| _id | d1b3c8b00 |
| title |  |
| text | Marine Services Segment GMSL generally generates revenue by providing maintenance services for subsea telecommunications cabling, installing subsea cables, providing installation, maintenance and repair of fiber optic communication and power infrastructure to offshore oil and gas platforms, and installing inter-array power cables for use in offshore wind farms.

Telecommunication - Maintenance & Installation GMSL performs its services within telecommunication market primarily under fixed-price contracts and recognizes revenue over time using the input method to measure progress for its projects. The nature of the projects does not provide measurable value to the customer over time and control does not transfer to the customer at discrete points in time. The customer receives value over the term of the project based on the amount of work that has been completed

on the amount of work that has been completed towards the delivery of the completed project. Depending on the project, the most reliable measure of progress is either the cost incurred or time elapsed towards delivery of the completed project. Therefore, the input method provides the most reliable method to measure progress. Revenue recognition begins when work has commenced. Costs include all direct material and labor costs related to contract performance, indirect labor, and overhead costs, which are

indirect labor, and overhead costs, which are charged to contract costs as incurred. Revisions in estimates during the course of contract work are reflected in the accounting period in which the facts requiring the revision become known. Provisions for estimated losses on uncompleted contracts are made in the period a loss on a contract becomes determinable.

Maintenance revenues within this market are attributable to standby vessels and the provision of cable storage depots for repair of fiber optic telecommunications cables in defined geographic zones, and its maintenance business is provided through contracts with consortia of approximately 60 global telecommunications providers. These contracts are generally five to seven years long. Installation revenues within this market are generated through installation of cable systems including route planning,

of cable systems including route planning, mapping, route engineering, cable laying, and trenching and burial. GMSL’s installation business is project-based with contracts typically lasting one to five months.

Power - Operations, Maintenance & Construction Support Majority of revenues within this market are generated through the provision of crew transfer vessels and turbine technicians on the maintenance of offshore wind farms. Services are provided at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met. Additional revenues are generated through the provision of approved safety training courses to personnel operating on offshore wind turbines.

to personnel operating on offshore wind turbines. Courses are supplied at agreed rates and recognized at the point in time at which the courses are provided.

Power - Cable Installation & Repair Installation and repair revenues within this market are attributable to the provision of engineering solutions, which includes the charter of cable laying vessels and related subsea assets. These contracts are either charged at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met, or are under fixed-price contracts, in which case revenue is recognized over time using the input method to measure progress for its

the input method to measure progress for its projects.

Disaggregation of Revenues The following table disaggregates GMSL's revenue by market (in millions):

 |
| table | Years Ended December 31,                               |        |
------------------------------------------------------ | ------ | ------
                                                       | 2019   | 2018
Telecommunication - Maintenance                        | $86.8  | $87.0
Telecommunication - Installation                       | 33.2   | 41.5
Power - Operations, Maintenance & Construction Support | 19.9   | 31.0
Power - Cable Installation & Repair                    | 32.6   | 34.8
Total revenue from contracts with customers            | 172.5  | 194.3
Other revenue                                          | —      | —
Total Marine Services segment revenue                  | $172.5 | $194.3 |


| _id | d1b36d3cc |
| title |  |
| text | Note 7 – Equipment, Leasehold Improvements and Software
Equipment, leasehold improvements and software as of December 27, 2019 and December 28, 2018 consisted of the following:

Construction-in-process at December 27, 2019 related primarily to the implementation of the Company’s Enterprise Resource Planning (“ERP”) system and at December 28, 2018 related primarily to the implementation of the Company’s ERP system and the buildout of the Company’s headquarters in Ridgefield, CT. The buildout of the Company’s headquarters was completed during fiscal 2019. The rollout of its ERP system will continue through fiscal 2020. The net book value of equipment financed under finance leases at

of equipment financed under finance leases at December 27, 2019 and December 28, 2018 was $3,905 and $388, respectively. No interest expense was capitalized during the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017.

 |
| table | | Useful Lives | December 27, 2019  | December 28, 2018
--------------------------------------------------- | ------------ | ------------------ | -----------------
Land                                                | Indefinite   | $1,170             | $1,170
Buildings                                           | 20 years     | 1,360              | 1,292
Machinery and equipment                             | 5-10 years   | 21,718             | 17,837
Computers, data processing and other equipment      | 3-7 years    | 12,686             | 11,244
Software                                            | 3-7 years    | 29,305             | 22,779
Leasehold improvements                              | 1-40 years   | 70,903             | 60,565
Furniture and fixtures                              | 7 years      | 3,309              | 3,268
Vehicles                                            | 5-7 years    | 6,410              | 2,769
Other                                               | 7 years      | 95                 | 95
Construction-in-process                             |              | 9,200              | 15,757
                                                    |              | 156,156            | 136,776
Less: accumulated depreciation and amortization     |              | (63,310)           | (51,500)
Equipment, leasehold improvements and software, net |              | $92,846            | $85,276 |


| _id | d1b3be51a |
| title |  |
| text | Item 10. Directors, Executive Officers and Corporate Governance

The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of

Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.

The Company’s Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer is posted on the Company’s website at http://www.cincinnatibell.com. Within the time period required by the SEC and the New York Stock Exchange ("NYSE"), the Company will post on its website any amendment to the Code of Ethics for Senior Financial Officers and any waiver of such code relating to such senior executive officers of the Company

&lt;div&gt;In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual. In addition to the certifications of

Manual. In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual.

Executive Officers of the Registrant:
The names, ages and positions of the executive officers of the Company as of February 24, 2020 are as follows:
Officers are elected annually but are removable at the discretion of the Board of Directors.

LEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.

ANDREW R. KAISER, Chief Financial Officer of the Company since September 2016; Vice President, Consumer Marketing and Data Analytics of the Company from December 2015 to September 2016; Vice President, Corporate Finance of the Company from January 2014 to December 2015; Partner at Howard Roark Consulting, LLC from 2005 to January 2014.

CHRISTI H. CORNETTE, Chief Culture Officer of the Company since June 2017; Senior Vice President, Marketing of the Company from August 2013 to June 017; Vice President, Marketing of the Company from October 2008 to August 2013; Director of CBTS Marketing from October 2002 to October 2008.

THOMAS E. SIMPSON, Chief Operating Officer since June 2017, Senior Vice President and Chief Technology Officer of the Company from January 2015 to June 2017; Vice President and Chief Technology Officer at Cincinnati Bell Technology Solutions (CBTS) from 2014 to 2015; Vice President, Research and Development at CBTS from 2010 to 2014; Director, Technical Operations at CBTS from 2008 to 2010
CHRISTOPHER J. WILSON, Vice President and General Counsel of the Company since August 2003.

JOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte &amp; Touche LLP's audit practice from October 2004 to August 2010.

SUZANNE E MARATTA, Vice President and Corporate Controller of the Company since May 2019; Assistant Corporate Controller of the Company from August 2017 to May 2019; Senior Financial Reporting Manager of the Company from May 2014 to August 2017; Auditor at PricewaterhouseCoopers from January 2007 to May 2014

 |
| table | Name                  | Age | Title
--------------------- | --- | --------------------------------------------------------------------
Leigh R Fox           | 47  | President and Chief Executive Officer
Andrew R Kaiser       | 51  | Chief Financial Officer
Christi H. Cornette   | 64  | Chief Culture Officer
Thomas E. Simpson     | 47  | Chief Operating Officer
Christopher J. Wilson | 54  | Vice President and General Counsel
Joshua T. Duckworth   | 41  | Vice President of Treasury, Corporate Finance and Investor Relations
Suzanne E. Maratta    | 37  | Vice President and Corporate Controller |


| _id | d1b3357ce |
| title |  |
| text | 11. Stock Award Plan
Total recognized stock-based compensation expense is included in our consolidated statements of operations as shown in the table below. Stock-based compensation expense includes both non-cash expense related to grants of stock-based awards as well as cash expense related to the employee discount applied to purchases of our common stock under our employee stock purchase plan.

