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What is the average Audit-related Fees?
|
Years ended December 31,
2018 2019
NT$ NT$ US$
(in thousands)
Audit Fees (1) 52,794 62,040 2,074
Audit-related Fees (2) 1,283 1,095 37
Tax Fees (3) 4,304 3,943 132
Total 58,381 67,078 2,243
|
What is the percentage increase / (decrease) in Tax fees from 2018 to 2019?
|
Years ended December 31,
2018 2019
NT$ NT$ US$
(in thousands)
Audit Fees (1) 52,794 62,040 2,074
Audit-related Fees (2) 1,283 1,095 37
Tax Fees (3) 4,304 3,943 132
Total 58,381 67,078 2,243
|
Which IFRS standard(s) did the Group adopt?
|
1 The Group has adopted IFRS 9 ‘Financial Instruments’, IFRS 15 ‘Revenue from Contracts with Customers’, and IFRS 16 ‘Leases’ from 1 April 2018. The year ended 31 March 2018 has been restated for IFRS 16 which was implemented using the fully retrospective method. For further information on the impact of the change in accounting policies, see note 2 of these consolidated financial statements.
|
What have the values in the 2018 column been restated for?
|
Note 2019 (Restated)1 2018
£m £m
Revenue 5 355.1 330.1
Administrative expenses (112.3) (108.8)
Share of profit from joint ventures 16 0.9 –
Operating profit 6 243.7 221.3
Finance costs 9 (10.2) (10.6)
Profit on the sale of subsidiary 10 8.7 –
Profit before taxation 242.2 210.7
Taxation 11 (44.5) (39.6)
Profit for the year attributable to equity holders of the parent 197.7 171.1
Basic earnings per share 12
From profit for the year (pence per share) 21.00 17.74
Diluted earnings per share 12
From profit for the year (pence per share) 20.94 17.68
1 The Group has adopted IFRS 9 ‘Financial Instruments’, IFRS 15 ‘Revenue from Contracts with Customers’, and IFRS 16 ‘Leases’ from 1 April 2018. The year ended 31 March 2018 has been restated for IFRS 16 which was implemented using the fully retrospective method. For further information on the impact of the change in accounting policies, see note 2 of these consolidated financial statements.
|
What are the components factored in when calculating operating profit?
|
Note 2019 (Restated)1 2018
£m £m
Revenue 5 355.1 330.1
Administrative expenses (112.3) (108.8)
Share of profit from joint ventures 16 0.9 –
Operating profit 6 243.7 221.3
Finance costs 9 (10.2) (10.6)
Profit on the sale of subsidiary 10 8.7 –
Profit before taxation 242.2 210.7
Taxation 11 (44.5) (39.6)
Profit for the year attributable to equity holders of the parent 197.7 171.1
Basic earnings per share 12
From profit for the year (pence per share) 21.00 17.74
Diluted earnings per share 12
From profit for the year (pence per share) 20.94 17.68
|
In which year was Operating profit larger?
|
Note 2019 (Restated)1 2018
£m £m
Revenue 5 355.1 330.1
Administrative expenses (112.3) (108.8)
Share of profit from joint ventures 16 0.9 –
Operating profit 6 243.7 221.3
Finance costs 9 (10.2) (10.6)
Profit on the sale of subsidiary 10 8.7 –
Profit before taxation 242.2 210.7
Taxation 11 (44.5) (39.6)
Profit for the year attributable to equity holders of the parent 197.7 171.1
Basic earnings per share 12
From profit for the year (pence per share) 21.00 17.74
Diluted earnings per share 12
From profit for the year (pence per share) 20.94 17.68
|
What was the change in profit before taxation in 2019 from 2018?
|
Note 2019 (Restated)1 2018
£m £m
Revenue 5 355.1 330.1
Administrative expenses (112.3) (108.8)
Share of profit from joint ventures 16 0.9 –
Operating profit 6 243.7 221.3
Finance costs 9 (10.2) (10.6)
Profit on the sale of subsidiary 10 8.7 –
Profit before taxation 242.2 210.7
Taxation 11 (44.5) (39.6)
Profit for the year attributable to equity holders of the parent 197.7 171.1
Basic earnings per share 12
From profit for the year (pence per share) 21.00 17.74
Diluted earnings per share 12
From profit for the year (pence per share) 20.94 17.68
|
What was the percentage change in profit before taxation in 2019 from 2018?
|
Note 2019 (Restated)1 2018
£m £m
Revenue 5 355.1 330.1
Administrative expenses (112.3) (108.8)
Share of profit from joint ventures 16 0.9 –
Operating profit 6 243.7 221.3
Finance costs 9 (10.2) (10.6)
Profit on the sale of subsidiary 10 8.7 –
Profit before taxation 242.2 210.7
Taxation 11 (44.5) (39.6)
Profit for the year attributable to equity holders of the parent 197.7 171.1
Basic earnings per share 12
From profit for the year (pence per share) 21.00 17.74
Diluted earnings per share 12
From profit for the year (pence per share) 20.94 17.68
|
How much income tax benefit are included in net income of fiscal 2018?
|
(1) Fiscal 2018 net income includes an income tax benefit of $75.8 million from a valuation allowance release against certain U.S. deferred tax assets. See Note 13 of Notes to Consolidated Financial Statements. (2) Fiscal 2019, 2018, 2017, 2016, and 2015 net income (loss) includes restructuring charges, net, of $0.5 million, $0.2 million, $0.8 million, $7.3 million and $0.6 million, respectively.
|
What is the change in Revenues from 2019 to 2018?
|
Fiscal 2019 (2) Fiscal 2018(1)(2) Fiscal 2017(2) Fiscal 2016 (2)(3)(5) Fiscal 2015(2)(4)
(Dollars in thousands, except per share data)
Consolidated Statements of Operations Data:
Revenues $589,464 $529,675 $548,441 $383,881 $282,358
Gross profit 237,496 210,339 215,597 102,682 85,738
Net income (loss) 39,346 104,036 40,913 (6,557) (1,523)
Basic net income (loss) per share 0.52 1.42 0.57 (0.10) (0.03)
Diluted net income (loss) per share 0.51 1.38 0.55 (0.10) (0.03)
Consolidated Balance Sheets Data:
Cash, cash equivalents and marketable securities $220,872 $149,003 $140,172 $108,905 $187,589
Working capital 282,483 235,302 213,693 172,002 214,437
Total assets 839,882 728,222 646,574 618,982 342,723
Term loan, net of current portion 15,639 34,971 87,228 125,475 —
Total stockholders' equity 640,997 580,164 458,637 401,056 294,681
Number of employees 1,836 1,676 1,685 1,571 958
|
What is the change in Gross profit from 2019 to 2018?
