DEXTER-CQA/TAT-QA-corpus huggingface dataset:
As of December 31, 2019, the Company had net operating loss carryforwards (“NOLs”) of $4.7 million, of which approximately $3.9 million have an indefinite life. NOLs of $0.8 million will begin to expire in 2030. As of December 31, 2019, the Company had federal and state tax credit carryforwards of $0.2 million and $0.5 million, respectively, which will begin to expire in 2028 and 2038. The Company believes as of December 31, 2019, it is more likely than not that the results of future operations will generate sufficient taxable income to realize the NOLs and tax credits and, as such, no valuation allowance was recorded.
||Deferred tax assets:|Investment in partnership|Net operating loss carryforwards and tax credits|Other|Total|Valuation allowance|Total deferred tax assets|Total deferred tax liabilities|Deferred tax assets, net
Year Ended December 31,|2019||$358,024|5,160|1,657|364,841|—|364,841|—|$364,841
|2018||$299,466|5,634|1,879|306,979|—|306,979|—|$306,979
|||Accrued payroll and employee benefits|Dividends payable to shareholders|Restructuring reserves|Income taxes payable|Deferred revenue|Interest payable|Share repurchase program payable|Other|Accrued and other current liabilities
|2019||$  455|308|245|94|36|31|18|426|$ 1,613
Fiscal Year End|2018|(in millions)|$  565|303|141|109|27|34|94|438|$  1,711
(In thousands)|Change in projected benefit obligation:|Projected benefit obligation at beginning of period|Service cost|Interest cost|Actuarial loss - experience|Actuarial loss - assumptions|Benefit payments|Effects of foreign currency exchange rate changes|Projected benefit obligation at end of period|Change in plan assets:|Fair value of plan assets at beginning of period|Actual gain (loss) on plan assets|Contributions|Effects of foreign currency exchange rate changes|Fair value of plan assets at end of period|Unfunded status at end of period
2019||$37,245|1,471|634|453|5,091|(166)|(826)|43,902||24,159|4,392|—|(535)|28,016|$(15,886)
2018||$34,893|1,193|727|38|2,139|(138)|(1,607)|37,245||26,624|(2,024)|688|(1,129)|24,159|$(13,086)
||Current assets|Non-current assets|TOTAL ASSETS|Current liabilities|Non-current liabilities|TOTAL LIABILITIES|NET ASSETS|Shareholders' equity|Contributed equity|Reserves|Retained earnings|TOTAL EQUITY|Profit/(loss) for the year after tax|Total comprehensive income/(loss) for the year
30 June 2019|$'000|447,698|1,121,500|1,569,198|63,382|886,979|950,361|618,837||905,117|6,285|(292,565)|618,837|(266,311)|(261,657)
30 June 2018|$'000|464,222|771,702|1,235,924|36,484|305,463|341,947|893,977||904,247|6,005|(16,275)|893,977|6,639|6,639
Year Ended December 31,||Year|(in thousands)|Research and development|Sales and marketing|General and administrative|Depreciation and amortization|Restructuring charge|Operating expenses
||2019||$ 87,608|56,860|64,603|7,987|-|$ 217,058
||2018||$ 71,896|51,262|52,618|8,613|-|$ 184,389
||2017||$ 57,704|47,482|46,054|9,060|2,921|$ 163,221
|% Change vs. Prior|2019||22%|11%|23%|-7%|NA|18%
||2018||25%|8%|14%|-5%|-100%|13%
Restructuring Charge In May 2017, we eliminated about 100 positions due primarily to U.S. retail sector headwinds, aligning services capacity with demand. We recorded a restructuring charge of approximately $2.9 million pretax ($1.8 million after-tax or $0.03 per fully diluted share). The charge primarily consisted of employee severance, employee transition costs and outplacement services. The charge is classified in “Restructuring charge” in our Consolidated Statements of Income.
In May 2017, we eliminated about 100 positions due primarily to U.S. retail sector headwinds, aligning services capacity with demand. We recorded a restructuring charge of approximately $2.9 million pretax ($1.8 million after-tax or $0.03 per fully diluted share). The charge primarily consisted of employee severance, employee transition costs and outplacement services. The charge is classified in “Restructuring charge” in our Consolidated Statements of Income.