The estimated income tax benefit of stock-based compensation expense included in the provision for income taxes for the year ended December 31, 2019 is approximately $5.3 million. No stock-based compensation costs were capitalized during the years ended December 31, 2019, 2018 and 2017. The calculation of stock-based compensation expenses includes an estimate for forfeitures at the time of grant.

This estimate can be revised in subsequent periods if actual forfeitures differ from those estimates, which are based on historical trends. Total unrecognized stock-based compensation expense related to nonvested awards and options was $62.4 million as of December 31, 2019, and this expense is expected to be recognized over a weighted-average period of 2.3 years.

 |
| table | |          | Year Ended December 31, |
-------------------------------------------- | -------- | ----------------------- | --------
(In thousands)                               | 2019     | 2018                    | 2017
Cost of revenue:                             |          |                         |
Software delivery, support and maintenance   | $ 2,075  | $ 2,184                 | $ 2,879
Client services                              | 4,067    | 3,997                   | 4,484
Total cost of revenue                        | 6,142    | 6,181                   | 7,363
Selling, general and administrative expenses | 27,348   | 24,213                  | 23,497
Research and development                     | 9,200    | 8,937                   | 8,605
Total stock-based compensation expense       | $ 42,690 | $ 39,331                | $ 39,465 |


| _id | d1b371a9e |
| title |  |
| text | The Company utilized the Black-Scholes option pricing model to value the stock options. The Company used an expected life as defined under the simplified method, which is using an average of the contractual term and vesting period of the stock options. The risk-free interest rate used for the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company accounted for forfeitures as they occur. The historical volatility was calculated based upon implied volatility of the

calculated based upon implied volatility of the Company's historical stock prices.

The fair value of 2019 and 2018 stock options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:

As of December 31, 2019, there was approximately $419,000 of unrecognized stock-based compensation expense related to outstanding 2019 stock options, expected to be recognized over 3.4 and approximately $418,000 of unrecognized stock-based compensation expense related to outstanding 2018 stock options, expected to be recognized over 2.4 years. There was no unrecognized stock-based compensation expense relating stock options granted prior to 2018.

 |
| table | | 2019  | 2018
-------------------------------------------------------- | ----- | -----
Weighted-average fair value of options granted per share | $8.78 | $6.63
Historical volatility                                    | 60%   | 46%
Risk-free interest rate                                  | 2.10% | 2.84%
Dividend yield                                           | —     | —
Expected life in years                                   | 3.6   | 5.7 |


| _id | d1b309912 |
| title |  |
| text | Other Long-Term Liabilities
In-Process Revenue Contracts
As part of the Company’s previous acquisition of FPSO units from Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), the Company assumed a certain FPSO contract with terms that were less favorable than the then prevailing market terms. At the time of the acquisition, the Company recognized a liability based on the estimated fair value of this contract and service obligation.

The Company is amortizing the remaining liability over the estimated remaining term of its associated contract on a weighted basis, based on the projected revenue to be earned under the contract.

Amortization of in-process revenue contracts for the year ended December 31, 2019 was $5.9 million (2018 – $14.5 million, 2017 – $27.2 million), which is included in revenues on the consolidated statements of loss. Amortization of in-process revenue contracts following 2019 is expected to be $5.9 million (2020), $5.9 million (2021) and $5.9 million (2022).

 |
| table | | December 31, 2019 | December 31, 2018
------------------------------------------- | ----------------- | -----------------
                                            | $                 | $
Deferred revenues and gains (note 2)        | 28,612            | 31,324
Guarantee liabilities                       | 10,113            | 9,434
Asset retirement obligation                 | 31,068            | 27,759
Pension liabilities                         | 7,238             | 4,847
In-process revenue contracts                | 11,866            | 17,800
Derivative liabilities (note 16)            | 51,914            | 56,352
Unrecognized tax benefits (note 22)         | 62,958            | 40,556
Office lease liability – long-term (note 1) | 10,254            | —
Other                                       | 2,325             | 1,325
                                            | 216,348           | 189,397 |


| _id | d1b2f9fbc |
| title |  |
| text | 5.0 FY 2019 Financial Performance and Analysis

The discussions in this section relate to the consolidated, Rupee-denominated financial results pertaining to the year that ended March 31, 2019. The financial statements of Tata Consultancy Services Limited and its subsidiaries (collectively referred to as ‘TCS’ or ‘the Company’) are prepared in accordance with the Indian Accounting Standards (referred to as ‘Ind AS’) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time

Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.

The following table gives an overview of the consolidated financial results of the Company:
* EPS is adjusted for bonus issue

 |
| table | |         |              |          |         | ` crore
---------------------------------------------------------------------------------- | ------- | ------------ | -------- | ------- | ------------
                                                                                | FY 2019 | % of Revenue | % Growth | FY 2018 | % of Revenue
Revenue                                                                            | 146,463 | 100.0        | 19.0     | 123,104 | 100.0
Earnings before interest, tax, depreciation and amortization (before other income) | 39,506  | 27.0         | 21.5     | 32,516  | 26.4
Profit Before Tax (PBT)                                                            | 41,563  | 28.4         | 21.9     | 34,092  | 27.7
Profit after tax attributable to shareholders of the Company                       | 31,472  | 21.5         | 21.9     | 25,826  | 21.0
Earnings per share (in `)                                                          | 83.05   | -            | 23.8     | 67.10*  | - |


| _id | d1b35cb8a |
| title |  |
| text | Note 18. Income Taxes

The Tax Cuts and Jobs Act, or the Tax Act, was signed into law on December 22, 2017. This legislation made significant changes in U.S. tax law, including a reduction in the corporate tax rate, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate income tax rate from 35% to 21%. As a result of the enacted Tax Act, we were required to revalue deferred tax assets and liabilities at the rate in effect when

assets and liabilities at the rate in effect when the deferred tax balances are scheduled to reverse. This revaluation resulted in an additional $8.8 million of income tax expense and a corresponding reduction in the deferred tax asset which was recorded during the year ended December 31, 2017.

Additionally, on December 22, 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118, or SAB 118, to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. Specifically, SAB 118 provides a measurement period for companies to evaluate the impacts of the Tax Act on their financial statements. We

of the Tax Act on their financial statements. We completed the accounting for the tax effects of the Tax Act during the three months ended September 30, 2018 and decreased our provisional estimate from $8.8 million to $8.7 million.

The components of our income tax expense are as follows (in thousands):

 |
| table | |        | Year Ended December 31, |
-------------- | ------ | ----------------------- | -------
               | 2019   | 2018                    | 2017
Current        |        |                         |
Federal        | $1,615 | $741                    | $584
State          | 900    | 653                     | (88)
Foreign        | 452    | 263                     | 6
Total Current  | 2,967  | 1,657                   | 502
Deferred       |        |                         |
Federal        | 2,622  | (8,821)                 | 3,837
State          | (23)   | (2,643)                 | (1,368)
Foreign        | —      | (18)                    | 19
Total Deferred | 2,599  | (11,482)                | 2,488
Total          | $5,566 | $ (9,825)               | $2,990 |


| _id | d1b393aa4 |
| title |  |
| text | Property and Equipment
Property and equipment are stated at cost and are depreciated or amortized using the straight-line method. Cost, accumulated depreciation and amortization, and estimated useful lives are as follows (dollars in thousands):

 |
| table | |           | Fiscal year-end |
----------------------------------------- | --------- | --------------- | -----------------------------------
                                          | 2019      | 2018            | Useful Life
Land                                      | $19,490   | $17,655         |
Buildings and improvements                | 173,333   | 165,535         | 5 - 40 years
Equipment, furniture and fixtures         | 389,225   | 359,721         | 3 - 10 years
Leasehold improvements                    | 94,878    | 89,399          | shorter of asset life or lease term
                                          | 676,926   | 632,310         |
Accumulated depreciation and amortization | (353,492) | (320,517)       |
Property and equipment, net               | $323,434  | $311,793        | |


| _id | d1b394bb6 |
| title |  |
| text | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31,
2019, 2018 and 2017 (in thousands):
Our unrecognized tax benefits totaled $11.2 million and $7.1 million as of December 31, 2019 and 2018, respectively. Included in these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively, which, if recognized, would affect the effective tax rate.

these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively,
which, if recognized, would affect the effective tax rate.