|
Fiscal 2019 (2) Fiscal 2018(1)(2) Fiscal 2017(2) Fiscal 2016 (2)(3)(5) Fiscal 2015(2)(4)
(Dollars in thousands, except per share data)
Consolidated Statements of Operations Data:
Revenues $589,464 $529,675 $548,441 $383,881 $282,358
Gross profit 237,496 210,339 215,597 102,682 85,738
Net income (loss) 39,346 104,036 40,913 (6,557) (1,523)
Basic net income (loss) per share 0.52 1.42 0.57 (0.10) (0.03)
Diluted net income (loss) per share 0.51 1.38 0.55 (0.10) (0.03)
Consolidated Balance Sheets Data:
Cash, cash equivalents and marketable securities $220,872 $149,003 $140,172 $108,905 $187,589
Working capital 282,483 235,302 213,693 172,002 214,437
Total assets 839,882 728,222 646,574 618,982 342,723
Term loan, net of current portion 15,639 34,971 87,228 125,475 —
Total stockholders' equity 640,997 580,164 458,637 401,056 294,681
Number of employees 1,836 1,676 1,685 1,571 958
|
In which years was revenue under 500,000 thousands?
|
Fiscal 2019 (2) Fiscal 2018(1)(2) Fiscal 2017(2) Fiscal 2016 (2)(3)(5) Fiscal 2015(2)(4)
(Dollars in thousands, except per share data)
Consolidated Statements of Operations Data:
Revenues $589,464 $529,675 $548,441 $383,881 $282,358
Gross profit 237,496 210,339 215,597 102,682 85,738
Net income (loss) 39,346 104,036 40,913 (6,557) (1,523)
Basic net income (loss) per share 0.52 1.42 0.57 (0.10) (0.03)
Diluted net income (loss) per share 0.51 1.38 0.55 (0.10) (0.03)
Consolidated Balance Sheets Data:
Cash, cash equivalents and marketable securities $220,872 $149,003 $140,172 $108,905 $187,589
Working capital 282,483 235,302 213,693 172,002 214,437
Total assets 839,882 728,222 646,574 618,982 342,723
Term loan, net of current portion 15,639 34,971 87,228 125,475 —
Total stockholders' equity 640,997 580,164 458,637 401,056 294,681
Number of employees 1,836 1,676 1,685 1,571 958
|
What was the net loss in 2016?
|
Fiscal 2019 (2) Fiscal 2018(1)(2) Fiscal 2017(2) Fiscal 2016 (2)(3)(5) Fiscal 2015(2)(4)
(Dollars in thousands, except per share data)
Consolidated Statements of Operations Data:
Revenues $589,464 $529,675 $548,441 $383,881 $282,358
Gross profit 237,496 210,339 215,597 102,682 85,738
Net income (loss) 39,346 104,036 40,913 (6,557) (1,523)
Basic net income (loss) per share 0.52 1.42 0.57 (0.10) (0.03)
Diluted net income (loss) per share 0.51 1.38 0.55 (0.10) (0.03)
Consolidated Balance Sheets Data:
Cash, cash equivalents and marketable securities $220,872 $149,003 $140,172 $108,905 $187,589
Working capital 282,483 235,302 213,693 172,002 214,437
Total assets 839,882 728,222 646,574 618,982 342,723
Term loan, net of current portion 15,639 34,971 87,228 125,475 —
Total stockholders' equity 640,997 580,164 458,637 401,056 294,681
Number of employees 1,836 1,676 1,685 1,571 958
|
What is the Gross Profit in 2019, 2018 and 2017 respectively?
|
Fiscal 2019 (2) Fiscal 2018(1)(2) Fiscal 2017(2) Fiscal 2016 (2)(3)(5) Fiscal 2015(2)(4)
(Dollars in thousands, except per share data)
Consolidated Statements of Operations Data:
Revenues $589,464 $529,675 $548,441 $383,881 $282,358
Gross profit 237,496 210,339 215,597 102,682 85,738
Net income (loss) 39,346 104,036 40,913 (6,557) (1,523)
Basic net income (loss) per share 0.52 1.42 0.57 (0.10) (0.03)
Diluted net income (loss) per share 0.51 1.38 0.55 (0.10) (0.03)
Consolidated Balance Sheets Data:
Cash, cash equivalents and marketable securities $220,872 $149,003 $140,172 $108,905 $187,589
Working capital 282,483 235,302 213,693 172,002 214,437
Total assets 839,882 728,222 646,574 618,982 342,723
Term loan, net of current portion 15,639 34,971 87,228 125,475 —
Total stockholders' equity 640,997 580,164 458,637 401,056 294,681
Number of employees 1,836 1,676 1,685 1,571 958
|
What was the segment operating income of Blizzard in 2019?
|
Year Ended December 31, 2019
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,219 $1,676 $2,031 $5,926
Intersegment net revenues (1) — 43 — 43
Segment net revenues $2,219 $1,719 $2,031 $5,969
Segment operating income $850 $464 $740 $2,054
Year Ended December 31, 2018
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,458 $2,238 $2,086 $6,782
Intersegment net revenues (1) — 53 — 53
Segment net revenues $2,458 $2,291 $2,086 $6,835
Segment operating income $1,011 $685 $750 $2,446
Year Ended December 31, 2017
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,628 $2,120 $1,998 $6,746
Intersegment net revenues (1) — 19 — 19
Segment net revenues $2,628 $2,139 $1,998 $6,765
Segment operating income $1,005 $712 $700 $2,417
Information on the reportable segment net revenues and segment operating income are presented below (amounts in millions):
|
What was the segment operating income of Blizzard in 2018?
|
Year Ended December 31, 2019
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,219 $1,676 $2,031 $5,926
Intersegment net revenues (1) — 43 — 43
Segment net revenues $2,219 $1,719 $2,031 $5,969
Segment operating income $850 $464 $740 $2,054
Year Ended December 31, 2018
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,458 $2,238 $2,086 $6,782
Intersegment net revenues (1) — 53 — 53
Segment net revenues $2,458 $2,291 $2,086 $6,835
Segment operating income $1,011 $685 $750 $2,446
Year Ended December 31, 2017
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,628 $2,120 $1,998 $6,746
Intersegment net revenues (1) — 19 — 19
Segment net revenues $2,628 $2,139 $1,998 $6,765
Segment operating income $1,005 $712 $700 $2,417
Information on the reportable segment net revenues and segment operating income are presented below (amounts in millions):
|
What do intersegment revenues reflect?
|
(1) Intersegment revenues reflect licensing and service fees charged between segments.
|
What is the percentage change in segment operating income from Activision between 2018 and 2019?
|
Year Ended December 31, 2019
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,219 $1,676 $2,031 $5,926
Intersegment net revenues (1) — 43 — 43
Segment net revenues $2,219 $1,719 $2,031 $5,969
Segment operating income $850 $464 $740 $2,054
Year Ended December 31, 2018
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,458 $2,238 $2,086 $6,782
Intersegment net revenues (1) — 53 — 53
Segment net revenues $2,458 $2,291 $2,086 $6,835
Segment operating income $1,011 $685 $750 $2,446
Year Ended December 31, 2017
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,628 $2,120 $1,998 $6,746
Intersegment net revenues (1) — 19 — 19
Segment net revenues $2,628 $2,139 $1,998 $6,765
Segment operating income $1,005 $712 $700 $2,417
|
What is the difference in segment operating income between Activision and Blizzard in 2017?