Year 2018 compared with year 2017 Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606. Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606. Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606.
Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606.
|ASSETS|   Contract assets|Inventories|LIABILITIES AND SHAREHOLDERS' EQUITY|Other accrued liabilities|Retained earnings
September 28, 2019
As Reported||$90,841|700,938||$106,461|1,178,677
Adjustments due to Topic 606||$90,841|(81,895)||$(375)|9,321
September 28, 2019
As Adjusted - Without
Adoption of Topic 606||$—|782,833||$106,836|1,169,356
ROFE is an important measures to drive behaviours consistent with the delivery of long‐term shareholder value. ROFE improvements can be delivered through earnings growth as well as the disciplined allocation of capital and management of assets, which is important for a business that is building capabilities for the future. Lease‐adjusted ROFE measures the balance between our earnings growth and the disciplined allocation and application of assets used to generate those earnings. We adjust for leases to recognise that a very significant portion of our sites are leased. This approach is also similar to the accounting standard definition of ROFE that will change to incorporate a lease-adjusted definition from F20.
Product Licensing revenue for the year ended December 31, 2019 was $198.1 million as compared to $219.7 million for the year ended December 31, 2018, a decrease of $21.6 million. The decrease in revenue was primarily due to the timing and duration of minimum guarantee contracts up for renewal and executed, decreased NRE services revenue, as well as a decrease in per-unit royalty revenue in 2019 as compared to 2018.
|||Revenue:|Royalty and license fees|Total revenue|Operating expenses:|Cost of revenues|Research, development and other related costs|Litigation|Amortization|Total operating expenses (1)|Total operating income (loss)
|2019|||$198,124|198,124||8,460|83,613|1,656|88,075|181,804|$16,320
Years Ended December 31,|2018|(in thousands)||$219,708|219,708||13,291|78,892|—|88,544|180,727|$38,981
|2017|||$167,923|167,923||6,308|75,809|288|90,340|172,745|$(4,822)
FOR THE YEAR ENDED DECEMBER 31|Services (1)|Wireless|Wireline data|Wireline voice|Media|Other wireline services|Total services|Products (2)|Wireless|Wireline data|Wireline equipment and other|Total products|Total operating revenues
2019||6,427|7,684|3,564|2,811|251|20,737||2,660|519|48|3,227|23,964
2018||6,269|7,466|3,782|2,677|247|20,441||2,497|466|64|3,027|23,468
||Operations data:|Net revenues|Gross profit|Income from operations|Net earnings(6)|Per share data:|Basic earnings per share|Diluted earnings per share|Dividends declared per share|Balance sheet data:|Cash and cash equivalents|Working capital(7)|Total assets|Current portion of long-term debt|Long-term debt, net of current portion|Stockholders’ equity
|2019(1)(8)||$  5,366.8|3,427.1|1,498.4|1,767.9||$      17.02|$     16.82|$   1.9000||$     709.7|(505.4)|18,108.9|602.2|4,673.1|9,491.9
|2018(2)||$   5,191.2|3,279.5|1,396.4|944.4||$        9.15|$       9.05|$   1.7000||$     364.4|(200.4)|15,249.5|1.5|4,940.2|7,738.5
As of and for the Years ended December 31,|2017(3)||$   4,607.5|2,864.8|1,210.2|971.8||$       9.51|$       9.39|$    1.4625||$      671.3|(140.4)|14,316.4|800.9|4,354.6|6,863.6
|2016(4)||$   3,789.9|2,332.4|1,054.6|658.6||$       6.50|$       6.43|$    1.2500||$     757.2|(25.0)|14,324.9|401.0|5,808.6|5,788.9
|2015(5)||$  3,582.4|2,164.6|1,027.9|696.1||$       6.92|$       6.85|$   1.0500||$     778.5|126.2|10,168.4|6.8|3,264.4|5,298.9
In connection with certain transactions, the Company may be required to deposit assets, including cash or investment shares, in escrow accounts. The assets held in escrow are subject to various contingencies that may exist with respect to such transactions. Upon resolution of those contingencies or the expiration of the escrow period, some or all the escrow amounts may be used and the balance released to the Company. As of December 31, 2019 and 2018, the Company had $72,000 and $140,000, respectively, deposited in escrow as restricted cash for the Shoom acquisition, of which any amounts not subject to claims shall be released to the pre-acquisition stockholders of Shoom pro-rata on the next anniversary dates of the closing date of the Shoom acquisition. As of December 31, 2019 and 2018, $72,000 and $70,000, respectively, was current and included in Prepaid Assets and Other Current Assets on the consolidated balance sheets. As of December 31, 2019 and 2018, $0 and $70,000 was non-current and included in Other Assets on the consolidated balance sheet.
