feyninc/tacha huggingface dataset:
## Table

|  | 2019 | 2018 | 2017 |
|---|---|---|---|
| Year ended 31 March | £m | £m | £m |
| Cash generated from operations | 4,687 | 5,400 | 6,725 |
| Tax paid | (431) | (473) | (551) |
| Net cash inflows from operating activities | 4,256 | 4,927 | 6,174 |
| Net purchase of property, plant and equipment and software | (3,637) | (3,341) | (3,119) |
| Free cash flow | 619 | 1,586 | 3,055 |
| Interest received | 23 | 7 | 7 |
| Interest paid | (531) | (555) | (629) |
| Add back pension deficit payments | 2,024 | 872 | 274 |
| Add back net cash flow from specific items | 598 | 828 | 205 |
| Add back net sale of non-current asset investments | 1 | 19 | (20) |
| Add back prepayments in respect of acquisition of spectrum licence | - | 325 | - |
| Remove refund on acquisition of spectrum licence | (21) | - | - |
| Remove cash tax benefit of pension deficit payments | (273) | (109) | (110) |
| Normalised free cash flow b | 2,440 | 2,973 | 2,782 |



## Text

Summarised cash flow statement


Cash flow


We generated a net cash inflow from operating activities of £4,256m, down £671m, mainly driven by £2bn contributions to the BT Pension Scheme, offset by favourable working capital movements. In line with our outlook, normalised free cash flowb was £2,440m, down £533m or 18%, driven by increased cash capital expenditure, decrease in EBITDA and higher tax payments.


Free cash flow, which includes specific item outflows of £598m (2017/18: £828m) and a £273m (2017/18: £109m) tax benefit from pension deficit payments, was £619m (2017/18: £1,586m). Last year also included payments of £325m for the acquisition of mobile spectrum.


The spectrum auction bidding took place across the 2017/18 and 2018/19 financial years. Whilst £325m was on deposit with Ofcom at 31 March 2018, we went on to acquire spectrum for a total price of £304m and the excess deposit balance has since been refunded. We made pension deficit payments of £2,024m (2017/18: £872m) and paid dividends to our shareholders of £1,504m (2017/18: £1,523m).


The net cash cost of specific items of £598m (2017/18: £828m) includes restructuring payments of £372m (2017/18: £189m) and regulatory payments of £170m (2017/18: £267m). Last year also included payments of £225m relating to the settlement of warranty claims under the 2015 EE acquisition agreement.


b After net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.
## Table

|  | Application Software | Network Software & Systems | Measurement & Analytical MeasurementSolutions | Process Technologies | Total |
|---|---|---|---|---|---|
| 2019 |  |  |  |  |  |
| Canada | $   41.0 | $   71.1 | $   81.4 | $   28.9 | $ 222.4 |
| Europe | 188.8 | 36.7 | 307.2 | 113.8 | 646.5 |
| Asia | 3.5 | 18.8 | 185.0 | 108.0 | 315.3 |
| Middle East | 8.6 | 37.5 | 13.1 | 44.4 | 103.6 |
| Rest of the world | 25.8 | 9.5 | 45.3 | 55.2 | 135.8 |
| Total | $ 267.7 | $ 173.6 | $ 632.0 | $ 350.3 | $ 1,423.6 |
| 2018 |  |  |  |  |  |
| Canada | $   38.5 | $   58.5 | $   79.3 | $   35.0 | $    211.3 |
| Europe | 188.6 | 12.2 | 361.7 | 117.5 | 680.0 |
| Asia | 3.2 | 11.0 | 220.3 | 115.4 | 349.9 |
| Middle East | 4.7 | 48.6 | 14.4 | 34.4 | 102.1 |
| Rest of the world | 29.5 | 7.8 | 42.5 | 55.0 | 134.8 |
| Total | $  264.5 | $  138.1 | $  718.2 | $  357.3 | $  1,478.1 |
| 2017 |  |  |  |  |  |
| Canada | $   26.6 | $   52.9 | $   72.9 | $   34.7 | $    187.1 |
| Europe | 176.5 | 11.0 | 310.6 | 98.1 | 596.2 |
| Asia | 2.4 | 7.3 | 205.9 | 109.8 | 325.4 |
| Middle East | 4.8 | 58.8 | 13.4 | 35.5 | 112.5 |
| Rest of the world | 23.2 | 6.1 | 42.0 | 48.7 | 120.0 |
| Total | $  233.5 | $  136.1 | $  644.8 | $  326.8 | $  1,341.2 |



## Text

Export sales from the U.S. during the years ended December 31, 2019, 2018 and 2017 were $531.8, $578.0 and $512.5, respectively. In the year ended December 31, 2019, these exports were shipped primarily to Asia (33%), Europe (24%), Canada (18%), Middle East (13%) and other (12%).


