exercisable at May 26, 2019
Number of Options (in Millions)|5.1|(0.6)|(0.1)|4.4|4.1
Weighted Average Exercise Price|$28.11|$20.75|$29.84|$29.00|$28.38
Average Remaining Contractual Term (Years)||||5.47|5.32
Aggregate Intrinsic Value (in Millions)||$7.9||$9.9|$9.9
Year ended 31 March|Basic weighted average number of shares (millions)|Dilutive shares from share options (millions)|Dilutive shares from executive share awards (millions)|Diluted weighted average number of shares (millions)|Basic earnings per share|Diluted earnings per share
2019|9,912|6|57|9,975|21.8p|21.6p
2018|9,911|2|48|9,961|20.5p|20.4p
2017|9,938|27|29|9,994|19.2p|19.1p
|Balance January 1, 2019|Additions|Transfer from property, plant and equipment|Modifications and reassessments|Retirements|Depreciation for the year|Foreign currency translation effect|Balance December 31, 2019
Land and buildings|23,579|6,475|459|75|–|(6,057)|518|25,049
Motor vehicles|1,488|1,588|–|31|–|(1,008)|43|2,142
Other machinery and equipment|620|16|–|(24)|–|(268)|12|356
Total|25,687|8,079|459|82|–|(7,333)|573|27,547
||Schemes in net asset position|UK defined benefit pension plan – Staff Plan|UK defined benefit pension plan – Cash Plan||Schemes in net liability position|UK unfunded plan|Net pension plan surplus on the balance sheet
2019|£ million||7.8|1.0|8.8||(0.5)|8.3
2018|£ million||1.1|0.9|2.0||(0.5)|1.5
||Unrecognized tax benefits at January 1,   |Gross amount of increases in unrecognized tax benefits as a
result of tax positions taken during a prior period|Gross amount of decreases in unrecognized tax benefits as a Gross amount of decreases in unrecognized tax benefits as a result of tax positions taken during a prior period|Gross amount of increases in unrecognized tax benefits as a
result of tax positions taken during the current period|Reductions to unrecognized tax benefits relating to settlements with taxing authorities|Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations|Unrecognized tax benefits at December 31,   
December 31,|2019|(7,113 )   |(2,428 )     |445|(2,489 )     |-|346|(11,239 )   
|2018|(7,419 )   |(873 )     |233|(78 )     |349|675|(7,113 )   
|2017|(6,938 ) |(789 ) |145|-|-|163|(7,419 )
Our unrecognized tax benefits totaled $11.2 million and $7.1 million as of December 31, 2019 and 2018, respectively. Included in these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively, which, if recognized, would affect the effective tax rate.
these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively,
which, if recognized, would affect the effective tax rate.
We recognize potential accrued interest and penalties related to unrecognized tax benefits within our global operations in income tax expense. For the years ended December 31, 2019, 2018 and 2017, the Company recognized the following income tax expense: $0.5 million, $0.5 million, and $0.3 million, respectively, for the potential payment of interest and penalties. Accrued interest and penalties were $1.7 million and $2.1 million for the years ended December 31, 2019 and 2018. We conduct business globally and, as a result, files income tax returns in the United State federal jurisdiction and in many state and foreign jurisdictions. We are generally no longer subject to U.S. federal, state, and local, or non-US income tax examinations for the years before 2012. Due to the expiration of statutes of limitations in multiple jurisdictions globally during 2020, the Company anticipates it is reasonably possible that unrecognized tax benefits may decrease by $3.1 million.
($ in millions)|For the year ended December 31:|Global Technology Services|External total gross profit|External total gross profit margin|Pre-tax income|Pre-tax margin
|2018*||$10,035|34.4%|$ 1,781|5.9%
|2017*||$10,022|34.3%|$ 2,618|8.8%
|Yr.-to-Yr. Percent/ Margin Change||0.1%|0.1 pts|(32.0)%|(2.8) pts
Years Ended (In Millions, Except Per Share Amounts)|Net income available to common stockholders|Weighted average shares of common stock outstanding—Basic|Dilutive effect of employee incentive plans|Dilutive effect of convertible debt|Weighted average shares of common stock outstanding—Diluted|Earnings per share—Basic|Earnings per share—Diluted
Dec 28, 2019|$21,048|4,417|41|15|4,473|$4.77|$4.71
Dec 29, 2018|$21,053|4,611|50|40|4,701|$4.57|$4.48
Dec 30, 2017|$9,601|4,701|47|87|4,835|$2.04|$1.99
Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In December 2017, we paid cash to satisfy the conversion of our convertible
debentures due 2035, which we excluded from our diluted earnings per share computation starting in the fourth quarter of 2017 and are no longer dilutive. In November 2019, we issued a notice of redemption for the remaining $372 million of 2009 Debentures with a redemption date of January 9, 2020. Our 2009 Debentures required settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium was paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in all periods presented because the average market price was above the conversion price.
Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In December 2017, we paid cash to satisfy the conversion of our convertible debentures due 2035, which we excluded from our diluted earnings per share computation starting in the fourth quarter of 2017 and are no longer dilutive. In November 2019, we issued a notice of redemption for the remaining $372 million of 2009 Debentures with a redemption date of January 9, 2020. Our 2009 Debentures required settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium was paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in all periods presented because the average market price was above the conversion price.
Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).
(1) Interest is payable on June 1 and December 1 of each year at 1.00% annually. (2) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (3) Consists of U.S. real estate mortgages, term loans, revolving lines of credit, notes payable and other facilities at certain international locations where interest is payable weekly, monthly or quarterly, with interest rates between 1.00% and 4.00% and maturity dates between 2019 and 2022.
||Amended Credit Agreement:  |Revolving Credit Facility due 2024, interest payable monthly at3 .30% and 3.77%, respectively|Term Loan “B” Facility due 2026, interest payable monthly at3 .80% and 4.27%, respectively|1.00% Notes due 2020 (1)|1.625% Notes due 2023 (2)|Other long-term debt (3)|Gross long-term debt, including current maturities|Less: Debt discount (4)|Less: Debt issuance costs (5)|Net long-term debt, including current maturities|Less: Current maturities| Net long-term debt
As of|December 31, 2019||$800.0|1,630.9|690.0|575.0|53.3|3,749.2|(102.7)|(34.0)|3,612.5|(736.0)|$2,876.5
|December 31, 2018||$400.0|1,134.5|690.0|575.0|139.5|2,939.0|(139.4)|(33.5)|2,766.1|(138.5)|$2,627.6
|||Loss income (Numerator):|Net (loss) income|Net (loss) income applicable to common stock for computing basic earnings per common share|Net (loss) income as adjusted for purposes of computing diluted earnings per common share|Shares (Denominator):|Weighted average number of shares:|Outstanding during period|Non-vested restricted stock|Weighted average shares outstanding for computing basic earnings per common share|Incremental common shares attributable to dilutive securities:|Shares issuable under convertible securities|Shares issuable under incentive compensation plans|Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share|Basic (loss) earnings per common share|Diluted (loss) earnings per common share(1)
|2019|||$(5,269)|(5,269)|$(5,269)|||1,088,730|(17,289)|1,071,441||—|—|1,071,441|$(4.92)|$(4.92)
Years Ended December, 31|2018|(Dollars in millions, except per share amounts, shares in thousands)||(1,733)|(1,733)|(1,733)|||1,078,409|(12,543)|1,065,866||—|—|1,065,866|(1.63)|(1.63)
|2017|||1,389|1,389|1,389|||635,576|(7,768)|627,808||10|875|628,693|2.21|2.21
Our calculation of diluted (loss) earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 6.8 million, 2.7 million and 4.7 million for 2019, 2018 and 2017, respectively.
All amounts in USD ‘000 |Interest Expenses, net of capitalized interest  |Commitment Fee  |Amortization of Deferred Financing Costs  |Other financial costs  |Total Interest Expenses  
2019|34,018|-|4,372|-|38,390
2018|29,753|3,325|1,470|1|34,549
2017|18,286|760|1,393|25|20,464
|Long-lived assets:|United States |Malaysia |Mexico |Romania |China |United Kingdom |Other Foreign |Corporate |
September 28,
2019||$106,757|101,636|73,864|31,033|22,378|7,344|6,751|34,461|384,224
September 29,
2018||$108,694|89,938|43,078|34,316|21,878|6,171|5,646|31,585|341,306
Advances are amounts received from litigation counsel as advanced reimbursement of out-of-pocket expenses expected to be incurred by us. Board compensation of $0.4 million at December 31, 2019 and 2018 represents accrued and unpaid board and committee fees from prior periods. In the first quarter of 2020, current and prior board members agreed to waive unpaid cash fees in exchange for share-based compensation awards with an aggregate grant-date fair value of approximately $0.1 million (see Note 18).
