DEXTER-CQA/TAT-QA-corpus huggingface dataset:
n January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements.
Twelve Months Ended September 29, 2018:|Cost of Sales|Selling, General and Administrative|Operating Income|Other (Income) Expense|Twelve Months Ended September 30, 2017:|Cost of Sales|Selling, General and Administrative|Operating Income|Other (Income) Expense
As Previously Reported|$34,926|$2,071|$3,055|$310|As Previously Reported|$33,177|$2,152|$2,931|$303
Adjustments|$30|$(7)|$(23)|$(23)|Adjustments|$21|$(11)|$(10)|$(10)
As Recast|$34,956|$2,064|$3,032|$287|As Recast|$33,198|$2,141|$2,921|$293
|||Net sales|Other revenues|Net revenues
Year Ended December 31,|2019|(in millions)|$9,529|27|$9,556
Year Ended December 31,|2018|(in millions)|$9,612|52|$9,664
Year Ended December 31,|2017|(in millions)|$8,308|39|$8,347
% Variation|2019 vs 2018||(0.9)%|(49.0)|(1.1)%
% Variation|2018 vs 2017||15.7%|36.1|15.8%
||Net income (GAAP) (1)|Non-GAAP adjustments:|Equity (income) loss from equity method investments|Acquisition (gain) loss|Change in value of TOKIN options|(Gain) loss on write down and disposal of long-lived assets|Restructuring charges (2)|R&D grant reimbursements and grant income|ERP integration costs/IT transition costs|Stock-based compensation|Legal expenses/fines related to antitrust class actions|Net foreign exchange (gain) loss|TOKIN investment-related expenses|Plant start-up costs (2)|Amortization included in interest expense|Income tax effect of non-GAAP adjustments|Loss on early extinguishment of debt|Adjusted net income (non-GAAP) (1)
|2019|$206,587||3,304|—|—|1,660|8,779|(4,559)|8,813|12,866|11,896|(7,230)|—|(927)|1,872|(50,012)|15,946|$208,995
Fiscal Years Ended March 31,|2018|$254,127||(76,192)|(130,880)|—|(992)|14,843|—|80|7,657|16,636|13,145|—|929|2,467|(30)|486|$102,276
|2017|$47,157||(41,643)|—|(10,700)|10,671|5,404|—|7,045|4,720|2,640|(3,758)|1,101|427|761|(741)|—|$23,084
|||Contractual interest coupon|Amortization of interest discount|Amortization of issuance costs|Effect of interest rate contracts, net|Total interest cost recognized
|June 30, 2019||$100,712|3,937|1,426|4,086|$110,161
YearEnded|June 24, 2018|(in thousands)|$77,091|12,225|2,034|3|$91,353
|June 25, 2017||$95,195|22,873|2,414|(4,756)|$115,726
(1) In November 2014 and February 2016, we entered into a term loan agreement and a convertible loan agreement, respectively, with Clean Energy Collective, LLC (“CEC”). Our term loan bears interest at 16% per annum, and our convertible loan bears interest at 10% per annum. In November 2018, we amended the terms of the loan agreements to (i) extend their maturity to June 2020, (ii) waive the conversion features on our convertible loan, and (iii) increase the frequency of interest payments, subject to certain conditions. In January 2019, CEC finalized certain restructuring arrangements, which resulted in a dilution of our ownership interest in CEC and the loss of our representation on the company’s board of managers. As a result of such restructuring, CEC no longer qualified to be accounted for under the equity method. As of December 31, 2019, the aggregate balance outstanding on the loans was $23.9 million and was presented within “Prepaid expenses and other current assets.” As of December 31, 2018, the aggregate balance outstanding on the loans was $22.8 million and was presented within “Notes receivable, affiliate.”