We recognize potential accrued interest and penalties related to unrecognized tax benefits within our global operations in income tax expense. For the years ended December 31, 2019, 2018 and 2017, the Company recognized the following income tax expense: $0.5 million, $0.5 million, and $0.3 million, respectively, for the potential payment of interest and penalties. Accrued interest and penalties were $1.7 million and $2.1 million for the years ended December 31, 2019 and 2018. We conduct business globally

31, 2019 and 2018. We conduct business globally and, as a result, files income tax returns in the United State federal jurisdiction and in many state and foreign jurisdictions. We are generally no longer subject to U.S. federal, state, and local, or non-US income tax examinations for the years before 2012. Due to the expiration of statutes of limitations in multiple jurisdictions globally during 2020, the Company anticipates it is reasonably possible that unrecognized tax benefits may decrease by $3.1

unrecognized tax benefits may decrease by $3.1 million.

 |
| table | | December 31,  |             |
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | ----------- | ---------
                                                                                | 2019          | 2018        | 2017
Unrecognized tax benefits at January 1,                                                                                | (7,113 )      | (7,419 )    | (6,938 )
Gross amount of increases in unrecognized tax benefits as a
result of tax positions taken during a prior period                                                             | (2,428 )      | (873 )      | (789 )
Gross amount of decreases in unrecognized tax benefits as a Gross amount of decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | 445           | 233         | 145
Gross amount of increases in unrecognized tax benefits as a
result of tax positions taken during the current period                                                         | (2,489 )      | (78 )       | -
Reductions to unrecognized tax benefits relating to settlements with taxing authorities                                                                                | -             | 349         | -
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations                                                                     | 346           | 675         | 163
Unrecognized tax benefits at December 31,                                                                                | (11,239 )     | (7,113 )    | (7,419 ) |


| _id | d1b366126 |
| title |  |
| text | Fair Value Measurement of Financial Assets and Liabilities
The carrying values of the Company’s accounts receivable and accounts payable, approximated their fair values due to the short period of time to maturity or repayment.
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices in active markets for identical instruments. The fair value of the Company’s Level 2 financial instruments is based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data.

In addition, Level 2 assets and liabilities include derivative financial instruments associated with hedging activity, which are further discussed in Note 4. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date using inputs such as spot rates, forward rates, and discount rates. There is not an active market for each hedge contract, but the inputs used to calculate the value of the instruments are tied

calculate the value of the instruments are tied to active markets.

 |
| table | December 31, 2019         |          |          |         |
------------------------- | -------- | -------- | ------- | --------
                          | Level 1  | Level 2  | Level 3 | Total
Assets:                   |          |          |         |
Money market funds        | $107,708 | $—       | $—      | $107,708
U.S. government agencies  | —        | 77,364   | —       | 77,364
Corporate debt securities | —        | 207,137  | —       | 207,137
Total                     | $107,708 | $284,501 | $—      | $392,209
Liabilities:              |          |          |         |
Contingent consideration  | $—       | $—       | $1,889  | $1,889
Derivative liabilities    | —        | 748      | —       | 748
Total                     | $—       | $748     | $1,889  | $2,637
                          |          |          |         |
December 31, 2018         |          |          |         |
                          | Level 1  | Level 2  | Level 3 | Total
Assets:                   |          |          |         |
Money market funds        | $273,546 | $—       | $—      | $273,546
U.S. government agencies  | —        | 72,840   | —       | 72,840
Corporate debt securities | —        | 228,953  | —       | 228,953
Derivative assets         | —        | 623      | —       | 623
Total                     | $273,546 | $302,416 | $—      | $575,962
Liabilities:              |          |          |         |
Derivative liabilities    | $—       | $549     | $—      | $549
Stock warrant liability   | —        | —        | 410     | 410
Total                     | $—       | $549     | $410    | $959 |


| _id | d1b33cefc |
| title |  |
| text | ALTERNATIVE PERFORMANCE MEASURES
Net interest-bearing debt:

Net interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company’s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of

to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:

 |
| table | USDm                                                 | 2019  | 2018   | 2017
---------------------------------------------------- | ----- | ------ | ------
Borrowings                                           | 863.4 | 754.7  | 753.9
Loans receivables                                    | -4.6  | -      | -
Cash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2
Net interest-bearing debt                            | 786.3 | 627.3  | 619.7 |


| _id | d1b3b3cbe |
| title |  |
| text | Other assets consist of the following (in thousands):
(1) In the first quarter of fiscal 2019, we invested 3.0 million Euro ($3.4 million) in 3D-Micromac AG, a private company in Germany. The investment is included in other assets and is being carried on a cost basis and will be adjusted for impairment if we determine that indicators of impairment exist at any point in time.

 |
| table | | Fiscal year-end |
------------------------------------------------------------------ | --------------- | --------
                                                                   | 2019            | 2018
Assets related to deferred compensation arrangements (see Note 13) | $35,842         | $37,370
Deferred tax assets (see Note 16)                                  | 87,011          | 64,858
Other assets(1)                                                    | 18,111          | 9,521
Total other assets                                                 | $140,964        | $111,749 |


| _id | d1b36a1e0 |
| title |  |
| text | Restricted Stock Units:
A summary of restricted stock activity for the fiscal year ended January 31, 2019 is as follows:
(1) Based on Autodesk's financial results and relative total stockholder return for the fiscal 2018 performance period. The performance stock units were attained at rates ranging from 90.0% to 117.6% of the target award.

For the restricted stock granted during fiscal years ended January 31, 2019, 2018, and 2017, the weighted average grant date fair values were $144.37, $106.55, and $65.95, respectively. The fair values of the shares vested during fiscal years ended January 31, 2019, 2018, and 2017 were $425.4 million, $399.7 million, and $232.2 million, respectively.
During the fiscal year ended January 31, 2019, Autodesk granted 2.1 million restricted stock units. Restricted stock units

vest over periods ranging from immediately upon grant to a pre-determined date that is typically within three years from the
date of grant. Restricted stock units are not considered outstanding stock at the time of grant, as the holders of these units are
not entitled to any of the rights of a stockholder, including voting rights. The fair value of the restricted stock units is expensed

ratably over the vesting period. Autodesk recorded stock-based compensation expense related to restricted stock units of $189.3
million, $202.1 million, and $173.0 million during fiscal years ended January 31, 2019, 2018, and 2017, respectively. As of
January 31, 2019, total compensation cost not yet recognized of $364.5 million related to non-vested awards is expected to be
recognized over a weighted average period of 1.76 years. At January 31, 2019, the number of restricted stock units granted but

unvested was 3.9 million.

During the fiscal year ended January 31, 2019, Autodesk granted 0.2 million performance stock units for which the ultimate number of shares earned is determined based on the achievement of performance criteria at the end of the stated service and performance period. The performance criteria for the performance stock units are based on Annualized Recurring Revenue ("ARR") and free cash flow per share goals adopted by the Compensation and Human Resources Committee, as well as total stockholder return

Committee, as well as total stockholder return compared against companies in the S&P Computer Software Select Index or the S&P North American Technology Software Index ("Relative TSR"). These performance stock units vest over a three-year period and have the following vesting schedule:

Up to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2019 as well as 1-year Relative TSR (covering year one).
Up to one third of the performance stock units may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two).