Sales to customers outside the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately shipped. Roper’s net revenues for the years ended December 31, 2019, 2018 and 2017 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 4% of total revenues for any of the three years presented:
## Table

|  |  |  | Year ended March 31, |  |  |
|---|---|---|---|---|---|
|  | 2019 (1) | 2018 | 2017 (1) | 2016 | 2015 |
| Consolidated Statements of Income data: |  |  |  |  |  |
| Net sales | $5,349.5 | $3,980.8 | $3,407.8 | $2,173.3 | $2,147.0 |
| Special charges and other, net (2) | $33.7 | $17.5 | $98.6 | $4.0 | $2.8 |
| Loss on settlement of debt (3) | $(12.6) | $(16.0) | $(43.9) | $— | $(50.6) |
| Net income from continuing operations | $355.9 | $255.4 | $170.6 | $323.9 | $365.3 |
| Basic net income per common share from continuing operations | $1.51 | $1.10 | $0.79 | $1.59 | $1.84 |
| Diluted net income per common share from continuing operations | $1.42 | $1.03 | $0.73 | $1.49 | $1.65 |
| Dividends declared per common share | $1.457 | $1.449 | $1.441 | $1.433 | $1.425 |
| Consolidated Balance Sheets data: |  |  |  |  |  |
| Total assets | $18,350.0 | $8,257.2 | $7,686.9 | $5,537.9 | $4,780.7 |
| Net long-term debt and capital lease obligations, less current maturities (3) | $8,956.0 | $1,769.1 | $2,912.1 | $2,465.8 | $1,840.0 |
| Microchip Technology stockholders' equity | $ 5,287.5 | $ 3,279.8 | $3,270.7 | $ 2,150.9 | $ 2,044.7 |



## Text

Item 6. SELECTED FINANCIAL DATA


You should read the following selected consolidated financial data for the five-year period ended March 31, 2019 in conjunction with our consolidated financial statements and notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Items 7 and 8 of this Form 10-K. Our consolidated statements of income data for each of the years in the three-year period ended March 31, 2019, and the balance sheet data as of March 31, 2019 and 2018, are derived from our audited consolidated financial statements, included in Item 8 of this Form 10-K. The statement of income data for the years ended March 31, 2016 and 2015 and balance sheet data as of March 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements not included herein (in the tables below all amounts are in millions, except per share data).


(1) Refer to Note 2 to our consolidated financial statements for an explanation of our material business combinations during fiscal 2019 and fiscal 2017.


(2) Refer to Note 4 to our consolidated financial statements for a discussion of the special charges and other, net.


(3) Refer to Note 12 Debt and Credit Facility for further discussion.
## Table

| Particulars of Remuneration | Key Managerial Personnel |  |  |
|---|---|---|---|
|  | Ramakrishnan V Chief Financial Officer | Rajendra Moholkar Company Secretary | Total |
| 1. Gross salary |  |  |  |
| (a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 | 72.06 | 21.66 | 93.72 |
| (b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 | 43.54 | 1.20 | 44.74 |
| (c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961 | - | - | - |
| 2. Stock Option | - | - | - |
| 3. Sweat Equity | - | - | - |
| 4. Commission | - | - | - |
| as % of profit | - | - | - |
| 5. Others, Allowances | 297.47 | 117.29 | 414.76 |
| Total | 413.07 | 140.15 | 553.22 |