|(IN MILLIONS)|Net income/(loss) attributable to Nielsen shareholders|Interest expense, net|(Benefit)/provision for income taxes|Depreciation and amortization|EBITDA|Other non-operating (income)/expense, net(b)|Restructuring charges|Impairment of goodwill and other long-lived assets|Share-based compensation expense|Other items(a)|Adjusted EBITDA
Year Ended December 31,|2019|$(415)|391|(260)|756|472|191|80|1,004|50|56|$1,853
|2018|$(712)|386|(182)|675|167|33|139|1,413|35|63|$1,850
|2017|$429|370|388|640|1,827|27|80|-|45|45|$2,024
Adjusted EBITDA should not be considered as an alternative to net income or loss, operating income/(loss), cash flows from operating activities or any other performance measures derived in accordance with GAAP as measures of operating performance or cash flows as measures of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies and may, therefore, have limitations as a comparative analytical tool.
Michael Hsing has served on our Board of Directors and has served as our President and Chief Executive Officer since founding MPS in August 1997. Prior to founding MPS, Mr. Hsing was a Senior Silicon Technology Developer at several analog IC companies, where he developed and patented key technologies, which set new standards in the power electronics industry. Mr. Hsing is an inventor on numerous patents related to the process development of bipolar mixed-signal semiconductor manufacturing. Mr. Hsing holds a B.S.E.E. from the University of Florida.
Deming Xiao has served as our President of Asia Operations since January 2008. Since joining us in May 2001, Mr. Xiao has held several executive positions, including Foundry Manager and Senior Vice President of Operations. Before joining MPS, from June 2000 to May 2001, Mr. Xiao was Engineering Account Manager at Chartered Semiconductor Manufacturing, Inc. Prior to that, Mr. Xiao spent six years as the Manager of Process Integration Engineering at Fairchild Imaging Sensors. Mr. Xiao holds a B.S. in Semiconductor Physics from Sichuan University, Chengdu, China and an M.S.E.E. from Wayne State University.
Bernie Blegen has served as our Chief Financial Officer since July 2016 and is responsible for finance, accounting, tax, treasury and investor relations. From August 2011 to June 2016, Mr. Blegen served as our Corporate Controller. Prior to joining MPS, Mr. Blegen held a number of executive finance and accounting positions for other publicly traded technology companies, including Xilinx, Inc. and Credence Systems. Mr. Blegen holds a B.A. from the University of California, Santa Barbara.
Maurice Sciammas has served as our Senior Vice President of Worldwide Sales and Marketing since 2007. Mr. Sciammas joined MPS in July 1999 and served as Vice President of Products and Vice President of Sales (excluding greater China) until he was appointed to his current position. Before joining MPS, he was Director of IC Products at Supertex from 1990 to 1999. He has also held positions at Micrel, Inc. He holds a B.S.E.E. degree from San Jose State University.