Up to one third of the performance stock units may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three).

Performance stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights. Autodesk has determined the grant-date fair value for these awards using the stock price on the date of grant or if the awards are subject to a market condition, a Monte Carlo simulation model. The fair value of the performance stock units is expensed using the accelerated attribution over the vesting period.

accelerated attribution over the vesting period. Autodesk recorded stock-based compensation expense related to performance stock units of $28.6 million, $33.7 million, and $22.9 million during fiscal years ended January 31, 2019, 2018, and 2017 respectively. As of January 31, 2019, total compensation cost not yet recognized of $5.6 million related to unvested performance stock units, is expected to be recognized over a weighted average period of 0.81 years. At January 31, 2019, the number of performance

At January 31, 2019, the number of performance stock units granted but unvested was 0.4 million.

 |
| table | | Unreleased Restricted Stock Units (in thousands) | Weighted average grant date fair value per share
--------------------------------------------- | ------------------------------------------------ | ------------------------------------------------
Unvested restricted stock at January 31, 2018 | 5,670.7                                          | $82.94
Granted                                       | 2,250.7                                          | 144.37
Vested                                        | (2,982.0)                                        | 76.30
Canceled/Forfeited                            | (681.9)                                          | 94.70
Performance Adjustment (1)                    | 29.9                                             | 101.74
Unvested restricted stock at January 31, 2019 | 4,287.4                                          | $120.07 |


| _id | d1b32624c |
| title |  |
| text | Non-GAAP Measures

In addition to the results reported in accordance with US GAAP, we also use certain non-GAAP measures such as EBITDA and adjusted EBITDA to evaluate operating performance and to facilitate the comparison of our historical results and trends. These financial measures are not a measure of financial performance under US GAAP and should not be considered in isolation or as a substitute for net income as a measure of performance and net cash provided by operating activities as a measure of liquidity.

They are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. The calculation of these non-GAAP measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP are provided below.

EBITDA is defined as net earnings before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required under our credit facility as described in the reconciliations below. These measures are a common measure of operating performance in the telecommunications industry and are useful, with other data, as a means to evaluate our ability to fund our estimated uses of cash.

The following tables are a reconciliation of net income (loss) to adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:

(1) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including integration and severance, non-cash pension and post-retirement benefits and certain other miscellaneous items. (2) Includes all cash dividends and other cash distributions received from our investments.

 |
| table | |            |            | Year Ended December 31,
---------------------------------------- | ---------- | ---------- | -----------------------
(In thousands, unaudited)                | 2019       | 2018       | 2017
Net income (loss)                        | $ (19,931) | $ (50,571) | $ 65,299
Add (subtract):                          |            |            |
Interest expense, net of interest income | 136,660    | 134,578    | 129,786
Income tax benefit                       | (3,714)    | (24,127)   | (124,927)
Depreciation and amortization            | 381,237    | 432,668    | 291,873
EBITDA                                   | 494,252    | 492,548    | 362,031
Adjustments to EBITDA:                   |            |            |
Other, net (1)                           | (8,847)    | 549        | 19,314
Investment distributions (2)             | 35,809     | 39,078     | 29,993
Gain on extinguishment of debt           | (4,510)    | —          | —
Non-cash, stock-based compensation       | 6,836      | 5,119      | 2,766
Adjusted EBITDA                          | $ 523,540  | $ 537,294  | $ 414,104 |


| _id | d1a726870 |
| title |  |
| text | Key Metrics
In addition to our results determined in accordance with GAAP, we believe the following operating metrics are useful as supplements in evaluating our ongoing operational performance and help provide an enhanced understanding of our business:

Total bookings. Total bookings represents cash receipts from the sale of products to customers in a given period adjusted for products where we recognize revenue on a net basis and without giving effect to certain adjustments, primarily net refunds granted in the period. Total bookings provides valuable insight into the sales of our products and the performance of our business since we typically collect payment at the time of sale and recognize revenue ratably over the term of our customer contracts. We

over the term of our customer contracts. We report total bookings without giving effect to refunds granted in the period because refunds often occur in periods different from the period of sale for reasons unrelated to the marketing efforts leading to the initial sale. Accordingly, by excluding net refunds, we believe total bookings reflects the effectiveness of our sales efforts in a given period.

Total customers. We define a customer as an individual or entity, as of the end of a period, having an account with one or more paid product subscriptions. A single user may be counted asacustomer more than once if the user maintains paid subscriptions in multiple accounts. Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base

Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to customers, though the impact to date has been muted due to our continued growth in total customers.

 |
| table | | Year Ended December 31, |          |          |          |
-------------------------------------------- | ----------------------- | -------- | -------- | -------- | --------
                                             | 2019                    | 2018     | 2017     | 2016     | 2015
                                             | (unaudited)             |          |          |          |
Total bookings (in millions)                 | $3,401.2                | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2
Total customers at period end (in thousands) | 19,274                  | 18,518   | 17,339   | 14,740   | 13,774
Average revenue per user                     | $158                    | $148     | $139     | $130     | $121 |


| _id | d1b38ef04 |
| title |  |
| text | Net Asset Value per share (NAV/share):
TORM believes that the NAV/share is a relevant measure that Management uses to measure the overall development of the assets and liabilities per share. Such measure may not be comparable to similarly titled measures of other companies. NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/share is calculated as follows:

 |
| table | USDm                                                       | 2019    | 2018    | 2017
---------------------------------------------------------- | ------- | ------- | -------
Net Asset Value per share                                  |         |         |
Total vessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1
Committed CAPEX on newbuildings                            | -51.2   | -258.0  | -306.9
Cash position                                              | 72.5    | 127.4   | 134.2
Loans receivables                                          | 4.6     | -       | -
Bunkers                                                    | 34.8    | 39.4    | 33.2
Freight receivables                                        | 89.8    | 86.0    | 71.3
Other receivables                                          | 6.2     | 7.5     | 11.8
Other plant and operating equipment                        | 4.3     | 3.0     | 1.9
Land and buildings                                         | 8.1     | -       | -
Investments in joint ventures                              | 1.2     | 0.1     | 0.3
Prepayments                                                | 3.5     | 2.9     | 4.4
Borrowings                                                 | -863.4  | -754.7  | -753.9
Trade payables                                             | -47.1   | -35.1   | -26.2
Other liabilities                                          | -47.3   | -36.5   | -33.8
Current tax liabilities                                    | -1.5    | -1.0    | -1.4
Total Net Asset Value (NAV)                                | 1,016.0 | 856.1   | 796.0
Total number of shares excluding treasury shares (million) | 74.4    | 73.9    | 62.0
Total Net Asset Value per share (NAV/share) (USD)          | 13.6    | 11.6    | 12.8 |


| _id | d1b34468e |
| title |  |
| text | At the end of each reporting period, the Company evaluates all available information at that time to determine if it is more likely than not that some or all of these credits will be utilized. As of October 31, 2019, 2018, and 2017, the Company determined that a total of $1.8 million, $0.7 million, and $0.6 million, respectively, would be recovered. Accordingly, those amounts were released from the valuation allowance and benefited deferred tax expense in the respective periods.