## Text

C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD


Note: For more information, please refer to the Corporate Governance Report.
## Table

| (In millions) | 2019 | 2018 | 2017 | Location of Amount Reclassified from AOCL |
|---|---|---|---|---|
| Defined benefit pension plans and other post-employment benefits: |  |  |  |  |
| Prior service credits | $ 0.1 | $0.3 | $ 1.3 |  |
| Actuarial losses | (4.9) | (3.1) | (10.0) |  |
| Total pre-tax amount | (4.8) | (2.8) | (8.7) | Other (expense) income, net |
| Tax benefit | 1.2 | 0.7 | 2.5 |  |
| Net of tax | (3.6) | (2.1) | (6.2) |  |
| Net gains (losses) on cash flow hedging derivatives:(1) |  |  |  |  |
| Foreign currency forward contracts | 1.6 | 0.2 | 0.9 | Cost of sales |
| Interest rate and currency swaps | — | — | (3.4) |  |
| Treasury locks | 0.1 | 0.1 | 0.1 | Interest expense, net |
| Total pre-tax amount | 1.7 | 0.3 | (2.4) |  |
| Tax (expense) benefit | (0.6) | (0.1) | 0.8 |  |
| Net of tax | 1.1 | 0.2 | (1.6) |  |
| Total reclassifications for the period | (2.5 ) | (1.9 ) | (7.8 ) |  |



## Text

The following table provides detail of amounts reclassified from AOCL:


(1) These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for additional details.
## Table

|  | Group |  | Company |  |
|---|---|---|---|---|
|  | Fair values |  | Fair values |  |
|  | Assets | Liabilities | Assets | Liabilities |
| 2019 | S$ Mil | S$ Mil | S$ Mil | S$ Mil |
| Fair value and cash flow hedges |  |  |  |  |
| Cross currency swaps | 414.6 | 95.5 | 1.0 | 60.2 |
| Interest rate swaps | 11.1 | 59.8 | - | 8.9 |
| Forward foreign exchange contracts | 12.9 | 1.5 | 3.3 | 1.0 |
| Derivatives that do not qualify for hedge accounting |  |  |  |  |
| Cross currency swaps | - | - | 104.7 | 104.7 |
| Interest rate swaps | - | 1.9 | 17.5 | 17.5 |
| Forward foreign exchange contracts | 0.1 | - | 0.1 | - |
|  | 438.7 | 158.7 | 126.6 | 192.3 |
| Disclosed as – |  |  |  |  |
| Current | 155.1 | 9.2 | 0.7 | 0.5 |
| Non-current | 283.6 | 149.5 | 125.9 | 191.8 |
|  | 438.7 | 158.7 | 126.6 | 192.3 |



## Text

18.1 Fair Values


The fair values of the currency and interest rate swap contracts exclude accrued interest of S$16.3 million (31 March 2018: S$16.8 million). The accrued interest is separately disclosed in Note 16 and Note 27.


The fair values of the derivative financial instruments were as follows –
## Table

|  | For the Years |  | Ended December 31, |  |
|---|---|---|---|---|
|  | 2019 |  | 2018(1) |  |
| Net revenues |  |  |  |  |
| Product sales | $1,975 | 30% | $2,255 | 30% |
| Subscription, licensing, and other revenues | 4,514 | 70 | 5,245 | 70 |
| Total net revenues | 6,489 | 100 | 7,500 | 100 |
| Costs and expenses |  |  |  |  |
| Cost of revenues—product sales: |  |  |  |  |
| Product costs | 656 | 33 | 719 | 32 |
| Software royalties, amortization, and intellectual property licenses | 240 | 12 | 371 | 16 |
| Cost of revenues—subscription, licensing, and other |  |  |  |  |
| Game operations and distribution costs | 965 | 21 | 1,028 | 20 |
| Software royalties, amortization, and intellectual property licenses | 233 | 5 | 399 | 8 |
| Product development | 998 | 15 | 1,101 | 15 |
| Sales and marketing | 926 | 14 | 1,062 | 14 |
| General and administrative | 732 | 11 | 822 | 11 |
| Restructuring and related costs | 132 | 2 | 10 | — |
| Total costs and expenses | 4,882 | 75 | 5,512 | 73 |
| Operating income | 1,607 | 25 | 1,988 | 27 |
| Interest and other expense (income), net | (26) | — | 71 | 1 |
| Loss on extinguishment of debt (2) | — | — | 40 | 1 |
| Income before income tax expense | 1,633 | 25 | 1,877 | 25 |
| Income tax expense | 130 | 2 | 29 | — |
| Net income | $1,503 | 23% | $1,848 | 25% |