On February 6, 2018, the Company announced that its Board of Directors had unanimously approved the pursuit of a separation of its smart camera business “Arlo” from NETGEAR (the “Separation”) to be effected by way of initial public offering (“IPO”) and spin-off. On August 2, 2018, Arlo Technologies, Inc. (“Arlo”) and NETGEAR announced the pricing of Arlo's initial public offering (“IPO”) at a price to the public of $16.00 per share, subsequently listing on the New York Stock Exchange on August 3, 2018 under the symbol "ARLO". On August 7, Arlo completed the IPO and generated proceeds of approximately $170.2 million, net of offering costs, which Arlo used for its general corporate purposes. Upon completion of the IPO, Arlo common stock outstanding amounted to 74,247,000 shares, of which NETGEAR held 62,500,000 shares, representing approximately 84.2% of the outstanding shares of Arlo common stock. On December 31, 2018, NETGEAR completed the distribution of these 62,500,000 shares of common stock of Arlo (the “Distribution”). After the completion of the Distribution, NETGEAR no longer owns any shares of Arlo common stock. The Distribution took place by way of a pro rata common stock dividend to each NETGEAR stockholder of record on the record date of the Distribution, December 17, 2018, and NETGEAR stockholders received 1.980295 shares of Arlo common stock for every share of NETGEAR common stock held as of the record date.
|||Net revenue|Cost of net revenue|Gross profit|Operating expenses:|Research and development|Sales and marketing|General and administrative|Separation expense|Litigation reserves, net|Total operating expenses|Income (loss) from operations of discontinued operations|Interest income, net|Other income (expense), net|Income (loss) from discontinued operations before income taxes|Provision (benefit) for income taxes|Income (loss) from discontinued operations, net of tax
|2018||$464,649|372,843|91,806||48,696|39,713|17,762|31,583|—|137,754|(45,948)|1,239|(41)|(44,750)|(9,095)|$(35,655)
Year Ended December 31,|2017|(In thousands)|$367,751|279,425|88,326||22,710|19,490|691|1,384|28|44,303|44,023|—|467|44,490|13,921|$30,569
|(In millions)|Current:|Federal|State|International|Total|Deferred:|Federal|State|International|Total|Income tax expense (benefit)
|March 29, 2019||$73|15|74|162||(52)|(2)|(16)|(70)|$92
Year Ended|March 30, 2018||$1,011|40|107|1,158||(1,664)|(151)|(33)|(1,848)|$(690)
|March 31, 2017||$108|6|68|182||(177)|(17)|(14)|(208)|$(26)
During 2019, we performed a review on the basis of identification of our individual CGUs. As a result of this review, we have consolidated a number of our current individual CGUs into groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3. As a result, we performed an impairment review at an operating segment CGU level, the breakdown of the goodwill value at 31st December across these is shown below:
• the carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further 9 years based on the most recent forecasts prepared by management; • pre-tax discount rates range from 11-12% (2018: 10-15%); • short to medium-term growth rates vary between 3-8% depending on detailed forecasts (2018: 2-8%). The range in rates excludes the annualised impact of owning Thermocoax for a first full year in 2020. The short to medium-term is defined as not more than 10 years; and • long-term growth rates are set using IMF forecasts and vary between 1.8-2.5% (2018: 0.8-3.0%).
Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.
|Net derivative gains (losses) incurred|Less: Net derivative gains (losses) allocated to reporting segments|Net derivative gains (losses) recognized in general corporate expenses|Net derivative gains (losses) allocated to Grocery & Snacks|Net derivative gains (losses) allocated to Refrigerated & Frozen|Net derivative gains (losses) allocated to International|Net derivative losses allocated to Foodservice|Net derivative losses allocated to Pinnacle Foods|Net derivative losses allocated to Commercial|Net derivative gains (losses) included in segment operating profit
2019|$(3.6)|(1.8)|$(1.8)|$(2.1)|(1.1)|2.8|(0.6)|(0.8)|—|$(1.8)
2018|$(0.9)|(7.1)|$6.2|$0.2|(0.3)|(6.9)|(0.1)|—|—|$(7.1)
2017|$0.6|5.7|$(5.1)|$3.4|0.8|1.6|—|—|(0.1)|$5.7
During Fiscal 2019, we began to implement restructuring activities to streamline our operations (Fiscal 2019 Restructuring Plan), including in connection with our recent acquisitions of Catalyst and Liaison, to take further steps to improve our operational efficiency. The Fiscal 2019 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.