|
Year Ended December 31, 2019
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,219 $1,676 $2,031 $5,926
Intersegment net revenues (1) — 43 — 43
Segment net revenues $2,219 $1,719 $2,031 $5,969
Segment operating income $850 $464 $740 $2,054
Year Ended December 31, 2018
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,458 $2,238 $2,086 $6,782
Intersegment net revenues (1) — 53 — 53
Segment net revenues $2,458 $2,291 $2,086 $6,835
Segment operating income $1,011 $685 $750 $2,446
Year Ended December 31, 2017
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,628 $2,120 $1,998 $6,746
Intersegment net revenues (1) — 19 — 19
Segment net revenues $2,628 $2,139 $1,998 $6,765
Segment operating income $1,005 $712 $700 $2,417
(1) Intersegment revenues reflect licensing and service fees charged between segments.
|
What is the percentage change in total segment net revenues between 2018 and 2019?
|
Year Ended December 31, 2019
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,219 $1,676 $2,031 $5,926
Intersegment net revenues (1) — 43 — 43
Segment net revenues $2,219 $1,719 $2,031 $5,969
Segment operating income $850 $464 $740 $2,054
Year Ended December 31, 2018
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,458 $2,238 $2,086 $6,782
Intersegment net revenues (1) — 53 — 53
Segment net revenues $2,458 $2,291 $2,086 $6,835
Segment operating income $1,011 $685 $750 $2,446
Year Ended December 31, 2017
Activision Blizzard King Total
Segment Revenues
Net revenues from external customers $2,628 $2,120 $1,998 $6,746
Intersegment net revenues (1) — 19 — 19
Segment net revenues $2,628 $2,139 $1,998 $6,765
Segment operating income $1,005 $712 $700 $2,417
|
How are the other financial income and expenses from financial instruments assigned?
|
The other financial income and expenses from financial instruments are assigned to measurement categories according to IFRS 9 on the basis of the underlying transactions. Besides income and expenses from the measurement of financial instruments (except derivatives in hedging relationships in accordance with IAS 39), this also includes the measurement of foreign currency positions according to IAS 21.
|
What was the total comprehensive income from currency effects and measurement results from hedging transactions and hedging relationships?
|
The total comprehensive income from currency effects and measurement results from hedging transactions and hedging relationships totalled €17 million (2017/18: €−14 million). In addition, the other financial result reflects €−5 million (2017/18: €4 million) in currency effects resulting from the translation of the financial statements of foreign subsidiaries that are recognised through profit or loss in the year the subsidiary is deconsolidated or in the year business activities are discontinued. In addition, impairment losses on financial assets amounting to €2 million (2017/18: €0 million) were recognised in the reporting period.
|
What are the components that appear under Other financial income and Other financial expenses?
|
€ million 2017/2018 2018/2019
Other financial income 182 159
thereof currency effects (126) (112)
thereof hedging transactions (16) (39)
Other financial expenses −184 −158
thereof currency effects (−152) (−116)
thereof hedging transactions (−3) (−18)
Other financial result −2 1
thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): (−16) (17)
thereof cash flow hedges:
ineffectiveness (7) (−1)
The total comprehensive income from currency effects and measurement results from hedging transactions and hedging relationships totalled €17 million (2017/18: €−14 million). In addition, the other financial result reflects €−5 million (2017/18: €4 million) in currency effects resulting from the translation of the financial statements of foreign subsidiaries that are recognised through profit or loss in the year the subsidiary is deconsolidated or in the year business activities are discontinued. In addition, impairment losses on financial assets amounting to €2 million (2017/18: €0 million) were recognised in the reporting period.
|
In which year was Other financial income larger?
|
€ million 2017/2018 2018/2019
Other financial income 182 159
thereof currency effects (126) (112)
thereof hedging transactions (16) (39)
Other financial expenses −184 −158
thereof currency effects (−152) (−116)
thereof hedging transactions (−3) (−18)
Other financial result −2 1
thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): (−16) (17)
thereof cash flow hedges:
ineffectiveness (7) (−1)
|
What was the change in Other financial income in 2018/2019 from 2017/2018?
|
€ million 2017/2018 2018/2019
Other financial income 182 159
thereof currency effects (126) (112)
thereof hedging transactions (16) (39)
Other financial expenses −184 −158
thereof currency effects (−152) (−116)
thereof hedging transactions (−3) (−18)
Other financial result −2 1
thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): (−16) (17)
thereof cash flow hedges:
ineffectiveness (7) (−1)
|
What was the percentage change in Other financial income in 2018/2019 from 2017/2018?
|
€ million 2017/2018 2018/2019
Other financial income 182 159
thereof currency effects (126) (112)
thereof hedging transactions (16) (39)
Other financial expenses −184 −158
thereof currency effects (−152) (−116)
thereof hedging transactions (−3) (−18)
Other financial result −2 1
thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): (−16) (17)
thereof cash flow hedges:
ineffectiveness (7) (−1)
|
What was the net income in 2015?
|
2015 2016 2017 20181 2019
Net Income $672 $970 $1,225 $1,265 $1,917
Income tax provision (benefit) 158 156 31 (110) (0)
Other expense (income) 135 48 (31) (24) (18)
Loss (gain) on retirement of long-term obligations 80 (1) 70 3 22
Interest expense 596 717 750 826 814
Interest income (17) (26) (35) (55) (47)
Other operating expenses 67 73 256 513 166
Depreciation, amortization and accretion 1,285 1,526 1,716 2,111 1,778
Stock-based compensation expense 91 90 109 138 111
ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667 $4,745
Divided by total revenue $4,772 $5,786 $6,664 $7,440 $7,580
ADJUSTED EBITDA MARGIN 64% 61% 61% 63% 63%
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)
|
What was the other expense (income) in 2017?
|
2015 2016 2017 20181 2019
Net Income $672 $970 $1,225 $1,265 $1,917
Income tax provision (benefit) 158 156 31 (110) (0)
Other expense (income) 135 48 (31) (24) (18)
Loss (gain) on retirement of long-term obligations 80 (1) 70 3 22
Interest expense 596 717 750 826 814
Interest income (17) (26) (35) (55) (47)
Other operating expenses 67 73 256 513 166
Depreciation, amortization and accretion 1,285 1,526 1,716 2,111 1,778
Stock-based compensation expense 91 90 109 138 111
ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667 $4,745
Divided by total revenue $4,772 $5,786 $6,664 $7,440 $7,580
ADJUSTED EBITDA MARGIN 64% 61% 61% 63% 63%
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)
|
What was the interest expense in 2019?
|
2015 2016 2017 20181 2019
Net Income $672 $970 $1,225 $1,265 $1,917
Income tax provision (benefit) 158 156 31 (110) (0)
Other expense (income) 135 48 (31) (24) (18)
Loss (gain) on retirement of long-term obligations 80 (1) 70 3 22
Interest expense 596 717 750 826 814
Interest income (17) (26) (35) (55) (47)
Other operating expenses 67 73 256 513 166
Depreciation, amortization and accretion 1,285 1,526 1,716 2,111 1,778
Stock-based compensation expense 91 90 109 138 111
ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667 $4,745
Divided by total revenue $4,772 $5,786 $6,664 $7,440 $7,580
ADJUSTED EBITDA MARGIN 64% 61% 61% 63% 63%
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)
|
How many years did net income exceed $1,000 million?
