DEXTER-CQA/TAT-QA-corpus huggingface dataset:
|At 31 March|Cash at bank and in hand|Cash equivalents|US deposits|UK deposits|Other deposits|Total cash equivalents|Total cash and cash equivalents|Bank overdrafts (note25)|Cash and cash equivalents per the cash flow statement
2019|£m|495||3|1,132|36|1,171|1,666|(72)|1,594
2018|£m|446||26|31|25|82|528|(29)|499
2017|£m|469||32|1|26|59|528|(17)|511
Cash and cash equivalents include restricted cash of £44m (2017/18: £32m, 2016/17: £43m), of which £40m (2017/18: £29m, 2016/17: £41m) was held in countries where local capital or exchange controls currently prevent us from accessing cash balances. The remaining balance of £4m (2017/18: £3m, 2016/17: £2m) was held in escrow accounts, or in commercial arrangements akin to escrow.
|||Included in non-current assets:|Prepayments for media contents|Loans to investees and investees’ shareholders (Note (a))|Prepayments for capital investments in investees|Running royalty fees for online games (Note (b))|Others||Included in current assets:|Running royalty fees for online games (Note (b))|Prepayments and prepaid expenses|Interest receivables|Lease deposits and other deposits|Dividend and other investment-related receivables|Refundable value-added tax|Loans to investees and investees’ shareholders (Note (a))|Others||
As at 31 December|2019|RMB’Million||15,731|937|587|564|5,623|23,442||10,888|8,353|2,774|1,107|1,034|629|447|2,608|27,840|51,282
|2018|RMB’Million||13,652|3,864|619|99|3,297|21,531||5,230|7,532|1,697|693|338|915|225|1,863|18,493|40,024
|Senior secured term loan|Convertible senior notes |Convertible unsecured note |Finance lease and other financing obligations|Asset-based loan facility |Deferred finance fees and original issue discount |Total debt obligations|Less: current installments |Total debt obligations excluding current installments
December 27, 2019 |$238,129|150,000|4,000|3,905|—|(9,207)|386,827|(721)|$386,106
December 28, 2018|$239,745|—|—|193|44,185|(5,893)|278,230|(61)|$278,169
A$ Million|Operating revenue|Underlying EBITDA 1, 3|Underlying NPAT 3|Underlying NPATA 2, 3|Basic EPS based on underlying NPATA (cents) 2
FY19|231.3|55.8|24.0|33.7|17.1
FY18|230.8|60.0|29.5|38.7|19.8
Variance %|0.2%|(7.0%)|(18.7%)|(12.9%)|(13.6%)
Operating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue.
Underlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.
Marketing and sales expenses include salaries, bonuses, benefits and stock-based compensation expense for our marketing and sales employees, the expense of travel, entertainment and training for such personnel, sales and dealer commissions, and the costs of programs aimed at increasing revenue, such as advertising, trade shows and expositions, and various sales and promotional programs. Marketing and sales expenses also include payment processing fees, the cost of supplies and equipment, gains and losses on our operating expense cash flow hedges, allocated IT and facilities costs, and labor costs associated with sales and order management.
