DEXTER-CQA/TAT-QA-corpus huggingface dataset:
|||Primary service units|Internet service customers|Video service customers|Telephony service customers
||August 31, 2019|1,810,366|788,243|649,583|372,540
Net additions (losses)|Three months ended August 31,|2019|(2,846)|2,540|(8,164)|2,778
Net additions (losses)|Three months ended August 31,|2018(1)|(35,818)|(2,965)|(15,953)|(16,900)
|||Land|Building and improvements|Rental property|Software|Furniture and equipment|Construction in process||Less accumulated depreciation|
December 31,|(in thousands)|2019|$199|6,983|2,749|12,015|11,755|480|34,181|(19,830)|$ 14,351
||2018|$199|6,983|2,749|2,226|10,274|8,519|30,950|(18,375)|$ 12,575
The Company utilized the Black-Scholes option pricing model to value the stock options. The Company used an expected life as defined under the simplified method, which is using an average of the contractual term and vesting period of the stock options. The risk-free interest rate used for the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company accounted for forfeitures as they occur. The historical volatility was calculated based upon implied volatility of the Company's historical stock prices.
Our cash, cash equivalents, and short-term investments consist primarily of money market funds and U.S. treasury bills. All of our short-term investments are classified as available-for-sale. The securities are stated at market value, with unrealized gains and losses reported as a component of accumulated other comprehensive income, within stockholders’ equity. As of December 31, 2019, our cash, cash equivalents, and short-term investments totaled $89.5 million, a decrease of $35.4 million from $124.9 million on December 31, 2018.
Cash provided by (used in) operating activities - Net cash used in operating activities was $34.1 million during 2019 compared to $69.9 million cash provided by operating activities during 2018, primarily due to a $74.4 million decrease in net income, a $25.6 million decrease in deferred revenue, a $4.2 million increase in other assets, a $2.1 million increase in accounts and other receivables and a $0.9 million decrease in accrued compensation partially offset by a $3.8 million increase in other long-term liabilities. The decrease in deferred revenue primarily reflects the effect of the adoption of ASC 606 on January 1, 2018. Cash used in operating activities was also affected by a $0.5 million decrease in non-cash charges primarily related to a $3.2 million decrease in stock-based compensation expense, partially offset by a $0.9 million impairment charge related to the SJ Facility right-of-use lease asset and a $1.3 million increase in depreciation and amortization expense. The increase in depreciation and amortization expense is due primarily to amortization of right-of-use lease assets and the shortened useful life of the SJ Facility leasehold improvements and a $0.3 million increase in deferred income taxes.
As of May 31, 2019 and 2018, approximately 33% and 26%, respectively, of our marketable securities investments mature within one year and 67% and 74%, respectively, mature within one to four years. Our investment portfolio is subject to market risk due to changes in interest rates. As described above, we limit purchases of marketable debt securities to investment-grade securities, which have high credit ratings and also limit the amount of credit exposure to any one issuer. As stated in our investment policy, we are averse to principal loss and seek to preserve our invested funds by limiting default risk and market risk.
|(in millions)|Corporate debt securities and other|Commercial paper debt securities|Money market funds|Total investments|Investments classified as cash equivalents|Investments classified as marketable securities
May 31,|2019|$22,242|—|5,700|$27,942|$10,629|$17,313
|2018|$44,302|1,647|6,500|$52,449|$6,808|$45,641
At December 31, 2019, the Company had federal, state, and foreign net operating losses of approximately $256.8 million, $275.5 million, and $89.7 million, respectively. The federal net operating loss carryforward will begin expiring in 2022, the state net operating loss carryforward will begin expiring in 2020, and the foreign net operating loss has an unlimited carryforward period. The Internal Revenue Code of 1986, as amended, imposes substantial restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Due to the effects of historical equity issuances, the Company has determined that the future utilization of a portion of its net operating losses is limited annually pursuant to IRC Section 382. The Company has determined that none of its net operating losses will expire because of the annual limitation.
