The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP:
(a) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.
(b) Represents additional operating costs incurred in connection with the start-up of our new manufacturing lines as part of the Freshpet Kitchens expansion project in 2016 that included adding two additional product lines.
(c) Represents the change of fair value for the outstanding common stock warrants. All outstanding warrants were converted to common stock in September 2017.
(d) Represents fees associated with secondary public offerings of our common stock
(e) Represents charges associated with our former Chief Executive Officer’s separation agreement as well as changes in estimates associated with leadership transition costs.
(f) Represents fees associated with two securities lawsuits

                                    | Twelve Months Ended December 31, |          |          |          |
----------------------------------- | -------------------------------- | -------- | -------- | -------- | --------
                                    | 2019                             | 2018     | 2017     | 2016     | 2015
                                    | (Dollars in thousands)           |          |          |          |
Net loss                            | $(1,383)                         | $(5,361) | $(4,262) | $(3,161) | $(3,711)
Depreciation and amortization       | 15,921                           | 14,068   | 12,692   | 9,887    | 7,574
Interest expense                    | 991                              | 296      | 910      | 698      | 455
Income tax expense                  | 144                              | 77       | 75       | 66       | 58
EBITDA                              | $15,673                          | $9,080   | $9,414   | $7,490   | $4,376
Loss on disposal of equipment       | 787                              | 142      | 104      | 190      | 94
Non-cash share-based compensation   | 7,834                            | 6,808    | 4,438    | 4,193    | 3,924
Launch expense (a)                  | 4,563                            | 3,540    | 3,066    | 2,813    | 2,626
Plant start-up expenses (b)         | —                                | —        | —        | 1,628    | —
Warrant fair valuation (c)          | —                                | —        | 335      | 49       | (503)
Secondary offering expenses (d)     | 302                              | 362      | —        | —        | 593
Leadership transition expenses (e)  | —                                | —        | 63       | 1,291    | —
Litigation expense (f)              | —                                | 348      | 145      | —        | —
Adjusted EBITDA                     | $29,159                          | $20,280  | $17,565  | $17,654  | $11,110
Adjusted EBITDA as a % of Net Sales | 11.9%                            | 10.5%    | 11.5%    | 13.6%    | 9.8%


Global Financing Financial Position Key Metrics
(1) Includes deferred initial direct costs which are eliminated in
IBM’s consolidated results.
(2) Includes intercompany mark-up, priced on an arm’s-length basis, on products purchased from the company’s product divisions which is eliminated in IBM’s consolidated results.
(3) Entire amount eliminated for purposes of IBM’s consolidated results and therefore does not appear in the Consolidated Balance Sheet.
(4) These assets, along with all other financing assets in this table, are
leveraged at the value in the table using Global Financing debt.
At December 31, 2019, substantially all financing assets were IT-related assets, and approximately 62 percent of the total external portfolio was with investment-grade clients with no direct exposure to consumers, an increase of 7 points year to year. This investment-grade percentage is based on the credit ratings of the companies in the portfolio.
We have a long-standing practice of taking mitigation actions, in certain circumstances, to transfer credit risk to third parties, including credit insurance, financial guarantees, nonrecourse borrowings, transfers of receivables recorded as true sales in
accordance with accounting guidance or sales of equipment under operating lease. Adjusting for the mitigation actions, the investment-grade content would increase to 67 percent, a decrease of 3 points year to year.

($ in millions)                                              |         |
------------------------------------------------------------ | ------- | -------
At December 31:                                              | 2019    | 2018
Cash and cash equivalents                                    | $ 1,697 | $ 1,833
Net investment in sales-type and direct financing leases (1) | 6,224   | 6,924
Equipment under operating leases— external clients (2)       | 238     | 444
Client loans                                                 | 12,884  | 12,802
Total client financing assets                                | 19,346  | 20,170
Commercial financing receivables                             | 3,820   | 11,838
Intercompany financing receivables (3) (4)                   | 3,870   | 4,873
Total assets                                                 | $29,568 | $41,320
Debt                                                         | 24,727  | 31,227
Total equity                                                 | $ 2,749 | $ 3,470


The following table sets forth a summary of our cash flows for the periods indicated (in thousands):
Our cash flows from operating activities are significantly influenced by our growth, ability to maintain our contractual billing and collection terms, and our investments in headcount and infrastructure to support anticipated growth. Given the seasonality and continued growth of our business, our cash flows from operations will vary from period to period.
Cash provided by operating activities was $115.5 million in 2019, compared to $90.3 million in 2018. The increase in operating cash flow was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to 2018.