|Prepaid expenses|Prepaid income taxes .|Indirect tax receivables .|Restricted cash|Notes receivable (1)|Derivative instruments (2) .|Other current assets|Prepaid expenses and other current assets
2019|$137,927|47,811|29,908|13,697|23,873|1,199|22,040|$276,455
2018|$90,981|59,319|26,327|19,671|5,196|2,364|39,203|$243,061
||Net revenues|Gross profit|Provision for income taxes (1)|Net income (loss)|Net income (loss) per share, basic|Net income (loss) per share, diluted
|July 28, 2017|$ 1,321|$ 824|$ 14|$ 131|$ 0.49|$ 0.47
|October 27, 2017|$ 1,415|$ 900|$ 48|$ 174|$ 0.65|$ 0.63
Quarter Ended (2)|January 26, 2018|$ 1,539|$ 956|$ 983|$(479 )|$(1.79 )|$(1.79 )
|April 27, 2018|$ 1,644|$ 1,029|$ 38|$ 290|$ 1.09|$ 1.06
Life Sciences: Loss from equity investees within our Life Sciences segment for the year ended December 31, 2019 decreased $0.6 million to $3.4 million from $4.0 million for the year ended December 31, 2018. The decrease in losses were largely due to lower equity method losses recorded from our investment in MediBeacon due to the timing of clinical trials and revenue from a licensing agreement which did not occur in the comparable periods.
||Construction|Marine Services|Life Sciences|Other|Income from equity investees
|2019|$—|5.6|(3.4)|—|$ 2.2
Years Ended December 31,|2018|$ (0.2)|19.7|(4.0)|(0.1)|$ 15.4
|Increase / (Decrease)|$ 0.2|(14.1)|0.6|0.1|$ (13.2)
Years Ended December 31,||Operating activities|Investing activities|Financing activities|Effect of exchange rate changes on cash and cash equivalents|Net decrease in cash,cash equivalents and restricted cash
|2019|$110.5|(263.7)|62.4|1.0|$(89.8)
|2018|$341.4|(224.6)|115.2|(0.5)|$231.5
|Increase / (Decrease)|$(230.9)|(39.1)|(52.8)|1.5|$(321.3)
Operating Activities Cash provided by operating activities was $110.5 million for the year ended December 31, 2019 as compared to cash provided by operating activities of $341.4 million for the year ended December 31, 2018. The $230.9 million decrease was the result of the recapture of reinsurance treaties by our Insurance segment in 2018 and was offset in part by improved performance of the Insurance segment subsequent to the KIC acquisition, significant reduction of losses at the Broadcasting segment driven by the cost cutting measures, and an increase in the working capital at our Telecommunications segments.
Financing Activities Cash provided by financing activities was $62.4 million for the year ended December 31, 2019 as compared to $115.2 million for the year ended December 31, 2018. The $52.8 million decrease was a result of a decrease in net borrowings by the Construction and Broadcasting segments, and offset in part by the increase in net borrowings by the Energy segment and Corporate segment, and a decline in cash paid to noncontrolling interest holders driven by the proceeds from our Life Sciences segment's sale of BeneVir in 2018.
||Net sales (1)|Operating costs and expenses:|Cost of sales (1)|Selling, general and administrative expenses|Research and development (1)|Restructuring charges|(Gain) loss on write down and disposal of long-lived assets|Total operating costs and expenses|Operating income (1)|Non-operating (income) expense:|Interest income|Interest expense|Acquisition (gain) loss|Change in value of TOKIN options|Other (income) expense, net (1)|Income before income taxes and equity income (loss) from equity method investments (1)|Income tax expense (benefit) (1)|Income before equity income (loss) from equity method investments (1)|Equity income (loss) from equity method investments|Net income (1)
|2019|$1,382,818||924,276|202,642|44,612|8,779|1,660|1,181,969|200,849||(2,035)|21,239|—|—|11,214|170,431|(39,460)|209,891|(3,304)|$206,587
Fiscal Years Ended March 31,|2018|$1,200,181||860,744|173,620|39,114|14,843|(992)|1,087,329|112,852||(809)|32,882|(130,880)|—|24,592|187,067|9,132|177,935|76,192|$254,127
|2017|$757,338||571,944|107,658|26,693|5,404|10,671|722,370|34,968||(24)|39,755|—|(10,700)|(3,871)|9,808|4,294|5,514|41,643|$47,157
Period|April 28, 2019 to May 25, 2019|May 26, 2019 to June 22, 2019|June 23, 2019 to July 27, 2019|Total
Total Number of Shares Purchased|42|22|18|82
Average Price Paid per Share|$54.33|$55.07|$56.46|$54.99