|
2015 2016 2017 20181 2019
Net Income $672 $970 $1,225 $1,265 $1,917
Income tax provision (benefit) 158 156 31 (110) (0)
Other expense (income) 135 48 (31) (24) (18)
Loss (gain) on retirement of long-term obligations 80 (1) 70 3 22
Interest expense 596 717 750 826 814
Interest income (17) (26) (35) (55) (47)
Other operating expenses 67 73 256 513 166
Depreciation, amortization and accretion 1,285 1,526 1,716 2,111 1,778
Stock-based compensation expense 91 90 109 138 111
ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667 $4,745
Divided by total revenue $4,772 $5,786 $6,664 $7,440 $7,580
ADJUSTED EBITDA MARGIN 64% 61% 61% 63% 63%
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)
|
How many years did adjusted EBITDA exceed $4,000 million?
|
2015 2016 2017 20181 2019
Net Income $672 $970 $1,225 $1,265 $1,917
Income tax provision (benefit) 158 156 31 (110) (0)
Other expense (income) 135 48 (31) (24) (18)
Loss (gain) on retirement of long-term obligations 80 (1) 70 3 22
Interest expense 596 717 750 826 814
Interest income (17) (26) (35) (55) (47)
Other operating expenses 67 73 256 513 166
Depreciation, amortization and accretion 1,285 1,526 1,716 2,111 1,778
Stock-based compensation expense 91 90 109 138 111
ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667 $4,745
Divided by total revenue $4,772 $5,786 $6,664 $7,440 $7,580
ADJUSTED EBITDA MARGIN 64% 61% 61% 63% 63%
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)
|
What was the percentage change in Interest expense between 2015 and 2016?
|
2015 2016 2017 20181 2019
Net Income $672 $970 $1,225 $1,265 $1,917
Income tax provision (benefit) 158 156 31 (110) (0)
Other expense (income) 135 48 (31) (24) (18)
Loss (gain) on retirement of long-term obligations 80 (1) 70 3 22
Interest expense 596 717 750 826 814
Interest income (17) (26) (35) (55) (47)
Other operating expenses 67 73 256 513 166
Depreciation, amortization and accretion 1,285 1,526 1,716 2,111 1,778
Stock-based compensation expense 91 90 109 138 111
ADJUSTED EBITDA $3,067 $3,553 $4,090 $4,667 $4,745
Divided by total revenue $4,772 $5,786 $6,664 $7,440 $7,580
ADJUSTED EBITDA MARGIN 64% 61% 61% 63% 63%
|
What was the amount of Dividend and interest income in 2019?
|
Years Ended December 31,
2019 2018 2017
Net realized gains (losses) from sales of trading securities $143 $10 $195
Dividend and interest income 419 635 422
Net unrealized holding gains (losses) 1,817 (1,512) 1,002
$2,379 $(867) $1,619
The mutual funds held in the rabbi trust were 66% equity-based and 34% debt-based as of December 31, 2019. Net investment income (losses), included in “Other income (expense), net” in the accompanying Consolidated Statements of Operations consisted of the following (in thousands):
|
What was the amount of Net unrealized holding gains (losses) in 2018?
|
Years Ended December 31,
2019 2018 2017
Net realized gains (losses) from sales of trading securities $143 $10 $195
Dividend and interest income 419 635 422
Net unrealized holding gains (losses) 1,817 (1,512) 1,002
$2,379 $(867) $1,619
The mutual funds held in the rabbi trust were 66% equity-based and 34% debt-based as of December 31, 2019. Net investment income (losses), included in “Other income (expense), net” in the accompanying Consolidated Statements of Operations consisted of the following (in thousands):
|
In which years was Dividend and interest income calculated?
|
Years Ended December 31,
2019 2018 2017
Net realized gains (losses) from sales of trading securities $143 $10 $195
Dividend and interest income 419 635 422
Net unrealized holding gains (losses) 1,817 (1,512) 1,002
$2,379 $(867) $1,619
|
In which year was Dividend and interest income smallest?
|
Years Ended December 31,
2019 2018 2017
Net realized gains (losses) from sales of trading securities $143 $10 $195
Dividend and interest income 419 635 422
Net unrealized holding gains (losses) 1,817 (1,512) 1,002
$2,379 $(867) $1,619
|
What was the change in Dividend and interest income in 2018 from 2017?
|
Years Ended December 31,
2019 2018 2017
Net realized gains (losses) from sales of trading securities $143 $10 $195
Dividend and interest income 419 635 422
Net unrealized holding gains (losses) 1,817 (1,512) 1,002
$2,379 $(867) $1,619
The mutual funds held in the rabbi trust were 66% equity-based and 34% debt-based as of December 31, 2019. Net investment income (losses), included in “Other income (expense), net” in the accompanying Consolidated Statements of Operations consisted of the following (in thousands):
|
What was the percentage change in Dividend and interest income in 2018 from 2017?
|
Years Ended December 31,
2019 2018 2017
Net realized gains (losses) from sales of trading securities $143 $10 $195
Dividend and interest income 419 635 422
Net unrealized holding gains (losses) 1,817 (1,512) 1,002
$2,379 $(867) $1,619
|
What do the pro forma results exclude?
|
The following table presents the unaudited pro forma financial results as if the 2019 acquisitions had occurred on January 1, 2018 and the 2018 acquisitions had occurred on January 1, 2017. The pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company.
|
What was the pro forma revenue in 2019?
|
Year Ended December 31,
2019 2018
Pro forma revenues $7,904.2 $7,936.0
Pro forma net income attributable to American Tower Corporation common stockholders $1,844.9 $1,122.6
Pro forma net income per common share amounts:
Basic net income attributable to American Tower Corporation common stockholders $4.17 $2.55
Diluted net income attributable to American Tower Corporation common stockholders $4.14 $2.53
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
|
What was the Basic net income attributable to American Tower Corporation common stockholders in 2018?
|
Year Ended December 31,
2019 2018
Pro forma revenues $7,904.2 $7,936.0
Pro forma net income attributable to American Tower Corporation common stockholders $1,844.9 $1,122.6
Pro forma net income per common share amounts:
Basic net income attributable to American Tower Corporation common stockholders $4.17 $2.55
Diluted net income attributable to American Tower Corporation common stockholders $4.14 $2.53
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
|
What was the change in the Diluted net income attributable to American Tower Corporation common stockholders between 2018 and 2019?
|
Year Ended December 31,
2019 2018
Pro forma revenues $7,904.2 $7,936.0
Pro forma net income attributable to American Tower Corporation common stockholders $1,844.9 $1,122.6
Pro forma net income per common share amounts:
Basic net income attributable to American Tower Corporation common stockholders $4.17 $2.55
Diluted net income attributable to American Tower Corporation common stockholders $4.14 $2.53
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
|
What was the change in Pro forma net income attributable to American Tower Corporation common stockholders between 2018 and 2019?