                                                    |          | Year Ended December 31, |
--------------------------------------------------- | -------- | ----------------------- | --------
                                                    | 2019     | 2018                    | 2017
Net cash provided by operating activities           | $115,549 | $90,253                 | $67,510
Net cash used in investing activities               | (97,727) | (20,876)                | (36,666)
Net cash provided by (used in) financing activities | 14,775   | (278,016)               | 276,852


ISU plan
The Corporation offers to its executive officers and designated employees an Incentive Share Unit ("ISU") Plan. According to this plan, executive
officers and designated employees periodically receive a given number of ISUs which entitle the participants to receive subordinate voting shares of the Corporation after three years less one day from the date of grant.
The number of ISUs is based on the dollar value of the award and the average closing stock price of the Corporation for the previous twelve month period ending August 31. A trust was created for the purpose of purchasing these shares on the stock market in order to protect against stock price fluctuation and the Corporation instructed the trustee to purchase subordinate voting shares of the Corporation on the stock market. These shares are purchased and are held in trust for the participants until they are fully vested.
The trust, considered as a special purpose entity, is consolidated in the Corporation’s financial statements with the value of the acquired subordinate voting shares held in trust under the ISU Plan presented in reduction of share capital.
Under the ISU Plan, the following ISUs were granted by the Corporation and are outstanding at August 31:
A compensation expense of $2,046,000 ($2,461,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.

Years ended August 31,             | 2019     | 2018
---------------------------------- | -------- | --------
Outstanding, beginning of the year | 105,475  | 101,538
Granted                            | 37,600   | 47,900
Distributed                        | (44,470) | (35,892)
Cancelled                          | (26,780) | (8,071)
Outstanding, end of the year       | 71,825   | 105,475


Note 15. Employee Benefit Plans
Defined Benefit Plans
The Company has defined benefit pension plans that cover certain French and German employees. Most of these defined pension plans, which were acquired in the Atmel and Microsemi acquisitions, are unfunded. Plan benefits are provided in accordance with local statutory requirements. Benefits are based on years of service and employee compensation levels. Pension liabilities and charges are based upon various assumptions, updated annually, including discount rates, future salary increases, employee turnover, and mortality rates. The Company’s French pension plan provides for termination benefits paid to covered French employees only at retirement, and consists of approximately one to five months of salary. The Company's German pension plan provides for defined benefit payouts for covered German employees following retirement.
The aggregate net pension expense relating to these two plans is as follows (in millions):
Interest costs and amortization of actuarial losses are recorded in the other (loss) income, net line item in the statements of income.

                               |      | Year Ended March 31, |
------------------------------ | ---- | -------------------- | ----
                               | 2019 | 2018                 | 2017
Service costs                  | $1.5 | $2.2                 | $1.4
Interest costs                 | 1.1  | 1.0                  | 1.0
Amortization of actuarial loss | 0.4  | 0.8                  | —
Settlements                    | —    | —                    | 0.5
Net pension period cost        | $3.0 | $4.0                 | $2.9


Cubic Transportation Systems
Sales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017.
Operating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017.
Adjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.

                 | Fiscal 2018 | Fiscal 2017   | % Change
---------------- | ----------- | ------------- | --------
                 |             | (in millions) |
Sales            | $ 670.7     | $  578.6      | 16 %
Operating income | 60.4        | 39.8          | 52
Adjusted EBITDA  | 73.3        | 48.8          | 50


SIGNIFICANT ASSUMPTIONS
We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.
(1) Cost of living indexation rate is only applicable to DB pension plans
The weighted average duration of the post-employment benefit obligation is 14 years.
We assumed the following trend rates in healthcare costs: • an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years • an annual increase in the cost of covered dental benefits of 4% • an annual increase in the cost of covered hospital benefits of 3.7% • an annual increase in the cost of other covered healthcare benefits of 4%
Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans.

                                    | DB PENSION PLANS AND OPEB PLANS |
----------------------------------- | ------------------------------- | -----
FOR THE YEAR ENDED DECEMBER 31      | 2019                            | 2018
Post-employment benefit obligations |                                 |
Discount rate                       | 3.1%                            | 3.8%
Rate of compensation increase       | 2.25%                           | 2.25%
Cost of living indexation rate (1)  | 1.6%                            | 1.6%
Life expectancy at age 65 (years)   | 23.2                            | 23.1


Property and equipment consist of the following (in thousands):
Depreciation expense was $1.2 million and $1.6 million for the years ended December 31, 2019 and 2018, respectively.
Amortization of capitalized internal-use software and website development costs was $157,000 and $247,000 for the years ended December 31, 2019 and 2018, respectively.

December 31,                                              |          |
--------------------------------------------------------- | -------- | --------
                                                          | 2019     | 2018
Computer hardware and software                            | $3,427   | $3,353
Office equipment and office furniture                     | 8,148    | 7,814
Capitalized internal-use software and website development | 4,390    | 4,383
Leasehold improvements                                    | 6,247    | 6,140
                                                          | 22,212   | 21,690
Less accumulated depreciation and amortization            | (19,230) | (17,900)
Total                                                     | $2,982   | $3,790


The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award vesting term of four years. Forfeitures are accounted for as they occur.
Total stock-based compensation cost capitalized in inventory was less than $0.8 million in the years ended December 31, 2019, 2018 and 2017.
As of December 31, 2019, $7.8 million of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 2.1 years and $41.3 million of unrecognized compensation cost related to unvested RSUs is expected to be recognized over a weighted-average period of 2.2 years. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate, increase or cancel all or a portion of the remaining unearned stock-based compensation expense.
The  following  table  sets  forth  the  stock-based  compensation  expense  resulting  from  stock  options,  RSUs,  and  the  ESPP  included  in  the  Company’s consolidated statements of operations:

                           |         | Year Ended December 31, |
-------------------------- | ------- | ----------------------- | -------
                           | 2019    | 2018                    | 2017
                           |         | (In thousands)          |
Cost of revenue            | $2,843  | $2,435                  | $1,406
Research and development   | 6,532   | 4,283                   | 2,968
Sales and marketing        | 9,069   | 8,267                   | 5,481
General and administrative | 10,693  | 11,476                  | 9,114
Total                      | $29,137 | $26,461                 | $18,969


Note 11. Non-current assets - deferred tax assets
Critical accounting judgements, estimates and assumptions
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Calculation of future taxable amounts involve the use of assumptions and management judgments.
A deferred tax asset can only be recorded for the portion of a potential benefit where utilisation is considered probable. The assessment of future taxable amounts involves the use of assumptions and management judgments. The Group has fully recognised a deferred tax asset of $79.3m in relation to assets previously transferred to USA. It is considered probable that there will be future taxable income in the USA to fully realise these temporary differences.

Consolidated                                                        |        |
------------------------------------------------------------------- | ------ | ------
                                                                    | 2019   | 2018
                                                                    | US$000 | US$000
Deferred tax asset comprises temporary differences attributable to: |        |
Amounts recognised in profit or loss:                               |        |
Tax losses                                                          | 2,068  | 688
Property, plant and equipment                                       | (176)  | 58
Employee benefits                                                   | 608    | 235
Employee entitlements                                               | 714    | -
Intellectual property                                               | 79,260 | 79,011
Revenue received in advance                                         | 633    | 1,019
Provisions                                                          | 1,054  | 328
Foreign currency translation                                        | 613    | 534
Tax credits                                                         | 17     | -
Deferred rent                                                       | 82     | 163
                                                                    | 84,873 | 82,036
Amounts recognised in equity:                                       |        |
Transaction costs on share issue                                    | -      | 84
Deferred tax asset                                                  | 84,873 | 82,120
Amount expected to be recovered within 12 months                    | 26,588 | 26,995
Amount expected to be recovered after more than 12 months           | 58,285 | 55,125
Movements:                                                          |        |
Opening balance                                                     | 82,120 | 82,946
Credited/(charged) to profit or loss (note 5)                       | 2,440  | (933)
Additions through business combinations (note 28)                   | 314    | 105
Translation differences                                             | (1)    | 2
Closing balance                                                     | 84,873 | 82,120


1. Description of the business and summary of significant accounting policies: (Continued)
Shares of restricted stock are included in the computation of basic EPS as they vest and are included in diluted EPS, to the extent they are dilutive, determined using the treasury stock method.
The following details the determination of the diluted weighted average shares:

                                     | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017
------------------------------------ | ---------------------------- | ---------------------------- | ----------------------------
Weighted average common shares—basic | 45,542,315                   | 45,280,161                   | 44,855,263
Dilutive effect of stock options     | 32,222                       | 33,134                       | 31,534
Dilutive effect of restricted stock  | 505,858                      | 467,659                      | 297,406
                                     | 46,080,395                   | 45,780,954                   | 45,184,203


AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):
(1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.

                                                                                |           | Three Months Ended |               |              |
------------------------------------------------------------------------------------------- | --------- | ------------------ | ------------- | ------------ | -----------------------
                                                                                | March 31, | June 30,           | September 30, | December 31, | Year Ended December 31,
2018:                                                                                |           |                    |               |              |
Operating revenues                                                                          | $1,741.8  | $1,780.9           | $1,785.5      | $2,131.9     | $7,440.1
Costs of operations (1)                                                                     | 519.9     | 560.3              | 556.7         | 540.9        | 2,177.8
Operating income                                                                            | 402.9     | 546.0              | 567.2         | 388.9        | 1,905.0
Net income                                                                                | 280.3     | 314.4              | 377.3         | 292.7        | 1,264.7
Net income attributable to American Tower Corporation stockholders                          | 285.2     | 306.7              | 366.9         | 277.6        | 1,236.4
Dividends on preferred stock                                                                | (9.4)     | —                  | —             | —            | (9.4)
Net income attributable to American Tower Corporation common stockholders                   | 275.8     | 306.7              | 366.9         | 277.6        | 1,227.0
Basic net income per share attributable to American Tower Corporation common stockholders   | 0.63      | 0.69               | 0.83          | 0.63         | 2.79
Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63      | 0.69               | 0.83          | 0.62         | 2.77