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs|42|22|18|82
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs|$15,700|$14,465|$13,460|
Group1,2|||Revenue|Service revenue|Other revenue|Adjusted EBITDA|Depreciation and amortisation|Adjusted EBIT|Share of adjusted results in associates and joint ventures3|Adjusted operating profit|Adjustments for:|Impairment loss|Restructuring costs|Amortisation of acquired customer bases and brand intangible assets|Other income and expense|Operating (loss)/profit|Non-operating income and expense|Net financing costs|Income tax (expense)/credit|(Loss)/profit for the financial year from continuing operations|Loss for the financial year from discontinued operations|(Loss)/profit for the financial year
|2019|IFRS 15 €m|43,666|36,458|7,208|13,918|(9,665)|4,253|(348)|3,905||(3,525)|(486)|(583)|(262)|(951)|(7)|(1,655)|(1,496)|(4,109)|(3,535)|(7,644)
|2019|IAS 18 €m|45,066|39,220|5,846|14,139|(9,665)|4,474|(291)|4,183||||||||||||
|2018|IAS 18 €m|46,571|41,066|5,505|14,737|(9,910)|4,827|389|5,216||–|(156)|(974)|213|4,299|(32)|(389)|879|4,757|(1,969)|2,788
|IAS 18 growth|Reported %|(3.2)|(4.5)||(4.1)||(7.3)||(19.8)||||||||||||
||Organic* %|(0.1)|(0.9)||(0.5)||(2.5)||(0.2)||||||||||||
This section presents our operating performance, providing commentary on how the revenue and the adjusted EBITDA performance of the Group and its operating segments have developed over the last year. Following the adoption of IFRS 15 “Revenue from Contracts with Customers” on 1 April 2018, the Group’s statutory results for the year ended 31 March 2019 are on an IFRS 15 basis, whereas the statutory results for the year ended 31 March 2018 are on an IAS 18 basis as previously reported, with any comparison between the two bases of reporting not being meaningful. As a result, the discussion of our operating financial performance is primarily on an IAS 18 basis for all years presented. See “Alternative performance measures” on page 231 for more information and reconciliations to the closest respective equivalent GAAP measures.
Current assets decreased $10,726 million ($10,477 million adjusted for currency) due to: • A decline in receivables of $6,769 million ($6,695 million adjusted for currency) driven by a decline in financing receivables of $8,197 million primarily due to the wind down of OEM IT commercial financing operations; partially offset by an increase in other receivables of $989 million primarily related to divestitures; and • A decrease of $3,213 million ($3,052 million adjusted for currency) in cash and cash equivalents, restricted cash, and marketable securities primarily due to retirement of debt.
• A decrease in accounts payable of $1,662 million primarily due to the wind down of OEM IT commercial financing operations; and • A decrease in short-term debt of $1,410 million due to maturities of $12,649 million and a decrease in commercial paper of $2,691 million; partially offset by reclassifications of $7,592 million from long-term debt to reflect upcoming maturities and issuances of $6,334 million; offset by • An increase in operating lease liabilities of $1,380 million as a result of the adoption of the new leasing standard on January 1, 2019; and • An increase in deferred income of $861 million ($890 million adjusted for currency).
||Term loans|Revolving credit facility|5.750% Senior Notes, due August 2026|Debt issuance costs|Total debt|Less current portion of term credit facility|Less current portion of debt issuance costs|Total long-term debt
December 31,|2019|$756,060|239,000|400,000|(21,905 )|1,373,155|38,950|(4,802 )|$1,339,007
|2018|$284,959|—|400,000|(13,203 )|671,756|23,747|(2,980 )|$650,989
General and administrative expense increased by $15.4 million in 2019 compared to 2018. The increase was primarily due to a $9.8 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 89 employees as of December 31, 2018 to 113 employees as of December 31, 2019. There was an additional increase of $3.7 million in depreciation and amortization, $0.8 million to support compliance as a public company, a $0.6 million increase in office related expenses to support the administrative team, and an increase of $0.2 million in software subscription costs.