||Deferred tax assets:|Accrued expenses|Long-lived intangible assets and fixed assets - basis difference|Net operating loss carryforwards|Stock-based compensation|Operating lease liabilities|Deferred revenue|Other|Total deferred tax assets|Valuation allowance|Deferred tax assets, net of valuation allowance|Deferred tax liabilities:|Prepaid expenses and deferred commissions|Operating right-of-use assets|Other|Total deferred tax liabilities|Net deferred tax assets
December 31,|2019||$2,427|25,178|81,575|15,398|17,281|3,258|5,100|150,217|(116,915)|33,302||(14,502)|(16,960)|(795)|(32,257)|$1,045
|2018||$2,353|22,947|82,017|15,172|—|2,861|4,557|129,907|(117,058)|12,849||(10,831)|—|(976)|(11,807)|$1,042
Year Ended December 31,||Net income|Weighted average common shares—basic|Effect of dilutive securities: stock options|Weighted average common shares—diluted|Net income per share—basic|Net income per share—diluted
|2019|$4,155|11,809|226|12,035|$0.35|$0.35
|2018|$4,661|12,323|187|12,510|$0.38|$0.37
Adjusted EBITDA is defined as Earnings before Interest Expense, Taxes, Depreciation and Amortization, adjusted to exclude the impact of Special Items. Management uses Adjusted EBITDA as one of many measures to assess the performance of the business. Additionally, Adjusted EBITDA is the performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments. Adjusted EBITDA is also a metric used to determine performance in the Company's Annual Incentive Plan. We do not believe there are estimates underlying the calculation of Adjusted EBITDA, other than those inherent in our U.S. GAAP results of operations, which would render the use and presentation of Adjusted EBITDA misleading. While the nature and amount of individual Special Items vary from period to period, we believe our calculation of Adjusted EBITDA is applied consistently to all periods and, in conjunction with other U.S. GAAP and non- U.S. GAAP measures, provides a useful and consistent comparison of our Company's performance to other periods. In our evaluation of Adjusted EBITDA, management assumes that gain/losses related to Special Items may not be reflective of our core operating results.
|(In millions)|Net earnings from continuing operations|Interest expense, net|Income tax provision|Depreciation and amortization, net of adjustments(1)|Special Items:|Restructuring charges|Other restructuring associated costs|Foreign currency exchange loss due to highly inflationary economies|Loss on debt redemption and refinancing activities|Charges related to acquisition and divestiture activity|Charges related to the Novipax settlement agreement|Gain from class-action litigation settlement|Curtailment related to retained Diversey retirement plans|Other Special Items(2)|Pre-tax impact of Special Items|Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations
|2019|$ 293.7|184.1|76.6|184.5||41.9|60.3|4.6|16.1|14.9|59.0|—|—|29.1|225.9|$ 964.8
Year Ended December 31,|2018|$ 150.3|177.9|307.5|159.0||47.8|15.8|2.5|1.9|34.2|—|(14.9)|—|7.5|94.8|$ 889.5
|2017|$ 62.8|184.2|330.5|158.3||12.1|14.3|—|—|84.1|—|—|(13.5)|0.5|97.5|$ 833.3
Plant Location|Laurel, Mississippi|Hammond, Louisiana|Hazlehurst, Mississippi|Collins, Mississippi|Waco, Texas|Palestine, Texas|St. Pauls, North Carolina|McComb, Mississippi|Bryan, Texas|Moultrie, Georgia|Kinston, North Carolina|Tyler, Texas
Market|Big Bird|Big Bird|Big Bird|Big Bird|Big Bird|Big Bird|Big Bird|Chill-Pack Retail|Chill-Pack Retail|Chill-Pack Retail|Chill-Pack Retail|Chill-Pack Retail
Capacity Per Week  |650,000|650,000|650,000|1,300,000|1,300,000|1,300,000|1,300,000|1,300,000|1,300,000|1,300,000|1,300,000|1,300,000
Industry Bird Size|8.95|8.95|8.95|8.95|8.95|8.95|8.95|6.52|6.52|6.52|6.52|6.52
|Prepaid expenses|Other current assets|Property, plant and equipment|Other non-current assets|Trade payables and other liabilities|Debt due within one year|Long-term debt|Deferred tax liabilities|Other non-current liabilities|Deficit|Non-controlling interest
DECEMBER 31, 2018 AS REPORTED|244|329|24,844|847|3,941|4,645|19,760|3,163|997|(4,937)|326
IFRS 16 IMPACTS|(55)|9|2,257|17|(10)|293|2,011|(7)|(39)|(19)|(1)
JANUARY 1, 2019 UPON ADOPTION OF IFRS 16|189|338|27,101|864|3,931|4,938|21,771|3,156|958|(4,956)|325
Upon adoption of IFRS 16 on January 1, 2019, we recognized right-of-use assets of $2,257 million within property, plant and equipment, and lease liabilities of $2,304 million within debt, with an increase to our deficit of $19 million. These amounts were recognized in addition to assets under finance leases of $1,947 million and the corresponding finance lease liabilities of $2,097 million at December 31, 2018 under IAS 17. As a result, on January 1, 2019, our total right-of-use assets and lease liabilities amounted to $4,204 million and $4,401 million, respectively. The table below shows the impacts of adopting IFRS 16 on our January 1, 2019 consolidated statement of financial position.