|(in millions)|Cost of revenue:|Subscription and maintenance|Other (1)|Amortization of developed technology|Total cost of revenue|Marketing and sales|Research and development|General and administrative|Amortization of purchased intangibles|Restructuring and other exit costs, net|
Fiscal year ended January 31, 2019|||$216.0|54.4|15.5|$285.9|$1,183.9|725.0|340.1|18.0|41.9|$ 2,308.9
Change compared to prior fiscal year|$||$1.6|(18.2)|(0.9)|$(17.5)|$96.6|(30.5)|34.9|(2.2)|(52.2)|$46.6
|%||1%|(25)%|(5)%|(6)%|9%|(4)%|11%|(11)%|(55)%|2%
Fiscal year ended January 31, 2018|||$214.4|72.6|16.4|$303.4|$1,087.3|755.5|305.2|20.2|94.1|$2,262.3
Management comments|||Up primarily due to an increase in cloud hosting costs partially offset by a decrease in royalty and depreciation expense.|Down primarily due to lower employee-related costs from reduced headcount associated with the Fiscal 2018 Plan restructuring and lower professional fees.|Down as previously acquired developed technologies continue to become fully amortized.||Up due to increased employee-related costs driven by higher headcount, as well as higher cloud hosting costs and professional fees.|Down due to a decrease in employee-related costs from lower headcount associated with the Fiscal 2018 plan restructuring partially offset by higher professional fees.|Up primarily due to higher professional fees, employee-related costs and facilities costs, partially offset by lower employee benefits costs.|Down as previously acquired intangible assets continue to become fully amortized.|Down as we substantially completed the reduction in force and facilities consolidation of the Fiscal 2018 Plan.|
||Common shares outstanding 1|Class A Voting|Class B Non-Voting|Total common shares|Options to purchase Class B|Non-Voting Shares|Outstanding options|Outstanding options exercisable
As at December 31|2019||111,154,811|393,770,507|504,925,318|||3,154,795|993,645
|2018||111,155,637|403,657,038|514,812,675|||2,719,612|1,059,590
1 Holders of our Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares.
||Components of Net Periodic Postretirement Benefit|Cost (income):|Service cost|Interest cost|Amortization of prior service credit|Net actuarial loss|Special termination benefits|Total net periodic postretirement benefit cost|Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:|Prior service cost|Reversal of amortization items:|Prior service credit|Total recognized in other comprehensive income|Total recognized in net periodic postretirement cost and other comprehensive income
2019||||$41|347|(191)|717|—|914||—||191|191|$1,105
2018|(in thousands)|||$39|196|(373)|25|3,708|3,595||—||373|373|$3,968
2017||||$34|201|(496)|398|591|728||—||496|496|$1,224
|||Profit (loss) from continuing operations|Post-tax profit from discontinued operations|Other comprehensive income (loss)|Total comprehensive income (loss)
|2017|$NT(In Thousands)|$77,589|80,248|526,773|$684,610
For the years ended December 31,|2018|$NT (In Thousands)|$(616,665)|—|(82,871)|$(699,536)
|2019|$NT (In Thousands)|$115,329|—|873,308|$988,637
€ million|Current assets|Inventories|Trade receivables|Financial assets|Other financial and other non-financial assets|Entitlements to income tax refunds|Cash and cash equivalents|Assets held for sale
Note no.||26|27||24||29|30,43
30/9/2018|7,703|2,108|571|1|913|206|1,298|2,605
30/9/2018 adjusted1|8,329|1,905|496|1|796|202|906|4,024
30/9/2019|7,761|1,946|482|4|881|190|500|3,758
|||Underlying profit attributable to shareholders’ equity(b)|Impact of translation from current to constant exchange rates and translational hedges|Impact of price growth in excess of 26% per year in hyperinflationary economies(c)|Constant underlying earnings attributable to shareholders’ equity|Diluted combined average number of share units (millions of units)|Constant underlying EPS (€)
€ million|2019||6,688|13|(108)|6,593|2,626.7|2.51
€ million|2018|(Restated)(a)|6,345|46|(10)|6,381|2,694.8|2.37
As a result, both vessels were derecognized from the consolidated balance sheets and sales-type lease receivables were recognized based on the remaining amounts owing to Teekay LNG, including the purchase obligations. Teekay LNG recognized a gain of $14.3 million upon derecognition of the vessels for the year ended December 31, 2019, which was included in write-down and loss on sale of vessels in the Company's consolidated statements of loss (see Note 19). Awilco purchased both vessels in January 2020 (see Note 24(a)).