The differences between the consolidated effective income tax rate and the federal statutory rate effective during the applicable year presented are as follows:

 |
| table | |         | Years Ended October 31, |
--------------------------------------- | ------- | ----------------------- | --------
                                        | 2019    | 2018                    | 2017
                                        |         | (In thousands)          |
Income taxes at statutory rate          | $13,408 | $ 7,132                 | $148,585
Discrete benefit resulting from TCJA    | —       | (37,505)                | —
State income taxes                      | 1,189   | 1,014                   | 9,038
State income tax credits                | (2,139) | (804)                   | (606)
Expiration of state income tax credits  | 4,121   | 4,117                   | 642
Federal income tax credits              | (474)   | (460)                   | (390)
Federal manufacturers deduction         | —       | —                       | (11,527)
Excess tax benefits                     | (1,388) | (1,638)                 | (3,345)
Nondeductible expenses                  | 1,786   | 1,890                   | 3,506
Change in valuation allowance           | (5,380) | (5,297)                 | (1,106)
Other                                   | (570)   | 677                     | (12)
Income tax expense (benefit)            | $10,553 | $(30,874)               | $144,785 |


| _id | d1b31fa28 |
| title |  |
| text | Disaggregation of Revenues
The Company serves customers in diverse geographies, which are subject to different economic and industry factors. The Company's presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of Company revenue and cash flows are affected by economic and industry factors. The following table presents the Company's revenue, from continuing operations, by geography for the year ended December 31, 2019, 2018 and 2017 (in millions):

 |
| table | |        | Year Ended December 31, |
------------- | ------ | ----------------------- | ------
              | 2019   | 2018                    | 2017
Net sales:    |        |                         |
United States | $901.3 | $854.6                  | $759.4
Canada        | 45.6   | 42.3                    | 32.4
Consolidated  | $946.9 | $896.9                  | $791.8 |


| _id | d1b340ec6 |
| title |  |
| text | Services provided by the Company’s auditors
During the year, the Group (including overseas subsidiaries) obtained the following services from the operating company’s auditors:

 |
| table | | 2019 | 2018
------------------------------------------------------------------------------- | ---- | ----
                                                                                | £m   | £m
Fees payable for the audit of the Company and consolidated financial statements | 0.1  | 0.1
Fees payable for other services:                                                |      |
– the audit of the subsidiary undertakings pursuant to legislation              | 0.2  | 0.1
Total                                                                           | 0.3  | 0.2 |


| _id | d1b2f4418 |
| title |  |
| text | SHARE INFORMATION
On December 31, 2019, the total number of issued common shares of ASMI amounted to 51,297,394 compared to 56,297,394 at year-end 2018. The decrease was the result of the cancellation of 5 million treasury shares that was approved by the Annual General Meeting of Shareholders (AGM) on May 20, 2019, and became effective on July 23, 2019.

On December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 951,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.

On December 31, 2019, 48,583,340 of the outstanding common shares were registered with our transfer agent in the Netherlands, ABN AMRO Bank NV; and 282,880 were registered with our transfer agent in the United States, Citibank, NA, New York.

On February 25, 2020, ASMI announced that it will propose to the AGM 2020 the cancellation of 1.5 million treasury shares, as the number of 2.4 million treasury shares held at that date was more than sufficient to cover our outstanding options and restricted/performance shares.

 |
| table | | 2018       | 2019
--------------------------------------------------------- | ---------- | ----------
As per January 1:                                         |            |
Issued shares                                             | 62,297,394 | 56,297,394
Treasury shares                                           | 6,157,241  | 6,978,496
Outstanding shares                                        | 56,140,153 | 49,318,898
Changes during the year:                                  |            |
Cancellation of treasury shares                           | 6,000,000  | 5,000,000
Share buybacks                                            | 7,242,734  | 950,902
Treasury shares used for share based performance programs | 421,479    | 498,224
As per December 31:                                       |            |
Issued shares                                             | 56,297,394 | 51,297,394
Treasury shares                                           | 6,978,496  | 2,431,174
Outstanding shares                                        | 49,318,898 | 48,866,220 |


| _id | d1b2fd72a |
| title |  |
| text | 8. Asset Impairment Charges
Asset impairment charges incurred during the year ended December 31, 2019 were primarily the result of impairing the remaining NantHealth acquired customer relationship intangible balance of $8.1 million. We also recognized non-cash impairment charges of $2.7 million on the retirement of certain hosting assets due to data center migrations.

Impairment of long-term investments during the year ended December 31, 2019 consisted of an impairment of $1.7 million associated with one of our long-term equity investments. We also recovered $1.0 million from one of our long-term equity investments investment that we had previously impaired. We also recorded a goodwill impairment charge of $25.7 million related to our HHS reporting unit. Refer to Note 7, “Goodwill and Intangible Assets” for further information regarding this impairment.

We incurred several non-cash asset impairment charges during the year ended December 31, 2018. We recorded non-cash asset impairment charges of $33.2 million related to the write-off of capitalized software as a result of our decision to discontinue several software development projects.

We also recorded $22.9 million of non-cash asset impairment charges related to our acquisition of the patient/provider engagement solutions business from NantHealth in 2017, which included the write-downs of $2.2 million of acquired technology and $20.7 million, representing the unamortized value assigned to the modification of our existing commercial agreement with NantHealth, as we no longer expect to recover the value assigned to these assets.

The remaining $2.1 million of non-cash asset impairment charges recorded during the year ended December 31, 2018 relate to the disposal of fixed assets as a result of relocating and consolidating business functions and locations from recent acquisitions.

We recorded a goodwill impairment charge of $13.5 million related to NantHealth during the year ended December 31, 2018. Refer to Note 7, “Goodwill and Intangible Assets” for further information regarding this impairment. We recognized non-cash impairment charges of $15.5 million in 2018 related to two of our cost-method equity investments and a related note receivable. These charges equaled the cost bases of the investments and the related note receivable prior to the impairment.

We recorded non-cash charges of $165.3 million during the year ended December 31, 2017, including impairment charges of $144.6 million associated with two of the Company’s long-term investments based on management’s assessment of the likelihood of near-term recovery of the investments’ value.

The majority of the impairment charges related to our investment in NantHealth common stock. We realized an additional $20.7 million loss upon the final disposition of the NantHealth common stock in connection with our acquisition of certain assets related to NantHealth’s provider/patient engagement solutions business. Refer to Note 4, “Business Combinations and Other Investments” and Note 14, “Accumulated Other Comprehensive Loss,” for further information regarding these impairments.

The following table summarizes the non-cash asset impairment charges recorded during the periods indicated and where they appear in the corresponding consolidated statements of operations:

 |
| table | |          | Year Ended December 31, |
----------------------------------- | -------- | ----------------------- | ---------
(In thousands)                      | 2019     | 2018                    | 2017
Asset impairment charges            | $ 10,837 | $ 58,166                | $ 0
Goodwill impairment charge          | $ 25,700 | $ 13,466                | $ 0
Impairment of long-term investments | $ 651    | $ 15,487                | $ 165,290 |


| _id | d1b384266 |
| title |  |
| text | 10. Geographic information:
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing the Company’s performance. The Company has one operating segment. Revenues are attributed to regions based on where the services are provided. Below are the Company’s service revenues and long lived assets by geographic region (in thousands):

 |
| table | Year Ended December 31, 2019 Revenues | On-net   | Off-net  | Non-core | Total
------------------------------------- | -------- | -------- | -------- | --------
North America                         | $319,330 | $131,815 | $422     | $451,567
Europe                                | 72,320   | 16,323   | 53       | 88,696
Asia Pacific                          | 4,615    | 778      | —        | 5,393
Latin America                         | 488      | 15       | —        | 503
Total                                 | $396,753 | $148,931 | $475     | $546,159
Year Ended December 31, 2018 Revenues | On-net   | Off-net  | Non-core | Total
North America                         | $299,021 | $128,510 | $572     | $428,103
Europe                                | 72,958   | 15,918   | 62       | 88,938
Asia Pacific                          | 2,562    | 576      | —        | 3,138
Latin America                         | 14       | —        | —        | 14
Total                                 | $374,555 | $145,004 | $634     | $520,193
Year Ended December 31, 2017 Revenues | On-net   | Off-net  | Non-core | Total
North America                         | $278,714 | $122,683 | $797     | $402,194
Europe                                | 66,588   | 14,867   | 41       | 81,496
Asia Pacific                          | 1,143    | 342      | —        | 1,485
Total                                 | $346,445 | $137,892 | $838     | $485,175 |


| _id | d1b3acbbc |
| title |  |
| text | GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
15. Vessel Operating and Supervision Costs
An analysis of vessel operating and supervision costs is as follows:

 |
| table | |         | For the year ended December 31, |
----------------------------------------------- | ------- | ------------------------------- | -------
                                                | 2017    | 2018                            | 2019
Crew wages and vessel management employee costs | 72,652  | 79,624                          | 80,713
Technical maintenance expenses                  | 28,736  | 28,694                          | 37,653
Other vessel operating expenses                 | 21,098  | 19,766                          | 21,296
Total                                           | 122,486 | 128,084                         | 139,662 |


| _id | d1a7334da |
| title |  |
| text | The components of deferred taxes are as follows (in thousands):

In assessing the realizability of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. A valuation allowance, if needed, reduces the deferred tax assets to the amounts expected to be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating loss carry-forwards can be

and/or net operating loss carry-forwards can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable.