|(In thousands, except per share data)|Numerator:|Net loss|Denominator:|Weighted average shares outstanding - basic and diluted|Loss per share - basic and diluted:|Net loss per share-basic and diluted|Anti-dilutive stock options, SSARs, restricted shares and performance shares
|2019||$(13,164)||23,037||$(0.57)|1,433
Year ended March 31,|2018||$(8,350)||22,801||$(0.37)|756
|2017||$(11,721)||22,615||$(0.52)|1,004
Selling, general and administrative expense decreased $13.0 million to $88.8 million for the year ended December 31, 2019, as compared to $101.8 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in intangible asset amortization of $8.9 million as certain assets reached the end of their useful lives, as well as decreases in payroll-related expense of $1.7 million due to lower headcount, professional fees of $1.3 million, outside services of $0.5 million, and travel-related expenses of $0.3 million.
|(Dollars in Millions)|Net Sales:|U.S.|Malta|China|Canada|Other|Total Net Sales|Property, Plant and Equipment, Net:|U.S.|Malta|Belgium|China|Other|Total Property, Plant and Equipment, Net
|April 27, 2019||$540.5|148.5|113.7|101.6|96.0|$1,000.3||$83.9|33.0|22.1|18.6|34.3|$191.9
Fiscal Year Ended|April 28, 2018||$487.5|184.0|117.3|54.4|65.1|$908.3||$63.3|36.8|25.0|7.2|29.9|$162.2
|April 29, 2017||$506.9|155.5|127.7|—|26.4|$816.5||$44.9|26.4|—|5.9|13.4|$90.6
|Current income tax expense:|Federal |State |Total current income tax expense |Deferred income tax expense (benefit):|Federal |Foreign |State |Total deferred income tax expense (benefit)|Total income tax expense
December 27, 2019 ||$4,003|2,144|6,147||1,617|17|429|2,063|$8,210
December 28, 2018 ||$2,945|1,943|4,888||2,363|(472)|663|2,554|$7,442
December 29, 2017||$3,342|1,403|4,745||(1,059)|215|141|(703)|$4,042
|Balance as of January 1, 2018|Amortization|Balance as of December 31, 2018|Intangible assets acquired|Amortization|Balance as of December 31, 2019
Customer Relationships|$88,526|(11,262)|77,264|19,805|(12,673)|$84,396
Developed Technology|$5,532|(3,854)|1,678|16,583|(1,441)|$16,820
Trade Name|$228|(103)|125|2,219|(122)|$2,222
Total|$94,286|(15,219)|79,067|38,607|(14,236)|$103,438
||(In thousands)||Telematics Systems|Software & Subscription Services|Corporate Expense|Total Adjusted EBITDA
Fiscal years ended|February 28,|2019|Segment|$40,821|13,093|(5,699)|$48,215
||2018||$48,943|8,233|(4,794)|$52,382
||$ Change||$(8,122)|4,860|(905)|$(4,167)
||% Change||(17.0%)|59.0%|19.0%|(8.0%)
Adjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2019 decreased $8.1 million compared to the same period last year due to lower revenues as described above and the impact of high margin revenue earned on a strategic technology partnership arrangement in fiscal 2018. These factors were coupled with higher operating expenses in Telematics Systems as a result of increased headcount and outsourced professional service fees. Adjusted EBITDA for Software and Subscription Services increased $4.9 million compared to the same period last year due primarily to continued growth in revenues and gross profit from our Italia market and higher gross profit from our fleet management services.