Fiscal 2019 Restructuring Plan|Balance payable as at June 30, 2018|Accruals and adjustments|Cash payments|Non-cash adjustments|Foreign exchange|Balance payable as at June 30, 2019
Workplace reduction|$—|12,460|(10,420)|—|(221)|$1,819
Facility costs|$—|15,858|(4,739)|(3,393)|(2,438)|$5,288
Total|$—|28,318|(15,159)|(3,393)|(2,659)|$7,107
|Year ended 31 March|Cash generated from operations|Tax paid|Net cash inflows from operating activities|Net purchase of property, plant and equipment and software|Free cash flow|Interest received|Interest paid|Add back pension deficit payments|Add back net cash flow from specific items|Add back net sale of non-current asset investments|Add back prepayments in respect of acquisition of spectrum licence|Remove refund on acquisition of spectrum licence|Remove cash tax benefit of pension deficit payments|Normalised free cash flow b
2019|£m|4,687|(431)|4,256|(3,637)|619|23|(531)|2,024|598|1|-|(21)|(273)|2,440
2018|£m|5,400|(473)|4,927|(3,341)|1,586|7|(555)|872|828|19|325|-|(109)|2,973
2017|£m|6,725|(551)|6,174|(3,119)|3,055|7|(629)|274|205|(20)|-|-|(110)|2,782
Period|Aug. 1 - Aug. 31, 2019 |Sep. 1 - Sep. 30, 2019 |Oct. 1 - Oct. 31, 2019 |Total 
(a) Total Number of Shares Purchased (1)|—|901|34,344|35,245
(b) Average Price Paid per Share|—|$151.33|$154.81|$154.72
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)|—|901|34,344|35,245
(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3)|1,176,615|1,176,615|1,176,615|1,176,615
||Owned assets:|Network equipment|Leasehold improvements|System infrastructure|Software|Office and other equipment|Building|Land||Less—Accumulated depreciation and amortization||Assets under finance leases:|IRUs|Less—Accumulated depreciation and amortization||Property and equipment, net
December 31,|2019||$566,936|227,388|134,726|10,035|18,169|1,252|106|958,612|(790,033)|168,579||408,170|(207,820)|200,350|$368,929
|2018||$538,761|214,495|124,018|9,963|16,711|1,277|108|905,333|(736,356)|168,977||395,170|(188,822)|206,348|$375,325
As of September 29, 2019, there was approximately $7.4 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.2 years. The weighted-average grant date fair value of awards granted was$86.08, $94.93, and $102.42 in fiscal years 2019, 2018, and 2017, respectively. In fiscal years 2019, 2018, and 2017, the total fair value of RSUs that vested and were released was$4.7 million, $4.4 million, and $4.4 million, respectively.
|2019|Canada|Europe|Asia|Middle East|Rest of the world|Total|2018|Canada|Europe|Asia|Middle East|Rest of the world|Total|2017|Canada|Europe|Asia|Middle East|Rest of the world|Total
Application Software||$   41.0|188.8|3.5|8.6|25.8|$ 267.7||$   38.5|188.6|3.2|4.7|29.5|$  264.5||$   26.6|176.5|2.4|4.8|23.2|$  233.5
Network Software & Systems||$   71.1|36.7|18.8|37.5|9.5|$ 173.6||$   58.5|12.2|11.0|48.6|7.8|$  138.1||$   52.9|11.0|7.3|58.8|6.1|$  136.1
Measurement & Analytical MeasurementSolutions||$   81.4|307.2|185.0|13.1|45.3|$ 632.0||$   79.3|361.7|220.3|14.4|42.5|$  718.2||$   72.9|310.6|205.9|13.4|42.0|$  644.8
Process Technologies||$   28.9|113.8|108.0|44.4|55.2|$ 350.3||$   35.0|117.5|115.4|34.4|55.0|$  357.3||$   34.7|98.1|109.8|35.5|48.7|$  326.8
Total||$ 222.4|646.5|315.3|103.6|135.8|$ 1,423.6||$    211.3|680.0|349.9|102.1|134.8|$  1,478.1||$    187.1|596.2|325.4|112.5|120.0|$  1,341.2