As required by the authoritative accounting guidance on accounting for income taxes, the Company evaluates the realizability of its deferred tax assets at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more-likely-than-not realizable, the Company

not more-likely-than-not realizable, the Company establishes a valuation allowance. As of April 30, 2019 and 2018, the Company had a full valuation allowance against its U.S. net deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to reduce its existing valuation allowance resulting in less income tax expense. For the years ended April 30, 2019 and 2018, the valuation allowance increased by approximately $1.3 million and $9.4 million, respectively.

As of April 30, 2019, the Company has U.S. federal net operating losses of $23 million of which $4 million begins to expire in Fiscal 2023 through 2031 and which are subject to annual limitation under Internal Revenue Code Section 382. The remaining U.S. federal net operating losses of $18.9 million have an indefinite carry-forward period. The U.S. federal capital loss carry-forward of $9.9 million expires in 2023. The Company also has state net operating loss carry-forwards, R&D tax credits, and state tax

carry-forwards, R&D tax credits, and state tax credits that expire in various years and amounts.

 |
| table | | 2019      | 2018
--------------------------------- | --------- | --------
Deferred tax assets:              |           |
Employee benefits                 | $5,092    | $5,078
Inventory                         | 1,649     | 1,129
Accounts receivable               | 204       | 213
Tax credits                       | 1,300     | 1,213
Other assets                      | 148       | 139
Capital Loss carry-forward        | 2,455     | 1,385
Net operating loss carry-forwards | 5,556     | 6,451
Total deferred tax asset          | 16,404    | 15,608
Deferred tax liabilities:         |           |
Property, plant and equipment     | (1,344 )  | (1,639)
Other liabilities                 | (343 )    | (821)
Deferred state income tax         | (767 )    | (727)
Net deferred tax asset            | 13,950    | 12,421
Valuation allowance               | (13,950 ) | (12,688)
Net deferred tax liability        | $-        | $ (267) |


| _id | d1b3211d4 |
| title |  |
| text | Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in millions):
Contract Assets

A contract asset represents our expectation of receiving consideration in exchange for products or services that we have transferred to our client. Contract assets and liabilities, or deferred revenues, are determined and presented on a net basis at the contract level since the rights and obligations in a contract with a client are interdependent. In contrast, a receivable is our right to consideration that is unconditional except for the passage of time required before payment of that consideration is

required before payment of that consideration is due. The difference in timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, contract assets and deferred revenues from client advances and deposits. We account for receivables in accordance with ASC Topic 310, Receivables (“ASC 310”), and assess both contract assets and receivables for impairment in accordance with ASC 310. There were no impairment charges related to contract assets for the

charges related to contract assets for the years ended December 31, 2019 and 2018.

Our short-term contract assets are included in Prepaid expenses and other current assets in our Consolidated Balance Sheets. Our long-term contract assets are included in Other non-current assets in our Consolidated Balance Sheets. Refer to Note 11 — Other Non-Current Assets.

 |
| table | | December 31, |
----------------------------------------- | ------------ | -----
                                          | 2019         | 2018
Prepaid expenses                          | $37.1        | $43.9
Contract assets                           | 19.5         | 14.8
Other current assets                      | 8.2          | 8.6
Prepaid expenses and other current assets | $64.8        | $67.3 |


| _id | d1b3450d4 |
| title |  |
| text | Trade accounts receivable past due is defined as the amount outstanding beyond normal credit terms and conditions for the respective customers. A large portion of the Corporation’s customers are billed and pay before the services are rendered. The Corporation considers the amount outstanding at the due date as trade accounts receivable past due.
The following table provides further details on trade accounts receivable past due net of allowance for doubtful accounts at August 31, 2019 and 2018:

 |
| table | At August 31,                      | 2019   | 2018
---------------------------------- | ------ | ------
(In thousands of Canadian dollars) | $      | $
Less than 60 days past due         | 18,645 | 32,857
60 to 90 days past due             | 899    | 3,022
More than 90 days past due         | 3,074  | 4,923
                                   | 22,618 | 40,802 |


| _id | d1b3795dc |
| title |  |
| text | Restricted Stock: The Company’s 2007 Stock Compensation Plan permits our Compensation Committee to grant other stock-based awards. The Company has awarded restricted stock grants to employees that vest over one to ten years.

The Company repurchased a total of 40,933 shares of our common stock at an average price of $13.51 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2019. The Company repurchased a total of 41,989 shares of our common stock at an average price of $11.66 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2018.

Employee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after tax basis. Employees may purchase the Company’s common stock at a price that is no less than

common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018,

ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP. Employee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase

The Clearfield, Inc. 2010 Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair

that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242

and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP.

Restricted stock transactions during the years ended September 30, 2019 and 2018 are summarized as follows:

 |
| table | | Number of shares | Weighted average grant date fair value
---------------------------------------- | ---------------- | --------------------------------------
Unvested shares as of September 30, 2017 | 370,530          | $15.24
Granted                                  | 7,235            | 14.17
Vested                                   | (113,930)        | 16.45
Forfeited                                | (15,222)         | 15.41
Unvested shares as of September 30, 2018 | 248,613          | 14.65
Granted                                  | 4,340            | 14.40
Vested                                   | (110,683)        | 16.31
Forfeited                                | (11,830)         | 14.47
Unvested shares as of September 30, 2019 | 130,440          | 13.25 |


| _id | d1b30687a |
| title |  |
| text | Interest expense and financing costs
Fees and discounts associated with the issuance of our debt instruments are recorded as debt discount, which reduces their respective carrying values, and are amortized over their respective terms. Amortization expense is recorded within “Interest and other expense (income), net” in our consolidated statement of operations.

For the years ended December 31, 2019, 2018, and 2017: interest expense was $86 million, $134 million, and $150 million, respectively; amortization of the debt discount and deferred financing costs was $4 million, $6 million, and $12 million, respectively.
A summary of our outstanding debt is as follows (amounts in millions):

With the exception of the 2026 and the 2047 Notes, using Level 2 inputs (i.e., observable market prices in less-than-active markets) at December 31, 2019, the carrying values of the Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At December 31, 2019, based on Level 2 inputs, the fair value of the 2026 and the 2047 Notes were $893 million and $456 million, respectively.