16. Transactions With Affiliate:
Our business includes certain transactions with our majority shareholder, Kyocera, that are governed by agreements between the parties that define the sales terms,
including pricing for the products. The nature and amounts of transactions with Kyocera are included in the table below.
Kyocera notified AVX pursuant to the Products Supply and Distribution Agreement in December 2016 of its intent, effective January 1, 2018, to market its
manufactured electronic and interconnect products globally using Kyocera’s sales force rather than continuing to have AVX resell such products in the Americas,
Europe and Asia. During fiscal 2017, 2018 and 2019 sales of Kyocera resale products by AVX were $318,928, $296,316 and $18,951, respectively, and related operating
profit was $17,076, $18,177 and $3,300, respectively

                                                                                |         | Fiscal Yaar Ended March 31, |
--------------------------------------------------------------------------------- | ------- | --------------------------- | -------
                                                                                | 2017    | 2018                        | 2019
Sales:                                                                            |         |                             |
Product and equipment sales to affliates                                          | $30,303 | $26,069                     | $10,436
Purchases                                                                         |         |                             |
Purchases of resale inventories, raw materials, supplies, equipment, and services | 303,793 | 256,660                     | 9,399
Other                                                                             |         |                             |
Dividends paid                                                                    | 52,983  | 54,810                      | 56,028


The Company’s unused short-term lines of credit amounted to NT$77,658 million and NT$64,169 million as of December 31, 2018 and 2019, respectively.
(10) Short-Term Loans

                      | As of December 31, |
--------------------- | ------------------ | -----------------
                      | 2018               | 2019
                      | NT$(In Thousands)  | NT$(In Thousands)
Unsecured bank loans  | $7,780,552         | $8,080,200
Unsecured other loans | 5,323,256          | 3,935,006
Total                 | $13,103,808        | $12,015,206


Assumptions
Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows:
(1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.
(2) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.

                                            |      | Pension |
------------------------------------------- | ---- | ------- | ----
                                            | 2019 | 2018    | 2017
Net periodic benefit cost:                  |      |         |
Expected long-term return on plan assets(1) | 3.6% | 3.8%    | 3.3%
Rate of compensation increase               | 4.4% | 3.3%    | 2.7%
Discount rate                               | 2.2% | 2.1%    | 1.9%
Projected benefit obligation:               |      |         |
Expected long-term return on plan assets    | 2.0% | 3.6%    | 4.0%
Rate of compensation increase               | 4.3% | 4.4%    | 4.4%
Discount rate(2)                            | 1.7% | 2.2%    | 2.3%


LIQUIDITY AND CAPITAL RESOURCES
Our primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below.
At January 31, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $953.6 million and net accounts receivable of $474.3 million
On December 17, 2018, Autodesk entered into a new Credit Agreement (the “Credit Agreement”) for an unsecured revolving loan facility in the aggregate principal amount of $650.0 million, with an option to request increases in the amount of the credit facility by up to an additional $350.0 million. The Credit Agreement replaced and terminated our $400.0 million Amended and Restated Credit Agreement. The maturity date on the line of credit facility is December 2023. At January 31, 2019, Autodesk had no outstanding borrowings on this line of credit. As of March 25, 2019, we have no amounts outstanding under the credit facility. See Part II, Item 8, Note 8, "Borrowing Arrangements," in the Notes to Consolidated Financial Statements for further discussion on our covenant requirements. If we are unable to remain in compliance with the covenants, we will not be able to draw on our credit facility.
On December 17, 2018, we also entered into a Term Loan Agreement (the “Term Loan Agreement”) which provided for a delayed draw term loan facility in the aggregate principal amount of $500.0 million. On December 19, 2018, we borrowed a $500.0 million term loan under the Term Loan Agreement in connection with the acquisition of PlanGrid. See Part II, Item 8,Note 8, "Borrowing Arrangements," in the Notes to Consolidated Financial Statements for further discussion on the Term Loan Agreement terms and Part II, Item 8, Note 6, "Acquisitions" for further discussion on the PlanGrid acquisition.
In addition to the term loan, as of January 31, 2019, we have $1.6 billion aggregate principal amount of Notes outstanding. See Part II, Item 8, Note 8, "Borrowing Arrangements," in the Notes to Consolidated Financial Statements for further discussion.
Our cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $650.0 million line of credit.
Long-term cash requirements for items other than normal operating expenses are anticipated for the following: repayment of debt; common stock repurchases; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase and implementation of internal-use software applications
Our cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings.
Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A titled “Risk Factors.” However, based on our current business plan and revenue prospects, we believe that our existing balances, our anticipated cash flows from operations and our available credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months.
Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” for further discussion.
Net cash provided by operating activities of $377.1 million for fiscal 2019 consisted of $371.8 million of non-cash expenses, including stock-based compensation expense, restructuring charges, net, depreciation, amortization and accretion expense, offsetting our net loss of $80.8 million, and included $86.1 million of cash flow provided by changes in operating assets and liabilities.
The primary working capital source of cash was an increase in deferred revenue from $1,955.1 million as of January 31, 2018, to $2,091.4 million as of January 31, 2019. The primary working capital uses of cash were decreases in accounts payable and other accrued liabilities.
Net cash used in investing activities was $710.4 million for fiscal 2019 and was primarily due to acquisitions, net of cash acquired and purchases of marketable securities. These cash outflows were partially offset by sales and maturities of marketable securities.
At January 31, 2019, our short-term investment portfolio had an estimated fair value of $67.6 million and a cost basis of $62.8 million. The portfolio fair value consisted of $60.3 million of trading securities that were invested in a defined set of mutual funds as directed by the participants in our Deferred Compensation Plan (see Note 7, “Deferred Compensation,” in the Notes to Consolidated Financial Statements for further discussion) and $7.3 million invested in other available-for-sale shortterm securities.
Net cash provided by financing activities was $151.9 million in fiscal 2019 and was primarily due to proceeds from debt issuance, net of discount and proceeds from issuance of stock. These cash inflows were partially offset by repurchases of our common stock and taxes paid related to net share settlement of equity awards.