## Text

Consolidated Statements of Operations Data


The following table sets forth consolidated statements of operations data for the periods indicated (amounts in millions) and as a percentage of total net revenues, except for cost of revenues, which are presented as a percentage of associated revenues:


(1) During the three months ended March 31, 2019, we identified an amount which should have been recorded in the three months and year ended December 31, 2018 to reduce income tax expense by $35 million. Our statement of operations for the year ended December 31, 2018, as presented above, has been revised to reflect the correction. See further discussion in Note 2 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.


(2) Represents the loss on extinguishment of debt we recognized in connection with our debt financing activities during the year ended December 31, 2018. The loss on extinguishment is comprised of a $25 million premium payment and a $15 million write-off of unamortized discount and deferred financing costs.
## Table

|  | 2019 | 2018 | 2017 |
|---|---|---|---|
|  | S$ Mil | S$ Mil | S$ Mil |
| Statement of comprehensive income |  |  |  |
| Revenue | 250.1 | 353.9 | 144.1 |
| Profit after tax | 451.7 | 488.2 | 166.1 |
| Other comprehensive (loss)/ income | (0.9) | 10.9 | (1.6) |
| Total comprehensive income | 450.8 | 499.1 | 164.5 |
| Statement of financial position |  |  |  |
| Current assets | 743.1 | 720.0 | 701.9 |
| Non-current assets | 1,532.5 | 1,554.3 | 1,629.3 |
| Current liabilities | (305.1) | (444.4) | (483.6) |
| Non-current liabilities | (205.5) | (313.4) | (395.3) |
| Net assets | 1,765.0 | 1,516.5 | 1,452.3 |
| Less: Non-controlling interests | (304.6) | (342.2) | (411.6) |
| Net assets attributable to equity holders | 1,460.4 | 1,174.3 | 1,040.7 |
| Proportion of the Group’s ownership | 21.0% | 21.0% | 21.0% |
| Group’s share of net assets | 306.7 | 246.6 | 218.5 |
| Goodwill and other identifiable intangible assets | 1,441.7 | 1,417.6 | 1,371.7 |
| Others (1) | (46.8) | (23.0) | (8.4) |
| Carrying amount of the investment | 1,701.6 | 1,641.2 | 1,581.8 |
| Other items |  |  |  |
| Group’s share of market value | 1,653.2 | 1,639.6 | 1,525.0 |
| Dividends received during the year | 78.5 | 77.8 | - |



## Text

23. Associates (Cont'd)


The summarised financial information of the Group’s significant associate namely Intouch Holdings Public Company Limited (“Intouch”), based on its financial statements and a reconciliation with the carrying amount of the investment in the consolidated financial statements was as follows –


Note: (1) Others include adjustments to align the respective local accounting standards to SFRS(I).
## Table

|  | Year Ended December 31, |  |  |  |  |
|---|---|---|---|---|---|
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
| Consolidated Statement of Operations Data |  |  | (Dollars in thousands except share and per share data) |  |  |
| Net sales | $ 245,862 | $193,237 | $152,359 | $129,707 | $113,505 |
| Cost of goods sold | 131,665 | 103,247 | 79,943 | 69,336 | 58,856 |
| Gross profit | 114,197 | 89,990 | 72,416 | 60,371 | 54,649 |
| Selling, general and administrative expenses | 114,450 | 94,876 | 75,167 | 62,586 | 58,297 |
| Loss from operations | (253) | (4,886) | (2,751) | (2,215) | (3,648) |
| Other income (expenses), net | 5 | (102) | (525) | (182) | 449 |
| Interest expense | (991) | (296) | (910) | (698) | (455) |
| Loss before income taxes | (1,239) | (5,284) | (4,187) | (3,095) | (3,653) |
| Income tax expense | 144 | 77 | 75 | 66 | 58 |
| Net loss attributable to common stockholders | $(1,383) | $(5,361) | $(4,262) | $(3,161) | $(3,711) |
| Net loss per share |  |  |  |  |  |
| Basic | $(0.04) | $(0.15) | $(0.12) | $(0.09) | $(0.11) |
| Diluted | $(0.04) | $(0.15) | $(0.12) | $(0.09) | $(0.11) |
| Weighted Average shares of common stock outstanding |  |  |  |  |  |
| Basic | 35,950,117 | 35,329,170 | 34,487,239 | 33,674,416 | 33,497,940 |
| Diluted | 35,950,117 | 35,329,170 | 34,487,239 | 33,674,416 | 33,497,940 |