Using Level 2 inputs at December 31, 2018, the carrying values of the 2021 Notes and the 2022 Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At December 31, 2019, based on Level 2 inputs, the fair values of the 2026 Notes, the 2027 Notes, and the 2047 Notes were $800 million, $376 million, and $360 million, respectively.

 |
| table | |                       | At December 31, 2019                              |
-------------------- | --------------------- | ------------------------------------------------- | -------------------
                     | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount
2021 Notes           | $650                  | $(2)                                              | $648
2022 Notes           | 400                   | (2)                                               | 398
2026 Notes           | 850                   | (7)                                               | 843
2027 Notes           | 400                   | (5)                                               | 395
2047 Notes           | 400                   | (9)                                               | 391
Total long-term debt | $2,700                | $(25)                                             | $2,675
                     |                       | At December 31, 2018                              |
                     | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount
2021 Notes           | 650                   | (3)                                               | 647
2022 Notes           | 400                   | (3)                                               | 397
2026 Notes           | 850                   | (8)                                               | 842
2027 Notes           | 400                   | (5)                                               | 395
2047 Notes           | 400                   | (10)                                              | 390
Total long-term debt | $2,700                | $(29)                                             | $2,671 |


| _id | d1b31f2e4 |
| title |  |
| text | Income (loss) before expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:
Income (loss) before expense (benefit) for income taxes for international entities reflects income (loss) based on statutory transfer pricing agreements. This amount does not correlate to consolidated international revenue, many of which occur from our U.S. entity.

 |
| table | (In thousands)         | 2019      | 2018      | 2017
---------------------- | --------- | --------- | -------
U.S. entities          | $(29,829) | $(74,131) | $26,552
International entities | 5,052     | 40,760    | 18,135
Total                  | $(24,777) | $(33,371) | $44,687 |


| _id | d1b373150 |
| title |  |
| text | 4. Segmental information

IFRS 8 ‘Operating segments’ requires the Group to determine its operating segments based on information which is provided internally. Based on the internal reporting information and management structures within the Group, it has been determined that there is only one operating segment, being the Group, as the information reported includes operating results at a consolidated Group level only. This reflects the nature of the business, where the major cost is to support the IT platforms upon which all of the

to support the IT platforms upon which all of the Group’s customers are serviced. These costs are borne centrally and are not attributable to any specific customer type or revenue stream. There is also considered to be only one reporting segment, which is the Group, the results of which are shown in the Consolidated income statement.

Management has determined that there is one operating and reporting segment based on the reports reviewed by the Operational Leadership Team (‘OLT’) which is the chief operating decision-maker (‘CODM’). The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic decision-making of the Group.

The OLT primarily uses the statutory measures of Revenue and Operating profit to assess the performance of the one operating segment. To assist in the analysis of the Group’s revenue-generating trends, the OLT reviews revenue at a disaggregated level as detailed within note 5. The revenue from external parties reported to the OLT is measured in a manner consistent with that in the income statement.
A reconciliation of the one segment’s Operating profit to Profit before tax is shown below.

Following the application of IFRS 16, profit before tax for the year ended 31 March 2018 has been restated (note 2).

 |
| table | | 2019   | (Restated) 2018
-------------------------------- | ------ | ---------------
                                 | £m     | £m
Total segment Revenue            | 355.1  | 330.1
Total segment Operating profit   | 243.7  | 221.3
Finance costs – net              | (10.2) | (10.6)
Profit on the sale of subsidiary | 8.7    | –
Profit before tax                | 242.2  | 210.7 |


| _id | d1b378d4e |
| title |  |
| text | 25. RELATED PARTY TRANSACTIONS
a) Transactions with Golar Partners and subsidiaries:
Income (expenses):

(i) Management and administrative services revenue - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in

Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice.

(ii) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice.

(iv) Charterhire expenses - This consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised.

2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $17.4 million for the year ended December 31, 2017, in relation to the Golar Grand.

(iv) Charterhire expenses - This consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised.

2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $17.4 million for the year ended December 31, 2017, in relation to the Golar Grand.

(v) Share options expense - This relates to a recharge of share option expense to Golar Partners in relation to share options in Golar granted to certain of Golar Partners' directors, officers and employees.
(vi) Interest expense on deposits payable

Expense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million. We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during

received with respect to the Golar Tundra during that period. We have accounted for $nil, $nil and $2.2 million as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.

Deferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale in return we will be

of the Tundra Put Sale in return we will be required to pay an amount equal to $107.2 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount"). The Deferred Purchase Price and the Additional Amount was applied to the net sale price of the Hilli Disposal (defined below) on July 12, 2018. We have accounted for $nil, $2.9 million and $1.1 million as interest expense for the year ended December 31, 2019, 2018 and 2017,

the year ended December 31, 2019, 2018 and 2017, respectively.

Deposit received from Golar Partners - On August 15, 2017, we entered into the Hilli Sale Agreement with Golar Partners for the Hilli, or the Hilli Disposal, from the Sellers of the Hilli Common Units in Hilli LLC. See note 5. Concurrent with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We applied the deposit received and interest accrued to the purchase price on July 12, 2018, upon completion

purchase price on July 12, 2018, upon completion of the Hilli Disposal. We have accounted for $nil, $1.9 million and $1.3 million, as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.

 |
| table | (in thousands of $)                                | 2019   | 2018    | 2017
-------------------------------------------------- | ------ | ------- | --------
Management and administrative services revenue (i) | 9,645  | 9,809   | 7,762
Ship management fees revenue (ii)                  | 4,460  | 5,200   | 5,903
Interest income on short-term loan (iii)           | (109)  | —       | —
Charterhire expenses (iv)                          | —      | —       | (17,423)
Share options expense recharge (v)                 | —      | —       | 228
Interest expense on deposits payable (vi)          | —      | (4,779) | (4,622)
Total                                              | 13,996 | 10,230  | (8,152) |


| _id | d1b349de6 |
| title |  |
| text | The following is a summary of stock option activity during fiscal 2019:
Net income before income taxes included compensation expense related to the amortization of the Company’s stock option awards of $0.1 million during both fiscal 2019 and fiscal 2018. At September 2019, total unamortized compensation expense related to stock options was approximately $0.3 million. This unamortized compensation expense is expected to be amortized over approximately the next 38 months.

The aggregate intrinsic value of stock options exercisable was approximately $0.2 million and $0.3 million at September 2019 and September 2018, respectively.
The total intrinsic value of stock options exercised was $0.1 million in both fiscal 2019 and fiscal 2018. The total fair value of stock options vested was $0.4 million during both fiscal 2019 and fiscal 2018.

 |
| table | | Number of Shares | Weighted Average Exercise Price
----------------------------- | ---------------- | -------------------------------
Outstanding at September 2018 | 33,800           | $  77.85
Granted                       | 5,450            | 84.00
Exercised                     | (2,800)          | 79.22
Forfeited/Expired             | —                | —
Outstanding at September 2019 | 36,450           | $  78.67 |


| _id | d1b2f5688 |
| title |  |
| text | GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
9. Trade and Other Receivables
Trade and other receivables consist of the following:

Trade and other receivables are amounts due from third parties for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Group holds the trade receivables with the objective to collect the

receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method.

Accrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables.
As of December 31, 2018 and 2019 no allowance for expected credit losses was recorded.

 |
| table | | As of December 31, |
----------------- | ------------------ | ------
                  | 2018               | 2019
Trade receivables | 808                | 9,463
VAT receivable    | 1,094              | 637
Accrued income    | 9,473              | 8,274
Insurance claims  | 1,282              | 1,400
Other receivables | 7,587              | 5,126
Total             | 20,244             | 24,900 |


| _id | d1b37743a |
| title |  |
| text | Marketable Securities
Marketable securities consisted of the following (in thousands):
We classify our marketable securities as available-for-sale. All marketable securities represent the investment of funds available for current operations, notwithstanding their contractual maturities. Such marketable securities are recorded at fair value and unrealized gains and losses are recorded in Accumulated other comprehensive income (loss) until realized.

We typically invest in highly-rated securities with low probabilities of default. Our investment policy requires investments to be rated single A or better, limits the types of acceptable investments, concentration as to security holder and duration of the investment. The gross unrealized gains and losses in fiscal 2019 and 2018 were caused primarily by changes in interest rates.

The longer the duration of marketable securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost show a mark-to-market unrealized loss. We anticipate recovering the full cost of the securities either as market conditions improve, or as the securities mature. Accordingly, we believe that the unrealized losses are not other-than-temporary.