BCE’s operating lease commitments at December 31, 2018 were $1,612 million. The difference between operating lease commitments at December 31, 2018 and lease liabilities of $2,304 million upon adoption of IFRS 16 at January 1, 2019, is due mainly to an increase of $1,122 million related to renewal options reasonably certain to be exercised, an increase of $112 million mainly related to non-monetary transactions and a decrease of ($542) million as a result of discounting applied to future lease payments, which was determined using a weighted average incremental borrowing rate of 3.49% at January 1, 2019.
The additions of $158 relate to the investment in Gastrade (December 31, 2018: $136). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance (‘‘O&M’’) services for the FSRU through an O&M agreement which was signed on February 23, 2018.
|Selected Consolidated Balance Sheet Data:|Cash and cash equivalents|Restricted cash|Loan receivables held for sale, net|Deferred tax assets, net|Total assets|Finance charge reversal liability|Term loan|Tax receivable agreement liability|Total liabilities|Total temporary equity|Noncontrolling interest|Total permanent equity (deficit)|Total liabilities, temporary equity and permanent equity (deficit)
|2019|$195,760|250,081|51,926|364,841|951,048|206,035|384,497|311,670|1,005,991|—|(80,758)|(54,943)|951,048
December 31,|2018|$303,390|155,109|2,876|306,979|802,905|138,589|386,822|260,901|837,670|—|(60,349)|(34,765)|802,905
|2017|$224,614|129,224|73,606|—|462,889|94,148|338,263|—|488,928|430,348|—|(456,387)|462,889
|2016|$185,243|42,871|41,268|—|302,205|68,064|—|—|89,995|335,720|—|(123,510)|302,205
The Selected Consolidated Statements of Operations Data for the years ended December 31, 2019, 2018 and 2017 and the Selected Consolidated Balance Sheet Data as of December 31, 2019 and 2018 were derived from our Consolidated Financial Statements included in Item 8 of this Form 10-K. The Selected Consolidated Statements of Operations Data for the years ended December 31, 2016 and 2015 and the Selected Consolidated Balance Sheet Data as of December 31, 2017 and 2016 were derived from our audited Consolidated Financial Statements not included in this Form 10-K. Our historical results are not necessarily indicative of the results to be expected in the future. You should read the following financial information together with the information under Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Consolidated Financial Statements and related notes included in Item 8.
||Sales, net|Gross Profit|Restructuring Expense|Operating income|Income from continuing operations, net of income taxes|Loss (income) from discontinued operations, net of income taxes|Net Income|Income from continuing operations attributable to noncontrolling interest|Net income attributable to Advanced Energy Industries, Inc.|Earnings (Loss) Per Share:|Continuing Operations:|Basic earnings per share|Diluted earnings per share|Discontinued Operations:|Basic loss per share|Diluted loss per share|Net Income:|Basic earnings per share|Diluted earnings per share
|December 31, 2019|$  338,268|$112,295|$1,418|$22,202|$  10,479|$  (210)|$  10,269|$  5|$  10,264|||$  0.27|$  0.27||$  (0.01)|$  (0.01)||$  0.27|$  0.27
Quarter Ended|September 30, 2019|$  175,127|$73,491|$152|$9,390|$  7,256|$  375|$  7,631|$  10|$  7,621|||$  0.19|$  0.19||$  0.01|$  0.01||$  0.20|$  0.20
|June 30, 2019|$ 134,810|$64,126|$1,795|$11,005|$ 23,373|$ 8,324|$ 31,697|$ 11|$ 31,686|||$ 0.61|$ 0.61||$ 0.22|$ 0.22||$ 0.83|$ 0.82
|March 31, 2019|$ 140,743|$65,740|$1,673|$11,791|$ 15,387|$ (9)|$ 15,378|$ 8|$ 15,370|||$ 0.40|$ 0.40||$ —|$ —||$ 0.40|$ 0.40
On February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the "Credit Agreement") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000, which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019.