## Text

ITEM 6. SELECTED FINANCIAL DATA


The following selected consolidated financial data should be read together with our consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this report. The selected consolidated financial data in this section is not intended to replace our consolidated financial statements and the accompanying notes. Our historical results are not necessarily indicative of our future results.


We derived the consolidated statements of operations data for the fiscal years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 from our audited consolidated financial statements appearing elsewhere in this report. The consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this report.
## Table

|  | Balance at | ASC 606 | Balance at |
|---|---|---|---|
|  | February 28, 2018 | Adjustments | March 1, 2018 |
|  | Assets |  |  |
| Prepaid expenses and other current assets (1) | $12,000 | 1,891 | $13,891 |
| Deferred income tax assets | 31,581 | 532 | 32,113 |
| Other assets (1) | 18,829 | 3,145 | 21,974 |
|  |  |  |  |
|  | Liabilities and Stockholders' Equity |  |  |
| Deferred revenue | $17,757 | 2,156 | 19,913 |
| Other non-current liabilities | 24,249 | 5,007 | 29,256 |
|  |  |  |  |
|  | Stockholders' equity |  |  |



## Text

As a result of the adoption of ASC 606, our deferred product revenues and deferred product costs for the fleet management and auto vehicle finance verticals increased as balances are now amortized over the estimated average in-service lives of these devices. Deferred income tax assets and accumulated deficit increased as a result of the changes made to our deferred product revenues and deferred product costs. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of ASC 606 were as follows (in thousands):


(1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted to $5.4 million and $6.0 million, respectively, as of March 1, 2018.
## Table

|  | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total |
|---|---|---|---|---|---|
|  |  |  | (Dollars in millions, except per share amounts) |  |  |
| 2019 |  |  |  |  |  |
| Operating revenue | $5,647 | 5,578 | 5,606 | 5,570 | 22,401 |
| Operating (loss) income | (5,499) | 976 | 950 | 847 | (2,726) |
| Net (loss) income | (6,165) | 371 | 302 | 223 | (5,269) |
| Basic (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92) |
| Diluted (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92) |
| 2018 |  |  |  |  |  |
| Operating revenue | $5,945 | 5,902 | 5,818 | 5,778 | 23,443 |
| Operating income (loss) | 750 | 767 | 894 | (1,841) | 570 |
| Net income (loss) | 115 | 292 | 272 | (2,412) | (1,733) |
| Basic earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63) |
| Diluted earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63) |



## Text

(18) Quarterly Financial Data (Unaudited)


During the first quarter of 2019, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $6.5 billion for goodwill, see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.


During the fourth quarter of 2018, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $2.7 billion for goodwill see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.


During the first quarter of 2018, we recognized $71 million of expenses related to our acquisition of Level 3 followed by acquisition-related expenses of $162 million, $43 million and $117 million in the second, third and fourth quarters of 2018, respectively. During 2019, we recognized expenses related to our acquisition of Level 3 of $34 million, $39 million, $38 million and $123 million in the first, second, third and fourth quarters of 2019, respectively.
## Table