When evaluating the investments for otherthan- temporary impairment, we review factors such as the length of time and extent to which fair value has been below the amortized cost basis, current market liquidity, interest rate risk, the financial condition of the issuer, and credit rating downgrades. As of December 28, 2019 and December 29, 2018, gross unrealized losses related to our marketable securities portfolio were not material.

 |
| table | December 28, 2019      | Amortized Cost   | Gains   | Losses   | Fair Value
---------------------- | ---------------- | ------- | -------- | ------------
U.S. Treasuries        | $10,458          | $11     | $—       | $10,469
Commercial paper       | 3,914            | 1       | (4)      | 3,911
Corporate bond         | 33,867           | 68      | (7)      | 33,928
Certificate of deposit | 3,584            | 5       | —        | 3,589
Agency securities      | 24,408           | 38      | (16)     | 24,430
                       | $76,231          | $123    | $(27)    | $76,327
December 29, 2018      | Amortized Cost   | Gains   | Losses   | Fair Value
U.S. Treasuries        | $7,997           | $1      | $(1)     | $7,997
Commercial paper       | 2,296            | —       | (1)      | 2,295
Corporate bond         | 30,833           | 1       | (160)    | 30,674
Certificate of deposit | 960              | —       | (3)      | 957
Agency securities      | 8,667            | —       | (59)     | 8,608
                       | $50,753          | $2      | $(224)   | $50,531 |


| _id | d1b32eab4 |
| title |  |
| text | Net Pool Allocation: Net pool allocation increased by $10.5 million, from $7.3 million during the year ended December 31, 2017 to $17.8 million during the year ended December 31, 2018. The increase in net pool allocation was attributable to the movement in the adjustment of the net pool results earned by the GasLog vessels in accordance with the pool distribution formula. GasLog recognized gross revenues and gross voyage expenses and commissions of $102.3 million and $10.2 million, respectively, from the

million and $10.2 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2018 (December 31, 2017: $38.0 million and $9.1 million, respectively). The increase in GasLog’s total net pool performance was driven by higher spot rates and higher utilization achieved by all vessels trading in the Cool Pool. GasLog’s total net pool performance is presented below:

Voyage Expenses and Commissions: Voyage expenses and commissions increased by 32.5%, or $5.0 million, from $15.4 million during the year ended December 31, 2017 to $20.4 million during the year ended December 31, 2018. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.6 million in bunkers consumed and voyage expenses during certain unchartered and off-hire periods, an increase of $0.3 million in voyage expenses of the vessels operating in the spot market and an

the vessels operating in the spot market and an increase of $1.1 million in brokers’ commissions.

 |
| table | | For the year ended |
---------------------------------------------------------------------------------------- | ------------------ | --------
                                                                                | 2017               | 2018
Amounts in thousands of U.S. Dollars                                                     |                    |
Pool gross revenues (included in Revenues)                                               | 38,046             | 102,253
Pool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (9,122)            | (10,154)
GasLog’s adjustment for net pool allocation (included in Net pool allocation)            | 7,254              | 17,818
GasLog’s total net pool performance                                                      | 36,178             | 109,917 |


| _id | d1b34e4e0 |
| title |  |
| text | Debt
At both December 31, 2019 and December 31, 2018, our total outstanding debt was $2.7 billion, bearing interest at a weighted average rate of 3.18%.
A summary of our outstanding debt as of December 31, 2019, is as follows (amounts in millions):

 |
| table | |                       | December 31, 2019                                 |
---------- | --------------------- | ------------------------------------------------- | -------------------
           | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount
2021 Notes | $650                  | $(2)                                              | $648
2022 Notes | 400                   | (2)                                               | 398
2026 Notes | 850                   | (7)                                               | 843
2027 Notes | 400                   | (5)                                               | 395
2047 Notes | 400                   | (9)                                               | 391
Total debt | $2,700                | $(25)                                             | $2,675 |


| _id | d1b360988 |
| title |  |
| text | Deferred revenue and financed unearned services revenue (in millions):
The following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our consolidated balance sheets (in millions):

Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware maintenance contracts and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 18 –

third-party financing arrangements. See Note 18 – Commitments and Contingencies for additional information related to these arrangements

 |
| table | | April 26, 2019 | April 27, 2018
---------------------------------- | -------------- | --------------
Deferred product revenue           | $ 84           | $ 107
Deferred services revenue          | 3,502          | 3,134
Financed unearned services revenue | 82             | 122
Total                              | $ 3,668        | $ 3,363
Reported as:                       |                |
Short-term                         | $ 1,825        | $ 1,712
Long-term                          | 1,843          | 1,651
Total                              | $ 3,668        | $ 3,363 |


| _id | d1b32bf12 |
| title |  |
| text | DESCRIPTION OF THE PLANS
ESP

The ESP is designed to encourage employees of BCE and its participating subsidiaries to own shares of BCE. Each year, employees can choose to have a certain percentage of their eligible annual earnings withheld through regular payroll deductions for the purchase of BCE common shares. In some cases, the employer also will contribute a percentage of the employee’s eligible annual earnings to the plan, up to a specified maximum. Dividends are credited to the participant’s account on each dividend payment date

account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares.

The ESP allows employees to contribute up to 12% of their annual earnings with a maximum employer contribution of 2%.
Employer contributions to the ESP and related dividends are subject to employees holding their shares for a two-year vesting period.
The trustee of the ESP buys BCE common shares for the participants on the open market, by private purchase or from treasury. BCE determines the method the trustee uses to buy the shares.

At December 31, 2019, 4,360,087 common shares were authorized for issuance from treasury under the ESP.
The following table summarizes the status of unvested employer contributions at December 31, 2019 and 2018.
(1) The weighted average fair value of the shares contributed was $60 in 2019 and $55 in 2018.

 |
| table | NUMBER OF ESP SHARES                | 2019      | 2018
----------------------------------- | --------- | ---------
Unvested contributions, January 1   | 1,120,426 | 1,039,030
Contributions (1)                   | 623,705   | 671,911
Dividends credited                  | 57,083    | 56,926
Vested                              | (523,359) | (501,089)
Forfeited                           | (153,657) | (146,352)
Unvested contributions, December 31 | 1,124,198 | 1,120,426 |


| _id | d1a731a4a |
| title |  |
| text | Operational Highlights
Altium achieved US$177.2 million in sales (a 23% increase) and US$171.8 million in product revenue (a 23% increase).

The Board and Systems business revenue grew to US$126.8 million with all regions reporting positive results. EMEA grew revenue to US$44.6 million, an increase of 15% and continued the transformation of its business model to direct transactional sales in key markets. The America’s achieved revenue of US$50.9 million which was a 14% growth rate. China results were outstanding with revenue at US$19.8 million, a growth rate of 37%. The Altium focus on our business in China led us to open a new sales office in

in China led us to open a new sales office in Beijing and to expand our existing sales centres in Shenzhen and Shanghai. The expansion of our footprint in China will enable us to increase our penetration of the market.

 |
| table | Consolidated                  |         |         |
----------------------------- | ------- | ------- | ------
                              | 2019    | 2018    | Change
Product Sales                 | US$’000 | US$’000 | %
Altium Designer licenses      | 65,157  | 53,088  | 23%
Altium Designer subscriptions | 58,959  | 53,701  | 10%
Octopart search advertising   | 17,940  | 11,968  | 50%
TASKING licenses              | 13,536  | 10,432  | 30%
TASKING maintenance           | 8,324   | 4,706   | 67%
Altium Nexus                  | 6,277   | 3,769   | 67%
Service sales                 | 3,337   | 4,624   | (28%)
Other                         | 3,656   | 2,254   | 62%
Total Product Sales           | 177,216 | 144,541 | 23% |