|
Year Ended December 31,
2019 2018
Pro forma revenues $7,904.2 $7,936.0
Pro forma net income attributable to American Tower Corporation common stockholders $1,844.9 $1,122.6
Pro forma net income per common share amounts:
Basic net income attributable to American Tower Corporation common stockholders $4.17 $2.55
Diluted net income attributable to American Tower Corporation common stockholders $4.14 $2.53
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
|
What was the percentage change in Pro forma revenues between 2018 and 2019?
|
Year Ended December 31,
2019 2018
Pro forma revenues $7,904.2 $7,936.0
Pro forma net income attributable to American Tower Corporation common stockholders $1,844.9 $1,122.6
Pro forma net income per common share amounts:
Basic net income attributable to American Tower Corporation common stockholders $4.17 $2.55
Diluted net income attributable to American Tower Corporation common stockholders $4.14 $2.53
|
What was the unrecognized compensation cost in 2020?
|
As of January 3, 2020, there was $12 million of unrecognized compensation cost, net of estimated forfeitures, which is expected to be recognized over a weighted average period of 1.7 years. The fair value of performance-based stock awards that vested in fiscal 2019, 2018 and 2017 was $9 million, $13 million, and $4 million, respectively.
|
What was The fair value of performance-based stock awards that vested in fiscal 2019, 2018 and 2017 respectively?
|
As of January 3, 2020, there was $12 million of unrecognized compensation cost, net of estimated forfeitures, which is expected to be recognized over a weighted average period of 1.7 years. The fair value of performance-based stock awards that vested in fiscal 2019, 2018 and 2017 was $9 million, $13 million, and $4 million, respectively.
|
What was the Expected volatility in 2018 and 2017 respectively?
|
Year Ended
January 3, 2020 December 28, 2018 December 29, 2017
Expected volatility 22.02% 25.37% 27.19%
Risk free rate of return 2.39% 2.35% 1.53%
Weighted average grant date stock price $62.66 $65.00 $53.73
|
In which year was Risk free rate of return more than 2.0%?
|
Year Ended
January 3, 2020 December 28, 2018 December 29, 2017
Expected volatility 22.02% 25.37% 27.19%
Risk free rate of return 2.39% 2.35% 1.53%
Weighted average grant date stock price $62.66 $65.00 $53.73
|
What was the change in the Expected volatility from 2017 to 2018?
|
Year Ended
January 3, 2020 December 28, 2018 December 29, 2017
Expected volatility 22.02% 25.37% 27.19%
Risk free rate of return 2.39% 2.35% 1.53%
Weighted average grant date stock price $62.66 $65.00 $53.73
|
What was the change in Weighted average grant date stock price from 2017 to 2018?
|
Year Ended
January 3, 2020 December 28, 2018 December 29, 2017
Expected volatility 22.02% 25.37% 27.19%
Risk free rate of return 2.39% 2.35% 1.53%
Weighted average grant date stock price $62.66 $65.00 $53.73
|
How much did Selling and administrative expenses increased in 2019 compared to 2018?
|
Selling and Administrative Expenses. Selling and administrative expenses increased $124.2 million in 2019 compared to 2018. Our selling and administrative expenses by major expense type for 2019 and 2018 were as follows (dollars in thousands):
|
How much basis points as a percentage of net sale did Selling and administrative expenses increased in 2019 compared to 2018?
|
Selling and administrative expenses increased approximately 70 basis points as a percentage of net sales in 2019 compared to 2018. The increase in expenses reflects the addition of PCM to our North America and EMEA segments, effective August 30, 2019.
|
What led to the increase in Depreciation and amortization expense?
|
Depreciation and amortization expense increased approximately $8.8 million year over year, primarily due to additional amortization expense on newly acquired intangible assets.
|
What is the change in Personnel costs, including teammate benefits between 2018 and 2019?
|
2019 2018 Change
Personnel costs, including teammate benefits $684,837 $593,955 $90,882
Depreciation and amortization 46,209 37,458 8,751
Facility expenses 30,945 26,396 4,549
Travel and entertainment 28,402 25,656 2,746
Legal and professional fees 16,839 16,103 736
Marketing 11,597 10,345 1,252
Other 61,908 46,616 15,292
Total $880,737 $756,529 $124,208
Selling and Administrative Expenses. Selling and administrative expenses increased $124.2 million in 2019 compared to 2018. Our selling and administrative expenses by major expense type for 2019 and 2018 were as follows (dollars in thousands):
|
What is the change in Depreciation and amortization between 2018 and 2019?
|
2019 2018 Change
Personnel costs, including teammate benefits $684,837 $593,955 $90,882
Depreciation and amortization 46,209 37,458 8,751
Facility expenses 30,945 26,396 4,549
Travel and entertainment 28,402 25,656 2,746
Legal and professional fees 16,839 16,103 736
Marketing 11,597 10,345 1,252
Other 61,908 46,616 15,292
Total $880,737 $756,529 $124,208
Selling and Administrative Expenses. Selling and administrative expenses increased $124.2 million in 2019 compared to 2018. Our selling and administrative expenses by major expense type for 2019 and 2018 were as follows (dollars in thousands):
|
What is the average Personnel costs, including teammate benefits for 2018 and 2019?
|
2019 2018 Change
Personnel costs, including teammate benefits $684,837 $593,955 $90,882
Depreciation and amortization 46,209 37,458 8,751
Facility expenses 30,945 26,396 4,549
Travel and entertainment 28,402 25,656 2,746
Legal and professional fees 16,839 16,103 736
Marketing 11,597 10,345 1,252
Other 61,908 46,616 15,292
Total $880,737 $756,529 $124,208
Selling and Administrative Expenses. Selling and administrative expenses increased $124.2 million in 2019 compared to 2018. Our selling and administrative expenses by major expense type for 2019 and 2018 were as follows (dollars in thousands):
|
Where does the majority of the unrecognized tax benefit relate to?
|
The majority of the unrecognized tax benefit amount of $390.3 million relates to North America.
|
How much would the company's income tax provision decrease if recognized as of December 31, 2019?
|
If the unrecognized tax benefits at December 31, 2019 were recognized, our income tax provision would decrease by $343.5 million, resulting in a substantially lower effective tax rate. Based on the potential outcome of the Company’s global tax examinations and the expiration of the statute of limitations for specific jurisdictions, it is possible that the unrecognized tax benefits could change significantly within the next 12 months. Absent resolution of significant tax controversy, the associated impact on the reserve balance is estimated to be a decrease in the range of $4.6 to $6.6 million during 2020.
|
What years are included in the table that relates to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:
|
Year Ended December 31,
(in millions) 2019 2018 2017
Beginning balance of unrecognized tax benefits $ 356.4 $ 214.3 $ 162.6
Additions for tax positions of current year 3.4 106.0 7.3
Additions for tax positions of prior years 47.9 59.5 49.3
Reductions for tax positions of prior years (16.0) (7.0) (4.3)
Reductions for lapses of statutes of limitation and settlements (1.4) (16.4) (0.6)
Ending balance of unrecognized tax benefits $ 390.3 $ 356.4 $ 214.3
We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:
|
What is the difference between the Ending balance of unrecognized tax benefits of 2019 against 2017?