As at December 31, 2019, estimated minimum lease payments to be received by Teekay LNG related to its direct financing and sales-type leases in each of the next five succeeding fiscal years were approximately $324.7 million (2020), $64.2 million (2021), $64.2 million (2022), $64.0 million (2023), $64.3 million (2024) and an aggregate of $534.6 million thereafter. The leases are scheduled to end between 2020 and 2039.
As at December 31, 2018, estimated minimum lease payments to be received by Teekay LNG related to its direct financing leases in each of the next five years were approximately $63.9 million (2019), $64.3 million (2020), $64.2 million (2021), $64.2 million (2022), $64.0 million (2023) and an aggregate of $576.5 million thereafter.
||Total minimum lease payments to be received|Estimated unguaranteed residual value of leased properties|Initial direct costs and other|Less unearned revenue|Total|Less current portion|Long-term portion
December 31, 2019|$|1,115,968|284,277|296|(581,732)|818,809|(273,986)|544,823
December 31, 2018|$|897,130|291,098|329|(613,394)|575,163|(12,635)|562,528
Contractual Maturities of Financial Liabilities|2019|Trade payables|Unsecured notes|Lease liabilities|Total non-derivatives|2018|Trade payables|Unsecured notes|Lease liabilities|Total non-derivatives
Within 12 months|$'000|44,840|46,634|5,008|96,482||27,640|18,750|641|47,031
Between 1 and 5 years|$'000|-|900,046|26,709|926,755||-|342,000|2,565|344,565
Over 5 years|$'000|-|-|167,214|167,214||-|-|5,451|5,451
Total contractual cash flows|$'000|44,840|946,680|198,931|1,190,451||27,640|360,750|8,657|397,047
Carrying amount|$'000|44,840|793,849|73,328|912,017||27,640|296,912|6,042|330,594
(Dollars in thousands)|Cloud|Term license|Maintenance|Subscription (1)|Perpetual license|Consulting|
2019|$133,746|199,433|280,580|613,759|80,015|217,609|$911,383
|15%|22%|30%|67%|9%|24%|100%
2018|82,627|178,256|263,875|524,758|109,863|256,960|$891,581
|9%|20%|30%|59%|12%|29%|100%
Change|$51,119|21,177|16,705|89,001|(29,848)|(39,351)|$19,802
|62%|12%|6%|17%|(27)%|(15)%|2%
|(in thousands of $)|Interest income|Interest expense|Losses on derivative instruments|Other financial items, net|Income taxes|Net income attributable to non-controlling interests
|2019|10,479|(103,124)|(38,044)|(5,522)|(1,024)|(89,581)
December 31,|2018|10,133|(101,908)|(30,541)|(1,481)|(1,267)|(63,214)
|Change|346|(1,216)|(7,503)|(4,041)|243|(26,367)
|% Change|3%|1%|25%|100%|(19)%|42%
Net income attributable to non-controlling interests: Net income attributable to non-controlling interests increased by $26.4 million to $89.6 million for the year ended December 31, 2019 compared to $63.2 million for the same period in 2018 mainly due to the completion of the Hilli Disposal in July 2018. The non-controlling interest in relation to the Hilli Disposal for the year ended December 31, 2019 amounted to $61.7 million, compared to $31.3 million for the same period in 2018.
Net unrealized and realized (losses)/gains on interest rate swap agreements: As of December 31, 2019, we have an interest rate swap portfolio with a notional amount of $737.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $16.5 million for the year ended December 31, 2019 compared to a gain of $0.6 million for the same period in 2018, due to a decline in the long-term swap rates, partially offset by the decreased notional value of our swap portfolio over the period. Realized gains on our interest rate swaps decreased to a gain of $6.4 million for the year ended December 31, 2019, compared to a gain of $8.1 million for the same period in 2018. The decrease was primarily due to lower LIBOR rates for the year ended December 31, 2019.