| SELECTED FINANCIAL DATA: IFRS |  |  |  |  |  |
|---|---|---|---|---|---|
| € millions, unless otherwise stated | 2019 | 2018 | 2017 | 2016 | 2015 |
| Income Statement Data: Years ended December 31, |  |  |  |  |  |
| Cloud revenue | 6,933 | 4,993 | 3,769 | 2,993 | 2,286 |
| Software licenses and support revenue | 16,080 | 15,628 | 15,780 | 15,431 | 14,928 |
| Cloud and software revenue | 23,012 | 20,622 | 19,549 | 18,424 | 17,214 |
| Total revenue | 27,553 | 24,708 | 23,461 | 22,062 | 20,793 |
| Operating profit | 4,473 | 5,703 | 4,877 | 5,135 | 4,252 |
| Profit after tax | 3,370 | 4,088 | 4,046 | 3,629 | 3,056 |
| Profit attributable to owners of parent | 3,321 | 4,083 | 4,008 | 3,642 | 3,064 |
| Earnings per share(1) |  |  |  |  |  |
| Basic in € | 2.78 | 3.42 | 3.35 | 3.04 | 2.56 |
| Diluted in € | 2.78 | 3.42 | 3.35 | 3.04 | 2.56 |
| Other Data: |  |  |  |  |  |
| Weighted-average number of shares outstanding |  |  |  |  |  |
| Basic | 1,194 | 1,194 | 1,197 | 1,198 | 1,197 |
| Diluted | 1,194 | 1,194 | 1,198 | 1,199 | 1,198 |
| Statement of Financial Position Data: At December 31, |  |  |  |  |  |
| Cash and cash equivalents | 5,314 | 8,627 | 4,011 | 3,702 | 3,411 |
| Total assets | 60,215 | 51,502 | 42,484 | 44,262 | 41,390 |
| Current financial liabilities(2) | 3,273 | 1,125 | 1,561 | 1,813 | 841 |
| Non-current financial liabilities(2) | 12,923 | 10,553 | 5,034 | 6,481 | 8,681 |
| Issued capital | 1,229 | 1,229 | 1,229 | 1,229 | 1,229 |
| Total equity | 30,822 | 28,877 | 25,515 | 26,382 | 23,295 |



## Text

ITEM 3. KEY INFORMATION


Selected Financial Data


The following table sets forth our selected consolidated financial data as of and for each of the years in the five-year period ended December 31, 2019. The consolidated financial data has been derived from, and should be read in conjunction with, our Consolidated Financial Statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS), presented in “Item 18. Financial Statements” of this report.


Our selected financial data and our Consolidated Financial Statements are presented in euros, unless otherwise stated.


(1) See Note (C.6) to our Consolidated Financial Statements for more information on earnings per share.


(2) The balances include primarily bonds, private placements and bank loans. See Note (E.3) to our Consolidated Financial Statements for more information on our financial liabilities.
## Table

|  |  |  | For the Years Ended December 31, |  |  |  |
|---|---|---|---|---|---|---|
|  | 2019 |  | 2018 |  | 2017 |  |
|  | Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue |
|  |  |  | (In millions, except percentages) |  |  |  |
| Revenues | $13.2 | 100% | $82.3 | 100% | $50.5 | 100% |
| Cost of revenues | 1.9 | 14% | 15.3 | 19% | 6.0 | 12% |
| Gross profit | 11.3 | 86% | 67.0 | 81% | 44.5 | 88% |
| Operating expenses: |  |  |  |  |  |  |
| Selling, general and administrative (1) | 31.7 | 240% | 32.2 | 39% | 28.6 | 57% |
| Research and development | 2.0 | 15% | 2.1 | 2% | 1.5 | 3% |
| Total operating expenses | 33.7 | 225% | 34.3 | 41% | 30.1 | 60% |
| Other income (expense) | (0.3) | (2)% | (4.0) | (5)% | 2.2 | 4% |
| Income (loss) before income taxes | (22.7) | (172%) | 28.7 | 35% | 16.6 | 33% |
| Income tax provision (benefit) | (6.2) | (47%) | 8.0 | 10% | (6.2) | (12)% |
| Net income (loss) | $(16.5) | (125)% | $20.7 | 25% | $22.8 | 45% |
| (1) Includes stock based compensation | $1.0 | 8% | $1.6 | 2% | $0.8 | 2% |



## Text

Results of Operations


We operate a cybersecurity business, focused on licensing and enforcement, providing advisory services, developing mobile security applications, and investing in emerging cybersecurity technologies and intellectual property. The following table summarizes our results of operations for the periods presented and as a percentage of our total revenue for those periods based on our consolidated statement of operations data. The year to year comparison of results of operations is not necessarily indicative of results of operations for future periods.