|
Year Ended December 31,
(in millions) 2019 2018 2017
Beginning balance of unrecognized tax benefits $ 356.4 $ 214.3 $ 162.6
Additions for tax positions of current year 3.4 106.0 7.3
Additions for tax positions of prior years 47.9 59.5 49.3
Reductions for tax positions of prior years (16.0) (7.0) (4.3)
Reductions for lapses of statutes of limitation and settlements (1.4) (16.4) (0.6)
Ending balance of unrecognized tax benefits $ 390.3 $ 356.4 $ 214.3
|
What is the Beginning balance of unrecognized tax benefits expressed as a percentage of Ending balance of unrecognized tax benefits for 2019?
|
Year Ended December 31,
(in millions) 2019 2018 2017
Beginning balance of unrecognized tax benefits $ 356.4 $ 214.3 $ 162.6
Additions for tax positions of current year 3.4 106.0 7.3
Additions for tax positions of prior years 47.9 59.5 49.3
Reductions for tax positions of prior years (16.0) (7.0) (4.3)
Reductions for lapses of statutes of limitation and settlements (1.4) (16.4) (0.6)
Ending balance of unrecognized tax benefits $ 390.3 $ 356.4 $ 214.3
|
What is the average annual Ending balance of unrecognized tax benefits?
|
Year Ended December 31,
(in millions) 2019 2018 2017
Beginning balance of unrecognized tax benefits $ 356.4 $ 214.3 $ 162.6
Additions for tax positions of current year 3.4 106.0 7.3
Additions for tax positions of prior years 47.9 59.5 49.3
Reductions for tax positions of prior years (16.0) (7.0) (4.3)
Reductions for lapses of statutes of limitation and settlements (1.4) (16.4) (0.6)
Ending balance of unrecognized tax benefits $ 390.3 $ 356.4 $ 214.3
|
What was the depreciation expense attributed to property, plant and equipment in 2019?
|
Depreciation expense attributed to property, plant and equipment was $180.6 million, $123.7 million and $122.9 million for the fiscal years ending March 31, 2019, 2018 and 2017, respectively.
|
What was the Building and building improvements in 2018?
|
March 31,
2019 2018
Land $83.4 $73.4
Building and building improvements 647.6 508.5
Machinery and equipment 2,095.5 1,943.9
Projects in process 119.2 118.3
Total property, plant and equipment, gross 2,945.7 2,644.1
Less accumulated depreciation and amortization 1,949.0 1,876.2
Total property, plant and equipment, net $996.7 $767.9
|
Which years does the table provide information for Property, plant and equipment?
|
March 31,
2019 2018
Land $83.4 $73.4
Building and building improvements 647.6 508.5
Machinery and equipment 2,095.5 1,943.9
Projects in process 119.2 118.3
Total property, plant and equipment, gross 2,945.7 2,644.1
Less accumulated depreciation and amortization 1,949.0 1,876.2
Total property, plant and equipment, net $996.7 $767.9
Property, plant and equipment consists of the following (in millions):
|
What was the change in Machinery and equipment between 2018 and 2019?
|
March 31,
2019 2018
Land $83.4 $73.4
Building and building improvements 647.6 508.5
Machinery and equipment 2,095.5 1,943.9
Projects in process 119.2 118.3
Total property, plant and equipment, gross 2,945.7 2,644.1
Less accumulated depreciation and amortization 1,949.0 1,876.2
Total property, plant and equipment, net $996.7 $767.9
Property, plant and equipment consists of the following (in millions):
|
What was the change in projects in process between 2018 and 2019?
|
March 31,
2019 2018
Land $83.4 $73.4
Building and building improvements 647.6 508.5
Machinery and equipment 2,095.5 1,943.9
Projects in process 119.2 118.3
Total property, plant and equipment, gross 2,945.7 2,644.1
Less accumulated depreciation and amortization 1,949.0 1,876.2
Total property, plant and equipment, net $996.7 $767.9
Property, plant and equipment consists of the following (in millions):
|
What was the percentage change in the total net property, plant and equipment between 2018 and 2019?
|
March 31,
2019 2018
Land $83.4 $73.4
Building and building improvements 647.6 508.5
Machinery and equipment 2,095.5 1,943.9
Projects in process 119.2 118.3
Total property, plant and equipment, gross 2,945.7 2,644.1
Less accumulated depreciation and amortization 1,949.0 1,876.2
Total property, plant and equipment, net $996.7 $767.9
Property, plant and equipment consists of the following (in millions):
|
Why did service revenue increase?
|
Years Ended 2019 vs. 2018
Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Variance in Dollars Variance in Percent
Service revenue:
Americas $ 8,173 $ 7,982 $7,864 $191 2%
Percentage of service revenue 63.4% 63.3% 63.9%
EMEA 2,854 2,754 2,635 100 4%
Percentage of service revenue 22.1% 21.8% 21.4%
APJC 1,872 1,885 1,801 (13) (1)%
Percentage of service revenue 14.5% 14.9% 14.7%
Total $ 12,899 $ 12,621 $12,300 $278 2%
Service revenue increased 2%, driven by an increase in software and solution support offerings. Service revenue increased in the Americas and EMEA segments, partially offset by decreased revenue in our APJC segment.
|
What was the service revenue from Americas in 2019?
|
Years Ended 2019 vs. 2018
Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Variance in Dollars Variance in Percent
Service revenue:
Americas $ 8,173 $ 7,982 $7,864 $191 2%
Percentage of service revenue 63.4% 63.3% 63.9%
EMEA 2,854 2,754 2,635 100 4%
Percentage of service revenue 22.1% 21.8% 21.4%
APJC 1,872 1,885 1,801 (13) (1)%
Percentage of service revenue 14.5% 14.9% 14.7%
Total $ 12,899 $ 12,621 $12,300 $278 2%
The following table presents the breakdown of service revenue by segment (in millions, except percentages):
|
What was the service revenue from EMEA in 2018?
|
Years Ended 2019 vs. 2018
Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Variance in Dollars Variance in Percent
Service revenue:
Americas $ 8,173 $ 7,982 $7,864 $191 2%
Percentage of service revenue 63.4% 63.3% 63.9%
EMEA 2,854 2,754 2,635 100 4%
Percentage of service revenue 22.1% 21.8% 21.4%
APJC 1,872 1,885 1,801 (13) (1)%
Percentage of service revenue 14.5% 14.9% 14.7%
Total $ 12,899 $ 12,621 $12,300 $278 2%
The following table presents the breakdown of service revenue by segment (in millions, except percentages):
|
What was the change in service revenue from EMEA between 2017 and 2018?
|
Years Ended 2019 vs. 2018
Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Variance in Dollars Variance in Percent
Service revenue:
Americas $ 8,173 $ 7,982 $7,864 $191 2%
Percentage of service revenue 63.4% 63.3% 63.9%
EMEA 2,854 2,754 2,635 100 4%
Percentage of service revenue 22.1% 21.8% 21.4%
APJC 1,872 1,885 1,801 (13) (1)%
Percentage of service revenue 14.5% 14.9% 14.7%
Total $ 12,899 $ 12,621 $12,300 $278 2%
The following table presents the breakdown of service revenue by segment (in millions, except percentages):
|
How many years did service revenue from APJC exceed $1,500 million?