                                                    |         | Fiscal year ended January 31, |
--------------------------------------------------- | ------- | ----------------------------- | -------
(in millions)                                       | 2019    | 2018                          | 2017
Net cash provided by operating activities           | $377.1  | $0.9                          | $169.7
Net cash (used in) provided by investing activities | (710.4) | 506.4                         | 272.0
Net cash provided by (used in) financing activities | 151.9   | (656.6)                       | (578.3)


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in millions, unless otherwise disclosed)
At December 31, 2019, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows:

Years ended December 31, | Federal | State  | Foreign
------------------------ | ------- | ------ | -------
2020 to 2024             | $—      | $222.3 | $11.9
2025 to 2029             | 141.6   | 285.7  | 104.8
2030 to 2034             | 7.0     | 41.4   | 19.6
2035 to 2039             | 3.6     | 159.5  | —
Indefinite carryforward  | 22.8    | —      | 853.8
Total                    | $175.0  | $708.9 | $990.1


Financial review
2019 was a challenging year for the retail property sector with the ongoing structural changes and low consumer confidence impacting some weaker retailers and leading to a higher level of CVAs and administrations. This impacted our revenue, net rental income and property valuations, with like-for-like net rental income down 9.1 per cent and the property revaluation deficit was £1,979.7 million.
Fixing the balance sheet is our top strategic priority and although the notes accompanying these financial statements indicate a material uncertainty in relation to intu’s ability to continue as a going concern we have options including alternative capital structures and further disposals to put us on a stronger financial footing.
1 A reconciliation from the IFRS consolidated income statement to the underlying earnings amounts presented above is provided in presentation of information on page 161.
2 Other underlying amounts includes net other income, share of underlying profit in associates and any underlying amounts attributable to non-controlling interests.
3 Other non-underlying amounts includes losses on disposal of subsidiaries, gains on sale of investment and development property, write-down on recognition of joint ventures and other assets classified as held for sale, impairment of goodwill, impairment of investment in associates, impairment of loan to associate, exceptional administration expenses, exceptional tax, and any non-underlying amounts attributable to non-controlling interests.
The IFRS loss for the year attributable to owners of intu properties plc increased by £818.7 million to £1,950.9 million, with the IFRS basic loss per share increasing by 60.8 pence. Underlying earnings decreased by £65.9 million to £127.2 million, with a corresponding reduction in underlying EPS of 4.9 pence. The key drivers of these variances are discussed below.

£m                                                                    | Notes | 2019      | 2018      | Change
--------------------------------------------------------------------- | ----- | --------- | --------- | -------
Net rental income                                                     | A     | 401.6     | 450.5     | (48.9)
Administration expenses                                               | B     | (40.5)    | (44.0)    | 3.5
Net finance costs                                                     | C     | (224.6)   | (220.4)   | (4.2)
Tax on underlying profit                                              | D     | (17.6)    | (0.7)     | (16.9)
Other underlying amounts2                                             |       | 8.3       | 7.7       | 0.6
Underlying earnings1                                                  |       | 127.2     | 193.1     | (65.9)
Revaluation of investment and development property                    | E     | (1,979.7) | (1,405.0) | (574.7)
Change in fair value of financial
instruments                         | F     | (75.3)    | 86.3      | (161.6)
Other finance charges – exceptional                                   | G     | (37.7)    | (28.4)    | (9.3)
Other non-underlying amounts3                                         |       | 14.6      | 21.8      | (7.2)
IFRS loss for the year attributable
to owners of intu properties plc1 |       | (1,950.9) | (1,132.2) | (818.7)
IFRS basic loss per share (pence)                                     |       | (145.1)p  | (84.3)p   | (60.8)p
Underlying EPS (pence)                                                |       | 9.5p      | 14.4p     | (4.9)p


A.3.10 Reconciliation to Consolidated Financial Statements
The negative swing in Corporate items was mainly due to large positive effects in fiscal 2018 – the gain of € 900 million resulting from the transfer of Siemens’ shares in Atos SE to Siemens Pension- Trust e. V. and the gain of € 655 million from the sale of OSRAM Licht AG shares. These effects substantially outweighed a positive result in fiscal 2019 from the measurement of a major asset retirement obligation, which was previously reported in Centrally managed portfolio activities. Severance charges within Corporate items were € 99 million (€ 159 million in fiscal 2018).