||Total credit facility|Balance Outstanding|Standby letters of credit|Amount available|Weighted-average interest rate|Commitment fee percentage per annum
As of December 31,|2019|$300,000|$99,700|$1,800|$198,500|3.25%|0.23%
|2018|$300,000|$50,000|$1,940|$248,060|3.10%|0.20%
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill is not amortized but is subject to an impairment test at a reporting unit level on an annual basis and when circumstances indicate that an impairment is more-likely-than-not. Such circumstances that might indicate an impairment is more-likely-than-not include a significant adverse change in the business climate for one of our reporting units or a decision to dispose of a reporting unit or a significant portion of a reporting unit. The test for goodwill impairment is a two-step process. The first step of the test is performed by comparing the fair value of each reporting unit to its carrying amount, including recorded goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of the impairment, if any, by comparing the implied fair value of goodwill to its carrying amount. Any resulting impairment would be recorded in the current period.
Determining the fair value of a reporting unit for purposes of the goodwill impairment test or for changes in our operating structure is judgmental in nature and involves the use of estimates and assumptions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. Estimates of fair value are primarily determined using discounted cash flows and market multiples from publicly traded comparable companies. These approaches use significant estimates and assumptions including projected future cash flows, discount rate reflecting the inherent risk in future cash flows, perpetual growth rate and determination of appropriate market comparables.
|||Operating revenue|Cost of services and products (exclusive of depreciation and amortization)|Selling,general and administrative|Interest expense|Income tax expense|Net loss|BASIC AND DILUTED LOSS PER COMMON SHARE|BASIC|DILUTED|WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING|BASIC|DILUTED
|Reported Balances||$23,443|10,862|4,165|2,177|170|(1,733)||$(1.63)|$(1.63)||1,065,866|1,065,866
Year Ended December 31, 2018|Impact of ASC 606|(Dollars in millions, except per share amounts and shares in thousands)|39|22|71|(9)|(12)|(33)||(0.03)|(0.03)||-|-
|ASC 605 Historical Adjusted Balances||23,482|10,884|4,236|2,168|158|(1,766)||(1.66)|(1.66)||1,065,866|1,065,866
||Deferred tax assets:|Equity method investments|Equity-based compensation|Deferred revenues|Interest rate swaps|Other|Total deferred tax assets|Deferred tax liabilities:|Goodwill and other intangibles|Deferred contract costs|Property, equipment and computer software|Other|Total deferred tax liabilities|Net deferred tax liability
December 31,|2019||$25.7|12.6|6.2|5.6|13.0|63.1||(168.7)|(40.3)|(34.3)|(5.1)|(248.4)|$(185.3)
|2018||$—|9.2|14.8|—|11.4|35.4||(178.9)|(41.9)|(28.0)|(7.5)|(256.3)|$(220.9)
Adjusted EBITA declined due mainly to the systems and software business including negative effects related to grid control projects early in the year. Adjusted EBITA also included higher expenses year-over-year related to expansion of smart building offerings and for grid edge activities. Severance charges were € 48 million in fiscal 2019 compared to € 34 million a year earlier. Smart Infrastructure’s order backlog was € 10 billion at the end of the fiscal year, of which € 7 billion are expected to be converted into revenue in fiscal 2020.