|
Years Ended 2019 vs. 2018
Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Variance in Dollars Variance in Percent
Service revenue:
Americas $ 8,173 $ 7,982 $7,864 $191 2%
Percentage of service revenue 63.4% 63.3% 63.9%
EMEA 2,854 2,754 2,635 100 4%
Percentage of service revenue 22.1% 21.8% 21.4%
APJC 1,872 1,885 1,801 (13) (1)%
Percentage of service revenue 14.5% 14.9% 14.7%
Total $ 12,899 $ 12,621 $12,300 $278 2%
The following table presents the breakdown of service revenue by segment (in millions, except percentages):
|
What was the percentage change in total service revenue between 2017 and 2018?
|
Years Ended 2019 vs. 2018
Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Variance in Dollars Variance in Percent
Service revenue:
Americas $ 8,173 $ 7,982 $7,864 $191 2%
Percentage of service revenue 63.4% 63.3% 63.9%
EMEA 2,854 2,754 2,635 100 4%
Percentage of service revenue 22.1% 21.8% 21.4%
APJC 1,872 1,885 1,801 (13) (1)%
Percentage of service revenue 14.5% 14.9% 14.7%
Total $ 12,899 $ 12,621 $12,300 $278 2%
The following table presents the breakdown of service revenue by segment (in millions, except percentages):
|
What does NEO stand for?
|
The following table presents each NEO’s base salary for FY19.
As presented in the table above, our named executive officers did not receive an increase in annual base salary other than in connection with a promotion for Mr. Kapuria. Our former CEO determined that none of our other NEOs would receive a base salary increase for FY19. In addition, our Board also determined that Mr. Clark would not receive a salary increase in FY19.
|
Who are the NEOs in this company?
|
FY18 Change in FY19
NEO Annual Salary ($) Salary (%) Annual Salary
Gregory S. Clark 1,000,000 — 1,000,000
Nicholas R. Noviello 650,000 — 650,000
Amy L. Cappellanti-Wolf 440,000 — 440,000
Samir Kapuria(1) 390,000(1) 60,000(1) 450,000
Scott C. Taylor 600,000 — 600,000
As presented in the table above, our named executive officers did not receive an increase in annual base salary other than in connection with a promotion for Mr. Kapuria. Our former CEO determined that none of our other NEOs would receive a base salary increase for FY19. In addition, our Board also determined that Mr. Clark would not receive a salary increase in FY19.
The following table presents each NEO’s base salary for FY19.
|
Who was named an executive officer during FY19?
|
FY18 Change in FY19
NEO Annual Salary ($) Salary (%) Annual Salary
Gregory S. Clark 1,000,000 — 1,000,000
Nicholas R. Noviello 650,000 — 650,000
Amy L. Cappellanti-Wolf 440,000 — 440,000
Samir Kapuria(1) 390,000(1) 60,000(1) 450,000
Scott C. Taylor 600,000 — 600,000
(1) Mr. Kapuria was named an executive officer during FY19 and received a salary increase in connection with his promotion. His salary increased from $390,000 to $440,000 effective May 8, 2018.
|
What is the total FY19 NEOs' annual salary?
|
FY18 Change in FY19
NEO Annual Salary ($) Salary (%) Annual Salary
Gregory S. Clark 1,000,000 — 1,000,000
Nicholas R. Noviello 650,000 — 650,000
Amy L. Cappellanti-Wolf 440,000 — 440,000
Samir Kapuria(1) 390,000(1) 60,000(1) 450,000
Scott C. Taylor 600,000 — 600,000
|
What is the average FY19 NEO annual salary?
|
FY18 Change in FY19
NEO Annual Salary ($) Salary (%) Annual Salary
Gregory S. Clark 1,000,000 — 1,000,000
Nicholas R. Noviello 650,000 — 650,000
Amy L. Cappellanti-Wolf 440,000 — 440,000
Samir Kapuria(1) 390,000(1) 60,000(1) 450,000
Scott C. Taylor 600,000 — 600,000
|
What is the percentage increase in Mr Kapuria's salary from his promotion?
|
(1) Mr. Kapuria was named an executive officer during FY19 and received a salary increase in connection with his promotion. His salary increased from $390,000 to $440,000 effective May 8, 2018.
|
How much is the ROFE in F19?
|
F19 F18 (3) CHANGE
NZ$ MILLION 53 WEEKS 52 WEEKS CHANGE NORMALISED
Sales 6,712 6,433 4.3% 2.4%
EBITDA 425 411 3.0% 1.0%
Depreciation and amortisation (129) (127) 1.0% 1.0%
EBIT 296 284 3.9% 1.0%
Gross margin (%) 24.4 24.2 18 bps 18 bps
Cost of doing business (%) 20.0 19.8 20 bps 25 bps
EBIT to sales (%) 4.4 4.4 (2) bps (6) bps
Sales per square metre ($)$) 16,626 15,621 6.4% 4.5%
Funds employed 3,210 2,998 7.1%
ROFE (%) 9.6 9.5 15 bps 5 bps
|
On a normalised basis, how much did ROFE increase between F18 and F19?
|
F19 F18 (3) CHANGE
NZ$ MILLION 53 WEEKS 52 WEEKS CHANGE NORMALISED
Sales 6,712 6,433 4.3% 2.4%
EBITDA 425 411 3.0% 1.0%
Depreciation and amortisation (129) (127) 1.0% 1.0%
EBIT 296 284 3.9% 1.0%
Gross margin (%) 24.4 24.2 18 bps 18 bps
Cost of doing business (%) 20.0 19.8 20 bps 25 bps
EBIT to sales (%) 4.4 4.4 (2) bps (6) bps
Sales per square metre ($)$) 16,626 15,621 6.4% 4.5%
Funds employed 3,210 2,998 7.1%
ROFE (%) 9.6 9.5 15 bps 5 bps
On a normalised basis, ROFE increased by 5 bps.
|
What drove the sales growth to improve in the second half?
|
Sales growth improved in the second half (H1: 1.9%, normalised H2: 3.0%) driven by positive comparable transaction growth and aided by a recovery in market growth post Christmas. Sales per square metre increased by 6.4%(normalised 4.5%) due to strong sales growth and a 2.0% reduction in trading space following store closures. During the year, three stores were closed and two stores were opened with 180 Countdown supermarkets at the end of the year.
|
What is the nominal difference for Sales between F19 and F18?
|
F19 F18 (3) CHANGE
NZ$ MILLION 53 WEEKS 52 WEEKS CHANGE NORMALISED
Sales 6,712 6,433 4.3% 2.4%
EBITDA 425 411 3.0% 1.0%
Depreciation and amortisation (129) (127) 1.0% 1.0%
EBIT 296 284 3.9% 1.0%
Gross margin (%) 24.4 24.2 18 bps 18 bps
Cost of doing business (%) 20.0 19.8 20 bps 25 bps
EBIT to sales (%) 4.4 4.4 (2) bps (6) bps
Sales per square metre ($)$) 16,626 15,621 6.4% 4.5%
Funds employed 3,210 2,998 7.1%
ROFE (%) 9.6 9.5 15 bps 5 bps
|
What is the percentage of depreciation and amortisation in EBITDA during F19?