                                                                    |         | Fiscal year
------------------------------------------------------------------- | ------- | -----------
(in millions of €)                                                  | 2019    | 2018
Real Estate Services                                                | 145     | 140
Corporate items                                                     | (562)   | 631
Centrally carried pension expense                                   | (264)   | (423)
Amortization of intangible assets acquired in business combinations | (1,133) | (1,164)
Eliminations, Corporate Treasury and other reconciling items        | (215)   | (318)
Reconciliation to Consolidated financial Statements                 | (2,028) | (1,135)


Other non-current assets
Other non-current assets consisted of the following (in thousands):

                                    | December 31, 2019 | December 31, 2018
----------------------------------- | ----------------- | -----------------
Right of use assets                 | $33,014           | $—
Deferred contract acquisition costs | 3,297             | 3,184
Deposits                            | 2,338             | 1,975
Other                               | 3,197             | 3,461
Total other non-current assets      | 41,846            | $8,620


The components of the provision for income taxes attributable to continuing operations are as follows (in thousands):
On a consolidated basis, the Company has incurred operating losses and has recorded a full valuation allowance against its US, UK, New Zealand, Hong Kong, and Brazil deferred tax assets for all periods to date and, accordingly, has not recorded a provision (benefit) for income taxes for any of the periods presented other than a provision (benefit) for certain foreign and state income taxes. Certain foreign subsidiaries and branches of the Company provide intercompany services and are compensated on a cost-plus basis, and therefore, have incurred liabilities for foreign income taxes in their respective jurisdictions.

                                   |        | Year Ended December 31, |
---------------------------------- | ------ | ----------------------- | ------
                                   | 2019   | 2018                    | 2017
Current income tax provision:      |        |                         |
Federal                            | $—     | $—                      | $—
State                              | 225    | 204                     | 114
Foreign                            | 2,467  | 2,514                   | 1,580
Total current income tax provision | 2,692  | 2,718                   | 1,694
Deferred income tax benefit:       |        |                         |
Federal                            | $—     | —                       | $—
State                              | —      | —                       | —
Foreign                            | (2)    | (123)                   | 52
Total deferred income tax benefit  | (2)    | (123)                   | 52
Total income tax provision         | $2,690 | $2,595                  | $1,746


Income from Equity Investees
Marine Services: Income from equity investees within our Marine Services segment for the year ended December 31, 2019 decreased $14.1 million to $5.6 million from $19.7 million for the year ended year ended December 31, 2018. The decrease was driven by HMN, due to lower revenues on large turnkey projects underway than in the comparable period.
The equity investment in HMN has contributed $5.0 million and $12.7 million in income from equity investees for the years ended December 31, 2019 and 2018, respectively. Further contributing to the reduction in income were losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization.
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.

                             |       | Years Ended December 31, |
---------------------------- | ----- | ------------------------ | ---------------------
                             | 2019  | 2018                     | Increase / (Decrease)
Construction                 | $—    | $ (0.2)                  | $ 0.2
Marine Services              | 5.6   | 19.7                     | (14.1)
Life Sciences                | (3.4) | (4.0)                    | 0.6
Other                        | —     | (0.1)                    | 0.1
Income from equity investees | $ 2.2 | $ 15.4                   | $ (13.2)


The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.
The fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
As of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.

                        |               | YearEnded     |
----------------------- | ------------- | ------------- | -------------
                        | June 30, 2019 | June 24, 2018 | June 25, 2017
Expected volatility     | 32.65%        | 34.07%        | 27.48%
Risk-free interest rate | 2.52%         | 2.35%         | 1.55%
Expected term (years)   | 2.92          | 2.92          | 2.92
Dividend yield          | 2.49%         | 1.05%         | 1.50%


Segment Data
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.
The Company derives its revenue from providing comprehensive electronics design, production and product management services. The chief operating decision maker evaluates performance and allocates resources on a segment basis. The Company’s operating segments consist of two segments – EMS and DMS, which are also the Company’s reportable segments. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles.
The EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing the Company’s large scale manufacturing infrastructure and the ability to serve a broad range of end markets. The EMS segment is a high volume business that produces products at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the automotive and transportation, capital equipment, cloud, computing and storage, defense and aerospace, industrial and energy, networking and telecommunications, print and retail, and smart home and appliances industries.
The DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. The DMS segment includes customers primarily in the edge devices and accessories, healthcare, mobility and packaging industries.
Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, restructuring of securities loss, goodwill impairment charges, business interruption and impairment charges, net, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense, interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests.
Total segment assets are defined as accounts receivable, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties. 99
The following tables set forth operating segment information (in thousands):

            |             | Fiscal Year Ended August 31, |
----------- | ----------- | ---------------------------- | -----------
            | 2019        | 2018                         | 2017
Net revenue |             |                              |
EMS         | $15,430,529 | $12,268,600                  | $11,077,622
DMS         | 9,851,791   | 9,826,816                    | 7,985,499
            | $25,282,320 | $22,095,416                  | $19,063,121