The net income attributable to non-controlling interests comprises of: • $36.5 million and $19.7 million in relation to the non-controlling shareholders who hold interests in Hilli LLC for the year ended December 31, 2019 and 2018, respectively; • $0.5 million in relation to the non-controlling shareholders who hold interests in Gimi MS Corporation for the year ended December 31, 2019, following the subscription of 30% equity interest by First FLNG Holdings in April 2019; and • $28.3 million and $31.9 million in relation to the equity interests in our remaining lessor VIEs for the year ended December 31, 2019 and 2018, respectively.
Net interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company’s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:
||Weighted average shares outstanding—basic|Dilutive effect of employee stock awards|Weighted average shares outstanding—diluted|Net income from continuing operations|Loss from discontinued operations, net of income taxes|Net income
|2019|24,118|161|24,279|$53,825|—|$53,825
Fiscal|2018|24,572|279|24,851|$247,360|(2)|$247,358
|2017|24,487|290|24,777|$208,644|(1,522)|$207,122
|||Cash and cash equivalents|Working capital|Total assets|Stockholders' equity
|2019||$19,505|$1,116|$54,538|$10,863
|2018||$18,017|$6,356|$43,424|$14,059
As of December 31,|2017|(In thousands)|$22,553|$7,646|$45,672|$13,078
|2016||$26,838|$14,643|$53,530|$18,064
|2015||$35,128|$16,046|$68,579|$21,387
Balance Sheet Account|Unbilled receivables|Contract liabilities - current(1)|Deferred revenue - non-current|Net contract assets/(liabilities)
2019|$  183.5|(840.8)|(33.2)|$ (690.5)
2018|$  169.4|(714.1)|(29.8)|$ (574.5)
Change|$    14.1|(126.7)|(3.4)|$ (116.0)
The change in our net contract assets/(liabilities) from December 31, 2018 to December 31, 2019 was due primarily to the timing of payments and invoicing relating to SaaS and PCS renewals, partially offset by revenues recognized in the year ended December 31, 2019 of $674.2, related to our contract liability balances at December 31, 2018. In addition, the impact of the 2019 business acquisitions increased net contract liabilities by $96.2.
On December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA” or the “Act”) was enacted into law. The Act made comprehensive changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017 as well as the repeal of the current carryback provisions for net operating losses arising in tax years ending after December 31, 2017; (3) immediate full expensing of certain qualified property; (4) creating a new limitation on deductible interest expense; (5) eliminating the corporate alternative minimum tax; (6) repeal of the deduction for income attributable to domestic production activities; and (7) changes in the manner in which international operations are taxed in the U.S. including a mandatory one- time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders.
($ in millions)|For thee year ended December 31:|Cloud & Cognitive Software|External gross profit|External gross profit margin|Pre-tax income|Pre-tax margin
|2019||$17,790|76.7%|$ 7,952|30.6%
|2018*||$17,224|77.6%|$ 8,882|35.0%
|Yr.-to-Yr. Percent/ Margin Change**||3.3%|(0.9)pts.|(10.5)%|(4.4)pts.
We own the large majority of our manufacturing facilities. Some of these facilities are subject to secured or other financing arrangements. We lease the balance of our manufacturing facilities, which are generally smaller sites. Our manufacturing facilities are usually located in general purpose buildings that house our specialized machinery for the manufacture of one or more products. Because of the relatively low density of our air cellular, polyethylene foam and protective mailer products, we realize significant freight savings by locating our manufacturing facilities for these products near our customers and distributors.
We also occupy facilities containing sales, distribution, technical, warehouse or administrative functions at a number of
locations in the U.S. and in many foreign countries/regions. Some of these facilities are located on the manufacturing sites that we own and some of these are leased. Stand-alone facilities of these types are generally leased. Our global headquarters is located in an owned property in Charlotte, North Carolina. For a list of those countries and regions outside of the U.S. where we have operations, see "Global Operations" above.
Our primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below.
Our cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings.