|
F19 F18 (3) CHANGE
NZ$ MILLION 53 WEEKS 52 WEEKS CHANGE NORMALISED
Sales 6,712 6,433 4.3% 2.4%
EBITDA 425 411 3.0% 1.0%
Depreciation and amortisation (129) (127) 1.0% 1.0%
EBIT 296 284 3.9% 1.0%
Gross margin (%) 24.4 24.2 18 bps 18 bps
Cost of doing business (%) 20.0 19.8 20 bps 25 bps
EBIT to sales (%) 4.4 4.4 (2) bps (6) bps
Sales per square metre ($)$) 16,626 15,621 6.4% 4.5%
Funds employed 3,210 2,998 7.1%
ROFE (%) 9.6 9.5 15 bps 5 bps
|
What is the average sales per square metre for both F18 and F19?
|
F19 F18 (3) CHANGE
NZ$ MILLION 53 WEEKS 52 WEEKS CHANGE NORMALISED
Sales 6,712 6,433 4.3% 2.4%
EBITDA 425 411 3.0% 1.0%
Depreciation and amortisation (129) (127) 1.0% 1.0%
EBIT 296 284 3.9% 1.0%
Gross margin (%) 24.4 24.2 18 bps 18 bps
Cost of doing business (%) 20.0 19.8 20 bps 25 bps
EBIT to sales (%) 4.4 4.4 (2) bps (6) bps
Sales per square metre ($)$) 16,626 15,621 6.4% 4.5%
Funds employed 3,210 2,998 7.1%
ROFE (%) 9.6 9.5 15 bps 5 bps
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What does 'Devices sold' represent?
|
Devices sold represents the number of wearable devices that are sold during a period, net of expected returns. Devices sold does not include sales of accessories. Growth rates between devices sold and revenue are not necessarily correlated because our revenue is affected by other variables, such as the types of products sold during the period, the introduction of new product offerings with differing U.S. manufacturer’s suggested retail prices, or MSRPs, and sales of accessories and premium services.
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How does the company grow their community of users?
|
We grow our community of users through device sales and investment in software to drive engagement. We define an active user as a registered Fitbit user who, within the three months prior to the date of measurement, has (a) an active Fitbit Premium or Fitbit Coach subscription, (b) paired a wearable device or Aria scale with his or her Fitbit account, or (c) logged at least 100 steps with a wearable device or a weight measurement using an Aria scale. Active users can be new users who joined the community during the past 90 days, existing users who have remained active, or previously active users who were inactive for 90 days or greater, if they meet the preceding definition of an active user. The active user number excludes users who have downloaded our mobile apps without purchasing any of our wearable devices and users who have downloaded free versions of Fitbit Coach but are not subscribers to its paid premium offerings.
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How many devices were sold in 2019?
|
For the Year Ended or As of December 31,
2019 2018 2017
(in thousands)
Devices sold 15,988 13,939 15,343
Active users 29,566 27,627 25,367
Adjusted EBITDA $(128,333) $(31,361) $(52,158)
Free cash flow $(193,363) $60,327 $(24,919)
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What is the average number of devices sold from 2017-2019?
|
For the Year Ended or As of December 31,
2019 2018 2017
(in thousands)
Devices sold 15,988 13,939 15,343
Active users 29,566 27,627 25,367
Adjusted EBITDA $(128,333) $(31,361) $(52,158)
Free cash flow $(193,363) $60,327 $(24,919)
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What is the change in the number of active users between 2018 and 2019?
|
For the Year Ended or As of December 31,
2019 2018 2017
(in thousands)
Devices sold 15,988 13,939 15,343
Active users 29,566 27,627 25,367
Adjusted EBITDA $(128,333) $(31,361) $(52,158)
Free cash flow $(193,363) $60,327 $(24,919)
|
What is the percentage change of devices sold from 2018 to 2019?
|
For the Year Ended or As of December 31,
2019 2018 2017
(in thousands)
Devices sold 15,988 13,939 15,343
Active users 29,566 27,627 25,367
Adjusted EBITDA $(128,333) $(31,361) $(52,158)
Free cash flow $(193,363) $60,327 $(24,919)
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Where are prepayments included?
|
Prepayments consist of the following and are included in prepayments and other current assets on the balance sheet:
|
What are the prepaid taxes in 2019?
|
2019 2018
(in thousands)
Contract manufacturer and supplier prepayments $143,392 $131,642
Prepaid taxes 8,046 9,646
Prepaid maintenance and other services 8,503 8,487
Other prepayments 16,753 12,744
Total prepayments $176,694 $162,519
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What are the components making up total prepayments in the table?
|
2019 2018
(in thousands)
Contract manufacturer and supplier prepayments $143,392 $131,642
Prepaid taxes 8,046 9,646
Prepaid maintenance and other services 8,503 8,487
Other prepayments 16,753 12,744
Total prepayments $176,694 $162,519
Prepayments
Prepayments consist of the following and are included in prepayments and other current assets on the balance sheet:
|
In which year was Prepaid maintenance and other services larger?
|
2019 2018
(in thousands)
Contract manufacturer and supplier prepayments $143,392 $131,642
Prepaid taxes 8,046 9,646
Prepaid maintenance and other services 8,503 8,487
Other prepayments 16,753 12,744
Total prepayments $176,694 $162,519
|
What was the change in prepaid taxes from 2018 to 2019?
|
2019 2018
(in thousands)
Contract manufacturer and supplier prepayments $143,392 $131,642
Prepaid taxes 8,046 9,646
Prepaid maintenance and other services 8,503 8,487
Other prepayments 16,753 12,744
Total prepayments $176,694 $162,519
|
What was the percentage change in prepaid taxes from 2018 to 2019?
|
2019 2018
(in thousands)
Contract manufacturer and supplier prepayments $143,392 $131,642
Prepaid taxes 8,046 9,646
Prepaid maintenance and other services 8,503 8,487
Other prepayments 16,753 12,744
Total prepayments $176,694 $162,519
|
How is the inventory purchased?
|
We purchase a significant amount of our inventory from certain manufacturers or suppliers including components, assemblies and electronic manufacturing parts. The inventory is purchased under standard supply agreements that outline the terms of the product delivery. The title and risk of loss of the product generally pass to us upon shipment from the manufacturers’ plant or warehouse. Some of these manufacturers accounted for more than 10% of our purchases and accounts payable as follows:
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How many percent of the total inventory purchases did Supplier A account for in the year 2019?
|
Year Ended February 28,
2019 2018 2017
Inventory purchases:
Supplier A 31% 33% 34%
Supplier B 20% 16% 14%
Supplier C 6% 9% 11%
As of February 28,
2017 2019 2018
Accounts Payable:
Supplier A 30% 40% 33%
Supplier B 18% 16% 18%
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