NUMBER OF RSUs/PSUs|Outstanding, January 1|Granted (1)|Dividends credited|Settled|Forfeited|Outstanding, December 31|Vested, December 31 (2)
2019|2,812,697|975,348|149,648|(932,133)|(90,442)|2,915,118|904,266
2018|2,740,392|1,006,586|149,258|(1,027,321)|(56,218)|2,812,697|880,903
RSUs/PSUs are granted to executives and other eligible employees. The value of an RSU/PSU at the grant date is equal to the value of one BCE common share. Dividends in the form of additional RSUs/PSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividend paid on BCE common shares. Executives and other eligible employees are granted a specific number of RSUs/PSUs for a given performance period based on their position and level of contribution. RSUs/PSUs vest fully after three years of continuous employment from the date of grant and, in certain cases, if performance objectives are met, as determined by the board of directors.
|||Expected life (in years)|Volatility|Risk free interest rate|Dividend yield|Weighted-average grant date fair value|Stock price volatility range:|Low|High
||2019|7.85|30.00%|1.90%|0.76%|$17.12||30.00%|38.17%
Employee and Director Options|For the Years Ended December 31,|2018|7.64|32.37%|3.10%|0.61%|$21.03||31.72%|36.73%
||2017|7.01|35.00%|2.14%|0.50%|$21.11||28.19%|35.00%
||Operating cashflow|Tax|IRU / finance lease payments|Capex - BAU|Capex - mobile spectrum|Capex - mobile networks (Aus)|Capex - mobile networks (Sg)|Free cashflow
FY19|$m|836.3|(128.6)|(5.5)|(198.7)|(352.4)|(86.1)|(80.1)|(15.1)
FY18|$m|868.3|(194.5)|(34.1)|(258.0)|(597.3)|(38.7)|(62.3)|(316.6)
Mobile spectrum capex of $352.4m in FY19 reflects the payment during the year of the second instalment for the Australian 700MHz spectrum acquired at auction in April 2017. The first instalment of $597.3m was paid in FY18 and the third and final instalment of $352.4m is payable in January 2020. A further $86.1m of capex was also incurred in FY19 in relation to the Australian mobile network rollout up until the project ceased. This expenditure on spectrum and mobile assets in Australia was partly impaired as part of the impairment review that was undertaken following the cessation of the project as described above.
|Cash and cash equivalents|Equity securities:|U.S. equity securities|International equity securities|Fixed income securities:|Government bonds|Corporate bonds|Mortgage-backed bonds|Real estate funds|Master limited partnerships|Net receivables for unsettled transactions|Fair value measurement of pension plan assets in the fair value hierarchy|Investments measured at net asset value|Total pension plan assets
Level 1|$1.0||319.8|256.5||—|—|—|7.7|0.4|10.9|$596.3||
Level 2|$65.0||124.0|1.0||1,854.8|4.7|9.3|—|—|—|$2,058.8||
Level 3|$—||—|—||—|—|—|—|—|—|$—||
Total|$66.0||443.8|257.5||1,854.8|4.7|9.3|7.7|0.4|10.9|$2,655.1|700.0|$3,355.1
Stock-based compensation awards include employee stock options, restricted stock awards and units, and employee stock purchases. For the year ended December 31, 2019, stock-based compensation expense was $31.6 million, of which $0.2 million related to employee stock options, $29.1 million related to restricted stock awards and units and $2.3 million related to employee stock purchases. For the year ended December 31, 2018, stock-based compensation expense was $31.0 million, of which $0.4 million related to employee stock options, $28.0 million related to restricted stock awards and units and $2.6 million related to employee stock purchases. The increase in stock-based compensation expense in 2019 compared to 2018 was due primarily to a higher volume of restricted stock unit grants.
CASH FLOW SUMMARY|Net cash provided  from operating  activities|Net cash used in  investing activities|Net cash used in financing activities|Net change in cash and cash equivalent
2019 $’000|4,709|(12,337)|(3,471)|(11,099)
2018 $’000 RESTATED|8,790|(20,092)|(36,014)|(47,316)
CHANGE|46%|(39%)|(90%)|(77%)
(2) In 2019, the effect of our indirect investment in The Dun and Bradstreet Corporation was a reduction of Net earnings of $73.9 million primarily due to the effect of its purchase accounting adjustments, restructuring charges and other non-operating charges. In 2017, Net earnings includes a one-time, non-cash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”).