The Company operates in one segment, the development and marketing of network infrastructure equipment. Revenue is attributed to a geographical area based on the location of the customers. The Company operates in three geographic theaters: Americas, which includes the United States, Canada, Mexico, Central America and South America; EMEA, which includes Europe, Russia, Middle East and Africa; and APAC which includes Asia Pacific, China, South Asia and Japan. The Company’s chief operating decision maker (“CODM”), who is its CEO, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
||Reported (IAS 18 basis)|Other activity (including M&A)|Foreign exchange|Handset financing and settlements|Guidance basis
|2019 €m|14,139|(95)|–|(198)|13,846
Adjusted EBITDA|2018 €m|14,737|(341)|(288)|(674)|13,434
|Growth|(4.1)%||||3.1%
Free cash flow (pre-spectrum)|2019 €m|5,443|–|–|–|5,443
|(in days)|Three Months Ended|Days sales outstanding (1)|Days inventory outstanding (2)|Days payables outstanding (3)|Cash conversion cycle (4)|Days may not add due to rounding
Three Months Ended||April 26, 2019|70|21|(87)|3|
||April 27, 2018|58|18|(90)|(14 )|
||April 28, 2017|45|26|(56)|15|
(1) Days sales outstanding, referred to as DSO, calculates the average collection period of our receivables. DSO is based on ending accounts receivable and net revenue for each period. DSO is calculated by dividing accounts receivable by average net revenue per day for the current quarter (91 days for each of the fourth quarters presented above). The year over year increases in DSO in the fourth quarter of fiscal 2019 and fiscal 2018 were primarily due to less favorable shipping linearity and, in the case of fiscal 2019, one of our major distributors choosing not to take advantage of an early payment discount.
(2) Days inventory outstanding, referred to as DIO, measures the average number of days from procurement to sale of our products. DIO is based on ending inventory and cost of revenues for each period. DIO is calculated by dividing ending inventory by average cost of revenues per day for the current quarter. The increase in DIO in the fourth quarter of fiscal 2019 compared to the corresponding period of fiscal 2018 was primarily due to higher levels of finished goods on hand at the end of fiscal 2019. Compared to the corresponding period in fiscal 2017, the decrease in DIO in the fourth quarter of fiscal 2018 was due primarily to strong product sales towards the end of the fourth quarter of fiscal 2018.
||At 1 January|Acquisitions|Disposals|At 31 December
|Shares million|11.2|0.2|(1.1)|10.3
2019|£m|37.0|0.1|(3.5)|33.6
|Shares million|11.6|0.6|(1.0)|11.2
2018|£m|39.1|0.9|(3.0)|37.0
We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers. We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers.
|Adjusted EBITDA|Depreciation, amortisation and loss on disposal of fixed assets|Share of adjusted results in equity accounted associates and joint ventures1|Adjusted operating profit|Impairment losses|Restructuring costs|Amortisation of acquired customer based and brand intangible assets|Other (expense)/income|Operating (loss)/profit (IAS 18 basis)|Impact of adoption of IFRS 152|Operating loss (IFRS 15 basis)
2019 €m|14,139|(9,665)|(291)|4,183|(3,119)|(486)|(583)|(262)|(267)|(684)|(951)
2018 €m|14,737|(9,910)|389|5,216|–|(156)|(974)|213|4,299||
2017 €m|14,149|(10,179)|164|4,134|–|(415)|(1,046)|1,052|3,725||
|Exercise Prices|$1.50 to $1.90|2.86 to 6.40|8.04 to 11.72|12.20 to 15.06|16.06 to 24.00|31.99 to 42.21|55.10 to 79.25|
Options Outstanding|Number Outstanding|32,913|209,126|498,869|2,227,421|1,772,062|847,010|297,341|5,884,742
|Weighted Average Life (in Years)|1.4|3.3|4.2|6.7|8.1|9.0|9.5|
Options Vested and Exercisable|Number Vested and Exercisable|32,913|209,126|498,869|1,587,924|560,632|42,839|12,492|2,944,795
|Weighted Average Life (in Years)|1.4|3.3|4.2|6.5|8.1|8.7|9.3|