Discontinued Operations
In December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the "inverter business"). Accordingly, the results of our inverter business have been reflected as “Income (loss) from discontinued operations, net of income taxes” on our Consolidated Statements of Operations for all periods presented herein.
The effect of our sales of extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
The significant items included in "Income (loss) from discontinued operations, net of income taxes" are as follows:

                                                                | Years Ended December 31, |
--------------------------------------------------------------- | ------------------------ | -----
                                                                | 2019                     | 2018
Sales                                                           | $  —                     | $  —
Cost of sales                                                   | (901)                    | (88)
Total operating expense                                         | 1,022                    | 96
Operating income (loss) from discontinued operations            | (121)                    | (8)
Other income (expense)                                          | 10,895                   | (24)
Income (loss) from discontinued operations before income taxes  | 10,774                   | (32)
Provision (benefit) for income taxes                            | 2,294                    | 6
Income (loss) from discontinued operations, net of income taxes | $8,480                   | $(38)


10. Segment Information
The Company reports financial performance based on its segments, ACI On Premise and ACI On Demand, and analyzes Segment Adjusted EBITDA as a measure of segment profitability.
The Company’s interim Chief Executive Officer is also the chief operating decision maker ("CODM"). The CODM, together with other senior management personnel, focus their review on consolidated financial information and the allocation of resources based on operating results, including revenues and Segment Adjusted EBITDA, for each segment, separate from Corporate operations.
ACI On Premise serves customers who manage their software on site or through a third-party cloud service provider. These onpremise customers use the Company’s software to develop sophisticated solutions, which are often part of a larger system located and managed at the customer specified site. These customers require a level of control and flexibility that ACI On Premise solutions can offer, and they have the resources and expertise to take a lead role in managing these solutions.
ACI On Demand serves the needs of banks, merchants, and billers who use payments to facilitate their core business. These ondemand solutions are maintained and delivered through the cloud via our global data centers and are available in either a singletenant environment for SaaS offerings, or in a multi-tenant environment for PaaS offerings.
Revenue is attributed to the reportable segments based upon the product sold and mechanism for delivery to the customer. Expenses are attributed to the reportable segments in one of three methods, (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual products, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities as well as information technology and facilities related expense for which multiple segments benefit. The Company also allocates certain depreciation costs to the segments.
Segment Adjusted EBITDA is the measure reported to the CODM for purposes of making decisions on allocating resources and assessing the performance of the Company’s segments and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting. Segment Adjusted EBITDA is defined as earnings (loss) from operations before interest, income tax expense (benefit), depreciation and amortization (“EBITDA”) adjusted to exclude stock-based compensation, and net other income (expense).
Corporate and unallocated expenses consist of the corporate overhead costs that are not allocated to reportable segments. These overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity, and other costs that are not considered when management evaluates segment performance. For the year ended December 31, 2017, corporate and unallocated expenses included $46.7 million of general and administrative expense for the legal judgment discussed in Note 15, Commitments and Contingencies.
The following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands):
Assets are not allocated to segments, and the Company’s CODM does not evaluate operating segments using discrete asset information.

                                       |            | Years Ended December 31, |
-------------------------------------- | ---------- | ------------------------ | ----------
                                       | 2019       | 2018                     | 2017
Revenues                               |            |                          |
ACI On Premise                         | $579,334   | $576,755                 | $598,590
ACI On Demand                          | 678,960    | 433,025                  | 425,601
Total revenue                          | $1,258,294 | $1,009,780               | $1,024,191
Segment Adjusted EBITDA                |            |                          |
ACI On Premise                         | $ 321,305  | $ 323,902                | $ 347,094
ACI On Demand                          | 66,501     | 12,015                   | (1,832 )
Depreciation and amortization          | (122,569 ) | (97,350 )                | (102,224 )
Stock-based compensation expense       | (36,763 )  | (20,360 )                | (13,683 )
Corporate and unallocated expenses     | (104,718 ) | (92,296 )                | (144,715 )
Interest, net                          | (52,066 )  | (30,388 )                | (38,449 )
Other, net                             | 520        | (3,724 )                 | (2,619 )
Income before income taxes             | $ 72,210   | $ 91,799                 | $ 43,572
Depreciation and amortization          |            |                          |
ACI On Premise                         | $ 11,992   | $ 11,634                 | $ 13,094
ACI On Demand                          | 34,395     | 31,541                   | 34,171
Corporate                              | 76,182     | 54,175                   | 54,959
Total depreciation and amortization    | $ 122,569  | $ 97,350                 | $ 102,224
Stock-based compensation expense       |            |                          |
ACI On Premise                         | $ 7,651    | $ 4,348                  | $ 2,234
ACI On Demand                          | 7,995      | 4,338                    | 2,230
Corporate                              | 21,117     | 11,674                   | 9,219
Total stock-based compensation expense | $36,763    | $20,360                  | $13,683