(in millions, except per share data)|Revenues|Adjusted Revenues(1)|Earnings before equity in losses of unconsolidated affiliates|Net earnings(2)|Net earnings margin|Net earnings attributable to Black Knight|Net earnings attributable to Black Knight, per diluted share|Adjusted Net Earnings(1)|Adjusted EPS(1)|Adjusted EBITDA(1)|Adjusted EBITDA Margin(1)
2019|$1,177.2|$1,177.7|$182.8|$108.8|9.2%|$108.8|$0.73|$295.4|$1.99|$583.4|49.5%
2018|$1,114.0|$1,116.5|$168.5|$168.5|15.1%|$168.5|$1.14|$277.9|$1.87|$542.5|48.6%
2017|$1,051.6|$1,056.1|$254.2|$254.2|24.2%|$182.3|$1.47|$209.6|$1.38|$505.8|47.9%
Under IAS 12 Income Taxes, provision is made for the deferred tax assets and liabilities associated with the revaluation of assets and liabilities at the corporate tax rate expected to apply to the Group at the time the temporary differences are expected to reverse. For those UK assets and liabilities benefiting from REIT exemption the relevant tax rate will be 0 per cent (2018: 0 per cent), and for other UK assets and liabilities the relevant rate will be 19 per cent if the temporary difference is expected to be realised before 1 April 2020 and 17 per cent if it is expected to be realised on or after 1 April 2020 (2018: 19 per cent before 1 April 2020, 17 per cent thereafter). For Spanish assets and liabilities the relevant tax rate will be 25 per cent (2018: 25 per cent).
£m|Provided deferred tax provision/(asset):|At 1 January 2018|Recognised in the income statement|Foreign exchange movements|At 31 December 2018|Recognised in the income statement|Foreign exchange movements|At 31 December 2019
Investment and development property||24.6|(5.5)|0.1|19.2|(16.4)|(0.5)|2.3
Other temporary differences||(0.9)|(0.3)|–|(1.2)|(0.2)|–|(1.4)
Total||23.7|(5.8)|0.1|18.0|(16.6)|(0.5)|0.9
Any legislative changes, including any other new or proposed U.S. Department of the Treasury regulations that have yet to be issued, may result in income tax adjustments, which could be material to our provision for income taxes and effective tax rate in the period any such changes are enacted. The Company’s income (loss) before provision for (benefit from) income taxes for the years ended July 31, 2019, 2018 and 2017 is as follows (in thousands):
||Net sales|Cost of sales|Gross profit|Research and development|Selling, general and administrative|Amortization of acquired intangible assets|Special charges and other, net|Operating income
|2019|100.0%|45.2|54.8|15.4|12.8|12.6|0.6|13.4%
Year Ended March 31,|2018|100.0%|39.2|60.8|13.3|11.4|12.2|0.4|23.5%
|2017|100.0%|48.4|51.6|16.0|14.7|9.9|2.9|8.1%
|Net revenues |Gross profit |Net (loss) income (1) |Net (loss) income per share – basic |Net (loss) income per share – diluted 
June 30,
2019|$252,359|$138,946|$(17,055)|$(0.14)|$(0.14)
March 31,
2019|$250,864|$138,919|$(6,932)|$(0.06)|$(0.06)
December 31,
2018|$252,680|$141,299|$7,199|$0.06|$0.06
September 30,
2018|$239,886|$132,071|$(9,065)|$(0.08)|$(0.08)
|Outstanding at December 31, 2016|Granted|Released|Canceled/Forfeited|Outstanding at December 31, 2017|Granted|Released|Canceled/Forfeited|Outstanding at December 31, 2018|Granted|Released|Canceled/Forfeited|Outstanding at December 31, 2019
Number of RSUs Outstanding (in thousands)|3,554|3,005|(1,680)|(598)|4,281|1,746|(1,971)|(495)|3,561|2,069|(1,906)|(475)|3,249
Weighted- Average Grant Date Fair Value Per Share|$18.01|30.20|19.54|20.91|$25.51|67.64|30.50|34.99|$42.09|122.35|50.99|60.38|$85.39
Aggregate Intrinsic Value (in thousands)|$73,261||||$207,197||||$293,523||||$548,145