Construction markets continued their stable growth during the fiscal year, particularly in the U. S. and China and in the non-residential construction market overall. Growth in the important building electrification and automation market was driven by demand for building performance and sustainability offerings, including strong demand for energy efficiency and digital services. In fiscal 2020, market growth overall is expected to
be lower than in fiscal 2019, due to an expected continuation of the downturn in the short-cycle markets, economic uncertainty in a number of countries due to trade conflicts, and other factors.
|(in millions of €)|Orders|Revenue|therein: product business|Adjusted EBITA|Adjusted EBITA margin
|2019|16,244|15,225|5,530|1,500|9.9 %
Fiscal year|2018|15,198|14,445|5,302|1,574|10.9 %
|Actual|7%|5%|4%|(5)%|
% Change|Comp.|4%|3%|2%||
|||Cost of revenues:|Cost of subscription solutions|Cost of merchant solutions|Total cost of revenues|Percentage of revenues:|Cost of subscription solutions|Cost of merchant solutions|
Years ended December 31|2019|(in thousands, except percentages)||$ 128,155|584,375|$ 712,530||8.1 %|37.0 %|45.1 %
|2018|||$ 100,990|375,972|$ 476,962||9.4 %|35.0 %|44.4 %
|2017|||$ 61,267|231,784|$ 293,051||9.1 %|34.4 %|43.5 %
2019 vs 2018|%|||26.9 %|55.4 %|49.4 %||||
2018 vs 2017|%|||64.8 %|62.2 %|62.8 %||||
Cost of subscription solutions increased $27.2 million, or 26.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher third-party infrastructure and hosting costs. The increase was also due to an increase in costs necessary to support a greater number of merchants using our platform, resulting in an increase in: credit card fees for processing merchant billings, employee-related costs, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, costs of subscription solutions decreased from 9.4% in 2018 to 8.1% in 2019 due to a decrease in third-party infrastructure and hosting costs and employee-related costs as a percentage of revenue in 2019.
||Revenues|Expenses:|Operating expenses|Transition and integration costs|EBITDA|Depreciation and amortization|Operating income (loss)|Interest expense, net|Other expense, net|Earnings before income taxes|Income tax benefit|Net earnings|Balance sheet data:|Total assets|Goodwill
|Software Solutions|$904.5||388.0|—|516.5|101.2|415.3|||||||$3,223.5|$2,134.7
|Data and Analytics|$151.6||113.2|—|38.4|12.8|25.6|||||||$304.7|$172.1
Year ended December 31, 2017|Corporate and Other|$(4.5)||68.3|13.1|(85.9)|92.5|(178.4)|||||||$127.7|$—
||(1)||(2)|(7)||(4)||||||||(6)|
|Total|$1,051.6||569.5|13.1|469.0|206.5|262.5|(57.5)|(12.6)|192.4|(61.8)|$254.2||$3,655.9|$2,306.8
During 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively, with average fixed rates of approximately 3.0% and 2.9%, respectively. Short-term variable benchmark interest rates during these periods were generally less than 3.0% and, as such, we incurred realized losses of $8.3 million and $13.9 million during 2019 and 2018, respectively, under the interest rate swap agreements.
|||Realized (losses) gains relating to:|Interest rate swap agreements|Interest rate swap agreement terminations|Foreign currency forward contracts|Stock purchase warrants|Forward freight agreements||Unrealized (losses) gains relating to:|Interest rate swap agreements|Foreign currency forward contracts|Stock purchase warrants|Forward freight agreements||Total realized and unrealized losses on derivative instruments
Year Ended|December 31, 2019|$||(8,296)|—|(147)|(25,559)|1,490|(32,512)||(7,878)|(200)|26,900|(29)|18,793|(13,719)
Year Ended|December 31, 2018|$||(13,898)|(13,681)|—|—|137|(27,442)||33,700|—|(21,053)|(57)|12,590|(14,852)
For the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period.
||Net Sales - OEM Laser Sources|Net Sales - Industrial Lasers & Systems|Gross Profit as a Percentage of Net Sales—OEM Laser Sources|Gross Profit as a Percentage of Net Sales—Industrial Lasers & Systems|Research and Development Expenses as a Percentage of Net Sales|Income From Continuing Operations Before Income Taxes|Net Cash Provided by Operating Activities|Days Sales Outstanding in Receivables|Annualized Fourth Quarter Inventory Turns|Net Income From Continuing Operations as a Percentage of Net Sales|Adjusted EBITDA as a Percentage of Net Sales
Fiscal|2019|$886,676|$543,964|47.3%|13.3%|8.2%|$60,048|$181,401|67|2.1|3.8%|18.1%
|2018|$1,259,477|$643,096|52.7%|26.7%|7.0%|$361,555|$236,111|67|2.2|13.0%|28.9%