Cubic Mission Solutions
Sales: CMS sales increased 23% to $207.0 million in fiscal 2018 compared to $168.9 million in 2017. The increase in sales was primarily due to increased orders and shipments of expeditionary satellite communications products, tactical networking products, and Command and Control, Intelligence, Surveillance and Reconnaissance (C2ISR) products and services. Businesses acquired during fiscal years 2018 and 2017 whose operations are included in our CMS operating segment had sales of $5.6 million and $1.5 million for fiscal years 2018 and 2017, respectively.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $20.8 million in 2018 and $23.6 million in 2017. The $2.8 million decrease in amortization expense is related to purchased intangible assets that are amortized based upon accelerated methods.
Operating Income: CMS had an operating loss of $0.1 million in 2018 compared to $9.3 million in 2017. CMS realized increased profits from expeditionary satellite communications products, tactical networking products, and C2ISR products and services. As mentioned above, amortization of purchased intangibles decreased to $20.8 million in 2018 compared to $23.6 million in 2017. CMS increased R&D expenditures between 2017 and 2018 by $10.8 million, primarily driven by development of new antenna technologies. Businesses acquired by CMS in fiscal years 2018 and 2017 incurred operating losses of $4.7 million in fiscal 2018 compared to $2.9 million in fiscal 2017. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.8 million incurred in fiscal years 2018 and 2017, respectively.
Adjusted EBITDA: CMS Adjusted EBITDA increased 82% to $26.2 million in 2018 compared to $14.4 million in 2017.
The increase in CMS Adjusted EBITDA was primarily due to the same items described in the operating income section
above, excluding the changes in amortization expense and acquisition transaction costs discussed above as such items are
excluded from Adjusted EBITDA.

                | Fiscal 2018 | Fiscal 2017   | % Change
--------------- | ----------- | ------------- | --------
                |             | (in millions) |
Sales           | $  207.0    | $  168.9      | 23 %
Operating loss  | (0.1)       | (9.3)         | (99)
Adjusted EBITDA | 26.2        | 14.4          | 82


A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):
The total liability for gross unrecognized tax benefits as of December 31, 2019, 2018 and 2017 includes $9.6 million, $0.4 million and $0.2 million, respectively, of unrecognized net tax benefits which, if ultimately recognized, would reduce our annual effective tax rate in a future period. These liabilities, along with liabilities for interest and penalties, are included in accounts payable and accrued expenses and Other long-term liabilities in our consolidated balance sheet. Interest, which is included in Interest expense in our consolidated statement of income, was not material for all years presented.
During the year ended December 31, 2019, we recognized an increase in unrecognized tax benefits of approximately $7.7 million related to an increase in research and development tax credits available to us for tax years 2016-2018 and $1.8 million for the 2019 tax year.
We are subject to income taxes in the U.S., various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. We are no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for the years before 2015. We are no longer subject to U.S. state tax examinations by tax authorities for the years before 2014. We believe it is reasonably possible that within the next year our unrecognized tax benefits may decrease by $1.9 million due to the acceptance of a portion of our amended research and development credits.

                                                     |        | December 31, |
---------------------------------------------------- | ------ | ------------ | -----
                                                     | 2019   | 2018         | 2017
Gross unrecognized tax benefits at beginning of year | $490   | $220         | $293
Increases in tax positions for prior years           | 7,718  | 36           | —
Increases in tax positions for current year          | 1,839  | 320          | 32
Decreases in tax positions for prior years           | (412)  | —            | —
Lapse in statute of limitations                      | —      | (86)         | (105)
Gross unrecognized tax benefits at end of year       | $9,635 | $490         | $220


NOTE 11 – OTHER RECEIVABLES
No significant other receivables are past due or credit impaired.
The carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 21 for further information on fair value hierarchies.

USDm                                | 2019 | 2018
----------------------------------- | ---- | ----
Partners and commercial managements | 1.9  | -
Derivative financial instruments    | 0.5  | 3.7
Tax receivables                     | 1.5  | 1.2
Other                               | 2.3  | 2.6
Balance as of 31 December           | 6.2  | 7.5


Substantial shareholdings
The voting rights in the table below have been determined in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency Rules DTR 5, and represent 3% or more of the voting rights attached to issued shares in the Company as at 28th February 2020 and 31st December 2019. There are no Controlling Founder Shareholders.

                                  | As at 31.12.19            |                           | As at 28.02.20            |
--------------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------
Substantial shareholdings         | Number of Ordinary shares | % of issued share capital | Number of Ordinary shares | % of issued share capital
The Capital Group Companies, Inc. | 6,584,006                 | 8.9%                      | 6,598,428                 | 8.9%
Sun Life Financial, Inc.          | 5,566,823                 | 7.5%                      | 5,481,561                 | 7.4%
BlackRock, Inc.                   | 4,624,204                 | 6.3%                      | 4,913,790                 | 6.7%
Fiera Capital Corporation         | 4,764,251                 | 6.5%                      | 4,768,688                 | 6.5%
APG Groep N.V.                    | 4,068,000                 | 5.5%                      | 4,068,000                 | 5.5%
The Vanguard Group, Inc.          | 2,569,081                 | 3.5%                      | 2,637,287                 | 3.6%