Contractual obligations by period as of June 30, 2019|Operating lease obligations|Purchase obligations|Total
Less than 1 year|$15,559|62,637|$78,196
1-3 years|$25,399|86,875|$112,274
3-5 years|$19,004|107,188|$126,192
More than 5 years|$11,671|336,774|$348,445
TOTAL|$71,633|593,474|$665,107
||Net revenue|Cost of revenue|Selling, general and administrative|Depreciation and amortization|Other operating (income) expense|Income from operations
|2019|$713.3|572.3|79.8|15.5|0.6|45.1
Years Ended December 31,|2018|$716.4|600.4|66.9|7.4|(0.2)|$41.9
|Increase / (Decrease)|$(3.1)|(28.1)|12.9|8.1|0.8|$3.2
Net revenue: Net revenue from our Construction segment for the year ended December 31, 2019 decreased $3.1 million to $713.3 million from $716.4 million for the year ended December 31, 2018. The decrease was primarily driven by lower revenues from our structural steel fabrication and erection business, which had increased activity in the comparable period on certain large commercial construction projects that are now at or near completion in the current period. This was largely offset by DBMG’s acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018, and from higher revenues from our construction modeling and detailing business as a result of an increase in project work.
Cost of revenue: Cost of revenue from our Construction segment for the year ended December 31, 2019 decreased $28.1 million to $572.3 million from $600.4 million for the year ended December 31, 2018. The decrease was primarily driven by the timing of project activity on certain large commercial construction projects that are now at or near completion in the current period. This was partially offset by costs associated with the construction modeling and detailing business as a result of an increase in project work and increases as a result of the acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018.
|Cost:|Computers, peripheral and scientific equipment|Software|Leasehold improvements|Office furniture and equipment||Less: Accumulated depreciation and amortization|Property and equipment, net
2019||$1,654,000|2,131,000|310,000|424,000|4,519,000|(2,634,000 )|$ 1,885,000
2018||$1,350,000|1,749,000|294,000|391,000|3,784,000|(1,797,000 )|$1,987,000
Depreciation for the years ended December 31, 2019 and December 31, 2018 was $870,000 and $704,000, respectively. Cost basis of assets disposed for the years ended December 31, 2019 and December 31, 2018 was $31,000 and $773,000, respectively. The disposals in 2018 were primarily a result of relocating our corporate offices and writing off the fully amortized leasehold improvements related to our former office.
||Employee benefit costs|Costs of inventories recognised as an expense|Write-down of inventories to net realisable value|Amortisation of intangible assets|Depreciation of property, plant and equipment|Depreciation of right-of-use assets|Amortisation of assets recognised from costs to obtain a contract|Operating leases – minimum lease payments|Expenses relating to short-term leases and leases of low-value assets|Product development costs|Net foreign exchange loss
|Notes|8||19|13|14|15|21||26||
2019|$ million|220.5|81.6|1.6|2.1|14.7|7.5|0.5|–|0.3|96.5|0.6
2018|$ million|208.9|79.8|0.1|4.3|16.5|–|0.6|8.5|–|96.9|0.6
||Net revenue (1)|Subscription|Maintenance|Other|Cost of revenue (1)|Cost of subscription and maintenance revenue|Cost of other revenue|Operating expenses (1):|Marketing and sales|Provision for income taxes|Net loss (2)|Basic net loss per share|Diluted net loss per share
|As reported||$1,802.3|635.1|132.4||216.0|54.4||1,183.9|(38.1)|$(80.8)|$(0.37)|$(0.37)
For the Fiscal Year ended January 31, 2019|Impact from the adoption of ASC 606 and 340-40||$(16.6)|5.7|(11.3)||(0.1)|1.1||(17.9)|(4.8)|$(10.1)|$(0.05)|$(0.05)
|As adjusted||$1,785.7|640.8|121.1||215.9|55.5||1,166.0|(42.9)|$(90.9)|$(0.42)|$(0.42)